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Treasurer’s Report for the 2012 Council Meeting in Colombia

 The Financial Statements for the year ending 31st December 2011 are published on the website and form the bulk of my report.  I will also cover the financing of the history book which represents the largest financial commitment for the Bureau at this time. 

Financial Statements as at 31/12/2011

These are a very straightforward set of accounts and I only propose to highlight specific issues within my report.

Income:  With regard to incoming resources the collection of member society subscriptions has improved with the RJA&HS assuming the book keeping responsibilities although there remain a number of countries persistently in arrears as detailed in the sundry debtors note on page 6 of the accounts. 

The commission on the 19th International Conference in New Zealand produced a much needed source of income during the year, although in reality it was only just sufficient to cover the cost of the JETA programme run during the conference.  This programme is often remarked on to be one of the best Bureau initiatives, but if it is to continue it must receive sponsorship.  The commission payment took ten months from the end of the conference for the monies to be received by the Bureau which created a significant cash flow problem.  I believe that there must be a commitment for host countries to make payment within three months of the end of the event. 

The sum of £31,261 received as donations and sundry income represents the sponsorship received for the history book together with proceeds from the fund raising auction (£11,261) and a transfer of funds from the Lord Jersey Research Trust (£20,000), more on which below.    

Expenses: The majority of ordinary expenditure is in line with the prior year, although travel is higher due to the location of the annual meetings and this will naturally fluctuate from year to year.  The Secretary undertook a review of the basic activities required to provide the statutory secretariat services, together with attendance at the annual meetings, the book keeping etc.  He concluded that a figure of £5,000 per annum was more appropriate and at a meeting held recently between representatives of the RJA&HS and the WJCB this was agreed as the new secretariat fee and represents a considerable saving in expenditure for the Bureau.  It was agreed that this would commence from 1st January 2013 and the difference this year would be budgeted towards staging of the 3rd World Jersey Cheese Awards. 

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

This project has occupied much of the focus of the secretariat and officers during the period and with a budgeted total cost of approaching £60,000 is a significant undertaking for an organisation with less than half that sum at its disposal, as I reported on last year.  We have already paid some £34,000 of costs incurred in Denmark for preparation, but the result was not a publication that received support from the member associations and has thus needed much work to bring it to a point where the Bureau can endorse it.  I am sure that the Bureau will wish to acknowledge the efforts of our President, Derrick Frigot, in taking on this task but I wish to record my personal thanks as I do not believe this could have been done by anyone else and it will save the publication.  

Sponsorship is vital in bringing this exceptional publication to fruition and the initiatives set up at the meetings last year have resulted in a satisfactory start to that process.  In addition to the £11,000 received from members and associations, we have also agreed a principal sponsorship agreement with the Dutch based cattle breeding company, CRV, largely due to the efforts of Jersey NZ, to whom I also record my thanks.  CRV have promised £15,000 which will go some way to covering the remaining cost of publication.  We do however need to continue to raise sponsorship both to repay the £20,000 funding received from the Lord Jersey Research Trust and also to enable the publication price to be kept at a reasonable level.

Sales from the book will also help to recoup the resources expended but we need to discuss how the publication will be marketed and I am hoping that the member associations will step forward to purchase bulk consignments for onward marketing in their respective countries as this will be the most efficient way in which to manage the freight costs. 

Conclusion
I my opinion the Bureau must consider investing in fund raising in order to rebuild its finances and develop sources of funding that will allow it to continue with, and further develop, the range of activities that prove so popular to those supporters of the Jersey breed who are involved with them.  There remains much work to be done to bring this about. 

Respectfully submitted, 

Stephen V. Le Feuvre
(Honorary Treasurer, World Jersey Cattle Bureau)                                           April 2012

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