ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounts prepared by Old Mill Accountants Charity Registration No. 25227 Chorlty reg1str￿D￿ nymber252271 Cornpany re8lstTrilon number L￿18573 IEn&land and Wales) THE JERSEY CAThLE SOCIETY OF THE UNITED KINGDOM ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 THE JERSEY CAThLE SOCIETY OF THE UNITED KINGDOM LEGAL AND ADMINISTRATIVE INFORMATION Trustees M Logan (Chairman) 5 Bland (Finance DirertOTI M Davis D Hurne R HuntÈr P Arrell J Waller (Apptsinted 2 August 20221 (Appointed 2 August 20221 Secretary H Pritrhard Charlty number 252271 Company number 018573 RegI5tered offlte Bi5hopbrook House Cathedral AYenuÈ WELLS Somer5et 8A5 IFD Independtrt examiner Tim Lerw(11. FCA Old Mill Attountanry Lirnited Bishopbrook House Cèthedrèl AvenuÈ WELLS Somerset BAS IFD THE JERSEY CAThLE SOCIETY OF THE UNITED KINGDOM CONTENTS Chairman's report Finantr Directorfs report TnJttÈt$' rèport Independent eyamine¢s rEPOrt ststement of finantlal summary Income ènd expenditure account io Balance shÈÈt 11-12 Notesto the accounts 13-27 THE JERSEY CAThLE SOCIETY OF TrIE UNITED KINGDOM CHAIRMAN'S REPORT FOR ThE YEAR ENDED 31 DECEMBER 2021 I feel r(only ryhtts bo81Trthls re￿rt￿thth￿ mts#*nlfl(antchangeto have taken place duri1ithey￿r. In ￿te Morth ourCompanyS@£retary. Emma Horn, informed Thethatshe intended to dose the mani¢èmentsideof hÈr buslness and ¥iouWtherefofe bEstsppin£ from her rule. Her comp3Thy.Jolly Nri(tsh. had i*en respon￿ble for managinEtheJersey attle SrK*V5 aff￿r5 furalffloa io years sothis new31eft the ￿3¥d a thallense in rEplawKthe ￿ryefftknent *Thd Service Emffla and herto4pague5Aniwn andjen had We had ￿very[apable L￿nI￿￿On$ In*rested in the ffj￿and •fter duewnsidetation and prtK¢ss Pedi8ree U¥esic￿rE¢S oP￿￿a￿an gf res0￿¢* irKw mpany. srnal 58land (Finèftts D5tertorl THE JERSEY CATTLE SOCIETY OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 A¢¢wnttnK pollcles Charity Informatlon The Jersty Cattle Society of the United Kingdom'￿ a private company limited by guarantee incorpordted in England and Wale5. The re&5tered offlce is BishopbrDok House. Cathedral Avenue. WELLS. Somer5eL 8A5 IFD. The IAJslness address is Holme House, The Dale, Ainstable. C3rli51e. CA4 9RH. 1.1 A(wuntiTrK convention The financial statements have been prepared in accordancé with thè Jersey Cattle Society's Memorandurn and Arkncles of Association, the Companie5 Art 2006 and A￿oUnting and Reporbng by Charities.. Ststernent of Recommended PracticÈ appllcable tts charittes preparing their accounts in accordance with the Financial ReportTTrg Stsndard applitsble in the UK and Republic of ITeland IFRS 1021 leffethve l January 20191" The Jersey Cattle Society 5 a Public Benefit Enttry as defined by FRS 102. ThÈ Jersey Cattle Society has taken advantage of the provisions in the SORP for charities apptying FRS 102 Update Bulletln I notto p￿pare è Statement of Cash Flows. The Ilnanclal statements are prepared In sterfln& whlch Is the funthonèl currency of thÈ JÈrsÈy CattlÈ Soclety. MDnetsry amounts in these financial ststements a￿ rounded to the nearest £. The accounts have been prepared under the hlstorical cosr Conven￿On, modified to intlude the reyaluafjon of frEEhold properties and to include investment properries and certain financial instruments at falr value. The principal accounttng pollcie5 adopted are set out below. 1.2 Golngconcern At rhe nme of appro￿n8 the financial 5tstements, the tru5tee5 have a reasonable expectation th* the Jersey Cattle Society has adequate resourtes ttr cOn￿n￿￿ in operattonal e¥i5tefice for the foreseeable future. Thus the trustees continue to Bdopt the going concErn b4515 of 6CCOYTbting in p￿ParIng the financial 5t*ernents. 1.3 Charltable lynd5 Vnrestricted funds are available for use at the dlscretton ot the trustees In furthÈr2ntÈ tsf thelr charitable objectives unle55 the lunds have been designated for otherpurposES. Restricted funds are stybject to speolic cond5ttDn5 by donor5 as to howthey may be used. ThÈ purrK)sès and USÈS trfthe restricted fund5 are set out in the notes to the financial ststements. Endowment fund5 are Subject to specffic conditions by donors that the capitsl must be maintained by the Jersey C4ttlE Society- 1.4 IncDrnln¥ re50urces Income is recognised when theJer5ey Cattle Society is legally entitled to it after any performance conditions have been met, the amounts cah be measured reliably. and it is probable that income will be received. Cash donafjDn$ are recognised on receipt. Other donation5 are recognised once the Jersey Cattle 5cÉiety has been no￿fi"ed of tho donation, unles5 performance conditions require deferral of the amount. Income tax ￿CoVerable In relation to donations ￿ceiVed under Gift Aid or deed5 of covenant is recognised at the time of the donation. Legacies are rEcoEnised on receipt or otherwise if the Jersey Cattle Society ha5 been notified of an impendin8 distribution, the amount is known. and recÈipt is experted. If the amount is not known, the legacy is treated as ontinBerrt asset. -13- THE JERSEY CAThLE SOCIEfY OF THE UNrtED KINGDOM NOTES TO THE FINANCIAL STATEMENTS IcopinNUED) FOR THE YEAR ENDED 31 DECEMBER 2022 AcroufttSry polldos IContSnyedl Donated serrices or faciliiies whlth compnse dwatEd ser¥ices are included in income at a valu￿on whlch Is an estimate of the financial borne ￿ the Ibonor where such c05t is quantih.able and measurable. No Income Is recognised wherethèTÈ Is nts financial cost borne by a third partv. Delerred income ￿preSentS amounts received for future wiods and is rela￿d to Incomlw re50urce5 in the per5od for whlth It ha5 been recewl. Incorne ￿ onty deferred when-. Fees are received in adVar￿ of the e¥Ent to which thtydate.. The donor speofies that the8laTht of donats.on must On￿ be u%d In futtjie accounting periods,. and The donor ha5 imposed conditions whith must be met befo￿ the chadty has unconditionèl entr'tlemerrt. Interest Is Induded when rece￿able and amourt con be mea5vred reliaE4y ￿ the charlty., thls15 normally upon notificknon of the interest paid or repwile by the bank. Expenditure ￿ rec￿&n￿ed once there Is è legal or con5tructNe 0￿18a￿On to make a payment to a thlrd party, It Is probaw that setdemeni will be and the •nk)unt of the obl¥abon can be measured reliaW. Fundr4i51n8 ¢0sts are those incurred in seekln8 Troluntary corttrlbutlons and include the costs of dlssemlnatlng infomiation in 5UPP(Yt of the charitable actrvitres. Support costs Ire those ¢ostS ineUTred directly in 5UPPOrt of expeThdlturt on the objects ol the charity and include project mana￿rnent carrled out at Headquarter5. Governance cosis are those incurred In connection with administration of thÈ ch•rlty and compllance wlth con5titutlonal and 5tstutory reqylrements. GTrnts paya￿eare th•rged In the when the offer is made except In those cases where the offer Is condltlonal, such Brants bein8 recognised as eXpendrtu￿ when the condffjon5 attachin8 are fvlfilled. Grants offered subject to condlfjons whkh have not been met at the y¢ar end are noted as a comrnitfflen¢ but not accrued as expenditure. 1.6 Intarylbl• I1x￿ ass•ts oth•rthin podwMI IntanKible assets acquired separatety from i busfjness I￿ re¢oin15ed at C05t and are subsequently rnea5ured at cost le arcumuLited amordsadon and ac£umulated Impalrment losses. Amorfsai100 ￿ reco8nlsed so as to write off the com or vlluitton of issets le55 thelr re51dual values ovef thelr usefvl Ilves ¢D the following base5: Websrte devel¢Jpment 20% strafjbt Ilne 1.7 Y•nOble IIM•d •ss•ts TanKible Axed assets are Onl￿allY meuufed 4¢ cost •nd subsequentty measured at cost or ValUa￿on, net pf deprecladon Thd Irry impai￿ent knsse5. DepreCIa￿On Is rewnised $0 as to write off the (ostior ￿1￿4￿0￿ of assets less their residual *dlue5 over thelr usehjl Il¥es on the follo￿￿1 b•5es: short.term leasehold pmrwty Office equlpmeTht Term of lease 33% strafj8hi Ilne Th• Din or loss arts1￿ on the disposal of an •sset is determined 4$ the dlfference betsveen the sale pro¢eeds and the c•rryin8 v•lue of the agset, and is rew8n15ed In the ststement of finandal •rtfvttfe -14- THE JERSEY CArrLE SOCIETY OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 countin8 policie5 Iconttnuedl All assets tosUnE more than £51X) are capfcalised. Sllver cups and trophies are maintsined in such 4 stale of rep)irthat their estimated residual Ydlue is Trot less than their carrying amount and thus the annual thargÈ ft>r d2preciatton is £nil. IA Flxed a55et Srhvestments Fixed asset investments are Inlttally rnea5ured at transaction price excluding transactlon costs. 2nd are subse4uent1y measured * fair value at eath TÈpttrdng date. Changes in fair value are recognised in net income/lexpenditurel forthe year. Transactton c05t5 a￿ exppn5ed as incurred. Reioverable amount 15the hi8her of fair value less costs to sell and Wdltse In ￿￿e. In assessingvalue in use, the esfjrnated future cash flows aTe discounted to their present value using a pr&tax discount rate that reflett5 current market assessmeThts of the tirne value of money and.the risks speclfic to the asset for whith thè ésttmatÈs Of future cash flows have not been adlustÈd. If the recovÈrable amourf of an a55et 15 estimated to be less than its carrying ampunL the amDunt of the a55et 15 reduced tD Its recDverèble arnount. An impairrnent 1055 is reco8ni5ed immediately in incomellexpend￿￿r￿ for the vear, unless the relevant asset is ¢arried at a revalued amounL in which Case the impaimient Icss is treated 6$ a revaluation decrease. Recogni5ed impairment 1055es are rÈvÈrsed If, and only Sf, the ￿aSonS fDr the irnpairment loss have ceased to applv. Where an impairment loss subsequently rEver5e5. the rarrying amount of the asset is increased to the revised estimate of its recoverable amount. but so that the increased tarrylng arnount doe5 not exceed the carrying arnount thèl would have been determined had no irnpairment loss been recognised for the a55et in prioryears. A reversal of an impairment loss is recognised imrnediatelyi unless the relevant asset Is carried in at a revalued amount, In which case the reversal of the impalrmpnt1055 15 treated as a revaluation increase. 1.9 Storks Stock5 are ststed at the lower of cost and esttmated sÈlling price less costs to complete and sell. Cost Cornprises dirett materials and, where applicable, dirett labour cDst$ and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement COSt and cost. Net realisable Wdlup is ihe e5tirnated Selling price le55 311 estimated costs of ¢thmplthon and costs to be ifieurred ID rnarkedng, sellin8 and distributtDn. 1.10 Cash and cash equlvaler Cash and cash equlYalent5 include cash in hand, deposits held at call wlth banks, other short-terrn liquid investment5 with original matUri￿ÈS tsf three month5 or le55, and bank overdrafts. Bank overdrafts are shown within borrowing5 in current liabslities. 1.11 Financlal Instruments The Jersey CèttlÈ Society has elected to apply the provisions of section 11 'Basl¢ Flnanclal In5frumert5' and Section 12 'Other Flnancial Instruments Is5ue5' of FRS 102 to all of its financlal Instrumerbts. FinancI41 Instruments aTe recognised In the JeT5ey Cattle Society's èalance sheÈt whÈn the Jersey Cattle Soclety becomes party to the contractual provisions ol the instrument. Financial assets and liabilities are trffsÈt. wlth the net amounts pr￿ented in the financial statements. when there Is o legally enforceable riBht to set off the recognised amounts and there is 3n intention to settle on a net basis orto realise the a55et and settle the liability simultaneously. .15- THE JERSEY CAThLE SOCIETY OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounilng pollcle5 (Con￿nued) Busl¢Jlntsnclulossets asic financial assets, which include debtors and cash and bank balances, are initially mEa5ured & transaction pri includin8 transaction costs and are subsequently carried at arnorti5ed cost Using the effertive interest method unless the arrangement CDn5titutes a finèncing transaction, where the transaction 15 mea5ur2d at the pre5ert valve of the future receipts discDunted at a market rate ol interest. Financial z55et5 c1355ified as receivable wthin one year are not amorrised. 8osrcfint7ndolllobllltles Basic fi'nancial liabilitie5. including credrtors and bank Ioap5 are initially ￿COgnised at tr3nsartion price unless the arrangement constitutes a finan£ing transaÈOon, wherÈ the dtbt inrtrurnent is mtasured at the Pr￿ert Value of the future payments discounted at a market rate of interest. Financial liabilities cla55ified 35 payable within one year are not amothsed. Debt instruments ère subsequÈntly tarried at arnorkn5ed cosL using the effective interest rate method. Trade credltors are obligations to payfor goods or ser¥ice5that have been acquired in the ordinary course of operati0Tr5 from suppliers. Amounts payable are cla55ified a5 current liabil￿e5 if payment 15 due within one year OT les5. If not, they re presented a5 non-current liabiliries. Trade crèdltors are reco8n15ed 5nitially at transaction p￿re and subsequentlv easured at amorhsed c05t using the effethve Interest method. i)erecognlÉlon offlnontlo1110bilirf¢$ Financial liabilities are dereco8nised when thÈ JÈrsey Cattle Sotietys tontractual obligations expir2 or are discharged or cancelled. 1.12 Pro¥lslons ProvSslons are recogni5ed when the Jersey Cattle Society has a legal or constructive present obl1￿￿on as a result Df past event. it is probable that the Jersey Cattle Society will be required to settle that obligation and a reliable estimate n be made of the atnount of the obligab'on. The arnount recognlsed as a provision 15 the best E5Urnate of the considera￿On required to Settle the present obligation at the reporring end date. tsking into account the risk5 and uncertainties surroundin8 the obligatic￿. Where the effect of the time value of mtsnty is material, the amount e¥pected to be required to settle the obligation is recognised at present value. When a provlsion is Tnea5vrpd at present value, the unwindin8 of the discount Is reco8nised a5 a finance cost in net income/lexpÈftditurel in the pÈriDd in which it arises. 1.13 L?a5e5 Rentals payable under operating leasps. Including any lease inrentive5 received. are char8ed as an expense on a straight line basi5 overthe term of the rèlevant lease. -16- THE JERSEY CAThLE SOCIETY OF THE UNITED KINGDOM NOTES TO THE FINANCIAL sfATÉMENTS ICONnNUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Crliftsl accoun￿nE esdmate5 and ludEements In the application of the Jersey Cattle Society's accounting policies. the trustees are required to make jud8ements. estimates and assuMp￿0nS about the ￿rying amount of èssets and liabilities that are not readily ¥pareTrt from other sources. The estimates and assoclated assumptions ère based on historical experience and other factors that are considered to be relevant. Artual reS￿￿s may differ from these ethmates. The esfjmate5 and undedying a55umptson5 are reviewed on an QThKoing basis. RE¥lslons tp aCCDunting estimates are recognised in thE period in which the e5fjmat2 is revised where the rÈvision affetts only that or In the ￿rIOd of the revision and future period5 where the revision affects both current and future period5. K•y sources of ostlrnation uncertalnty The e51irnates and assumptions which have a significant risk cf causin8 a material adjustment to the carryin8 arnDunt of assets and liabilities are as follows. Estimated useful live5 of tangibletixed a55ets In determining the estimated useful life the Society consider5 the expected physical wear and tear of the asset that could lead to cb501escence of the auet. Each year the charity reviews the above to e5tabli5h if there 15 any thange ITh the expeLted useful life of tsnRible assets. Donatton$ and lega¢les 2022 2021 Donayons and gifts 200 1.200 Incominz re50urcesfrom tharitable activities 2022 2021 Mernber5hip services ShowMJcB Isponsorshipl income Publication income Subscriptions Sundry income 115,886 3,388 10.708 48.146 1,027 94,529 13,345 46.749 2,072 179,155 157,295 Fundri151n8 Inrorne 2022 2011 Fundraising income 14.579 10.9 -17- THE JERSEY CAThLE SOCIETY OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Irwe51ments Unre5trided Endowment funds funds zozz 2022 Total Total 2022 2021 Investment properkne5 Dividend Incorne Interest receivable 5.328 io.ioo 1.648 5.328 12,805 7.038 2,705 3.441 17,076 2.705 19.781 10,479 Forthe year ended 31 December 2011 10,479 10,479 Chatiiable artlvltle5 2022 2021 Membership 5enAces Field officer Fleld officer expenses YD￿th c05t5 Publication Promotional Show costs 64,849 20,314 2,676 2,296 15,863 55,584 19,693 9D7 15.942 15,0001 6,249 12371 105.761 93.375 Share of support costs (see note li Share of governance c05ts1see note 111 69.831 5,478 64.850 5.875 181.070 164,100 Analysls by fund LJnre5tricted fund5 Endowment funds- general 176.070 5,000 159.100 5,000 181,070 164.ICQ Forthe year ended JI De¢eMber 2021 Unfestricted funds Endowment funds- general 159,100 5.000 164,100 .18- THE JERSEY CAThLE SOCIETY OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Ra151nz funds 20ZZ 2021 donations ProMO￿Onal tosts je￿ House pavilion costs 4.139 11,343 1.930 10,265 Costs of generatTng donattons 15,482 12.195 Tru5tee5 None of the trustee5 lor any peT50ns connected wlth them) retÈNed any remuneration or reimbursed expense5 durlng the year. io Employee5 There were no employees durfng the year. 19- THE JERSEY CATfLE SOCIETY OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 li Support ¢osts Support costs Gtyerhaiire costs 2022 Depreclatton AdvertJ5in8 3nd promotfonal Rent Insurance PostagE, stationery & Telephone & fax Accountancy Subcontractors Bank charge5 Other sUPPOrt costs 5.719 1,458 200 5,719 1,458 200 2.965 2.613 765 3.360 51,315 510 5.719 757 1.2 2.95G 2,965 2.613 765 3,360 51.315 510 926 258 3,350 43.633 530 1438 926 Independent Examiner's fee Legal & profe55i0nal fee5 5oclety meetings 1.450 1,898 2,130 L450 1,898 2,130 L350 4,415 iio 69.831 5.478 75,309 70,725 Analysed between Charitsble acbvities 69.831 5.478 75,309 70,725 In add1￿0￿ to the Independent examiner fees Shown above. included wlthln 5UPPQrt costs are fee5 payable to the Independent examiDeT in respect of accountancy and other5eNce5 of É3,42312021..E3.3501. 12 Net ylnslllossesl on irwestments Unrestrirted Endowment funds fund5 general 2022 Totsl Total 2022 2012 2021 Revaluatton of investments Gainlllossl on ￿le of investments 138.1131 28.540 111,0161 149.1291 28.540 24,022 19.5731 111.0161 120,5891 24,022 Forthe year ended 31 De¢ember 2021 24,286 12641 24,022 -20- THE JERSEY CAME SOCIEfY OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 1> Inuth¢lbl• Ixed assets At l January 2022 and 31 December 2022 13.050 Arnortls￿on ond lfflp•irn)ent At l January 2022 Amortfsatton charged forthe year S.220 2.610 At 31 December 20Z2 C•rrylng •mount At 31 Decernber 2022 S,220 At 31 De￿mber 2021 7,830 14 T•nilble Ilxed •ssets Short.terni le•5ehold equlpmefit At l January 2022 124.377 23.641 148.018 At 31 Decen)ber 2022 124,377 23,641 148,018 Depr￿[1￿0￿ and Impalrment At I january 2022 Dep￿¢[all0￿ th•rged the year 86.141 3.110 87.621 3.110 At 310ecernber 202Z 89.251 1,480 .731 Cayrylry amount At 31 December 2022 35,126 22.161 57,287 At 31 December 2021 38,236 22,161 60,397 IS Stocks 2022 2021 Flnlshed goods and ioods for resale 2.322 1.807 21- THE JERSEY CATTLE SOCIETY OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 16 Flxed asset In¥estmeiits Llsted Inve￿mentS Unllsted In¥estments Tot41 Ctstt or Valuation At 310ecember2022 Additions Valuation changes Disposals 231,870 356.1 587,97D 5CYJ.000 147,7071 1587.9701 147.7071 1231,8701 1356.1001 At 31 December 2022 452.293 452.293 Carryln¥ amount At 31 Dècember 2022 452,293 452.293 At 31 December 2021 231,870 356,I¢XI 587.970 Investments IndI￿dUa1ty represenung morethan 5% tDtsI.. Quilters Cheviot investment Fund 17 Debtor5 2D22 2021 Amountsfalllng due wlthln one year. Trade debtors Other ¢Jebtor5 Prepayments and accrued Income 69.386 5,617 2.957 59,362 5,315 2.231 77.960 66.9D8 18 Credttors.. amourrtsfalllng due within onEyear 2022 2021 other tsx8tton and social security Deferred income Trade credltors Accrua15 8,469 44.335 10.794 11,249 10,002 41.313 6.531 12,121 21 74,847 69,967 22- THE JERSEY CATTLE SOCIETY OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 iy Flnanelal Instrurner 2022 2021 Carrylni amovrtoffinantlal assèts Debt instruments measu￿d èt amorD5ed c05t Equity instruments measured at cost less impairment 75,003 452.293 64.677 587,970 Carrylnz amount of tinandal Ilabllltle5 Measured at amorfjsed cost 22.D43 18.652 20 Provisions for Ilabllltles 2022 2021 Dilapidatign provision 5,769 3,846 Movements on provislons.. Dllapldatloh provSston At lJ3nuary 2022 Additional provisions in the year 3.846 1.923 At 31 December 2022 5.765 21 Deferred Incom2 2022 2021 Arlsln£ frorn 5ub5cription renewa15 44.335 41.313 Current liabilities 44.335 4L313 44.335 41.313 Mo¥emttit In the￿•￿ 2021 2021 At l January 2022 Amount released to income eamed frDm charltable al￿VitieS Arnount deferred in the year 41.313 141.3131 44,335 41.570 141.5701 41,313 At 31 December 2022 44,33S 41,313 -23- THE JERSEY CAThLE SOCIETY OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENT5 (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 22 Re51rlrted funds The income funds of the charfty include restricted fvnds compri5in8 the following unexpended balances of donation5 and grants held on trust for specifit purpose5'. Mo¥emÈnt In fvnds Incomlni REspyr(e5 resourees È¥pended Balance at l Jonuary 2022 TTrn51er5 Balanct at 31 December 2022 Jersey Young 8reedEf5 2.521 2,521 Balan¢e at ljanuary 2021 Incomlng resources Resource$ expended Transfer5 BalancÈ at 31 Oecember 1021 JetsEy Youn¥ Breeders 2,521 2,521 Jersey Youn8 Breeders Fund-To entourage and sUPPOrt the growth of Jersey Young Breeders. -24- THE JERSEY CAThLE SOCIETY OF THE UNITED KINGDOM NOTES TO THÉ FINANCIAL ￿ATEmENTs ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 z3 EndowmErtlunds En(Eowment hjnds represent assets whlch must be held permanently by the Jersey Cattle Society. arising on the endowrnent funds can be used in accordance wfch the objects of the Jersey Cattle Soclety and 15 included as unrestricted incorne. Any capital 8aln5 or losse5 arising on the assets form part of the fund. Movement In funds Inmmlng Resources GalnsJlLossesl resources expended BalanEe at I January 2022 Balance at 31 DKernber 21)22 Permanent endowments Awil Caddty 91.567 2,70S Is,0001 111.0161 78,2S6 91.567 2.70S 15,0001 IIL0161 78,256 Movement in funds InwrninK Resources Galns/lLossesl tt$ourie5 expended PrI￿Year Batante ai I January ZOZI Balan￿ at 31 DErember 2021 Pern￿neThI Ènd¢Mments Avril Caddey 96,831 15.0001 12641 91.567 96.831 15.0001 12641 91,567 The Avril Caddey Trust Fund- the capital cannot be spent. The income can be used for promO￿On and ytsuth and to fund an annual lunch for the paid staff lat such ￿rne when thè Soclety is a reEi5tered employerl and Is Included wlthin unrestricted funds. 25- THE JERSEY CATTLE SOCIEfY OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 24 Analysts of net assets betweort funds Unre5trfcted Restrictedfunds funds Éhdo¥miEnt lund5 Totsl Fund balance5 at 31 De￿mber 2022 a rtpresented by.. Intangible tixed a55ets Tangible assets Investment5 Current assetsllllabilittesl Prowsfion5 5,220 57.287 374,037 531,966 15,7691 5,220 57,2B7 452,293 534.487 15,7691 78.256 2.521 962,741 2.521 78,256 1.043,518 PrforY¢ar Unre5trfrted Re5trfctedfunds Endowment funds fund$ Total Fund balances at 31 OÈcembèr 2021 are represented by.. Intsngible fixed assets Tèngible asset5 InYe5tments Current assets/lllabilitie51 ProvlslQn5 7,830 60.397 496.403 392.072 13.8461 7,830 60,397 587.979 394,593 13.8461 91.567 2,521 952,856 2.S21 91.567 1,046,944 -26- THE JERSEY tAThLE 50CIEfY OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 25 ¢Jperaiin8 lea5• Comm￿MentS At the reporting end date the JÈrsey Cattle Society had oytstandin8 Colnrnitrnents lor future minirnum lease payments under non-cancellable operating leases, which fall due as follow5.. 2022 2021 Within one year Between two and five years In overilye year5 3,691 14,765 29,530 3.653 14.612 32.877 47,986 51.142 Amounts recDgnised in the 5tateTnent of linancial activfjttes as a cost during the perlod In respect of operating lease arrangements amounted to £3,691l2021-￿,1411. 26 Related partytransath0Tr5 The Directors are volunteer5 who individually, Dr in partnership with others, are involved in the produthon andlor procuremenl of Jersey cattle andlor their milk. As such th2y have a trading rela￿onShIP with The j￿SeY Cattle Soclety af the UK through the purchase of merrDbe￿hIp services. to register, as applicable. theirjersey cattle as ped1s￿e. The trustee Mr M Davis 15 a director of Kivell's AucknoTheers. Kfvell's pay the Society a transfEr fee for each pedigree animal sold at a Kivell's sale. -27- The Jersey Cattle Society of the United Kingdom c/o Pedigree Livestock Services, Holme House, Dale, Ainstable, Carlisle, Cumbria CA4 9RH Company Registration No. 18573 (England and Wales)