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|||||Page|
|---|---|---|---|---|
|Reference and administrative||details ofthe Company,|its Trustees and advisers||
|Trustees'
report||||3-12|
|Independent
auditors'|report|on the financial statements||13-17|
|Statement offinancial|activities|||18|
|Balance sheet||||19-20|
|Statement of cash flows||||21|
|Notes to the financial|statements|||22-43|
|Trustees|||Mr AAlderson||(appointed 6 May 2022)|(appointed 6 May 2022)|(appointed 6 May 2022)|
|---|---|---|---|---|---|---|---|
||||Mr P Delbridge|||||
||||DrYPLe Du|||||
||||Mr H Dunn|||||
||||MrJ Farmer|||||
||||Mr A Foulds|||||
||||Mr J Geldard|(resigned|||6 May 2022)|
||||Mr D Gregory|||||
||||Mr B Griffiths|||||
||||Ms K Hovers|||||
||||Miss C Hughes||(appointed 6 May 2022)|||
||||Ms A McFadzean|||(resigned 24 May 2023)||
||||Mr P Myles|||||
||||Ms P Nicol (appointed||||3 May 2023)|
||||Mr D Phipps|||||
||||Mr C Sercombe|||||
||||Mr EThomas|(resigned|||6 May 2022)|
||||Mr TWard|||||
|Company|registered|||||||
|number|||00037818|||||
|Charity registered||||||||
|numbers|||249255 and SC042853|||||
|Registered||office|The Sheep Centre|||||
||||Malvern|||||
||||Worcestershire|||||
||||WR13 6PH|||||
|Honorary|President||Lord Inglewood|||||
|Chief executive officer|||Mr P Stocker|||||
|Independent||auditors|Bishop Fleming||LLP|||
||||Chartered
Accountants|||||
||||Statutory Auditors|||||
||||1-3College Yard|||||
||||Worcester|||||
||||WR1 2LB|||||
|Bankers|||Lloyds Bank pic|||||
||||Malvern|||||
||||Worcestershire|||||
||||WR14 4QG|||||
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||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
|||Note|2022|2022f|2022
F|2021|
|Income from:|||||||
|Donations
and legacies|||80,340||80,340|53,628|
|Charitable
activities|||637,091|76,832|713,923|677,162|
|Other trading
activities|||501,131||501,131|38,597|
|Investments|||45,305||45,305|48,210|
|Other income|||17,251||17,251|10,533|
|Total income|||1,281,118|76,832|1,357,950|828,130|
|Expenditure
on:|||||||
|Charitable
activities||9|1,160,012|42,924|1,202,936|839,150|
|Total expenditure|||1,160,012|42,924|1,202,936|839,150|
|Net income/(expenditure)|before net||||||
|(losses)/gains
on investments|||121,106|33,908|155,014|(11,020)|
|Net (losses)/gains
on investments|||(96,713)||(96,713)|90,152|
|Net income|||24,393|33,908|58,301|79,132|
|Transfers
between
funds||20|10,004|(10,004)|||
|Net movement
in funds before other|||||||
|recognised
gains|||34,397|23,904|58,301|79,132|
|Other recognised gains:|||||||
|Gains on revaluation
offixed assets|||140,000||140,000||
|Net movement
in funds|||174,397|23,904|198,301|79,132|
|Reconciliation
offunds:|||||||
|Total funds brought
forward|||1,763,379|31,188|1,794,567|1,715,435|
|Net movement
in funds|||174,397|23,904|198,301|79,132|
|Total funds carried forward|||1,937,776|55,092|1,992,868|1,794,567|
##
|||Note|2022f|2021|
|---|---|---|---|---|
|Fixed assets|||||
|Tangible assets||14|171,218|177,099|
|Investments||16|952,817|959,527|
|Investment
property||15|490,000|350,000|
||||1,614,035|1,486,626|
|Current assets|||||
|Stocks||17|2,949|3,048|
|Debtors||18|110,324|83,145|
|Cash at bank and|in hand||588,327|534,785|
||||701,600|620,978|
|Creditors: amounts|falling due within one||||
|year||19|(322,767)|(313,037)|
|Net current assets|||378,833|307,941|
|Total assets less|current liabilities||1,992,868|1,794,567|
|Total net assets|||1,992,868|1,794,567|
|Charity funds|||||
|Restricted funds||20|55,092|31,188|
|Unrestricted
funds||20|1,937,776|1,763,379|
|Total funds|||1,992,868|1,794,567|
##
##
##
||||2022|2021|
|---|---|---|---|---|
||||E|F|
|Cash flows from operating|activities||||
|Net cash used
in operating|activities||94,853|115,854|
|Cash flows from investing|activities||||
|Dividends,
interests
and rents from investments|||(45,305)|(48,210)|
|Proceeds from the sale oftangible
fixed assets|||892|760|
|Purchase oftangible
fixed assets|||(3,608)|(6,149)|
|Proceeds from sale of investments|||39,113|193,444|
|Purchase of investments|||(108,757)|(183,441)|
|Revaluation
of investments|||76,35¹|(90,152)|
|Net cash used in investing|activities||(41,311)|(133,748)|
|Cash flows from financing|activities||||
|Repayments
of borrowing||||(50,000)|
|Net cash provided
by/(used
in) financing||activities||(50,000)|
|Change
in cash and cash|equivalents
in|the year|53,542|(67,894)|
|Cash and cash equivalents|at the beginning|ofthe year|534,785|602,679|
|Cash and cash equivalents|at the end of|the year|588,327|534,785|
|The notes on pages 22 to 43form part ofthese financial statements|||||
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##
|Land and Building|- 2%-5% Reducing
balance||
|---|---|---|
|Motor vehicles|- 25% Reducing
balance||
|Fixtures and fittings|- 10-25%on Cost /20-25% Reducing|balance|
##
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##
||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
||||2022|2022|2022|2021|
||||E|E|E|E|
|Ram Sales|||115,696||115,696|111,126|
|Sheep Farmer Advertising|||121,175||121,175|123,352|
|Other Charitable|Income||37,255|10,327|47,582|37,894|
|Sustainable
Control ofParasites||in Sheep|5,325||5,325|14,394|
|Membership
Services|||357,640||357,640|347,035|
|RoSA project||||||1,354|
|RDPE Moredun|project|||66,375|66,375|20,400|
|Erasmus
project||||130|130|21,607|
||||637,091|76,832|713,923|677,162|
|TOTAL 2021|||632,801|44,361|677,162||
##
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022|2022|2021|
|||E|F||
|Fundraising|events|501,131|501,131|38,597|
|TOTAL 2021||38,597|38,597||
##
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022|2022|2021|
|||f.|F||
|Rental income||20,339|20,339|20,531|
|Investment|income|23,595|23,595|27,593|
|Interest receivable||1,371|1,371|86|
|||45,305|45,305|48,210|
|TOTAL 2021||48,210|48,210||
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022|2022|2021|
|||E|F|F|
|Other income||13,398|13,398|9,424|
|Promotional|items|2,177|2,177|98|
|P 80 Booking Service||1,676|1,676|1,011|
|||17,251|17,251|10,533|
|TOTAL 2021||10,533|10,533||
##
||||||Unrestricted|Restricted|||
|---|---|---|---|---|---|---|---|---|
||||||funds|funds|Total|Total|
||||||2022|2022|2022|2021|
|||||||F|F|F|
|Breeding|Improvement||Other Costs||98,605||98,605|61,923|
|Membership||Services|and|Enquiries|124,677||124,677|90,368|
|Education|and Promotion|||Other Costs|574,283|42,924|617,207|527,233|
|Fundraising||Costs|||362,447||362,447|159,626|
||||||1,160,012|42,924|1,202,936|839,150|
|TOTAL 2021|||||785,682|53,468|839,150||
##
||||||Activities||||
|---|---|---|---|---|---|---|---|---|
||||||undertaken|Support|Total|Total|
||||||directly|costs|funds|funds|
||||||2022|2022|2022|2021|
||||||F||F|F|
|Breeding|Improvement||Other Costs||98,605||98,605|61,923|
|Membership||Services|and|Enquiries|14,965|109,712|124,677|90,368|
|Education|and Promotion|||Other Costs|211,715|405,492|617,207|527,233|
|Fundraising||Costs|||239,831|122,616|362,447|159,626|
||||||565,116|637,820|1,202,936|839,150|
|TOTAL 2021|||||335,599|503,551|839,150||
|||Breeding|Membership|Education||||
|---|---|---|---|---|---|---|---|
|||Improveme|Services|and||||
|||nt Other|and|Promotion|Fundraising|Total|Total|
|||Costs|Enquiries|Other Costs|Costs|funds|funds|
|||2022|2022|2022|2022|2022|2021|
|||F|F|F||F||
|SCOPS||||2,352||2,352|2,283|
|Sheep Farmer||||||||
|costs||||57,777||57,777|67,171|
|Design and||||||||
|Printing||||28,374||28,374|13,933|
|Next Generation||||||||
|Ambassadors||||9,615||9,615|4,471|
|Branding
and||||||||
|Merchandise||||1,302||1,302|1,090|
|Moredun
Initiative||||7,500||7,500|7,501|
|Regional||||||||
|Secretaries 8||||||||
|Officers fees||||58,099||58,099|57,308|
|Membership||||||||
|Promotion|||14,965|||14,965|5,574|
|Ram sale||||||||
|expenses||86,192||||86,192|52,928|
|Storage of||||||||
|Semen||10,945||||10,945|8,481|
|P80||||||||
|Expenditure||1,468||||1,468|514|
|Subscriptions|for|||||||
|other bodies||||3,492||3,492|2,631|
|Awards
and||||||||
|Donations||||280||280|1,050|
|Costs of||||||||
|generating||||||||
|funds|||||239,831|239,831|64,855|
|RoSA project||||323||323|3,818|
|RDPE Moredun||||||||
|project||||32,602||32,602|40,470|
|Erasmus
project||||9,999||9,999|1,521|
|||98,605|14,965|211,715|239,831|565,116|335,599|
|TOTAL 2021||61,923|5,574|203,247|64,855|335,599||
##
##
||||Membership|Education||||
|---|---|---|---|---|---|---|---|
||||Services|and||||
||||and|Promotion|Fundraising|Total|Total|
||||Enquiries|Other Costs|Costs|funds|funds|
||||2022
K|2022
F|2022
f|2022
E|2021
F|
|Staff costs|||75,871|228,050|84,796|388,717|329,129|
|Governance
-Staff costs||||53,556||53,556|44,881|
|Depreciation|||1,638|6,164|1,830|9,632|9,751|
|Printng,
Photocopying,||Postage||||||
|&Stationery|||13,219|26,937|14,774|54,930|22,740|
|General office expenses|||555|2,092|621|3,268|272|
|Telephone,
Computer||&||||||
|Website|||3,994|15,035|4,463|23,492|28,148|
|Travelling
expenses|&|||||||
|Subsistences|||6,773|25,501|7,571|39,845|20,408|
|Rates, Utilities 8 Insurance|||3,502|13,181|3,913|20,596|19,939|
|Property Repairs|||1,737|6,536|1,940|10,213|2,723|
|Legal &Professional|||530|1,994|592|3,116|1,682|
|Accountancy|||108|1,466|121|1,695|3,994|
|Bank Charges|||1,434|5,396|1,602|8,432|3,294|
|Bad Debts|||351|1,322|393|2,066|3,061|
|Governance - Audit Fees||||12,135||12,135|10,575|
|Board and AGM Meeting Costs||||6,127||6,127|2,954|
||||109,712|405,492|122,616|637,820|503,551|
|TOTAL 2021|||84,794|323,986|94,771|503,551||
##
|Fees payable to the Company's|auditor for the audit ofthe Company's|
|---|---|
|annual
accounts||
|2022f|2021|
|---|---|
|12,135|10,575|
##
##
||||||2022|2021|
|---|---|---|---|---|---|---|
||||||E|F|
|Wages and|salaries||||328,438|277,500|
|Social security costs|||||32,106|26,677|
|Contribution|to defined|contribution||pension schemes|28,173|24,952|
|Wages and|salaries included||within|governance|53,556|44,881|
||||||442,273|374,010|
|||||2022|2021|
|---|---|---|---|---|---|
|||||No.|No.|
|Employees||||15|13|
|The charity paid regional secretaries|on an honorarium|and subcontractor|basis:|||
|||||2022|2021|
|||||No.|No.|
|Regional Secretaries and Officers||||11|11|
|Ram Sales Secretaries and Officers||||3|5|
|Regional Event Managers||||2|2|
|||||16|18|
##
##
##
##
##
||Freehold|Motor|Fixtures and||
|---|---|---|---|---|
||property|vehicles|fittings|Total|
||F|F|F||
|COST OR VALUATION|||||
|At 1 January 2022|247,517|9,430|114,058|371,005|
|Additions|||3,608|3,608|
|Disposals|||(892)|(892)|
|At 31 December 2022|247,517|9,430|116,774|373,721|
|DEPRECIATION|||||
|At 1 January 2022|92,567|9,273|92,066|193,906|
|Charge for the year|3,267|39|6,183|9,489|
|On disposais|||(892)|(892)|
|At 31 December 2022|95,834|9,312|97,357|202,503|
|NET BOOK VALUE|||||
|At 31 December 2022|151,683|118|19,417|171,218|
|At 31 December 2021|154,950|157|21,992|177,099|
##
##
||Freehold|
|---|---|
||investment|
||property|
||F|
|VALUATION||
|At 1 January 2022|350,000|
|Surplus
on revaluation|140,000|
|At 31 December 2022|490,000|
##
||Listed|Unlisted||
|---|---|---|---|
||investments|investments|Total|
||K|F|F|
|COST OR VALUATION||||
|At 1 January 2022|666,315|293,212|959,527|
|Additions|109,823||109,823|
|Disposals|(28,079)|(6,228)|(34,307)|
|Revaluations|(48,261)|(33,965)|(82,226)|
|AT 31 DECEMBER 2022|699,798|253,019|952,817|
|NET BOOK VALUE||||
|AT 31 DECEMBER 2022|699,798|253,019|952,817|
|AT 31 DECEMBER 2021|666,315|293,212|959,527|
|STOCKS||||
|||2022|2021|
|||F|F|
|Goods for resale||2,949|3,048|
##
##
##
##
|||2022|2021|
|---|---|---|---|
|DUE WITHIN|ONE YEAR|||
|Trade debtors||73,267|44,837|
|Other debtors||21,072|20,700|
|Prepayments|and accrued income|15,985|17,608|
|||110,324|83,145|
##
|||2022|2021|
|---|---|---|---|
|||E|F|
|Trade creditors||32,405|36,526|
|Other taxation and social security||21,032|8,910|
|Other creditors||27,270|17,577|
|Accruals and deferred|income|242,060|250,024|
|||322,767|313,037|
##
|||||||Balance at|
|---|---|---|---|---|---|---|
||Balance at 1|||||31|
||January|||Transfers|Gains/|December|
||2022|Income|Expenditure|in/out|{Losses)|2022|
||||E|f.|E|f.|
|UNRESTRICTED|||||||
|FUNDS|||||||
|DESIGNATED|||||||
|FUNDS|||||||
|Central Region|18,346||(2,413)|(1,400)||14,533|
|Cymru Region|224,411|6,062|(14,660)|(1„400)|(19,998)|194,415|
|Eastern Region|29,113|5,946|(3,843)|(1,400)||29,816|
|Marches Region|13,586||(2,386)|1,600||12,800|
|Northern
Region|55,772|3,060|(10,107)|(1,400)||47,325|
|Northern
Ireland|||||||
|Region|42,657|6,650|(15,490)|4,600||38,417|
|Scottish Region|6,982|182,278|(121,244)|(1,400)||66,616|
|South East|||||||
|Region|2,698|12,363|(6,631)|(1,400)||7,030|
|South West|||||||
|Region|16,322|1,600|(8,169)|(1,400)||8,353|
|South West Ram|||||||
|Sales|76,729|5,686|(3,820)|(500)|(6,890)|71,205|
|Wales 8 Border|||||||
|Ram Sales|155,973|126,204|(137,941)||(13,967)|130,269|
||642,589|349,849|(326,704)|(4,100)|(40,855)|620,779|
|GENERAL FUNDS|||||||
|General Funds|1,120,790|931,269|(833,308)|14,104|(55,85&)|1,176,997|
|Revaluation|||||||
|reserve|||||140000|140000|
||1,120,790|931,269|(833,308)|14,104|84,142|1,316,997|
|TOTAL|||||||
|UNRESTRICTED|||||||
|FUNDS|1,763,379|1,281,118|(1,160,012)|10,004|43,287|1,937,776|
##
##
##
##
##
|||||||Balance at|
|---|---|---|---|---|---|---|
||Balance at|||||31|
||1 January|||Transfers|Gains/|December|
||2021|Income|Expenditure|in/out|(Losses)|2021|
||||F|E||E|
|UNRESTRICTED|||||||
|FUNDS|||||||
|DESIGNATED|||||||
|FUNDS|||||||
|Central Region|19,523|2,359|(4,066)|530||18,346|
|Cymru Region|239,478|5,611|(12,003)|(30,110)|21,435|224,411|
|Eastern Region|35,050||(5,937)|||29,113|
|Marches Region|10,425|1,539|(3,628)|5,250||13,586|
|Northern
Region|74,095|1,575|(18,268)|(1,630)||55,772|
|Northern
Ireland|||||||
|Region|41,369||(9,447)|10,735||42,657|
|Scottish Region|483||(18,131)|24,630||6,982|
|South East Region||5,000|(2,597)|295||2,698|
|South West Region|16,222|30|(1,830)|1,900||16,322|
|South West Ram|||||||
|Sales|74,347|5,343|(3,736)|(5,115)|5,890|76,729|
|Wales 8 Border|||||||
|Ram Sales|170,895|117,064|(129,323)|(18,230)|15,567|155,973|
||681,887|138,521|(208,966)|(11,745)|42,892|642,589|
|GENERAL FUNDS|||||||
|General Funds|1,014,903|627,989|(576,716)|7,354|47,260|1,120,790|
|Revaluation|||||||
|reserve|||||||
||1,014,903|627,989|(576,716)|7,354|47,260|1,120,790|
|TOTAL|||||||
|UNRESTRICTED|||||||
|FUNDS|1,696,790|766,510|(785,682)|(4,391)|90,152|1,763,379|
##
##
##
##
|RESTRICTED|RESTRICTED|||||||
|---|---|---|---|---|---|---|---|
|FUNDS||||||||
|British Heritage||||||||
|Sheep||7,876|1,000|(400)|(7,374)||1,102|
|Echinococcus||||||||
|Parasite|in Farm|||||||
|Dogs||899|||(899)|||
|Lameness|Study|1,219|||(1,219)|||
|DBEIS||7,663|||(7,663)|||
|iSage||988|||(988)|||
|RoSA|||1,354|(3,818)|2,464|||
|RDPE|||20,400|(40,470)|20,070|||
|Erasmus|||21,607|(1,521)|||20,086|
|Welsh||||||||
|Government||||||||
|Grant|||10,000||||10,000|
|Job Retention||||||||
|Scheme|||7,259|(7,259)||||
|||18,645|61,620|(53,468)|4,391||31,188|
|TOTAL OF||||||||
|FUNDS||1,715,435|828,130|(839,150)||90,152|1,794,567|
##
##
|||||||Balance at|
|---|---|---|---|---|---|---|
||Balance at 1|||||31|
||January|||Transfers|Gainsl|December|
||2022
f|Income|Expenditure
f|in/out
E|(Losses)f|2022|
|Designated|||||||
|funds|642,589|349,849|(326,704)|(4,100)|(40„855)|620,779|
|General funds|1,120,790|931,269|(833,308)|14,104|84,142|1,316,997|
|Restricted funds|31,188|76,832|(42,924)|(10,004)||55,092|
||1,794,567|1,357,950|(1,202,936)||43,287|1,992,868|
##
##
##
|||||||Balance at|
|---|---|---|---|---|---|---|
||Balance at|||||31|
||1 January|||Transfers|Gains/|December|
||2021|Income|Expenditure|in/out|(Losses)|2021|
|||F|F||F||
|Designated|||||||
|funds|681,887|138,521|(208,966)|(11,745)|42,892|642,589|
|General funds|1,014,903|627,989|(576,716)|7,354|47,260|1,120,790|
|Restricted funds|18,645|61,620|(53,468)|4,391||31,188|
||1,715,435|828,130|(839,150)||90,152|1,794,567|
##
||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|funds|
||2022|2022|2022|
||F|F|F|
|Tangible fixed assets|171,218||171,218|
|Fixed asset investments|952,817||952,817|
|Investment
property|490,000||490,000|
|Current assets|624,235|77,365|701,600|
|Creditors due within one year|(300,494)|(22,273)|(322,767)|
|TOTAL|1,937,776|55,092|1,992,868|
##
||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|funds|
||2021f|2021
F|2021
F|
|Tangible fixed assets|177,099||177,099|
|Fixed asset investments|959,527||959,527|
|Investment
property|350,000||350,000|
|Current assets|575,678|45,300|620,978|
|Creditors due within one year|(298,925)|(14,112)|(313,037)|
|TOTAL|1,763,379|31,188|1,794,567|
##
##
##
||||||2022|2021|
|---|---|---|---|---|---|---|
|||||||F|
|Net income for the|year (as|per Statement|of Financial Activities)||58,301|79,132|
|ADJUSTMENTS FOR:|||||||
|Depreciation
charges|||||9,489|9,751|
|Depreciation
on disposals|||||(892)|(608)|
|Dividends,
interests|and rents from investments||||45,305|48,210|
|Decrease
in stocks|||||99|99|
|Decrease/(increase)|in debtors||||(27,179)|3,875|
|(Decrease)llncrease|in creditors||||9,730|.(24,605)|
|NET CASH PROVIDED BYOPERATING ACTIVITIES|||||94,853|115,854|
|ANALYSIS OF CASH AND||CASH EQUIVALENTS|||||
||||||2022|2021|
||||||F||
|Cash
in hand|||||588,327|534,785|
|TOTAL CASH AND|CASH|EQUIVALENTS|||588,327|534,785|
|ANALYSIS OF CHANGES||IN NET DEBT|||||
|||||At 1||At 31|
|||||January||December|
|||||2022|Cash flows|2022|
||||||F|F|
|Cash at bank and in|hand|||534,785|53,542|588,327|
##
##
##
##
##
|non-cancel|labl|e
operating
leases as follows:|||
|---|---|---|---|---|
||||2022f|2021f|
|Not later than||1 year|2,684|4,023|
|Later than|1 year and not later than 5years||4,921|837|
||||7,605|4,860|
##