OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

Registered number: 00037818 Charity numbers: 249255 and SC042853

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1 - 2
Trustees' report 3 - 11
Independent auditors' report on the financial statements 12 - 15
Statement of financial activities 16
Balance sheet 17 - 18
Statement of cash flows 19
Notes to the financial statements 20 - 43

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees Mr W Adamson (appointed 6 May 2025)
Mr A Alderson (resigned 6 May 2025)
Mr J Bickerton (appointed 6 May 2025)
Ms D Colley (appointed 1 May 2024)
Mr M Credland (appointed 1 May 2024)
Mr P Delbridge
Mr P Derryman (appointed 1 May 2024)
Dr Y P Le Du
Mr H Dunn (resigned 1 May 2024)
Mr J Farmer (resigned 6 May 2025)
Mr A Foulds
Mr D Gregory
Ms K Hovers
Miss C Hughes
Mr P Myles (resigned 1 May 2024)
Ms P Nicol
Mr D Phipps (resigned 10 January 2024)
Mr C Sercombe (resigned 15 August 2024)
Mr T Ward (resigned 1 May 2024)
Mr J Wozencraft (appointed 1 May 2024)
Mr E Adamson (appointed 6 May 2025)
Mr J Bickerton (appointed 6 May 2025)
Mr J Raine (appointed 6 May 2025)
Company registered
number
00037818
Charity registered
numbers
249255 and SC042853
Registered office
The Sheep Centre
Malvern
Worcestershire
WR13 6PH
Honorary President
Lord Inglewood
Chief executive officer
Mr P Stocker
Independent auditors
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
1-3 College Yard
Worcester
WR1 2LB
Bankers
Lloyds Bank plc
Malvern
Worcestershire
WR14 4QG

Page 1

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Solicitors

Solicitors Roythornes Enterprise Way Pinchbeck Spalding Lincolnshire PE11 3YR Investment advisors Rathbones George House 50 George Square Glasgow G2 1EH

Page 2

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their Annual Report and audited financial statements of the company for the year 1 January 2024 to 31 December 2024. The Annual Report serves the purposes of both a Trustees' report and a Directors' report under company law. The Trustees confirm the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Summary of objectives and activities. There was no material change to the association’s pursuance of its charitable objectives during the year, which remain to be ‘to encourage and improve breeding, management and promotion of sheep as a species and as an activity in the UK and elsewhere in pursuit of advancing education, health, heritage, science, environmental protection and improvement and animal welfare for the public benefit’. NSA continues to take a broad interpretation of ‘promotion of the activity’ to encompass the setting up of private and public dialogue with those directly involved in sheep farming (NSA members, other sheep farmers, ancillary service providers and agricultural organisations) and those who NSA believes would benefit from better appreciating the contribution of sheep to the economy, health, environment and society (policymakers, opinion influencers and the general public). The highlight of the year for those directly involved in the sheep sector was the huge success of NSA Sheep 2024 and NSA Scot Sheep, which were held in addition to the usual calendar of events, ram sales and regional activities. Coupled with written publications, a strong online presence, ongoing engagement with members and the NSA Next Generation programme, the support and information offered to the sector strengthened yet again over the year. Given the unprecedented pace of change to agricultural support in the four nations of the UK, in addition to the impact of climate change and increased risk of midge-borne diseases, NSA once again stepped up to the plate to educate and inform non-sheep farmers about the unique role of sheep in the UK countryside. A highlight within this work was the publication of the NSA Sustainability Report – ‘UK sheep farming and the sustainability agenda’ – in conjunction with the School of Sustainable Food & Farming at Harper Adams University. This report challenges ill-founded assumptions that sheep are bad for the environment, but also outlines areas where farmers need to take additional action. It will continue to be a key promotional tool for NSA for several years and is influencing work done on this subject by others. NSA’s work continued to benefit from the association being a UK-wide organisation that understands the devolved nature of agricultural policy, and that sheep farming varies greatly in different regions, while also emphasising the need for consistency where possible.

b. Main objectives for the year. The additional detail behind the NSA’s charitable objectives is a vision for an optimum and resilient UK sheep population that is inherently healthy and able to cope with disease and parasite challenges. Diverse in its structure, contributing to feeding and providing fibre for an increasing global population, while adapting to the effects of and responding to the challenges of climate change and sustainable land management. We see our reputation being enhanced by working in harmony with areas of public interest – playing our part in mitigating global warming, improving our environment and ecology, enhancing landscapes, wise and responsible resource use, and protecting and creating culture and rural employment. Our vision is one of the people involved in keeping sheep being enthusiastic, knowledgeable and aspiring to best practice – and those not keeping sheep increasingly aware of the core aspects of sheep farming and appreciative of the contribution sheep make to society. Maximising membership numbers and the profile of and respect for NSA are critical to this. For 2024 this has specifically meant exploring and informing the difficult balance between profitability, sustainably land management and climate mitigation against a backdrop of huge policy change and the advert of a new government. Internally, it has also meant managing significant change to the NSA property and investment portfolios and strengthening the NSA staffing structure ahead of significant future change (more detail later).

Page 3

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

c. Main aims and significant activities for achieving objectives. The ability for NSA to communicate best practice to those involved in sheep farming relies on strong membership numbers. This is also vital in terms of having a mandate to promote relevant elements of the sector to policymakers, opinion influencers and the general public. As the number of UK sheep farmers decreases, NSA has continued to work hard to attract and retain members – meaning the membership has fallen to a far lesser extent than industry statistics show a contraction of total industry participants. NSA sheep events continue to provide a vital platform for NSA and a service for sheep farmers and ancillary services. Within the NSA biennial calendar of events, NSA Sheep 2024 and NSA Scot Sheep were hugely successful. They acted as flagship events within a line-up of smaller regional meetings, farm walks and other activities. The NSA Wales & Border Early Ram Sale moved location, allowing it to manage escalating costs while continuing to provide a service for pedigree breeders and commercial buyers. It continues to be an important activity within the mix of six NSA ram sales. The concept of NSA Field Days as a half-way point between a large sheep event and a farm walk has continued to be developed, with more NSA regions getting involved and adding successful elements to the concept. Coupling face-to-face activity with a strong online offering, particularly on social media, continues to be a strong model for NSA to communicate and maintain its profile. The task of promoting sheep farming to non-sheep farmers relies on separate methods, including attending industry stakeholder meetings, engaging in key policy discussions and filing consultation responses. NSA continues to be invited to engage and input to an increasing number and range of meetings and forums, which emphasises the esteem in which the organisation is held, and the quality of the work done to encourage and improve UK sheep farming. Press releases, public-facing information on the NSA website and public-facing social media posts also continue to have an important role, particularly when it comes to topics such as sheep worrying by dogs and promoting Love Lamb Week.

d. Volunteers. NSA wouldn’t be what it is without the volunteers from within its membership who act as officeholders, sit on committees, help at events, support the NSA Next Generation initiatives and selflessly share their time and expertise. The Trustees would like to take this opportunity to thank them all, not least the volunteers who made NSA Sheep 2024 and NSA Scot Sheep possible. NSA prides itself on being a grassroots organisation and the incredible efforts of its volunteers ensures it always remains strongly anchored within its membership of sheep farmers.

e. Main activities undertaken to further the association's purposes for the public benefit. As outlined in the NSA vision for the sheep sector, sheep farming provides a plethora of public goods. As the UK grapples with the best use of the public purse, NSA’s role is more than important than ever to promote the contribution of sheep farming to, amongst other things, food security, sustainable land management, nature recovery, climate change mitigation, the one-health agenda, animal welfare, and public access to the outdoors. Inspiring UK sheep farmers to be world leaders while surviving the seismic changes to farm support schemes is an ongoing challenge that NSA continues to embrace, continuing adapting and keeping abreast of policy shifts. In 2024, in addition to NSA’s output, it also ventured for the first time into making a donation to an external cause that it felt was closely aligned with its charitable objectives. NSA Cymru/Wales Region gifted £60k to the Welsh Veterinary Science Centre to invest in new technology and be able to deliver affordable disease screening to owners of UK sheep flocks. The decision was agreed at Board level, given its close link to NSA’s objectives around sheep health and the fact the money could be donated without unduly affecting NSA’s day-to-day finances or net worth.

Page 4

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance

a. Main achievements of the association

Page 5

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

b. Key performance indicators.

Page 6

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

c. Review of activities. Structures are in place for regular reviews of activity. Two Trustees – the Chair and Treasurer – sit on the Senior Management Team with the NSA Chief Executive and NSA Operations Director and meet regularly. This is in addition to quarterly Board meetings and regularly interim updates to Trustees. Committees with delegated responsibilities meet regularly, as do NSA regional committees. Forums are also facilitated for regional managers and event/ram sale organisers to communicate and compare information.

d. Factors relevant to achieve objectives. The commitment of staff members to keep abreast of fast-paced policy change, ever developing technological change, and the latest research and innovation is vital. Development of the staffing structure and empowerment of individuals with the NSA Management Team has achieved the desired objective of having more decisionmakers within the team and people more than capable of deputising for the Chief Executive on policy and technical topics. Staffing in underpinned by dedicated officeholders and committees members, ensuring NSA delivers its objectives.

e. Fundraising activities and income generation. NSA continues to spread its risk by bringing in income from membership subscriptions, sponsorship, events, project funding and other sources, rather than relying solely on one source. All income streams and significant expenditure continue to be monitored regularly, but there are no significant changes to report in relation to 2024. NSA Sheep 2024 and NSA Scot Sheep were both tremendously successful from a financial point of view.

f. Investment policy and performance. The investment portfolio increased in 2024, due to the sale of Firs Farmhouse completing in July and the proceeds being invested while decisions are made on how to reinvest the money into the NSA Sheep Centre site. Two additional NSA regions also felt able to invest funds in a way that would safeguard them for the future and fund longer-terms plans to support young people in the sheep sector. The bulk of the NSA Head Office investment is with Rathbones and is on a medium risk tolerance with the performance viewed in the medium/long term (three to five-year cycles). Rathbones has the discretion to manage the portfolio based on an investment policy agreed by Trustees and this portfolio did particularly well in 2024. Performance of the Rathbones portfolio and investments by NSA Head Office, NSA regions and NSA ram sales with CCLA and NFU Mutual were tracked in 2024 via quarterly report to the Board. Additional quarterly reports were bank balances (with and without investments included) and net worth. Throughout 2024 the organisation continued to take steps to reduce funds held in high street banks over and above the £85k per institution protection limit of the Financial Services Compensation Scheme. This risk has been reduced but is still present. Trustees are continuing to take mitigating steps and also monitor the proposal to increase the £85k threshold to £125k.

Page 7

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Financial review

a. Overview. The financial position at the end of 2024 shows an increase over 2023, with the total closing reserves at £2,345,072 (2023: £2,103,357), an increase in funds of 11.5%. The increase of £241,715 (as shown on page 16) comprises three elements. The first is an operating loss of £17,327, which is after the provision of special project funding by NSA Cymru/Wales Region in the form of a donation to the Welsh Veterinary Science Centre of £60,000. For comparison purposes the regular operating contribution for the year is £42,673. The second element is an increase in investments of £105,784. The third is the gain from the revaluation of fixed assets of £153,258, largely resulting from the sale of Firs Farmhouse and the easing of covenants held over the rest of the site. This financial performance provides a secure basis for managing the varying cashflows that result from the two-year cycle of events. The annual regular operating contribution has averaged £64,320 over the two-year cycle of 2023 and 2024. This provides a sound basis for supporting the varied activities of NSA across the coming years. NSA maintained a flexible balance between investments and working capital, as shown on page 17. NSA has a number of strong income streams, including membership subscriptions and events, but is not solely reliant on either to support its activities. This income spread is illustrated on pages 25 and 26 and in the supporting notes.

b. Going concern. NSA has neither the intention or the need to cease its work or significantly reduce the scale of its work. The long-term viability of NSA is something the NSA Trustees regularly consider, supported by input and information provided by the Senior Management Team and other staff members. This includes quarterly updates on financial KPIs, a biannual review of the NSA Risk Register and working to two-year budgets wherever possible. NSA continues to operate with diverse income streams meaning, while it remains a membership organisation, with membership subscriptions at its core, it is not reliant on solely this income. Income from sponsorship, advertising and trade shows remains steady across the organisation, as well as money from externally funded research projects and from various investment portfolios. Should income fall below our projections, NSA has reserves which can be drawn on if required.

c. Reserves policy. The reserves policy for NSA continues to be to hold sufficient free reserves at NSA Head Office to cover more than one month's salary costs, for NSA ram sales to be equivalent to 12 months of expenditure, and for NSA regions to be equivalent to 24 months of expenditure, as these are the periods between the major fundraising events where income is generated.

d. Investment policy. The investment policy for NSA continues to be for funds not needed for cashflow to be held in interest-generating accounts that can be accessed at fairly short notice (under a week). Funds over and above this are invested with a more long-term view with the intention of generating a yield for NSA to contribute to its day-to-day activities or, for NSA regions, contribute to less frequent stand-along activities, such as for the benefit of young people in the sheep sector.

e. Principal risks and uncertainties. The Trustees review the NSA Risk Assessment & Register at every other Board meeting (i.e. twice per year) and are updated on steps taken by NSA employees to mitigate risks identified in the register. One risk that reduced during the year was reliance on individual staff members (as additional steps have been taken to ensure no single person is indispensable) and one that increased was keeping pace with changing employment law and legislation (highlighting the need for NSA to keep taking external advice).

f. Fundraising policy. NSA does not use professional fundraisers and does not fundraise through public appeals. It did not receive any complaints about fundraising activities in 2024. NSA does provide the facility for individuals to make donations via the website, but this was not utilised in 2024.

Page 8

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

g. Principal funding. Membership subscriptions remain the most important funding stream (just below 50% of total income) but a commitment to not being reliant on a single income stream means funding comes via corporate sponsorship packages, business-to-business trade events, advertising sales, grant funding for research projects, the HMRC Gift Aid claim, rental income from buildings on the NSA Sheep Centre, and interest from investments. All events and activities have budgets prepared in advance having regard to risks. The content and sponsors of events are chosen by committees to be appropriate to the aims of the association. There are financial controls in place to reduce the risk of fraud and financial loss. There is regular liaison and reporting between regions, ram sales and head office to monitor fundraising activities. NSA occasionally receives legacies but, due to not knowing about these in advance, does not rely on this as an income stream or make assumptions about legacies in annual budget. A single legacy of £16k was received in late 2024.

Structure, governance and management

a. Constitution. During 2024 NSA was a Company Limited by Guarantee governed by its Memorandum and Articles of Association dated 21st December 1892 and most recently amended at the 2015 AGM to allow for current governance. NSA is registered as a Private Company Limited by Guarantee without share capital and is a Registered Charity. In the event of the association being wound up members may be required to contribute a sum not exceeding £1. The plan to take a proposed change to the Articles of Association to the AGM in August 2024 did not go ahead (due to lack of time to inform members of the special resolution) so will be taken to the August 2025 AGM – to provide clarity on the role of the Chair and create provision for a Vice Chair to be elected in the final year of the Chair’s three-year term.

b. Methods of appointment or election of Trustees. There were 17 Trustees, who are also directors for the purpose of company law, who served during 2024. In January 2024 Dan Phipps reached the end of his threeyear term as NSA Chair. The Trustees elected Peter Delbridge, a Trustee of six years’ standing, as his successor. In May 2023 three Trustees reached the end of their second three-year terms – Henry Dunn, Peter Myles and Tim Ward. Four new Trustees were elected at this time, to replace the three retirees and the vacancy created by Peter Delbridge when he stepped up to the position of Chair. These were Mike Credland, Debs Colley, Peter Derryman and Paul Wozencraft. In August 2024 NSA Trustee and friend Charles Sercombe passed away. Given Charles’ extensive network and numerous industry roles, this huge loss was felt by NSA and throughout the UK sheep sector. The NSA Board operated with 13 Trustees rather than 14 from August 2024 to May 2025. Between the end of the financial year and the production of this report, one Trustee reached the end of their six-year term, and another declined the option to do a second three-year term. Alan Alderson and Jonny Farmer, plus the vacancy left by Charles Sercombe, were filled in May 2025 by Edward Adamson, James Bickerton and James Raine. Trustee nominations and appointments are as per the Articles of Association. When a Trustee is appointed, they are informed of their responsibilities and duties as a Trustee Director and given copies of Charity Commission guidance and NSA printed information. An induction session is also provided, to give the Trustee an in-depth understanding of the NSA structure and operations from the outset.

c. Organisational structure and decision-making policies. The Trustee Directors administer the Charity and Company. There are a minimum of four Board meetings each year, plus additional information and updates shared digitally in between. The Trustees delegate responsibility to the NSA Finance Scrutiny Committee and the NSA UK Policy & Technical Committee. Each of the devolved nations has its own committee, as well as six regional committees in England feeding into the NSA English Committee. The Chief Executive manages the day-to-day operations, having regard to the decisions of the Board. This in unchanged from previous years.

Page 9

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

d. Management and staff in 2024. The year started with 14 employees (five individuals working full-time, seven part-time and two on zero hours contracts) but a clear instruction from the Board to fill a newly created, full-time position of NSA Assistant to the Chief Executive. This role, to ensure the Chief Executive was able to use his time and expertise most effectively, was filled in April 2024 and immediately made a positive impact on workstreams. Around the same time the incumbent Digital Communications Officer left NSA for a different company within the agricultural sector and a replacement was recruited. They delivered important work for NSA over the following months but decided the role was not for them and resigned in December 2024, being successfully replaced only few weeks into 2025. After several months of the NSA Northern Ireland Region Development Officer expressing a wish to retire, the model of him providing services to NSA as a selfemployed contractor was reviewed and a new, part-time, employed role created in Northern Ireland instead. This was successfully filled in September 20204 and a six-week transition period implemented. The NSA Policy Manager accepted a role elsewhere in the agricultural sector and resigned in December 2024. A suitable candidate was quickly identified but was not able to start until April 2025 due to a long notice period with his current employer. These changes in staffing were all fairly minor compared to some difficult and significant decisions made in the autumn of 2024. In response to ongoing divergence of opinions between farmers and other groups with specific interests, particularly in national parks, NSA has long been promoting the concept of land use groups with independent chairs for these areas. Defra agreed to pilot this concept in the Dartmoor National Park following the Fursdon Review, and Phil Stocker, NSA Chief Executive, was offered and accepted the role in October 2024. In order for Phil to take this role (reducing his NSA hours to 3.5 days per week) and relieve already existing pressure on staff members delivering policy and technical work, the difficult decision was taken to create an additional outreach role within the team and make an existing administrative role redundant. The position of NSA Association Manager was made redundant in October as the result of a restructure that allowed Phil to reduce his NSA hours / accept the Dartmoor role. The new position of NSA Technical Communications Officer was created and subsequently filled, in February 2025, and is working well. Administrative duties have been redistributed amongst the team.

e. Pay policy for key management personnel. The Senior Management Team discusses individual salaries and proposes a total salary figure to Trustees within the annual budget. The Chair and Treasurer, who form part of that Senior Management Team, provide an annual appraisal for the Chief Executive. All other staff members go through an appraisal process with their line manager, which helps inform decisions about the staffing structure and salaries. Budget discussions in late 2023 agreed a minimum of 3% pay increase for staff in early 2024, plus a five-day increase in the basic holiday allowance from 20 days to 25 per year. Salary discussions in late 2024 agreed a minimum of 2% pay increase in early 2025, in addition to the increase in employer national insurance contributions.

f. Related party relationships. Details of related party transactions are detailed in note 29 of the Finance Statement. There were no transactions where a person or close member of that person’s family had significant control. There were transactions with third parties with a link to an NSA Trustee, but these were all in pursuit of NSA’s charitable objectives. Income as on a par with 2023 and is mainly sponsorship received from companies and breed societies where NSA Trustees also sit on management boards. Expenditure was considerably more than 2024 due to the decision by NSA Cymru/Wales Region to make a donation to the Welsh Veterinary Science Centre (as detailed in the ‘Objectives and activities’ part of this report) and the WVSC having an NSA Trustee on their books as a contractor. The donation was not influenced by this link.

g. Financial risk management. Finances are a specific section within the NSA Risk Assessment & Register. Trustees track financial KPIs (bank balances, investment performance and net worth) and compare the budget to quarterly actuals. In addition, staff meet regularly to discuss major income streams, including membership recruitment and retention, financial tasks (e.g. debt chasing), project management and commercial opportunities. Two large events – NSA Sheep 2024 and NSA Scot Sheep – were managed carefully to maximise the profit margins generated. Improvements were made to the way investments are tracked, with the decision to put funds not needed for short periods of time into accounts that generate interest, taken in a way that spreads risk across different financial institutions.

Page 10

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

h. Trustees' indemnities. Each member of NSA, including the Trustees, undertakes to contribute to the assets of the company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required not exceeding £1 for the debts and liability contracted before they cease to be a member.

The Trustees’ Report, incorporating a strategic report, was approved by order of the Board of Trustees, as the company directors, and signed on its behalf by:

David Gregory Treasurer

Date:

Peter Delbridge Chair

Page 11

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATIONAL SHEEP ASSOCIATION

OPINION

We have audited the financial statements of National Sheep Association (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

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

CONCLUSIONS RELATING TO GOING CONCERN

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

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

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

OTHER INFORMATION

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

We have nothing to report in this regard.

Page 12

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATIONAL SHEEP ASSOCIATION (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Page 13

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATIONAL SHEEP ASSOCIATION (CONTINUED)

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

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue and managemet override of controls using manual journal entries. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We have obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charity SORP 2019, FRS102 and the terms and conditions attaching to material grants received by the Charity. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity’s ability to operate or to avoid a material penalty. These included the Health & Social Care Act, data protection regulations, health and safety regulations, employment legislation, the Code of Fundraising Practice and gambling legislation.

Our procedures to respond to the risks identified included the following:

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Page 14

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATIONAL SHEEP ASSOCIATION (CONTINUED)

As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in financial statements or non-compliance with regulation, will be detected by us, The risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.

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

USE OF OUR REPORT

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees and Trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Wood FCCA (Senior statutory auditor)

for and on behalf of

Bishop Fleming LLP Chartered Accountants Statutory Auditors 1-3 College Yard Worcester WR1 2LB

Date:

Bishop Fleming LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 15

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
Total income
Expenditure on:
Charitable activities
9
Total expenditure
Net (expenditure)/income before net
gains on investments
Net gains on investments
Net income
Transfers between funds
21
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Gains/(losses) on revaluation of fixed
assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
33,517
644,514
551,444
57,404
9,125
1,296,004
1,323,523
1,323,523
(27,519)
105,784
78,265
55,942
134,207
153,258
287,465
2,046,230
287,465
2,333,695		 Restricted
funds
2024
£
-
23,636
-
-
-
23,636
13,444
13,444
10,192
-
10,192
(55,942)
(45,750)
-
(45,750)
57,127
(45,750)
11,377		 Total
funds
2024
£
33,517
668,150
551,444
57,404
9,125
1,319,640
1,336,967
1,336,967
(17,327)
105,784
88,457
-
88,457
153,258
241,715
2,103,357
241,715
2,345,072		 Total
funds
2023
£
71,794
684,274
544,805
50,582
9,644
1,361,099
1,275,133
1,275,133
85,966
59,523
145,489
-
145,489
(35,000)
110,489
1,992,868
110,489
2,103,357

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

The notes on pages 20 to 43 form part of these financial statements.

Page 16

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:00037818

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
17
Investment property
16
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one year
20
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
21
Unrestricted funds
21
Total funds		 2024
£
20,902
114,319
1,518,901
447,000
2,101,122
2,825
175,281
443,228
621,334
(377,384)
243,950
2,345,072
2,345,072
11,377
2,333,695
2,345,072		 2023
£
10,966
187,067
1,111,340
455,000
1,764,373
2,924
112,842
473,597
589,363
(250,379)
338,984
2,103,357
2,103,357
57,127
2,046,230
2,103,357

Page 17

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:00037818

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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

Mr D Gregory Treasurer Date:

Mr P Delbridge Chair

The notes on pages 20 to 43 form part of these financial statements.

Page 18

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Cash flows from operating activities
Net cash used in operating activities
24
Cash flows from investing activities
Dividends, interests and rents from fixed asset investments
Purchases of fixed assets
Proceeds from the sales of fixed asset investments
Purchase of fixed asset investments
Proceeds from the sales of fixed asset investment property
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
25
The notes on pages 20 to 43 form part of these financial statements		 2024
£
11,605
57,404
(32,065)
210,000
(507,313)
230,000
(41,974)
(30,369)
473,597
443,228		 2023
£
(27,286)
50,582
(39,026)
61,000
(160,000)
-
(87,444)
(114,730)
588,327
473,597

Page 19

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. GENERAL INFORMATION

National Sheep Association is a private charitable company limited by guarantee incorporated in England and Wales. The registered office is The Sheep Centre, Blackmore Park Road, Malvern, Worcestershire, WR13 6PH.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investments properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

2.2 GOING CONCERN

NSA has neither the intention or the need to cease its work or significantly reduce the scale of its work. The long-term viability of NSA is something the NSA Trustees and staff regularly consider, with risks and potential risks to the association discussed on a regular basis and expenditure and income across the entire association closely monitored. NSA works hard to ensure membership subscriptions remain as stable as possible, even in the face of continued consolidation of sheep farming businesses within the UK. NSA also ensures it is not reliant on membership subscriptions alone, also drawing funds from sponsorship, advertising, business-to-business trade events, online events, externally funded projects and other income streams. Should income fall below our projections, the association has reserves which can be drawn on if required.

2.3 INCOME

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

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.

Page 20

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES (continued)

2.3 INCOME (CONTINUED)

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

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

2.4 EXPENDITURE

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

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

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

2.5 INTANGIBLE ASSETS AND AMORTISATION

Intangible assets are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset over its expected useful life.

Amortisation is provided on the following bases:

Website development - 20 % Straight line basis
Computer software - 20 % Straight line basis

Page 21

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES (continued)

2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £200 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

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

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

Depreciation is provided on the following bases:

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of financial activities.

2.7 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investment property, which is property held to earn rentals and/or capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year. No depreciation is charged on investment property.

Although this accounting policy is in accordance with FRS102 section 16, the lack of depreciation is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the trustees, compliance with the standard is necessary for the financial statements to give a true and fair view and in all other respects the Charity has complied with the Act. As a result, the value of investment property in the balance sheet is higher, and the depreciation charge in the statement of financial activities lower than they would be under the requirements of the Act.

2.8 STOCKS

Stocks are stated at the lower cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition. Items held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost.

2.9 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid 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

2. ACCOUNTING POLICIES (continued)

2.10 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 LIABILITIES AND PROVISIONS

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

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

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

2.12 FINANCIAL INSTRUMENTS

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

2.13 OPERATING LEASES

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

2.14 PENSIONS

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

2.15 FUND ACCOUNTING

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

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

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

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

Page 23

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

Estimated useful lives of tangible fixed assets

In determining the estimated useful life the Charity considers the expected physical wear and tear of the asset that could lead to obsolescence of the asset. Each year the Charity reviews the above to establish if there is any change in the expected useful life of tangible assets.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

Investment property valuation

The investment property is held at fair value and the original valuation was carried out on 1 September 2022 by Charles Knowles, a RICS registered firm. A subsequent valuation was carried out in September 2024 following the removal of restricted covenants. Both valuations were arrived at by reviewing the market for transaction prices for similar properties. Each year the charity reviews the valuations, to determine whether they still considered this to be accurate at the year end.

Deferred subscription income

Annual membership renewals occur throughout the year, so when the charity receives member's subscription income in the current year, some of this may relate to the following year. This part is treated as deferred income in the current accounting period and will be recognised in the statement of Financial Activities in the following accounting period.

Page 24

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds
2024
£
Donations from Gift Aid
16,844
Other donations and legacies
16,673
Grants
-
33,517
TOTAL 2023
68,294		 Restricted
funds
2024
£
-
-
-
-
3,500		 Total
funds
2024
£
16,844
16,673
-
33,517
71,794		 Total
funds
2023
£
57,323
10,971
3,500
71,794

5. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2024
£
Ram Sales
116,124
Sheep Farmer Advertising
118,003
Other Charitable Income
33,432
Sustainable Control of Parasites in Sheep
8,325
Membership Services
368,630
Defra Sheep Efficiency
-
Low Methane Sheep
-
Fabulous Fibre
-
Erasmus project
-
RDPE Moredun project
-
644,514
TOTAL 2023
667,142		 Restricted
funds
2024
£
-
-
87
-
-
4,050
8,574
10,925
-
-
23,636
17,132		 Total
funds
2024
£
116,124
118,003
33,519
8,325
368,630
4,050
8,574
10,925
-
-
668,150
684,274		 Total
funds
2023
£
122,738
105,526
53,887
6,775
378,643
-
6,243
-
4,155
6,307
684,274

Page 25

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. INCOME FROM OTHER TRADING ACTIVITIES

Income from non charitable trading activities

Fundraising events
TOTAL 2023
7.
INVESTMENT INCOME

Rental income
Investment income
Interest receivable
TOTAL 2023
8.
OTHER INCOMING RESOURCES

Other income
Promotional items
P & O Booking Service
TOTAL 2023		 Unrestricted
funds
2024
£
551,444
544,805
Unrestricted
funds
2024
£
15,496
37,095
4,813
57,404
50,582
Unrestricted
funds
2024
£
5,025
3,742
358
9,125
9,644		 Total
funds
2024
£
551,444
544,805
Total
funds
2024
£
15,496
37,095
4,813
57,404
50,582
Total
funds
2024
£
5,025
3,742
358
9,125
9,644		 Total
funds
2023
£
544,805
Total
funds
2023
£
21,348
23,337
5,897
50,582
Total
funds
2023
£
2,861
4,691
2,092
9,644

Page 26

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted
funds
2024
£
Breeding Improvement Other Costs
68,060
Membership Services and Enquiries
222,225
Education and Promotion Other Costs
441,468
Fundraising Costs
591,770
1,323,523
TOTAL 2023
1,256,481		 Restricted
funds
2024
£
-
-
13,444
-
13,444
18,652		 Total
2024
£
68,060
222,225
454,912
591,770
1,336,967
1,275,133		 Total
2023
£
94,588
217,210
442,640
520,695
1,275,133

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Breeding Improvement Other Costs
Membership Services and Enquiries
Education and Promotion Other Costs
Fundraising Costs
TOTAL 2023		 Activities
undertaken
directly
2024
£
68,060
10,154
194,848
351,250
624,312
583,642		 Support
costs
2024
£
-
212,071
260,064
240,520
712,655
691,491		 Total
funds
2024
£
68,060
222,225
454,912
591,770
1,336,967
1,275,133		 Total
funds
2023
£
94,588
217,210
442,640
520,695
1,275,133

Page 27

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF DIRECT COSTS

Breeding
Improvement
Other Costs
2024
Membership
Services and
Enquiries
2024
£
£
SCOPS
-
-
Sheep Farmer
costs
-
-
Design and
printing
-
-
Next Generation
Ambassadors
-
-
Branding and
merchandise
-
-
Moredun Initiative
-
-
Regional
Secretaries &
Officers fees
-
-
Membership
promotion
-
10,154
Ram sale
expenses
65,688
-
Storage of semen
2,061
-
P & O expenditure
311
-
Subscriptions for
other bodies
-
-
Awards and
donations
-
-
Costs of
generating funds
-
-
Externally funded
project costs
-
-
RoSA project
-
-
RDPE Moredun
project
-
-
Erasmus project
-
-
68,060
10,154
TOTAL 2023
94,588
10,645		 Education and
Promotion
Other Costs
2024
£
2,495
55,904
23,147
19,175
2,383
7,500
60,831
-
-
-
-
3,008
3,461
-
13,755
3,189
-
-
194,848
195,509		 Fundraising
Costs
2024
£
-
-
-
-
-
-
-
679
-
-
-
-
-
350,571
-
-
-
-
351,250
282,900		 Total
funds
2024
£
2,495
55,904
23,147
19,175
2,383
7,500
60,831
10,833
65,688
2,061
311
3,008
3,461
350,571
13,755
3,189
-
-
624,312
583,642		 Total
funds
2023
£
2,422
54,131
29,939
12,583
1,996
7,500
61,312
14,219
83,291
9,534
1,763
2,381
4,593
279,326
6,910
55
11,260
427
583,642

Page 28

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS

Membership
Services
and
Enquiries
2024
£
Staff costs
149,832
Depreciation and Amortisation
8,622
Printing, Photocopying, Postage
& Stationary
11,636
General Office Expenses
517
Telephone, Computer &
Website
7,222
Travel Expenses & Subsistence
16,055
Rates, Utilities & Insurance
6,677
Property Repairs
2,414
Legal & Professional
4,648
Accountancy
890
Bank Charges
2,655
Bad Debts
903
Governance - Audit Fees
-
Governance - Staff Costs
-
Board and AGM Meeting Costs
-
212,071
TOTAL 2023
206,565		 Education
and
Promotion
Other Costs
2024
£
105,732
11,907
13,654
602
8,426
18,732
7,789
2,818
5,424
1,038
3,097
1,053
13,500
59,933
6,359
260,064
247,131		 Fundraising
Costs
2024
£
174,803
3,163
13,575
602
8,426
18,732
7,789
2,818
5,424
1,038
3,097
1,053
-
-
-
240,520
237,795		 Total
funds
2024
£
430,367
23,692
38,865
1,721
24,074
53,519
22,255
8,050
15,496
2,966
8,849
3,009
13,500
59,933
6,359
712,655
691,491		 Total
funds
2023
£
405,991
12,211
44,395
7,127
35,343
58,179
26,223
9,724
5,797
3,350
6,160
1,903
12,750
56,608
5,730
691,491

11. AUDITORS' REMUNERATION

The auditors' remuneration amounts to an auditor fee of £13,500 (2023 - £12,750).

Page 29

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Wages and salaries included within governance		 2024
£
373,170
30,902
26,295
59,933
490,300		 2023
£
353,250
27,870
24,871
57,248
463,239

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

Employees
The average headcount expressed as full-time equivalents was:
Employees		 2024
No.
18
2024
No.
12.0		 2023
No.
15
2023
No.
11.3
Employees
12.0		 Employees
12.0		 11.3
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was:
2024 2023
No. No.
In the band £80,001 - £90,000 1 1
The charity paid regional secretaries on an honorarium and subcontractor basis:
2024 2023
No. No.
Regional Secretaries and Officers 9 11
Ram Sales Secretaries and Officers 3 3
Regional Event Managers 4 2
16 16

Page 30

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. STAFF COSTS (CONTINUED)

Note that some of the secretaries and officers act for several different regions and activities. Such Officers have only been counted once in the number of officers detailed above and are allocated to the regional activity that they are most associated with. The following payments to these officers were made:

2024 2023
£ £
Regional Secretaries and Officers 39,958 37,998
Ram Sales Secretaries and Officers 28,750 30,794
Regional Event Managers 21,240 29,500

13. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 December 2024, expenses totaling £7,216 were reimbursed or paid directly to 8 Trustees (2023 - £11,840 to 7 Trustees).

14. INTANGIBLE ASSETS

COST
At 1 January 2024
Additions
At 31 December 2024
AMORTISATION
At 1 January 2024
Charge for the year
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Website
Development
£
-
15,847
15,847
-
3,169
3,169
12,678
-		 Computer
software
£
13,707
-
13,707
2,741
2,742
5,483
8,224
10,966		 Total
£
13,707
15,847
29,554
2,741
5,911
8,652
20,902
10,966

Page 31

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 January 2024
Additions
Disposals
Transfers to investment
property
At 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for the year
On disposals
Transfers to investment
property
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Freehold
property
£
224,935
6,140
-
(83,809)
147,266
60,225
12,580
-
(15,067)
57,738
89,528
164,710		 Royal Welsh
Pavillion
£
44,292
1,200
-
-
45,492
39,236
253
-
-
39,489
6,003
5,056		 Fixtures and
fittings
£
98,157
5,497
(22,501)
-
81,153
86,254
1,875
(20,246)
-
67,883
13,270
11,903		 Computer
equipment
£
31,656
3,381
(11,904)
-
23,133
26,258
3,073
(11,716)
-
17,615
5,518
5,398		 Total
£
399,040
16,218
(34,405)
(83,809)
297,044
211,973
17,781
(31,962)
(15,067)
182,725
114,319
187,067

The cost and depreciation balances at 1 January 2024 have been reclassified into new categories to show a more accurate analysis of tangible fixed assets.

The total net book value of tangible fixed assets for the year ended 31 December 2023 remains unchanged.

Page 32

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. INVESTMENT PROPERTY

VALUATION
At 1 January 2024
Disposals
Revaluation
Transfers from freehold property
At 31 December 2024		 Freehold
investment
property
£
455,000
(230,000)
153,258
68,742
447,000

The fair value of the investment property brought forward had been arrived at on the basis of a valuation carried out on 1 September 2022 by Carver Knowles, a RICS registered firm, who are not connected with the company. A subsequent valuation was carried out in September 2024 following the sale of an investment property and the subsequent removal of restricted covenants. Both valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties. The Trustees believe this to be a true and fair valuation at the year end.

17. FIXED ASSET INVESTMENTS

COST OR VALUATION
At 1 January 2024
Additions
Disposals
Revaluations
AT 31 DECEMBER 2024
NET BOOK VALUE
AT 31 DECEMBER 2024
AT 31 DECEMBER 2023		 Listed
investments
£
783,952
51,000
-
88,390
923,342
923,342
783,952		 Unlisted
investments
£
327,388
456,313
(210,000)
21,858
595,559
595,559
327,388		 Total
£
1,111,340
507,313
(210,000)
110,248
1,518,901
1,518,901
1,111,340

Page 33

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18.
STOCKS
Goods for resale
19.
DEBTORS
DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income
20.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR		 2024
£
2,825
2024
£
113,083
7,774
54,424
175,281		 2023
£
2,924
2023
£
64,020
4,135
44,687
112,842
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£
45,867
27,479
15,867
288,171
377,384		 2023
£
27,967
9,566
20,397
192,449
250,379

Page 34

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Central Region
Cymru Region
Eastern Region
Marches Region
Northern Region
Northern Ireland
Region
Scottish Region
South East Region
South West Region
South West Ram
Sales
Wales & Border Ram
Sales
GENERAL FUNDS
General Funds
Revaluation reserve
TOTAL
UNRESTRICTED
FUNDS		 Balance at 1
January 2024
£
9,575
282,727
31,471
12,981
84,331
53,112
56,034
14,508
25,487
75,895
138,949
785,070
1,156,160
105,000
1,261,160
2,046,230		 Income
£
Expenditure
£
6,204
(3,946)
6,608
(76,320)
5,475
(4,821)
810
(2,840)
9,257
(19,531)
4,180
(15,489)
219,198
(149,071)
10,858
(5,236)
900
(5,200)
3,773
(3,264)
132,964
(128,440)
400,227
(414,158)
895,777
(909,365)
-
-
895,777
(909,365)
1,296,004
(1,323,523)		 Transfers
in/out
£
(1,800)
(1,800)
(1,800)
1,300
(1,800)
3,200
(300)
(1,800)
(1,800)
(500)
-
(7,100)
63,042
-
63,042
55,942		 Gains/
(Losses)
£
-
6,310
-
-
-
-
-
-
-
4,078
2,209
12,597
244,421
2,024
246,445
259,042		 Balance at 31
December
2024
£
10,033
217,525
30,325
12,251
72,257
45,003
125,861
18,330
19,387
79,982
145,682
776,636
1,450,035
107,024
1,557,059
2,333,695

Page 35

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED
FUNDS
British Heritage
Sheep
Fabulous Fibre
Low Methane Sheep
RDPE
Erasmus
Welsh Government
Grant
DEFRA Sheep
Efficiency
TOTAL OF FUNDS		 1,852
(453)
(214)
28,820
14,372
12,750
-
57,127		 87
10,925
8,574
-
-
-
4,050
23,636		 (326)
(6,257)
(6,574)
-
-
-
(287)
(13,444)		 -
-
-
(28,820)
(14,372)
(12,750)
-
(55,942)		 -
-
-
-
-
-
-
-		 1,613
4,215
1,786
-
-
-
3,763
11,377
2,345,072
2,103,357 1,319,640 - 259,042

Page 36

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. STATEMENT OF FUNDS (CONTINUED)

British Heritage Sheep Project

This project was granted by “The Prince’s Countryside Fund” and supports a feasibility study to address the key threats to our native sheep breeds, by helping develop a diversified sheepmeat market from the single “Standard Lamb”, adding value for farmer-based outlets, and linking food, landscape and culture.

Fabulous Fibre

NSA joined with British Wool, the Centre for Excellence in Livestock (CIEL), Langrish Farmers and the Wool Testing Authority Europe (WTAE) for the project. This is a twelve-month project, aiming to increase value of wool through breeding and genetics. The goal is to conduct a feasibility study to evaluate the potential of reducing micron count of finer wool quality UK sheep breeds to increase productivity, sustainability and resilience for sheep farmers and the wool industry. This is measured by testing wool fibres to establish a micron value. Lower values are softer to the touch and more highly valued for making high-quality suits or layers worn next to skin and resulting in greater the value per kilogram. NSA is responsible for project managing, as well as sharing knowledge gained.

Breed for CH4nge – Breeding Low Methane Sheep Project

NSA is working with industry partners to breed low methane producing sheep, helping sheep farmers make a positive contribution to UK agriculture’s journey towards net zero. The project runs from July 2023 for 3 years, following a total award of £2.9m from Defra’s Farming Innovation Programme, which is being shared between the collaborative entities. The project is led by sheep genetics company Innovis and will measure methane emissions from a total of 13,500 sheep in 45 flocks, to collect data and build tools to genetically reduce methane emissions and improve the efficiency of the national flock.

RDPE Countryside Productivity Scheme Project to Tackle Sheep Scab

In January 2021, funding was awarded by Defra through the European Agricultural Fund for Rural Development for a project designed to demonstrate the effectiveness of a community-led approach to improve the control of sheep scab. The project focuses on three hotspot areas in England, where scab is highly prevalent: The South West (coordinated by the National Sheep Association); The Midlands (coordinated by ADAS) and The North West (coordinated by the Cumbrian Farmers Network). Running over two years, the project offers a great opportunity for farmers to work together, with their local vets and the project coordinators, to stamp out this costly disease, which is of high welfare concern. 300 participating farmers signed up to a unique combination of on-farm advice, best practice training and free blood testing using the sheep scab ELISA test developed by Moredun and available through Biobest Laboratories Ltd. This includes the costs of visits by their local vet to allow two sets of blood samples for ELISA testing, plus a face-to-face advisory visit by the vet for each farm to discuss scab control and biosecurity. This project has now completed and closed.

E-Organic Erasmus Project

NSA is the sole UK partner in an EU-funded Turkish-led research project called E-Organic Erasmus, running from early 2021 to the end of 2022. The project will collate information about organic livestock production systems (including but not limited to sheep) from across Europe into a free-to-access online resource. It will also allow nominated individuals from the participating countries (Italy, Spain, Turkey and the UK) to visit each other on study trips. This project has now completed and closed.

Welsh Government grant

Cymru/Wales Region have been successful in securing a grant from the Wales Cultural Recovery Fund which was set up to help protect sustainable businesses and organisations and as many jobs in the culture sector as possible in order to ensure the sector survives the Covid-19 crisis and remains viable and sustainable in 2021 and beyond. The funding was intended to cover the loss of income from the cancelled Welsh Sheep Event.

Sheep Efficiency Project

This is a Defra-funded project researching the attitudes, knowledge, experiences and practices of sheep farmers and breeders across the stratified sheep sector with an emphasis on genetic evaluation and selection. NSA’s role is to provide stakeholder advice and support Adas (which is leading on the project) to get quantitative and qualitative information from sheep farmers in England and Wales.

Page 37

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED
FUNDS
DESIGNATED FUNDS
Central Region
Cymru Region
Eastern Region
Marches Region
Northern Region
Northern Ireland Region
Scottish Region
South East Region
South West Region
South West Ram Sales
Wales & Border Ram
Sales
GENERAL FUNDS
General Funds
Revaluation reserve
TOTAL
UNRESTRICTED
FUNDS		 UNRESTRICTED
FUNDS
DESIGNATED FUNDS
Central Region
Cymru Region
Eastern Region
Marches Region
Northern Region
Northern Ireland Region
Scottish Region
South East Region
South West Region
South West Ram Sales
Wales & Border Ram
Sales
GENERAL FUNDS
General Funds
Revaluation reserve
TOTAL
UNRESTRICTED
FUNDS		 Balance at
1 January 2023
£
Income
£
Expenditure
£
14,533
-
(3,358)
194,415
163,526
(93,045)
29,816
11,220
(7,965)
12,800
579
(2,798)
47,325
152,356
(113,750)
38,417
37,554
(27,259)
66,616
29,668
(38,650)
7,030
8,075
(3,997)
8,353
82,214
(63,480)
71,205
5,812
(5,308)
130,269
134,808
(134,338)
620,779
625,812
(493,948)
1,176,997
714,655
(762,533)
140,000
-
-
1,316,997
714,655
(762,533)
1,937,776
1,340,467
(1,256,481)		 Balance at
1 January 2023
£
Income
£
Expenditure
£
14,533
-
(3,358)
194,415
163,526
(93,045)
29,816
11,220
(7,965)
12,800
579
(2,798)
47,325
152,356
(113,750)
38,417
37,554
(27,259)
66,616
29,668
(38,650)
7,030
8,075
(3,997)
8,353
82,214
(63,480)
71,205
5,812
(5,308)
130,269
134,808
(134,338)
620,779
625,812
(493,948)
1,176,997
714,655
(762,533)
140,000
-
-
1,316,997
714,655
(762,533)
1,937,776
1,340,467
(1,256,481)		 Transfers
in/out
£
(1,600)
(1,600)
(1,600)
2,400
(1,600)
4,400
(1,600)
3,400
(1,600)
(500)
(500)
(400)
345
-
345
(55)		 Transfers
in/out
£
(1,600)
(1,600)
(1,600)
2,400
(1,600)
4,400
(1,600)
3,400
(1,600)
(500)
(500)
(400)
345
-
345
(55)		 Gains/
(Losses)
£
-
19,431
-
-
-
-
-
-
-
4,686
8,710
32,827
26,696
(35,000)
(8,304)
24,523		 Balance at
31 December
2023
£
9,575
282,727
31,471
12,981
84,331
53,112
56,034
14,508
25,487
75,895
138,949
785,070
1,176,997
140,000
1,316,997
1,937,776		 345
-
345
(55)		 1,156,160
105,000
1,261,160
2,046,230

Page 38

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. STATEMENT OF FUNDS (CONTINUED)

1
RESTRICTED
FUNDS
British Heritage
Sheep
Fabulous Fibre
Low Methane Sheep
RoSA
RDPE
Erasmus
Welsh Government
Grant
TOTAL OF FUNDS		 1
RESTRICTED
FUNDS
British Heritage
Sheep
Fabulous Fibre
Low Methane Sheep
RoSA
RDPE
Erasmus
Welsh Government
Grant
TOTAL OF FUNDS		 Balance at
January 2023
£
1,102
-
-
-
33,773
10,217
10,000		 Income
£
1,177
-
6,243
-
6,307
4,155
2,750
20,632
1,361,099		 Expenditure
£
(427)
(453)
(6,457)
(55)
(11,260)
-
-
(18,652)
(1,275,133)		 Transfers
in/out
£
-
-
-
55
-
-
-
55
-		 Transfers
in/out
£
-
-
-
55
-
-
-
55
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
24,523		 Balance at
31 December
2023
£
1,852
(453)
(214)
-
28,820
14,372
12,750
57,127
2,103,357
55,092
1,992,868 -

Page 39

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

22. SUMMARY OF FUNDS

SUMMARY OF FUNDS - CURRENT YEAR

Balance at
Balance at 1 31
January Transfers Gains/ December
2024 Income Expenditure in/out (Losses) 2024
£ £ £ £ £ £
Designated
funds 785,070 400,227 (414,158) (7,100) 12,597 776,636
General funds 1,261,160 895,777 (909,365) 63,042 246,445 1,557,059
Restricted funds 57,127 23,636 (13,444) (55,942) - 11,377
2,103,357 1,319,640 (1,336,967) - 259,042 2,345,072
SUMMARY OF FUNDS - PRIOR YEAR
Balance at
Balance at 31
1 January Transfers Gains/ December
2023 Income Expenditure in/out (Losses) 2023
£ £ £ £ £ £
Designated
funds 620,779 625,812 (493,948) (400) 32,827 785,070
General funds 1,316,997 714,655 (762,533) 345 (8,304) 1,261,160
Restricted funds 55,092 20,632 (18,652) 55 - 57,127
1,992,868 1,361,099 (1,275,133) - 24,523 2,103,357

Page 40

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

23. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Unrestricted
funds
2024
£
Tangible fixed assets
114,319
Intangible fixed assets
20,902
Fixed asset investments
1,518,901
Investment property
447,000
Current assets
609,957
Creditors due within one year
(377,384)
TOTAL
2,333,695
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD
Unrestricted
funds
2023
£
Tangible fixed assets
187,067
Intangible fixed assets
10,966
Fixed asset investments
1,111,340
Investment property
455,000
Current assets
512,306
Creditors due within one year
(230,449)
TOTAL
2,046,230		 Restricted
funds
2024
£
-
-
-
-
11,377
-
11,377
Restricted
funds
2023
£
-
-
-
-
77,057
(19,930)
57,127		 Total
funds
2024
£
114,319
20,902
1,518,901
447,000
621,334
(377,384)
2,345,072
Total
funds
2023
£
187,067
10,966
1,111,340
455,000
589,363
(250,379)
2,103,357
Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
TOTAL

Page 41

NATIONAL SHEEP ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

24.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net income for the period (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Amortisation charges
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Decrease in stocks
Increase in debtors
Increase/(decrease) in creditors
Revaluation of fixed asset investments
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
25.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
TOTAL CASH AND CASH EQUIVALENTS
26.
ANALYSIS OF CHANGES IN NET DEBT
At 1
January
2024
£
Cash at bank and in hand
473,597		 FROM OPERATING
2024
2023
£
£
88,457
145,489
17,781
9,470
5,911
2,741
(57,404)
(50,582)
2,443
-
99
25
(62,439)
(2,518)
127,005
(72,388)
(110,248)
(59,523)
11,605
(27,286)
2024
2023
£
£
443,228
473,597
443,228
473,597
Cash flows
At 31
December
2024
£
£
(30,369)
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 Charitable Company makes contributions, as part of an employee's contract of employment, which are payable to defined contribution schemes chosen by the employer. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £26,295 (2023: £24,871). Contributions totaling £Nil (2023: £36) were receivable to the fund at the Balance Sheet date and are included in debtors.

28. OPERATING LEASE COMMITMENTS

At 31 December 2024 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2024
£
2,733
755
3,488		 2023
£
2,878
2,152
5,030

29. RELATED PARTY TRANSACTIONS

During the year, £60,088 (2023: £162) was paid to companies with directors in common control. At the year end £NIL (2023: £NIL) was due to these companies.

During the year, £9,871 (2022: £9,779) was received from companies with directors in common control. At the year end £NIL (2023: £NIL) was due from these companies.

The above transactions represent payments made under normal market conditions for goods, services and related expenses.

Page 43