REGISTERED CHARITY NuMeER: 209009 R•port of th• Trust••s and Flnanclal Statements ftx the Year Ended 31 May 2024 for INTERNATIONAL SHEEP L)OG SOCIETY Camerons Accounlancy Consultsnts Llmited ststulory Auditor Chartere¢J Accountants 9 Worton Pa Cassinglon Wilney Oxlordshlre OX29 4SX INTERNATIONAL SHEEP DOG SOCIETY Cont•nt6 af th• Flnanclal Statomènts for th• y•ar •nd•d 31 May 2024 Page Report of the Trust 1 to 10 R•port of the Inde￿nd•nt Auditor6 11 to 13 Statomont of Flnanclal Actlvltlo8 14 Balance Sheet 15 Cash Flow Statement 16 Notes to th• Cash Flow Slat•m•nt 17 Notes to tho Flnanclal St8t•mont 18 to 25 Dots11od Stat•mont of Flnanclal Actlvhle 26 to 27 INTERNATIONAL SHEEP DOG SOCIETY Rèport of th• Trust•ès for th• y••r •ndod 31 May 2024 Tho Trustèes prtrsent their Annual R6port, tog6thèr with Ihtr audited Finanual Statements of Th& Intemats'onal Shetrp Society (tho Charilyl lor the ￿rIC￿ ended 31 May 2024. Tho Trust&es confimi that the Annual R&wrl and FinarKk41 Sialements ol the Charity comply with the current Sta￿ttsry requirements, the requirements ol the Charity's goveming dctumént and provisions of thg Stat•m&nt of Racommè￿￿{l Prathc8 ISORPI 'Chanb"es SORP IFRS 1021-. OBJECTIVES AND ACTNMES Obl•ctlv•s and actl¥ltl•s "TO PROMOTE AND FOSTER THE BREEOING. 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." Alms.. - To maximise the number of rnembers so that the activities and Wort of the Society rnay increase,. o Flrsl•cl8ss member services at Ihe right price- understand what members w8nl from their Society. o An altractive aTrJ popular magazin8- news and infomiabon to meet the needs ol breeders. lriallisls and enthusiasts o Enhanced web facilities easy and effective communicalhm. embracing swial media. developing 'sell-servKe' membershlp actiwties." and o Reduce overheads IDr manual processing by converfirvJ manual process to dNJital. - To encourage and assisl morg ywng pgopb8 lo become involved wth praclical sheepdcNJ ¥¥ork - youTrJ Fvle are essential to the future ol the charity-. - To prowde oppNtunib8s for Ihose oulsid8 fa￿Ing inler8stgd in supporti'ng the ski115 and traditi'ons ol shgphgrding.. To enh4n¢è dog and $hsèp s￿￿1 httalth by wor￿ng with partnor or9￿1$)￿.0ns ￿th rskvant s￿.11$ and by In￿s￿rVa Sn schernes to rr￿￿1¢Or and improv8 aspects of dog. shgep. and stock health.. - To continug 10 d9v•bp UK and Irish sheepd(y3 Irials to •ttra¢t sponsors •nd Visi￿￿$ the prowslon Of other a¢tivibOS ¢f inleres1-, and - The ISDS Shop online business continue5 to as515t in the promotion ol the Society and is a source ol books and DVDS for eduGgts"on and training. along with a wde rdnge of speciali58(I whistles for working t￿￿. It shwkj continue lo grow txrt should c*)ver its costs of D￿ratIon. A financial revTrew is ￿ be conducted 10 undÈrstaTha profft mafgins, Ihè fea￿bilIty ol Items 8toGked and the p05t an¢J package cost, espeaally when shipping is over5ea5. Strat•gl•$ for a¢hhvlng obl¢¢tb¥•$: - PrornolI￿ or organi￿t￿n of sheepdLYJ trials, gxhibthons, gith9r cownpelitNg or non-compelitivg either in 95X￿18t￿n or unassouated wbth any other sod8tl8s, t￿1&s. or ￿r9en$, lik8 or surtablè orLas￿n6 Of wnts: - To actively enwurage l(Kal Sheep Dog Assoxiations lo affiliate to Inlemation81 Sheep DcwJ Soc¥ety, and rf requested, BSSISI with Ihe organisabon of ihèir Assocwlion. - Th8 kaepiThJ aThJ maintènance of a Stud Bcd( for lh8 rgcording. •Sta￿lShirlj. Verf￿.ng of thè F4dtyJr88s of shoepdogs". af)d The oncouragament assraiance by advic8, guidance, or informatmjn of shepherds in t￿r calling. famiors or stockbreeders or keepers ￿9￿dIng all matters pertaining lo the sheepdog ond Ihe shepherd's craft In reLqtion to his dcg. Pa9e 1 INTERNATIONAL SHEEP DOG SOCIETY Rèport of th• Trust•ès for th• y••r •ndod 31 May 2024 OBJECTIVES AND ACTNITIES R•vl•w of th• actlvltl•s wlthln th• Flnanclal Y•ar 2023 - 2024 The team Ihal a￿ employed by the Society are well &Stat￿l$he￿ and settled, with all membets having at least a year with th8 SOc￿ty undor th8ir b8tt. It has been a very busy yèar. hosb"rvJ a largè Intomational in th8 Rèpublic ol Ir8land, and a Wodd Tfial in Northem Ireland. This has provided many leaming opportunities to go fon¥th with lor the team. Th8 new Trials Managemènt system, appfoved last year, was brought online in spnng 2023 for antrw proc8ssos aThJ summer for scoring prO￿sSeS., this ￿aYed a ￿gn￿c9nt part In the management ol the Wodd Trial. Making sure ihat th was all online. wortKing. and user ready was a SKJntficant job but will be a great asset in the long run. ensuring a r￿re Stable and secure scoring pr￿ss. This system will also provhje a more accessible and user-friendly scoreboard that can te easily managed by scorers and pro¥ride the abillty to share results nv)re quickly wth followers. Unfortunatety, the amount ol work involved in the developffent of these systems meant that we did not have the ￿SC￿J[Ces to capitallse on the Wodd Trial lo gain and t*JikJ on As￿late Natlon relationships. The interesl is there. The Worfd Trfal In Northern Ireland and the Interna￿onal In the RepU￿1C of Irdand were both a g￿1 success, raL8iThJ significanl funds and awar8n85s for the Society. It was very well rec8iV8d by all parbcipants and SUPPCprt8rs. There had been a long absence ol a World Trial, bringing the worfdwide community together for this event was significant for the future Sntere5t as well. object￿e5 and act1¥h1￿ for the comlng year New CRIS (Customer Records Information Sysleml has teen under deveknp1r￿nt over the last year and went on the 1st March, before the end ol the Financial Year. Bringing this onllne has been a lot ol work but will result in greaier effirienaes going forward. Briroing th8 System ￿line al thi5 lime enaNed the wislrations team to become familiar with il before the charMJe of routine 8rourKI trials. There has been a leaming process lor the team to man8ge the change onto the new system. Over the ojming year it wll b8 POS51bl8 for the team io become more famlliar with the System a￿1 recommend where further enhancements can bg rnade a5 part of annual upgrades. Aso makiro recrmnmendations for where the members c8n be served more through Ihe system. Along with thi5, the new MYISDS cawne wline. enabling rnewnber5 to (Jo rllore registrations activtties though an ISDS portal, known as "MYISDS". Th&re was a lirnited number of tasks Ihal can be done through this syslem. going foTh¥ard wlhin thi year. rnernbgr3 will ￿ atrh to: Transfer Dr4s Regisler matin95 Submit Puppies for r8gistraUon - Manage Memb¢rship, in¢luding wtting up Dir¢¢t D¢bit. Entef tna15 - Vièw thèir regis￿led d¢*3S manw them We wlll conlnuè to r8vl8w what can b8 offer8d to membgrs through MYISDS to add value to the m8mb8rship. The biggest gain in effiryenGy we ho￿ to see frorn the new system in the corning year 15 in relation to Finanoal Reporting And monitoring wrformance. The accounts and Ihe work thal is ttjne havè been very disjointed and cumbersome lo manage. A vast nurnber of small transactions making It a lot ol work in ￿latiOn to Ihe value. Bnnging online the new syslom will s68 completè Int8grab"on. lèss work on small tasks and the ability to monitor ￿rIo￿a￿a and proJuc8 Management Aceounts in a timely manner. This is viiAI fof the 8￿Irty to straiegise going foN4ard. With the ability to able to soè this infonnation more readily and easity. Ihorg will bo a review of aco)unb"twJ pnjcesses and the allocation ol revenue and costs within the accounts to be able to see which a￿a$ are covering thelr costs and which are not. Eff8Ctively creating three operational departments - Rogistrations. Trials and Shop, raiher than every o)$t incurred by the Society lrnther than Trials Commitleesl teing lumped into overheads. The Scciety Magazine Intemational Sheep Dog Nows, conb"nu8S to be a popular and well received asset ol the Society. however rt is suffering from rising costs,. a decision was taken to maintain the Sevel of cthitent in ISN but deliver it over quart8rty issuès rath6r than bi-monthly. Efforts ￿11 mad& to see if furth6r costs can b8 saved or salos improved ovèr the coming year. There is a Signi￿nt opportunity for advertising sales in the magazine. whKh sh￿jId be capiialised upon. A Sponsorship and D￿elopment Committee has been 85tablished. the aim of this committee is to drive Progress in relatic to Promotion ol ISDS and develok¥nent ol partners for the Soaety. To work wih the objectives ol this cornmittee. there is a requirement to lurther raise awareness of the &Kiety and incTrase the Social Media preserKe and following. Pa9e 2 INTERNATIONAL SHEEP DOG SOCIETY Rèport of th• Trust•ès for th• y••r •ndod 31 May 2024 OBJECTIVES AND ACTNITIES The Trustees and Interested part￿ of tha Sc¢￿ty conbnuod to work to sacurg a 2026 Worhl Trial Vanue., at the lima of complebng Ihe Audit a venue has been secured, therefo￿ the￿ will be a signifieanl amtyjnt ol work during the coming year to prepar8. and build •xcit8m•nt for thè 2026 Worfd Trial. s8oJrir￿ a Worfd Trial pr8Wts grèat8r Opportunit￿ for partners or Sponsofs who wish to be involved with the Worfd Trial lo capitalise on involv￿ent by building the relationship throughout the 2025 Trkqls and through to 2026 and the Worfd Tnal. Llvestreaming, continues to be a profilab￿ addilion lo the ISDS membership services, this I￿11 be continued and we hope to fvrth&r incffjase general med￿ Coverage. There has been a step in the right direction wrth BBC Nl showing SheeFKIc43 Showdown" a projramme featuring the Worfd Trial. and in the year ahead. BBC Counlryfile will be switching their'one Man ond his Oog. show for"The Supreme. bnWJi￿ a lull show from the International Supreme to an episode ol c0untryfi￿. It 18 hoped that this wll be succ8sslul and continue to develop ov8r the years to come A full show that cov8rs the NatI￿alS though to the Intemats'onal is something to work towards io raise gfeater awareness and interest, as so many peoFde remember londly watchlng One Man and his Dog in the 1980's where vast viewer audiences were recorded. The Impcwtsnce value ol the ASs￿l81e Nauons ￿ntIn￿ to be a Signilbcant o)nshJer8tion to the &¢iety and over Ihe coming year. il is intended that wo wll further develop the off8riTrJ to Asswiate Nalions. incr8ase communical￿n$ and bring rn0￿ nations onboard, There is a requirerrtsnt to improve the Capabilit￿ of the ISDS Trial Oiary. lurth8r investrnent would be required to do this to be able to expand what It offers. Further invests'gat'on and research will be done to exphye opts'ons around this over Ihe coming year_ To re-eslablish and promote the imFx)rtance and value of the Scriety- Membership has been f8lliTrJ away, this year al il's bwesl level for 10 years. There ar8 so many resources available now. Ihat the Socaety must make clear what rt can offer over and 8bove any other org8nisatK)n availa￿e lo interested parties and ￿ enhance the value of membership lo all nl8r85ted partie5. Publ1¢ benefft As outlined in the ISDS govemiTrJ documgnt, Ilhg cx)nstitutionl. Ihg Tru5tee$ have had regard io Ihg Charity Cornmissh guidance on public benefft, as per the pU￿OSe ol the ISDS to promote and 108ter improv6Ynents in breeding, Ir8inirvJ. handling and welfare of sheep dog5. This t5 achieved in Ihe following ways.. Using ca￿1￿1 breeding pr8Ctices and p￿mo￿n9 Ihese In exhibilk)ns or cM)potilNe non-tx)mpetillvel trf81ing events Ilnclusive of nJlirrfJl,' - Thè piJblicAb"on of thè Stud Book to vÈrify brèeding and guida￿￿ tr) Shep8rd's, famèrs and slttkbfÈÈdÈts on 811 matte pertaining to Ihe oiwtr" an Including d&vèloyn9 and Invèsllng Sn thè intèrÈ$l of ywng h8ndlÈrs In thè Sotsèty tradStths and trainirKJ. Volunteèrs The Society is lotalty dependenl on vdunleer members, and other volunteers. lor the operatth of hs major sheepdo9 trf81s ra￿S1￿g lunds lor thgse thals. They operate under the difethon of a President and are deetned employees for insuian¢x purposes but receive no payment olher Ihan nec£ssary èxpènses when approved by Trials Sec*ètaries. Treasurers andlor Comrnittee members. The sC¢￿ty office is $￿ffed onty by pald ern￿oyeeS. The lar9er p8rt of the Sodews bjmover Is generaied through the aeb"￿tleS of thg ￿¥d off￿¥ by providirwJ a s*Ni¢g to mgmb¥rn. Fundralsing The SOc￿ty doos not s88k to rais8 funds from individuals and d08S Th)t mak8 uso ol any third paty for this purpos8. Th8 Soclety therefore does noi seek ￿ wmply wilh any voluntary standard ￿laled to lundraising. No complaints have been r￿[¥•d by Soca•ty in connèction wrth lundrai￿n￿. Pa9e 3 INTERNATIONAL SHEEP DOG SOCIETY Rèport of th• Trust•ès for th• y••r •ndod 31 May 2024 FINANCIAL REVIEW Financial position Activities in 202314 continued in li￿ wrth the aims and obj'ectivas rgf8fr8d to abcNe and the impact of this can ba sagn in tha following Sect￿.. 2024 £1.185.167 2023 £632.333 74nonth p•rlod2022 2021 £365.759 £627.580 Total ir￿0M& Trials ifKomo £693.848 £169,893 £159.358 Sales ineome. Income from regiStratp￿ and stud bcxjk fees, and membership subscriptions Shop E66.747 £43.704 £16.129 Magazine £75.358 £81,998 £80.870 Total £142.105 £125,702 £96.999 £33.242 £93.250 £126.492 Income frcffl registration and slud book fees. 8nd membership subscrip￿0￿$ Regislratson arKI Stud bc¥)k fees SubscripUons Totals £219.341 £78.070 £297.411 £227.666 £84.100 £311,766 £186.469 £80.839 £267.308 £218.310 £103.017 £321.327 The nurnber of dogs registered in the 2024 Financial Year was.. 6.559. The number ol dogs registered in 2023 was 7.263. (the 7.month peric*J to 2022 was 6.5971.12021 w￿e year was 7.9)81. The S¢xiety re￿wed voluntary donaliws and legacy p8yments in the 2024 year of £16,702 12023 £151174llonlh peric(I 2022 . £100112021- £4.5411.Thi5 increa58 is attnbuled to irnPfOV8d tranS￿rencY and detailed repoitin9 from CAJr subcommrtlees. allowiTrJ lor a more comprehensive underslanding of incorne source5. Other inc¢)m& stroarns were similar in levd to tho prior year_ 7 month p•rlod to 2022 £358,108 £0 £144,991 2024 £1,136,224 £505.022 £251,638 2023 £753,259 £198,073 £235,322 2021 £635.951 £144.472 £216.756 Tolal expandrtu Trials eX￿ndItUre oirice staff costs 2024 offi¢¢ $tsff eosts ar¢ indu$iv¢ ol NIC and Employers Pen$ityn CwtriI￿t1￿s. The SOC￿lY ts￿rat0$ bank accoun￿ in ihreè currènt￿$.. Sterfing, Euros and US D￿lars. For audii purposès tAsh ai bank balan￿9 are convertgd al firianoal y90r rnark9t rales. Thg Soryety transacted throughout 202312024 a convetsi¢>n rate 011.3 euros = £1. the cash at bank balay￿e cffl 31 May 2024 wa$ conv8rtgd at a ratè olf1.17= £1 ￿sUltIng In a conversKJn ltsss 01 £271 12023 loss 01 £6981. Over811 tho Socièty reported rèsutts ol.. 7 month porlod to 2022 £7,651 suwlus 2024 £48.943 Su￿lUS 2023 £120.926 d&fiol 2021 E8,371 doficit Ovefall powtK)n Inv•$tm•nt polley and r•￿rn$ The Societys investment p)licy vs to invest th8 rrKJnios not imm8diat8ly r•quir8d for its purposos in or upon inveslments as may be Ihou9ht fit. Pa9e 4 INTERNATIONAL SHEEP DOG SOCIETY Rèport of th• Trust•ès for th• y••r •ndod 31 May 2024 FINANCIAL REVIEW R•s•rv•s pollcy The Trustees have an agreed Reserves that is reviewed annually. Al the Trusiees. meeb.ng on 30 January 2011, it was considèrèd that In view of thè incrèasod 18vèls ol ac*wty rec8ntly tho working ¢a$h res8rvés should b8 b8tw8en £100.000 and £200.(K)O and designated ￿SerVeS to £500.CQO shouk1 be buill. Unr•strlct•d funds The remalning sum in the G￿er81 Funds lor 2024 is £205,212 12023 - £174.4101. 01 this, £38.44012023 - £44,958) is represented by stock, broadly one-quarter in Stud Books and three-quarters in olher goods for resale. Th6 wothiThJ cash reserve (cash at bank. ￿uS deblors. less creditors. less designated lundsl of £180.714 12023 £170.5471 is vmhin the working range Identif￿d as prLNJent ond ihus there is no surplus for disr￿SaI. Restrlcted funds The Sctiety raised £31.556 in 2001102 from rnember donalions to an emerg8ncy appeal for sufficlent working capital to conts.nue opefating. This lund has gnm lo £45.501 12023 - £43.0221 aThJ is held as a restricted reseNe identified as tho hairman's Appe812C¥)1 knounl.. Deslgnated lendowment funds} AdditsDn811y. in 2016 and ￿firmed again In January 2017, Ihe Trustee5 approved an amount of £125.TrJO io be indud& within these ¢Josignaled rgserves for ihe next four years. described as Trials Supporv lo support the Nab"onal Trials Committees under 'Future Funijing.. In Novernber 2022 il was dead￿ to leave this fund in pla￿ whilst Iwking al inv851menl opportuni1Tr8s for the remaining funds. The Bequests Reserve Fund now stands 81 £105.32612023 - £97,938). The Trusiees have idenlified Investmenl Reserve5 which currently stand al £151.841 12023 £143.5671. This gives a D95vJnaled Fund5 tolal 01 £382,167 12023 £366.5051 including £125.000 ring-fenced as tn'als SUPPK)rt. This De51gna¢ed Fund is n￿essary to ensu￿ the continuty of the Society in event of thè suspension of the trials for succ8sslve years for whalever re8son. lor txam￿a a national infectious disease in sheep. Going cgnc•rn The Trustees assess whether the use of going is appropriate, i.e, whether therp are any material uncertainties related to events or condilions that may cast significanl doLJbl on the ability of the Charity io IxJnb"nue a5 3 going concern_ The Trustees make Ihis asse55menl in respeci of a period ol al least one year from the dale ol auth0ri5abon for issue of tre finarKial statefflenls and have GorKluded thal Ihe Chgrity has adequate resources io conb'nue in oper8ts"on81 existen￿ for the foreseeable futu￿ and there are no material uncertain￿"e$ aboul the Chanties 8bilily to eonts.nue as 8 going Ixincèm. thus they conts'nue lo adopt going (x)n￿rll basis of accounting in preparing the financial statement5, The office-based team have all continued to work in the offiee through￿t this year uninierrupted. However, there a proce55es lor adopting hybn(J or work from hcKne P￿tiCe5 rf required. We hope that within the ngxt year this ￿11 ngt L required, as thè current sysiems in pl8eè working Irom the offiet is morè preductivè lor Registrab"ons Officèrs. Thèrè re three members of stsff who pritn8rily wwk from horne. these are th9 CEO, The Assi5tsnl tg the CEO an¢J The Acwunts and R8tall Officer. Cornrnunication between stalf conb'nugs to take place face to tafje in the office, via telephone, etn3il, Microsoft Teaffl5, via inst8ni messa96 desktop lacililies and vKYeo conlerenciny wth those who work from home. CoMmuni￿1￿)n Mlh Trustees continues via email and Zoom video conferencing, 8n¢J commuriicalion wilh Direciors continues via email and post. Socièty has an èxc8llent voip telèphony sysl8m In Wh￿ fao"Iilates confèrèncè calbs, translèrnng of cal elc. from an app-based system. Tho poric*J ended 31 May 2023 audit C4Jnduded wlh recc4nmondab.ons for possi￿9 improvoments within Ihe aCC￿Jntlng systems and Pr(￿edureS operated by the Sw'ety, this is an improvemenl on the pdor year. These matters have been rectified and improved upon. Any lurther r8oJmmendations prèsented following the 2024 audit will also be addressed with the SUPFth ol tr￿ SOc￿lY Acc(yJntants - Camerons of Oxford. Pa9e 5 INTERNATIONAL SHEEP DOG SOCIETY Rèport of th• Trust•ès for th• y••r •ndod 31 May 2024 FINANCIAL REVIEW Golng conc•m cont. Camérons assist wrth thé quartarfy acctyjnts managém8nt. p￿￿dIng SUPFN)rt to th8 Scd•ty Aco)unts Officar, as&stsng wth quarterty repo￿"ng and VAT relums and produce a year end audit file lor the auditors. Principal sponsorship of the Society is providad by Gilbgrlson and Pag8. A 3-year sponsorship daal was agr08d in 2020, lor 2020-2022 Inclusrve. Due to the Impacl of COVID-19 and non-attendance al major sheepdog trfals by Gilbertson and Page during 2020. Ihis reduced their brand exwsure to Society members. COVID-19 also had an IMW on 2021 major Shee￿09 trials and therelore a further Sponsorship year of lithe to no exposu￿ lor Gilbertson and Page. The Society re.negobated the lems ol the 3.year agreemenl. wrth the onginal 3.year agreement being extended to a maximum 5.year agwmanl. therefore indusive of Ihe year 2024. Sponsorship is paid throughout the 5 years. however y&ars 4 120231 aTh 5 120241 would ￿Present the SFM)nsorship lees p￿vIOuslY agreed lor years 1 and 2. The 2020 sponsorship was settled in fvll in 2021 upon agreement by tM)th parbes lo the amended agreemenl. The 2021 lee was paid on successlul completi ol the 2021 trials and tha remainder ol the agreement ￿11 continue as per the onginal terms. Gilbertson and Page have expressed a keenness to cLMitSnue to be Involved ￿th the Soclely and discussions for a possible renewal ol the partnershlp are due io take ￿ac￿. The financial perfomi8nce of Ihe 2023-2024 accounts. Ihe forecast for the year ahead to May 2025 is predictiTrJ an improved posrtion w•th at least a break-even result. All -one off expenses incurred in the linancAal year to 2024 have been entified. Thorough integration of all expenses are being carried out to see what could be rernoved or saved re¥i8w ol office requirements is part of this process as well lo seg if cheaper altemab'ves could be arranged. The Trustees have a reasonable expectation thal the charty has adequate resources to conts'nve in operatbonal 8XlStence lor the foreseeable flrture. For this reason. they continue to adopt Ihe going concem basts in preparing the fina￿181 stst8menis. Further details regardiTrJ the adopb.on of the going concern basis can be found in the Accoun￿'ng Policies. FUTURE DEVELOPMENTS Mowng forward the SocN?ty is actiry on the findings of the Governance arKI IT rewiews as Eyev￿￿￿y stated. The Society will seg a return lo the prixJu¢ing of Pedi9ree$ 8nd Stud Books. whi¢h is a crucial part of tho Srxiety's objedives in mairrtaining t1￿ integrity ol the breed. The Srxiety hopes lo increase exp¢)sure of Sh9ep Dcs Trialing aTrJ the assockqted training ￿KnefitS to the work of the Sheep Dog and Shepherd, through inGrpased SoGial Media presence and live stre8min9 01 trlals. There wll be increased engagement with foreign nalK)ns As5LKiales. STRUCTURE, GOVERNANCE AND MANAGEMENT Charlty constllutlon The SO￿9ty 15 a tnembgr organisalw. fi￿1 gstablisw in I￿6. man8ge¢J by ils mgmber5hip throLKJh ¥ Con¥lilubon. The Constitution was published in a form similar to that currènt around 1955. On 22 Sèptembèr 1962 thè Socièty was rÈgister8d as a Chaniy, wllh the Charity Commission lor En9land and Wales, by its Governing ￿￿Ment. bein9 the Consiitulion ¢Jated 1W. The wists'tubon has had subsequent amendtnents, the most r￿￿1 being January 2024. Govemance Is by Trustees. BCts"ng as a body. directed by Ihe Consliluts"on. 2024 (which incjudes ihe 2023 upda￿s) is the curneni consb"lutson on record with the Charity Cornmission. Trust••s' Ind•mnltl•s Trust*e5 benefit frotn ind8mntty insurance to cov81 thè li3biltty of the Trustegs, which by virtue of any rul8 of law would othemse alt￿h to Ihem in respect of any negligence. default or breach of trust or breach of duty ol wttich they may b& guilty in rela￿On to Ihe charity. The cost ol this Insurance in the period was £2,60512023 . £2,483). M•thod of appolntmènt or •l•etlon of trust• Tho Trustè&s are described In the Constitution as members of Counol. A member of Counol is a Trusto8-, the Society Council is the Trusl&e tth1y. The Trustee body ccfftprises ihe ChaiM￿n (elected by the Oirectoralel, the Vice Chaimian (elected by the Directorate). Ihe four National Presidents leach elected by the ￿speCb've members from England, Irdand. Scotland. and Wales) and up to thrae Directors from èach of those four nations (èlected by Ihe Dir8Ctorat&l. Trustees generally serve for a th￿e-year period, henceforth they musl stand down lor at least 1 yeaf before being elwiNe f re.election. except for Presidents normalty serve 8 fojr.year lemi. plLL8 one year as President Elect, whllst in the President Elect posilion there are no Vot1r￿ rights. Society Members are notsfied annually via the Soaety website and th8 bi-monthly InternalTrtsnal Sheep Oog News IISNI magazine that Trustee nominatKsns musl be submitted to the Society by 1 st November of thal year. Al each annual meetsng of the Directors. the English, Scott]sh, Welsh and Irish Directors separalely elect one ol their members to serve on the Council for a three-year period. Upon apwntrnent, induction ol the Twstee will tske pla(e and the n￿Y apwnted Trustees are provided with documenlallon explaining the Trustee rc4e specificabcn. Rules for appThntm8nt are fulty defined in the Constitution. Pa9e 6 INTERNATIONAL SHEEP DOG SOCIETY Rèport of th• Trust•ès for th• y••r •ndod 31 May 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Organlsatlonal structur• and d•clsSon maklng Council apptsints a Chief Executive orricer who will recruit necessary employed staff to utvJ•rtake Ihe dut*s of the Sotsety officè. Thè structurè of the Sociéty thus consists of- - The Membership . who elect Directors to serve on DIr￿te for three years and can propose ft￿t￿$ to b& debatwj at the National AGM.. - Th8 Dlrectorate. who ekni a Chairnmn. V￿0 Chalm)an and Members of GyJncAI, and vote on (har4Jes to th8 Constituth and operaling ruth lor Trial and Stud Book Rules.. - Tho ￿l￿ty - which prowdos siralogic dir8cth)n whose m8mbers are Iho Trust88S to th8 Sx*ty,' and - The Ex8culfve OlfScer- who directs Ihe day.kn￿aY act￿11￿$ of the Soclety in ￿CordanCe with th8 d1￿ctIOn of the a￿1￿. Pollcles adopted for the Inductlon and tralnlng of new tNstees New Trustees are required to have Served for a period as Directors b8fore appointm8nt and Ihus become acquainted with the objects and business of the Society. New Tnjstees will recerye informative pape￿ on the actNities of the Society and te brlefed on their resFM)nsibilibes by the chairn￿n and Pres￿ent. They a￿ invited to al¢end the offices of Ihe Sctiety to recetve training on their rolo and the financial activities ol the Soaety il ihey are not fully familiar with those. Exact Consullanls who were appoinied to complete a 9yernance review for the kniety. have provided a Tnrstee ro descripbon and person Specifi￿110￿ that was initially reviewed by Council during February 2021 and on through 2022. The ￿￿￿ment indudes a Twslee's main prin￿pIes. reSP￿sIbIlits"e$. the role of the Chairman and a desired person 5peTrficat* for the role as Truslge. Thè Trusttss of thè Socittty P8itipaisd in TrainiNJ workshop$ ovor Zoom with DSano Thom8s trf Exael Consultants, In OctoberlNovember 2023, wrth the aim ol making sure thal there was a good uDder5tanding of the Role and Responsibility of Trusiees. Are8s covered in this trainirTrg were.. Laws 8nd Regulalions, Role of the Trus¢ee. Skills and Cap8ts"litse5. Good Govemanco - Planning. Managing Risk and Managing Finance. worting Ihrough Governance review findings. Act anning, code ol condud, ¢omplainls, conllKI of interpsl5. Exad consultants conlinue to consult on an orbgoin9 ba5iS to provide guKlance lo Ihe Trustees. A￿an9*monts for sèttlng pay And r•mUnèra￿tsn to k•y managèmènt pr$onn•l The Chairman. Vice Chairman and Nab"onal Pre51dents rewew on a yearty basis or as dee￿￿￿ necessary, the remur￿31 Amounts ol office staff. This aciion takes placè ai Employmeni Cornmittee on thè first day of the Annual Genèral MeeD"n9 or at a rneeling called to di$wss the ¢mploymenl commsllee rnatters. Once dec￿e¢l it IS Pa55ed wilhbn Committee. who in bJm reFK)rt the thgughts to the ISDS Coun(il body to vote on. as a Tnatttrr of agenda at the next CounGil meeting. Tru¥t•e•' Trusteès may r8c•vè re1mbu￿m@￿t only for costs incuffed In cafrylng out their duts"es. This would normally be for aecommcwJaiTron and travel to meelin9s and telephone calls. more recently this has induded milea9e to trials. and visitlng Sltes, wh￿h has becorne a ￿g￿￿(anI expense. A¢comm(xJatsw and meals while attending a Tneeting May be settle(I diredy by the Soc*ty. Claims lof ex￿rnses may be paid through the Sttiety orrice only and Trustees have no mechanism for rnaking payments. For the year lo May 2024 Trustees received payments totalling £3,141 12023 £3.6541 for expenses incurrad. Pa9e 7 INTERNATIONAL SHEEP DOG SOCIETY Rèport of th• Trust•ès for th• y••r •ndod 31 May 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Rlsk manag•m•nt The Trustees have identified that a maitsr risk to the Soc4ety w(NJld be the loss ol income from Inals, dog registration and m8mbèrship rf thèrè was to b8 a siqnffjcant ihreat lo shoèp stc¢khokJlng andlor mov8mont wthin thè UK for mor8 than oné year. For example, a loot-aThJ-mouth or blue-toroue disease crisis lasts'ng more than 12 months. The charity s ￿selveS Fdicy is dr8fted in resp￿)$6 to this risk. As this sel of accounts show in relation to in'als, they have the abilily to be sTrgnifKant fundraisers for the running ol the Souety as a whole. Cbser working reLa￿￿)shIpS with the organising committees are aiming to reduce risk ol F perfomiing trials. aThJ lo be better pr￿re1 for a financial kjss rf a commrttoe is struggling lo rai50 iho lunds r￿Uired to stage a National Trial. Management ol Risk as a wholo. is being greatry tightened up by third party providers such as banks and insurance companies. The￿fore. the ISDS has been tightening up too, in order lo meet reqU1￿MentS sel by Ihese P(0￿derS. Fraud is an obv￿v$ risk with ISDS funds being used and rai88d by commimees. the banks are being connocted lo the main accounting sy51em so that the trustees can see movement ol funds in real time. PIB InsurarKe Brokers provide Risk Management Services in addition to In5urarKe. providing speryfic adwce in relalion to safety challewes by the Society particularfy ar￿nd the m8n8gemenl of safety at the 8nnual major trials. The Executive Officer wll revw thi5 additional servK8 and adopt approwkgte deff*nls to be used in the daily fvncts'on of Ihe Swety and for Trials Comrnittees. The H&S checks of the ofhce are conducted on a regular basi5 and Ihe Soc4'ety is 5UPP)rted by Peninsular Grwp provkje HR supw)rt 8rvJ thi￿. REFERENCE AND ADMINISTRATIVE OETAILS Reglstered cha￿tY number 209009 Prlnclpol oddr•ss Clrfron House Goldington Road 8edf<)fd 8uckingharnshire MK40 3NF Pa9e 6 INTERNATIONAL SHEEP DOG SOCIETY Rèport of th• Trust•ès for th• y••r •ndod 31 May 2024 Tru*t••s Chaimlan Mr l L Fleming T•mi 2023r2026 Vlc• Chalmian Mr T Longton 202212025 Nat￿nal Pres￿ents Mr J Relph- Enolish National Presidenl Mr P Murphy- Irish Nab'onal Pr8sident 202212026 Appjnted Presldent 1810612020 Casual Vacancy. Term starts 011111202312027 201912024 202112025 Mr J C43Stcffl . Scoitish Natlonal Presldent Mr G Jones- Welsh National Prosident There are 3 Trustees p8r nat5(￿ at one Im8, however 4 are lisled due to Ihe overfap of the financial year. England Mr M Watson Mr M Longlon Mr D Kenn8rd Mr R Dgan 202012024 202212025 202312026 202412027 Ireland Mr P Morgan Mr E McAU￿Y r F Cashen Mr J Mccullwgh 202012024 202212025 2023Q026 2024r2027 Scotland Iss F Mcmillan Mr D Robertson r l Brownlie r N Mcvicar 202012024 202212025 202312026 202412027 Wales Mr K Evans r M Dawds Mr D Daviès Mr R Elli¥ Apw"niÉd 2￿08r2020 (Casual V8eancyP024 202212025 2023r2026 202412027 Ex8CUtlve Offic•r Mi55 15abg18ranch Appc4nted l 0gcernLpr 2021 Audltors Camerons AcecAJnlancy Constsltants Limit8 Sialuiory Auditor Chartered Accountants 9 Worton Park Cassington Witney Oxfordshire OX29 4SX Bank•r8 Santsnder BoDUe L30 4GB EVENTS SINCE THE ENO OF THE YEAR Information relating to events since the end of the year is gwen in the notes to ihe finanaal statements. STATEhlENT OF TRUSTEES. RESPONSIBILITIES The trustees a￿ responsible lor preparing the Resy)rt ol the Trustees and Ihe financial Slalem￿tS in ￿C£￿￿nCe with applicablo law and United Kingdcxm Accounts"ng Standards {Unit8d Kingdom Generally Accopled Aco)untr'ng Praclic81. Pa9e 9 INTERNATIONAL SHEEP DOG SOCIETY Rèport of th• Trust•ès for th• y••r •ndod 31 May 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES - eontinu•d The law applicabk lo chaflties in England and Wales. the Charities Act 2011. Charity (Accounts and Reports) Regulatio 2008 and the provisions ol the trust deed requires the trustees to p￿pare financial slaiements lor each finanual year whith giv8 a tru8 and fair vww of thè stat8 ol affairs ol th8 chaiity and of tha incoming rèsourc8s and apFdication ol r8sourc8s. including the income and expenditu￿. ol the charity for that period. In preparing those finawial stalernents. the trustees a required to sdect sultabk accounting poliaes and then apply them con&siently.' observe the metkmjs and prinaples in the Charity SORP.. make judgements and esb"males that a￿ feasonable and pnjdgnt.. stste whether applicat4e 8ccounliThJ standards have been followed. subject to any mater181 departures disdosed ond explained in the finanaal slalements.. prepare the linancAal statements on the g)irKJ corKem basts unless it i8 inappfopnate to p￿Surne that the charity will linue in buwn8SS. The trustees are ￿PonSible for keong proper accounbrrfJ ￿ordS whth disclose wilh reascfflable accuracy al any time tho finanryal position of th8 charily and lo enable them lo ensur8 tha¢ the financial staternents comply wth the Chanlies Act 2011. the Charity IAccounts and Reports) Regulations 2008 and the provish)ns of the trust deed. They a￿ also responsib lor 581eguarding the assets of the charity 8nd hence for taking reascffiabb sleps for the preven¢lon and deiectkjn ol Iraud and other irregularities. The Tnjstees are responsible for preparing thg Tfustees, Report and the Financtal Ststernents in accordance y￿th applicable law and Unrted Kingdom Accounting Standards (Unrted Kingdom Generally Accepted AccK)un*'ng Practice). Approved by ortler ol Ihe board ol truslees on 25 February 2025 and signed on ils b8hatf by., l L Flemin9- Trust0• Page 10 R•port of th• Ind&￿ndant Audltorn to th• Trust•￿ of Int•rnatlonal Sheep Dog Soclety Qu&lrll•d oplnlon Wè havè audited the financial statèmènts of IntèmatSonal Sheèp Dog &xlety Ith6 'Cha￿t￿l for th8 yèaf encJ8d 31 May 2024 which comprise ihe S￿lemen[ of Financial Actlvitses. the Balance Sheei. the Cash Flow Stalemeni and noies io the finanual statements, indudiTvJ a summary ol sKJnificant accounting poliues. Th• financial ￿porting framWO￿ that has been applied in their prepar3th)n is applicable law and United Kingdom knountsr4J Standards (Uniled Kingdom Go￿ra1 Accepted Aecounb"ng P￿CtiCe￿. In our opinion. except for the possible effects on the corTespon(Jing fvJures of the matter described in the basis for qualified opinion ￿kn.0n ol our report, the finanaal ststemenls.. give a true and lair v￿W of the slate of the charity's affairs as at 31 May 2024 and of hs IncomSro ￿sou￿e3 and applicatbn ol resJJrces. induding its Ir￿Me and expenditure, for the year then &nded." - have been property p￿pared in accordarKe wrth United Ki￿d0M Generally Accepted AC￿￿nti￿ Practice,, and - have been p￿pared in accordance with the reqU1￿MentS of the Charities 2011. B•sls for quallfied oplnlon We were not aPFKiinted as audilor ol the charity unbl after 31 May 2023 and thus did not obserye the ccMJnting of physThl stock at the prbor year end131 May 20231. We wefe unable to satisfy ourselves by alternative means concerning the sloc qU8ntlties 01 £44.958 held al 31 May 2023 or £37,008 held at 31 May 2022 by usiro other audit procedures_ Consequenty we were unable to delemine whelher any adjustment to Ihese amounts al 31 May 2023 Of 31 May 2022 w8re n8cessary or whether there were any consequential effects on the cost raising lund5 for the year ended 31 May 2023 or period end 31 May 2022_ (￿r audit opinion on the financial slatemenis lor the year e￿e￿ 31 May 2023 was modified actordingly. (Xjr opinion on the current period's financial statements is also modffied because ol the effect of this matter on Ihe comparability of the current perDI's figures and the co￿e8￿4)nding fyures. We conducled our audr( in accordance wrth Inlernalional Stsndards on Auditing IUKI IISAS IUKII and app1Kab￿ law. responsibiliues under those stsndards are further described in the Audiiorfs re5ponsibllities lor Ihe audit of Ihe financkgl ststgmenls section of ¢Jur report. We ar8 independent of the charity in auordance wrth the elhical requirements Ihat are relevanl to our audit of the financi81 st8lemenls in the UK. including the FRC'S Ethical Standar(l. arbd we have fulfilled our other 8thicAI r¢S￿nSi￿11￿es in aecx)rdanc8 wilh these requirèrnen15. We believe thal the aLJdit evidence we have oblained is suifKient and appropriate to provide a baws for our qualffjed opinion. Conclu4lon¥ rglatlng to golng COn￿M In audth'ng the financi815tstements. we have concluded tr￿1 the trustees. use of the (l)n￿rn basis of ac(x)unting in the preparatkjn ol the financial stalemenls Is 8ppropriaie. Based on the work we have perfomied, we h8ve not ider)fjfied any m8leri81 uncertaintses ￿18￿"110 lo events or ¢))nditi(Ms that. Individually or ¢￿Ikt￿vely. MÈY cast SlgnifiL4nt doubl on the charity's ability 10 eonb"nL* as a golng c(Inctm l¢y a perits ol at least twelve ffl￿th5 from when t1￿ linanaal ststements are authon5ed lor issue. Our respon$ibilitiÈs ¥rwJ Ihtr ffj$p)n$l￿'lltles of lh¢ tru$*¢$ with r&sp¢¢t to going ¢on¢¢m ar• dsxrib¢d in Ihe r¢￿vaNI seGtions ol this report. Key Judil mJtter¥ Except for thè mattèr dèscdbed in the basis for quBlified saction, have d8tem)ined that Ih8re are no kèy audrt matters ￿ be communicaied In our report. Oth•r Snfonnatl¢)n The trustees are ieswnsible ftsl 801,592 110.1311 491,461 The notes form p8rt of these fin8nry81 sl8ternents Page 17 INTERNATIONAL SHEEP DOG SOCIETY Not•s to th• Flnanclal Siat•ments for th• y••r •ndod 31 May 2024 ACCOUNTING POLICIES Basls of prèparlng th• flnanclal stai•m•nts The financial statements of Ihe chanty, which is a put￿lC benefii enbty under FRS 102, have been prepared in accordanc8 wrth tho Charit￿$ SORP IFRS 1021 'Accounting and RO￿rting by Chantl8s." Staloment of Recomrnende¢J Practice applicabbe to charities preparing their accounts in acco{dan￿ with the Financial Reporti Stsndard applicable in the UK and Reputs1￿ of I￿land IFRS 1021 (effective 1 January 20191., Flnanual ReportiNJ Standard 102 'The Financial Reporting Slandafd applicable in the UK and Rèpublic ol Ireland. and the Charities Act 2011. The finanual ststements have been prepa￿￿ under the histoncal cost Conven￿On. Inlefnalional Sheep Dcwa S(￿￿tY is an unincLYporated Charity registered with the Chartty Comrnission registration number 20￿09. in England and Wales. Inlefnalional Sheep Dog Society meets the definibon of a publK benefit entity under FRS 102. Assets and liabilities are Inib"ally recognised al hotorical cost or transacllon value Un￿$$ othewse stated In the relevant accounting poI￿y. The ChariWs fvnctional and wosentat*)nal currency t5 Bribsh Pryjnds St8rtir@ 1£) and flgures are rounded lo th8 nearest £. The registered office is Clifton House. 4a GddiTrJton Road . Bedlord, MK40 3NF. Golng ¢oncorn The Trustees assess whelh8r the use of going concem is appropriale, i.e. whether there are any material uncertainb'es relaled lo events or conditions thal rnay cast s￿nifiCant doubt on the ability ol the Charity to contin as a goiThJ cowem. The Trustees make thi5 a55essm8nl in resp8cI ol a period of al 18asl one year from Ihe dale of authorisatiorb for issue of the fin8nci815tatements and have concluded th8t the Charity had adequale resource5 10 eontinu8 in op8r8tional Èxist8nc8 for the for8se8atrAe fvture and there ar8 no material uncertainb.es atrKMJI IhÈ Charities ats.lty to continue as a gclng C￿cern, thus they ccmlinue to adopt concern ba￿S of accounts'ng in preparing the fin8n¢ial $18lemenls. This con5iderdtiw has taken into ￿coUnt the expecte(l impad of Covid-19 on Ihe charity, as far 85 it can deterrnined. and the TnJsl8es r&maSn satisfied that th8 g￿ng concern prinuple remains appropriate. In￿m+ All incomè is reco9nisèd in the Ststemeni of Financial Activib"es <￿te ihe chariiy has ents￿6M•nt io thè funds, li Lg prob8tJe that Ihe incorne wll be received and Ihe amount can be measured reliabty. 0onatiM$. m¢mt¢rship and mag8zine $ubs¢*ption in￿rn¢ ¥ffj r•¢ognis¢d on ffj¢*ipt. Oihèr intr￿• is rÈcognisèd in thè rrtrKpJ in whleh rt * rèeéwable and to thè èxiÉnt thè gotsJ$ havè iw providèd or on comtAetion of the servKg. Exwndlturn Liabilitie5 are rec￿aniSed as expenditute as 5(K)n as there is a legal or wn5trudtve rt)ligation cornmitting the tharrty to that expenditure. it is probable that a translèr of econom￿ benefils will be require(l in seluemènl and thè amount of the obligation can be measured Teliably. EXpeThai￿re is elassified by *iivity. The cosi of each activity are made up of Ihe iolal of dlreet costs and shareAI Costs. including support cost5 invLlved in undertaking each acti￿ty. Dired co$ts attributabl8 to a Single actiwty ar¢ allocaleé dir&ctly to that actNrty. Shared costs which contribute lo mre than one activity and support costs which are not attribU￿￿e lo a slngle activity are apportioned between those activities on a basis consistenl wrth the use ol resources. Central staff costs are allocated on the basis of b.me spent. and depreoation tharges allocat6d on the F¥XtiC•n of the asset's use. Expenditure on raising funds indudes all exp6ndrture ilKur￿d by tho Charity to raise luThJs for its charitab purpcees and costs ol all fundraising events and non4ch8riiat4e trp4Jiro. Expenditure on charitable activities is incurred on difeclly un(Jertaking the activiligs whKh further the Charity's objectives. as well as any associated support cosls. Govemance costs are inojrred in conneclion with administrabon of the Charity and compiiarte th constitution and statutory requirements. All expenditure Is indusive of Irrecoverab￿ VAT. Operatlng leases P8ge 18 g)ntinu￿... INTERNATIONAL SHEEP DOG SOCIETY Not•s to th• Flnanclal Siat•ments- contlnu•d for th• y••r •ndod 31 May 2024 ACCOUNTING POLICIES- contlnu•d Exp•ndltur• Rentals paid under operabn9 leases are Charged to the Statement of Finan081 ActivitTres a slrnight line basis (trver thè 18asè 18rm. Tanglbl8 fix•d a8S•t8 DeprecialKTrn is provided al tha following annual rates in a￿8r to write off aach assat ovar its 8sb"mated useful life. Fixturos fth'ngs Computer equipment 33% on i£Jst and 15% on reducing balance 33% on o)sl Stocks Stock is val¢Jed at the lower of cost and nel ￿alisa￿e value after makiro dlte allowance for obsolete aThJ slow.moving stocks_ C05t includes all direct o)st and appropdate proporbon of fixed and variab18 overheads. Taxauon Th8 charity is exempt frorn tax on its charitable actNiboS. Fund accountlng General fvnds ran be used in acccffdance with th8 tharitable obj'gctives al the disuets.on of the trustees in fijrtherance of the gener81 objecbves of the Charity and *fiich have not been deS￿naled for other purposes. Oesignated funds comprise unrestricted funds thal have been sel asKle by the Trustee5 lor parbcular purp)5es. The aim and use of each designat￿ fund is set ￿Jt in the notes lo the flnancK91 statements. Res¢n"cted funds c8n onty be used lor parb'wlar reslrKled purKK)ses within Ihe objects of the thanty. Restrictions Arfse when S￿l[led by Ihe donor or when funds are raised for pa￿CUlar reslrici8d purposes. The ojsl ol raising and administeriro such fvnds are charged against the 5peryfic lund. Investment incorne. gains and losstrs artr •lk)caie(l io thts appropri8t• frJnd. Furthor ex￿ana￿On of thtr nature and purr*)s& ¢f each ftjnd is Sncluded In the to the finan¢kAI $tstem$nts_ Forelgn ¢urren¢le$ Assets and liabilib.eg in foreign eurrencies a￿ translaied inio sierliny at the rates ol èxthhrtrge rullng at the balanr sheet date, Transaction5 In forevJn curTPn(xe5 are Iranslaled into sterting 81 the rate ol exchary ruling at the date or transaction. Exchangè differ8ncès aré tskèn into aCLOLJnt in 8rrfvSng at thè owrabny rèsuli and arè rÈctsJnisÈd Sn the Sialemont of Financbal A¢ts'vitie$. P•n$lon eosts and ath•r posi.r•tlrernont bèneflts The tharrty i)perat95 a defi'ned cgntnbulion pgn519n %hgfTP. CL¥thbull¢Y￿ payat49 to Ikp pgns scheme ar8 tharged to thg Statement of Fina￿131 AdvrtJ"8s In th8 to whlch thèy rdate. Llobi1ltl￿ and provl•lons Liabiliknes are recognised when thèrè is an 0￿￿ation at the balancè sheèt date as 8 r&suli of 8 pasl èv8nl, rt L£ probatAe that a transfer ol economic benefit will be required in setlkment, and Ihe amount of the semement Can esb"mated réliably. Liabiliti85 afy mcogni5ed at th8 amount that tho Charity an1￿1pate5 It will pay to th$ dobt or th¥ amount il has receNed as advancèd paymenls for the goods or seThices it must provide. Proviwons aro measured al th8 b8st osts'maté of th& amounts roquir8d to s8tt1• lh8 obligath'on. Wh8r8 th8 8ff8ct ol the bme value of mtsney Is malerial. Ihe provision is based on ihe pfesenl value of those amounts, discounied al tho prtr-tax discount raltr that reflect5 the nsks Spbuf￿ lo th8 Irdbility. Thè unwnding ol the discount is f6cc*Jn15sd In the Slatem8nt of Financial Activ￿"eS as a financo cost. Intsrnst r•c•lvab Inlefest ￿ funds hekl on deposil is induded vthen receivable and ihe amount can be measured rella￿Y by t Chadty., this Is nomially UFM)n nobfic8tlon of the inieresl pald or payable by the Instrtutkm) ￿th whorn the fvnds are deposit&J. Flnanclal In8trum•nts The Charity only has finanaal assets and financial liabilities of a kind that quafity as basic financial instruments. 88sic financi81 instruments are initially recognised al transaction value 8nd subsequenuy measured at their settbm8nl value wth Ihe except￿ of bank thns which are subs8qu8n¢ty m8asured at amortised cost using th8 effective inleresl meth)d. P8ge 19 g)ntinu￿... INTERNATIONAL SHEEP DOG SOCIETY Not•s to th• Flnanclal Siat•ments- contlnu•d for th• y••r •ndod 31 May 2024 DONATIONS AND LEGACIES 2024 2023 Donatson¥ 18,702 15 OTHER TRADING ACTIVITIES 2024 2023 Sponsorships S8le ol goods slud books 16.89T 66 747 16.897 43.704 83.644 60.601 INVESTMENT INCOME 2024 2023 Inyesbmenl ir 18,141 7,865 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Regi5tralion and stud book lee Charitable acts'vitie5 Charitsble acts'vits85 Charitable acts'vrtie5 Charitable acUvitse5 Charilable acts'vitstrs 219,341 78.070 693,848 75,356 63 227.666 84.100 169.893 81.998 195 Mernbership subscripbor Trials income Magazine income Miscellaneous inc¢y 1.066.680 563.852 RAISING FUNOS Ralslng donatlons and1•9acIo8 2024 2023 Purchase of goods. stud book Support costs 53,199 305,746 35.292 258.929 358.945 294.221 Oth•r tradlng ac¢lvbtl•s 2024 2023 Bad dèbts Trials costs Magaine costs 2.096 505,022 102481 198.073 84.802 609.599 282.875 Agg￿gate amounts 577.096 P8ge 20 g)ntinu￿... INTERNATIONAL SHEEP DOG SOCIETY Not•s to th• Flnanclal Siat•ments- contlnu•d for th• y••r •ndod 31 May 2024 SUPPORT COSTS manageft￿nt F1Thar￿ Other TotaL8 Raising donal￿$ and kg8cies 290,446 14,389 911 305,746 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 May 2024 nor fcw the y6ar ended 31 May 2023. Tm8ts•s' oXPonso8 The￿ were no InJslees' exFenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023. STAFF COSTS 2024 2023 Wages and salaries ial security cosb Oiher pension costs 226.443 21.304 3.891 210.642 21.308 3,372 251.638 235.322 The Charivs Key Management Personnel are the Trustees and Executive Officer. The total amount of employef beneflls (including employer pension con¢rlbutions and empbyers national Insurance contribulionsl paid for services prov￿￿e￿ to Ihe Charity by th8 Key Manag8m8nt Pers￿ne1 alr￿nted to £63.198 12023 £61.8141. The average m¢Mthly nurnb8r of ern￿oyeeS duriro Ihe year was as Ic41ows.' 2024 2023 OffKe and admini5tralion The number of ern￿oYeeS employee tenefils lexduijing empkjyer pension cos151 exceeded £60,IJOO was.. 2024 2023 £60.C()1 - £70.OCK) 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES Unrestricted Restricted fund fund Endowment funds Total funds INCOME AND ENDOWMENTS FROM Donats"ons and legacias 15 15 Charltabl• actfvltl•s Charitable aclivilTres 563.852 563.852 Othèr tradirKJ actiwti&s Investment income eA).601 7,865 80.601 7.865 Total 632.333 632.333 EXPENDITURE ON Raising funds 577.096 577.096 Othgr 176,163 176.163 Total 753.259 753.259 NET INCOMEIIEXPENDITUREI 1120.9261 1120.9261 P8ge 21 g)ntinu￿... INTERNATIONAL SHEEP DOG SOCIETY Not•s to th• Flnanclal Siat•ments- contlnu•d for th• y••r •ndod 31 May 2024 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES- contlnu•d Unrosthctad R•stricted fund fund Endowment funds Total lunds RECONCILIATION OF FUNDS Total lunds broughl forward 295.336 43,022 366.505 704.863 TOTAL FUNDS CARRIEO FORWARD 174.410 43,022 366.SOS 583.937 11. TANGIBLE FIXED ASSETS Flxlures and fiitirys ant and machinory coMF￿r equipment Totals COST Al 1 June 2023 Addibons 24,297 34,30D 58.597 3.183 2.892 Al 31 May 2024 DEPRECLATION Al 1 June 2023 Charge lor year 22,370 333 34,300 56.670 911 578 Al 31 May 2024 578 22,703 34,30D 57.581 NET BOOK VALUE Al 31 May 2024 2.314 1885 4.199 At 31 May 2023 1,927 1.927 12. STOCKS 2024 2023 Sic¢ks 38 44D 44.958 13. DEBTORS.. AMOUNTS FALLING DUE W￿H1N ONE YEAR 2024 2023 Trydde debttsrs Other debtor5 VAT Prgpayrnen15 8nd acwed irKome 12.6221 10,624 29.996 110,396 525 12841 27.760 148.394 28.001 P8ge 22 g)ntinu￿... INTERNATIONAL SHEEP DOG SOCIETY Not•s to th• Flnanclal Siat•ments- contlnu•d for th• y••r •ndod 31 May 2024 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade cre¢Jrtors Taxab"on and social security Other creditors 24,789 3,162 21 663 28.717 14.345 49.479 49,614 92,541 15. LEASING AGREEMENTS Minimum18as8 paym8nts undar nOn-canc8llab￿ op8rntiThJ lea￿ fall as folk)￿. 2024 2023 Wrthin year 8ats¥8an on8 and five years 18.622 32,230 25.575 18,622 57.805 The promise lèase had not bean ron8w8d as at tha balanch she8t dat8. 16. MOVEMENT IN FUNDS Net movement in funds At 3115124 Al 118123 Unr08tr1cted funds General fund 174,410 30,802 205.212 R•8tr1ct•d fund8 Chairman's Appeal 20)1 AccAyJnt 43.022 2.479 45.501 End￿rn•nI funds Bequests reserve fund Inveslmenl reserve lund Trials support fvnd 97,938 143.567 125,ClJO 105.326 151.841 125.CKJO 8.274 366.505 15.662 382,167 TOTAL FUNDS 583,937 48,943 632,880 Ngt movgment in fvrth, in¢ludgd in thè abovè arg as follows". Incoming fgsourcos Resourc¢$ 8X￿nd9￿ Movement in funds Unr08tr1cted funds General fund 1,167,026 11,136,224} 30.802 R•8trSct•d fund8 Chairman's Appeal 2C4)1 AccAyJnt 2.479 2.479 Endowment funds Bequests reserve fund Inveslmenl reserve fund 8.274 8.274 1 S,662 15,662 TOTAL FUNDS 1 185 167 1.136.224) P8ge 23 g)ntinu￿... INTERNATIONAL SHEEP DOG SOCIETY Not•s to th• Flnanclal Siat•ments- contlnu•d for th• y••r •ndod 31 May 2024 16. MOVEMENT IN FUNDS - eontlnu Comparatl¥•s for mov•m•nt In funds Net movement in funds At 3115123 At 116122 Unrestrleted lund* General lund 295,336 1120,926) 174,410 R•strlet•d fund8 Chairman's Appeal 2¢X11 AcLxJunl 43,022 43.022 Endowment funds Bequests reserve fund Investment reserve fund Trlals supporl fund 97,938 143,567 125.CXXJ 97.938 143.567 125.(M)O 366,505 366,505 TOTAL FUNDS 704,863 120,9261 583.937 Comparative n¥t movement in lunds. inclLKleil in the atrKtrve are as lollows: Incoming restyJr¢e$ Resou￿$ ¥xptrndfj(I Movement in fvnds Unr•8triet•d lunds G•neral lund 632,333 1753,2591 1120.9261 TOTAL FUNDS 632,333 753,2591 120.9261 A current year 12 monlhs and pr￿ yèar 12 monlhs COM￿"ne￿ pos41k￿ is as fdbws.. Net movement in funds At 3115124 At 116122 Unr•strlet•d funds Ganeral fun¢J 295,336 19),1241 205.212 R•8tr1ctod fund8 Chairman's Appeal 2¢X11 Ac0￿nI 43,022 2.479 45.501 Endowm•nt funds Bequests reserve fuThJ Inveslmenl reserve lund Trials support fund 97,938 143.567 125,(N)O 105.326 151.841 125.000 8.274 366,505 15.662 382,167 TOTAL FUNDS 704 863 632 880 P8ge 24 g)ntinu￿... INTERNATIONAL SHEEP DOG SOCIETY Not•s to th• Flnanclal Siat•ments- contlnu•d for th• y••r •ndod 31 May 2024 16. MOVEMENT IN FUNDS - eontlnu A current year 12 nv)nths and prior year 12 months cnmbinad net movemgnt in funds, indudod in tho above are as foll(rws". Incoming (estyJrces Resources expended Movement in funds Unrestrleted lund* General lund 1.799,359 11.889.483) 190,1241 R•strlet•d fund8 Chairman's Appeal 2¢X11 AcLxJunl 2,479 2.479 Endowment funds Bequests reserve fund Investment reserve fund 8.274 8.274 15.662 15.662 TOTAL FUNDS 1,817,500 1.889,4831 71.9831 Th8 spècSfic Wr￿6& for th& lunds are to ba appl*d arè as fdlows.. Unr•strlct•d funds Unfesiricled funds are to be used towards meekn"r¥J any of the tharitable objectwes ol Ihe Soaety at the disCret￿n of th• Truste85. 0•s1gnat•d fvnds Designatod lunds are held to ansuro th8 coniinuity ol th8 SOL* In th8 8v8nt of suspens1￿ of Irlals for successive yeafs whalever reason, for example a nats.onal infectious disease in sheep. R•strlct•d funds Restricted funds it)clude the Chaiman's Appeal 2001 whith was an emeryJency apped for working capitsl to continuè the Charrty. 17. EMPLOYEE BENEFIT OBLIGATIONS The Charity operates 8 defined contribulion pension scheme. The assets of the stheme are hdd separately frc those ol the Chartty in an independently administered fund. The pension o)st change represents contdbulions payable by th8 Charity to th8 fvnd and amounted to £3.891 12023.. £3.3711. Conln"buts"ons totalling £2.112 12023.. £621 I were pay8ble to the fund al the reporting date. 18. RELATED PARTY OISCLOSURES There were no related party transactions for the year end￿1 31 May 2024. 19. POST BALANCE SHEET EVENTS In December 2024, the charity agre&J in prinCi￿e io externl Ils head offl¢e p￿LSe lease. due to expire on 23r April 2025. lor two years al a rate of £21.250 per annum, This represents committed costs of £42.SlXJ, Page 25 INTERNATIONAL SHEEP DOG SOCIETY D•taSl•d Stat•monl of Flnanelal ActlYltl•s for th• y••r •ndod 31 May 2024 2024 2023 INCOME AND ENDOWMENTS Donatlon8 and hga¢￿S Donations 16.702 15 Oth•r tradlng actfvltb•s Sponsorships Sale ol goods and stud bc￿)k5 16.897 66.747 16.897 43.704 83,644 60.601 Inv•stment Incom• Investment incom8 18.141 7,865 Charltabl• acilvltl•s R•gistration and stud LM)ok fo9 Membership subscripts.ons Trials income Magazine income Miscellaneous income 219.341 78.070 693,848 75.358 63 227.666 84.1(M) 169.893 81.998 195 563.852 Total in￿ming rnsourc•8 1,185.167 632.333 EXPENDITURE Raising don*ion¥ Jnd lryJci• Purchase of L*)ods, stud tM)ok 53,199 35,292 Other tradin9 actlvlties Bad dÈbiS Tria15 costs Magazing ¢OSts 2.096 505,022 102.481 198.073 84,802 609,599 282.875 othor Rent, rates and services Office operalion and matérials Computer costs Professional ch8rges Gov8mancé eesis Donations and general eM￿n In$urance 37,705 6.628 60.934 41.125 2.750 3,679 14,859 38.247 49.712 39.735 25.445 3.154 19,530 167,680 175.823 Support cmts Management Wag&s SorAal security Pen5i0ns Telephrl Postage piinting & stsIK)nery Mèetinqs travÈllino 226.443 21.304 3.891 6.327 20.097 12.384 210.642 21.308 3.372 8.579 2￿,446 243.901 This page doe5 not form part ol the statutory financial statemen15 Page 26 INTERNATIONAL SHEEP DOG SOCIETY D•taSl•d Stat•monl of Flnanelal ActlYltl•s for th• y••r •ndod 31 May 2024 2024 2023 Managom•nt Flnan¢• Bank charges Exchangé loss8sllgain$ 14,118 271 14.330 698 14,389 15.028 Oth•r Plant and ma¢hil￿ty Fixturès and fitb.ngs 578 333 340 911 340 Total resources expend￿1 1 136.224 753.259 N•t ineom•ll•xp•nditurnl 48,943 120,9261 This page doe5 not form part ol the statutory financial statemen15 Page 27