OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

Charity registration number 282757

Company registration number 01341920 (England and Wales)

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr C Sercombe
Mrs A B Pedrick
Mr D Norman
Mr A R Gray
Mrs S Malcomson
Mr D Sloan
Mr S Dunkley
Mr A M Davies
Mr D Roberts (Appointed 29 May 2022)
Secretary Mrs C A Barber
Charity number 282757
Company number 01341920
Registered office Crogham Farm
Youngman's Road
WYMONDHAM
Norfolk
United Kingdom
NR18 0RR
Independent examiner Argents Accountants Limited
15 Palace Street
NORWICH
Norfolk
United Kingdom
NR3 1RT

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 15

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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).

Objectives and activities

The charity's primary purposes are:

  1. To promote the science and practice of agriculture by encouraging and improving efficient breeding in the United Kingdom of Charollais sheep.

  2. To undertake research in the subject of sheep breeding and matters relating thereto and to publish the results of such research.

  3. The Charity is organised so that the trustees meet regularly to manage its affairs. The administrative functions are carried out by the Company Secretary.

  4. To undertake scientific work to maintain our integrity as a breed and retain its purity.

Public Benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

BCSS (The British Charollais Sheep Society) works to advance science by the encouragement, promotion and improvement of the breeding of Charollais Sheep in the United Kingdom of Great Britain and Northern Ireland and elsewhere. This is achieved by the maintenance of the purity of the breed and with a view thereto if and so far as may be thought fit, to purchase, import, breed or otherwise acquire and hold, resell or otherwise trade in charollais sheep whether of British or foreign origin. It is further achieved by the advancement of citizenship or community development, by supporting and promoting the interests of those who breed Charollais Sheep, and the advancement of education through the development of individual capabilities, skills and understanding by providing training and broader education in relation to the farming of Charollais Sheep.

Achievements and performance

The Society embarked on a newly invigorated programme of activities during the year. With the freedom to organise and attend on-farm and specialist events the breed was widely promoted throughout the UK and Northern Ireland. With the introduction of updated and extended publications the breed was presented in a modern and forward looking manner. These increased activities post Covid has increased the expenditure of the Society. Our programme of sales was able to go ahead without interruption. We also returned to a timetable of membership activities to educate and mentor breeders on the process of rearing, selling and marketing Charollais Sheep.

Net movement in funds for the year as shown in the Statement of Financial Activities was a deficit of £29,720 (2021: surplus £69,242), after taking into account the movement in investment values for the year. However, movement in funds prior to investment valuation movement resulted in a surplus of £10,977 (2021: surplus £40,583), despite the increased activity and expenditure this year. This will allow us to continue on this course for future years.

Reserve Policy

The Trustees consider and review the requirements on an annual basis to establish a reserves policy allowing adequate support for the continuation of the Charity's work. The current level of reserves are deemed to be satisfactory for this purpose.

Principle funding sources

The principal funding sources are receipts from members in the form of subscriptions, registration fees and sales fees / commissions.

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Risk management and reserves

The trustees have assessed the major risks to which the Charity is exposed , in particular those that could effect the operations and finances of the Charity going forward.

Structure, governance and management

The Charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 2 December 1977.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr C Sercombe Mr C W Thomas (Resigned 29 May 2022) Mrs A B Pedrick Mr A Thomas (Resigned 29 May 2022) Mr D Norman Mr A R Gray Mrs S Malcomson Mr D Sloan Mr S Dunkley Mr A M Davies Mr D Roberts (Appointed 29 May 2022)

Recruitment and appointment of new trustees

To be eligible for appointment as a trustee individuals need to be registered flockholders. Potential trustees are proposed by members with selection by sealed ballot papers where there are more nominations than vacancies. The appointments are announced at the Annual General Meeting.

The trustees' report was approved by the Board of Trustees.

Mr C Sercombe Trustee

20 April 2023

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

I report to the trustees on my examination of the financial statements of British Charollais Sheep Society Limited (the charity) for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Mark Johnstone FCA

Argents Accountants Limited 15 Palace Street NORWICH Norfolk NR3 1RT United Kingdom

Dated: 23 May 2023

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
funds
2022
Notes
£
Income from:
Donations and legacies
3
29,392
Charitable activities
4
145,552
Other trading activities
5
1,876
Investments
6
7,900
Total income
184,720
Expenditure on:
Raising funds
7
24,889
Charitable activities
8
148,854
Total expenditure
173,743
Net gains/(losses) on investments
12
(40,697)
Net movement in funds
(29,720)
Fund balances at 1 January 2022
428,965
Fund balances at 31 December 2022
399,245		 Total Unrestricted
funds
2022
2021
£
£
29,392
28,993
145,552
136,548
1,876
2,160
7,900
7,434
184,720
175,135
24,889
23,205
148,854
111,347
173,743
134,552
(40,697)
28,659
(29,720)
69,242
428,965
359,723
399,245
428,965		 Total Unrestricted
funds
2022
2021
£
£
29,392
28,993
145,552
136,548
1,876
2,160
7,900
7,434
184,720
175,135
24,889
23,205
148,854
111,347
173,743
134,552
(40,697)
28,659
(29,720)
69,242
428,965
359,723
399,245
428,965
175,135
23,205
111,347
134,552
28,659
69,242
359,723
428,965

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2022
£
3,121
15,210
79,161
97,492
(8,911)		 £
2,052
308,612
310,664
88,581
399,245
399,245
399,245		 2021
£
3,446
23,561
106,770
133,777
(8,391)		 £
1,933
301,646
303,579
125,386
428,965
428,965
428,965

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2022.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 20 April 2023

Mr C Sercombe

Trustee

Company registration number 01341920

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

British Charollais Sheep Society Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Crogham Farm, Youngman's Road, WYMONDHAM, Norfolk, NR18 0RR, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Show equipment 25% on cost Office equipment 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs 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 value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Donations and gifts 4,277 3,103
Membership fees 25,115 25,890
29,392 28,993

4 Charitable activities

Core activities
2022
£
Lamb and Flock registration fees
67,661
Genetic testing
18,041
Commission on sales
15,480
Sales entry fee
23,301
AGM income
4,683
Year book and other publication
16,386
145,552		 Total
Core activities
2022
2021
£
£
67,661
66,180
18,041
15,033
15,480
18,861
23,301
22,153
4,683
-
16,386
14,321
145,552
136,548		 Total
2021
£
66,180
15,033
18,861
22,153
-
14,321
136,548

5 Other trading activities

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Fundraising events 576 891
Sale promotional items 1,300 1,269
Other trading activities 1,876 2,160

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

6 Investments

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Income from listed investments 7,720 7,305
Interest receivable 180 129
7,900 7,434

7 Raising funds

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Fundraising and publicity
Staging fundraising events 613 786
Advertising 24,276 22,419
Fundraising and publicity 24,889 23,205
24,889 23,205

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8 Charitable activities

Core
activities
2022
£
Genetic testing
19,516
Sale costs
9,827
Show expenses
4,053
Regional expenses
1,259
Yearbook, newsletter and other
21,125
55,780
Share of support costs (see note 9)
91,135
Share of governance costs (see note 9)
1,939
148,854		 Core
activities
2021
£
11,021
6,947
-
307
9,748
28,023
81,078
2,246
111,347

9 Support costs

Depreciation
Management and
administration
Office expense
Postage and telephone
Printing and stationery
Subscriptions
Office expenses
Interest payable and
similar charges
Meeting expenses
Travel and subsistence
AGM expenses
Independent examination
fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
1,848
-
48,000
-
7,600
-
8,355
-
2,342
-
3,387
-
4,464
-
1,037
-
3,427
-
6,266
-
4,409
-
-
1,939
91,135
1,939
91,135
1,939		 2022Support costs Governance
costs
£
£
£
1,848
2,680
-
48,000
48,000
-
7,600
7,600
-
8,355
9,062
-
2,342
2,167
-
3,387
2,985
-
4,464
5,177
-
1,037
1,115
-
3,427
494
-
6,266
1,798
-
4,409
-
-
1,939
-
2,246
93,074
81,078
2,246
93,074
81,078
2,246		 2021
£
2,680
48,000
7,600
9,062
2,167
2,985
5,177
1,115
494
1,798
-
2,246
83,324
83,324

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

10 Trustees

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees undertake work on behalf of the society on an unpaid basis. No calculation of this voluntary work has been reflected in the financial results.

Trustees' expenses

Expenses paid to the trustees in the year amounted to £994. (2021: £nil)

11 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

12 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Revaluation of investments (43,640) 21,234
Gain/(loss) on sale of investments 2,943 7,425
(40,697) 28,659

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

13
Tangible fixed assets
Show
equipment
Office
equipment
£
£
Cost
At 1 January 2022
39,992
15,289
Additions
-
1,967
At 31 December 2022
39,992
17,256
Depreciation and impairment
At 1 January 2022
39,245
14,103
Depreciation charged in the year
747
1,101
At 31 December 2022
39,992
15,204
Carrying amount
At 31 December 2022
-
2,052
At 31 December 2021
747
1,186
14
Fixed asset investments		 Total
£
55,281
1,967
57,248
53,348
1,848
55,196
2,052
1,933
Listed
investments
£
Cost or valuation
At 1 January 2022 301,646
Additions 93,265
Valuation changes (43,640)
Disposals (42,659)
At 31 December 2022 308,612
Carrying amount
At 31 December 2022 308,612
At 31 December 2021 301,646
15 Stocks
2022 2021
£ £
Finished goods and goods for resale 3,121 3,446

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

16 Debtors

16
Debtors
Amounts falling due within one year:
Trade debtors
17
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Accruals and deferred income		 2022
£
15,210
2022
£
2,628
4,583
1,700
8,911		 2021
£
23,561
2021
£
2,738
3,953
1,700
8,391

18 Related party transactions

The charity had transactions with Ceres Solutions, a partnership in which Carroll Barber, company secretary, is a partner. The charity purchased secretarial and administrative services and accommodation from Ceres Solutions during the year to the value of £55,600.

Ceres Solutions employs 4 staff who are involved in the provision of services to the charity. During the year Ceres Solutions received £1,826 (2021; £1,476) from the Charity for use of its office equipment, of which £908 was outstanding at the balance sheet date and £6,000 in relation to the reimbursement to Ceres Solutions for promotion and advertising costs. Correspondingly the Charity received income of £689 (2021; £1,892) from Ceres Solutions for use of its own office equipment, of which £265 was outstanding at the balance sheet date.

The following table shows the amounts received from trustees during the year, in relation to membership fees, registration fees, sale entry fees and advertising:

C Sercombe £2,509.00 D Sloan £1,335.00 R Gray £381.00 D Norman £384.00 S Dunkley £96.00 D Roberts £703.00 A Davies £1,370.00 A Pedrick £232.00 S Malcomson £1,445.00 C Thomas £1,096.00

BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

19 Regions

Included within the General fund are amounts in relation to Region 3 of £922 (2021: £922) and Region 4 of £1,429 (2021: £1,429)

Some regions organise local fund raising and promotional activities which are not accounted for in these financial statements.