REGISTERED NUMBER.. 22684 (England and Wales) REGISTERED NUMBER IN SCOTLAND.. SC(143459 REGISTERED CHARITY NUMBER: 211348 SUFFOLK SHEEP SOCIETY REPORT OF THE COUNCIL OF MANAGEMEKr AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
SUFFOLK SHEEP SOCIErY coNrENTS OF THE RNANCIAL STATEMEwf8 for the y••r ondod 30 Soplgmbor 202S Council of Management'8 Report Report of th8 Independènt Au(lilors Slatem&nt of Flnancial Actlvtt 10 Balance Sheot 11 Note8 to the FinarKlal Statements 12
SUFFOLK SHEEP SOCIETY COUNCIL OF MANAGEMENT'S REPORT The Council of Management (who are also directors of the charity for the purpose of the Companies Aet 20061 presents ils report and audited financial slalgments for the year ended 30 September 2D25. The Councll of Management have adopt the provisions of th8 Slalement of Recommended Practice Charities SORP 2019 {FRS102). Reforencè and Admlnlstratlvo Informatlon {see addltlonal Infomiationl Charity Nam$'. Suffolk Shegp Society Charity registratlon number.. 211348 OSCR registration number. SC043459 Company r¢gl$lration number 22684 Regi8ler8d off8 One Eastsvood Harry Vveslon Road Binley Busines5 Park Coventry CV3 2UB and operallonal address.. Unil 19 Ballymena Business Centre 62 Fenaghy Road Galgorm, Ballymena, Co Antrlm, N Ireland BT42 IFL Pr•sldent: Pr•sldant-Eloct: G Morgan G Soulsby COUNCIL OF MANAGEMENT Are8 repSented Northumbertand, Cumbrfa, Durh8m and1518 of Man Chalrpernon: J Sou18by Vl¢o - ¢h•lrp•r•on: A Evans Wale8 excluding Monmoulh$hi MOM. l R Barbour D Lindon D Miskelly L Needham M Pinny M Priaslley A Rèed J Sl8W8rt M Weaver A Barkley P Taylor South of Scotland South Ea8t Northern Scotland Lancashlre, Yorkshire 8nd Lincoln8hlre Mlddle and Easlefn Countle8 Northern Ireland - re5ignod 13 March 2025 South West Northern Irel8nd- re8lgned 13 March 2025 Wesl Mldlands 8nd Monmoulh8hSre Northern Ireland- appointed 13 M8rch 2025 Northern Ireland- appointed 13 March 2025 Chf Executive BL Tum Adminlstratlve Assistants A Mccullough, M Fenton, and G Farmer Audltor8: Daffem$ Audr( Lim'f(ed, One Eas¢0, Harry Weston Road. Blnlay Business Park, Coventy, CV3 2UB 8ankern: Lloyd$ Bank plc. 48 Belle Vue Terrace, Malvem, Worc5, WR14 4QG Bank of Ireland. Lower Baggol Strèat, Dublin 2 8ollcbtor8: Lodders Solickors LLP, Elm Court. Arden Street, Stratford upon Avon, CV37 6PA Investment advlsors: Charfes Stanley & Co,, 9-10 Sl Andrew Square, EdinbuTgh. EH2 2AF Page 1
SUFFOLK SHEEP SOCIETY COUNCIL OF PIANAGEMENfs REPORT {Gontlnuedl Structure, Governanco and Managoment Gov rnin cumenl The Suffolk Sheep Society is a charitable company limllod by guarantee. incorporated on 26th May 1886 and registered as a charity on 23rd October 1962. The ¢ompany was e81ablished under a Memorandum of Association which established the objects and powers of the charit8ble company end is governed under ils Articles of Association. In the event of the company belng wound up members 8re required to contribute an amount not exceeding £1. enl and A oin f Man8 em The directors of the company are also charty truste86 for the purposes of charity law and under the company's Articles 8r6 known as member8 of Council. Under the rèquirements of the Memorandum and Articles of Assixiation the members of Council are elected to seNe for a period of years after which they must be re-elected. Nominations are invited frcvn memb8rs who rnusl be pioposed and se¢onded. If more than one nomination is received by th8 due dale an election takes place. T sl elndu Trainln All new trustees mu51 be members of the Society and wlll be familiar with the Socièty's acliwtie8. They will h8ve received annual copies of the Report ond Accounts arbd all other Society publiGalion8. On becomln9 Iru8lees they are provided with the Society's Memorandum and Article8 of Associallon, Charity Comm18slon guidè for tru$tees and detallèd papèrs relating to malor projects with which the Soclely Ss concemed. Inlemal ¢onlrol risks are minimised by the implementation of written procedurès and line5 of communicatlon for aulhori$ation of Iran8aclions. Specialist advice has bgen obtained lo en$uro compliance wllh health and safety wuirements. Staff training has a180 been provided for Specific mattors. Every item of work will be a88ess and improvements in prot¢01 mada where nace58ary. Society 18 managed by 0 16 member elected Councll plu8 c0p18d members. which met 8 tlme$ durlng the year acr088 In-per80n and virtu81 meetlngs. The Chief Executive (Company Secretary} and one Adminlslr8tiv8 A88lstant 8ttorbd Councll meetlng$ but have no voting rights. The Branches of the Society ba¥8d in England, Wal0$ and Scotland have regi$lered a8 Charllle8 In their own right. nefi The trustee8 considar thoy have complSed with Iholr duty to have due regard to the guidan¢e on public benefft, as published by the Charty CommIs8n, In exercising their pow8rn and dulie8. Pag8 2
SUFFOLK SHEEP SOCIETY COUNCIL OF MANAGEMENT'S REPORT l¢ontlnu•dl Object8 and Activltl¢s Th¢ Soclety'8 objects and prindpal activities are.. To advance and promote agriculiure by improving the breèd of Suffolk Sheep. 121 To promote research and improvement of the breed of Suffolk Sheep ond the publication of the re¥uhs th8reof. The Society will continue lo cary out the foll¢Mng activit8.. Maintain and publish the annual Flock Bod(8nd Year Bc<)k', Complle and publi8h annual slat¢m¢nl8, Stattslics and Informatlon relating to the Suffolk Sheep breed. Participate andlor organlse shows, sala8 and other events throughoul the UK. The main shows include the Royal Ulgler Show. Royal Highland Show. Royal Welsh Show. Great Yorkshire Show. The Three Counties Show and many other 8mall¢r regfv)nal show8. Suffolk Sheep Soci8ly memb8rs had great success al ¢8ch of these shows 8nd won a number of inlerbro¢d ¢la8888, all of which raises publk 8W8rene88 of the breed and its popularity to commerclal farmers. The Society elther dlrectly or through Ils branche8 will continua lo arrange several shows and sales which are open lo 011 members wllh vi811or5 Blway8 welcome. Tho society eliher directly or thfough r(8 Branches wlll continu8 to arrange Several show8 and sales whiGh arg open to all members and visltors are aayS wel¢oma. The first of these is In Ballymena, followed by Lanark. the National Bhow and Sale at Shrewsbury and finalty Carlisle Promollng publlc intere81 In the Suffolk Sheep breed via public8tSons and publicty. The Suffclk Society has a breed sland at every rnajor National Sheep Association event wh6ch Gonl8ln8 a variety of material about the Society. the Suffolk Sheep breed, forthcoming ovenls elc. Tho Soclety premls88 have been offered for use by other charitable organisations operating in the B8llymen3 area. These mainly Include other agrlcullural charities that hold fund raising gvenlng8. Flnanclal RovSow in Subscnplions, regl8tralion and birth notrfication fee8 comprised the maln 80urce8 of Income. Under Ihg Memorandum and Articles of Association the Society has the power lo make any Investment which the Trusl8e8 see fft. Mr lan Harfey of Charles Stanley Stockbrokers. EdlnbuTgh has contlnued to keep the portfolio under rev and has made adjustrnents 88 appropriole to serve the current and future need8 of the Society, with the alms ol producing a balance beetn growth and irtome wkh lowlmedium rl8k. ese es 11 is the SoGiety's policy to maintain sufficient reserves lo provide for al least twe0 months unTe8lricted expendiiure. The Trustees wish to maintain 8 level of investments to Produce an income Stream to help Sustain its operations in the medium tem. Investments at 30 September 2025 lotalled £7,177. Thg sIetY has no restricted funds. The value of reseTves, that are free re8erve8 arg £919.515 12024.. £834,814). Page 3
SUFFOLK SHEEP SOCIETY COUNCIL OF MANAGEMENT'S REPORT {contlnuedl Responsibilltles of tho Councll of Manag•monl Company law requires the Council of Management to prepare financial statements for each ft'nancial yeaf which give a true and fair vigw of the state of affair5 of the company 8$ al the b8lance sheet date and of 118 incoming resourcès and application of resourcgs including income and expendilufe for the financial year. In preparing those h'nancial statements, the Council of Management should follow be81 pr8cti¢e and.. select Suitab accounting policies and then apply them consistently.. observe the methods and principles in the Ch8rily SORP make judgements and oslimates th81 are reasonable and prudent: prepare thg financial statements on the going conclm basis unle88 it 1$ Inappropriate to pre8ume that thè company will continuè on that basis The Councll of Managgm8nl ar8 responsible for malnlalning propor accounting records whlch disclose wllh reasonable accuracy at any tlme the finBncial po8ilion of the charitable company ond lo enable them lo ensure that the financial statements comply with th6 Companies Act 2006, The Charitie8 and Tru8190 Inve8lmenl IScotland} Act 2005 and the Charitie8 Aceounls Iscollandl Regu181ion$ 2006 la8 amended). The Council of Management is also responsible for 88feguarding the assets of the charitable company and h¢n¢e for taking reasonable stéps for the preVentn 8nd dolection of fraud, and other Irregularhl88. ofheco nell ent Members of the Council of Management, who are dlr•¢tors foi the purp080 of company law and trustee8 for the purpose ol charity law, who served during the year and up to the dale of thls roport. are sel out on Page In accordance with company law and a8 the company's directors we certty Ihal.. so far 88 W¢ aT8 aware therè Is no levant audit inf0matn of which the company's auditor8 are unaware and., as the directors of the Company we have taken all the slep8 that w8 ought lo have taken in order lo make ours8lve8 aware of any relevant audit Infomalion and lo establish that tho Gharity'8 aLMlilor8 are aw8re of that infomiallon, The TrusleeB (who afe al80 directors of Suffolk Sheep Sock8ty for the purposes of company lawl are re8ponslble for preparing the Tru8186$' Annual Report and the financi81 statement8 in accordance w¢th applicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted AuntIng Practkel. Pago 4
SUFFOLK SHEEP SOCIETY COUNCIL OF MANAGEMEKf's REPORT {continu•dl Stat•ment as to dl8clo$urn of infomiation to audlto So fgr as the trustses aré awaro, the 1$ no levan1 Information of which IhF> Charilab company's sud((ors Ore unaware. and the trustees have taken all the steps that thoy ought lo havè taken lo make themselve8 aware of any relevant audit information and to eBtabli6h that tha auditor is aw8re of th infomatDn. Audltorn Thi8 report ha8 been prepared in 40rdn with the gpeclal provislonB of Part 15 of tha Companies Act 2006 relang to small compgnie8. Approved by the Councll of Managem•nt on 2 December 2025 and svJned on its beha by J Soul$by Chgirpgrs Page 5
SUFFOLK SHEEP SOCIETY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES AND MEMBERS OF SUFFOLK SHEEP SOCIETY Oplnlon We have audited tha financial slalements of SL01k Sheep Society Ilhe 'charitable company'l for the year ended 30 September 2025 which comprise the Slalemenl of Financial Aclivilies, the Balance Sheet and notes lo the financial statements, including significant accounting policies. The financial reporting ffamework that has been applied in their Preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Siandard 102 'The Fin8ncial Reporting Standard appIable in th8 UK and Republic of Irglanif {Unrted Kingdom Generalty Accepted Accounting Practice). In our opinion the financial slalemenls.. give a true and fair view of the stale of the charitable company's affairs as at 30 September 2025 and of ils incoming resources and application of re$our¢es, including rts income and expenditure. tor the year then ended., have been properly prepared in accordance wtih Unhed Kingdom Generally Accepted Accounting Practice,, and have been prepared in accordance with the requirements of the Companies Act 2006, the Charfti88 and Trustee Investment (Scollandl Act 2005 and regulation 8 of the CharrtS Accounts (Scallandl Regulations 2006. BaBI8 for oplnlon We conducted our audit in accordanc9 with International Standards on Auditing {UKI IISA8 IUKII 8nd applicable law. Our r8sponsibililies under those standards are further described in the Audilorfs respon8ibililies for the audrt of the financial statements section of our report. We are independent of th8 charitable company in accordance with the 8thl¢al requirements that are relevant lo our audrt ol the financial stalernpnl$ in the UK. including the FRC's Ethlcal Standard, and we havg fulfilled our other ethical responsibilities in accordance with these requirements, We believe Ihgt the audit evidenGe we hove oblaingd is sufficient and appropriate lo provide a basis for oui opinion. Concluslons relatlng to golng concgrn In auditing the financial slalemenls, we have coneludèd that the Iruslees, use of the going concern basi8 of occounling in the preporalion of the financial statements is appropriate. Based on the work we have performed, we have not idenlffied 8ny matèrial uncertaintiès relating lo ovenls or conditions that, individually or collgctively, may cast signlficant doubl on the charitable company's ability lo continue as a going concern for a period of al least Iwefv8 month$ from when the financial 8t81emenls are aulhorised for issue. Our r8sponsibilities and the re8ponsibili(ies of the Iruslees wrth respect to going concem are desefibed in Ihg relevant sections of this rèport. Other Infomiation The other infomialion comprises the information included in the Council of Management's report, other than the financial slalemenls and our auditor's report Ihereon. The trustees ar8 responsible for the other information contained within the Council of Management'5 report. Our opinion on the financial statements does not cover the other information and. except lo the extent otheMisè explicitty statad in our report. we do not express any form of assurance conclusion Ihereon. Our responsibilrty is lo read the other information and, in doing so. consider whether the other information 1$ materially inGDnsistent wi(h the financial statements or our knowledge obtained in the course of the audit or otherwise appears lo be materially misstated. If we identify such maleTi81 inconsisleneies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial slalemenls themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required lo ieport that fact. We have nothing to report in this regard. Page 6
SUFFOLK SHEEP SOCIETY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES AND MEMBERS OF SUFFOLK SHEEP SOCIETY Oplnlons on other mattern prescrlbed by the Companles Act 2006 In our oplnlon. based on the work undortaken in the course of Ihg aLKlit.' the Infomiation given in the trustees, report for the financial year for which the financial 8tatem8nts are prepared is consistent with the financial slalemenls,. and th8 direclois. iaport has been prepared in accordance with applicable legal requlrements. Mattgrs on whlch we are rnqulred to roport by oxceptlon In the light of the krwledge and undef8landing of the charliable company and its environment oblalned In the course of the audit, we havè not Identified material mis¥tslemenl8 in the director8, report. We have nothing lo report In respect of the followlng mattef8 In relallon to which Ihe Companiès Act 2CK)6 and the Charf(ie3 Ac¢ounl$ (Scotlandl Regulations 2006 requlres us lo report to you if, in our opinion.. 8d6quale accountlng record$ have not been kept. or returns adequate for our audlt have not been reCe¢d from branches not visf(ed by us.. or the financial slalements are not in agreem9nl with the accounting records and retums,. 01 certain disclo8ure$ of dlreclors, remuneration specified by law are not mado., or we have not recelved all Ihg inforniation and explan81ion$ we require for our audlt,. or the trusto¢$ were not enlilled to prepare the financial statemonts in aceordan¢8 wllh tha small companies, regime and lake advantage of tho 6mall compani88' exemptions in preparing the director8, report and from thè rnquirement to prepare a 8lraleglc report Ro•ponslbllltle• of tru•te Ai explained moffj fully In the trustees. re8pon$ibi1it188 Statement sgt out on page 4, the Iruslees (who are al80 the directors of Ihe ¢harllable company for the purposes of company lawl are respon$ibl¢ for the preparation of the financi81 statemen18 and for boing satisfied that they give 8 true and fair view. and for such internal control as thè trustee8 detemiino 1$ ne¢o$88ry lo enable the prgP8ratpan of financlal 8t*om8nts that are free from material ml¥slalement. whether due to fraud or errof. In prgparlng tho financlal Slalements, tha Iru$t8e8 are responsible for a8s8sslng the charitable company. ability lo continue as 8 going concern, disclosing, as appllcable, matters Telolgd to going concern and uslng the going concern basis of accounting unless the Iru3lees ei(h8r intend to liquidate the chantabl¢ Company or lo cease operations, or have no reali8tlc attemallve but lo do so. Audltor's r•8pon8lbllttlo8 for th• audft of th• Ilnanclal stat•ments We have been appoint6d as audi(or under section 44{1llcl of the ChaTilies and Trustee Invoslment IScotland} Act 2005 ond under the Companle8 AGt 2006 and report in o¢¢ordance wllh regulations made under those Acts. Our objactiVe8 are lo obtain reasonable a$surance about whothgr the financlal stslements a8 8 whole are fr99 from material misstalemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Rgasonable 8s5urance is a high level of as8vrance but Is not a guarant99 that an audit conducted in accordance wllh ISAS {UKI will always detect a mal8rial misslatemenl when il exi3ts. mi8slalement8 can arise from fraud or error and are considered material if, individually or in the gggregate. they could 18asonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularitie8, includlng fraud. are instan¢e$ of non-compliance with law8 and regulations. We design procedures in line with our responsibilities, outlined above, lo deted Material misstatemgnls in SpeCt of irr8gularilie8, including fraud. The specrfic procedure5 for this engagement and the extent lo whh these are ¢apable of detecting irrggularities. including fraud is detailed below.. Pagg 7
SUFFOLK SHEEP SOCIETY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES AND MEPIBERS OF SUFFOLK SHEEP SOCIETY Enquiry of management and those charg whh govgTnance around actual and potentl81 li119alton and claims; Enquiry of entity staff in compliance functions to vJgnlify any instances of nonw¢ompliance with law8 and regulations; Reviewing minutes of mèetings of those charged with governancg., Reviewing financial stal6menl disclosures and testing to $LbPPOrting docutrnntatbn to as8e88 compliance wth applicable law8 and regulations. Performing audrt WO ovèr the risk of man8gemenl override of controls, iluding testlng of loumal entries and other adjustments for approprialene88, èvaluating the business rationale of signrficant transacllons outside the normal course of bu81nes$ and reviewlng accounting ostimales for bia8. Because of the inherent limitations of an audit, Ih8r8 Is a risk that we will not ddect all Irregu18ri11es. InclLtdlng those leading to a material misslalement in the financlal mtalgmenls or non<ompliance with regulallon. This ri8k In¢r¢•se8 the more th81 compliance with 8 law or regulation 18 removed from the even18 and Ir8nsaclion8 reflècted In the flnancial 8181omonls, as we will be less likety to become gware of instances ol non-complianc¢. The risk 16 also 9re8ler regarding Irreguladllgs ¢xcurring du8 lo fraud rather than error, as fraud invofves Inlonlional concealment, forgery, collu8ion, omission or MisrepSentaI1On. A8 Part of an audrt In 8c¢ordance wfth ISAS (UKI, wg exercise professional judgment and maintaln profg88i0n818ceplici8m IhroughoLrt the audll. We also.. Identify and assess the rf8k$ of material ml88tatement of the fSnancl81 $latomgnls, whether due lo fraud or error, design and perform audit pro¢eduTe8 re8pon8Ive lo those ri8k8, and obtaln audit evldence that 19 sufficient and appropriate lo ProVe a basi$ for our opinion. Thè ri8k of not d8lecting a malerfol misslalemenl rèsulting from fraud ig higher than for one re8uklng from error, a6 fraud may Involve Gollu8ion, forgery, Intentional omi88ion8, mi$representalion$. c( the override of inlemal control. Obtain an understanding of internal control relevont lo the audlt In order lo dg8lgn audit prtt8duro8 that ore approprlale In the circumstances, bul not lor the purp¢)80 of expr988ing an oplnion on the effectNeness of thè eharilable company's internal control. Evaluala th8 approprialene88 of accounting policies u8¢d and the rea80nablene88 of accounting eslimales and related dlsclosures m8de by thg Iru8lee8. Concludè on th8 8pproprialen858 of the Iruslees, u88 of Ihg going concem basls ol 8ccounling and, based on the au¢Jil evidence obtained, whether a material uncert8lnly exi¥ls related lo events or condition8 that may cast $1gnificanl doubt on the charitable company's obilty lo continue as o going concem. If we conclude that a material uncertainly exlsls, wè are requlred to draw attention In our auditof 8 report to the related disch)sures in the fi'nancigl slalemenls or, if such disclosures are inadequ81e, lo modfy our opinlon. Our conclusion8 arè base(l on the audit evidence obtained up to the dale of our audltor's report. However, future avent8 or conditlon$ may cause the charitable company to cease to continue as a going concarn. Evaluate the overall prosentalion, structure and content of the financial 8talemenls, including the di8cb8ures, and whelhgr the fSnancial slal8rnents represent the underlying tran$aCtnS and event8 in a manngr that achieves lair presentation li.e. gNes a truo and falr view). We ccfflmunule with those charged with governance regarding. among oth8T matters, the planned scope and liming of the audrt and signifan1 audit fi'ndings, including any sKJnific8nt deficiencies in internal control that we Klentfy during our audit. Page 8
SUFFOLK SHEEP SOCIETY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES AND MEMBERS OF SUFFOLK SHEEP SIXIETY Use of our rgport This report is made solety lo the charitable company's members, as a body. In accordan with Chapler 3 of Part 16 of the Companies Act 2006. and to the Charable company'$ trusleas, as a body. in accordance with Regulatlon 10 of the Charities A¢¢ounls {Scollandl Regulations 2006. Our audit work has been undertaken 80 that we might slate to the charitable company's members those matters we are required lo slate lo them In an auditor's report and for no other purpose. To the full8St extent permrtled by law, w6 do not accept or as8uma responsibilty to anyone other than the chorilable company and the ¢haritable company'8 rnembers as a l)ody, for our audit work, for this report. or for the opinion8 we have fomied. Geoffrey Cox BA FCA {Senior Slatulory Auditor) For and on behalf of Daffems Audl Limhod Chartered Accountants Statutory Auditor One Eastsvotr Harry Weston Road Binley Busine8$ P8rk Coventry CV3 2UB Dated.. D8ff8ms Audlt Limlted Is ellgible to act as an sudltor In terms of Sectw 1212 of the Companies Act 2008. Paga 9
SUFFOLK SHEEP SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNTI
for the year gnded 30 Sept•mber 2025
Noto
2025
2024
INCOME FROM:
Voluntsry Income
Membors subscription8
Gfft SKI
86,007
20.625
87,461
11,000
Chadtable aclfvitlgy
Investments
Inveslm8nl incomo
Interest receivable
223,619
224,524
12,231
2,337
12.598
1,788
Total Income
344,819
337,371
EXPENDITURE ON:
Voluntary income
Charitabl6 aclivili98
Head Office cost8
48.726
213,196
56,982
44.189
195,372
51,844
Total •xp•ndtture
318,904
291,405
N•t Income I laxpondltur•
25,915
45,966
OTHER RECOGNISED GAINS AND LOSSES:
Nel gain8l
SUFFOLK SHEEP SOCIErY Company regi5trabon number.. 226B4 BALANCE SHEET 30 S•ptemb•r 2025 Not 2025 2024 FIXED ASSETS Tangiblo a58e18 Investmants 4,087 709,223 756,177 761,181 713,310 CURRENT ASSETS Slo¢ks Debtor8 C88h at bank and In hand 1,567 48,340 135,812 1.362 54,180 93,362 10 185.719 148,904 CREDITORS Amounts falllng due withkn on• yg•r 11 27.345 27,400 NET CURRENT ASSET8 158,374 121,504 TOTAL ASSETS LESS CURRENT UABILITIE3 919,555 834,814 NET ASSETS 919,555 834.814 FUNDS Unfestrtfjd fund$ Genornl rgservo8 12 919.55S 834,814 TOTAL FUMDS 919,555 834,814 The3e flnancl815talements have been prfjpared in accordanc8 with the Special provisioro of Part 15 of the Companies Act 2006 relating to $mall chadlabb eompanles and wh the Financial RoP¢Jting Standard 102. Approved by the Council of Monag8ment on 2 December 2025 and sned on fts behatf by J Soulsby Chairperstsn Page11
SUFFOLK SHEEP SOCIETY NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2025 1 ACCOUNTING POLICIES G9norn1 Infomiatlon and basls of préparation Suffolk Sheep Society is an incorporated charty registered in England & Wales. In th8 event of the charity being wound up, the liability in respect of the guarantee is limited lo £1 per member of the charity. The address of the regiSted office is given in the charity information on page 1 of these nancial stalemenls. The naluie of the charity's operations and principal aclivrties are to advance and promote agriCuU[e by improving the breed of Suffolk Sheep and lo piomole research and improvemonl of the breed of Suffolk Sheep and the publication of Ihg results. The charity Conslitules a public benefit entity as defined by FRS 102. The financial slalemenls have been prepad in accordance with Accounting and Reporting by Charities.. Stslemenl of Recommended Practice applicable to charities preparing their accounts in accoidance with the Financlal Rgporting Standard applicab in the UK and Répub1i¢ Of Ireland IFRS 1021 issued In October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. th8 ch8ri11gs Act 2011, the Companies Act 2006 and UK Generally Accepted Pr8clice. The charity has applied the exemption lo not Include o cash flow statement on the grounds that k is applying FRS 102 Seetion 1A. The financial s18lemènl$ are prepared on a going concern b8918 under the historical c081 convention, modified lo include certain items al fair value. The financial 51alernenls are presented in sterling which Is th8 fvnctional currency of the charity and roundèd lo tho ngarest £1. The financial 6tatem8nt8 are for the ¢harty only. Its Subsidiary has not been consolidated into the accounts. The significant accounting policies applied in the preparation of these financi81 $18temeDls a Set o below. These policies h8ve been consi8lenlly applled lo all years pre8enl8d unless olherwlse slated. Fund8 Unreslricled funds are av8ilable for use al tha discretion of the Irusteg¥ in furth?r•n¢8 of th• general objectives of the charSty and which have not been designated for other purpos8S. Income rfrcognition All incoming resources are included In the Slalemenl of Financi81 Activities ISOFAI when the charty is legalty enlrtled lo the income after any performance condrtions have been met, the amount can be measured relL4bly and it is probable that the incorne will be received. Investment income is earngd through ho1ng assets for investment puTposes such as shares and propety. It includes dividend5, interest and rent. Where it Is not pra¢li¢able to Klgnlify invostmenl management costs incurred wrthin a scheme with reasonable accuracy the investment income is reported net of these costs. 11 is included when the amount can be measured reliably. Interest income is recognised using the 8ffective interest method and dividend and ront income is reeognised as th6 charity's right lo receive payment is established Pagg 12
SUFFOLK SHEEP SOCIETY NOTES TO THE FINANCIAL STATEMENTS for the year gnded 30 September 2025 ACCOUNTING POLICIES {Contlnuedl Expenditure recognltlon All expenditure is accounted for on an accrua15 basis and has been classifi8d under headings that aggregate all cos18 related to the category. Expgndituro is recognised wher8 there is a legal or constructive obllgalion to make payments to third parties, it is probable that the 8ettlemenl wlll be required and thg amount of the obligation can be measured reliably. It is ¢ategorised undgr th8 following headings.. C08ts of rai$lng lunds Include8 investment managemgnt Costs and certain legal fees., Expenditure on charitsble actDAtI68 includ08 grants made in &¢ordance with the tems of tho trust deed.. and Other expendliure repre8ent8 those il¢m$ not falllng into the calegciigs abova. 8upport CO8t8 alloGatlon Support eosts are th08e that a$$lst the work of the charty but do ncl direclty represent charttable aclivrtie¥ and include officg costs, governance co$1$ etc. They are Incurred directly in Support of expen(Jilure on the obj8cIB of the charlty and include projoct management carried out at Headquarter8. lthere support costs cannot be directly attributed lo particular headings they have bean allocated to cost of fal8ing funds and oxpenditure on charllable activitle8 on a ba818 contsistent with use ol the resourco5. Invgstmonts Quoted inveslrnent8 are recognised initially at fair value which 18 normally the transaction price exeluding transaction ¢osls. Subsequently, they are meo$ured at f8ir value with changes recoqnisod in 'net gains I Ilossesl on inveslmenls, in the SOFA if the shares are publlcly traded or their fair valuo can otheMi$8 be measured r•li8bty. Debtorn and crndltord recolvable I payablo wlthln on• year Debtor8 and credrtor8 with no 8tated inlero$t rate and r8¢eivable or pay8ble wlthln one year are recorded al tran88Ction pri¢e. Any1098eJ arislng from IMpaient offj recognlsed in 6xpendlture. Golng concern The financial statemènts have been preparod on a going ¢oneem bas as the trustees believe that no material uncertainligs exist. The trustees have considergd the level of funds held and the exp8cted l¢vel of income and expenditure for 12 months from 8Uthori$ing these financial statemersts. Tho budgeted income and exPendUre 18 suffiCt wllh the levgl of res8rve8 for the ¢harty to b& able to continue a8 a goin9 concern. Pagg 13
SUFFOLK SHEEP SOCIETY NOTES TO THE FINANCIAL 8TATEMENTS for the year onded 30 Septsmber 2025 ACCOUNTING POLICIES (Contlnuedl Tanglble fixed assets Fixed assets are ¥lated in the balance sheet at cost less dèprecialron. All èxperKlrture on acquls6tlon, enhancement, production and installation ar8 c8pilalised a8 fixed 888els. They 8re Stated in the baL9nce sheet al cost less depreciation. Depreciation is calculated lo wrrte off the cost or ValLtion less eslim8ted re8hJual value of tanglble assets over their estimated useful Iwes at the folltrwlng rates.. oriice equipment Dalabas 2SOh of Cost P8r annum 20'A of cost per annum Rauar¢h and devolopm•nt Expenditure on res88rch and development is wr6tten off In the year in which it18 Incurred. Pon81on coBts The society opeTale8 8 money purchase penslon Scheme on behalf of certain employo95. All co81$ are charged 88 an expen88 as they be¢ome payable und8r the rules of the scheme. Stocks Stock is valued 8t the lowor of c08t and net re81159ble value. For•lgn Curron¢lo8 Monetary assets and 1Sabilitlgs denominated in foreign cuffencies are translated Into 8lerfln9 al the rale8 of exchange rullng al the balance 8heel dale, Transacllons denominated in foreign currencies are translated into 8t8rling al the rate of exchange ruling at the date of transaction. All rfrvaluation difference8 and feali$od foTel9n change drfferenc88 are 18k8n to the profit and10$8 8ccount. INCOME FROM CHARITABLE ACTIVITIES 2026 2024 Fkck bcd¢ r8gi#trolion Surplus from Society salo$ and promotion levy Yoar book income Flock book sales Testing Other 129,378 41,331 8,782 3,323 21.625 19.180 134,778 38,677 10,219 3,404 22,578 14,868 223,619 224,524 INVESTMENT INCOME 2026 2024 Income from UK listed Inv88tments and unil trusts 12,231 12,598 P89e 14
SUFFOLK SHEEP SOCIETY NOTES TO THE FINANCIAL STATEMENTS for the yfjar end•d 30 Soptsmber 2025 EXPENDITURE 2025 2024 Voluntary 5ncomg Support costs Salaries and wagey costs Office 8dministralion costs Depreclalion 42,346 S,843 537 37,221 6,033 935 48,726 44.189 Dlract charltablo •ctMtIo• Breed promotion 8xp8n8e8 Flock l)ook exp8n388 Co81 of year book Testing Oth8r 53,332 4,522 14,157 18,258 32,436 48,051 1,749 11,470 20,780 23,805 Support ¢osts Salaries and wage8 coB18 Office administratlon costs Depreciation 78.843 10,852 75,570 12.250 1.897 213,196 195,372 Support co818 are allocated based on th• proportlon of income generated. HEAD OFFICE COSTS 2025 2024 Legal fee8 and profess81 f•08 Aud Accountancy lee8 Stockbrok¢r$ fe¢8 Hgad ¢Ice running c051s Council meeting¥ and AGM 2.919 4,950 16,192 5,765 20,S63 6,193 2,514 4,851 14,178 5,467 19,953 4,881 56.982 51.844 Page 15
SUFFOLK SHEEP SOCIErY NOTES TO THe FINANCIAL STATEMENTS for the ygar ondod 30 S•ptsmbor 2025 STAFF COST8 AND COUNCIL OF MANAGEMENT REMUNERATION 2025 2024 Staff costs Wages #nd salark98 Sockql security costs Penslon coyt5 Othfjr staff costs 1L%,418 4,288 4,158 6,125 98.818 3,375 3,990 6,808 120,989 112,791 The 8ver890 monthly number of employees and full lime •quivalents IFTEI wo8.. 2026 Numb•r 2020 FTE 2024 Numb•r 2024 FTE Admlnl8tralion No employee received •molumen18 In ex80 of £eo,000. No member of the Council of Management receNed any rgmuneration and tho total value of reimbur8ed expen8e8 wero £6,193 relmbursed lo 13 mombgrs of the council. Costs Incurred In th8 manag•m•nt and adm1ntraI10n* of th• ¢h•rlty Includ•: Auditors. remunoralion 3,050 2.0 Page 16
SUFFOLK SHEEP SOCIETY NOTES TO THE FINANCIAL STATEMENTS for th• year ended 30 Soptombèr 2025 TANGIBLE FIXED ASSETS Challengg cups and trophles oquipm•nt Databaso Totsl Co8t or valuation At 1 October 2024 Additions 33.357 2.450 14,037 10 47.404 2,450 At 30 September 2025 35.807 14,037 10 49,854 Dgpreclatlon Al 1 October 2024 Charge for yoar 29,280 1,533 14,037 43.317 1,533 At 30 Septembèr 2025 30.813 14,037 44,850 Net book valu• At 30 September 2025 4.994 10 5,004 At 30 Septertjer 2024 4,077 10 4,087 Th6 nel book value 81 30 September 2025 reprenIS tangible fixed a888t$ U68d wholty for 8dmini5tralNe purp¢X$. INVESTMENTS U8t Unllsted Inve¥tmgnts In¥trn•nt Total Valuatlon At 1 October 2024 708,723 93,522 (105,3941 58,8261 5& 709.223 93.522 1105,3941 58,828 Additions Dlsposal proceeds N&t realised and unrealisgd gains I1108$09) At 30 September 2025 755.677 5¢XI 7S8.177 The unlisted investment represents a 100% holding in 1886 Heritage Suffolk Lamb Limf(ed, compgny incorporated on 16 January 2023. At the year ond the ccAnpany had not commenced tr8ding. Listed inve81ments at market value compri8e'. 2024 British Govemment securiti95 Ordinary stocks and shares 294.951 460,726 292.607 416.116 755,677 708,723 Paga 17
SUFFOLK SHEEP SOCIErY NOTES TO THE FINANCIAL STATEMENTS for thg year gnded 30 8ept•mbgT 2025 INVESTMENTS (Continu) Includad In inve5tmenl8 above are Ilsted inve8tsnents th 8 market value of £325,468 {2024'. £302,946) whh are held out8Kle tho UK. There are no inve8knènts in individual 8nliti88 held at 30 September 2025 whkh are over S% of portfoltrj by v8lue. STOCKS 2025 2024 Prcfflotional btem8 1.362 10. DEBTORS Trade debli)r8 Other debtor8 Prepayments Amounts owed lo group undertaklngs 17,545 13.000 785 17,030 14.401 22,000 1.749 16,030 48.340 54.180 11. CREDITORS . due wlthln on• y••r Trade creditors Accrua18 Other taxe8 and la1 securfly other ¢reditor8 8,951 6,351 11,470 573 7,185 8.118 11.537 560 27,345 27.400 12. FUND RECONCILIATION: UNRESTRICTED FUNDS G•neral re•er¥ Al 1 October 2024 834,814 Net movement in funds 84.741 At 30 September 2025 919,555 Page 18
SUFFOLK SHEEP SOCIETY NOTE8 TO THE FINANCIAL 8TATEMENTS for the yoar gndod 30 Sgptombor 2024 13. MEMBERS At 30 September 202S tho Soclety had 1.042 mambers. 14. ULTIMATE CONTROLUNG PARTY The counGII of M9nagennI control chafity. I& RELATED PARTY TRANSACTIONS There are no related party transactn3 for the year12024'. £nil). Page 19