Company registration number SC019414 (Scotland)
Charity registration number SC010218 (Scotland)
BEEF SHORTHORN CATTLE SOCIETY (THE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
BEEF SHORTHORN CATTLE SOCIETY (THE)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
John Scott - President
James Fanshawe - Vice President
Alastair Gibson
Fraser Hugill
Dr Timothy Riley
Kenneth Mair
Richard Henning
Simon Bradley-Farmer
Stuart Currie
Major John Gibb
Jane Landers
The Hon. Gerald Turton
Ela Roberts
Robert Taylor
Mary Cormack
Iain Wilkinson
(Appointed 7 April 2025)
Secretary
Clive Brown
Country of incorporation
United Kingdom
SC019414
(Scotland)
Charity registration
Scotland
SC010218
Registered office
Chapelshade House
78-84 Bell Street
Dundee
DD1 1RQ
Independent examiner
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
Trustees' report
1 - 5
Independent examiner's report
6
Statement of financial activities
7
Balance sheet
8
Notes to the financial statements
9 - 21
BEEF SHORTHORN CATTLE SOCIETY (THE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The trustees present their annual report and financial statements for the year ended 30 November 2025.

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

- Educating the public generally, and breeders and farmers in particular, regarding breeding, feeding and welfare of Beef Shorthorn cattle.

- Promoting scientific research into the breeding, feeding and welfare of Beef Shorthorn cattle and to use the results thereof to encourage and support best practice.

- Promoting excellence in Beef Shorthorn cattle and advancing education and/or scientific research into the breed through exhibitions and other shows and by awarding prizes, awards and/or bursaries in connection therewith.

- Otherwise promoting and safeguarding the integrity and continuation of the Beef Shorthorn cattle breed, reflecting its heritage and its current form.

- Promoting research into, and best practice of, the Beef Shorthorn breed’s role in environmentally sustainable and ecologically sound farming systems and furthermore in developing and promoting their part in contributing to the nutritional needs of the population.

Our full strategy is available at https://www.beefshorthorn.org

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 as "the Great Improver". 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 trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake for public benefit.

BEEF SHORTHORN CATTLE SOCIETY (THE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
Achievements and performance

Our year to 30 November 2025 is best summarised by our President John Scott:

I have great pleasure in introducing the Annual Report for 2025 which summarises the events of 2025 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. Our year is presented in more detail in our excellent 2025 Journal which has just been published.

As a Society we have to invest and this year we have a new marketing campaign which, although in its infancy, we are optimistic that it will have a really positive impact on the breed, encouraging new breeders to join our ranks along with commercial beef farmers who appreciate the benefits that the ‘Great Improver’ has to offer.

This year saw us move our backroom support to the team at Pedigree Livestock Services which was a little bit like changing your brand of tractor; it has taken time to get used to the new model but we are really pleased with performance to date. We will of course continue to work with the Pedigree Livestock team so that processes are streamlined and improved, ensuring our members get a slick service which delivers value for money.

Money is of course important, we are a charity and therefore shouldn’t aim to make huge profits but we are in a healthy position which has allowed us to maintain our activities throughout the regions. The Financial Review below sets out the detail.

The Board has been a tremendous help to me in my first year as President. We have a broad skillset and work well together both at full board level and in sub committees. Our Board apprentices have also brought fresh energy to proceedings and our investment in apprentices has without doubt been an excellent initiative.

Our ‘Future Stock masters’ competition was designed and brought to life by apprentice Esme Cormack and Mark Severn and hosted by the Thornber family and we thank them. Events like this which encourage the next generation are vital and will no doubt form part of our member engagement activity in years to come.

It’s hard to beat on farm Development Day events, which dovetail well with shows, giving members the opportunity to come together to learn in a friendly on farm environment.

Meeting members has been a highlight for me, judging the Great Yorkshire S how was a real honour and judging the Wales and Border club herd competition was also special, not just due to the quality of cattle on display but really for the people I met.

E ducation 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 resolved to open the grading register on a controlled basis to welcome lost genetics.

Breedplan data for the national herd has continued to show that the Beef Shorthorn is improving in quality for the modern market – 200, 400 and 600 day weights have increased together together with eye muscle, without compromising maternal and easy calving characteristics.

BEEF SHORTHORN CATTLE SOCIETY (THE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -
Financial review

The Society’s financial strategy is for:

- Member services to be provided at, or close to, break even.

- The investment portfolio to provide funds for contingencies and development and investment initiatives.

Pedigree registration income £169,971 (2024 - £177,870) which is our largest source of member income has trended down over the last two years reflecting lower male and female registrations across each of the regions. Members are reminded that Society sales have continued to demonstrate that pedigree animals outperform commercial values, often with a high multiple of the cost of pedigree registration. Pedigree animals also benefit from the parental linkages in our database and from the predictive value of Breedplan giving members help in improving the genetic quality of their herd.

The Society has delivered a satisfactory financial performance for the year with unrestricted funds showing a deficit of £48,169 (2024 - £8,126) on member services, with investment income of £32,017 (2024 - £29,546) giving a net deficit before investment gains of £16,152 (2024 net surplus - £37,672). This is after charging exceptional legal and professional fees of £73,639 (2024 - £23,626). Unrealised gains in investments was £110,755 (2024 - £117,991) making an overall net surplus for the year of £94,603 (2024 - £155,663).

The Society is financially stable with a strong balance sheet and an investment portfolio providing sufficient reserves for contingencies. 2025 has demonstrated the value of the Society’s investment portfolio to absorb exceptional costs but, at the same time, provide the Directors with confidence to continue to invest in the breed and, in particular this year, with professional marketing advice.

I nvestments

The Society is fortunate to hold an investment portfolio which is managed on a discretionary basis by Evelyn Partners, a leading wealth management provider.

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 13.15% (2024 - 14.9%) over the year, while the portfolio has risen by 36.82% over the last 5 years and 212.18% since inception (31 st December 2009).

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

R isk management

Our strategic risks relate to the maintenance of all sources of income, growth of the Beef Shorthorn breed in a declining suckler market, failure of governance, Breed and Society reputation, data and cyber security and failure with government.

A risk map with these risks and mitigating controls and actions is presented to, and discussed with, the Board quarterly.

Our registration software from ILR2 is now old and cumbersome and limits initiatives to improve back-office processes. A replacement system is in the early stages of selection.

Reserves policy

Unrestricted funds are sufficient at £1,309,574 (2024 - £1,214,971) 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 £965,140 (2024 - £909,920). This leaves £281,367 (2024 - £239,742) available for contingencies and investment. The trustees have also designated amounts for the development of breed, youth, and general member services which at 30 November 2025 stands at £63,067 (2024 - £65,309).

Restricted reserves, where usage is for specific purposes as set out in note 20, are £759 (2024 - £856).

BEEF SHORTHORN CATTLE SOCIETY (THE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -
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.

Structure, governance and management

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

John Scott - President
James Fanshawe - Vice President
Alastair Gibson
Fraser Hugill
Dr Timothy Riley
Kenneth Mair
Richard Henning
Simon Bradley-Farmer
Stuart Currie
Major John Gibb
Jane Landers
The Hon. Gerald Turton
Ela Roberts
Robert Taylor
Mary Cormack
Iain Wilkinson
(Appointed 7 April 2025)
Mark Severn
(Resigned 2 February 2025)
Timothy Coles
(Resigned 2 February 2025)

Dr Timothy Riley served as president from 1 December 2024 to 2 February 2025 and John Scott served as president from 2 February 2025. James Fanshawe served as vice president from 2 February 2025.

Recruitment and appointment of trustees

None of the trustees has any beneficial interest in the company. All of the trustees 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 a nd Operations Manager.

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, Breed Development, Shows and Sales, Marketing, Member Development and the Remuneration Committee. These Board committees are tasked with developing actions for approval by the Board against our charitable objectives.

I nduction and training/development of directors

New Directors are provided with information detailing their roles and responsibilities, copies of the previous annual report and financial statements 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)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 5 -

R enumeration 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.

Volunteer contribution

The Society is extremely fortunate to be able to draw on the expertise of its members who give their time and skills freely and at no cost. The Society thanks all those who contribute, including the Board directors and apprentices and Development and Youth Day organisers and presenters. This contribution is an essential element of our happy Beef Shorthorn Community.

The trustees' r eport was approved by the Board of Trustees.

John Scott - President
Director
13th January 2026
BEEF SHORTHORN CATTLE SOCIETY (THE)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF BEEF SHORTHORN CATTLE SOCIETY (THE)
- 6 -

I report on the financial statements of the charity for the year ended 30 November 2025, which are set out on pages 7 to 21.

This report is made to the directors, as a body, in accordance with the terms of my engagement. My work has been undertaken to enable me to report my opinion set out below and for no other purpose. To the fullest extent permitted by law I do not accept or assume responsibility to anyone other than the directors, as a body, for my work or for this report.

Respective responsibilities of trustees and examiner

The charity trustees (who are also the directors of Beef Shorthorn Cattle Society (The) for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).The charity trustees consider that the audit requirement of Regulation 10(1)(a)-(c) of the 2006 Accounts Regulations does not apply.

It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In the course of my examination, no matter has come to my attention

1. which gives me reasonable cause to believe that in any material respect the requirements:

- to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and

- to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations

have not been met, or

2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Derek Grant, CA
MMG Chartered Accountants
Chapelshade House
78-84 Bell Street
Dundee
DD1 1RQ
13th January 2026
BEEF SHORTHORN CATTLE SOCIETY (THE)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
53,216
-
53,216
62,016
1,500
63,516
Charitable activities
4
387,470
-
387,470
406,754
-
406,754
Investments
5
32,017
-
32,017
29,546
-
29,546
Total income
472,703
-
472,703
498,316
1,500
499,816
Expenditure on:
Raising funds
6
6,285
-
6,285
5,684
-
5,684
Charitable activities
7
482,570
97
482,667
454,960
1,004
455,964
Total expenditure
488,855
97
488,952
460,644
1,004
461,648
Net surplus/(deficit) before gains/losses on investments
(16,152)
(97)
(16,249)
37,672
496
38,168
Net gains/(losses) on investments
12
110,755
-
110,755
117,991
-
117,991
Net surplus/(deficit) and movement in funds
94,603
(97)
94,506
155,663
496
156,159
Reconciliation of funds:
Fund balances at 1 December 2024
1,214,971
856
1,215,827
1,059,308
360
1,059,668
Fund balances at 30 November 2025
1,309,574
759
1,310,333
1,214,971
856
1,215,827

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 2025
30 November 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
14
2,607
703
Investments
15
1,274,846
1,133,892
1,277,453
1,134,595
Current assets
Stocks
16
2,320
2,830
Debtors
17
37,992
40,104
Cash at bank
60,951
116,911
101,263
159,845
Creditors: amounts falling due within one year
18
(68,383)
(78,613)
Net current assets
32,880
81,232
Total assets less current liabilities
1,310,333
1,215,827
The funds of the charity
Restricted income funds
20
759
856
Unrestricted funds
21
1,309,574
1,214,971
1,310,333
1,215,827

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 November 2025.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 trustees on
13th January 2026
13 January 2026
John Scott - President
Director
Company registration number SC019414 (Scotland)
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
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
Basis of preparation

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 charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees 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 trustees 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 2025
1
Accounting policies
(Continued)
- 10 -
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 2025
1
Accounting policies
(Continued)
- 11 -
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 p aymen ts 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.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees 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.

Key sources of estimation uncertainty
Depreciation

Tangible fixed assets are depreciated over a period to reflect their estimated useful life. The applicability of the assumed lives is reviewed annually, taking into account factors such a physical condition, maintenance and obsolescence.

Accruals

Accruals are applied at the year end based upon financial costs received post year end and the experience of the directors.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Donations and gifts
7,083
-
7,083
11,094
-
11,094
Membership fees
42,963
-
42,963
46,472
-
46,472
Sponsorship income
3,170
-
3,170
4,450
1,500
5,950
53,216
-
53,216
62,016
1,500
63,516
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 13 -
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Pedigree registrations
169,971
177,870
Breedplan
31,641
22,890
Commission levy on sales
40,078
37,946
Journal income
23,795
22,237
Breed development fee
40,000
46,666
Other charitable income
73,219
78,033
Other income
8,766
21,112
387,470
406,754
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Income from listed investments
32,017
29,546
6
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Investment management
6,285
5,684
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 14 -
7
Expenditure on charitable activities
Total
Total
2025
2024
£
£
Direct costs
Staff costs
119,774
124,754
Depreciation and impairment
734
174
Agents management fees
40,566
35,703
Breedplan
9,144
22,890
Shows and events
29,022
30,951
DNA testing
37,631
42,563
Classifications
8,393
13,123
Advertising and publicity
46,427
32,169
IT costs
12,492
10,614
Postage and telephone
6,292
8,237
Printing and stationery inc Journal
28,580
29,679
Office costs
2,400
5,159
Insurance
6,322
3,969
Annual dinner
4,099
3,249
Members and youth development
6,107
3,769
Merchandise expenditure
2,347
5,503
Miscellaneous
527
143
360,857
372,649
Share of support and governance costs (see note 8)
Support
13,829
21,325
Governance
107,981
61,990
482,667
455,964
Analysis by fund
Unrestricted funds
482,570
454,960
Restricted funds
97
1,004
482,667
455,964
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
8
Support costs allocated to activities
Total
Total
2025
2024
£
£
Directors expenses
251
3,765
Directors development and corporate review
698
5,710
Meeting expenses
2,065
3,647
Staff travel and subsistence
6,452
6,723
Bank charges
4,363
1,480
13,829
21,325
2025
2024
Governance costs comprise:
£
£
Independent examination fees
4,940
-
Audit fees
1,733
7,341
Company Secretarial, accountancy and software costs
3,739
3,026
Legal and professional
73,639
23,626
Admin and accountancy support
21,347
24,847
HR Support to the Board
2,583
3,150
107,981
61,990
9
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination/audit of the charity's financial statements
6,673
7,341
Depreciation of owned tangible fixed assets
734
174
10
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 16 -
11
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Executive Directors
2
2
Non Executive Directors
14
16
Employees
2
2
Total
18
20
Employment costs
2025
2024
£
£
Wages and salaries
108,275
110,347
Social security costs
4,451
7,330
Other pension costs
7,048
7,077
119,774
124,754
The number of employees whose annual remuneration was more than £60,000 is as follows:
2025
2024
Number
Number
£80,001 to £90,000
-
1
£90,001 to £100,000
1
-
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025
2024
£
£
Aggregate compensation
92,629
87,873
12
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2025
2024
Gains/(losses) arising on:
£
£
Revaluation of investments
91,977
79,152
Sale of investments
18,778
38,839
110,755
117,991
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 17 -
13
Taxation

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

14
Tangible fixed assets
Fixtures & fittings
Computer Equipment
Cups & Trophies
Total
£
£
£
£
Cost
At 1 December 2024
2,000
4,277
2,532
8,809
Additions
1,365
1,273
-
2,638
At 30 November 2025
3,365
5,550
2,532
11,447
Depreciation and impairment
At 1 December 2024
2,000
3,574
2,532
8,106
Depreciation charged in the year
341
393
-
734
At 30 November 2025
2,341
3,967
2,532
8,840
Carrying amount
At 30 November 2025
1,024
1,583
-
2,607
At 30 November 2024
-
703
-
703
15
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 December 2024
1,133,892
Additions
164,481
Valuation changes
91,977
Disposals
(115,504)
At 30 November 2025
1,274,846
Carrying amount
At 30 November 2025
1,274,846
At 30 November 2024
1,133,892
16
Stocks
2025
2024
£
£
Finished goods and goods for resale
2,320
2,830
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 18 -
17
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
28,384
31,391
Other debtors
2,633
1,031
Prepayments and accrued income
6,975
7,682
37,992
40,104
18
Creditors: amounts falling due within one year
2025
2024
£
£
Other taxation and social security
4,384
9,193
Trade creditors
56,908
62,324
Other creditors
7,091
7,096
68,383
78,613
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,048
7,077

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 compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

At 1 December 2024
Incoming resources
Resources expended
At 30 November 2025
£
£
£
£
Pedigree Sales Herd Competition Fund
856
-
(97)
759
Previous year:
At 1 December 2023
Incoming resources
Resources expended
At 30 November 2024
£
£
£
£
Pedigree Sales Herd Competition Fund
360
1,500
(1,004)
856
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
20
Restricted funds
(Continued)
- 19 -

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

At 1 December 2024
Incoming resources
Resources expended
Transfers
Gains and losses
At 30 November 2025
£
£
£
£
£
£
Youth Development Fund
17,997
3,315
(5,755)
-
-
15,557
Members Development Fund
15,523
550
(352)
-
-
15,721
Breed Development Reserve
31,789
-
-
-
-
31,789
Business Protection Reserve
909,920
-
-
55,220
-
965,140
General funds
239,742
468,838
(482,748)
(55,220)
110,755
281,367
1,214,971
472,703
(488,855)
-
110,755
1,309,574
Previous year:
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
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
21
Unrestricted funds
(Continued)
- 20 -

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.

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
2025
2025
2025
£
£
£
At 30 November 2025:
Tangible assets
2,607
-
2,607
Investments
1,274,846
-
1,274,846
Current assets/(liabilities)
32,121
759
32,880
1,309,574
759
1,310,333
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
23
Operating lease commitments
Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
631
631
Between two and five years
316
947
947
1,578
BEEF SHORTHORN CATTLE SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 21 -
24
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 £306 were paid to directors for the year ended 30 November 2025 (2024 - £4,714).

The charitable company has received income from directors who are also members, in the normal course of business, totalling £15,505 (2024 - £29,169).

A total sum of £585 was paid to Agriimages in 2024. Agriimages is owned by Alfie Shaw who was a director of the Society during the previous year, payments being for photography services provided to the Society.

A total sum of £1,206 was paid to Rebecca Mair, wife of director Kenneth Mair, for marketing and public relations services during the year. (2024 - £2,716).

25
Volunteers

The society is fortunate to have a Board of Directors and many members who support its activities on a voluntary basis.

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