Charity registration number 1017477
Company registration number 01671347 (England and Wales)
BRITISH BLEU DU MAINE SHEEP SOCIETY LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
BRITISH BLEU DU MAINE SHEEP SOCIETY LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr P A Farmer
Mrs S J Shone
Mrs S McInnes Skinner
Mr S A Norman
Mrs L Daff
Mr I Jones Davies
Mr R J Pilkington
Mr R Wilson
Mr S Small
Mr G Baird
Secretary
Mrs J S Smith
Charity number
1017477
Company number
01671347
Principal address
Long Wood Farm
Trostrey
Usk
Monmouthshire
NP15 1LA
Registered office
Long Wood Farm
Trostrey
Usk
Monmouthshire
NP15 1LA
Accountants
Waveney Accountants Limited
T/as Newman & Co
Chartered Accountants
4b Church Street
Diss
Norfolk
IP22 4DD
BRITISH BLEU DU MAINE SHEEP SOCIETY LTD
CONTENTS
Page
Trustees' report
1 - 2
Accountants' report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 12
BRITISH BLEU DU MAINE SHEEP SOCIETY LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report and financial statements for the year ended 31 December 2023. The trustees have adopted the provisions of 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 objectives are to encourage and improve amongst members of the Association and others breeding, management and promotion of sheep, and particularly the Blue Du Maine Breed, and to maintain the purity of the Blue Du Maine breed of sheep as a species.

 

The charity continues to maintain a register of members and run a flock book, promote the breed through NSA technical sheep events and society sales.

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

Financial review

The council has considered the most appropriate policy for investing funds and has found that the CCLA Fund Managers Limited COIF Charities Investment Fund meet their requirements to general income.

 

Unrestricted funds have increased by 0.03% on the previous year (2022 - 17% decrease).

 

The council ensures that sufficient unrestricted funds are available for the continuing activities of the charity.

 

The council reviews the investments with CCLA on a regular basis.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Future developments

The Society plans to continue its activities in the forthcoming years, subject to satisfactory funding arrangements.

 

Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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 P A Farmer
Mrs S J Shone
Mr T S Goldie
(Resigned 11 November 2023)
Mrs S McInnes Skinner
Mr S A Norman
Mrs L Daff
Mr I Jones Davies
Mr R J Pilkington
Mr R Wilson
Mr S Small
Mr G Baird
BRITISH BLEU DU MAINE SHEEP SOCIETY LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Council members are elected by society members and members are invited to stand for council through the newsletter or website.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

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

Mr I Jones Davies
Chairman - Trustee
Dated: 18 July 2024
BRITISH BLEU DU MAINE SHEEP SOCIETY LTD
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BRITISH BLEU DU MAINE SHEEP SOCIETY LTD FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of British Bleu du Maine Sheep Society Ltd for the year ended 31 December 2023, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 22 June 2017. Our work has been undertaken solely to prepare for your approval the financial statements of British Bleu du Maine Sheep Society Ltd and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than British Bleu du Maine Sheep Society Ltd and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that British Bleu du Maine Sheep Society Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of British Bleu du Maine Sheep Society Ltd. You consider that British Bleu du Maine Sheep Society Ltd is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of British Bleu du Maine Sheep Society Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Waveney Accountants Limited
9 August 2024
Chartered Accountants
T/as Newman & Co
Chartered Accountants
4b Church Street
Diss
Norfolk
IP22 4DD
BRITISH BLEU DU MAINE SHEEP SOCIETY LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Unrestricted
Total
funds
2023
2022
Notes
£
£
Income from:
Charitable activities
3
13,212
14,705

Investments

4
3,946
4,366
Total income
17,158
19,071
Expenditure on:

Raising funds

5
473
681
Charitable activities
6
28,562
29,265
Total resources expended
29,035
29,946
Net gains on investments
8
11,917
(19,538)
Net movement in funds
40
(30,413)
Fund balances at 1 January 2023
144,793
175,206
Fund balances at 31 December 2023
144,833
144,793

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

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 BLEU DU MAINE SHEEP SOCIETY LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
927
984
Investments
11
138,426
136,509
139,353
137,493
Current assets
Stocks
12
341
270
Debtors
13
706
2,272
Cash at bank and in hand
6,621
7,189
7,668
9,731
Creditors: amounts falling due within one year
14
2,188
2,431
Net current assets
5,480
7,300
Total assets less current liabilities
144,833
144,793
The funds of the charity
Unrestricted funds
144,833
144,793
144,833
144,793

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 trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 and 387 of the Companies Act 2006 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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 18 July 2024
Mr I Jones Davies
Trustee
Company registration number 01671347 (England and Wales)
BRITISH BLEU DU MAINE SHEEP SOCIETY LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
1
Accounting policies
Charity information

British Bleu du Maine Sheep Society Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Long Wood Farm, Trostrey, Usk, Monmouthshire, NP15 1LA.

1.1
Accounting convention

The financial statements have been prepared in accordance 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)” (as amended for accounting periods commencing from 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 applying FRS 102 Update Bulletin 1 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 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
Incoming resources
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 BLEU DU MAINE SHEEP SOCIETY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.5
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:

Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance

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.

1.6
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. Investments are listed with publicly available fair values.

1.7
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).

1.8
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.

1.9
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.

1.10
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.

BRITISH BLEU DU MAINE SHEEP SOCIETY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
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.

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.

3
Charitable activities
2023
2022
£
£

Membership subscriptions

2,631
2,752

Registration fees

7,244
8,931

Sales, levy and entry fees

1,646
2,047
Merchandise and publications
40
180

Flock book advertising

1,200
780
Society tags
215
-
Other income
236
15
13,212
14,705
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Income from listed investments
3,946
4,366
BRITISH BLEU DU MAINE SHEEP SOCIETY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
5

Raising funds

Unrestricted
Total
funds
2023
2022
£
£
Fundraising and publicity
Merchandise
544
654
Opening stock
270
297
Closing stock
(341)
(270)
473
681
6
Charitable activities
2023
2022
£
£
Depreciation and impairment
56
291

Secretarial fees

6,640
5,521
Breed development costs
6,610
6,966

Publications

1,620
1,320

Society tags

177
278

Postage

814
866

Printing, stationery and sundries

905
769

Telephone

89
617

Advertising

595
5,801

Travelling and subsistence

301
769

Show expenses

5,650
2,873

Computer expenses

2,221
1,231

Council meeting

1,376
593

Associated clubs

159
138

Insurance

276
271

Accountancy

891
825

Bank charges

119
136
Other charitable expenditure
63
-
28,562
29,265
7
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
BRITISH BLEU DU MAINE SHEEP SOCIETY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
8
Net gains/(losses) on investments
Unrestricted
Total
funds
2023
2022
£
£
Revaluation of investments
11,650
(17,962)
Gain/(loss) on sale of investments
267
(1,576)
11,917
(19,538)
9
Taxation

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

10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
1,435
11,779
13,214
At 31 December 2023
1,435
11,779
13,214
Depreciation and impairment
At 1 January 2023
1,332
10,899
12,231
Depreciation charged in the year
21
35
56
At 31 December 2023
1,353
10,934
12,287
Carrying amount
At 31 December 2023
82
845
927
At 31 December 2022
103
881
984
BRITISH BLEU DU MAINE SHEEP SOCIETY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
11
Fixed asset investments
Listed investments
£
Valuation
At 1 January 2023
136,509
Valuation changes
11,650
Disposals
(9,733)
At 31 December 2023
138,426
Carrying amount
At 31 December 2023
138,426
At 31 December 2022
136,509
12
Stocks
2023
2022
£
£
Merchandise
341
270
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
96
972
Other debtors
43
-
Prepayments and accrued income
567
1,300
706
2,272
14
Creditors: amounts falling due within one year
2023
2022
£
£
Other taxation and social security
-
771
Payments received on account
436
225
Trade creditors
194
463
Other creditors
1,558
972
2,188
2,431
BRITISH BLEU DU MAINE SHEEP SOCIETY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
15
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 January 2023
Incoming resources
Resources expended
Gains and losses
At 31 December 2023
£
£
£
£
£
General funds
144,793
17,158
(29,035)
11,917
144,833
Previous year:
At 1 January 2022
Incoming resources
Resources expended
Gains and losses
At 31 December 2022
£
£
£
£
£
General funds
175,206
19,071
(29,946)
(19,538)
144,793
16
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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