REGISTERED CHARITY NUMBER.. 209009 Report of thÈ Tw$t¢e$ and Financial StatÈments for the Year Ended 31 May 2025 INTERNATIONAL SHEEP DOG SOCIETY Salisbury & Company i￿*51nesS SolulK)ns Limited Insh Square Upper DÈnboh Road st A5aph Denb￿hshIIe LL170RN Page 10132 INTERNATIONAL SHEEP DOG SOCIETY Content5 01 the Financial Statements for the year ended 31 May 2025 Page Report of the Trustees 3 10 14 Report ol the Independent Audittsr5 15 10 11 statement ol Financial Actrvtties 18 Balance Sheèt 19 Cash Flow Statement 20 Notes to the Cash Flow Statement 21 Notes to the Finan¢ial Statements 22 to 31 Detailed Ststement ol Financial Activities 31 to 32 Page 2 0132 INTERNATIONAL SHEEP DOG SOCIETY Report ol the Tru$tet$ for the year ended 31 May 2025 The Trustees p￿sent their Annual Report. together vath the aud11ed Financi41 Slaternenls of The International Sheep Dog Society Ilhe Char4ty1 for Ihe peri(xJ ended 31 May 2025. The Trustees confirm that the Annual Repori and Financial State￿nIs of the Charity comply with the Cur￿n1 stalulory requi￿rnents, Ihe requirements of the Chanty's governing document an(J the provisions ol the Slalemenl of Re¢ommended Pra¢l￿e ISORPI"Charilies SORP IFRS 1021". OBJECTIVES AND ACTIVITIES Objectives and aclivilies 'TO PROMOTE AND FOSTER THE BREEDING. TRAINING ANO IMPROVEMENT IN THE INTERESTS AND FOR THE WELFARE OR 8ENEFIT OF THE COMMUNITY OF THE BREEDS OR STRAINS OF SHEEP DOGS, TO SECURE THE 8ETTER MANAGEMENT OF STOCK BY IMPROVING THE SHEPHERD'S DOG, ANO TO ACHIEVE SUCH MAIN 08JECT BY SUCH MEANSAS THE SOCIETY MAY FROM TIME TO TIME DETERMINE." AIMS= To rnaximise the number of members so Ihal the a¢lThfit*s and work of Ihe Society may increas Fir51lofs with the provision of olher actNi11è5 01 interest-. and The ISDS Shtsp online bu5ine55 continue5 lo assist in the promolion of the Society and 15 a source of iknoks and DVD5 for education and training, along wlh a wNJe range ol speoa115ed whistles for working dogs. 11 should continue to grow but should cover ils cosis of operalion. A full review Is to be conducted lo understand profil margins, tho fÈasiOility ol Ilems slocked and IhÈ KK)sl and package ¢£Jsl. especially wheft shipping Is ovorseas. strate9i*s for achieving obiective5'. Promotion or organisalion of sheepdog trials. Èxhibilions. either competitive or non￿ompetItive and either In asso¢ialion or unasso¢ialed with any olher socielies. b(Klie5. or persons. like or suitatjle occasions or evenl8." To actwely encourage k)cal Sheep D(yJ ASs￿latIOnS io aft1￿1& lo the International Sheep Dog Society, and if r&quesled. assi81 with the organisation of their A8socialion- The keeping and rnainlenaftctr of a Slud Bwk for Ihe recording. establishing. and verifying of the pedigrees ol sheepdogs, and The encouragemenl and asstslarte by a¢￿￿¢. guKlan￿, or inlom)ath)n ol shepherds In their calling. larmers or slockbree(lefs or keepe[5 regardin9 all rn311ets pertainitKJ lo the Sheepdog and the 5hepherLI'5 craft in relation lo his d(xJ. Truslees. Report on actwities lor the year ended 31 May 2025 Introductlon During the year, the Sociely Iocu5ed on Ihree pnonlies 5trengthenin9 tria15 financial contro15 and planning, rnoderni5ing member service5 and improving reach to wider audiences. and improviny linancial reporting In working towards achieving Ihis. Council continued lo meol almost monlhly with the excep110n of April (Lambing) and Augusl INalioftal Trials). Delegatod working grotsps reviewed fflallers as ihey arose. so Ihat operalional de¢isiDns could be taken quickly and Iran5parenlty. Page 3 0132 INTERNATIONAL SHEEP DOG SOCIETY Report of the Tiu$teÈ$ for the year ended 31 May 2025 National Tria15 and Public Reach. Nationals and International Tiials well run Sèason In 2024 delwered slrong tnaL8 across the HON￿ Nalions. CL￿n¢11 noted thal National Trials experienced "a really successful and lovety yearf with Ihe finances having a significantly posilive impact on the Society's Dverall funds. Taals In 2024 conlnbuted a surplus of £82.639 and reaffirmed the expeclatK)n that local corntnillees need io plan budgets thal perform in a fundtsising manner for the Sooety. Public prolile and covefage The Society renewed ils relationship wlh broadcast media.. B8C Counlryfile confi'med filming al Ihe Intemalion81, providing national profile and a cortsslenl annual slot to showcasÈ workin9 sheepdogs and han(Jlers. Live5trearn & social channels Livestream planning con11nued Into wnler. after anolher successfrjl uptake of subscribers during the 2024 Irial season. 11 Is proving to be a well delNered and valued servitÈ. which. il Is hoped will conlinuÈ lo grow In popularity as we head lowar(Js the Wodd Trial 2026. In parallel, social accounl verification fblue tick5"1 were expkjred for the main ISDS. Inlemalional and Worfd Trial pages lo strengthen trust and reach. There Is a recurriryj and ongoing problem with fake "profiles" being created. leading people lo Illegilimale pages offering mer¢handise. Ii¢kel sales and SI￿)mIng packages, whi¢h a￿ not through the ISDS Tho Society can have a maximurn of three verified page5. which do come al a c051. bul il 15 fell Ih15 15 needed, due lo the risk posed to tnernbers and followers. A5 a result the Main ISDS Page, Inlemalional Page and Worfd Trial Page all have verilied status. Followings are growing. and Ihe S￿ty Is workiro lo reduce Ihe number of non-official pages. educaling the members and working lo create c￿arfy Idenb"fiable page5 for metnber5 and inte￿ste£l partie5 to folk)w. safely Membershlp & Magatine IISNI Membership review Council progressed a mulli stage wiew to simplify membefship and alKJn the rules with rollin9 136S4ayl membership an(1 current practice. Outdated text in the rulebwk wa5 113gged for replacetnenl by a clear lable of metnbership types and benefits. The number of ¢alegoriÈs of membership were reduced lo prDvide equity acltsss the c3legories. PrI￿S were reviewed. takin9 Into con51deration the fact that there had only been postage costs increases applied lo rnetnbership In a 15-year penod. Ssgnificanl membership dscounls are offe￿d for Livest￿am1ng. and lhe￿ was a Cleaning up ol parkingladmission li¢kel policy for National Tria15. to tnake SU￿ Mernber5 are being charged Incorrectly for wjfflission, and equalty th31 non- rnetnber5 are charged for adrnissK)n land parking If that Is Ihe comrnitt8e's policy). PartnÈr benefits To add tangible value beyotKI Inal partKipat￿D. COU[￿11 agreed to devdop tnetnber otter5 with Agna linsurancel and explored Peddy Math Imicrochipsl for breeder5-both aimed al broadening relevance ID rnernbers who work dogs bul don't necessarily trial. This work Is ongoing and hopÈs lo be seen actsvÈ In Ihe 202516 year. ISN Editoriallcontent direction Council supported conlinued dwer51ficalion of ISN conlenl baL3nring resulis and analysis with training lealure5. member stories and industry Insights so the magazine remains an engaging read for Ihe whole community. 11 is fell Ihal the 4 Issues a year has been reteived well arKI ks helping wilh Ihe burden ol ¢osl. from prinlin9 and posting 6 Issues a year. Sponsorshlp & Partnership$ Structured outreach Tho Sponsorship Coffltnillee prodU￿d a brochure atKI Sel a sin9le conlact approach for polenlial swnsors-particularly lor ¢otnpanies that gel approached across country by local Irial commillees. There was an effoTI lo approach new cotnpanies al county shows, with fOl￿W up and relationship buil(Jtng ongoing. Part of Ihe alm is lo avoid duplicalion and ensure 2 professional ImpressK)n. Gilbertson & Page Principal Sponsor Council reviewe(J the headline values lor the reff￿ed sponsor agreemenl and confirmed rin9 fenced support for the World Trial within the overall arrangement. new a9￿ment sees the 29 year paftr*rship be￿￿en the ISDS and Page 4 of 32 INTERNATIONAL SHEEP OOG SOCIETY Report tsf the Trustees for the year ended 31 May 202S Gilbertson & Page extend to 2029. If there is a Workl Trial in 2029 thi5 is for separate negotiation. Th8 Society is delighted lo extend this valued fÈlalionship IDr anothei 5 years 2025-2029. Modernising Services & Systems Digital rÈ9lStratlL)n ¢ertificates Woik 3dv3nced with the Society'5 sofh¥arÈ provKJÈr towards deliverit¥J digital registration and certificate features. to Include QR cod&s unique lo each dog Ihat ¢an be refreshed on transfei. Plan5 continue to evolve lor rTK)re offerI￿S to be made for n￿rnbe￿ ¥￿thin the NtyISOS Metnber Portal. Further Increa51ng the value of Membership. Governance & Financial Stewardship New Chairman. Vice Chaimian #nd Council members. Part w3y through the financial year In February Ihe Society saw a chatwje over of Chairrnan, Vice Chairtnan. Scottish National President and 4 membefs ol Counul. All In line wilh the Conslilulion. bul Il was the fir51 time Iher? had been so many changes for over 4 yÈars. Malters amoThJ5t COU￿11 contin¢Jed steadily for the rest of the year. Management Accounts and monthly rÈporting. Through Ihe year the office lightened daity paytnenl checks and Improved payment referÈnting. which shortened monlh end reconciliation cycles and acceleraled the production of marbagemenl a¢¢ounts ￿adY for shann9 with Counul and Accountants Iquarterlyl. The MatchIr￿ of paymen1$ has been a ptDblem in the past. so this Is swJnificant progress. There has now been a year ol ¢he¢king the reporting arKJ a year ol data is now on the rfftl Xero system. enabling prior year comparis￿. for monilonng pr(xJress toward5 a year end positi(￿l_ The nexl st8p will be to add ¢hÈ Soc*ty Budg&l lo Xero, 50 tnanagemenl accounts can be monitored against budgel and pnor y8ar. Budget oversight for trials Wilh the above-menlionÈd pro9￿$$. the linking of NatK)nal Trial Accounts io Ihe *iely's Xero. has Increased signilicanlly the over51ghl of National Trial Accounts and balanc￿. There ts a need for more tnal budgeting to help plan cash flow and determine il a Ifial is likety to be able lo bieak-8ven or r8lurn some fLJnds to the Society. when overall SLKiety bJdgeting is being re￿@wed. Council agree(I that National Pre51den15 1sUPPOrted by Senior and Junior VP515houkl Stay close lo trial budgel5- balancing aulonomy with slroroer visibility on spending-so the whole Sowty avoi(Js late financial surprises. ResÈrvÈs manag*menl Papepwork has progressed lo update all tho vancAJs bank a¢¢ounts that Ihe ScKiety has, tnany of which are funds which have tnalured. The plan is lo use IhÈ Flagstone Cash fflanagernenl porlal lo spread fL*nds across lerm accounts, improving inleresl while keeping sullicienl INuKlIty lo meel Society policy. Al whilsl being managed tlirough one easy lo control portal. With tho aI opportunsly or thrÈal ￿ felatN)n lo profits. Page 5 of 32 INTERNATIONAL SHEEP OOG SOCIETY Report of the Trustees for the year ènded 31 May 2025 Audit arrangements Al the Annual DirPclo￿ Meeting IADMI. Difeclor5 We￿ infomed of the need fof independent audit providors In futu years, the maller wa5 raised as a result ol aeknowledging Ihal Camerons Aceounlanls have betome loo tlosè Ic> th Soc1ety Ihrough their PiK)r support wilh InlÈgralion Wofk. The1efts￿, there was a tnove lo Salisbury'5 Accounlanls In Rulhin. Wales. for the Audil. after seeking quotes fforn 4 cornpanies. whilst the accounts Pfeparalion stays with Camerons. Rules & Registration on Merit IROMI ROM palhway update Following th& extended di5CUS5K)n about Regis1rat￿n on Meril pr￿esSeS al the 2025 Annual Directors Meeting, there ha5 been a w1dening ol re￿h lo Directors. assÈssing ROM dogs. The￿ a￿ sbll some being done via vKleo. We are working towards example videtss. lo help ￿pIe with Ihè pr￿$s, part¢ulady those who are new lo it. The Office The Society Head offir£ Is sbll localÈd In Bedfor(l. a furthei kn-year lease wa5 TEgolialed on the office. taking 11 lo April 2027. Throughout 2026 the FAaTI is lo seek a new p￿MiseS which better suits Ihe need5 of Society operations, as they are today. Where hybrid or remote working can ￿ adopted. hardwarÈ has reduced In soe and slafl numb&rs are reduced, there is Iherefore and need lo review and seÈ il a SMal￿r working S￿¢É will at¢ommodale the leHm and save monoy. The shop and stock. also need lo be k)¢aled on Ihe groun(J fl￿r. having particularfy learned this froni the 2025 season where Ihe onty lift in the builtjing failed on the day Ihe van was lo be kjaded for trials. The Regislralions OfticÈrs all have al least 4 yeats. exper*rLce now. and are efficEnl al their role5. We are seeing very posilive limelinÈs on rÈluming members. WOTk The Inveslmenl into new system5 enables Ihis progress. Public benefit A5 oullined in the ISDS goveming d￿uMent, Ithe consti1ut￿l, Ihe Trustees have had regard to Ihe Charily Commission guidance on public benefit. as per the purpose of IhÈ ISDS lo primote and f051er Improvetnenls In breeditvj. Iraining. handlin9 and welfare DI sheep dogs. This Is achieved In Ihe folk)wing ways." Using careful breeding practices and promolirvj these In exhibilKJns or ¢(mKetilive lor nonk fee5. atKI tnefflbersfvp subscnptions Shop £48,501 Magazi £66.491 Total £114.992 £66.747 £75.358 £142.105 £43.704 £81.998 £125.702 £16.129 £80.870 £96.999 Income from ￿l$trat￿)n and Stud iK)ok fe8s. and membefship subscriptions Regislralion and Slud book fees Subscriptions Tota £235.953 £91.134 £327.087 £219.341 £78.070 £297.411 £227.666 £84.100 E311.766 £186.469 £80.839 f267.308 The nuTnber of dogs regislered In Ihe 202S Financial Year was 5877 The nutnber of dogs wislered In 2024 was 6.559. 2023 was 7.263. (the 7-monlh period to 2022 was 6.5971.12021 whole year was 7.9081.12020 6.B781. The Society received vo¢unt8ry donalions arN1 le9acy paymenls in Ihe 2025 year of £38,892, Ihis is split wilh donations lo trials of £37.301 and lega¢ies or olher donalions 01 £1.591.12024 £16.702. 2023 £151.17-month period 2022 - £1001 12021- £4,541). Other income 5tream8 wer8 similar in level to Ihe prh)r year. 7 month period to 2022 £358,108 £0 £144.991 2025 £705.284 £192.045 £222.212 2024 £1,136.224 £505.022 £251.638 2023 £153.259 E198.073 £235.322 Total expenditure Trials expÈndilure Office staff costs 2025 office staff costs a￿ i￿1￿$￿e ol NIC and E￿￿0Y￿S Pensxjn Contri￿1k)ns. W11hin the 20?415 Financial Year. Ihe then A5SiStanl io IhÈ CEO ￿signed her post and I1￿ tnonlhs of April and May Saw no sa18ry paid lo an Assistant with only partial pay in March 2025. There Is still a neeil for the kniety lo Co[￿￿Je￿ succession planning. as th8 registrations officÈr role Is a skilled role Ih31 Deed5 Irainitvj. Effort5 lo reduce overtin* hou¢$ incurred have been effective. rnainty due lo improved 8ffiuencies. 11 has also been possible for more lime lo be taken as Time off In Lieu {TOILI. The Sociely has ceased to use Ihe forÈNJn a¢¢oun15 Other Ihan for banking Euros frotn Trials, and lo make payments In Euro8. 11 is not a main ￿0￿nt fof [neml￿[S to pay into. The US account is not being used currontly. For audit purposes cash al bank balan¢e5 that afe ITr Ihese accounts are converted al financial year markÈl rates. Thè Sotiely Iran53cled Ihrou9houl 202412025 using a daity spot rale ThÈ eash al bank balan¢È on 31 M3y 2025 w35 CDnveried al rate of 1.19 £1 resulting In a ¢onvÈrsion gain of £15612024 Ioss of £2711. Overall the Sooety ￿K￿)rted result5 of.. 7 month period to 2D22 £7.651 surplus 2025 £76.370 suvplus 2024 £48.943 surplus 2023 £120.926 ¢Jefril Overall posilion 11 needs lo bo noted in ￿lation to the overall tw)silions reflected alx)ve that there was a deosion taken by the Direclors 81 the 2024 Annual Dire¢lor5 Meeting lo brin9 the capital em￿ndIt￿re on Ihe l.T. Investment Into the Profil and Loss for tho year5 2023 and 2024 rather Ihan Incur depreciatson ovÈr a numt*r of years. The Society 15 a "GThng CDncern" arKI will be earning Incorne against Ihal Investment for mÈny years lo ¢orne, bul has Incurred disproportM)nale cosls against the o years where the expendilure 15 Incurred. Bnnging the costs Into Ihe years ralhor than sprtsading tsver ari agreed nUm￿r ol yoats Is viewing Ihe accounts on a mind1￿-up. basis. However. the positive Irom Ihis is that tho cosl ol Ihe Investment 15 now cleared and the accounts should be able lo Improve going forward. 35 can be seen In 2025. Pa9e 8 Of 32 INTERNATIONAL SHEEP DOG SOCIETY Report of the Tru$tee$ for the year ended 31 May 2025 Inv05tment policy and returns The Society's Inveslmenl policy Is lo invest Ihe monies not Immediately required for ils purposes in or upon su investments as may be thought lit. Reserves policy The Trustees have an agreed Reseryes Policy Ihal Is reviewed annually. Al the Trustees, meeling on 30 January 2011. il was considered that in view of the increased ol a¢livity r￿enIty the working ¢ash reserves should be between E100.000 and £200.0￿) and designated reseNes lo £500.(KK) should be built. Unrestricted fund5 Th& ￿MainIng sum in the General Funds for 2025 Is £262.47912024 £205.2121. 01 this. £35.60912024 - £38.4401 Is represented by slo¢k. broadly one-ouarter in Slud Book5 and Ihree-uuarter5 ln other gc*Kls fof resale. The working cash re5eTve (cash al bank. plu5 debtors. le55 creditors. less designated funds) of £243,562 12024 £180,714) 15 within the working rarye identified as prudent and thus there Is no surplus lor disposal. R¢s¢ricted funds The Society raised £31.556 In 2001102 frotn rpernber donatK)ns lo an emergency appeal for sufficient workin9 capital lo continue operatitvJ. This fund ha5 grown to 2025 £45.50112024 £45.501 2023- £43.0221 and is held as a reslriclÉ reserve identified as Ihe'Chairm8n's Appeal 21)01 Accounr. D*signated ltrndowment lund51 Addilionalty. in 2016 and confirmed again in January 2017. Ihe Tnal Pfe51denls revtew on a yearfy ba515 or as deeme(I nece55ary, the reffluneral￿n amounts of office staff. This act%)ll lakes place al Emph)yment Comrnillee on Ihe first day of the Annual General Moeling or at a Meeting called lo discuss the employmenl comtnillee matiers. Once decided 1115 passed wilh1n Committeè. who In turn report thè ihoughls to the ISOS Counol bLwty lo vole on. as a matter of agenda al the next Council fneeling. TRUSTEES EXPENSES Trustees may re￿1ve re1mburse￿￿nI only for costs incurred in carrying out Iheir dut*s. This would normally be for accommodation and travel to meeting5. trials and viewing of p(kS51ble trial venuÈs. A¢¢otnrtiodalion and moals vlhile allonding a meeting tnay be settled directty by the Sooety Claims lor expenses may be paid through Ihe SDciely ofti only #nd Trustees have no mechankstn for making paytnenls wilh SOC￿lY fund5 diieclly. For perio(1 lo May 2025 Trustees recoived paytnenls lotalling £2574.1612024 £3)41_031 lor expenses incurred. RISK MANAGEMENT The Truslees havo Identified that 3 niajor risk lo the &Kiely woul(5 bÈ the loss of incon* from lrialg, dog regislralion an(J membership if the￿ wa5 to be a sonifieanl threat 10 Sheep slo¢kholding arKVor movemènl within the UK for more than one year. For exarnple. a l0ot-and-n￿Uth or blue-longue disease crisis lasting MO￿ than 12 months. Th8 eharity's reserves rM)licy Is drafted in response lo this risk. As this Sel of accounts Show in rela￿"on lo tria15. they have the ability to be Significant fundrai5er5 for the running of Ihe Society as a whole. Closer Wofking relationships with the or9anising commillÈes are aifning lo reduco r15k ol poor performing trrals. an(J lo be bÈll?r p￿pared for a finarTr¢ial bss if a commitleÈ Is stru9gling lo raise the funds reqtyired lo stage a National Trial. ManagÈmenl of Risk as a whole. is iEing grealty tightened up by third parfy providers such as banks and insurari companies. Therefore. the ISDS has been Iighleniro up too. In order to meet reqUI￿[nentS sel by these providers. Fraud Is an obvious risk wth ISDS funds beirMJ use(J and raisÈd by corntnittees. the banks a￿ now being connected lo the main accounting system so Ihal the Iru5tees cAn see movement of lunds in real tjme. PIB Insurance Broker5 provide Risk ManagerrEnt Servi(*s In addilion to Insurance. providing specific advice In relalior) to safety challenges by the S￿letY particulady around the tnanagemenl ol salèly al the annual major Inals. The Executive Officer will review th15 addiliorkal sorvice adopt appropriate ÈlÈments lo be used In tho daily function of the SociÈty and for Trials Commillee5. The H&S chÈ¢ks of the oflicts are ¢onducled on a reguLar ba515 aThl the Is supporfed by Peninsular Group wlio PfovKle HR suptK)rt and adviTr. Page 11 0132 INTERNATIONAL SHEEP DOC SOCIETY Report of the Truslees for the year ended 31 May 202S REFERENCE ANOADMINISTRATIVE DETAILS Registered Charity number 209009 Principal addres5 Clifton House Goldinglon Road Bedford 8u¢kinghamshire MK40 3NF Page 12 of 32 INTERNATIONAL SHEEP DOG SOCIETY Report of the Tru$tet5 lor the year ended 31 May 202S Trustees Chalrvnan Mr l L FletniThJ Mr D J Mcculbugh Terni 202312026 (Resig￿1 bwlh 1 yrfs prior ftolice '251 202512028 (Term corvwnenced 21st February'251 Vice Chairrna Mr T Longlon Mr J 095ton 2022r2025 (Temi ended 21st Fetsruary'251 202512028 (Tertn comrnenced 21st February'251 National Presiden15 fvlr J Relph English National Presidenl Mr P Murphy- Irish National PfesKJenl Mr J Ogslon Scollish National PresKlent Ms. F Mcmillan Scoltish National PresKJenl Mr G Jones- Welsh National President 202212026 202312027 202012024 (Terrn cotnpleted 1st Nov.'241 202412028 (Tem) wmmen¢ed 1st Nov'241 202112025 There are 3 Trustees per nation al one lime. however 4 a￿ listed due lo Ihv ovedap of the financial year. Changeover occurs al the ttlo* of the Annual Directors rneeling sChedU￿d lor Ihe last Salurday In January each year England Mr M Longlon Mr D Kennard Mr R Dean Mr A Wilkin50n 2022r2025 202312026 2024r2021 202512028 Irfrland Mr E McAuley Mr F Cashen Mr J Mccullough Mr P klorgan Mr B Kelly 202212025 202312026 202412027 (Eleclod Chairman 20251 202512027 (Co-opted io re￿￿e DJ Mccullough) 202512028 S¢otland Mr D Robert50n Mr l Brownlie Mr N M¢Vi¢ar Mr D N Gilbn 202212025 2023r2026 2024r2027 20251Z028 Wales Mr M DavKJ$on Mr D Davies Mr R Ellis Mr A Staples 202212025 202312026 202412027 202512028 ExÈcutive Officer Miss Isabel Branch Appointed l December 2021 Auditt>rs Salisbury & Company business Soluth)ns Lim41ed Irish Square Upper DÈnbigh Road Sl Aseph Denbighshi LL17 ORN Bankers Santander Boolle Merseyside L30 4GB STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iru8leps are responsible for preparing tho Rewrl ol Ihe TrLJslÈes and Ihe financial stalemÈnls In atcordance with applicable law and Unitèd Kingdom A¢¢ouiibng Slandai¢J5 (Uniied Kingdotn Generally Accepted Accounling Pratlicel. Page 13 of 32 INTERNATIONAL SHEEP DOG SOCETY Reporl ol th• Trust fc*rlhfj year endod 31 May 2025 STATEMENT OF TRUSTEES. RESPONSIBILmES-conttnu•d Charity law raquirés the Iruslees b) Prepa￿ financi￿ slaternwls for finBnoal year. Ufvjar Ihat 18w, Ihe Iru8tees have etected lo prepare the financydl ¥latemenls in acC￿danCe *ilh United KrrfJdom Ger￿rallY kcopled AcctyJnt5ng Praclir* Iunlled Kingdom A(xX￿n1Ing Slandard5 and ap[A￿￿￿e ￿WI. Under tharity law the tW51ee¥ rnu5t rK•t aprrn the fina￿181 statemenLs uths3 Ihey are satisfied Ihpl they a tru8 and falr wew of th8 8iai8 of affaifs of thaiity arNJ ol Ihtr resource5 and applicat￿n of restyjrces. IncludirvJ the irthme and expendilure. ol Ihe charity for tr￿1 pernd_ ITr weparin9 those finarK*al 5taletnenty. the truste88 are lo $618¢1 Suitable polK￿5 anLI then zppty them consklelii￿. observe the melhcrtjs and princip￿$ h) the Chaths SORP: fflake jiJdgernÈnts and estrn8tes IKyl are rea$(￿ab￿ a￿1 p￿￿ent.. stsle whether applicat48 afxtyJniJrwJ staThlatds have tellty*ed. S￿bItC1 lo wry materlal departures d15closed and expP8inÈd in the fina￿al slalempnls- prepare the finanual slalements on ihe CtsK*m bas￿ unbèss li ThPk¥opriate to presume Ihal the charity wll (f*nbnue in txj5ln￿ss. The Iruslees are responsbi le l(x keepiry prwr accounliNa rec¥)rds vthich Otsdose wlh reastyiable acoJracy at 8ny lime the finartial position of the charity and &) enoblE them to en5Ufe that finanual 3talements compty the Charitie$ Aci 201 l and The Charity (Accounts and Retky¢51 Regulab￿S 2W8. They are akn responsib￿ for safeguarding tho assets of the tharity and Iwce for takiry re&s￿able steps lor the wevenlh)n aThJ delecliryi of fraud and other irreguLqriUes. The Trustees are fesponsible for ￿paring the TnxtÉes' Rwrt and Ihe Finantial StsiÈments in aCts￿ance with applicab￿ law and United Kingdom AcownliThJ Standafds IUnitÈd ￿l￿o[n Genernlly Acteplèd Atcounting Pfadcel. Approved by order ol the boans oflw51ees /1 J2a2L ....... •xl $vJwJ (xi its behalf by". J. Mccullough- Tru51ee and Chaimwn pa￿ 14 0132 Report of the Independent Auditors to thÈ Truste*$ ol International Sheep Dog So¢i¢ty Qualified opinion We have aLKliled the fiTranC￿l slaterf*nls of Inlemalional Sheep D(xJ Society Ithe 'cha¥ty'l for the y8ar ended 31 May 2025 wh￿h comprise the Slalernenl of Financial Aclwities, the Balance Sheet and notes lo the financial slaletnen15. including a 5urntnary of signiflcanl account1r￿ rm)lic￿$. The finanual reKK)rting framework Ihal has been applied in their preparation Is applicablè law and Unrted Kingd(Kn Accounting Standards (United Kingdom Generally Accopled Accounting Practi￿1. We have audited the financial slalernents of Inlemalional s￿ep Dog Swety Ilhe 'charity'l for the year ended 3151 May 2025 which CDfflprise the slalemenl of financial ￿$11￿)n. the Balance Sheet, the Cashflow Slalernenl and noles lo the financial slalefflent5. including a Summary of $1gnificant accounting policie5. The financial reporting framework that has be8n applied In their prepafalion Is applicablp law and Uniled KitHJdom Accounting Standards (Uniled KinGthm Generally A¢¢eptod Accountin9 Praclicel. In our opinion. excepl for the possible effects of the matter describe¢J in the Ba￿5 for QUal￿ried Opinion seelion of our report. the financial slalemenls. give a true and fair v￿¥ of the stale of Ihe cliarity's affairs as at 31 May 2025 atMI of rt$ 1ncorning resource and application ol resources. Including Ils incotne and expendilvre. fof Ihe year then ended". have been propedy prepared in accordance wilh Uniled Kin9dorn Generally Accepted Accounting Practice. and have been prepared In accordance wilh the requirements of the Chanlies A¢1 2011. Basis for opinion W& conducted our audit In a¢¢ord3nce WI￿ InletnalK)nal Slandards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under Ihose standards are lurther descnbed In the Audilors. responsibilitiès lor Ihe audit ol Ihe finan¢1al 51alernents Section of our report. We are IndepÈndÈnt of the ¢harity In accordance wilh Ihe ethical requirements that are relevant lo our audit ol the financial $131e¥rtnls In the UK, Including the FRC'S Elhical SlaTKJard, and we hav8 fulfilled our other ethical responsibilitie5 in accordance with these requirements. We bèlieve Ihat the audit evidence we have obtained 15 sufficient and èppropriate to Provide a basis for our opinion. The Company ¢otKlucled its physical stock count on 31 May 2023. wh￿h we was not vÈrified by au¢Jilor5 due lo circutnslances oulsKle our control. We were also unable to perform altemalivo audit pro¢Èdures lo oblain 5ufficienl appropnale audil ev￿jen￿ regarding the quanlilies and condilion of invÈnlory as al Ihal dale. Con5equenlty. we were unable lo determine whother any adiuslmÈnts might be necessary to Inventory. Cost of saks. and rdaled finanoal slalerr*nt disck)sures. We allended and audited thÈ Company'5 phy51cal slock count al 31 May 2025 and oblained sufficienl appropriate audit eviden￿ in respect of c￿S[ng Inventory at year-enij However. the procedurÈs performed In relation lo thÈ 31 May 2025 slocklake do not provKJe sufficienl audit evidence regarding the opening inventory position al 31 May 2024, which r8mains unaudited We conducted our audit In accordance with Intemalional Slandards on Auditw IUKI IISAS IUKII arnd applicable law. Our re5porisibililies under Ih05e standards arÈ lurlher des¢ribed in Ihe Auditor'5 responsibililie5 lor the audil of the financial slalemenls sectson ol our report. We are independenl ol the charity In aCcOr(Jan￿ with Ihe elhical requirements that are lÈvÈnl lo tsur auElIt ol the financial 51alernen15 In Ihe UK. including tho FRC'S Elhical SlaThYard, and wè havè luifilltrd our other olhi¢al rE5ponsibililies In accor(Jance wilh these requifoments. We believe Ihal Ihe audit evidon¢e we hav obtained 15 sufficient and appropriate lo providÈ a basis for our qualified opinion. Conclusions relating to going ¢onGern In auditing the finan¢ial slaletnenls, we have concluded that Ihe Iruslees. use of the g(xng concern basis of accounting in the preparation of the financial slalemenls is approprialÈ. Based on the work wp have performed. we have nol Klenlil*d any material uncertainlie5 relating to evenls or con(Jilions Ihal. Individually or ¢olleclively. may cast significant dout)l on the charity's ability lo continue as a going concern lor a period of al ￿a51 twefve rnonlh5 frorn when tho financial Stale￿n[S are authorised lor issue. Our responsibilitsos and responsibilits"e5 ttrf Ihe Iruslees with respeci lo wirYJ con¢xm are described In the relevant sectiorbs of this report Key audit matters Except for the matter desent)ed In the basis for qualified opin¢on section, we have ijetemiined that Ihere are no key audil mallors ID be comtnunicaled our report. other information The Iruslees arÈ responsible lor the other InforTnalx)n. The other Information comprises the Information Include(J in the Annual Report, other than the finaT)cial slalements and our Report ol the Independent Auditors Ihereon. Our opinion on tho financial slatÈm*nls doe5 not cover the olher infortnalK)n and. except lo the exlenl olhewse explicilly staled in our report. WÈ do not expr&s5 any form of assurance conclusK)n thereon. Page 15of32 Report of the lftdependent Auditors to the Trustees of International Sheep Dog Society In connection ￿th our audit of the financral 5taletnents. our resrKJnsibilily 15 to read the other infomalion and. In doing so, Consider whether the other Inlomatson Is materially inconsislent vnlh the finar￿￿91 slalemenls or our knowledge obtained in the audit or otherwise appears lo be malerialty tn¢sslaled. If we idenlify such tnaleria1 Inconsislencie5 or apparent malÈrial misslalemenls. we are ￿qUired lo delermino whether Ih15 gwes nse lo a malorial mtsslalÈmenl in the financial slalemen15 Ihernselvos. 11. based on the work WÈ have performed. we conclude thal Ihere is a tnalerial misslatemenl of this other Inlormalion. we are reouired io report Ihat facl. We have ntslhiry ID report In this regard. Matters on which we are required to by exception We have nothing to ￿port in respe¢l of the followi￿ matters Whe￿ The Chanties (Accounts and Reptsrt51 Regulalions 2008 ￿qui￿$ us to retK)rt lo you If. In our opinion the information 9iven in the Report of the Trustee5 15 Inconsislenl in any malenal respect with the financial slalemenls". or sufficienl accounting records have no¢ been kepl. or the financial statements are not ID agreement with Ihe accounliThJ Feco¥ds and returns. Of we have not wetved all the informaboft and explanabons we require for our audil. Responsibilities of trustees As explained more fully In the Slalernent of Trustees, Responsibilities. the Iruslees are ￿$[K)nsible fDr the preparation of the financial slalomenls which give a true and lair view, and for such Inlemèl control as the Iruslees determine is necessary lo enable the preparation ol finèncral slalernents Ihal are I￿e frotn tnalerial rnisslalemenl. whether due to fraud or error. In preparing the financial staletnenls, the Iruslees are responsib￿ lor assessiThJ the charitys ability lo conlinue 8s a going concern. disclosing, a5 applicablÈ. matters related lo going COn￿M and u51ng the going concem basis of accounting unless the Iruslees either iftletKJ lo liquidate the charity or lo ￿ase operations. or have no realislic allernalive but lo do so. Our responsibilities for the audit of the financial statements We have been appoinlecj as auditors under Section 144 of Ihe Chanlies Act 2011 and rew)rt In a¢¢ordance wlh the Act and relevant regulations maile or having eHect thereu￿1. Our obie¢lives are lo obtain reasonab￿ assuran￿ about whether finanoal statements as a whole are free frotn malerial misslat8menl, whethèr due to f¥aud or error. and lo tssue a Report of Ihe Independent Audilofs that Includes our Dpinion. Reasonable assurance is a high levol ol assuran￿. but is not a guarantee that an audit c(XKJucled in accordanee with ISAS IUKI will always dele¢l a tnalenal misstalemÈnl wf*n il exis15. M15slateTnenls can arise from fraud or error and are considered material if, l￿Widual￿ oi In Ihe aggregate. they could reasonably be expecletj lo Influence the economic de¢Bh)ns of u5efs 13ken on Ihe basis ol these financial stalÈrr*nts. Th8 exlenl lo which our procedures a￿ Capable of delecting irregularilies. including fraud k8 detailed below". Irregularilies. including Irau(J, are 1n5tances ol non-¢offlpliance wilh laws ￿UlatIonS We de51gn procedures in line with our resptsnsibililies. outlined above. lo dele¢l malenal tnisslalernents In respect of Irregularities, including fraud. (>wing lo the Inhe￿￿1 limitations ol an èuned b￿￿e￿n those aclivilies on a basis consislenl with IhÈ use ol resourcos. Central staff ¢osts a￿ all(Kale(l on the basis of b"mÈ spent. and deprecialion charg&s allocated on the portion ol the assets use. Expenditure on raisiF)g funds Includes all eXpe￿Illu￿ 1ncurrÈd by Ihe Chanty lo raL￿e funds for its charitable purposes and cosls ol all fundraising ÈvÈnls and non thÈ Flnon¢ial Statements continued lor the year ended 31 May 2025 13. STOCKS 2025 2024 Stocks 35.609 38,440 14. DEBTORS.. AMOUNTS FALLING DLIE WITHIN ONE YEAR 2025 2024 Trade debtors Olher debtors VAT Prepayrnenls and accrued incort 12.9731 12,6221 10.624 29.996 110.396 33.658 30.6B5 148.394 15. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2D25 2024 Trade C￿ditOrS Taxation and sttial se¢unly Other ¢reditor5 25,809 14.223 17.319 24.789 3,162 21.863 57.351 49.614 16. LEASING AGREEMENTS Minimum ￿ase paytnents under non-cancdlable operaling ￿￿se5 fall due as folk)ws' 2025 2024 Within one year Between one and five years 21.250 19.479 18.622 40.729 1B,622 The Chanty entered inlo a new lease in December 2024. whi¢h requires rt lo re(lecorale the PTEmises before the lease Èxpiry dale. 17. MOVEMENT IN FUNDS Net rnovernenl In funds At 3115125 Al 116124 Unrestrictèd fund$ General fund 205.212 57.267 262.479 Restricted funds Chairman's Appeal 2001 Account 45.501 45,501 Entltswmtnt fund5 Beque515 re5erwe fund Investment ￿SerVe fund 401,270 19.1031 401,270 19.103 3B2.167 19.103 401.270 TOTAL FUNDS 632.880 76.370 709.250 Page 27 of 32 INTERNATIONAL SHEEP DOG SOCIETY Notes to the Financial Statèments . continued for the year ended 31 May 2025 17. MOVEMENT IN FUNDS - continued Nel movement in funds. included In the above are as folk)ws". Incoming resources Resource5 expen(Jed Movement In funds Unr*$tri¢ted lunds Geneol fund 762.551 1705,2841 57,267 Endowment funds lrnve$lment resetve lund 19.103 19,103 TOTAL FUNDS 781,654 705.2841 76.370 ComparativÈ$ lor tnovernent in fund5 Nel rnovement In funds At 3115124 Al 116123 Unrestricted funds General fund 174.410 30.802 205.212 Restricted funds Chairman s Appeal 2001 Account 43.022 2.479 45.501 Endowrnent fund5 8eques15 reserve fund Investment reserwe fund Trials support fund 97.938 143.567 125.000 7,388 8,274 105.326 151.841 125.000 366.505 15,662 382.167 TOTAL FUNDS 583,937 48,943 632,880 Comparabve net movement In lutKIs. included in Ihe above are as folk)ws.' Incorning resources Resources expended Movefflenl In fund5 Unrestricted funds General fun 1.167.027 11,136,2251 30,802 Restricted funds Chairman's Appeal 2001 AccO￿nI 2.479 2.479 Endowment funds Bèquosls rèsÈNÈ fund Invesltnenl ￿SerVe fund 7.388 8.274 7.388 8.274 15.662 15.662 TOTAL FUNDS 1,185.168 1.136.225) 48.943 Page 28 0132 INTERNATIONAL SHEEP DOG SOCIETY Notes to thÈ Finan¢ial Stalements continued for the year erided 31 May 2025 17. MOVEMENT IN FUNDS- continuèd A current year 12 months an(J pr￿r year 12 monlhs combined pOsit￿1n i8 as follows. Net movetnenl In funds Al 3115125 Al 116r23 Unrestricted funds General fund 174.410 88.069 262,479 Re5tTlCted funds Chairman's Appeal 2(M)l Accwnl 43,022 2.479 45,501 Endowment funds Bequests reserve lund Investment ￿S￿￿e fund TriaL% support fund 97.938 143.567 125,000 7.388 27.377 105.326 170.914 125.000 366.505 34.765 401.270 TOTAL FUNDS S83.937 125.373 709,250 A current year 12 tnonlhs aThJ prior year 12 nNJnths combined net movement in fuThJs, Included In Ihe above are as follows. Resources expended Movement in lunds resources Unrestricterl funds General lund 1.929,578 11.841.7481 88,069 Restricted funds Chairman's Appoal 2LK)1 Account 2,479 2.479 Endowmenl funds Bequests reserve fund InvÈstmenl ￿serve fund 7.388 27.377 7.3B8 27,377 34.765 34.765 TOTAL FUNDS 1,966.822 11,841.7481 125,313 The spÈ¢ifi¢ purpose for which the funds are lo be applEd are a5 follows. Unrestricted fund5 Unreslriclod funds are to bÈ used lowardg Mee￿.￿ any of ¢harilable obje¢lwes of Ihe Society 81 the discretion ol the Tru51ees Designated funds Designalod lunijs are held lo ensure ¢onlinuity of the S￿￿lY in the event of suspension of trials for two su¢cessive years lor %vhalever reason" for example a naticmal Infect￿U5 disease in Sheep Restricted fund5 Reslficled funds Include the Chairman's Appeal 2(X)1 which was an etnergency Jppeal for suff￿￿nI working capital lo conlinue the Charity. Pagc 29 of 32 INTERNATIONAL SHEEP DOG SOCIETY Notes to the Financial Statements - continued For thè year endèd 31 May 2025 18. EMPLOYEE BENEFIT OBLIGATIONS The Chanty op&rale5 a defined contritwlion pension scheme. The assets ol the seheme are held separately from those tsf the Charity In an Independently adm1nk81e￿ lund. The pen510n cost chan9e represen15 contributions payable by the Chanly lo the fund and amounted to £3.704 12024" £3.8911. Conlribull￿S lolalling £512 12024. £21121 were payable lo the fund al Ihe reporting dale. 19. RELATED PARTY DISCLOSURES There were no related party tranwi￿ns for Ihe year ended 31 IA3y 2025. Page 30 of 32 INTERNATIONAL SHEEP DOG SOCIETY Detailed Statement of Financial A¢tivitie5 lor thè year ended 31 M#y 2025 2025 2024 INCOME AND ENDOWMENTS Donation5 and legacies Donalions or Fundraising for Trials Donations and L&ga¢ies 37.301 1.591 16.437 265 38.892 16.702 Other trading activities Sponsorships Sale of goods and slud books 15.297 48.501 16,897 66.748 63.798 83.645 Investment incom¢ Investment incorr 19,103 18.141 Charilable activilies Regislralion and slud book fee Membership subscnplion5 Trials In¢ome Magazino income Miscellaneous income 235,953 91,134 266,253 66,491 30 219.341 78.070 693,848 75.358 63 659.861 1,066.680 Total incorning resources 781.654 1,185,168 EXPENDITURE Other trading activitt*$ Trustees. expenses 8ad debls 2.574 2,605 2,096 2,574 4,701 Other trading activities Magazine costs Pur¢hase ol gox)ds. slud books Tn31s cos15 63.345 30.029 192.045 102.481 53,199 505,022 285.419 660.702 other Rent, rates and servi￿5 Offi¢e operation and malerkgls Computer costs Professional charges Governanee cosls Donalions and general expenses Insurance 36.452 16.094 33.671 31.801 1.800 37.705 6.628 60.934 31.125 2.750 3.679 14,859 15,051 134.869 157.680 Support costs Management Wages Carried forward 201.923 201.923 226,443 226.443 Page 31 0132 INTERNATIONAL SHEEP DOG SOCIETY Detailed Statemenl of Financtal Activities for the year ended 31 May 2025 2025 2024 Management Broughl lonward Social se¢urity Pensions Telephone Poslage printing & stationery Meolings ar￿j Iravelling 201.923 16.585 3,704 5.820 21.024 8.596 226.443 32.304 3.891 6.321 20,097 9.780 257.652 287,842 Finan¢e 8ank charge5 Exchange lossesllgainsl 15,988 1561 14,118 271 15.832 14.389 Other Plant and machinery Fixtures and fillings Loss on sale of tangible fixed assels 463 286 1.757 578 333 2,506 911 Governance ¢tsst5 Auclilor5' rernuneralion 6.432 10,000 Total ￿$0￿r￿S expen¢Jed 705,284 1,136,225 Net Income 76.370 48,943 Page 32 0132