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.
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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.
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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.
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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.
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Trustees, Annual Re
ort
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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.
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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:
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Trustees, Annual Re
ort
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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
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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.
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Trustees, Annual Re
ort
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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:
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Trustees, Annual Re
ort
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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.
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Trustees, Annual Re
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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