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OFFICERS REPORTS
ing forward is in good hands. The National Holstein Show was truly world class by any standards, the quality of cattle exhibited
was there for all to see both nationally and internationally and as visitors left after the most successful Genetic Elite Sale to date,
it was with the knowledge that Holstein UK breeders have the skill, know-how and experience to breed the finest cattle that can
compete anywhere in the world. We will continue to celebrate our centenary at different events throughout the year with the
climax being the Centenary Celebration Dinner in September where we hope to see as many of you as possible.
The society is in a strong position due to the Boards foresight and investment in new technology. This is matched by the dedica-
tion and professionalism of all the staff, who work tirelessly on behalf of the members and the breed. This unique combination
is the main reason why the society continues to develop and expand with clear and strong objectives. As we look to the next
100 years, we do so in the knowledge that both members and society are well placed to face the challenges ahead.
NON-EXECUTIVE DIRECTOR FOR FINANCE - LOUIS BAUGH (NEATISHALL)
The Holstein UK budget for the financial year 2008-09 initially allowed for price rises and a decline or levelling out of both regis-
tration and classification income. The price rises were postponed by the Board of Trustees whilst the incoming Chief Executive
carried out a full review of all the Charities operations and systems. Subsequent results record the two trading subsidiaries, CIS
and CDI, producing positive returns in excess of the budgeted expectation. Holstein UK recorded a net incoming resource of
£28,420 (core Charity activities) before adjustment for investment and property revaluations. This achievement is attributed to
a higher than budgeted income from registrations (plus 10%) and classifications, the additional income from classification is
unclear in note 2 of the accounts; the classification element of Holstein Complete is re-apportioned to that service.
The Net Incoming Resources of £28,420 has been reduced by losses incurred on Realised Investments of £62,519, a lowering
in value of the Investment Portfolio of £308,486 and Property Valuations falling by £410,959.After incorporating the combined
returns from the trading subsidiaries, mentioned above, of £129,190 there is a deficit for the period of £624,354.
The Investment Portfolio (like all others) has suffered dramatically with the downturn in global banking, economic and investment
confidence. The year saw a change of personnel at our investment brokers, Brewin Dolphin, our thanks to Stan Hosford who
retired having overseen the restructuring and subsequent management of Holstein UK’s investments for the past eight years.
The accounting policy of Holstein UK is to revalue properties every three years to ensure the balance sheet values are an accu-
rate reflection of property market values. Scotsbridge House and The Farmhouse were reduced in value which was offset by
an increased value for the renovated and let Stable Block. The financing for the renovation was sourced from normal cash flow
funds.
Consolidated cash reserves ended the year above those at the start of the year, and, given another year of no drawdown of cash
from investment dividends and the completion of property renovations from cash flow, the diminution in the investment portfolio
leaves the feeling of achievement a little hollow.
From within the statement of activities generally all areas accorded well within the budget for the year, despite the difficult
times of high utility and fuel costs. The Research and Business Development department increased its costs to accommodate
the introduction of the Virtual Cow, which will now be used as part of our charitable objectives through marketing, promotion
and education. The other areas showing an increase in cost are the promotion budget, mainly due to the Holstein Show at
Stoneleigh. Employment costs increased during the year primarily as a result of an increase in numbers employed.
In summary, a year where core charity activity expanded and was supported by healthy returns from the trading subsidiaries,
this gloss however was dulled somewhat by the disappointing performance of the reserves investments. Looking forwards,
the dedicated staff, increase in cows classified, a centralised database, web based breeding tools, and the Virtual Cow Project
generate confidence that the goals of our charitable objectives and the public benefits of education, improved cow welfare and
longevity will continue to be progressed, benefiting both the members of the charity Holstein UK and the wider dairy industry.
2 ANNUAL REPORT
2008-2009 Annual Report.indd 4 22/09/2009 16:19:52
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