**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 Page 2 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: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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 Page 3 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 Page 4 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 - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (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 Page 6 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... Page 7 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... Page 8 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... Page 9 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... Page 10 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... Page 11 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... Page 12 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. Page 13 Document ID: 5e567844-5d6c-4276-be60-b8992ed5cf50