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2023-09-30-accounts

REGISTERED COMPANY NUMBER: 01466040 (England and Wales) REGISTERED CHARITY NUMBER: 1026687

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 September 2023

for

Jacob Sheep Society Limited(The)

Douglas Home & Co Ltd Chartered Accountants 47-49 The Square Kelso Roxburghshire TD5 7HW

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Contents of the Financial Statements for the Year Ended 30 September 2023

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Notes to the Financial Statements 8 to 14
Detailed Statement of Financial Activities 15 to 16

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Report of the Trustees for the Year Ended 30 September 2023

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 2023. 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 168 members (73 new members joined and 241 left). The Society had a total of 735 members at the year-end of whom 692 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 2023 was an excess of expenses over income of £6,364 compared to an excess of income over expenses of £3,556 in the previous year before gains or losses on investments. Expenditure was 109% (2022 95%) of income.

The balance of total funds carried forward at 30 September 2023 amounted to £298,431 which was split £290,183 General Funds and £8,248 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 22 April 2023).

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

01466040 (England and Wales)

Registered Charity number

1026687

Registered office

27 Odell Place Edgbaston Birmingham B5 7RG

Page 1

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Report of the Trustees for the Year Ended 30 September 2023

Trustees

Officers President Mrs J N Simmons Chairman Mr J L Emberton Vice Chairman Mrs J East Treasurer Mrs L J Pope Field Officer Mr C Richardson

Ordinary Members Regional Council Member for Central Region Regional Council Member for Eastern Region Regional Council Member for Ireland Region Regional Council Member for Northern Region Regional Council Member for Scotland Region Regional Council Member for Southern Region Regional Council Member for South West Region Regional Council Member for Wales Region

Mrs K Carpenter Mr T Green (appointed 22/04/2023) Mr M Kehoe (appointed 22/04/2023) Vacant - Mr J L Emberton standing in Mrs M J Harper Mr P Gorringe Mr R Fenwick (appointed 22/04/2023) Mrs S L Harries (appointed 22/04/2023)

Members resigned in the year Ms C Bentham (resigned 09/01/2023) Mr C Coe (resigned 22/04/2023) Mr P Colhoun (resigned 22/04/2023) Ms L V Hutchins (resigned 22/04/2023) Mrs C A Richards (resigned 22/04/2023)

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 2023 there were 735 fully paid up Members of the Society. Ordinary Members numbered 692; in addition there were 42 Life Members and 1 Honorary Members.

Page 2

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Report of the Trustees for the Year Ended 30 September 2023

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

07/03/2024

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

....................................................................

J L Emberton - Secretary

Page 3

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

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 2023.

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

15/03/2024 Date: .............................................

Page 4

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Statement of Financial Activities for the Year Ended 30 September 2023

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
342
Charitable activities
4
Subscription & membership
19,654
Registration
25,467
Other trading activities
2
16,026
Investment income
3
8,960
Other income
125
Total
70,574
EXPENDITURE ON
Raising funds
5
13,920
Charitable activities
6
Breed promotion & improvement
63,018
Total
76,938
Net gains/(losses) on investments
5,084
NET INCOME/(EXPENDITURE)
(1,280)
Transfers between funds
15
250
Net movement in funds
(1,030)
RECONCILIATION OF FUNDS
Total funds brought forward
291,213
TOTAL FUNDS CARRIED FORWARD
290,183		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
(250)
(250)
8,498
8,248		 30.9.23
Total
funds
£
342
19,654
25,467
16,026
8,960
125
70,574
13,920
63,018
76,938
5,084
(1,280)
-
(1,280)
299,711
298,431		 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)
-
(13,361)
313,072
299,711

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 5

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Balance Sheet 30 September 2023

Notes
FIXED ASSETS
Investments
10
CURRENT ASSETS
Stocks
11
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
15
Unrestricted funds:
General fund
Restricted funds:
Prize Fund
Pat Bromley Memorial Fund
TOTAL FUNDS		 30.9.23
£
189,255
4,648
4,291
106,777
115,716
(6,540)
109,176
298,431
298,431
290,183
-
8,248
8,248
298,431		 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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 6

continued...

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Balance Sheet - continued 30 September 2023

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: 15/03/2024

............................................. L J Pope - Treasurer

The notes form part of these financial statements

Page 7

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Notes to the Financial Statements for the Year Ended 30 September 2023

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 8

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Notes to the Financial Statements - continued for the Year Ended 30 September 2023

2. OTHER TRADING ACTIVITIES
30.9.23 30.9.22
£ £
Journal advertising income 80 135
Regional activity income 1,690 1,318
Annual AGM income 11,377 13,644
Sale of Merchandise income 1,528 1,979
Flock assessment 1,351 520
16,026 17,596
3. INVESTMENT INCOME
30.9.23 30.9.22
£ £
Deposit account interest 1,980 113
Dividend income 2,868 2,883
Dividends on Life Members Fund 4,112 5,076
8,960 8,072
4. INCOME FROM CHARITABLE ACTIVITIES
30.9.23 30.9.22
Subscription Total Total
& membership Registration activities activities
£ £ £ £
Subscriptions & joining fees 18,145 - 18,145 22,165
Gift Aid receipts 1,509 - 1,509 2,056
Registration fees - 25,092 25,092 24,662
Flock Book sales etc - 375 375 380
19,654 25,467 45,121 49,263
5. RAISING FUNDS
Other trading activities
30.9.23 30.9.22
£ £
Opening stock 3,918 7,688
Closing stock (4,648) (3,918)
Regional activity costs 939 119
National activity costs - AGM 9,241 13,811
Sale of Merchandise costs 854 591
Flock assessment costs 3,616 1,036
13,920 19,327

continued...

Page 9

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Notes to the Financial Statements - continued for the Year Ended 30 September 2023

6. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 7) note 8) Totals
£ £ £
Breed promotion & improvement 16,498 46,520 63,018
7. DIRECT COSTS OF CHARITABLE ACTIVITIES
30.9.23 30.9.22
£ £
Stand rent & maintenance 1,572 2,347
Transport & travel BP 1,320 277
Rosettes, banners & trophies 2,400 807
Affiliation fees 202 100
Website costs 565 329
Show & Sale costs 8,584 3,528
Membership Costs 1,349 -
Field Officer travel 226 245
Judges training costs 280 -
16,498 7,633
8. SUPPORT COSTS
Governance
Management Finance costs Totals
£ £ £ £
Breed promotion & improvement 42,124 3 4,393 46,520
Support costs, included in the above, are as follows:
30.9.23 30.9.22
Breed
promotion Total
& improvement activities
£ £
Secretary's expenses 408 1,102
Handbook printing costs 1,778 1,367
Grassroots costs 22,112 20,936
Council costs 1,936 2,153
Flockbook costs 923 522
Journal magazine 12,096 10,671
Insurance 725 -
Bank & Paypal Charges 338 398
Disease control 1,808 3,173
Foreign currency revaluation 3 (1)
Independent Examiners' fee 1,938 1,848
Bookkeeping fees 2,455 2,454
46,520 44,623

continued...

Page 10

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Notes to the Financial Statements - continued for the Year Ended 30 September 2023

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022.

Trustees' expenses

Trustees reclaimed expenses totalling £4,544 during the year (2022: £3,777).

10. FIXED ASSET INVESTMENTS

30/9/23
Market
Cost
Value
Units
£
£
6,245
M&G Charifund
52,806
91,940
COIF Charities Investment
5,265
Fund
69,725
97,315
122,531
189,255
11.
STOCKS
BP Merchandise
12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income		 30/9/23 30/9/23 30/9/22 30/9/22 30/9/22
Market Market
Cost Value Cost Value
£ £ £ £
52,806 91,940 52,806 88,141
69,725 97,315 69,725 96,030
122,531 189,255 122,531 184,171
30.9.23
£
4,648
30.9.23
£
1,463
1,514
1,314
4,291		 30.9.22
£
3,918
30.9.22
£
717
-
-
717
717

continued...

Page 11

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Notes to the Financial Statements - continued for the Year Ended 30 September 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
Accrued expenses
14.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
funds
£
Investments
189,255
Current assets
107,468
Current liabilities
(6,540)
290,183
15.
MOVEMENT IN FUNDS
At
1.10.22
£
Unrestricted funds
General fund
291,213
Restricted funds
Prize Fund
250
Pat Bromley Memorial Fund
8,248
8,498
TOTAL FUNDS
299,711
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
70,574
TOTAL FUNDS
70,574		 Restricted
funds
£
-
8,248
-
8,248
Net
movement
in funds
£
(1,280)
-
-
-
(1,280)
Resources
expended
£
(76,938)
(76,938)		 30.9.23
30.9.22
£
£
3,192
104
989
815
2,359
3,553
6,540
4,472
30.9.23
30.9.22
Total
Total
funds
funds
£
£
189,255
184,171
115,716
120,012
(6,540)
(4,472)
298,431
299,711
Transfers
between
At
funds
30.9.23
£
£
250
290,183
(250)
-
-
8,248
(250)
8,248
-
298,431
Gains and
Movement
losses
in funds
£
£
5,084
(1,280)
5,084
(1,280)

continued...

Page 12

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Notes to the Financial Statements - continued for the Year Ended 30 September 2023

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At
1.10.21
£
Unrestricted funds
General fund
304,574
Restricted funds
Prize Fund
250
Pat Bromley Memorial Fund
8,248
8,498
TOTAL FUNDS
313,072
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
75,139
(71,583)
TOTAL FUNDS
75,139
(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)		 At
30.9.22
£
291,213
250
8,248		 At
30.9.22
£
291,213
250
8,248
8,498
299,711
(13,361)

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
1.10.21
£
304,574
250
8,248
8,498
313,072		 Net
movement
in funds
£
(14,641)
-
-
-
(14,641)		 Transfers
between
funds
£
250
(250)
-
(250)
-		 At
30.9.23
£
290,183
-
8,248
8,248
298,431

continued...

Page 13

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Notes to the Financial Statements - continued for the Year Ended 30 September 2023

15. 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:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 145,713 (148,521) (11,833) (14,641)
TOTAL FUNDS 145,713 (148,521) (11,833) (14,641)

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 September 2023.

Page 14

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Detailed Statement of Financial Activities for the Year Ended 30 September 2023

30.9.23 30.9.22
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 342 - 342 208
Other trading activities
Journal advertising income 80 - 80 135
Regional activity income 1,690 - 1,690 1,318
Annual AGM income 11,377 - 11,377 13,644
Sale of Merchandise income 1,528 - 1,528 1,979
Flock assessment 1,351 - 1,351 520
16,026 - 16,026 17,596
Investment income
Deposit account interest 1,980 - 1,980 113
Dividend income 2,868 - 2,868 2,883
Dividends on Life Members Fund 4,112 - 4,112 5,076
8,960 - 8,960 8,072
Charitable activities
Subscriptions & joining fees 18,145 - 18,145 22,165
Gift Aid receipts 1,509 - 1,509 2,056
Registration fees 25,092 - 25,092 24,662
Flock Book sales etc 375 - 375 380
45,121 - 45,121 49,263
Other income
Bank Compensation 125 - 125 -
Total incoming resources 70,574 - 70,574 75,139
EXPENDITURE
Other trading activities
Opening stock 3,918 - 3,918 7,688
Regional activity costs 939 - 939 119
National activity costs - AGM 9,241 - 9,241 13,811
Sale of Merchandise costs 854 - 854 591
Flock assessment costs 3,616 - 3,616 1,036
Closing stock (4,648) - (4,648) (3,918)
13,920 - 13,920 19,327

This page does not form part of the statutory financial statements

Page 15

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86

Jacob Sheep Society Limited(The)

Detailed Statement of Financial Activities for the Year Ended 30 September 2023

30.9.23 30.9.22
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Other trading activities
Charitable activities
Stand rent & maintenance 1,572 - 1,572 2,347
Transport & travel BP 1,320 - 1,320 277
Rosettes, banners & trophies 2,400 - 2,400 807
Affiliation fees 202 - 202 100
Website costs 565 - 565 329
Show & Sale costs 8,584 - 8,584 3,528
Membership Costs 1,349 - 1,349 -
Field Officer travel 226 - 226 245
Judges training costs 280 - 280 -
16,498 - 16,498 7,633
Support costs
Management
Secretary's expenses 408 - 408 1,102
Handbook printing costs 1,778 - 1,778 1,367
Grassroots costs 22,112 - 22,112 20,936
Council costs 1,936 - 1,936 2,153
Flockbook costs 923 - 923 522
Journal magazine 12,096 - 12,096 10,671
Insurance 725 - 725 -
Bank & Paypal Charges 338 - 338 398
Disease control 1,808 - 1,808 3,173
42,124 - 42,124 40,322
Finance
Foreign currency revaluation 3 - 3 (1)
Governance costs
Independent Examiners' fee 1,938 - 1,938 1,848
Bookkeeping fees 2,455 - 2,455 2,454
4,393 - 4,393 4,302
Total resources expended 76,938 - 76,938 71,583
Net income before gains and losses (6,364) - (6,364) 3,556
Unrealised recognised gains and losses
Unrealised gains/(losses) on fixed asset
investments 5,084 - 5,084 (16,917)
Net (expenditure)/income (1,280) - (1,280) (13,361)

This page does not form part of the statutory financial statements

Page 16

Document ID: 7a1151a8-b4a1-4f6d-807b-552f2e1bea86