REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
The Shetland Pony Stud-Book Society |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
The Shetland Pony Stud-Book Society |
The Shetland Pony Stud-Book Society |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 18 |
The Shetland Pony Stud-Book Society |
Reference and Administrative Details |
for the Year Ended 31 December 2023 |
TRUSTEES |
Ms K Hodge (appointed 1.1.24) |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
INDEPENDENT EXAMINER | The Grant Considine Partnership |
Chartered Accountants |
46 High Street |
Banchory |
Aberdeenshire |
AB31 5SR |
The Shetland Pony Stud-Book Society (Registered number: SC135563) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity 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 |
Objectives and aims |
The objectives of the Society are: |
(a) to maintain, unimpaired, the purity of the breed of Shetland ponies, and to promote the breeding of these ponies; |
(b) to collect, verify, pursue, preserve and publish the pedigrees of the said ponies and other useful information relating to them; |
(c) to further the above objects by continuing the issue of the publication called 'The Shetland Pony Stud Book' under its present or any other name, and for that purpose to acquire the copyright and absolute property in the said publication, and sundry documents relating thereto or connected therewith, |
(d) to set the breed standard of the Shetland pony; |
(e) to receive subscriptions and other payments in return for or consideration of the issue of copies of the publications of the Society and the entry in any such publication of the names and pedigrees of Shetland ponies; |
(f) to make bye-laws for conducting the business and regulating the proceedings of the Society and to enforce the same by fines or otherwise. |
The Members of Council have paid due regard to guidance issued by OSCR in deciding what activities the charitable company should undertake. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The total membership at 31 December 2023 was as follows:- |
Annual - 625 |
Annual crofter - 10 |
Junior - 44 |
Life - 194 |
Life crofter - 125 |
Joint annual - 141 |
Family annual - 8 |
Joint life - 4 |
Associate - 43 |
Honorary - 5 |
Perhaps due to the continuing economic difficulties being faced in many quarters, the number of foal registrations were slightly down on last year, 1633 foals were registered, 348 Mares, 119 Stallions and 241 Geldings. |
This shows that a good sense of responsibility is being shown by breeders and is to be encouraged as the welfare of our ponies is always the first concern of the Society. Membership numbers have remained stable and enthusiasm for our breed is continuous. 5 ponies were exported in 2023. |
FINANCIAL REVIEW |
Investment policy and objectives |
Prior to incorporation the Society held investments in two investment trusts and, since 1991, Council has seen no reason to dispose of these and intends to retain them to generate both income and capital growth. |
The investments are invested at a low risk profile to avoid volatility and have not been significantly impacted by the pandemic. |
The Shetland Pony Stud-Book Society (Registered number: SC135563) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
FINANCIAL REVIEW |
Reserves policy |
It is the policy of the company that unrestricted reserves readily convertible in to cash, therefore excluding the revaluation reserve, which have not been designated for specific use, should be maintained at a level equivalent to twelve months expenditure. The Members of Council consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the company's current activities while consideration is give to ways in which additional funds may be raised. At the balance sheet date the company held total reserves of £470,266 of which £131,804 related to revaluation reserve, £306,169 are unrestricted and £32,293 are designated. |
Twelve months expenditure in 2023 amounted to £152,007 therefore the company has exceeded this level of free reserves however the Members of Council consider that retaining additional unrestricted funds is necessary due to the uncertainty over the implications on European movements and the impact they may have on Shetland Pony registrations and passports. |
FUTURE PLANS |
It continues to be a major duty of the Members of Council to monitor any expenditure and make economies wherever possible. |
All meetings held in 2023 were held in the Society office in Perth, there were no Zoom meetings in 2023. The AGM was held on the 26th August 2023, the Breed Show was held on the 27th August 2023. |
Shetland Pony Trading Limited was mothballed from the 1st January 2022 as there was not enough income to necessitate trading activity going through a separate entity. All sales have gone through the SPSBS since that time and levels of income will be monitored. |
The new website launched in 2022 and is proving to be a much better user experience for all. The shop being integrated also providing easy access to purchasers of Shetland Pony merchandise which we hope members will support to the benefit of their Society. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The society is a charitable company limited by guarantee, incorporated on 12th December 1991. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. The company is registered as a charity in Scotland. |
Recruitment and appointment of new trustees |
Members of Council are elected by the Society's members at the AGM to serve a period of three years. Overall policy is determined by the Council. Day-to-day operations are the ultimate responsibility of the Council but are run on Council's behalf by the office staff who are in daily contact with the President, Vice President and Past President. |
The Society's wholly-owned subsidiary, Shetland Pony Trading Limited, was established to deal with retailing of accessories, magazines etc on behalf of the Society and dealing with registrations and transfers for non-members, this has now been mothballed and activity incorporated in to the SPSBS. |
Induction and training of new trustees |
New Members of Council are provided with a booklet detailing their roles and responsibilities, copies of previous annual reports and accounts and recent Council minutes. |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
The Shetland Pony Stud-Book Society |
I report on the accounts for the year ended 31 December 2023 set out on pages five to eighteen. |
Respective responsibilities of trustees and examiner |
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. |
Independent examiner's statement |
In connection with my examination, no matter has come to my attention : |
(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
have not been met; or |
(2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
Gillian R Nicolson |
The Institute of Chartered Accountants of Scotland |
The Grant Considine Partnership |
Chartered Accountants |
46 High Street |
Banchory |
Aberdeenshire |
AB31 5SR |
9 September 2024 |
The Shetland Pony Stud-Book Society |
Statement of Financial Activities |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Unrestricted | Total |
funds | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 3 | ( | ) |
Charitable activities |
Other trading activities | 4 |
Investment income | 5 |
Total |
EXPENDITURE ON |
Raising funds | 6 |
Charitable activities |
Other |
Total |
Net gains/(losses) on investments | ( | ) | ( | ) |
NET INCOME/(EXPENDITURE) | ( | ) |
Other recognised gains/(losses) |
Gains/(losses) on revaluation of fixed assets | ( | ) |
Net movement in funds | ( | ) | ( | ) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 583,936 |
The Shetland Pony Stud-Book Society (Registered number: SC135563) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Unrestricted | Total |
funds | funds |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
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 |
NET ASSETS |
FUNDS | 19 |
Unrestricted funds | 583,936 |
TOTAL FUNDS | 583,936 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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 Shetland Pony Stud-Book Society (Registered number: SC135563) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the Board of Trustees and authorised for issue on |
The Shetland Pony Stud-Book Society |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | CHARITY INFORMATION |
The Shetland Pony Stud-Book Society is a private company limited by guarantee incorporated in Scotland. The registered office and registered numbers are shown under Reference and Administrative Details. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ( FRS 102), including the provisions of Section 1A applicable to Small Entities, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. |
The charitable company is a Public Benefit Entity as defined by FRS 102. |
The charity has availed itself of S396 of the Companies Act 2006, as permitted in paragraph 4 (1) of Schedule 1 of SI 2008 No 409, and adapted the Companies Act formats to reflect the special nature of the charity's activities. |
The accounts are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these accounts 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 principle accounting policies adopted are set out below. |
Going Concern |
At the time of approving the accounts, the Members of Council have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for at least the next 12 months. The Members of Council have not identified a material uncertainty to adopt thegoing concern basis of accounting in preparing the accounts. |
Preparation of consolidated financial statements |
The financial statements contain information about The Shetland Pony Stud-Book Society as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
The Members consider there to be no critical accounting estimates and judgements. |
Income |
Income is recognised when the charitable company is 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 ae recognised once the charitable company 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. |
Income from charitable activities is earned through the registration of shetland ponies and the sale of the stud-book. Income is recognised when the charitable company is legally entitled to it. |
Investment income is earned through holding assets for investment purposes such as shares. Investment income is recognised when receivable. |
The Shetland Pony Stud-Book Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Expenditure |
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category and include irrecoverable VAT. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. |
Expenditure on charitable activities are costs incurred in direct pursuance of the Trust's principal objects and include support costs that assist the work of the charity but do not directly contribute towards the charitable activities. Support costs include administrative costs and governance costs. |
Expenditure on raising funds includes investment manager costs. |
Intangible fixed assets other than goodwill |
Intangible assets represent website development costs. The intangible asset is amortised over its estimated useful life of 3 years. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment loss. |
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 basis. The rates applied are: |
Freehold Property | Nil |
Equipment | 20% reducing balance |
Computers | 25% reducing balance & 33% straight line |
No depreciation is provided on freehold property on the ground that it would be immaterial because the estimated residual value of the property will not be materially different from the carrying value as it is the charity's policy to maintain the building in such condition that its value is not diminished by the passage of time. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the . |
Members of Council in furtherance of their charitable objectives unless the funds have been designated for other purposes. Unrestricted general funds include a revaluation reserve arising on the revaluation of certain fixed assets. This reserve is unrealised. |
Restricted funds can only be used for particular restricted purposes within the objects of the charitable company. 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
The Shetland Pony Stud-Book Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The charitable company 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 charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price. |
Impairment of financial assets |
Financial assets are assessed for indicators of impairment at each reporting date. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled. |
Basic financial liabilities |
Basic financial liabilities, including creditors, are recognised at transaction price. |
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. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the charitable company's contractual obligations expire or are discharged or cancelled. |
3. | DONATIONS AND LEGACIES |
Donations include: |
2023 | 2022 |
£ | £ |
General donations | 949 | 5,029 |
De La Warr fund | - | 500 |
Gift Aid | (6,516 | ) | - |
Total | (5,567 | ) | 5,529 |
Gift aid from 2016 to 2018 can no longer be reclaimed so this has been written off in the accounts. |
4. | OTHER TRADING ACTIVITIES |
2023 | 2022 |
£ | £ |
Merchandise sales | 2,091 | 2,043 |
Non member stud-book reg | 16,313 | 15,987 |
Other non member income | 3,385 | 4,736 |
The Shetland Pony Stud-Book Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Dividends | 1,497 | 1,404 |
Deposit account interest |
6. | RAISING FUNDS |
Investment management costs |
2023 | 2022 |
£ | £ |
Support costs | 128 | 120 |
7. | SUPPORT COSTS |
Governance |
Other | costs | Totals |
£ | £ | £ |
Investment management costs | 128 | - | 128 |
Other resources expended | - | 9,807 | 9,807 |
Cost of charitable activities | 47,961 | - | 47,961 |
48,089 | 9,807 | 57,896 |
All support costs are allocated to general undesignated funds. |
8. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Auditors' remuneration | - | 3,000 |
Independent examiners' fee | 2,500 | - |
Other non-audit services | 730 | 2,425 |
Depreciation - owned assets |
Hire of plant and machinery | 5,012 | 4,017 |
Website development amortisation |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
The charity gave a leaving gift of a decanter, costing £57, to the Countess De La Warr who resigned as a trustee in December 2023, in recognition of her long term support of the charity. |
There were no other trustees' remuneration or benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
The Shetland Pony Stud-Book Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | TRUSTEES' REMUNERATION AND BENEFITS - continued |
Trustees' expenses |
One trustee received travel expenses of £100 to enable them to attend a meeting. No other trustees' expenses were paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
10. | STAFF COSTS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs | ( | ) |
Other pension costs |
65,149 | 77,441 |
The average monthly number of employees during the year was as follows: |
2023 | 2022 |
Office and management |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
funds |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Other |
Total |
Net gains/(losses) on investments | ( | ) |
NET INCOME/(EXPENDITURE) | ( | ) |
The Shetland Pony Stud-Book Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted |
funds |
£ |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 583,936 |
12. | INTANGIBLE FIXED ASSETS |
Website |
development |
£ |
COST |
At 1 January 2023 and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
13. | TANGIBLE FIXED ASSETS |
Freehold | Computer |
property | Equipment | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals | ( | ) | ( | ) | ( | ) |
Revaluations | ( | ) | ( | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) | ( | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The Shetland Pony Stud-Book Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 December 2023 is represented by: |
Freehold | Computer |
property | Equipment | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2019 | 222,472 | - | - | 222,472 |
Valuation in 2023 | (120,000 | ) | - | - | (120,000 | ) |
Cost | 82,528 | 31,453 | 16,768 | 130,749 |
185,000 | 31,453 | 16,768 | 233,221 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 82,528 | 82,528 |
Freehold property was valued on an open market basis on 10 April 2024 by Graham & Sibbald Chartered Surveyors . |
14. | FIXED ASSET INVESTMENTS |
Shares in | Cash and |
group | Listed | settlements |
undertakings | investments | pending | Totals |
£ | £ | £ | £ |
MARKET VALUE |
At 1 January 2023 | 44,856 |
Additions | 593 |
Revaluations | ( | ) | (432 | ) |
At 31 December 2023 | 45,017 |
NET BOOK VALUE |
At 31 December 2023 | 100 | 41,816 | 3,101 | 45,017 |
At 31 December 2022 | 100 | 42,248 | 2,508 | 44,856 |
There were no investment assets outside the UK. |
Cost or valuation at 31 December 2023 is represented by: |
Shares in | Cash and |
group | Listed | settlements |
undertakings | investments | pending | Totals |
£ | £ | £ | £ |
Valuation in 2021 | - | 32,401 | - | 32,401 |
Valuation in 2022 | - | (2,135 | ) | - | (2,135 | ) |
Valuation in 2023 | - | (432 | ) | - | (432 | ) |
Cost | 100 | 11,982 | 3,101 | 15,183 |
100 | 41,816 | 3,101 | 45,017 |
The company's investments at the balance sheet date in the share capital of companies include the following: |
The Shetland Pony Stud-Book Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | FIXED ASSET INVESTMENTS - continued |
Registered office: 22 York Place, Perth, PH2 8RA |
Nature of business: Retailing |
% |
Class of share: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( | ) | ( | ) |
Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Fair value is the market value of the investment at the reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. |
Investments in subsidiaries are measured at cost less impairment. A subsidiary is an entity controlled by the charitable company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
15. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
The Shetland Pony Stud-Book Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
VAT | 7,133 | 6,963 |
Other creditors |
Accruals and deferred income |
Deferred income represents advance funds received for subscriptions and other services relating to 2024. Included in Accruals and deferred income is deferred income as follows: |
2023 | 2022 |
£ | £ |
Deferred income brought forward | 20,441 | 21,832 |
Charitable Activity Income released during year | (6,199 | ) | (6,268 | ) |
Charitable Activity Income deferred at year end | 5,433 | 4,877 |
Deferred income carried forward | 19,675 | 20,441 |
18. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
19. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.1.23 | in funds | 31.12.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 546,379 | (108,406 | ) | 437,973 |
The Countess De La Warr Fund | 26,839 | - | 26,839 |
Breed Show Fund | 9,424 | (5,264 | ) | 4,160 |
Ian Beever Trust Fund | 1,294 | - | 1,294 |
(113,670 | ) |
TOTAL FUNDS | (113,670 | ) | 470,266 |
The Shetland Pony Stud-Book Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 158,195 | (146,169 | ) | (120,432 | ) | (108,406 | ) |
Breed Show Fund | 574 | (5,838 | ) | - | (5,264 | ) |
( | ) | ( | ) | (113,670 | ) |
TOTAL FUNDS | ( | ) | ( | ) | (113,670 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.1.22 | in funds | 31.12.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 547,582 | (1,203 | ) | 546,379 |
The Countess De La Warr Fund | 26,339 | 500 | 26,839 |
Breed Show Fund | 13,529 | (4,105 | ) | 9,424 |
Ian Beever Trust Fund | 1,294 | - | 1,294 |
588,744 | (4,808 | ) | 583,936 |
TOTAL FUNDS | 588,744 | (4,808 | ) | 583,936 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 169,104 | (168,171 | ) | (2,136 | ) | (1,203 | ) |
The Countess De La Warr Fund | 500 | - | - | 500 |
Breed Show Fund | - | (4,105 | ) | - | (4,105 | ) |
169,604 | (172,276 | ) | (2,136 | ) | (4,808 | ) |
TOTAL FUNDS | 169,604 | (172,276 | ) | (2,136 | ) | (4,808 | ) |
The funds of the charity include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. |
The Countess De La Warr Fund includes donations received from various fundraising events organised by Countess De La Warr Fund in 2013, 2021 and 2022. None of the donations received had any restriction on them and the Members of Council have agreed to allocate these donations to a designated fund to be utilised in the event of there being insufficient unrestricted reserves to covers costs of repairs to the building. |
The Breed Show Fund relates to an accumulation of surpluses generated from Breed Shows held in the past which is to be used towards the costs of running future Breed shows and for the benefit of the Society. |
The Shetland Pony Stud-Book Society |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | MOVEMENT IN FUNDS - continued |
The board have agreed to designate the balance on the Ian Beever Trust fund to be used to fund a prize at a Shetland Pony Show. |
20. | RELATED PARTY DISCLOSURES |