REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
Jacob Sheep Society Limited(The) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
Jacob Sheep Society Limited(The) |
Jacob Sheep Society Limited(The) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 13 |
Jacob Sheep Society Limited(The) (Registered number: 01466040) |
Report of the Trustees |
for the Year Ended 30 September 2024 |
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 30 September 2024. 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). |
The trustees are referred to as members and comprise the Council, which is the ruling body of the Society. |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The Society is a registered charity and continues to advance and promote agriculture by encouraging the breeding of Jacob Sheep and improving the Jacob Sheep Breed. Membership has decreased by 168 members (73 new members joined and 241 left). The Society had a total of 735 members at the year-end of whom 692 were Ordinary Members. In addition to the Ordinary Members the society also has 42 Life Members and 1 Honorary Member. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The result for the year to 30 September 2023 was an excess of expenses over income of £6,364 compared to an excess of income over expenses of £3,556 in the previous year before gains or losses on investments. Expenditure was 109% (2022 95%) of income. |
The balance of total funds carried forward at 30 September 2023 amounted to £298,431 which was split £290,183 General Funds and £8,248 Restricted Funds. |
FINANCIAL REVIEW |
Reserves policy |
The Trustees' Reserves Policy is to maintain unrestricted free reserves sufficient to finance setting up a separate office for the Society, to fund such projects as Council shall decide, and to cover the administration of the Society for a year in the event of a collapse in the membership base. Our reserves meet this requirement. |
FUTURE PLANS |
No significant future developments are envisaged. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is constituted as a private company limited by guarantee incorporated 10 December 1979, and is governed by the memorandum and articles of association (the latest adopted version being 22 April 2023). |
The Society is a non-profit making organisation, limited by guarantee and having no share capital. In the event of the Society being wound up, each member's liability is restricted to an amount not exceeding £1. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Jacob Sheep Society Limited(The) (Registered number: 01466040) |
Report of the Trustees |
for the Year Ended 30 September 2024 |
Trustees |
Officers |
President | Mr J Emberton |
Chairman |
Vice Chairman | Mrs J East |
Treasurer | Mrs L J Pope |
Field Officer | Mr C Richardson |
Ordinary Members |
Regional Council Member for Central Region | Mrs K Carpenter |
Regional Council Member for Eastern Region | Mr T Green |
Regional Council Member for Ireland Region | Mr M Kehoe |
Regional Council Member for Northern Region | Mrs E Chester (appointed 27/04/2024) |
Regional Council Member for Scotland Region | Mrs M J Harper |
Regional Council Member for Southern Region | Mr P Gorringe |
Regional Council Member for South West Region | Mr R Fenwick |
Regional Council Member for Wales Region | Mrs A Ross (appointed 27/04/2024) |
Members resigned in the year |
Mrs S Harries (Resigned 01/07/2024) |
Mrs J Simmons (Resigned 01/07/2024) |
Company Secretary |
Independent Examiner |
Victoria Ivinson |
EQ Accountants Ltd |
47-49 The Square |
Kelso |
Roxburghshire |
TD5 7HW |
MEMBERS |
At 30 September 2023 there were 735 fully paid up Members of the Society. Ordinary Members numbered 692; in addition there were 42 Life Members and 1 Honorary Members. |
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 |
Jacob Sheep Society Limited(The) |
Independent examiner's report to the trustees of Jacob Sheep Society Limited(The) ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
Victoria Ivinson |
EQ Accountants Ltd |
47-49 The Square |
Kelso |
Roxburghshire |
TD5 7HW |
12 March 2025 |
Jacob Sheep Society Limited(The) |
Statement of Financial Activities |
for the Year Ended 30 September 2024 |
30/9/24 | 30/9/23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities | 4 |
Other trading activities | 2 |
Investment income | 3 |
Other income |
Total |
EXPENDITURE ON |
Raising funds | 5 |
Charitable activities | 6 |
Total |
Net gains on investments |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 298,431 |
CONTINUING OPERATIONS |
All income and expenditure has arisen from continuing activities. |
Jacob Sheep Society Limited(The) (Registered number: 01466040) |
Balance Sheet |
30 September 2024 |
30/9/24 | 30/9/23 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 15 |
Unrestricted funds: |
General fund | 301,880 | 290,183 |
Restricted funds: |
Pat Bromley Memorial Fund | 7,915 | 8,248 |
TOTAL FUNDS | 298,431 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 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. |
Jacob Sheep Society Limited(The) (Registered number: 01466040) |
Balance Sheet - continued |
30 September 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Jacob Sheep Society Limited(The) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Stocks |
Stock of merchandise. Stocks are valued at the lower of cost and estimated net realisable value. |
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 trustees. |
Designated funds are unrestricted funds which the members have set aside to be utilised against a specific purpose. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Breed promotion |
Breed promotion costs represent only the direct costs of promoting and encouraging the breeding of Jacob Sheep. The associated indirect costs are included within Breed Improvement Costs and Support Costs. |
2. | OTHER TRADING ACTIVITIES |
30/9/24 | 30/9/23 |
£ | £ |
Journal advertising income | 80 | 80 |
Regional activity income | 1,836 | 1,690 |
Annual AGM income | 19,330 | 11,377 |
Sale of Merchandise income | 2,857 | 1,528 |
Flock assessment | 250 | 1,351 |
Jacob Sheep Society Limited(The) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
3. | INVESTMENT INCOME |
30/9/24 | 30/9/23 |
£ | £ |
Deposit account interest |
Dividend income | 2,890 | 2,868 |
Dividends on Life Members Fund | 6,874 | 4,112 |
4. | INCOME FROM CHARITABLE ACTIVITIES |
30/9/24 | 30/9/23 |
Subscription | Total | Total |
& membership | Registration | activities | activities |
£ | £ | £ | £ |
Subscriptions & joining fees | 17,475 | - | 17,475 | 18,145 |
Gift Aid receipts | 1,539 | - | 1,539 | 1,509 |
Registration fees | - | 25,522 | 25,522 | 25,092 |
Flock Book sales etc | - | 540 | 540 | 375 |
19,014 | 26,062 | 45,076 | 45,121 |
5. | RAISING FUNDS |
Other trading activities |
30/9/24 | 30/9/23 |
£ | £ |
Opening stock |
Closing stock | ( |
) | ( |
) |
Regional activity costs | 2,623 | 939 |
National activity costs - AGM | 19,305 | 9,241 |
Sale of Merchandise costs | 2,229 | 854 |
Flock assessment costs | 1,153 | 3,616 |
25,041 | 13,920 |
6. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 7) | note 8) | Totals |
£ | £ | £ |
Breed promotion & improvement | 12,693 | 48,484 | 61,177 |
Jacob Sheep Society Limited(The) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
7. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
30/9/24 | 30/9/23 |
£ | £ |
Stand rent & maintenance | 2,186 | 1,572 |
Transport & travel BP | 907 | 1,320 |
Rosettes, banners & trophies | 282 | 2,400 |
Affiliation fees | 115 | 202 |
Website costs | 139 | 565 |
Show & Sale costs | 7,165 | 8,584 |
Membership Costs | 788 | 1,349 |
Field Officer travel | 696 | 226 |
Judges training costs | 82 | 280 |
Young Handler training costs | 333 | - |
12,693 | 16,498 |
8. | SUPPORT COSTS |
Governance |
Management | Finance | costs | Totals |
£ | £ | £ | £ |
Breed promotion & improvement | 43,822 | 43 | 4,619 | 48,484 |
Support costs, included in the above, are as follows: |
30/9/24 | 30/9/23 |
Breed |
promotion | Total |
& improvement | activities |
£ | £ |
Secretary's expenses | 359 | 408 |
Handbook printing costs | - | 1,778 |
Grassroots costs | 20,821 | 22,112 |
Council costs | 6,408 | 1,936 |
Flockbook costs | 874 | 923 |
Journal magazine | 13,316 | 12,096 |
Insurance | 1,004 | 725 |
Bank & Paypal Charges | 340 | 338 |
Disease control | 700 | 1,808 |
Foreign currency revaluation | 43 | 3 |
Independent Examiners' fee | 2,034 | 1,938 |
Bookkeeping fees | 2,585 | 2,455 |
48,484 | 46,520 |
Jacob Sheep Society Limited(The) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023. |
Trustees' expenses |
Trustees reclaimed expenses totalling £5,355 during the year (2023: £4,544). |
10. | FIXED ASSET INVESTMENTS |
30/9/24 | 30/9/23 |
Market | Market |
Cost | Value | Cost | Value |
Units | £ | £ | £ | £ |
6,245 | M&G Charifund | 52,806 | 97,575 | 52,806 | 91,940 |
5,265 | COIF Charities Investment Fund | 69,725 | 106,719 | 69,725 | 97,315 |
122,531 | 204,294 | 122,531 | 189,255 |
11. | STOCKS |
30/9/24 | 30/9/23 |
£ | £ |
BP Merchandise |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/24 | 30/9/23 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/24 | 30/9/23 |
£ | £ |
Trade creditors |
Other creditors |
Accrued expenses |
Jacob Sheep Society Limited(The) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
14. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
30/9/24 | 30/9/23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Investments |
Current assets |
Current liabilities | ( |
) | ( |
) | ( |
) |
301,880 | 7,915 | 309,795 | 298,431 |
15. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1/10/23 | in funds | 30/9/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 290,183 | 11,697 | 301,880 |
Restricted funds |
Pat Bromley Memorial Fund | 8,248 | (333 | ) | 7,915 |
TOTAL FUNDS | 11,364 | 309,795 |
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 | 82,543 | (85,885 | ) | 15,039 | 11,697 |
Restricted funds |
Pat Bromley Memorial Fund | - | (333 | ) | - | (333 | ) |
TOTAL FUNDS | ( |
) | 11,364 |
Jacob Sheep Society Limited(The) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
15. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net | Transfers |
At | movement | between | At |
1/10/22 | in funds | funds | 30/9/23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 291,213 | (1,280 | ) | 250 | 290,183 |
Restricted funds |
Prize Fund | 250 | - | (250 | ) | - |
Pat Bromley Memorial Fund | 8,248 | - | - | 8,248 |
8,498 | - | (250 | ) | 8,248 |
TOTAL FUNDS | 299,711 | (1,280 | ) | - | 298,431 |
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 | 70,574 | (76,938 | ) | 5,084 | (1,280 | ) |
TOTAL FUNDS | 70,574 | (76,938 | ) | 5,084 | (1,280 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
At | movement | between | At |
1/10/22 | in funds | funds | 30/9/24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 291,213 | 10,417 | 250 | 301,880 |
Restricted funds |
Prize Fund | 250 | - | (250 | ) | - |
Pat Bromley Memorial Fund | 8,248 | (333 | ) | - | 7,915 |
8,498 | (333 | ) | (250 | ) | 7,915 |
TOTAL FUNDS | 299,711 | 10,084 | - | 309,795 |
Jacob Sheep Society Limited(The) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
15. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 153,117 | (162,823 | ) | 20,123 | 10,417 |
Restricted funds |
Pat Bromley Memorial Fund | - | (333 | ) | - | (333 | ) |
TOTAL FUNDS | 153,117 | (163,156 | ) | 20,123 | 10,084 |
16. | RELATED PARTY DISCLOSURES |