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WORLD JERSEY CATTLE BUREAU
Treasurer’s Report for the 2014 Council Meeting in South Africa
The Financial Statements for the year ending 31st December 2013 are published on the web site and form the basis of my report.
Financial Statements as at 31/12/2013
I would like to highlight the following items within the accounts for Council’s attention:
· Surplus on Conference: I should like to record thanks to all those involved with the excellent study tour programme in Australia last year in association with the annual meetings. This produced a commission income of £5,760 which was above the budgeted figure.
· Secretariat Services: I would like to thank the Council of the Royal Jersey Agricultural & Horticultural Society for delivering the Secretariat services in a highly professional manner for the budgeted figure of £5,000. This is the hub for the activities of the Bureau and it is comforting for all members that it is being provided by professionals and out of a facility visited by Jersey breeders from around the world who recognise it not only as the historical home of the breed, but also as the present day centre for the breed worldwide.
· Subscriptions: These remained the same at £500 for National Full Members, and £50 for National Associate Members. This gives much-needed annual income of £6,600. For clarity, a list of Members can be found below.
National Full Members – 13: Argentina, Australia, Canada, Colombia, Costa Rica, Denmark, Guatemala, New Zealand, Jersey, South Africa, Switzerland, UK, USA.
National Associate Members – 2: France, Germany
National Affiliate Members – 20: Albania, Brazil, Chile, Czech Republic, Ecuador, Ireland, Italy, Japan, Kenya, Mexico, Mozambique, Netherlands, Nicaragua, Norway, Panama, Sweden, Uruguay, Venezuela, Zambia, Zimbabwe.
· ‘Dairy Queen’ publication: I outlined in my last report some of the details regarding the tremendous sponsorship of the book, and the Bureau is indebted to all those very kind and passionate sponsors for enabling such a fine publication to be produced. This years’ accounts do show some residual costs but also some vital sponsorship, and also importantly an income of £20,938 from book sales was received during 2013. I am conscious that Council is currently bound by a decision from the past that any ‘profits’ from the book must go to the Lord Jersey Research Trust fund. I would like Council to discuss this matter during their meeting in September.
· Net assets: The Balance Sheet position of £42,401 is a pleasing improvement from last year, but this must be set in the context of the £20,000 advanced from the Lord Jersey Research Trust as sponsorship of the ‘Dairy Queen’ publication. Effectively, as things stand at present, total net assets of the Bureau amount to a little over £22,000.
The financial position of the Bureau has improved over the past year, and a modest financial reserve has now been re-established. There remains little room for unbudgeted expenditure, and I am conscious that the 2014 JETA programme in South Africa will account for much of this recently accumulated reserve.
For the future, bearing in mind the small size of the organisation and the irregularity of a high proportion of its income, I believe it is important that the Bureau sets a target of maintaining a minimum of one years expenditure in reserve, this would equate to approximately £20,000. I would urge the Council to set realistic and achievable goals, and that any specific and regular events or projects such as JETA, the World Jersey Cheese Awards and the Classification Workshop, are undertaken with funding from outside dedicated sponsorship.
An updated budget will be circulated for discussion at the Council meeting in September.
Stephen V. Le Feuvre
(Honorary Treasurer, World Jersey Cattle Bureau) July 2014