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DIRECTORS' REPORT AND RESPONSIBILITIES
APPOINTMENT OF TRUSTEES
The Articles of Association allows for the appointment of sixteen trustees, who are eligible to serve for a period of four years.
The Trustees also have the power to co-opt three further members to the Board to fill specialist roles. Co-opted members are
appointed on an annual basis at each subsequent AGM. All members within the region of the retiring trustees are circulated
with invitations to nominate trustees prior to the AGM
TRUSTEE INDUCTION & TRAINING
New Trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the content
of the Memorandum and Articles of Association, the committee and decision making process, the business plan and recent
financial performance of the charity. During the induction day they meet key employees. Trustees are encouraged to attend
appropriate external training events where these will facilitate the undertaking of their role.
ORGANISATION
The Board of Trustees administers the Charity. The Board meets on a regular basis. Within the Board trustees are nominated
to represent areas covering Breed Development, Shows & Sales, Research & Development, Membership & Marketing, Cattle
Information Services, Finance & Holstein Young Breeders. A Chief Executive is appointed by the trustees to manage the day-
to-day operations of the charity. To facilitate effective operations the Chief Executive has delegated authority, within terms of
delegation approved by the trustees, for operational matters including finance and employment.
RISK MANAGEMENT
The Directors have examined the major strategic, business and operational risks which the charity faces and confirm that
systems have been established to enable regular reports to be produced so that necessary recommendations can be made
to lessen these risks. The Directors also consider non-financial risk arising from fire, and the health and safety aspects of the
employment of its staff. A key element in the management of financial risk is the setting of a reserves policy.
INVESTMENT POWERS AND POLICY
Under the memorandum and Articles of Association, the charity has the power to invest in anyway the trustees wish. The trustees
currently operate a discretionary policy with its appointed Investment Brokers. During the period £574,698 was traded yielding a
loss of £62,519. The funds raised, together dividend income allowed for £554,838 to be re-invested. The trustees acknowledge
the importance of the charity’s investments which support its activities and having instigated suitable measures during the previ-
ous financial year are satisfied that future requirements from its investment portfolio should be limited.
RESERVES POLICY
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity. The purpose of maintaining
unrestricted funds is to cover:
• Administration and support costs for the Charity
• Designated projects to be undertaken when appropriate
• Sufficient promotion of its objects
A substantial proportion of the reserves are held in property and assets other than cash. At the year end assets represented
by Net Current Assets represented on average 8 weeks running costs. Assets which could be reasonable realised represented
78% of annual running costs.
The trustees consider it prudent that unrestricted reserves should be sufficient:
• To avoid the necessity of realising fixed assets held for charity’s use
• To cover one years administration and support costs
This policy is reviewed and monitored on an annual basis.
PRINCIPAL ACTIVITIES
The objects for which the Society is established are to encourage, promote and improve the breeding of Holstein & Friesian
Cattle in Great Britain & Northern Ireland. The principal activity of the company is that of the promotion of the Holstein Breed
and the recording and maintenance of pedigree records for the benefit of Society members. The progress of the Society during
the period accorded with expectations and the position at the period-end is regarded as satisfactory.
6 ANNUAL REPORT
2008-2009 Annual Report.indd 8 22/09/2009 16:19:52
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