2021-12-31-accounts

				Page
Trustees' Annual Report incorporating		the	Strategic	1
Report
Report ofthe	Independent Auditors			20
Consolidated	Statement ofFinancial	Activities		24
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	2021	2020 as restated
					6	f
Income
Donations and legacies		4	4,642,218	22,615	4,664,833	4,922,002
Activities for generating funds		5	255,496		255,496	256,874
Commercial trading operations		6	657,930		657,930	506,565
Investment income		7	703,218		703,218	717,555
Other incoming resources			352,805		352,805	483,146
Total income			6,611,667	22,615	6,634,282	6,886,142
Expenditure
Commercial trading operations		6	498,499		498,499	493,267
Costs ofgenerating funds		8	673,217		673,217	571,921
Operation ofthe charity		9	5,297,326	22,615	5,319,941	5,164,659
Total expenditure			6,469,042	22,615	6,491,657	6,229,847
Net income before tax for the year			142,625		142,625	656,295
Tax payable		14	24,867		24,867	(2,240)
Net (expenditure)/income after tax before investment (losses)/gains			117,758		117,758	658,535
Net gains/(losses) on investments		16	2,653,208		2,653,208	1,300,573
Net income/(expenditure)	and net
movement in funds for the	year		2,770,966		2,770,966	1,959,108
Reconciliation offunds
Total funds brought forward			52,312,625		52,312,625	50,353,517
Total funds carried forward			55,083,591		55,083,591	52,312,625

				as at	31 December	2021
					Group	Group	Charity	Charity
				Note		2020as restated	2021	2020 as restated
Fixed assets
Tangible assets				15	16,563,398	16,773,648	16,559,303	16,766,020
Investments				16	32,312,729	31,166,549	32,312,829	31,166,649
Investment	properties			17	965,000	850,000	965,000	850,000
		Total fixed assets			49,841,127	48,790,197	49,837,132	48,782,669
Current assets
Stock					334,780	261,312	158,235	139,263
Debtors				18	2,611,078	1,663,510	2,685,547	1,805,364
Short-term	deposits				1,413,297	13,162	1,413,297	13,162
Cash at bank		and in	hand		1,258,367	1,915,146	1,201,719	1,872,773
		Total	current assets		5,617,522	3,853,130	5,458,798	3,830,562
Liabilities
Creditors falling due within one year				19	(375,058)	(330,703)	(299,216)	(281,471)
		Net	current assets		5,242,464	3,522,427	5,159,582	3,549,091
Total assets liabilities		less current			55,083,591	52,312,624	54,996,714	52,331,760
The funds	of	the charity:		21
Non charitable		trading			86,877	(19,136)
General funds					27,112,105	26,415,880	27,112,105	26,415,880
Restricted	funds
Investment	revaluation fund				10,107,485	8,002,628	10,107,485	8,002,628
Designated	funds				17,777,124	17,913,252	17,777,124	17,913,252
		Total charity funds			55,083,591	52,312,624	54,996,714	52,331,760

			Group	Group	Charity	Charity
		Note	2021	2020 as restated	2021	2020 as restated
				6
Cash used in operating activities		23	(1,118,337)	(630,425)	(1,132,463)	(414,627)
Cash flows from investing
activities
Investment income			703,218	717,555	703,218	717,555
Purchase oftangible fixed assets			(357,192)	(251,310)	(357,192)	(251,310)
Purchase offixed asset investments			(4,571,636)	(3,344,905)	(4,571,636)	(3,344,905)
Sale oftangible fixed assets			8,640	10,630	8,490	10,630
Sale offixed asset investments			5,872,077	3,447,278	5,872,077	3,447,278
Cash provided by (used in) investing activities			1,655,107	579,248	1,654,957	579,248
Increase (decrease) in cash and cash equivalents in the year			536,770	(51,177)	522,494	164,621
Cash and cash equivalents at the beginning ofthe year			2,396,898	2,448,075	2,354,525	2,189,904
Total cash and cash equivalents the end ofthe year	at		2,933,668	2,396,898	2,877,019	2,354,525

he summary	5nanci	al	perfo	rmance ofthe	charity alone is:
					2021	2020as restated
					E	E
Income					5,999,453	6,399,724
Expenditure	on charitable			activities	(5,987,707)	(5,731,636)
Net gains/(losses)		on	investments		2,653,208	1,300,573
Net income	before	tax			2,664,954	1,968,661
Corporation	tax
Net income	after tax				2,664,954	1,968,661
Total funds	brought	forward			52,331,760	50,363,099
Total funds	carried	forward			54,996,714	52,331,760
Represented	by:
General funds					27,112,105	26,415,880
Restricted income		funds
Investment	revaluation		fund		10,107,485	8,002,628
Designated	funds				17,777,124	17,913,252
					54,996,714	52,331,760

come from donations and	legacies
	2021	2020as restated
Donations
Gifts	684,026	649,834
Legacies	3,980,807	4,272,168
	4,664,833	4,922,002

	Unrestricted	Unrestricted
	funds	funds
	2021	2020as restated
	6	E
Raffle tickets	179,943	148,196
Adoptions	75,553	108,678
Total income from charitable activities	255,496	256,874

			2021 E	2020as restatedf
Turnover			657,930	506,565
Cost ofsales and administration		costs	(527,050)	(518,359)
Net profit before taxation			130,880	(11,794)
Taxation			(24,867)	2,240
Profit/(loss)	after taxation		106,013	(9,554)
Assets			288,419	175,615
Liabilities			(201,443)	(194,651)
Aggregate	share capital and reserves		86,976	(19,036)

				2021	2020as restated
					E
	Dividends investment	and other porffolio	income from	668,035	682,808
	Bank and	other interest		1,347	2,540
	Rental income			33,836	32,207
				703,218	717,555
8	Costs of generating		funds

					2021	2020 as restated
						6
Cost ofgenerating		voluntary		income:
Printing and	postage				149,383	121,567
Advertising					88,645	43,226
Legal and professional			fees		7,354	11,715
Raffle expenses					23,849	18,554
Other costs					48,029	33,902
Investment	management		costs		130,539	131,088
Allocated support		costs	(see	note 10)	225,418	211,869
					673,217	571,921

		2021	2020 as restatedf
Running costs
Equine welfare wages		2,235,527	2,144,248
Equine welfare costs		477,473	382,054
Feed and bedding		139,512	152,850
Protective clothing		25,081	13,344
Repairs and renewals offencing		52,707	37,971
Staff uniforms		6,085	3,405
Health and safety costs		9,355	7,054
Educational area costs		3,928	10,732
Subscriptions		10,722	10,554
Rent		32,604	11,636
Legal and professional		34,784	35,842
Bank and credit charges		14,792	11,658
Freehold land and building	depreciation	96,596	86,643
Plant, motor and machinery	depreciation	251,630	287,423
(Profit)/loss on sale offixed	assets	(2,772)	38,513
Change in market value of	property	(115,000)
Allocated support costs (see note 10)		2,028,761	1,906,818
Governance costs (see note10)		18156	23,914
		5,319,941	5,164,659

Support	costs
						2021	2020as restated
							6
Salaries,	wages and	National			Insurance	1,272,940	1,236,385
Training						36,306	24,046
Canteen	and staff welfare					41,867	41,654
Repairs and renewals						137,942	147,937
Cleaning	and gardening		expenses			99,689	68,625
Vehicle and plant running				costs		82,903	64,871
Rates						(2,416)	5,549
Water and drainage		rates				17,923	17,708
Heat and	light					73,129	40,403
Insurance						163,509	137,916
Telephone						16,441	27,310
Office equipment repairs						2,805	1,533
Stationery						4,017	4,032
Travel expenses						4,333	2,647
Computer	&software costs					88,206	79,255
Security						3,040	6,063
Pest control						1,580	1,500
Freehold	land and building			depreciation		209,965	211,253
						2 264 179	2 118687
Allocation ofsupport costs
Costs of	generating	funds				225,418	211,869
Charitable	activities					2,028,761	1,906,818
						2 264 179	2118687

Governance costs
	2021	2020as restated
Audit and accountancy	17,852	23,868
Trustee expenses (see note 11)	304	46
	15155	23914

	2021	2020as restated
		6
Salaries and wages	3,274,263	3,153,278
Social security costs	259,403	250,044
Pension costs	125979	122519
	3,658,745	3,525,841

employer national insurance and p	ension costs) were in excess of	F60,000for the
	2021	2020
Group	Number	Number
660,000-f70,000
670,000-f80,000
680,000-f90,000
f90,000-6100,000

Key Management	Personnel	Costs	2021	2020as restated
Total remuneration			310,664	305,244

The total remuner	ation ofthe	Chief Execu	tive Officer was as follo	ws:
				2020as
			2021f	restated 6
Salary (including	Employers	Nl)	93,986	90,564
Pension costs			6,665	6,270
Taxable benefits			2,187	6,572
Total remuneration			102,838	103,406

					2021	2020
					Number	Number
Charitable	activities				98	95
Cost ofgenerating			funds		24	25
Management		and administration		ofthe	21	18
charity
					143	138

		Group		Charitable	company
			2020as		2020	as
			restated		restated
		E		8		E
Current tax:
UK corporation	tax	25,539	40
Deferred taxation		(672)	(2,280)
		24,867	(2,240)

Tangible fixed assets - Char	itable company
	Freehold	Plant,
	land and	motor and	Totals
	buildings	machinery
	E	6
COST
At 1 January 2021 restated	18,046,906	1,687,753	19,734,659
Additions Disposals	261,103	96,089 ~29734	357,192 ~29134
At 31 December 2021	18308 009	1 754708	20 062717
DEPRECIATION
At 1 January 2021 restated	1,877,477	1,091,162	2,968,639
Charge for year Eliminated on disposal	306,561	251,630 ~23416	558,191 ~23416
At 31 December 2021	2184038	1319376	3503414
NET BOOK VALUE
At 31 December 2020 restated	16,169,429	596,591	16,766,020
At 31December 2021	16,123,971	435,332	16,559,303

Tangible fixed assets —Gro	up
	Freehold	Plant,
	land and	motor and	Totals
	buildings	machinery
	8
COST
At 1 January 2021 restated	18,092,382	1,717,314	19,809,696
Additions Disposals	261,103	96,089 ~29533	357,192 ~29533
At 31 December 2021	18353485	1 783879	29 137355
DEPRECIATION
At 1 January 2021 restated	1,921,038	1,115,010	3,036,048
Charge for year Eliminated on disposal	306,637	254,937 ~23665	561,574 ~23665
At 31 December 2021	2 227 675	1 346282	3573 957
NET BOOK VALUE
At 31 December 2020 restated	16,171,344	602,304	16,773,648
At 31 December 2021	16,125,810	437,588	16,563,398

allotted, called up and fully paid. The ac	tivities and res	ults ofthis co	mpany are sum	marised in not
Investments —Group and charitable	company	Listed f	Cash f	Totalsf
Market value at 1 January 2021		30,697,957	468,592	31,166,549
Additions to investments at cost		4,571,636		4,571,636
Disposals at carrying value		(5,773,498)		(5,773,498)
Net cash movements			~206,500	~206,500
		29,496,095	262,004	29,758,099
Net gain on revaluation at 31 December	2021	2,554,630		2,554,630
Market value at 31 December 2021		32050725	262 DD4	32312729
Cost ofinvestments at 31 December 2021		21,943,241	262,004	22,205,245
Investment revaluation reserve at 31 December 2021		10,107,485		10,107,485
Cost ofinvestments at 1 January 2021		22,695329	468,592	23,163,921
Listed investments comprise:
Quilters:			Listed F
Bonds/Fixed Interest		2,162,789
Equities		7,696,109
Alternative Investments/Property		1,439,703
Barclays Wealth:
Bonds/Fixed Interest		1,719,788
Equities		8,029,210
Alternative Investments/Property		1,267,457
Multi Asset Class/Other			729,593
Charles Stanley:
Bonds/Fixed Interest		1,244,490
Equities		6,806,382
Alternative Investments/Property			955,204
		32	050725

Investment property —group and cha	ritable compan
	Total 6
FAIR VALUE
At 31 December 2020as restated	850,000
Revaluation	115,000
At 31 December 2021	965,000
NET BOOK VALUE
At 31 December 2021	965,000

		2021	2020 as restated
			E
Cost		1,239,573	1,239,573
Aggregate	depreciation	(247,910)	(223,119)
Net book	value	991,663	1,016,454

18	Debtors
					Group			Charitable	company
							2020 as		2020as
							restated		restated
					F			E	6
	Due within one year:
	Amounts	due from trading		subsidiary				125,601	117,300
	Trade debtors				24,946		15,840	5,058	12,275
	Other debtors				4,946		8,205	4,946	8,205
	Accrued income				2,383,716	1,556,444		2,352,472	1,556,444
	P repayments				197,470		83,021	187470	83.021
					2611,078	1	663,510	2,685547	1,777.245
	Due greater than one		year:
	Amounts	due from trading		subsidiary					28,119
	Aggregate	amounts			2,611,078	1,663,510		2,685,547	1,805,364
19	Creditors	—Amounts	falling due within one year
					Group			Charitable	company
							2020as		2020 as
							restated		restated
					E		E	f
	Trade creditors				163,515		145,131	144,041	120,815
	Other taxation and social security				99,212		77,127	66,194	61,487
	Accruals				112,331		108,445	88,981	99,169
					375,058		330,703	299,216	281,471
20	Operating	lease commitments
					Group			Charitable	company
							2020as		2020as
							restated		restated
									F
	Expiring:
	Within one year				10,000		10,000

Analysis ofcharit	able f	un	d	s
				Balance 1 January	Incoming Resources resources expended			Other		Funds 31 December 2021
				f		f	f		F	f
Trading company	reserves			(19,136)		657,930 (551,917)				86,877
General funds				26,415,880	5,953,737 (5,358,934)			101,422		27,112,105
Restricted funds						22,615	(22,615)
Investment revaluation				8,002,628				2,104,857		10,107,485
				34399,372	6,634,282 5,933,466			2,206,279		37,306,467
Designated funds
Capital project fund				297,232				70,589		367,821
Fixed asset fund				17,616,020			558,191	351,474		17,409,303
				17,913,252			558,191	422,063		17,777,124
Total funds				52,312,624	6,634,282 6,491,657			2,628,342		55,083,591
The general funds	balance			represents	the free funds		of the charitable		company which
designated for particular		purposes.
At the end ofthe financial		year restricted funds				held were	fNil (2020	fNil)
Ca ital ro'ects authorised			but not contracted			for
				Balance	Movement		Provision			Balance
				2020		in provisionf	spent in the yearf			2021
Fleet				21,000		154,499	(65,499)			110,000
General				71,599		13,023	(25,902)			58,720
IT and telecommunications				38,900		67,850	(3,920)			102,830
Site development				165,733		192,409	(261,871)			96,271
				297,232		427,781	(357,192)			367,821

22	Analysis ofgroup net	ass	ets be	tween funds
				Designated fundsf	General funds E	Restricted funds E	Total
	Fund balances at 31 December
	2021 are represented	by:
	Tangible fixed assets			16,559,303	4,095		16,563,398
	Investments			1,217,821	32,059,908		33,277,729
	Current assets				5,617,522		5,617,522
	Liabilities				(375,058)		(375,058)
	Total net assets			17,777,124	37,306,467		55,083,591
23	Reconciliation of net movement			in funds to net	cash flow from	operating activities
				Group		Charitable	company
					2020as		2020as
					restated		restated
				E	6	6	E
	Net movement in funds			2,770,967	1,959,108	2,664,954	1,968,662
	Depreciation charge			561,576	591,019	558,192	585,319
	Income shown in investing activities			(703,218)	(717,555)	(703,218)	(717,555)
	(Profit)/loss on disposal assets	offixed		(2,772)	44,815	(2,772)	38,513
	(Increase)/decrease in value of properties	market		(115,000)		(115,000)
	(Profit)/loss on disposal investments	of		(98,579)	306,393	(98,579)	306,393
	Loss/(profit) on revaluation investments		of	(2,554,630)	(1,606,966)	(2,554,630)	(1,606,966)
	(Increase)/decrease in	stock		(73,468)	11,697	(18,972)	7,735
	(Increase)/decrease in	debtors		(947,568)	(1,015,684)	(880,183)	(854,648)
	Increase/(decrease) in	creditors		44,355	(203,252)	17,745	(142,080)
	Net cash used in operating activities			(1,118,337)	(630,425)	(1,132,463)	(414,627)