REGISTERED COMPANY NUMBER: 03711676 (England and Wales}
REGISTERED CHARITY NUMBER: 1075601
Re
ort of the Trustees and
Financial Statements for the
Year Ended 31 December 2024
For
Bransb Horses

Bransb Horses
istered Number 03711676
Re
Contents of the Financial Statements
for the Year Ended 31 December 2024
Page
Trustees, Annual Report incorporating the Strategic
Report
Report of the Independent Auditors
21
Consolidated Statement of Financial Activities
25
Consolldated and Parent Balance Sheet
26
Statement of Cash Flows and Consolidated Statement of 27
Cash Flows
Notes to the Financial Statements
28

Trustees, Annual Re
ort
for the Year Ended 31 December 2024
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 2024 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 Articles of Association. The Articles of Association were amended in November 2012. The Charity name
was amended to Bransby Horses at the sarne time.
Structure, Governance and Management
The charity's principal and registered office is Bransby House, Bransby, Lincoln, Lincolnshire, United
Kingdom, 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 De￿mber 2024 and to date are as follows:
Dr S J Dolan
Mrs H C Elston
Mrs C N Fisher (Chalr from 05 March 2024 to 24 April 2025)
Dr R Gillespie
Miss K McFee (Chair to 05 March 2024. resigned 14 June 2024)
Mr M J Pickles (Vice-chair & Treasurer to 24 April 2024, Chair from 24 April 2025)
Mr J Robinson (Appointed 11 September 2024, Treasurer from 24 April 2025)
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 InfO￿n 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 governan￿.
The Board advertises for trustees on the charity website and other relevant platfomis and ensures trustee
candidates satisfy the legal Complian￿ standards and requirements prior to appointment. Once appointed
trustees receive an induction pack and ongoing training. Trustees are provided with a tour Of the site to
introduce them to Executive Directors, managers, staff and volunteers.
Page 1

Trustees, Annual Re
ort
for the Year Ended 31 December 2024
Structure, Governance and Management (continued)
The Articles of Association grant the trustees power to delegate authority to subcommittees to such extent
and on such terms and Gonditions 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 Pro￿sseS 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
management 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
management of all staff and volunteers and has full delegated financial authority.
In-line with recommended good practice the charity previously commissioned an external governance review.
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 meelings and sub-committee meetings operate in person but also utilise
video conferencing technology where appropriate to ensure strong attendance across the meeting schedule.
In 2023 trustees also attended a development day hosted by an extemal facilitator which looked at effective
ways of working and governance of the trustee board.
Page 2

Trustees. Annual Re
for the Year Ended 31 December 2024
Our Purposes and Activities
The Objects of the charity as per its Artides 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 resl. 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 direGtion 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
ositiv
acts on the lives of horses
nies 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 Iheir Welfa￿ 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.
o We offer non-judgmental support to equine carers and owners.
We promote responsible equine ownership.
Every equine is treated with dignity and respect.
The core value of the charity is Caring. Our ethos is to improve the quality of life and standards of care for
equines, doing the right thing every time to safeguard each equines welfare. We have a rigorous quality of
life assessment, which is informed by welfare staff, vets. farriers. physiotherapists and dentists and equine
managers based around the five freedoms of welfare, equine wellbeing and medical conditions, to ensure
that each equine's welfare is never compromised.
Page 3

Trustees, Annual Re
ort
for the Year Ended 31 December 2024
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 significant number
of equines across England and Wales in 2024.
Bransby Horses takes into care those horses whose welfare has been severely compromised. those who are
in genuine need. In 2024 we responded to 193 welfare GOn￿rnS logged by the public. Our Field Officers
assessed and visited over 2000 at risk equines. In 2024, 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 advice to owners to improve the lives of equines under their care through our Welfare
helpline and Welfare Team visits.
Collaboration
Bransby Horses continues its vital 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 resources 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 2024, our teams visited horses and owners across national healthcare clinic initiatives to provide education,
health checks, castration and identification services that connects with vulnerable or marginalised
communities.
Sanctua
care
We provided sanctuary for almost 900 horses, ponies, donkeys and mules in 2024. Of these. 633 equines
enjoyed a loving home. thanks to our fosterers through our Perfect Partners ￿horning scherne.
Our purpose built isolation facility- the Animal Reception Centre (ARC) l¢)oks afterany new inlakes. Our teams
are trained and experienced with animals who may be unwell, emaciated. fearful or aggressive due to the
treatment they have previously received. The teams provide non-judgmental care and each animal is treated
with compassion and dignity. Assessments of wellbeing and medical conditions are undertaken, alongside
screening for infectious diseases which could make other animals sick. The ARC may also care for equines
on behalf of other equine charities and organisations within the UK pending prosecution. At times the ARC
can be full to capacity, as the time an equine has to remain within the centre can vary significantly on a case
by case basis.
Page 4

Trustees, Annual Re
ort
for the Year Ended 31 December 2024
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 although these levels are carefully
managed to ensure the best possible care can be provided. Equines are placed at one of our yards which
best meet their needs. Nervous 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 rehorning scheme. The 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 scheme seeks to match fosterers requirements to the equines in our care and
thus Greate 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 2024, our amazing fosterers provided loving homes, with new contracts totaling 117 through our rehoming
scheme and a total of 633 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 committed 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
advice and learning opportunities. Education is key to raising awareness and knowledge at every level in
society with the aim to improve equine welfare and redu￿ 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 extemal
guest speakers.
When possible, children and interest groups are provided with advi￿ 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 talks 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
Services on how to approach emergency equine scenarios such as entrapped animals.
Page 5

Trustees, Annual Re
ort
for the Year Ended 31 December 2024
Fundraisin
Activi
Bransby Horses is a member of th8 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 staff 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 frorn supporters in
a timely rnanner and maintains accurate and up to date infonnation on its database in-line with the
requirements of the General Data Protection Regulations (GDPR). The charity'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 relating to fundraising in 2024.
The charity also operates a visitor centre at its site near Lincoln. The visitor ￿ntre is used as a platform 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 Horses Tradin
Limited
The prlnclpal activity of Bransby Horses Trading Limited, a 100¥0 owned subsidiary, is general trading in
goods of various kinds including branded items of stationery. cards. giftware, a café. 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 promoting
the charity's work to this large audience of supporters and visitors. The trading subsidiary historically rented
land from the charity which was not used for grazing purposes, to farm as arable under a contract farming
agreement. However, 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 2024
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 charity accomplished a number of notable achievements and
activities during 2024, a few of which are highlighted below:
Forged a partnership with Lincolnshire Police towards improving the welfare and safety of loose
horses across the county with donated head collars and lead ropes from Cobbs Country Store to assist
with this work. The plan is to roll this out to both Humberside and Nottinghamshire forces in future.
Worked with other emergency ServI￿S to expand knowledge and provide large animal rescue training.
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.
Page 6

Trustees, Annual Re
ort
for the Year Ended 31 December 2024
Supported the British Horse Society {BHS) with Healthcare and Education Clinics covering worming
to weight management, castrats'on, 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 identification and registration, pasture management, track
systems and alternative grazing systems. The success of these events means that we will continue
with these into 2025 to raise awareness of our work and to support and influence we5fare culture
holistically.
Participated, alongside other leading equine organisations, in the campaign to raise awareness about
strangles as part of Strangles Awareness Week.
Attended Appleby Horse Fair as part of a charity network to monitor equine health and well-being.
Worked with Austin Davis Biologics to further non-invasive research into equine tapeworm
infestations.
Awarded the Visit England Gold Accolade for the second time.
Worked with Nottingham University Vet School on research projects and data analysis which Is
beneficial to both the charity and the university.
A closer working relationship with the University of Lincoln has been forged and has resulted in joint
working projects covering equine behavior, track systems and parasite loads.
Worked with our local community to create a pemissive pathway across our land giving easier access
for residents to access our facilities and improve their health and wellbeing in sharing our beautiful
landscape.
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 2024 which will assist
with managing our finances and supporters journey.
Our team of in-house energy ambassadors continued to identify and promote simple changes for
maximum affect which will reduce our energy consumption. save money and promote environmental
awareness. 2024 saw a focus on reducing water consumption.
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
only in the best interests of the horses. During the year total expenditure including taxation was £7.9m, of
which £6.7m was spent directly on charitable actrvities.
Page 7

Trustees, Annual Re
ort
for the Year Ended 31 December 2024
2024Expenditure Summary
Trading Operations
Charitable Activlties
859/0
Costs of Generating Funds
10/.
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 all that we do. We take this responsibility extremely seriously and work hard to ensure that
we use donations to best effect. Although interest rates and the higher levels of inflation seen over recent
years have started to stabilise and fall, these have placed significant pressure on the charity's costs base.
With this in mind, alongside our strategic commitment of financial sustainability, the charity has had to take
action within the year to reduce its costs. This being paramount to ensure that we do not deplete our reserves
outside of their intended purpose indefinitely. Unfortunately, this wasn't restricted to just non-pay related
costs and has had an impact on staffing levels. This situation was handled as sensitively as possible with
those directly involved, whilst being as open with our supporters as we could. Although the majority of those
departing did so on a voluntary basis, this does not hide the fact that such are the pressures we face, it has
sadly resulted in us saying goodbye to some very good and well respected members of our team. However,
we also recognise difficult decisions such as these need to be taken for the long term benefit and stability of
the charity. The conclusion of this restructuring, we believe, allows the charity to deliver its objects in a more
cost-effective manner, whilst maintaining maximum ability to impact and influence welfare culture and support
the lives of those equines within in our care. The trustees are content that this work will contribute towards
the financial sustainability of the charity alongside plans to seek further efficiencies.
2025 will see further planned policy changes wilh additional increases to minimum wages and employer
national insurance contributions. This creates further pressure with expectations to maintain standards of
living for our staff. whilst also delivering the best possible care to all of our equines. 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. We are continuing
therefore to challenge ourselves and seek further opportunities to reduce operating costs further without
affecting our charitable impact.
As we navigate into 2025 and beyond, it is clear that world economies are experiencing significant changes
and challenges with the likelihood these may take time to stabilise. The charity therefore rernains mindful
and cautious of a potentially protracted return to more prosperous times for its own fInan￿S and those of its
supporters. We remain alert to the impact this could have and regularly review our plans accordingly.
Page 8

Trustees, Annual Re
ort
for the Year Ended 31 December 2024
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 scherne has allowed us to place equines successfully in foster homes and
demand remains strong allowing the charity to create this space for new intakes.
Ensuring the long term viability 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 temi sustainability of some of the grazing and our
ability to provide optimal grazing conditions for maximal equine health into the future. Additional grazing was
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 careful and diligent custodians of our estates.
We have continued to work with the relevant local agencies on flooding and flood risk during 2024. 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 ourassistance and care. The plan has five main commitments
split into two direct welfare commitments as follows:
Page 9

Trustees, Annual Re
ort
for the Year Ended 31 December 2024
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 Gare, rehabilitation and
training to equines.
C) Rehoming Our successful rehoming scheme continues to reflect our dedic8tion to
both equines and fosterers.
2 Influencing Welfare Culture - Through knowledge, learning and non-judgmental advice, 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 Resource and Environmental Development- We have the appropriate facilities and infrastructure,
including internal systems and processes. We will ensure that our operations are fit for purpose and
future proof, whilst being mindful of the impact and role we play in protecting the environment.
5 Financial Sustainablllty 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 recognised 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, 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 in a way which is mindful of the environmental impact in our day to day decision making.
Page 10

Trustees, Annual Re
ort
for the Year Ended 31 December 2024
Principal Risks and Uncertainties
The trustees have a formal Risk Register to identrfy the risks fa￿d 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 on-going global economic challenges, 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 with plans being implemented in
2024 and beyond.
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
conditions and all are prone to the various equine illnesses that are present in the national herd. Whilst 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.
Unpredictable outbreaks of disease are always costly and usually require extensive use of medlcines and
veterinary attention as well as resulting in an increase in staff costs.
Financial Review
The group statement of financial activities shows net surplus of £597,002 compared to a net deficit of
£541,853 in 2023. This figure includes both realised and unrealised gains on investments. These net gains
on investments amounted to £1.718,946 compared to £1,427,013 in 2023 and were attributable to
Improvements in the economic outlook towards the end of 2024 as inflation and thus interest rates and began
to stabilise across the UK and overseas. In addition, charities SORP requires the inclusion of legacy income
which is yet to be received but which can be identified and valued appropriately at the end of the financial
year. For 2024 this figure amounted to £3.396.169 compared to £2,782,900 in 2023. The resulting position
without the net gains on investments or anticipated legacy sums are a deficit in 2024 of £4,518,113 against a
deficit in 2023 of £4,751,766.
The finances of the group are kept under review by the trustees and their advisors on a regular basis. 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 increase in value during 2024 allowing the charity to withdraw sums
to support its short tem liquidity requirements with little overall impact on the total market vlaue. 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 other¥vise be generated so long as a level of reserves is
maintained as agreed by trustees. This will be monitored on a regular basis.
Page 11

Trustees, Annual Re
ort
for the Year Ended 31 December 2024
A deficit for 2024 was approved by the trustees as part of the budget setting process. Whilst a deficit is also
forecast for 2025, financial sustainability is a key objective of the charity's strategic plan and work commenced
in 2023 to review the charity's operating model and financial resilience in times of uncertainty. This work will
continue into 2025, 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 the trustees, based on applications received. In 2024 there
were no such applications or awards granted.
Performance of the Trading Company
The trading company recorded a loss before tax of £23,512 (2023 profit before tax of £9,951). 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. Tumover for the trading company as a
whole reduced to £387,377 from £469,762 in 2023. The majority of this reduction was due to the planned
cessation of farming activities.
The café generated turnover of £241,024 (2023: £239,852). Despite the increased turnover, cost pressures
resulted in a loss excluding tax for the year of £23,526 (2023 loss before tax £10,621). The wider contribution
of the café in terms of engagement for visitors is fully recognised however work continues to minimise losses
in future.
As planned the contract farm arrangement reverted to a lease agreement for 2023 onwards. The resulting
income being received by the charity as the landowner. There were no sales and costs associated for 2024
and figures included for 2023 represented the remaining crops sold in that year 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 increased to £82.741 compared to £78,018 in 2023. This
resulted in a net loss of £7,511 in 2024 compared to a loss of £17,677 in 2023. Work is continuing to assess
and return this area of trading back to profit in future years.
The Gift Shop recorded a net profit for 2024 of £7,527 (2023: profit £10,417) on turnover of £63.613 (2023:
£83,402). Although margins were hit due to increasing costs it was reassuring that a profit was still recorded.
Page 12

Trustees, Annual Re
ort
for the Year Ended 31 December 2024
Public Benefrt
All charities are expected to provide public benefrts 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 frorn local authorities, police, RSPCA and
members of the public, including a welfare advi￿ line.
working with The Police, Fire and Rescue Service and local authorities in England and Wales
developing methods and training to help officers manage stray horses effectively;
taking into care from the RSPCA and local authorities 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;
provlding a mixture of opportunities and activities for volunteers, which cater for their well-being and
career development requirements;
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 Apprenticeship Schemes.
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
for the Year Ended 31 December 2024
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 form an important part of that
duty of care. Holding reserves help to maintain financial stability and allow the charity to meet its
commitments, continue to undertake work, and deliver sen4ices, 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 concem that charitable
assets are not being used for a charitable purpose.
A balance, which therefore demonstrates that the level of reserves are acting to protect 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 refleGt 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 400 equines on the farm in sanctuary care (this number was 262 at the end of 2024); and a further
633 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 £7.4m per annum,. therefore, a level of £14.8m 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 risk
The charity is heavily reliant upon voluntary income with a large proportion being generated from legacies.
Whilst this income stream is regularly monitored and reported to the trustees there is a degree of
Un￿rtaintY about its long-term sustainability.
Included in the current level of free reseNes 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 2024 this amounted to £3,396,169 {2023 £2,782,900).
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 downturn 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 2024
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 provldes for the further development of all of the services the charity offers to
help horses in need of care and assistance in the main Equine Welfare Commitments: Welfare Impact
& Sustainability which includes a) Rescue, b) Care, Rehabilitstion 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 £0.5m and may be increased through an
annual conversation and agreement 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
committnent on Financial Sustainability. Given operational issues, changes in economic circUmstan￿S 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 2024
Reserves Policy
Risk of infection,
£2,000.000
Income risk,
£2,000,000
Future development,
£583,512
Future expenditure,
£14,800,000
The total required resenies equates to approximately £19.4m and general funds available at the year-end
totaled £31 m (2023 £30m).
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
reGognise 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 tolerance with the objective of achieving a portfolio total retum,
including dividends, interest, rent or other income, and capital appreciation, of at least CPI Inflation + 3.50/0
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 balance 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 arl attempt to manage the risk to reputation and
align the charity's long-term investments with the mission:
No direct investment in arrnaments productions.
No direct investment in tobacco.
No direct investment in gambling.
No direct investment in pornography.
No direct investment in companies which undertake animal testing for non-pharmaceutical purposes
except where required by law or regulation to do so.
Page 16

Trustees, Annual Re
for the Year Ended 31 December 2024
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 retums whilst also delivering against ESG objectives.
During the year revenue income from investments was £747.310 (2023: £750,730). The market value of
investments is closely monitored by the trustees and their agents. Regular updates and presentations on the
performance of fund portfolios are provided to trustees through quarterly meetings of the Finance and Audit
Subcommittee and trustees meet with investment managers at least annually.
Qualifying Third Party Indemnity Provisions
Qualifying third party provisions made by the charity are in force for the benefit of the trustees.
Page 17

Trustees. Annual Re
ort
for the Year Ended 31 December 2024
Reference and Administrative Details
Trustees
Dr S J Dolan
Mrs H C Elston
Mrs C N Fisher (Chair from 05 March 2024 to 24 April 2025)
Dr R Gillespie
Miss K McFee (Chair to 05 March 2024, resigned 14 June 2024)
Mr M J Pickles (Vice-chair & Treasurer to 24 April 2024, Chair from 24 April 2025)
Mr J Robinson (Appointed 11 September 2024. Treasurer from 24 April 2025)
Chief Executlve Officer
Mrs J Snell
Secretary
Miss D Hall (resigned 10 September 2024)
Mr S Deville (appointed 10 September 2024)
Registered Office
Bransby House
Bransby
LINCOLN
Llncolnshire
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 2024
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
Mercury Place
St George Street
LEICESTER
LE11QG
Page 19

Trustees, Annual Re
ort
For the Year Ended 31 December 2024
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 Practice) inGluding Financial Reporting Standard 102 "The Financial
Reporting Standards applicable in the UK and Republic of Ireland..
Company law requires the trustees to prepare financial staterments 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 f5nancial 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 financial statements;
prepare the financial statements on the going concem basis unless it is inappropriate to presume
that the charitable company will continue in business.
The trustees a￿ 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
flnanclal statements comply with the Companies Act 2006. They are also responsible for safeguarding 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 companVs 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 information.
AUDITORS
The auditors, Nicholsons Audit (Statutory Auditors), will be proposed for re-appointment at the forthcoming
Finance and Audit Subcommittee meeling and for approval at the Charity Board meeting.
This report has been prepared in accordan￿ with the special provisions of Part 15 of the Companies Act
2006 relating to medium companies.
FOR AND ON BEHALF OF THE BOARD:
Mr M J Pickles- Trustee (Chair)
Date: 03 June 2025
Page 20

Re
ort of the Inde
endent Auditors to the Members of
Bransb Horses
istered Number 03711676
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 2024 which cornprise the Consolidated Statement
of Financial Activities, the Consolidated Statement of Financial Position, the Consolidated Statement of Cash
Flows and notes to the financial statements. 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 2024 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 accordan￿ with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and
applicable law. Our responsibilities under Ihose standards are further desGribed in the Auditors,
responsibilities for the audit of the financial statements section of our report. We are independent of the group
and parent charitable company in accordance 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 concem 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 cast significant doubt on the group and parent charitable
company's ability to continue as a going concem for a period of at least twelve months from the date when
the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Irustees with respect to going concern are described in the
relevant sections of this report.
Other information
The trustees are responsible for the other information. The other infomiation 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 information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 21

ort of the Inde
endent Auditors to the Members of
Bransb Horses
istered Number 03711676
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 Othe￿ISe appears to be materially misstated. If we
identify such material inconsistencies or apparent material misstatements, we are required to detennine
whether this gives rise to a material misstatement in the financial statements themselves. If, based on the
work we have performed, we conclude that there is a material misstatement of this other infomiation, 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
requirements.
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 requires us to
report to you if, in our opinion:
adequate accounting records have not been kepl or returns adequate for our audit
have not been received 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 inforrnation 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 trustees 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 assuran￿, 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 frorn 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
Re
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 industry 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 and 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 governance 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 internal 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 override 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 to 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 Con￿alment, forgery, collusion. omission, or misrepresentation.
Page 23

ort of the Inde
endent Auditors to the Members of
Bransb Horses
istered Number 03711676
A further description of our responsibilities for the audit of the financial statements is located on Ihe Financial
Reporting Council's website at www.frc.or
.uklauditorsres
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 accordan￿ 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.
Mklu
Steve Robinson (Senior Statutory Auditor)
for and on behalf of Nicholsons Audit (Statutory Auditors)
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN
Date..
Page 24

Consolidated Statement of Financial Activities
includin
consolidated income and ex
enditure account
for Year Ended 31 December 2024
Unrestricted Restricted Total Funds Total Funds
Note
Funds
Funds
2024
2023
IncowE
Donations and legacies
Activities for generating funds
Commercial trading operations
Investment income
5.076,020
291,569
387,377
857,537
136,930
6,749,433
g64
5,076,984
291,569
387,377
857,537
136,930
6,750,397
4.505,411
260,394
469,762
847,703
120,148
6,203,418
Other incoming resources
Total incoff
964
Expenditure
Commercial trading operations
Costs of generatlng funds
Operation of the charity
Totsl expenditure
Net expenses before tax for the
year
Tax payable
Net (expenditure) after tax before
investThnt {losses)Igains
Net gainsl(losses) on investments
384,125
795,188
6,692,133
7,871,446
384,125
795,188
6,693,097
7,872,410
431,505
777,984
6,958,270
8,167,759
964
964
(1,122,013)
(1,122,013) (1,964,341)
14
(69)
(69)
4,525
(1.121.944)
{1,121,944) (1,968,866)
16
1,718,946
1,718,946
1,427,013
Net (expenditure) and net
Ve￿Ent in funds for the year
Reconciliation of funds
597,002
597,002
{541,853)
Total funds brought forward
Total funds carried forward
49,326,212
49,923,214
49,326,212 49.868,065
49,923,214 49,326,212
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 2024
Group
2024
Group
2023
Charity
2024
Charity
2023
Note
Fixed assets
Tangible assets
Investments
15
15,539,241
15,998.629
15,537,615
15,996,822
16 27,625,768 27,989,997 27,625,868 27,990,097
17
965,000
965,000
965,000
965,000
Investm ent properties
44,130,009 44,953,626 44,128,483 44,951.919
Current assets
Stock
221,591
3,586,190
15,059
2,349,399
6,172,239
208.474
2,969,478
14,266
1,611,283
160,386
3,585,674
15,059
2,306,834
6,067,953
118,542
3,020,440
14,266
1,511,508
Debtors
18
Short-term deposits
Cash at bank and in hand
4,803,501
4,664.756
Creditors
Amounts falling due within one year
Not current assets
19
(379,034) (430,915)
5,793,205
4,372,586
(354,566)
5,713,387
(395,250}
4,269,506
Total assets less current
Ilabilities
49,923,214 49,326,212 49,841,870 49,221,425
Funds
21
Non Gharitsble trading
Unrestricted funds
81,344
104,787
28,870,346 25,543,738 28,870,346 25,543,738
3,885,397
6,542,837
3,885,397
6,542,837
17.086.127 17,134,850 17,086,127 17,134,850
49,923,214 49,326,212 49,841,870 49,221,425
Investment revaluation fund
Designated fvnds
Total charity funds
The financial statements were approved by the Board of Trustees and authorised for issue on 03 June 2025
and were signed on its behalf by:
Mr M J Pickles, Chair of Trustees
Mr J Robinson. Treasurer
The notes at pages 28 to 46 form part of these accounts
Page 26

Statement of Cash Flows and Consolidated Statement of Cash Flows
for Year Ended 31 December 2024
Group
2024
Group
2023
Charity
2024
Charity
2023
bte
Cash flows from operating
activities
23 (2,144,398) (2.745,716) (2,087,189) (2.760,227)
Cash generated from operations
23
Cash flows from investing
activities
Investment income
857,537
847,703
857,537
847,703
(99,124) (223,049)
(99,124) {223,049)
(10,554,567) (4,031,793) {10,554,567} {4,031,793)
41,720
9,264
41,720
9,263
12,576,402 5,558,855 12,576,402 5,558,855
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of tangible fixed assets
Sale of fixed asset investments
Net cash provided by investing activities
2,821,968 2,160,980 2,821,968 2,160,979
Changes in cash and cash
equivalents in the reporting period
677,570 (584,736>
734,779
(599,248)
Cash and cash equivalents at the
beginning of the reporting period
Total cash and cash equivalents at
the end of the reporting period
24 1,828,325 2,413,061
1,728,547 2,327,795
24 2,505,895 1,828,325 2,463,326 1,728,547
The notes at pages 28 to 46 fonn part of these accounts
Page 27

Notes to the Financial Statements
for the Year Ended 31 December 2024
Accounting Policies
Basis of preparing the financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities:
Statement of Recommended practi￿ applicable to charities preparing their accounts in aGcordance 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 Reporting 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, £2.4m in cash
and short term deposits and net current assets of £5.8 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 consolidate the results 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 December 2024
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 wilh 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 receipt.
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 company for particular purposes. The cost of raising and
administering Such 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 allocated 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 category.
Expenditure directly attributable to specific activities has been included in those cost categories. Other costs
are apportioned to cost categories based on estirnates 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 govemance costs,
that are not directly attributable to charitable activities or fvndraising. These costs are allocated based
primarily on head Gount. 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 2024
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 fixed 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.
Depreciation 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 % Straight line
Freehold property improvement 4Q/o Reducing Balance
Fencing, motor and machinery 10 % 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 atthe 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 2024
Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are
recognised in the aGGounts only when the entity becomes paty 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 accountlng 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 lives and residual values
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economlc
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 estirnates 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
Ilmited 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 the 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 2024
Financial performance of the charity
The consolidated statement of financial activities includes the results of the charity's wholly owned
subsidiary.
The summary financial perforrnan￿ of the charity alone is:
2024
2023
Income
6,384,211
(7,482,712)
1,718,946
620,445
5,756,913
(7,731,205)
1,427,013
(547,279>
Expenditure on charitable aclivities
Net gainsl(losses) on investrnents
Net (expenditureyincome before tax
Corporation tsx
Net income after tax
620,445
49,221,425
(547,279)
49,768,704
49,221,425
Tot81 funds brought forward
Total funds carried forward
49,841,870
Represented by:
General funds
28,870,346
25,543,738
Restricted income funds
Investrnent revaluation fund
3,885,397
17,086,127
6,542,837
17,134,850
Designated funds
49,841,870
49,221,425
Donations and legacies
2024
2023
Gifts
687,762
596,325
Legacies
4,389,222
3,909,086
5,076,984
4,505,411
The income from donations and legacies was £5.076.984 (2023: £4,505,411) of which £5,076,020
was unrestricted (2023: £4,505.411) and £964 restricted (2023: £Nil).
The charity benefits greatly from the invotvement 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 2024
Income from charitable activities
Unrestricted
funds
Unrestricted
funds
2024
2023
Raffle tickets
145.155
146.414
127,038
133,356
Adoptionslregular giving
Total income from charitable
activities
291,569
260.394
Income 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".
2024
2023
Turnover
387,377
(410,889)
(23,512)
69
469,762
(459,811)
9,951
{4,525)
5,426
Cost of sales and administration costs
Net profit before tsxation
Taxation
ProfiV(loss ) after taxation
(23,443)
Assets
116,987
(35,542)
81,445
193,454
(88,567)
104,887
Liabilities
Aggregate s hare capital and reserves
Cost of sales and administration costs
The above include recharges from the charity of
Balance
(410,889
26,764
(384,125)
459,811
28,306
(431,505)
Included within £410.889 (2023: £459,811) is £26.764 (2023: £28,306} being recharges from the charity
which have been removed on consolidation.
Page 33

Notes to the Financial Statements
for the Year Ended 31 December 2024
Investment income
2024
2023
Dividends and other income from
investment portfolio
Bank and other interest
747,310
750,730
28,19)
82,037
857,537
13,284
83,689
847,703
Rental income
Costs of generating funds
2024
2023
Cost of generating voluntary income:
Printlng and postage
Advertising
Legal and professional fees
Raffle expenses
Other costs
Investment management costs
Allocated support costs (see note 10)
222,151
43,979
12,076
31,034
81,034
120,592
284,322
212,427
64,082
22,972
20,268
48,872
117,464
291,899
795,188
777,984
Page 34

Notes to the Financial Statements
for the Year Ended 31 December 2024
Analysis of expenditure on charitable activities
2024
2023
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
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
Alocated support costs (see note 10)
Governance costs (see note10)
2,896,924
573,988
121,028
15,102
63,011
4,461
7,024
709
14,757
22,315
51,580
17,414
178,738
183,529
(41,720)
2.558,899
25,338
6,693,097
2,897,116
650,800
175,685
23,874
94,235
7,066
6,096
4,238
13,668
31,553
33,819
17,608
98,691
213,520
40,801
2,627,092
22,408
6,958,270
Expenditure on charitable activities was £6,693,097 {2023'. £6,958,270) of which £6.692,133 was
unrestricted (2023: £6,958,270) and £964 was restricted (2023.. £Nil).
Page 35

Notes to the Financial Statements
for the Year Ended 31 December 2024
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 governan￿ function.
Support costs
2024
2023
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
Offlce equipment
Stationery
Travel expenses
Computer & soflware costs
Security
Pest control
Freehold land and building depreciation
1,464.139
23,046
53,520
280,913
90,447
110,380
(2.139)
26,132
65,792
232,473
25,337
359
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
5,966
262,934
1,739
3,674
196,064
Allocation of support costs
Costs of generating funds
Charitsble activities
284,322
2,558,899
2 843,221
291,899
2,627,092
2,918,991
Page 36

Notes to the Financial Statements
for the Year Ended 31 December 2024
Governance costs
2024
2023
Audit and accountancy
Trustee expenses (see note 11)
23,938
1,400
20,488
1.920
Fees paid, including VAT, to the auditors for audit of the charity's consolidated financial statements
were £13.600 (2023: £13,200).
11
Analysls of staff costs, trustee remuneration and expenses, and the cost of key management
personnel
2024
2023
Salaries and wages
Social security costs
Pension costs
4,058,098
346,250
153 635
4,557,983
4,125,803
345,042
155.899
4,626.744
Pension costs are allocated to activities in proportion to the related staffing costs incurred and are
wholly charged to unrestricted funds.
The charity trustees were not paid or received any other benefits from employment with the charity or
its subsidiary in the year (2023: £Nil). Trustee expenses relating to travel. accommodation and
refreshments during the year amounted to £1,400 (2023: £1,920). No charity trustee received payment
for professional or other services supplied to the charity (2023: £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:
2024
Number
2023
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 2024
The key management personnel of the parent charity. comprise the trustees. CEO. Deputy CEO and
the Executive Director(s). The total remuneration of these key management personnel are as follows:
Key Manage￿Ent Personnel Costs
2024
2023
Total remuneration
315,098
338,154
The total remuneration of the Chief Executive Officer was as follows:
2024
2023
Salary (including Employers Nl)
Pension costs
Taxable benefits
Total remuneration
104,141
7,568
103,536
7,189
111,709
110,725
12
Staff numbers
Head count was 145 staff (2023.. 191 staffj and the average number of full-time equivalent employees
(including casual and part-time staff) during the year were as follows:
2024
2023
Number
Number
Charitable activities
Cost of generating funds
nagement and administration of the
charity
87
12
104
21
18
25
117
150
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
£151,598 (2023 £124,932). These purchases were under normal trading temis and at the year end
the balanGes within creditors was £9,181 (2023 £5,549).
Page 38

Notes to the Financial Statements
for the Year Ended 31 December 2024
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 (refund)Icharge on the profit on ordinary activities for the year was as follows-
Group
2024
Charitable company
2024
2023
2023
Current tax".
UK corporation tax
Deferred taxation
(35)
(34)
(69)
4.704
(179>
4,525
Page 39

Notes to the Financial Statements
for the Year Ended 31 December 2024
15
Tangible fixed assets - Charitable company
Freehold
land and
buildings
Plant,
mtor and
rrAchinery
Totals
COST
At 1 January 2024
Additions
Disposals
At 31 December 2024
DEPRECIATION
18,336.755
1,977,783
99,124
99,060
1977 847
20,314.538
99,124
99,060
20.314.602
18.336,755
At 1 January 2024
Charge for year
Transfer between codes
Eliminated on disposal
At 31 December 2024
2,780,792
374,802
10
1,536,924
183,529
(10)
4,317,716
558,331
99,060
4,776,987
3,155,604
1621383
NET BOOK VALUE
At 31 Decernber 2023
At 31 December 2024
15,555,963
15,181,151
440,859
356,464
15,996,822
15,537,615
Page 40

Notes to the Financial Statements
for the Year Ended 31 December 2024
15
Tangible fixed assets- Group
Freehold
land and
buildings
Plant,
tor and
trAchinery
Totals
COST
At 1 January 2024
Additions
Disposals
At 31 December 2024
18.381.66g
1,984,960
99,124
20,366,629
gg.124
18 381669
1985,024
20 366 693
DEPRECIATION
At 1 January 2024
Charge for year
Transfer be￿een codes
Eliminated on disposal
At 31 December 2024
2,824.575
374,869
(551)
1,543,425
183,643
551
99 060
1628 559
4,368.000
558,512
3 198 893
4 827 452
NET BOOK VALUE
At 31 December 2023
At 31 December 2024
15,557,094
15.182,776
441,535
356,465
15,998,629
15,539,241
Included in land and buildings is freehold land amounting to £9,628,232 {2023: £9,628,232) which has
not been depreciated. Also included within land and buildings is a nominal amount relating to land
which is rented out to local farmers, this land is not suitable for grazing. The arnount received during
the year for land rents amounts to £55,226 (2023: £57,116).
Page 41

Notes to the Financial Statements
for the Year Ended 31 December 2024
16
Investments- Charitable company
The charity holds 100 shares 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 cornpany are summarised in note 6.
Investments - Group and charitable company
Listed
Cash
Totals
rket value at 1 January 2024
ditions to investments at cost
Disposals at carrying value
Net cash movements
27,787,221
10,554,567
(11.787.229)
202,776
27,989,997
10,554,567
(11,787,229)
61,340
26,695,995
929,773
27.625,768
23,740,373
61,340
141.436
26,554.559
929,773
27 484 332
23,598,937
Net profit on revaluation al 31 December 2024
rket value at 31 December 2024
Cost of investments at 31 December 2024
Investment revaluation resep4e at 31 December
2024
Cost of investments at 1 January 2024
Listed investments comprlse:
141,436
141,436
3,885,397
3.885.397
21,244,386
202,776
21,447,162
Quilters:
Listed
BondslFixed Interesucash Products
Equities
Alternative InvestmentslProperty
2,200,253
6.360,221
1,273,909
Barclays Wealth:
BondslFixed Interesucash Products
Equities
AJternative InvestmentslPropety
Iti Asset Class/Other
1.708,307
6,105,473
1,280,491
271,908
Charles Stanley.
BondslFixed Interest
Equities
Ajternative Investm entslPropety
1,310,586
6,315,207
657,977
27,484,332
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 2024
17
Investment property - group and charitable company
Total
FAR V￿UE
A 1 January 2024
Revaluation
At 31 December 2024
NET BOOK V￿UE
965,000
965,000
At 31 December 2024
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 this value the maximum additional corporation tax due would
be £Nil.
If investment property had not been revalued it would have been included at the following historlcal
cost:
2024
2023
Cost
Aggregate depreciation
Net book value
1,239.573
{322,283)
917,290
1.239,573
(297,492)
942,081
Page 43

Notes to the Financial Statements
for the Year Ended 31 December 2024
18
Debtors
Group
2024
Charitable conyany
2024
2023
2023
Due within one year:
Amounts due from trading subsidiary
Trade debtors
Other debtors
Accrued inGome
Prepayments
(84)
1,255
52,818
1,255
1,001
2,667
2,667
3,410,157 2,784,840 3,410,157 2,782,900
172,365
183,467
172,365
183,467
3,586,190 2,969,478 3,585,674 3,020,440
19
Creditors- Amounts falling due within one year
Group
2024
Charitable company
2024
2023
2023
Trade creditors
160,278
147,926
154,597
11,073
69,278
119,618
354,566
142,694
Amounts due to trading subsidiary
Other taxation and social security
Accruals
87,542
131,214
379,034
108,120
174,869
430,915
88,301
164,255
395,250
20
Operating lease commitments
Group
2024
Charitable company
2024
2023
2023
Expiring:
Within one year
10,000
10,000
Page 44

Notes to the Financial Statements
for the Year Ended 31 December 2024
21
Analysis of charitable funds
Balance 1
January
2024
Incoming Resources
Othe r
resources expended mveff£nt
Funds 31
December
2024
Trading company reserves
General funds
Investment revaluation
104,787
387,377 {410,820)
81,344
25,543,738 6.362.056 (6.902.295) 3.866.847 28.870,346
6,542,837
2,657,440
3,885,397
32,191,362 6,750,397
1,209,407 32,837,087
7,314,079
Designated funds
Capital project fund
Fixed asset fund
288,028
16,846,822
17,134.850
295,484
583,512
214,124 16,502,615
509,608 17,086,127
558,331
558,331
Total funds
49,326,212 6,750,397 (7,872,410) 1,719,015 49,923,214
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 (2023 £Nil)
ital
ro'ects authorised but not contracted for
Balance
2023
Movement
in
provision
Provision
spent in
the year
Balance
2024
Fleet
(20,652)
143,714
107,513
144,761
19,272
394,608
(9,348)
(43,241)
(21,263)
25,000
176,762
145,750
236,000
General
76,289
59,500
91,239
6,000
288,028
and telecommunications
Site development
Veterinary equipment
25,272
{99,124}
583,512
The capital projects fund has been designated by the Trustees for the major capitsl expenditure
expected during 2025 as set out above, sorne of which has been carried forward from 2024.
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 2024
22
Analysis of group net assets between funds
Designated
funds
General
funds
Restricted
funds
Total
Fund balances at 31 December
2024 are represented by.
Tangible fixed assets
Investm ents
15,537,615
1,548,512
1,626
27,042,256
6,172,239
(379,034)
32,837,087
15,539,241
28,590,768
6,172,239
{379,034)
49,923,214
Current assets
Liabilities
Total net assets
17,086,127
23
Reconciliation of net (expenditure) to net cash flow from operating activities
Group
2024
Charitable company
2024
2023
2023
Net expenditure in funds for the
reporting period (as per the
Statem ent of Financial Activities)
Adjusted for".
597,003
(541,854)
620,445
(547,280)
Depreciation charge
Incom e shown in investing
activities
558.512
516,956
558,331
516,162
{857,537)
(847,703)
(857,537)
(847,703}
Lossl(Profit) on disposal of fixed
assets
{41,720)
40,951
(41,720)
40,801
Lossl(Profit) on disposal of
investments
(789,173)
(209,830)
{789,173}
(209,830)
Lossl(Profit) on revaluation of
investments
(929,773) (1,217,183)
(929,773) (1,217,183)
(Increaseydecrease in stock
( Increase)Idecrease in debtors
Increasel{decrease) in creditors
(13,117)
(616,712)
(51,881)
72,866
(357,476)
(202,443)
(41,844)
(565,234)
(40,684)
13,248
{398,803)
{109,639)
Net cash used in operations
(2,144,398) (2,745,716) (2,087,189) {2,760,227)
Page 46