REGISTERED COMPANY NUMBER: 1466040 (England and Wales) REGISTERED CHARITY NUMBER: 1026687
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 September 2022
for
Jacob Sheep Society Limited(The)
Douglas Home & Co Ltd Chartered Accountants 47-49 The Square Kelso Roxburghshire TD5 7HW
Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50
Jacob Sheep Society Limited(The)
Contents of the Financial Statements for the Year Ended 30 September 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 13 |
Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50
Jacob Sheep Society Limited(The)
Report of the Trustees for the Year Ended 30 September 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2022. The trustees have adopted the provisions of 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) (effective 1 January 2019).
The trustees are referred to as members and comprise the Council, which is the ruling body of the Society.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Society is a registered charity and continues to advance and promote agriculture by encouraging the breeding of Jacob Sheep and improving the Jacob Sheep Breed. Membership has decreased by 1 member (84 new members joined and 88 left and 3 re-joined. and the Society had a total of 903 members at the year-end of whom 860 were Ordinary Members. In addition to the Ordinary Members the society also has 42 Life Members and 1 Honorary Member.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The result for the year to 30 September 2022 was an excess of income over expenses of £3,556 compared to £14,946 in the previous year before gains or losses on investments. Expenditure was 95% (2021 75%) of income.
The balance of total funds carried forward at 30 September 2022 amounted to £299,711 which was split £291,213 General Funds and £8,498 Restricted Funds.
FINANCIAL REVIEW
Reserves policy
The Trustees' Reserves Policy is to maintain unrestricted free reserves sufficient to finance setting up a separate office for the Society, to fund such projects as Council shall decide, and to cover the administration of the Society for a year in the event of a collapse in the membership base. Our reserves meet this requirement.
FUTURE PLANS
No significant future developments are envisaged.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a private company limited by guarantee incorporated 10 December 1979 and is governed by the memorandum and articles of association (the latest adopted version being 25 April 2015).
The Society is a non-profit making organisation, limited by guarantee and having no share capital. In the event of the Society being wound up, each member's liability is restricted to an amount not exceeding £1.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
1466040 (England and Wales)
Registered Charity number
1026687
Registered office
27 Odell Place Edgbaston Birmingham B5 7RG
Page 1
Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50
Jacob Sheep Society Limited(The)
Report of the Trustees for the Year Ended 30 September 2022
Trustees
Officers President Mrs J N Simmons Chairman Mr J L Emberton Vice Chairman Mrs J East Treasurer Mrs P A Black (resigned 23/04/2022) Mrs L J Pope (appointed 04/05/2022) Field Officer Mr C Richardson (elected 23/04/2022)
Ordinary Members
Regional Council Member for Central Region Mrs K Carpenter Regional Council Member for Eastern Region Mr C Coe Regional Council Member for Ireland Region Mr P Colhoun Regional Council Member for Northern Region Ms C Bentham (resigned 09/01/23) Regional Council Member for Scotland Region Mrs M J Harper Mrs B Gould (resigned 23/04/2022) Regional Council Member for Southern Region Mr P Gorringe (elected 23/04/2022) Regional Council Member for South West Region Ms L V Hutchins Regional Council Member for Wales Region Mrs C Lewis
Company Secretary
J L Emberton
Independent Examiner
Alan Drummond CA FMAAT Douglas Home & Co Ltd Chartered Accountants 47-49 The Square Kelso Roxburghshire TD5 7HW
MEMBERS
At 30 September 2022 there were 903 fully paid up Members of the Society. Ordinary Members numbered 860; in addition there were 42 Life Members and 1 Honorary Members.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
02/03/2023
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.................................................................... J L Emberton - Secretary
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Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50
Independent Examiner's Report to the Trustees of Jacob Sheep Society Limited(The)
Independent examiner's report to the trustees of Jacob Sheep Society Limited(The) ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Caroline Tice BA CA
Douglas Home & Co Ltd Chartered Accountants 47-49 The Square Kelso Roxburghshire TD5 7HW
Date: ............................................. 03/03/2023
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Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50
Jacob Sheep Society Limited(The)
Statement of Financial Activities for the Year Ended 30 September 2022
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 208 Charitable activities 4 Subscription & membership 24,221 Registration 25,042 Other trading activities 2 17,596 Investment income 3 8,072 Total 75,139 EXPENDITURE ON Raising funds 5 19,327 Charitable activities 6 Breed promotion & improvement 52,256 Total 71,583 Net gains/(losses) on investments (16,917) NET INCOME/(EXPENDITURE) (13,361) RECONCILIATION OF FUNDS Total funds brought forward 304,574 TOTAL FUNDS CARRIED FORWARD 291,213 |
Restricted funds £ - - - - - - - - - - - 8,498 8,498 |
30/9/22 Total funds £ 208 24,221 25,042 17,596 8,072 75,139 19,327 52,256 71,583 (16,917) (13,361) 313,072 299,711 |
30/9/21 Total funds £ - 23,928 25,932 3,207 6,616 59,683 2,822 41,915 44,737 29,356 44,302 268,770 313,072 |
|---|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50
Jacob Sheep Society Limited(The)
Balance Sheet 30 September 2022
| Notes FIXED ASSETS Investments 11 CURRENT ASSETS Stocks 12 Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds: General fund Restricted funds: Prize Fund Pat Bromley Memorial Fund TOTAL FUNDS |
30/9/22 £ 184,171 3,918 717 115,377 120,012 (4,472) 115,540 299,711 299,711 291,213 250 8,248 8,498 299,711 |
30/9/21 £ 201,088 7,688 1,250 107,276 116,214 (4,230) 111,984 313,072 313,072 304,574 250 8,248 8,498 313,072 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50
Jacob Sheep Society Limited(The)
Balance Sheet - continued 30 September 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 03/03/2023
.............................................
L J Pope - Treasurer
The notes form part of these financial statements
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Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50
Jacob Sheep Society Limited(The)
Notes to the Financial Statements for the Year Ended 30 September 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Stocks
Stock of merchandise. Stocks are valued at the lower of cost and estimated net realisable value.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Designated funds are unrestricted funds which the members have set aside to be utilised against a specific purpose.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Breed promotion
Breed promotion costs represent only the direct costs of promoting and encouraging the breeding of Jacob Sheep. The associated indirect costs are included within Breed Improvement Costs and Support Costs.
continued...
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Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50
Jacob Sheep Society Limited(The)
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 30/9/22 | 30/9/21 | |
| £ | £ | |
| Journal advertising income | 135 | 120 |
| Regional activity income | 1,318 | 850 |
| Annual AGM income | 13,644 | - |
| Sale of Merchandise income | 1,979 | 1,863 |
| Flock assessment | 520 | 374 |
| 17,596 | 3,207 | |
| INVESTMENT INCOME | ||
| 30/9/22 | 30/9/21 | |
| £ | £ | |
| Deposit account interest | 111 | 5 |
| Dividend income | 2,885 | 2,754 |
| Dividends on Life Members Fund | 5,076 | 3,857 |
| 8,072 | 6,616 |
3. INVESTMENT INCOME
4. INCOME FROM CHARITABLE ACTIVITIES
| 30/9/22 | 30/9/21 | ||||
|---|---|---|---|---|---|
| Subscription | Total | Total | |||
| & membership | Registration | activities | activities | ||
| £ | £ | £ | £ | ||
| Subscriptions & joining fees | 22,165 | - | 22,165 | 21,734 | |
| Gift Aid receipts | 2,056 | - | 2,056 | 2,194 | |
| Registration fees | - | 24,662 | 24,662 | 25,552 | |
| Flock Book sales etc | - | 380 | 380 | 380 | |
| 24,221 | 25,042 | 49,263 | 49,860 |
5. RAISING FUNDS
Other trading activities
| Other trading activities | ||
|---|---|---|
| 30/9/22 | 30/9/21 | |
| £ | £ | |
| Opening stock | 7,688 | 7,834 |
| Purchases | - | 699 |
| Closing stock | (3,918) | (7,688) |
| Regional activity costs | 119 | 520 |
| National activity costs - AGM | 13,811 | - |
| Sale of Merchandise costs | 591 | 627 |
| Flock assessment costs | 1,036 | 830 |
| 19,327 | 2,822 |
continued...
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Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50
Jacob Sheep Society Limited(The)
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
| 6. | CHARITABLE ACTIVITIES COSTS | |||||
|---|---|---|---|---|---|---|
| Direct | Support | |||||
| Costs | (see | costs (see | ||||
| note | 7) | note 8) | Totals | |||
| £ | £ | £ | ||||
| Breed promotion & improvement | 7,633 | 44,623 | 52,256 | |||
| 7. | DIRECT COSTS OF CHARITABLE ACTIVITIES | |||||
| 30/9/22 | 30/9/21 | |||||
| £ | £ | |||||
| Stand rent & maintenance | 2,347 | 203 | ||||
| Transport & travel BP | 277 | - | ||||
| Rosettes, banners & trophies | 807 | 650 | ||||
| Affiliation fees | 100 | 100 | ||||
| Website costs | 329 | 535 | ||||
| Show & Sale costs | 3,528 | 1,196 | ||||
| Field Officer travel | 245 | 84 | ||||
| 7,633 | 2,768 | |||||
| 8. | SUPPORT COSTS | |||||
| Governance | ||||||
| Management | Finance | costs | Totals | |||
| £ | £ | £ | £ | |||
| Breed promotion & improvement | 40,322 | (1) | 4,302 | 44,623 | ||
| Support costs, included in the above, are as follows: | ||||||
| 30/9/22 | 30/9/21 | |||||
| Breed | ||||||
| promotion | Total | |||||
| & improvement | activities | |||||
| £ | £ | |||||
| Secretary's expenses | 1,102 | 1,560 | ||||
| Handbook printing costs | 1,367 | 26 | ||||
| Grassroots costs | 20,936 | 20,650 | ||||
| Council costs | 2,153 | - | ||||
| Flockbook costs | 522 | 662 | ||||
| Journal magazine | 10,671 | 9,992 | ||||
| Bank & Paypal Charges | 398 | 347 | ||||
| Disease control | 3,173 | 2,571 | ||||
| Loss on sale of tangible fixed assets | - | 118 | ||||
| Foreign currency revaluation | (1) | 23 | ||||
| Independent Examiners' fee | 1,848 | 1,764 | ||||
| Bookkeeping fees | 2,454 | 1,434 | ||||
| 44,623 | 39,147 |
continued...
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Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50
Jacob Sheep Society Limited(The)
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 30/9/22 | 30/9/21 | |
|---|---|---|
| £ | £ | |
| Deficit on disposal of fixed assets | - | 118 |
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2022 nor for the year ended 30 September 2021.
Trustees' expenses
Trustees reclaimed expenses totalling £3,777 during the year (2021: £1,230).
11. FIXED ASSET INVESTMENTS
| 30/9/22 Market Cost Value Units £ £ 3,414 M&G Charifund 52,806 88,141 5,265 COIF Charities Investment Fund 69,725 96,030 122,531 184,171 12. STOCKS BP Merchandise 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Prepayments and accrued income |
30/9/21 Market Cost Value £ £ 52,806 98,779 69,725 102,309 122,531 201,088 30/9/22 30/9/21 £ £ 3,918 7,688 30/9/22 30/9/21 £ £ 717 750 - 500 717 1,250 |
30/9/21 Market Cost Value £ £ 52,806 98,779 69,725 102,309 122,531 201,088 30/9/22 30/9/21 £ £ 3,918 7,688 30/9/22 30/9/21 £ £ 717 750 - 500 717 1,250 |
|---|---|---|
| 1,250 |
continued...
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Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50
Jacob Sheep Society Limited(The)
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 30/9/22 | 30/9/21 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 104 | 69 |
| Other creditors | 815 | 881 |
| Accrued expenses | 3,553 | 3,280 |
| 4,472 | 4,230 |
15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted funds £ Investments 184,171 Current assets 111,514 Current liabilities (4,472) 291,213 |
Restricted funds £ - 8,498 - 8,498 |
30/9/22 Total funds £ 184,171 120,012 (4,472) 299,711 |
30/9/21 Total funds £ 201,088 116,214 (4,230) 313,072 |
|---|---|---|---|
16. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Prize Fund Pat Bromley Memorial Fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 75,139 TOTAL FUNDS 75,139 |
At 1/10/21 £ 304,574 250 8,248 8,498 313,072 Resources expended £ (71,583) (71,583) |
Net movement At in funds 30/9/22 £ £ (13,361) 291,213 - 250 - 8,248 - 8,498 (13,361) 299,711 Gains and Movement losses in funds £ £ (16,917) (13,361) (16,917) (13,361) |
|---|---|---|
continued...
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Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50
Jacob Sheep Society Limited(The)
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Prize Fund Pat Bromley Memorial Fund TOTAL FUNDS |
At 1/10/20 £ 260,250 250 8,270 8,520 268,770 |
Net movement in funds £ 44,324 - (22) (22) 44,302 |
At 30/9/21 £ 304,574 250 8,248 8,498 313,072 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 59,683 | (44,715) | 29,356 | 44,324 |
| Restricted funds | ||||
| Pat Bromley Memorial Fund | - | (22) | - | (22) |
| TOTAL FUNDS | 59,683 | (44,737) | 29,356 | 44,302 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Prize Fund Pat Bromley Memorial Fund TOTAL FUNDS |
At 1/10/20 £ 260,250 250 8,270 8,520 268,770 |
Net movement in funds £ 30,963 - (22) (22) 30,941 |
At 30/9/22 £ 291,213 250 8,248 8,498 299,711 |
|---|---|---|---|
continued...
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Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50
Jacob Sheep Society Limited(The)
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
16. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
as follows: |
||||
|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | |
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 134,822 | (116,298) | 12,439 | 30,963 |
| Restricted funds | ||||
| Pat Bromley Memorial Fund | - | (22) | - | (22) |
| TOTAL FUNDS | 134,822 | (116,320) | 12,439 | 30,941 |
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2022.
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