REGISTERED NUMBER: 22684 {England and Wales) REGISTERED NUMBER IN SCOTLAND: 8C043459 REGISTERED CHARITY NUMBER: 211348 SUFFOLK SHEEP SOCIETY REPORT OF THE COUNCIL OF MANAGEMENT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
REGISTERED NUMBER: 22684 (England and Wales) REGISTERED NUMBER IN SCOTLAND: SC043459 REGISTERED CHARITY NUMBER: 211348 SUFFOLK SHEEP SOCIETY CONTENT8 OF ThE FINANCIAL STATEMENTS for th• year endod 30 Septembor 2024 Pa Councll of Manag8mgnl'8 Rewrt Report of th8 Independent Audltor8 Stslement of Fln8ndal Aclfvltl88 10 Balance Sheat 11 Not88 to the Flnanclal Ststamants 12
SUFFOLK SHEEP SOCIETY COUNCIL OF MANAGEMENT'S REPORT Ttre Council of Management (who are also directors of the charity for the purpose of the Companies Act 2006) presents its report and audited financial statements for the year ended 30 September 2024. The Council of Management have adopted the provisions of the Statement of Recommended Practice Charities SORP 2019 IFRS1021. Rgfor¢nce and Administrative Informatlon (see additlonal Informatlonl Charity Name". Suffolk Sheep Society Charity registration nurnber.. 211348 OSCR registration number.. SC043459 Company registration number.. 22684 Registered office One EasoOd Harry Weston Road Binley Business Park Coventry CV3 2UB and operational address.. Unil 19 Ballymena Business Centre 62 Fenaghy Road Galgorm, Ballymena, Co Anlrim, N Ir81and BT42 1FL President: Pr•8ldentEl•et: P Machray G Morgan COUNCIL OF MANAGEMENT Are8 reprgsenled NorthuTnberland, Cumbria. Durham and Isle of Man Chalrptr•on: J Soulsby Vlce - hairp•rnon: A Evans Wales excluding Monmouthshire Mombors: l R Barbour D Lindon D Miskelly G Morgan L Needham M Pinny M Priestley A Reed J Stewart M Weaver South of Scotland South East Northem Scotland Wales excluding MonnTrJulhshire18ppointed 14 March 20241 Yorkshire and Lincolnshire Middle and Eastern Counties Northern Ireland South West Northern Ireland West Midlands and Monmoulhshire Chief Executive B L Turner Personal Assistants A Mccullough, M Fenton, and G Farmer Audltor8: D8fferns LLP, One Eas00d, Harry Weston Road, Binley Business Park, Coventry. CV3 2UB Bankers: Lloyd$ Bank plc, 48 Belle Vue Terra, Malvem, Wofcs, WR14 4QG Bank of Ireland, Lower Baggot street, Dublin 2 Sollcltors: Lodders Solicitor5 LLP, Elm Court, Arden Street, Strattord upon Avon, CV37 6PA Invostment advisorn: Charles Stanley & Co., 2 Mullrees Walk, St Andrew Square, Edinburgh, EH13DQ Page 1
SUFFOLK SHEEP SOCIETY COUNCIL OF MANAGEMENT'S REPORT l¢ontlnuèdl Structure, Goveman¢e and Man8Mont vemin The Suffolk Sheep Society is a charitable company limited by guarantee. incofporaled on 26th May 1886 and registered as a charity on 23rd October 1962. The company was established under a Memorandum of Association whlch established the objects and powers of the charitable company and is govemed under its Articles of Association. In the event of the company being wound up members are required to Contribute an amount not exceeding £1. rui men ndA ointmen ana em The direGtors of the company are a150 charity Iru51ees for the purposes of eharlty law and under the company's Articles are known as members of Councll. Under th8 r8quiremenls of the Memorandum and Articles of Association the membors of Council are elected to serve for a period of two years after which they must be re*lecled. Nominations are invited from members who must be proposed and seconded. If more than one nominalFon is received by the due date an eleclion takes place. All new Iruslees must be members of the Society and wlll be familiar with th8 SoGiely's acllvltles. They wlll have received annual copies of the Repori and Accounts and all other Soclety publlGations. On be¢omlng trustees they are provided wlh the Society's Memorandum and Artides of Associatlon, Chadty Commission guide for trustees and detalled papers relallng lo major proje¢ts wlh which the Society Is concemed. Inlemal control risks are mlnimlsed by the implementstion of written procedures and lines of communl¢ation for authori$8llon of transactions. Specialist advice hag b$en obtained lo ensure ¢ompliance with health and safety requir8menls. Staff training h8$ also been provided for specific matters. Evary item of work w511 be 8896ssed and improvements In protocol made whère necessary. anl The Society is managed by a 16 member elected Councll plu$ ¢OThOPted members. whlch met 8 tlme8 during the yoar across in-person and virtual meèllngs. Tho Chief Executive (Company Secretary) and Personal A8sist8nl attend Councll meetlngs bul have no votlng rights. The Branches of the Society based In England, Wales and S¢oUand have reglslered as Charllles In Ihelr own rlghl. The trustees ¢onslder they have eomplled with their duty lo have due regard lo tho guidance on publlc benofil, as publlshed by the Charity Commission, in exercising their powers and duties. Page 2
SUFFOLK SHEEP SOCIETY COUNCIL OF MANAGEMENT'S REPORT (contlnuod Objects and Actlvltles The Society8 objects and princlpal activbties ar&- {1) To advance and promote agriculture by Improving the breed of Suffolk Sheep. (2) To promote rosearch and improvement of the breed of Suffolk Sheep and Ihe publlcation of the results thereof. The Socl&ty wlll ¢ontlnue lo carry out the following activrfi8s'. Malnlain and publbsh the annual Flock Book and Year Book., Compile and publish annual statements, $tati$U¢s and InfonlI0n r8latlng to the Suffolk Sheep breed. Partlclpate andlor organls8 shows, sales and other 8vents throughout the UK. The main shows Indude Ihe Royal Ulster Show, Royal Highland Show, Royal Welsh Show, Great Yorkshire Show, The Three Counties Show and many oth8r Smaller ffjgional shows. Suffolk Sheep Soclety members had great success at ea¢h of these shows and won a number of intèrbreed classes, all of which rai$e8 public awareness of the breed and Its popularlty to commercial farmers. The Soclely elther dlrectly or through Ils 8ran¢h88 will continue to arr8ng8 several 8how8 and 88les whlch are open to all members and visitors are always welcome. Tha first of these 58 In L8nark, followed by Ballymena, Ihe Natlonal show and sale al Shrewsbury and finally Carlis18 Promoting publlc Interest In lh8 Suffolk Sheep breed vla publlcallons and publlclly. The Suffolk SoGlely h89 a breed stand at every malor Nallonal Sheep Association event whl¢h conlalns a varlety of mal8ri818boul the Society, the Suffolk Sheep breed, forthcomlng events el¢. The So¢iety premlses have been offered for use by other charitablo organi8alion8 operallng In the Ballymena area. Thes8 malnty Include other agrkultural chatIeS that hold fund raising evening$. Flnanclal R•vl•w Subscrlptions, reglstraUon and blrth notlffcatlon fees comprised the maln sour¢o$ of Income. On advice recelved from our Investment m8nagemenl company Councll approved a change to our Investments in the financial year 2023124 and an adjustment in rlsk category. The Teserves were split into vo categories, we hold one accounl thal is low risk In which the Investment can be accessed al short nollce should we need to. although thor8 Is no foreseeable riuMstance that we would ba required to do $0. The hlgher proportlon ol our reserves we committed for a longer term and moved thls into Mgdlum l Hlgh risk level to maximis& the return on the reserv85 that we hold. 11 is the Societys policy lo maintain sufflcl8nl reseNes to provlde for at least twelve months unrestrlcted expenditur8. The Trustees wsh to main18in 8 lev81 of Investments to produce an income stream to help sustain ils operations in the mediurn lemi. Investments at 30 September 2024 lolalled £T09.223. The Society has no restricted funds. The value of reserves, that are free reserves are £834.814 12023.. £742,825)- Page 3
SUFFOLK SHEEP SOCIErY COUNCIL OF MANAGEMENT'S REPORT (contlnu•d) Rosponslbllltles of tho Councll of Managem•nt Company law requires the Council of Management to prepare financial slatemen18 for each fi'nancial year which give a true and fair view of the State of affairs of the company as at the balance sheet date and of ils incoming resources and application of resources including income and expenditure for the financial year. In preparing th058 financial statements. the CouncAI of Management should follow best practice and.. select sullable accountlng policies and then apply them GonslstenUy- observe the method$ and principles In the Charity SORP make ludgements and estimale$ that are Teasonable and prudent.. pr6pare the financial statements on the golng concèrn ba81s unless It Is Inappropdate to presume that th8 company will conllnue on that bas18 Tha Councll of Management are re8pon8lble for malntaining proper accountlng rocord8 whl¢h dSsclo8e wlth reasonable 8rxuracy al any tlrn8 the finanGSal posllion of the charitable company and to enable them to ensure that the financial statements comply with Ihg Companies Acl 2006, The Charilles and Trustee Investment {Scodand) Act 2005 and the Charlll86 Accounts IScoll8nd) Regulations 2006 las amended). The Coundl of Management is also responslble for $8feguarding the assets of the charitable company and hence for taking reasonable steps for the preventlon arKI delectlon of fraud, and other irrogularille5. Members of the Council of Management. who are directors for the purp08e of company law and Iruslees for tho purpose of Charfty law, who served during the year and up lo the date of th'is report, are sel out on Pag8 In accordance with company law and as the MpanY'S dlreclors we cerufy that.. 80 far as we are aw8re th8re Is no relevant audll infomallon of whlch the company's audllors are unaware and., as the directors of Ihe company w& have taken all the steps that we ought to have taken In order to make ourselves aware of any relevant audlt infomauon and to eslab118h thal th8 charity's auditor8 are aware of that information. The Trusteès (who are also dlr8Ctors of Suffolk Sheep Sodety for the purposes of company law) are responslbl& for preparlng the Trustees. Annual Report and the financial statements In a¢¢ordanc8 with appllcable law and Vnlted Kingdom A¢counling Standards {Unlled Klngdom Generally Accepted Accountlng Practi¢el. Page 4
SUFFOLK SHEEP SOCIETY COUNCIL OF MANAGEMENT'S REPORT Icontlnuedl ststement as to dlsclosuro of Inforniallon to auditors So far a8 the trustees are aware. there is no relevant Inforniation of whlGh the charitable company's auditors are unaware, and the trustees have taken 811 the steps that they ought to have taken to make themselves aware of any relevant audit infomation and lo estsblish that the auditor is aware of that Infom)ation. Audltors Thls port has been prepared In sordanCe wlth th• spedal provisions of Part 15 of the Companles Act 2006 relating to small companleg. Approved by the Councll of Management on 10 December 2024 and slgned on Its behalf by J Soulsby Chairperson Page 5
SUFFOLK SHEEP SOCIETY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES AND MEMBERS OF SUFFOLK SHEEP SOCIETY Opinlon We have audlted the financial ststemenls of Suffolk Sheep Society (the 'charitable company,) for the year ended 30 September 2024 whlch comprise the Statement of Finandal Activitl8S. the Balance Sheet and notes lo the financial slatem8nls, Including significant accounting policles. The financial reporting framework that has been applied in their preparation Is applicable law and Unlted Kingdom A¢¢ounting Standards, including Financial Reporting Stsndard 102 °The Finanu81 Reporting Standard 8ppli¢able in the UK and Rgpublic of Irelanrf (United Klngdom Generally Accepted Accounllng Practic81. In our opinion the financial statements: glve a true and falr view of the ¥late of the tharltable Company's affairs as at 30 September 2024 and of Sts In¢oming re80ur¢e$ and application of resources, including its income and expendbture, for the ye8r then ended.. have b88n properly prepared in accordance with Unlied Klngdom Generally Accepted A¢countlng Pradice,. and have been prepared in accordance wlth the requlremenls of the Companles Act 2006, the Charilios and Trustee Investment {Scotiand) Act 2005 and regulatlon 8 of the Chan'tles Accounts Iscolandj Regulation$ 2006. Bo$1s for oplnlon W6 conducted our audll In accordance with Intematlonal Standard8 on Audlllng IUKI (ISAS IUKII and appll¢able law. Our r85ponsibilitie$ under those standards are further d8scrlbed In the Audllor's rosponsibilities for the audit of the financial slalements section of our report. We are Independent of the ¢hadlable company In accordance wilh the ethical requlremenls that are relevant lo our audit of the flnanclal glalemenls In tha UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbili1Se8 in accordance with these requirements. We believe that th6 audlt evldence we have oblalned Is sufflclenl and appropriate lo provide a basis for our opinion. Concluglon• r•latlng to golng ¢onc•rn In audlllng the financial slalemenls, we have nCluded that the trustees, use of the going concem ba81$ of accountlng In the preparallon of the financial stslements is appropri81e. Based on the work we have p8rfomied, we have not Identified any material uncertalnties relating lo events or condltions that, Indlvldually or collectlvely, may cast significant doubt on the charltable companls ability to continue as a going concern for a perlod of at least e1ve months from when the financial slalemenls are authorised for issue. Our responsibiliti85 and Ihe responslblllties of the ITUStees with respect lo going concern are described In the relevant sections of this reporL Olh•r Inforniatlon The other informatson comprises tho Informatlon Included In the Coundl of Management'¥ report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within th8 Council ol Management's Teport. Our opinion on the financial statements does not cover the other infomiauon and, except to the exleftt olherwlse explicitly Stated In our repor( we do r1 express any form of assuran Gondusion Ihereon. Our responsibility is lo read the other infomiallon and. in doing so. consider whether the olh8r informatson 15 materially inconsistent with the financial statements or our knowledge obtslned in the cours& of the audit or otherwise appears to be materially mlsstaled. If we Id8ntlfy suGh material Inconsistencies or apparent materi81 misstatements, we are required to determine whether this gives rise to a material misslalemenl in the finandal statements themselves. If. based on the work we have performed, we Gondude that there is a malerl81 mlsslatemenl of this other infonnation. we are required to report that fact. We have nothlng to report in thi$ regard. Page 6
SUFFOLK SHEEP SOCIETY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES AND MEMBERS OF SUFFOLK SHEEP SOCIETY Opinlons on oth•r mattèrs prescrlbed by tho Companles Act 2006 In our opinion, based on the work undertaken In the course of the audit- the infomation given in the trustees, report for the financial year for whlch the flnan¢ial statements are prepared is consistent with the financial slatemenls., and the dlrectors, report has been prepared in accordance wlth appllcable legal requlr8m¢nl$. Mattors on whlch w• ar• rèqulr•d to report by oxceptlon In the light of the knowledge and understanding of the charitable company and ils envlronmenl obtalned In the course of the audit, we have not identffied malerlal m15slatements In the dlreclors, report. W6 have nothing lo report in respect of th8 followlng matters In relallon to whlch the Companies Act 2006 and the Charities Accounts IScodand} Regulotions 2006 requlres us to report lo you If. In OUT opinion.. adequate aGGounUng records have not been kept. or returns adequate for our audit have not been received from branches not visited by u$., or the financial slatemenl$ are not In agr88menl th th8 accounting records and r8turns', or certaln dlsclosures of directors, remuneratlon speclfied by law ar8 not made,. or we have not receSved all th8 infomiallon and explanations we requlre lor our audit., or the trustees were not entitled lo prepare the financlal statements in a¢cordance wlth th8 small companies, regime and take advantage of the small companSes' exempllong In preparlng the dlre¢tors' report and from the requlrement lo prepare a Strategic report R•sponslbllltles of tru•ts•• As explalned more fully in the trustees, re8ponsibllitles slalemnt set out on page 4, the truste85 (who 8 also the dlrectors of the charitsble company for the purposes of company lawl ara responslble for the preparation of the financial ststem8nts and for being sa$fIed that they glve a true and falr vlew, and for such intemal control as the trustees delemiine is necessary lo enable the preparation of flnanclal statemenls that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are responslble for ass8ssing the charllable company's ability to contlnue as 8 90ing ¢oncem, disdosing, as appllcAble, matters related lo golng concern and uslng the going concern basis of acGountlng unless the trustees elther Intend lo IlquldBt8 the charltable company or to cease operations, or havo no aliStIC altemalive but lo do 80. Audltor's r•spon$lbllltlo8 for the audlt of th• flnanclal stat•ments We have been appolnled as audltor under sectlon 44{1)Ic) of the Charllles and Truste6 Investment (Scotlandl Act 2005 and under the Companles Act 2006 and report In accordance with regulatlon8 made under those Acts. Our objective5 are to obtaln reasonable assurance about whelhor the flnancl81 statements as a whole are free from material mi$sl8tement, whether due to fraud or error, and Io issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of assurance, but Is nol a guarantee that an audit nducted in accordance with ISAS IUKI wlll always delect a material mlsslatement when it exists. Misstatements can arise from fraud or error and are considered mater181 if. Individually or in the aggregate, Ihey could reasonably be expected to influence the economic d8cislons of users taken on Ihe basis of these finanal statements. Irregularities, Induding fraud, a Instsnces of non-compllance with laws and regulations. We design procedures In line wth our responsibilities, outlined above. lo detect material misstatements in respect of irregularllles. including fraud. The specific procedures for thls engagement and the extent to which these are capable of detacling irregularilies. including fraud i8 detslled below.. Page 7
SUFFOLK SHEEP SOCIETY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES AND MEMBERS OF SUFFOLK SHEEP SOCIETY Enquiry of management and those charged with govemance around actual and potenti81 litigation and claims., Enquiry of entity 8laff in Gomplian¢e fun¢tlon5 to identlfy any instances of noTrcomplian¢e wlth laws and regulalion$', Reviewing mlnutes of meellngs of those charged wtlh govemance., Reviewing flnan¢lal statement dSsdosures and testlng to supporting documentation to assess ompliance wSth applicable laws and regulations. Performing audit work over the risk of management override of contro18, in¢ludlng testlng of journal enlrles and other adjustments for appropriateness. evaluating the business rationale of signlficant tran8actKJns outside the nomial course of bu$in8ss and reviewing accounting esllm8les for bi88. Because of the Inherent limttatlons of an audlt, thère is a risk that we will not detect all irregularllles, Including those leading to a maledal misslatem&nt In the fin8n¢lal slalements or non-compllan¢e wllh regulallon. Thls rfsk increas6s Ihe more that compliance with a law or regulation Is removed from the events and Iran88¢tlons renecled in the financial slalements, as we will be lass likely to become aware of instances of non-compllan¢e. The risk18 81s0 greater regarding irrogulariti6s occurring due to fraud rather than error, as fraud Involves Intenllonal ncealment. forgery. collusion, oml8sSon or misrepresenlalon. As part of an audll In a¢¢ordance wlih ISAS (UKI, we 8xer¢ls8 professlonal judgment and malntaln profe881onal sGepUclsm throughout the audbt. We al¥o'. Idenufy and assess th8 rfsks of materlal mlsstatèment of the finan¢lal stat8menl$. whother due to fraud or error, de8lgn and parfomi audit procedures responsive to those risk8, and obtsin audlt evldence that 18 suffi¢lent and appropriate lo provide a basis for our oplnion. The rlsk of not de16111)g a iTraleli ai mi Is51atement resulttng from fraud is h','gher +than fcr cne resulting from error, 8" fraud may Involv8 colluslon, forgery, Inlentlonal omis8ions, misr8present8tions, or the overfde of Intemal control. Obtaln an understandlng ol Int8mal control relevant lo the audit in order lo design audit procedur08 that are approprlate Sn the clrcumslances, bul not for the purpose of expressing an opinlon on the effe¢lSveness of Ihe Chalable company's Intem81 control. Evaluate the apPropatene$S of accountlng pollcles used and the reasonableness of accountlng estimates and related dlsdosures made by the trustee8. Conclude on the approprlaleness of the twslees, use of the golng concem basls of accounllng and, based on the audit evldence obtaln8d, whether a maler181 uncertainty exlsts related lo evenls or conditions that may Gast slgnifi¢ant doubt on the charitable company's ability lo conllnLJ8 as a golng ¢oncern. If we wnclude that a material uncertalnty exlsts, we are required to draw attention in our auditor's report lo the related disclosures In the flnanclal statements or, if such disclosures are inadequate, to modify our oplnion. Our concluslons are based on the audit eviden obtained up to tho dale of our audito¢s report. However. future events or condltions may cause the charitable ompany to cease lo conllnue as a going concem. Evaluate th8 overall presenlallon, slTuclure and ¢ontenl of the financial statements, Including the disdosures. and whether the financial statements repres8nl the underlying Irans8Ctlons and events in a manner that achieves fair presentabon li.e. gives a true and falr vlewl. We communiGale wth those charged with governance regarding, among other matters, the planned scope and liming of the audit and signiticanl audit findings. Including any signbffi¢8nt deficiencies in Internal control that we identrfy during our audit. Page 8
SUFFOLK SHEEP SOCIETY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES AND t4EEMBERS OF SUFFOLK SHEEP SOCIETY Use of our report This report is made solely to the charitable company's members, as a body, in accorctance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable cornpany's Iruslees. as a body, in accordance with Regulation 10 of the Charities Accounts (Scollandl Regulations 2006 Our audit work has been undertaken so that we might stale lo the charitable company's member5 those matters we are required lo slate to them n an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the chanlable company's members a5 a body, for our audit work, for this report, or for the opinions we have formed. Geoffrey Cox BA FCA IS8nior Statutory Auditor) For and on behalf of Oafferns LLP Chartered Ac¢ountanls Statutory Auditor One Eastsvood Hary Weston Road Binley Business Park Coventry CV3 2U8 Dated.. 10 December 2024 Daffems LLP 15 eligible to act as an auditor in terms of section 1212 of the Cornpanies Act 2006. Pa9e 9
SUFFOLK SHEEP SOCIETY STATEMENT OF FINANCIAL ACTIVITIES {INCLiIDING INCOME AND EXPENDITURE ACCOUNT) for tho year end8d 30 Seplfrmber 2024 Noto 2024 2023 INCOME FROM: Voluntsry Incomé Members subscriptions Gtrt aid 87,461 11,000 86,276 11,240 Charltable actlvltl•8 224.524 194.968 Inv•stments Investment income Interest receivable 12,598 1,788 13,324 191 Total Incorn• 337.371 305.999 EXPENDITURE ON.. Voluntary income Charitable activitie8 Head Offi'ce costs 44.189 195.372 51,844 57.555 250.434 56,311 Totsl •xpondltur8 291,405 364,300 N•1 In¢om• l {oxp•ndltur•) 45.968 158,3011 OTHER RECOGNISED GAINS AND LOSSES: Net g8lnsl(lo$$esl on Investments 46,023 14,249 N•t mov•m•nt In funds 91,989 144,0521 RECONCILIATION OF FUNDS: Funds brought forward 81 beglnnlng of perfod 742.825 786.877 Balan¢•$ ¢arrl•d forward at end of p•rlod 834.814 742.825 All the charity's activSlles are ¢onlinulng a1VIlle$- there were no acquisitions in the year. AJI the charity's funds are unrestricted In the above flnancl81 years. Page 10
SUFFOLK SHEEP SOCIE Company registration numb8r. 22684 BALANCE SHEET 30 S•ptamber 2024 Note 2024 2023 FIXED ASSETS Tangible assets Investments 4.087 709.223 5.989 554.580 713.310 560.569 CURRENT AS8ETS Stocks Debtors Cash at bank and In hand 1,362 54.180 93,362 3.031 39.012 166.427 10 148,904 208.470 CREDITORS Amounts falling due wfthln ona year 11 27.400 26,214 NET CURRENT ASSErs 121,504 182,256 TOTAL ASSETS LESS CURRENT LIABILITIES 834,814 742,825 NET ASSET8 834,814 742,825 FUNDS Unreslrict8d funds General reserves 12 834.814 742,825 TOTAL FUNDS 834.814 742,825 These flnancial 8tatem8nts have been prepared In a¢¢ordance Wbth the spe¢lal PrO810n8 of Part 15 of the Companles Act 2006 relallng to small charitable ¢ompanies and with the Finandal Reportlng Stsndard 102. pproved by the Coundl of Management on 10 December 2024 and signed on Its behalf by J Soulgby Ghairp8rson Page11
SUFFOLK SHEEP SOCIETY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 septernr 2024 1 ACCOUNTING POLICIES Gen•ral Inforniatlon and basls of preparatlon Suffolk Sheep Society Is an Incorporated charity registered in England & Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the tharity infomiauon on page 1 of these financial statements. The nature of the charity's operallons and principal activltles are lo advan¢e and promote agriculture by improving the breed of Suffolk Sheep and to promote research and Improvement of the breed of Suffolk Sheep and the publl¢allon of the results. Th& charity conslilut88 8 public benefit enllty as defined by FRS 102. The )Inandal s18tements have bean prepared in accordance with Accounllng and Reportlng by Charllles.. Statement of R8commonded Pr8cti¢8 applicable lo ¢harllles praparlng thelr accounts in accordance wllh the Flnanclal Reporting Standard appli¢able In the UK 8nd Republlc of Ireland IFRS 1021 issued In October 2019, the Financial Reporting Standard appli¢able In the United Klngdom and Republlc of Ireland {FRS 1021, the Charities Act 2011, the Companles Act 2006 and UK Generally Accepted Practlce. The charity has applied the exempllon lo not Indude a cash flow slalement on the grounds thal1118 applylng FRS 102 Section 1A. Th8 financlal slalemenls aro prepared on a golng concem basis under th8 hlgtorf¢al cost convantlon, modifled to Include certaln Items at fair valu6. The financlal statements are prosen18d In sledlng whlch Is the funcllonal currency of the charlly and rounded to the nearest £1. The financlal statements are for the charlty only. Its subsldlary has not been consolldated Into the dcwurils. The signlfl¢anl 8ccounllng pollcies applied In the preparatlon of these financlal 8t8lem8n18 are 8et out below. These pollde8 hav8 been consislenlly applied lo all years presented unless otherw15e slated. Fund$ Unreslrfcted funds am avallable for use at the discretOn of the Iru8tee$ in furtherance of the geneT81 oblectlves of the chadty and whlch have not been deslgnated for other purposes. Incoffl• rncognltlon All Incomlng resources are Included In the Statement of Flnancial Acllvltles (SOFA) when the charity 68 legally entitled to the Income after any perfomiance conditions have been mel, the amounl can be m8a8ured rellably an(J It Is probable that the income wlll be received. Inv8stmenl income Is eamed through holdlng assets for Investment purposes such as shar8s and property. 11 Includes dividends, Interest and rent. Where it is not practicable to identify inveslment management costs Incurred wtthln a scheme with reasonable accuracy the investment income is reported nel of these costs.11 Is induded when th8 amount can be measured reliably. Interest income 18 r&cognised using the effeGtive interest method and dividend and rent income is recognised as the charity's right to rec&ive payrnenl is establlshed Page 12
SUFFOLK SHEEP SOCIE NOTES TO THE FINANCIAL STATEMENTS for the year •nded 30 September 2024 ACCOUNTING POLICIES (Continuod) Exp•ndlture rocognlllon All expenditure is accounted for on an accruals basis and has been classified under headings that agggate all c051s related to the category. Expenditure 1$ recognised where there is a legal or constructive obligation to make payments lo third parties, It 1$ probable thal the setdem8nt will be required and the amount of the obligallon can be measured reliably. It Ss ¢ategorised under the following headings: Costs of raising funds in¢ludes investment management cos1$ and certain legal fees., Expenditure on ¢hari18ble activities includes grartls made in accordance with the tenn8 of the trust d88d', and Other expenditure represents those Items not falling Into th6 categorios above. Support costs allocallon Support costs are th08e that asslst the work of the charity but do not directiy represent charitable acUvltSes and In¢lude office costs. governance ¢o$ts elc. They are incurred dlrectly in support of expendltuffj on the objects of th8 charity and indude prole¢t management carried out al Headquarters. Where support costs cannot be dire¢lly attributed to particular headlngs they have been allocated lo cost of ralslng funds and expéndlture on charitsble activitie8 on a ba$18 consl8tent wlth use of the resources. Invastm•nts Quoted Inve$lm8ntS are recognlsed initially at fair value which Is normally the transaction prfce excluding transaction cost$. Subsequently, they are measured at falr value wllh changes recognlsed In 'n&t galns l {losses} on investments, In th8 SOFA if the shares are publlGly traded or thelr falr value can olheThvise be measured rellably. D•blorn and crodltors roc•lvablo I payablo wlthln on• y••r Debtors and creditors wlth no stated inlere$t rale and re¢elvable or p8y8ble withln one year are recorded at transact prlce. Any losses 8rf$lng from Impaimiant are r8cognl$ed In expenditure. Golng concam Th8 financial statements havè be&n prepared on 8 golng concorn ba$ls as the trustees believe that no material unCertaineS exist. The trustees have consldered the level of fund8 hekl and the expected level of income and expenditure for 12 months from 8ulhorising Ihese financial statements. The budgeted income and expendlture Is sufficlent th the level of reseNes for the Gharlly to be able lo ¢ontinue as a golng concern. Page13
SUFFOLK SHEEP SOCIE NOTES TO THE FINANCIAL STATEMENTS for th• year endod 30 Septomber 2024 ACCOUNTING POLICIES (Contlnuèd) Tanglblè flxed assets Fixed assets are stsled In th8 balan¢e sheet al cost18ss depredation. All expendtture on acqulsition, enhancement, production and installation are capitalised a8 fixed assets. They are 8tsted in the balance sheet at cost less depreGSatlon. Oepreciation 18 ¢alculaled to write off the cost or valuation less estimated resldual v81ue of tangible assets over thelr estlmaled useful lives at tha following rate$- Offlce equlpmenl 25(A* of cost per annum R•s•arch and dov•lopm•nt ExpendStur8 on research and development is wrltten off in the year In wh5¢h 6t18 In(yJrred. P•nslon ¢o•ts The $ocl8ty op8rates a mon&y purchase paon scheme on behalf of certaln èmployees. All ¢osl$ are charged as an expense as they become payable under the rules of the stheme. Stock$ Stock Is valued at Ihe lower of cost and net reellsable value. Forolgn Curr•ncl•8 Monetary assets and 118bllrtle5 d8nomlnaled In forelgn ¢urrencles are tran81aled Into 8terllng al the rates of exchange ruling at Ihe balance sheet date. Transactions denominated In foreign currencl88 are translated into sterling al the rate of exchange rullng at the dale of transaction. All revaluatlon dlffer8nce8 and roall8ed lor&lgn exchange dMf•rence8 are taken to the profit and108s account. INCOME FROM CHARrrA8LE ACTIVITIES 2024 2023 Flock book regislrallon Surplus from Society sales and promotion levy Year book income Flock book sales Testing Other 134.778 38,677 10,219 3,404 22,578 14,868 126,109 29,911 5,399 2,155 29,681 1,713 224,524 194.968 INVESTMENT INCOME 2024 2023 Income from UK listed investments and unit trusts 12.598 13,324 Page 14
SUFFOLK SHEEP SOCIE NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 S8ptember 2024 EXPENDITURE 2024 2023 Voluntsry In¢om• Support costs Salarles and wages ¢osts Office admlnislrauon ¢08t8 Depreclatlon 37,221 6.033 935 47,078 9,469 1,008 44,189 57,555 DlroGt Gharttabl• actlvltl•8 Breed promotion expenses Flock book 8xpens8s C08t of year book TestSng Other 48.051 1,749 11,470 20,780 23,605 48.825 2,480 13,950 36,742 50,439 Support costs Salarles and wages costs Offl¢e administration costs Depredation 75,570 12,250 1,897 80,181 16,122 1,715 195,372 250,434 Support costs are allocated based on the proporuon of Income generated. HEAD OFFICE COSTS 2024 2023 Legal fees and prof8s$lonal feeg Audlt Accountancy fees Stockbrokers fees Head office runnlng costs council meetings and AGM 2.514 4,851 14,178 5.467 19.953 4,881 3,471 2,800 13,503 5,287 22,009 9,241 51,844 57,776 Page 15
SUFFOLK SHEEP SOCIE NOTES TO THE FINANCIAL STATEMENTS for tho year endèd 30 Sop1•mr 2024 STAFF COSTS AND COUNCIL OF MANAGEMENT REMUNERATION 2024 2023 Staff cmts Wages and salaries S¢xlal security costs Pension costs Other staff costs 98.618 3.375 3,990 6,808 109,331 5,720 4,543 7,645 112,791 127,239 The average mnthly number of employees and full time equlvalents {FTE> w88: 2024 Numb•r 2024 FTE 2023 Numb•r 2023 FTE Admlnl$lratlon No employee recèlved emoluments In excess of £60,000. No member of the Councll of Management received any remuneratlon and the total value of r8lmbur8ed expanses were £4,881 relmbursed to 12 membeis of tha coundl. Costs Incurrad In th• manag•m•nt and •dmlnl$trallon• of th• charlty Includ•: Auditors, remunerallon 2.900 2,800 Page 16
SUFFOLK SHEEP SOCIE NOTES TO THE FINANCIAL STATEMENTS for the yoar énded 30 Sgptomber 2024 TANGIBLE FIXED ASSETS Challengè cups and trophlos Offlce équlpment Database Total Cost or valuatlon Al 1 October 2023 Additions 32,427 930 14,037 10 46.474 930 At 30 September 2024 33,357 14,037 10 47,404 D•pr•clatlon At 1 October 2023 Charge for year 26,448 2.832 14,037 40,085 2,832 AI 30 Sept8mber 2024 29.280 14,037 43,317 Not book valua At 30 September 2024 4,077 10 4,087 At 30 Sept8mber 2023 5,979 10 5,989 The net book value at 30 September 2024 represents tsnglble flxed 8s$ets used wholly for admlnlstr8tive purpos•$. INVE8TMENTS Llst•d Unllstgd Investmonl8 Investment Total Valuallon Al 1 October 2023 554,080 246,688 {138,0681 46,023 500 554.580 246,688 1138,0681 46,023 Additions Disposal proceeds Net raallsed and unreallsed galns I Ilo$$e8) At 30 September 2024 708.723 709,223 Th8 unllsted Investmgnl represents a 100% holding in 1886 Herftage Suffolk Lamb Llmited. company Incorpoialed on 16 January 2023. At the year end the company had not commenced trading. Llsted investmen15 at market value ¢omprise- 2024 2023 Brllish Govemment securities Ordlnary stocks and share8 292,807 416,116 131,132 422,948 708.723 554.080 Page 17
SUFFOLK SHEEP SOCIE NOTES TO THE FINANCIAL 8TATEMENTS for th• y••r ended 30 S•plfrmber 2024 INVESTMENTS (Contlnued) Included In inve8tm8nts above are Ilsted Investments wlth a market value of £302,946 12023.. £286.074) which are held outside the UK. Invesknents in Indfvidual enthles held at 30 September 2024 which are over 5% of Fjortfolio by valuè are.. Marf(ot value Finsbury Growth & Income Trust 44,255 STOCKS 2024 2023 Promotlonal tt8m8 1.362 3,031 10. DEBTORS TT8de doblors 0th8r debtors Prepayments Amoun18 owed to group undertaklngs 14,401 22,000 1,749 16,030 18.167 11.000 2.579 7.266 54,180 39,012 11. CREDrroR8 - dua wllhln on• y•ar Trade credltors Accrual8 Other taxes and sodal 8ecurfty Olhar credKor8 7,185 8,118 11,537 S60 9.506 3.901 12.256 551 27.400 26,214 Page18
SUFFOLK SHEEP SOCIETY NOTES TO THE FINANCIAL STATEMENTS for the yoar onded 30 September 2024 11 FUND RECONCILIATION: UNRESTRICTED FUNDS General raservo8 At 1 October 2023 742,825 Nel nv)vement In fund8 91,989 AI 30 September 2024 834,814 13. MEMBERS At 30 Sep18mber 2024 thé Sodety had 1,025 m8mber5. 14. ULTIMATE CONTROLLING PARTY councll of managgment control the ¢harfty. Page 19