|||||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|
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||||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|
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##
|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)|
##