## **CHARITY COMMISSION**
## **British Goat Society**
**Registration number: 210646**
**Annual Report and Financial Statements**
**31 October 2020**
## **British Goat Society**
## **Contents**
|Trustees' report|1|
|---|---|
|Trustees' responsibilities|8|
|Independent examiner's report|9|
|Statement of financial activities|10|
|Balance sheet|11|
|Notes to the financial statements|12|
## **British Goat Society**
## **Trustees' Report for the Year Ended 31 October 2020**
The trustees are pleased to present their report together with the financial statements of the charity for the year ending 31 October 2020. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 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).
## **Reference and administrative details:**
Charity number: 210646
Principal Office: PO Box 137, Swanley, Kent BR8 9BW
Accountants: Dodd & Co, FIFTEEN Rosehill, Montgomery Way, Rosehill Estate
Carlisle, Cumbria CA1 2RW
Bankers: Lloyds Bank PLC, Fore Street, Okehampton, Devon, EX20 1HJ
Honorary Solicitor: Mr N Parr, 118 Frog Grove Lane, Woodstreet, Guildford, Surrey GU3 3HB
Trustees The Trustees serving during the year and since the year-end and any offices held or other special responsibilities were as follows:
## **President** : Mr B Perry
**Previous President** entitled to serve as Committee member: Mr G Webster
**Chairman** : Mr N Parr (e)
**Vice-Chairs** : Mrs M Hardman (i) Mr R Pemble (d)
## **Other Committee members:**
Mrs A Aitken (l) Miss B Fairley (f) Mr T Hanna (j) Mrs V Hardy (h) Mrs Ella Kingstone (g) Mr J Matthews (c) Mrs J Miller (b) Mr C Nye (m) Mr T O’Neill (o) Dr A Sieker (p) Mrs R Sparkes (l)
**Custodian Trustees** (not necessarily Committee)
Mr D Brace Mr B Perry Mr R Wood
## **Other elected Officers** (not Committee)
Mr M Ackroyd (k)
**Society Secretary** (to whom the day to day management is delegated by the charity’s trustees): Mrs R Fox (a) (n) – Acting Journal Editor (the elected officer post being vacant)
- Archivist, (b) Commercial Liaison Officer, (c) Goat Health & Welfare Co-Ordinator, Government Liaison Officer and Scientific Liaison Officer, (d) Herd Book & Grassroots Officer, (e) Honorary Solicitor, (f)
- (a) Overseas Representative, (g) Public Relations Officer/Communications, (h) Publicity Officer, (i) Show Co-Ordinator, (j) Web Manager, (k) Year Book Editor, (l) Milk Recording Co-Ordinator, (m) Finance Officer, (n) Journal Editor, (o) AI Co-Ordinator, (p) Publications Co-Ordinator
## **Structure, Governance and Management**
## Governing Document
The British Goat Society is registered as a charity with the Charity Commission. It is governed by its Rules and Regulations, which date back to 1879 and are regularly amended to allow for current governance arrangements.
Page 1
## **British Goat Society**
## **Trustees' Report for the Year Ended 31 October 2020**
## Appointment of trustees
A Committee of elected members manages the charity. All members are circulated with invitations to nominate Committee members for election on a tri-annual basis. The Committee consists of 14 elected members, the President and the previous President, who are all entitled to vote.
## Committee induction and training
New Committee members receive an induction pack to brief them on their legal obligations under charity law and the management and operation of the charity. A collection of job descriptions outlining the duties of each Hon. Officer is also included.
## Organisation
The Committee administers the charity. It meets three times per year with additional telephone conference meetings as and when required, and within the main committee there are three sub-groups covering (a) Admin & Finance (b) Show and Milk Recording (c) Herd Book, Publicity & Website. A Secretary is appointed by the Committee to manage the day to day running of the office.
## Related parties
The charity delivers many of its objectives through partnership working with its Affiliated Societies, including the various Breed Societies. There is no formal representation of these partners on the Committee.
## Risk Management
The Committee undertakes annually to identify and review major risks the charity may face. This information is used to develop a risk register which records the systems and procedures which the charity will implement to mitigate the risks that have been identified and to minimise the impact on the charity should any of those risks materialise. A key element in the management of financial risk is the setting of a reserves policy and its regular review by the Committee.
## **Objectives and activities**
The objects of the charity are:
- To circulate knowledge and general information upon goats.
- To extend and encourage the keeping of goats, so as to increase the production and use of their products.
- Torecognised and valued.improve the various breeds of goats and especially to develop those qualities which are generally
- To safeguard against cruelty from whatever source.
In furtherance of the foregoing objects but not further or otherwise, the Society shall have the power to further the wellbeing of the goat and fulfil its role as the focal point for all goat keeping activities in the United Kingdom, including close liaison with relevant Government departments.
The charity has the general aim of providing a service for all who are interested in goat keeping. This is achieved under the broad headings described below.
## **Public benefit**
In planning our activities for the year the trustees have complied with the duty in Section 4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission on public benefit. In particular, the British Goat Society concentrates on the advancement of education and the advancement of animal husbandry through the following activities and publications
Production of Monthly Journals and Year Book and management of the website www.britishgoatsociety.com
The Monthly Journal is published 11 times per year and contains news of current legislation, articles, photographs and carries advertisements.
Page 2
## **British Goat Society**
## **Trustees' Report for the Year Ended 31 October 2020**
The Year Book is published annually and contains articles, photographs and information on awards won at shows.
The website acts as a hub to make contact with many other goat-keeping organisations, suppliers and individuals as well as providing current and long-term information about goats in the UK and worldwide.
## Production of an annual Herd Book
A Herd Book is published annually detailing all new registrations, official milk recording lactations and various awards won at shows.
## Autumn Conferences
Each year Autumn Conferences are held in conjunction with and hosted by Affiliated Societies. These events provide the opportunity for anyone interested in goat keeping to meet and share information.
## Milk Recording and recognised shows
Milk recording and awards won at shows are ideal indicators of the potential productivity of goats. The Society actively promotes the improvement of milk yields.
## **Achievements and performance**
Membership: at end of October 2020
||**2020**||**2019**|
|---|---|---|---|
|Members|637||571|
|Family Members|22||25|
|Partnership Members|124||129|
|Life Members|26||29|
|Affiliated Societies|28||32|
|**Totals**|**837**||**786**|
## Herd Book
There were 86 prefix applications approved this year, a decrease from 93 the previous year. 2,069 new registrations were approved, a very slight increase of 62 on the previous year. Of those 2,069 registrations, 1,331 were completed online. There were 1,254 transfer of ownership as opposed to 1,396 the previous year. Grassroots usage by members continues to rise and we work closely with the software supplier to improve the accuracy of our current and historical data as well as the functionality of the system.
## Shows
No goat shows took place this year due to the COVID-19 pandemic. Photographic competitions were held and your Committee were pleased with the interest shown. The results were published in the BGS Journal and the photographs of all prize winners were uploaded onto the website.
## Milk Recording
The British Goat Society (BGS) Milk Recording Scheme enables members of affiliated BGS milk recording clubs to obtain milking performance data of their stock over a lactation period, or in some cases, an extended lactation period. The yield, average butterfat and average protein analysis figures of an individual animal, providing they meet the minimum standards defined within the Scheme, are officially verified and recorded as a milking award prefix which forms part of the goat’s registration details. A milk recorded goat’s figures carry through to her progeny (featuring in both male and female offspring) and are extremely helpful indicators of performance to potential hobbyist and commercial purchasers both within the UK and worldwide. Prior to milk recording data being verified and published, all figures are carefully scrutinized to confirm compliance with the milk recording scheme rules. It is very important to maintain the scheme’s integrity.
Page 3
## **British Goat Society**
## **Trustees' Report for the Year Ended 31 October 2020**
The BGS currently has clubs/groups offering a milk recording service, one in Scotland and the remainder in England. These clubs are run by volunteer secretaries who monthly collate and send members’ milk samples to the laboratory for analysis. They maintain detailed results records, distribute results amongst members and administer the finances associated with milk recording. Every year, goats whose figures attain the qualifying standard have their details published in the BGS’s Herd Book. Their achievements can also be viewed by members on-line via the Grassroots software package.
The BGS Committee is fully aware of challenges for milk recording members and secretaries arising from COVID-19 restrictions and will seek to verify as many figures for milk recorded animals as possible being mindful of the potential impact these restrictions may have had on available data.
## Goat Health and Welfare
Liaison with Government departments is on-going. Mr Matthews BSc BVMS MRCVS has taken on the role to act as the Society’s Honorary Goat Health and Welfare Officer. He attends meetings on the Society’s behalf, and reports on these through the Monthly Journal and in person to the Committee when appropriate.
The British Goat Society and the Goat Veterinary Society enjoy an excellent working relationship which is greatly valued by the British Goat Society.
## Commercial Liaison
The commercial goat sector remains fairly stable at present despite the upheavals caused by the pandemic.
The overall level of milk production has stabilised, with one or two operators leaving the industry, but with other farmers expanding their herds to cover the loss of production. Demand has also remained constant, with some milk still being exported to Holland mostly intended for dried milk production.
The goat meat market has also levelled out and although there has been a loss of the restaurant trade due to the pandemic, other areas such as farm shop sales have increased. At the current time demand for cull goats is good with prices reflecting this.
As herds increase in size both the pressure and ability to improve health status overall is increasing. Some herds are now CAE accredited and scrapie monitored and there are moves to further control diseases such as Johnnes and CL, while TB still remains a concern.
## Scientific Liaison and Government Liaison
Both these functions are monitored by Mr Matthews, MRVCS for issues of relevancy to BGS members. Any changes are notified to members via the Monthly Journal and included on the web site.
## Public Relations, Publications and Publicity
The BGS's social media presence continues to grow and reaches a wide and varied audience covering a plethora of goat related topics. This year has been harder with the impact of lockdown. We now have an active Instagram page which is helping with our online presence. The social media pages enable the society to keep up to date with the latest news and views from a variety of organisations including Defra and the NFU.
The BGS continues to offer a selection of books, DVDs and other merchandise for sale which is available to purchase via the website. These would normally have also been available to purchase at a number of shows throughout the year but due to them not taking place we have had to rely on our website for sales.
## Overseas Interests
2020 has taken its toll heavily on overseas movements. Just like the limited movement of people, movement of goats overseas, both to and from the UK in 2020 has been virtually non-existent. From March onwards, of course this has been due to the impact of COVID-19 across the world. One import at the end of the year which has come into the UK is a of a herd of Valais Blackneck goats.
Page 4
## **British Goat Society**
## **Trustees' Report for the Year Ended 31 October 2020**
Another factor approaching the end of 2020, was centred around the UK’s exit of the EU. A deal was reached, meaning agreements were made to treat NI as a member of the EU for movements of goats from the UK. This will have an impact going forward on exports into the EU (and therefore also NI), including on additional tagging requirements. DEFRA have released letters to farmers and vets with details of health declarations that are now required for export. New Export Health Certificates will not be available until April 2021, which will supersede the letters from DEFRA as at Dec 2020.
As ever, communication plays a vital part of our goat keeping world, there are a core of overseas members who maintain a strong interest in the BGS, and modern technology allows us to remain in regular contact, see footage of other herds both across the UK and abroad, and for some breeds to hold international photographic shows. All of this has been a lifeline in allowing us to remain in contact.
## Website
The British Goat Society website provides a world-wide portal for internet-connected users, whether they are on computer, tablet or smartphone. The ‘Shows’ section is usually one of the most popular areas of the site. However, with all shows in 2020 cancelled due to COVID-19, a website gallery was created to display photos of prizewinning goats in our BGS Virtual Goat Show.
During the year we worked with our website host, OWA, to develop a fresh interface for the site. This has been completed, and the site now offers users a clean and modern feel as well as better integration with our primary social network, Facebook. We continue to work with OWA to develop a new ‘For Sale’ section and this work should be completed by the spring of 2021.
## Semen Collection
Due to the COVID-19 pandemic a decision was made in early 2020 to cancel any plans for a collection later in the year.
During the year the Committee were approached by a long-standing member who was looking to sell their semen collection. It was agreed to purchase the entire collection and furthermore another purchase was made from a private collection later in the year. The Society has now started selling the straws which were advertised to the membership via the Monthly Journal which resulted in some income being generated from the scheme.
In the latter part of 2020, the Committee decided to set up a sub-Group specifically to plan future collections, the marketing of semen already in store and some guidance on what semen should be made immediately available to members and what should be retained for prosperity.
## Financial Review
Total incoming resources amounted to £68,864 (£73,411 in the previous year). Expenditure amounted to £80,028 (£84,985 in the previous year) resulting in a deficit of £1,562. Fixed Asset Investments were valued at £590,773 (£585,073 in the previous year).
Incoming resources decreased slightly due to decreases in registration fees and show income. Expenditure also decreased during the year by around £5,000 due to a decrease in semen collection and breed show expenses.
## Investment powers and policy
## Aims:
1. Capital growth to cover inflation as a residual minimum, with additional capital growth being regularly identified as a possible source of income (from sales).
2. "Investment for income" valuation should be maintained at December 1998 level by additional investments so that its relative value is not eroded by inflation.
3. Maximum growth in value to be sought in growth investments, consistent with low to medium risk.
4. Maximum dividends and interest consistent with low to medium risk, where investment for income is made.
In achieving the aims the following criteria are to be applied;
- No more than 5% of the total value of Wide Range investments to be with one company;
Page 5
## **British Goat Society**
## **Trustees' Report for the Year Ended 31 October 2020**
- Notrust or common fund;more than 20% of the capital base of the BGS to be invested with a single unit trust or investment
- As wide a diversification of investments as possible;
- A cash reserve to assist with day to day running of the Society of up to £20,000 which must not to be
- • usedmaximumas partinterestof theare todefinitionbe obtainedof Higherfrom theRiskBanksor Loweror BuildingRisk Societiesinvestments.involvedMinimumin thesechargesshort-termand accounts.
- Recognitionper bank group.needs to be given to the fact that banks carry a maximum liability to investors of £85,000
The pattern of investments conforms to that recommended by the Charity Commissioners regarding the distribution between Higher Risk and Lower Risk investments. The recommendations for allocation and distribution are defined in "The Charities (Trustees Investments Act 1961) Order 1995." These recommend that a maximum of 75% of the investments shall be Lower Risk investments and the remaining 25% in Higher Risk investments. (It is permissible for some investments of the Lower Risk type to be included in the 75% of Higher Risk investments, but not vice-versa.)
The BGS Committee (the Charity Trustees as defined by the 1961 Act), has appointed an independent financial adviser with over 15 years experience of investment management, and who is an authorized person within the meaning of the Financial Services Act 1986. The adviser so appointed produces reports and recommendations to go before each Committee meeting of the BGS. The Committee takes decisions after recommendations from the adviser have been considered. The BGS Secretary informs the independent financial adviser, in writing, of Committee decisions on investments and it is on these instructions that changes are to be made (except in urgent matters - see below).
If urgent executive decisions need to be taken between Committee meetings, these can be taken by the Chairman of the Committee after consultation with the Vice-chairmen and two other Trustees of the BGS.
Under the 1961 Act the Custodian Trustees "have no power to make management decisions and must act on lawful instruction of the Charity Trustees (i.e. the Committee of management)". The Committee, whilst recognizing this formal limitation, wishes to record in this policy its recommendation for the Chairman to consult with the Custodian Trustees. All urgent actions sanctioned by the Chairman of the Committee must be confirmed in writing (letter or email) to the financial adviser, with copies being distributed at the next Committee meeting. It follows that if the financial adviser feels that urgent action is required the first line contact should be the Chairman of the Committee, or in their absence or unavailability, the BGS Secretary.
The BGS financial policy is placed on the agenda of the first Committee Meeting after the AGM in each year, where it is reviewed and if necessary, amendments made. The financial adviser submits any suggestions for amendment to the policy to the BGS Secretary by April 1st, together with an estimate of fees for his services for the following twelve months.
The Committee reserves the right to amend the investment policy at any Committee meeting. Action could include consultation with the independent financial adviser.
## **Reserves Policy**
The Society will keep its working capital accounts at no less than the current gross capital budget set by the committee in August each year. Whenever necessary, investments should be sold, at an appropriate time, to maintain this level.
## **Plans for Future Period**
Health schemes are forming a major part in our plans for the future with continuing discussions with SRUC. The Society continues to support good causes including goat related charities and by providing funding to potential members of the veterinary profession.
Page 6
## **British Goat Society**
## **Trustees' Report for the Year Ended 31 October 2020**
## **COVID-19 and its Effect on Finances, Operations, Finance Controls and Staff**
The Society was unable to hold its Annual General Meeting in April due to lockdown restrictions. The annual accounts had been circulated prior to lockdown so these were agreed by the members via the Monthly Journal which in turn allowed the accounts to be formally logged with the Charities Commission in good time. We were also unable to plan and hold any Autumn Conferences.
The office remained fully functioning throughout and the Secretary continued with day to day operations and providing support to members.
The Society is fortunate to have large reserves in our investments and although the true effect of COVID-19 may not have been felt initially, our Reserves provide a solid safety net that can be used should the Society need it.
Approved by the Trustees on 10 April 2021 and signed on their behalf by:
.........................................
N Parr Trustee
Page 7
## **British Goat Society**
## **Trustees' Responsibilities in relation to the Financial Statements**
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
The law applicable to charities in England and Wales 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection fraud and other irregularities.
Page 8
## **Independent Examiner's Report to the Trustees of**
## **British Goat Society**
I report on the accounts of the charity for the year ended 31 October 2020, which are set out on pages 10 to 21.
Your attention is to drawn to the fact that the Charity has prepared the financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
## **Respective responsibilities of trustees and examiner**
The Charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## **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 seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an 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:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act 2011; and
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
......................................... Martin S Ward FCA Dodd & Co Limited Chartered Accountants
FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA1 2RW
10 April 2021
Page 9
## **British Goat Society Statement of Financial Activities for the Year Ended 31 October 2020**
|**Note**
**Income**
Donations and legacies
2
Income from investments
3
Income from charitable activities
4
Total income
**Expenditure**
Charitable activities
Total expenditure
**Other recognised gains/losses**
Gains/(losses) on investment assets
Net income/(expenditure)
**Transfers**
Gross transfers between funds
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**2020**
**Total Funds**
**2019**
**£**
**£**
**£**
**£**
769
-
769
1,975
4,749
-
4,749
3,928
63,346
-
63,346
67,508|
|---|---|
||68,864
-
68,864
73,411|
||78,528
1,500
80,028
84,985|
||78,528
1,500
80,028
84,985|
||13,157
(3,555)
9,602
39,186|
||3,493
(5,055)
(1,562)
27,612
3,000
(3,000)
-
-|
||6,493
(8,055)
(1,562)
27,612
527,048
74,437
601,485
573,873|
||533,541
66,382
599,923
601,485|
The notes on pages 12 to 21 form an integral part of these financial statements. Page 10
## **British Goat Society**
## **Balance Sheet as at 31 October 2020**
||||**2020**|**2020**||**2019**|**2019**|
|---|---|---|---|---|---|---|---|
||**Note**|**£**||**£**|**£**||**£**|
|**Fixed assets**||||||||
|Tangible assets|12|||3,174|||4,055|
|Investments|13|||590,773|||585,073|
|||||593,947|||589,128|
|**Current assets**||||||||
|Stocks and work in progress||2,702|||3,048|||
|Debtors|14||302|||289||
|Cash at bank and in hand||7,527|||13,398|||
|||10,531|||16,735|||
|**Creditors: Amounts falling due within**
**one year**|15|(4,555)|||(4,378)|||
|**Net current assets**||||5,976|||12,357|
|**Net assets**||||599,923|||601,485|
|**The funds of the charity:**||||||||
|**Restricted funds**||||66,382|||74,437|
|**Unrestricted funds**||||||||
|Unrestricted income funds||||533,541|||527,048|
|**Total charity funds**||||599,923|||601,485|
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Approved by the Board on 10 April 2021 and signed on its behalf by:
.........................................
.........................................
N Parr M Hardman Trustee Trustee
The notes on pages 12 to 21 form an integral part of these financial statements.
Page 11
**Notes to the Financial Statements for the Year Ended 31 October 2020**
## **British Goat Society**
## **1 Accounting policies**
## **Statement of compliance**
The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## **Basis of preparation**
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Going concern**
These financial statements have been prepared on a going concern basis.
Following the COVID-19 outbreak, the trustees have reviewed the charity's funds to take into account the uncertainties surrounding the pandemic and its effect on their ability to operate. As a result of this review, the trustees remain confident that there are financial resources available to see the charity through until normal operations resume and are satisfied that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Fund accounting policy**
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Further details of each fund are disclosed in note 18.
## **Income and endowments**
Donations and legacies are recognised where there is entitlement, probability of receipt and the amount can be measured with sufficient reliability.
Investment income is recognised on a receivable basis.
Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract.
Page 12
## **British Goat Society**
## **Notes to the Financial Statements for the Year Ended 31 October 2020**
_......... continued_
## **Expenditure**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.
Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Fixed assets**
Individual fixed assets costing £100 or more are initially recorded at cost.
## **Depreciation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Computer equipment 20% reducing balance basis Fixtures, fittings and equipment 33% reducing balance basis
## **Cash and Cash Equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Investments**
Fixed asset investments are included at market value at the balance sheet date.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.
Page 13
## **British Goat Society**
## **Notes to the Financial Statements for the Year Ended 31 October 2020**
_......... continued_
## **Stock**
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Items donated for resale or distribution are not included in the financial statements until they are sold or distributed.
## **Pensions**
The charity operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme.
## **2 Donations and legacies**
||**Unrestricted**||**Restricted**|||**Total Funds**|**Total Funds**|**Total Funds**|
|---|---|---|---|---|---|---|---|---|
||**Funds**||**Funds**|||**2020**||**2019**|
||**£**||**£**|||**£**||**£**|
|**Donations and legacies**|||||||||
|Appeals and donations|769|||-||769||1,975|
All of the donations and legacies income in 2019 related to unrestricted funds.
## **3 Income from investments**
||||||**Unrestricted**||**Restricted**|||**Total Funds**|**Total Funds**|**Total Funds**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||**Funds**||**Funds**|||**2020**||**2019**|
||||||**£**||**£**|||**£**||**£**|
|Income|from|other|unlisted|investments|4,749|||-||4,749||3,928|
All of the investment income in 2019 related to unrestricted funds.
Page 14
## **British Goat Society**
## **Notes to the Financial Statements for the Year Ended 31 October 2020**
_......... continued_
## **4 Income from charitable activities**
||**Unrestricted**||**Restricted**|||**Total Funds**|**Total Funds**|**Total Funds**|
|---|---|---|---|---|---|---|---|---|
||**Funds**||**Funds**|||**2020**||**2019**|
||**£**||**£**|||**£**||**£**|
|**Promoting and running the society**|||||||||
|Member subscriptions|27,516|||-||27,516||27,445|
|Advertising|1,434|||-||1,434||1,236|
|Show recognition fees|4,157|||-||4,157||4,719|
|Sales of publications and goods|1,167|||-||1,167||2,040|
|Reclaimed postage|186|||-||186||233|
|CAE Herd Scheme|89|||-||89||141|
|Milk recording|1,030|||-||1,030||870|
|Registration fees, transfers, prefixes etc|27,235|||-||27,235||30,384|
|Breed show|-|||-||-||440|
|Semen sales|532|||-||532||-|
||63,346|||-||63,346||67,508|
||||||||||
All of the income from charitable activities in 2019 related to unrestricted funds.
Page 15
## **British Goat Society**
## **Notes to the Financial Statements for the Year Ended 31 October 2020**
_......... continued_
## **5 Total resources expended**
||**Promoting**||||
|---|---|---|---|---|
||**and running**|**Total**||**Total**|
||**the society**|**2020**||**2019**|
||**£**|**£**||**£**|
|**Direct costs**|||||
|Grants payable - individuals|1,500|1,500||3,000|
|Printing and postage|11,120|11,120||10,201|
|Journal supplement|763|763||2,190|
|Show expenses|1,375|1,375||437|
|Products for resale|636|636||2,038|
|BGS semen collection|3,901|3,901||6,253|
|Breed show expenses|522|522||4,213|
||19,817|19,817||28,332|
||||||
|**Support costs**|||||
|Employment costs|29,108|29,108||29,936|
|Insurance|441|441||709|
|Telephone and fax|1,741|1,741||695|
|Computer software and maintenance costs|4,465|4,465||1,923|
|Printing, postage and stationery|10,006|10,006||12,786|
|Office rent|4,909|4,909||-|
|Sundry expenses|852|852||426|
|Cost of trustee meetings|1,328|1,328||2,458|
|Accountancy fees|1,908|1,908||1,836|
|Independent examiner's fee|400|400||400|
|Costs of obtaining investment advice|4,151|4,151||4,274|
|Bank charges|21|21||68|
|Depreciation of computer equipment|705|705||881|
|Depreciation of fixtures, fittings and equipment|176|176||261|
||60,211|60,211||56,653|
||||||
||80,028|80,028||84,985|
||||||
Of the expenses in 2019 £3,000 related to restricted funds and £81,985 related to unrestricted funds.
## **6 Grantmaking**
Promoting and running the society
**Grants to individuals £** 1,500
Page 16
## **British Goat Society**
## **Notes to the Financial Statements for the Year Ended 31 October 2020**
_......... continued_
## **7 Governance costs**
||**2020**||**2019**|
|---|---|---|---|
||**£**||**£**|
|Cost of trustee meetings|1,328||2,458|
|Accountancy fees|1,908||1,836|
|Independent examiner's fee|400||400|
||3,636||4,694|
|||||
## **8 Trustees' remuneration and expenses**
During the year travelling and administration expenses re-imbursed to 16 Trustees totalled £1,328 (2019 £2,458 to 16 Trustees).
No trustee received any remuneration during either year.
## **9 Net outgoing resources**
Net outgoing resources is stated after charging:
|||**2020**|||**2019**|
|---|---|---|---|---|---|
|||**£**|||**£**|
|Depreciation|of tangible fixed assets||881||1,142|
|||||||
## **10 Employees' remuneration**
The monthly average number of persons (including senior management) employed by the charity during the year was as follows:
||**2020**||**2019**|
|---|---|---|---|
||**No.**||**No.**|
|Charitable activities|1||1|
|||||
|The aggregate payroll costs of these persons were as follows:||||
||**2020**||**2019**|
||**£**||**£**|
|Wages and salaries|28,002||28,736|
|Other pension costs|654||667|
||28,656||29,403|
|||||
No employee received emoluments of more than £60,000 during the year (2019 - No. 0).
Page 17
## **British Goat Society**
## **Notes to the Financial Statements for the Year Ended 31 October 2020**
_......... continued_
## **11 Taxation**
The registered charity is exempt from taxation on income and gains.
## **12 Tangible fixed assets**
||||**Fixtures,**|||
|---|---|---|---|---|---|
||**Computer**||**fittings and**|||
||**equipment**||**equipment**||**Total**|
||**£**||**£**||**£**|
|**Cost**||||||
|As at 1 November 2019 and 31 October 2020|30,303||6,960||37,263|
|**Depreciation**||||||
|As at 1 November 2019|26,779||6,429||33,208|
|Charge for the year|705||176||881|
|As at 31 October 2020|27,484||6,605||34,089|
|**Net book value**||||||
|As at 31 October 2020|2,819||355||3,174|
|As at 31 October 2019|3,524||531||4,055|
## **13 Investments held as fixed assets**
||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Market value**||
|As at 1 November 2019|585,073|
|Revaluation|9,602|
|Additions|4,749|
|Disposals|(8,651)|
|As at 31 October 2020|590,773|
|**Net book value**||
|As at 31 October 2020|590,773|
|As at 31 October 2019|585,073|
|All investment assets were held in the UK.||
Page 18
## **British Goat Society**
## **Notes to the Financial Statements for the Year Ended 31 October 2020**
_......... continued_
## **14 Debtors**
||**2020**||**2019**|
|---|---|---|---|
||**£**||**£**|
|Prepayments and accrued income|302||289|
|**Creditors: Amounts falling due within one year**||||
||**2020**||**2019**|
||**£**||**£**|
|Taxation and social security|425||1,873|
|Other creditors|2,529||890|
|Accruals and deferred income|1,601||1,615|
||4,555||4,378|
|||||
## **15 Creditors: Amounts falling due within one year**
## **16 Pension scheme**
## **Defined contribution pension scheme**
The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the charity to the scheme and amounted to £654 (2019 - £667).
There were no outstanding or prepaid contributions at either the beginning or end of the financial year.
Page 19
## **British Goat Society**
## **Notes to the Financial Statements for the Year Ended 31 October 2020**
_......... continued_
## **17 Related parties**
## **Controlling entity**
The charity is controlled by the trustees.
## **Related party transactions**
There have been no related party transactions in the year.
## **18 Analysis of funds**
||**At 1**|||||**Other**|**At 31**|
|---|---|---|---|---|---|---|---|
||**November**|**Incoming**|**Resources**|||**recognised**|**October**|
||**2019**|**resources**|**expended**|**Transfers**||**gains/losses**|**2020**|
||**£**|**£**|**£**|**£**||**£**|**£**|
|**General Funds**||||||||
|Unrestricted||||||||
|income fund|527,048|68,864|(78,528)||3,000|13,157|533,541|
|**Restricted Funds**||||||||
|The Centenary
Fund|74,437|-|(1,500)|(3,000)||(3,555)|66,382|
||601,485|68,864|(80,028)||-|9,602|599,923|
|||||||||
The Centenary Fund was launched by a special appeal in 1978 and 1979. The purpose of the fund is to support worthwhile research projects that the Society does not feel able to support out of subscription and registration fee income.
## **19 Transfers**
A transfer of £3,000 has been made from the Centenary Fund to Unrestricted funds to fund bursaries paid in previous years.
Page 20
## **British Goat Society**
## **Notes to the Financial Statements for the Year Ended 31 October 2020**
_......... continued_
## **Prior period**
||**At 1**
**November**
**2019**|**Incoming**
**resources**|**Resources**
**expanded**|**Transfers**|**Other**
**recognised**
**gains/losses**|**At 31**
**October 2019**|
|---|---|---|---|---|---|---|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**General**||-|||||
|**Funds**|||||||
|Unrestricted
income fund|499,208|73,411|(81,985)|2,200|34,214|527,048|
|**Restricted**|||||||
|**Funds**|||||||
|The|||||||
|Centenary|74,665|-|(3,000)|(2,200)|4,972|74,437|
|Fund|||||||
||573,873|73,411|(84,985)|-|39,186|601,485|
||||||||
## **20 Net assets by fund**
||**Unrestricted**||**Restricted**||**Total Funds**|||**Total Funds**||
|---|---|---|---|---|---|---|---|---|---|
||**Funds**||**Funds**||**2020**|||**2019**||
||**£**||**£**||**£**|||**£**||
|Tangible assets|3,174||-||3,174|||4,055||
|Investments|524,664||66,109||590,773|||585,073||
|Current assets|10,258||273||10,531|||16,735||
|Creditors: Amounts falling due
within one year|(4,555)||-||(4,555)|||(4,378)||
|Net assets|533,541||66,382||599,923|||601,485||
|**Prior period**||||||||||
||**Unrestricted**||**Restricted**||**Total Funds**|||**Total Funds**||
||**Funds**||**Funds**||**2019**|||**2018**||
||**£**||**£**||**£**|||**£**||
|Tangible assets|4,055||-||4,055|||5,197||
|Investments|510,908||74,165||585,073|||551,757||
|Current assets|16,463||272||16,735|||20,615||
|Creditors: Amounts falling due
within one year|(4,378)||-||(4,378)|||(3,696)||
|Net assets|527,048||74,437||601,485|||573,873||
Page 21