THE 8R171SH SIMMENTAL CAThLE SoCI￿y LIMITED IC¢mpany limited by 8uarantee and not having a share capital) Registered Charity Number: 264090 Company Number: 0985570 REPORT OF THE TRUSTEES AND VNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Buf8ls & Bullock Chartered Accountants 23-25 Waterloo Pla Leamin8ton Spa Warwickshire CV32 SLA THE BRITISH SIMMENTAL CAThLE soaETY UMITED FOR THE YEAR ENDED 31 MARCH 2024 Contents PaEe Report of the Council Independent Examinerfs Report statement of Financlal Artlvities Balance Sheet Note5 to the Financial Staternents 9-16 Page I THE BRITISH SIMMENTAL CAThLE SOCIETY LIMITED REPORT OF THE COUNCIL FOR THE PERIOD ENDED 31 MARCH 1014 The Council present th￿r report and financial statements for the perlod ended 31 Mèrch 2024. Reference and admlnistratlm Information Charlty name,. The British Simrnental C)ttle Society Umited. Chèrity re8istrètion n￿ber.. 264090 Cornpany registration nurnber.. (YJ8557D Registered office ènd operational address.. The National A8ri£ultural Centre Sttsneleigh Park Kenilworth Warwickshire CV8 2LG Delegated Mano8ement'. Council Members.. AN Rthson (President frorn 1711012022 & WSFF Representative) C Martindèle (Wice President & Chairman of Fin3rKel IRtrAppointed 231101231 M Durno (Chairman of Shows & Sales Northl J Barlow IChaSrman of Shows & SalE5 Southl K Thomas IRe5igned 30ni20241 R Boyd IResigned 3017n0241 A Clarke IRe-Appointed 231101231 R Evans (appointed 22 October 20231 A IvorylRe-Appointed 231101231 D Jone5 IRe-Appointed 231101231 R Pettit lappolnted 22 October 20231 R Rod8er5 (appointed 22 October 20231 R Storer Smith IRe-Appointed 231101231 W 5 5tronach IResigned 30n/20241 B Wynter All council members are also trustees and directors ofihe charity. Accountants". Bur8is & Bullotk Chartered Accountants 23-25 Waterloo Pla Leamington Spa Wapwid(shlre CV32 SLA Bankers.. Barclays Bank plc. Kent IKitors'. Wright Hassèll, Leamin8ton Spa nancial Ad￿SOrs.. RathbonÈ Investtnent M4na8ernent. Birmingham Page 2 THE BRrrisH SIMMENTAL CATTLE SOCIETY LIMITED REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 MARCH 2024 Struc¢ure Go¥emance and Manazement Governln Document The Society is a charitable company limited by guarantee and does not have a Share capital. The ￿cietY was incorForated on 27th July 1970 and registered as a thèrity Dn 13th June 1972 INo.2640901. The cornpany wa5 e5tèbli5hed under a Memorandum of Associatlon whlch established the obletts and powers of the charitable company ènd 1$ governed under its Article5 of Association. cruitment and A ointment of Councll The directors ofthe compony are a150 charity tru5tee5for the purpose of charity law, and under the compan￿$ Article5 are known as members of the Council. The members of th* Council shall be appointed in aecordantewith the provisionscontained in the Memorandum & Articles of Association and until otherwse determined by a general meetlng, the number of the members of the Council shall not be le55 than seven, nor more than twenty. The Council, at its first meeting after each Annual General Meetin8, shall elect a President and a Vlce Presldent from amongst its rnembers by secret ballotto serve until the nexiAnnual General Meetin8. Newtrustees recelve an induction pack outllnin6 thelr roles and responslbillties as Council membersand an outlineof the future pl4n5 and objertive5 of the Society. Minutes of previous meeting5 are also made available to new Council members. Risk rnana ement The Council have cenducted a review of the major risks to which the charity Is exposed and have established systems to rnit18ate these risks. Everyeffort Is mode to ensure that all risk5 are kept to a minimum. Council consitler that insurance coverand reserves are adequate to ensure the contsnued operation of the Soclety In the event of the Occurren￿ of any unexpected Incldent. Oblettlves and artl¥itles The prin¢iple attl￿ty and chadtable objects of the society a￿ to promote tts the general publi¢, the members, and to commercial farmer5, the benefits of the Simmentil breed and the c3pabllitSes In temis of breeding quallty Stock to At the requirements of today s market. both maternèlly and terminally. There continue5 to be an increase in activities orgènised at local level and an Sncrease in the knowledge of the breed conveyed to the public. The Societycontinues to embrace the use of digital media to prornotethe rnerits of the breed and share in its 5ucce55e The British Slmmental Cattle Societycontlnues to retain and attract new members enablin6 St to fulll its objertives. A core ctivity 15 the rnalntenan￿ of the herd book, and wovision of herd book Services, for the registration of pedi8ree cattle thln the stated rules. Page 3 THE BRMSH SIMMENTAL CATTLE SOQETY LIMITED REPORTOF ThE COUNCIL FOR THE YEAR ENDED 31 MARCH 2024 Athlevements performante The Councll held seven meEtings during the period 3, Aprll 2023 to 31" Marth 2024 wlth è comblnatlon of faceto fate, and elettronic means. Two sub-committee meetings of Council, with regard5 to Technical, and Sales & Promotions subjects, were also held. In keeping with recent, posltive, trends, theyear agaln saw a sustained and increased demand for pedigree and mmercKIl Simmental Eenetics. Fcf the third consecutive year, new record marks were ègain set at pedigree wle5 in both Scotland antl En8land. Individual hwhlights saw a new breed rewrd lor o bull oF46,0008n5, and a new breed record for a female of 32.0008ns. The sales at Stirling In May2023, ottober 2023. and February 2024, all saw new record averaEe5 èttained lorthese fI￿Ures. The all-sales Simmental breed record was again broken In October 2023 with a sale average of £7,594 for 53 bulls. Stirling in February 2024 was a82in the hlghest 8rossin8 salè with 95 bu115 averaging a new mark for that sale of £7,498, up £238 on the year. The establishing Next Generation 111 Sale of Females & Weaned Calve5 at Cadi51e in December continued the trend with a top price of 26,0008ns being a new centre record for the breed, and with heifer averages of £5,584, up by £363 on the year, and a further record mark. In the year the Society continued to plate empha￿5 on o commercial approach to the marketing and promotion of the breed and hi8hli8hting it5 efficiency and profitability through e¥Adenced data. Emphasis has been placed on data frorn AHDB'S National Beef EvaluatSon INBEI confirmin8 that on avera8e, calves by a Sirnmental sire finish 36 day5 earlier than those by continentsl sire5 and 46 days earlier than calves by native sires. ènd that fa5tfini5hin8 equates to 5.4kg le55 C02 equlvalents. The data also hlghli8hts the advantages of &rnmental females wth continental sired calves out of Simmental dam5 finishing 29 days earller than the avera8e of all suckler damsl Further analysis of AHDB'5 NBF data showed thatthe avera¥e Daily Carc&5e Gain IDCGI of the pro8eny of a Simmental bull eut of All Dams is 4.6% better than the DCG of the progeny of a Continental sire out of All Dams. ènd 17.5% better thaTh the DCG of the progeny ol a Native Sire eut of All Datn5. Thi5 commercial data has been used by the Soclety to show that use of the Slmrnental breed 8ives èdvantsges in a8e at slaughter,- reduced finishin8 Costs. and with less enwronmental impact. The Society has also continued to highlight the breed's perfcrmance at markets areund the UK ènd where it Is toppin8 sales of talve5,' Store,. prime.. 4r%J breeding cattle. At the time of writini this report. pEdi¥ree re8i5trèti¢n5 and birth notifKations have alreath Surpassed the total for the preced1￿ year (registration year doses on 31 July). Thls is the third consecutiveyearthat registrJtions have increased. Pedigree sales in the year, held under the auspices of the Stsciety. have seen gr0$5 5ale5 of pedigree Sirnmental bulls and fernale5 exceed £2.1 Million and up by over £90k on the year. Based mainly on cattle passports issued by the British Cattle Movement Ser￿ce18cms>, across the UK, the &mmental irsdustry can be reasonably estimated to be worth in excess of £100 Million annually. In the period of the report the Soclety had a number of breed promotlonal stands at summer 5how5, industry events. and winter fair5. Sirnrnental cattle continued to be prorninent at many of the 'malor' Royal and County shows and indudiryg interbreed titles at.. RUA5 Balmoral,. Royal Comwall. Royal Highland., Great York5hire,' Royal Norfolk (English Nationall.. Durnfrie5 (Scottish Nationall.. Royal Lancashire, English Winter Fèir,. Welsh Pedigree Calf Show. and Cornwall Pedigree Ca Show. General breed promotion hos seen ¢oncentroted social media campaigns. liaison with the agricultural media and industry at lar8e.- and productlon and distrlbutlon of printed bre￿ promotional literature. Publlc benefit The Couficil tonsidÈr that they have ¢omplied with their duty to have due regard to the guidance on publk benefft. as published by the Charity Commission, in exercising their powers and dutles. Flnarthl revlew The net Incomlng resour¢esfortheyearaMou￿ed to£73.042which ha5 been dedL¢Cted from the reserves broughtfornard leawn8 fund balances of £853.014 at the yearend. The Councll considerthe resultsto be satisfactory. Page 4 THE BRITISH SIMMENTAL CATTLE SOCIETY LIMITED REPORTOF THE COUNCIL FOR THEYEAR ENDED 31 MARCH 2024 Ibwesknment Pdl£y The Trustees of the Society have considered the most appropriate policy for investing funds and have instrurted our investment manager to impkmenta Discretionary Management Kqreement. Thi5 wves the managers a better opportunlty to make timely inve5trnent decisions on our beha￿, whilst still working to the tIEht gU￿elIneS already laid down for the portfolio. We have agreed tar8ets for in¢orr* atjd capitol growth which are rnonitored on a regular ba51S. Poli¢ie5 on Re5eThr5 The Cfxjncil has exarnined thÈ Satievs Tequirement5 for resewves in the light of the main risk5 to the organisation. The society aims to hold financial reserves that cover one yearfs budget expenditure. A% at 31 March 2024, the Society helLI financial reserves of £853.014. In temis of retained reserve5. the Council wlll consider general reserves and forward ey¥endlture In meetlng Charftable objective5. MeTr*er5 01 the Coun¢ll Members of the Council who are Directors for the purposes of Company Lawand are Trustees for the purposes of Charity Law. at the time of approval of the financial statenEnts, are Set out on pa8e l. AN Rob50n. Dlrertor /Trustee Pa8e 5 THE BRITISH SIMMENTAL CA￿LE SOCIETY LIMITED INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED ai MARCH 2024 I report to the charity trustees on my examination of the accounts of the company for the period ended 31 March 2024 which are Set out on pages 6 to 18. Responslbllltles and basls of report As the charity trustees of the company land atso its directors for the purposes ol Company lawl you are responsible for the preparation of the accounts in accordance with the requlrements of ihe Companies Att 20061'the 2006 ACYI. Havin8 satisfled myself that the account5 of the company are not required to be audited under Part 16 of the 2LVJ6 Act and are eligible for independent examination, I report in respect of my examination of your compan¢s accounts as rried out under section 145 of the Charitie5 Act 20111.the 2011 Att'l. In carrying out my examinatSon I have followed the Direttions gwen by the Charity Comrnission under section 14515llbl of the 2011 Act. Independent examlnerf5 ststement Since the companls gross income exceeded £250.000 I confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants, which 15 one of the listed bodies. I have tompleted my examination. I confirrn that no matter5 have come to my attention in connection with the exarnination giving me cause to bdieve that in any material respect.. accounting records were not kept in respect of the company as required by Section 386 of the 2006 Att,. or the aceounts do not accord with those record5,' or the accounts do not comply with the accountin8 requirements of section 396 of the 2006 Act other than anv requirement that the accounts give a'true and fair view, whith is not a matter considered as part of an independent exarnination.. or the accounts have not been prepared in accordance with the methods and prinelples of the Staternent of Recommended Prartice for accountSn8 and reportln8 by charities lapplicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concern5 and have cgme acr05s no other matters in connection with the examlnatlon to which attention should be drawn in this report in order to enable a proper understanding of the accounts tg be reached. JA 21st August 2024 Wende Hubbard FCCA Burgis & Bullock Chartered Accountants 23-25 Waterloo Place Leamington Spa Warwickshire, CV32 SLA Page 6 THE 8RmsH SIMMENTAL CArrLE 50CIEfY LIMffED STATEMENT OF FINANCIALACnVITIES INCLUDING INCOME AND EXPENDmiRE Accou￿ FOR THE YEAR ENDED JI MARCH 2024 2024 2024 ur*estrfcied Total Irrnrne ￿nde￿￿*MentsfrOrn'. Member5 subscrfpt1￿S 49.173 B.3È9 49.173 8,389 35.972 6.854 a5,479 1493 14,897 4,758 1155 18,630 130 35,979 1,493 14.897 4,798 2.155 18,630 21.794 250 17.332 6,643 3,162 13,125 Ad¥¥tiseTnents JNiCètions Shows arO*eM￿Stra￿ons omotlonal 8th)ds IoveSbnentin((the InttrE5t rtcefftd R¥IsiratioTrsar￿ DNAMts 282,4 10.827 18.682 32.421 173,975 8.833 14,( 24 10027 14682 32,422 JI le￿e$ Olberkncorne &Jndryirfome ,971 15.971 Totallncomlr* resowcos 495,9¢6 495,946 327,050 •Wryfvnd5 8reed piomotionand pJbllcalon5 Adv*rttsinA Show5 and dEmun5trntions Allo(ation5 to arEa club5 Pr¢Thotio￿I goad5 SubscrlPtiMS and Confelen￿leQS Chaiitabk Tethnical deveIopTnert%a￿jwebsrte AdmiTh5tratKJnol iey5tiati0n5 Jll lewp*inents Other￿sts StèfFsalètjes. natson￿ IfffjuranceèThd sub¢crttrxrt¢rffe*s Tovd ènd expenles Computer costs Office DJnnlnccostS A¢countingind¢iher yofesslonJltharge5 Depre¢5atS In&pendent exarnlnalon Counultravel andexpense5 28,115 20.781 63.286 4.036 28,115 20.7BI 63.286 4.036 3￿12 lJ56 39,276 14.689 43.279 1.735 4.135 947 1.256 29,Y89 76.912 11,048 29989 76912 11,04 21.301 58.yi 7.7Q5 145.7 145,740 117,934 355 ¥511 Y,122 1267 4L571 LS.520 LO.816 2,267 41,571 16,520 10.816 5.100 5,364 7,922 6,254 Totsl 466.313 466.313 373.147 29.6J3 29.633 46,097 G*tslll¢KsqS}onIrA￿El￿f*ts -L518 -1.518 14329 N*tInr￿l{•X￿nd￿WleI tryth1￿r Unre411sed 28.115 44.927 -29.768 44.927 t mOv￿entS infvnd5 TiansltrbthÈÈnfund T*t•lkn&kn¥htlor¥J7rd 73.041 73042 .3SS88 779.972 779.972 81S560 853.014 85)￿14 779.972 Page 7 THE BR ThISH SIMMENTAL CATTIE SOaETY LIMTrED STATEMENTOF FINANCIALK￿v￿IES FOR The YEAR ENDED 31 MARCH 2024 ICONTINVEDI Note5 zoz4 2024 Z023 Unrestricted Tot41 Tolal Incoming resOu￿e$ 495,946 495,946 327.050 Re$¢ur