Charity registration number SC010218 (Scotland)
Company registration number SC019414
BEEF SHORTHORN CATTLE SOCIETY (THE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
BEEF SHORTHORN CATTLE SOCIETY (THE)
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
Dr Timothy Riley - President
John Scott - Vice President
Alastair Gibson
Fraser Hugill
James Fanshawe
Kenneth Mair
Mark Severn
Richard Henning
Timothy Coles
Simon Bradley-Farmer
Stuart Currie
Major John Gibb
Jane Landers
The Hon. Gerald Turton
Ela Roberts
(Appointed 4 February 2024)
Robert Taylor
(Appointed 4 February 2024)
Mary Cormack
(Appointed 4 February 2024)
Secretary
Clive Brown
Charity number (Scotland)
SC010218
Company number
SC019414
Registered office
Chapelshade House
78-84 Bell Street
Dundee
DD1 1RQ
Auditor
Derek Grant, CA
MMG Chartered Accountants
Chapelshade House
78-84 Bell Street
Dundee
DD1 1RQ
Bankers
HSBC
133 - 135 Daventry Road
Cheylesmore
Coventry
CV3 5HD
BEEF SHORTHORN CATTLE SOCIETY (THE)
CONTENTS
Page
Directors' report
1 - 5
Statement of directors' responsibilities
6
Independent auditor's report
7 - 8
Statement of financial activities
9
Balance sheet
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
BEEF SHORTHORN CATTLE SOCIETY (THE)
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 30 November 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 (FRS 102)".

Objectives and activities

The Society is a charity registered in Scotland whose objects are charitable and the purposes for which the Society is established shall be wholly and exclusively charitable.

 

The Society's objects are, for the benefit of the public, to advance education, heritage and science and animal welfare by:

 

 

 

 

 

 

Our full strategy is available at https://www.beefshorthorn.org/bsh-long-term-strategy/

 

Our vision is for the Beef Shorthorn to become the native beef breed of choice. We envision a future where the Beef Shorthorn breed is recognised for its exceptional quality, versatility, sustainable production, and cross breeding credentials. By promoting and nurturing the breed and its traditional characteristics, we aim to establish the Beef Shorthorn as the preferred choice among beef producers, consumers, and the wider beef industry.

Public benefit

The directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

BEEF SHORTHORN CATTLE SOCIETY (THE)
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
Achievements and performance

Our year to 30 November 2024 is best summarised by our President Tim Riley:

 

“I have great pleasure in introducing the Annual Report for 2024 which summarises the events of 2024 and showcases where the Board and Society staff have sought to continually modernise and improve the service to the membership. Equally, we continue to position the Beef Shorthorn foremost in the minds of the beef industry.

 

This is my second and final report as President in what has been another challenging year for agriculture but a year of progress and success for Beef Shorthorns. I can report that the Society is in a healthy financial position – the best it has been in terms of wisely invested reserves and funds to use toward future strategy and improved services for our members.

 

The Society has continued to improve its governance so our members can be assured that the money is used, and decisions made, sensibly and legally. This is important when working on behalf of our growing membership.

Effort by the Board and Members has been great to see in the Development days which everyone enjoys so much and the successes at Sales and Shows. This year I represented the Society at the Royal Highland, Royal Welsh, Great Yorkshire and our National Show at Westmorland. The quality of cattle going forward is tremendous and the breed is considered a mainstream commercial choice by an increasing number of farmers. We were hugely grateful to Our Patron HRH Princess Anne for visiting the wonderful Development Day hosted so generously by Charles and Sally Horrell in September 2024. It was a fantastic success.

 

Successful Society sales have returned great publicity for the breed and at the commercial level, prices have been strong as the National Herd size reduces and limits supply. However recent announcements on Agricultural Property Relief and other budget measures threaten to dampen market confidence. This all adds up to growing peoples’ awareness of the value of a low input breed that delivers on any ground or system. This must be a priority for the Society going forward.“

 

Education programme and events

 

The Society has run a large programme of events over the year with the aim of demonstrating the quality of the Beef Shorthorn through Society and supported sales across the country and major agricultural shows. We have also delivered webinars and on farm events to educate members as well as highlighting the importance of the Beef Shorthorn to the environment and for the benefit of the farming community and the general public.

 

Pedigree registration

 

The purity of the Breed remains paramount and conditions for entry into the Coates Herd Book are determined by strict rules which are kept under constant review. The Society has continued the inspection process during the year to ensure that the registration rules are followed.

 

BEEF SHORTHORN CATTLE SOCIETY (THE)
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
Financial review

The Society’s financial strategy is for:

The Society has delivered a satisfactory financial performance for the year with a surplus of £8,126 (2023 - £33,974) on member services and investment income of £29,546 (2023 - £34,508) giving a net income before investment gains of £37,672 (2023 - £68,482). With unrealised and realised gains in investments of £117,991 (2023 - loss £30,719), the net income for the year totals £155,663 (2023 - £37,763).

The Society is financially stable with a strong balance sheet and an investment portfolio providing sufficient reserves for contingencies.

 

Investments

 

The Society is fortunate to hold an investment portfolio which is managed on a discretionary basis by Evelyn Partners, one of the country’s leading wealth management providers.

The investments are managed on a long-term basis with a risk profile of approximately 65% invested in equities and 35% invested in a mix of fixed interest and alternatives. Recent investment performance has been satisfactory with a growth of 14.9% over the year, while the portfolio has risen by 30.9% over the last 5 years and 179.8% since inception (31st December 2009). During the year a further £100,000 was invested in this portfolio.

Members of the Finance Committee meet regularly with Evelyn Partners to monitor performance.

 

Risk management

 

Our principal risks relate to the maintenance of all sources of income, the retention of staff, the containment of inflationary costs and the use of modern software for efficiency of back-office processes. A risk map with these risks and mitigating controls and actions is presented to the Board quarterly.

 

Our registration software from ABRI is now old and cumbersome and its planned replacement, Breed Logic, is expected to be delivered in 2025. This new system will enable the Society to realise several efficiency benefits arising from the use of modern technology.

Reserves policy

Unrestricted funds are sufficient at £1,214,971 (2023 - £1,059,308) as set out in note 21. The directors have a policy to maintain unrestricted funds of two years normal annual expenditure as a contingency for business protection and uncertainty which amounts to £909,920 (2023 - £896,344). This leaves £239,742 (2023 - £93,481) available for investment. The trustees have also designated amounts for the development of breed, youth, and member services.

Restricted reserves, where usage is for specific purposes as set out in note 20, are £856 (2023 - £360).

Plans for future periods

The Directors see a strong future for the Beef Shorthorn breed; commercially and environmentally relevant for low input systems producing high eating quality beef requiring little or no finishing on cereals. The breed has a key role in both food security and environment sustainability.

BEEF SHORTHORN CATTLE SOCIETY (THE)
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
Structure, governance and management

The directors who served during the year and up to the date of signature of the financial statements were:

Dr Timothy Riley - President
John Scott - Vice President
Alastair Gibson
Fraser Hugill
James Fanshawe
Kenneth Mair
Mark Severn
Richard Henning
Timothy Coles
Simon Bradley-Farmer
Stuart Currie
Major John Gibb
Jane Landers
The Hon. Gerald Turton
Ela Roberts
(Appointed 4 February 2024)
Robert Taylor
(Appointed 4 February 2024)
Mary Cormack
(Appointed 4 February 2024)
Charles Horton
(Resigned 4 February 2024)
Tina-Louise Russell
(Resigned 4 February 2024)
Alfie Shaw
(Resigned 19 September 2024)
Pamela Nicol
(Resigned 1 November 2024)

Recruitment and appointment of trustees

None of the directors has any beneficial interest in the company. All of the directors are members of the company and guarantee to contribute £1 in the event of a winding up.

Directors

 

As set out in the Articles of Association, Directors are elected by the members at the AGM to serve a period of three years. Overall policy is determined by the board of Directors. Day-to-day operations are the responsibility of the Company Secretary .

 

It is important for any Board to use the experience of Directors to best advantage. Accordingly, Directors are invited to join relevant Board Committees, Finance & Audit Committee, Breed Development Committee, Judges, shows and sale committee, Marketing, PR & Communications Committee, Member Development (new committee introduced in 2024) and the Remuneration Committee. These Board committees are tasked with developing actions for approval by the Board against our charitable objectives.

 

Induction and training/development of directors

 

New Directors are now provided with information detailing their roles and responsibilities, copies of the previous annual report and accounts and previous board minutes. In addition, each have a meeting with key staff or fellow Directors to discuss how the Society is run and their role as a director. Directors are required to have the appropriate skills to carry out their role and development is encouraged by the Society by organising training and refresher events and issuing information on governance matters. Directors are asked to review and sign a Directors’ Code of Conduct and meet their fiduciary responsibilities to the Society.

BEEF SHORTHORN CATTLE SOCIETY (THE)
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -

Renumeration committee

 

The remuneration committee reviews the performance and terms, conditions, and remuneration of staff. To provide for independence this committee is chaired by an experienced member of the Society who is not a director; currently the committee chair is Sally Horrell.

The directors' report was approved by the Board of Directors.

John Scott - Vice President
Director
16 January 2025
BEEF SHORTHORN CATTLE SOCIETY (THE)
STATEMENT OF DIRECTORS' RESPONSIBILITIES  
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -

The directors, who also act as trustees for the charitable activities of #cd2, are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the directors 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

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. 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 irregularities.

BEEF SHORTHORN CATTLE SOCIETY (THE)
INDEPENDENT AUDITOR'S REPORT
TO THE DIRECTORS OF BEEF SHORTHORN CATTLE SOCIETY (THE)
- 7 -

Opinion

We have audited the financial statements of Beef Shorthorn Cattle Society (The) (the ‘charity’) for the year ended 30 November 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, 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 Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 30 November 2024 and of its incoming resources and application of resources, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent 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 misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements 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 to report in this regard.

BEEF SHORTHORN CATTLE SOCIETY (THE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE DIRECTORS OF BEEF SHORTHORN CATTLE SOCIETY (THE)
- 8 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the directors' report; or

-

proper accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) 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 misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will 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 to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

(Senior Statutory Auditor)
For and on behalf of Derek Grant, CA, Statutory Auditor
Chartered Accountants
MMG Chartered Accountants
Chapelshade House
78-84 Bell Street
Dundee
DD1 1RQ
17 January 2025

Derek Grant, CA is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

BEEF SHORTHORN CATTLE SOCIETY (THE)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023 (15m)
2023 (15m)
2023 (15m)
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
62,016
1,500
63,516
73,208
-
73,208
Charitable activities
4
406,754
-
406,754
522,038
-
522,038
Investments
5
29,546
-
29,546
34,508
-
34,508
Total income
498,316
1,500
499,816
629,754
-
629,754
Expenditure on:
Raising funds
6
5,684
-
5,684
6,507
-
6,507
Charitable activities
7
454,960
1,004
455,964
553,708
1,057
554,765
Total expenditure
460,644
1,004
461,648
560,215
1,057
561,272
Net Income before gains/losses on investments
37,672
496
38,168
69,539
(1,057)
68,482
Net gains/(losses) on investments
12
117,991
-
117,991
(30,719)
-
(30,719)
Net income and movement in funds
155,663
496
156,159
38,820
(1,057)
37,763
Reconciliation of funds:
Fund balances at 1 December 2023
1,059,308
360
1,059,668
1,020,488
1,417
1,021,905
Fund balances at 30 November 2024
1,214,971
856
1,215,827
1,059,308
360
1,059,668

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

BEEF SHORTHORN CATTLE SOCIETY (THE)
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 10 -
2024
2023 (15m)
Notes
£
£
£
£
Fixed assets
Tangible assets
14
703
877
Investments
15
1,133,892
901,373
1,134,595
902,250
Current assets
Stocks
16
2,830
2,657
Debtors
17
40,104
35,583
Cash at bank
116,911
164,252
159,845
202,492
Creditors: amounts falling due within one year
18
(78,613)
(45,074)
Net current assets
81,232
157,418
Total assets less current liabilities
1,215,827
1,059,668
The funds of the charity
Restricted income funds
20
856
360
Unrestricted funds
21
1,214,971
1,059,308
1,215,827
1,059,668

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the directors on 16 January 2025
John Scott - Vice President
Director
Company registration number SC019414 (Scotland)
BEEF SHORTHORN CATTLE SOCIETY (THE)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
2024
2023 (15m)
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
37,641
73,721
Investing activities
Purchase of tangible fixed assets
-
(820)
Purchase of investments
(473,995)
(246,407)
Proceeds from disposal of  investments
359,467
200,641
Investment income received
29,546
34,508
Net cash used in investing activities
(84,982)
(12,078)
Net cash generated from financing activities
-
-
Net (decrease)/increase in cash and cash equivalents
(47,341)
61,643
Cash and cash equivalents at beginning of year
164,252
102,609
Cash and cash equivalents at end of year
116,911
164,252
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
1
Accounting policies
Charity information

Beef Shorthorn Cattle Society (The) is a private company limited by guarantee incorporated in Scotland. The registered office is Chapelshade House, 78-84 Bell Street, Dundee, DD1 1RQ.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 (FRS 102)". 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 charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures & fittings
4 years straight line
Computer Equipment
5 years straight line
Cups & Trophies
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible 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 (if any).

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10
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 maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.11
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 15 -
2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the directors are required to make judgements, estimates 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 to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 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.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023 (15m)
2023 (15m)
2023 (15m)
£
£
£
£
£
£
Donations and gifts
11,094
-
11,094
15,549
-
15,549
Membership fees
46,472
-
46,472
52,900
-
52,900
Sponsorship income
4,450
1,500
5,950
4,759
-
4,759
62,016
1,500
63,516
73,208
-
73,208
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2024
2023 (15m)
£
£
Charitable income
385,642
481,053
Other income
21,112
40,985
406,754
522,038
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023 (15m)
£
£
Income from listed investments
29,546
34,508
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 16 -
6
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023 (15m)
£
£
Investment management
5,684
6,507
7
Expenditure on charitable activities
Total
Total
2024
2023 (15m)
£
£
Direct costs
Staff costs
124,754
161,474
Depreciation and impairment
174
425
Agents management fees
35,703
43,209
Breedplan
22,890
26,730
Shows and events
30,951
36,989
DNA testing
42,563
51,035
Classifications
13,123
17,440
Advertising and publicity
32,169
30,278
IT costs
10,614
24,617
Postage and telephone
8,237
7,412
Printing and stationery inc Journal
29,679
35,625
Office costs
5,159
4,698
Insurance
3,969
5,861
Annual dinner
3,249
2,700
Members and youth development
3,769
4,952
Merchandise expenditure
5,503
20,735
Miscellaneous
143
3,691
372,649
477,871
Share of support and governance costs (see note 8)
Support
21,325
29,985
Governance
61,990
46,909
455,964
554,765
Analysis by fund
Unrestricted funds
454,960
553,708
Restricted funds
1,004
1,057
455,964
554,765
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 17 -
8
Support costs allocated to activities
Total
Total
2024
2023 (15m)
£
£
Directors expenses
3,765
6,686
Directors development and corporate review
5,710
5,751
Meeting expenses
3,647
5,488
Staff travel and subsistence
6,723
10,328
Bank charges
1,480
1,732
21,325
29,985
2024
2023 (15m)
Governance costs comprise:
£
£
Audit fees
7,341
8,000
Company Secretarial, accountancy and software costs
3,026
3,327
Admin and accountancy support
24,847
23,905
Legal and HR fees
26,776
11,677
61,990
46,909
9
Net movement in funds
2024
2023 (15m)
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
7,341
8,000
Depreciation of owned tangible fixed assets
174
425
10
Directors
None of the directors (or any persons connected with them) received any remuneration or benefits from the charity during the year.
11
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Directors
18
18
Employees
2
3
Total
20
21
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
11
Employees
(Continued)
- 18 -
Employment costs
2024
2023 (15m)
£
£
Wages and salaries
110,347
141,542
Social security costs
7,330
10,677
Other pension costs
7,077
9,255
124,754
161,474
The number of employees whose annual remuneration was more than £60,000 is as follows:
2024
2023 (15m)
Number
Number
£60,001 to £70,000
1
-
£70,001 to £80,000
-
1
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024
2023 (15m)
£
£
Aggregate compensation
87,873
107,292
12
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2024
2023 (15m)
Gains/(losses) arising on:
£
£
Revaluation of investments
79,152
(41,240)
Sale of investments
38,839
10,521
117,991
(30,719)
13
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
14
Tangible fixed assets
Fixtures & fittings
Computer Equipment
Cups & Trophies
Total
£
£
£
£
Cost
At 1 December 2023
2,000
4,277
2,532
8,809
At 30 November 2024
2,000
4,277
2,532
8,809
Depreciation and impairment
At 1 December 2023
2,000
3,400
2,532
7,932
Depreciation charged in the year
-
174
-
174
At 30 November 2024
2,000
3,574
2,532
8,106
Carrying amount
At 30 November 2024
-
703
-
703
At 30 November 2023
-
877
-
877
15
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 December 2023
901,373
Additions
473,995
Valuation changes
79,152
Disposals
(320,628)
At 30 November 2024
1,133,892
Carrying amount
At 30 November 2024
1,133,892
At 30 November 2023
901,373
16
Stocks
2024
2023 (15m)
£
£
Goods for resale
2,830
2,657
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
17
Debtors
2024
2023 (15m)
Amounts falling due within one year:
£
£
Trade debtors
31,391
26,509
Other debtors
1,031
3,430
Prepayments and accrued income
7,682
5,644
40,104
35,583
18
Creditors: amounts falling due within one year
2024
2023 (15m)
£
£
Other taxation and social security
9,193
5,804
Trade creditors
-
48
Other creditors
7,096
13,839
Accruals and deferred income
62,324
25,383
78,613
45,074
19
Retirement benefit schemes
2024
2023 (15m)
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,077
9,255

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

20
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 December 2023
Incoming resources
Resources expended
At 30 November 2024
£
£
£
£
Pedigree Sales Herd Competition Fund
360
1,500
(1,004)
856
Previous year:
At 1 December 2022
Incoming resources
Resources expended
At 30 November 2023
£
£
£
£
Pedigree Sales Herd Competition Fund
1,417
-
(1,057)
360
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
20
Restricted funds
(Continued)
- 21 -

Pedigree Sales Herd Competition Fund: donation received to be distributed for future prize awards at Society events.

21
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 December 2023
Incoming resources
Resources expended
Transfers
Gains and losses
At 30 November 2024
£
£
£
£
£
£
Youth Development Fund
17,957
355
(315)
-
-
17,997
Members Development Fund
18,977
-
(3,454)
-
-
15,523
Breed Development Reserve
32,549
-
(760)
-
-
31,789
Business Protection Reserve
-
-
-
909,920
-
909,920
General funds
989,825
497,961
(456,115)
(909,920)
117,991
239,742
1,059,308
498,316
(460,644)
-
117,991
1,214,971
Previous year:
At 1 December 2022
Incoming resources
Resources expended
Transfers
Gains and losses
At 30 November 2023
£
£
£
£
£
£
Youth Development Fund
3,151
5,652
(4,952)
14,106
-
17,957
Members Development Fund
-
10,000
(5,129)
14,106
-
18,977
Breed Development Reserve
34,049
-
(1,500)
-
-
32,549
Bi Centenary and Strategic Development Fund
30,266
-
(2,054)
(28,212)
-
-
General funds
953,022
614,102
(546,580)
-
(30,719)
989,825
1,020,488
629,754
(560,215)
-
(30,719)
1,059,308
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
21
Unrestricted funds
(Continued)
- 22 -

Youth Development Fund: reserves allocated by Directors to be used for youth development.

Members Development Fund: reserves allocated by Directors to be used for member development.

Breed Development Reserve: the Directors have allocated reserves specifically to support Breed Development projects to enhance stock knowledge and invest in maintaining the purity of the breed.

Bi Centenary and Strategic Development Fund: the Directors had allocated reserves specifically to support the 200th celebrations of the Breed in 2022 as well as strategic investment in the promotion and longevity of the Society. In 2023, the balance held on this fund was reallocated to the other funds.

Business Protection Reserve: as per the directors policy for reserves, these monies are to cover two years of charitable expenditure.

 

A kind donation from Major Gibb, known as the Glenisla Fund was amalgamated into the General Fund in 2017.

22
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 30 November 2024:
Tangible assets
703
-
703
Investments
1,133,892
-
1,133,892
Current assets/(liabilities)
80,376
856
81,232
1,214,971
856
1,215,827
Unrestricted
Restricted
Total
funds
funds
2023 (15m)
2023 (15m)
2023 (15m)
£
£
£
At 30 November 2023:
Tangible assets
877
-
877
Investments
901,373
-
901,373
Current assets/(liabilities)
157,058
360
157,418
1,059,308
360
1,059,668
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 23 -
23
Related party transactions
Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Travel and accommodation expenses totalling £4,714 were paid to directors for the year ended 30 November 2024 (2023 15 mths - £6,686).

 

The charitable company has received income from directors who are also members, in the normal course of business, totalling £19,169 (2023 15 mths - £23,401).

 

A total sum of £585, (2023 15 mths - £700) was paid to Agriimages in the period. Agriimages is owned by Alfie Shaw who was a director of the Society during the year, payments being for photography services provided to the Society.

 

A total sum of £2,716 was paid to Rebecca Mair, wife of director Kenneth Mair, for marketing and public relations services during the period. (2023 - nil).

24
Volunteers

The society is fortunate to have a board of directors who support its activities on a voluntary basis.

25
Cash generated from operations
2024
2023 (15m)
£
£
Surplus for the year
156,159
37,763
Adjustments for:
Investment income recognised in statement of financial activities
(29,546)
(34,508)
Gain on disposal of investments
(38,839)
(10,521)
Fair value gains and losses on investments
(79,152)
41,240
Depreciation and impairment of tangible fixed assets
174
425
Movements in working capital:
(Increase) in stocks
(173)
(351)
(Increase)/decrease in debtors
(4,521)
56,604
Increase/(decrease) in creditors
33,539
(16,931)
Cash generated from operations
37,641
73,721
26
Analysis of changes in net funds

The charity had no material debt during the year.

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