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2021-10-31-accounts

Registered Charity Number: 209009

INTERNATIONAL SHEEP DOG SOCIETY

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

INTERNATIONAL SHEEP DOG SOCIETY

CONTENTS

Page
Reference and Administrative Details 1 – 2
Trustees Report 3 – 12
Independent Auditors Report 13 – 15
Statement of Financial Activities 16
Balance Sheet 17
Cash Flow Statement 18
Notes to the Financial Statements 19 – 34

INTERNATIONAL SHEEP DOG SOCIETY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

FOR THE YEAR ENDED 31 OCTOBER 2021

Trustees

Chairman Mr I L Fleming

Vice Chairman Mr S Mosse

Term 2020/2023

2018/2021 + 1 Year Extension to 2022

National Presidents

Mr J Relph English National President Appointed President 18/06/2020 Mr P Murphy Jnr Irish National President Appointed President 18/06/2020 Mr J Ogston Scottish National President 2019/2023 Mr E L Morgan Welsh National President 2016/2020 - Resigned 18/06/2020 Mr E W Edwards Welsh National President Appointed 16/09/2020 (Casual Vacancy)

England Mr R Smith Mr M Watson Mr R Dean Ireland Mr T Lambe Mr P Morgan Mr R Golligher

2019/2022 2020/2023 Appointed 24/06/2020 (Casual Vacancy)

2019/2022 Appointed 01/02/2020 Appointed 01/07/2020 (Casual Vacancy)

Scotland Mr N Gillon Miss F McMillan Mr E MacKinnon

2019/2022 Appointed 01/02/2020 Appointed 01/02/2020 (Casual Vacancy)

Wales Mr K Evans Mr A Owen Mr R Ellis

Appointed 25/08/2020 (Casual Vacancy) Appointed 25/08/2020 (Casual Vacancy) Appointed 25/08/2020 (Casual Vacancy)

Charity Registered Number 209009

Principal Office Clifton House 4A Goldington Road Bedford MK40 3NF

Page 1

INTERNATIONAL SHEEP DOG SOCIETY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (Continued)

FOR THE YEAR ENDED 31 OCTOBER 2021

Executive Officer Mrs H Vickery (Resigned) Miss Isabel Branch (Appointed 1 December 2021)

Auditor MHA MacIntyre Hudson 11 Merus Court Meridian Business Park Leicester LE19 1RJ

Bankers Santander Bootle Merseyside L30 4GB

Page 2

INTERNATIONAL SHEEP DOG SOCIETY

TRUSTEES REPORT FOR THE YEAR ENDED 31 OCTOBER 2021

The Trustees present their Annual Report together with the audited Financial Statements of The International Sheep Dog Society (the Charity) for the year ended 31 October 2021. The Trustees confirm that the Annual Report and Financial Statements of the Charity comply with the current statutory requirements, the requirements of the Charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) “Charities SORP (FRS 102)”.

STRUCTURE, GOVERNANCE AND MANAGEMENT

CONSTITUTION

The Society is a member organisation, first established in 1906, managed by its membership throug h a Constitution. The Constitution was published in a form similar to that current around 1955. On 22 September 1962 the Society was registered as a Charity, with the Charity Commission for England and Wales, by its Governing Document, being the Constitution dated 1960. The constitution has had subsequent amendments, the most recent being 2 February 2018. Governance is by Trustees, acting as a body, directed by the Constitution. 2018 is the current constitution on record with the Charity Commission.

TRUSTEES’ INDEMNITIES

Trustees benefit from indemnity insurance to cover the liability of the Trustees which by virtue of any rule of law would otherwise attach to them in respect of any negligence, default or breach of trust or breach of duty of which they may be guilty in relation to the charity. The cost of this insurance in the year was £2,352 (2020 - £2,352).

METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

The Trustees are described in the Constitution as members of Council. A member of Council is a Trust ee; the Society Council is the Trustee body. The Trustee body comprises the Chairman (elected by the Directorate), the Vice Chairman (elected by the Directorate), the four National Presidents (each elected by the respective members from England, Ireland, Scotland, and Wales) and up to three Directors from each of those four nations (elected by the Directorate). Trustees generally serve for a three-year period, henceforth they must stand down for at least 1 year before being eligible for re-election, except for Presidents who normally serve a four-year term, plus one year as President Elect, whilst in the President Elect position there are no voting rights. Society Members are notified annually via the Society website and the bi-monthly ISN magazine that Trustee nominations must be submitted to the Society by 1[st] November of that year. At each annual meeting of the Directors, the English, Scottish, Welsh and Irish Directors separately elect one of their members to serve on the Council for a three-year period. Upon appointment, induction of the Trustee will take place and the newly appointed Trustee is provided with documentation explaining the Trustee role and specification. Rules for appointment are fully defined in the Constitution.

POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

New Trustees are required to have served for a period as Directors before appointment and thus become acquainted with the objects and business of the Society. New Trustees will receive informative papers on the activities of the Society and be briefed on their responsibilities by the Chairman and President. They are invited to attend the offices of the Society to receive training on their role and the financial activities of the Society if they are not fully familiar with these.

Exact Consultants who have been appointed to complete a governance review for the Society have written a draft Trustee role description and person specification that has been initially reviewed by Council during February 2021. The draft document includes a Trustee’s main principles, responsibilities, the role of the Chairman and a person specification for the role as Trustee.

Page 3

INTERNATIONAL SHEEP DOG SOCIETY

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 OCTOBER 2021

Exact consultants will continue to consult on an ongoing basis to provide guidance to the Trustees.

ORGANISATIONAL, STRUCTURE AND DECISION MAKING

Council appoints a Chief Executive Officer who will recruit necessary employed staff to undertake the duties of the Society office. The structure of the Society thus consists of:

ARRANGEMENTS FOR SETTING PAY AND REMUNERATION TO KEY MANAGEMENT PERSONNEL

The Chairman, Vice Chairman and National Presidents review on a yearly basis the remuneration amounts of office staff. This action takes place at Employment Committee on the first day of the Annual General Meeting. Once decided it is passed within Committee, who in turn report the conclusions to the ISDS Council body, as a matter of agenda at the Council meeting on the second day of the Annual General Meeting .

TRUSTEES EXPENSES

Trustees may receive reimbursement only for costs incurred in carrying out their duties. This would normally be for accommodation and travel to meetings and telephone calls. Accommodation and meals while attending a meeting may be settled directly by the Society. Claims for expenses may be paid through the Society office only and Trustees have no mechanism for making payments. For 2020/21 Trustees received payments totaling £7,080 (2020 - £1,377) for expenses incurred. Trustee expense claims were considerably lower during 2020/21 due to Trustee meetings taking place via Zoom and their being restricted attendance at National and International trials, this was a result of COVID-19. Therefore, from March 2020 all Trustee meetings were conducted remotely. There was no AGM held in 2021.

RISK MANAGEMENT

The Trustees have identified that a major risk to the Society would be the loss of income from trials, dog registration and membership if there was to be a significant threat to sheep sto ckholding and/or movement within the UK for more than one year. For example, a foot-and-mouth or blue-tongue disease crisis lasting more than 12 months. The charity’s reserves policy is drafted in response to this risk.

The new/current CEO will review further potential insurances with Erskine Murray, to cover such outbreaks as foot and mouth or other diseases. Along with other risks such as bank frauds as generic additions.

Event Cancellation Cover Insurance, to protect budgeted costs or revenue should an event be cancelled due to reasons beyond the Society’s control is an optional insurance extra available to the Society. Cover available includes cover for adverse weather, event equipment, communicable disease, terrorism, and national mourning. Further discussion is taking place with Erskine Murray to determine if this cover would be suitable for the Society and if so, the cost that would be incurred. A report will be provided to the Trustees in due course.

Page 4

INTERNATIONAL SHEEP DOG SOCIETY

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 OCTOBER 2021

Entity Defense cover is included within the Society insurance policy, with a £1m limit of indemnity.

An Internal Financial Controls Checklist for Trustees, which is available from the Charity Commission, is in place and actively being used by the Society and is supported by the Society accounts.

Erskine Murray provide Risk Management Services in addition to Insurance, providing specific advice in relation to safety challenges by the Society particularly around the management of safety at the annual major trials. The Executive Officer will review this additional service and a report will be provided to the Trustees in due course.

OBJECTIVES AND ACTIVITIES

“TO PROMOTE AND FOSTER THE BREEDING, TRAINING AND IMPROVEMENT IN THE INTERESTS AND FOR THE WELFARE OR BENEFIT OF THE COMMUNITY OF THE BREEDS OR STRAINS OF SHEEP DOGS, TO SECURE THE BETTER MANAGEMENT OF STOCK BY IMPROVING THE SHEPHERD'S DOG, AND TO ACHIEVE SUCH MAIN OBJECT BY SUCH MEANS AS THE SOCIETY MAY FROM TIME TO TIME DETERMINE.”

AIMS:

Page 5

INTERNATIONAL SHEEP DOG SOCIETY

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 OCTOBER 2021

STRATEGIES FOR ACHIEVING OBJECTIVES:

OBJECTIVES AND ACTIVITIES FOR THE COMING YEAR:

A new CEO has been appointed who will primarily work from home overseeing the strategic aspects of the organisation and working on the implementation of bigger objectives that have been previously set out. The society has experienced an increased volume of work alongside the necessity to work from home due to the COVID-19 pandemic, which has resulted in a delay to processing times. An Office Manager has also been recruited to assist with and oversee the operation of the office, and to help the Registratio n Officers to address the increased workload with clear processes and communication procedures to Members.

Reviewing of operations principally relates to dog registration, transfer of ownership, matings and member enrolment. Addressing the increasing cost to the Society of manually producing this documentation is paramount, and in addition reducing the impact on the environment of such manual processes.

To help meet this objective, a full IT audit is underway, reviewing database software, website and hardware used. Proposals for and upgrades to software systems and website, are due in the 1[st] quarter of 2022 and will be presented to the Trustees for discussion and review or approval to progress.

As part of the IT review, processes that are currently in place can be improved, to help efficiency and reduce processing times, these improvements are to be implemented in the current software and will also increase the amount of work the office are able to process and enable the re-opening of Pedigree services to all members.

Communications from the office to Directors will improve through quarterly reports with Management Accounts and a supporting report relating to Society activities.

Due to a review of GDPR practices, there are many areas that have had processes simplified, but there are still areas that need to be resolved in order to produce the printed stud book. It is an objective for 2022 to enable the timely production of the Stud Books again.

Trials were able to take place in 2021, however in some cases without spectators, it is hoped that during 2022 trials will be back to full capacity with spectators and full-scale event attractions as per the local organising committees plans. The live-streaming of these events is set to be implemented again this year with wider promotion to gain the attention of non-members and the wider community who have an interest in the working sheep dog.

Page 6

INTERNATIONAL SHEEP DOG SOCIETY

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 OCTOBER 2021

A full Governance Review has been in process and will continue throughout 2022, and as part of best practice for the Society, support will be maintained year on year, to ensure the Society remains compliant, and that policies and procedures are valid.

During 2022 following agreement by the Directors, an updated Constitution will be circulated for approval by Directors and Trustees and subsequent presentation to the Charity Commission.

The Society magazine, International Sheepdog News (ISN) is produced under contract at another location and will be provided for members every two months. The Society website and Social Media (Facebook and Twitter) will continue to be used to communicate with members and interested parties, and to post both live and regular news updates. A review will be conducted to assess the future relationship between print and digital media and content to keep both relevant and of value.

VOLUNTEERS

The Society is totally dependent on volunteer members, and other volunteers, for the operation of its major sheepdog trials and raising funds for those trials. They operate under the direction of a President and are deemed employees for insurance purposes but receive no payment other than necessary expenses where approved by Trials Secretaries, Treasurers and/or Committee members.

The Society office is staffed only by paid employees. The larger part of the Society’s turnover is generated through the activities of the head office by providing a service to members.

FUNDRAISING

The Society does not seek to raise funds from individuals and does not make use of any third party for this purpose. The Society therefore does not seek to comply with any voluntary standard related to fundraising. No complaints have been received by the Society in connection with fundraising.

PUBLIC BENEFIT

The Trustees have had regard to the Charity Commission guidance on public benefit. As outlined in the ISDS governing document, that being our constitution, the Trustees have had regard to the Charity Commission guidance on public benefit, as per the purpose of the ISDS to promote and foster improvements in breeding, training, handling and welfare of sheep dogs. This is achieved in the following ways:

ACHIVEMENTS AND PERFORMANCE

GOING CONCERN

The Society has remained open and has served its members throughout the COVID-19 pandemic.

The office-based team are all back in the office as of 21[st] February 2022, it is hoped that this will remain the case, avoiding interruptions with further work from home requirements, however, systems are b eing put in place to enable hybrid working, to maintain efficiency, should there be interruptions to office-based working, for whatever reason.

Page 7

INTERNATIONAL SHEEP DOG SOCIETY

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 OCTOBER 2021

Communication between staff continues to take place via telephone, email, and Microsoft Teams, via instant message desktop facilities and video conferencing. Communication with Trustees continues via email and Zoom video conferencing, and communication with Directors continues via email and post. The Society has an excellent VOIP telephony system in place which has allowed service to resume as normal, this has been a key contributing factor to the success of remote working during COVID-19 as communication with members has continued throughout.

Throughout the 2021/22 work from home requirements, the office was manned by one person, who was able to control the incoming work, allocating it and arrange post out. Therefore, work was able to continue in a close to normal way.

The 2020 audit concluded with a list of 12 recommendations for possible improvements within the accounting systems and procedures operated by the Society, an improvement to the prior year. Any further recommendations presented following the 2021 audit will also be addressed with the support of the So ciety Accountants – Camerons of Oxford.

Cameron’s assist with the quarterly accounts management, providing support to the Society Accounts Administrator, assisting with quarterly reporting and VAT returns and produce a year end audit file for the auditors.

Income from major trials is an unpredictable factor each year, however, the lack of spectator attendance at the International in 2021 reduced revenue generation, through spectators and reduced sponsor opportunities. 2022 looks like a return to normal levels will be seen, and we look forward to the opportunity of the World Trials taking place in 2023.

Since the start of the COVID-19 pandemic, the Society has continued to receive and process membership related work, and membership levels continue to increase month on month, which is extremely encouraging. Therefore, the financial impact relating to COVID-19 has had an insignificant impact on the Society’s income, with income levels significantly improved to those of previous years, this is due to the co ntinued processing of registration related work.

Planning for 2022, major trials are in progress and dates have been assigned to each of the trials, with the Operations and Events Manager (OEM) actively engaging with local committees and National Presidents to help progress the necessary work. The CEO and OEM are also working with a former Council members to review and update the Trials Manual, to help the trials organisers going forward.

Principal sponsorship of the Society is provided by Gilbertson and Page. A 3-year sponsorship deal was agreed in 2020, for 2020-2022 Inclusive. Due to the impact of COVID-19 and non-attendance at major sheepdog trials by Gilbertson and Page during 2020, this reduced their brand exposure to Society members. COVID -19 also had an impact on 2021 major sheepdog trials and therefore a further sponsorship year of little to no exposure for Gilbertson and Page. The Society re-negotiated the terms of the 3-year agreement, with the original 3-year agreement being extended to a maximum 5-year agreement, therefore inclusive of the year 2024. Sponsorship is paid throughout the 5 years, however years 4 (2023) and 5 (2024) would represent the sponsorship fees previously agreed for years 1 and 2. The 2020 sponsorship was settled in full in 2021 upon agreement by both parties to the amended agreement. The 2021 fee was paid on successful completion of the 2021 trials and the remainder of the agreement will continue as per the original terms.

Page 8

INTERNATIONAL SHEEP DOG SOCIETY

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 OCTOBER 2021

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

REVIEW OF ACTIVITIES

Activities in 2021 continued in line with the aims and objectives referred to above and the impact of this can be seen in the following section.

FINANCIAL REVIEW

  1. Total income:
2021 2020 2019 2018
£627,580 £410,025 £654,156 £652,538
me:
2021 2020 2019 2018
£159,358 £1,322 £195,457 £177,827

  1. Trials income:

  2. Sales income - Shop goods, Stud Books, Subscriptions to ISN (International Sheepdog News):

2021 2020 2019 2018
Shop - £33,242 Shop - £30,997 Shop - £69,110 Shop - £76,499
Magazine Subs - Magazine Subs - Magazine Subs - Magazine Subs -
£93,250 £88,781 £88,874 £91,797
Total - £126,492 Total - £119,778 Total - £157,984 Total - £168,296
  1. Income from registration and stud book fees, and membership subscriptions:
2021 2020 2019 2018
Registrations and
subscriptions - £218,310
Subscriptions -
£103,017
Totals - £321,327		 Registrations and
subscriptions - £178,884
Subscriptions -
£88,550
Totals - £267,434		 Registrations and
subscriptions -
£193,074
Subscriptions -
£87,105
Totals - £280,179		 Registrations and
subscriptions -
£197,095
Subscriptions -
£90,699
Total - £287,794

The number of dogs registered in the calendar year 2021 was £7,908 (2020 was £6,878), (2019 - £7,053) (2018 - £7,395).

The Society received voluntary donations and legacies payments in the year 2021 was £4,541 (2020 of £1,867), (2019 - £35) (2018 - £nil).

Other income streams were similar in level to the prior year.

Page 9

INTERNATIONAL SHEEP DOG SOCIETY

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 OCTOBER 2021

  1. Total expenditure:
2021 2020 2019 2018
£635,951 £441,691 £684,777 £652,211
Trials expenditure:
2021 2020 2019 2018
£144,472 £10,479 £185,665 £156,507
Office staff costs:
2021 2020 2019 2018
£216,756 £181,522 £191,871 £170,339

2021 office staff costs are inclusive of NIC and Employers Pension Contributions and the breakdown below:

The Society operates bank accounts in three currencies: Sterling, Euros and US Dollars. For audit purposes cash at bank balances are converted at financial year end market rates. The Society transacted throughout 2021 using a conversion rate of 1.3 euros = £1, the cash at bank balance on 31 October 2021 was converted at a rate of 1.18 = £1 resulting in a conversion loss of £6,540 (2020 – gain of £771).

Overall the Society reported results of:

PERFORMANCE AGAINST BUDGET

The Trustees set a new budget each year and review performance at year end against that budget.

RESERVES POLICY

The Trustees have an agreed Reserves Policy that is reviewed annually. At the Trustees' meeting on 30 January 2011, it was considered that in view of the increased levels of activity recently the working cash reserves should be between £100,000 and £200,000 and designated reserves to £500,000 should be built.

Additionally, in 2016 and confirmed again in January 2017, the Trustees approved an amount of £125,000 to be included within these designated reserves, described as 'Trials Support' for the next four years to support the National Trials Committees - under 'Future Funding'.

Page 10

INTERNATIONAL SHEEP DOG SOCIETY

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 OCTOBER 2021

The Society raised £31,556 in 2001/02 from member donations to an emergency appeal for sufficient working capital to continue operating. This fund has grown to £42,915 (2020 - £42,915) in 2021 and is held as a restricted reserve identified as the 'Chairman's Appeal 2001 Account'.

The Bequests Reserve Fund now stands at £97,824 (2020 - £97,812). The Trustees have identified Investment Reserves which currently stand at £143,554 (2020 - £143,554). This gives a Designated Funds total of £366,382 (2020 - £366,366) including the £125,000 ring-fenced as trials support. This Designated Fund is necessary to ensure the continuity of the Society in the event of the suspension of the trials for two successive years for whatever reason, for example a national infectious disease in sheep.

The remaining sum in the General Funds for 2021 is £287,915 (2020 - £296,302). Of this, £50,531 (2020 - £51,445) is represented by stock, broadly one-quarter in Stud Books and three-quarters in other goods for resale. The working cash reserve (cash at bank, plus debtors, less creditors, less designated funds) of £277,636 (2020 - £284,900) is within the working range identified as prudent and thus there is no surplus for disposal.

INVESTMENT POLICY AND RETURNS

The Society’s investment policy is to invest the monies not immediately required for its purposes in or upon such investments as may be thought fit.

FUTURE DEVELOPMENTS

Moving forward the Society is acting on the findings of the Governance review. A new CEO was appointed and started on the 1[st] December 2021. An office Manager role was created to oversee the running of the office on a daily basis and to help improve eff iciencies. A complete review of all IT related systems is underway, with a view to upgrades being visible half way through 2022.

A complete update to the Constitution will be seen throughout 2022, with many amendments approved at the time of writing this report.

The Society will see a return to the producing of Pedigrees, which is a crucial part of the societies objectives in maintaining the integrity of the breed.

The Society hopes to increase exposure of Sheep Dog Trialing and the associated training benefits to the work of the Sheep Dog and Shepherd, through increased Social Media presence and live streaming of trials.

FUNDS HELD AS CUSTODIAN

These accounts should report as a total of zero, for funds held as custodian, e.g. Trials accounts amounts for the organising of National Trials.

TRUSTEES’ RESPONSIBILITIES STATEMENT

The Trustees are responsible for preparing the Trustees' Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

Page 11

INTERNATIONAL SHEEP DOG SOCIETY

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 OCTOBER 2021

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

……………………………………………

Mr I L Fleming Chairman

Date:

Page 12

INTERNATIONAL SHEEP DOG SOCIETY

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF INTERNATIONAL SHEEP DOG SOCIETY

Opinion

We have audited the financial statements of International Sheep Dog Society (the 'charity') for the year ended 31 October 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustee are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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INTERNATIONAL SHEEP DOG SOCIETY

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF INTERNATIONAL SHEEP DOG SOCIETY (CONTINUED)

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement as set out on pages 11 & 12, the T rustees areresponsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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INTERNATIONAL SHEEP DOG SOCIETY

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF INTERNATIONAL SHEEP DOG SOCIETY (CONTINUED)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charity Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity Trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

MHA MacIntyre Hudson (Statutory Auditors)

Leicester, United Kingdom

Date:

MHA MacIntyre Hudson are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 15

INTERNATIONAL SHEEP DOG SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2021

Note
Income from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investment income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Designated
funds
2021
£
-
-
-
16
16
-
-
-
16
366,366
16
366,382		 Restricted
funds
2021
£
-
-
-
-
-
-
-
-
-
42,915
-
42,915		 Unrestricted
funds
2021
£
4,541
573,935
48,539
549
627,564
18,222
617,729
635,951
(8,387)
296,302
(8,387)
287,915		 Total
funds
2021
£
4,541
573,935
48,539
565
627,580
18,222
617,729
635,951
(8,371)
705,583
(8,371)
697,212		 Total
funds
2020
£
1,867
357,909
47,672
2,577
410,025
22,265
419,426
441,691
(31,666)
737,249
(31,666)
705,583

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 19 to 34 form part of these financial statements.

Page 16

INTERNATIONAL SHEEP DOG SOCIETY

BALANCE SHEET AS AT 31 OCTOBER 2021

Note
Fixed assets
Tangible assets
12
Investments
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
20
Creditors: amounts falling due within one
year
16
Net current assets
Total net assets
Charity funds
Designated funds
17
Restricted funds
17
Unrestricted funds
17
Total funds
13
Current Liabilities		 50,531
94,684
600,807
746,022
(51,473)		 2021
£
2,663
-
2,663
694,549
697,212
366,382
42,915
287,915
697,212		 51,445
52,664
635,792
739,901
(37,190)		 2020
£
2,872
-
2,872
702,711
705,583
366,366
42,915
296,302
705,583

The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by:

................................................

Mr I L Fleming Chairman

Date:

The notes on pages 19 to 34 form part of these financial statements.

Page 17

INTERNATIONAL SHEEP DOG SOCIETY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2021

Note
Cash flows from operating activities
Net cash used in operating activities
19
Cash flows from investing activities
Interest received
5
Purchase of tangible fixed assets
12
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
20
Cash and cash equivalents at the end of the year
20
The notes on pages 19 to 34 form part of these financial statements		 2021
£
(33,877)
533
(1,641)
(1,108)
(34,985)
635,792
600,807		 2020
£
(55,662)
2,577
(710)
1,867
(53,795)
689,587
635,792

Page 18

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

1. Accounting policies

1.1 Basis of preparation of financial statements

International Sheep Dog Society is an unincorporated Charity registered with the Charity Commission, registration number 209009, in England and Wales.

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

International Sheep Dog Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Charity's functional and presentational currency is British Pounds Sterling (£) and and figures are rounded to the nearest £.

The registered office is Clifton House, 4a Goldington Road, Bedford, MK40 3NF.

1.2 Going concern

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

This consideration has taken into account the expected impact of Covid-19 on the charity, as far as it can be determined, and the Trustees remain satisfied that the going concern principle remains appropriate.

1.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Page 19

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

1. Accounting policies (continued)

1.4 Expenditure (continued)

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Governance costs are incurred in connection with administration of the Charity and compliance with constitutional and statutory requirments.

All expenditure is inclusive of irrecoverable VAT.

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.6 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

1.7 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

1.8 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

1.9 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 20

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

1. Accounting policies (continued)

1.9 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

1.10 Investments

The Society's investment in WSN Publications has been bought in stages and is stated at cost less amortisation. Amortisation is provided at rates calculated to write off the cost of the asset, over it's expected useful life.

1.11 Stocks

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

1.13 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Page 21

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

1. Accounting policies (continued)

1.14 Fund accounting (continued)

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2. Donations and legacies

Members donations
Legacies
Total 2021
Legacies		 Unrestricted
funds
2021
£
68
4,473
4,541
Unrestricted
funds
2020
£
1,867		 Total
funds
2021
£
68
4,473
4,541
Total
funds
2020
£
1,867

3. Charitable activities

Unrestricted Total
funds funds
2021 2021
£ £
Charitable activities 573,935 573,935

Page 22

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

3. Charitable activities (continued)

Charitable activities
Registration and Stud book fees
Membership subscriptions
Trials income
Magazine income
Miscellaneous income		 Unrestricted
funds
2020
£
357,909
2021
£
218,310
103,017
159,358
93,250
-
573,935		 Total
funds
2020
£
357,909
2020
£
178,884
88,550
1,322
88,781
372
357,909

4. Other trading activities

Sponsorship and business activities
Sales of goods and Stud books
Total 2021
Sponsorship and business activities
Sales of goods and Stud books
Total 2020		 Unrestricted
funds
2021
£
15,297
33,242
48,539
Unrestricted
funds
2020
£
16,675
30,997
47,672		 Total
funds
2021
£
15,297
33,242
48,539
Total
funds
2020
£
16,675
30,997
47,672

Page 23

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

5. Investment income

Investment income
Investment income		 Designated
funds
2021
Unrestricted
funds
2021
£
£
16
549
Designated
funds
2020
Unrestricted
funds
2020
£
£
218
2,359		 Total
funds
2021
£
565
Total
funds
2020
£
2,577

6. Raising funds

Unrestricted
funds
2021
£
Purchase of goods and Stud books
18,222
Unrestricted
funds
2020
£
Purchase of goods and Stud books
22,265		 Total
funds
2021
£
18,222
Total
funds
2020
£
22,265

Page 24

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

7. Charitable activities

Direct costs
Direct costs
Analysis of direct costs		 Activities
undertaken
directly
2021
£
617,729
Activities
undertaken
directly
2020
£
419,426		 Total
funds
2021
£
617,729
Total
funds
2020
£
419,426
Staff costs (note 10)
Trials costs
Meeting and travelling
Office rent, rates and services
Office operation and materials
Magazine costs
Professional charges
Donations and general expenses
Bank and finance charges
Depreciation of tangible assets
Exchange losses/(gains)
Insurance
Bad debts
Governance costs		 Total
funds
2021
£
216,756
144,472
98
29,649
44,273
80,163
50,333
1,725
14,888
1,850
6,540
17,313
(3,410)
13,079
617,729		 Total
funds
2020
£
181,522
10,479
10,043
30,518
42,468
75,678
14,588
13,920
11,504
4,746
(771)
13,841
-
10,890
419,426

Page 25

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

8. Summary by expenditure type

Staff costs
2021
£
Raising funds
-
Charitable activities
216,756
Total 2021
216,756
Staff costs
2020
£
Raising funds
-
Charitable activities
181,522
Total 2020
181,522
9.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above
10.
Staff costs
Wages and salaries
Social security costs
Pension costs		 Other costs
2021
£
18,222
389,110
407,332
Other costs
2020
£
22,265
237,904
260,169
2021
£
10,204
175
2021
£
197,188
18,137
1,431
216,756		 Total
funds
2021
£
18,222
605,866
624,088
Total
funds
2020
£
22,265
419,426
441,691
2020
£
9,345
168
2020
£
165,123
14,064
2,335
181,522

Included within wages and salaries is £2,202 (2020: £3,737) of agency costs.

Page 26

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

10. Staff costs (continued)

During the year the International Sheep Dog Society made a payment of £7,500 to a former employee as settlement of their employment contract, which was approved by the Trustees.

During the previous year the International Sheep Dog Society made a payment of £8,488 to the former Executive Officer as settlement of their employment contract, which was approved by the Trustees.

The average number of persons employed by the Charity during the year was as follows:

2021 2020
No. No.
Employees 7 6

No employee received remuneration (excluding employer pension costs) amounting to more than £60,000 in either year.

The Charity’s Key Management Personnel are the Trustees and Executive Officer. The total amount of employer benefits (including employer pension contributions and employers national insurance contributions) paid for services provided to the Charity by the Key Management Personnel amounted to £60,711 (2020: £54,773).

11. Trustee's remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020: £Nil).

During the year ended 31 October 2021, expenses totalling £Nil were reimbursed or paid directly to no Trustees (2020: £1,377 to 5 Trustees) in respect of travel and subsistence.

Page 27

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

12. Tangible fixed assets

Cost or valuation
At 1 November 2020
Additions
Disposals
At 31 October 2021
Depreciation
At 1 November 2020
Charge for the year
On disposals
At 31 October 2021
Net book value
At 31 October 2021
At 31 October 2020		 Office
equipment
£
23,055
1,641
(712)
23,984
20,183
1,850
(712)
21,321
2,663
2,872		 Computer
equipment
£
34,300
-
-
34,300
34,300
-
-
34,300
-
-		 Total
£
57,355
1,641
(712)
58,284
54,483
1,850
(712)
55,621
2,663
2,872

Page 28

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
13.
Fixed asset investments
Cost or valuation
At 1 November 2020
At 31 October 2021
Impairment
At 1 November 2020
At 31 October 2021
14.
Stocks
Stud books
Goods for resale
15.
Debtors
Trade debtors
Other debtors
Prepayments and accrued income
At 31 October 2020
At 31 October 2021		 Other
investments
£
16,000
16,000
16,000
16,000
2021
2020
£
£
7,767
6,511
42,764
44,934
50,531
51,445
2021
2020
£
£
12,027
9,657
57,274
17,077
25,383
25,930
94,684
52,664
-
-

Page 29

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

16. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 November 2020
Resources deferred during the year
Deferred income at 31 October 2021		 2021
£
9,593
10,084
280
31,516
51,473
2021
£
5,000
-
5,000		 2020
£
5,260
11,431
2,840
17,659
37,190
2020
£
-
5,000
5,000

At the balance sheet date the Charity was holding funds received in advance for Trials expected to take place in the next financial year.

Page 30

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

17. Statement of funds

Statement of funds
Statement of funds - current year
Unrestricted funds
General funds
Designated funds
Bequests reserve fund
Investment reserve fund
Trials support fund
Restricted funds
Chairman's Appeal 2001 Account
Total of funds		 Balance at 1
November
2020
£
296,302
97,812
143,554
125,000
366,366
42,915
705,583		 Income
£
627,564
12
4
-
16
-
627,580		 Expenditure
£
(635,951)
-
-
-
-
-
(635,951)		 Balance at
31 October
2021
£
287,915
97,824
143,558
125,000
366,382
42,915
697,212

The specific purposes for which the funds are to be applied are as follows:

Unrestricted funds

Unrestricted funds are to be used towards meeting any of the charitable objectives of Society at the discretion of the Trustees.

Designated funds

Designated funds are held to ensure the continuity of the Society in the event of suspension of trials for two successive years for whatever reason; for example a national infectious disease in sheep.

Restricted funds

Restricted funds include the Chairman's Appeal 2001 which was an emergency appeal for sufficient working capital to continue operating the Charity.

Page 31

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

17. Statement of funds (continued)

Statement of funds - prior year

Balance at
1 November
2019
£
Unrestricted funds
General funds
328,186
Designated funds
Bequests reserve fund
97,464
Investment reserve fund
143,684
Trials support fund
125,000
366,148
Restricted funds
Chairman's Appeal 2001 Account
42,915
Total of funds
737,249
18.
Analysis of net assets between funds
Analysis of net assets between funds - current year		 Income
£
409,807
348
(130)
-
218
-
410,025		 Expenditure
£
(441,691)
-
-
-
-
-
(441,691)		 Balance at
31 October
2020
£
296,302
97,812
143,554
125,000
366,366
42,915
705,583
Tangible fixed assets
Current assets
Current liabilities
Total		 Designated
funds
2021
£
-
366,382
-
366,382		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
-
2,663
42,915
329,935
-
(44,683)
42,915
287,915		 Total
funds
2021
£
2,663
739,232
(44,683)
697,212

Page 32

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

18. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Current liabilities
Total		 Designated
funds
2020
£
-
366,366
-
366,366		 Restricted
funds
2020
£
-
42,915
-
42,915		 Unrestricted
funds
2020
£
2,872
330,620
(37,190)
296,302		 Total
funds
2020
£
2,872
739,901
(37,190)
705,583

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges (note 12)
Interest received (note 5)
(Increase)/decrease in stocks (note 14)
Increase in debtors (note 15)
Increase/(decrease) in creditors (note 16)
Net cash used in operating activities		 2021
£
(8,371)
1,850
(533)
914
(42,020)
14,283
(33,877)		 2020
£
(31,666)
4,746
(2,577)
1,594
(16,151)
(11,608)
(55,662)

20. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2021
£
600,807
600,807		 2020
£
635,792
635,792

Page 33

INTERNATIONAL SHEEP DOG SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

21. Analysis of changes in net debt

Cash at bank and in hand At 1
November
2020
£
635,792
635,792		 Cash flows
£
(34,985)
(34,985)		 At 31
October
2021
£
600,807
600,807

22. Pension commitments

The Charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £1,431 (2020: £2,335). Contributions totalling £436 (2020: £2,840) were payable to the fund at the reporting date.

23. Operating lease commitments

At 31 October 2021 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2021
£
13,884
-
13,884		 2020
£
15,895
1,770
17,665

24. Related party transactions

The Charity received services from Matt Vickery, husband of the former CEO Helen Vickery in respect of a GDPR review and an IT report amounting to £18,378.

No other related party transactions took place in the year to 31 October 2021 or the year to 31 October 2020 other than expenses paid to the Trustees as per note 11.

Page 34