REGISTERED CHARITY NUMBER: 261800
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
FOR
THE BRITISH GRASSLAND SOCIETY
Rose Rowland and Co Limited Chartered Accountants High Street Weaverham Northwich Cheshire CW8 3HA
THE BRITISH GRASSLAND SOCIETY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 7 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 to 18 |
| Detailed Statement of Financial Activities | 19 to 20 |
THE BRITISH GRASSLAND SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2022.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the Charity are as follows:
-
The improvement of economic methods of production and utilisation of grass and forage crops for the promotion of profitable agriculture.
-
The advancement of education and research in grass and forage crop production and utilisation. Publication of the results of relevant research to an international audience via a quarterly Journal and academic symposia.
-
Interpretation of research and active communication of improved methods of production and utilisation to the farming community.
-
Promotion of grassland farming as an example of sustainable agriculture, which is environmentally benign and visually attractive, for the public benefit.
-
Its Research and Development Committee represents members' interests to Government by responding to consultations and identifying priorities for research.
Public benefit
The Trustees have considered the Public Benefit provided to the general public and relevant sector of the public which it serves and are satisfied that it meets the requirements of the Charity Commission. In line with its objectives, the society aims to support sustainable grassland management and protection of the environment for future farming generations and the general public. For the relevant sector of the public, benefits include:
a) Providing information on the website and through interaction with the Press, open membership and membership fees which are subsidised by other activities and reduced rates for students and retired members;
b) By holding some open events each year;
c) By seeking sponsorship to subsidise conference and workshop fees;
d) Through a bursary award scheme open to members and non-members;
e) Contributing to government consultations on behalf of members;
f) Offering publications below the cost of their production.
Page 1
THE BRITISH GRASSLAND SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
ACHIEVEMENT AND PERFORMANCE
Recorded membership of the society at the end of 2022 totalled 408 compared with 416 on record in 2021. There were 30 resignations, including a number written off because of continued non-payment. New members in 2022 totalled 22, similar to the 27 new members who joined in 2021. Payments by Direct Debit continue to increase, with a number of standing order and invoice payees and new members moving to this method. Corporate membership increased by 3 companies from 15 to 18 during the year. There are 48 fully paid active affiliated societies on record in 2022. Together with full members the network in total is currently estimated at 4000 people.
In 2022, the Society returned an overall decrease in funds of £40,298 compared to a surplus in funds of £56,156 in 2021. The decrease was due to a fall in the investment value by £42,605. If we exclude this then the society made a small surplus of £2,307 in 2022, compared to £15,393 in 2021.
The overall staffing level at the end of 2022 remained at just over 2.1 FTE. The BGS office location at Dunston Business Village continued to work well during 2022. The location and space has allowed various meetings relating to BGS activities to take place on site. The ability to work flexibly remains in place through the various cloud based office systems.
Following 2 years of COVID-19 disruption of normal BGS and industry events, 2022 was an opportunity to start to resume normal BGS activities and re-establish industry connections face to face. This included farm walks, the Summer Meeting and technical industry events
BGS event activity summary during 2022:
a) BGS attended The Royal Welsh Grassland Event that took place on 12th May 2022. The day included working machinery demonstrations, forage trial plots and representation from the grassland trade. This was a very good networking opportunity for BGS.
b) BGS attended ScotGrass on May 18 2022 at SRUC Crichton, Royal Farm, Dumfies. This provided an opportunity to raise the BGS profile within the Scottish grassland community.
c) The BGS Grassland Farmer of the Year award winners farm walk was hosted by 2021 winner Marc Jones at Trefnant Hall, Berriew, near Welshpool in Powys on May 24th 2022. This was an excellent day with over 100 people attending the event.
d) BGS attended the new Down to Earth event at The Farm, Longnor, Shrewsbury on June 15th 2022. This event focused on regenerative agriculture and was an opportunity for BGS to connect into a new network of growing interest.
e) BGS sponsored the inaugural Carbon Calling event on the 25th of June 2022 at Kirkby Thorne, near Penrith. The farmer-led event focused on regenerative livestock farming.
Page 2
THE BRITISH GRASSLAND SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
f) After a break of two years the BGS Summer Meeting returned to an in person event between June 27th and June 29th 2022 in Northern Ireland. More than 150 delegates had the opportunity to see a fantastic range of systems over the course of three days. The event also incorporated the 2019 BGS Grassland Farmer of the Year Award winners farm walk, hosted by John Martin from Gordonall Farm, Greyabbey, Co Down.
g) BGS attended the NSA Sheep event in Malvern on the 27th July 2022. This was a good opportunity to support the NSA and raise the profile of BGS.
h) BGS attended the UK Dairy Day September on September 14th 2022. This was an opportunity for BGS to renew and make new connections within the Dairy Industry.
i) The BGS Grassland Farmer of the Year Awards took place on the evening November 1st 2022 at the Royal Oak Hotel in Welshpool. Aled and Owain Rees were announced as the 2022 winners.
The journal Grass and Forage Science continues to be wholly online, with full BGS members offered log-in access. The journal continues to be co-edited by Dr Anjo Elgersma and Dr Kevin Smith. The new agreement between Wiley and BGS based on a royalty payment came to effect on the 1st of January 2022. The reason for this change are continued developments within the publishing environment such as open access, which puts increased pressure on pricing. This pressure is reflected in a reduced payment from the journal in 2022.
Article downloads via Wiley Online Library increased by 3,086 from 95,593 in 2021 to 98,679 in 2022. The top five countries from which articles were downloaded in 2022 include: China (12.3%), the United States (10.0%), United Kingdom (7.8%), Brazil (7.5%), and Ireland (6.4%). In 2022 the United Kingdom and Ireland had an increase in downloads of 459 and 1066 respectively in comparison to 2021.
The BGS Grazing Mentors project continued during 2022 with support from the AHDB Grass campaign. At the end of 2022, 31 farmers were taking part in the mentoring programme. This included 7 beef enterprises, 5 sheep enterprises, 5 dairy enterprises, 11 beef/sheep enterprises, 2 beef/dairy/sheep enterprises and 1 dairy/sheep enterprise.
The BGS website www.britishgrassland.com continues to work well, further strengthening the Society's profile, communication channels and accessibility. The website is updated regularly with content and information on BGS activities and acts as a hub for event bookings. The BGS YouTube channel launched in October 2021 continued to be updated during 2022 with new content. This has further helped to raise the profile of BGS events and activities and sharing knowledge.
Work on joint activity with industry partners has continued during 2022 and has allowed the Society's profile to grow. The technological experience within the BGS team continues to grow. This offers significant opportunities to develop the society going forward with a blend of both in person and virtual activity. It also offers the ability to share technical information through a variety of communication routes.
Page 3
THE BRITISH GRASSLAND SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
The Societies social media profile has continued to rise during 2022. At the end of the year the Society had 2708 followers on Twitter, up 117 from 2591 at the end of 2021. The BGS Facebook profile also increased to 3355 followers, up 210 from 3145 at the end of 2021.
Working with the Herbage Grass and Clover Recommended List Project Board, the Society continues to promote the Recommended Grass and Clover Lists for England and Wales. Our profile also continues to be raised by committee activity with the Professional Nutrient Management Group and Championing the Farmed Environment.
The Society seeks to work in partnership with many like-minded industry organisations, such as its corporate members, as well as not for profit organisations such as agricultural levy boards. Corporate membership remains important and the society continues to seek to interact and engage more actively with our existing members, as well as attracting potential new ones. Following a review of the corporate member package 2021 an updated package was launched in 2022. This generated new interest in corporate membership and 3 additional companies joined BGS during 2022 bringing the total to 18.
The Society uses the cloud-based Xero accounts system. The system continues to work well allowing work consolidation and streamlining of account management. There remains further opportunities for further development with regard to integration with the ACT! membership database.
The Society uses the card payment systems iZettle and Stripe to ensure the security of card transactions. The systems allows card payments to be accepted remotely and in person at events. These systems ensure that BGS is compliant with the Payment Card Industry Data Security Standard.
The Society receives untiring support from all segments of the membership and grassland community scientists, farmers, industry and advisors. Many give their time for free and work with dedication to achieve success. We are continually grateful for their efforts.
The written policies for the running of the Society have all been reviewed by Trustees. 2022 continued to be challenging in terms of budget management. No income was drawn down from the investment portfolio during 2022. The Society will need to continue to look to develop alternative funding opportunities away from the investment portfolio and Journal. This will maintain the society in a strong position going forward, allowing future investment in activities supporting growth of the Society.
The BGS investments are held in an Abrdn (formerly Standard Life) portfolio Wrap account administered by RDBIFS Ltd. Investment monitoring and management has been significantly improved allowing adjustments to the investments held if required at regular review meetings. This has ensured a suitable risk/return-balanced portfolio in line with the BGS investment policy.
Page 4
THE BRITISH GRASSLAND SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
FINANCIAL REVIEW
Financial position
In 2022 the total funds of the Society decreased by £40,298. This is arrived at by a surplus of £2,307 in the society's general operations, publication activities and organisation of meetings and events whilst the investments produced an unrealised loss of £42,605. At 31 December 2022 total investment funds were £495,189 compared with £537,795 at 31 December 2021.
Total Fund
The Total Account relating to management and administration produced a deficit of £40,298 compared with a surplus of £56,156 in 2021.
Total income increased by £19,833 compared with 2021. This resulted from an increase in income from meetings and events of £30,838 and subscriptions and fees of £3,651 and a decrease in income from publications of £10,296 and other income of £4,175. Investment income decreased by £185 in the year.
Total expenditure increased by £32,919 compared with 2021, as a result of increased overheads and direct costs. In particular a noticeable increase in meeting expenditure, due to events including the summer meeting coming back after Covid-19.
The production of Society publications in various forms produced an income of £78,262 compared with £88,558 in 2021.
Net income from Grass and Forage Science totalled £64,526 compared with £75,838 in 2021. The publishers, Wiley, continue to explore and develop further extension of the publication via online facilities and expand into developing areas such as China and Brazil. The journal was co-edited by Dr Kevin Smith and by Dr Anjo Elgersma.
Bursary Award Fund
No BGS bursary awards were made during 2022. However, Trustees are continuing to explore ways to utilise the surplus funds the Society now holds in the form of academic and non-academic awards.
Investment policy and objectives
It is the policy of the Trustees to invest any surplus of resources available in order to achieve a level of return as considered acceptable by the Trustees. The investments held by the Society have been acquired in accordance with the powers of the Trustees.
Page 5
THE BRITISH GRASSLAND SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
FINANCIAL REVIEW
Reserves policy
The Trustees have considered the requirement for reserves held by the society and believe the optimum level of free reserves (those not invested in Tangible Fixed Assets) should be 18 months expenditure, with an absolute minimum of 1 year's expenditure, to cover the risks of the society relating to events, publications and obligations to staff and creditors.
At 31st December 2022 reserves held total £773,023. The Trustees consider that total funds are sufficient to meet future financial obligations of the Society. A written policy on reserves has been agreed by the Trustees and is reviewed annually.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is organised and run by an elected Council, who during their period in office are recognised as Trustees of the Charity. The Trustees operate under the incorporated title of "The Trustees of the British Grassland Society" but the granting of this incorporated status by the Charity Commissioners does not alter the powers or liabilities of the individual Trustees to comply with the Charities Act 1993 as set out at the end of this report, and the Society remains an unincorporated association that is governed by its Constitution. Other societies with objectives in accordance with the British Grassland Society can become affiliated societies, and this should be encouraged for the benefit of the Society, its objectives and agriculture in general.
The Council is supported by regional advisers to Council, other Committees formed for specific functions as and when the Trustees determine and affiliated local grassland societies in the UK. These committees comprise of Trustees and members of the Society co-opted in relation to the particular expertise required on these committees. Chairs of committees report to Council with recommendations. Election of Trustees to Council is by nomination and then, if necessary, by vote at the Annual General Meeting. The Trustees are unpaid for services rendered to the Society. A new constitution was agreed in 2006, amended in 2009, and is approved by the Charity Commission for England and Wales. A further amendment was made following the 2018 AGM, when a proposal to reduce the period after which membership was terminated for non-payment of the subscription invoice was reduced to three months instead of six.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
261800
Principal address
Log Cabin 13b Dunston Business Village Stafford Road Dunston ST18 9AB
Page 6
THE BRITISH GRASSLAND SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
Trustees
Dr P J Murray Honorary Treasurer Dr E Genever Honorary Secretary Mr R H Simpson Immediate Past President (resigned 28.6.22) Mr A King (resigned 28.6.22) Mr D McConnell Immediate Past President Mr P Muto Dr F V Crotty Dr E A Stockdale President Miss M G H Dawson Mr P P Cosgrave President Elect. (appointed 28.6.22) Mr L D Diepenbroek (appointed 28.6.22)
Independent Examiner
Rose Rowland and Co Limited Chartered Accountants High Street Weaverham Northwich Cheshire CW8 3HA
Approved by order of the board of trustees on 27th June 2023 and signed on its behalf by:
Dr E A Stockdale - Trustee
Page 7
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRITISH GRASSLAND SOCIETY
Independent examiner's report to the trustees of The British Grassland Society
I report to the charity trustees on my examination of the accounts of The British Grassland Society (the Trust) for the year ended 31st December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Rosemary Rowland FCA
Rose Rowland and Co Limited Chartered Accountants High Street Weaverham Northwich Cheshire CW8 3HA
27th June 2023
Page 8
THE BRITISH GRASSLAND SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022
----- Start of picture text -----
31.12.22 31.12.21
Unrestricted Total
funds funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Charitable activities
Meeting and events 48,460 17,622
Publication costs 78,262 88,558
Other 1,574 5,749
Subscriptions 40,626 36,975
Investment income 2 713 898
Total 169,635 149,802
EXPENDITURE ON
Charitable activities
Meeting and events 37,911 (7,448)
Publication costs 24,187 38,109
Other 105,230 103,748
Total 167,328 134,409
Net gains/(losses) on investments (42,605) 40,763
NET INCOME/(EXPENDITURE) (40,298) 56,156
RECONCILIATION OF FUNDS
Total funds brought forward 813,321 757,165
TOTAL FUNDS CARRIED
FORWARD 773,023 813,321
----- End of picture text -----
The notes form part of these financial statements
Page 9
THE BRITISH GRASSLAND SOCIETY
BALANCE SHEET
31ST DECEMBER 2022
----- Start of picture text -----
31.12.22 31.12.21
Unrestricted Total
funds funds
Notes £ £
FIXED ASSETS
Intangible assets 6 3,341 4,455
Tangible assets 7 1,031 1,133
Investments 8 495,189 537,795
499,561 543,383
CURRENT ASSETS
Debtors 9 83,056 81,385
Cash at bank 196,273 203,328
279,329 284,713
CREDITORS
Amounts falling due within one year 10 (5,867) (14,775)
NET CURRENT ASSETS 273,462 269,938
TOTAL ASSETS LESS CURRENT
LIABILITIES 773,023 813,321
NET ASSETS 773,023 813,321
FUNDS 11
Unrestricted funds 773,023 813,321
TOTAL FUNDS 773,023 813,321
----- End of picture text -----
The financial statements were approved by the Board of Trustees and authorised for issue on 27th June 2023 and were signed on its behalf by:
Dr E A Stockdale - Trustee
The notes form part of these financial statements
Page 10
THE BRITISH GRASSLAND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
INCOME
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 25% on reducing balance
TAXATION
The charity is exempt from tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 11
THE BRITISH GRASSLAND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES - continued
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. INVESTMENT INCOME
----- Start of picture text -----
||||
|---|---|---|
|31.12.22|31.12.21|
|£|£|
|Deposit account interest|713|898|
----- End of picture text -----
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2022 nor for the year ended 31st December 2021.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31st December 2022 nor for the year ended 31st December 2021.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
----- Start of picture text -----
||||
|---|---|---|
|31.12.22|31.12.21|
|Management|1|1|
|Administration|2|2|
|3|3|
----- End of picture text -----
No employees received emoluments in excess of £60,000.
continued...
Page 12
REGISTERED CHARITY NUMBER: 261800
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
FOR
THE BRITISH GRASSLAND SOCIETY
Rose Rowland and Co Limited Chartered Accountants High Street Weaverham Northwich Cheshire CW8 3HA
THE BRITISH GRASSLAND SOCIETY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 7 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 to 18 |
| Detailed Statement of Financial Activities | 19 to 20 |
THE BRITISH GRASSLAND SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2022.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the Charity are as follows:
-
The improvement of economic methods of production and utilisation of grass and forage crops for the promotion of profitable agriculture.
-
The advancement of education and research in grass and forage crop production and utilisation. Publication of the results of relevant research to an international audience via a quarterly Journal and academic symposia.
-
Interpretation of research and active communication of improved methods of production and utilisation to the farming community.
-
Promotion of grassland farming as an example of sustainable agriculture, which is environmentally benign and visually attractive, for the public benefit.
-
Its Research and Development Committee represents members' interests to Government by responding to consultations and identifying priorities for research.
Public benefit
The Trustees have considered the Public Benefit provided to the general public and relevant sector of the public which it serves and are satisfied that it meets the requirements of the Charity Commission. In line with its objectives, the society aims to support sustainable grassland management and protection of the environment for future farming generations and the general public. For the relevant sector of the public, benefits include:
a) Providing information on the website and through interaction with the Press, open membership and membership fees which are subsidised by other activities and reduced rates for students and retired members;
b) By holding some open events each year;
c) By seeking sponsorship to subsidise conference and workshop fees;
d) Through a bursary award scheme open to members and non-members;
e) Contributing to government consultations on behalf of members;
f) Offering publications below the cost of their production.
Page 1
THE BRITISH GRASSLAND SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
ACHIEVEMENT AND PERFORMANCE
Recorded membership of the society at the end of 2022 totalled 408 compared with 416 on record in 2021. There were 30 resignations, including a number written off because of continued non-payment. New members in 2022 totalled 22, similar to the 27 new members who joined in 2021. Payments by Direct Debit continue to increase, with a number of standing order and invoice payees and new members moving to this method. Corporate membership increased by 3 companies from 15 to 18 during the year. There are 48 fully paid active affiliated societies on record in 2022. Together with full members the network in total is currently estimated at 4000 people.
In 2022, the Society returned an overall decrease in funds of £40,298 compared to a surplus in funds of £56,156 in 2021. The decrease was due to a fall in the investment value by £42,605. If we exclude this then the society made a small surplus of £2,307 in 2022, compared to £15,393 in 2021.
The overall staffing level at the end of 2022 remained at just over 2.1 FTE. The BGS office location at Dunston Business Village continued to work well during 2022. The location and space has allowed various meetings relating to BGS activities to take place on site. The ability to work flexibly remains in place through the various cloud based office systems.
Following 2 years of COVID-19 disruption of normal BGS and industry events, 2022 was an opportunity to start to resume normal BGS activities and re-establish industry connections face to face. This included farm walks, the Summer Meeting and technical industry events
BGS event activity summary during 2022:
a) BGS attended The Royal Welsh Grassland Event that took place on 12th May 2022. The day included working machinery demonstrations, forage trial plots and representation from the grassland trade. This was a very good networking opportunity for BGS.
b) BGS attended ScotGrass on May 18 2022 at SRUC Crichton, Royal Farm, Dumfies. This provided an opportunity to raise the BGS profile within the Scottish grassland community.
c) The BGS Grassland Farmer of the Year award winners farm walk was hosted by 2021 winner Marc Jones at Trefnant Hall, Berriew, near Welshpool in Powys on May 24th 2022. This was an excellent day with over 100 people attending the event.
d) BGS attended the new Down to Earth event at The Farm, Longnor, Shrewsbury on June 15th 2022. This event focused on regenerative agriculture and was an opportunity for BGS to connect into a new network of growing interest.
e) BGS sponsored the inaugural Carbon Calling event on the 25th of June 2022 at Kirkby Thorne, near Penrith. The farmer-led event focused on regenerative livestock farming.
Page 2
THE BRITISH GRASSLAND SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
f) After a break of two years the BGS Summer Meeting returned to an in person event between June 27th and June 29th 2022 in Northern Ireland. More than 150 delegates had the opportunity to see a fantastic range of systems over the course of three days. The event also incorporated the 2019 BGS Grassland Farmer of the Year Award winners farm walk, hosted by John Martin from Gordonall Farm, Greyabbey, Co Down.
g) BGS attended the NSA Sheep event in Malvern on the 27th July 2022. This was a good opportunity to support the NSA and raise the profile of BGS.
h) BGS attended the UK Dairy Day September on September 14th 2022. This was an opportunity for BGS to renew and make new connections within the Dairy Industry.
i) The BGS Grassland Farmer of the Year Awards took place on the evening November 1st 2022 at the Royal Oak Hotel in Welshpool. Aled and Owain Rees were announced as the 2022 winners.
The journal Grass and Forage Science continues to be wholly online, with full BGS members offered log-in access. The journal continues to be co-edited by Dr Anjo Elgersma and Dr Kevin Smith. The new agreement between Wiley and BGS based on a royalty payment came to effect on the 1st of January 2022. The reason for this change are continued developments within the publishing environment such as open access, which puts increased pressure on pricing. This pressure is reflected in a reduced payment from the journal in 2022.
Article downloads via Wiley Online Library increased by 3,086 from 95,593 in 2021 to 98,679 in 2022. The top five countries from which articles were downloaded in 2022 include: China (12.3%), the United States (10.0%), United Kingdom (7.8%), Brazil (7.5%), and Ireland (6.4%). In 2022 the United Kingdom and Ireland had an increase in downloads of 459 and 1066 respectively in comparison to 2021.
The BGS Grazing Mentors project continued during 2022 with support from the AHDB Grass campaign. At the end of 2022, 31 farmers were taking part in the mentoring programme. This included 7 beef enterprises, 5 sheep enterprises, 5 dairy enterprises, 11 beef/sheep enterprises, 2 beef/dairy/sheep enterprises and 1 dairy/sheep enterprise.
The BGS website www.britishgrassland.com continues to work well, further strengthening the Society's profile, communication channels and accessibility. The website is updated regularly with content and information on BGS activities and acts as a hub for event bookings. The BGS YouTube channel launched in October 2021 continued to be updated during 2022 with new content. This has further helped to raise the profile of BGS events and activities and sharing knowledge.
Work on joint activity with industry partners has continued during 2022 and has allowed the Society's profile to grow. The technological experience within the BGS team continues to grow. This offers significant opportunities to develop the society going forward with a blend of both in person and virtual activity. It also offers the ability to share technical information through a variety of communication routes.
Page 3
THE BRITISH GRASSLAND SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
The Societies social media profile has continued to rise during 2022. At the end of the year the Society had 2708 followers on Twitter, up 117 from 2591 at the end of 2021. The BGS Facebook profile also increased to 3355 followers, up 210 from 3145 at the end of 2021.
Working with the Herbage Grass and Clover Recommended List Project Board, the Society continues to promote the Recommended Grass and Clover Lists for England and Wales. Our profile also continues to be raised by committee activity with the Professional Nutrient Management Group and Championing the Farmed Environment.
The Society seeks to work in partnership with many like-minded industry organisations, such as its corporate members, as well as not for profit organisations such as agricultural levy boards. Corporate membership remains important and the society continues to seek to interact and engage more actively with our existing members, as well as attracting potential new ones. Following a review of the corporate member package 2021 an updated package was launched in 2022. This generated new interest in corporate membership and 3 additional companies joined BGS during 2022 bringing the total to 18.
The Society uses the cloud-based Xero accounts system. The system continues to work well allowing work consolidation and streamlining of account management. There remains further opportunities for further development with regard to integration with the ACT! membership database.
The Society uses the card payment systems iZettle and Stripe to ensure the security of card transactions. The systems allows card payments to be accepted remotely and in person at events. These systems ensure that BGS is compliant with the Payment Card Industry Data Security Standard.
The Society receives untiring support from all segments of the membership and grassland community scientists, farmers, industry and advisors. Many give their time for free and work with dedication to achieve success. We are continually grateful for their efforts.
The written policies for the running of the Society have all been reviewed by Trustees. 2022 continued to be challenging in terms of budget management. No income was drawn down from the investment portfolio during 2022. The Society will need to continue to look to develop alternative funding opportunities away from the investment portfolio and Journal. This will maintain the society in a strong position going forward, allowing future investment in activities supporting growth of the Society.
The BGS investments are held in an Abrdn (formerly Standard Life) portfolio Wrap account administered by RDBIFS Ltd. Investment monitoring and management has been significantly improved allowing adjustments to the investments held if required at regular review meetings. This has ensured a suitable risk/return-balanced portfolio in line with the BGS investment policy.
Page 4
THE BRITISH GRASSLAND SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
FINANCIAL REVIEW
Financial position
In 2022 the total funds of the Society decreased by £40,298. This is arrived at by a surplus of £2,307 in the society's general operations, publication activities and organisation of meetings and events whilst the investments produced an unrealised loss of £42,605. At 31 December 2022 total investment funds were £495,189 compared with £537,795 at 31 December 2021.
Total Fund
The Total Account relating to management and administration produced a deficit of £40,298 compared with a surplus of £56,156 in 2021.
Total income increased by £19,833 compared with 2021. This resulted from an increase in income from meetings and events of £30,838 and subscriptions and fees of £3,651 and a decrease in income from publications of £10,296 and other income of £4,175. Investment income decreased by £185 in the year.
Total expenditure increased by £32,919 compared with 2021, as a result of increased overheads and direct costs. In particular a noticeable increase in meeting expenditure, due to events including the summer meeting coming back after Covid-19.
The production of Society publications in various forms produced an income of £78,262 compared with £88,558 in 2021.
Net income from Grass and Forage Science totalled £64,526 compared with £75,838 in 2021. The publishers, Wiley, continue to explore and develop further extension of the publication via online facilities and expand into developing areas such as China and Brazil. The journal was co-edited by Dr Kevin Smith and by Dr Anjo Elgersma.
Bursary Award Fund
No BGS bursary awards were made during 2022. However, Trustees are continuing to explore ways to utilise the surplus funds the Society now holds in the form of academic and non-academic awards.
Investment policy and objectives
It is the policy of the Trustees to invest any surplus of resources available in order to achieve a level of return as considered acceptable by the Trustees. The investments held by the Society have been acquired in accordance with the powers of the Trustees.
Page 5
THE BRITISH GRASSLAND SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
FINANCIAL REVIEW
Reserves policy
The Trustees have considered the requirement for reserves held by the society and believe the optimum level of free reserves (those not invested in Tangible Fixed Assets) should be 18 months expenditure, with an absolute minimum of 1 year's expenditure, to cover the risks of the society relating to events, publications and obligations to staff and creditors.
At 31st December 2022 reserves held total £773,023. The Trustees consider that total funds are sufficient to meet future financial obligations of the Society. A written policy on reserves has been agreed by the Trustees and is reviewed annually.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is organised and run by an elected Council, who during their period in office are recognised as Trustees of the Charity. The Trustees operate under the incorporated title of "The Trustees of the British Grassland Society" but the granting of this incorporated status by the Charity Commissioners does not alter the powers or liabilities of the individual Trustees to comply with the Charities Act 1993 as set out at the end of this report, and the Society remains an unincorporated association that is governed by its Constitution. Other societies with objectives in accordance with the British Grassland Society can become affiliated societies, and this should be encouraged for the benefit of the Society, its objectives and agriculture in general.
The Council is supported by regional advisers to Council, other Committees formed for specific functions as and when the Trustees determine and affiliated local grassland societies in the UK. These committees comprise of Trustees and members of the Society co-opted in relation to the particular expertise required on these committees. Chairs of committees report to Council with recommendations. Election of Trustees to Council is by nomination and then, if necessary, by vote at the Annual General Meeting. The Trustees are unpaid for services rendered to the Society. A new constitution was agreed in 2006, amended in 2009, and is approved by the Charity Commission for England and Wales. A further amendment was made following the 2018 AGM, when a proposal to reduce the period after which membership was terminated for non-payment of the subscription invoice was reduced to three months instead of six.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
261800
Principal address
Log Cabin 13b Dunston Business Village Stafford Road Dunston ST18 9AB
Page 6
THE BRITISH GRASSLAND SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
Trustees
Dr P J Murray Honorary Treasurer Dr E Genever Honorary Secretary Mr R H Simpson Immediate Past President (resigned 28.6.22) Mr A King (resigned 28.6.22) Mr D McConnell Immediate Past President Mr P Muto Dr F V Crotty Dr E A Stockdale President Miss M G H Dawson Mr P P Cosgrave President Elect. (appointed 28.6.22) Mr L D Diepenbroek (appointed 28.6.22)
Independent Examiner
Rose Rowland and Co Limited Chartered Accountants High Street Weaverham Northwich Cheshire CW8 3HA
Approved by order of the board of trustees on 27th June 2023 and signed on its behalf by:
Dr E A Stockdale - Trustee
Page 7
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRITISH GRASSLAND SOCIETY
Independent examiner's report to the trustees of The British Grassland Society
I report to the charity trustees on my examination of the accounts of The British Grassland Society (the Trust) for the year ended 31st December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Rosemary Rowland FCA
Rose Rowland and Co Limited Chartered Accountants High Street Weaverham Northwich Cheshire CW8 3HA
27th June 2023
Page 8
THE BRITISH GRASSLAND SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022
----- Start of picture text -----
31.12.22 31.12.21
Unrestricted Total
funds funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Charitable activities
Meeting and events 48,460 17,622
Publication costs 78,262 88,558
Other 1,574 5,749
Subscriptions 40,626 36,975
Investment income 2 713 898
Total 169,635 149,802
EXPENDITURE ON
Charitable activities
Meeting and events 37,911 (7,448)
Publication costs 24,187 38,109
Other 105,230 103,748
Total 167,328 134,409
Net gains/(losses) on investments (42,605) 40,763
NET INCOME/(EXPENDITURE) (40,298) 56,156
RECONCILIATION OF FUNDS
Total funds brought forward 813,321 757,165
TOTAL FUNDS CARRIED
FORWARD 773,023 813,321
----- End of picture text -----
The notes form part of these financial statements
Page 9
THE BRITISH GRASSLAND SOCIETY
BALANCE SHEET
31ST DECEMBER 2022
----- Start of picture text -----
31.12.22 31.12.21
Unrestricted Total
funds funds
Notes £ £
FIXED ASSETS
Intangible assets 6 3,341 4,455
Tangible assets 7 1,031 1,133
Investments 8 495,189 537,795
499,561 543,383
CURRENT ASSETS
Debtors 9 83,056 81,385
Cash at bank 196,273 203,328
279,329 284,713
CREDITORS
Amounts falling due within one year 10 (5,867) (14,775)
NET CURRENT ASSETS 273,462 269,938
TOTAL ASSETS LESS CURRENT
LIABILITIES 773,023 813,321
NET ASSETS 773,023 813,321
FUNDS 11
Unrestricted funds 773,023 813,321
TOTAL FUNDS 773,023 813,321
----- End of picture text -----
The financial statements were approved by the Board of Trustees and authorised for issue on 27th June 2023 and were signed on its behalf by:
Dr E A Stockdale - Trustee
The notes form part of these financial statements
Page 10
THE BRITISH GRASSLAND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
INCOME
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 25% on reducing balance
TAXATION
The charity is exempt from tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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THE BRITISH GRASSLAND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES - continued
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. INVESTMENT INCOME
----- Start of picture text -----
||||
|---|---|---|
|31.12.22|31.12.21|
|£|£|
|Deposit account interest|713|898|
----- End of picture text -----
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2022 nor for the year ended 31st December 2021.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31st December 2022 nor for the year ended 31st December 2021.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
----- Start of picture text -----
||||
|---|---|---|
|31.12.22|31.12.21|
|Management|1|1|
|Administration|2|2|
|3|3|
----- End of picture text -----
No employees received emoluments in excess of £60,000.
continued...
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THE BRITISH GRASSLAND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
----- Start of picture text -----
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestrict
funds
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Meeting and events 17,622
Publication costs 88,558
Other 5,749
Subscriptions 36,975
Investment income 898
Total 149,802
EXPENDITURE ON
Charitable activities
Meeting and events (7,448)
Publication costs 38,109
Other 103,748
Total 134,409
Net gains on investments 40,763
NET INCOME 56,156
RECONCILIATION OF FUNDS
Total funds brought forward 757,165
TOTAL FUNDS CARRIED
FORWARD 813,321
----- End of picture text -----
continued...
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THE BRITISH GRASSLAND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
----- Start of picture text -----
6. INTANGIBLE FIXED ASSETS
Website
£
COST
At 1st January 2022 and
31st December 2022 21,935
AMORTISATION
At 1st January 2022 17,480
Charge for year 1,114
At 31st December 2022 18,594
NET BOOK VALUE
At 31st December 2022 3,341
At 31st December 2021 4,455
7. TANGIBLE FIXED ASSETS
Equipmen
£
COST
At 1st January 2022 32,165
Additions 242
At 31st December 2022 32,407
DEPRECIATION
At 1st January 2022 31,032
Charge for year 344
At 31st December 2022 31,376
NET BOOK VALUE
At 31st December 2022 1,031
At 31st December 2021 1,133
----- End of picture text -----
continued...
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THE BRITISH GRASSLAND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
8. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1st January 2022 Revaluations At 31st December 2022 NET BOOK VALUE At 31st December 2022 At 31st December 2021 There were no investment assets outside the UK. Cost or valuation at 31st December 2022 is represented by: Valuation in 2021 Valuation in 2022 |
Listed investment £ 537,795 (42,606) 495,189 495,189 537,795 Listed investment £ 537,795 (42,606) 495,189 |
|---|---|
All investments shown above are at market value.
continued...
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THE BRITISH GRASSLAND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors VAT Prepayments and accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors 11. MOVEMENT IN FUNDS At 1.1.22 £ Unrestricted funds General fund 797,951 Bursary award 15,370 813,321 TOTAL FUNDS 813,321 |
31.12.22 £ 14,042 1,689 67,325 83,056 31.12.22 £ 1,708 1,617 2,542 5,867 Net movement in funds £ (40,298) - (40,298) (40,298) |
31.12.21 £ 997 - 80,388 81,385 31.12.21 £ 8,514 3,695 2,566 14,775 At 31.12.22 £ 757,653 15,370 773,023 773,023 |
|---|---|---|
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 169,635 169,635 |
Resources expended £ (167,328) (167,328) |
Gains and Movement losses in funds £ £ (42,605) (40,298) (42,605) (40,298) |
|---|---|---|---|
continued...
Page 16
THE BRITISH GRASSLAND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Bursary award TOTAL FUNDS |
At 1.1.21 £ 741,795 15,370 757,165 757,165 |
Net movement in funds £ 56,156 - 56,156 56,156 |
At 31.12.21 £ 797,951 15,370 813,321 813,321 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 149,802 149,802 |
Resources expended £ (134,409) (134,409) |
Gains and Movement losses in funds £ £ 40,763 56,156 40,763 56,156 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Bursary award TOTAL FUNDS |
At 1.1.21 £ 741,795 15,370 757,165 757,165 |
Net movement in funds £ 15,858 - 15,858 15,858 |
At 31.12.22 £ 757,653 15,370 773,023 773,023 |
|---|---|---|---|
continued...
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THE BRITISH GRASSLAND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 319,437 319,437 |
Resources expended £ (301,737) (301,737) |
Gains and Movement losses in funds £ £ (1,842) 15,858 (1,842) 15,858 |
|---|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2022.
Page 18
THE BRITISH GRASSLAND SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022
| INCOME AND ENDOWMENTS Investment income Deposit account interest Charitable activities Publications Subscriptions and fees Meetings and events Demonstrating and events Grants Other income |
31.12.22 £ 713 78,262 40,626 36,755 11,580 - 1,699 |
31.12.21 £ 898 88,558 36,975 4,122 10,500 5,017 3,732 |
|---|---|---|
| 168,922 | 148,904 | |
| Total incoming resources EXPENDITURE Charitable activities Publication costs Meeting and events |
169,635 24,187 37,911 |
149,802 30,609 1,708 |
| 62,098 | 32,317 | |
| Support costs | ||
| Governance costs | ||
| Wages | 73,515 | 71,490 |
| Social security | 1,743 | 2,414 |
| Pensions | 2,941 | 2,860 |
| Auditors' remuneration for non audit | ||
| work | 2,445 | 2,296 |
| Cost of council | 2,131 | - |
| Office costs | 20,997 | 21,170 |
| Carried forward | 103,772 | 100,230 |
This page does not form part of the statutory financial statements
Page 19
THE BRITISH GRASSLAND SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022
----- Start of picture text -----
31.12.22 31.12.21
£ £
Governance costs
Brought forward 103,772 100,230
Amortisation of intangible fixed assets 1,114 1,485
Depreciation of tangible fixed assets 344 377
105,230 102,092
Total resources expended 167,328 134,409
Net income before gains and losses 2,307 15,393
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments (42,605) 40,763
Net (expenditure)/income (40,298) 56,156
----- End of picture text -----
This page does not form part of the statutory financial statements
Page 20