REGISTERED COMPANY NUMBER: SC204832 {Scoiland)
REGISTERED CHARITY NUMBER: SCI 1766
OF THE TR
UNA
INANCIAL sfATEME
R THEY
EMBER 202
FSDALE H
Henry Brown& Co
26 Portland Rowj
Ki]marn￿k
KAI 2EB

CLYDESDALE
ILSE SOCIET
CONTEliTSOF T
IN'AYCIAL STATF.hlEhlS
FOR TIIF. YEAR ENDED31 D
IBER 2025
Pate
Report of ¢ht Trustees
Indeptnd¢nt Examl*er'5 Report
Statement of Financi•l A¢tliltl¢s
Balanee Sbeet
9 to 10
N4Mes to the Flnaneial Si*temtnts
11 to 17
Detalkd Stalemenl of FI￿1￿¢181 Adiildes
18 10 19

YDESDALE HOILSE SOCIETY
F THE TRUSTEES
BER 202
The Tru4ees wh) are •lso direuors of the charity foT th¢ of ￿ CotllPLies Act 2(th. present their ret￿ with
Ihe finan¢Jal $￿eMents of ih¢ charity for the year eth 31 Ikeember 2025. The trdstees have adopted the proViSTro￿ of
Accountlllg and Re￿rtIn8 by Charities.. StstenKnt of R¢¢urn￿ PraciKe •ppli¢able io ¢haviiies Preparing their
accounts in acc4>rdanee with tbe Financial Repming Sts]MJJrd applirabie in the UK aTwJ R¢publi¢ of Ireland (FRS 102)
leffectiv¢ l Jatmwy 20191.
The Direciors and Trusxtts rKe5ent Ihcir report along with tk finwial sta¢m¢nts of the Con4Tr8try 2nd Charity for the
year endcd 31st Ikcember 2025. The D1￿cl￿$ aNI Trt￿￿¢s have Ihe provisions of Ac¢LKmting and Reportin8
by Ch8ritie& S*3w)Kni of Recommended Pnctict applicabk kn Companies lo prqmre their xcounts in accordance with
the Financial ReF*￿Ing Stsndards awlicable in the UK and ITelandlFRS 102) (eff¢¢tiv¢ 1st jaftU￿ 2015).
OBJEcfivLs AND ACTtVITIFS
Oblectlves 4nd 41ms
The objrctive5 of the Society are lo maintain. unimpair￿fj. the pyrity of the iyeed of ho￿ known as the Clyd¢sdak
Horse. a￿1 to promote the brttdin8 of these h)tsts. The a150 to colirt vffify. presErve and publish the
pedigrees of the said horses artd other useful infffimtiffi Tclatirs to tIKrn. The &Kicty will prornote thc 8cneral interest
of the breethrs and owner5 alld arbilrdte w. inve51iBak and settle disW￿5 ard q￿StIonS relating io thenL
Slznillcmnt Attfvldu
The Breed once again produced its 8Mual stt￿ Book. vOlurr￿ 130. listing all brttdinB stttk. all foals b)m in thc year.
all transfcT5. import& and exports for the relevanl which in this ¢ase was 2024. Volume 131 of th¢ Swd Bfy)k
will be published in Spring 2026 and will r¢¢ord the staiisti¢s for 2025, $￿wing 74 fillies and 79 ¢01ts in total. These
numbers which when added strti￿l[3 It￿rIed in the &*iety's daugh*r located in Gennany and Ireland
will see foal numbus Temlin 41 a satisfa¢i(ry level (￿¢¢ win in 2025. particularly bearing in mind the conlinuing
chall￿ging ¢¢onl￿Oi¢ cirw[n51J￿cs.
A further 19 stsllions were registerulthNin8 2025.
Durin8 Ihe year. followirtg a rEgulat(ry ￿vieW, Ircomr￿mIntil￿ w&$ made thai to stture full compliance with current
passwrt regulations the Strwttwe of the &Kiety'5 Stud Ik￿k will ¢haTh8c in 2026. In essence rhc bulk of thc SIr￿tUre will
main a5 trKfore but in fi)tU￿ will include a new section to acc(m)￿le part brnl Clydesdale Horses which produ¢e
pro8eny from TKffl-Clydesdal¢ and which will b) be accommcMJattyJ separnkty with
separate rults.
All steps will be tsken to protcct the purity of the bteed.

CLYDESD
IETY
EP
RT OF THE TRUSTEES
E I'EAR E%DED3I DECEMBE￿￿25
FO
OBJEcfii'ES AND A￿1vIT]Fs
Slgnllleanl Aetii'i¢ies Icontdl
The Society r￿nal￿$ indcbied io trnstecs of Gcr4ld Falk)wes Tru￿ Society Mjth a grani of
£10,000.
On the showground La￿v￿r Lily (Owncd by Cb2rlwc y￿jn8 and b￿d by AlexarKlcr Broivn) w&$ f¢male Cawdor Cup
Winner ai ihc 20?5 Royal Hi8hland Sho￿. and DI1￿[5 Calethnia lowied by Bob Hamilion aTKI Bred by Jim aNI Linzi
KI￿nedy) was male Cawdor Ctsp Winllcr ai Ihc ?0?5 Naiional Siallion Sh￿.
Al th¢ So¢iW'S Winier Fair in Novcmkn Scott G￿111.$ Fotdelhill Ele￿ i￿k Ovetsll chan)wonship with Ronnic
Black's Colleiiie Alanna bein¥ R¢xrv¢.
The 2025 ChaTnPiQn of Champions clak* also iaking plxc ai t1￿ Win¢¢l Fair was won by Rcdcarflc C¢ilidh Dan¢¢r
vned by Karcn Haw iviih thc Fordclhill Ilcna coming in &$ reserve and Collcssi¢ A12nna in Ihird pi8¢¢.
Thc work in the Secraary'5 oifir¢ ¢ontinucs. Thcre is r¢gular inteiaciion wirh ihe mcmb¢tship ihrou8h Ihc i55uc of Mo
ncivslcttcr5. on¢ in January and on¢ in July." other email blogs lin￿ io iirn¢ using Faccbook wh¢re thc
S(Kiety nom, boayt5 more ihan I I,(￿ follow¢r*
M¢n)bcrship numtkY5 hcld up wcll and t(Mallcd 788 on 31$1 Dccemkn 2025.
Subs¢ripiion rnies aEMI rcgi4rdlion fe￿ held samc l¢v¢l for th Ilhh ycar in a mw.
The Socicty thanks everyonc ivho %upp)rf¢d 115 i%'ork financially in ￿?5
tan¥iii8 fn)m memkrs and brecdc￿. Ihoq¢
buying n￿rChandi￿ in¢luding calcnd7rs. Stud Book& a￿1 othcT item& as ii'cll as ihosc ￿'hO purrhas¢d and sold rafflc
ii¢keis.
Thc So¢i¢ry coniinucs io bc I￿1¢bted to Whisilcfith Publishing for tkir iiM¥nIfKL￿1 finan¢ial conlribu¢ion4 and to thc
Horsc Ra¢¢ Le￿ Board IHRLBI foriheii annual grJni M'hich in 2025 amouniLid io £12.fyXI.
Thc HRLB grani is a BTccding grant ai'ailabic bcc8￿￿C of Ihc Society's Ra￿ Brccd MatuN. Fmni this 8rdnl than
£9.000 ivas dir￿tlY pas*d back io brcedth artd owtTh by w'ay of siallion pvcmium% and fool pIC￿lU111%. In addili(ffl.
Ihc Brani alloivs the So¢ieiy io siibsidisc DN'A co%ts, l¢aityn8 a small sum To suh.idio thc wblicalion of thc Stud Book.
Th¢ injyccs re8ard financial p)sition of the So¢i¢ty 3]￿ Ikreml￿T 20?5 10 b¢ satisfaciory. arKL Ihc financial
TEsult4 cfflct¥ing ivill bc articulat¢d in more thiail below

YDFSDALE HOILSE SOCIETY
EPORT OF THE TRUSTEES
FINANCIAL REVIEW
FiTr&nei81 position
Thc fIn￿KIal results coverin8 the a¢tivities atld wwk of ihc &xiety for the year ￿ded 31st Dwtmber 2025 are sei out
in the Stsiemenl of FinaKial A¢iivilies on pge 8. This slMnVS total iM)me for the y￿r of £118.677 (2024 - £108,716).
CU￿¢￿1 year expcnditLre am%yJnted to £93.582 12024 - £95247) eivin8 sU￿]uS of £25.IP)5 (2024 - £13.469) before
investment valuatKyn rnovements.
The overall surplu$ ryrt¢d of £49.185 (2024 - £21 J541 is arrivcd at afkr creditin8 unmlised (losses) Igains in the
valuation of inve5tmen¢s totsjling £24.(V)012024 gain - £7185).
The Society's ￿ets and liabilities ale set oiit the balaTKe SI￿ (th page 9.
The pYiDcipal ass¢ls of the &Ki¢ty remain its inve5D￿nI ￿rollO which val￿1 at £268,684 (2024 - £205.449) on
31st December 2025.
At 31 Decemb￿ 2025 lottl resetves amountcd to £359.161 (2024 - £3￿.976}. These re￿¢5 allLKa¢ed behween the
gen¢ral fund lunrtstrictcdl of £348.806 {2024- £31)3.147).and restricted reserves of £IOJ55 {2024- £6.829).
The no￿% set on pages I I ￿ 17 wsvide thuiloj explanaiions of baiatKes a￿1 t￿ements and activity
throu8knut ihe year.
At an operating Icyel. thc &xicty had afft excellent year tKthinantly th￿￿￿h high rnargin sales of
merchandise. carefijl rn8na8en￿n1 of aNI Ihe ofthe S￿￿ty.$ fiuKIus.
These fin3¢Kial sthtements should al￿ be read in conw￿lIl￿I With the COMTh￿ Set out in the Staiement of Signif￿¢
ActivitiL% ill this rqKKt.
Investment polky and objectives
Th¢ statem¢ni of inveshnem balances * 31 2025 is I￿¢td eaTlier in this re￿ and ihe ttustees. aim is io
maximist the totsl rcturn with objedive of m&intaining incorne and preserving the rrdl value of
permMent investments. This ￿11¢Y has fEmained urKhart￿d dun"n8 yur and the truaees can rqkn thht the
inve5¢TnentS 8enerdted incorne of £7.566 (2024- £7.1921 Lll the year.
Rtt¢rves poliry
The restricied fund5 of the SLKicty thc c(rfJscwce of from fiJThlin8 received from thc Horse Race
txvy Board and the Gerald Fallow￿TnL￿.
All other r¢smes ￿ wwestrK*d.
The trusltts corL%ider there io be fiulds held in tes¢rves whi¢h aff etwb to 5UPPOrt the xtiviiies of the
SrKiery for the for¢s¢¢able fjjtuff aNI t0covertt¢¢ssaryes￿￿iIWr in this rtg*d.
STRUCTURQ GOVERNANCE AND MANAGEMENT
The Society 15 9 limikd cornrAny. limiied by 8uaran*< as (kfiwl by th Companies kn 21N at¥J is controlled by its
Memorandum and Articks of ASS￿l8110n. It is also a Regi4tsed &onish Chatity.
On 23rd January 2026 at an Ex¢wrdinary Gffleral Meeting ofthe memkn of the Socicty. Lt was unaniTnously agreed
thai new Artieles of A&socia¢ion te adLythd.
The win¢ipal ¢hanse io the Articks is ¢0 ¢rt a new. much th¢ed in size Bcwd of io manage the
regulatM)n, compliance atwj govcrnance of the &Kiety. Tr l￿w Board will comprise the principal 0￿7CC b￿rerS of
President. Viee Pre￿dent. ImwrKdiate Past Prcsi¢kni a￿j Hrw Treasurtf au8mented by up lo three athjitional
DirectOf5 to be aP￿inted by the mernbership ai each Amlwl C*ner21 Medin&
This rtew will allow tIK bu5incs5 of the aythsdale Horse &Kiety to operdte mLYe efficiently arxl effer11￿]y
from a regulatory and C￿lpI1ancc point of view Whil￿ still drawin8 on thc vw exwitncc of owr￿S and breeders
whose focus is aknut thc vital t&sk of t￿￿1n8 and [￿eSerVing the Clytsdaie Horse as a Rare Breed under the
recognition of th¢ Raff Breed SuT¥ival Tnw.

LYDESDA
E SOCIETY
REPORT OF THE TRI'STEES
FOR TIIE YEAR E￿DED 31 DECENIBER 2Q15
REFERENCE AP4D ADMINISTK4TII'E DETAILS
Rtglstered Compan} nuNsber
SC204832 (Scoilandl
Registered Ch*rih mumber
scii?
Reglster¢d offi¢¢
7 Turrcibank Plarc
Crieff
PH74LS
Pw4

CLYD
DALE H
REPORT OF THE TRU
EFS
Tru5ttts
Dlre¢tors
Th¢ dirttlors scrving on the date of thi5 aTra5 follows..
Pre5idcnt - Sandy Aitken
Vi¢¢ P￿Id￿rt- Scott Grcvthill
HoTK)rary Treasurer. Captain James ATr4e[￿n
Imrn¢dia* Past P￿sIdent- JiTn Grrathill
*lditional d￿ttthrS will ￿ ap￿1￿1￿1 at the &¢iery'sAnthw] G¢Krni M¢aithg in March 2026.
Coundl
The Board of Direclors will ￿ su￿Orted in their wo1* ihrough aR)o1nts)￿t of a Council norninated by the
membership and represeNing all 15 areas irfo whi¢h memkn are a]ILKated. Cowi¢il will woiide membership gJPtM)rt
aThl advice to th¢ Socicty. will work towards suHMxlinB imwffiryng the tffced of the aydE5dale HoJ3e, in¢luding
promotion Of ihe breed. appointin8 jw mana8ins slw and affiliati¢)n& actin8 as the ￿)int Of communication ind
lia1￿￿ with tk membetship. *lvising on meM1￿1p and dealing with otlxer p￿￿SeS the Board shall dctenninc
from lime to time.
Board MembeTS are members of Council. #nd thc following havc servcd on Council since the Annual General Medirtg
in 2025. Those noted below all reSi8￿d &$ Directors a￿1 TnJs*es on 2JMI FeFw 2026.
Area I
21128
Mikty Munro
Andy Christic
LiTr15ay Martin
Yvonne Ptingie
Main Ralstorn
Alison Bell
Andrew ￿v¢
Is0￿1 Nisbei
Kitsty Hyslop
Jim Kennedy
Gtmma Hou8htr
Matthew Bedford
Retirts 2027
Steve Nicoll
George Y¢M]ng
Loyise Gre•thill
Edith Gw
McLatehie
Fiona Hardie
Isobel McKie
j(#￿ McIrtty
Retlrts 2026
Diane Tullc
Patri£* McDonald
Tom Clark
Ailsa Noble
Laurn Smiih
Christine Hallidwy
Elaine Ramsay
John Crai8
Jim Paierson
Willie Dunbar
RolA)i¢ Manchester
Kaiie Willry
even Leverett
Patrick MrKoy
Derek Baiky
10
M￿hat1 Martin
Paul Wfo
Philip Moss
William Hanna
Ejner Andc
12
13
14
15
Maiarhy McKay
Rthrt Bailcy
Th¢ Coun¢il Members noied in the a￿￿¢ thbk ofcowil membus as in 2028 wwe to cour￿11 on
15th Marrh 2025
At the Annual General Meeting on 15th March 2025 lan Y(Mm& NornMn ajristie. Irvine Anderson. A[￿ette Noble,
Alan Campb¢ll. Neil H￿Ie$l[￿, Ian Dwgl4 (Jwktr Emma Lighiix)wne, Teny Ed8e, Crai8 Hanna and
Edward Cheasty retired by r(￿10ft from COUT￿11.
Honorary Presldents
The mtmbcrship can ￿p￿in1 up to three HonDrny PreSidti￿ expts*nctsl men and w(Mnen wkn have sc￿ed thc breed
well over many yeats. and WIK) will contirtue to serve in an advis(ry cwity as non-VO¢ing members of Council. On
15th March 2025 MT Robert Hamilton was ajwintrd to thi5 rnle to replace the late Mr Malcolrn McFadyen. Mr Neil
Christie and Mr George skin1￿ continued to serve as How Presidwtts throughout the ye4r.

CLYD
RE
RT OF THE TRUSTEES
HE YE.4R ENQE
EIIBER 20
Distlpllnln Commlttee
Council Is responsiblc for appointin8 a Dis¢ipliDary Commillee to in%'Ls1igaic and d¢ol wilh ¢oniplainis against any
aspcci of the So¢i¢ty's Ivork ihai require5 l1llc4tigati￿. At Ihc Diseiplinary Commiltee Compri￿S Pcicr Keion.
John McMillaTh and Rob¢ll Sibbald. iiiih Peier Black having r¢tircd dunn8 ?0?5. Disciplinary commiitee meM￿r5 do
not ha￿ a vole on Council
I leetings and Conduct ott)Le Societ¥'s
The Board of Dircctors will mcet SCPaT3i¢ly at least fotsr iinKs a year and on as many other occasion5 as will bc
c¢¢ssary to allow Ihc company 10 opcraie prO]KTiYaw￿ fulfil ils purp)g-x re8ulal(Yy atKI CQTnpliance busincss.
Council liill meel 5epiratel)' on ott*slons througkoDt tht ie*r.
COU￿71 mceiings and McmlKI IT￿¢1￿&$ aw held hybrid nKaings J combinaiiw of in ￿r*On attcndance and
aiicndancc by z(￿)M icchnology. Wc arc I￿{rbI￿ to Martin and Emma LighilNMinc and Kitsty Hyslop foT fa¢ilitiiin8
c¢linss using Zwm. During Ihc year Ihe Sociery ini'c4td £3.(KX) in IcchMIo8y lo cnabie ihis 10 hap￿n.
Day-io-day activitie* of th¢ So¢i¢ry are thlegated urKkr I1￿ suw%ision ofihc Board to the Secre¢ary.'Adminl￿falof, lan
Roy. Ivho ivill re[￿ rcgiilarly to thc B(Mrd 10 ￿'t￿)M hc shall also consuli on rrfintnt maners.
Independent Eiamlt
H¢Dry BTown & Co
Cknncred AccouDtartlS
26 Portla[￿ Road
Ktlmarnock
Ayrshire
KAI 2EB
This rcport ha5 bc¢rt prtpared irt accordancc iiith I1￿ 4tti•l wiiisions of Part IS of Ihc Compani¢s Act 2006 relating
10 sn?al1 ¢ompanic%.
Approicd by Ordcr ofihc lwd oftrws￿¢% on 14 M￿h ?0?6 aThl %igncrJ on li% ixhalf by..
S Aitk¢n- TNs¢ee
Pagr fi

INDEPENDENT EXAMINER
LYD
RT
THE TR￿￿EEs O
IETY
I rep)rt on the act￿mIS for the year ended 31 December 2025 set Lmts M pages eight to 5evcntcen.
Re5pectlve re5p•nsibilitie5 of tru51ee5 and examiJKr
The charity5 trusttts are res￿n51bk for the prcparaiion of the ￿¢￿nts in acC￿d￿￿ with the tern￿ of lh¢ ajarities
and Trustee Inv¢stsn¢ni {S¢otland} Act 2005 and c?￿*11¢$ AcCow￿ (Sc￿land} Regulati￿￿ 20(￿ las am¢ndedl. The
charity'$ trustees ¢onsid¢r that the audil wequiremthi of Regulation IOIIKal to 1¢) of th¢ A¢counts Regulalions th)es not
apply. It Is my responsibility lo wmine the aCcO￿ts 85 rquired Und￿ Scction 44(IK¢) of the Act and to state whethtr
parlicular mattcrs have come to my aitention.
Bask of thÈ 1Xdepende￿t ¢xaml#er'$ report
My exAmination was cirried out in accordanee with Regulation I l of the Charitles Acco￿ts {Scotland) RegulatiorLS
20￿. An examination includes a review of xcouniing recor& kept by the charity and a compxison of the a¢¢ow
presented wilh those re¢ord5. 1¢ also irKlud¢s ¢onsiderniion of any unwual ii¢nLS or disclosures in acco¥nts,
sceking ¢xplarwtioTL5 fr(￿Tr you a5 t￿$1¢¢5 rorKcrning any ￿ fflattws. The wrtedures unthnakcn th no¢ provide 411
the evidence that would ￿ requirEd in an and e<wuently l th) rK>t exwess art I￿j1¢ ￿]nion on the view 8iven by
the accounts.
Independent exwmlMer'5 Statement
ln corlneetion wilh my cxaminaiion. no Matter1￿comC to my altenti￿".
l) which ￿v¢S me rea￿llab]e cause ￿ ￿lIeve that. in arty ma¢¢nal res￿( the requirements
to kttp accounlin8 record% in a(£ordance with Sc(aion 44IIXa) of the 2(X15 Act artd Regulaiion 4 of tly 2006
ACCO￿15 Reguiallons. and
to Pwojr a¢¢ounts whi¢h a¢¢ord with the *￿1018 records aThJ to ¢cthply with Re8ulation 8 of the 2￿6
Accounls Regulalions
have tKJt Ixen mei,. or
(2) io whith in my opinion, al*￿ti￿ sh￿Id t¢ dmwn irt order to enable a utthrstsndin8 of the accounts to
reached.
GTC8or D.B. Orr BACC (Honsl CA
The Institsjle of Chart¢r¢d A¢cr￿]ntantS of Scotla￿1
Henry Brown & Co
Chwkrtd Accouttsnts
26 Portland Road
Kilmamock
Aytshire
KAI 2EB
14 March 2026

CLYDESDALE HORSE SOCIET.Y
STATEIIENTOF FINA
IAL ACTII'ITIES
FOR THE YEAR EINDED 31 DECEhlBER2025
?0?5
Toial
funds
2024
Toial
Unrtstric*d
Ro%lnctcd
fU￿J5
Noles
INCONIE AN'D EYI Dolv￿]Ey1 ts FROM
Donal1(￿$ and Icgxics
29.54)
?2.(KKI
51.547
49,496
Oiher irading aciiyiiics
Ini'estnKni ineomc
Othet incon
$7243
7J66
57.243
7.566
2.326
52.028
7,19?
Total
96.677
18.677
108,716
EXPENDITURE OY
Raising fvrKL*
18,695
3.779
22.474
25,387
Ch#ritgbk actiiilie5
Promoiion of the Clythsdale Brecd
$4,013
17.095
71.108
69.860
72.708
93.582
95.247
Net bvains on ini,e￿Ment*
24.091)
24.0
7.885
I ET INCONIE
Tran$f¢rs behieeA funds
4%.059
12.4(Kbl
1.126
2.4(Kl
49.185
21.354
13
Net moiemthi in fllnds
45.659
3.5?6
49.185
21,354
RECONCILIATIO*4 OF FUN'DS
Total funds bwughi foni.ard
303.147
6.8?9
309.976
TOTALFUWDSCARRIED FORIIARD
348.806
10.355
359.161
309.976
The t￿leS fom part of finarKial sraicmcn¢
Pagc 8

LY
AL
BER2
2025
Total
2024
Total
fisnds
funds
NIKes
FIXED ASSETS
Investsn¢nts
268.684
205,449
CURRENT A&SETS
Stocks
Debio
Cash at bank aT￿ in haTKI
10
13,639
3.270
W76
13.639
3.270
88,9Jl
11.658
3,198
104.553
IOJ55
95.485
IOJ55
105.840
119,409
CREtMTORS
AnThits falling due within OTK yfdr
12
(15J63)
(15.363)
114.8821
NET CURRENT ASSETS
80.122
IOJ55
9YJ,477
i¢M.527
TOTAL A&SETS L&SS CiIRRENr
LIABILITILS
348,8(15
IOJ55
359.161
309.976
NET A&SETS
348,8Ch5
IOJ55
359.161
309.976
13
un￿St￿£t￿ fLmds
Re51ricted fvnds
348.806
10.355
303.147
6,829
TOTAL FUNDS
359.161
309.976
Tht eharitsble eompany is tntiiled to cxemption from I￿111 unthr Scction 477 of the ComrMDi¢s Act 2006 for the year
etthd 31 Decemttr 2025.
members have not required tlK cornpany to L4)tsin an d￿j1¢ of its finartcial statcmenls for the year ended
31 DeCem￿r 2025 in acconlantt with SectiOA476 of the Companic5 21¥A.
The tNsttts acknowledge their reSp￿sIbIlitI¢$ for
(a)
ensuring that the charitable company keq>5 acC￿￿)Il￿g ￿ that comply with Sections 386 and 387 of the
Comp2nies Act 2ffl6 and
preparing fin￿]81 statemettts whitb giv¢ a ttue and fair view of the stalt of affaits ofthe Charithble company as
8t the end of cach financthl year and tsf its SUTplus ￿ defi¢ii for each financi￿ ye4r in accordance with the
Tequiremenis of Seclions 394 and 395 aTrJ which Otherw￿ cO￿￿1Y with tht WUiT¢nKDts of the Compnies A¢1
2(K)6 ￿lating to financial $tstemenl& so far as atvlicable io the ¢haTitabk ￿ZThpanY.
Ib}
conttnued...

LYDESDALEllQRSE SQCIETY
LAliCE SHEET- ¢oD11￿￿e￿
JI DECENIBER
Thcsc financial siaterncnLS have p￿￿Ted in iilth rKolisJ¢x￿ applicablc to charitsblc con)panic>
subject to Ihe %mall C￿panIeS rcgimc.
Th¢ financi31 statements u'ere appTOi'cd by &)ard of Trus1tt5 aThJ au¢howis¢d for isw on 14 March 20?6 and lic
$18ncd on ti% ￿haIr by..
S Aitken- Tru￿¢¢
J Anderson- Trnsiee
The notÉ% fwm part finaftcial ￿llen￿nts
Pag¢ 10

CLYDL8DALE HOIL8E SOC_IETY
OTES TO THE FINAN
EME
ACCOUNTINC POLICIES
Ba￿9 of prepA¥fjng the finand*l st*ltments
The financial 5talcTn￿ts have been pffpated (¥) the hiaori¢al bgSi&
The financial sta*ments wcsentcd in Stcrlin81£1.
After rcvi¢wiDg the dwity's t*ojettil￿s. the In￿ttS have a re&wnabk ex￿Ct8110￿ thai the ¢harity has adequa
resources to continue in operdtional existence for the foreseeable fvnue. Tr ¢hariry therefore continue5 ￿ adopt
Ihe going concern trAsis in tttparing its fu￿￿la1 statemrn
Income
All income is reco8nised in Ihc Statcmeni of FinarKial A¢tivities once the charity has ￿li￿eMen1 to the fun(Ls. it
is probable thai the itt¢ome will bt ￿e1ved and the anM)uni caft1￿ mcasvred reliably.
Exp¢ndltur¢
Liabilities are recoBnLsed as expenditure &$ %KJn &% there is a Ic8al or COnstn￿¥¢ (*lig81ion ¢ommitting the
charity to thai expendiwre. ii is probable thai a trartsfer of economic knKfits will be Trquired in settlement and
the arnounl of the obligatioth ¢an ￿ measur&fj r¢liabiy. EX[thlitt￿ is accounted for on an 8ttn]aL% basis and has
been cla55ifLed Ulder headings thot aggregate all ¢0# reiat¢d tti ¢aLegory. Where costs canrK>t be dirt￿lY
attributed to t*rticuiar hcadings thry hjvc bccn allrxatd to a¢tivities on a b9$￿ consis￿1 with the use of
resour¢es.
T*ngib]e fixed *55ell
tkpreciation is provided at the foljowg annual rntcs in Lythr to write off each asset over its ¢5timated useful
life.
Plant and machincry
Office Equipmenl
Comput¢requipm¢nt
2￿fi on ¢0
33Y• on cosl
/• on tosl
Stoc
Stocks are valued at Ihe lower of crtst and net rtalisablc vahx. after making allowonce for ob501ete and slow
moving i¢¢ms.
T*x#tiOD
The charity is eXern￿ froMc0￿)r4tlon tax ￿ its chuitsblc xtivilic5.
*eeo*nfln8
Unrestricted fund5 can Ix u5cd in Xc0rd￿ with the Clthritsbk t￿ie£lIVeS 41 the dis¢r¢tion of the trusttts.
Restrittrd fut)ds caft only be for particular rcstri¢tcd pUryX￿ withirt the objects of ihe charity
Restrictions #rise when specified by the th)￿01 t*lw taised f￿PartiCularr¢￿rIC¢cd FWS.
Furth¢rexpianation of the nalure atwj wrMJse ofe&h fiu41 is inchthj in the no*s ty the financial statements.
P#don tosts a*d other pos¢.r¢tlr¢Th¢nl lJeAellts
The charilabk company ￿erdt¢S a defi[￿d witrilmrtim s¢hem¢. Contributions payable 10 Ihe charimble
¢ompanys w￿lon gheme are char8ed to the s￿ement ofFinan¢ial Aciivilies in the to which they relate.
Fln*rtti#l in5trwmtnts
Ihe followin8 ￿se1S and liabilities classified a5 fina￿la1 twade debknrs. tf* Crcdiknrs Ind other
Ifmns T¢¢eivabl¢.
Trade rcceivablcs. trade ￿￿ableS Me4Wr￿ ai yndixow)ted amount of the c4sh or othcr c0rn5iderdlion
expected to be paid or received.
Pa8ell
t¢￿tinued...

CLYDESDALE HOILSE SOCIETY
NOTES TO THE FINAJNCIAL STATEIIEINTS- ¢onih)ued
FOR THE YEAR EYDED 31 DECEIllBER Z025
ACCOUNTING POLICIES- tomlinutd
Flnanci•l instr#menis
Financial asseis Ihai are mcasurcd ai ro4 avd amowtss¢d ¢w aw asscss¢d ai Ihc C￿1 of vach accountin¥ penod
ror Ob￿¢11￿.¢ c%'idcrKc of impg1rn)eni. If obJcrlLl¢ ¢l'itkn¢¢ of impaimieni is found. an impaimicnl loss is
rttogn15ed in the profil Jnd loss.
OTHER TIL4DING ACTIVITIES
2025
2024
Winter Fair
Promotional G￿dS Sales
EX￿ & P¢di¥r¢¢ C¢nificai
Siud Book Fccs & Salc5
Passport INomc
Rafflc Incotnc
Fundraising In¢(rt
DNA IrKomc
uciion ProccciL%
4.272
13.891
4,680
14.331
2.307
8225
6.(H5
3,385
8.970
4.085
5.975
3.343
lo.￿0
3.430
5,0(Kl
57.243
52.028
INVESTNIENT INCOhlE
20?5
Income from Inv¢stm¢nts
Iniero41 rcccii'ablc. ttadin
7.053
513
6.367
825
7.566
RAISING FUN'DS
Ini'estment nian3gemenl cost5
20?5
20?4
Portfolio mortage1M￿l
655
634
NET IliCOIIEIIEXPEYDITURE)
Ncl incoTne.{cxt￿dil1iTtI 18 ￿alcd aficr char¥in8.'Icrediiin8)'
?0?5
S￿￿]￿s on disrA)sal orrixcd
2.3261
17
conlll1l￿I...

CLYDESDALE HORSE socirry
ATEMEpifs- tODtkn•ed
TRUSTEES, REMUNERATION AND BENEFITS
There wer¢ no Injsiees. remuneiation ¢x ￿her benefits foT the ye4r end￿ 31 Dttern￿ 2025 nor for the yfdr
ended 31 December 2024.
TThstees' expensej
The￿ were th) mL*es' eXpen￿S tAid for the )rar cth 31 DcccTth 2025 Th)r for tlr year ended
31 December 2024.
COMPARATIVES FOR THE STATEMEWTOF FINANaAL ACTIVITIES
UnTe5tricted Re5tri¢t¢d
fjjnds
To¥1
fvnds
INCOME AND ENDOWMENtS FROM
Donations4nd legacies
27.496
22.0
49,496
her tradbng xlivities
52,028
7,192
52.028
7.192
Tvt•l
86.716
22.000
108.716
EXPENDITURE ON
Raisin8 fvnds
21580
3.807
25J87
Charitable i¢¢Mtks
Promotion of Ihe Clyd¢sdale Br¢¢d
51297
18563
Tot*1
72,877
22.370
95247
88inson Lnvestments
7.885
7,885
NET INCOMEIIEXPENDITiJRE)
Tr•nsfers betwttn funds
21.724
(2,4￿)
(370)
21 J54
Net mov¢nwit kn funds
19.324
2.030
21.354
RECONCILIATION OF FUNDS
Twl fijnds brought forward
283.823
4,799
288.622
TOTAL FUNDS CARRIED FORWARD
303.147
6,829
309,976
Pa8e 13
continu￿...

LYDESDALE HOKSESQCLET!
YOTES TO THE FINANCIAL ST ATEMEYfs- ¢•ntlnued
OR
R EliDED 31 DECEIIBE
TAN'GIBLE FIXED AsS￿s
Plani and
rnachi
Office
Iquipmcni
Coinpuicr
cqu1pft￿Thl
Tothls
COST
Ai l January 2025 a￿1 31 tkccmkn 2025
&931
2,260
5.294
16.485
DEPRECIATION,
At I january 20?5 aJMI 31 tkcember ?0?5
8.931
2.?fAJ
5.294
16.485
YET BOOK VALUE
Al 31 Dcc¢mb¢r 2025
At 31 DcccmiKY 2024
FIXED ASSET INVESThlEwrs
Lisied
ini'csTIll￿t
IIARKET IFALUE
Ai l January 20?5
Addilion%
DL%posals
Rcialu%iiions
?05.449
39.819
24.047
Ai 31 Dc¢¢mb¢f 2025
268,684
NET BOOK I'ALUE
Ai 31 DcCCni￿r ?015
268,684
At 31 t￿¢¢￿be1 ?0?4
205.449
20?5
?68.684
Mark¢t ialu¢ of ini'e4ments ￿ld iVLthLn UK
205,449
Markci la1￿ of imcstn*nts hcld outsi¢k ihc UK
Jam¢s_Benncll Inle￿ent%
41.521 {2024 42.6531 Barrlay% Chanty R Di￿rib￿lI0n GBP
63,398
57.838
Iher In%
Imen
137.6R612024 IOS.8581 Barclays Chariry R Diqritrmmbon GBP
147.&1
Cost or i'aluaiion ai 31 tkeemE&Y ?O?S is rLTArRentcd ty.
Lisicd
ini'¢simcni
Valyation in ?0?5
?4,047
244.637
268.684
14
conlinucd

CLYDESDALE HOILSE S(￿1
NOTLS TO THE FINAN
FOR T
IAL
. contin￿ed
BER 20
STOCKS
2025
2024
StrK*s
13.639
11,658
DEBTOKS: AMOUNTS FALLING DUE wrrHIN ONE YEAR
2025
2024
Trade debkw5
Prepayinents
1,599
1.671
1,018
2,180
3270
3,198
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
Accruals and defelred income
Accnrd cxpenses
2,375
12,507
15.363
15 J63
14.882
13.
MOVEMEf*T IN FUNDS
Net
Transfers
At
3111￿25
At 111125
UnrÉstrkted
Genernl fiThl
303.147
48.059
(2.4￿)
348.806
Restrlrt¢d fuDd$
Horse Racing Board Gra
Gerald Fallowes Bquest Reven
(1,5N)
1630
2.695
5.030
1,126
10355
TOTAL FUNDS
3(WJ.976
49.185
359.161
Net n￿Verne￿ in fund& itKluded in tk aknve a￿ ￿ follow5".
I￿oMI￿ Ke￿￿1rCes Gains and
resLwr¢¢s ¢xpended
Movement
in fijnds
Unre•tri¢ted fv*ds
General fiwld
96ffj77
(71708)
24.090
48.059
Restrkt¢d (4Ads
Horse Racing Board Grant
Gerald Fallowe5 Bequest Revem
li(
10,[
(13.SiNI)
{7J70)
(1,5041
2.630
22.CK*)
(20.874)
1.126
TOTAL FUNDS
118,677
{93.582)
24.090
49.185
Pa8e 15
continued...

CLYDESDALE HORSE SOCIETY
OTES TO THE FINA
IAL
TEAIENTS- contlnTAed
FOR THE YEAR EYDEDJI DE
F.NIBF.R 2015
13.
IOI'E%IETriT IY FUYI DS- coAiltswed
Comp#r*ihv for moi'emenl fund5
Nct
moi'emenl
in funds
Trnnsfcrs
Ar
31'12.'24
At l..1.24
rKIs
Unresirkled funds
Gcncrnl fvnd
?83,823
•1.724
12.4(M)
303.147
Restritled funds
Hors¢ Ra¢ittg Board Grani
Gcrald FalloiiE% Bcqueo Rcvenuc
Gerdld Falloi%s Ca￿1)1 GrJt)i
785
4.013
IlJ871
1.017
2.4(NJ
1,798
5.030
4.799
13701
6.829
TOTAL FUh'DS
288.622
21,354
309.976
ComporatLI'C nct Tnoi'wncnt in fun&%. ]￿l￿d¢d in thc aboY¢ ore as follmis:
Incoming
Rcwur¢es
cx
Gains arwj
losses
Movemeni
in funds
Unre5tricied (uthils
General fu
86.716
172.877 )
7.885
21.724
R￿￿rItted funds
Horse Ra¢iiig Board Grani
Gcrdld FJlIO￿Tr Bcqucli Rticnue
i?.0(
10.(
{13.3871
18.9831
11.3871
22.(NMJ
3701
13701
TOTAL FUNDS
108.716
195.2471
7.815
21J54
A C￿￿{ ycar I ? months arKI prior y¢aT I? nM)nth% combined p)SIt￿ Js as follows".
TrarL%fcrs
ii%een
moiemcni
in
At
31.'12.'25
Ai I'1.'24
Unre5trlcted funds
G¢n¢ral ftstml
?83.8!3
69.783
I4.8￿)
348,806
Re51ri¢ted funds
Horsc Racing Board Grani
Gerald Falloil'cs Bcqueir Rcvcnuc
G¢rald Falloi¥s Capiial Grdni
785
4.013
12.891)
3.647
4.800
7,660
756
4,800
10,355
TOTAL FUYDS
?88.6??
70.539
359.161
Pag¢ 16
t￿lIn￿¢￿..

CLYDESDALE NO￿E SOCI
NOTE
TE
ENT - continued
13.
MOVEMEMT IN FUNDS-fomtiAwd
A curreni year 12 aAI year 12 months Combll￿ rt￿ye￿ in fur¥M irt¢luded in the alx)ve are
as follows..
Incomin8
Gains and
Movement
in fiJThJs
cxpcn¢kd
Unrtstrkted funds
Genernl fjjnd
183J93
(145.585)
31,975
69.783
Restrltted fvnds
Hotse Racing Board Grant
Gerald Fallow¢s Bequest Revem
24.(
126.891)
116.35J)
(2.8911
3,647
143244)
756
TOTAL FUNDS
227J93
1188.829)
31.975
70,539
14.
RELATED PARTY DISCLOSURES
Ther¢ were no related parry tranSXtio￿ for the ytar eThkd 31st tkcember 2025 and 31st DecemF*r2024.
P•8e )7

ETAILEDST.ITE4IEYTOF FINANCIAL ACTII'ITIES
E R ENDED
I DECEIIBE
1015
20?4
lINCo￿lE AIND EliDOIVIlIEP￿s
Donalions and leg*eies
Donaiions
Gcittld Falloii.¢s Tn
Horit Ra¢in¥ Board &ani
MtmlKrship SubscnptN)ns
Affili3tion Fcc%
46?
io.(x)o
12.IK)O
26,(KK)
3.080
1.91
12.0(X)
22.457
3.040
51542
49,496
Other Ir*dlng *¢ihxties
Winlci Fair
PTOlTh)(ional GoLxl% Sales
Export & Pcdigrcc Ccrtificatc
S￿d Book Fee% & Salo$
Passport Incomc
Raffl¢ In¢om¢
Fundraising Incomc
DN'A Income
A￿1011 Pr(￿eC￿5
4.272
13.891
2.612
8,7?0
5,975
3,343
10.¢KK
3.430
s.o
4.680
14.331
2,307
8.225
6.045
3,385
8.970
4.OSS
57.?43
52.028
In%'estlllElIt Income
Incoine froni Ini'csnncJ115
Inter¢%1 rc¢ciiJble- Irdding
7.053
513
6.367
825
7.566
7.192
Other
Gain on of thngibl¢ fix¢d aS>¢iS
Tot81 intomillg resources
18.677
108.716
EXPEliDITURE
Rslsing donations and legacies
Proii%ion for Pniiting
Promoiional G￿￿L
Winier Fair
DN'A Ex￿ndi￿r¢
Expcnditure
779
6,795
7.765
3.771
2.709
807
7.898
7,951
4,530
3,567
21319
24,753
Ini'esiment m#n4tm¢nt ¢OM5
PortfolLO managcillCIII
655
634
ChArliablt X¢liiitie5
Sc¢relary'% Rcfftun¢ration
Carried forM'.Ird
32.076
32.041
3?.041
Thls pa&ie fom) part of Ihc siattitory financial sta￿me￿I
Pagc 111

CLYDESDALE HORSE SOCIE
DET
IL
F FINAN
AR ENDED
IDE
IAL ACTIv￿lEs
EMBER 201S
2025
2024
Charil¥Jbk adivilies
Brought fonvard
Secreiary & Exewiive Commit*e Exw
Insurance
Breed Improvement ExrKn5C5
Postages and Teleph(
Prit)iin8 & sialiontry
Advertisin& Prizes & Slk)w Ex￿l$eS
Miscellaneous Exp¢ns
Sponsorship
Computer and website co￿5
Siorage Costs
Showing clinics
32,076
1,433
1.469
9225
4J14
3.348
4,887
455
4.171
5,537
501
32.041
1.566
1.469
9,080
4.829
3,416
6.025
591
4.450
2 J64
501
67.916
66.473
Support ro5ts
Govern*tt¢e e•sts
Accountsney fees
Mttiin8 expenses
2.640
552
487
3.192
3,387
Totsl ￿ourc¢S eX￿ded
93.582
95.247
Net ID¢ome before gAIDs Ind losses
25.095
13,469
Reallsed retognised E*in5 aDd 1055es
Realised and unttalis¢d gal￿ lo&ses f a
inVe￿ment
43
Net 5n¢ou
25.138
13.475
This tA8e dl￿5 fLTh partof the statytory financial 513tements
Pag¢ 19