**REGISTERED COMPANY NUMBER: 02547862 (England and Wales) REGISTERED CHARITY NUMBER: 1118873** ## **Report of the Trustees and** **Unaudited Financial Statements for the Year Ended 31 March 2021** ## **for** ## **THE BELTEX SHEEP SOCIETY LIMITED** John Andrew Chartered Accountants 17-19 Market Street KIRKBY STEPHEN Cumbria CA17 4QS **THE BELTEX SHEEP SOCIETY LIMITED** ## **Contents of the Financial Statements for the Year Ended 31 March 2021** |||**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|15| |**Detailed Statement of Financial Activities**|16|to|17| **THE BELTEX SHEEP SOCIETY LIMITED** ## **Report of the Trustees for the Year Ended 31 March 2021** 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 March 2021. 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** The objects of the Society are: - To promote the science and practice of agriculture by encouragement, promotion and improvement of the breeding of Beltex Sheep and the maintenance of the purity of the breed in the United Kingdom. - To encourage, promote and improve the breeding of Beltex Sheep to ensure the preservation of the breed for the public benefit. - To undertake research on sheep breeding and matters relating thereto and to disseminate the useful results of research for the public benefit. The main activities of the Society are to maintain a register of members' pedigree Beltex Sheep in the United Kingdom and to promote the breed at agricultural shows and events. The Society continues to improve services offered to members, and continues to encourage production of lean meat to fulfil consumer demand and the public health objective. We have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Directors consider how planned activities will contribute to the aims and objectives they have set. ## **ACHIEVEMENT AND PERFORMANCE** The Society's membership and registrations remains constant from the previous year, the details of which are included in the office bearers' reports to the membership. Through continuous promotion, the breed is now recognised as one of the leading terminal sires used in the UK, and in turn members are gaining this acknowledgement in the show rings. Beltex sired lambs continue to attain top accolades and prices at Primestock shows with many commercial farmers turning to the breed to improve carcases. The Society is performing well with this increase of interest and gives good value to the membership. The Society introduced DNA Testing for stock sires for all lambs Birth Notified / Registered in 2019 onwards, looking to safeguard the breed by making sure it carries the myostatin (double muscle) gene that is distinctive for the Beltex breed, at the same time we are collecting other genetic markers which may become useful in the future. Other data collected at the time is a parentage profile and Scrapie genotyping. Continuing the safeguarding of the breed the Society has now introduced DNA testing for flushing ewes (embryos used for transplanting into recipient ewes), again making sure that the animal carries the myostatin gene. Since the beginning of 2021 after Brexit, the rules changed for exports to not only Europe, but also Northern Ireland the animal must be Group One genotype or from a Scrapie Monitored flock, which the breeder can find out before other tests have to be carried out. Page 1 **THE BELTEX SHEEP SOCIETY LIMITED** ## **Report of the Trustees for the Year Ended 31 March 2021** ## **FINANCIAL REVIEW** The Society's financial position at the end of the financial period remains sound. All funds held are available for the wide-ranging running of the Society. The Society's policy is to hold reserves sufficient to cover at least a year's operating costs, in case the sheep industry or the breed fall on lean times. Society membership continues to remain steady, which influences the number sheep registrations. Many new members initially have a small flock which increases year on year. Advertising and promotion costs have reduced this year mainly due to the cancellation of shows and events being cancelled because of COVID-19 restrictions. The busiest time of the year is between May - October when travelling to the major agricultural shows, events and Society breed sales across the country. The program for Breed Promotion Officer is agreed by the Directors in the Society's budget for the coming year. The Council Members continually review business and operational risks which the charity faces which in turn enables regular reports to be produced so that necessary recommendations can be made to lessen these risks. In the 2021 budget it was agreed to plan as if the Society would have a usual year of events and shows and plan accordingly, at the time COVID-19 restrictions were still in place, but were hopeful that things may change as the year progresses. The Directors do not at present consider that there are any significant financial risks facing the Society. ## **FUTURE PLANS** The Society aims to continue to increase its membership numbers and its pedigree sheep register in accordance with its objectives. The Society continues to attend and have a noticeable presence at major shows and agricultural events to promote the merits of the breed, this is done by the Breed Promotion Officer with assistance from the regional clubs. The Society has tasked a small group to further promote the breed with the younger generation known as Beltex Young Breeders, this falls into two age groups under 16's and over 16's. The diary for the coming year was planned and agreed as if no COVID-19 restrictions apply. If shows do go ahead, the Society will risk assess attendance. However, the Society is still promoting the breed online and instead of attending major shows will again hold online shows for the benefit of the members. ## **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. ## **Recruitment and appointment of new trustees** The Articles of Association require the election of a Council of Management from the membership which must not be less than five, nor more than twelve in number. Council members, (who are also directors of the company), are elected by the members in General Meeting and are subject to retirement at the third annual general meeting after the annual general meeting at which they were appointed and may not serve more than two consecutive terms. The Council Members have the power to co-opt to the Board to fill vacancies. All members within the region of the retiring Council Member are circulated with invitations to nominate Council Members prior to the AGM. The Council Members administer the Society in accordance with the governing document. ## **Induction and training of new trustees** New Council members (Directors) receive an information pack detailing responsibilities and legal obligations under charity and company law, the Memorandum and Articles of Association, the budget and budget updates. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** 02547862 (England and Wales) Page 2 **THE BELTEX SHEEP SOCIETY LIMITED** **Report of the Trustees for the Year Ended 31 March 2021** **Registered Charity number** 1118873 **Registered office** Lane Farmhouse Crooklands Milnthorpe Cumbria LA7 7NH **Trustees** C M Jennings Ms K L Armitage (resigned 29/1/21) J F Harbinson S Wood J R Kennedy M D Prince A D Bishop H C Jewitt A J P Evans J A Mcgarva K Preston D F Hughes J C Little (appointed 29/1/21) K R Buckle (appointed 3/2/21) **Company Secretary** Mrs B Huddleston **Independent Examiner** John Andrew FCA John Andrew Chartered Accountants 17-19 Market Street KIRKBY STEPHEN Cumbria CA17 4QS Approved by order of the board of trustees on ............................................. and signed on its behalf by: ........................................................................ J R Kennedy - Trustee Page 3 **Independent Examiner's Report to the Trustees of The Beltex Sheep Society Limited** ## **Independent examiner's report to the trustees of The Beltex Sheep Society Limited ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021. ## **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. John Andrew FCA John Andrew Chartered Accountants 17-19 Market Street KIRKBY STEPHEN Cumbria CA17 4QS Date: ............................................. Page 4 **THE BELTEX SHEEP SOCIETY LIMITED** ## **Statement of Financial Activities for the Year Ended 31 March 2021** |31/3/21
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
**Charitable activities**
3
Registrations
184,433
Promotion
9,155
Membership
28,015
Investment income
2
206
**Total**
221,809
**EXPENDITURE ON**
**Charitable activities**
4
Registrations
44,369
Promotion
119,694
Membership
15,541
**Total**
179,604
**NET INCOME/(EXPENDITURE)**
42,205
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
222,240
**TOTAL FUNDS CARRIED FORWARD**
264,445|31/3/20
Total
funds
£
185,262
8,710
28,939
604
223,515
51,664
164,095
15,926
231,685
(8,170)
230,410
222,240| |---|---| The notes form part of these financial statements Page 5 **THE BELTEX SHEEP SOCIETY LIMITED** ## **Balance Sheet 31 March 2021** |31/3/21
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
10
2,651
**CURRENT ASSETS**
Stocks
11
3,371
Debtors
12
21,310
Cash at bank
257,114
281,795
**CREDITORS**
Amounts falling due within one year
13
(20,001)
**NET CURRENT ASSETS**
261,794
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
264,445
**NET ASSETS**
264,445
**FUNDS**
14
Unrestricted funds
264,445
**TOTAL FUNDS**
264,445|31/3/20
Total
funds
£
3,535
3,819
27,567
206,055| |---|---| ||237,441| ||(18,736)
218,705
222,240| ||222,240| ||222,240
222,240| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 6 continued... ## **THE BELTEX SHEEP SOCIETY LIMITED** **Balance Sheet - continued 31 March 2021** 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: ............................................. J R Kennedy - Trustee ............................................. C M Jennings - Trustee The notes form part of these financial statements Page 7 **THE BELTEX SHEEP SOCIETY LIMITED** ## **Notes to the Financial Statements for the Year Ended 31 March 2021** ## **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. ## **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. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery - 25% on reducing balance Computer equipment - 25% on reducing balance ## **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. 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. ## **Hire purchase and leasing commitments** Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. ## **Pension costs and other post-retirement benefits** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. continued... Page 8 **THE BELTEX SHEEP SOCIETY LIMITED** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2021** ## **2. INVESTMENT INCOME** |Deposit account interest
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Pedigree sales commissions
Registrations
Birth Registration
Registrations
Embryo Registration
Registrations
DNA Sample Testing
Registrations
DNA Parentage Testing
Registrations
Year book advertising
Promotion
Promotional Goods
Promotion
Membership subscriptions
Membership
New membership
subscriptions
Membership
Gift aid claim
Membership
**CHARITABLE ACTIVITIES COSTS**
Registrations
Promotion
Membership
**SUPPORT COSTS**
Management
£
Registrations
24,366
Promotion
39,304
Membership
14,935
78,605||31/3/21
£
206
31/3/21
£
19,475
114,350
33,461
15,930
1,217
5,565
3,590
22,900
2,138
2,977
221,603
Support
Direct
costs (see
Costs
note 5)
£
£
19,014
25,355
78,793
40,901
-
15,541
97,807
81,797
Governance
Finance
costs
£
£
686
303
1,106
491
420
186
2,212
980|31/3/20|31/3/20| |---|---|---|---|---| |||||£| |||||604| |||||| |||||| ||||31/3/20|| ||||£|| ||||23,582
110,087
35,261
15,889
443
7,252
1,458
24,328
1,825
2,786
222,911|| ||||Totals
£
44,369
119,694
15,541
179,604
Totals
£
25,355
40,901
15,541
81,797|| |||||| |||||| ## **3. INCOME FROM CHARITABLE ACTIVITIES** ## **4. CHARITABLE ACTIVITIES COSTS** ## **5. SUPPORT COSTS** continued... Page 9 **THE BELTEX SHEEP SOCIETY LIMITED** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2021** ## **5. SUPPORT COSTS - continued** Activity Basis of allocation Management Time spent by staff and directors Finance Time spent by staff and directors Governance costs Time spent by staff and directors. Support costs, included in the above, are as follows: ## **Management** |**Management**|||||| |---|---|---|---|---|---| |||||31/3/21|31/3/20| |||||Total|Total| ||Registrations|Promotion|Membership|activities|activities| ||£|£|£|£|£| |Wages|13,175|21,250|8,075|42,500|42,500| |Social security|-|-|-|-|484| |Pensions|279|451|171|901|907| |Other operating leases|930|1,500|570|3,000|3,000| |Accountancy and legal fees|1,144|1,845|701|3,690|2,974| |Insurance|681|1,099|417|2,197|2,174| |Office management|2,053|3,313|1,259|6,625|8,703| |Telephone|615|994|378|1,987|2,007| |Printing and stationery|2,054|3,315|1,260|6,629|5,394| |Postage|2,158|3,480|1,322|6,960|6,127| |Postage equipment|160|257|98|515|509| |Computer running costs|730|1,176|447|2,353|1,801| |Subscriptions|114|182|69|365|367| |Donations|-|-|-|-|275| |Staff training|-|-|-|-|265| |Depreciation of tangible and|||||| |heritage assets|273|442|168|883|1,178| ||24,366|39,304|14,935|78,605|78,665| |**Finance**|||||| |||||31/3/21|31/3/20| |||||Total|Total| ||Registrations|Promotion|Membership|activities|activities| ||£|£|£|£|£| |Bank charges|686|1,106|420|2,212|2,290| ||||||| continued... Page 10 ## **THE BELTEX SHEEP SOCIETY LIMITED** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2021** ## **5. SUPPORT COSTS - continued Governance costs** |**Governance costs**|||||| |---|---|---|---|---|---| |||||31/3/21|31/3/20| |||||Total|Total| ||Registrations|Promotion|Membership|activities|activities| ||£|£|£|£|£| |Council expenses|128|208|79|415|4,319| |AGM expenses|175|283|107|565|3,209| ||303|491|186|980|7,528| ||||||| ## **6. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): ||31/3/21|31/3/20| |---|---|---| ||£|£| |Depreciation - owned assets|884|1,178| |Other operating leases|3,000|3,000| |||| ## **7. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020. ## **Trustees' expenses** The trustees incurred expenses in the period were as follows: ||this year|last year| |---|---|---| ||£|£| |Travel and subsistence|145|2,387| |Video Conferencing|270|0| |Room hire||1,068| |TOTAL|415|3,455| The number of trustees reimbursed for expenses or who had expenses paid by the charity was 13. ## **8. STAFF COSTS** The average monthly number of employees during the year was as follows: ||31/3/21|31/3/20| |---|---|---| |Company Secretary|1|1| |Promotion and Marketing|1|1| ||2|2| |||| No employees received emoluments in excess of £60,000. continued... Page 11 ## **THE BELTEX SHEEP SOCIETY LIMITED** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2021** ## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**||| |---|---|---| ||Unrestricted|| ||fund|| ||£|| |**INCOME AND ENDOWMENTS FROM**||| |**Charitable activities**||| |Registrations|185,262|| |Promotion|8,710|| |Membership|28,939|| |Investment income|604|| |**Total**|223,515|| |**EXPENDITURE ON**||| |**Charitable activities**||| |Registrations|51,664|| |Promotion|164,095|| |Membership|15,926|| |**Total**|231,685|| |**NET INCOME/(EXPENDITURE)**|(8,170)|| |**RECONCILIATION OF FUNDS**||| |**Total funds brought forward**|230,410|| |**TOTAL FUNDS CARRIED FORWARD**|222,240|| |||| ## **10. TANGIBLE FIXED ASSETS** |Plant and
Computer
machinery
equipment
£
£
**COST**
At 1 April 2020 and 31 March 2021
17,054
1,757
**DEPRECIATION**
At 1 April 2020
14,837
439
Charge for year
554
330
At 31 March 2021
15,391
769
**NET BOOK VALUE**
At 31 March 2021
1,663
988
At 31 March 2020
2,217
1,318|Plant and
Computer
machinery
equipment
£
£
**COST**
At 1 April 2020 and 31 March 2021
17,054
1,757
**DEPRECIATION**
At 1 April 2020
14,837
439
Charge for year
554
330
At 31 March 2021
15,391
769
**NET BOOK VALUE**
At 31 March 2021
1,663
988
At 31 March 2020
2,217
1,318|Plant and
Computer
machinery
equipment
£
£
**COST**
At 1 April 2020 and 31 March 2021
17,054
1,757
**DEPRECIATION**
At 1 April 2020
14,837
439
Charge for year
554
330
At 31 March 2021
15,391
769
**NET BOOK VALUE**
At 31 March 2021
1,663
988
At 31 March 2020
2,217
1,318|Totals
£
18,811
15,276
884
16,160
2,651| |---|---|---|---| ||2,217|1,318|3,535| continued... Page 12 **THE BELTEX SHEEP SOCIETY LIMITED** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2021** |**11.**
**STOCKS**
Promotional Goods
**12.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Amounts due from members
Other debtors
Prepayments
**13.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Social security and other taxes
VAT
Other creditors
Accrued expenses
**14.**
**MOVEMENT IN FUNDS**
At 1/4/20
£
**Unrestricted funds**
General fund
222,240
**TOTAL FUNDS**
222,240
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
221,809
**TOTAL FUNDS**
221,809|31/3/21
31/3/20
£
£
3,371
3,819
31/3/21
31/3/20
£
£
17,153
20,952
2,977
2,787
1,180
3,828
21,310
27,567
31/3/21
31/3/20
£
£
1,579
-
10,739
12,988
4,434
3,248
3,249
2,500
20,001
18,736
Net
movement
At
in funds
31/3/21
£
£
42,205
264,445
42,205
264,445
Resources
Movement
expended
in funds
£
£
(179,604)
42,205
(179,604)
42,205|||| |---|---|---|---|---| |||31/3/20
£||| |||||3,819| |||||| |||31/3/20
£||| ||||20,952|| ||||2,787
3,828|| ||||27,567|| |||||| |||31/3/20
£||| ||||-|| ||||12,988
3,248
2,500
18,736|| continued... Page 13 **THE BELTEX SHEEP SOCIETY LIMITED** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2021** ## **14. MOVEMENT IN FUNDS - continued** **Comparatives for movement in funds** |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1/4/19
£
230,410
230,410|Net
movement
in funds
£
(8,170)
(8,170)|At
31/3/20
£
222,240| |---|---|---|---| ||||222,240| Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
223,515
223,515|Resources
Movement
expended
in funds
£
£
(231,685)
(8,170)
(231,685)
(8,170)|Resources
Movement
expended
in funds
£
£
(231,685)
(8,170)
(231,685)
(8,170)| |---|---|---|---| ||||(8,170)| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1/4/19
£
230,410
230,410|Net
movement
in funds
£
34,035
34,035|At
31/3/21
£
264,445| |---|---|---|---| ||||264,445| 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
£
445,324
445,324|Resources
Movement
expended
in funds
£
£
(411,289)
34,035
(411,289)
34,035|Resources
Movement
expended
in funds
£
£
(411,289)
34,035
(411,289)
34,035| |---|---|---|---| ||||34,035| continued... Page 14 **THE BELTEX SHEEP SOCIETY LIMITED** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2021** ## **15. RELATED PARTY DISCLOSURES** Transactions with trustees: |Name||Amount|at year end| |---|---|---|---| |||£|£| |A Bishop|Show inspection services|200|200| The services were provided on normal commercial terms. There have been no other related party transactions in the reporting period. ## **16. FUNDS HELD BY CLUBS** Funds totalling £35,681 (PY: £27,560) are held by a number of Beltex sheep breeder clubs in Britain and Ireland. The society has no control over these funds whilst these clubs remain active and so the amount has not been recognised in the balance sheet. The club rules, which have been approved by the society, stipulate that the funds will transfer to the society in the event of a club winding up. Page 15 **THE BELTEX SHEEP SOCIETY LIMITED** ## **Detailed Statement of Financial Activities for the Year Ended 31 March 2021** ||31/3/21|31/3/20| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Investment income**||| |Deposit account interest|206|604| |**Charitable activities**||| |Membership subscriptions|22,900|24,328| |New membership subscriptions|2,138|1,825| |Pedigree sales commissions|19,475|23,582| |Year book advertising|5,565|7,252| |Birth Registration|114,350|110,087| |Embryo Registration|33,461|35,261| |Promotional Goods|3,590|1,458| |Gift aid claim|2,977|2,786| |DNA Sample Testing|15,930|15,889| |DNA Parentage Testing|1,217|443| ||221,603|222,911| |**Total incoming resources**|221,809|223,515| |**EXPENDITURE**||| |**Charitable activities**||| |Website and social media|2,016|1,115| |Year book expenses|9,846|12,445| |Show and sale expenses|11,149|26,794| |Sponsorship and prizes|2,335|9,295| |Regional club sponsorship|3,600|3,600| |Regional field officers|-|6,985| |Advertising and promotion|41,363|48,911| |Travel and accommodation|2,233|6,813| |Opening stock|3,819|2,233| |Purchases|5,803|6,369| |Closing stock|(3,371)|(3,819)| |DNA Sample Testing|17,949|22,296| |DNA Parentage Testing|1,065|165| ||97,807|143,202| |**Support costs**||| |**Management**||| |Wages|42,500|42,500| |Social security|-|484| |Pensions|901|907| |Other operating leases|3,000|3,000| |Carried forward|46,401|46,891| This page does not form part of the statutory financial statements Page 16 **THE BELTEX SHEEP SOCIETY LIMITED** ## **Detailed Statement of Financial Activities for the Year Ended 31 March 2021** ||31/3/21|31/3/20|| |---|---|---|---| ||£|£|| |**Management**|||| |Brought forward|46,401|46,891|| |Accountancy and legal fees|3,690|2,974|| |Insurance|2,197|2,174|| |Office management|6,625|8,703|| |Telephone|1,987|2,007|| |Printing and stationery|6,629|5,394|| |Postage|6,960|6,127|| |Postage equipment|515|509|| |Computer running costs|2,353|1,801|| |Subscriptions|365|367|| |Donations|-|275|| |Staff training|-|265|| |Depn of plant & machinery|554|739|| |Depn of computer equipment|329|439|| ||78,605|78,665|| |**Finance**|||| |Bank charges|2,212|2,290|| |**Governance costs**|||| |Council expenses|415|4,319|| |AGM expenses|565|3,209|| ||980|7,528|| |Total resources expended|179,604|231,685|| |**Net income/(expenditure)**|42,205|(8,170)|| ||||| This page does not form part of the statutory financial statements Page 17