THE SOUTHDOWN SHEEP SOCIETY
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 st DECEMBER 2003

		2003		2002
INCOME
Annual subscriptions		6,248		5,268
Ram entries		1,456		843
Ewe entries		2,614		2,109
Headage charge		17		79
Sale of Flock Books		-		1,633
Interest on investments		403		403
Deposit Account Interest		920		816
		_____		_____
		11,658		11,151

Flock competition	-		60
Breeders List	1,340		720
Publicity donations	2,495		1,135
	_____		_____
		3,835		1,915
		______		______
		15,493		13,066
EXPENDITURE
NSA subscription	50		132
Provision for Flock Book, etc. printing	3,500		1,500
Printing, postage & telephone	2,238		2,175
Advertising	35		368
Insurance	490		418
Secretary's Remuneration	4,000		3,500
Secretary's travelling	425		374
Accountancy	441		411
Prizes and engraving	113		278
General expenses	722		345
Depreciation plant & equipment	282		-
	_____		_____
		12,296		9,501
		______		______
NET PROFIT FOR THE YEAR		£3,197		£3,565
		______		______

THE SOUTHDOWN SHEEP SOCIETY
BALANCE SHEET
As at 31st December, 2003

	Notes		2003		2002
FIXED ASSETS
Tangible assets	2		844		10
Investments	6		6,207		6,207
			_____		_____
			7,051		6,217
CURRENT ASSETS
Stock and work in progress	3	1,058		862
Charities Deposit Account Investments		25,479		19,657
Cash at Bank and in Hand		16,955		17,037
		______		______
		43,492		37,556
CREDITORS : Amounts falling due within one year	4	(9,717)		(6,143)
		______		______
NET CURRENT ASSETS			33,775		31,413
			______		______
TOTAL ASSETS LESS CURRENT LIABILITIES			£40,826		£37,630

CAPITAL AND RESERVES
General Account	19		40,826		37,630
			______		______
TOTAL MEMBERS' FUNDS	17		£40,826		£37,630

ACCOUNTING POLICIES
Basis of Accounting
The accounts have been prepared under the historical cost convention.

Tangible Fixed Assets
No depreciation is provided on the tattoo equipment on the grounds that it would be immaterial.

Investments
Quoted investments are stated at cost.

Stocks
Stocks are stated at the lower of cost and net realisable value.

Cash Flow Statement
The company has taken advantage of the exemption provided by Financial Reporting Standard 1 and has not prepared a Cash Flow Statement for the year.
TANGIBLE FIXED ASSETS

3. STOCKS

	2003	2002
	£	£
Stock of goods b/fwd	862	1,556
Add: Purchases	1,727	-
Less: Sales	(1,532)	(694)
	______	______
	1,057	862
Credited to Income & Expenditure Account	-	-
	______	______
Stock of goods c/fwd	1,057	862
	______	______

4. CREDITORS: Amounts Falling Due Within One Year

	2003	2002
	£	£
Flock Book Printing Provision	5,760	2,260
Accountancy	441	411
Subscriptions in Advance	3,516	1,860
Flock Book in Advance	-	612
Other Creditors	-	1,000
	_____	_____
	9,717	6,143
	_____	_____

5. RECONCILIATION OF MOVEMENTS IN MEMBERS' FUNDS

	2003	2002
	£	£
Profit for the Financial Year	3,197	3,565
Net addition to members' funds	3,197	3,565
Opening Shareholders' funds	37,630	34,065
Closing Shareholders' funds	40,827	37,630
	_____	_____

6. FIXED ASSETS INVESTMENTS