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2022-03-31-accounts

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 2022

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 2022

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 2022

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 2022. 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:

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 2022

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 increased from last year as shows and events opened after COVID-19 restrictions started to lift. The busiest time of the year is between May - October with travelling to 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.

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.

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)

Registered Charity number

1118873

Page 2

THE BELTEX SHEEP SOCIETY LIMITED

Report of the Trustees for the Year Ended 31 March 2022

Registered office Holme House Dale Ainstable Carlisle Cumbria CA4 9RH

Trustees

C M Jennings (resigned 9/12/21) J F Harbinson (resigned 9/12/21) S Wood J R Kennedy (resigned 31/10/21) M D Prince (resigned 9/12/21) A D Bishop H C Jewitt A J P Evans J A McGarva K Preston D F Hughes (resigned 12/11/21) J C Little K R Buckle Mrs K C B Shuttleworth (appointed 9/12/21) E O'Neill (appointed 9/12/21) A Morton (appointed 9/12/21) G R Evans (appointed 9/12/21)

J R Kennedy - Chairman deceased 15/8/21 C M Jennings - Vice Chairman resigned 9/12/21 K R Buckle - Appointed Chairman since 9/12/21 K Preston - Appointed Vice Chairman since 9/12/21

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:

........................................................................ K R Buckle - 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 2022.

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 2022

31/3/22
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Registrations
194,852
Promotion
10,700
Membership
29,155
Investment income
2
24
Total
234,731
EXPENDITURE ON
Charitable activities
4
Registrations
61,212
Promotion
131,468
Membership
16,620
Total
209,300
NET INCOME
25,431
RECONCILIATION OF FUNDS
Total funds brought forward
264,445
TOTAL FUNDS CARRIED FORWARD
289,876		 31/3/21
Total
funds
£
184,433
9,155
28,015
206
221,809
44,369
119,694
15,541
179,604
42,205
222,240
264,445

The notes form part of these financial statements

Page 5

THE BELTEX SHEEP SOCIETY LIMITED

Balance Sheet 31 March 2022

31/3/22
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
10
3,248
CURRENT ASSETS
Stocks
11
7,052
Debtors
12
34,445
Cash at bank and in hand
260,872
302,369
CREDITORS
Amounts falling due within one year
13
(15,741)
NET CURRENT ASSETS
286,628
TOTAL ASSETS LESS CURRENT
LIABILITIES
289,876
NET ASSETS
289,876
FUNDS
14
Unrestricted funds
289,876
TOTAL FUNDS
289,876		 31/3/21
Total
funds
£
2,651
3,371
21,310
257,114
281,795
(20,001)
261,794
264,445
264,445
264,445
264,445

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 6

continued...

THE BELTEX SHEEP SOCIETY LIMITED

Balance Sheet - continued 31 March 2022

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:

............................................. K R Buckle - Trustee

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

J A McGarva - 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 2022

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 2022

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		 Direct
Costs
£
30,744
86,227
-
116,971		 31/3/22
£
24
31/3/22
£
19,282
112,148
36,642
25,228
1,552
8,356
2,344
24,146
1,913
3,096
234,707
Support
costs (see
note 5)
£
30,468
45,241
16,620
92,329		 31/3/21 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
Totals
£
61,212
131,468
16,620
209,300

3. INCOME FROM CHARITABLE ACTIVITIES

4. CHARITABLE ACTIVITIES COSTS

5. SUPPORT COSTS

SUPPORT COSTS
Management
£
Registrations
28,945
Promotion
42,980
Membership
15,790
87,715		 Governance
Finance
costs
£
£
639
884
948
1,313
348
482
1,935
2,679		 Totals
£
30,468
45,241
16,620
92,329

continued...

Page 9

THE BELTEX SHEEP SOCIETY LIMITED

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

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
31/3/22 31/3/21
Total Total
Registrations Promotion Membership activities activities
£ £ £ £ £
Wages 14,855 22,056 8,102 45,013 42,500
Pensions 322 478 176 976 901
Other operating leases 1,518 2,254 828 4,600 3,000
Accountancy and legal fees 1,018 1,513 556 3,087 3,690
Insurance 757 1,124 413 2,294 2,197
Office management 2,677 3,976 1,461 8,114 6,625
Telephone and Internet 670 996 366 2,032 1,987
Printing and stationery 3,086 4,583 1,684 9,353 6,629
Postage 2,533 3,760 1,381 7,674 6,960
Postage equipment 255 378 139 772 515
Computer running costs 702 1,043 383 2,128 2,353
Subscriptions 131 196 72 399 365
Sundries 12 18 7 37 -
CC Terminal Hire 107 158 58 323 -
Depreciation of tangible and
heritage assets 302 447 164 913 883
28,945 42,980 15,790 87,715 78,605
Finance
31/3/22 31/3/21
Total Total
Registrations Promotion Membership activities activities
£ £ £ £ £
Bank charges 639 948 348 1,935 2,212
Governance costs
31/3/22 31/3/21
Total Total
Registrations Promotion Membership activities activities
£ £ £ £ £
Council expenses 576 855 314 1,745 415
AGM expenses 308 458 168 934 565
884 1,313 482 2,679 980

continued...

Page 10

THE BELTEX SHEEP SOCIETY LIMITED

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

6. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31/3/22 31/3/21
£ £
Depreciation - owned assets 912 884
Other operating leases 4,600 3,000

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

The trustees incurred expenses in the period were as follows:

this year last year
£ £
Travel and subsistence 1,019 145
Video Conferencing 144 270
Room hire 546
TOTAL 1,709 415

The number of trustees reimbursed for expenses or who had expenses paid by the charity was 12.

8. STAFF COSTS

The average monthly number of employees during the year was as follows:

31/3/22 31/3/21
Company Secretary 1 1
Promotion and Marketing 1 1
2 2

No employees received emoluments in excess of £60,000.

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Registrations 184,433
Promotion 9,155
Membership 28,015
Investment income 206
Total 221,809

continued...

Page 11

THE BELTEX SHEEP SOCIETY LIMITED

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted
fund
£
EXPENDITURE ON
Charitable activities
Registrations
44,369
Promotion
119,694
Membership
15,541
Total
179,604
NET INCOME
42,205
RECONCILIATION OF FUNDS
Total funds brought forward
222,240
TOTAL FUNDS CARRIED FORWARD
264,445
10.
TANGIBLE FIXED ASSETS
Plant and
Computer
machinery
equipment
Totals
£
£
£
COST
At 1 April 2021
17,054
1,757
18,811
Additions
-
1,509
1,509
Disposals
(11,289)
-
(11,289)
At 31 March 2022
5,765
3,266
9,031
DEPRECIATION
At 1 April 2021
15,391
769
16,160
Charge for year
416
496
912
Eliminated on disposal
(11,289)
-
(11,289)
At 31 March 2022
4,518
1,265
5,783
NET BOOK VALUE
At 31 March 2022
1,247
2,001
3,248
At 31 March 2021
1,663
988
2,651		 Unrestricted
fund
£
EXPENDITURE ON
Charitable activities
Registrations
44,369
Promotion
119,694
Membership
15,541
Total
179,604
NET INCOME
42,205
RECONCILIATION OF FUNDS
Total funds brought forward
222,240
TOTAL FUNDS CARRIED FORWARD
264,445
10.
TANGIBLE FIXED ASSETS
Plant and
Computer
machinery
equipment
Totals
£
£
£
COST
At 1 April 2021
17,054
1,757
18,811
Additions
-
1,509
1,509
Disposals
(11,289)
-
(11,289)
At 31 March 2022
5,765
3,266
9,031
DEPRECIATION
At 1 April 2021
15,391
769
16,160
Charge for year
416
496
912
Eliminated on disposal
(11,289)
-
(11,289)
At 31 March 2022
4,518
1,265
5,783
NET BOOK VALUE
At 31 March 2022
1,247
2,001
3,248
At 31 March 2021
1,663
988
2,651		 Unrestricted
fund
£
EXPENDITURE ON
Charitable activities
Registrations
44,369
Promotion
119,694
Membership
15,541
Total
179,604
NET INCOME
42,205
RECONCILIATION OF FUNDS
Total funds brought forward
222,240
TOTAL FUNDS CARRIED FORWARD
264,445
10.
TANGIBLE FIXED ASSETS
Plant and
Computer
machinery
equipment
Totals
£
£
£
COST
At 1 April 2021
17,054
1,757
18,811
Additions
-
1,509
1,509
Disposals
(11,289)
-
(11,289)
At 31 March 2022
5,765
3,266
9,031
DEPRECIATION
At 1 April 2021
15,391
769
16,160
Charge for year
416
496
912
Eliminated on disposal
(11,289)
-
(11,289)
At 31 March 2022
4,518
1,265
5,783
NET BOOK VALUE
At 31 March 2022
1,247
2,001
3,248
At 31 March 2021
1,663
988
2,651		 Unrestricted
fund
£
EXPENDITURE ON
Charitable activities
Registrations
44,369
Promotion
119,694
Membership
15,541
Total
179,604
NET INCOME
42,205
RECONCILIATION OF FUNDS
Total funds brought forward
222,240
TOTAL FUNDS CARRIED FORWARD
264,445
10.
TANGIBLE FIXED ASSETS
Plant and
Computer
machinery
equipment
Totals
£
£
£
COST
At 1 April 2021
17,054
1,757
18,811
Additions
-
1,509
1,509
Disposals
(11,289)
-
(11,289)
At 31 March 2022
5,765
3,266
9,031
DEPRECIATION
At 1 April 2021
15,391
769
16,160
Charge for year
416
496
912
Eliminated on disposal
(11,289)
-
(11,289)
At 31 March 2022
4,518
1,265
5,783
NET BOOK VALUE
At 31 March 2022
1,247
2,001
3,248
At 31 March 2021
1,663
988
2,651
44,369
119,694
15,541
179,604
42,205
222,240
264,445
Totals
£
18,811
1,509
(11,289)
9,031
16,160
912
(11,289)
5,783
3,248
1,663 988 2,651

continued...

Page 12

THE BELTEX SHEEP SOCIETY LIMITED

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

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
Trade creditors
Social security and other taxes
VAT
Other creditors
Accrued expenses
14.
MOVEMENT IN FUNDS
At 1/4/21
£
Unrestricted funds
General fund
264,445
TOTAL FUNDS
264,445
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
234,731
TOTAL FUNDS
234,731		 31/3/22
31/3/21
£
£
7,052
3,371
31/3/22
31/3/21
£
£
27,267
17,153
3,096
2,977
4,082
1,180
34,445
21,310
31/3/22
31/3/21
£
£
2,186
-
-
1,579
9,277
10,739
-
4,434
4,278
3,249
15,741
20,001
Net
movement
At
in funds
31/3/22
£
£
25,431
289,876
25,431
289,876
Resources
Movement
expended
in funds
£
£
(209,300)
25,431
(209,300)
25,431
31/3/21
£
3,371
31/3/21
£
17,153
2,977
1,180
21,310
31/3/21
£
-
1,579
10,739
4,434
3,249
20,001

continued...

Page 13

THE BELTEX SHEEP SOCIETY LIMITED

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At 1/4/20
£
222,240
222,240		 Net
movement
in funds
£
42,205
42,205		 At
31/3/21
£
264,445
264,445

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
221,809
221,809		 Resources
Movement
expended
in funds
£
£
(179,604)
42,205
(179,604)
42,205		 Resources
Movement
expended
in funds
£
£
(179,604)
42,205
(179,604)
42,205
42,205

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1/4/20
£
222,240
222,240		 Net
movement
in funds
£
67,636
67,636		 At
31/3/22
£
289,876
289,876

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
£
456,540
456,540		 Resources
Movement
expended
in funds
£
£
(388,904)
67,636
(388,904)
67,636		 Resources
Movement
expended
in funds
£
£
(388,904)
67,636
(388,904)
67,636
67,636

continued...

Page 14

THE BELTEX SHEEP SOCIETY LIMITED

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

15. RELATED PARTY DISCLOSURES

Transactions with trustees:

Name Amount at year end
£ £
A Bishop Show inspection services 120 0
A Morton Show inspection services 75 0

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 £37,419 (PY: £35,681) 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.

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THE BELTEX SHEEP SOCIETY LIMITED

Detailed Statement of Financial Activities for the Year Ended 31 March 2022

31/3/22 31/3/21
£ £
INCOME AND ENDOWMENTS
Investment income
Deposit account interest 24 206
Charitable activities
Membership subscriptions 24,146 22,900
New membership subscriptions 1,913 2,138
Pedigree sales commissions 19,282 19,475
Year book advertising 8,356 5,565
Birth Registration 112,148 114,350
Embryo Registration 36,642 33,461
Promotional Goods 2,344 3,590
Gift aid claim 3,096 2,977
DNA Sample Testing 25,228 15,930
DNA Parentage Testing 1,552 1,217
234,707 221,603
Total incoming resources 234,731 221,809
EXPENDITURE
Charitable activities
Website and social media 1,000 2,016
Year book expenses 9,951 9,846
Show and sale expenses 19,219 11,149
Sponsorship and prizes 3,414 2,335
Regional club sponsorship 1,600 3,600
Advertising and promotion 49,298 41,363
Travel and accommodation 3,685 2,233
Opening stock 3,371 3,819
Purchases 1,741 5,803
Closing stock (7,052) (3,371)
DNA Sample Testing 29,124 17,949
DNA Parentage Testing 1,620 1,065
116,971 97,807
Support costs
Management
Wages 45,013 42,500
Pensions 976 901
Other operating leases 4,600 3,000
Accountancy and legal fees 3,087 3,690
Insurance 2,294 2,197
Carried forward 55,970 52,288

This page does not form part of the statutory financial statements

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THE BELTEX SHEEP SOCIETY LIMITED

Detailed Statement of Financial Activities for the Year Ended 31 March 2022

31/3/22 31/3/21
£ £
Management
Brought forward 55,970 52,288
Office management 8,114 6,625
Telephone and Internet 2,032 1,987
Printing and stationery 9,353 6,629
Postage 7,674 6,960
Postage equipment 772 515
Computer running costs 2,128 2,353
Subscriptions 399 365
Sundries 37 -
CC Terminal Hire 323 -
Depn of plant & machinery 416 554
Depn of computer equipment 497 329
87,715 78,605
Finance
Bank charges 1,935 2,212
Governance costs
Council expenses 1,745 415
AGM expenses 934 565
2,679 980
Total resources expended 209,300 179,604
Net income 25,431 42,205

This page does not form part of the statutory financial statements

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