Registered number: 03159703 Charity number: 1053585
Border Collie Trust (Great Britain)
Trustees' Report and Financial Statements
For the Year Ended 31 March 2024
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Contents
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 - 2 |
| Trustees' Report | 3 - 11 |
| Independent Auditors' Report on the Financial Statements | 12 - 16 |
| Consolidated Statement of Financial Activities | 17 |
| Consolidated Balance Sheet | 18 |
| Charity Balance Sheet | 19 |
| Consolidated Statement of Cash Flows | 20 |
| Notes to the Financial Statements | 21 - 40 |
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Reference and Administrative Details of the Charity, its Trustees and Advisers For the Year Ended 31 March 2024
| Trustees | Mr K A Holden,Chair |
|---|---|
| Mr B Wilkes,Vice Chair | |
| Miss R Corden | |
| MR T Condra(resigned 13 April 2023) | |
| Mr M Baker(resigned 22 September 2024) | |
| Mrs S Wilkes | |
| Mr R Huggett | |
| Mrs D Beddows | |
| Mrs P Ball | |
| Mrs M Gosling (appointed 8 July2023) | |
| Mr J Bonney (appointed 8 July2023,resigned 22 February2024) | |
| Mrs J Hoult(appointed 18 June 2024) | |
| Dr S Rowell(appointed 17 November 2024) | |
| Company registered number 03159703 Charity registered number 1053585 Registered office Rescue Centre Heathway Colton Rugeley Staffordshire WS15 3LY Company secretary Mr B Wilkes Independent auditors Dains Audit Limited 2 Chamberlain Square Paradise Circus Birmingham B3 3AX Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Mailing Kent ME19 4JQ |
Page 1
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Reference and Administrative Details of the Charity, its Trustees and Advisers (continued) For the Year Ended 31 March 2024
Solicitors
Pickering and Butters Canberra House Market Square Rugeley Staffordshire WS15 2BN
Page 2
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Trustees' Report
For the Year Ended 31 March 2024
The Trustees present their annual report together with the audited financial statements of the Border Collie Trust (Great Britain) for the year 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that 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 group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Structure, governance and management
a. Governing Document
To rescue and provide care and shelter for lost, abandoned, neglected and ill treated dogs and with particular regard to dogs of the Border Collie breed and other working dogs and to find new homes for such animals wherever possible. The company was established under a Memorandum of Association (revised in 2009) which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
b. Recruitment and Appointment of the Board of Management
The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members of the Board of Management. Under the requirements of the Memorandum and Articles of Association the members of the Board of Management may be appointed for a fixed term as specified in the resolution by which they are appointed.
Trustees Mr K. Holden and Ms R. Corden were due for re-election in 2023. Both were prepared to stand for a further period of three years and were duly re-elected.
The charity’s work focuses on the re-homing of rescued collies. The Board of Management seeks to ensure that the well being of these dogs are appropriately reflected through the diversity of the trustee body. To enhance the potential pool of Trustees, the charity has sought to identify suitable supporters who would be willing to become members of the Trust and by using their own experience assist the charity.
The more traditional business skills are well represented on the Board of Management. In an effort to maintain this broad skill mix, members of the Board of Management are requested to provide a list of their skills (and update it each year) and in the event of particular skills being lost due to retirements, individuals are approached to offer themselves for election to the Board of Management.
Page 3
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
Structure, governance and management (continued)
c. Trustee Induction and Training
Most Trustees are already familiar with the practical work of the charity having been encouraged to assist in projects to promote the charity. Additionally, potential new Trustees are invited by the chairman to observe the day-to-day operation of the charity to familiarise them with the context within which it operates. Prior to being appointed a Trustee the following subjects are explained to prospective Trustees:
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The obligations of Board of Management members.
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The Memorandum of Association and Articles of Association.
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The current financial position as set out in the latest published accounts.
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Future plans and objectives.
The Charity Commission’s guide “the Essential Trustee” is distributed to all new Trustees along with The Memorandum of Association and Articles of Association and the latest financial statements.
d. Organisational Structure
Border Collie Trust (Great Britain) has a Board of Management of up to 12 members who meet at intervals throughout the year and are responsible for the strategic direction and policy of the charity. During this financial year all but one meeting have been held online. At the year end the Committee had nine members from a variety of backgrounds relevant to the work of the charity.
e. Key Management Personnel
The Directors consider the Board of Management, who are the Charity’s Trustees, and the Senior Management Team comprise the key management personnel of the charity in charge of running and operating the charity on a day to day basis.
Trustee, Miss R Corden is employed by the charity as Kennel Manager to provide specific services to the charity, these services are above normal trustees duties. Her salary is reviewed annually and set by reference to similar roles in the rehoming sector. This appointment is permitted by the charity's Memorandum of Association sections 5(i) (a) (b) (c) (d) (e) and (f). Miss Corden’s gross pay, and pension for the year totalled £28,241 (2023 - £28,990).
All other Directors give of their time freely and no other Director received any remuneration in the year. Details of Director’s expenses and related party transactions are disclosed in note 13 to the accounts.
A scheme of delegation is in place and day-to-day responsibility for the provision of the services rest with the Senior Management Team. The Chair is responsible for ensuring that the charity delivers an acceptable standard of service. The Kennel Manager has responsibility for the day-to-day operational management of the Centre, individual supervision of the staff team and also ensuring that the team continues to develop their skills and working practices in line with good practice.
Page 4
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Trustees' Report (continued)
For the Year Ended 31 March 2024
Structure, governance and management (continued)
f. Subsidiary Company
The Charity has a wholly owned trading subsidiary, BCT Enterprises Limited, registered company number 03232507. The transactions of this subsidiary are included within the consolidated financial statements.
g. Risk Management
The Board of Management has conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimized by the implementation of procedures for authorisation of all major transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to the centre.
Objectives and activities
a. Policies and objectives
The company’s objectives and principal activities are:
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To provide accommodation for the temporary/full time kennelling of dogs rescued or recovered by the Company
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To provide veterinary serviced/kennels.
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To promote awareness of the Company and its objects and activities by means of any information, data, communications, publications or other publicity material as the Board of Management shall decide from time to time by any medium which is or may in the future become available (including electronic communication).
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To raise funds and to invite and receive contributions from any person or persons whatsoever by way of subscription, donation or otherwise and to convert any donated goods to liquid or other funds provided that this shall be without prejudice to the ability of the Company to disclaim any gift, legacy or bequest in whole or in part in such circumstances as the Company may think fit and to carry on any lawful trading activities in raising funds for the Company’s charitable objects, whether directly through the Company or through any one or more subsidiaries (whether partly or wholly owned by the Company).
The main objectives are to rescue and provide care and shelter for lost, abandoned, neglected and ill treated dogs and with particular regard to dogs of the Border Collie breed and other working dogs and to find new homes for such animals wherever possible. By doing this it is hoped the number of stray dogs will be reduced.
In the year 2023/2024 the Trust carried out 295 rehomings, during the period 2022/23 the Trust carried out 274 rehomings, the intention of the Trust is to re-home within this range. The figures have not yet returned to the levels pre Covid-19 but the pressures on all animal welfare can be highlighted in the figures for this year although the reasons behind them are varied. We continue to review the rehoming process, to maximise our ability to rehome have and ensure a good use resources in all areas.
Rehoming will be achieved by cultivating our good reputation within the dog rescue world which leads to word of mouth recommendation, promoting dogs in need of a home on our website and having a strong presence on social media.
Page 5
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
Achievements and performance
a. Review of activities
The main areas of charitable activity are the provision of kennels for dogs until suitable homes can be found, to provide advice and information to prospective new dog owners and provide back up support once a dog has been re-homed.
b. Dog kennels
The rescue centre consists of 40 kennels and reception area, a Special Needs and Puppy block with 7 kennels, socialisation room and laundry. There is also a separate block of 14 kennels which offer boarding facilities. As of 31st March 2024 the centre had 1 full time employee and 14 part time employees. The rescue kennels house an average of 25 dogs at any one time.
c. Volunteers
Volunteers are an important part of any charitable organisation and the Trust has always welcomed volunteer support, however, the Covid restrictions on volunteering and the loss of all volunteers for two years are still taking time to resolve and rebuild but we are seeing a gradual return, especially in those offering extra time with the dogs in our care.
d. Advice and Information
Prospective new owners complete an online adoption form initially which outlines their personal circumstances, experience with dogs and in particular collies. Rehoming staff then review the applications and discuss suitable dogs with those applicants who, it is felt, best match the dog's needs. They are then invited to visit the centre and spend time with each or any dog and in the event that all circumstances are suitable the homing procedure can be completed. Any history both prior to arrival and during its time at the centre is discussed and information concerning collies is offered. Owners are offered support at any time after homing by phone, email or if necessary they may visit the centre to discuss any problems.
e. Public Benefit
Identifiable benefit
68 dogs have been admitted directly from their own home, providing not only refuge for those dogs but also help and assistance to members of the public who often find themselves in difficult circumstances. With limited other options available to them our work provides the help they need. In addition 184 dogs have been admitted from other rescues, releasing valuable kennel space at other rescues, allowing them to provide help and assistance to other members of the public. In addition the Trust has offered support to members of the public who have found two dogs straying outside the operating hours of local authority dog warden services locally. Two dogs were provided welfare stay during the year due to owners ill health.
Page 6
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
Achievements and performance (continued)
- The benefit must be to the public or an identifiable section of the public
Our assistance is available to all sections of the community throughout the UK and further afield when necessary.
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People on low incomes must be able to benefit
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Whilst we do ask for a donation for any dog admitted from its own home, this is purely a voluntary donation and so does not exclude those with low income.
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Any private benefit must be incidental
Private benefit is extremely unlikely and rare.
f. BCT Enterprises Limited
All fundraising activities are undertaken through BCT Enterprises Limited, a subsidiary of Border Collie Trust (Great Britain), which operates from the registered office of Border Collie Trust (Great Britain). The transactions of this subsidiary are included within the consolidated financial statements.
BCT Enterprises Limited raised funds in the following manner (all figures exclusive of VAT):
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Boarding Kennels - Total income for the year £49,555 (2023 - £47,129)
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Sale of goods through mail order raised £11,174 (2023 - £11,833)
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Other activities – Sales of items and food from the centre raised over £4,168 (2023 - £4,715)
Boarding kennels bookings have returned to something approaching pre-pandemic levels, and online sales remains constant.
g. Savings Accounts
Savings accounts are maintained with a number of institutions. In light of the announcement in early 2013 of the proposed route of the High Speed Rail (HS2), Trustees recognised the potential effect this may have on the centre and that in the worst case scenario could make the centre unfit for purpose. In order to safeguard the future of the Trust and also maximise the income from financial resources, Trustees sought independent advice from Zenith Asset Management, Cannock. At 5th April 2024, these investments had a market value of £310,490. (2023 - £295,179).
h. Overview
Calls for the assistance of the Trust have seen a gradual rise over the past few years as awareness of our work increases. The year in question saw a continuation of this effect. The ability of the Trust to offer support in rehoming collies is of course dependent on available kennel space and suitable prospective new owners providing homes. Maximum use of available kennels has been made by careful management, allowing support to be offered to other rescues in UK and Ireland but we have also been able to continue to offer rehoming support to individual owners. Trustees will continue to monitor all areas of income and expenditure.
Page 7
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Trustees' Report (continued)
For the Year Ended 31 March 2024
Financial review
a. Financial Position
With the aid of sound financial management and the backing of the staff and supporters the Trust has maintained a positive financial position for the period.
b. Reserves policy
Funds at 31 March 2024 totalled £4,319,452 (2023 - £3,098,460), of which £551,232 were represented by fixed assets, hence free reserves at 31 March 2024 totalled £3,768,220 (2023 £2,535,992).
The Board of Management has examined the charity’s requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds should be 6 to 9 months of the expenditure. Expenditure for 2024/25, is expected to be in the region of £300,000 and therefore the target is £150,000 to £200,000 in general funds. This level of reserves is needed to meet the working capital requirements of the charity and the Board of Management are confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding. In addition Trustees have considered future financial planning strategies in the short to medium term aims and medium to long term aims.
The announcement in January 2013 of the preferred route for the proposed High Speed Rail and its close location to our property presented the Trust with concerns about the effect this development could have on the ability of the rescue centre to provide the environment required for the type of dogs we rescue. These genuine concerns led to Trustees accepting this may require a future Board of Management to feel their only option is to re locate.
Discussions with HS2 from 2016 to 2021 were inconclusive and HS2 refused to commit to our supporting the need to relocate. Following a protracted process during 2022 the Trust secured the purchase of a 6 acre field directly opposite the centre and planning permission process was undertaken to utilise the area for dog walking and enrichment. That process was finally completed and planning permission granted in November 2024 by which time the costs to the Trust in respect of dealing with all aspects of the HS2 situation had reached £236,000 with no acceptance from HS2 for any responsibility towards that expenditure.
On 4th October 2023 it was announced that Phase 2A of HS2 was cancelled. In the short to medium term this means we remain unaffected, however, the long term implications for this project remain unclear at present. In any event the long term reserves policy still has to take account of the potential need to relocate from projects or demands that may arise.
In respect of short/medium term plans, the last few years have seen a reluctance to spend large amounts on the centre due to HS2. Knowing that we could not relocate and indeed now that we will be unaffected in the short to medium term, have allowed work to commence on retiling of the main rescue kennel block and other building works. In addition distinct isolation facilities within the rescue kennels to provide a higher level of infection control when such situations arise. Estimated costs for upgrading the existing rescue kennels to provide suitable isolation facilities is currently estimated to be £55,000.
In the medium to long term, the need for further assistance for the Border Collie breed throughout the UK will result in consideration of an additional rescue centre suitably located to increase the area in which the charity can have the greatest impact. This aim is of course now linked directly to the future progress of the high speed rail project. The strategy is to continue to build reserves to fund future aims through planned operating surpluses.
Page 8
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
c. Principal Funding Sources
Aside from the income generated by Border Collie Enterprises Limited, the trading arm of Border Collie Trust GB, the principal funding sources for the charity are currently by way of regular monthly donations, by standing order or direct debit, from members of the Border Collie Support Scheme and Sponsor a Kennel. Funding is also received from donations at the time of rehoming dogs, the Gift Aid Scheme, various fundraising areas, grant applications, bank interest and investment growth. Legacies for this financial year amounted to £1,217,106 (2023: £363,715).
Income from these sources has supported the objectives of the charity by making it possible to provide shelter, veterinary care for the dogs and support to people who have taken on the responsibility of re- homing a rescue dog.
d. Investments policy
Following a number of legacies in 2013 trustees took the decision that aside from retaining a prudent amount in easily accessible reserves, funds were now available for long term investment in addition to the various savings accounts. Further advice was taken for longer term investments. Trustees recognised that investments of this type carried with it risks as follows.
There are two main risks to capital:
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Loss of capital: The main risk arising directly from investments is that they could lose capital and/or income as the value of those investments change. All investments involve some degree of risk because their value can go down as well as up. Generally speaking risk and return go together. The more risky the investment, the higher the possible return, but also the greater the possibility of losing money.
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Volatility risk: This is the existence of variability in the price of an asset like a share. Some asset types are more volatile than others, which needs to be taken into account when selecting an investment and considering its place in the overall investment portfolio.
Managing capital risks
Capital risk can be mitigated by having a diversified portfolio of assets - if the investment return from one asset class falls, the losses may be offset by better investment returns in a different asset class. A diverse portfolio can help:
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reduce the risk that the loss from a single investment, or type of investment, could significantly harm the charity's viability;
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protect the charity's investments from sudden variations in the market by balancing the levels of risk and return in the portfolio; and
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ensure that the charity's needs for both income and capital growth are met, particularly where permanent endowment is involved.
Trustees recognise that they must keep their investment portfolio under regular review. Reviews must cover:
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how investments are performing
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the service provided by Zenith Asset Management.
Page 9
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
They will also monitor and review their internal arrangements for managing the charity's investments. During the financial year the investments performed in line with the expectations.
Plans for Future Periods
The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
Page 10
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Trustees' Report (continued)
For the Year Ended 31 March 2024
Auditors
The auditors, Dains Audit Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on 19 January 2025 and signed on their behalf by:
Mr B Wilkes
Trustee
Page 11
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Border Collie Trust (Great Britain)
Opinion
We have audited the financial statements of Border Collie Trust (Great Britain) (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated 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:
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give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
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 Group 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 Group's or the parent 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.
Page 12
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Border Collie Trust (Great Britain) (continued)
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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' Report has been prepared in accordance with applicable legal requirements.
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 requires us to report to you if, in our opinion:
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the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
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the parent charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
Page 13
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Border Collie Trust (Great Britain) (continued)
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 Group's and the parent 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
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.
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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Page 14
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Border Collie Trust (Great Britain) (continued)
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Other matters
In the previous accounting period, the Directors of the Company took advantage of audit exemption under Section 477 of the Companies Act 2006. Therefore, the prior period financial statements were not subject to audit. Specific audit procedures carried out as part of the current year audit have obtained sufficient and appropriate audit evidence regarding opening balances contained within these financial statements
Page 15
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Border Collie Trust (Great Britain) (continued)
Use of our report
This report is made solely to the charitable company's members, 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, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members 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.
Mark Gurney FCCA (Senior Statutory Auditor)
for and on behalf of
Dains Audit Limited
Statutory Auditor Chartered Accountants
Birmingham
19 January 2025
Page 16
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Consolidated Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 March 2024
| Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Other income 7 Total income Expenditure on: Raising funds 8 Charitable activities 9 Total expenditure Net income before net gains/(losses) on investments Net gains/(losses) on investments Net income before taxation Taxation Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 1,399,708 96,077 98,439 47,115 21,596 1,662,935 26,872 429,127 455,999 1,206,936 14,109 1,221,045 (40) 1,221,005 3,098,460 1,221,005 4,319,465 |
Total funds 2024 £ 1,399,708 96,077 98,439 47,115 21,596 1,662,935 26,872 429,127 455,999 1,206,936 14,109 1,221,045 (40) 1,221,005 3,098,460 1,221,005 4,319,465 |
Total funds 2023 £ 542,670 67,591 86,803 15,949 19,310 732,323 33,179 319,414 352,593 379,730 (20,581) 359,149 (81) 359,068 2,739,392 359,068 3,098,460 |
|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 21 to 40 form part of these financial statements.
Page 17
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee) Registered number: 03159703
Consolidated Balance Sheet
As at 31 March 2024
| 2024 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Fixed assets | ||||||
| Tangible assets | 14 | 551,232 | 562,468 | |||
| Investments | 15 | 310,490 | 295,179 | |||
| 861,722 | 857,647 | |||||
| Current assets | ||||||
| Stocks | 16 | 19,416 | 17,657 | |||
| Debtors | 17 | 984,527 | 338,183 | |||
| Cash at bank and in hand | 2,474,648 | 1,904,387 | ||||
| 3,478,591 | 2,260,227 | |||||
| Creditors: amounts falling due within one year | 18 | (20,848) | (19,414) | |||
| Net current assets | 3,457,743 | 2,240,813 | ||||
| Total net assets | 4,319,465 | 3,098,460 | ||||
| Unrestricted funds | 19 | 4,319,465 | 3,098,460 | |||
| Total funds | 4,319,465 | 3,098,460 |
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 on 19 January 2025 and signed on their behalf by:
_________
Mr B Wilkes
Trustee
The notes on pages 21 to 40 form part of these financial statements.
Page 18
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee) Registered number: 03159703
Charity Statement of financial position As at 31 March 2024
| 2024 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Fixed assets | ||||||
| Tangible assets | 14 | 551,231 | 562,467 | |||
| Investments | 15 | 311,490 | 296,179 | |||
| 862,721 | 858,646 | |||||
| Current assets | ||||||
| Debtors | 17 | 1,047,282 | 394,152 | |||
| Cash at bank and in hand | 2,425,159 | 1,856,394 | ||||
| 3,472,441 | 2,250,546 | |||||
| Creditors: amounts falling due within one year | 18 | (19,400) | (14,265) | |||
| Net current assets | 3,453,041 | 2,236,281 | ||||
| Total net assets | 4,315,762 | 3,094,927 | ||||
| Unrestricted funds | 19 | 4,315,762 | 3,094,927 | |||
| Total funds | 4,315,762 | 3,094,927 |
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 on 19 January 2025 and signed on their behalf by:
_________
Mr B Wilkes
Trustee
The notes on pages 21 to 40 form part of these financial statements.
Page 19
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Consolidated Statement of Cash Flows
For the Year Ended 31 March 2024
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Movement in cash in investment portfolio Interest received Income from investments Net cash provided by/(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 |
2024 £ 524,348 - - 99,152 (106,774) 6,420 41,391 5,724 45,913 570,261 1,904,387 2,474,648 |
2023 £ 56,912 3,542 (154,400) 103,455 (108,748) 5,402 11,794 4,155 (134,800) (77,888) 1,982,275 1,904,387 |
|---|---|---|
The notes on pages 21 to 40 form part of these financial statements
Page 20
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
1. General information
Border Collie Trust (Great Britain) is a charity incorporated in the United Kingdom and registered in England and Wales under the Companies Act. The Charity is a private company limited by guarantee and registered in England and Wales. The address of the Charity's registered office is shown on page 1. The nature of the Charity's operations and its principal activities are set out in the Trustees report.
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.
Border Collie Trust (Great Britain) 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 Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.
2.2 Company status
The company is limited by guarantee and has no share capital. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.
2.3 Going concern
The Group's charitable activities, together with the factors likely to affect its future development, performance and position are set out in the Trustees' Report.
The Trustees have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements. Thus they have concluded that it is reasonable to continue to prepare the financial statements on a going concern basis.
Page 21
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
2. Accounting policies (continued)
2.4 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
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 Charity 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 Charity, can be reliably measured.
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.
2.5 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 raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 22
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
2. Accounting policies (continued)
2.7 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.8 Tangible fixed assets and depreciation
Tangible fixed assets 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 basis:
| Freehold property | - | 2% | straight-line on buildings |
|---|---|---|---|
| Plant and machinery | - | 25% | straight-line |
| Motor vehicles | - | 25% | on a reducing balance basis |
| Office equipment | - | 25% | on a reducing balance basis |
2.9 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 Consolidated Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
2.10 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Page 23
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
2. Accounting policies (continued)
2.11 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.
2.12 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.
2.13 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.
2.14 Pensions
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group 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 Group and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Donations Tax repayable on gift aid Legacies |
Unrestricted funds 2024 £ 156,666 25,936 1,217,106 1,399,708 |
Total funds 2024 £ 156,666 25,936 1,217,106 |
|---|---|---|
| 1,399,708 |
Page 24
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
3. Income from donations and legacies (continued)
| Donations Tax repayable on gift aid Legacies |
Unrestricted funds 2023 £ 162,261 16,694 363,715 542,670 |
Total funds 2023 £ 162,261 16,694 363,715 |
|---|---|---|
| 542,670 |
4. Income from charitable activities
| Rehoming Rehoming |
Unrestricted funds 2024 £ 96,077 Unrestricted funds 2023 £ 67,591 |
Total funds 2024 £ 96,077 |
|---|---|---|
| Total funds 2023 £ 67,591 |
Page 25
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
5. Income from other trading activities Income from fundraising events
| Fundraising Fundraising Income from non charitable trading activities Sales Sales |
Unrestricted funds 2024 £ 33,542 Unrestricted funds 2023 £ 23,126 Unrestricted funds 2024 £ 64,897 Unrestricted funds 2023 £ 63,677 |
Total funds 2024 £ 33,542 |
|---|---|---|
| Total funds 2023 £ 23,126 |
||
| Total funds 2024 £ 64,897 |
||
| Total funds 2023 £ 63,677 |
Page 26
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
6. Investment income
| Investment income Bank interest receivable Investment income Bank interest receivable |
Unrestricted funds 2024 £ 5,724 41,391 47,115 Unrestricted funds 2023 £ 4,155 11,794 15,949 |
Total funds 2024 £ 5,724 41,391 |
|---|---|---|
| 47,115 | ||
| Total funds 2023 £ 4,155 11,794 |
||
| 15,949 |
7. Other incoming resources
| Pet plan Pet Plan |
Unrestricted funds 2024 £ 21,596 Unrestricted funds 2023 £ 19,310 |
Total funds 2024 £ 21,596 |
|---|---|---|
| Total funds 2023 £ 19,310 |
Page 27
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
8. Expenditure on raising funds
Fundraising trading expenses
| Fundraising expenses Investment management costs Just giving Fundraising expenses Investment management costs Other trading expenses Cost of sales Administration expenses |
Unrestricted funds 2024 £ 2,152 4,523 468 7,143 Unrestricted funds 2023 £ 4,582 4,264 8,846 Unrestricted funds 2024 £ 11,783 7,946 19,729 |
Total funds 2024 £ 2,152 4,523 468 |
|---|---|---|
| 7,143 | ||
| Total funds 2023 £ 4,582 4,264 |
||
| 8,846 | ||
| Total funds 2024 £ 11,783 7,946 |
||
| 19,729 |
Page 28
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
8. Expenditure on raising funds (continued)
Other trading expenses (continued)
| Cost of sales Administration expenses |
Unrestricted funds 2023 £ 14,504 9,829 24,333 |
Total funds 2023 £ 14,504 9,829 |
|---|---|---|
| 24,333 |
9. Analysis of expenditure on charitable activities
Summary by fund type
| Direct costs Direct costs |
Unrestricted funds 2024 £ 429,127 Unrestricted funds 2023 £ 319,414 |
Total funds 2024 £ 429,127 |
|---|---|---|
| Total funds 2023 £ 319,414 |
Page 29
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
10. Analysis of expenditure by activities
| Direct costs Direct costs Analysis of direct costs Staff costs Vets Kennel maintenance & cleaning Collie Care Fund Rates & Insurance Heating & Lighting |
Activities undertaken directly 2024 £ 348,001 Activities undertaken directly 2023 £ 263,864 |
Support costs 2024 £ 81,126 Support costs 2023 £ 55,550 Total funds 2024 £ 232,051 6,097 74,790 11,675 11,713 11,675 348,001 |
Total funds 2024 £ 429,127 |
|---|---|---|---|
| Total funds 2023 £ 319,414 |
|||
| Total funds 2023 £ 208,525 7,624 20,472 8,777 11,329 7,137 |
|||
| 263,864 |
Page 30
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
10. Analysis of expenditure by activities (continued)
Analysis of support costs
| Depreciation Advertising IT Costs Directors and officers insurance Motor & Travel Audit Bank Charges Telephone, Postage & Stationery Professional Fees Printing Training Loss on Sale of Fixed Assets Sundries |
Total funds 2024 £ 11,236 7,973 9,381 798 1,667 13,150 4,150 7,768 15,793 5,112 694 - 3,404 81,126 |
Total funds 2023 £ 11,709 8,866 7,020 939 2,502 3,713 4,354 5,960 6,072 3,385 250 (2,418) 3,198 55,550 |
|---|---|---|
11. Auditors' remuneration
- The auditors' remuneration amounts to an auditor fee of £14,000 (2023 £3,700), which also includes fees for accounts preparation and completion of the corporation tax computation.
Page 31
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
12. Staff costs
| Group Group Company 2024 2023 2024 £ £ £ Wages and salaries 218,851 198,173 218,851 Social security costs 9,208 6,886 9,208 Contribution to defined contribution pension schemes 3,992 3,466 3,992 232,051 208,525 232,051 The average number of persons employed by the Charity during the year was as follows: Group Group Company 2024 2023 2024 No. No. No. Employees 14 9 14 |
Company 2023 £ 198,173 6,886 3,466 |
|---|---|
| 208,525 | |
| Company 2023 No. 9 |
No employee received remuneration amounting to more than £60,000 in either year.
Key management remuneration paid in the year by the Group totalled £28,241 (2023 - £28,990).
13. Trustees' remuneration and expenses
During the year, one or more Trustees has been paid remuneration or has received other benefits from employment with the Charity. The value of Trustees' remuneration and other benefits was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Miss R Corden | Remuneration | 27,600 | 28,399 |
| Pension contributions paid | 641 | 591 |
During the year ended 31 March 2024, expenses totalling £305 were reimbursed or paid directly to 1 Trustee (2023 - £NIL). This was for a legacy conference and travel.
Mr B Wilkes and Mrs S Wilkes, who are both trustees, live on site rent and rates free in a house, which belongs to the Charity. This is because, under animal welfare legislation, the centre is required to be manned at all times. Mr B Wilkes is a committed volunteer, who provides administration assistance to the charity.
Page 32
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
14. Tangible fixed assets
Group
| Cost or valuation At 1 April 2023 At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Freehold property £ 645,104 645,104 88,326 9,814 98,140 546,964 556,778 |
Plant and machinery £ 2,899 2,899 2,898 - 2,898 1 1 |
Motor vehicles £ 25,102 25,102 22,586 629 23,215 1,887 2,516 |
Office equipment £ 26,141 26,141 22,968 793 23,761 2,380 3,173 |
Total £ 699,246 |
|---|---|---|---|---|---|
| 699,246 | |||||
| 136,778 11,236 |
|||||
| 148,014 | |||||
| 551,232 | |||||
| 562,468 |
Page 33
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
14. Tangible fixed assets (continued)
Company
| Cost or valuation At 1 April 2023 At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Freehold property £ 645,104 645,104 88,326 9,814 98,140 546,964 556,778 |
Motor vehicles £ 25,102 25,102 22,586 629 23,215 1,887 2,516 |
Office equipment £ 26,141 26,141 22,968 793 23,761 2,380 3,173 |
Total £ 696,347 |
|---|---|---|---|---|
| 696,347 | ||||
| 133,880 11,236 |
||||
| 145,116 | ||||
| 551,231 | ||||
| 562,467 |
Page 34
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
15. Fixed asset investments
| Group Cost or valuation At 1 April 2023 Additions Disposals Revaluations Movement in cash At 31 March 2024 Charity Cost or valuation At 1 April 2023 Additions Disposals Revaluations Foreign exchange movement At 31 March 2024 |
Investments in subsidiary companies £ 1,000 - - - - 1,000 |
Listed investments £ 282,744 106,774 (99,152) 14,109 - 304,475 Listed investments £ 282,744 106,774 (99,152) 14,109 - 304,475 |
Cash held on deposit with fund managers £ 12,435 (106,774) 99,152 - 1,202 6,015 Unlisted investments £ 12,435 (106,774) 99,152 - 1,202 6,015 |
Total £ 295,179 - - 14,109 1,202 |
|---|---|---|---|---|
| 310,490 | ||||
| Total £ 296,179 - - 14,109 1,202 |
||||
| 311,490 |
Principal subsidiaries
The following was a subsidiary undertaking of the Charity:
| Name | Company | Class of | Holding |
|---|---|---|---|
| number | shares | ||
| BCT Enterprises Limited | 0232507 | Ordinary | 100% |
| The financial results of the subsidiary for the year were: |
Page 35
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
15. Fixed asset investments (continued)
| Name | Income | Expenditure | Net assets |
|---|---|---|---|
| £ | £ | £ | |
| BCT Enterprises Limited | 64,897 | 42,787 | 4,703 |
The subsidiary has the same registered office address as the parent Charity and it's transactions are included in this consolidation.
16. Stocks
| Group | Group | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Finished goods and goods for resale | 19,416 | 17,657 |
17. Debtors
| Due within one year Amounts owed by group undertakings Other debtors Prepayments and accrued income Tax recoverable |
Group 2024 £ - 3,299 976,533 4,695 984,527 |
Group 2023 £ - 1,450 334,783 1,950 338,183 |
Company 2024 £ 65,337 717 976,533 4,695 1,047,282 |
Company 2023 £ 57,419 - 334,783 1,950 |
|---|---|---|---|---|
| 394,152 |
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Page 36
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
18. Creditors: Amounts falling due within one year
| Corporation tax Other taxation and social security Accruals and deferred income Statement of funds Statement of funds - current year Balance at 1 April 2023 £ Income £ Unrestricted funds General Funds 3,098,460 1,662,935 Statement of funds - prior year Balance at 1 April 2022 £ Income £ Unrestricted funds General Funds 2,739,392 732,323 |
Group 2024 £ 40 1,642 19,166 20,848 Expenditure £ (455,999) Expenditure £ (352,593) |
Group 2023 £ 81 3,839 15,494 19,414 Taxation £ (40) Taxation £ (81) |
Company 2024 £ - 1,642 17,758 19,400 Gains/ (Losses) £ 14,109 Gains/ (Losses) £ (20,581) |
Company 2023 £ - 3,839 10,426 |
|---|---|---|---|---|
| 14,265 | ||||
| Balance at 31 March 2024 £ 4,319,465 Balance at 31 March 2023 £ 3,098,460 |
19. Statement of funds
Page 37
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
20. Analysis of net assets between funds Analysis of net assets between funds - current period
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 551,232 310,490 3,478,591 (20,848) 4,319,465 |
Total funds 2024 £ 551,232 310,490 3,478,591 (20,848) 4,319,465 |
|---|---|---|
Analysis of net assets between funds - prior period
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 562,468 295,179 2,260,227 (19,414) 3,098,460 |
Total funds 2023 £ 562,468 295,179 2,260,227 (19,414) 3,098,460 |
|---|---|---|
Page 38
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
21. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges (Gains)/losses on investments Dividends, interests and rents from investments Loss/(profit) on the sale of fixed assets Decrease/(increase) in stocks Increase in debtors Increase/(decrease) in creditors Net cash provided by operating activities 22. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 23. Analysis of changes in net debt At 1 April 2023 £ Cash at bank and in hand 1,904,387 1,904,387 |
Group 2024 £ 1,221,005 11,236 (14,109) (47,115) - (1,759) (646,344) 1,434 524,348 Group 2024 £ 2,474,648 2,474,648 Cash flows £ 570,261 570,261 |
Group 2023 £ 359,068 11,709 20,581 (15,949) (2,418) 529 (309,489) (7,119) 56,912 Group 2023 £ 1,904,387 1,904,387 At 31 March 2024 £ 2,474,648 2,474,648 |
|---|---|---|
Page 39
Border Collie Trust (Great Britain)
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2024
24. Pension commitments
The group operates a defined contribution pension scheme. 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 £3,992 (2023 - £3,466). Contributions toalling £658 (2023 - £693) were payable to the fund at the balance sheet date and are included in creditors.
Page 40