2024-12-31-accounts

RogI￿Or0d number: 00037818 Charlty num￿￿. 2492SS and 8C042853 NATIONAL SHEEP ASSOCIATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ishop Fleming

NATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEE) CONTENTS Page Rgfèrenc• •nd admlnlstratS¥• d•t•ll8 of the Companyi Its TfU*t••s and advi••r4 Trust••8' report Ind•pènd#nt audStor%' rnport on th• financlal slatom•nts Statsment of flnanclal actlvltl 3-11 12- 15 16 8alance Sho 17-18 ststemont of ¢••h Ilowj 19 Nol•s to the flnanclal •tat•ments 20-43

NATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEE) REFERENCE AND ADIHNISTRATIVE DEfAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Tru$t• Mr W Adamson lapptynted 6 May 20251 Mr A Alderson IreS￿ned 6 May 20251 MT J Bickerton (appointed 6 May 2025) Ms D Colloy {8ppoinlgd 1 May 20241 Mr M Credland (appointed 1 May 20241 Mr P Oelbridge Mr P Dgrryman lappoinled 1 May 20241 DrYPLeDu Mr H Dunn Ire8igned 1 May 20241 r J Farmer Irosigned 6 May 20251 Mr A Foulds Mr D Gregory M$ K Hovers Ml88 C Hughé8 MT P Mylu Ire8wn•d 1 May 20241 Ms P N￿01 Mr D Phipps (res￿ned 10 January 2024} Mr C Sercombe Iresigngd 15 Augu8120241 Mr T W8rd lrnsignad 1 May 20241 Mr J Woz•n¢raft {appoint•d 1 May 20241 Mr E Adamson (appointed 6 May 20251 Mr J Bickerton lappoinled 6 May 202SI Mr J Raine lappoinled 8 May 20251 Comp•ny rryht•r•d numb•r OCQ37818 Charlty v•gl•t•r•d numb•v• 24925S and SC042853 R•glst•r•d offlc• The Sheep Centre Mafvern Worce¥lgr¥hir• WR13 6PH Honornry PMld•nt Lord Irwl8wood Chl•f •x•cytl¥e offlc•r Mr P Sl¢)¢ker Ind•pond•nt audltorn Bishop Flemlng LLP Chartered Accountants Stalulory Auditors 1-3 College Yard Worcester WR12LB Bankers Lloyds Bank pk Malvem WoTcestershirg WR14 4QG Page 1

NATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEE REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 DECEM8ER 2024 Solicltorn Rowhomes Enterprise Way Pinchbeck Spolding Lincolnshire PE113YR Inv••tmonl •dvlsorn Rathboneg George House SO George Square Glasgow G2 1EH Page 2

NATIONAL SHEEP ASSOCIATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their Annual Report and 8udited financial statements of the company for the year 1 January 2024 10 310ecember 2024. The Annual Report serve$ the purposes of both a Trvsl8es' report and a Directors, report under company law. The Trustees confimi the Annual Report and financial slalements of the ¢haritsble company eompty with Ihg current statutory requirements. the requiremen18 of the charitable company's goveming document and the provi8lons of the Slalement of Recommended PraCt￿e ISORPI applicable lo Gharilies preparing their accounts in accordance witti the Financlal Repl)￿"n9 Standard applicablo in the UK and Ropubll¢ gf Iroland IFRS1021 leffoctive 1 January 20191. Since the Company qualifigs as small under section 382 of the Companies Act 2006, the Stralggic report required of medium and largé companies under the Companies Act 2006 (Strategic Report and Dlreclors, Report) Regulation8 2013 has been omrtted. ObJ•ctlvM and •ctlvltl Summ•ry of obJ•ctlY•• •nd •¢tlvltl••. There was no material change to tha association's pursuance of ils charitable objecllves during the year, which remain lo be 'lo encour8g8 and Impro￿ breeding. management and promotion of Sheep as a specie8 and a8 an 8cllvity in the UK and el#ewhere in pur8uiI of advancing education, health, heritag9. sclence, environmental proleclion and improvement and animal weffare for the public ben8fft'. NSA conlinut8 to lokg a broad interpretation of 'promotson of the aclivity. to en¢ompa#s the setting up of private and public dialoguè with th068 dlroctly involved in Bhegp faming INSA members, other sh88p famer$, •nGill#ry Service providers and agricultural organisalion6} and those who NSA believgs would benefit from better appreciatsng the conlributlon of $heep lo tho e¢onomy. health, environment and society (policymakers, opirbion influencer8 and the general publicl. The highlight of th¢ year for th080 direclty involved in the sheep 80clor was thè huge SU￿9sS of NSA Sh•ep 2024 and NSA Scol Sheep, which w•re héld in addition lo the usual calendar of evenl8, ram sale8 and rn9ional aclivilies. Coupled with written publication8, a strong onlinè presen￿, ongoing engagement wrth members and the NSA Next General￿n PfQgr8mme. the support and information offered lo the sector 8tr8ngth¢ned yet again over the year. Given the unprecedented paee of change 19 8gricultural Support in the lour nations of the UK, in addition to the impact of climato changg and increased risk ol mldge-borne di8ea8es, NSA once agaln 81gpped up lo the pl8t• lo educate and inform non-$h¢ep farmers about the unique role of 8heep in the UK countrysid8. A hlghlighl within this Wofk was the publication of the NSA Sustainability Report 'UK Sheep farming and the Sustainability 89gnd8' in coniunclion with the School of Sustainable Food & Faming al Hat￿r Adams Univ8r8ity. Thi8 report challeng88 ill-founded assumptions that sheep are bad fof the environment. bul also oulline$ areas whore famiefs need to lake additional action. It will eontinuè to be a key promotional tool for NSA lor several years and 18 influencing work done on this subject by others. NSA'S work continued lo benefit from the association being a UK-wide organisalion that understand¥ the dgvolv¢d nolure of agricultural policy, and that sheep f8Tming varies greatly in drfferenl regions, while also empha818ing the need for con8islency where p0881ble. b. Maln obJ•ctlv•• lor th• y••r. The addition81 detail behind the NSA'S charitable oblectives is a viston for an optimum and resilient UK sheep population that is inherently heatlhy and abl¢ lo cope wrth di8oaso and parasite challgnggs. Diverse in its structure, conlribuling to feeding and providing fibr¢ for an increasing global population, while adaptsng to th8 effects of and responding lo the challenges of climate change and sustainable land monagemenl. We see our reputation being enhanced by working in harmony with areas of public interesl - playing our part in mitigating global wamiing. improving our environmènt and ecology, •nhancing landscapes, wise and responsible resource u¥9. and protectin9 and creating culture and fural employmgnl. Our vision bs one of the people involved in keeping shèep being gnlhusia¥lic, kn¢)wlgdgeable and aspiring to best practice - and those not kgeping sheep increasingly aware of the core aspects of sheep Igrming and appreciative of the contribution sheep make to ￿cIety. Maximising membership numbers and the profile of and respect for NSA are critical to this. For 2024 thi8 has specificalty meant exploring and infomiing the difficult balance be￿een profitability. $u81ainabty land management and climate mitigation against a backdrop of huge policy change and the advert ol a new govemmènl. Intemally, rt has 0150 meant managing slgnificant change to the NSA property and investment portfolios and strengthening the NSA stsffing 81ruclurg ahead of s￿nIficant future change {more detail lalor). Page 3

MATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUAIIANTee) TRUSTEES, REPORT FOR THE YEAR ENDEO 31 DECEMBER 2024 Maln alms and •1gnlficant actlvltl•8 lor achl•vlrbg obJ•cllv••. The ability for NSA lo communicatè best practice to those involved in sheep famiing relios on strong membership numbers. This 1$ also vital in lemis of having a mandalg to promote relevant elgmenls of the $o¢lor lo policymakers, opinion influencers and the genèral public. AS thè number of UK sheep famièrs decreases. NSA has continued to woth hard lo attract and relain member8 - moaning the membership has fallen to a lar lesser extent than industry 3latsslu sh¢)w contraction of total Industry participants. NSA sheep events eolltinue to piovide a vrtal platform for NSA and service for sheep farmers and ancillary services. Wrthin the NSA biennial calendar of events, NSA Shgep 2024 and NSA Scol Shegp were hugely successful. They acted ay flagship evenl$ within a line￿P of Smaller regional meeting8, farm walks and olh¢r aclivllie$. The NSA Wales & Border Eady Ram Sale moved location, albwing il lo manage escalating costs while continuing to provide a service for pedigreg breeders and commercial buyers. It continue5 to be an important activity within the mix of six NSA ram sales. The concept of NSA F￿ld Days as a half-way point be￿een a large sheep event and a farm walk has continued lo be developad, with mare NSA rogions getting invofved and adding successful élemènts to tha eoncèpl. Coupling face-lo-face activity with a strong online offèring, particularly on social media, continues to be a strong model for NSA lo commLsnical• and maintain ils profile. The task of promoting sheep farming lo non-sheep farmers rolies on ¥8parate m8lhod6. including attgnding indu81ry stakeholder meetings. engaging in key policy di8CU88ions and filing consultation responses. NSA continues lo bo invited to engage and input lo an increasing number and range of meetings and forums. which empho$ises the o$1&8m ifi whi¢h the organi8ation Is hakl, and the quality of the wcM* done lo encourage and improve UK sheep farming. Press rel8ase8, public-facing infomation on the NSA web8ile and public-facing 80cial media posts also continue lo havo an important rol8. particulafly whan il com88 to topicg such as sheap worrying by dogs and promoting Love Lamb Week. d. Volunt••rn. NSA wouldn't bo what It Is whhoul the volunteers from within It8 membership who act as officeholders, sit on committee$, help al events, support the NSA Next Generalion initiatlvgs and selflessly

hare their time and expertise. Thè Tru$lées would like lo tak8 this opportunity lo thank them all, not least the

volunteerj who made NSA Sheep 2024 and NSA Scol Sheep possible. NSA pridos itjelf on being a gra88root8 organi88t4on and the incrèdiblè afforts of 118 volunteèr8 en8ure$ Il always remains Strongly anchored within 118 membership of sheep famier8. •. M•ln •ctlvltlM und•rtak•n to furth•r th• a••oclatlon'• purpo••¥ for th• publlc ben•flt. As outlined in the NSA vision for the sheep $oCtor. sheep famiing provides a plelhor8 01 public good$. As th¢ UK grapples wrth the best Use of the public pur8e, NSA'8 role 18 more than important than ever lo promote the contribution of sheep larming lo, amongst olhef things, food security. Suslainablg land management. nature recovery, climatè changè miligalion, tho onè•health agènda. animal w8lfaM, and public acce88 lo the outdoors. Inspiring UK sheep farmers lo be world leaders while surviving the seismic changes to farm support scheme$ is an ongoing challenge that NSA continue8 10 ombrace, continuin9 adapting and k￿pIng abTea¥l of policy shifts. In 2024. in addition lo NSA'S output. it also ventured for the first lime into making a th)nalion lo an exkernal cau89 that it felt was ¢lo$ely aligned with rts charitable objectives. NSA Cymrulwales Reglon gffted £60k to the We18h Veterinary Science Centre lo invest in new technology and be ab￿ lo deliver affordable disease screening to owners of UK sheep flocks. The decision was agreed al Board level. given ils close link lo NSA'S objeclives around sheep health ond the fa¢1 the Money wuld be donated wilhoul unduty affecting NSA'8 daY-l￿aY financ88 or net worth. Page 4

NATIONAL SHEEP ASSOCIATION (A COMPANY UMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Achhv•ffl•nts and p•rtormanc• . Maln achloVom•nts of tho •••o¢latlon High profile launch of the 'UK Sheep Farming and the Suslainabilty Agenda. report, followed by autumn and winlef activity lo ensure wide pick-up and acknowledgement. Eng898ment with the new government elected in Juty, the first Labour government in 14 years. to ensure good understanding by relevant mini8ler8 of thè public bènefbts delivered by Sheep farming. Continuous engggement with MPS acros8 the country to raise the human and bu$ines¥ co$1 of budget announ¢emonl8 and other de¢i$ions lacking in detail. Regular attendance at high level government meetings and contact with key polieymak8r8 and eivrf seThanls lo promote the role of 8he6p In all four UK n8tion$, porti¢ularty in relolion to farm suFport programme$. In England, succe861ul Influ8nc8 of the doci$lon to oxpand optkins undor tha Sustainable Farming initiative, add endemlc disease to the Animal Health & Wgmarg Pathway. and addross lack of SFI option$ for hill farmers. In Wales, successful influencé of th8 decision to rolhink elements of the Sustainable Famiing Scheme, particularfy the level of Complication and 10% Iree-plantsng target. In Scoll8nd, Juecè$sful Coordination wrth other agricultural Stakehold￿ to ensure consi8l•nt approach to future scheme de￿lOpMent. In Northern Ir&l•nd, increased profile of the lack of provision for 8heep In tha Sustainable Famiing Scheme in r8latSon to other live$lo¢k, and 8ucce88ful influence of DAERA to reconsider removal of fundin9 for m88di visna disea8e aecredilatlon. Successful inflLtenG¢ of the decis￿n to mandate sheep carcase cla88rfication and price reporting. Successful influence ol the decision lo revlew farm a￿UranCe in England, with the findings publi8hed in early 2025 includin9 many ol the concem8 raised by NSA in r¢¢¢nl ye¥r5. Successful influence ol the decision lo hold a Dartmoor Inqulry into ¢onfli¢l over land management in the national p8rt(- more on thi8 in th• #taffing SeCtK)n. Promotion of the risk lo sheep famiefs posèd by thè remov41 of agricultural property rolief, calling for higher exemption Ihr8¥hold and longer implementation period. Increased aw8mn889 of Ill•081 m•at importg, wrth more funding now allocated lo border chocks, p8rticularly at Dover-calais. Hlgh l•vel engagement in the UK response to the bluelongue outbroak, contribullng lo 90￿mmOn1 decis￿￿9 on reslrtclion zonos, Su￿•$¥ful communlcallng updates to membern, and influencing the fasl-tracking of vaccine licenung. Increased awareness of Schmallenberg di8ease and communlcalion to m•mb•r¥ •l)out the importance of submitting Samplès for 8naly$is. Contsnued activity around sheep vacane $hortage$. highlighting the n•ed lor sustainable supply and supporting members unable lo accgss dose8. Continued activity around control of sheep scab, particularly around finding solution8 to ongoing problems with dip disposal. Invofvem•nl in the Global Sheep Producers Forum, raising the global profile of the UK ond gxpanding membership to more countries - rnorg on the N•xt Generation element of Ihi8 below. Suceessful campaign in March 2024 to raise awareness of sheep worrying by dogs, plus $u¥taingd activity through the year and a famier survey launched in late 2024. L8unch of 'Graziers List. in October 2024. a match4naking servicg ft)r land owners and sheep grazier8. Influential involvement in vafiOUS resoarch projgcts, including.. Fabubus Fibre 12023-241, Breed for CH4ge 12023-251, Forag8 for CH4ge 12024-251, the Lamb Monitor Project {2023-261. Canine DNA Recovery 12024-261, Sheep Efficieney 12024-20251, Breeding Animals For Resi1￿nI Feet {2024-251 and Grassland Resilience fof Net Zero12024-2026). Expansion of the NSA Next Generation programme to include a new Sheep Sustsinabil Competition Ihekl al NSA Sheep 20241. a delggation of UK competrtors at the Intemational Young Sheph8rd Competition in France. and h¥0 NSA delegate$ attending the Global Sheep Producers Forum Next Generation Conference in Australia, in addition to existing activrtie$ induding the Ambassador programme, Wool Symposium and regional competition8. Page S

MATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Delivery of knvo NSA sheep events. six NSA ram sales and four NSA figld days, plus nine annual rogh)nal mgmbgrs. moeting and multiple iegional fami walks I meetings. b. K•y p•rfomianc• Indl¢atOf•. Ext•rnal. Economics. NSA considers the size and productivity of the nallonal flock to be th8 most accurate indiealor of the health and sustalnability of the sector. The number of UK sheep famiers continues lo reduce. but not at the rate feared when the UK exiled the EU and the 8ecurity of the Common Agricultural Policy. Prices paid lo she&p famiers for finished lamb8 were 8trong throughout 2024. The incraase In ¢onsumor price$ for olhor protein8 Inolably beef) megnt18mb was comparable, re8ulting in strong demand in the domestic and inlem8tional market for UK $heep meal. Ext•rn•l. H•alth. NSA continues to be 81 the forefront of inili8lives to increa88 the health of the national flock. The arrival of 'n¢w' dl$gases spread by midges Ibluetongue and Schmallenbergl and problems with vaccine supply lo protect sheep from 'old' diseases are not helping effort8 10 improve health. bul NSA'S work in these Iwo 8reas has been considerable in 2024, in addition to sustsined wort( around ic8b8rg diseasès and parasite managem8nt. NSA 16 very proud of Ihg high levels of awarenegs among NSA members and ils close relationship8 with SCOPS, RUMA, RHWG. SVS. Moredun, animal h•allh companies and others. Ext•m•l. Envlronm•nt. The publication of 'UK $h•ep familng ond th¢ $ustoinability agenda, was a mi1oBlone evonl lor NSA. Prgvious NSA reports have been well researched and full of ststislic8, bul thi8 one has the addéd weight of being written in ¢onjundion with 8 univ•rsty. The report commanded lot of respxt in 2024 and was circulated lo MP, policymakers, organisatlons with an anli-larming 8gen¢Ja and mof¢. 11 will Conlinug lo be a useful tool in NSA'S Wofk. due to ils ¢￿ar me88age about the mulli-faceled nature of su8tainability, the contribullon 8h••p 4lr•ady mak•, and th• ar•a$ whero more work is noeded. Ext•rnal. So¢l•ty. As above. the NSA Susl8inability Report has Strengthened NSA'8 existing work to highlight ltte conlfibution sheep farming makes to wlder society. The appreciation of the role of famity farm$ in¢ro•$ed in the latter part of 2024, wllh widespread public outcry about the government r•moving agricultural property roli8f. NSA maximisod thi$ opportunity lo highlight the wide range of public goods delivered by sheep farming and the particular valuo of mulligeneralional family farms. Activity by th6 currènt NSA Love Lamb Ambassador was al80 particularty strong in 2024, giving human face to NSA messages. Int•rn•l. M•mb•r•hlp. As referred to elsewhere in this r•port. m•mb•r8hlp decllne linkod to shrinking industry has been well-managed. There has beon an in¢r94$0 in the number of people holding joint NSA membership, demonslraling the value placed on having iwo people within a housèhold aceessing NSA benefi15. A tsvo-pgrt Gift Aid cgmp8ign lin Spring and winter 20241 wa8 very successful in increawng the amount of members glving p8miis8ion for NSA lo claim Gift AKI on thgir sub$¢riplion. Int•rn•l. A••ocl*tlon profll•. Many of the high-profile SLwsses of NSA in 2024 are listed in the prev¢ous section. NSA continues lo be regulady quoted in the agricultural press and to increase it$ following on Swial mgdia. The appointment of Phil Stocker. NSA Chief Executive, as the Independent Chair of the Dartmoor Land Uge Partnership {more detail 101grl has added lo this. The Dartmoor role is completely separate to Phil's NSA iole, but the creation of the post was something NSA has long b•?n campaigning for. Int•rnal. Flnancm. Following work in 2022 and 2023 10 identify ways to maximi50 the NSA Sheep Centre Ilhe site owned by NSA in Malvem, Worceslershirel, the sale of a property known as Firs Famihouse finalty complgted in July 2024. This byilding and garden at the far end of the Sheep Centre srte was sold lo the Three Counties Agricultural Society ITCASI and the dged included the relaxglion of ¢ov8nants placod on the whole site when NSA bought it from TCAS in 1988. The comblnation of thls and improvements made lo Tental propoty on the site has increased the sil• value. Work continues lo decide how lo best invest the proceeds of the sale back into the site, with an exten8ion and upgrade of the NSA office under discussion. This boost to the Property portFolio. Strong perforniance by the inve8thient portfolio, and ￿ profitab16 sheep evènts in 2024 have contributed lo a strong finanaal position (more detail lalerl. Page 6

NATIONAL SHEEP ASSOCIATION {A COMPANY UMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Int•rnal. Govomanc•. Work continued in 2024 to bring togalhor wrstten policies and procedures into single NSA Operating Manual. Huge improvements have beèn made lo the inductions givgn to new Trustees, regional managers and regional chairs. A risk a$s8$smont required by the new sexual harassment legislation was completed and work concluded in th8 first h8ff of 2025 10 implement polices for NSA staff. officeholders and volunteers and mitigate risk. Intemal. SL*ff. The additional five days holiday granlod to staff from 2024 onwards was w811 rec8ivod. Discussion around investrnenl in the office faulilies is similarty linked lo a dèsire to improve working condition¥. Considerable changes lo staffing in 2024 including the difficult deci8ion to make PO811ion fedund8nl {more dotail later) - hyve been m8naged ￿TefullY and continued lo be a key focu8 into 2025. c. R•vl•w ol actlvltlv. Strudure¥ pre in place for rogular reviows of activity. Two Trustees - the Chair and Troasurer- sil on the Senior Management Team with the NSA Chiel Executive and NSA Operotlons Dlwlor and ma81 règulady. This 18 in addition to quarterly Board meetings and regulady interim updates to Trusloes. Committees with do￿981•d responsibilities meet rfj9ularly. as do NSA regional committees. Forums are a180 facililalod for regionol managers and •venVram sale organi68M lo communieala and compare information. d. F•ctor• r•l•vanl to 4chl•v• oty•ctlvM. The commitmant ol 8laff Mom￿rI to k••p abr••$l of f491-p8ced policy changè, èver dgvoloping 1gchnologicg1 change, and the lale8t r08earch and innovation is vital. Oevelopmenl of the Staffing structure and empowèmènl of individua15 wfth the NSA Man8gem•nl Team has a¢hieved the de$ired objective of havlng more decisionmakers within the team and peopl6 mor• than capable of deputising for thè Chief Exe¢ullve on poli¢y and lethnical topics. Staffing in underpinned by deduted officeholders and committees members, en8uring NSA delivers ils obieclives. Fundrnl•lng actlvltl•• and Incom• g•n•ratlon. NSA continuès to $pra8d it$ risk by bringing in incomo from memborship subscriptions. sponsorship. event8, project funding and other sources, rather than relylng solely on one source. AJI incom8 8tr6•ms and 5ignfficanl 8xp8ndilurg wnlinue to be monitored Tegularly, bul there are no $1gnrf￿anI changes to report in relation lo 2024. NSA Shéep 2024 and NSA Seol Shagp wero l)oth tremendously 8ucc888ful from a financial point of viow. f. Inv••tm•nt pollcy and p•rfomiin¢•. Th• Inv••tm•nt portlolio increa8?d in 2024, due to th? ￿le of Fir8 Farmhouse completing in Juty and the proceeds being invested while deci&ions 3r8 madg on how lo reinvest tho money into tho NSA Sheep Centre 811e. Two additional NSA regions a180 fett able lo invest fundB in a way that would 8afeguard them for the fullbre and fund lon9er-lerms plans lo support young people in the sheep SOCtor. The bulk of the NSA Head Office investment 18 With Ralhbone8 and is on a medium risk tolefance with Ihg p•rforman¢e viewed in the mediumllong temi Ithree lo five-year cycle8}. Ralhbone8 ha8 the di8crelion lo manage the portlolio based on an investment policy agreed by Trusleos and this portlolio dKI particularly w811 in 2024. Performance of the Ralhbones portfolio and investments by NSA Head Office, NSA regions and NSA ram sale8 with CCLA and NFU Mutual were trad(ed in 2024 via quartedy report to the Board. Additional quarterly report$ were bank balances Iwith and without Illveslments included) and net worth. Throughout 2024 thè organisation continued to take slops lo reduco funds held in high street bank$ over and abDve the £85k per in8lrtulion prolectlon Ilmit of the Financi81 Servicès Comp8n¥otion Scheme. Thi$ risk has been reducgd but i¥ still prosent. Trusteos are continuing to lake mitKJating slep8 and also monitor the proposal to increa8e the £85k threshold lo £125k. Pa9& 7

NATIONAL SHEEP ASSOCIATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Fln•ncl•l r•vlow Ov•r¥hw. The financial position at the end of 2024 shows an increase over 2023, with tho total do¥ing reserves at £2,345.072 12023.. £2.103,3571, an increase in fvnd¥ of 11.5%. The increase of £241,715 {as shown on page 161 comprises three elements. The first is an operating loss of £17,327, which is after th& provision of spocial projeel funding by NSA Cymruwales Region in the form of a donation to the Welsh Veterinary Science Centre of £60,000. For comparison purposes the regular operatr'ng contribution for the yeaf 18 £42,673. The second element is an increase in inve8tsnen18 of £105,784. The third is the gain from the revaluation of fixed as8e18 of £153,258, largely re$ulling from the 8810 of Firs Farmhouse and the easing of covenants held over the re81 of the sile. This financial perfomianc6 provide$ o $g¢ure basi8 for managing thg varying cashflows that result from the knvo-yfjar of evgnts. The annual regular operating contribution has 8veragod £64,320 over th& hvowyear cyde of 2023 and 2024. This provides a ¥ound ba515 lof SUPPOrting the varied activities of NSA across the coming years. NSA maintained a fiexible balanco batweén investments and working caprtal, as shown on pagè 17. NSA ha$ • number of strong income streams. including membership subscriptions and events. but is not solely reliant on aithor to support its activi￿5. This income Spread is illustrated on pag88 25 and 26 ond in th• sUPPOrting noles. b. Golng eon¢•m. NSA has neither the intention or the need to ce88e its work or slgnlficanlly reduce the scale of 118 work. The long-term vlability of NSA 1$ something the NSA Tru¥lees regularly consider. supported by inpLtI gnd infom181ion provKled by the Senlor Management Team and other $t8ff m•mbor¥. Thi8 includes quarterty updat86 on financial KPIS. a bionnual review of the NSA Ri8k Register and working lo ￿0-year budgets wherever possible. NSA continue8 to operate with divèr88 income slT8am8 meaning, while il remains a membership organisalion. with Membership subscriptions al ts core, il is not feliant on solely this income. Income from spon80r8hip. advertising and Irado show5 rgmain$ Steady across the organisalion, as well as money from exiernally funded resegrch piojecls and from variou8 investment portloli08. Should in¢om• fo11 below our projections, NSA has r•s8rves which can be drawn on rf required. c. R•¥•rvM pollcy. The reserve8 pollcy for NSA ¢ontinu¢$ to b¢ lo hokl $ufflcient free resefves at NSA Head Office lo cover morg than one month's 88lary costs, lor NSA ram sale8 to be ¢qulval•nt lo 12 months of expenditure, and for NSA f8gion8 to be equivalgnl 10 24 months of expenditure, as these are the p8riod8 behveen the major fundiaising events where Income Is generated. d. Inv••tm•nl pollcy. The investment policy for NSA ¢ontinue5 to bo for fvnds not needed for cashllow lo be held in inler6s14eneraling accounts that can be accessed al faidy 8hort notice (under a weekl. Funds ov•r and above this are invested with a moré long-lemi view with the inlgnlion of generatsng a yield for NSA to ontribut? lo its daY-l￿daY activities or, for NSA region8, contribute lo less froqu•nl sland-along acliviknes, such as for the b8nefil of young people in the 8he•p Sector. •. Prfn¢lp•l rl•k• and unc•rtlntl••. The Tru$teg8 revw the NSA Risk A88e8smenl & Register at every other Board meeting (i.e. ts¥ice per yearl and are updated on steps taken by NSA employees lo miligote risks ¢nlified in the regi6ler. One risk that reduced during the year was rellanee on individual Staff members la$ additional 81eps have baèn taken lo ensure no single per80n $8 indispensable) and one that increased was keeping pacx wrth changing employment law and ￿gI61t￿n (highl￿hling tho need for NSA to keep taking ¢xtèrnal advieel. f. Fundral•lng pollcy. NSA does nol use professional fundraisers and does not fundraise through publi appeals. 11 did r￿1 r8ceive any ￿MplaInts al)oul fundraising activitses in 2024. NSA does provide the facility for indivvjuals to make donations via the website, but this was not utili¥•d in 2024. Page 8

NATIONAL SHEEP ASSOCIATION (A COMPANY UMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YeAR ENDED 31 DECEMBER 2024 P￿nCIpal fundlng. Membership subseriplions remain the most important funding stream tsusl below 50% of total incomel bLtI a commitment lo not being reliant on a single Ineome stream means fundin9 comes via corporate spon$or¥hip packages. busine$s-to-bu$iness trade events, advertising sales. grant funding for re8earch projects, the HMRC Gffi Aid Claim, rental income from buildings on the NSA Sheep Centre, and interost from investments. All events and activi1188 have budgets prepared in advance having regard to risks. The content and sponsor$ of events are choyon by committees to be appropriata to the aims ol the association. There are financial contro18 in place to ￿d￿¢0 the risk ol fraud and financio11088. There 1$ regular lialson and reporting belween regions. ram sal85 and head office lo monitor fundraising a¢tivitie$. NSA occasionally reeeives legacies but, duo to not kn¢)wing about these in advance. does not rely on this as an income stream or make assumpts'ons about lega￿e$ in annual budget. A singlo 18gacy of £16k was received in late 2024. 8tru¢tur•p gov•rn•nc• and manaq•m•nt . Conltltutlon. Durlng 2024 NSA w83 8 Company Llmtt•d by Guarantee govemed by its Memorandum and Artlcles ol Asso¢i8tson dated 21 $1 December 1892 and most recently amènded al thé 2015 AGM lo allow for current governance. NSA is registered a8 a Private Company Llmiled by Guarantee without share capital and IB o Registered Charity. In the event of the a880Ci8tion being wound up members may be required lo contribute a sum not excgodlng £1. The pl8n lo take a propo8ed change lo the Articles of A88ociatson to the AGM in August 2024 did not go ahead Idue lo lack of lime to inforn members of the special resolution) so will be token to the August 2025 AGM - lo provide clarity on the role ol th8 Chaif and crèate provision for a Vicg Cttair lo be •l•cl•d in the lnal y•ar of tho Choir's throtry•ar term. b. M•thod• of ppolntm•nt or •l•¢tlon of TN•t•••. There were 17 Tfusloe8, who are al80 director8 for the Purpo￿ of company law. who Served durlng 2024. In January 2024 Dan Phipps reached the end of his three- year term 8$ NSA Chair. The Trustees elected Peter Delbridge, a Tru81ee of slx years, standing, 89 his successor. In May 2023 three Trustee$ re•¢h•d the end of their Second Ihr•e-year lernis Henry Dunn, Pelar Myles and Tim W8rd. Four new Tfu8tee8 were elected al Ihis lime. lo replace the thrèe relirè¢s and the vacancy created by Peter Delbridgè when he stepped up lo the position of Chair. These were Mike Credland, Dtsb¥ Colley. Peter Derryman and Paul Wozencraft. In August 2024 NSA TfU8tee and friend Charl99 Sercombe p868ed away. Givan Charles, exiensivo ne￿orK and numerous industry roles, this hu98 108s was fell by NSA and throughout the UK sheep sector. Thè NSA Board ¢)perated with 13 Trustees rather than 14 from August 2024 to May 2025. Behveen the end of the financial year and the production of thi8 rgport. one Trustee reached the end of their 8ix-year tèmi, and another declined the option to do a second three-year lèmi. Alan Alderson and Jonny Farmer, plus the vacancy left by Charles S6rcombo, w•r8 filled in May 2025 by Ea￿ard Adam80n, James Bickerton and James Raine. Trustee nominations and appoinlm•nl$ are a8 per the Articles of Association. When a Trustee is appointed, they are infomied of their responsibilities and dutses as a Trustee Director and given copies of Chanty Commission guidance and NSA printed information. An induclion session is also provided, to give the Tfuslee an in4epth understsnding of the NSA structure and CViration8 from tho outset. Organl••llonal •trnctur• and d•cl•lon4n•klng pollcl•8. The Trustso Directors administer the Charsty and Company. There are a minimum of four Board meetings each year, plus additional information and updat88 shared digitally in be￿een. The Trustees de￿gale responsibility lo the NSA Finance Scrutiny Committee and the NSA UK Poly & Technical Committee. Each of the devolvèd nations has its own committee, gs well 8$ six regional committees in England feeding into the NSA Engli8h Committeé. The Chief Executive manages the day-lTrday opgrats"on$. having regard lo the decisions of the Board. This in unchanged from previous years. Page 9

NATIONAL SHEEP ASSOCIATION {A COMPANY UMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDEO 31 DECEMBER 2024 d. Manag•m•nt and •taff In 2024. The year started with 14 employeos lfivg individuals working fvll-lime, seven part-lime and on zero hours contraclsl but a clear instruction from the Board to fill a newly created, fulklime position of NSA Assistant lo the Chief ExeculNe. This role, lo ensure the Chief Executsve was able lo Use hi8 tsme and expertise most effeelivety. was filled in April 2024 and immediately made a positive impact on work51rgams. Around the same time th& incumbent Digitsl C¢Jmmunicalion8 Officer left NS4 for a different company within the a9ricullural 8¢¢tor and a replacement was recNiled. They delivered important work for NSA over the following months bul decided thè role was not for them and resigned in Oecember 2024, being 8uece8sfully roplaced onty few weeks into 2025. After sevoral months of the NSA Northern Ireland Region Developmènt Officer expressing a wish to reliro. the model of hwn providing service5 to NSA as a sew- employed Contractor was revi•wed and a new, part-lime, •mployed role crèated in Northern Iraland instead. This was succes8fully filled in September 20204 and a six-weok Iransitson Pofiod implemented. The NSA Policy Man8ger accepted a role elsewhere in the agricultural sector and resigned in Decgmber 2024. A $uilabl8 ¢andidate was quickty identrfied bul was not able lo start until April 2025 due lo a long notice period wrth his current employer. Thèse Changes in Staffing wer8 all fairfy minor compared lo some drfficull and signlficant decislons made in the autumn of 2024. In r¢¥ponse lo ongoing divergence of opinions betsveen famars and other groups with specific interests, particularty In national parks, NSA has long been promotlng the concept of18nd use groups with independent chairs for Ih66e 8rea6. Dafra agreed to pilot this concept in tho Dartrnoor Natsonal Park following the Fur8don Review, and Phll St¢xkèr, NSA Chief Executive, was offered and acceptèd the role In 2024. In order for Phil lo lakg this role Ireducing his NSA hours to 3.5 days per weekl and relieve already èxi81ing pre8sure on staff m¢mbgrs dolivoring policy and technical work, the diffieull dèci8ion was taken lo create an additional outreach role within tho 10am and make an existing administrative role redundant. The position of NSA As#ociation Manager wa¥ mad8 redundant in O¢lober 0$ the result of a restfu￿ur8 that allowed Phil lo redJce his NSA hours l accept the Dartmoor rolg. The new p0811ion of NSA Technical Communi￿110n$ Officer w88 created and 8ub8equenlly filled, in February 2025, and18 working well. Administrative dull88 have been redistdbuled among8t th• 18am. Pay pollcy lor k•y man•g•m•nt p•rnonn•l. The Senior Management Team discu8se¥ individual salarie8 and proposes a total salary figurfj to Trustegs wrthin the annual budget. The Chair and Treasurer, who form part of that Senior Management Team, providè an annual appraisgl for the Chief Executi￿. All other staff m•mb¢r$ go through an appraisol process wth their line manager. which helps infomi decislons about th staffing structure and salarie8. Budget dls¢u$sion$ in 18le 2023 agreed 8 minimum of 3% pay increase for staff in e8rly 2024, plus a five4ay increa88 in the basic holiday allowance from 20 days lo 25 pgr yo8r. Salary dlscussions in 18te 2024 agraed a minimum of 2% pay increase in early 2025, in addllion to the Increase in employer national insurance contnbutions. l. R•l•t•d party rnlatlon•hlp•. 08tails ol related paty Iran$a¢lion$ ar• dglailod in nolo 29 of the Finance Stalemenl. There were no Iran8aclions where a per￿n or close membgr of that pgrson's family had signfficanl control. There were transactions with third parties with a link lo an NSA Trustee, bul these were all in pursuit of NSA'S Chantab￿ objectives. Income as on a par with 2023 and is mainty sponsorship received from companies and breed societie¥ whefg NSA Trustees al80 8rt on management boards. Expenditure was considerabty more than 2024 due to the decision by NSA Cymrulwabs Region to make a donalion to the Welsh Vel8lln8ry Science Centre las detailed in the 'Objective8 and aclivits"es' part of this report) and the WVSC havlng an NSA TN8108 on their t¥Jok8 as a contraclor. The donation was not influenced by th18 Ilnk. g. Flnanell rl*k manag•rn•nL Finances are a specrfic section within the NSA Risk A88e88m8nl & Reg16tér. Trustees track financial KPIS (bank balarkces, investsnent performance and net worthl and compare the budget to quartedy actLtals. In addition, 51aff meet regularly lo discuss major Incomo streams, including mgmber¥hip recruitment and relenh'on. financial tasks le.g. debt chasingl, project management and commercial opportunities. Two large events NSA Sheep 2024 and NSA Scol Sheep were managed r8fulty lo maximise Ihe profft margins generated. Improvement5 We￿ made to the way invostmenls are tracked, with the decision to pul funds not ne8d•d for short peiiods of time into accounts that 9enerale interest. laken in a way that spreads risk across different financial instilulions. Page 10

NATIONAL SHEEP ASSOCIATION IA COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 h. Tru8t•o8' Indèmnltlej. Each member of NSA, including the Trustees, undertakes to eonlributa lo Ihg assets of the company in the event of rt being wound up while they ale a member. or within one year after they céase to bg a member, such amount a8 may be required not exceeding £1 for the debts and liability contracted before they ¢oa$e lo ba a member. The Trustees, Report, incorporating a strategic report. was approved by order of tho Board of Trustges, as tho company directors. and signed on ils b8half by.. D•¥ld Gr•gory Treasure P•t•r O•lbrfdg• Chair Dale.. Page 11

NATIONAL SHEEP ASSOCIATION {A COMPANY UMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NATIONAL SHEEP ASSOCIATION OPINION W8 have audited the financial statements of Natwjnal Shgop ASS￿latIon Ilhe 'charrtable eompanll for the year ended 310ecember 2024 which comprisè the Statement of financial actiwtiès, the Balance sh991. the Stalomenl of cash flows and the related notes, including a summary of $ignifi¢anl accounting polic￿¥. Th& financial porting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclieel. In our opinlon the fin•n¢ial slalemenls.. give a Iruo and fair view of the slate of the charitable compan15 affairs as al 31 December 2024 and of its incoming resource5 and application of resources. including its income and expendrture lor the year then ¢rKl¢d.' havè been property prepared in accordance with Unlted Klngdom G•n•ralty Accepted Accounting Pracli¢e'. and havé been prepared in accordarKe with tho requirements of tho Cory)anie6 Act 2008, Charlties Act 2011. the Chgrities and Truslee Investment {Scotlandl Act 2¢X15 and regulats'on 8 of the Charities Accoun18 Iswtlandl Regulations 2006. BASIS FOR OPINION We conducted our audrt in a¢¢ord•nce vMth Inlemalional Standard8 on Auditing IUKI (ISA¥ IUKII and applicabl8 law. Our responsibiliti•$ under those standards are further d88crib8d in tho Auditors, respon8ibililies fof the audll of thé financial $lalemenls section of our report. W• are indep8ndgnl of the charitable company in accordanco with the ethical requirement8 that are le￿vant to our audit ol the financial •latem8n18 in the Unrtèd Kingdom. including the Financial Reporting Council's Ethi￿1 Standard, and we have fulfilled our oth¢r ethical responsibilst188 in accordanc6 with these regulrement5. W8 be1k1￿ that the audit evidence w• havg obtsined 18 iufficiènt #nd appropriate lo prov¢de a ba618 for our opinion. CONCLU310NS RELATING TO GOING CONCERN In auditlng the financial 8lalement8, we have concluded that the Tru8t•e•' use ol the going concèm basi$ of accountlng in the preparatlon of th• financial 8lalemenl8 Is appropriate. Based on the work we have ￿rtornied, we have not idonlified any material uncertainties felaling lo events or condition5 that, Indiv￿ju81IY or collectivety, may cast Signifi￿nI doubt on the charrtable companrf8 atslty to continue as a going concem for a peritsj of at least twgfvg months from when the finèncièl statements or• authorised for Issue. Our re5ponsibili11gs and the responsibilitVJ8 of the TnJ81e88 th rospert to going concern are d08crlbed in tho relevant Jeclion8 of this report. OTHER INFORMATION The other information comprises the Info￿natIon included In the Annual rewt other than tha financial slalemen18 and our Audftors. report Ihereon. The Trustees are resp¢Jfisible for the olhef infomialion contained wlhin th8 Annual ￿port. Our opinion on the financial statements does not ￿Ve( the other information and, except to the extent otheThvi$e explieilly slated in our report, we do not express any fom of a95urance conclusion Iheroon. Our re8ponsibilty is lo read the other infomiation and. in doing so, consider whether thg other inlormation 1$ malgfially inconsistent with the financial statements or our knovledge obtained in the course of the audrt, or othgrwiso appears lo be materially misstated. If we identify such material inconsistencies or apparent materval misstalemenls, we are required to deterrnine wholhor this gives nse lo a material misslalement in the financial stslements them5efves. If, ba$ed on the work we have perfomied, we conclude that thgre is a material misstatement of this othor infwmation, we ale required to report that fact. We have nothin9 to report in this ffjgard. Page 12

NATIONAL SHEEP ASSOCIATION IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NATIONAL SHEEP ASSOCIATION ICONTINUEDI CPINION ON OTHER MArrERS PRESCR18ED BY THE COMPANIES ACT 2006 In our cpinion, based on tho work undertaken in the cour8e of thè audrt.. the information given in the Trustees. Report for the financlal year for sthi¢h the financial slalemenls are prepared 18 con81Stent wrth the financial ststemenl8. the Trustees, Report has bsen prepared in accrdance with applicable legal r8quirgmonts. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the ch8rit8ble wmpany and its environm•nt Jbtained in th• courne of tho audrt, we have not id&nlbfied material mi95Litement$ in the Trustees, Report. W? have nothing lo report In respect of the followng matter8 in réL8llon to bthich Comp•nw Act 2CC6 and the CharrtK*8 Account8 (Scollandl Regulations 2006 las 8mendedl foquire u¥ to report lo you ￿1, in our opinion.. adequate accounting r¢¢ord$ have not been kept, or re￿m# adequate for our audrt have not been received from branehey not visited by us.. or th6 financial slatemenlB are not in agieemenl wrth the accounllng r¢¢ords and returns; or certain disclosur0$ of Twslees, remuneral￿n 8P8cifled by law are not made., or we have not received all the infofmation and explanations we require for our audit., or the Tru8tfjg8 were not enlrtled lo prepare the financial Stat￿￿&nt¥ in accordance wth the 8m811 companie8 regime and tok• advantage of the small companlè$' ¢xemption6 in preparing the Tru81ee8' Report and from th8 requirèment to Pfepare a strateg￿ Report. ReSPONSI8IUTIES OF TRUSTEES As explained more ful￿ in thg Trustees, fe8ponsibililie6 8talemont, the Tru$lee8 (who are also the dlrector8 of th8 charitabl8 eompony for th• purpose$ of company I￿) arg responsible for the preparation ol the finan¢ial ytatemenls 8nd for being sa118fied that Ih6y give a true and fair view, and for such internal control as th8 Trustees determine 18 nec888ary lo enabh the preparation ol financial 8lal8mèntJ that •r• fre• from material misstatement, wh8lh6r due lo fraud or error. In préparing the ffinanci•l statements, the Truste•8 art rgynsible for assessing Ihe charitabl8 companV$ abilty to continue as a going concern, disc105ing, a$ applicable, matters related to going conc8fn and UBing Ihg going concern basls of accounting unl9$3 Ihg Trustees erther intend to liquidgt? Ihg charitable company or to cease operations. or have no realist￿ amernative but lo do so. AUDrroRs' RESPONSIBiullES FOR THE AUDIT OF THE FINANCIAL STATEMENT8 We have been appointed as auditor under section 4411 Ilcl of the Charitie$ and Twslee Investment IScolland} Act 2005 and undèr the Companies Act 2006 and report in accordance with the Act and Ye￿vant regulations made or having gffect theTeunder. Our obje¢tNes aro lo obtain rea50nab￿ assurance about whthr the finanGial statements as a Who￿ are free from matenal mi5slalom•nl, whether due lo fraud or error. and to issue an Audilors. report that includas our opinion. Reasonable assurance is a hKJh level of as$uran¢o, but 1$ not a guarantee that an audit wnducled in accordance with ISAS IUKI will aKvays deled a material misslalement when it exi$l$. Misstalgmonls can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonab￿ be expected lo influence the e￿noMiC decisions of user8 taken on the basis ol Ihese financial stat￿ents. Page 13

NATIONAL SHEEP ASSOCIATION IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NATIONAL SHEEP ASSOCIATION IcopmNUEDI Irregularities, including fraud, are instances of n¢)n<omplianee with laws and regulations. We design procedures in line with our fesponsibililies, outlined above, lo deted malellal misstatements in respect of irregularities, including fraud. The oxtenl lo %thi¢h Our proceilures are capable of detecting Irre9￿ants, Including fraud is dgtsilgd bgknv.. Wè havo ¢on$idered the nalure of the industry and 8ector. control ￿VirOnMent and the Chartys perfomiance; We have ¢on$idered the results of our enquiries of management and the Trustéès in relation to their own idèntification and assessment ol the risk of irregularitie8 For any matters I￿nt￿le￿ we have obtained and reviewad the Charty$ doGumgntats'¢)n of their polKie8 and procedure8 relating lo", ldenti￿.ng, evaluating ar￿ complying with Im and regul•lion$ whether they ￿Te aware of any instances of non-ccmpliance., Deleth'ng and re8ponding to th• rlsk of Iraud and wholher they have kn(Mlodg• of actual, suspect•d or alloged fraud." and The inlemal contro18 aStabli8h8d to mitigate tho d$k$ of fraud or nonrycompliance with laws and regulations. We have con8idered the matters dl•¢u¥wl among the 8udlt engym•nl l•am rngarding how and wher fraud might occur In the ffinancl81 sl8l•m•nls and potenti81 indicators of fraud. AJ 8 r•8uh of these procedures. we considered the opportuniti88 and Incentive8 that may exist within the organl8alion for fraud, which Included incorrect ￿ognitIOn of revgnug and managemet override of controls using manual joumal entries. In common with 411 audit8 under ISA$ IUKI, we are also required lo perfom specific procadure8 lo rèspond to the risk of monaggm•nl override. Wè havo obtaingd an underntanding of Ihe legal and regulatory Iramework8 th81 thè Chanty operates in, focusing on provisions of those law8 and regulallons that had a direct affect on the determination of materiol amounts and disclosures in the financial sla1omenl$. Th¢ key laws and regulations we con8idergd in thi8 context Included th8 Charit￿$ Act 2011, Charty SORP 2019, FRS102 and the terms and condrtions attaching lo material grant¥ r•¢ofvéd by tho Charity. In addit￿n. we congidered provi8ions of other laws and r•gulalion$ that do not have a dirfjrt gffect on the finanual slalements bul complianee wi(h which may be fundament81 to the Ch8rty's ability lo operate or lo avoid a material penaty. These included the HeaAh & Social Carg Act. dola proledion regulalions, heatth and safety regulations, employment ltsgi$lion. the Code of Fundraising Practice and gamblin9 i8lalion. Our pr￿•dureS lo r•spond lo the risks idenlffjed included the following.. Roviewing the financial statement disclosures and lesling to supporting documentation lo a88e88 e4implian with provision$ of r•lovant laws and regulation8 descrlbed as hawn9 a direct 8ffgct on tho finan¢i•l $tatemonl$'. Parforning analytbcal procedures to Klenlify any unusual or urxpected relationships that may indicate rl8ks of material misstatement due lo fraud., Reviowing minutes of Trustee meetings., Enquifing of Trustees and management conceming actual and polentlal litigation and ¢laim8', Performing detailed transactional lesling in relation lo the recognitk)n of income, $pe¢rfko1ty grants and 1ogaGies, with a particulaf focus around yearryend cut off.. In addr888ing the risk of fraud through fflanagemgnt oveTnd8 of controls, le81ing Ihe appropdatene88 of loumal entries and other adjustments.. assessing whether the judgement5 made in making accounting estimates are indicative of a polenlial bias and evaluating the busine$8 ration819 of any ¥ignrfiunl transactions that are unusual or outside the nomial course of business. We also communicated relevant Lgws and regulations and potenllal fraud risks to all engagem¢nl team members and remained alert lo any indication8 of fraud or non4ompliance with law5 and regulations throughoul the audit. Page 14

NATIONAL SHEEP ASSoc￿￿ON IA COMPANY UMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NATIONAL SHEEP A88OCIATION ICOPMNUEDI As a resum of the inherent llnilalions ol an audrt. the￿ is a risk that not all irregularities, including a malorial misslalement in financial statements or nonwcompliance with regulation. will be delecled by us, The risk increases the further removed compliance with a law and regulation is from the events and tran8aetions refiecled in the financial slalemenls. given we will be less likely lo be aware of k. or should the irregulanty occur as a result of fraud rather than a one-off error, as this may involve inlgnlional concealment, forgery. collusion. omission or misreprasentation. A further de8criplion of OUT re8ponsibiliti8s for the audit of the financial slatèmenls is loealed on the Financial Reporting Counrjfs website at.. This de8criplvJn fornis part of otsr Audrtors, report. USE OF OUR REPORT Thi8 report is mad8 solety lo the charitable companls Irusloos, as a bc*Jy. in accordance with Chapter 3 of Part 16 of the Companies A¢1 2006, and lo the charitable compan¥s twstee8, a8 8 body, in accordance wrth rggulalion 10 of the Charities Accounts Iscollandl Regulalions 20C6. Our audrt WO￿ ho8 been Ltndert8kèn $0 that we might slate lo the charrtablo companws Iruslees and Truste83 those mgtters we ore required to stale lo them in an Audrtors, report and for no othèr purpose. To the full•8t extonl pemiittgd by law, we do not accept or a$8ume responsibilty lo anyono other than the charitable company and ts members, as a body, for our audit wo￿, for this report, or for th• opinion5 we have formed. /fva Andrgw Wood FCCA IS•nlor •latutory •udltorl for and on behalf of Bl•hop Fl•mlng LLP Chartared A¢¢ounlanl$ Stalulory Auditors 14 College Yard Worcester WR12LB Date.. 4 September 2025 Bish¢w Flemlng LLP are eligible to act as auditor8 in term8 of Sectlon 1212 01 the Corrpanies Act 2006. Pag¢ 15

NATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEEI STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2024 Unrnstrlct•d funds 2024 R•¥trict funds 2024 Total lunds 2024 Tot funds 2023 Income Irom: Donationg and legaci08 Charrtable activrties Other trading aclfvitl•$ Investments Other income 33.517 644,514 551,444 57,404 9.125 33.517 668,160 551,444 67,404 9,126 71,794 684,274 Y4,805 50,582 23,838 Total Income 1,296,004 23,636 1,319,640 1,361,099 EXpondI￿rI on: Charitable adivrti88 1,323.523 13.444 1,336.967 1,275,133 Total •xpendltur• 1.323.523 13.444 1,336.967 1,275,133 Net {oxpondllurnylncom• b•for• n•t galns on In¥￿thi•￿t$ Not gains on inve$tmenl8 127.5191 106,784 10,192 117.3271 105,784 85,986 59,523 Net Income Transfers be￿e•n fund8 78,260 66,942 10,192 155.9421 88.457 145.489 21 Not movemènt In fund• b•for• other r•cognh•d gal￿￿<10$••*￿ 134.207 146,7501 18.467 145,489 Oth•r rnGognl••d gaIn￿(lO•S￿}. Gainslllossesl on revaluat￿n of fixed a8sel8 153.268 163.268 {35,0001 N•t mov•m•Tht In fundj 287,465 145.7501 241,715 110,489 R•conclll•tlon of fvndj: Total funds brought forward Nel movement in funds 2,046.230 287.465 57,127 145.750} 2.103.367 241.71S 1,992,868 110,489 Total funds c•rrl•d forw•nl 2,333,695 11,377 2.345,072 2,103.357 The Statement of Financial Actiwties includes all gains and low4es recogniged in the year. The notes on pages 20 10 43 forrn part of these finaneial slatemenls. Pagg 16

NATIONAL SHEEP ASSOCIATION {A COMPANY UMITED BY GUARANTEEI REGISTERED NUM8ER:00037818 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Flxed ass•ts Intangible assets Tangible assets Investments Investment propety 14 20.902 114.319 1,S18,901 447.000 10,966 187,067 1,111,340 455,000 15 17 18 2,101,122 1,764,373 Currnnt u8et• Stocks D•blors Cash at bank and in hand 18 19 2,826 17S.281 443,228 2,924 112,842 473,597 621,334 589.363 Cr•ditors.' •mounts faHiTrg due within one year 20 1377,384) 1250,379) N•t ¢Ufrnnt ••••ts 243,900 338,984 Totsl ••••ts IM• ¢urr•nt Il•bllltl•g 2,346,072 2,103,357 Total n•t a•uts 2,345.072 2,103,357 Charlty lund• Roslricted funds Unre8lricttd fund8 21 21 11,377 1333,696 57,127 2,046,230 Total lunds 2,345,072 2,103,357 Page 17

NATIONAL SHEEP ASSOCIATION {A COMPANY UMITED BY GUARANTEEI REGISTERED NUM8ER..00037818 BALANCE SHEET ICONTINveD} AS AT 31 DECEMBER 2024 Thg entity was entthed lo oxemption from audi( under section 477 of the Companies kt 2006. The members have not required the entrty lo obtain an audrt for the year in question in accordance with section 476 of the Cornpanies Act 20C6. However, an audrt is required in accordance with sedion 144 of the Charrties Act 2011 and seclion 4411llcl of the Charth'ès arKI Trustee Investment IScoll8ndl Act 2005. The Trustees acknowl8dge their re8ponsibililie8 for comptying with tha requirgmenls of the Act with respect lo accountin9 record8 8nd prepar8tion ol financ￿1 stgtements. The financial slalemonls have been prepared in pLccfdance wth th8 provisions applicablg lo enlilies subjgct lo the small companies regime. The financial $tsl¢m¢nls were approve(l and aulhorised for issue by the Trustees and 8lgned on thelr behalf by.. Mr D Greg Treasurer Mr P D•lbrldgo Chair Dele.. Th• not•$ on page5 20 10 43 form part of these finarKial $lalemenls. Page 18

NATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEEI STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 310ECEM8ER 2024 2024 2023 Noto Cash Ilows from op•ratlng •ctlvltlo8 Net cash used in operating activrti6s 24 11,605 {27.286} Cash flows from Inv•stlng actlvlll Dividends, inleiesls and rents from fixed a88et investments Purchasès of fixed as58ls Procood$ from the salgs ol fixed asset investments Pu￿has0 of fixed asset inve8lment8 Proceeds from thè salés ol fixèd asset inv8slm8nl property B7.4114 50,582 132.0651 139,0261 210.000 61,000 1607.3131 1160,0001 230.0110 Not ¢•8h u••d In In¥Mtlng actlvlti 141,9741 187,444} Chingo ID ¢Mh and cash •qul¥al•nts In th• y•ar Cash and cash equiv81enl8 at the beginning of thè yeaf 130,3691 (114,730) 473.697 588,327 Cash and ca•h •qulv•l•nts at tho •nd of th• y•ar 25 443,228 473,597 The notes on pages 20 to 43 fo￿ part ofthgse financial 81aleman18 Page 19

NATIONAL SHEEP ASSOCIAlloN IA COMPANY UMITED BY GUARANTEEI MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 OECEMBER 2024 GENERAL INFORMATION National Sheep ASs￿latIon is a private charitable company limited by guarantee incorporated in EngL4nd and Wales. The fegislwed office is The Sheep Cenlre, 81ackmore Paik Road, Mafvern. Worcestershire. WR13 6PH. ACCOUNTING POUCIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS Tho financial statemgnls have been prepared in accordance wrth tho Ch8ntio8 SORP {FRS 1021- Accounting and Rgporting by chaIrt￿8.. Slalemenl of Recommendod Pfadice applicable to charrtKJs preparing Ihthr accounts in accordancè wrth thè Financial Reporting Standaid applicable in the UK and Republie of I￿land IFRS 102118ffe¢livg 1 January 20191. the Financial Reporting Star￿ard appli¢abb In the UK and Republic of Ireland IFRS 1021 aThl the Compan￿$ A¢1 2006. National Sheep Associalion maels the dèfinition of a public bgnefft entty under FRS 102. A88ets and liabilities are Init￿1￿ recognised at hi$lori¢•l ¢0st or Iran&iction value unless otherwise statéd in the relevant accounting policy. The financial statements are prepared in 8terting, which 1$ th• fvr*lional currency ol the chanty. Monetary amount8 in thesè financial slalamenls ar8 rounded lo the near88t £. Thè financial stalemanly have be•n prepared under the historical cost conv8nlion, modrfiod lo In¢lud¢ the revaluation of fr••hold properties and to include In￿StmentS properties and certain financial instruments al fair value. The principal accounting poliela$ adopted are set OLrt below. 2.2 GOING CONCERN NSA h45 nerther the intention or the need lo cease work or signrficanlly reducg the scale of its work. The long-lerm viability of NSA is somethin9 the NSA TnJ$tee$ and staff regulady consider, wrth risks and potential risks lo th8 agsocialion discussed on a regular basis and expendrture and income across the entire asssxialion ¢losely monitored. NSA works ttard to ensuie membarship subseriplions remain as slab¢e a5 poswble, even in the lace of continued con801Klalion of sheep farming bu$inesso$ Wrthin the UK. NSA also ensures it is r)ot reliant on membership subscriptions aklne, also drawng lunds from Sponsorship, advertising, bu$ine$s-lo-business trade events, online evenl8, exlem811y funded projects and other inwme streams. Should income fall beknv our proJection8, th¢ association has reserve8 which can be drawn on rf required. 2.3 INCOME All income is rewnised once the Company hos enlitlemenl to the income. rt is probable that the income will be Te¢eive(l and the amount of incom receivable can be measured reliabty. The recognition of income Irom legacies is dependgnl on establishing enlillement. the probability of reeeipl and the abilty to ￿tim￿e with sufficignl accurocy the amount receivable. Evidence of entitlement lo a legacy exists when the Company has sufficient evidence that a grfl ha$ been loft 10 them (through knovledge of the existence of a valid wlll and the death of the bgnefaclorl and the executor is Satisfied that the property in question will not be requirod lo satisfy claims in the estsle. Receipt of a legacy musl be recognisad when il is probable that it will be received and the fair value of the amount receivable, which will goneralty be the expected cash amount lo be di5tribuled to the Company. Can be reliabty measured. Page 20

NATIONAL SHEEP ASSOCIATION (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEM8ER2024 ACCOUNTING POUCIES lcontinu￿) 2.3 INCOME ICONnNUEDI Grants are included in th8 Statement of financial activi(ies on a i8￿1vable basis. The balance of incorne reeeived for specrfic purposes but not axpended during the period is shown in the relevant funds on the Balance 8heel. Where income is received in advance of entilthènl of receipt, ils recognrtion 18 deferred and included in creilrtors 88 deferred income. Wh¢re enlillomenl occurs before incom¢ 1$ received, the income 18 accrued. Income tsx recoverablo in relation lo invastmenl income is racognised at the lim• th• Investment income is receivable. Other income is recogni8ed in the penod in which11 is recaivabl8 and to th& extent the goods havé btsn provided or on complelh?n of the 8¢N4¢6. 2.4 EXPENCMTURE E¥perKlrture Is r•cognised oncè thom 18 a lègal or ¢on8lructive cilligatson to transfer •conc4nl¢ b6nefft lo a third party. il is prob8bl8 that 8 transfer of economic benefrt8 will be required in settlement and the amount ol the obligation be measured reliabty. Expenditure is cla8srfied by activity. The c08ts of each activity are made up of the total of direct costs 8nd Bhar&d costs, including support costs invofved in underting each activity. Direct c0818 attributable lo a singlg acl¢vity are alknaled directly lo that acliwty, Shared co818 which contribute to moro than one activity and support costs which are not attributable lo a Single activity are apportioned behveen those activrtie$ on a ba¥1¥ Kinsislonl with the use of resources. Cèntral staff c05t$ are allKaled on the ba$is of lirne Fponl, 8nd dePreC￿t￿n charges alltxated on the portion of the as8el'8 use. Expendrture on charitable activitie8 1$ Incurr0d on directty undertaking the actlvttie8 whi¢h further the Companys obieclwes, a8 well as any ass￿1818￿ 5LlPPOrt cosl8. Grants p8y8ble arè ¢h8rge¢Y in the year when the offer 18 made x¢•pt in those cases where the off•r is conditional, such gran18 b8in9 recognisèd as 8xpenditurg when the condilion8 attaching are fulfilw. Grants offered sublect lo condrtions which have not been met al the year end are noted as a commrtmonl, but not accruéd a$ expenditure. 2.6 INTANGI8LE ASSETS AND AMORTISATION Intongib￿ assets are caprtallsed and Tetogni8ed when future economic benèfft5 arg probable, and the cost or value ol the a888t can bo ￿aSured reliabty. Intsngiblg assets are Initial￿ reccgnlsed 81 eosl. After rgcc¥JnitvJn, undor the c081 model, Intang￿1? assets are measured al c08t 1895 any accumulated amortisation and any accumulated impai￿ent 108ses. Amortisalion is provided on Intangib￿ al r*e$ calculated to write off the cost of each asset over ils expected useful Irf¢. Amortiyalion is PfQVKlod on the foll￿1n9 bases.. Web8ite development Computer softwaro 20 % Straight line basls 20 % Slraighl line basis Page 21

NATIONAL SHEEP ASSOCIATION IA COMPANY LIMrrED BY GUARANTEEI MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES {Continu￿) 2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangib￿ fixed assets costing £200 or more are capilalisod arKI recognised whon fvlure e¢onomi benefrts are probable and the cost or value of the asset can b? measurod rdiably. Tangible fixed a88els are initially recogni8ed at Cost. Aft8r rncognrtion, under the eosl model, langible fixed 888els are measured al ¢o$l lèss a¢¢umulated depreciation and any accumu￿t8d impairmgnl losse8. All co¥ls incurred lo bring a langibb fixed asset into rt8 intended working condition should be included in the measurem&nt of cost. Depreualton is charged 80 ai lo albeate the cost of langlble fixod as￿1$ l•$$ Ih•ir residual valu• over their e$limat¢d useful lives. DepreCiat￿n is provided on the folwng ba￿8.. Freehold propoty Royal Welsh Pavilion FixtUfe8 and fitting8 CompLrter equipment 2% Slraighl ling 5% Reducing b818nc• 10_250h on Cost 12Ck25% Reducing balance 20% Slraighl line Gains and IoJBè5 on diJF>os31¥ arè d•ternln•d by compafing the proceeds with the carrying amount and ar• r¢¢ogni¥ed in the Statement of financial gctivf(ies. 2.7 INVESThIENTS Flxed asset inV•8lm•nls •r• • fom of finonci81 instrument and are inth'alty recognised at their transaction c05t and 8ubsequgnlly measured al fair value at the Balance Sheet dale, unless the value Cannot be measured reliably in whKh cage rt 19 mèasured al cost le88 impaimlenl. Inve8lmenl gains and losses, whether realised or unr88li8ed, are combined and presented as 'GainsllL0s8es1 on inve8lments' in the Statem8nl ol financial a¢tivrtiO6. Inveslmenl propety, which is propety hekl lo eam rentals andlor capital appreciation, 18 measured using the fair value model and staled al ils lair v81ue as the reporting end dale. Thé gurplus or deficit on revaluation Is recognised in net incomellexpendrturel ftir the year. No d8pr8cialion is charged on inv881m8nl prwty. Atthough this accounting policy is in accordance wrth FRS102 geclion 16, the lack of depreciation is a departure from the general requirement of the Companies Act 2006 for all tangible a55els lo b• depreciated. In the opinion of the tru$lee5, eomphance wrth the standard is n￿o$Sary for Ihg financial 8lalemenl$ to giv8 a true and fair view and in all other respects the Chanty has complied with the Act. As a result, the value of inve81menl property in the balance sheet 18 higher, and the depreciation charge in the slalement of financial actlvrties INer than they would be under the requirements of tho 2.B STOCKS stocks are slated at the l¢)wer cost and èstimated sdling price eosls to complgtg and Sell. Cost compris85 direct materials and, wherg applicabk, direct labour ￿$1S and those overheads that have been incurrod in bringing the stock to Iheif present location and condition. Items hdd for distribution at no or nominal consideration are measured at the ltrwer of replacement cost and cost. 2.9 0E8TORS Trade an¥J other debt0￿ are recognised at the settbement amount after any trade discount offered. Prepayments are valued at the amount p￿paid net of any trade discounts due. Page 22

NATIONAL SHEEP ASSOCIATION {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES Icontlnu•d 2.10 CASH AT 8ANK AND IN HAND Cash at bank and in hand includes cash and short-temi highty liquid investments with a short matunty of thrne months or less from thè date of acquisittr)n or Op￿ing of the deposrt or similar account. 2.11 UABILITIES AND PROVISIONS Li8billtie8 are recognised when thare is an obligation at tho Bal$nce $haot dalè 88 a resum of a past ovgnl, it is probable that a transfer ol economic benofil will be requirod in sgttbmgnl. and the amount of the settlement can be e81imaled reliabty. Llabiltties ar8 recognlsed al th6 amount that the Company anlic1P8le$ it WIN pay lo sett￿ the debt or the ￿ount it ha5 roceivgd as advanced pa￿OnI$ for the g¢)ods OT 89rv￿o5 it must prov4dg. Provi8ions are mea8vred al the b681 estimate ol thè vAnounls required to Settle the obligation. Where the effect of the time value of money is matèrial, the provision is based on the present value of those amounts, ¢Jiscounled * the P￿tsY discount rale th refiects the risk¥ spectfic lo the liability. The unwinding of the discount 18 recogni8ed in the Statement of financial aclivitles as a finance cost. 2.12 FINANCIAL INSTRUMENTS Tha Company onty has financial assets and financial liabilitlos of a kind that qualfy as basic finaneial in8lrumenl8. Basic fin8ncial in81rument8 are inrtially recognised at Iran8action value and 8ubsequent￿l measured at Ihelr settlement value wrth the exception of bank loans which are 8ub8equ8nl mo•$ur¢d al amortised ¢o$l using tho off¢ctiv6 inlfrrest mothod. 2.13 OPEIiATING LWJe8 Rentals paid under operallng168888 are charged lo the Statement of financlal actlvitits8 on a Straight lina bas1$ ov¢1 the lea￿ temi. 2.14PENSIONS Thg Company operates a defined conlnbulion penBion scheme arKI the pension charge represents the amounts payablo by the Company lo the fund in re8pect of the year. 2.15 FUND ACCOUNTING General funds arg unr85trided funds which are 8vailabLg for use al the discretion of the Trustees in furtherance of Ihe general objectiv88 of the Company and which have not been designated for other purp08es. Designated funds cl￿prISe unrestricted funds that have bgon set aside by thg Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes to the financial statementg. Reslricled funds are funds whith are lo bg used in accordance with specifi¢ restridions imposgd by donors or wh￿h have been raised by the Company for path'cular purposes. The costs of raising and admini51ering such funds are charged against the specific fijnd. The aim and use of each ￿$tricted frJnd is Set out in the notes lo the financial sLements. Investment income, gain8 and Ios888 are all(Kated to the appropnate fund. Pwje 23

NATIONAL SHEEP ASSOCIATION IA COMPANY LIMITED BY GUARAKfEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CRITICAL ACCOUNTING ESTIMATES ANO AREAS OF JUDGMENT Estimate$ and judgments are continually evaluated and are based on historical expèriencè and other factors, including expectations of future events that are believed to be reg¥onable under the circumstances. Critical xcounting estirn*gs and assumptions.. Ejtlmated useful Ilv•s of tanglble fixod •Js•ts In determining the eslimaled useful life the Charty con8ider8 expected physical wear and lear of the asset that ￿Uld lead lo obsolescence of the asset. Each year the Chadly review8 th8 abov8 to e8lablish Ir Ihere is any change in the expected useful lrfe of tsnq1b￿ 88s¢1$. The Company makes 8Stimales and a8$umption8 concerning the fuluTg. The resulting accounting •stimal83 and assumptions will, by definrtion. seldom equal the related actual results. The eslimales and assumptions that have a significant risk of causing a mal8rial adjustment to the carrwng amounts ol assets and liabilrties wrthin the next financial year are di8¢u$$¢d balow. Crili¢o1 of judgmonl., InvMtm•nt prop•rty valuatlon The inveglment propety is held al fair valu6 and thè original valuation was earried out on 1 Sepl8mb•r 2022 by Ch8rfe8 Kn¢)wles, a RICS registered firm. A subsequent valuat￿n was carried OLrt in September 2024 following the removal of ra81riclgd covenants. Both valuolions were arrived al by ieviewing the Ma￿01 for transaction prices for similar properties. Each year the charity rewews the valuations, 10 detemiine whether they 81111 con8thred Ihls to be accurate al the year and. D•f•rr•d sub•crlptlon Incom• Annual membership renewals o¢¢ur throughout the year, so when the charity recelves m8mberf8 8ub$cription income in the current year, some of this may relate lo the fdlcming year. Th18 part 18 treated as (leferred income in the current accounting period and wlll be rec(>ani8ed In the 81alemenl of Financial Acliwlies in the folk)v￿n9 accountsng pari¢)d. Page 24

NATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEM8ER 2024 INCOME FROM DONATIONS AND LEGACIE8 Unrnstrlctod R•strfct•d funds funds 2024 2024 Totsl funds 2024 Tol81 funds 2023 Don816on$ from Grft Aid Other donations and legacies Grants 16,844 16,673 16.844 16.673 57,323 10,971 3.500 33,517 33.617 71,794 TOTAL 2023 68.294 3,500 71,794 INCOME FROM CHARITABLE ACTIVITIES UnrMtrlct•d R••trlcted funds funds 2024 2024 Total fund¥ 1024 Total fund$ 2023 Ram Sale8 Sheep Famièr Advert18ing Other Charrtable Incomg Sustainable Control of Parasites in Sheep Membershp Services Defra Sheep Efficiency Low Methang Sheep Fabulou5 Fibre Erasmus proAect RDPE Moredun projacl 116,124 118.003 33,432 8,325 368,630 116,124 118,003 33.619 8.326 388,630 4,OSO 8.574 10,926 122,738 105,526 53,887 6.775 378.643 87 4,050 8,574 10,925 6,243 4,155 8,307 644.514 23,636 868,150 684,274 TOTAL 2023 667,142 17,132 684,274 Page 25

NATIONAL SHEEP ASSOCIATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEM8ER 2024 INCOME FROM OTHER TRADING ACTIVITIES Incoffl• from non charllabh tradlng actlvltles Unr•strlet•d funds 2024 Total fund• 2024 Totsl lunds 2023 Fundraiging events 551,444 551,444 544.805 TOTAL 2023 544,805 544,805 INVESTMENT INCOME Unrn•trlct•d funds 2024 Tot•1 fund• 2024 Total fundB 2023 Rental incom6 Inve$lmenl in¢omo Int•r•$t re¢•iv8b 15,496 37,095 4,813 16,496 37.095 4.813 21,348 23,337 5,897 57,404 57,404 50,582 TOTAL 2023 50,582 SO,582 OTHER INCOMING RESOURCES Unreslrlet nds 2024 Tolal funds 2024 Total Jnds 2023 Other income PromotKJnal rtems P & O Booking Service 5,025 3,742 358 5.023 3,742 2,861 4,691 2,092 9,125 9.125 TOTAL 2023 P4e 26

NATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIE8 Summary by lund type Unr•8trl¢t•d R￿trIctsd funds funds 2024 2024 Total 2024 Total 2023 Breeding Improvement Other Costs Membarshy Services and Enquiri88 EdLKalion and Promotion Olhgf Costs Fundraising Costs 68,060 222.225 441,468 591,770 68,060 222,226 454,912 591,770 94,588 217.210 442,640 520,695 13,444 1,323,523 13.444 1,336,967 1,275,133 TOTAL 2023 1,256,481 18,652 1,275,133 10. ANALYSIS OF EXPENDITURE BY ACTIVITIES Actlvltl undertaken dlrnctty 2024 Support Total funds 2024 Total fund8 2023 2024 Breeding Improvement Other C0818 Membership Services and EThJuiries Edu¢41ion and Promtst￿n Othor Fundraising Costs 68.060 10.154 194,848 351,250 68,080 222,225 454,912 591.770 94,S88 217,210 442,640 520.695 212,071 260.064 240,520 624,312 712,655 1.336,967 1,275,133 TOTAL 2023 583,642 691,491 1,275,133 Paye 27

NATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 10. ANALYSIS OF EXPENDITURE 8Y ACTIVITIES (CONTINUED} ANALYSIS OF DIRECT COSTS Br••dlng M•mbershlp Educatlon and Improvèment SèNlces and Promotion Fundr*i•ing Oth•r Costs Enqulrfes Other Costs Costs 2024 2024 2024 2024 Total funds 2024 Total funds 2023 scops Shgep Farmer costs Design and printing Next Gengr8tion Ambassadors Branding and m8rch8ndi88 Mor¢dun Inrtiativo Regional Secretaries & Officers fee8 Membership prornolion Ram $818 expenses Storage of 8emen P & O ex￿ndIt￿r• SUb￿rIptIOns for other bodies Awards and donatlons Costs of generating fvnds Extemalty funded projeci costs ROSA project RDPE Morgdun project Era8mu8 proied 2,495 2,495 2,422 55.904 85.904 54.131 23,147 23.147 29.939 19,175 19.176 12,583 2,383 7,500 2,383 7.600 60.831 60.831 61,312 10.154 679 10.833 14,219 65.688 2.061 311 65,688 2,061 83,291 9,534 1,763 3,008 3.008 2,381 3.461 3,401 4,593 350,571 360.571 279,326 13,755 3,189 13,755 3,189 6,910 11,260 427 68,C60 10,154 194.848 351,250 624,312 583,642 TOTAL 2023 94,588 10,645 195,509 282.900 S83,642 Page 28

NATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. ANALYSIS OF EXPENDITURE 8Y ACTIVITIES ICONnNUED) ANALYSIS OF SUPPORT COSTS Membernhlp Educatlon Sèrvlcol and and Promotion Fundral•ing Enqulrfos Oth•r Co•ts Costs 2024 2024 2024 Tot•1 fund* 2024 Total funds 2023 Stsff costs Depreciation and AmortiS8tion Printing, Photocopying, Postage & Stationary Genoral OffKe Expens•s T8kphon•, Computer & Website Travol Expon$e$ & Sub$i$lon¢o Rat¢$, Utililios & In8uran¢e Property Repairs Legal & Professional Accountancy Bank Charge8 Bad Dobl$ Govemance- Audit Fees Governance- Staff Costs Board and AGM Ma8tin9 Cost$ 149.832 8,622 105,732 11.907 174,803 3.163 430,367 23,892 405,991 12,211 11.636 517 13.654 802 13.575 602 38,865 1.721 44,395 7,127 7.222 16,OS5 6,677 2,414 4,648 890 2.655 903 8,426 18,732 7,789 2,818 5,424 1,038 3,097 1,053 13.500 59.933 6,359 8,426 18,732 7,789 2,818 5,424 1,038 3,097 1,053 24,074 53,519 22,255 8,050 16,496 2,066 35,343 58,179 26.223 9,724 5,797 3,350 6,160 1,903 12,750 S6,608 5,730 3.009 13.5110 59,933 6,359 212,071 260,¢X4 240,520 712,666 691,491 TOTAL 2023 206,S65 247,131 237,795 691,491 11. AUDITOR8. REMUNERATION The audr(or8' remuneration amun18 to an auditor fee of £13,5W12023- £12.7501. Page 29

NATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. STAFF COSTS 2024 2023 Wagès and salariès Social secufily co$1$ Contribution lo defined contnbulion pension schem8s Wages and salario$ included within govemance 373,170 30,902 26,296 09,933 353,250 27,870 24.871 57,248 490,300 463,239 The average number of persons employed by the Ccffipany during the ￿¥r wa8 88 folkn¥s'. 2024 No. 2023 No. Employees 18 15 The average headcounl expressed a8 fu114ime equivalent8 wa8.. 2024 No. 2023 Employees The number of employees wh¢)8e gmployee benefits lexcluding employer pension co8181 excéeded £60,000 was.. 12.0 11.3 2024 No. 2023 No. In tho band £80.001 - £90,000 The charity paid regional sacrelarios on an honorarium and $ubconlTactor ba8i8'. 2024 2023 Reg￿nal Secretariès and Officers Ram Sales Seerel8ries and Officers Regional Event Managers 16 16 Page 30

NATIONAL SHEEP ASSOCIATION (A COMPANY UMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. STAFF COSTS ICONTINUEDI Note that some of the secretaries and officers act for several drfferenl regions and activities. Such Officer5 have only been counted once in the number of officer8 detailed above and are allocated to the regional activity that Ihey are most a880ciated with. The foll¢Jwing payments lo these officers were made.. 2024 2023 Regional Secr8tarie8 and Officers Ram Sal88 Secretaries and Officers Regional Event M8nag•r¥ 39.968 28.750 21,240 37.998 30.794 29.500 13. TRUSTeES' REMUNERATION AND EXPENSES During the yèar, no Tru$loe$ received any remunerats'on or other benefits {2023- £NILI. During the year ended 31 December 2024, expensés tolaling £7.216 were reimbursed or pahl direclty to 8 Tru8tae•12023- £11,840 to 7 Trusle•8}. 14. INTANG18LE A88Ers Webslt• Dovelopment Comput•r softw•r• Total COST Al 1 January 2024 Addilions 13,707 13.707 15.847 15,847 Al 31 DeCern￿r 2024 15.847 13,707 29,564 AMORTISATION Al 1 January 2024 Chafge for the year 2.741 2.742 2,741 5,911 3.169 At 310ecember 2024 3,169 5,4B3 8.652 NET 800K VALUE Al 31 December 2024 12,678 8.224 20.902 At 31 December 2023 10,966 10,966 Page 31

NATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. TANGIBLE FIXED ASSETS Freehold Royal W•hh Flxtures and property Pavillion fittings Comput•r •quipm6nt Totsl COST OR VALUATION Al l January2024 Addit￿n6 Disposal$ Transfors to investment property 224.93S 8,140 44,292 1,200 98,157 5,497 122.601} 31.656 3.381 (11.9041 399,040 16,218 134,4051 183.8091 183,8091 Al 31 December 2024 147,266 46.492 81.163 23,133 297,1)44 DEPRECIATION At 1 January 2024 Charge for th¢ ￿•r On disposa Tran8fer8 to inv881menl property 60,228 12,580 39,238 253 86,254 1.875 120.2481 26,268 3.073 111,716} 211,973 17,781 131,9621 (16.0871 115.0871 Al 31 Doc•mb&r 2024 57,738 39,489 87,883 17.816 182,725 NET BOOKVALUE Al 31 08￿M￿l 2024 89,528 6,003 13.270 5.618 114,319 At 3108eemb¢r 2023 164,710 S,056 11.903 S,398 187,C67 The cost and depreciation balances al 1 January 2024 have been wcl888ffied into nèw ¢ategorie5 10 sh¢)w a more accurale analysis of tangible fixed assets. The lolal nel book value of tangible fixed assets fof the year ended 31 December 2023 r8malns unchangèd. Page 32

NATIONAL SHEEP ASSOCIATION {A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 16. INVESTMENT PROPERTY Fr••hold Inv•stm•nt pro￿rtY VALUATION Al 1 January 2024 Disp05als Revaluation Transfers from freehold propgrty 456.000 1230.0001 153.258 08,742 Al 31 December 2024 447.000 Tho fair v?lu8 of the Inve8lm8nl prop8ty brought lorward had been arriv¢d at on th? basi8 of 8 valuatlon carried out on 1 S8plembor 2022 by Carver Knowles, a RICS regi$l8r8d firm, who are not conn8cl8d wrth the eomp4ny. A subsequent valuation was carri¢d out in Sgplember 2024 following thg salg of an Investment pro￿rty and the sub8oquent rgmov81 of restricted covenants. 80th valuations were made on an open market value basi8 by réference lo rnarkel evidence of transaction priGe8 lor 8imilar prO￿rtIes. The Tru8lee8 believe this to ba a true and fair valualion at the year end. 17. FIXED ASSET114VE8TMENTS Ll•t•d Unllstod Inve•tm•nts Inv•stm•nts Total COST OR VALUATION Al l January 2024 Addition8 Disposals Revaluation8 783.952 51,000 327.388 466.313 1210.0001 21,8S8 1.111.340 507,313 1210,0001 110.248 88.390 AT 31 DECEMBER 2024 923.342 695.6S9 1.518.901 NET BOOK VALUE AT31 DECEMBER 2024 923,342 596.569 1.618.901 AT 31 DECEklBER 2023 783,952 327,388 1.111.340 Page 33

MATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. STOCK3 2024 2023 Good8 for resale 2,826 2,924 19. DEBTOR8 2024 2023 DUE WITHIN ONE YEAR Trade d•btorB Other debtors Prepaymanli and accruad income 113,083 7,774 54.424 84,020 4,135 44,687 175.281 112,842 20. CREDITORS: AMOUNTS FALLING DUE WITHIM ONE YEAR 2024 2023 Trade creditor8 Othor tgxalion and Joc￿1 security Other creditors Accrua18 and defefred income 46,807 27,479 15.867 288.171 27,967 20,397 192,449 3TI,384 250,379 Page 34

NATIONAL SHEEP ASSOCIATION IA COMPANY LIMITED BY GUARANTEE) MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 21. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR 8alanco at 31 D•Gembgr 2024 Balan¢• at 1 January 2024 Transfers Inlout Galn$l ILos8891 Incom• Exp•ndlturn UNRESTRICTED FUNDS DESIGNATED FUND8 Contr￿ Region Cymru Rtyion Eas16m Region Marches Rfjgion Northern Region Northern Iroland Region Scottlsh R•gion SoLth East RegK)n South We81 Region South We81 Ram Sal68 Wa￿$ & 8ordgr Ram Sale8 9.$78 282,727 31,471 12,981 84,331 8.204 6,608 5.476 810 9.287 13,9461 176,3201 {4,8211 {2,8401 119,5311 11,800) 11,8001 11,8DOI 1,300 {1.8001 10,033 217,525 30.325 12.251 72.287 6,310 63,112 $6,034 14.608 26,487 4,180 219,198 10.858 110,4891 1149.0711 16,2381 10,2001 3,200 {3001 {1,8001 11,8001 46,003 125.861 18.230 19W7 78,895 3,773 13.2841 4,078 79,982 138.949 132,984 (128,4401 2.209 146,882 785,070 400,227 (414.158 17,100) 12,597 776.636 GENeRAL FUNDS Genernl Funds Revaluation re8eNe 1.1S6.160 106,000 895,777 1909,3651 63,042 244.421 2.024 1A60,036 107,024 1.261.160 895.777 {909,36S1 63,IM2 246.446 1.5S7,059 TOTAL UNRESTRICTED FUNDS 2,1)46,230 1,296,004 11.323.523) 65,942 259,042 2.333.696 Paga 35

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEM8ER 2024 21. STATEMENT OF FUNDS (CONTINUED} RESTRICTED FUNDS British Herrtage Sheep Fabulous Fibre Low Methang Shoep RDPE Erasmus Welsh Govomm¢nl Grant DEFRA Sheep Efficiency 1,B52 1453) (2141 28.820 14,372 87 10,925 8.674 {3261 16.2671 16.5741 1.613 4.215 1,786 128,8201 114,3721 12.750 112,7601 4050 12871 3,783 57,127 23.636 113,4441 156.9421 11,377 TOTAL OF FUNDS 2,103,367 1,319,840 11,338,967) 259,042 2.346,072 P4e 36

NATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEhlBER 2024 21. STATEMENT OF FUNDS {CONTINUEO) British Herrtage Sheep ProjoGt This project was granlgd by "The Prince's Countryside Fund. and supports a feasibility study to address the key threats to our native sheep brtsds. by helping develtjp a diversified sheepmeal market from the single'slandard Lamb.. adding value for famier-based outlets. and linking food, landscape and culiuro. Fabulous Fibre NSA joined with British Wwl, the C8nlfe for ExcellerKe in Livestock ICIELI. Langri$h Fmers gnd the Wcol Testing Authority Europe {WTAEI for the project. This is a ￿e1v8￿MOnth project, aiming to increase value of wool through breeding and genetics. The goal Is lo conduct a feasibility study lo evaluate the potential of reducing micron count of finer wool quality UK Sheep breeds to increaso produclivty. Juslainability and le811￿nCe for she8p farmers and the wool industry. This is meayured by testing wwl fibres lo establish a micron v8lug. Lower values aro softer lo the touch and more highly valued for making high4ualily sui(s or layors wom next to skin and rèsutting in grealef the value per kilogram. NSA is sponsibl8 for project managing, as well as $h•rin9 knowledge gain&d. Breed for CH4nge- Breeding Low Methane Sheep Prqect NSA 18 working with industry partners lo breed l¢)w methane Producing sheep, helping 8heep famers Make a positive contribution lo UK 8gricullure'8 lourney toward8 net zero. The project runs from July 2023 for 3 years. following a total award of £2.9m from Defra'8 Farming Innov81ion Programme, wthich 18 being shared betweèn the collaborative elltrties. The project is led by $heop genetics Company Innows and wll measure melhano gmissions Irom a total of 13,500 sheep in 45 fl¢xks, lo collect dats and bu1￿ 1¢x￿8 lo genetically reduce methane emissions and Improve the eff￿￿ncY of the national flock. RDPE Countryside Produelivty Scheme Project lo Tackle Sheep Scab In January 2021. lunding wa5 awarded by Defra through the European Agricuttural Fund for Rur81 Development lor a projed designed to domonslrale the gffediveness of a community4ed approach lo Improve the control of sheep scab. The project foeu$e8 on three hotspot area8 in England, where scgb i¥ highty prevalent.. The South We81 Icoordinat¢d by the National Sheep Assoclalionl.. The Midlands Icoordinaled by ADAS) and Tho North Wesl Icoordinaled by the Cumbrian Farmers Netsvorkl. Running over year5, the projfjcl offers a great opportunity for fam¢rs lo work together. wilh their kxal vets and tha prqéet coordinators, lo stamp out this costly disoase, which is of h￿h wèlfare concern. 300 participating farmers 8igned up to a uniquè combination ol on-fami advice. b88t practice training and fr90 blood lesling using Ihe yheep y¢ab ELISA lesl devekjped by Moredun and availle through Biobesl Laboratories Ltd. This includes th• costs of vi8rt8 by their local vet lo allow hvo sets of blood sample8 for ELISA 193ting, plus a faco-l¢>face advisory vi811 by the vel lor each farm lo di8CU88 scab control and biosecunty. This project has complated and clo50d. E-organic Erasmus Project NSA Is thé sole UK partngr in an Eu-funded Turkish-led research project called E-organic Erasmus, runnin9 from earty 2021 to the end of 2022. The projeel wll collate inf0m￿tion about organic Iivoslock pr(>Juclion 8yslems lineluding bul not limilgd lo sheepl from acfo88 Euro￿ into 8 free-to-occess online resource. It will a150 all¢)w nominated indivKluals from the part￿IpatIng Gounlries Illaly, Spain, Turkey and the UKI lo visit each other on study trips. This project ha$ now completed and closed. We18h Govemmenl grant CyThrulWales Region havg been successfvl in securing a grant from the Wales Cultural Recovery Fund which was sel up to help protect sustsinable businèsses and organisalw)ns and as many job$ in the culture sector as possible in order lo ensure the sector survives the Covid-19 crisis and remains Mable and Sustainab￿ in 2021 and beyond. The fvnding was intended lo cover the loss of incorne from the cancelled Welsh Sheep Evgnl. Sheep Efficiency Project This is a Defr&funded Pfojerl researching the attitudes, knovAedge, experie￿￿8 and practices of sheep famers and br8gdgrs across the slralrfied sheep sector with an emphasis on genetic evaluation and selection. NSA'S role is to prowde stakehokder advice and 5UPPOrt Adas {whKh is leading on the projecti to gel quanlitalive and qualitalr¥e irtrornalion from sheep farmers in England and Wale$. Page 37

NATIONAL SHEEP ASSOCIATION {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. STATEMENT OF FUNDS ICONTINUEDI STATEMENT OF FUNDS - PRIOR YEAR Batance at Transfèrs Gainsl 31 Dec&mber inlout (Losses) 2023 Balan¢e at 1 January 2023 Income Expondrture UNRESTRICTED FUNDS OESIGNATED FUNDS Central Region Cymru Région Eastern Region 14,533 194,415 29,816 13,358) 193,0451 17.9651 11.6001 11,6001 11,600} 9,575 282,727 31,471 163,528 11,220 19.431 ki!li-.i Marches Region Northern Region Northern Ireland Region S¢otti$h Rggion South East Reglon South Wesl Region South Wesl Ram Sal88 W8168 & Border R•m Sales 12,800 47,325 38,417 66,616 7,030 8,353 71,205 579 152.356 37.554 29.668 8,075 82,214 5,812 12.7981 {113,7501 127,2591 138,6501 13,9971 163,4801 15,3081 2.400 11.600} 4.400 11,6001 3,41XI 11,6001 15001 12,981 84,331 53,112 56,034 14.508 25,487 75.895 4,686 130.269 134,808 1134,3381 15001 8,710 138,949 620,779 625,812 1493,948) 14001 32,827 785,070 GENERAL FUNDS Gener81 Funds Revaluation reserve 1.176,997 140,000 714,655 {762,S331 345 26,696 135,0001 1.156.160 105.000 1.316.997 714,655 1762,5331 345 {8,3041 1,261,160 TOTAL UNRESTRICTED FUND8 1,937,776 1,340.467 {1,256,481} 1551 24.523 2,046,230 Pag¢ 38

NATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. STATeMENT OF FUNDS ICONTINUEDI Balance al Gainsl 31 December ILo$8e$l 2023 Balance at 1 January 2023 Transfers inlout Income Expenditure RESTRICTED FUNDS British Horflago Shgap Fabulous Fibre Lth¥ Methan6 Sheep ROSA RDPE Erasmus Welsh Govémment Grant 1,102 1.177 14271 14531 {6,457} 155} (11,260) 1,852 {4531 {2141 8,243 55 33,773 10,217 6,307 4,155 28,820 14.372 10.000 2,750 12,750 55,092 20,632 {18,6521 55 57,127 TOTAL OF FUNDS 1,992,868 1,361.099 11.275,1331 24,523 2,103,357 Page 39

NATIONAL SHEep ASSOCIATION IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. SUMMARY OF FUNDS SLIMMARY OF FUNDS-CURRENT YEAR Balance at 31 Gain•1 D•¢èmbor {Los30s} 2024 8alan¢• at I January 2024 Incom• Expendltur• Inlout Designated lunds General funds R6$trfcted fund$ 786,070 1.261.160 57,127 400,227 895,777 23,638 1414.1S81 1909,360) 113,4441 17.1001 63,042 166,9421 12,697 246,445 776,636 1,557,069 11,377 2,103.367 1.319,640 {1.336,9671 269,042 2,345,072 SUMMARY OF FUNDS- PRIOR YEAR Balance al 31 Gain￿ Decernbgr ILoss0$1 Balance at 1 January 2023 Tran$fers inlout Income Exp•ndituro 2023 Designated funds General funds Restrthd funds 620,779 1,316,997 55,092 625,812 714,655 20,832 1493,948} 1762,5331 {18,6521 14001 345 32,827 785,070 {8,304J 1.261.180 57,127 55 1,992,868 1.361.099 11,275,133> 24,523 2,103,357 Pagè40

NATIONAL SHEEP AsSoC￿￿ON IA COMPANY LIMITED BY GUARAwfEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSEfs BETWEEN FUNOS - CURReNT PERIOD Unr•itrSct•d R•strlct•d funds funds 2024 2024 Total fundi 2024 Tangiblg fixed assets Intangible fixed assets Fixed a8sel inve81menls Invèstmènt propety Current a8set5 Creditorn due within one year 114.319 20,902 1.518,901 447.000 609,957 1377,3841 114,319 20,902 1,618,901 447,000 621.334 1377,3841 11.377 TOTAL 2,333,695 11,377 2.346.072 ANALYSIS OF NET AsseTS BETWEEN FUNDS- PRIOR PERIOD Unrestricted lund8 2023 Restricted funds 2023 Total lunds 2023 Tangible fixed a8set8 Inl4ngiblo fix¢d 8$$•1s Fixed asset investments Investment property Cuffent assets Cradf(ors du¢ wlhin one year 187,￿7 10. 1,111,340 455.000 512,306 1230,4491 187,IX7 10.986 1,111.340 455.000 77.057 589,363 {19.9301 {250,3791 TOTAL 2,046,230 57,127 2,103.357 Pag8 41

NATIONAL SHEEP ASSOCIATION IA COMPANY UMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Nel incomè for the peric*J las per Statgment of Financial Activit￿) 88.457 145,489 ADJUSTMENTS FOR: Depreciation charges Amortisalion thargeB Dividend$. intsresls and rents from investments Loss on the sale of fixed ass&ls Oecr8a6e in sl¢xks Incr6a88 in d8blorB In¢rea8elldecrea8el in creditors Revaluation of fixed asset investments 17.781 6.911 167.4041 9,470 2,741 {50,5821 25 12,518) 172.388) 159.523) 162,4391 127,000 1110,248} NET CASH PROVIDED 8YIIU8eD INI OPERATING Acnwnes 11,606 127,2861 25. ANALYS13 OF CASH AND CASH EQUIVALENT3 2024 2023 C4$h in h•nd 443.221 473.597 TOTAL CASH AND CASH EQUIVALENTS 443,228 473,597 26. ANALYSIS OF CHANGES IM NET DEBT At1 January 2024 Cash flo At31 December 2024 Cash al bank and in hand 473,S97 130,369Tr 443,228 Page 42

NATIONAL SHEEP ASSOCIATION {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 27. PENSION COMMITMENTS The charitab￿ Company makes contribut￿nS. as part of 8n employee's contract of employment, which are payable lo defined wntribution schemes ch09en by the emptyr. The assets of the scheme are held separatèty from those of Ihfr group in an ind8pendently administered fund. The pension ¢o¥l charge represents contributions payab￿ by the group lo the fvnd and amounted lo £26.295 12023.. £24.8711. Contrib￿lonS lotsling £Nil 12023.. £361 wore receivable to the fund al the Ba￿nCe Sheet dalo and are included in debtors. 28. OPERATING LEASE COMMITMENTS Al 31 December 2024 the Company had commitments to make firture minlmum lea68 payynents undei non<ancellable operating leases as loll¢)ws.' 2024 2023 Not hler than 1 year Later than 1 ￿ar and not later than S years 2,733 766 2,878 2.152 5,030 29. RELATÉO PAR￿ TRANSACTIONS During the ygar, £80,08812023'. £1621 was paid lo compani•8 with director8 In ¢ommon control. At the year end £NIL12023'. £NILI was due lo these companies. Ouring the yaar, £9.871 {2022.. £9,779) wa8 rnceived from ¢omp8nies with directors In common ¢ontrol. Al the year end £NIL12023.' £NILI was due from those companies. The above Ir8n8action8 represenl payTrgnts made under nomi81 market condrtions for 9&￿s, services and related expenses. Page 43