## **ZWARTBLES SHEEP ASSOCIATION** ## **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED** **29 FEBRUARY 2024** **Charity No: 1062319** 1 ## **ZWARTBLES SHEEP ASSOCIATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024** The Trustees present their report and the financial statements of the charity for the year ended 29 February 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the Charities Act 2011 and 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 published in October 2019. ## **Reference and administration information** Charity name: Zwartbles Sheep Association Charity registration number: 1062319 Operational address: Oxnam Neuk Farm Jedburgh Roxburghshire TD8 6RE ## **Trustees** Mr G P Addison Mr A Baird Ms C A Bissett Mrs G M Blamire Chairman Miss F Brown Resigned 16[th] November 2023 Mr C J Cromie Mr B J Gibson Mr R J Heigh Mr D Jones Mrs A M Robinson Resigned 16[th] November 2023 Miss L Simpson Mrs G Smith Mr M R Pearse Appointed 16[th] November 2023 Mr J Case Appointed 16[th] November 2023 Mr C Rae Appointed 16[th] November 2023 ## **Secretary** Mrs C M Cormack ## **Bankers** Lloyds Bank, 48 Belle Vue Terrace, Malvern, Worcester, WR14 4QG ## **Solicitors** Wright Hassall LLP, Olympus Ave, Royal Leamington Spa, CV34 6BF ## **Accountants and Independent examiner** Geoffrey Cox FCA, Dafferns LLP, One Eastwood, Harry Weston Road, Binley Business Park, Coventry, CV3 2UB 2 ## **ZWARTBLES SHEEP ASSOCIATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024** ## **Activities and charitable objects** The principal activities and charitable objects of the Association are to advance the education of the public at large by registering, monitoring and exhibiting Zwartbles sheep and investigating and encouraging efficient breeding of Zwartbles sheep with a view to improving and increasing the numbers of the breed. - Attracting, supporting and retaining members to enable us to fulfil our objects. • Conserving the breed through consistent application of support based on a basis of verification. - Promoting and explaining our work to organisations, new breeders and the general public. - • Maintaining a flock book for registration of sheep in accordance with the rules and regulations of the Association. The ZSA yearbook is produced annually. This publication includes the present members’ details, the breed standards and articles of interest and general information, as well as the Association Rules. The Association website also contains information about Zwartbles sheep. ## **Public Benefit** The trustees consider they have complied with their duty to have due regard to the guidance on public benefit, as published by the Charity Commission, in exercising their powers and duties. ## **Achievements and performance** The Council held two council meetings in the financial year which were held in person. The Association continues to encourage classes at major shows - The Royal Ulster Agricultural Show, The Royal Welsh, The Great Yorkshire, The Royal Highland, The Royal Bath and West and other selected Agricultural shows. The exhibition stands went to three NSA sheep events, North Sheep, South West Sheep and Welsh Sheep. The Association did not hold any open days. Sales of Zwartbles sheep were held successfully at Carlisle, Worcester and Northern Ireland. ## **Financial review** The net profit for the year amounted to £88 which has been added to the reserves brought forward leaving fund balances of £111,848 at the year end. The trustees consider the results to be satisfactory. ## **Reserves policy** The Association aims to hold financial reserves that cover one and a half year’s operating expenditure. On 29 February 2024 the Association held free reserves amounting to £111,848. 3 ## **ZWARTBLES SHEEP ASSOCIATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024** ## **Structure Governance and Management** ## **Governing Document** The Association is a charitable incorporated organisation (CIO), and is governed by its constitution. The Association was registered as a charity on 12 May 1997 (No: 1062319). ## **Structure Governance and Management** ## **Recruitment and appointment of the Council** The Zwartbles Sheep Association is run by the Council. All Council members are also trustees of the charity. Trustees are appointed at the Annual General Meeting and retire by rotation after three years. Retiring trustees are eligible for re-election. ## **Trustee induction and training** New Trustees are briefed by the Chairman / Council on their obligations as Council members and the future plans and objectives of the Society. Minutes of previous meetings are also available for new Council Members upon request. ## **Risk review** Internal control risks are minimised by the implementation of written procedures and lines of communication for authorisation of transactions. Specialist advice has been obtained to ensure compliance with health and safety requirements. Staff training has also been provided for specific matters. Every item of work will be assessed and improvements in protocol made where necessary. Approved by the Trustees on 28 September 2024 and signed on its behalf by: Mr C J Cromie, Trustee 4 ## **INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE ZWARTBLES SHEEP ASSOCIATION** I report to the charity trustees on my examination of the accounts of the charity for the year ended 29 February 2024, which are set out on pages 5 to 9. ## **Responsibilities and basis of report** As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the Act. ## **Independent examiner's statement – matter of concern identified** 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 that in any material respect: 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 applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 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. Geoffrey Cox FCA, For and on behalf of Dafferns LLP Chartered Accountants, One Eastwood, Harry Weston Road, Binley Business Park, Coventry, CV3 2UB Dated 28 September 2024 5 ## **ZWARTBLES SHEEP ASSOCIATION** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 FEBRUARY 2024** |
**INCOME FROM:**
**Charitable activities**
Members subscriptions
Registrations
Merchandise sales
AGM, year book and advertising
Sales commission, levies and entry fees
Other Income
**Investment income**
Bank interest
**Total income**
**EXPENDITURE ON:**
**Charitable activities**
Sales costs
Publicity, Advertising and Yearbook
Merchandise purchases
Exhibitions and open days
NSA Subscription
Website and computer software
**Support costs (not allocated)**
Secretary’s remuneration
Office running costs
Insurance
Printing, stationery, postage and telephone
Hire of equipment
Secretary’s travelling expenses
Bank charges
Accountancy
Council travel, expenses and Council meeting costs
Depreciation
**Total expenditure**
**Net income/(expenditure)**
**Fund balances at 1 March 2023**
**Fund balances at 29 February 2024**|**Unrestricted funds**
**2024**
**2023**
**£**
**£**
21,125
15,998
17,219
18,471
617
468
998
2,175
2,827
2,884
2,416
1,985
3,900
-
49,102
41,981
1,225
1,730
5,349
6,080
356
236
1,348
1,711
331
126
2,343
2,528
18,540
18,540
2,475
2,700
1.074
893
9,118
11,224
2,043
1,532
448
496
24
20
2,640
3,340
1,700
1,505
-
248
49,014
52,909
88
(10,928)
111,760
122,688
111,848
111,760| |---|---| The notes on pages 7 to 9 form part of these financial statements 6 ## **ZWARTBLES SHEEP ASSOCIATION** ## **BALANCE SHEET AS AT 29 FEBRUARY 2024** |**Note**
**Fixed assets**
Tangible assets
6
**Current assets**
Stock
7
Debtors
8
Investments - deposits
Cash at bank and in hand
**Current liabilities**
Creditors - amounts falling due
within one year
9
**Net current assets**
**Net assets**
Financed by:
**Reserves**
Unrestricted funds
10|**2024**
**£**
1,034
4,381
80,000
44,004
129,419
17,571|**£**
-
111,848
111,848
111,848|**2023**
**£**
1,270
3,994
80,000
46,593
131,857
20,097|**£**
-
111,760
111,760
111,760| |---|---|---|---|---| The financial statements were approved by Board of Trustees on 28 September 2024 and were signed on its behalf by: Mr C J Cromie, Trustee The notes on pages 7 to 9 form part of these financial statements. 7 ## **ZWARTBLES SHEEP ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024** ## **1. General information and basis of preparation** The Zwartbles Sheep Association is a charitable incorporated organisation (CIO) in England and Wales. The operational address is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are stated on page 2. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling (£) which is the functional currency of the charity and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **2. Accounting policies** ## **Fund accounting** Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds can only be used in accordance with the restriction imposed upon them. ## **Income recognition** All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established. ## **Expenditure recognition** All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably 8 ## **ZWARTBLES SHEEP ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024** ## **2. Accounting policies** ## **Tangible fixed assets** Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Fixtures and fittings 20% straight line Computer equipment 33.3% straight line ## **Investments** Investments represent monies on deposit on a one year fixed term. ## **Stocks** Stock comprises goods for resale. Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **Debtors and creditors receivable / payable within one year** Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. ## **Operating leases** Rentals payable and receivable under operating leases are charged to the SOFA on a straight line basis over the period of the lease. ## **3. Independent examiners remuneration** The independent examiners remuneration amounts to an independent examination fee of £2,900 (2023 £2,900). ## **4. Trustee remuneration and other benefits** No trustees’ remuneration or other benefits were paid during the year or previous year. ## **Trustees’ expenses** |
Reimbursed travel expenses|**2024**
**£**

-|**2023**
**£**
-| |---|---|---| ## **5. Staff numbers and costs** The Association did not employ anybody during the year or the previous year. 9 ## **ZWARTBLES SHEEP ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024** ## **6. Tangible fixed assets** ||**Fixtures and**|**Computer**|| |---|---|---|---| ||**Fittings**|**Equipment**|| ||||**Total**| ||**£**|**£**|**£**| |**Cost**|||| |At 1.3.2023|1,966|1,417|3,383| |Additions|-|-|-| |At 28.2.2024|1,966|1,417|3,383| |**Depreciation**|||| |At 1.3.2023|1,966|1,417|3,383| |Charge for year|-|-|-| |At 28.2.2024|1,966|1,417|3,383| |**Net book value**|||| |At 28.2.2024|-|-|-| |At 29.2.2023|-|-|-| |**7. Stock**|||| |||**2024**|**2023**| |||**£**|**£**| |Merchandise for resale||1,034|1,270| |**8. Debtors**|||| |Debtors||1,742|996| |Other debtors||2,100|2,100| |Prepayments||539|898| |||4,381|3,994| |**9. Creditors: amounts falling due within one year**|||| |Trade Creditors||-|1,230| |Accruals||2,900|2,900| |Deferred income||14,671|15,967| |||17,571|20,097| Deferred income relates to membership subscription income. ## **10. Funds** All funds are unrestricted ## **11. Related party transactions** There were no material related party transactions during the year.