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||||||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|
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||||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|
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||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)|