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2023-12-31-accounts

Draft Financial Statements at 24 April 2024 at 15:24:31

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 2023

Draft Financial Statements at 24 April 2024 at 15:49:07 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr C Sercombe
Mr D Norman
Mr A R Gray
Mrs S Malcomson
Mr D Sloan
Mr S Dunkley
Mr A M Davies
Mr D Roberts
Mr P Tully (Appointed 27 May 2023)
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

Draft Financial Statements at 24 April 2024 at 15:49:07 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report
Statement of financial activities 3
Balance sheet 4
Notes to the financial statements 5 - 14

Draft Financial Statements at 24 April 2024 at 15:40:13 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

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 undertook a full programme of activities during the year including a Young Breeders Day, sales, promotion at shows and specialist sheep events. Regions throughout the UK and Northern Ireland continue to be active with on-farm events, meetings, sales and shows. There has been a trend since covid of members selling stock off farm or through on-line methods. This has impacted on the income generated from registrations, sale entries and sale commission. The Trustees have reacted to this change and put measures in place to protect our level of income and maintain our promotional presence in the industry and also to continue to educate and mentor breeders, with particular focus on our younger members.

Net movement in funds for the year as shown in the Statement of Financial Activities was a surplus of £10,549 (2022: deficit £29,720), after taking into account the movement in investment values for the year. However, movement in funds prior to investment valuation movement resulted in a deficit of £2,150 (2022: surplus £10,977), a result of the decrease in overall activity income and expenditure this year.

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.

Draft Financial Statements at 24 April 2024 at 15:40:13 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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

Mrs A B Pedrick (Resigned 27 May 2023) Mr D Norman Mr A R Gray Mrs S Malcomson Mr D Sloan Mr S Dunkley Mr A M Davies Mr D Roberts Mr P Tully (Appointed 27 May 2023)

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

Date: .............................................

Draft Financial Statements at 24 April 2024 at 15:49:07 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 29,967 29,392
Charitable activities 4 128,638 145,552
Other trading activities 5 1,152 1,876
Investments 6 7,734 7,900
Total income 167,491 184,720
Expenditure on:
Raising funds 7 26,493 24,889
Charitable activities 8 143,148 148,854
Total expenditure 169,641 173,743
Net gains/(losses) on investments 12 12,699 (40,697)
Net income/(expenditure) and movement in funds 10,549 (29,720)
Reconciliation of funds:
Fund balances at 1 January 2023 399,245 428,965
Fund balances at 31 December 2023 409,794 399,245

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Draft Financial Statements at 24 April 2024 at 15:49:07 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
The funds of the charity
Unrestricted funds		 2023
£
2,841
14,580
65,376
82,797
4,730		 £
1,259
330,468
331,727
78,067
409,794
409,794
409,794		 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

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 2023.

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 .........................

..............................

Mr C Sercombe Trustee

Company registration number 01341920 (England and Wales)

Draft Financial Statements at 24 April 2024 at 15:49:07 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 or grantors 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.

Draft Financial Statements at 24 April 2024 at 15:49:07 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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.

Draft Financial Statements at 24 April 2024 at 15:49:07 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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.

Draft Financial Statements at 24 April 2024 at 15:49:07 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 2,605 4,277
Membership fees 27,362 25,115
29,967 29,392

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Core Activities
Lamb and Flock registration fees 54,427 67,661
Genetic testing 21,639 18,041
Commission on sales 13,861 15,480
Sales entry fee 18,461 23,301
AGM income 6,637 4,683
Year book and other publication 13,613 16,386
128,638 145,552

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising events 630 576
Sale promotional items 522 1,300
Other trading activities 1,152 1,876

Draft Financial Statements at 24 April 2024 at 15:49:07 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Income from investments

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 7,371 7,720
Interest receivable 363 180
7,734 7,900

7 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Staging fundraising events 788 613
Advertising 25,705 24,276
26,493 24,889

8 Expenditure on charitable activities

Core Core
Activities Activities
2023 2022
£ £
Direct costs
Genetic testing 18,844 19,516
Sale costs 8,208 9,827
Show expenses 5,386 4,053
Regional expenses 965 1,259
Yearbook, newsletter and other 11,749 21,125
45,152 55,780
Share of support and governance costs (see note 9)
Support 96,070 91,135
Governance 1,926 1,939
143,148 148,854
Analysis by fund
Unrestricted funds 143,148 148,854

Draft Financial Statements at 24 April 2024 at 15:49:07 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

9 Support costs

Support
costs
Governance
costs
£
£
Depreciation
793
-
Management and
administration
51,000
-
Office expense
7,600
-
Postage and telephone
9,472
-
Printing and stationery
2,555
-
Subscriptions
4,035
-
Office expenses
4,308
-
Interest payable and
similar charges
1,105
-
Meeting expenses
3,557
-
Travel and subsistence
4,159
-
AGM expenses
7,486
-
Independent examination
fees
-
1,926
96,070
1,926
Analysed between
Charitable activities
96,070
1,926		 2023Support costs Governance
costs
£
£
£
793
1,848
-
51,000
48,000
-
7,600
7,600
-
9,472
8,355
-
2,555
2,342
-
4,035
3,387
-
4,308
4,464
-
1,105
1,037
-
3,557
3,427
-
4,159
6,266
-
7,486
4,409
-
1,926
-
1,939
97,996
91,135
1,939
97,996
91,135
1,939		 2022
£
1,848
48,000
7,600
8,355
2,342
3,387
4,464
1,037
3,427
6,266
4,409
1,939
93,074
93,074

10 Trustees

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

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 £792

11 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

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

Draft Financial Statements at 24 April 2024 at 15:49:07 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

12 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2023 2022
Gains/(losses) arising on: £ £
Revaluation of investments 13,215 (43,640)
Sale of investments (516) 2,943
12,699 (40,697)

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Tangible fixed assets

Tangible fixed assets
Show
equipment
Office
equipment
£
£
Cost
At 1 January 2023
39,992
17,256
At 31 December 2023
39,992
17,256
Depreciation and impairment
At 1 January 2023
39,992
15,204
Depreciation charged in the year
-
793
At 31 December 2023
39,992
15,997
Carrying amount
At 31 December 2023
-
1,259
At 31 December 2022
-
2,052		 Total
£
57,248
57,248
55,196
793
55,989
1,259
2,052

Draft Financial Statements at 24 April 2024 at 15:49:07 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

15 Fixed asset investments

Cost or valuation
At 1 January 2023
Additions
Valuation changes
Disposals
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
16
Stocks
Finished goods and goods for resale
17
Debtors
Amounts falling due within one year:
Trade debtors
18
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Accruals and deferred income		 Listed
investments
£
308,612
61,575
13,215
(52,934)
330,468
330,468
308,612
2023
2022
£
£
2,841
3,121
2023
2022
£
£
14,580
15,210
2023
2022
£
£
815
2,628
2,215
4,583
1,700
1,700
4,730
8,911

Draft Financial Statements at 24 April 2024 at 15:49:07 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
General funds
Previous year:
At 1
General funds		 January
2023
Incoming
resources
Resources
expended
Gains and
losses
At 31
December
2023
£
£
£
£
£
399,245
167,491
(169,641)
12,699
409,794
January
2022
Incoming
resources
Resources
expended
Gains and
losses
At 31
December
2022
£
£
£
£
£
428,965
184,720
(173,743)
(40,697)
399,245

20 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 £64,600.

Ceres Solutions employs 4 staff who are involved in the provision of services to the charity. During the year Ceres Solutions received £1,395 (2022; £1,826) from the Charity for use of its office equipment, of which £186 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 £323 (2022; £689) from Ceres Solutions for use of its own office equipment.

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 £2,954 D Sloan £1,702 R Gray £688 D Norman £512 S Dunkley £66 D Roberts £1,024 A Davies £1,220 S Malcomson £1,768 P Tully £653

Draft Financial Statements at 24 April 2024 at 15:49:07 BRITISH CHAROLLAIS SHEEP SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

21 Regions

Included within the General fund are amounts in relation to Region 3 of £922 (2022: £922) and Region 4 of £1,429 (2022: £1,429)

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