Charity registration number SC007015 Iscotlandl AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
AYRSHIRE CAThLE SOCIETY OF GREAT BRITAIN & IRELAND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Charity number (Scotlandl SC007015 R9gl$tgrgd offl¢e Auditor Azets Audit Services Titanium 1 King's Inch Place Renfrewshire Scotland PA4 8WF SollGltors Lockharts Law 12 Beresford Terrace Ayr Ayrshire United Kingdom KA7 2EG
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND CONTENTS Page Trustees, report Slalement of trustees, responsibilities Independent auditovs report Group statement of financial activities Charity slalement of financial activities Group balan sheet Charity balance sheet Group statement of cash flows 12-13 Charity slalement of cash flows 14-15 Notes lo the financial ststemenls 16-33
AYRSHIRE CAThLE SOCIETY OF GREAT BRITAIN & IRELAND TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial statements for the year ended 31 Dember 2024. The financial slalements have been prepared in accordance with the accounting policies sel out in note 1 to the financial stslemenls and comply with the Charity's goveming document, the Charities and Trustee Investment (Scotlandl Act 2005, the Charities Accounts (Scotlandl Regulations 2008 las amendedl and "Accounting and Reporting by Charities". Statement of Recommended Practi applicable lo chaiilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021° las amended for accounting periods commencing from 1 January 20161. Objectives and activities The Ayrshire Calde Society of Great Britain and Ireland continues to pursue the aims and objectives as laid out in its constitution. "To maintain the purity of the breed known as 'Ayrshires and lo foster, promote and improve the breeding of Ayrshire callle in the United Kingdom of Great Britain and Northern Ireland and the Republic of Ireland. To collect, verify, register and preserve the pedigrees of the said cattle and other useful information relating lo them whilst maintaining standards of production and conformation. To promote exhibitions, shows and events. To receive subscriptions and other payments in return for publications and, or services provided by the society. These aims and objectives shall be managed by a Council to be elected by membership in General Meeting. Councilmen to be elected on the basis of the odd number Dislricls in one year and the even number Districts the next. Each elected Councilman to serve a period of two years and be eligible to serve for a further two years if r&elected. The World Ayrshire Federation Conference took place as part of the Society's activities, standing in Contrast lo the usual Annual Conference. Thè Office Bearers of the society are Patron, Honorary Presidents, a President, Presidenl-Elecl, Junior President-Ele¢t and Business Coordinator. There have been no material changes in the society objectives since the last report. Achievements and perfomiance Financial review The society's investment policy is to maximise total returns through the use of professional fund managers. Investment PDrtFolio valuations increased in line with the market lo the end of December 2024. No material Ljncertainties related to events or conditions that may cast significant doubt abDUt the ability of the charity lo continue as a going concem have been identified by the Iruslees.
AYRSHIRE CAThLE SOCIETY OF GREAT BRITAIN & IRELAND TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, gov&rnancg and management The charity is Controlled by il's governing document, a deed of trust. and constitutes an unincorporated charity. Thè Trustees who served dLJrin the ear and u to the date of si nature ol the financial statements were". Thè Trustees, report was approved by the Board of Trustees. Trustee Dale." 0410212026
AYRSHIRE CArrLE SOCIETY OF GREAT BRITAIN & IRELAND STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Praclicel. The law applicable to chsrities in Scotland requires the trustees lo preparè financial statements for each financial year which give a true and fair view of the stsle of affairs of the Trust and of the lolal income and lotsl expenditure of the Trust for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP", make judgements and estimates that are reasonable and prudent., and state whether applicable accounting standards have been followed, subject to any material departures discjosed and explained in the financial stslemenls., and prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charity will continue in operation. The trustees are responsible lor keeping adequate accounting records that disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial slatements comply with the Charities and Trustee Investment (Scollandl Act 2005, the Charities Accounts (Scollandl Regulations 2006 las amended) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other legUlarl11es.
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF AYRSHIRE CAThLE SOCIETY OF GREAT BRITAIN & IRELAND Opinion We have audited the financial stslemenls of Ayrshire Cattle Society of Great Britain & Ireland (the parent charity) and its subsidiary (the group) for the year ended 31 December 2024 which comprise the consolidated and parent charity slalemenl of financial activities, the consolidated and parent charity balance sheet, the consolidated and parent charity slalement of cash flows and notes lo the financial stslemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally A¢pted Accounting Pradicel. In our opinion, the financial stslemenls.. give a true and fair view of the state of the group's and the parent charity's affairs as at 31 December 2024 and of the group's and parent charity's income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi,. and have been prepared in accordance with the Charities and Trustee Investment Iscouandl Act 2005 and regulation 6 and 8 of the Charities Accounts (Scotlandl RegLJlations 2006 las amended). Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audito¢s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance wth the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial $18temenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial stslemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively. may cast significant doubt on the charity's abilily to continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees wth respect to going concern are described in the relevant sèctions of this report. other infomiation The other information comprises the information induded in the annual report other than the financial stslements and our auditor's report thereon. The Iru5tees are responsible for the other Information contained within the annual report. Our opinion on the financial stslemenls does not cover the other information and we do not express any fomi of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required lo determine whether this gives rise lo a material misstslemenl in the financial slalements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard.
AYRSHIRE CAThLE SOCIETY OF GREAT BRITAIN & IRELAND INDEPENDENT AUDITOR'S REPORT ICONTINUED} TO THE MEMBERS AND TRUSTEES OF AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND Matters on whlch we are requlred to report by exceptlon Vve have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scollandl Regulations 2006 las amendedl require us lo report lo you if, in our opinion.. the information given in the fi'nancial stslemenls is inconsislenl in any material respect with the trustees, report., or proper accounting records have not been kept., or the financial statements are not in agreement with the accounting records,. or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or Responslbllltles of trustees As explained more fully in the statement of trustees, responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a Itue and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud Dr error. In preparing the financial statements, the trustees are responsible for assessing the Charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative bul lo do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 4411llcl of the Charities and Trustee Investment (Scollandl Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due lo fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material If, individually or in the aggregate, they could reasonably be expected lo influence the economi¢ decisions of users tsken on the basis of these financial statements.
AYRSHIRE CAThLE SOCIETY OF GREAT BRITAIN & IRELAND INDEPENDENT AUDITOR'S REPORT ICONTINUED} TO THE MEMBERS AND TRUSTEES OF AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND A further description of our responsibilities is available on the Financial Reporting Council's website al.. https'.Ilwww.fr¢.org.uklaudilorsresponsibililies. This description forms part of our auditorfs report_ Ext9nl lo whl¢h thg audlt wa$ ¢on$ldgrgd Capablg of dgts¢tlng Irrggularlt19$, Includlng fraud Irregularities, including fraud, are Inslanees of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouuined above and on the Financial Reporting Council's website, lo detect material misstalemenls in respect of irregularities, including fraud. We obtsin and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation lo the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that 15 sufficient and appropriate lo provide a basis for our opinion. This indudes consideration of the risk of acts by the enlily that were contrary lo applicable laws and regulations, including fraud. In response to the risk of irregularities and non-coMlan with laws and regulations, induding fraud, we designed procedures which included.. Enquiry of management and those charged wth governance around actual and potential liligalion and claims as well as actual. suspected and alleged fraud., Reviewing minutes of meetings of those charged with governance., Assessing the exlenl of compliance wth the laws and regulations considered to have a direct material effe on the financial slalements or the operations of the entity through enquiry and inspection., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance th applicable laws and regulations,. Perfomiing audit work Over the risk of management bias and override of controls, including testing of journal entries and other adjuslmenls for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we wll not delecl all irregularities, induding those leading to a material misstatement in the financial statements or nDn-compliance with regulation. This risk increases the more that compliance wth a law or regulation is removed from the events and transactions reflected in the financial stslemenls, as we will be less likely to become aware of instsnces of nomplIance. The risk of not detecting a material misslalement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenlalions, or the override of internal control.
AYRSHIRE CAThLE SOCIETY OF GREAT BRITAIN & IRELAND INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE MEMBERS AND TRUSTEES OF AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND Other matters which we are required to address In the previous accounting year, the company was enlilled lo audit exemption under se¢lion 477 of the Companies Act 2006. Accordingly, the prior year figures were unaudited. Use of our report This report is made solely lo the charity's members, as a body. in accordance with Chapter 3 of part 16 of the Companies Act 2006, and lo the charity's trustees, as a body, in accordance wth regulation of the Charities Accounts Iscotlandl Regulations 2006 las amended). Our audit work has been undertaken so that we might state to the charity's members, as a body, the matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest exlenl petmitted by law, we do not accept or assume responsibility to anyone other than the charity, charity's members as a body, and the charity's trustees as a body. for our audit work, for this report, or for the opinions we have fomied. Senior Statutory Auditor For and on behalf of Azets Audlt Servlces 0510212026 Chartered Accountants Statutory Auditor Titanium 1 King's Inch Place Renfrewshire Scotland PA4 8WF Azets is eligible for appointment as auditor of the charity by virtue of ils eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
AYRSHIRE CAThLE SOCIETY OF GREAT BRITAIN & IRELAND GROUP STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEAIBER 2024 Unrestricted Restricted Total Totsl funds 2024 funds 2024 2024 2023 Notes Income from: Donations and legacies Charitsble activities Other trading acts"vities Investments 30,353 68,689 371,811 45.391 30,353 68,689 371,811 47,743 32,907 70,919 71,649 58.950 2,352 Commehvial trading activities Cattle Services IAyrl Limited 190,117 190,117 207,619 Total income 706.361 2,352 708,713 442,044 Ex endlture on: Raising funds Charitable activities Other Commepvial trading operations Cattle Services IAyrl Limited 355,879 158.806 15,162 90 355,969 159,303 15,162 95,680 188.092 31,625 497 167,591 167,591 176,571 Total expenditure 697.438 587 698,025 491.968 N91 galnsllloss9sI on Invèstmgnts 343 3,081 3,424 2,383 Ngt Income for the perlodl Net movement in funds 21 9,266 14,112 147,541) Fund balances al 1 January 2023 959,784 66,920 1,026,704 1,074,245 Fund balances at 31 December 2024 969,050 71,786 1,040,816 1,026,704 The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
AYRSHIRE CAThLE SOCIETY OF GREAT BRITAIN & IRELAND CHARITY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted Total Total funds funds 2024 2024 2024 2023 Notes Income from- Donations and legacies Charitable activities Other trading activities Investments 40,044 68,728 383,487 45,391 40,044 68,728 383,487 47,743 55,619 70,919 76,899 58,975 2,352 Totsl income 537,650 2,352 540,002 262,412 Ex endlture Raising funds Charitable activities Other 355,879 158,806 15,162 90 497 355.969 159,303 15,162 95,680 188,092 31,625 Totsl expenditure 529,847 587 530,434 315,397 Net galnslllossesl on Investments 343 3.081 3,424 2,383 Net income for the Periodl Net movamant in funds 21 8,146 4,846 12,992 150,6021 Fund balanS at 1 January 2023 931,060 66.920 997,980 1,048,582 Fund balances at 31 December 2024 939,206 71,766 1,010,972 997,980 The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND GROUP BALANCE SHEET AS A T31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets Investment propety Investments 13 2.596 625,000 282,085 909,681 2,642 625,000 278,442 906,084 14 Current assets Stocks 16 133,817 131,035 52,413 317,065 95.374 170,880 157,846 424,100 Debtors Cash al bank and in hand 17 Creditors- amounts falling due within one year 18 1185,9301 1303,4801 Net current assets 131,135 120,620 Net assets 1,040,816 1,026,704 Income funds Restricted Investments Cash al bank and in hand General $tricted funds movement 20 74,011 3,783 16,0281 70,879 1,903 15,8621 71,766 969.050 68,920 959,784 Unrestricted funds 21 1,040,816 1,026,704 The financial statements were approved and signed by the trustees and authorised for issue on 04102r2026 Trustèè io
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND CHARITY BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Investment Propety Investments 13 14 15 2,596 625,000 367,085 2,642 625.000 363,442 994,681 991,084 Current assets stock 16 17 2,528 40,734 43,213 1,957 95,090 141,739 Debtors Cash al bank and in hand 86,475 238,786 Credltors.. amounts falllng due wlthln one year 18 170,1841 1231,8901 Net current assetsllliabilitiesl 16,291 6,896 Total assets less current Ilabllltlesl net assets 1,010,972 997.980 In¢omg fund$ Restrfcted Investments 20 74,011 3,783 16,0281 70,879 1,903 {5,8621 Cash al bank and in hand General restricted funds movement 71,766 939,206 66,920 931,060 Unrestrlcted funds 21 1,010,972 997,980 The finJn¢ial slalemenls were approved by the Trustees on 0410212026 Trustee li
AYRSHIRE CAThLE SOCIETY OF GREAT BRITAIN & IRELAND GROUP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 24 1152,5261 33,918 Investlng al¥It1&S Purchase of tangible fixed assets Purchase of investments Proceeds from disposal of investment Investment Income 14311 14,8281 4,607 47,743 132,2731 29.588 58.950 Ng1 cash us&d In Investlng a¢tlvltle$ 47,093 56,265 N91 ¢a$h u$gd In financlng a¢llvltlg$ Net increase in cash and cash equivalents 1105,4331 90,183 Cash and cash equivalents at beginning of year 157,846 67,663 Cash and cash oquivalents at end of year 52.413 157.846 12
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND GROUP STATEMENT OF CASH FLOWS ANAL YSIS OF CHANGES IN NET FUNDS FOR THE YEAR ENDED 31 DECEMBER 2024 At 1 January 2024 At 31 December 2024 Cash flows Cash and Cash equivalents Cash 157,846 1105,4331 52,413 Total 157,846 1105,4331 52,413 13
AYRSHIRE CAThLE SOCIETY OF GREAT BRITAIN & IRELAND CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operatlng actlvltles Cash generated from operations 24 1145,6191 26.734 Investing activities Purchase of tangible fixed assets Purchase of investments 14311 14,8261 4,607 47,743 132,273) 29,588 58,975 Proceeds from disposal of investment Investment income received Net cash used In Investlng actlvltles 47,093 56,290 Net cash used in financing activities Net increase in cash and cash 8quival&nts 198,5261 83,024 Cash and cash equivalents at beginning of Period 141.739 58.715 Cash and cash equlvalents at end of Perlod 43.213 141.739 14
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND CHARITY STATEMENT OF CASH FLOWS ANAL YSIS OF CHANGES IN NET FUNDS FOR THE YEAR ENDED 31 DECEMBER 2024 At 1 January 2024 At 31 December 2024 Cash flows Cash and cash equivalents Cash 141,739 198,5261 43,213 Total 141,739 198,5261 43,213 15
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity infomiation Ayrshire Cattle Society of Great Britain & Ireland is a cate society. The group consists of Ayrshire Cattle Society of Great Britain & Ireland and its subsidiary. Accounting convention The financial slalements have been prepared in accordance with the charity's memorandum and articles, the Charities and Trustee Investment (Scollandl Act 2005, the Companies Ael 2006, Charities Accounts Iscollandl Regulations 2006 las ammendedl, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102,1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. Basis of consolidation The consolidated financial statements include the results of Ayrshire Cattle Society of Great Britain & Ireland and all of ils 1000/0 owned subsidiary Cattle Servi$ (Ayrl Limited. 1A Golng concem At the lime of approving the financial slatemenls, the trustees have a reasonable expectation that the group has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue lo adopt the going conTrrn basis of accounting In preparing the financial statements. 16
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject lo specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes lo the financial statements. Income Income is recognised when the group is legally entided to it after any performance conditions have been mel, the amounts can be measured reliably, and il is probable that income will be reived. Income from charitable activities are recognised in the period in which the services are provided. Donations received in the year are charged to the Statement of Financial Activities when the group becomes entilled lo the income, its receipt is probable and the amount can be measured reliably. Donated goods and serVIS are brought into the accounts as income at their expected cost, or a reasonable estimate thereof. Income from other trading activities is recognised when the goods or services are provided and income is received. Interest and investment income is included within the Stslement of Financial Activities when receivable by the group. Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third paty, il is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Costs of raising funds are those associated with the income from sources other than from undertaking charitable activities. Costs direcdy attributed to the running of the trading activities are also included under this heading. Charitable expenditure comprises those costs incurred by the group in the delivery of its charitable activities and services. Governance costs include the costs associated wth meeting the constitutional and statutory requirements of the group and include costs linked to the strategic management of the group. Expenses of the legal, auditing and accountancy advisers are accounted for under this heading. 17
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequenuy measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Plant and equipment 200/0 on cost, straight line over 3 years FixtLJre and fittings 100/0 on reducing balance Computers 20°A on cost The gain or loss arising on the disposal of an asset is detemined as the difference between the sale prOedS and the carrying value of the asset, and is recognised in the statement of financial activities. Items of expenditure costing less than £250 are not eapilalised. Investment propertles Investment property, which is propety held to earn rentals andlor for capital appreciation, is initially recognised al cost, which includes the purchase cost and any direcuy attributable expenditure. Subsequently it Is measured al fair value al the reporting end dale. Any aggregate surplus or deficit arising from changes in market value is transferred to unrestricted funds. 1.10 Fixed asset investments The society invests in shares and securities on recognised stock exchanges. Investment descisions are made by the society's Investment Manager, Smith & Williamson. Fixed asset investments are initially measured al transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting dale. Changes In fair value are recognised in nel incomellexpenditurel for the year. Transaction costs are expenses incurred. A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its aclivilies. Investments in subsidiaries are included al cost. No adjustment lo market value is included in the financial statements for the subsidiaries. Stocks Stocks are slated at the lower of cost and estimated selling price less costs to complete and sell after making due allowances for obsolete and slow moving items. 1.12 Debtors Short term debtors are measured al transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently al amortised cost using the effective interest method, less any impairment. 1.13 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short- term liquid investments with original malurilies of three months or less. 18
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 1.14 Credltors Creditors are recognised where the group has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third paty and the amount due lo settle the obligation can be measured or estimated reliably. Creditors are nomial recognised at their settlement amount after allowing for any trade discounts due. 1.15 Financial instruments The group only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic finan¢ial instruments are initially recognised al Iransadion value and subsequently measured at their setuemenl value. 1.16 Taxation There is no liability to taxation within the parent charity as the charity is exempt under sections 478489 of the Corporation Taxation Act 2010. 1.17 Retirement benefits The group operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. 1.18 Impalmient of flxed assets At each reporting end dale, the group reviews the carrying amounts of ils tsngible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). Crltlcal accountlng estlmates and judgements In the application of the group's accounting policies, the Iruslees are required to make judgements, eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevanL Actual results may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The charity's investment propertie3 are measured at fair value. The trustees have estimated fair value based on market conditions and comparable information. Actual values realised may differ from those reported. 19
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 3 Donations and legacies Unrestrlcted Unrestrlcted funds funds 2024 2023 Group Subscriptions World Federation Contribution Sundry income 24,621 2,515 3,217 22,577 2,432 7,898 30,353 32,907 Donations and legacies Unrestricted Unrestricted funds funds 2024 2023 Charity Subscriptions Cattle service contribution 24,680 8,600 420 22,627 21,250 Adverbsing recharge - Cattle Service Wodd Federation Contribution 2,515 3,829 2,432 9,310 Sundry income 40,044 55,619 4 Income from charitablg activities Unrestricted Unrestricted funds funds 2024 2023 Group Entry Fees 68,689 70,919 Unrestricted Unrestricted funds funds 2024 2023 Charity Enty Fees 68,728 70,919 20
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 S Other tradlng actlvltles Unrestricted Unrestricted funds funds 2024 2023 Group Classification income Promotion income Conference income 28,126 11,617 332,068 371,811 28,868 14,255 28,526 71,649 Unrestricted Unrestricted funds funds 2024 2023 Charlty Classification income 28,126 28,868 Promotion income 15,293 16,010 Conference income 340,068 383,487 32,021 76,899 21
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Investments Unrestricted Restricted Total Unrestricted Restricted Total funds funds funds funds 2024 2024 2024 2023 2023 2023 Group Rental income 36,775 7,341 1,275 36,775 2,352 9,693 1,275 49,233 6,678 783 49,233 2,256 8,934 783 Income from unlisted investments Interest receivable 45,391 2,352 47,743 56,694 2,256 58,950 For the year ended 31 December 2023 56,694 2,256 58,950 Unrestricted Restricted Total Unrestricted Restricted Total funds funds funds funds 2024 2024 2024 2023 2023 2023 Charty Rental income 36,775 36,775 49,233 49,233 Income from unlisted investments 7,341 1,275 2,352 9,693 1,275 6,678 808 2,256 8,934 808 Interest receivable 45,391 2,352 47,743 56,719 2,256 58,975 For the year ended 31 December 2023 56,719 2,256 58,975 22
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Audltors remuneratlon 2024 2023 Fees payable to the company's auditor and associates.. For audit seD/ices Audit of the financial statements of the group and company Accounting services 13,000 3,465 3,300 16,465 3,300 Commercial trading activities Group The wholly owned trading subsidiary Cattle Services {Ayrl Limited is incorporated in the United Kingdom (company number SC0427331. They retsin all of their profits in the business. 11 operates in the cattle breeding industry. A summary of the trading results are shown below. Cattle seices (Ayr) Limited 2024 2023 Total income Cost of sales Administration eosts Interest payable Net profit l (lossl 190,117 193,9151 195,0821 207,619 1112,8541 191,6791 1251 3,061 1,120 23
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable expenditure Charitable Expendituro 2024 Total 2024 Total 2023 Group and charity Staff costs Rent and rates Insurance Telephone Repairs and maintenance Consulting Equipment hire Telereg fees Postage and ststionery Sundry expenses Travel and subsistence Depreciation Bank charges 26,250 8,024 4,194 2,345 7,195 16,371 11,483 28,912 2,724 3,139 7,647 477 26,250 8,024 4,194 2,345 7,195 16,371 11,483 28,912 2,724 3,139 7,647 477 54,327 10,332 3,394 2,318 27,815 10,088 11,894 32,030 3,885 751 6,362 479 5,209 4,921 4,921 123,682 123,682 168,884 Share of SUPF)Ort costs (see note 101 35,621 35,621 19,208 159,303 159,303 188,092 Analysis by fund Unreslricled funds Restricted funds 158,806 497 158,806 497 187,600 492 159,303 159,303 188,092 Expenditure incurred relates to the one principal activity of the charity. 24
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Support costs Support Governance Costs Costs Total 2024 Total 2023 Audit fees Accountancy fees Legal and professional Pedigree Livestock Services 13,000 3,465 5,764 13,392 13,000 3,465 5,764 13,392 35,621 3,300 13,950 1,958 35,621 19,208 11 Trustees There were trustees. expenses paid in the year ended 31 December 2024 of £4,50012023- £nill. The expenses relate lo travel costs reimbursed for trustees, during the year. 12 Employees The average monthly number of employees during the period were.. 2024 Number 2023 Number Ayrshire Cattle Society of Great Britain & Ireland Caiile Services IAyrl Limited Group 2024 Group 2023 Charlty 2024 Charity 2023 Staff costs Wages and salaries Social security costs Pension costs 61,043 5,062 2,995 88,578 5,403 2,063 25,000 51,278 447 2,602 1,250 69,100 96,044 26,250 54,327 There were no employees whose annual remuneration was more than £60,000. The group considers its key management personnel to comprise of the Iruslees and the senior management team. 25
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Tangible fixed assets Group Plant & Machinery Fixtures & Fittings Computers Total 2024 Cost or valuation Al 1 January 2024 Additions 12,240 35,669 431 7,002 54,911 431 Al 31 December 2024 12,240 36,100 7,002 55,342 Depreciation Al 1 January 2024 Charge for period 12,240 33,505 238 6,524 239 52,269 477 Al 31 December 2024 12,240 33,743 6,763 52,746 Net book value Al 31 December 2024 2,357 239 2,596 Al 31 December 2023 2,164 478 2,642 Charity Plant & Machinery Flxtures & Fittings Computers Total 2024 Cost or valuation Al 1 January 2024 Additions 7,803 35,669 431 7,002 50,474 431 Al 31 December 2024 7,803 36,100 7,002 50,905 Depreciation Al 1 January 2024 Charge for period 7,803 33,505 238 6,524 239 47,832 477 Al 31 December 2024 7,803 33,743 6,763 48,309 Net book value Al 31 December 2024 2,357 239 2,596 Al 31 December 2023 2,164 478 2,642 26
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Investment Property Group & charity 2024 Fair value Al 1 January 2024 and 31 December 2024 625,000 The fair value of the Investment property has been arrived at on the basis of a valuation carried out on 31 December 2024 by the trustees,. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. 27
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Flxed asset Investments Group Listed Investments Other Investments Total Cost or valuation At 1 January 2024 Additions Valuation changes Disposals At 31 December 2024 278,442 4,826 3,424 14,6071 282,085 278,442 4,826 3,424 14,6071 282,085 Carrying amount At 31 December 2024 282,085 282,085 At 31 December 2023 278,442 278,442 Charity Listed Investments other Investments Total Cost or valuation At 1 January 2024 Additions Valuation changes Disposals At 31 December 2024 278,442 4,826 3,424 14,6071 282,085 85,000 363,442 4,826 3,424 14,6071 367,085 85,000 Carrying amount At 31 December 2024 282,085 85,000 367,085 At 31 December 2023 278,442 85,000 363,442 28
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Flxed asset Investments Icontlnuedl 2024 2023 Charity Shares in subsidiary companies 85,000 85,000 Carrying amount At 31 December 2024 85,000 85,000 At 31 December 2023 85,000 85,000 The parent owns 100010 of the share capital of Cattle servIs (Ayrl Limited {SC0427331 ineorporated in Scotland. 16 stock Group 2024 Group 2023 Charty 2024 Charity 2023 Raw materials and consumables 133,617 95,374 2,528 1,957 133,617 95,374 2,528 1,957 17 Debtors Group 2024 Group 2023 Charty 2024 Charity 2023 Amounts falling due within one year: Trade debtors Amounts owed by fellow group undertakings other debtors Prepayments and accrued income 107,632 129,021 20,241 3,323 37,613 15,618 5,382 36,477 6,233 17,170 5,382 36,477 17,170 131,035 170,880 40,734 95,090 29
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Credltors: amounts falllng due wlthln one year Group 2024 Group 2023 Charity 2024 Charity 2023 Taxation and social security Trade creditors Accruals 540 131,957 53,433 13,716 95,767 193,997 540 26,760 42,884 369 53,868 177,653 231,890 185,930 303,480 70,184 19 Operating lease commitments Lessee At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. Group Group 2024 2023 Charity 2024 Charity 2023 Within one year In two lo five years 6,485 5,837 12,322 Operating lease commitments include the motor vehicle rental commitment. 20 Restricted funds The income funds of the group and parent charity include reslricled funds comprising the following unexpended balan5 of donations and grants held on trust for specific purposes.. Movement in funds Resources Revaluations, èxpèndèd gains and losses Balance at 1 January 2024 Incoming rèsourc*s Balance at 31 Deeèmbèr 2024 Group & Charity Breed Development 66,920 2,352 15871 3,081 71,766 The purpose of the Breed Development fund is to maintain the purity of the breed known a5 ' Ayrshires and to foster, promote and improve the breeding of Ayrshire callle in the United Kingdom of Great Britain and Northern Ireland and the Republic of Ireland. 30
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Unrestricted funds These are unrestricted funds which are material to the group and parent company's activities made up as follows.. Movement in funds Resources Revaluations. expended gains and lossès Balance at 1 January 2024 Incoming resources Balance at 31 December 2024 Group General Fund Frank Renshaw Promotional Fund 884,935 703,785 1696,8891 15921 891,239 74,849 959,784 2,576 706,361 15491 697,4381 935 343 77,811 969,050 Movement In funds Resources Revaluations, expended gains and lo¥se¥ 8alan¢e at 1 January 2024 Incoming resources Balance at 31 December 2024 Charity General Fund Frank Renshaw Promotional Fund 856,211 535,074 1529,2981 15921 861,395 74,849 2,576 15491 935 77,811 931,060 537,650 1529,8471 343 939,206 31
AYRSHIRE CATTLE SOCIETY OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Analysls of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total Totsl 2024 2023 Group Fund balances al 31 December 2024 are represented by.. Tangible assets Investments Current assetsllliabilitiesl 627,596 208,074 159,380 995,050 627,596 282,085 157,135 1,066,816 627,642 278,442 120,620 1,026,704 74,011 12,2451 71,766 Unrestricted funds 2024 Restricted funds 2024 Total Totsl 2024 2023 Charity Fund balances al 31 December 2024 are Tangible assets Investments 627,596 293,074 44,536 965,206 627,596 367,085 42,291 1,036,972 627,642 363,442 6.896 997,980 74,011 12,2451 71,766 Current assetsllliabilitiesl 23 Contingent Liability Subsequent lo the year end, a legal matter has arisen in respect of a former member payout. The amount of the potential liability is £28.000. As the obligation did not exist at 31 December 2024, no provision has been recognised in these financial ststemenls. 32
AYRSHIRE CATTLE SOCIETh OF GREAT BRITAIN & IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 24 Cash generated frorn operations Group 2024 Group 2023 Charity 2024 Charity 2023 Surpluslldeficill for the Period 14,112 147,5411 12,992 150,6021 Adjustments for.. Investment income recognised in statement of financial activities Depreciation and impairment of Gain on disposal of investments 147,7431 158,9501 147,7431 158,9751 477 13,4241 479 12,3831 477 13,4241 479 12,3831 Movements in working capital.. Ilncreaselldecrease in debtors Increaselldecreasel in creditors Ilncreaselldecrease in stock 39,845 1117,5501 138,2431 123,6111 160,087 5,837 54,356 {161,7061 15711 141,8471 177,988 2,074 Cash generated from operations 152,526 33,918 1145,619 26,734 33