2022-12-31-accounts

A company limited by guarantee Registered in England No. 03524502 Registered charity No. 1068911

SC No. 045070

Annual Report and Group Accounts

of

Redwings Horse Sanctuary

for the year ended

31[st] December 2022

REDWINGS HORSE SANCTUARY

CONTENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022

Page(s)	Detail
3	Legal & Administrative Information
4 - 16	Report of the Trustees
17 - 20	Independent Auditor’s report
21	Consolidated statement of financial activities
22	Parent company statement of financial activities
23	Balance Sheet
24 - 25	Cash flow statement
26 - 36	Notes to the accounts

REDWINGS HORSE SANCTUARY

LEGAL & ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31[ST] DECEMBER 2022

Full name of charity	Redwings Horse Sanctuary
	Norwich Road, Hapton, Norfolk, NR15 1SP
Constitution	A charitable company limited by guarantee.
Governing document	Memorandum and Articles of Association as last amended on 20th
	September 2021 (prior amendment 15thJune 2014).
Objects of the Charity	The Charity is established for the benefit of the public to relieve the
	suffering of horses, ponies, donkeys, and mules which have suffered from
	maltreatment, neglect, or poor circumstances. To advance the education
	of the public in matters pertaining to the welfare of horses, ponies,
	donkeys, and mules in general and the prevention of cruelty and suffering
	among such animals.
Company registration number	03524502
Charity registration number	1068911 (England & Wales)
	SC045070 (Scotland)
Trustees	Mark Little FRICS FAAV, Chair
	Andrew Fryer, Treasurer
	Paul Fileman, Vice Chair
	David Buckton
	Ian Scott
	Tom Sharpe
	Joanne Wilkes (resigned 20thOctober 2022)
	Emma Williams (appointed 1stFebruary 2022)
	The Trustees constitute Directors of the charitable company and
	Trustees of the charity for the purposes of the Charities Act 2011. In
	accordance with the company’s Articles of Association all Trustees retire
	from office at each AGM where they may seek re-election and new
	Trustees can be elected
Chief Executive & Secretary	Lynn Cutress MBA, MCIoF (Dip)
Bankers	NatWest Bank plc, 45 London Street, Norwich, NR2 1HX
Auditors	RSM UK Audit LLP, Blenheim House, Newmarket Road, Bury St
	Edmunds, Suffolk, IP33 3SB
Investment managers	Quilter Cheviot, One Kingsway, London, WC2B 6AN

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Mission Statement

We aim ‘to provide and promote the welfare, care and protection of horses, ponies, donkeys and mules’.

Who we are and what we do

Redwings Horse Sanctuary (‘Redwings’) was established in 1984 and today has grown to be the largest horse sanctuary in the UK. We are a national charity working across the UK to save horses, ponies, donkeys, and mules whose future would otherwise be bleak.

Welfare is at the heart of everything we do. Our work is based on the principle that once we admit a horse or donkey or mule (‘horse’) to our care, we retain ownership for the rest of their days.

We operate from 12 sites of owned grazing land in Norfolk, Essex, Warwickshire, Monmouthshire, and Angus (Scotland). Five of these sites are Visitor Centres - open to the public and free to visit.

The main themes of our work are – rescue and rehabilitation, specialist sanctuary care, and prevention of abuse and neglect through education. We run a rehoming scheme (guardianship) for those horses and donkeys with a potential for life outside the Sanctuary environment.

Governance and Management

Governance

Redwings operates as a charitable company limited by guarantee, under the terms of its Memorandum and Articles of Association. The overall direction and management of the Charity rests with a Management Board of a minimum of five Trustees. The Management Board sets an annual programme of quarterly meetings to approve new initiatives as well as to review and monitor the progress of the Charity in meeting its strategic objectives and its governance controls. Trustees also make provision and time, if necessary, to hold Extraordinary Meetings on significant projects and timely developments if they fall outside the quarterly cycle. A high level of attendance at Management Board meetings continues to be maintained, which now, post-COVID-19 are online (as permitted under our governing document), hybrid or fully in-person, including an annual-away day. The Management Board assigns one of the Trustee roles to serve as Treasurer; this role includes working with management including reviewing the Annual Accounts and meeting with appointed Auditors as part of the Audit process.

Management

Day-to-day operational control of Redwings has been delegated by the Management Board to a Chief Executive & Secretary, who in turn is supported by a Senior Management Team of professionals including finance, equine care, communications & campaigning, fundraising and veterinary.

Governance Policies

The Management Board has adopted policies addressing the role of the Trustees, the Chair, the Treasurer, and the Chief Executive, and adopted Codes of Conduct for the Board and the Chief Executive. All aspects of governance are kept under review in line with best practice and include the Chief Executive being a full member of the Association of Chief Executives of Voluntary Organisations (ACEVO). The Chief Executive keeps the Board

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appraised of new charitable policies, Codes of Practice, and concepts relevant to the work of the Charity with regular items on the Board’s agenda at meetings, and through bulletins and subscriptions for Board members of a governance publication. There is a governance section on Redwings’ website which includes the Code of Conduct for Trustees. The Management Board keeps the Charity Governance Code under review as well as key policies on their Redwings Management Board’s portal.

Recruitment, induction, and training of Trustees

When a Trustee vacancy arises, a review and skills audit (adapted from Reach Volunteering’s model) is carried out before advertising. Appointed Trustees are chosen for the experience and skills thought necessary and relevant to ensure effective management of the Charity. New Trustees receive an induction during their initial months, including seeing the operational work and explaining policies and procedures, and taking part in Safeguarding training. Trustees are subject to a regular skills audit to ensure the knowledge is there to lead the Charity, including having one Trustee who acts as Treasurer.

Fundraising

Trustees are fully aware of their responsibility and commitment to the strategic leadership of Redwings as a charity which values its supporters; without its supporters, its work would not be able to continue.

Redwings pledges to adhere to best practice when raising and receiving funds from individuals, organisations, trusts and foundations. Redwings’ fundraising team includes staff who are members of the Chartered Institute of Fundraising, and the Charity is registered with the Fundraising Regulator and The Gambling Commission. Guidelines and Codes of Practice set out by these bodies are regularly reviewed to ensure that operations are in line with best practice, and the law. Redwings has a set of Organisational Values, Standard Operating Procedures, and comprehensive Policies, and provides training and guidance to its staff and volunteers. Redwings understands that some donors may be vulnerable or not have the capacity to decide to donate; in which case Redwings will not accept or encourage a donation and will follow the guidance of the Chartered Institute of Fundraising and Fundraising Regulator. In addition to one Trustee’s professional career in fundraising, all Trustees are aware of their responsibilities regarding fundraising, including reviewing the guidelines from the Regulator at Management Board meetings, and keeping updated guidelines and documentation on the Redwings Management Board portal.

Redwings has a robust complaints process, including reviews to learn from any complaints received and to continually improve the supporter experience. The operational management team meet to review complaints and the Management Board monitors complaints received and how they were addressed. A significant amount of fundraising is through appeals and newsletters and all fundraising complaints received during 2022 were minor and were swiftly resolved.

There are no third-party fundraisers acting on our behalf. Supporter data is not shared. Supporter recruitment methods are largely based around our free-to-visit centres.

Strategic Report

Rescue and admissions

Where possible Redwings tries to help horses remain in the care of their owners through providing advice. During 2022 the Welfare & Horse Care Helpline gave advice 636 times (a 17% increase on 2021). Concerns to the Helpline resulted in investigating 206 concerns (a 41% increase on 2021). The welfare team’s workload has become particularly demanding at times due to the complexity of calls and time spent per call impacted by increased costs of keeping horses and extremes of weather, which puts further demands on horse keeping.

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The welfare team is led by an experienced senior veterinary surgeon and is supported by dedicated welfare veterinary surgeons who attend rescues and cases to ensure proper assessment at the earliest opportunity. There is a team of field officers who, working alone or in partnership with other charities or agencies, act as Redwings’ eyes and ears across the UK. This approach enables all partners to make the most of limited resources and saves duplication of effort, resulting in a focus on the horse in need.

Redwings’ veterinary teams have developed expertise in the management of infectious diseases, through cases admitted to the Sanctuary. Before a horse is admitted, each one undergoes assessment at either the main Quarantine Centre or in set-aside quarantine facilities on other sites outside Norfolk.

In 2022, despite continuing to be at capacity and with staffing levels low, 109 horses were safely admitted, many with high dependency needs: a 23% reduction from 2021. Formal admission requests were close to those in 2021 (2022:456, 2021:448) as the team tried hard to support welfare needs that went beyond admissions, through their external veterinary work and field officer support. Working beyond-capacity puts continued pressure on facilities and costs. The Charity seeks to find more sustainable models for horse owners to deliver good welfare standards, including meeting monthly online with peer charities to ensure a common understanding of the challenges facing rescue centres. The operational team checks for trends whilst there is a cost-of-living challenge and costs continue to rise in most matters associated with horsekeeping.

Rehabilitation and equine behaviour

Redwings has a specialist team who focus on leading on rehabilitation and equine behaviour work. The team trains staff on equine behaviour to ensure consistency of handling and helps to provide a positive experience for the rescued herds. New staff have an equine behaviour induction, instilling Redwings’ approach from day one to ensure staff are safe in their day-to-day care of the rescued herds. The team has expertise in rounding up feral herds or horses with behavioural challenges; when needed Redwings sends a dozen or more staff (vets, field officers, drivers, and horse handlers). By spending time and applying our knowledge, rescued feral horses are transformed to a point where they no longer need to be sedated for routine care, such as farriery, worming or dentistry. The specialist behaviour team is keen to further share their knowledge and have advised other charities and enabled peer welfare workers in other charities and students to spend time observing their work. When necessary, the team can admit behaviour case referrals from other organisations – nine in 2022.

Sanctuary – a home for life

With pressures on land, facilities and people-resources, Redwings’ resident horse numbers in 2022 averaged 1,400, with an increasingly high percentage of equines with special care needs. Everyday sanctuary care is a lifeline for horses, ponies, donkeys, and mules who have often suffered neglect or come from difficult circumstances. Many of the permanent residents cannot be rehomed, often because they require lifelong specialist care including significant veterinary costs beyond the reach of the typical owner. These horses can still enjoy a good quality of life at Redwings. The number of 'places' available depends on the needs of existing residents and the needs of the potential candidate(s) for admission. In 2022, 25% of our resident horses were veterans (aged 15 to 19) and 19% were geriatrics (aged 20 and over). Even included in the younger population are special care case horses with severe ongoing veterinary needs, and horses in need of specialist handling for routine treatments. Life is a constant challenge as it is often not until a horse is admitted that the team is able to

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establish the true needs of the animal. Redwings’ veterinary time remains in demand, despite having increased the number of veterinary surgeons on the team. The next generation of vets and veterinary students need support and encouragement during their early years of practice, so Redwings supports a programme of inpractice experience through the Royal Veterinary College and university undergraduate referral.

Redwings strives to maintain the highest possible care standards, including encouraging suggestions from staff on how to best deliver day-to-day care. One of the most experienced veterinary surgeons leads the team on everyday checking practices of the horses in the Sanctuary, including any herd and equine care practices and initiatives (such as faecal-worm-egg counting to help reduce wormer resistance).

Rehoming of ridden or companion horses (Guardianship scheme)

Those horses that have been retired or require life-long specialist care (veterinary or behavioural or both) will always remain in the direct care of Redwings. Depending on their needs, some may be rehomed as companion horses. Rehoming some horses creates space for other horses requiring help.

Healthy horses that have the potential to enjoy a working life can learn to be ridden or assessed as companion animals, and then be found a suitable foster home. Prior to the pandemic an ambitious investment to create rehoming facilities at more of the centres and increase rehoming reach – at the existing visitor centres at Caldecott (Norfolk) and Oxhill (Warwickshire) - had just been completed. This investment, combined with experienced staff and robust systems resulted in an 18% increase in the number of horses rehomed overall (154), including the Oxhill team doubling their number rehomed and an increase of 91% more horses rehomed from Caldecott.

If during their time at one of the Rehoming Centres a horse shows that they are not suited to a working life, they will not be pushed, but will return to the permanent care of the Sanctuary. Redwings retains ownership of every horse for the rest of its life, so that should a Guardian no longer be able to provide for the horse, or if a regular home check shows that a high standard of care is not being maintained, Redwings will step in and return the horse to the Sanctuary. Rehoming checks increased by 44%, returning to in-person checks whilst continuing some online checks (an innovation resulting from the pandemic) on long-established guardianships. Redwings supports checks on some horses rehomed by other charities; this reciprocal arrangement provides good value for charity partners as well as keeping contact with Redwings horses on loan at remote locations.

Education and campaigning

Rather than having to rescue horses and donkeys from abuse, abandonment or neglect, Redwings would prefer people to have the knowledge and commitment to prevent their animals from suffering in the first place or from taking on an unsuitable horse for their situation.

The Charity works with a wide range of people to help disseminate information and promote equine welfare:

• In addition to education groups visiting, or working directly with them, including schools, universities and colleges, Redwings provides talks and visitor experiences to local community groups to educate on equine welfare issues and provide examples of good horse care.

• Holding free seminars for horse owners on veterinary care; attendees meet experienced veterinary and care teams.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2022

• The education section of the website (www.redwings.org.uk) provides free educational resources for teachers and children to encourage an understanding of the importance of equine welfare. In addition, the welfare section provides a range of publications for owners on issues such as equine Cushing’s disease, Strangles, hoof care and farriery, and donkey care. There are educational campaigns, including laminitis awareness, use of grazing muzzles, and good biosecurity (Strangles Awareness).

• Training days are hosted for farriers and equine dentists, enabling them to further develop their welfare and equine behaviour knowledge in their professional work.

• Training days on horse behaviour are run for the RSPCA and for the fire brigade, as well as welfare training for local authorities, and courses for the British Equine Veterinary Association (BEVA).

• There is work alongside the gypsy, roma, and traveller community including running a campaign at the Appleby travellers’ fair, called ‘Best in Show’, encouraging good horse care, and spreading the word to this extensive number of horse owners.

• From November 2022, the educational reach was expanded by taking on guardianship of the birthplace of the author of Black Beauty, Anna Sewell. Thanks to a grant, donor support and volunteers, the need for preventing horses suffering can be shared direct to the public in Great Yarmouth town at Anna Sewell House.

The people behind Redwings

Supporters

The Charity is indebted to many thousands of generous supporters without whom the team would not be able to deliver our horse welfare work across the UK. From letters, telephone calls, emails, and social media support through to donations, adopting a Redwings resident, purchasing products from the catalogues, donating items for sale, or visiting and buying tea and cake - all forms of support are appreciated. One of the highlights of 2022 was the veterinary and support teams being able to say thank you directly to supporters, through the first ever ‘Thankathon’.

Guardians

Guardians: families and yards that take a Redwings horse out on loan support other horses in need. By enabling a horse to have a life outside our Sanctuary, space can be found for another in need. Many Guardians have more than one Redwings loan horse or pony or donkey, many having done so for a decade or longer.

Volunteers

Volunteers give their time to the Charity without charge. There is support by a team of volunteers, many of whom joined pre-pandemic.

The volunteer programme was increased in 2022. We were able to increase the number of roles at visitor centres, and most recently add volunteers to welcome the public to Anna Sewell House.

Staff

In 2022, 78% (296) of the paid staff care for the horses and donkeys: either by providing direct care or by working in one of the support teams (day and night horse care, veterinary, maintenance and land management, horse transport, equine behaviour, rehoming, and dedicated quarantine).

At Hapton in Norfolk, administration includes essential functions such as finance, supporter engagement, human resources, health & safety, fundraising, trading, and communications. There are front line staff leading the field and welfare work supported by dedicated welfare veterinary surgeons. The visitor centre teams meet supporters and the public and inform them about the work of the Charity.

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There is a programme of investing in training staff and developing them to take part in everyday work, such as Mentors for new staff in their initial probation and first year. The training and development programme invests in employee wellbeing and included the creation of Wellbeing Champions supporting mental health. At the end of 2022, the Charity invested in an Employee Assistance App and shared the commitment to this initiative for staff. The Staff Forum is at the heart of employee engagement. The Staff Forum works with Management to establish what priorities to focus on to support wellbeing in all forms, and through staff development.

Recruiting staff remains a challenge, but this is not unique to Redwings’ work. Unfortunately, there are unfilled vacancies – which puts pressure on the existing staff teams and results in some initiatives needing to be put aside. There is a good history of employing part-time workers and this is helping in these tough times along with flexible working where possible.

Redwings is committed to equality of opportunity for all, whether that be employees, applicants for employment, volunteers, supporters, or users of services. The aim is to ensure that no person is discriminated against, for example by having fair systems in place for recruitment and selection and pay and recognition. The Charity believes that everyone has the right to be treated fairly and understand the responsibilities under the Equality Act 2010, with a no tolerance approach to discrimination on the grounds of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, gender, and sexual orientation.

Redwings is committed to encouraging equality of opportunity for all and has fair systems and processes in place for pay, selection for employment, promotion, and opportunities for training and development. To achieve a demonstrably fair way for determining pay, Redwings uses a job evaluation system that is transparent, based on objective criteria and free from bias. Job Evaluation measures jobs not job holders. It does not measure volume of work or determine a specific pay rate within the range and ensures there is no pay gap between colleagues undertaking the same role. Employees progress within the pay range based on performance against objectives.

Remuneration of senior management adopts the same policies as for all staff, but with the Management Board’s prior authorisation, led by the Treasurer. The Charity is mindful of our funding model and when using published pay ranges for comparison, reviews pay based on the lower quartiles even in these difficult recruitment times. However, above statutory pension contributions are provided, looking after staff doing tough physical work, including company sick leave. In 2022, a cost-of-living increase was awarded, the first since 2019, but focussed more on the lower paid staff.

Redwings’ gender pay gap continues to be influenced by the make-up of its employees rather than an equal pay issue. On 5[th] April 2022 Redwings employed 337 people of which 83% identified as female. Redwings’ 2022 mean pay gap is strongly influenced by the number of women in supervisory, managerial, and senior management roles (87% compared to 13% of men in similar roles).

Redwings acknowledges that whilst there is a gender pay gap this can partly be attributed to the nature of the roles that account for the majority of its workforce. Whilst Redwings will continue to be committed to equality of pay based on job and not gender, it faces a wider challenge to attract a more diverse workforce and will aim to appeal to both men and women equally through its recruitment advertising processes.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2022

Public Benefit

The 2011 Charities Act requires that the Charity demonstrates the public benefit of its work. In considering its objectives and activities, Trustees complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission and the Scottish Charity Regulator. The Charity’s nationwide work benefits the public through the following ongoing activities:

Offering support through our dedicated Horse Care & Welfare Helpline to horse or donkey carers including experienced owners facing a new challenge, and giving initial advice on the level of care, financial cost and commitment needed before taking on a horse. Our Helpline also advises people who report a welfare concern before we then act on the information to investigate the reported case. Our field officers offer advice directly to owners. We attend equestrian events to offer advice on a range of issues including rehoming and horse care (such as laminitis and Strangles). Our inhouse veterinary surgeons speak at our webinars and those of veterinary practices/other charities on specific topics to help horse owners.

Partnership working with local authorities and agencies to help resolve the socio-economic, health and safety and other challenges of stray horses (be it from one escapee on a major road) through to over-populated herds being illegally grazed. We provide training and support to the police and fire service on horse behaviour and handling, particularly in emergency situations, as well as training for RSPCA Welfare Officers, and hosting training days for fellow professionals – including farriers, veterinary nurses, and equine dentists.

Working with the gypsy, roma, and traveller community to offer equine passporting and microchipping initiatives. Whilst engaging we demonstrate what good equine welfare standards mean in practice, face to face and through our Best in Show initiative.

Participating in the British Horse Council in partnership with local government and being a full member and on the Board of the National Equine Welfare Council .

Providing an informed education programme , through attendance at schools and colleges to give general horse care or more specific care talks. We welcome groups and we also provide educational material on our website, using leaflets and displays at our centres, including the recent addition of Anna Sewell House.

Providing employment and running a popular work experience programme. Staff have can benefit from a range of bespoke in-house equine care training programmes or professional external training to develop staff in their relevant professional fields. Our in-house veterinary surgeons comply with continuing professional development to enable them to carry out their veterinary medicine, including some of them serving as mentors for new professionals.

Providing free-to-visit visitor centres with cafés and shops to support tourism and the local economies. At Aylsham we host a community wellbeing hub to support mental health and host a regular dementia group.

Running a rehoming scheme for our suitable rescued horses to have a life outside Redwings with Guardians who can meet our horses’ needs (ridden or companion).

Running a volunteer programme , including a variety of rewarding roles for people.

Managing our land holdings as a responsible landowner respecting the environment .

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2022

Streamlined Energy and Carbon Reporting (SECR)

The assessment period coincides with the 2022 financial calendar year and is the third year of Greenhouse Gases (GHG) reporting.

The scope of the energy assessment covers all charitable operations including administrative buildings and the 12 operational farms caring for over 1,400 horses predominantly living out naturally in paddocks, the in-house veterinary activities, visitor centres, welfare operations outside the Sanctuary, and trading subsidiary Redwings Enterprises Limited.

Methodology used is GHG protocol. Our emission calculations are broken down into three areas: Scope 1 – Direct GHG emissions, Scope 2 – Energy indirect GHG emissions and Scope 3 – Other indirect emissions.

EMISSIONS BREAKDOWN BY SCOPE	2022 UK Emissions	Base Year UK Emissions
	tCO2e	tCO2e	% Change
Scope 1	369.51	367.56	-17%
Gas	11.16	5.34	24%
Transport Fuels	331.31	310.14	-4%
Other direct emissions	0.00	52.08 0%
Scope 2_(electricity - Location based) Scope 3(Grey fleet)_	99.97	100.14	25%
	9.14	8.61	29%
Total Gross tCO2e	478.62	476.31	-10%
Intensity Metric: tCO2e/Direct equine care	0.22	0.31	-39%
Intensity Metric: tCO2e/Full time employee	1.53	1.83	-12%
Scope 1: Controlled Vehicles - kWh	278,178.86	342,049.69	-7%
Scope 1: On-site Vehicles - kWh	952,537.07	888,150.83 0%
Scope 1: Onsite fuel (Mains Gas) - kWh	0.00	0.00 0%
Scope 1: Onsite Fuels (Other)* - kWh	152,542.45	223,783.31 0%
Scope 2: Electricity - kWh	516,945.00	429,509.00	37%
Scope 3 Grey Fleet Transport - kWh	0.00	0.00 0%
Total UK Energy Consumption (kWh)	1,900,203.38	1,883,492.83	-7%

Energy Efficiency actions undertaken during reporting year included:

• Employing site-based maintenance teams to reduce travel between sites (all staff previously started work at Head Office and travelled to sites).

• Utilising Teams for remote meetings (formal and team) to reduce travel.

• Installing a new boiler at Head Office and replacing some light fittings with LED PIR controlled units.

• Setting up a dedicated private office space with relevant IT equipment at Head Office so colleagues can meet over Teams to discuss confidential matters without travel.

• Expanding the vehicle policy to include an electric vehicle option as staff company cars and expanding the number and types of staff who can travel directly from home.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2022

Our Strategy now and our Plans for the Future

Our Strategy has four themes:

Horses: To help more horses in need of care and sanctuary, with a focus on the experience for the horse People: To enable the people behind Redwings to deliver our work and apply our values every day Resources : To value the resources needed to deliver our horse welfare and support work Communications : To share our knowledge and make a positive impact on horse welfare.

During the year the Charity continued to make progress on some key operational objectives, including (i) increasing the number of horses out on loan, freeing up space and resources to help others, (ii) recommencing the Oxhill centre’s major works replacing horse care facilities, and (iii) increasing partnerships with our Strangles Awareness Campaign’s to widen the impact of the campaign and make the most of opportunities now that the horse-keeping sector is placing more of a focus on the experience for the horse (following the Animal Welfare Sentience) Act 2022.

Financial Review

As a charity in receipt of donations from supporters, income is unpredictable. As a substantial provider of longterm care, the Charity relies on and appreciates income from legacies to fund a large percentage of everyday work. Legacy income in 2022 was greater than pre-pandemic and accounted for 73% of charity income for the year. Direct Charitable Expenditure was budgeted to be 23% higher than 2021. Thanks to prudent budgeting and efforts in purchasing, actual increase in expenditure on direct charitable activities was 10% at both group and charity level, as caring for and treating horses combined with increased costs of running our equipment and plant rose significantly above inflation. The war in Ukraine had a direct impact on feed prices and forage costs, including input costs of fertiliser and fuel.

The percentage of income received from legacies was exceptional but valued as supporters are feeling the impact of the cost of living. Trust and foundation funding is appreciated for some of the works and activities but with respect that there is a challenge for all funders with their income depleted.

The Charity cares for over 1,400 horses as well as providing welfare and rehoming services. With the demands on the horse care, rehoming, welfare, and veterinary teams, the biggest spend is on staffing despite welcomed support from volunteers. In 2022 staff costs accounted for over £7.9m (2021: £7.25m) of annual spend; this included statutory increases in the National Living Wage, and the increased cost could have been higher were it not for some vacant positions and gaps in filling positions across the year.

The cost of living had both a direct and indirect impact on proceeds from the trading subsidiary, with increased costs for our cafés, postal strikes, increased interest rates and the cost-of-living uncertainty. Our original forecast of a profit was not met, and we ended the year with a loss. In 2023 factors that impacted on trading were reviewed and a plan revised accordingly.

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Reserves Policy

The balance sheet shows the Charity’s reserves as at 31[st] December 2022. To quantify the funds which are freely available for general purposes, it is necessary to consider how the reserves are applied.

Total charity unrestricted reserves at the balance sheet date £35,722,156 Less: tangible & intangible fixed assets (£ 18,372,761) Less: designated capital expenditure funds (£2,439,578) £14,909,817

When considering reserves, it is essential to put those in the context of the work needed, as follows:

• As a major provider of sanctuary for horses and donkeys, Redwings must ensure that the horses in our care can be looked after until the end of their days. Redwings has directly helped other sanctuaries when they faced closure, but due to size, is likely to be helped by others.

• Even if we ceased to take in horses, we would still be wholly responsible for those horses already in our everyday care and for those horses that might have to return from Guardian homes.

• We are responsible for not only Redwings horses and donkeys that can live out in herds, but also those that need veterinary treatment or intensive veterinary care. We would need to maintain our Horse Hospital facility and core veterinary team for a sustained period.

• Our cost of keeping horses includes ensuring that a maintenance programme for facilities and land is in place and sufficiently resourced with enough grazing to meet the needs of our horses.

• All horse care and maintenance costs would need to be met from ‘free reserves’ (i.e., not those tied up in assets such as land and buildings as those would need to remain for the life of the horses).

The Trustees believe that in view of this level of expenditure it is prudent to hold an appropriate reserve for sanctuary costs on a large scale of over 1,400 horses and donkeys.

We held an annual review of our reserve levels in light of several key factors, including the increase in high dependency and case animals as well as recessionary trends in income and expenditure demands. As stated in the financial review on the previous page, some of our biggest costs are feed, forage, and veterinary; all of which have increased considerably above inflation over successive years. We have stepped in to assist other charities with funding problems or even where they face closure, but as we are the UK’s largest charitable provider of permanent residence to horses in need, we need to be realistic about who would be able to rescue us. Our reserves review concluded that, for Redwings to be managed efficiently, we should work towards establishing a ‘buffer’ in the form of a general reserve equivalent to 18 months of unrestricted fund expenditure. Based on expenditure during the year under review this reserve would amount to approximately £21.3m. Free reserves shown are therefore close to target (70% of target). This percentage, along with income and expenditure trends will be kept under quarterly review during 2023 and actions considered as part of the 2023 Awayday.

In addition to day-to-day running costs, Trustees continue to review spending on improved or replacement facilities and capital works, in particular the next phases in Warwickshire and commitments for current and proposed works included in the planning process, that will be phased. Some significant works put on hold due to economic factors driving up costs, including some maintenance and core horse-care facilities, now need completion. The works are set to be phased in the light of available funds and sourcing appropriate contractors or materials to complete in-house. Trustees have set aside £2.44m to account for these works.

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REDWINGS HORSE SANCTUARY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2022

The Trustees review actual and projected spend on a quarterly basis, reporting on cash flow, particularly in the light of fluctuating income from legacies which can have a significant impact on annual income.

Investment - Policy and Performance

The Trustees have the power to administer and manage the assets of the Charity in accordance with its Memorandum & Articles of Association. The Trustees have appointed professional fund managers to manage our investment portfolio. The fund managers are issued with investment guidelines which are determined by the Trustees with due care for the social, ethical, and environmental considerations of the Charity. The fund managers have been instructed to manage the funds on a medium-to-higher risk basis due to the need for our reserves to grow above inflation. There was a fall in value of £767k at year end.

The Charity also continues to hold some funds in interest-earning bank accounts ensuring monies are readily available, but we recognise that those accounts are unable to achieve interest above inflation. With our forecast needs, this policy is expected to be maintained, but with a reduced sum and more movement to increase (even by a little) return by switching accounts.

Financial Strategy

The Management Board takes its responsibility as custodians of Redwings supporter donations very seriously. There is an accountant on the Board and all Trustees have budgeting experience as managers and officers in their paid employment. The Board makes use of our Auditors and our in-house finance team, led by a qualified accountant at Fellowship level. We have policies for Financial Procedures, Reserves, and Investments. Finance is the first agenda item at the Board of Management meetings so that all Trustees support the Treasurer in prioritising financial review and strategy.

The Trustees review financial trends on income and expenditure quarterly, this includes those trends associated with the trading arm of Redwings, Redwings Enterprises Limited (REL). This entity markets and sells Redwings’ branded products and associated merchandise and plays an important role in our trading at our visitor centres, at events and with our mail order operation. In 2022 REL made a loss of £28,211 (2021: a profit of £20,812).

Principal Risks, Uncertainties and Decision-making

Directors (Trustees) are aware of the duty under s172 of the Companies Act 2006 to act in the way in which they consider, in good faith, would be the most likely to promote the success of the Charity (i.e., the Company), and in doing so, to have regard (amongst other matters) to the s172 matters:

• the likely consequences of any decision in the long-term;

• the interests of the Charity’s employees;

• the need to foster the Charity’s business relationships with suppliers, customers, and others;

• the impact of the Charity’s operations on the community and the environment;

• the desirability of the Charity maintaining a reputation for high standards of business conduct; and

• the need to act fairly as between members of the Charity.

The Directors have sought to balance the needs of its members with the s172 matters throughout the year, for example in ensuring the policies and standard operating practices which run across the Charity and reputation for high standards of conduct, are maintained and in engagement with employees.

The Directors of the Charity have a duty to promote the success of the Charity, and it relies on smooth operations and the support of stakeholders, specifically supporters and collaborative organisations. Through communication

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REDWINGS HORSE SANCTUARY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2022

the Directors seek to build relationships based on mutual trust and have processes in place to support engagement and feedback.

With suppliers and others in a business relationship with the Charity (including its trading subsidiary), there is the need to work closely with suppliers to ensure the product or service is of a type, quality, and price suitable for operations and customers. There is a recognised need to strive to establish and maintain long-term relationships for these purposes. There are robust processes which include feedback and contractual review. The Charity always seeks to meet payment terms agreed with suppliers to respect their needs and support long-term relationships that deliver a good product or service.

Customers include supporters, visitors, and retail. There are robust processes in place to ensure clear communication with customers, feedback and follow-up should customers not be satisfied.

Principal Risks

The Trustees have a formal risk management process to assess the risks faced by the Charity and to implement strategies to manage those risks. Strategic and Operational Risk Management Registers are maintained which identify the types of risks the organisation faces (prioritising them in terms of likelihood of occurrence and potential impact), set out the control procedures in place and the established framework of reporting and monitoring adopted to manage those risks.

Registers are reviewed annually (risk management is an agenda item at Management Board meetings) dealing with particular risks, responsibilities, controls and monitoring processes and the need for new risks to be added. With controls and monitoring in place, the biggest ‘primary’ operational retained risk was ‘infectious disease throughout the centres’ despite our significant investment in vaccinations, training, time, testing and prompt response systems with regard to equine influenza.

The next biggest risk score was shared by four risks across three categories – equine (resistance to de-wormers or other treatments), financial (loss of income from a number of socio-economic factors) and operational (inadequate/failure of IT systems and loss of data/funds from cyber breach). A number of projects are in place with regard to these risks, in particular our worming programme.

Some risks we can only manage but not eliminate as our 2015 Strangles outbreak reminded us; our first outbreak for over 20 years. We have very strict equine disease controls as any disease spread would have a dramatic effect on our herds and our work. Our veterinary team train other veterinary practices, students, and organisations in disease control; we continue to share our knowledge with the wider public through the Strangles campaign aimed at livery yards and private horse owners. Disease control, be it influenza or Strangles, will remain at the forefront of our work as a responsible keeper of horses.

Trustees’ Responsibilities

The Trustees (who are also directors of Redwings Horse Sanctuary for the purposes of company law) are responsible for preparing the Trustees’ Report including the Strategic 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, which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for the year. In preparing these financial statements, the Trustees are required to:

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REDWINGS HORSE SANCTUARY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2022

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2015 (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume

• that the charitable company will continue in operation.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and group and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditors

(a) So far as the Trustees are aware, there is no relevant audit information of which the company’s auditors are unaware.

(b) The Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

This report, including the Strategic Report, was approved by the Trustees on 31st May 2023.

……………………………….

M Little

Chair

16

REDWINGS HORSE SANCTUARY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2022

Opinion

We have audited the financial statements of Redwings Horse Sanctuary (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2022 which comprise the Consolidated Statement of Financial Activities, the Parent Company Statement of Financial Activities, the Consolidated and Parent Company Balance Sheets, the Consolidated Statement Cash Flows, the Parent Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

• give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 December 2022 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

Basis for opinion

We have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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.

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REDWINGS HORSE SANCTUARY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2022

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s 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.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the Trustees’ Report, which includes the Directors’ Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Directors’ Report and the Strategic Report included within the Trustees’ Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report, or the Strategic Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

• adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 17-25 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

18

REDWINGS HORSE SANCTUARY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2022

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 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 parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 auditor’s 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.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

• obtained an understanding of the nature of the sector, including the legal and regulatory frameworks that the group and parent charitable company operates in and how the group and parent charitable company are complying with the legal and regulatory frameworks;

• inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected, or alleged instances of fraud;

• discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud

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REDWINGS HORSE SANCTUARY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2022

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents.

The group audit engagement team identified the risk of management override of controls and the completeness of income from legacies and donations as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments, and estimates, considering the legacy pipeline and board minutes, and reviewing the bank statements for evidence of any income which has been inappropriately omitted from the financial statements.

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

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. 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 auditor’s 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 the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

RSM UK Audit LLP

11/08/23

LARAGH JEANROY (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Blenheim House Newmarket Road Bury St Edmunds Suffolk IP33 3SB

RSMUK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

20

REDWINGS HORSE SANCTUARY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] DECEMBER 2022

Notes Income and endowment from: Donations and legacies 2 Other trading activities: Merchandising income 3 Lottery income Estate grants & other income Investments 4 Total income Expenditure on: Raising funds: Fundraising and publicity Merchandising Charitable activities: Sanctuary operations Education Total expenditure 5 Net (expenditure)/income and net movement in funds before gains and losses on investments Net (losses)/gains on investments Net transfers between funds Net movement in funds Reconciliation of funds: Funds brought forward Total funds carried forward	Unrestricted Funds £ Endowment £ Restricted Funds £ Total Year Ended 31 December 2022 £ Total Year Ended 31 December 2021 £ 11,376,447 - 761,245 12,137,692 12,551,362 - 488,906 - - 488,906 482,453 307,072 - - 307,072 433,143 191,782 - - 191,782 360,354 210,221 - - 210,221 217,984
	12,574,428 - 761,245 13,335,673 14,045,296
	2,350,136 - - 2,350,136 1,983,989 468,250 - - 468,250 409,402 10,439,686 - 672,548 11,112,234 10,198,105 272,449 - - 272,449 197,880
	13,530,521 - 672,548 14,203,069 12,789,376
	(956,093) - 88,697 (867,396) 1,255,920
	(764,924) - - (764,924) 535,288 57,354 (57,354) - -
	(1,663,663) - 31,343 (1,632,320) 1,791,208 37,309,276 20,372 361,962 37,691,610 35,900,402
	35,645,613 20,372 393,305 36,059,290 37,691,610

The Statement of Financial Activities incorporates the income and expenditure account.

All of the 2021 income was unrestricted with the exception of £1,084,086 of donations and gifts classed as restricted funds. All of 2021 expenditure was unrestricted with the exception of £803,783 Sanctuary Operations Expenditure classed as restricted funds.

21

REDWINGS HORSE SANCTUARY

PARENT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] DECEMBER 2022

Notes Income and endowment from: Donations and legacies 2 Other trading activities: Merchandising income 3 Lottery income Estate Grants & other income Investments 4 Total income Expenditure on: Raising funds: Fundraising and publicity Charitable activities: Sanctuary operations Education Total expenditure 5 Net (expenditure)/income and net movement in funds before gains and losses on investments Net (losses)/gains on investments Net transfers between funds Net movement in funds Reconciliation of funds: Funds brought forward Total funds carried forward	Unrestricted Funds £ Endowment £ Restricted Funds £ Total Year Ended 31 December 2022 £ Total Year Ended 31 December 2021 £ 11,376,447 - - 761,245 12,137,692 12,551,362 43,666 - - 43,666 49,080 307,072 - - 307,072 433,143 191,782 - - 191,782 360,354 215,421 - - 215,421 221,143
	12,134,388 - 761,245 12,895,633 13,615,082
	2,350,136 - - 2,350,136 1,983,989 10,439,686 - 672,548 11,112,234 10,198,105 272,449 - - 272,449 197,880
	13,062,271 - 672,548 13,734,819 12,379,974
	(927,883) - 88,697 (839,186) 1,235,108
	(764,924) - - (764,924) 535,288 57,354 - (57,354) - -
	(1,635,453) - 31,343 (1,604,110) 1,770,396
	37,357,607 20,372 361,962 37,739,942 35,969,546
	35,722,156 20,372 393,305 36,135,833 37,739,942

The Statement of Financial Activities incorporates the income and expenditure account.

All of the 2021 income was unrestricted with the exception of £1,084,086 of donations and gifts classed as restricted funds. All of 2021 expenditure was unrestricted with the exception of £803,783 Sanctuary Operations Expenditure classed as restricted funds.

22

REDWINGS HORSE SANCTUARY BALANCE SHEET AS AT 31[ST] DECEMBER 2022

Notes Fixed assets Tangible assets 10 Intangible assets Investments 11 Total Fixed Assets Current assets Investments 12 Stocks 13 Debtors 14 Cash at bank and in hand Total Current Assets Liabilities Creditors falling due within one year 15 Net Current Assets Net Assets Funds 17 Endowment fund Restricted funds Designated funds Revaluation reserve General reserve Total Unrestricted Funds Total Funds	CONSOLIDATED BALANCE SHEET PARENT COMPANY BALANCE SHEET 31 Dec 2022 £ 31 Dec 2021 £ 31 Dec 2022 £ 31 Dec 2021 £ 18,372,761 18,690,049 18,372,761 18,690,049 - - - - 6,063,824 7,097,793 6,063,826 7,097,795
	24,436,585 25,787,842 24,436,587 25,787,844
	- - 150,000 150,000 316,072 285,565 239,545 216,793 6,500,979 5,982,269 6,496,251 5,987,223 5,621,105 6,277,933 5,601,794 6,216,697
	12,438,156 12,545,767 12,487,590 12,570,713
	815,452 641,999 788,344 618,615
	11,622,704 11,903,768 11,699,246 11,952,098
	36,059,290 37,691,610 36,135,833 37,739,942
	20,372 20,372 20,372 20,372 393,305 361,962 393,305 361,962 2,439,578 2,750,000 2,439,578 2,750,000 1,017,991 1,814,779 1,017,991 1,814,779 32,188,044 32,744,497 32,264,587 32,792,829
	35,645,613 37,309,275 35,722,156 37,357,607
	36,059,290 37,691,610 36,135,833 37,739,942

The financial statements of pages 21-36 were approved by the Trustees on 31st May 2023.

Company Registration Number 03524502

23

REDWINGS HORSE SANCTUARY

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31[ST] DECEMBER 2022

Notes Cash flows from operating activities c Net cash provided by operating activities Cash flows from investing activities: Dividends, interest, and rents from investments Proceeds from the sale of property, plant, and equipment Purchase of property, plant, and equipment Proceeds from sale of investments Purchase of investments Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period d Cash and cash equivalents at the end of the reporting period d a) Reconciliation of net (expenditure)/income to net cash flow from operating activities Net Income/(expenditure) for the reporting period before gains and losses on investments Adjustments for: Depreciation/amortisation charges Dividends, interest, and rents from investments Profit on the sale of fixed assets Increase in stocks Increase in debtors Increase in creditors Net cash provided by operating activities b) Analysis of cash and cash equivalents Cash in hand Notice deposits (less than 3 months) Total cash and cash equivalents	2022 £ 2021 £ (553,886) 1,036,746 211,679 219,017 7,668 55,882 (591,335) (335,774) 853,656 654,984 (584,609) (670,838)
	(102,939) (76,729) (656,828) 960,017 6,277,933 5,317,916
	5,621,105 6,277,933
	(867,396) 1,255,920 815,515 816,492 (210,221) (217,984) 85,439 (50,984) (30,507) 6,069 (520,168) (975,266) 173,451 202,499
	(553,886) 1,036,748
	2022 £ 2021 £ 5,121,105 5,777,933 500,000 500,000
	5,621,105 6,277,933

A reconciliation of net debt is required per the Charities SORP (FRS102)

There was no debt within the group during 2022 and 2021, and there were no non-cash flows to reflect.

24

REDWINGS HORSE SANCTUARY

PARENT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31[ST] DECEMBER 2022

Notes Cash flows from operating activities c Net cash provided by operating activities Cash flows from investing activities: Dividends, interest, and rents from investments Proceeds from the sale of property, plant, and equipment Purchase of property, plant, and equipment Proceeds from sale of investments Purchase of investments Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period d Cash and cash equivalents at the end of the reporting period d c) Reconciliation of net (expenditure)/income to net cash flow from operating activities Net Income/ (expenditure) for the reporting period before gains and losses on investments Adjustments for: Depreciation/amortisation charges Dividends, interest, and rents from investments Loss/(Profit) on the sale of fixed assets Increase in stocks Increase in debtors Increase in creditors Net cash provided by operating activities d) Analysis of cash and cash equivalents Cash in hand Notice deposits (less than 3 months) Total cash and cash equivalents	2022 £ 2021 £ (517,165) 1,014,854 216,879 224,783 7,668 55,882 (591,335) (335,774) 853,656 654,984 (584,609) (670,838)
	(97,739) (70,963) (614,906) 943,891 6,216,697 5,272,806
	5,601,793 6,216,697
	(1,833,156) 1,237,713 815,515 816,491 (216,879) (223,750) (85,439) (50,984) (22,752) 5,818 (509,028) (970,132) 163,698 199,698
	(517,165) 1,014,854
	2022 £ 2021 £ 5,101,794 5,716,697 500,000 500,000
	5,601,794 **6,216,697 **

A reconciliation of net debt is required per the Charities SORP (FRS102)

There was no debt within the group during 2022 and 2021, and there were no non-cash flows to reflect.

25

REDWINGS HORSE SANCTUARY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022

1 - Accounting policies

Redwings Horse Sanctuary ("the Charity") is an incorporated Charity limited by guarantee, domiciled, and registered in England which constitutes a Public Benefit entity as defined by FRS102. The address of the Charity is stated on page 3. The principal activity of the Charity is to provide and promote the welfare, care and protection of horses, ponies, donkeys, and mules.

a. Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recognised Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared under historical cost convention modified to include investment property and fixed asset investments at fair value. 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 Charity constitutes a public benefit entity as defined by FRS 102.

b. Assessment of Going Concern

The Trustees consider that there are no material uncertainties about the Charity's ability to continue, as a going concern, and therefore these accounts have been prepared on a going concern basis. The budgeted income and expenditure are sufficient with the levels of reserves for the charity to be able to continue as a going concern. The current economic climate was considered by the Trustees when making this assessment, including consideration, and forecasting of inflationary pressures and challenges relating to the employment and recruitment markets. Budgets and cashflows have been prepared (twelve months from the date of signing these financial statements) considering the decrease in legacy income during 2020 and 2021 and the increase in 2022, combined with a general increase in donations during 2022, we anticipate being able to continue our day-to-day operations without the need to sell any of our investments. With our current level of liquid reserves, we will be able to provide adequate resources to cover our commitments.

c. Basis of consolidation

The financial statements comprise the assets, liabilities and funds, and the statement of financial activities of Redwings Horse Sanctuary and its 100% owned subsidiary, Redwings Enterprises Limited (company number 02841087).

d. Income

All income is accounted for in the (SOFA) when the Charity is legally entitled to the income, it is capable of measurement, and it is probable that the income will be received.

Income includes donations and legacies. For legacies, entitlement is recognised from the earlier of the date of receipt or when sufficient notification is received by the Charity to enable it to quantify its entitlement with probability. Income is not recognised for legacies, which remain subject to a life interest. Donations are recognised when the Charity has received the income. If the donation is subject to a restriction the Charity will recognise when the restriction is met or wholly within the control of the Charity.

Other income comprises merchandising income, lottery income, investment income, property rentals, and estate grants & other income. The merchandising income is generated by Redwings Enterprises Limited and is recognised as unrestricted income on a receivable basis. The lottery income is recognised as at the closing date of the draw when the charity is entitled to the income. Rental income form assets leased under operating leases is recognised on a straightline basis over the term of the lease. All other income is accounted for on a receivable basis.

26

REDWINGS HORSE SANCTUARY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022

e. Expenditure

All expenditure is included in the SOFA on an accruals basis and is recognised when there is a legal or constructive obligation to pay, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

f. Support costs

Support costs include human resources, finance IT, health and safety and premises costs. Support costs have been apportioned between fundraising costs and charitable activities on the basis of activity and income.

g. Pension costs

The Charity operated a defined contribution scheme, which is a Group Personal Plan. The cost of providing pension benefits is charged in the year for which they are payable.

h. Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost, less depreciation. No depreciation is provided on freehold land, or assets under construction. Depreciation is provided on all other tangible fixed assets, at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Freehold buildings over 50 years Wasting structures over 3 or 10 years Plant and equipment over 5 years

Assets under construction are not depreciated until the work is complete.

i. Intangible assets and amortisation

Intangible assets are stated at cost, less amortisation, at rates calculated to write off the cost of each asset on a straightline basis over its expected useful life, as follows:

Software over 5 years

j. Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted bid price. The SOFA includes the net gains and losses arising on revaluation and disposals through the year. Gains and loss on investment disposals is based on the previous months market value and the consideration received on disposal.

Investment property is initially measured at cost and subsequently measured at fair value determined annually by the trustees. No depreciation is charged. Changes in fair value are recognised in the SOFA.

Investments in subsidiaries are measured at cost less accumulated impairment.

k. Operating leases

Rentals are charges to the SOFA on a straight-line basis over the lease term.

l. Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is determined using the first in first out method.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022

REDWINGS HORSE SANCTUARY

m. Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable are included at the best estimate of the amount receivable at the balance sheet date.

n. Creditors

Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

o. 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 Charity 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 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 Charity for particular purposes. The cost 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.

Endowment funds represent those assets which must be held permanently by the Charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income.

Investment income and gains are allocated to the appropriate fund.

p. Critical accounting estimates and areas of judgement

The Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and judgements are continually evaluated and are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The judgements estimates and assumptions which have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Legacy debtor

The Charity has entitlement to legacy income at 31st December, but which will be received after the year end. An estimate of the amount of be received has to be made at the year-end. See note 15 for the legacy receivable debtor at the year-end. “Pecuniary legacies are recognised once the charity has been formally notified that a gift is payable. Residuary legacies are recognised once confirmation has been received that the charity will benefit and sufficient information has been made available by the Personal Representatives to estimate the charity’s entitlement with reasonable certainty. Estimates are calculated based on experience with previous Estates and knowledge of the likely deductions to be incurred.”

2. Income from donations and legacies

Donations Legacies	2022 £ 2021 £ 2,682,683 3,298,689 9,455,009 9,252,673
	12,137,692 12,551,362

28

REDWINGS HORSE SANCTUARY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022

3. Merchandising income

Parent company Subsidiary company Total income Merchandising costs Subsidiary company costs of sales Administration expenses Total costs Merchandising surplus . Income from investments Interest Dividends Rent Investment income - charity Interest Dividends Rent Investment income - group . Analysis of expenditure Fundraising and publicity Sanctuary operations Education Expenses - charity Merchandising costs Expenditure - group		Sale of Donated Goods £ Redwings Enterprises Ltd Sales £ 43,666 - - 445,239	Total Year Ended 31 December 2022 £ Total Year Ended 31 December 2021 £ 43,666 49,080 445,239 433,373
		43,666 445,239 - 270,973 - 197,277	488,905 482,453 270,973 238,232 197,277 171,170
		- 468,250	468,250 409,402
		43,666 (23,011)	20,656 73,051
		2022 £ 2021 £ 43,332 36,750 172,089 166,393 - 18,000 215,421 221,143 38,132 33,501 172,089 166,393 - 18,000 210,221 217,894 Staff Costs £ Direct Charitable Costs £ Other Costs £ Total Year Ended 31 Dec 2022 £ Total Year Ended 31 Dec 2021 £ 636,570 - 1,713,566 2,350,136 1,983 ,990 7,576,709 3,535,526 - 11,112,235 10,198,105 79,631 192,817 - 272,448 197,879	2022 £ 2021 £ 43,332 36,750 172,089 166,393 - 18,000
			215,421 221,143
			38,132 33,501 172,089 166,393 - 18,000
			210,221 217,894
		8,292,910 3,728,343 1,713,566 13,734,819 12,379,974
		76,711 - 391,539 468,250 409,401
		8,369,621 3,728,343 2,105,105 14,203,069 12,789,375

4. Income from investments

5. Analysis of expenditure

Both staff costs and other costs contain costs that are directly allocated to activities as well as support costs that have been apportioned in accordance with the methods outlined in note 1f.

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REDWINGS HORSE SANCTUARY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022

6. Support costs

Human resources Health & Safety Finance/IT Premises/Office costs Central Services Depreciation/amortisation Support costs - group Human resources Health & Safety Finance/IT Premises/Office costs Central Services Depreciation/amortisation Support costs - charity	Fundraising And publicity £ Sanctuary Operations £ Education £ Merchandising Costs £ Total 2022 £ Total 2021 £ 25,211 61,956 404 5,979 93,551 87,807 17,965 56,800 - 659 75,424 69,526 277,218 270,688 - 11,740 559,646 420,266 122,420 21,477 7,656 4,286 155,839 130,597 77,877 647,290 3,021 140,494 868,682 836,047 171,528 642,946 - 1,022 815,496 816,492
	692,219 1,701,157 11,081 164,180 2,568,637 2,360,735
	Fundraising And publicity £ Sanctuary Operations £ Education £ Merchandising Costs £ Total 2022 £ Total 2021 £ 26,737 66,380 434 - 93,551 87,808 17,965 56,800 - - 74,765 69,106 277,218 270,688 - - 547,906 410,658 122,420 21,477 7,656 - 151,553 127,219 68,329 640,438 3,021 - 711,788 666,195 171,548 642,946 - - 814,494 815,401
	684,217 1,698,729 11,111 - 2,394,057 2,176,387

7. Staff costs

. Staff costs
	Year ended	Year ended
	31 December	31 December
	2022	2021
	£	£
Wages and salaries	7,053,652	6,455,264
Social security costs	537,557	458,606
Pension costs	352,738	337,846
	7,943,947	7,251,716
umber of employees by function
Sanctuary and welfare	296	282
Fundraising and administration	84	74
	380	356

Number of employees by function

The number of employees whose emoluments exceeded £60,000 in the year was as follows

£60,001 - £70,000	2	2
£70,001 - £80,000	-	1
£100,001 -£110,000	1	1

Remuneration for the nine (2021: nine) Senior Management Team members totalled £594,129 (2021: £565,756). The Senior Management Team and Trustees are considered to be the key management personnel of the Charity and Group.

8. Pension costs

The Charity operates defined contribution pension schemes on behalf of certain employees. The contributions to the schemes are paid into external independently administered funds. The pension cost charge represents contributions payable by the Charity to the schemes, which amounted to £352,738 (2021: £337,846). This included a contribution of £18,448 (2021: £22,249) made on behalf of the employees earning above £60,000. £40,503 of contributions (2021: Nil) were payable to the fund at the year end and are included in other creditors.

30

REDWINGS HORSE SANCTUARY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022

9. Net income for the year

Net income for the year is stated after charging/(crediting) Remuneration of the Charity auditors - Audit of these accounts - Audit of subsidiary undertakings - Taxation compliance services Depreciation of tangible owned assets Operating leases - Land and buildings Profit/(Loss) on sales of assets	Year Ended 31 December 2022 £ Year Ended 31 December 2021 £ 24,100 15,550 5,850 3,775 5,450 4,775 815,516 816,492 26,500 26,500 85,439 (52,702)

10. Tangible fixed assets

Costs 01 January 2022 Additions Disposals 31 December 2022 Depreciation 01 January 2022 Charge in year Eliminated on disposal 31 December 2022 Net book value 31 December 2022 31 December 2021	Group and Charity Freehold Property £ Assets under Construction £ Wasting Structure £ Plant & Equipment £ Total £ 16,915,741 118,630 6,876,793 4,255,302 28,166,466 - 168,329 151,469 271,536 591,334 (150,000) - - (73,019) (223,019)
	16,765,741 286,959 7,028,262 4,453,819 28,534,781
	2,056,472 - 3,586,513 3,833,432 9,476,417 138,730 - 436,673 240,112 815,515 (57,000) - - (72,913) (129,913)
	2,138,202 - 4,023,186 4,000,631 10,162,019
	14,627,539 286,959 3,005,076 453,188 18,372,761
	14,859,269 118,630 3,290,280 421,870 18,690,049

All assets are owned by the Charity and are free from charge. The cost of freehold land not being depreciated included in land and buildings is £9,812,307 (2021: £9,812,307).

31

REDWINGS HORSE SANCTUARY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022

11. Fixed asset investments

ixed asset investments
	Group			Charity
	31 Dec 2022	31	Dec 2021	31 Dec 2022	31 Dec 2021
	£		£	£	£
Quoted Investments
Market Value at Start of period	6,547,793		5,996,650	6,547,793	5,996,650
Additions at cost	584,609		670,838	584,609	670,838
Disposal proceeds	(853,656)		(654,984)	(853,656)	(654,984)
Net investment (losses)/ gains	(764,924)		535,289	(764,924)	535,289
Market value at end of period	5,513,824		6,547,793	5,513,824	6,547,793
Investment property
Investment property at start of period	550,000		550,000	550,000	550,000
Revaluation	-		-	-	-
Market value at end of period	550,000		550,000	550,000	550,000
Un-quoted investments
Shares in Redwings Enterprises Limited	-		-	2	2
Total fixed asset investments	6,063,824		7,097,793	60,023,826	7,097,795
Historical Cost at 31 December	5,045,831		5,283,013	5,045,831	5,283,013
Analysis of Quoted Investments at 31 December 2021 between funds:
Fixed Interest UK	674,522		655,681	674,522	655,681
Fixed Interest Overseas	176,054		330,127	176,054	330,127
Equities UK	1,475,318		1,666,213	1,475,318	1,666,213
Equities Europe	424,591		463,992	424,591	463,992
Equities Other	2,100,521		2,505,898	2,100,521	2,505,898
Property Funds	-		319,391	-	319,391
Hedge/Absolute Return Funds	662,818		606,491	662,818	606,491
	5,513,824		6,547,793	5,513,824	6,547,793

All investments are carried at fair value. Quoted investments fair values are normally mid-market closing or mid-prices. If the valuation date falls on a non-business day, the prices will be those on the last business day.

Savills plc completed the initial valuation of Spa Farm investment property. The fair value at the balance sheet date is determined annually by the trustees.

The main risk from the charity's investment portfolio is uncertainty in the investment markets. This is managed by appointing professional fund managers who manage the funds on a low-risk basis. Liquidity risk is considered low because investments are in traded securities.

12. Current asset investments

Loan to Redwings enterprises Limited (see note below)	Group Charity 31 Dec 2022 £ 31 Dec 2021 £ 31 Dec 2022 £ 31 Dec 2021 £ - - 150,000 150,000
	- - 150,000 150,000

The only financial instrument measured at amortised cost comprises the loan made to Redwings Enterprises Limited. This is unsecured and is due for repayment on demand. Interest is charged on the loan at 2% above the Bank of England base rate.

32

REDWINGS HORSE SANCTUARY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022

13. Stock

Stock of feed and consumables veterinary supplies Merchandising goods for resale	Group Charity 31 Dec 2022 £ 31 Dec 2021 £ 31 Dec 2022 £ 31 Dec 2021 £ 150,210 133,192 150,210 133,192 89,335 83,601 89,335 83,601 76,527 68,772 - -
	316,072 285,565 239,545 216,793

14. Debtors

Gift Aid & recoverable tax Legacies receivable Accrued income Amount owed to subsidiary Prepayments and other debtors Trade debtors	Group Charity 31 Dec 2022 £ 31 Dec 2021 £ 31 Dec 2022 £ 31 Dec 2021 £ 26,133 33,623 26,133 33,623 6,324,748 5,630,583 6,324,748 5,630,583 10,069 - 10,071 - 10,069 10,860 10,071 8,431 120,527 263,752 116,233 261,275 19,502 44,240 8,208 43,240
	6,500,979 5,982,269 6,496,251 5,987,223

15. Creditors amounts falling due within one year

Trade creditors Amount re merged Charity Other creditors VAT and social security Accruals	Group Charity 31 Dec 2022 £ 31 Dec 2021 £ 31 Dec 2022 £ 31 Dec 2021 £ 504,537 554,700 486,500 539,472 - - 100 100 65,588 19,548 65,590 19,550 114,406 9,529 114,406 9,529 130,921 58,222 121,748 49,964
	815,452 641,999 788,344 618,615

16. Subsidiary company

The Charity owns 100% of the share capital of its trading subsidiary Redwings Enterprises Limited, a company registered in England. The Company operates all of the commercial trading activities of the Charity. The Company gift aids its taxable profits to the Charity. A summary of its trading results and capital and reserves is shown below. Audited accounts are filed with the Registrar of Companies. The Company's results are consolidated into the group accounts. The registered office is Norwich Road, Hapton, Norfolk NR15 1SP.

Income Expenditure Interest payable (Loss)/Profit for the period retained by the subsidiary The aggregate of assets, liabilities and funds was: Current assets Creditors: amounts falling due within one year Total net liabilities	2022 £ 2021 £ 445,239 433,373 (468,250) (409,402) (5,200) (3,159)
	(28,211) 20,812
	111,527 133,588 (188,069) (181,918)
	(76,543) (48,332)

33

REDWINGS HORSE SANCTUARY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022

17. Funds

7. Funds
Endowment WJ Turner Settlement Restricted Digital x ray system Dental Floats Caldecott Care of Cinnabar Ada Cole Memorial Stables Behaviour Centre Muffin The Mule Fencing at Piggots Treatment room Aylsham Mountains Donkeys Oxhill SWHP Tractor Hapton Layby field Piggots Vat Unit Hapton SWHP Alan Fraser Trust Total restricted Total endowment & restricted Designated Planned capital expenditure Revaluation reserve General reserve Total unrestricted Group Total	Funds Movements Represented by Opening Balance £ Income £ Expenditure £ Transfers Gains & Losses £ Closing Balance £ Fixed assets £ Net current assets £ 20,372 - - - 20,372 - 20,372
	- 25,000 - (25,000) - - - - 7,354 - (7,354) - - - - 22,255 (22,255) - - - - 4,769 2,000 (6,769) - - - - - 44,556 (44,556) - - - - - 1,000 (1,000) - - - - - 500 (500) - - - - - 1,000 (1,000) - - - - 500 - (500) - - - - - 5,000 (5,000) - - - - - 17,829 (17,829) - - - - - 200 (200) - - - - - 1,000 (1,000) - - - - - - 74,247 - - 25,000 80,746 - 509 28,000 - (80,746) (61,244) (509) (28,000) (25,000) - - - - - - 13,003 - - - - -- - - - - 13,003 - - 282,446 499,296 (401,440) - 380,302 - 380,302 361,962 761,245 (672,548) (57,354) 393,305 - 393,305
	382,334 761,245 (672,548) (57,354) 413,677 - 413,677 2,750,000 - - (310,422) 2,439,578 - 2,439,578 1,814,779 - - (796,788) 1,017,991 1,017,991 - 32,744,497 12,574,428 (13,350,521) 399,640 32,188,044 23,418,594 8,769,450
	37,309,276 12,574,428 (13,530,521) (707,570) 35,645,613 24,436,585 11,209,028
	37,691,610 13,335,673 (14,203,069) (764,924) 36,059,290 24,436,585 11,622,705

Any income or expenditure over £5,000 will be explained in below.

Purpose of funds

urpose of funds
Name	-	Primary use of funds and designated
Digital X Ray System	-	X Ray system for the VET unit.
Caldecott	-	For general use at Redwings Caldecott.
Dental Floats	-	Dental equipment for the VET unit.
Ada Cole Memorial Stables	-	For general running of Redwings Ada Cole.
Mountains	-	For general use at Redwings Mountains.
Hapton	-	For general use at Redwings Hapton.
Layby field Piggots	-	Fencing, trackways, and shelter to layby field at Piggots.
Hapton	-	For general running of Redwings Hapton site.
SWHP	-	For general use at Redwings SWHP.
Alan Fraser Trust	-	For use in Scotland only.

The movement under designated funds, planned capital expenditure closing balance represent the Capital project for 2022. The expenditure in 2022 represents the amount less items that were fixed assets the total Capital spend for 2021 was £765,567.

The transfer from restricted funds is with respect of expenditure against projects restricted in previous years for which have not been fully met.

34

REDWINGS HORSE SANCTUARY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022

18. Funds – comparative 2021

8. Funds – comparative 2021
Endowment WJ Turner Settlement Restricted Recovery shelter New farm & grazing Reception & Assessment Centre Ada Cole Memorial Stables Caldecott Oxhill donkey barn and windbreak Mountains general Paddock fencing & shelters SWHP Horse Hospital Hay Mountains Care of Cinnabar Treatment room Hoist at Reception Field Shelters Mountains Mountains Special Care Barn Hapton Horses and Ponies Operational Work Ventilator control box Hapton Hospital Layby field Piggots Oxhill SWHP Norfolk Sanctuary Farms H K D Animal Welfare Trust Total restricted Total endowment & restricted Designated Planned capital expenditure Revaluation reserve General reserve Total unrestricted Group Total	Funds Movements Represented by Opening Balance £ Income £ Expenditure £ Transfers Gains & Losses £ Closing Balance £ Fixed assets £ Net current assets £ 20,372 - - - 20,372 - 20,372
	304,798 - - (304,798) - - - 205,822 - - (205,822) - - - 94,500 - (94,500) - - - - 168,065 (168,065) - - - - - 2,600 (2,600) - - - - 2,915 (2,915) - - - - - 4,630 (4,630) - - - - - 7,500 (7,500) - - - - 50,000 - - (50,000) - - - - 5,000 (5,000) - - - - - 6,000 (1,231) - 4,769 - 4,769 500 - - - 500 - 500 - 3,000 (3,000) - - - - - 15,000 - (15,000) - - - 5,000 - - (5,000) - - - - 77,278 (77,278) - - - - - - - - - - 7,577 10,834 5,000 99,525 50 440 (7,577) (10,834) (5,000) (25,278) (50) (440) - - - - - - - - - 74,247 - - - - - - - - - - - 74,247 - - - 11,046 (11,046) - - - - 155,818 660,541 (471,339) (62,574) 282,446 - 282,446 819,353 1,084,086 (803,783) (737,694) 361,962 - 361,692
	839,725 1,084,086 (803,783) (737,694) 382,334 - 382,334 2,111,879 - - 638,121 2,750,000 - 2,750,000 863,944 - - 950,835 1,814,779 1,814,779 - 32,084,854 12,961,210 (11,985,609) (315,974) 32,744,497 23,973,063 8,771,433
	35,060,677 12,961,210 (11,985,609) 1,272,982 37,309,276 25,787,842 11,521,434
	35,900,402 14,045,296 (12,789,392) 535,288 37,691,610 25,787,842 11,903,768

19. Operating leases receivable

The Charity as lessee, holds the following commitments

Within one year

31 Dec	31 Dec
2022	2021
£	£
50,298	59,077

35

REDWINGS HORSE SANCTUARY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022

20. Related party transactions

• a) No remuneration was paid to any member of the board during the period.

• b) One Trustee was reimbursed £425 (2021: two trustees £479) in respect of travel expenses to attend Board of Management meetings.

• c) Fees totalling £15,629 (2021: £7,951) have been paid to Savills PLC in Norwich in which Mr M Little is a director. The fees were in respect of estate management advise.

• d) An amount of £nil (2021: £36,217) has been paid to Town and Country Floors of whom Mrs T Whistlecraft (Executive Director Resources at Redwings) is related. These costs relate to flooring.

• e) Fees totalling £5,585 (2021: £12,225) have been paid to Birketts LLP in which Mr T Sharp is a director. The fees were in respect of legal services.

The above transactions are specifically permitted by the Charity’s Memorandum of Association and were at arms-length and in the ordinary course of business.

In 2022 the following transaction took place between the Charity and its wholly owned subsidiary Redwings Enterprises Limited:

Management charge of £178,415 (2021: £148,330)

Rental charge of £3,000 (2021: £3,000)

Interest charge of £5,200 (2021: £3,159)

At the 31 December 2022 £9,024 was due from the Charity to Redwings Enterprises Limited (2021: £8,431 was due from the Charity to Redwings Enterprises Limited). In addition to this, the Charity has provided a loan of £150,000 to Redwings Enterprises Limited. The loan is due for repayment in one year from the balance sheet date. Interest is charged on the loan at 2% above NatWest Bank plc's base rate.

21. Members Guarantee

The Charity has no share capital but is limited by guarantee. Every member of the Charity is a guarantor and undertakes to contribute to the assets of the Charity, in the event of it being wound up, such amounts as may be required. Each guarantor’s liability is limited to £1.

22. Financial instruments

Financial assets measured at fair value	31 Dec 2022 £ 31 Dec 2021 £ 5,513,824 6,547,793

36