2022-12-31-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	2022	2021
Income
Donations and legacies		4	4,635,083	34,500	4,669,583	4,664,833
Activities for generating funds		5	260,382		260,382	255,496
Commercial trading operations		6	666,396		666,396	657,930
Investment income		7	767,931		767,931	703,218
Other incoming resources			154,822	8,000	162,822	352,805
Total income			6,484,614	42,500	6,527,114	6,634,282
Expenditure
Commercial trading operations		6	552,433		552,433	536,822
Costs ofgenerating funds		8	791,186		791,186	673,217
Operation ofthe charity		9	6,236,591	42,500	6,279,091	5,319,941
Total expenditure			7,580,210	42,500	7,622,710	6,529,980
Net income before tax for	the year		(1,095,596)		(1,095,596)	104,302
Tax payable		14	12,828		12,828	15,597
Net (expenditure)/income after tax before investment (losses)/gains			(1,108,424)		(1,108,424)	88,705
Net gains/(losses) on investments		16	(4,064,900)		(4,064,900)	2,653,208
Net income/(expenditure)	and net
movement in funds for the	year		(5,173,324)		(5,173,324)	2,741,913
Reconciliation offunds
Total funds brought forward			55,041,389		55,041,389	52,299,476
Total funds carried forward			49,868,065		49,868,065	55,041,389

				Group	Group	Charity	Charity
			Note	2022	2021	2022	2021
Fixed assets
Tangible assets			15	16,342,750	16,563,398	16,339,999	16,559,303
Investm ents			16	28,129,060	32,312,729	28,129,160	32,312,829
Investment properties			17	965,000	965,000	965,000	965,000
Total		fixed assets		45,436,810	49,841,127	45,434,159	49,837,132
Current assets
Stock				281,340	334,780	131,790	158,235
Debtors			18	2,612,002	2,611,078	2,621,637	2,685,547
Short-term deposits				13,984	1,413,297	13,984	1,413,297
Cash at bank and	in hand			2,157,287	1,258,367	2,072,023	1,201,719
Total current assets				5,064,613	5,617,522	4,839,434	5,458,798
Liabilities
Creditors falling due within one year			19	(633,358)	(417,260)	(504,889)	(299,216)
Net current assets				4,431,255	5,200,262	4,334,545	5,159,582
Total assets less liabilities	current			49,868,065	55,041,389	49,768,704	54,996,714
The funds ofthe	charity:		21
Non charitable trading				99,361	44,675
General funds				27,036,846	27,112,105	27,036,846	27,112,105
Restricted funds
Investment revaluation		fund		5,299,640	10,107,485	5,299,640	10,107,485
Designated funds				17,432,218	17,777,124	17,432,218	17,777,124
Total		charityfunds		49,868,065	55,041,389	49,768,704	54,996,714

			Group	Group	Charity	Charity
		Note	2022 F	2021	2022f	2021
Cash used in operating activities		23	(1,072,401)	(1,118,337)	(1,101,018)	(1,132,463)
Cash flows from investing
activities
Investment income			767,931	703,218	767,931	703,218
Purchase oftangible fixed assets			(314,691)	(357,192)	(314,691)	(357,192)
Purchase offixed asset investments			(2,998,519)	(4,571,636)	(2,998,519)	(4,571,636)
Sale oftangible fixed assets				8,640		8,490
Sale offixed asset investments			3,097,073	5,872,077	3,097,073	5,872,077
Cash provided by (used in) investing activities			551,794	1,655,107	551,794	1,654,957
Increase (decrease) in cash and cash equivalents in the year			(520,607)	536,770	(549,224)	522,494
Cash and cash equivalents at the beginning ofthe year			2,933,668	2,396,898	2,877,019	2,354,525
Total cash and cash equivalents the end ofthe year	at		2,413,061	2,933,668	2,327,795	2,877,019

	The summary	financi	al p	erfo	rmance ofthe	charity alone is:
						2022	2021
	Income					5,890,936	5,999,453
	Expenditure	on charitable			activities	(7,054,046)	(5,987,707)
	Net gains/(losses)		on investments			(4,064,900)	2,653,208
	Net (expenditure)/income				before tax	(5,228,010)	2,664,954
	Corporation	tax
	Net income	after tax				(5,228,010)	2,664,954
	Total funds	brought	forward			54,996,714	52,331,760
	Total funds	carried	forward			49,768,704	54,996,714
	Represented	by:
	General funds					27,036,846	27,112,105
	Restricted income		funds
	Investment	revaluation		fund		5,299,640	10,107,485
	Designated	funds				17,432,218	17,777,124
						49,768,704	54,996,714
4	Income from	donations		and legacies
						2022	2021
	Donations
	Gifts					629,462	684,026
	Legacies					4,040,121	3,980,807
						4,669,583	4,664,833

		Unrestricted	Unrestricted
		funds	funds
		2022	2021
			f
Raffle tickets		171,630	179,943
Adoptions/regular	giving	88,752	75,553
Total income from charitable activities		260,382	255,496

			2022	2021
			6
Turnover			666,396	657,930
Cost ofsales and administration		costs	(598,882)	(565,373)
Net profit before taxation			67,514	92,557
Taxation			(12,828)	(15,597)
Profit/(loss)	after taxation		54,686	76,960
Assets			294,647	288,420
Liabilities			(195,186)	(243,645)
Aggregate	share capital and reserves		99,461	44,775

			2022	2021
Dividends investment	and other portfolio	income from	715,254	668,035
Bank and	other interest		5,698	1,347
Rental income			46,979	33,836
			767,931	703,218
Costs ofgenerating		funds

				2022	2021
Cost ofgenerating	voluntary		income:
Printing and postage				212,085	149,383
Advertising				105,025	88,645
Legal and professional		fees		9,701	7,354
Raffle expenses				26,343	23,849
Other costs				42,953	48,029
Investment management		costs		126,267	130,539
Allocated support	costs	(see	note 10)	268,812	225,418
				791,186	673,217

		2022	2021
Running costs
Equine welfare wages		2,524,676	2,235,527
Equine welfare costs		519,715	477,473
Feed and bedding		156,195	139,512
Protective clothing		20,762	25,081
Repairs and renewals offencing		42,242	52,707
Staff uniforms		6,602	6,085
Health and safety costs		8,998	9,355
Educational area costs		1,522	3,928
Subscriptions		12,800	10,722
Rent		32,403	32,604
Legal and professional		163,441	34,784
Bank and credit charges		15,365	14,792
Freehold land and building	depreciation	98,678	96,596
Plant, motor and machinery	depreciation	227,736	251,630
(Profit)/loss on sale offixed	assets		(2,772)
Change in market value of	property		(115,000)
Allocated support costs (see note 10)		2,419,312	2,028,761
Governance costs (see note10)		28,644	18,156
		6,279,091	5,319,941

Support costs
				2022	2021
Salaries, wages and	National		Insurance	1,371,620	1,272,940
Training				51,663	36,306
Recruitment and staff welfare				55,167	41,867
Repairs and renewals				249,737	137,942
Cleaning and gardening expenses				102,301	99,689
Vehicle and plant running		costs		123,493	82,903
Rates				2,277	(2,416)
Water and drainage	rates			32,391	17,923
Heat and light				82,551	73,129
Insurance				197,315	163,509
Telephone				15,122	16,441
Office equipment				5,070	2,805
Stationery				3,041	4,017
Travel expenses				6,295	4,333
Computer &software costs				173,252	88,206
Security				6,478	3,040
Pest control				2,770	1,580
Freehold land and building		depreciation		207,581	209,965
				2,688,124	2,254,179
Allocation ofsupport costs
Costs ofgenerating	funds			268,812	225,418
Charitable activities				2,419,312	2,028,761
				2,688,124	2,254,179

Governance costs
	2022	2021
	E	E
Audit and accountancy	27,260	17,852
Trustee expenses (see note 11)	1,384	304
	28644	18186

Analysis ofstaff costs, trustee r personnel	emuneration and expenses,	and the cost o
	2022	2021
	F
Salaries and wages	3,642,395	3,274,263
Social security costs	300,002	259,403
Pension costs	139,721	125,079
	4,082,118	3,658,745

employer national insurance and p	ension costs) were in excess of	f60,000 for the
	2022	2021
Group	Number	Number
260,000-670,000	3	2
F70,000-F80,000
F80,000-F90,000
690,000-F100,000

Key Management	Personnel Costs	Personnel Costs	Personnel Costs	2022	2021
Total remuneration				327,294	310,664
The total remuneration		ofthe	Chief Executive	Officer was as follows:
				2022	2021
					F
Salary (including	Employers		Nl)	100,038	93,986
Pension costs				6,972	6,665
Taxable benefits					2,187
Total remuneration				107,010	102,838

					2022	2021
					Number	Number
Charitable	activities				106	98
Cost ofgenerating			funds		18	24
Management		and administration		ofthe	25	21
charity
					149	143

		Group		Charitable	company
		2022	2021	2022	2021
		F	E	F	E
Current tax:
UK corporation	tax	13,083	16,269
Deferred taxation		(255)	(672)
		12,828	15,597

Tangible fixed assets - Ch	aritable company
	Freehold	Plant,
	land and	motor and	Totals
	buildings	machinery
	6	E
COST
At 1 January 2022	18,308,009	1,754,708	20,062,717
Additions	40,433	274,258	314,691
Disposals
At 31 December 2022	18,348,442	2,028,966	20,377,408
DEPRECIATION
At 1 January 2022	2,184,038	1,319,376	3,503,414
Charge for year	306,259	227,736	533,995
Eliminated on disposal
At 31 December 2022	2,490,297	1,547,112	4,037,409
NET BOOK VALUE
At 31 December 2021	16,123,971	435,332	16,559,303
At 31 December 2022	15,858,145	481,854	16,339,999

	Freehold	Plant,
	land and	motor and	Totals
	buildings	machinery
COST
At 1 January 2022	18,353,485	1,783,870	20,137,355
Additions Disposals	40,433	274,258 ~600	314,691 ~600
At 31 December 2022	18,393,918	2,057,528	20,451,446
DEPRECIATION
At 1 January 2022	2,227,675	1,346,282	3,573,957
Charge for year Eliminated on disposal	306,333	228,759 ~353	535,092 ~353
At 31 December 2022	2,534,008	1,574,688	4,108,696
NET BOOK VALUE
At 31 December 2021	16,125,810	437,588	16,563,398
At 31 December 2022	15,859,910	482,840	16,342,750

Investments —Group and charit	able company
		Listed E	Cash 6	Totals E
Market value at 1 January 2022		32,050,725	262,004	32,312,729
Additions to investments at cost		2,998,519		2,998,519
Disposals at carrying value		(3,462,060)		(3,462,060)
Net cash movements			(20,214)	(20,214)
		31,587,184	241,790	31,828,974
Net loss on revaluation at 31 December 2022		(3,699,914)		(3,699,914)
Market value at 31 December 2022		27,887,270	241,790	28,129,060
Cost of investments at 31 December 2022		22,587,631	241,790	22,829,421
Investment revaluation reserve at	31 December 2022	5,299,640		5,299,640
Cost of investments at 1 January	2022	21,943,241	262,004	22,205,245
Listed investments comprise:
Quilters:			Listed F
Bonds/Fixed Interest/Cash Equities	Products		2,974,280 5,106,252
Alternative Investments/Property			1,440,186
Barclays Wealth: Bonds/Fixed Interest Equities Alternative Investments/Property Multi Asset Class/Other			1,905,770 6,545,410 1,427,679 608,523
Charles Stanley:
Bonds/Fixed Interest			1,077,310
Equities			5,880,963
Alternative Investm ents/Property			920,897
			27,887,270

17	Investment property —group and charitable	company Totalf
	FAIR VALUE
	At 31 December 2021	965,000
	Revaluation
	At 31 December 2022	965,000
	NET BOOK VALUE
	At 31December 2022	965,000

		2022 f	2021f
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
					2022	2021	2022	2021
							F
	Due within	one year:
	Amounts	due from trading		subsidiary			66,717	125,601
	Trade debtors				1,650	24,946	1,650	5,058
	Other debtors				104	4,946	104	4,946
	Accrued income				2,433,931	2,383,716	2,376,849	2,352,472
	Prepayments				176,317	197,470	176,317	197,470
					2,612,002	2,611,078	2,621,637	2,685,547
	Due greater than one		year:
	Amounts	due from trading		subsidiary
	Aggregate	amounts			2,612,002	2,611,078	2,621,637	2,685,547
19	Creditors	—Amounts	falling due within one year
					Group		Charitable	company
					2022	2021f	2022	2021
	Trade creditors				200,563	215,616	193,510	144,041
	Other taxation and social security				93,558	89,313	68,397	66,194
	Accruals				339,237	112,331	242,982	88,981
					633,358	417,260	504,889	299,216
20	Operating	lease commitments
					Group		Charitable	company
					2022	2021	2022	2021
					F		E
	Expiring:
	Within one year				10,000	10,000

Analysis of	charitable fund	s
		Balance 1 January	Incoming resources	Resources expended	Other movement	Funds 31 December
		f		f	f	f
Trading company reserves		44,675	666,396	(611,710)		99,361
General funds		27,112,105	5,818,218	(6,434,505)	541,028	27,036,846
Restricted funds			42,500	- 42,500
Investment	revaluation	10,107,485		-	(4,807,845)	5,299,640
		37,264,265	6,527,114	(7,088,715)	(4,266,817	32,435,847
Designated	funds
Capital project fund		367,821			(125,602)	242,219
Fixed asset	fund	17,409,303		(533,995)	314,691	17,189,999
		17,777,124		(533,995)	189,089	17,432,218
Total funds		55,041,389	6,527,114	(7,622,710)	(4,077,728)	49,868,065

	Balance	Movement	Provision	Balance
	2021	in provisionf	spent in the yearf	2022
Fleet	110,000	130,095	(127,094)	113,001
General	58,720	42,941	(58,346)	43,315
IT and telecommunications	102,830	(5,707)	(74,622)	22,501
Site development	96,271	21,760	(54,629)	63,402
	367,821	189,089	(314,691)	242,219

Analysis ofgroup net ass	ets be	tween funds
		Designated funds	General funds	Restricted funds	Total
			E	6
Fund balances at 31 December
2022 are represented by:
Tangible fixed assets		16,339,999	2,751		16,342,750
Investments		1,092,219	28,001,841		29,094,060
Current assets			5,064,613		5,064,613
Liabilities			(633,358)		(633,358)
Total net assets		17,432,218	32,435,847		49,868,065
Reconciliation of net movement		in funds to net	cash flow from	operating activities
		Group		Charitable	company
		2022	2021	2022	2021
Net movement in funds		(5,173,324)	2,741,914	(5,228,011)	2,664,954
Depreciation charge		535,092	561,576	533,995	558,192
Income shown in investing activities		(767,931)	(703,218)	(767,931)	(703,218)
Loss/(Profit) on disposal of assets	fixed	247	(2,772)		(2,772)
(Increase)/decrease in market value ofproperties			(115,000)		(115,000)
Loss/(Profit) on disposal of investments		364,987	(98,579)	364,987	(98,579)
Loss/(Profit) on revaluation investments	of	3,699,914	(2,554,630)	3,699,914	(2,554,630)
(Increase)/decrease in stock		53,440	(73,468)	26,445	(18,972)
(Increase)/decrease in debtors		(924)	(947,568)	63,910	(880,183)
Increase/(decrease) in creditors		216,098	73,408	205,673	17,745
Net cash used in operating activities		(1,072,401)	(1,118,337)	(1,101,018)	(1,132,463)