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2022-12-31-accounts

Registered Company Number: 225962 Registered Charity Number: 209864

The English Guernsey Cattle Society (a company limited by guarantee)

Trustee's Report and Unaudited Financial Statements for the Year Ended 31st December 2022

The English Guernsey Cattle Society

(a company limited by guarantee)

Contents of the Financial Statements

Page
Legal and Administrative Information 1
Report of the Council 2 - 4
Accountants' Report to the Council 5
Statement of Financial Activities 6
Balance Sheet 7- 8
Notes to the Financial Statements 9 - 12
Detailed Statement of Financial Activities 13

The English Guernsey Cattle Society

(a company limited by guarantee)

Legal and Administrative Information

CHARITY NUMBER 209864
COMPANY REGISTRATION NUMBER 225962
LEGAL STATUS The charity is limited by guarantee,
having no share capital
GOVERNING INSTRUMENT Memorandum and Articles of Association
incorporated 19th November 1927, amended
26th June 1963 and 8th September 1982
REGISTERED OFFICE Unit 2 Dunheved Court
Pennygillam Way
Pennygillam Industrial Estate
Launceston
Cornwall
PL15 7ED
PRINCIPAL OFFICE Langstone Mill Farm
Ilangarron
Ross on Wye
HR9 6NY
ACCOUNTANTS ATC Advisors
Unit 2 Dunheved Court
Pennygillam Way
Pennygillam Industrial Estate
Launceston
Cornwall
PL15 7ED
BANKERS National Westminster Bank
13 High Street
Chesham
Bucks
HP5 1BQ
SOLICITORS Iliffes, Booth Bennett
Capital Court
30 Windsor Street
Uxbridge
Middlesex
UB8 1AB
INVESTMENT ADVISORS Brewin Dolphin
Ashleigh Court
Ashleigh Way
Langage Business Park
Plymouth
PL7 5JX

Page 1

The English Guernsey Cattle Society

(a company limited by guarantee)

Report of the Council for the Year Ended 31st December 2022

Constitution

The English Guernsey Cattle Society was incorporated in 1927 as a company limited by guarantee under the Companies Acts 1908 to 1917. The rules of the Society are set out in the Memorandum and Articles of Association.

The Council

The constitution of Council on 31st December 2022 was as shown below:

Nationally Elected

J R Warren (Chairman) M H Jones (Vice Chairman) P C Durbin D R Gribble C Gleed D Vincent M Dawes Regional Representatives J W Bartlett (Chairman of Finance) J D Mann S Staples S Kettleborough President R Warren Presidents Elect P E Richardson Past President N J and C Gosling Vice Presidents (Members of Council without a vote) J C Berry G S Davies N R Kennard Of the Council the following members are also Trustees for Charity purposes and Directors for Company purposes.

J R Warren (Chairman) N J Gosling A D Thomas P C Durbin M H Jones (Vice Chairman)

Nationally elected members are elected at the AGM. Regional Representatives are elected by the regional branches. The Presidents-Elect is appointed by Council following an election, if necessary. The Presidents-Elect becomes the Presidents of the Society at the next AGM and retains office for twelve months. The retiring President serves on Council for one year as the Past President. The Council also has the power to co-opt additional members to Council. Vice-Presidents (non-voting) are elected by Council.

Page 2

The English Guernsey Cattle Society

(a company limited by guarantee)

Report of the Council (incorporating the directors report) for the Year Ended 31st December 2022

Training

New members of Council are normally active Dairy Farmers, running their own businesses. They have also often exhibited cattle at shows and taken part in branch activities so no specific training is either needed or given other than to explain to them their responsibilities as trustees of a Charity.

Structure, Guarantee and Management

The Society office has been relocated to Hereford on the retirement of Mrs Cox. Louise Hart has become solely responsible for the day to day administrative function of the Society.

Executive decisions are taken in the first instance by the Council and within parameters set by Council on a day to day basis by the Chairman of the Society and the Management Committee.

Objects and Policies

The main object of the Society is to maintain the purity and improve the breed of Guernsey Cattle in the United Kingdom. In order to further these objects the following policies have been adopted by Council:

We register all pedigree cattle born in the UK individually and enter them in a Herd Book which contains full details of the parentage of every animal together with all other relevant information.

We seek to improve the breed by careful selection of bull mothers and endeavouring to breed a group of young bulls from which we select the best individuals from whom we obtain AI semen which we sell to our members. We import AI semen of selected bulls which we also sell to our members.

We carry out a full type classification system in conjunction with other Societies in the World Guernsey Federation to seek to improve the conformation of cattle in the breed.

Main Achievements / Financial Review

A significant deficit of income over expenditure has been made during the year 2022, after a healthy surplus the previous year. Mainly as a result of the substantial increase in GGBP costs.

We collected semen from 4 English bulls in 2022, but due to unforeseen circumstances, some of these incurred additional costs which we have had to absorb. As we continue with our aim to supply Guernsey breeders with the best possible competitively priced semen available.

We continue to export semen all around the World and continue to look for new markets and opportunities for our range of proven and young bulls. While using the data from the ongoing "Genomic project", combined with existing traditional data, to help provide information to breeders in their bull selection process.

The value of our investments has fallen over the year, following market conditions, but we managed to achieve a small boost to our dividend income. We continue to take advice from our brokers as to how best to manage our portfolio.

We have had some staffing changes as our administrator, Louise has decided to reduce her available time to the Society and we welcome Helen Cox as breed secretary. Her main role will be liaising with members and dealing with the day to day tasks.

Reserves Policy

The Council Members consider that there should be retained reserves of approximately £100,000 which would be sufficient to

At the 31st December 2022 the Charity's total reserves were £288,239 (2021: £321,707). Unrestricted free reserves available for spending after excluding unrestricted investments as at 31st December 2022 were £81,691 (2021: £101,270).

Objectives and Activities for the Public Benefit

The Council Members confirm that they have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing the Trusts aims and objectives and in planning future activities.

They consider that public benefit is served mainly by the Society's aims in maintaining the purity of the breed and, being a minor dairy breed, its continuing existence within the UK. The Society provides advice and services that anyone with an interest in dairy farming, and the breed in particular, can access. It also provides an education to the wider public by encouraging the presence of Guernsey cattle at agricultural shows and other events.

Risk Management

The Finance Committee have reviewed the major risks which the Society faces and established courses of action to mitigate those risks. Further reviews will be carried out on a regular basis.

Budgets are presented to Council on a regular basis in advance of the next financial year, at that time Council reviews the major risks that the Society faces in addition to their consideration.

Page 3

The English Guernsey Cattle Society

(a company limited by guarantee)

Report of the Council (incorporating the Directors Report) for the Year Ended 31st December 2022

Statement of Council's Responsibilities

The charity trustees (who are also the directors of The English Guernsey Cattle Society for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

ON BEHALF OF THE COUNCIL

----- Start of picture text -----
J R Warren
………………………………………..
Chairman of the Council Date 10/08/2023
----- End of picture text -----

Page 4

The English Guernsey Cattle Society

(a company limited by guarantee)

Independent Examiner's Report to the Members on the Unaudited Accounts of The English Guernsey Cattle Society

I report on the accounts of the company for the year ended 31st December 2022, which are set out on pages 6 to 13.

Respective responsibilities of trustees and reporting accountants

The council (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity's council consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in audit and, consequently, no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

S Gay FCCA, ACA ATC Advisors Unit 2 Dunheved Court Pennygillam Way Pennygillam Industrial Estate Launceston Cornwall PL15 7ED

Dated:

Page 5

The English Guernsey Cattle Society

(a company limited by guarantee)

Statement of Financial Activities (incorporating the Income and Expenditure account) and statement of total recognised gains and loss for the year ended 31st December 2022

Notes
Incoming Resources
- Income from Members
2
- Investment income and Interest
Incoming resources from charitable activities:
- Trading Income
TOTAL INCOMING RESOURCES
Resources Expended
Costs of generating funds and publicity costs
3
Charitable Activities
4
Support Costs
5
Governance Costs
6
TOTAL RESOURCES EXPENDED
Net income for the year before revaluations
Net Gains / (Losses) on revaluation and disposal
of investment assets
Net movement in funds for the period
Total Funds Brought Forward
TOTAL FUNDS CARRIED FORWARD
11/12
Restricted
Funds
-
741
-
741
628
1,048
-
-
1,676
(935)
(1,287)
(2,222)
22,878
20,656
Unrestricted
31st December
Funds
2022
2021
Total
Total
£
£
25,205
25,205
25,380
6,047
6,788
6,292
44,548
44,548
52,474
75,800
76,541
84,146
21,880
22,508
22,750
62,871
63,919
42,764
5,475
5,475
5,581
4,728
4,728
3,022
94,954
96,630
74,117
(19,154)
(20,089)
10,029
(12,092)
(13,379)
21,702
(31,246)
(33,468)
31,731
298,829
321,707
289,976
267,583
288,239
321,707
31st December

Page 6

The English Guernsey Cattle Society

(a company limited by guarantee)

Balance Sheet as at 31st December 2022

Notes
Fixed Assets
Investments
7
Tangible assets
8
Current Assets
Stocks
Debtors
9
Cash at bank and in hand
Creditors
Amounts falling due within one year
10
Net Current Assets
Funds
Unrestricted Funds
11/12
Restricted Funds
11/12
TOTAL FUNDS
£
£
200,599
425
201,024
4,763
48,270
63,037
116,070
28,855
87,215
288,239
267,583
20,656
288,239
2022
31st December
£
£
213,978
-
213,978
5,194
32,322
79,549
117,065
9,336
107,729
321,707
298,829
22,878
321,707
2021
31st December

Registered Company Number: 225962 Registered Charity Number: 209864

The notes on pages 9 to 13 form an integral part of these financial statements

Page 7

The English Guernsey Cattle Society

(a company limited by guarantee)

Balance Sheet as at 31st December 2021 (continued)

In approving these financial statements the Council Members hereby confirm:

That for the year stated above the company was entitled to the exemption under Section 477 of the Companies Act 2006

That no notice has been deposited at the registered office of the company pursuant to Section 476 of the Companies Act 2006 requesting that an audit be conducted for the year ended 31st December 2021.

That the Council Members acknowledge responsibilities for:

These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The financial statements were approved by the Board on and signed on its behalf by10/08/2023

J R Warren N Gosling ……………………………………….. ……………………………………….. Chairman of the Council Trustee

The notes on pages 9 to 13 form an integral part of these financial statements

Page 8

The English Guernsey Cattle Society

(a company limited by guarantee)

Notes to the Financial Statements for the Year Ended 31st December 2022

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period and the preceding year.

1.1 Basis of Accounting

The accounts (financial statements) have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective March 2018) - (Charities SORP (FRS 102 with Update Bulletin 1 and Update Bulletin 2)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The English Guernsey Cattle Society meets the definition of a public benefit entity under FRS 102. Assets and liabilites are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounts policy note(s).

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

1.2 Incoming Resources

Income is recognised within the accounts as it becomes receivable and is the amount derived from ordinary activites, and stated after trade discounts and net of VAT. Income is allocated between the various headings on an actual basis with no apportionment required. Donations either received or in kind are recognised within the accounts as soon as they have been received.

A restriction exists on Council's use of income generated from investments gifted by the South Western Guernsey Cattle Breeders Association whereby any such income can only be used to benefit those members residing in the South West of England

1.3 Resources Expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Recognition of Liabilities

The liabilities of the Company are recognised in the accounts as soon as goods have been purchased by the Company.

Investments are held to generate funds and are revalued at mid-market value at the balance sheet date. Any gain or loss that arises on either revaluation or disposal is taken to the Statement of Financial Activities.

1.5 Stock

Stock is valued at the lower of cost and net realisable value.

1.6 Life Members Subscriptions

Life Membership Subscriptions are written off in the year of receipt.

1.7 Fixed Assets

Depreciation is provided on tangible fixed assets so as to write off the costs of the assets over their estimated useful economic lives of 4 years, using the following rates:

Plant and Machinery etc. 25% Straight Line

Fixed assets costing £500 or more are capitalised.

1.8 Taxation

The company is a registered Charity and, as such, no taxation is due on these accounts.

2
Incoming Resources
Income from members:
Levies
Subscriptions
Registrations
Sundry income
Life Members
3
Costs of generating funds and publicity costs
Salaries
Pension Contibutions
General Publicity
Website Expenses
Show Expenses
Restricted

Funds
£
-
-
-
-
-
-
-
-
-
-
628
628
Unrestricted
31
Funds
£
21,867
1,235
980
1,023
100
25,205
18,572
1,384
-
218
1,706
21,880
st December
31
2022
£
21,867
1,235
980
1,023
100
25,205
18,572
1,384
-
218
2,334
22,508
st December
2021
£
22,576
1,518
1,160
126
-
25,380
18,900
1,400
239
79
2,132
22,750

Page 9

The English Guernsey Cattle Society

(a company limited by guarantee)

Notes to the Financial Statements for the Year Ended 31st December 2022

4
Charitable Activities
Purchases (adjusted for stock)
Storage and Distribution
GGBP Costs
Herd Classifications
Registrations
Genomic Evaluation
Genome Project
5
Support Costs
Rent and Services
Telephone
Printing and Stationary
Postage
Insurance
Subscriptions
Council Meetings and A.G.M
Computer Support and Maintenance
Miscellaneous Expenses
Depreciation
6
Governance Costs
Legal and Professional Fees
Accountancy
7
Listed Investments
Valuation
Market value as at 1st January 2021
Add:
Gain on disposal
Gain on revaluation
Less:
Disposal of investments
Loss on revaluation
Market value as at 31st December 2021
Market value as at 31st December 2021
Investments per Balance Sheet
UK Investments
Overseas Investments
Restricted

Funds
£
-
-
-
-
-
898
150
1,048
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13,379
Unrestricted
31
Funds
£
2,486
2,943
46,920
5,741
4,742
39
-
62,871
824
449
-
258
1,934
15
295
931
627
142
5,475
2,628
2,100
4,728
2022
£
213,978
-
(13,379)
200,599
200,599
200,599
118,658
81,941
200,599
st December
31s
2022
£
2,486
2,943
46,920
5,741
4,742
937
150
63,919
824
449
-
258
1,934
15
295
931
627
142
5,475
2,628
2,100
4,728
110
21,592
110
-
t December
2021
£
4,544
2,123
16,880
3,545
3,426
66
12180
42,764
816
472
9
530
1,794
15
1,076
577
292
-
5,581
1,642
1,380
3,022
2021
£
192,386
21,702
(110)
213,978
213,978
213,978
127,212
86,766
213,978

Page 10

The English Guernsey Cattle Society

(a company limited by guarantee)

Notes to the Financial Statements for the Year Ended 31st December 2022

8
Tangible Fixed Assets
Cost
As at 1st January 2022
Additions
As at 31st December 2022
Depreciation
As at 1st January 2022
Charge
As at 31st December 2022
Net book value
As at 31st December 2022
As at 31st December 2021
9
Debtors
Amounts due from Members
Other Debtors
Prepayments
10
Creditors: Amounts falling due within one year
Trade Creditors
Other Creditors
Accruals
Social Security and Other Taxes
11
Analysis of Assets and Liabilities between Fund
Fixed Assets
Current Assets
Current Liabilities
Closing Members Funds
s
Restricted
Funds
£
15,132
5,524
-
20,656
20
Unrestricted
Funds
£
185,892
110,546
(28,855)
267,583
22
2022
£
38,903
7,797
1,570
48,270
2022
£
20,932
4,588
2,263
1,072
28,855
Restricted
Funds
£
16,419
6,459
-
22,878
2021
Equipment
£
-
567
567
-
142
142
425
-
2021
£
22,149
8,696
1,477
32,322
2021
£
4,369
1,620
1,465
1,882
9,336
Unrestricted
Funds
£
229,835
110,606
(9,336)
331,105

Page 11

The English Guernsey Cattle Society

(a company limited by guarantee)

Notes to the Financial Statements for the Year Ended 31st December 2022

12 Funds Held:

Unrestricted Fund

The Unrestricted Fund represents monies that the Charitable Company has raised through the pursuance of its objectives over a number of years. No restriction has been applied to the use of these funds other than they must be spent within the objectives of the Charity.

Restricted Fund

The Restricted Fund consists of the following balances:

2022
SW Guernsey Cattle Breeders Association
Genome Project
2021
SW Guernsey Cattle Breeders Association
Genome Project
Balance
b/fwd
16,058
6,820
22,878
Balance
b/fwd
13,992
19,000
32,992
Income
741
-
741
Income
2,066
-
2,066
Expenditure
1,915
1,048
2,963
Expenditure
-
12,180
12,180
Balance
c/fwd
14,884
5,772
20,656
Balance
c/fwd
16,058
6,820
22,878

A restriction exists on Council's use of income generated from investments gifted by the South West Guernsey Cattle Breeders Association whereby any such income can only be used to benefit those members residing in the South West of England.

The Genome Project represents funds received in 2018 towards the testing of Guernsey cattle to enable a better prediction of how their progeny will perform. A total of £1,048 has been spent from this fund in the year.

13 Staff members costs

Wages and salaries
Pension Contibutions
2022
18,572
1,384
19,956
2021
18,900
1,400
20,300

The average number of employees in the year was 1 (2021: 1) No employees received emoluments in excess of £60,000

14
Independent examiner remuneration
Independent examination fee
Accountancy fee
Other remuneration received by independent examiner
15
Transactions with Trustees
Trustees enter into arms length transactions with the Company in the normal course of bus
Total monies owed to the Charity by the Trustees at 31 December
Total sales by the Charity to the Trustees in the year
2022
1,050
1,050
1,443
3,543
iness.
2022
4,990
11,823
2021
690
690
675
2,055
2021
308
7,291

No remuneration or reimbursed expenses were paid to the Trustees in respect of services provided to the Charity during the year.

The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2021: £nil). No entries have been made in the financial statements to reflect this as the amount cannot be quantified.

Page 12

The English Guernsey Cattle Society

(a company limited by guarantee)

Detailed Statement of Financial Activities for the Year Ended 31st December 2022

Trading Income
Sales and Commission
Less Purchases:
Purchases (adjusted for stock)
Storage and Distribution
GGBP Costs
Total Trading Income
Income from Members
Levies
Subscriptions
Registrations
Sundry Income
Life Members
Investment Income
Dividends and Interest
Total Income
Expenditure
Salaries
Pension Contributions
Rent and Services
Telephone
Printing and Stationary
Postage
Insurance
Subscriptions
Council Meetings and A.G.M
Herd Classifications
General Publicity
Website Expenses
Show Expenses
Legal and Professional Fees
Accountancy
Computer Support and Maintenance
Genomic Evaluation
Genome Project
Miscellaneous Expenses
Registrations
Depreciation
(Deficit) / Surplus for the year
Restricted
Unrestricted 31st December
31st December
Funds
funds
Total
Total
2022
2021
£
£
£
-
44,548
44,548
52,474
-
44,548
44,548
52,474
-
2,486
2,486
4,544
-
2,943
2,943
2,123
-
46,920
46,920
16,880
-
(7,801)
(7,801)
28,927
-
21,867
21,867
22,576
-
1,235
1,235
1,518
-
980
980
1,160
-
1,023
1,023
126
-
100
100
-
-
25,205
25,205
25,380
741
6,047
6,788
6,292
741
23,451
24,192
60,599
-
18,572
18,572
18,900
-
1,384
1,384
1,400
-
824
824
816
-
449
449
472
-
-
-
9
-
258
258
530
-
1,934
1,934
1,794
-
15
15
15
-
295
295
1,076
-
5,741
5,741
3,545
-
-
-
239
-
218
218
79
628
1,706
2,334
2,132
-
2,628
2,628
1,642
-
2,100
2,100
1,380
-
931
931
577
898
39
937
66
150
-
150
12,180
-
627
627
292
-
4,742
4,742
3,426
-
142
142
-
1,676
42,605
44,281
50,570
(935)
(19,154)
(20,089)
10,029

Page 13