REGISTERED CHARITY NUMBER: 01118056
Report of the Trustees and
Financial Statements
for the Year Ended 31st December 2020
for
Blue Texel Sheep Society
Towers + Gornall Ltd Chartered Certified Accountants Abacus House The Ropewalk Garstang Preston Lancashire PR3 1NS
Blue Texel Sheep Society
Contents of the Financial Statements for the Year Ended 31st December 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Trustees' Responsibilities | 3 | ||
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
Blue Texel Sheep Society
Report of the Trustees for the Year Ended 31st December 2020
The trustees present their report with the financial statements of the charity for the year ended 31st December 2020. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Company's objectives and principal activities are:-to benefit the public by promoting the breeding of Blue Texel sheep and
-to maintain the purity of the breed and develop it.
the main area of charitable activity are the maintenance of a flock book of recognised pure-bred sire and the annual registration of the pedigrees of the sheep and to promote the breed with a view to encouraging involvement from members of the farming community and public alike and to encourage young people to continue to ensure the future of the breed and the environment in which it thrives.
The principal funding sources for the charity are members' subscriptions, ewe and ram registration fees, transfer fees and sale commission.
Public benefit
As trustees of the charity, we have compiled with the duty in Section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission.
The charity helps and encourages farmers to keep Blue Texel sheep by assisting with information,maintaining a flock book, providing marketing support such as demonstrations, Open days, leaflets, website and social media. Information is disseminated to colleges,fairs, schools, and national libraries. The charity meets its charitable objectives via its annual shows and sales, which benefits farmers by maintaining the purity of the breed.
The committee is keen to involve young people in the breed and hold an annual Young Handlers competition at the Royal Welsh Show, which has become increasingly well supported. A trophy is also awarded to the young person nominated as having most influence on the breed in the year through showing, helping other members etc.
ACHIEVEMENT AND PERFORMANCE
Fundraising activities
The Society membership currently stands at around 681 members, who are currently paying full subscription and registering sheep. The numbers have increased substantially over the past few years.
The breed is becoming increasingly more popular in new areas of the country is attractive to both smallholders, commercial breed due for many farmers wishing for an easy lambing female.
The breed continues to be a main attraction at many of the main shows and has seen an increase in member showing and shows offering dedicated classes. The committee maintains vigilance of the showing of sheep and the presentation of the breed for both breed type and any activities which they consider detrimental to the breed, members or the society. Anyone found to be contrary to the benefit of the members and or the breed is dealt with in and advisory way or through our Newsletter and anyone continuing to use unacceptable practise is dealt with by the society committee as they see fit.
The annual sales continue to attract a good selection of sheep for all buyers but there is still an issue with the breed type being complied with and will continue to be monitored.
The website is kept up to date and members received information via the website, facebook, newsletters, email and direct mailing throughout in the year keeping them well informed of what is happening.
FINANCIAL REVIEW
Investment policy and objectives
The trustees do not have an investment policy. All funds are currently held with the Society bankers.
Reserves policy
The Trustees policy is to review the reserve levels of the charity on an annual basis. This review will encompass the nature of the income and expenditure streams, the need to match income with commitments and the nature of the Charity's reserves. The trustees also take into consideration future plans of the Charity, the uncertainty over some elements of future income streams and other key risk factors identified during the risk review process.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
01118056
Page 1
Blue Texel Sheep Society
Report of the Trustees for the Year Ended 31st December 2020
Principal address Cragg House Farm Out Lane Chipping Preston Lancashire PR3 2NQ Trustees Mrs S Lloyd Mr R Cooke Mr D Jones Mr M Sivil Mr A Bishop Mrs J Jenkins Mr S Renfree Mrs C Henderson Mr D Thompson Ms S Moyse Mr H Jones Independent Examiner Towers + Gornall Ltd Chartered Certified Accountants Abacus House The Ropewalk Garstang Preston Lancashire PR3 1NS Bankers HSBC Middleton Street Llandrinded Wells Powys LD1 5EU
The net incoming resources for the financial period amounted to £32,181 which has been added to the reserves brought forward leaving a net fund balance of £132,870 at the period end. The trustees consider this result to be satisfactory.
Approved by order of the board of trustees on 22nd December 2021 and signed on its behalf by:
Mrs S Lloyd - Trustee
Page 2
Blue Texel Sheep Society
Statement of Trustees' Responsibilities for the Year Ended 31st December 2020
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
Independent Examiner's Report to the Trustees of Blue Texel Sheep Society
Independent examiner's report to the trustees of Blue Texel Sheep Society
I report to the charity trustees on my examination of the accounts of Blue Texel Sheep Society (the Trust) for the year ended 31st December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
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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.
Mick Gornall Towers + Gornall Ltd Chartered Certified Accountants Abacus House The Ropewalk Garstang Preston Lancashire PR3 1NS
22nd December 2021
Page 4
Blue Texel Sheep Society
Statement of Financial Activities for the Year Ended 31st December 2020
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2020 2019
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 111,116 88,273
Investment income 2 55 124
Total 111,171 88,397
EXPENDITURE ON
Raising funds 3 78,990 89,291
NET INCOME/(EXPENDITURE) 32,181 (894)
RECONCILIATION OF FUNDS
Total funds brought forward 100,689 101,583
TOTAL FUNDS CARRIED FORWARD 132,870 100,689
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The notes form part of these financial statements
Page 5
Blue Texel Sheep Society
Balance Sheet 31st December 2020
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2020 2019
Unrestricted Total
fund funds
Notes £ £
CURRENT ASSETS
Cash at bank 134,724 102,003
CREDITORS
Amounts falling due within one year 7 (1,854) (1,314)
NET CURRENT ASSETS 132,870 100,689
TOTAL ASSETS LESS CURRENT LIABILITIES 132,870 100,689
NET ASSETS 132,870 100,689
FUNDS 8
Unrestricted funds 132,870 100,689
TOTAL FUNDS 132,870 100,689
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The financial statements were approved by the Board of Trustees and authorised for issue on 22nd December 2021 and were signed on its behalf by:
Mrs S Lloyd - Trustee
Mrs C Henderson - Trustee
The notes form part of these financial statements
Page 6
Blue Texel Sheep Society Notes to the Financial Statements for the Year Ended 31st December 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention.
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 cash 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.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
3.
| Bank interest RAISING FUNDS Raising donations and legacies Insurance Postage and stationery Grassroots Administrator Web fees Meetings Advertising and promotion Trade stands Photography Vet inspections Sale expenses Refunds, sponsors, rosettes, gifts NSA affiliation AGM and election expenses Secretarial fees Support costs |
2020 £ 55 2020 £ 686 1,986 31,072 1,152 42 - 19,857 492 3,248 714 2,800 250 100 - 15,600 991 78,990 |
2019 £ 124 2019 £ 692 3,416 24,563 1,152 459 288 15,342 13,315 7,487 142 1,060 1,384 558 2,457 15,600 1,376 89,291 |
|---|---|---|
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continued...
Blue Texel Sheep Society Notes to the Financial Statements - continued for the Year Ended 31st December 2020
4. TRUSTEES' REMUNERATION AND BENEFITS
During the period, fees totalling £15,600 were paid to Cheralyn Henderson for services provided. Trustees'
expenses
There were no trustees' expenses paid for the year ended 31st December 2020 nor for the year ended
31st December 2019.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income |
Unrestricted fund £ 88,273 124 |
|---|---|
| Total EXPENDITURE ON Raising funds |
88,397 89,291 |
| NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward |
(894) 101,583 |
| TOTAL FUNDS CARRIED FORWARD | 100,689 |
6. INDEPENDENT EXAMINER'S REMUNERATION
The Independent Examiner's remuneration in relation to the preparation of the Society accounts for the period to 31st December 2020 will be £900 including VAT.
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
8.
| Trade creditors MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
At 1/1/20 £ 100,689 100,689 |
2020 £ 1,854 Net movement in funds £ 32,181 32,181 |
2019 £ 1,314 At 31/12/20 £ 132,870 132,870 |
|---|---|---|---|
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continued...
Blue Texel Sheep Society
Notes to the Financial Statements - continued for the Year Ended 31st December 2020
8. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 111,171 TOTAL FUNDS 111,171 Comparatives for movement in funds At 1/1/19 £ Unrestricted funds General fund 101,583 TOTAL FUNDS 101,583 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 88,397 TOTAL FUNDS 88,397 |
Resources Movement expended in funds £ £ (78,990) 32,181 (78,990) 32,181 Net movement At in funds 31/12/19 £ £ (894) 100,689 (894) 100,689 Resources Movement expended in funds £ £ (89,291) (894) (89,291) (894) |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/19 £ 101,583 101,583 |
Net movement in funds £ 31,287 31,287 |
At 31/12/20 £ 132,870 132,870 |
|---|---|---|---|
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continued...
Blue Texel Sheep Society
Notes to the Financial Statements - continued for the Year Ended 31st December 2020
8. 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:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 199,568 199,568 |
Resources Movement expended in funds £ £ (168,281) 31,287 (168,281) 31,287 |
|---|---|---|
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2020.
Page 10
Blue Texel Sheep Society
Detailed Statement of Financial Activities for the Year Ended 31st December 2020
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2020 2019
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Memberships 17,370 11,629
Registrations and birth notifications 75,439 61,035
Transfer fee 9,243 8,661
Credits/debits on Grassroots accounts 795 -
Society sale levy 6,238 5,788
Joining fee 1,880 1,160
Donations 151 -
111,116 88,273
Investment income
Bank interest 55 124
Total incoming resources 111,171 88,397
EXPENDITURE
Raising donations and legacies
Insurance 686 692
Postage and stationery 1,986 3,416
Grassroots 31,072 24,563
Administrator 1,152 1,152
Web fees 42 459
Meetings - 288
Advertising and promotion 19,857 15,342
Trade stands 492 13,315
Photography 3,248 7,487
Vet inspections 714 142
Sale expenses 2,800 1,060
Refunds, sponsors, rosettes, gifts 250 1,384
NSA affiliation 100 558
-
AGM and election expenses 2,457
Secretarial fees 15,600 15,600
77,999 87,915
Support costs
Finance
Bank charges 991 476
Governance costs
Auditors' remuneration for non audit work - 900
Total resources expended 78,990 89,291
Net income/(expenditure) 32,181 (894)
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This page does not form part of the statutory financial statements
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