2020-12-31-accounts

					Page
Trustees' Annual Report		incorporating	the	Strategic
Report
Report ofthe	Independent	Auditors			20
Consolidated	Statement	of Financial	Activities
Consolidated	and Parent	Balance Sheet			25
Statement of	Cash Flows	and Consolidated		Statement	of 26
Cash Flows
Notes to the	Financial Statements				27

			Unrestricted	Restricted	Total Funds	Total Funds
		Note	Funds	Funds	2020	2019
Income
Donations and legacies		4	4,862,563	59,439	4,922,002	3,531,793
Activities for generating funds		5	256,874		256,874	219,971
Commercial trading operations		6	506,565		506,565	497,490
Investment income		7	717,555		717,555	921,939
Other incoming resources			468,146	15,000	483,146	172,220
Total income			6,811,703	74,439	6,886,142	5,343,413
Expenditure
Commercial trading operations		6	493,267		493,267	449,352
Costs ofgenerating funds		8	571,921		571,921	566,122
Operation ofthe charity		9	5,090,220	74,439	5,164,659	5,026,168
Total expenditure			6,155,408	74,439	6,229,847	6,041,642
Net income before tax for	the year		656,295		656,295	(698,229)
Tax payable		14	(2,240)		(2,240)	4,319
Net (expenditure)/income after tax before investment (losses)/gains			658,535		658,535	(702,548)
Net gains/(losses) on investments		16	1,300,573		1,300,573	3,595,457
Net income/(expenditure)	and net
movement in funds for the	year		1,959,108		1,959,108	2,892,909
Reconciliation offunds
Total funds brought forward			50,353,517		50,353,517	47,460,608
Total funds carried forward			52,312,625		52,312,625	50,353,517

					Group	Group	Charity	Charity
				Note	2020	2019	2020	2019
Fixed assets
Tangible assets				15	16,558,648	16,953,802	16,551,020	16,934,172
Investments				16	31,166,549	29,978,513	31,166,649	29,978,613
Investment	properties			17	1,065,000	1,065,000	1,065,000	1,065,000
		Total	fixed assets		48,790,197	47,997,315	48,782,669	47,977,785
Current assets
Stock					261,312	273,009	139,263	146,998
Debtors				18	1,663,510	647,826	1,805,364	950,716
Short-term	deposits				533,644	1,021,555	533,644	1,021,555
Cash at bank		and in hand			1,394,664	947,767	1,352,291	689,596
		Total current assets			3,853,130	2,890,157	3,830,562	2,808,865
Liabilities
Creditors falling due within one year				19	(330,703)	(533,955)	(281,471)	(423,551)
		Net current assets			3,522,427	2,356,202	3,549,091	2,385,314
Total assets		less current
liabilities					52,312,624	50,353,517	52,331,760	50,363,099
The funds	of	the charity:		21
Non charitable		trading			(19,136)	(9,582)
General funds					26,415,880	24,387,300	26,415,880	24,387,300
Restricted	funds
Investment	revaluation		fund		8,002,628	7,290,088	8,002,628	7,290,088
Designated	funds				17,913,252	18,685,711	17,913,252	18,685,711
		Total	charity funds		52,312,624	50,353,517	52,331,760	50,363,099

			Group	Group	Charity	Charity
		Note	2020	2019f	2020f	2019
Cash used in operating activities		23	(630,425)	(1,314,201)	(414,627)	(1,556,987)
Cash flows from investing
activities
Investment income			717,555	921,939	717,555	921,939
Purchase oftangible fixed assets			(251,310)	(1,533,019)	(251,310)	(1,531,592)
Purchase offixed asset investments			(3,344,905)	(3,046,606)	(3,344,905)	(3,046,606)
Sale oftangible fixed assets			10,630	3,369	10,630	3,365
Sale offixed asset investments			3,447,278	3,090,097	3,447,278	3,090,097
Cash provided by (used in) investing activities			579,248	(564,220)	579,248	(562,797)
Increase (decrease) in cash and cash equivalents in the year			(51,177)	(1,878,421)	164,621	(2,119,784)
Cash and cash equivalents at the beginning ofthe year			2,448,075	4,326,496	2,189,904	4,309,688
Total cash and cash equivalents the end ofthe year	at		2,396,898	2,448,075	2,354,525	2,189,904

	The summary	financial	perfo	rmance ofthe	charity alone is:
					2020	2019
						F
	Income				6,399,724	4,870,342
	Expenditure	on charitable		activities	(5,731,636)	(5,588,189)
	Net gains/(losses) on		investments		1,300,573	3,595,457
	Net income	before tax			1,968,661	2,877,610
	Corporation	tax
	Net income	after tax			1,968,661	2,877,610
	Total funds	brought forward			50,363,099	47,485,489
	Total funds	carried forward			52,331,760	50,363,099
	Represented	by:
	General funds				26,415,880	24,387,300
	Restricted income funds
	Investment	revaluation	fund		8,002,628	7,290,088
	Designated	funds			17,913,252	18,685,711
					52,331,760	50,363,099
4	Income from	donations	and legacies
					2020	2019
	Donations
	Gifts				649,834	503,700
	Legacies				4,272,168	3,028,093
					4,922,002	3,531,793

	Unrestricted	Unrestricted
	funds	funds
	2020	2019
	6	6
Open day receipts		7,692
Raffle tickets	148,196	131,243
Adoptions	108,678	81,036
Total income from charitable activities	256,874	219,971

			2020	2019
				6
Turnover			506,565	497,490
Cost ofsales and administration		costs	(518,359)	(477,872)
Net profit before taxation			(11,794)	19,618
Taxation			2,240	(4,319)
Profit/(loss)	after taxation		(9,554)	15,299
Assets			175,615	428,821
Liabilities			(194,651)	(438,303)
Aggregate	share capital and reserves		(19,036)	(9,482)

Investmen	t income
				2020	2019
				F
Dividends investment	and other income portfolio		from	682,808	866,565
Bank and	other interest			2,540	21,378
Rental income				32,207	33,996
				717,555	921,939
Costs of generating funds
				2020	2019
				E	E
Cost ofgenerating voluntary			income:
Printing and postage				121,567	120,439
Advertising				43,226	46,938
Legal and	professional	fees		11,715	8,576
Raffle expenses				18,554	15,129
Other costs				33,902	35,079
Investment	management	costs		131,088	133,744
Allocated	support costs	(see	note 10)	211,869	206,217
				571,921	566,122

			2020	2019
				F
Running costs
Equine welfare wages			2,144,248	1,960,717
Equine welfare costs			382,054	511,923
Feed and bedding			152,850	245,348
Protective clothing			13,344	20,061
Repairs and renewals	offencing		37,971	61,388
Staff uniforms			3,405	5,786
Health and safety costs			7,054	13,343
Educational area costs			10,732	1,479
Subscriptions			10,554	12,539
Rent			11,636	12,082
Legal and professional			35,842	107,003
Sank and credit charges			11,658	10,705
Freehold land and building		depreciation	86,643
Plant, motor and machinery		depreciation	287,423	171,434
(Profit)/loss on sale offixed		assets	38,513	9,418
Allocated support costs (see note 10)			1,906,818	1,855,955
Grant making				5,500
Governance costs (see note1 0)			23,914	21,487
			5,164,659	5,026,168

Support	costs
						2020	2019
						F	6
Salaries,	wages and National				Insurance	1,236,385	1,102,313
Training						24,046	37,707
Canteen	and staff welfare					41,654	33,069
Repairs and renewals						147,937	208,316
Cleaning	and gardening		expenses			68,625	45,335
Vehicle and plant running			costs			64,871	90,877
Rates						5,549	5,488
Water and drainage		rates				17,708	17,255
Heat and	light					40,403	44,900
Insurance						137,916	117,501
Telephone						27,310	19,744
Office equipment repairs						1,533	7,227
Stationery						4,032	6,483
Travel expenses						2,647	24,557
Computer	costs					79,255	60,577
Security						6,063	9,939
Pest control						1,500	1,895
Freehold	land and building			depreciation		211,253	226,311
Plant, motor and machinery					depreciation		2,678
						2,118,687	2,062,172
Allocation ofsupport costs
Costs of	generating	funds				211,869	206,217
Charitable	activities					1,906,818	1,855,955
						2,118,687	2,062,172
Governan	ce costs
						2020	2019
							6
Audit and	accountancy					23,868	20,960
Trustee expenses (see			note		11)	46	527
						23914	r 1487

	2020	2019
	S	S
Salaries and wages	3,153,278	2,902,552
Social security costs	250,044	223,175
Pension costs	122519	99271
	3,525,841	3,224,998

employer national insurance and p	ension costs) were in excess o	ff60,000for the
	2020	2019
Group	Number	Number
660,000-570,000
670,000-580,000
FSO,OOO-F90,000
F90,000-F100,000

			2020	2019
			6
Salary (including	Employers	Nl)	90,564	84,842
Pension costs			6,270	5,904
Taxable benefits			6,572	6,825
Total remuneration			103,406	97,571

					2020		2019
					Number		Number
Charitable	activities					95		91
Cost ofgenerating			funds			25		27
Management		and administration		ofthe		18		21
charity
						138		139

		Group		Charitable	company
		2020	2019	2020		2019
			6	6		6
Current tax:
UK corporation	tax	40	589
Deferred Taxation		(2,280)	3,730
		(2,240)	4,319

Tangible fixed assets - C	haritable company
	Freehold	Plant,
	land and	motor and	Totals
	buildings	machinery
	6	6
COST
At 1 January 2020	17,683,478	1,768,852	19,452,330
Additions	112,386	138,924	251,310
Transfer between codes Disposals	54,428 ~18386	(54,428) ~165595	~183981
At 31 December 2020	17831906	1687753	19519659
DEPRECIATION
At 1 January 2020	1,546,293	971,865	2,518,158
Charge for year	297,896	287,423	585,319
Transfer between codes Eliminated on disposal	37,960 ~4672	(37,960) ~130166	~134838
At 31 December 2020	1 877477	1 091 162	2 968639
NET BOOK VALUE
At 31 December 2019	16,137,185	796,987	16,934,172
At 31 December 2020	15,954,429	596,591	16,551,020

	Freehold	Plant,
	land and	motor and	Totals
	buildings	machinery
	F	6
COST
At 1 January 2020	17,739,383	1,816,279	19,555,662
Additions	101,957	149,353	251,310
Transfer between codes Disposals	54,428 ~18386	(54,428) ~193890	~272 276
At 31 December 2020	17877 382	1 717 314	19594696
DEPRECIATION
At 1 January 2020	1,600,202	1,001,658	2,601,860
Charge for year	297,976	293,043	591,019
Transfer between codes Eliminated on disposal	37,960 ~4672	(37,960) ~152159	~156831
At 31 December 2020	1 931466	1 104582	3036048
NET BOOK VALUE
At 31 December 2019	16,139,181	814,621	16,953,802
At 31 December 2020	15,945,916	612,732	16,558,648

Investments —Group	an	d charitable company
			Listed F Cash 6	Totals F
Market value at 1 January		2020	29,499,757 478,756	29,978,513
Additions to investments		at cost	3,344,905	3,344,905
Disposals at carrying value Net cash movements			(3,753,671) ~10,164	(3,753,671) ~10,164
			29,090,991 468,592	29,559,583
Net gain on revaluation	at	31 December 2020	1,606,966	1,606,966
Market value at 31 December 2020			30,697,957 468,592	31,166,549
Cost ofinvestments at	31 December 2020		22,695,329 468,592	23,163,921
Investment revaluation	reserve at 31 December 2020		8,002,628	8,002,628
Cost ofinvestments at	1	January 2020	22,209,668 478,756	22,688,424
Listed investments comprise:
Quilters:			Listed 6
Bonds/Fixed Interest			2,205,590
Equities			6,952,381
Alternative Investments/Property			1,346,092
Barclays Wealth:
Bonds/Fixed Interest			1,009,774
Equities			8,827,635
Alternative Investments/Property			1,194,714
Multi Asset Class/Other			951,902
Charles Stanley:
Bonds/Fixed Interest			1,287,817
Equities			6,031,290
Alternative Investments/Property			890,762
			30,697,957

17	Investment property —group and charitable company	Investment property —group and charitable company
		Total Z
	VALUATION
	At 31 December 2019	1,065,000
	At 31 December 2020	1,065,000
	NET BOOK VALUE
	At 31 December 2020	1,065,000

If investment cost:	property had not b	een revalued it would	have been incl
		2020	2019
		E	E
Cost		1,490,435	1,490,435
Aggregate	depreciation	(281,421)	(251,612)
Net book	value	1„209,014	1,238,823

Debtors
		Group		Charitable	company
		2020	2019	2020	2019
		E	F	E	E
Due within one year:
Amounts due from trading	subsidiary			117,300	258,713
Trade debtors		15,840	22,996	12,275	6,830
Other debtors		8,205	3,109	8,205	3,109
Accrued income		1,556,444	512,195	1,556,444	493,849
Prepayments		83,021	109,526	83,021	100,711
		1,663,510	647,826	1,777,245	863,212
Due greater than one year:
Amounts due from trading	subsidiary			28,119	87,504
Aggregate amounts		1,663,510	647,826	1,805,364	950,716

19	Creditors	—Amounts	falling	due within	one year
					Group		Charitable	company
					2020 F	2019f	2020 F		2019 f
	Trade creditors				145,131	315,925	120,815		246,721
	Other taxation and social security				77,127	72,096	61,487		55,041
	Accruals				108,445	145,934	99,169		121,789
					330,703	533,955	281,471		423,551
20	Operating lease commitments
					Group		Charitable	company
					2020f	2019 f	2020 f		2019 f
	Expiring:
	Within one	year			10,000	10,000
21	Analysis of charitable		funds
				Balance 1 January	Incoming resources	Resources expended	Other movement		Funds 31 December 2020
				F	f	f		f	f
	Trading company reserves			(9,582)	506,565	(516,119)			(19,136)
	General funds			24,387,300	6,305,138	(5,053,970)	777,412		26,415,880
	Restricted funds				74,439	(74,439)
	Investment	revaluation		7,290,088			712,540		8,002,628
				31,667,806	6,886,142	5,644,528	1,489,952		34,399,372
	Designated	funds
	Capital project fund			686,539			(389,307)		297,232
	Fixed asset	fund		17,999,172		585,319	202,167		17,616,020
				18,685,711		585,319	187,140		17,913,252
	Total funds			50,353,517	6,886,142	(6,229,847)	1,302,812		52,312,624

		Balance	Movement	Provision	Balance
		2019	in provision	spent in the year	2020
			F	6
Fleet		9,000	12,000		21,000
General		226,491	(19,563)	(135,329)	71,599
IT and telecommunications		90,009	(2,405)	(48,704)	38,900
Site development		360,039	(127,029)	(67,277)	165,733
Veterinary	equipment	1,000	(1,000)
		686,539	(137,997)	(251,310)	297,232

Analysis ofgroup ne	t assets bet	ween funds
		Designated funds	General funds	Restricted funds	Total
		E	6
Fund balances at 31	December
2020 are represented	by:
Tangible fixed assets		16,551,020	7,628		16,558,648
Investments		1,362,232	30,869,317		32,231,549
Current assets			3,853,130		3,853,130
Liabilities			(330,703)		(330,703)
Total net assets		17,913,252	34,399,372		52,312,624

				Group	Group	Charitable	company
				2020	2019	2020	2019
Net movement	in funds			1,959,108	2,892,909	1,968,662	2,877,608
Depreciation charge				591,019	407,087	585,319	400,423
Income shown activities	in investing			(717,555)	(921,939)	(717,555)	(921,939)
(Profit)/loss on assets	disposal	of	fixed	44,815	9,909	38,513	9,418
(Profit)/loss on investments	disposal	of		306,393	(213,927)	306,393	(213,927)
Loss/(profit) on investments	revaluation		of	(1,606,966)	(3,381,530)	(1,606,966)	(3,381,530)
(Increase)/decrease in		stock		11,697	(31,409)	7,735	39
(Increase)/decrease in		debtors		(1,015,684)	46,866	(854,648)	(166,996)
Increase/(decrease) in		creditors		(203,252)	(122,167)	(142,080)	(160,083)
Net cash used activities	in operating			(630,425)	(1,314,201)	(414,627)	(1,556,987)