Registered Company Number 03616880 (England and Wales) Registered Charity Number : 1071779
Report of the Trustees and Unaudited Financial Statements for the year ended 31[st] January 2023 For The Herb Society Limited
PJR Accountancy Services 16-18 West Street Rochford Essex, SS4 1AJ
The Herb Society Limited
Contents of the Financial Statements For the year ended 31[st] January 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 10 |
| Independent Examiner’s Report | 11 |
| Statement of Financial Activities | 12 |
| Balance Sheet | 13 to 14 |
| Notes to the Financial Statements | 15 to 22 |
| Detailed Statement of Financial Activities | 23 to 24 |
The Herb Society Limited (Registered Number : 03616880)
Report of the Trustees For the year ended 31[st] January 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 31[st] January 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in March 2005.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company Number 03616880 (England and Wales)
Registered Charity Number
1071779
Registered Office 16-18 West Street Rochford Essex SS4 1AJ
Trustees
M Dickson B Wilkinson A G Spellar
Previous Presidents: Toby Buckland, Sophie Grigson, Judith Hann, Anne McIntyre, Sarah Raven, Jekka McVickar, Alys Fowler Treasurer: M Dickson Chairperson: C Huet (appointed 10[th] October 2022) A G Spellar (resigned 15[th] October 2022) Vice Chairperson: Vacant Administrator: Elaine Caldwell Company Secretary: L Scates (appointed 1[st] March 2022) E R Shackleton (resigned 1[st] March 2022)
Page 1
The Herb Society Limited (Registered Number : 03616880)
Report of the Trustees For the year ended 31[st] January 2023
Independent Examiner
PJR Accountancy Services 16-18 West Street Rochford Essex SS4 1AJ
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The trust deed was dated 1959, the company was incorporated on 17[th] August 1998 and the liability of each member, in the case of the company being wound up, is limited to £1.
Recruitment and appointment of new trustees
Historical, horticultural and medical herbalist skills along with business experience are well represented on the Council. In the event of particular skills being lost through retirement or new skills being required, individuals are approached to offer themselves for election to the Council. To enhance the potential pool of council members, the Charity advertises in its “Herbs” members magazine and or other Herb Society electronic communications.
Page 2
The Herb Society Limited (Registered Number : 03616880)
Report of the Trustees For the year ended 31[st] January 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Induction and training of new trustees
New trustees are referred to guidance on the Charity Commission website about their duties as trustees. If adopting a specific role, and where possible, they will work alongside the retiring trustee to experience the duties required and to become familiar with the range of work undertaken by the Society.
Organisational structure
The directors of the company are also the Charity’s trustees for the purposes of charity law. Under the Memorandum and Articles of Association the directors are known as the Council and are elected to serve for a period of three years, at the end of which time they are obliged to offer themselves for re-election at the Annual General Meeting.
Elaine Caldwell continued as the Society’s administrator and Linda Scates took on the role of Finance Support fully (following an ongoing transition issue which the bank HSBC were responsible for) giving vital continuity to these functions. Both Elaine and Linda support the Society on a part-time self-employed basis.
The role of President was previously abolished and we have, during this period, seen little detrimental outcome as a result of losing this role.
Risk management
The trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Internal risks are minimised, with procedures for the authorisation of all transactions and for projects. Financial reports feature at every meeting of the Council and an outline budget is submitted to the Council annually.
The Risk Register was prepared for the purpose of identifying areas of possible weakness, each area being categorised according to the assessment of potential risk to the Society. The Council review the Register from time to time to ensure that it remains relevant and potential problems are kept under surveillance with action taken should this prove to be necessary.
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The Herb Society Limited (Registered Number : 03616880)
Report of the Trustees For the year ended 31[st] January 2023
OBJECTIVES AND ACTIVITIES
Objectives, aims and significant activities:
The Society was founded in 1927 to promote, improve and increase the appreciation and use of herbs within the community and the prevention of disease. The Council seek to ensure that these aims are reflected in the diversity of the trustees. The objectives and principal activities are to :-
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Increase the understanding and use of herbs for health and well-being.
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Provide information, knowledge and news on all aspects of herbs.
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Bring together all those with an interest in herbs from amateur to professional.
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Provide a worldwide forum for the interchange of ideas and information.
The Society’s presence on Social Media continues to increase with this presence focused on Instagram, Facebook and a renewed vigour in our Herb Society newsletter.
Our magazine production team are contracted to producing three magazines per year. If costs allow, the return to four copies a year will be considered.
Education remains an important function of the Society and the trustees continually try to progress this aspect. We have continued to consolidate our position and to implement a strategy – which has been shared with our members – to allow us to understand the strengths and weaknesses of the current trustee board and to recruit new skills and resources as needed to progress these plans from the stable position we have managed to negotiate ourselves into over the last twelve months.
The strategies employed by the Chairty to achieve this include:
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Producing three magazine editions known as “Herbs” for members;
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Holding an annual AGM Meeting;
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Informing membership about seminars and workshops covering most aspects of using herbs;
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Attending selected horticultural shows to promote interest in herbs;
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Strengthening the Society’s profile on network sites such as Facebook and Instagram to reach and enrol more members.
The magazine is a key member benefit and is a valuable resource of information of everything Herb related. We continued to work with the editorial team to enhance both the content as looking to the future for how to enhance the magazine.
The Gerard Herbal remains on loan to the Garden Museum in London which is on public display.
The trustees continue to look at ways of updating and improving benefits for the members.
Page 4
The Herb Society Limited (Registered Number : 03616880)
Report of the Trustees For the year ended 31[st] January 2023
Membership:
The Trustees note that the membership of 31[st] January 2023 is 1180 from being 1197 at 31[st] January 2022 (31[st] January 2021 – 1158, 31[st] January 2020 – 1031, 31[st] January 2019 – 1066, 31[st] January 2018 – 904). This means that membership numbers have remained constant during a year where typically charitable memberships have fallen due to the COVID-19 pandemic, the Society has maintained membership levels at more than 1000 throughout the year.
Volunteers:
The Society relies heavily on unpaid volunteers and is always seeking those who can contribute towards any aspect of the running of the Society.
Page 5
The Herb Society Limited (Registered Number : 03616880)
Report of the Trustees For the year ended 31[st] January 2023
ACHIEVEMENT AND PERFORMANCE
Year ending January 2023
Although print costs increased it was decided to hold membership fees for the year.
Leaflets were replaced with postcard style, to include QR code and update the image. Also at a cheaper cost run.
Volunteers – Kirsty Brooks was appointed as Events co-ordinator.
Klaudia was appointed as a volunteer for the blog.
Nelle appointed as volunteer co-ordinator and Trustee.
Matt was appointed as a Trustee but has since resigned.
Drew Speller stepped down at the AGM as Chair, and C Huet was appointed in October as interim chair.
Decision was taken to recruit ambassadors to help promote the charity.
Member survey was done and the office phone was changed to reduce costs.
The AGM was in October and held online which attracted a larger than usual number.
Events through the year, supported at RHS Tatton, 3 Counties Malvern and Southport flower show.
Regional events are taking place and are promoted on the website.
We have a monthly radio slot to promote the charity.
Newsletters are now monthly and very well received.
FINANCIAL REVIEW
Reserves policy
The Society’s normal policy is to hold unrestricted cash funds available to meet the equivalent of quarterly average expenditure. During this year, the Society has not had to cash in any more Fixed Interest Units to cover costs. We have had he first profitable year in a number of years and this has been put down to the revision of membership fees following a full cost to serve exercise.
Page 6
The Herb Society Limited (Registered Number : 03616880)
Report of the Trustees For the year ended 31[st] January 2023
The cash funds, £44,626 (2022 - £35,133) are held by the Society’s bankers HSBC plc on deposit account available for immediate access. The rate of interest paid by HSBC bank remains derisory.
Investment performance
The Society still holds a specialist Fixed Interest Fund, allied with equities, giving a level of income with capital security which meets the Charity’s requirements. The investment market has been steady for the Society this year, with the bid-market value of the units reducing slightly to 118.07 pence per unit as at 31st January 2023 from 129.33 as at 31st January 2022. The Society’s unit holding remains the same as at 31st January 2022 with 50,000 units as at 31st January 2023.
The Fixed Interest Fund value was £59,240 as at 31st January 2023 (£64,710 at 31st January 2022). This shows a decrease in fund value of £5,470. The yield on this investment is £1.18 per unit.
Business Overview
The Society is now meeting the required membership and advertising income levels to maintain balanced books. We are investigating ways to ensure that any additional income can be invested to secure the long term future of the Society as well as to improve member benefits.
Page 7
The Herb Society Limited (Registered Number : 03616880)
Report of the Trustees For the year ended 31[st] January 2023
FINANCIAL REVIEW
Overview
The overall financial position of the Society is still healthy with good reserves and membership maintained at over 1,000 members. Cash reserves were used to offset the shortfall in income against expenditure, therefore not requiring any further sale of Fixed Interest Fund Units.
Gift Aid is a particularly important source of income for the Society ; the claim this year generated a refund of £3,364 from 443 members, which represents 38.00% of the membership. This is a slight increase on last year. (2022 £3,392 from 445 members – 37.2%, 2021 £3,165 from 415 members – 35.8%, 2020 £2,715 from 353 members – 34.2%, 2019 £2,996 from 469 members – 43.9%, 2018 £2,639 from 395 members – 43.7%). Any member who wishes to check if they are opted into Gift aid can contact our membership administrator. There is no cost whatsoever to the member, but the Society benefits from 25p in every £1 ( NOTE: Members need to be a UK taxpayer).
Income has increased again this year to £46,368 compared to £45,434 last year, equating to an additional £934 which represents a 2.06% increase. Operational costs have increased to £36,151 compared to £31,426 in the previous year, which has resulted in the Society’s finances having an operational profit of £10,217 compared to a profit of £14,008 in the previous year. When we then factor in the loss on the investments the overall result is a net movement in funds of £4,747 compared to £8,338 in the previous year.
The Council encourage members to now pay by GoCardless Direct Debit, as this is far more cost effective and automates the membership administration and renewal process as much as possible. This new payment method along with PayPal auto renewal is linked to the new website and membership database. We still operate Direct Debit payments via the original Smart Debit system, however this is more expensive and involves manual renewals, so ultimately this system will be phased out and all Direct Debit payers will be migrated to GoCardless. Any members wishing to change to GoCardless Direct Debit should contact our membership administrator.
A legacy scheme is available to members who wish to bequeath money to the Society, details of which are published periodically in our Herb magazine, or alternatively you can contact the Society for details.
Principal fund sources
For the financial year ending January 2023 80.01% (2022 – 78.46%, 2021 – 79.86%, 2020 – 76.00%, 2019 – 68.89%, 2018 – 70.74%) of the Society’s gross income was generated from subscriptions, with 3 .75% (2022 – 4.21%, 2021 – 5.42%, 2020 – 6.53%, 2019 – 7.30%, 2018 – 9.85%) from dividends and interest. Income from advertising in the magazine increased to £2,189 which represents 4.72% (2022 - £2,797 – 6.16%, 2021 - £1,157 – 2.81%, 2020 - £1,040 – 3.03%, 2019 - £1,961 – 5.79%, 2018 - £1,358 – 4.61%). Trustees are reviewing advertising opportunities in the magazine and on the website as a new Corporate membership has now been introduced therefore some income will move from advertising to membership.
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The Herb Society Limited (Registered Number : 03616880)
Report of the Trustees For the year ended 31[st] January 2023
Subscription rates remain static following the increase on 1[st] May 2019, with the exception of Corporate Membership. A revised corporate package has allowed us to increase this annual membership to £100 per annum and we have seen a substantial increase in corporate members even with this increased cost. Membership rates are published in the magazine and on our website.
Any members still paying by the old Standing Order method are requested to ensure they are paying the current membership rate. Please be advised it is not possible for the Society to amend any Standing Orders, this must be updated by the member themselves either with online banking or at the bank. Please also consider changing over to Direct Debit, if you do this please ensure you remember to cancel your existing Standing Order.
The trustees are seeking additional volunteer members to join the council to help support the running of the Society. With the added value of the new website, e-newsletter, social media marketing activities, the membership should continue to grow. The trustees are striving to achieve a break even status of Income vs Expenditure during the next financial year. The new website has started to streamline membership administration despite having several initial teething problems. The council looks forward to a positive future with a strong long-term membership.
Page 9
The Herb Society Limited (Registered Number : 03616880)
Report of the Trustees For the year ended 31[st] January 2023
FUTURE DEVELOPMENTS
The Society will continue working towards its objectives in response to the competitive and challenging public service environment. The objectives are outlined in our strategic objectives document (available to members on the website) as well as the continued ongoing as below :-
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To develop partnerships and reach a wider audience.
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Redefine our partnerships strategy to provide a better mutual benefit.
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Continue the work already started to fund out what our membership wants and deliver where budget allows.
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Continue to widen our appeal of membership to a wide section of the population.
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Continue to nurture the young by developing a Youth Ambassador
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Expand the school’s educational activities.
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Follow up on our membership engagement, where possible
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Attract more members to the Gift Aid scheme and grow its contribution to the funds.
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Continue to seek new sources of income, ,including grants.
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Attract advertising revenue linked to the new website.
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Maintain the improvement and development of its financial reporting procedures.
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Continue to enhance the Charity’s profile by once again appointing a respected person from the public eye as the next president that we can work closely with to promote the Society.
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Continue to improve the Charity’s operational deficiency.
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Continue our expansions of Social Media, which has become more and more important in this age of instant mass communication.
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The trustees will continue to support involvement in Facebook, Instagram and Blog.
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Communication by Mail Chimp will be encouraged and the website will be developed into a vital link for and to our membership.
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Develop a business plan.
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Seek skills from within our membership to develop our functional efficiency.
Approved by order of the board of trustees on …………………………………………….. and signed on its behalf by
…………………………………….. C Huet – Trustee and Chair
Page 10
Independent Examiner’s Report to the Trustees of
The Herb Society Limited (Registered Number : 03616880)
I report on the accounts of the company for the year ended 31[st] January 2023 which are set out on pages twelve to twenty-two.
Responsibilities and basis of report
As the Charity’s trustees (and also the directors for the purpose of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, I have examined your Charity’s accounts as required under Section 145 of the Charities Act 2011 (“the 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.
My role is to state whether any material matters have come to my attention giving my cause to believe:-
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That accounting records were not kept as required by Section 386 of the Companies Act 2006; or 2. That the accounts do not accord with those records; or
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That the accounts do not comply with the accounting requirements of Section 396 of the Companies Act 2006 and with the methods and principles of the 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; or
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That there is further information needed for a proper understanding of the accounts.
Independent examiner’s statement
I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission I have found no matters that require drawing to your attention.
PJR Accountancy Services 16-18 West Street Rochford Essex SS4 1AJ
Date : …………………..
Page 11
The Herb Society Limited (Registered Number : 03616880)
Statement of Financial Activities For the year ended 31[st] January 2023
| 31.01.23 | 31.01.22 | ||
|---|---|---|---|
| Unrestricted | Total Funds | ||
| Funds | |||
| £ | £ | ||
| Notes | |||
| INCOMING RESOURCES | |||
| Incoming resources from generated funds | |||
| Voluntary Income | 2 | 40,901 | 39,381 |
| Activities for generating funds | 3 | 3,728 | 4,146 |
| Investment income | 4 | 1,739 | 1,907 |
| Total incoming resources | 46,368 | 45,434 | |
| RESOURCES EXPENDED | |||
| Costs of generating funds | |||
| Costs of generating voluntary income | 5 | 19,929 | 16,998 |
| Fundraising trading : cost of goods sold and other costs | 6 | 15,069 | 13,065 |
| Governance costs | 1,153 | 1,363 | |
| Total resources expended | 36,151 | 31,426 | |
| ======= | ======= | ||
| NET INCOME/(OUTGOING) RESOURCES | 10,217 | 14,008 | |
| Other recognised gains/losses | |||
| Gains/losses on investment assets | (5,470) | (5,670) | |
| Net movement in funds | 4,747 | 8,338 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 86,328 | 77,990 | |
| TOTAL FUNDS CARRIED FORWARD | 91,075 | 86,328 | |
| ====== | ====== |
The notes form part of these financial statements
Page 12
The Herb Society Limited (Registered Number : 03616880)
| Balance Sheet | |||
|---|---|---|---|
| As at 31stJanuary 2023 | |||
| 31.01.23 | 31.01.22 | ||
| Unrestricted | Total Funds | ||
| Funds | |||
| £ | £ | ||
| Notes | |||
| FIXED ASSETS | |||
| Tangible Assets | 9 | 944 | 999 |
| Investments | 10 | 59,240 | 64,710 |
| 60,184 | 65,709 | ||
| CURRENT ASSETS | |||
| Stocks | 11 | 546 | 671 |
| Debtors | 12 | 4,313 | 3,848 |
| Cash at Bank and in hand | 44,626 | 35,133 | |
| 49,485 | 39,652 | ||
| CREDITORS | |||
| Amounts falling due within one year | 13 | (18,594) | (19,033) |
| NET CURRENT ASSETS | 30,891 | 20,619 | |
| ========= | ========= | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 91,075 | 86,328 | |
| NET ASSETS | 91,075 | 86,328 | |
| ======= | ======= | ||
| FUNDS | 14 | ||
| Unrestricted funds | 91,075 | 86,328 | |
| TOTAL FUNDS | 91,075 | 86,328 | |
| ====== | ====== |
The notes form part of these financial statements
continued……..
Page 13
The Herb Society Limited (Registered Number : 03616880)
Balance Sheet – continued As at 31[st] January 2023
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31[st] January 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31[st] January 2023 in accordance with Section 476 of the Companies House 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 trust 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.
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The financial statements were approved by the Board of Trustees on ………………………… and were signed on its behalf by :-
……………………………………………..
C Huet – Trustee and Chair
The notes form part of these financial statements
Page 14
The Herb Society Limited
Notes to the Financial Statements
For the year ended 31[st] January 2023
1. ACCOUNTING POLICIES
Accounting convention
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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Landscaping | - fully provided |
|---|---|
| Library | - not provided |
| Furniture, equipment and slides | - provided at 27.5% on reducing balance |
Expenditure in respect of landscaping and library is written off to expenses.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
Page 15
The Herb Society Limited
Notes to the Financial Statements For the year ended 31[st] January 2023
2. VOLUNTARY INCOME
| 31.01.23 | 31.01.22 | |
|---|---|---|
| £ | £ | |
| Donations | 417 | 411 |
| Gift Aid – tax rebate | 3,386 | 3,423 |
| Subscriptions | 37,098 | 35,547 |
| 40,901 | 39,381 | |
| ======== | ======== | |
| CTIVITIES FOR GENERATING FUNDS | ||
| 31.01.23 | 31.01.22 | |
| £ | £ | |
| Advertising revenue | 2,189 | 2,797 |
| Sales and commissions (gross) | 1,539 | 1,349 |
| 3,728 | 4,146 | |
| ======= | ======= |
3. ACTIVITIES FOR GENERATING FUNDS
4. INVESTMENT INCOME
| 31.01.23 | 31.01.22 | |
|---|---|---|
| £ | £ | |
| Interest Received | 1,739 | 1,907 |
| ====== | ====== |
Page 16
The Herb Society Limited
Notes to the Financial Statements For the year ended 31[st] January 2023
5. COSTS OF GENERATING VOLUNTARY INCOME
| 31.01.23 | 31.01.22 | ||
|---|---|---|---|
| £ | £ | ||
| Agency Charges | 11,059 | 10,694 | |
| Telephone, postage and stationery | 1,464 | 1,911 | |
| Advertising and promotion | 2,357 | 418 | |
| Internet services and computer requisites | 60 | 215 | |
| Bank and finance charges | 767 | 750 | |
| Direct debit costs and charges | 472 | 485 | |
| Website costs | 2,489 | 1,746 | |
| Storage and associated costs | 1,206 | 704 | |
| Depreciation | 55 | 75 | |
| 19,929 | 16,998 | ||
| ======== | ======== | ||
| **6. ** | FUNDRAISING TRADING: COST OF GOODS SOLD AND | OTHER COSTS | |
| 31.01.23 | 31.01.22 | ||
| £ | £ | ||
| Publication and distribution costs | 15,069 | 13,065 | |
| 15,069 | 13,065 | ||
| ======= | ======= | ||
| **7. ** | NET INCOMING/(OUTGOING) RESOURCES | ||
| Net resources are stated after charging/(crediting) | |||
| 31.01.23 | 31.01.22 | ||
| £ | £ | ||
| Depreciation – owned assets | 55 | 75 | |
| ======== | ======== |
Page 17
The Herb Society Limited (Registered Number : 03616880)
Notes to the Financial Statements - continued For the year ended 31[st] January 2023
8. TRUSTEES’ REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31[st] January 2023 (or for the year ended 31[st] January 2022) other than the provision of refreshments at meetings of the Council.
Trustees’ expenses
The trustees are reimbursed for reasonable travelling costs in accordance with the mileage allowance scale laid down by the Council. The basis of payment applied was unchanged for both the year ended 31[st] January 2023 and 31[st] January 2022.
9. TANGIBLE FIXED ASSETS
| Landscaping £ COST AT 1STFebruary 2022 8,551 Additions ______ At 31stJanuary 2022 8,551 DEPRECIATION At 1st February 2022 8,551 Charge for Year - At 31st January 2023 - NET BOOK VALUE At 31st January 2023 - ======= At 31st January 2022 - ======= |
Library Furniture, equipment and slides £ £ 800 8,953 __ _____ 800 8,953 - 8,754 - 55 800 8,809 800 144 ======= ======= 800 199 ======= ======= |
Totals £ 18,304 _ 18,304 17,305 55 17,360 944 ======= 999 ======= |
|---|---|---|
Page 18
The Herb Society Limited (Registered Number : 03616880) Notes to the Financial Statements - continued For the year ended 31[st] January 2023
10. FIXED ASSET INVESTMENTS
| Listed investments | |
|---|---|
| £ | |
| MARKET VALUE | |
| At 1stFebruary 2022 | 64,710 |
| Disposals | |
| Revaluations | (5,470) |
| At 31stJanuary 2023 | 59,240 |
| NET BOOK VALUE | |
| At 31stJanuary 2023 | 59,240 |
| ======== | |
| At 31stJanuary 2022 | 64,710 |
| ======== |
There were no investment assets outside the UK
Page 19
The Herb Society Limited (Registered Number : 03616880) Notes to the Financial Statements - continued For the year ended 31[st] January 2023
11 STOCKS
| 11 STOCKS | |||||
|---|---|---|---|---|---|
| 31.01.23 | 31.01.22 | ||||
| £ | £ | ||||
| Stocks | 546 | 671 | |||
| ======= | ======= | ||||
| 12 DEBTORS: AMOUNTS FALLING | DUE WIHTIN ONE YEAR | ||||
| 31.01.23 | 31.01.22 | ||||
| £ | £ | ||||
| Trade Debtors | 929 | 456 | |||
| Other Debtors | 3,384 | 3,392 | |||
| 4,313 | 3,848 | ||||
| ======= | ======= | ||||
| 13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 31.01.23 | 31.01.22 | ||||
| £ | £ | ||||
| Trade Creditors | 202 | 130 | |||
| Accrued Expenses | 1,969 | 2,288 | |||
| Subscriptions received in advance | 16,423 | 16,615 | |||
| 18,594 | 19,033 | ||||
| ======== | ======== | ||||
| 14 MOVEMENT IN FUNDS | |||||
| At 01.02.22 | Net movement | Transfers | At 31.01.23 | ||
| in funds | between funds | ||||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 21,618 | 8,478 | 1,739 | 31,835 | |
| Designated fund | 64,710 | (3,731) | (1,739) | 59,240 | |
| 86,328 | 4,747 | - | 91,075 | ||
| TOTAL FUNDS | 86,328 | 4,747 | - | 91,075 | |
| ======= | ======= | ======= | ======= |
Page 20
The Herb Society Limited (Registered Number : 03616880) Notes to the Financial Statements - continued For the year ended 31[st] January 2023
Net movement in funds, included in the above are as follows :-
| Incoming Resources |
Incoming Resources |
Incoming Resources |
Gains and losses | Movement in | |
|---|---|---|---|---|---|
| resources expended |
funds | ||||
| £ £ |
£ | £ | |||
| Unrestricted funds | |||||
| General fund | 44,629 (36,151) |
- | 8,478 | ||
| Designated fund | 1,739 |
- | (5,470) | (3,731) | |
| 46,368 (36,151) |
(5,470) | 4,747 | |||
| TOTAL FUNDS | 46,368 (36,151) |
(5,470) | 4,747 | ||
| ======= ======= |
======= | ======= | |||
| Comparatives for movement in funds | |||||
| At 01.02.22 | Net movement |
in | Transfers | At 31.01.23 | |
| funds | between funds | ||||
| Unrestricted | |||||
| funds | |||||
| General fund | 7,610 | 12,101 | 1,907 | 21,618 | |
| Designated fund | 70,380 | (3,763) | (1,907) | 64,710 | |
| 77,990 | 8,338 | - | 86,328 | ||
| TOTAL FUNDS | 77,990 | 8,338 | - | 86,328 | |
| ======= | ======= | ======= | ======= | ||
| Comparative net movement in funds, | included in the above are | as follows: | |||
| Incoming | Resources | Gains and losses | Movement in | ||
| resources | expended | funds | |||
| £ | £ | £ | £ | ||
| Unrestricted | |||||
| funds | |||||
| General fund | 43,527 | (31,426) | - | 12,101 | |
| Designated fund | 1,907 | - | (5,670) | (3,763) | |
| 45,434 | (31,426) | (5,670) | 8,338 | ||
| TOTAL FUNDS | 45,434 | (31,426) | (5,670) | 8,338 | |
| ======= | ======= | ======= | ======= |
Page 21
The Herb Society Limited (Registered Number : 03616880) Notes to the Financial Statements - continued For the year ended 31[st] January 2023
A current year 12 months and prior year 12 months combined position is as follows :
| At 01.02.21 | Net | Transfers | At 31.01.23 | |
|---|---|---|---|---|
| movement in | between funds | |||
| funds | ||||
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 7,610 | 20,579 | 3,646 | 31,835 |
| Designated fund | 70,380 | (7,494) | (3,646) | 59,240 |
| 77,990 | 13,085 | - | 91,075 | |
| TOTAL FUNDS | 77,990 | 13,085 | - | 91,075 |
| ======= | ======= | ======= | ======= |
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 losses | Movement in | |
|---|---|---|---|---|
| resources | expended | funds | ||
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 88,156 | (67,577) | - | 20,579 |
| Designated fund | 3,646 | - | (11,140) | (7,494) |
| 91,802 | (67,577) | (11,140) | 13,085 | |
| TOTAL FUNDS | 91,802 | (67,577) | (11,140) | 13,085 |
| ======= | ======= | ======= | ======= |
15 FUNDS
Unrestricted funds
General funds represent the free funds of the charity, which are not designated for particular purposes.
Unrestricted designated fund
The unrestricted designated fund is made up of investment income, which originated from the sale of business assets and is to be utilised in supporting the Society’s future venture opportunities.
Page 22
The Herb Society Limited (Registered Number : 03616880) Detailed Statement of Financial Activities For the year ended 31[st] January 2023
| 31.01.23 | 31.01.22 | |
|---|---|---|
| £ | £ | |
| INCOMING RESOURCES | ||
| Voluntary income | ||
| Donations | 417 | 411 |
| Gift Aid – tax rebate | 3,386 | 3,423 |
| Subscriptions | 37.098 | 35,547 |
| 40,901 | 39,381 | |
| Activities for generating funds | ||
| Advertising revenue | 2,189 | 2,797 |
| Sales and commissions (gross) | 1,539 | 1,349 |
| 3,728 | 4,146 | |
| Investment Income | ||
| Interest received | 1,739 | 1,907 |
| Total incoming resources | 46,368 | 45,434 |
| RESOURCES EXPENDED | ||
| Costs of generating voluntary income | ||
| Agency charges | 11,059 | 10,694 |
| Telephone, postage and stationery | 1,464 | 1,911 |
| Advertising and promotion | 2,357 | 418 |
| Internet services and computer requisites | 60 | 215 |
| Bank and finance charges | 767 | 750 |
| Direct debit costs and charges | 472 | 485 |
| Website costs | 2,489 | 1,746 |
| Storage and associated costs | 1,206 | 704 |
| Depreciation of furniture, equipment and slides | 55 | 75 |
| Loss on revaluation of assets | 5,470 | 5,670 |
| 25,399 | 22,668 | |
| Fundraising trading: cost of goods sold and other costs | ||
| Publication and distribution costs | 15,069 | 13,065 |
| 15,069 | 13,065 | |
| Governance costs | ||
| Accountancy fee | 950 | 950 |
| Legal and professional fees | 203 | 413 |
| 1,153 | 1,363 | |
| Total resources expended | 41,621 | 37,096 |
This page does not form part of the statutory financial statements
Page 23
The Herb Society Limited (Registered Number : 03616880) Detailed Statement of Financial Activities For the year ended 31[st] January 2023
| 31.01.23 | 31.01.22 | |
|---|---|---|
| £ | £ | |
| Net Expenditure | 4,747 | 8,338 |
| ======= | ======= |
This page does not form part of the statutory financial statements
Page 24