2023-12-31-accounts

REGISTERED COMPANY NUMBER- 03711676 (England and Wales) REGISTERED CHARITY NUMBER: 1075601 ort of the Trustees and Financial Statements for the Year Ended 31 December 2023 For Bransb Horses

Bransb Horses istered Number 03711676 Contents of the Financial Statements for the Year Ended 31 December 2023 Page Trustees, Annual Report incorporating the Strategic Report Report of the Independent Auditors 21 Consolidated Statement of Financial Activities 25 Consolidated and Parent Balance Sheet 26 Statement of Cash Flows and Consolidated Statement of 27 Cash Flows Not•s to the Financial Statements 28

Trustees, Annual Re ort for the Year Ended 31 December 2023 The trustees are pleased to present their annual directors, report together with the consolidated financial statements of the charity and its subsidiary for the Year Ended 31 December 2023 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011. the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2020). Constitution The Charity was founded in 1968 and was registered as a charity soon after. The Registered Charity Number is 1075601. Bransby Horses (then known as Bransby Home of Rest for Horses) was Registered in England and Wales as a Company Limited by Guarantee on 11 February 1999 and is governed by its Memorandum and ArtiGles of Association. The Articles of Association were amended in November 2012. The Charity name was amended to Bransby Horses at the same time. Structure, Governance and Management The charity's principal and registered office is Bransby House, Bransby, Lincoln. Lincolnshire, United Klngdom, LN12PH. The trustees of the charitable company are its Directors and Members and throughout this report are collectively referred to as the "trustees" The trustees serving during the Year Ended 31 December 2023 and to date are as follows: Dr S J Dolan Mrs H C Elston Mrs C N Fisher (Chair from 05 March 2024) Dr R Gillespie Miss K McFee (Chair to 05 March 2024, resigned 14 June 2024) Mr M J Pickles (Vice-chair & Treasurer) The Board of trustees meet quarterly as a minimum and more frequently when necessary. The Articles of Association provide the trustees with power to appoint trustees with such specialist skills, knowledge or expertise as they think fit. The Board aims to appoint dedicated trustees and ensure they have a diverse set of skills with which to serve the charity. The recruitment, induction and training of trustees are governed by Policies approved by the Board. To inform the way in which it runs, the charity utilises resources from the National Council for Voluntary Organisations (NCVO), the Charity Commission and where appropriate the charity follows the Governance Code to ensure high standards of governance. The Board advertises for trustees on the charity website and other relevant platfoms and ensures trustee candidates satisfy the legal compliance standards and requirements prior to appointment. Once appointed trustees receive an induction pack and ongoing training. Trustees are provided with a tour of the site to introduce them to Executive Directors. managers. staff and volunteers. Page 1

Trustees. Annual Re ort for the Year Ended 31 December 2023 structure, Governance and Management (continued) The ArtIGles of Association grant the trustees power to delegate authority to subcommittees to such extent and on such terms and conditions as they think fit. The trustees have delegated powers to the Finance and Audit Subcommittee, Engagement and Income Generation Subcommittee and Equine Health & Welfare Subcommittee under Terms of Reference which set out its scope and responsibilities under a trustee (chair) together with the Chief Executive, Executive Directors and appropriate managers and staff; they meet quarterly and report to the trustees at quarterly Board meetings. The salaries for all staff are set annually calculated based on benchmarking the roles within the industry and by assessing key criteria based on expertise, experience and areas of responsibility and in accordance with the charity's pay policy. The Board of trustee's review and set pay for key roles in-line with the charity's pay policy. The Board of trustees are responsible for setting charity strategy and policies. Policies are reviewed annually to ensure they reflect best practice and current legislation and are effectively communicated throughout the charity. Policies, procedures and processes are monitored and reported on regularly and include: Governance incorporating Conflicts of Interest and Risk Management Finance incorporating Investments and Reserves Data Protection Human Resources incorporating Employment and Volunteer Management Health and Safety Complaints Marketing incorporating Fundraising and Communications Equine Health and Welfare and Estates Management Safeguarding, Gambling, Anti-fraud, Serious Incident Reporting and Whistleblowing. The Articles of Association provide for the delegation of the trustees powers, functions, and implementation of decisions on day to day management of the affairs of the charity to any person they think fit. The daily rnanagement of the charity is delegated to and undertaken by the Chief Executive, Joanne Snell, who provides reports to the Board to facilitate informed discussion and decision making in the best interests of the charity and is accountable to the Board for the delivery of the charity's strategic plan. Joanne is accountable for the rnanagement of all staff and volunteers and has full delegated financial authority. In-line with recommended good practice the charity commissioned an external governance review which was completed in 2021. The review recognised challenges faced by the charity in recent years including flooding and covid, but noted that the board had been able to adapt to these and that the outcomes have in fact'made the board and staff team stronger" There were a number of observations and recommended actions. these have been reported, discussed and addressed. Trustee meetings and sub-committee meetings operate in person but also utilise video conferencing technology where appropriate to ensure strong attendance across the rneeting schedule. In 2023 trustees also attended a developrnent day hosted by an external facilitator which looked at effective ways of working and governan￿ of the trustee board. Page 2

Trustees, Annual Re ort for the Year Ended 31 December 2023 Our Purposes and Activities The Objects of the charity as per its Articles of Association are: To prevent and relieve cruelty to horses. (which expression shall herein include ponies, mules and donkeys), to protect them from unnecessary suffering and for that purpose to promote knowledge of their proper care and treatment among the public; To ameliorate the pain and suffering of horses which are for any reason unfit for work or in need of care by the provision. maintenance and management of a home of rest or homes of rest, stabling and grazing, or by the provision of suitable work under the supervision of the charity or by arranging for their painless destruction or by any combination of such means aforesaid: and To make grants or such other assistance as is suitable in the circumstances for the prevention of suffering to horses. The objects of the charity have been interpreted to create our Vision & Mission. During 2022 the strategic plan covering the period 2022-2031 entitled "Transforming the lives of equines together" was launched. This provides clarity and direction to the work that we do in addition to setting the strategic direction of the charity. As part of this the charity confirmed its vision and mission as follows: Our Vision - A world where all horses have a life worth livin The core business of the charity is the welfare of horses. ponies, donkeys and mules (equines). The primary role of the charity is to prevent and relieve suffering to equines through rescue, provide lifelong care and work with communities to improve the welfare of equines across England and Wales. Our Mission - To create ositive im acts on the lives of horses onies donke s and mules Our aim is to improve the quality of life and standards of care for equines which suffer as a result of cruelty or neglect and where this is not possible, ensure that their welfare is safeguarded by preventing unnecessary suffering. We provide lifelong care and retain ownership of equines both at our farm and on our rehoming scheme, meaning that their future is always secured within the charity. The strategic plan covers five critical areas of the charity's operation to ensure it delivers against its objects. These areas are Welfare Impact and Sustainability, Influencing Welfare Culture, People and Culture, Resource and Environmental Development and Financial Sustainability. A copy of the strategic plan is available from the charity's website www.Bransb Horses.co.uk. In implementing the plan, and adhering to the Vision and Mission the charity will put equines needs at the forefront of all that we do. To that end we will ensure that: We always make decisions in the best interest of an equine. We are completely invested in the care that we provide. We offer non-judgmental support to equine carers and owners. We promote responsible equine ownership. Every equine is treated with dignity and respect. The core value of the charity is Caring. Our ethos is to improve the quality of life and standards of care for equines, doing the right thing every time to safeguard each equines welfare. We have a rigorous quality of life assessment. which is informed by welfare staff, vets, farriers. physiotherapists and dentists and equine managers based around the five freedoms of welfare, equine wellbeing and medical conditions, to ensure that each equine's welfare is never compromised. Page 3

Trustees, Annual Re for the Year Ended 31 December 2023 Rescue and welfare su ort across En land and Wales. Thanks to our supporters we continued to provide welfare support and rescue services to a signifiGant number of equines across England and Wales in 2023. Bransby Horses takes into care those horses whose welfare has been severely compromised; those who a in genuine need. In 2023 we responded to 175 welfare concems logged by the public, Our Field Officers assessed and visited over 1100 at risk equines. In 2023, 95 equines were rescued directly to our Bransby site. This vital work is underpinned by our strategic aim of our commitment to rescue. Our Welfare Team works closely with local authorities, police and trading standards and collaboratively with other Equine welfare organisations. The team respond to large multi-agency operations where large groups of animals are seized under the Animal Welfare Act. We provide support and advi￿ to owners to improve the lives of equines under their care through our Welfare helpline and Welfare Team visits. Collaboration Bransby Horses continues its vltal work and where possible, the charity works collaboratively with other organisations to pool resources and use them to best affect rather than work in direct competition or duplicate effort. This means that our reSoUr￿S can be focused towards preventing unnecessary suffering and rescue to the highest possible level and impact on the lives of many more equines. The charity has strengthened its relationships with other Equine welfare organisations and works closely with the National Equine Welfare Council management board. The Welfare Team work as lead, co-lead and in supporting roles for rescue operations and outreach programmes. Our specialist teams also offer assistance to smaller organisations, providing advice and assisting in rescue or training. In 2023, our teams visited horses and owners across national healthcare clinic initiatives to provide education, health checks, Gastration and identification ServI￿S that connects with vulnerable or marginalised communities. Sanctua care We provided sanctuary for over 900 horses, ponies, donkeys and mules in 2023. Of these, 616 equines enjoyed a loving home, thanks to our fosterers through our Perfect Partners rehoming scheme. Our purpose built isolation facility- the Animal Reception Centre {ARC) looks after any new intakes. Our teams are trained and experienced with animals who may be unwell, emaciated, fearful or aggressive due to the treatment they have previously received. The teams provide non-judgmental care and each animal is treated with compassion and dignity. Assessments of wellbeing and medical conditions are undertaken. alongside screening for infectious diseases which could make other animals sick. The ARC may also care for equines on behalf of other equine charities and organisations within the UK pending prosecution. At times the ARC can be full to capacity, as the time an equine has to remain within the centre can vary significantly on a case by case basis. Page 4

Trustees, Annual Re ort for the Year Ended 31 December 2023 Whilst in sanctuary care, the charity undertakes a significant amount of work rehabilitating the equines as they may have medical or behavioural issues. Our specialist teams of welfare staff, vets. dentists and farriers provide the expertise, treatments and rehabilitation required to improve the future of each horse that is brought into the charity's care. Our farm can house up to 400 equines at one time. Equines are placed at one of our yards which best meet their needs. NeNous or semi-feral equines require a significant amount of one to one care. the handling team use a variety of training techniques to gain trust as part of their rehabilitation at the Peter Hunt handling yard. Walklands Yard has special care herds. for those with complex medical conditions such as joint issues (arthritis) or medical problems such as Equine Metabolic Syndrome (EMS). The Main Yard team looks after the younger horses after they have passed handling and continue their education. The Visitor Centre Yard looks after our donkeys and those equines who enjoy lots of one to one attention. Our Estates Team and contractors work hard to ensure that safe and nutritious grazing is provided across our estates for our equines for maximal health and benefit. Rehomin ofE uines The charity rehomes equines through the use of its Perfect Partner rehoming scheme. Th8 scheme offers an opportunity for horses that have been rescued to have a loving home that provides one to one care and enables the charity to continue its vital rescue work by ensuring sufficient sanctuary care is available for horses in genuine need. The Scherne seeks to match fosterers requirements to the equines in our care and thus create a greater chance of a long and loving relationship. Our commitment is lifelong to our equines; our teams carefully prepare horses which are ready to be rehomed through one to one care or rider training, and support those equines and their fosterers throughout the foster placement. These equines are always looked after by Bransby Horses, and if the foster agreement ends, the equine will be taken back into our care. In 2023, our amazing fosterers provided loving homes, with new contracts totaling 97 through our rehoming scheme and a total of 616 animals on the scheme. Some equines are not suitable for rehoming because of complex medical conditions, or because they have behavioural issues that due to their age and history can never be fully resolved. Regardless of this, the charity is Gommitted to giving these horses a happy, fulfilling home in sanctuary care for the rest of their life. Learnin ortunities The charity is a learning organisation that promotes knowledge of the proper care of horses by providing advi￿ and learning opportunities. Education is key to raising awareness and knowledge at every level in society with the aim to improve equine welfare and reduce cruelty and neglect to equines. The charity is continually learning, upskilling and increasing expertise in equine welfare. Education begins with our welfare staff- an equine skills passport ensures that new members to the team are trained in all aspects of equine welfare and husbandry with further opportunities available for subspecialty training. CPD training sessions are held for welfare staff covering a range of health and welfare topics by in house specialists and external guest speakers. When possible, children and interest groups are provided with advice and learning opportunities along with activities throughout the year which promote the work of the charity. The facilities at the charity are adapted to ensure inclusivity for those with limited mobility. Horse owners have access to our welfare help line and the charity hosts tslks and events which cover a range of health and welfare topics, Higher Education Initiatives are offered to provide undergraduates, post graduate and vet students with further opportunities whilst contributing to the charity's welfare work. The charity supports the training and development of veterinary students with an interest in equine care. The charity provides training opportunities for the Emergency Fire Services on how to approach emergency equine S￿narioS such as entrapped animals. Page 5

Trustees, Annual Re ort for the Year Ended 31 December 2023 Fundraisin Activi Bransby Horses is a member of the Fundraising Regulator, it ensures that its approach to fundraising activities comply with the Code of Fundraising Practice and gives careful consideration to the safeguarding of vulnerable people. The charity undertakes its own fundraising activity and does not use third parties to support this. Charity fundraisers undergo in-house training to ensure that they treat all of our supporters with fairness and respect. As a minimum we undertake an annual review of our on-going fundraising campaigns and activity, all related policies and operating procedures are also reviewed annually. Prior to engaging in any new fundraising activity staff receive information, training and support, to ensure full understanding, so as not to mislead people in any way. The charity creates two main newsletters each year 'Bransby Life,, which is mailed out to over 90,000 supporters on the charity's database. This includes fundraising initiatives and is also supported through general donations, sponsorships, membership, regular giving, a twice yearly lottery and the sale of trading merchandise. In addition to this we encourage donations through online platforms including our website and other social media channels. The charity responds to requests from supporters in a timely manner and maintains accurate and up to date information on its database in-line with the requirements of the General Data Protection Regulations (GDPR). The Gharity's main source of income is from legacies, which are often gifted to us following long standing respectful relationships with our supporters. There were no compliance issues with any fundraising schemes or fundraising standard and Bransby Horses received no complaints relaling to fundraising in 2023. The charity also operates a visitor centre at its site near Lincoln. The visitor centre is used as a platfomi for promoting the work of the charity and encouraging engagement and support towards its work and to host "Make a difference. events. The visitor centre is free to enter, although donations are encouraged. Bransb H Tr din Limited The principal activity of Bransby Horses Trading Limited, a 1000/0 owned subsidiary, is general trading in goods of various kinds including branded items of stationery. cards. gtfvare. a cafe and a contract farm arrangement. Goods are sold in the mail order gift catalogue, which is mailed out to supporters on the charity's supporter database and through the charity's website. The trade of this subsidiary also includes the gift shop and the café at the visitor centre, for which it pays rent to the charity. Both the mailing and the visitor centre have an important role in prornoting the charity's work to this large audience of supporters and visitors. The trading subsidiary has historically rented land from the charity which was not used for grazing purposes, to farm as arable. Following the acquisition of an additional 880 acres of land to support its future growth, a proportion of land not immediately required has been let to Bransby Horses Trading Limited and farmed as arable land under a contract faming agreement. This farming activity allowed crops to be grown and sold to provide additional income through the trading company. However, as planned. this arrangement ceased and land reverted back to the charity to be let directly to the farmer under a rental agreement from 2023 onwards. Notable Achievements and Performance in 2023 Despite continuing global challenges, the charity sees its long term strategy as a roadmap for maintaining its success. The plan remains therefore to navigate through the turmoil in the short and medium term to deliver against this long term plan. As part of this, the charty accomplished a number of notable achievements and activities during 2023, a few of which are highlighted below: Page 6

Trustees, Annual Re ort for the Year Ended 31 December 2023 Celebrated 10 years since taking the brave step to open a place for people to find out more about the work of the charity. Providing free entry and the chance to find out more about equine welfare for over 50,000 visitors a year from all over the UK Highly commended in all areas following an inspection from the British Horse Society. {BHS) as part of their Retraining Centre Approvals scheme. This provides peace of mind to the public that we uphold the highest standards of care. Worked with the National Equine Welfare Council (NEWC) of which Bransby Horses are members, to establish how those who care for equines are dealing with the current economic climate. Supported the British Horse Society (BHS) with Healthcare and Education Clinics covering worming to weight management, castration, passporting, microchipping, dental checks, hoof care and vaccinations. Supported the RSPCA in multi organisation rescues and subsequent prosecutions for neglect to equines. Hosted a number of Make a Difference events, aimed at horse and landowners which were free to attend and covered topics from equine passport requirements, treatment and management of laminitis through to managing horses weight using track systems. Hosted an equine behaviour training event with support from specialist Dr Gemma Pearson BVMS Cert AVP(EM) MSCR CCAB PhD MRCVS and social scientist Dr Tamzin Furtado BA {Hons) Adv. Dip PhD which saw vets from all over the country descend on the charily to keep up to date with the latest in thls field. Participated, alongside other leading equine organisations, in the campaign to raise awar8ness about strangles. Attended Appleby Horse Fair as part of a charity network to monitor equine health and well-being. Worked with Austin Davis Biologics to further research into equine tapeworm infestations. Teamed with Bequeathed to offer a will writing service which we believe will benefit our very kind and generous supporters in addition to the charity. Shortlisted for two categories, Excellence In Working with Lay Executors and Excellence In Collaboration and Partnership in Legacy Giving. at the Smee & Ford Legacy Giving Awards 2023 which recognise outstanding achievement and skill in the legacy sector. Awarded the 2023 Legacy Futures Crispin Ellison Bursary Award for our Legacy Officer to gain Certificate in Charity Legacy Administration (CICLA). Awarded the Wisit England Welcome Accolade for 2022-2023 and also Voted the Best Small Visitor Attraction in Lincolnshire. 2023, by the Destination Tourism Excellence Awards judges. Collaboration with students frorn Surrey Vet School as part of its equine elective and hosting students from the University of Lincoln. Worked with Nottingham University Vet School on research projects and data analysis. Continued our work and relationship building with the Environment Agency to understand and create our future flood response plan and flood risk assessment across all charity land to help make informed decisions about any possible development in the future. Continuation of collaborative work with World Horse Welfare, Redwings and the Donkey Sanctuary to ensure embed best practice into our work and share important knowledge. Improved our systems and data capabilities with new software implemented in 2023 which will assist with managing our supporters journey. Created a team of in-house energy ambassadors to identify and promote simple changes for maximum affect which will reduce our energy consumption. save money and promote environmental awareness. The charity is built on the love and kindness of people. Our staff are our lifeblood but they couldn't do the work they do without support from people, organisations and businesses. The charity therefore prides itself on maintaining trusting relationships with its supporters and using the money gifted to us wisely and Page 7

Trustees, Annual Re ort for the Year Ended 31 December 2023 only in the best interests of the horses. During the year totsl expenditure including taxation was £8.2m, of which £7.Om was spent directly on charitable activities. 2023 Expendituresummary Trading Opèratlons Charltsble Actlvltles 85% Coas of Generatlng Funds 10•/0 Our challen es Our resources and income are finite and our work is only possible because of the trust and belief that supporters have in the work that we do. We take this responsibility extremely seriously and work hard to ensure that we use donations to best effect. World economies are still coming to terms with the economic events of the last few years and although interest rates are starting to stabilise, high inflation over recent years has placed significant pressure on the charity's costs base. We recognise that this is likely to continue into 2024 and beyond. As we aren't able to pass on these costs, we must do all we can to manage them appropriately and utilise our income wisely, especially as those who give so generously may also be struggling with their own personal finances. It is clear that with world economies remaining subdued, investments will take a longer time to recover than was seen during the Covid-19 global pandemic. Significant increases to minimum wages in recent years and expectations to maintain standards of living for our staff, whilst also delivering the best possible care to all of our equines, all contribute to this cost pressure. Whilst incomes have remained relatively steady, they are, understandably, proving difficult to grow under current conditions. Thus, cost control remains paramount to ensure that we do not deplete our reserves outside of their intended purpose indefinitely. As we head into 2024 there appears to be some hope that economic volatility may be subsiding. However, this stands on a knife edge with so much unrest witnessed across so many areas of the globe. The Charity is therefore mindful and cautious of the likely protracted return to a more buoyant times for its own finances and those of its supporters. There are regular reviews and amendments to plans for activity contained within the strategic plan. This isn't to say that activity will not take place but it will monitor at what time is right in favour of managing its finances appropriately. How long this will continue is unknown and the long term consequences for everyone. including the charity are yet to be fully understood. We therefore will remain mindful of the impact this could have on supporters ability to help finan￿ the charity at a time when we are receiving more calls for help for the very same reason. Page 8

Trustees, Annual Re ort for the Year Ended 31 December 2023 Maximising rescue and support for those equines in genuine need The equine crisis in the UK continues and there is a constantly high demand for our services. At times, this demand can outstretch our capacity both at the Animal Reception Centre and on the farm. Contingency plans are in place to ensure that animals which need genuine rescue are provided with immediate care and a safe haven. To ensure that more sanctuary places are available for new intakes, without compromising our standards. the rehoming department help prepare suitable horses for rehoming and improve our support network for our fosterers. Our Perfect Partner scheme has allowed us to place equines successfully in foster homes and demand remains strong allowing the charity lo create this space for new intakes. Ensurlng the long term vlablllty of our estates An independent review of estates management previously highlighted how the historic high intensity of operations at the Bransby estate was impacting the long tenn sustainability of some of the grazing and our ability to provide optimal grazing conditions for maximal equine health into the future. Additional grazing has been transformed and brought into use at both Bransby and Barlings sites to improve health and grazing for equines by reducing stocking densities and increasing grazing available to rest winter fields and improve conditions. This has been further enhanced by increasing the use of a track system to reduce equine weight and increase their health as a result. Results from this method are positive and the charity intends to continue with this approach, increasing our data and knowledge to make more informed decisions. A Land Management Framework has been developed. This is a set of principles which governs how our Estates are managed to provide equines with the best quality sustainable grazing for optimal health, are compliant with legislation, are environmentally sensitive and permit maximum natural behavior into the future. From this an Estates Work Plan is created annually. These principles will be applied to further development of our Barlings site to ensure that we are car&ful and diligent custodians of our estates. We have continued to work with the relevant local agencies on flooding and flood risk during 2023. Information gained has been recorded and where relevant used to update our Flood Contingency Plans and has also fed into Land Reviews for both the Bransby and Barlings sites. It is clear that flood risk has become a more regular threat to the charity's work in recent years and action will need to be taken to minimise disruption to the ability to deliver the care required to all equines in our care. The Environment Agency are still undertaking surveying work on rivers within our catchment area and we will continue to work with them to understand the data and results of these survey as and when they are able to share them. Buildin and lannin for sustainable future. Due to the demands for the charity's work and the trust imparted to us by our supporters, the charity has continued to grow over the last 50+ years. To improve the quality of life and standards of care for many more equines which suffer as a result of cruelty or neglect we are working to build a sustainable future in the years to come. In 2022 the charity launched its ten year strategic plan entitled "Transforming the lives of equines togetherf. This builds upon the previous success of the charity and signifies its aims and ambitions over the coming years to help more equines than ever requiring our assistan￿ and care. The plan has five main commitments split into two direct welfare commitments as follows: Page 9

Trustees, Annual Re ort for the Year Ended 31 December 2023 1 Welfare Impact and Sustainability - We continue delivering great work whilst remaining focused on our Vision, Mission and Ethos, to be able to impact more equines in need. We will increase our understanding of equine behaviour and their mental state, continually developing our skills and expertise. This is driven through: A) Rescue We continue to provide an effective and efficient equine rescue service. B) Care, Rehabilitation and Training We provide sustainable care, rehabilitation and training to equines. C) Rehoming Our successful rehoming scheme continues to reflect our dedication to both equines and fosterers. 2 Influencing Welfare Culture - Through knowledge, learning and non-judgmental advi￿. we work collaboratively and focus on preventing cruelty and neglect. We influence and change attitudes to responsible equine ownership, from birth to end of life care, tackling myths and sharing what we do with the public. And supported by the following three supporting commitments: 3 People and Culture - We prioritise the development and recognition of our people, where high standards of performance are expected and encouraged. We continue to strengthen our healthy, positive and caring organisational culture. 4 R080ur¢e and Environmental Development- We have the appropriate facilities and infrastructure, including Internal systems and processes. We will ensure Ihat our operations are fit for purpose and future proof, whilst being mindful of the impact and role we play in protecting the environment. 5 Flnanclal Sustalnablllty - We have strong governance and financial stewardship, with well- established income generating activities and a level of reserves that allows us to react to the changing environment and take advantage of opportunities as they arise. Throughout the strategy development and consultation, those connected with the charity r8cognised the need to remain true to our core values and deliver our objectives whilst also maintaining good governance and financial planning. Guardians of our wildlife Our estates provide a wonderful environment for our equines, but also provide habitats for important species and wildlife. We are responsible guardians and protect our wildlife through our conservation work and management principles. We will continue this work by gathering more information on the species which live alongside our horses and aim to increase biodiversity and volume where horses and wildlife co-exist together and work towards producing a charity plan which considers environmental impact in our day to day decision rnaking. Page 10

Trustees, Annual Re ort for the Year Ended 31 December 2023 Principal Risks and Uncertainties The trustees have a formal Risk Register to identify the risks faced by the charity and develop strategies to manage them on a timely basis. The Risk Register incorporates major strategic, business and operational risks facing the charity and the control and reporting systems in place. The Risk Register is monitored and amended as circumstances change and new risks are identified. Regular meetings held at all levels in the organisation enable the circulation of information relating to risk management. Departmental reports are prepared, reviewed by each of the trustee subcommittees at quarterly meetings with appropriate actions monitored and reported on to the Board. Financial risks are tightly monitored and controlled by appropriate authorisation systems. The auditors have assisted in ensuring good practice remains in place. The trustees have identified that the on-going global economic crisis, accompanied by other inherent risks that affect all charities will be critical for the charity. The loss or reduction in key income streams and potential depletion of reserves are key risks. Given the financial climate, there is an expectation this could reduce the amount of donations that the charity receives over the next few years at a time of increasing costs and numbers of equines requiring care. The trustees have attempted to reduce these risks by ensuring that systems are in place to attract and maximise future legacies and other donation income. Fundraising is focused on developing long term relationships and income streams to support the charity's vital work. Work leading to a review of financial sustainability as noted in the ten year strategic plan commenced in 2023. The other significant risk is that of disease outbreak or biosecurity breach. Rescued equines are often in very poor condition on arrival. Elderly equines may require an increased level of specialist care for chronic condltlons and all are prone to the various equine illnesses that are present in the national herd. Whllst every effort is made to prevent the transmission of disease into the charity's herd. which itself involves expensive isolation and veterinary procedures at the Animal Reception Centre, it cannot be eliminated altogether. Unpredictab18 Outbreaks of disease are always costly and usually require extensive use of medicines and veterinary attention as well as resultlng in an increase in staff costs. Financial Review The group statement of financial activities shows net deficit of £541,853 compared to £5,173,324 in 2022. This figure includes both realised and unrealised gains on investments. These net gains on investments amounted to £1,427,013 compared to losses of (£4.064.900) in 2022 and were attributable to improvements in the economic outlook towards the end of 2023 as inflation and thus interest rates and began to stabilise across the UK and overseas. In addition, charities SORP requires the inclusion of legaGy income which is yet to be received but which can be identified and valued appropriately at the end of the financial year. For 2023 this figure amounted to £2,782,900 compared to £2,326,248 in 2022. The resulting position without the net gains on investments or anticipated legacy sums are a deficit in 2023 of £4,751,766 against a deficit in 2022 of £3,434,672. The finances of the group are kept under review by the trustees and their advisors on a regular basis. The trustees were therefore aware of the impact caused by the global economic crisis and the invasion of Ukraine on the investment portfolio which fell by over £4m during in 2022. Fund managers provided regular updates and presentations and the trustees agreed to follow the original investment strategy for long term returns over short term volatility based upon advice received. It was therefore reassuring to see investments regain some of these losses during 2023. Trustees have acknowledged that the retum on investments should consider total portfolio returns in the form of growth and dividends as opposed to dividends alone. The charity may therefore call upon any future growth in investments to shore up the deficits which would otherwise be generated so long as a level of reserves is maintained as agreed by trustees. This will be monitored on a regular basis. Page11

Trustees. Annual Re ort for the Year Ended 31 December 2023 A deficit for 2023 was approved by the trustees as part of the budget setting process. Whilst a deficit is also forecastfor 2024, financial sustainability is a key objective of the charity's slrategic plan and work commenced in 2023 to review the charity's financial resilience in times of uncertainty. However, current investment levels and cash balances provide for a secure financial footing on a going concern basis. Grant-making Policy The charity is able to award grants from its unrestricted funds to educational and research institutions and other equine charities for the prevention of suffering to horses. The awarding of grants is determined annually by Ihe trustees, based on applications received. In 2023 there were no such applications or awards granted. Performance of the Trading Company The trading company recorded a profit before tax of £9,951 (2022 profit before tax of £67,514). Although difficult to assess, the cost of living crisis and high inflationary pressures upon costs, will have continued to impact across activities undertaken by the charity's trading company. Turnover for the trading company as a whole reduced to £469,762 from £666,396 in 2022. The majority of this reduction was due to the planned cessation of farming activities. The café generated turnover of £239,852 (2022: £207,831). Despite the increased tumover, cost pressures resulted in a loss excluding tax for the year of £10,621 albeit this was much reduced from the loss in 2022 of £33,639. Th8 wider contribution of the café in terms of engagement for visitors is fully recognised however work continues to minimise deficlts in future. Farming income for the year totalled £68,490 and a profit of £27,832 compared to 2022 income of £270,310 and a profit of £75,260. As planned the contract farm arrangement reverted to a lease agreement for 2023 onwards. The sales included therefore represent the remaining crops sold in early 2023 resulting from the 2022 harvest. The mail order gift catalogue is sent out twice a year and also available via the charity's website, distributed across the UK and overseas. Mail order turnover redU￿d to £78,018 compared to £103,715 in 2022. This resulted in a net deficit of £17,677 in 2023 compared to a profit of £5,912 in 2022. Work is underway to assess how to return this area of trading back to profit in future years. The Gift Shop recorded a net profit for 2023 of £10,417 (2022: profit £19,982) on tumover of £83,402 (2022: £84.540). Although margins were hit due to increasing costs it was reassuring that a profit was still recorded and activities run at the visitor centre were well supported. Page 12

Trustees. Annual Re ort for the Year Ended 31 December 2023 Public Benefit All charities are expected to provide public benefits beyond their specific objectives. Currently identified for Bransby Horses are: providing expertise on legislation, regulations and policy concerning horse welfare, including membership of the British Horse Council" providing a response to requests for advice or assistance from local authorities, police, RSPCA and members of the public, including a welfare advi￿ line- working with police and local authorities in England and Wales and The Fire and Rescu8 SeNice developing methods and training to help officers manage stray horses effectively; taking into care from the RSPCA and local authorits'es horses that have been neglected or cruelly treated., providing a Legacy and Welfare scheme, whereby responsible horse owners can provide for their horses in the event of illness or their own death and they are respectfully asked to remember the charity in their Will; delivering talks and seminars on horse and donkey care and welfare to a wide variety of key target groups. hosting visits by disabled adults and children and those with learning difficulties; hosting visits from community interest groups. providing a site with a community focus, its miles of countryside public footpaths and approved walkways used frequently by dog walkers, walking groups and ramblers and the Sturton and District Shed Club also utilise space provided at the Bransby Horses site. providing a mixture of opportunities and activities for volunteers, which Gater for their well-being and career development requirernents; providing a diverse range of work experience placement opportunities to school children, college and university students,, providing training and career opportunities to school leavers through the National Apprenticeship Scheme; providing assessment and training facilities for professional studies, research and qualifications. In setting objectives and planning activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. Page 13

Trustees, Annual Re ort for the Year Ended 31 December 2023 Reserves Policy Statement The charity's trustees have a legal duty to act with reasonable skill and care and in the best interests of the charity and its beneficiaries. Decisions around the charity's reserves policy fomi an important part of that duty of care. Holding reserves help to maintain financial stability and allow the Gharity to meet its commitments, continue to undertake work, and deliver seNices, even when unexpected events or costs arise. Equally, accumulating a high level of reserves without a clear explanation orjustification may adversely affect the public's perception of the charity. Unjustifiable stockpiling of reserves may cause concern that charitable assets are not being used for a charitable purpose. A balance, which therefore demonstrates that the level of reserves are acting to proteGt the charity from future challenges and uncertainties and Changes in economic circumstances is both reasonable and critical. This should give confidence to stakeholders that the charity's finances are being managed and provide an indicator of future funding needs. The charity's reserve policy was reviewed and amended in 2023 to ref5ect the charity's position and need for reserves within the challenging environment in which it operates. In summary, trustees recognise that reserves are not to be protected and preserved but are to protect and preserve the delivery of charitable impact. As a result. the trustees operate a reserves policy which they consider to be appropriate and takes into consideration the following: 1. Future expenditure & the charity's lifelong commitment Future expenditure in relation to the ongoing running costs of the charity to ensure that it can provide for up to 500 equines on the farm in sanctuary care (average across 2023 was 292),. and a further 616 on the charity's Perfect Partner rehoming scheme throughout their lifetime. The trustees aim to be in a position whereby they can meet the costs of running the charity for a period of at least two years. This decision has been made based on future forecast expenditure, the volatility of its income streams, the diverse functions undertaken by the charity, its asset base, the environment and the reliance upon its services by its beneficiaries. Current levels of expenditure are forecast to be circa £8.4m per annum; therefore, a level of £16.8m of reserves is needed to ensure that the charity can continue to operate for a period of two years whilst it reacts to the challenges that it faces within the environment in which it operates. 2. Income stream rlsk The charity is heavily reliant upon voluntary income with a large proportion being generated from legacies. Whilst this income stream is regularly rnonitored and reported to the trustees there is a degree of uncertainty about its long-term sustainability. Included in the current level of free reserves are legacies advised of. but for which no money has been received. The trustees feel that it is prudent to remove this amount from its free reserves when it calculates the amounts available for use. For 2023 this amounted to £2,782,900 (2022 £2,326,248). In addition. as the charity has no specific and guaranteed funders, there is a risk associated with the unpredictability and variability of its income on an annual basis. Inability to raise voluntary income could have many root causes and are particularly amplified during periods of financial downtum or recession. Therefore. in order to support continuation of operational activity and smooth any sudden reduction in funding streams the trustees have included an amount of £2m, roughly one third of charitable income to mitigate against declines or irregularity within its annual income level. Page 14

Trustees, Annual Re ort for the Year Ended 31 December 2023 3. Operational risk The charity operates within an environment whereby there is an inherent risk of the health of the herd cared for by the charity being compromised by an outbreak of infectious disease. Whilst the charity operates a robust bio-security management programme, including strict quarantine, and practises herd vaccination whenever applicablelavailable, the risk of a disease outbreak cannot ever be fully eliminated. These risks include highly-infectious diseases which are currently enzootic in the UK, such as equine influenza and strangles. It is recognised. for example, that the influenza virus is constantly evolving and, although Bransby Horses always uses the latest vaccine strains, the risk of an outbreak caused by a novel strain remains a real possibility. In addition, a number of equine diseases which are currently exotic to the UK are nevertheless considered to be a potential risk. In particular, several of these currently exotic diseases are transmitted by insect vectors and the threat from them is widely considered to be increasing, particularly as climate change progresses, thereby providing a more permissive environment for the vectors in the UK. Such diseases include West Nile virus, equine infectious anaemia [EIA] and African horse sickness (AHS). The Trustees will therefore ensure that sufficient funds are available for a period of time as agreed by them should such a situation arise. The level currently held for these purposes is £2m. 4. Future Strategy The charity's strategic plan provides for the further development of all of the seniices the charity offers to help horses in need of care and assistance in the two main Equine Welfare Commitments." Welfare Impact & Sustalnabllity which includes a) Rescue, b> Care, Rehabilitation and Training and c) Rehoming and secondly Influencing Welfare Culture. It is essential that the trustees ensure that funds are available to deliver upon the these commitments. The level of reserves for this will be maintained at a minimum of £O.Sm and may be increased through an annual conversation and agreernent as part of the charity's budget setting process, aligned to development plans. Supplementary Information: Trustees are committed to ensure that the charity maintains a level of reserves that provide financial sustainability and safeguards the charity's activities well into the future in line with the charity's strategic commitment on Financial Sustainability. Given operational issues, changes in economic circumstances and short-term investment needs it is possible for reserves to fall outside of the target range. However, it is expected that management will seek to calibrate business activities across the medium term such that reserves are maintained within range. Reserves will be closely monitored by the Finance & Audit Sub- Committee and Board. The current summary of Bransby Horses free reserves is as follows: Page 15

Trustees. Annual Re ort for the Year Ended 31 December 2023 Reserves Policy Risk of infection. £2,000,000 Income rid(, £2,000,000 Future development, £500,000 Future expenditure, £16,800,000 The total required reserves equates to approximately £21.3m and general funds available at the year-end totaled £30m (2022 £32m). Investment Policy and Objectives Statement The Articles of Association authorise the trustees to make and hold investments using the general funds of the charitable company. The key risk to the long-term holding of cash is inflation, and therefore the trustees recognise such assets should be invested to mitigate this risk over the long term. The trustees understand that this is likely to mean that investment will be concentrated in a diversified portfolio including equities and that the capital value will fluctuate. The charity utilises investment managers whom it believes have the skill and ability to add value net of fees. This has the purpose of achieving the charity's investment objectives whilst managing the various risks associated with any financial investment. The primary aim being to maximise overall returns without significant fluctuation and within the values of the charity. This is to be achieved within a mediumlmoderate risk toleran￿ with the objective of achieving a portfolio total return, including dividends, interest, rent or other income, and capital appreciation, of at least CPI Inflation + 3.5 % per annum net of fees, on a rolling 5 year basis. Trustees are mindful of environmental, social and govemance (ESG) factors when considering the charity's investment profile. Charity stakeholders including supporters, staff and volunteers are a broad church with a whole range of perspectives on social and political issues. Making investment decisions in this context is a challenge. In the shaping of the charity's investment policy, trustees have had to balan￿ their duties to promote the financial health of the charity and its purpose. whilst investing in a socially responsible manner. Trustees have therefore focused on the charity's core purpose, specifically to improve the lives of horses, ponies, donkeys and mules. The charity will not knowingly invest in activities which run counter to this and has agreed to the following specific investment exclusions in an attempt to manage the risk to reputation and align the charity's long-term investments with the mission: No direct investment in armaments productions. No direct investment in tobacco. No direct investment in gambling. No direct investment in pomography. No direct investment in companies which undertake animal testing for non-pharmaceutical purposes ex￿pt where required by law or regulation to do so. Page 16

Trustees, Annual Re ort for the Year Ended 31 December 2023 No direct investment in companies whose work or practices would be deemed to include animal cruelty by UK standards and thus run counter to the charity's purpose. The trustees feel that in promoting this position within its investment decisions and policy it balances the need to generate acceptable returns whilst also delivering against ESG objectives. During the year revenue income from investments was £750,730 (2022: £715,254). The market value of investments is closely monitored by the Irustees and their agents. Regular updates and presentations on the performance of fund portfolios are provided to trustees through quarterly meetings of the Finan￿ and Audit Subcommittee and trustees meet with investment managers at least annually. Qualifying Third Party Indemnity Provisions Qualifying third paty provisions made by the charity are in force for the benefit of the trustees. Page 17

Reference and Administrative Details Trustees Dr S J Dolan Mrs H C Elston Mrs C N Fisher (Chair from 05 March 2024) Dr R Gillespie Miss K McFee (Chair to 05 March 2024, resigned 14 June 2024) Mr M J Pickles (Vice-chair & Treasurer) Chief Executive Officer Mrs J Snell Secretary Miss D Hall Registered Office Bransby House Bransby LINCOLN Lincolnshire LN12PH Registered Company 03711676 (England and Wales) Registered Charity 1075601 Auditors Nicholsons Audit (Statutory Auditors) Newland House The Point Weaver Road LINCOLN Lincolnshire LN6 3QN Bankers Virgin Money Nottingham Store Smithy Row NOTTINGHAM NG13AU Page 18

Trustees, Annual Re ort for the Year Ended 31 December 2023 Investment Managers Barclays Wealth 11 Park Square East LEEDS LS12NG Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB Charles Stanley & Co Limited MerGUry Place St George Street LEICESTER LE1 1QG Page 19

Trustees. Annual Re ort For the Year Ended 31 December 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees, Annual Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi￿> including Financial Reporting Standard 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland.. Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and the group for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the finanaal statements: prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Gharitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguardlng the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that infomation. AUDITORS The auditors, Nicholsons Audit (Statutory Auditors), will be proposed for re-appointment at the forthcoming Finance and Audit Subcommittee meeting and for approval at the Charity Board meeting. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to medium companies. FOR AND ON BEHALF OF THE BOARD= L)fJ Mrs C N Fisher- Trustee (Chair) Date: 04 June 2024 Page 20

Re ort of the Inde endent Auditors to the Mernbers of Bransb Horses istered Number 03711676 Re Opinion We have audited the financial statements of Bransby Horses (the 'parent charitable company,) and its subsidiaries (the group) for the Year Ended 31 December 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Statement of Financial Position. the Consolidated Statement of Cash Flows and notes to the financial staternents, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements- give a true and fair view of the state of the group's and parent charitable company's affairs as at 31 December 2023 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wilh International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent Gharitable company in accordan￿ with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may Gast significant doubt on the group and parent charitable company's ability to continue as a going concern for a period of at least trtelve months from the date when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with ￿SPeCt to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infomiation. The other information comprises the information included in the Trustees, Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 21

Re ort of the Inde endent Auditors to the Members of Bransb Horses istered Number 03711676 Re In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misslatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Trustees. Annual Report has been prepared in accordance with applicable legal reqU1￿mentS. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requlres us to report to you if, in our opinion: adequate accounting records have not been kept or retums adequate for our audit have not been re￿iVed from branches not visited by us; or The financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the infonnation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Irustees are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the Page 22

ort of the Inde endent Auditors to the Members of Bransb Horses istered Number 03711676 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the charity and its industy we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, Animal Welfare. To help us identify instances of non-compliance with these laws and regulations and in identifying and assessing the risk of material misstatement in respect to non-compliance, our procedures included, but were not limited to., Inquiring of management and where appropriate those charged with govemance as to whether the company is in compliance with laws and regulations. Inspecting correspondence, if any, with relevant licensing authorities. Communicating to our engagement team identified laws and regulations and remaining alert to any instances of non-compliance throughout our audit. and Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations which have a direct effect on the preparation of the financial statements such as tax legislation, the Companies Act 2006 and the reporting framework, Charities SORP 2019 (FRS102) as well as the Charities Act 2011. Further to this, we evaluated the Trustees and managements incentives and opportunities for fraudulent manipulation of the financial statements including the risk of management override of controls and determined the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: Making enquiries of the Trustees and management on whether they had knowledge of any actual, suspected or alleged fraud; Gaining an understanding of intemal controls established to mitigate risks related to fraud. Discussing amongst the engagement team the risks of fraud; and Addressing the risks of fraud through management ove￿Ide of controls by performing journal entry testing. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading ta a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non- compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. Page 23

Re ort of the Inde endent Auditors to the Members of Bransb Horses istered Number 03711676 Re A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.or .uk]auditorsres onsibilities. This description forms part of our Report of the Auditors Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Steve Robinson (Senior Statutory Auditor) for and on behalf of Nicholsons Audit (Statutory Auditors) Newland House The Point Weaver Road LINCOLN Lincolnshire LN6 3QN Page 24

Consolidated Statement of Financial Activities includin consolidated income and ex enditure account for Year Ended 31 December 2023 Unrestricted Restricted Total Funds Total Funds Note Funds Funds 2023 2022 Income Donations and legacies Activities for generating funds Commercial trading operations Investment Income 4,505,411 260,394 469,762 847,703 120,148 6.203.418 4,505,411 260,394 469,762 847,703 120,148 6,203,418 4,669,583 260,382 666,396 767,931 162,822 6,527,114 Other incoming resources Total Incom8 Expenditure Commercial trading operations Costs of generating funds Operation of the charty Total expenditure Net expenses before tax for the year Tax payable Net (expenditure) after tax before Investment (losses)Igains Net gainsl(losses) on investments 431,505 777,984 6,958,270 8,167.759 431.505 777,984 6,958,270 8,167,759 552,433 791,186 6.279,091 7,622,710 (1,964,341) (1.964.341) (1,095,596) 14 4,525 4,525 12,828 (1.968,866) (1,968,866) (1,108,424) 16 1,427,013 1.427,013 (4,064,900} Net (expenditure) and net movenpnt in funds for the year Reconciliation of funds (541,853) (541,853) {5,173,324) Total funds brought forward Total funds carried forward 49.868,065 49.326,212 49,868,065 55,041,389 49,326,212 49,868,065 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes at pages 28 to 46 form part of these accounts Page 25

Consolidated Statement of Financial Position as at 31 December 2023 Group 2023 Group 2022 Charity 2023 Charity 2022 Note Fixed assets Tangible assets Investments 15 15,998,629 27,989,997 965.000 16,342,750 15,996.822 28,129,060 27,990,097 965,000 965,000 45.436,810 44,951,919 16.339,999 28,129,160 965,000 45,434,159 16 Investment properties 17 44.953,626 Current assets Stock 208.474 281,340 118.542 131,790 2,621,637 13,984 2,072,023 4.839,434 Debtors 18 2,969,478 14,266 1,611,283 4,803.501 2,612,002 13,984 2,157,287 3,020.440 14.266 1,511,508 Short-term deposits Cash at bank and in hand 5,064,613 4,664,756 Creditors Amounts falling due within one year Net current assets 19 (430,915) 4,372,586 (633,358) 4,431,255 (395,250) 4,269,506 (504,889) 4,334,545 Total assets less current liabilities 49,326,212 49,868,065 49,221,425 49,768,704 Funds 21 Non Charitable trading Unrestricted funds 104,787 99,361 25,543,738 27,036,846 6,542,837 5.299,640 17,134,850 17.432,218 49,326,212 49,868,065 25,543,738 27,036,846 5,299,640 17,432,218 49,768,704 Investment revaluation fund 6,542,837 17,134,850 Designated funds Total charityfunds 49,221,425 The financial statements were approved by the Board of Trustees and authorised for issue on 04 June 2024 and were signed on its behalf by: Mrs C N Fisher, Chair of Trustees Mr M J Pickles, Treasurer The notes at pages 28 to 46 fonn part of these accounts Page 26

Statement of Cash Flows and Consolidated Statement of Cash Flows for Year Ended 31 December 2023 Group 2023 Group 2022 Charity 2023 Charity 2022 Note Cash flows from operating activities 23 (2,745.716) (1.072.401) (2,760,227) {1.101.018) Cash generated from operations 23 Cash flows from investing activities Investment income 847,703 767.931 847,703 767,931 (223,049) (314,691) (223,049) (314,691) (4,031,793) (2,998,519) (4,031,793) (2,998,519) 9,264 9,263 5,558,855 3,097.073 5,558,855 3,097,073 Purchase of tangible fixed assets Purchase of fixed asset investments Sale of tangible fixed assets Sale of fixed asset investments Net cash provided byinvesting activities 2.160.980 551.794 2.160.979 551,794 Changes In cash and vash equSvalents in the reporting period (584,736) (520,607) (599,248) (549,224) Cash and cash equivalents at the beginning of the reporting period 24 2,413,061 2,933.668 2,327,795 2,877,019 Total cash and cash equlvalents at the end of the reporting period 24 1,828,325 2.413,061 1,728,547 2.327.795 The notes at pages 28 to 46 form part of these accounts Page 27

Notes to the Financial Statements for the Year Ended 31 December 2023 Accounting Policies Basis of preparing the financial statements The financial ststernents have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2020) - (Charities SORP (FRS 102)), the Financial Reports'ng Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Bransby Horses meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). Preparation of the accounts on a going concern basis The consolidated balance sheet shows a strong financial position with investments of £28m, £1.6m in cash and short term deposits and net current assets of £4.4 million. The trustees are of the view from these results that on this basis the Charity is a going concern for at least the next 12 months from the date of signing the Financial Statements and an appropriate reserves policy is in place to support this. Group financial statements The financial statements consolldate the ￿sUltS of the charity and its wholly owned subsidiary Bransby Horses Trading Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item{s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Grants which have been accounted for under the accruals model in respect of a revenue nature are credited to income so as to match with the expenditure to which they relate. Page 28

Notes to the Financial Statements for the Year Ended 31 Decernber 2023 Donated services and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated professional ServI￿S and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of re￿ipt. In accordance with charities SORP (FRS 102), the general volunteer time is not recognised. Please refer to note 4 for more information about the contribution. Investment income Investment income on funds held is included when interest and dividends are receivable and the amount can be measured reliably by the charity; this is normally upon notification of the income paid or payable. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable Gompany for particular purposes. The cost of raising and administering SUGh funds are charges against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income and gains are alk)cated to the appropriate fund. Expenditure and value added tax All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the Gategory. Expenditure directly attributable to specific activities has been included in those cost categories. Other costs are apportioned to cost categories based on estimates by management using various appropriate measures. The charity is not registered for VAT, irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. The trading subsidiary is registered for VAT and its income and expenditure are shown net of VAT. Allocation of support costs Support costs are those associated with the general management of the charity, other than governance costs, that a￿ not directly attributable to charitable activities or fundraising. These costs are allocated based primarily on head count. Office and associated costs are allocated based on staff numbers and activities carried out by each. General running costs are allocated based on total head count including all charity staff. Page 29

Notes to the Financial Statements for the Year Ended 31 December 2023 Grants payable Grants paid and payable are included as a liability when a constructive obligation is entered into by the charity, being the date a written grant offer letter is communicated to the grant recipient. Pensions The charity operates a defined contribution pension scheme and the pension charges represent the amounts payable by the charity to the fund in respect of the year. Operating leases Rental income from operating leases is recognised on a straight-line basis over the tern of the lease. Rentals paid under operating leases are charged on a straight-line basis over the term of the lease. Tangible flxed assets Tangible fixed assets (excluding investment assets) are recorded at cost or. in cases where fixed assets have been donated, at valuation at the time of acquisition. Depreciation is charged from the month of acquisition. Individual items costing less than £1,000 are not capitalised unless purchased as a group of items costing more than £1,000. Depreclatlon of fixed assets is calculated to write off their cost less any residual value over their estimated useful lives as follows: Freehold land Not provided Freehold buildings 2¥0 Straight line Freehold property improvement 40/0 Reducing Balance Fencing, motor and machinery 100/0 1200/0 Straight line Where an asset is under construction depreciation is not charged until the asset is complete, Investment assets Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year. Investment property Investment property is shown at the fair value valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the SOFA. stock Stock consists of purchased goods for resale together with veterinary goods and feed stocks for own use and are included at the lower of cost and net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. Where relevant, stocks of farm crops are professionally valued at the balance sheet date. Page 30

Notes to the Financial Statements for the Year Ended 31 December 2023 Financial instruments Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: Financial assets- trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at transaction price. Financial liabilities trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest. Critical accounting judgements and estimation uncertainty Estimates and judgements are continually evaluated by the directors and are based on historical experience and other relevant factors, including expectations of future events that are believed to be reasonable under the circumstances. Tangible fixed asset Ilves and residual values The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Judgement is applied in determining the residual values of fixed assets by assessing the amount that the charity would currently obtain for disposing of the asset in the condition it is expected to be in at the end of its useful life. The estimation of useful lives is based on historic performance as well as expectations about future use. Useful lives are reviewed to reflect current estimates of technological advancement, future investment policy, economic utilisation and the physical condition of the asset. Legal status of the charity The charity is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. Taxation accounting policy Group taxation for the year comprises of current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at Ihe amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 31

Notes to the Financial Statements for the Year Ended 31 December 2023 Financial performance of the charity The consolidated statement of financial activities includes the results of the charity's wholly owned subsidiary. The summary financial perfortnance of the charity alone is: 2023 2022 Income 5,756,913 (7,731,205) 1,427,013 (547,279) 5,890,936 (7,054.046) (4,064,900) (5,228,010) Expenditure on charttable activities Net gainsl(losses) on investments Net {expenditure)lincome before tax Corporation tax Net income after tax (547,279) 49,768,704 49.221,425 (5,228.010) 54.996,714 49,768,704 Total funds brought forward Total funds carried forward Represented by: General funds 25,543,738 27,036,846 Restrlcted Income funds Investm ent revaluation fund 6,542,837 17,134.850 49.221,425 5.299,640 17,432,218 49,768,704 Designated funds Donations and legacies 2023 2022 Gifts 596,325 629,462 Legacies 3,909,086 4,040,121 4,505,411 4,669,583 The income from donations and legacies was £4.505,411 (2022- £4.669,583) of which £4,505,411 was unrestricted (2022: £4,635,083) and £Nil restricted (2022: £34,500). The charity benefits greatly frorn the involvement and enthusiastic support of its many volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts. Page 32

Notes to the Financial Statements for the Year Ended 31 December 2023 Income from charitable activities Unrestricted funds Unrestricted funds 2023 2022 Raffle tickets Adoptionslregular giving Total incotre from charitable activitles 127,038 133,356 171,630 88,752 260.394 260,382 I ncome earned from other activities The wholly owned trading subsidiary Bransby Horses Trading Limited is incorporated in the United Kingdom (company number 02480383). Bransby Horses Trading Limited operates sale of stationery, cards, fancy goods and gifts appropriate to the objectives of its parent company along with a café and until 2023 farming activities. A summary of the trading results is shown below. The summary financial performance of the subsidiary alone is: 2023 2022 Turnover 469,762 (459,811) 9,951 (4,525) 5,426 666,396 (598,882) 67,514 (12,828) 54,686 Cost of sales and administration costs Net profit before taxation Taxation ProfiV(loss) after taxation ssets 193,454 (88,567) 104,887 294,647 (195,186) 99,461 Liabilities Aggregate share capital and reserves Cost of sales and administration costs The above include recharges from the charity of Balance (459,811) 28,306 431,505 {598,882) 46,449 (552,433 Included within £459,811 {2022: £598,882) is £28,306 (2022: £46,449) being recharges from the charity which have been removed on consolidation. Page 33

Notes to the Financial Statements for the Year Ended 31 December 2023 Investment income 2023 2022 Dividends and other income from investment portfolio Bank and other interest 750.730 715,254 13.284 83,689 847.703 5,698 46,979 767,931 Rental income Costs of generating funds 2023 2022 Cost of generating voluntary income: Printing and postage Advertising Legal and professional fees Raffle expenses Other costs 212,427 64.082 22.972 20.268 48.872 117,464 291,899 212,085 105,025 9,701 26,343 42,953 126,267 268,812 Investment m anagement costs Allocated support costs (see note 10) 777,984 791,186 Page 34

Notes to the Financial Statements for the Year Ended 31 December 2023 Analysis of expenditure on charitable activities 2023 2022 Running costs Equine welfare wages Equine welfare costs Feed and bedding Protective clothing Repairs and renewals of fencing Staff uniforms Health and safety costs Educational area costs 2.897,116 650,800 175,685 23,874 94,235 7,066 6,096 4.238 2,524,676 519,715 156,195 20,762 42,242 6,602 8,998 1,522 Lll Subscriptions Rent Legal and professional Bank and credit charges Freehold land and building depreciation Plant, motor and machinery depreciation (Profit)Iloss on sale of fixed assets Allocated support costs (see rK)te 10) Governance costs (see note10) 13,668 31.553 33,819 17,608 98,691 213,520 40,801 2,627,092 22,408 6,958,270 12,800 32,403 163,441 15,365 98,678 227,736 2,419,312 28,644 6,279,091 Expenditu￿ on charitable activities was £6,958,270 (2022: £6,279.091) of which £6,958,270 was unrestricted (2022: £6,236,591) and £Nil was restricted (2022: £42,500). Page 35

Notes to the Financial Statements for the Year Ended 31 December 2023 10 Analysis of governance and support costs The charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Support costs 2023 2022 Salaries. wages and National Insurance Training Recruitment and staff welfare Repairs and renewals Cleaning and gardening expenses Vehicle and plant running costs Rates Water and drainage rates Heat and light Insurance Telephone Office equipment Stationery Travel expenses Computer & software costs Security Pest control Freehold land and building depreciation 1.545,987 39,143 63,352 303,953 98,315 113,807 1,090 24,297 47,632 206,129 21,059 4,791 2,829 9,202 228,659 2,473 2.321 203,952 2 918 991 1,371,620 51,663 55,167 249,737 102,301 123,493 2,277 32,391 82,551 197,315 15,122 5,070 3,041 6,295 173,252 6,478 2,770 207,581 2,688.124 Ajlocation of support costs Costs of generating funds Charitable activities 291,899 2,627,092 2.918,991 268,812 2,41g,312 2,688,124 Page 36

Notes to the Financial Statements for the Year Ended 31 December 2023 Governance costs 2023 2022 Audit and accountancy Trustee expenses (see note 11) 20,488 27,260 Fees paid, including VAT. to the auditors for audit of the charity's consolidated financial statements were £13,200 (2022: £13,200). 11 Analysls of staff costs, trustee remuneratlon and expenses, and the Cost of key management personnel 2023 2022 Salaries and wages Social security costs Pension costs 4.125,803 345,042 15589g 4,626,744 3,642,395 300,002 139721 4,082,118 Penslon costs are allocated to activities in proportion to the related stsffing costs incurred and are wholly charged to unrestricted funds. The charity trustees were not paid or received any other benefsts from employment with the charity or its subsidiary in the year (2022: £nil). Travel expenses were reimbursed during the year amounting to £1,920 (2022: £1,384). No charity trustee re￿iVed payment for professional or other services supplied to the charity (2022: £nil). The number of employees whose remuneration (including taxable benefits in kind but excluding employer national insurance and pension costs) were in excess of £60,000 for the year were: 2023 NU￿ber 2022 Number Group £60.000-£70.000 £70,000￿80,000 £80,000-£90,000 £90,000-£100,000 Page 37

Notes to the Financial Statements for the Year Ended 31 December 2023 The key management personnel of the parent charity, cornprise the trustees. CEO and the Charity's Executive Directors. The trustees gave approval for the recruitment of three Executive Directors to support the CEO and running of the charity. The total remuneration of these key management personnel are as follows: Key Management Personnel Costs 2023 2022 Total remuneration 338,154 327,294 The total remuneration of the Chief Executive Officer was as follows: Emoluments of the Chlef Executlve Officer 2023 2022 Salary {including Employers Nl) Pension costs Taxable benefits Total remuneration 103,536 7,189 100,038 6,972 110,725 107.010 12 Staff numbers The average head count was 191 stsff (2022: 187 staff) and the average number of full-time equivalent employees (including casual and part-time staff) during the year were as follows.. 2023 2022 Number Number Charitable activities Cost of generating funds Management and administration of the charity 106 18 21 25 25 150 149 13 Related party transactions The charitable company has taken advantage of the exemption in FRS102 (section 33) 'related paty disclosure, not to disclose transactions with subsidiary undertakings. During the year, the company also traded with Ruddocks Design and Print, a business which is connected to a member of the key management personnel. The value of these transactions were £124,932 (2022 £128,066). These purchases were under normal trading temis and at the year end the balances within creditors was £5.549 (2022 £365). Page 38

Notes to the Financial Statements for the Year Ended 31 December 2023 14 Corporation taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. Analysis of the tax charge The tax charge on the profit on ordinary activities for the year was as follows: Group 2023 Charitable company 2023 2022 2022 Current tax: UK corporation tax Deferred taxation 4.704 (179) 4,525 13,083 (255) 12.828 Page 39

Notes to the Financial Statements for the Year Ended 31 December 2023 15 Tangible fixed assets - Charitable company Freehold land and buildings Plant. motor and machinery Totals COST At 1 January 2023 Additions Disposals At 31 December 2023 18,348,442 39,806 2,028,966 183,243 234.426 1,977 783 20,377,408 223,049 285.919 20,314 538 18,336,755 DEPRECIATION At 1 January 2023 Charge for year Eliminated on disposal At 31 December 2023 2.490,297 302,642 12.147 2 780 792 1,547,112 213,520 223 708 1.536,924 4,037,409 516.162 235 855 4317716 NET BOOK VALUE At 31 December 2022 At 31 December 2023 15,858,145 15.555,963 481.854 440,859 16,339.999 15.996,822 Page 40

Notes to the Financial Statements for the Year Ended 31 December 2023 15 Tangible fixed assets - Group Freehold land and buildings Plant. motor and machinery Totals COST At 1 January 2023 Additions Disposals At 31 December 2023 18,393,918 39,806 52,055 18381 669 2,057.528 183,243 255,811 1 984 960 20.451,446 223,049 307,866 20 366 629 DEPRECIATION At 1 January 2023 Charge for year Eliminated on disposal At 31 December 2023 2,534,008 302,714 12.147 2,824,575 1,574,688 214,241 245.504 1 543.425 4,108,696 516,955 257.651 4,368 000 NET BOOK VALUE At 31 December 2022 At 31 December 2023 15,859,910 15,557,094 482,840 441,535 16,342,750 15.998,629 Included in land and buildings is freehold land amounting to £9,628,232 (2022.. £9,628,232) which has not been depreciated. Also included within land and buildings is a nominal amount relating to land whlch Is rented out to local famiers, this land is not suitable for grazing. The amount received during the year for land rents amounts to £57,116 (2022: £20,227). Page 41

Notes to the Financial Statements for the Year Ended 31 December 2023 16 I nvestments - Charitable company The charity holds 100 shar8s of £1 each in its wholly owned trading subsidiary company Bransby Horses Trading Limited which is incorporated in the United Kingdom. These are the only shares allotted, called up and fully paid. The activities and results of this company a￿ summarised in note 6. Investments - Group and charitable company Listed Cash Totals Market value at 1 January 2023 Additions to investments at cost Disposals at carrying value Net cash movements 27.887,270 4,031,793 {5,349,025) 241,790 28,129,060 4,031,793 (5,349.025) 39,014 26,772,814 1,217.183 27 989 997 21 ,447,162 6,542,837 22,829,421 (39,014 202,776 26,570,038 1,217,183 27 787 221 21,244,386 Investment revaluation reserve at 31 December 2023 6,542,837 Cost of investments at 1 January 2023 22.587.631 Listed investments comprise: Net profrt on revaluation at 31 December 2023 Markot value at 31 December 2023 Cost of investments at 31 December 2023 202 776 202,776 241.790 Qullters: Listed BondslFixed Interesvcash Products Equities Aternative InvestmentslPropety 3.403.729 5,612,323 973,600 Barclays Wealth: BondslFixed Interesucash Products Equities Alternative InvestmentslProperty Multi Asset Classlother 1,963,196 5,683,110 1,209,167 518,651 Charles Stanley. BondslFixed Interest Equities Alternative InvestmentslProperty 1,193.710 6,343,441 886,294 27 787 221 No investment represents more than 50/0 of the total market value. The above investments are held primarily to provide an investment return through dividends and growth. Page 42

Notes to the Financial Statements for the Year Ended 31 December 2023 17 Investment property - group and charitable company Total FAIR VALUE At 1 January 2023 Revaluation 965,000 At 31 December 2023 NET BOOK V￿UE At 31 December 2023 965,000 965,000 During the year the investment properties were let with sitting tenants and are owned on a freehold basis. Investment properties were valued on an open market, freehold, basis on 22 November 2021 by Brown & Co JH Walter Chartered Surveyors. If the investment properties were sold at thls value the maximum additional corporation tax due would be £Nil. If investment propety had not been revalued it would have been included at the following historical cost: 2023 2022 Cost Aggregate depreciation Net book value 1,239,573 (2g7,492) 942,081 1,239,573 (272,701) 966,872 Page 43

Notes to the Financial Statements for the Year Ended 31 December 2023 18 Debtors Group 2023 Charitable company 2023 2022 2022 Due within one year: Amounts due from trading subsidiary Trade debtors Other debtors Accrued income Prepayments {84) 1,255 52,818 1,255 66,717 1.650 104 2,782,900 2,376,849 183,467 176,317 3,020,440 2,621.637 1,650 104 2,433,931 176,317 2,612,002 2,784.840 183.467 2,969.478 19 Creditors - Amounts falling due within one year Group 2023 Charitable company 2023 2022 2022 Trade creditors Other taxation and social security Accruals 147,926 108.120 174,869 430,915 200,563 93,558 339,237 633,358 142,694 88,301 164,255 395,250 193,510 68,397 242,982 504.889 20 Operating lease commitments Group 2023 Charitable company 2023 2022 2022 Expiring: Within one year 10,000 10,000 Page 44

Notes to the Financial Statements for the Year Ended 31 December 2023 21 Analysis of charitable funds Balance 1 January 2023 Incoming Resources Other resources expended movement Funds 31 December 2023 Trading com pany reser￿eS General funds Investment revaluation 99,361 469,762 (464,336) 104,787 27,036,846 5,733,656 (7,187,261) (39,503) 25,543,738 5,299,640 1,243,197 6,542,837 32,435,847 6,203,418 1,203,694 32,191,362 7,651 ,597 Designated funds Capital project fund Fixed asset fund 242,219 17,189,999 17,432,218 45,809 288,028 172,985 16,846,822 218,794 17,134,850 516,162 516,162 Total funds 49,868,065 6,203,418 (8,167,759) 1,422,488 49,326,212 The general funds balance represents the free funds of the charitable company which are not designated for particular purposes. At the end of the financial year restricted funds held were £Nil (2022 £Nil) ital ro'ects authorised but not contracted for Balance 2022 mOve￿￿nt In provision Provision spent In the year Balance 2023 Fleet 113,001 43,315 22.501 63,402 31,999 76,888 79,123 73,344 7,504 268,858 {90,000) {43,914> {42,124) (45,507) 1,504 (223,049) 55,000 76,289 59,500 91,239 6,000 288,028 General rr and telecommunications Site development Veterinary equipment 242,219 The capital projects fund has been designated by the Trustees for the major capital expenditure expected during 2024 as set out above, some of which has been carried forward from 2023. The fixed asset fund has been set up to assist in identifying those funds that are not free funds. It represents the net book value of tangible fixed assets of the charitable company and the investment properties held. Page 45

Notes to the Financial Statements for the Year Ended 31 December 2023 22 Analysis of group net assets between funds Designated funds General funds Restricted funds Total Fund balances at 31 December 2023 are represented by. Tangible fixed assets Investments Current assets 15,996,822 1,138,028 1,807 27,816,969 4,803,501 (430.915) 32,191,362 15,998,629 28.954,997 4,803,501 {430.915> 49,326,212 Liabilities Total net assets 17,134,850 23 Reconciliation of net (expenditure) to net cash flow from operating activities Group 2023 Charitable Company 2023 2022 2022 Net expenditure in funds for the reporing period (as per the Statement of Financial AGtivities) Adjusted for: (541,854) (5.173,324) (547.280> (5,228,011) Depreciation charge Income shown in investing activities 516,956 535,092 516,162 533,995 (847.703) (767,931) (847,703) (767,931) Lossl(Profit) on disposal of fixed assets 40,951 247 40,801 Lossl{Profit) on disposal of investments (209,830) 364,987 (209,830) 364,987 Lossl(Profit) on revaluation of investments {1.217.183) 3,699,914 (1,217,183) 3,699,914 (Increase)Idecrease in stock (Increase)/decrease in debtors Increasel{decrease) in creditors 72,866 (357,476) (202,443) 53.440 (924) 216,098 13,248 (398,803) (109,639) 26,445 63.910 205,673 Net cash used in operations (2,745.716) (1,072,401) (2.760,227) (1,101,018) Page 46