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Treasurer’s Report for the 2013 Council Meeting in Australia

 

The Financial Statements for the year ending 31st December 2012 are published on the website and form the basis of my report.  I will also cover the financing of the history book, as last year, which represents the largest financial commitment for the Bureau at this time. 

 

Financial Statements as at 31/12/2012

I would like to draw the attention of Council to the following items within the accounts which otherwise are a fairly ‘like of like’ set of figures:

·         Surplus on Conference:  I should like to record thanks to all those involved with the excellent study tour programme in Guatemala and Colombia last year in association with the annual meetings.  This produced a commission income of £4,455 which was close to budget.

·         Sponsorship:  I must thank all those who have sponsored the publication of what will be an excellent book on the development of the Jersey breed, as well as those who have worked so hard to bring in sponsorship.  I will expand on this below.

·         Secretariat Services:  This expenditure has been reduced by nearly 40% as a result of a realignment of time expended by the Secretary and thanks should be recorded to the Council of the Royal Jersey Agricultural & Horticultural Society for agreeing to this change in the terms of the service.

·         World Jersey Cheese Awards:  The saving outlined above was recycled into sponsorship of this event which was staged by the RJA&HS who also sponsored the event to the sum of £1,000 and sourced other sponsorship in excess of £2,000.

·         Subscriptions written off:  This is detailed in note 2 on page 5 of the accounts and brings the membership list to a more realistic assessment of the active membership which is detailed in the table below.

o   National Full Members – 13: USA, Argentina, Australia, Canada, Colombia, Costa Rica, Denmark, New Zealand, Jersey, South Africa, Switzerland, UK, Guatemala.

o   National Associate Members – 2: France, Germany

o   National Affiliate Members – 20: Albania, Ireland, Italy, Japan, Kenya, Netherlands, Nicaragua, Norway, Panama, Sweden, Uruguay, Venezuela, Zimbabwe, Zambia, Mozambique, Brazil, Chile, Czech Republic, Ecuador, Mexico.

·         Net assets:  As you can see from the balance sheet the position of some £19,000 must be set in the context of the £20,000 advanced from the Lord Jersey Research Trust as sponsorship of the book.  The Council may wish to ask the Trustees to consider formalising this arrangement.      

 

Publication “The Dairy Queen – a history of the Jersey breed worldwide”: 

This project is nearing completion in financial terms, although by the time the Council meet the book will have been printed.  I have no doubt that it will prove to exceed our expectations and congratulations to all involved in bringing this about.   In particular I acknowledge the work of Derrick Frigot who has dedicated an enormous amount of time on an honorary basis to ensure the success of this book, and also to thank UK Jerseys for their support of this.    

The call for sponsorship has borne fruit, even in these difficult economic times, thanks to all of you.  An impressive total of £89,310 has been raised, including the sum advanced from the Trust, which will come close to covering the cost of production.  The listing of sponsors inside the book tells the story of the efforts of all involved.  A full reconciliation of the finances of the project will be completed during 2013.  We are accounting for all revenue and expenditure on the book within the year it was incurred rather than capitalising the sums and thus the stocks of the book will be held at nil value in the asset register and the full revenue applied to the year of sale.   

The challenge now is to ensure that the book is sold and distributed as quickly as possible to replenish the overall finances.  To this end the Officers have agreed a proposal that the National Member Associations are offered the publication at a wholesale price allowing them to market the book in their respective countries.  It has been agreed that consignments of up to 50 copies will be sold at £25.00 per copy (plus delivery), 51 to 100 at £22.00 and in excess of 100 at £20.00.  This will hopefully encourage larger orders that are more cost effective to freight.  Where this arrangement cannot be established the RJA&HS will take responsibility for direct sales.   

 

Conclusion
The financial position of the Bureau remains extremely tight with little room for unbudgeted expenditure.  The projects being considered by the Council for the conference in 2014, namely JETA, the World Jersey Cheese Awards and the Classification Workshop, will require dedicated sponsorship.  An updated budget will be circulated at the meeting.

 

Respectfully submitted, 

Stephen V. Le Feuvre
(Honorary Treasurer, World Jersey Cattle Bureau)                                           April 2013

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