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