REGISTERED COMPANY NUMBER: 03711676 (England and Wales) REGISTERED CHARITY NUMBER: 1075601 ort of tho Trustees and Flnan¢lal Statements for tho Year Ended 31 December 2025 For Bransb Horsès Bransb Horses istered Number 03711676 Contents of thg Finan¢lal Statements for the Year Ended 31 December 2025 Page Trustees. Annual Report Incorporatlng the Strateglc Report Report of the Independent Audltors 20 Consolldated Statement of Flnanclal Actlvltles 24 Consolidated and Parent Balance Shèet 25 Statement of Cash Flows and Consolidated Statement of 26 Cash Flows Notes to the Financial Statements Trustees, Annual Re ort forthe Ye r Ended 31 December 2025 The trustees are pleased to present their annual directors. report together with the consolidated financial statBm8nts of the charity and its subsidiary for the Year Ended 31 December 2025 which ar8 also prepar8d to meet the requirements for a directors, report and accounls for Companies Act purposes. The financial statements comply with the Charit18s Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Statement of Recommended Practi applicable lo charities preparing their a￿Ount$ in accordance with the Financial Reportlng Standard applicable in the UK and Republic Df Ireland IFRS 102) leffeclive 1 January 2020). Conslltutlon The Charity was founded in 1968 and was registered as a charity soon after. The Registered Charlly Number is 1075601. Bransby Horses (then known as Bransby Home of Rest for Horses) was Regislered 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 same tim8. strutture, Governance and Management The charity's principal and registered office is Bransby House, Bransby. Llncoln, Llncolnshlre. United Kingdom, LN12PH. The trust88s of the charitabl8 company are its Directors and Members and throughout this report are collecliv6ly referrBd lo as the °Iruslees" The trustees serving during the Year Ended 31 December 2025 and to date are as follows.. Dr S J t)olan Mrs H C Elston Mrs C N Fisher (Chair to 24 April 2025) Dr R Gillespie Mr M J Pickles (Chair from 24 April 2025) Mr J Robinson (freasurer from 24 April 20251 Mr A N Budenberg (App¢inted 20 January 20261 Dr H Wadham (Appointgd 15 July 2026} Dr F Sach IAppoin16d 15 July 2026) The Board of trustees currently meet quarterly as a minimum and more frequently when necessary. From 2026 this will move to a four monthly cycle with the option to meel more frequently remaining. Th8 Articles of Associalion provid8 the trustees with power to appoint tru5t8es with such specialist skills, knowledge or expertise as they think fit. The Board aims to appoint dedicated trustees and ensure they have a diverse set of skills with which to serve the charity. The recruitment. induction and training of trustees are governed by Policies approved by the Board. To inform the way in which it runs, the charity utilises resources from the N8tional Council for Volk2nt8ry Organisations {NCVO), the Charity Commission and where appropriate the charity follows the Governance Code lo ensure high slandards of govornanc&. The Board advertises for trustees on the charity website and other relevant platforms and ensures trustee candidates satisfy the legal compliance standards and requirements prior to appointment. Once appointed trustees receive an induction pack and ongoing training. Trustees are provided with a tour of Ihe sile to introduce them to Executive Directors, managers, staff and volunteers. Trusteos. Annual Re ort for the Year Ended 31 December 2025 Whllst there is no strict legal maximum length of Servi￿ for charity trusle6s In England and Wales, the CharSly Governance Code recommends a maximum tenure of nine years to ensure board renewal and diversity. Bransby Horses do have trustees whose term exceeds the nine year recommendation. The charity is mindful of this and is working towards irnplemenling the maximum nine yeaT t8rm for trustees. However, In doing so, it needs to maintain expertise and knowledge covering certain areas of the charity's activily and therefore is content that in the short term there wlll be trustees who exceed this limit. This wlll cover a transitional period of recruilment until any newly appointed trustees are able to secure the underslanding, knowledge and expertise rgquired, thus minimising risk, and ensuring 8ff8Ctive oversight and management of the charity's operations. The Articles of Association grant the trustees the aulhority to delegate responsibilities lo subcommittees on such lerms and condllions as they consider appropriate. The trustees have delegated powers to the Finance and Audit Subcommittee, the Engagement and Income Generation Subcommittee, and the Equine Health, Welfare & Est818s Subcommittee. Each operales under an approved Terms of Referenc&, which outlines its scope and responsibilities and is chaired by a trustee, with participation from the Chief ExecutSve, Executlve Directors, and relevant managers and staff. These subcommittees currently meet quarterly and report to lh8 trus188s at quarterly Board meetings. From 2026, subcommitlee meetings will move lo a four monthly cycle, with updates provided lo the Board in line with this revised schedule. Salaries for all staff are set annually, calculated uslng industry b8nchmarking and an assessmenl of k8y criteria including expertis8, exp8rience. and areas of responsibility, in accordance with the charily's pay policy. The Board of Trustees revtews and delemiines pay for key roles in line with the charily's pay policy. The Board of trustees are responsible for setting charlty strategy and policies. Policies are reviewed in line with an agreed schedule to ensure they reflect best practic8 and current legislation and are effectively communicated Ihroughoul Ihe charity. Policies, procedures and processes are monitored and reported on regularly and include.. Gov8rnane& incorporating Conflicts of Interest and Risk Management Finance incorporating Investments and ReseNes Data Protection Human Resources incorporating Employment and Volunteer Management Health and Safety Complaints Marketing incorporating Fundraising and Communications Equine Health, Welf8re and Estates Management Safeguarding, Gambling, Anli-fr8ud, Serious Incid8nt Reporting and Whistleblowing The Articles of AssoGiation provide for the delegation of the trustees, powers, functions. and implem8ntation of decisions on day-to-day management of the affairs of the charity to any person they think fil. The daily management of the charity Is delegated to and undertaken by the Chief Executive, Joanne Snell, who provid8s r8POrts to the Board to facilitate informed discussion and decision making in the b8sI interests of Ihe charity and is accountable to the Board for the delivery of th8 charity's Strategic plan. Joanne is accounlable for the management of all staff and volunteers and has full delegated flnancial authority. Trustees, Annual Re ort for the Year Ended 31 December 2025 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 ar)d covid but noted that the board had been able to adapl to Ihese and that the outcomes have in fact "made the board and staff team stronger.. There were a llumber of obseNalions and re¢ommended actions,. these have been reported, discussed, and addressed. Trustee meetings and sub-committee meetings operate in person but also utilise video conferencing technology where appropriale lo ensure strong attendance across the meeting schedule. In 2023, Irustees also attended a development day hosted by an external facilitator which looked al effective ways of working and governance of the trustee board. The next external governance review is planned for 2027. Our Purposes and Activities The Objects of the charity as per its Articles of Association are- To prevent and relieve Cruelty to horses, (which expression shall herein include ponies, mules and donkeys), to protect them from unnecessary suffering and for that purpose to promote knowledge of their proper care and treatment among the public., To ameliorale the pain and suffering of horses which are for any reason unfit for work or In need of care by the provision, mainlenance and management of a home of rest or homes of rest, stabling and grazing, or by the provision of suitable work under the supervision of the charity or by arranging for their painless destruction or by any combination of such means aforesaid; and To make grants or such other assistance as is suitable in the circumstances for the prevention of suffering lo horses. The objects of the charity have been interpreted to create our Vision & Mission. During 2022 the strategic plan covering the period 2022-2031 enlilled "Transforming the lives of equines logelhert was launched. This provides clarity and direction to the work that we do in addition to setting the strategic direction of the charity. As part of this the charity confirmed its vision and mission as follows.. Our Vision - A world where all horses have a life worth livin The core business of the charity is the welfare of horses, Ponies, donkeys and mule5 (equlnes). The prlmary role of the charity is lo prevent and relieve suffering to equines through rescue, provide lifelong care and work with communities lo improve the welfare of equines across England and Wales. Our Mission- To create osilive im ads on the lives of horses onies donke s and mules Our aim is lo improve the quality of life and standards of care for equines which suffer as a result of cruelty or neglect and where this is not possible, ensure that their welfare is safeguarded by prevenllng 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 Ihe charity's operation lo ensure it delivers against ils 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 charily's website bransb horses.co.uk. In implementing the plan and adhering lo Ihe 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 besl interesl of an equine. We are completely invested in the care that we provide. We offer non-judgmental support to equine carers and owners. We promote responsible equine ownership. Every equine is troaled with dignity and respect. Page 13 Trustees, Annual Re ort for thè Year Ended 31 December 2025 The core value of the charity is Caring. Our ethos is lo improve the quallty of life and standards of care for equines, doing the right thing every lime lo safeguard each equine's welfare. We have a rigorous quality of life assessment, which is informed by welfare staff, vets, farriers, physiolherapisls. denlisls and equine managers based around the five freedoms of welfare, equine wellbeing 8nd medical conditions, to ensure that each equine's welfare is never compromised. Rescue and welfare su ort across En land and Wales Thanks lo our supporters, we conlinued to provide welfare SUPPOrt and rescue services to a signlficant number of equines across England and Wales in 2025. Bransby Hors8s provides sanGtuary io equines whose welfare has been severely compromised and who are in genuine need of intervention. In 2025, we responded lo 231 welfare concerns reported by the public. Our Field Officers assessed and visited nearfy 4,000 at-risk equines, and 106 horses, ponies and donkeys were rescued and brought directly into care al our Bransby site. This vital work is driven by our strategic commitment to rescue and is delivered through strong collaboralion. Our Welfare Team works closely with local aulhoritlgs, police. trading standards and other equine welfare organisations, often particlpating In large mulll-agency operalions wh&re groups of animals are seized under the Animal Welfar8 Act. We support owners to improve the wellbeing of the equines in their care by offering guidance through our Welfare Helpline and through in-person visits from our Welfare Te8m. Collabcwation Bransby Horses continues its vital work and, wherev8r possible, collaborates with partn8r organisations to pool expertise and resources. By working together rather than duplicating effort or operating in wmpetition. we can focus our capacily where il matters most-preventing unnecessary suffering 8nd delivering rescue seNices to the highest possible standard, ultimately increasSng our Impact on the lives of more equines. The charity has further strenglhened its relationships with olh@r equSne welfare organSsalions and contSnues to work closely with the Nation81 Equine Welfare Council management board. Our Welfare Team takes on lead, co-lead and supporling roles across a range of rescue operations and outreach programmes. In addition, our specialist teams provide 8SSiStance to smaller organlsations. offering expert advlce. praclleal support with rescues, and training where required. In 2025, our teams visited horses and owners through national healthcare clinic initiatives, providing education, health checks, caslration and identification serviGes. These programmes help us reach vulnerable or marginalised communities and support responsible equine ownership. Sanctua care Bransby Horses provided sanctuary for almost 900 horses, ponies, donkeys and mules in 2025. Of these, 654 8quines enjoy a lovlng home through our Perfect Partners rehoming scheme, thanks to the dedicatlon of our foslerers. Our purpose-built isolation facility, the Animal Reception Centre (ARC), cares for all n8w inlak8s. The team is trained and experienced in supporting equines who may be unwell, emacialed, fearful or aggressive due lo previous neglect or mlstrealmenl. Every animal receives compassionate, non-judgment81 care, with assessments of physlcal and emotional wellbeing carried out on arrlval. Medical checks and screening for infectious diseases are undertaken to safeguard the wid8r sanctuary population. The ARC also provides care for equines on behalf of other charitles and organisations pBnding prosecullon. At tlmes, the contre operates at full capacity, as the length of slay can vary significantly depending on the individual case. Pagè 14 Trustees, Annual Re ort for the Year Ended 31 December 2025 While in sanctuary care, many equines require extensive r8habililalion. Our speclalisl leams-including welfare staff. vets, dentists and farriers-provide the expertise, treatment and tailored rehabililalion plans needed to give each equine the best possible future. The farm can accommodate up to 250 equines al any one tlme, with numbers carefully managed lo ensure Ihe highest standards of care. Each equine is placed al the yard best suited to their needs. Nervous or semi-feral equines receive Inlensive one-to.one support at the Peter Hunl Handling Yard, where the leam uses a range of training techniques to build trust and confidence. Walklands Yard cares for special_n8eds herds, including those wlth ¢hronic medical Condillons or that need lifelong care. The Main Yard supports younger horses as they progress through Iheir handling and early education, while the Visitor Centre Yard provides a nurturing environm8nl for our donkeys and Ihose equines who thrive on irKlividual attention. Across our estates, the Estates Team and contractors work tirelessly to ensure safe, nutrilious and well-managed grazing. supporting the long-term health and wellbeing of all 8quines in our care. Rehomin DfE uines Bransby Horses rehomes equines through our Perfect Partner rehoming scheme, which offers rescued horses lh8 chance to enjoy a loving home with dedicated one-tD-one care. Rehoming not only transforms the lives of these equines but also enables the charity to continue its vital rescue work by ensuring that sanctuary spaces remain availabla for horses in genulne ne&d. The scheme focuses on carefully matching each equine with foslerars whose circumstances. experience and expectalions align with the horse's individual needs. This thoughfful approach supports the development of long-lasling, positive relationships. Our commitment lo ev8ry equine is lifelong.. hors8s ready for rehoming receive lallored preparalion, including one-lo-one handling or ridden training, and our teams continug 10 support both Ihe equine and their fost8r8r throughout th8 placement. All rehomed equine8 remain under the charity's care and will always be welcomed back if a fosler agreement comes to an end. In 2025. the generoslty and commitment of dedicated fosterers helped equines across Ihe counlry feel safe and cared for. Through the Perfect Partner Sch@me, 105 equines found loving permanent homes, while a total of 654 equines were 8UPPOrted on Iheirjourney to a brighter future through our rehoming scheme. Some equines are not suitable for rehoming due to complex m8dical conditions or deep-rooled behavioural issues linked to their age or past experiences. Regardless of these challenges, Bransby Horses remains committed to providing each ol these animals with a safe. fulfilling and compassionate home within ¢)ur Sanctuary for th8 rest of their lives. Leamln ortunities and Influencin uine Welfar8 Culture Bransby Horses is committed to shaping a positive and lasting equlne welfare culture 8cross society. We influence standards of care by sharing expertise, modelling best practice and supporting those responsible for equines to make informed, welfare-centred decisions. Through this approach, we help prevent neglect and suffering before il occurs, contributing to syslemic improvement in equine welfare. Our commitment lo influence begins within th8 Gharity. We invest in the capability, consistency and professionalism of our teams to ensure our welfare inleNentions reflect the highest standards. New welfare staff Complete an Equine Skills Passport, embedding a shared approach lo equine care and husbandry, while ongoing conlinuing prolessional development ensures our practice remains evidenc8-led, current and eff8Ctive. Thls Internal culture of learning strength8ns our credibility and impact as a welfare leader. rru5tees' Annual Re ort for the Year Ended 31 December Beyond our organisallon, we exiend our Influence to horse owners, communities and professionals. Through advi￿, events and accessible engag8menl, we promote responsible equine care and raise awareness of welfare needs across a wide range of audiences. Our Welfare Helpline provides praclical guidance lo support belter decision-making, while inclusive facilities ensure our messages reach as many people as possible. We also play a role in shaping future welfar8 practice across the sector. By working with higher edu(xtion inslilutions, veterinary students and professionals, we contribute our practical experlence to the development of those who will Influen￿ equine welf8re in years lo come. Thes8 partnerships help embed strong welfare principles within professional pathways. In addition, Bransby Horses supports emergency seNices by sharing speciallst equlne welfare knowledge, helping responders manage equine-related incidents safely and humanely. This collaboration strengthens mult14gency responses and improves outcomes lor horses and people alike. Through all of this work, Bransby Horses uses its expertise, reputation and reach lo influence attitudes, behaviours and systems helping to creat8 a culture where good equine welfare is understood, expected and upheld. Fundraisin Activit Bransby Horses Is registered with the Fundraising Regulator and ensures that 811 fundraising activities comply with the Code of Fundraising Practice, with particular c8re given to s8fegu8rding vulnerable people. The charily undertakes all fundraising activities directly and does not engage third-paty agencies. All staff involved in fundraising receive in-house training to onsure supporters are treated with faimess, respect and transparency. An annual review is carried out on all ongoing fundraising campaigns, policies and operating procedures. Before any new fundraising activity is launched, staff receive appropriate information, training and support to ensure full understanding and to avoid any risk of misleading supporters. Twice a year, the charity produces Ils main supporter newsleller, Bransby Life, which is mailed to more than 80,000 supporters. This publication provides updates on our welfare work and encourages engagement through general donations. membershlp schemes, regular giving, our twice-yearly lottery and the sale of trading merchandise. Supporter engagement is further strengthened through online plafforms, including our website and social media channels. We respond promptly lo supporter enquiries and maintain accurate, up-lo-dale records in line with the requirements of the General Data Protection Regulation IGDPRI. The ch8rily's largest source of income continues to be legacies, often gifted following long-standing, respectful relationships with our supporters. In 2025, Ihere were no compliance issues relating to fundraising activities, and the charity received no complaints regardlng fundraising. The charity also operates a Visitor Centre at ils sile near Lincoln, which serves as an important platfomi for promoting our work, encouraging public engagement and hosting °Makg a Differ8nce' events as well as regular talks and tours. The Visitor Centre is free to enler, although donations ar8 w8lcomed. Trustees, Annual Re ort forthe Yèar Ended 31 December 2025 Bransb Horses Tradln Bran5by Horses Trading Limited, a wholly owned subsidiary of Ihe charity, carries out general trading activities. including the sal8 of branded slalionery, cards. g￿ftware and the operation of a café. Goods ar8 sold through Ihe mail-order gift catalogue, which is distributed to supporters on the charity's dalabase, as well as through the charily's website. The subsidiary also OP8rales the gift shop and café located at the Vlsltor Centre, for which it pays rent to Ihe charity. Both Ihe mall-order operation and the Visltor Centre play an important role in promoting th& charSty's work and engaging a wide audience of supporters who visit the Slte. Notable Achievem8nts and Performance in 2025 Despile ongoing global challenges. the chariiy vlews its long-tenn strategy as a clear roadmap for sustaSning orgallisalional resilience and continued success. The intention therefore remains to navigate short- and medium-lerm uncertainties while maintaining focus on delivering Ihg objectives sel out within this long-term plan. In support of this approach. the charity achieved a number of significant milestones and undertook a range of impacfful activities during 2025, several of which are outlined bolow. This y8ar, Bransby Horses supported more equines and communities than ever before, reflecting rising need and growing confidence in our services. Demand for help increased significantly. Advice calls rose by 39%. and reports of welfare concerns incre8sed by 20 %, showing that more people are turning to us when horses need support. Engagement with our work also grew. with attondance at events, talks and professional18arning sessions up by 28'/.. Our welfare teams responded lo this increased demand by 8UPPOrting many more cas8s. New welfare cases rose by 71 /0, and we carried out 440/0 more follow-up visits, ensuring horses continued to receive the care and oversight they needed. This demonslrat&s our commitment not just to inteNention, but to sustalned support and pr8venlion of further harm. Overall, these results reflect the strength of our community-based approach. By offering accessible advice, timely inteTvenlion 2nd ongoing monitoring, Bransby Horses helps prevent suffering, supports responsible ownership and creates lasling improvements in equine welfare. In 2025 we supported 3917 equines in this way acros5 our communities. Our welfare response remalned cenlral to the charity's mission throughout the year, removing equines from danger and suffering. Early in 2025, our teams were deployed to support Ihe rescue of five abandoned equines, later ref8rred lo as the Valentine's Group. While two required compassionate euthanasia due lo complex medical ¢onditions, thre8 were successfully slabilised and rehabililaled, demonstrating the professionalism, ¢linic81 exp8rtisg, and dedication of our care teams. One of the most nolable welfare interventions occurred in April, when a critical red bag delivery al Oakham Veterinary Hospital led to the emerg8ncy blrth of foal Tonks. Thanks to swift veterlnary action and coordinated support, both mare and foal survived against significant odds, exemplifying the high stakes nature and lifesaving impact of Dur w81far8 work. Across 2025 106 equines such as the Valentine group and Tonks were admitted to Bransby Horses Animal Reception Cenlre. Page 17 Trustees, Annual Re ort for the Year Ended 31 Decembor 2025 National collaboration further strengthened Bransby Horses, influence within the equine welfare sgctor. In March, we partnered with Nottinghamshire Police to enhance the management and safety of loose horses across the county. This initiative introduced innovative QR coded headcollars, providing attending officers with immediate access ID welfare guidance and contact information, thereby supporting timely and informed decision making. Members of the Welfare Team al80 attended the annual Appleby Hots6 Fair, working 81ongside other equine charities to monitor welfare standards and ensure vulnerable animals received appropriate support. Lat8r in the year. our collaborative efforts expanded into Wales, where Joint work with several partner charities to improve welf8r8 Gondilions for herds on the Gelligaer and Merlhyr tsornmon r8sulled in five additional ponies being brought Inio our car8. Rehoming 2nd rehabilitation outcomes were a particular strenglh throughout 2025. Our Rehoming Team successfully placed 105 equines Into new homes, including several longstanding favouriles such as Dove and River. These placements sat alongside numerous individual success stories featured in Brdnsby Life, including Cobalt and Rusty, Misty and Ginge, and olhers who transitioned from challenging beglnnings to secure, loving environments. Our impact was further enhanc8d through the expanding partnership wSth the Brilish Horse Society IBHSI under the Second Chance Project. By the end of 2025. 23 Bransby rescued horses had been rehomed to BHS Approved Cenlres. Among these, the rehabilitation of Rex-who progressed from severe neglect lo becoming a Ihriving riding school partner-slood out as a powerful example of th8 transforrnative outcomes achieved Ihrough specialist care and cross seclor Gollaboratfon. The charity's influential and supporter facing work also reached new heights. The September release of Bransby Life reached over 80,000 supporters, sharing the latest rescue stories and inlroducing Pik8 as the new Sponsorshlp Star. further str8ngÉh8ning the connection between our community and the horses in our care. Our visitor centre continued to play a vital role in engaging the public, culminating in a record breaking festive season, whore over 250 Christmas dinners were seNed-oaGh one contributing directly to equine welfare funding. Additionally, the arrival of prevlously rehabilitated residents such as Remus, Tonks and Miriam at the Visitor Centre allowed supporters to S88 firsthand the profound results of our welfare interventions. Recognition on a national scale came Ihrough iwo prestigious NEWC awards.. Team of the Year for the Appleby Logistics group and the President's Award for indivldual excellenc8, affirming our leadership In welfare standards. Overall, Bransby Horses, achievements in 2025 reflected both operational strenglh and compassionate commilment. Through lifesaving rescues, meaningful partnerships, successful rohoming initiatives, and strong community engagement, the charity continued to deliver hlgh quality. impaclfijl welfare worf( embodying its Tnission lo rescue, rehabilitate and protect equines in need across Ihe UK. The charity is built on the love 8nd kindness of people. Our staff are our life blood but they couldn't do the work they do without support from people, organisations and businesses. The charity therefore prides ilseif on maintaining trusting relationships with its supporters and using the money gifted lo us wsely 8nd only In the best interests of the horses. During the year total expenditure including taxallon was £7.2m, of which £6.8m was spent dlrectly on charitable activities. Page | Trustees, Annual Re for the Year Ended 31 December 2025 2025 Expenditure Summary Tradlng Opèratlons Charitable Activities 86Yo Costs ofG8ngratlng Funds 9% ur challen Throughout 2025, Bransby Horses operated against a backdrop of significant financial and operational pressures that shaped many of the charity's str81egic decisions. Rising costs across the sector, including increased inflationary pressures and higher wage and employer Nation81 Insurance contribution requirements, placed continued strain on the organisation's financial resources. Demand for welfare inleNenlion remained high, reflecting a persistent national increase ir) equine neglect. abandonment, and owner hardship. This trend was evident across major rescues and multiagency operations, including cases involving large numbers of animals living in severe neglect. Responding to such complex silualions required substant181 slaffing. veterinary expertise, facilities, and resources, further intensifying the pressur8 on already stretched operational capacity. The year included emotionally difficult moments, such as saying goodbye to longstanding residents like Toby the mule, a reminder of the compassion and resolve required of staff and volunteers in equine welfare. We also marked the passing of Hovis, a much loved figure in the equine community, whose connection lo our work spanned many years. Despite these pressures, the charity continued to meet rising welfare needs while managing its financi818nd organisalional constraints. The challenges faced in 2025 reflect both the broader difficulties within the equine welfare sector and the resilience required to d81iv8r critical r@SCU8, rehabilitalion, and rehoming services under sustained strain. Maximising rescue and support for those equines in genuine need The equine welfare crisis in the UK continues, and demand for our Se￿l¢eS remains consistently high. At Ilmes, this demand exc8eds our available capacity at both Ihe Animal Reception Centre IARCI and across Ihe farm. To ensure that equines in genuine need always receive immediate care and a safe haven, we have robust contingency plans in place lo respond quickly and effectively. To create addlllonal sanctuary Spa￿ for new intakes without compromising our high standards of care. our Rehoming Team works to prepare suitable horses for rehoming 8nd lo enhance the support offered to our fosterers. The continued success of our Perfect Partner rehoming scheme enables many equines to be placed in loving foster homes, helping to relieve pressure on our sanctuary and ensuring we can respond lo new welfare cases as they arise. Demand for rehoming remalns strong, allowing the charity to maSnlain vilal capaclly for equines in urgent need of rescue. Page 19 Trustees, Annual Re ort for the Y6ar Ended 31 December 2025 Ensurlng the long terni vlablllty of our estat8$ An independent review of estates management previously highlighted how the historic high intensity of operations at the Bransby 8Stale was impacting the long term sustainability of some of the grazing and our ability lo provide Dptimal grazing conditions for maximal equine health into Ihe fulure. Additional grazing was transformed and brought into use at both Bransby and Barlings sites to improve health and grazing for equines by reducing stocking densit185 and increaslng gr8zing available lo rest winter field5 and improve conditions. This ha$ been fLJrther enhanced by increasing the use of a track system lo reduce equine weight and increase their health as a result. Results from this method are posltive and the charity intends to conllnue with this gpproach. increasing our dats and knowledge to make more informed decisions. A Land Management Framework has been developed. This is a set of princlples which governs how our Eslales are managed to provide equines with the best quality sustainable grazing for optimal health, are compliant with legSslallon, are environmentally sensitive and pemiit maximum natur81 b8havior into the future. From this an Estates Work Plan is created annually. These prlnclples will be applied to further development of our Barlings sile to ensur8 that W8 are careful and diligent custodians of our estates. W8 have conlinued lo work with th8 r8levant local agencies on flooding and flood risk during 2025. Information gained has been recorded and where relevant used lo 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 18ken lo minimise disruption lo the ability lo 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. in and lannin for a sus able future. Over the past 50 years. Bransby Horses has continu8d to grow in response to the increasing demand for our work and the trust placed in us by our supporters. To improve the quality of life and slandards of care for tha many equines who suffer because of cruelty or neglect, we remain focused on building a sustainable future for the charity in the years ahead. In 2022, the charlty launched its len-year strategic plan entitled 'Transforming the Iiv8s of equines logetherf,. This strategy builds on our long-standing success and sels out our aims and ambitions over the coming years to help more equines than ever requirlng our 88SiStance and care. The plan has five main commitments split into two ¢Jirect welfare commilmonls as follows: I Welfare Impact and Sustalnability - We contlnue dellverlng great work whilst remainlng focused on our Vision, Mission and Ethos, to be able lo 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 driv8n Ihrough.. Al Rescue- We continue to provide an effective and efficient equine rescue Se￿ICe. B) Care, Rehabilitation and Training - We provide sustainable care, r8habililalion and Iraining to equines. C) Rehoming- Our succ8ssful rehomlng scheme continues to reflect our dedicatlon to both equines and foslerers. 2 Influenclng Welfare Culture - Through knowledge, learning and non-judgmental advice, we work collaboratlV81y and focus on preventing cruelty and neglect. We influence and change attitudes 10 responsible equine ownership, from birth to end of life ¢are, tackling myths and sharing what we do with the public. Pagg 110 Tru5tees' Annual Re ort for Ihe Year Ended 31 December 2025 And supported by the following three supportlng commilmenls: 3 People and Culture We prioritise the development and recognition of our p8ople, where high standards of performance are expected and encouraged. We continue to strengthen our healthy, positive and caring organisalional culture. 4 Resource and Environmental Development We have the appropriate facilities and infrastru¢lure, including Internal systems and processes. Wg will ensure that our operations are fit for purpose and futur8 proof. whilst being mindful of the impacl and role we play in protecting the environment. 5 Financial Sustalnability We have strong governance and finanGial stewardship, with well- established income generating activities and a level of reserves that allows us lo r8act to the Changing environment and lake 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 objeclives whilst a150 maintaining good governance and financial planning. Guardians of our wildlife Our estates not only provide a high.quality environment for the equines in our care, but also SLrpport a range of important habitats and wildlife species. As responsible guardians of this land, we actively protect and enhance these natural ecosystems through our conservation work and management practices. We will continue lo build on this work by gathering more data on the species that live alongside our hors6S and by seeklng opportunllies to increase blodiversily where equines and wildlife coexist. Our aim is to manage Iho land in a way that benefits both equine welfare and the wid8r environment, ensuring that 8nvironmental impact is carefully considered in all day-to-day decision-maklng. Prlnclpal Risks and Uncertainties The trustees maintain a form81 Risk Register to identify the key risks facing the charity and to ensure that strategies are in place to manage them in a timely and effective manner. The register covers major stralegic, business and operational risks, along wilh the controls and reporting systems used to mitigate them. It is reviewed and updated regularly as circumstsnces change and new risks emerge. Infortnation relating to risk management IS Shared throughout th8 organisation via regular meetings al all levels. Departm6nlal reports are prepared and reviewed by the relevant trustee subcommittees, with actions monitored and reported back lo the Board. FinanGial risks are subj8cI to robust oversight through clear authorisalion processes, and our audilors support the trustees in maintaining strong financial conlrols and good practice. Tho Iruslees recognise that ongoing global economic challenges, wmbined with risks inherent to the charity sector, will remain significanl. Key concerns include the potenlial loss or reduction of vllal Income streams and thg resulting pressure on resorves. The current finanGial climate may reduce donation income over the coming years 818 time when costs are rising and increaslng numb8rs of equines require our care. Tr￿sleeS, Annual Re h Year Ended 31 De¢em er 2025 To mitigate Ihese risks, the charity is focused on slr6ngthenlng syslems that allracl and maximlse legacy and donation income. In line with our ten-year strategi¢ plan, a review of financial sustainability began in 2023, wllh acilons and improvements progressively implemented throughout 2024 and beyond. In 2025, work on an Engagement & Income Generation Strategy began to further support this work wlth implementation planned for 2026 and beyond. The strategy is designed lo st￿ngfihen supporter relationships and provide deeper insights from engagement and donation data, 8nabling more Qffeclive dala-driven decision making, more targeted communications, and ullimately increased incoma from donations. The approach aligns with our work on internal and external Iwand and communications, and with our priorities to promote our vital equlne welfare work. Through this data-led approach, the ¢harity will be beller equipped to undertake targeted marketing and proactive relationship management, strengthening our ability to maintain-and further develop-enduring, trust-based relationships with our supporters. Another significant rlsk faced by the charity is Ihe potential for a disease oulbreak or biosecurity breach. Many rescued equines arrive in very poor condition, and older animals often require increased levels of specialist care for chronlG health issues. All equines are vulnerable to the range of Illnesses present within the national herd. While every effort is made to prevent the introduction and spr8ad of d5sease - including stringent biosecurfly measures, specialist isolation procedures and velerinary oversighl within the Animal Reception Centre - this risk cannot be eliminated entirely. Unpredictable disease Dutbreaks are costly, typically requiring intensive veterinary intervention. increased use of medicines, and additional staff time lo ensure the health and welfare of the wider herd. Flnanclal Revlew The group statement of financial activities shows net surplus of £3.634,615 compared to £597,002 in 2024. This figure includes both realis8d and unrealised gains on investments. These net gains on investments amounted to £2,470,599 compared to £1,718,946 in 2024 and were attributable to slronger than expected UK economic growth, rgsilient global equity markels particularly within the t8chnology seGtor and 8 favourable shift in investor sentiment as inflation eased and interesl-r8te cuts became increasingly likely. In addition, charities SORP requires the inclusion of legacy Income which is yel to be received but which can be identified and valued appropriately at the end of the flnancial year. For 2025 this figure amounted to £5,377,307 compared to £3,396,169 in 2024. The resulting position without the net gains on investments or anticipat8d legacy sums are a deficit in 2025 of £4,215,171 against a deficit in 2024 of £4,518,113. The finances of the group are kept under regular review by the trustees and their advisors. Fund managers provide updates and presentations throughout thg year, and the truste8s have agreed-based on professional adVI￿-t0 maintain the existing long-temi investment strategy rather than re8Ct to shorl-term market volatility. It was therefore re8ssuring to se8 Investment values increase during 2025. The trustees have also recognised that investment performance should be assessed using total portfolio returns, incorporating both capital growth and dividend5 rather than dlvldends alone. The charity may therefore draw on future investment gains to offset operating deficits, provided that reserves remain al or abov8 the IBvel agreed by Ihe Iruslees. This posilion will continue lo be monltored regularly. A deficit for 2025 was approved by the trustees as part of the budget setting process. Whilst a deficit is also forecast for 2026, financial suslainabilily is a key objective of the charity's strategic plan and work commenG8d in 202310 review the charity's operating model and financial resilience in limes of uncertainty. This work will continue into 2026, however, current investment levels and cash balances provide for a secure financial footing on a going concern basis. Paoe 112 Trustees, Annual Re for the Year ded 31 December 2025 Grant￿nakIng Pollcy Th8 charity is able to award grants from ils unrestricted funds to educational and research institutions and other equine charitles for the prevention of suffering to horses. The awarding of grants is determined annually by the trustees, based on applications rec8lved. In 2025 there werg no such appllcations or awards granted. Performance of tho Trading Company The trading company recorded a loss before tax of £2,764 (2024 loss before tax of £23,512). EGonomic conditions Sn 2025 remained challenging, with inflation staying elevated and Consumer spending under pressure, which likely continued lo affect trading performan￿. Turnover for the trading company as a whole reduced to £374,151 from £387,377 in 2024. The café generated lumover of £251,728 (2024.. £241.024). D&spite the increased turnover, cost pressures resulted in a105s exclLtding tax for the year of £23,610 (2024 loss before tax £23,526). The wid8r contribution of the café in terms of engagement for supporters who visit us, is fully rec(KJnis8d however work continuas lo minimise losses in future. 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 decreased to £71,571 compared lo £82,741 in 2024. However, work done lo reduce costs, particularly carriage, has resulted in a n&t profit of £12,522 in 2025 compared lo a loss of £7,511 in 2024. The Gift Shop recorded a net profit for 2025 of £8,321 {2024: profil £7,527) on turnover of £50.850 (2024: £63,613). Although margins were hit du6 to increasing costs il was reassuring that a profit was still recorded. Publ1¢ Benefh All charitles are expected to provide public benefits beyond their core charltable objectives. Bransby Horses delivers a wide range of public benefits, including: providing expertise on legislation, regulations and policy relating to equine welfare. including active membership of the British Horse Council., responding to requesls for 8dvice or assistance from local authorities, FX)lice, RSPCA and members of the public, including via our dedicated Welfare Advice Line,. working with the Police, Fire and Rescue Service and local authorities a¢ross England and Wales to develop methods and Irainlng that support the effective management of stray horses; taking into care equines ihat h8ve been neglected or cruelly treated, including those transferred from the RSPCA and local authorities,. providlng a Legacy and Welfarè scheme, enabling responsible hors6 owners lo plan for the future eAre their equines in the event of Illness or death, and encouraging owners to remember the charity in their Will., delivering talks and seminars on horse and donkey care and welfare to a wd8 variety of audlences. hosting visits from local communlly and interest groups-, providing a slte with a strong communtiy focus, including miles of countryslde publlc footpaths and approved walkways regularly used by dog walkers, walking groups and ramblers. And offering space for the Slurton and Dislricl Shed Club at the Bransby Horses site., Pag6 113 Trustees, Annual Re he Year Ended 31 Dfycember 2025 offering varied volunteering opportunities that support personal well-being, social connection and skills development. providing a work experience placement opportunities to colleg8 and university students. providing training and car8er opportunities to school leavers through Apprenticeship Schemes- providing assessment and training facilities for professional studies, research 8nd qLJalifications. In setting objectiv&s and planning aclivilies, th8 trustees have given due consideration to general guidance published by the Charity Gommission relating lo public benefit. Reserves Pollcy Statoment The charity Irustegs have a legal duty to act with reasonable sklll and care and in the best interests of the charity and ils beneficiaries. Decisions around the charity's resDNes policy form a key part of that responsibility. Holding reserves is essential for maintaining financial stability, enabling the charity lo meet its commitments, continue ils operations and deliver services, even when unexpected events or costs arise. Equally, accumulating a high lovel of res8rv@s without a clear explanatlon orluslificalion may adversely affect the publlc's perception of the charity. Unjustifiable stockpiling of reserves may cause ¢on¢&rn that charitable assets are not being used for a charitable purpose. A balance. which therefore demonstrates thal the level of reserves are acting to protect the charity from futurè challenges and un¢ertainlies and changes in economic circumstanceg is both reasonable and critical. This should give confidence lo stakeholders that the charity's finances are being rnanaged and provlde an indicator of future funding needs. The charity's reserve policy was reviewed and amended in 2023 to reflect the charity's position and need for reserves within the challenging environment in which il operates. In summary, the trustees recognise that reserves ar8 not to be protected and preserved but are to protect and preserve the delivery of charitable impact. As a result, the trustees operate 2 reserves policy which th8y con8ider to be appropriate and tak&s into consideration the following.. 1. Futuro expenditure & the charlty's Ilfelong commitment Future expenditure in relation to the ongoing running cosls of the charity to ensure that il can provlde for up lo 250 equines on the farm In sanctuary care (Ihis number was 223 at the end of 20251- and a furth8r 616 on the charity's Perfect Partner rehoming scheme throughout their lifetime. Th8 Irustees aim to be in a position whereby they can meet the costs of running the charity for a period of al least two y88rs. This decision has been made based on future forecast expenditure, the volatility of it$ incorne streams, the diverse functions undertaken by the charity, its asset base, the environment and the reliance upon ils services by ils beneficiaries. Current levels of expenditure are forecast to be circa £7.2m per annum- therefore. a level of £14.4m of rgserve5 is needed to ensure that the charity can continue to operate for a p&riod of two years whilst it reacts to the challenges Ihat it fac8s within the environment in whlch It operates. 2. Income stream rlsk The charity is heavily reliant upon voluntary income with a large proportion being generated from legacies. Whllst this income stream is r8gularly monitored and reported to the trustees there is a degree of uncertainty about 115 long-t8rm suslainabilty. Pag& 114 Trustoes, Annual Re forthe Year Ended 31 Decembor 2025 Included In the current level of free r8serv88 are legacles advlsed of, bui for which no money has been received. The Irusle8s feel that it is prudent lo remove this amount from ils free reserves when il calculates the amounts available for use. For 2025 this amount8d lo £5,377.307 {2024 £3,396,169). In addition, as the charity has no specfflc and guaranteed funders. there is a risk associated with the unpredictability and variability of ils Incom8 on an annual basis. Inability lo raise voluntary income could have many root causes and are particularly ampjifled durlng periods of financial downlum 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 incoma to mitigate against declines or irregularity within ils annual incoma level. 3. Operatlonal rlsk The Charity operates within an environment whereby there is an inheront risk of the health of the herd cared for by the charity being compromised by an outbreak of infectious disease. Whilst the charlty operates a robust bio-security management programme, including strict quarantine, and praclis8s herd vaccination whenever applicablelavailable, the risk of a dis8ase outbreak c8nnol ev8r be fully eliminated. These risks include highly-infeclious diseases which are currenuy enzootic in the UK, such as equine influenza and strangles. It is recognised, for example, that the influenza vlrus is constantly evolving and, although Bransby Horses always uses the latest vaccine strains, the risk of an oulbreak caused by novel strain remains a real possibility. In addition, a numb&r of equine diseases which are currently exotlc to the UK are nevertheless considered to be a potential risk. In particular, several of these currently exoli 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 p8rmissive environment for the vectors in th8 UK. Such diseases in¢lude Wesl Nile virus, equing infectious anaemia IEIAI and Afrlcan horse sickness (AHS). The Trustees will Iherefore 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 charitls strategic plan provides for th8 further development of all of the seNlces the charity offers to help horses in need of care and assistance in the kno main Equine Welfare Commitments.. Welfare Impact & Suslainabilily which includes a) Rescue, bl Care, Rehabilitation and Training and c) Rehomin9 and secondly Influencing W8lfare Culture. 11 Is essential that the Irust8es ensure that funds are avallab18 10 deliver upon the these commilmenls. The level of reseNes forthis will be maintained al a minimum of£O.5m and may be increased through an annual conversation and agreement as part of the ch8ri1y's budget setting process, aligned to development plans. Supplementary Information: Trustees are committed lo ensure that the charity maintains 8 level of reserves that provide financial susiainabS1ity and safeguards th8 charity's aolivities well into the future line ￿th the charity's straleglc commitment on Financial Sustainability. Given operational issues, Ghanges in economic circumstances and short-lerm investment needs, il is possible for reseNes to fall outside of the target range. However, it is 8xpecled that management will seek to calibrate business aclivilies across the medium term such that reserves are maintained wthin range. Reserves will be closely monitored by the Finance & Audit Sub- Committee and Board. The current summary of Bransby Horses free reseNes is as follows: Trustees, Annual Re ort for th Year Ended 31 December 2025 Reserves Policy Risk of Infectlon. £2.000.000 Income rlsk, £2,000.000 Future developmont. £500,000 Future expenditure, £14,430,918 The total required reserves equates lo approximately £19m and general funds available al the year-end lotaled £31m12024 £29ml. Investment Policy and Objo¢tlves Statement The Articles of Association author(se the trustees to make and hold inveslments using the general funds of the charitable company. The key risk lo the long-term holding of cash is inflation, and Iherefore the trustees recognise Skjch assets should be invested lo mitigate this risk over the long term. The Irustees 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 il believes have th8 skill and ability lo 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 inveslmenl. The primary aim being to maximise overall returns without significant fluclualion and within the values of the charily. This is lo be achieved within a mediumlmoderate risk lolerance with the objective of achieving a portrolio total return, including dividends, interest, rent or other income, and capital appreciation, of at least CPI Inflation + 3.50 per 8nnum net of fees, on a rolling 5 year basis. Trust86s are mindful of environmental, social and governance IESGI factors when considering the charity's inv8Stment profile. Charity stakeholders including supporters, slaff and volunteers are a broad clurch with a whole range of perspecllves 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 inv8Sting irTr 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 lo this and has agreed to the following specific inveslmenl exclusSons in an altempt to manage the risk to reputation and align th8 charity's long-lerm investments with the mission: No direct investment in armaments productions. No direct investment in tobacco. No dSrect investment in gambling. No direct investment in pornography. No direct investment In companies which undertake anlmal lesting for non-pharmaceutical purposes except where required by law or regulation to do so. No direct investment in companies whose work or practices would be deemed lo include anim81 cruelty by UK standards and thus run counter to the charity's purpose. Page 116 Trustees, Annual Re or th8 Year Ended 31 De ber 2025 The trustees feel that in promoting this position within its investment decisions and policy it balances the need to generate acceptable returns whilst also delivering against ESG objectives. During the year revenue income from investments was £748,979 (2024.. £747,310). The market value of investmenls is closely monitored by the trustees and their agents. Regular updates and presentations on the performance of fund portrolios are provided to trustees through quarterly meelings of the Finance and Audit Subcommittee and trustees meet with investment managers at least annually. Quallfying Thlrd Party IndemnKty Provlslons Qualrfying third party provisions made by the charity are in force for the benefit of the trust80s. Trustees, Annual Re ort for the Year Ended 31 December 2025 Reference and Admini5tratlve Detalls Trustees Dr S J Dolan Mrs H C Elston Mrs C N Flsher (Chair to 24 April 2025) Dr R Gillespie Mr M J Pickles (Treasurer to 24 April 2025, Chair from 24 April 2025) Mr J Robinson (Treasurer from 24 Aprll 2025) Mr A N Budenberg (Appointed 20 January 2026) Dr H Wadham {Appoinled 15 July 20261 Dr F Sach (Appointed 15 July 2026) Chief Executive Offlcer Mrs J Snell Secretary Mr S D@ville Re9lsterèd Office Bransby House Bransby LINCOLN Lincolnshire LN12PH Registered Company 03711676 {England and Wales) Reglstered Charlly 1075601 Audltors Nicholsons Audil (Statutory Auditors) Newland House The Polnt Weaver Road LINCOLN Lincolnshire LN6 3QN Bankers Virgin Money Nottingham Store Smithy Row NorriNGHAM NG13AU Investment Managers Barclays Wealth 11 Park Square East LEEDS LS12NG Quilter Cheviol Senator House 85 Queen Vlcloria Street London EC4V 4AB Charles Stanley & Co Limited Mercury Place Sl George Street LEICESTER LE1 1QG Page 118 Trustees, Annual Rg f r the Year Ended 3 ort r 2025 STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also directors of the charit8ble company for the purposes of company law) are responsibte for preparing the Trustees, Annual Report including the Strategic Report and Ihe financial statements in accordance with 8pplicable law and United Kingdom Accounting Sland8rds {United Kingdom Generally Accepl8d Accounting Practice) including Flnancial R8POrting Standard 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland". Cotllpany law requires the tTuslees to prepare financial stalemenls for each financial year, which give a true and fair view of the stale of affairs of the charitable company and the group and of the iFicoming resources and application of resources. including the income and expenditure, of the charitable company and the group for that period. In preparing these financial statemer)Is, the trustees are required to.. select suitable accounting policies and then apply Ihern consistently- obs8rv8 the methods and prlnciples in the Charities SORP., make Judgements and estimat8s that are reasonable and prudent. slate wheth8r applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records whlch dlsclose with reasonable accuracy at any lime the financial position of the charitable company and the group and enable them to ensure that the rinancial statements comply with the Companies Act 2006. Thay are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable st8ps fur the prevention and detection of fraud and other irregularities. In so far as the trustees are awar8: there is no relevant audit information of which the charitable company's auditors are unaware. and the truslees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and to establish that the auditor is aware of Ihat inform81ion. AUDITORS The auditors, Nicholsons Audit Istatulory Auditors), are aware that the charity intends to tender for audit services during 2026. A plan is in plac& to undertake this worf( and appolnt the successful firm durlng Ihe year and well ahead of the financial year end. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to medium companies. FOR AND ON BEHALF OF THE BOARD: Dr R Gi118spie- Trustee Date.. 16￿ Juty 2026 Page 119 ort of tha Indo endent Auditors to the Mgmberg of Bransb Horses Istered Number 03711676 Rè Opinion We have audiled Ihe flnancial statements of Bransby Horses (the 'par8nt chaAtable company'l and its subsidiaries (the group) for the Year Ended 31 December 2025 whitsh comprise th& Consolidated Statement of Financial Activities, the Consolidaled Statement of Financial Position, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of slgnlficant 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 AcGounting PraGliGel, including Financial Reporting Standard 102 'The Financi81 Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial slatem8nts-. give a true and fair view of the slate of the group's and par8nt charitable cDmpanVs affairs as at 31 December 2025 and of the group's Incoming resources 8nd application of resources, including its income and expendilure, for the year then ended., have been properly prepared in accordance with United Kingdom GenerallyAccepted Accounting Practice, Including Financial Reporting Standard 102 'The Financial Reportlng Standard applicable in the UK and Republic of Ireland,: and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing {UK} {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in Ihe Auditors. responsibilities for the audit of the financSal 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. Wo believe that the audit evid8nce w8 have obtained is sufficient and appropriate to provide 8 basis for our opinion. Concluslons relaling to going concern In auditing the financial slatemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not Identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the group and parent charitable company's ability to continue as a going concern for a period of at least twelve months from the date when the financlal statements are authDrised for issue. Our responsibilities and the responsibilit18s of the truslees with respect to golng concern are described in the relevant sections of this r8porL Other infomiatlon The trustees are responsible for the other information. The other information comprises the information included in the Trustees, Annual Report. other than the financial statements and our Report of th8 Indep8ndent AudStors thereon. Our opinion on the financial statements does not GOV@r the other informalion and. except to the extent othorwise explicitly stated in our report, we do not 8xpress any form of assurance conclusion ther80n. Page 120 ort of the Inde endent Audltorg to the Memb8rs of Bransb Horses istered Number 03711676 Ré In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge oblained in the course of the audit or otherwse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are requir8d to delermSne whether this gives rise to a material misstatement in the fin8nclal slalemenls themselves. If. based on the work we have performed, w8 conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in Ihis regard. Opinions on other matters pres¢rlbed by the Companies Act 2006 In our opinlon, 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 prgpared 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 requlred lo report by exceptlon In Ihe 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 identif18d material misstatements In the Truste88' 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 kept or returns adequat8 for our audit have not been reGeived from branches not visited by us., or The financial statements are not in agreement with the accounting records and returns; or certain disclosures of Iruslees, remuneration specified by law are not mad8-, or we have not received all the information and explanations we requiffj for our audit. Responsibilitles of trusteès 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 preparalion of the financial 5tat8menls and for being salisfied that they give a true and fair vi8w, and for such internal control as Ihg trustees detpmiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to frasjd or error. In preparing the financial statements, the trusle8s ar8 responsible for assessing the group and parent charitable company's ability to continue as a golng concorn, disclosing, as applicable, matters related to going concern and using the going concem 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 bul to do so. Our responslbllltles for the audlt of the financlal statemonts Our objectives are to obtain reasonable assurance about wh8ther the financial statements as a whole are free from malerial misstatement, whether due to fraud or error, and lo issue a Report of the Independent Auditors that includ85 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misslalement when il exists. Misstatements can arise from fraud or emr and are consSdered material if. individually or Sn the aggregate, they could reasonably be expected to influence the economic decisions of users laken on the basis of these financial stalemenls. Irregularities, including fraud, 8re instances of non-compllance with laws and regulations. We design procedures In line with our responsibilities, outlined abov8, to dele¢1 material misstatements in respect of irregularities, including fraud. Page 121 Re ort of tho Inde endent Auditors to the Members of Bransb Horses istered Number 03711676 Based on our understanding of the charrty and ils industry we considered that non-compliance with the following laws and regulations might have a material effecl on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation and Animal Welfare. To help us idenlSty Instances of non-compliance with these laws and regulations and in identifying and assessing the risk of material rnisstat8ment in resp8Ct to non-compliance, our procedures included, bul were nol limited lo.. 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 rel8vant licensing authorities. Communicating to our engagement team identified laws and regulations and remaining alert to any instances of non-compliance throughout our 8udit', 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 Ihe 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 Acl 2011. Further to this, we evaluated the Trustees and managem8nts incentiv8s and opportunities for fraudulenl manipulation of the financial statements including the risk of management override of controls and determined the principal risks were related lo posting manual journal entries lo manipulate financial performance, managemenl bias Ihrough judgemenls and assumptions in significant accounting estimates and significant on8 off or unusual transactions. Our audit procedures in relation lo fraud included bul were not limited lo.. Making enquiries of the Trustees and management on wheth8r they had knowledge of any actual, suspected or alleged fraud., Gaining an understanding of internal controls established to mitigate rlsks related to fraud. Discussing 8mongst the engagement team the risks of fraud-, and Addressing the risks of fraud through management override of controls by performing journal enlry testing. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregulariti85, including those leading to a material misslatemenl in the financi81 statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non- compliance. The risk Is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. A further description of our responsibilities for the audit of the financial slalements is located on the Financial Reporting Council's website at www.frG.or .ukl2uditorsres onsibililies. This description forms p8rt of our Report of the Auditors Page 122 Re ort of the Inde endent Auditors to the Members of Bransb H rses Ist¢red Number 03711676 Re Use of our report This report Is made solely lo the charilable compantys members, 88 a body, in accordance with Chapler 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the charStable company's members those matters we are required to state lo th8m in an auditors. report and for no other purpose. To the fullest extent permilled 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 fomied. IVIGkDbw? L Steve Robinson (Senior Statutory Auditor) for and on behalf of Nicholsons Audit ISt2tutory Auditors) Newland House The Point W8aver Road LINCOLN Lincolnshire LN6 3QN Date.. Ic...J..5 ..2.OL..<... Paye 123 Consolidated Statement of Flnancial Activit19S includin on501idated income and ex ¢ndltur for the Year Ended 31 Decembe 2025 Unrestricted Rostrlcted Total Funds Total Funds Note Funds Funds 2025 2024 Income Donations and legacies 6.728,978 8,247 6,737,225 5,076.984 Aclivities for generating funds 242,899 242,899 291,569 Comm&rclal trading operations 374,151 374,151 387,377 Investment income 866,310 866,310 857,537 other incoming resources 98,892 98,892 136.930 Total Income 8,311,230 8,247 8,319,477 6,750,397 Expfrndlture Commercial trading operations Costs of generatlng funds Operation of the charity Total expenditure Net expenses before tsx for the year Tax payable Net (expenditure) after tax before investment (losses)Igains Net gainslllossesl on investments 364,639 678.628 6.104.258 364,639 678,628 6,112,505 7,155,772 384,125 795,188 6,693,097 8,247 8,247 7,147,525 7,B72,410 1,163,705 1,163,705 (1,122,013) 14 (3101 1310) 169) 1,164,015 1,164.015 (1,121,944) 16 2,470,599 2,470,599 1,71B,946 Net (expenditurè) and net movement in fund5 for the year R8¢onclllation of funds 3 634 614 3 634.614 597.002 Total funds brought forward Total funds carrled forward 49,923,214 53,557,828 49,923,214 49,326,212 53,557,828 49,923,214 The statement of financial activities includes all gains and losses rgcognised In the year. All income 8nd expenditure derive from continuing activities. The notes at pages 27 to 44 form part of these aGcounts Page 124 Consolidated Statement of Flnanclal Posltlo as at 31 December 2025 Group 2025 Group 2024 Charlty 2025 Charlty 2024 Nole Flxed assets Tangible assets Investments 15 15,298,455 15,539,241 15,292,729 15,537,615 16 29,939,699 27,625,768 29.939,799 27,625,868 17 965,000 965,000 965,000 965,000 Investment properties 46,203,154 44,130,009 46,197,528 44,128,483 Current assets Stock 193,286 5,564.526 1,025,189 221,591 3.586,190 15.059 150,715 5,564,526 1,025,189 160,386 Debtors 18 3,585,674 15,059 Short-term dep05ils Cash al bank and in hand 949,943 2,349,399 897,548 2,306,834 7,732.944 6,172,239 7,637,978 6,067,953 Creditors Amounts falling due within on8 year 19 {378,270) (379,034) (356,568} {354,566} Net current assots 7,354,674 5,793,205 7,281,410 5.713,387 Total assets less Current liablllties 53,557,828 49,923,214 53.478.938 49,841,870 Funds 21 Non charitable trading Unrestricied funds 78,890 81,344 31,258.124 28,870,346 31,258,124 28,870,346 Restricted funds Investment revaluation fund 5,544,753 16,676,061 53,557,828 3,885,397 5,544,753 3,885.397 17,086,127 16.676,061 17,086,127 49,923,214 53,478,938 49,841,870 Designated funds Total charity funds The financial statements W8re approved by the Board of Twste85 and aulhorfsed for Issue on 16th July 2026 and were signed on its behalf by.. Dr R Gillespie, Trustee Mr J Robinson, Treasurer The notes al pages 27 to 44 form part of these accounts Pagè 125 Statement of Cash Flows and Consolidated Statement of Cash Flows for the Year ember 2025 Group 2025 Group 2024 Charlty 2025 Charlly 2024 Note Cash flows from operatlng activities 23 {1,221,95e> 12,144,398) (1,236.095) 12,087,189) Cash flows from inv8Sting activities Inveslment income 866,310 857,537 866,310 1216,477) (99,124) 1212,169) 17,404,530) 110,554,567) {7,404,530) 110,554,567) 26,130 41,720 26,130 41,720 7,761,575 12.576,402 7,761,575 12,576,402 857.537 (99,124} Purchase of tsngible fixed assets Purchase of fixed asset investments Sale of tangible fixed assets Sale of fixed asset investsnents Net cash provlded by Investlng a¢tivltles 1.033,008 2,821,968 1,037,316 2,821,968 Changes in cash and cash equivalents in the reportSng period Cash and cash equivalents al the beginning of the reporting period Total cash and cash equivalents at thè and of the raportlng pèrlod 1188,9481 677,570 (198,7791 734,779 2,505.895 1,828,325 2,463,326 1.728,547 2,316,947 2,505,895 2,264,547 2,463,326 The notes at pages 27 10 44 form part of these accounts Page 126 Notes to the Financlal Statements For the Year Ended 31 December 2025 Accounting Pollcles Basls of preparlng the financlal statements The financlal statements have been prepared in accordance wlth Accounting and Reporting by Chariti6s- Statement of Recommended Practlce applicable to charities preparing their accounts in accordance with the Financial Reparting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effeclive 1 January 2020}- (Charities SORP (FRS 102)), the Financial R8POrting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Bransby Horses meets the definition of a publi¢ benefit entity under FRS 102. Assets and liabilities are initialty reGognised at historical cost or Iransaction value unless otherwise stated in the relevant accounting Policy not6(s). Preparation of the acGount8 on a going concern basis The consolidated balance sheel shows a strong financial position wilh investments of £30m, £2.Om in cash and short term deposits and net current assets of £7.4 million. The trustees ar8 of the view from these results that on this basis the Charity is a going concem for al 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 flnanclal statements The financial slalemenls consolidate the results of the charity and its wholly owned subsidiary Bransby Horses Trading Limited on a line-by-line basls. A separate Statement of Financial Activities and Income and Expenditure Account for the charily has not been pr8senled because the charity has taken advantage of the exemption affordgd by s8clion 408 ()f the Companies Act 2006. Incoma Income is recognised when the charity has entitlemenl lo the lunds, any performance conditions attached to the ilem(s) of income have been mel, il is probable Ihal the Income will be received and the amount can be measured reliably. Legacies are recognised when probate Is granted or the estate's ass8ts are quantifiable and recoipl is probable. Receipt of a legacy, in who18 or in part, is only considered probable when the afflount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Gifts in kind donated for distribulion are included at valuation and recognised as income when they are distributed lo the projects. Gifts donated for resale are included as income when they are sold. Grants which have been accounted for under Ihe accruals model in respect of a revenue nature are credited lo income so as to malch with the expendlture to which they relate. Page 127 Notes to the Ftnanclal Statements Forthè Year Ended 31 December 2025 Donated services and facllltles Oonated professional services and donated facili118s are reGognised as income when the charity h8s contr over the item, any conditions associated with the donated item have been met, the receipt of economic benefil from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated professional services and donaled facilities are recognised on the basis of the value of the gift lo the ¢harity which is the amount Ihe charity would have been willing to pay to obtaln services or facilities of equivalent economic benefit on Ihe op8n market., a corresponding amounl is then recognised in expenditure in the poriod of re￿Ipl. In accordance wilh charities SORP (FRS 102), the general volunteer time is not recognised. Please refer to note 4 for more information about the contribution. Investmènt income Investment inGorne on funds held is included when interest and dividends are receivable and the amount can b9 measured reliably by the charity. thls is normally upon notification of the income paid or payable. Fund accountlng Gen8ral funds are unrestricted funds which arè available for use at th8 discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Deslgnated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is sel out in the nolgs to the financial slalements. Restri¢led funds are funds vAiich are to be used in accordance with specific restrictions ImF#)sed by donors or which have been raised by the charitable company for particular purposes. The cost of raising and administoring such funds are charges agalnst the specific fund. The aim and use of @ach restricled fund is sel out in the notes to the financial slalements. Investment income and gains are allocated to the appropriate fund. Expendlture and value added tax All expenditure is accounted for on an accruals basis and has been classlffed und6r headings that aggregate all Gosls related lo the category. Expenditure directly attributable to specific activitie5 has been included in those cost categories. Other costs are apportioned to cost categories based on 8slimales by management using various appropriate measur8S. The charity is not registered for VAT. irrecoverable VAT is charged as a cost agalnst the aclivtly for which th8 expenditure was incurred. The trading subsldlary Is registered for VAT and its income and expenditur8 are shown net of VAT. Allocatlon of support costs Support costs are those associated with the general management ofthe charity, other than govemance costs, Ihal are not directly allributable to charitable activities or fundraising. These cost5 are allocated based prSmarily on head count. Office and associated (x)sls are allocated based on staff numbers and activities carried out by each. General running costs are allocated based on tolal head wunt includlng all charity staff. Page 128 Notes to the Financlal Statements or the Year Ended 31 December 2025 Grants payable Grants paid and payable are included as a liability when a constructive obligation is entered into by the charily, being the dale a written grant offer letter is communicated to the grant r8cipi8nt. Pensions The charity operates a defined contribution pension schome and the pension charges represent the amounts payable by ihe charity to the fund in respect of the year. Operatlng leases Rental income from op8rating leases is recognised on a stralght-line basts over the term of the lease. Rentals paid under operaling IBases are charged on a straight-line basis over the term of Ihe lease. Tangible lixed assets Tangible fixed assels (excluding investment assets) are record8d al cost or, in cases where fixgd assets have been donated, at valualion at the lime of acqLiisSllon. Depreciation is charged from the month of acouisStion. Individual ilerns costing less than £1,000 are not capitalised unless purchasgd as a group of ilems costing more Ihan £1,000. Depreciatlon of fixed assets is calculated to write off their cost less any residual value over Iheir estimated useful lives as follows: Freehold land Not provided Freehold buildings 2Yo Straight line Freehold property improvement 40kn Reduclng Balance Fencing, motor and machinery 10Q/o120 /0 Slraight line Where an ass8t is under construction depreciation is not charged until the asset is ¢omplete. Invostment assets Investments are stated al market value at the balance sheet date. The SOFA illGludes the net gains and losses arising on revaluations and disposals throughout the year. Investment prop8rty Investment property is shown at the fair value valuatlon. 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 al the lower of cost 2nd nel realisable value. Donated it8ms of stock are recognised at fair valu8 which is the amount the charity would have been willing to pay for the items on the open tnarkel. Page 129 Note5 to the Flnan¢lal Statements For thg Year Endèd 31 Dèeèmber 2025 Finanelal Instruments Only b8sic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the inslrumenl and their measurement basis is as follows: Flnancial assets- trade and other debtors are basic financial instruments and are debt instruments measured al amortised cost. Prepayments are not financial instFum8nts. Cash at bank is classified as a basio finan¢i81 instrument and is m8asured al transaction pric8. Flnanclal liabilities trade creditors. accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constilules a financing transaction il is initially and subsequenlly m8asured at the present value of fulure payments, discounted al a market rate of interest. Critlcal accounting judgements and estimation uncertainty Estimates and judgem8nls are continually evaluated by the directors 8nd 8re based on historical experience and olher relevant factors, including expectations of future events that are believed to be reasonable under the circumstance5. Tangible fixed asset Ilves and resldual values The annual deprettialion charge for tangible assets 18 sensitive to changes in the e8timaled useful economic liv88 and residual values of the assets. Judgement is applied in determining the residual values of fixed asse15 by assessing the amount that th8 charity would currently obtain for disposing of the asset in the condition il is expected io be in al the end of its useful life. The estimation of useful lives is based on historic perfomance as well as expectations about future use. Useful lives are revlewed lo reflect current estlmates of technological advancement future investment policy, economic ulilisalion and the physical condition of th8 asset. Legal status of the charity The charity is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. Taxation accounting policy Group taxation for the year comprises of Cu￿ent and deferred lax. Tax is recognised in the income slalement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Curr8nt or deferred taxalion assets and liabililies are not discounted. Current tax is recognised at the amount of lax payable using the tax rates and laws thal have been enacted or substantively ena¢led by the balance sheet date. Page 130 Notes to the Flnan¢lal Statements Fortha Year Endèd 31 December 202 Flnancial performance of the charlty The consolidated statement of financial activities includes the results of the charity's wholly owned subsidiary. The summary financial performance of the charity alone is- 2025 2024 Income 7,960,326 {6,793,857) 2,470,599 6,384.211 {7.482,712) 1,718,946 Expenditure on charitable activities Net gainslllosses) on investments Net lexpenditureyincome before tax Corporation tax Net income after tax 3,637,068 620,445 3.637.068 620,445 Total funds brought forward Total fijnds carried forward 49,841,870 49,221,425 53,478,938 49,841,870 Represented by.. General funds 31,258,124 28,870.346 Restricted income funds Investment revaluation fund 5,544,753 16,676,061 3,885,397 17,086,127 Designated funds 53,478,938 49,841,870 Donallons and legaoies 2025 2024 Gifts 765,984 687,762 Legacies 5,971,241 4,389,222 6,737,225 5,076,984 The incom8 from donalSons and legacies was £6,737,22512024'. £5076,9841 ofwhich £6,728,978 was unreslricled (2023.. £5,076,020) and £8,247 reslricled12024'. £9641. The charity benefits greatly from the involvement and enthusiasllc support of its many volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunte8rs is not recognised in the accounts. Page 131 Notes to the Financial Statements For the Year Ended 31 December 2025 Income from charltable activities Unrestrlcted funds Unrestrlcted funds 2025 2024 Raffle Ilckets Adoptionslregular giving 135,753 107,146 145,155 146,414 Total Income from charitable actlvltles 242,899 291,569 Income earned from other activitles The wholly owned trading subsidiary Bran8by Horses Trading Limited Is incorporated In the United Klngdom (company number 02480383). Bransby Horses Trading Limited operalgs sale of slalionery, cards, fancy goods and gifts appropriate to the objectives of its parent company along wilh a café. A summary of the trading results is shown below. The summary financlal performance of the subsidiary alone is". 2025 2024 Turnover 374,151 387,377 (410.889) (23.512) 69 Cost of sales and admlnistration costs (376,915) 12.764) 310 Nel loss before taxation Taxation Loss after taxation (2,454) 123,443) Assets 109,705 130,715) 78,990 116,987 135,542) 81,445 Liabili118S Aggregate share capllal and rese￿e$ Cost of sales and administration costs (376,915) 12,276 1364,639) (410,88g) 26,764 {384,125) The above include recharges from the charity ol Balan Included within £376,915 (2024.. £410.889) is £12,276 (2024.. £26,764) being recharges from the charity which have been removed on consolidation. Pago 132 Notes tc the Flnancial Statements For the Year Ended 31 December 2025 Investment Income 2025 2024 Dividends and other income from invèstrnent portfolio 748.979 747,310 Bank and other interest 36,172 81,159 866,310 28,190 82,037 857,537 Rental incom8 Costs of generating funds 2025 2024 Cost of gen8raling voluntary income.. Printing and postag8 Advertising Legal and professional fees Raffle expenses Other costs 167,479 43.326 6,523 21,997 48.956 127,101 263,246 222,151 43.979 12.076 31.034 81,034 120,592 284,322 Investment management costs Allocated support costs (see note 10) 678,628 795,188 Page 133 Notes to the Financlal Statements For the Year Endèd 31 December 2025 Analysis of expendlture on charltable activities 2025 2024 Runnlng Costs Equine welfare wages Equine welfare costs Feed and bedding Protective clothing Repairs and renewals of fenclng Staff uniforms Health and Safety costs Educational area costs Subserlptions Rent Legal and professional Bank and credit Charges Freehold land and building depreciation Plant, motor and machinery depreciation (Prorrtyloss on sale of fixed assets Allocated support costs (see note 10) Governance costs Is88 note10) 2,701,264 443,854 110,083 15,202 36,753 6,330 30,839 417 12,843 15,891 88,777 16,115 111,010 2.896.924 573,988 121,028 15,102 63,011 4,461 7,024 709 14,757 22,315 51,580 17,414 178,738 183.529 153,286 {25,9421 2,369,212 26,571 6,112,505 (41,720) 2,558.899 25,338 6,693,097 Expenditure on charitable activities was £6,112,505 (2024.. £6,693,097) of which £6,104,258 was unrestricted (2024: £6,692,133} and £8,247 was ￿Stricted(2024.' £9641. Page 134 Notes to the Financlal Statements or the Year Endèd 34 December 2025 10 Analysls of governance and support costs The charity initialty identifies the costs of its support function5. It then identifies thos8 Costs which relate lo the governancè function. Support costs 2025 2024 Salaries, wages and Nalional Insurance Training Recruitment and staff welfare Repairs and renewals Cleanlng and gardening expenses Vehicle and plant running costs Rates W81er and drainage rates Heal and light Insuranc8 Telephone offi￿ equipment Slationery Trav81 expenses Computer & software costs Security Pest control Freehold land and buildlng depreciation 1,210,815 44,004 55,602 276,873 102,394 91,717 6,083 27,239 89,714 247,151 38,211 2,222 1,871 6,146 234,802 1,115 3,928 192,571 2,632,458 1,464.139 23.046 53.520 280,913 90.447 110,380 (2,1391 26,132 65,792 232,473 25,337 359 2.445 5,966 262,934 1,739 3,674 196,064 2,843,221 Allocalion of support Costs Costs of generating funds Charitable activities 263.246 2.369,212 2,632,458 284,322 2,558,899 2,843,221 Governance costs 2025 2024 Audit and accountancy Trustee expenses (see note 11) 24.644 1,927 26,571 23,938 1.400 25,338 Page 135 Notps to the Flnan¢l?I Statement5 For the Year Ended 31 Decgmber 2025 11 Analysls of slaff costs, trusloe ramunoratlon and expensès, and the cost of key management p•rsonng1 2025 2024 Salaries and wages Social security costs Pension costs 3,571,341 399,402 139,027 4,109,770 4,058.098 346,250 153,635 4,557,983 Pension costs are allocaled to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds. The charity truslees were not paid or received 8ny other benefils from employmenl with Ihe charity or its subsidiary in the year (2024.. £Nil). Truslee expenses relaling to travel, accommodalion and refreshrnents durlng the year amounted to £1.927 {2024.' £1,400). No charity trustee recelved payment for professional or oth8r Se￿iCeS supplied to the charity12024.' £Nill. The numb8r 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.. 2025 Number 2024 Number Group £60,000-£70,000 £70,000-£80,000 £80,000-£90,000 £90,000-£100,000 The key management personnel Df the parent charity, comprise the trustees, CEO, Deputy CEO and the Executive Director(sl. The total remuneration of these key management personnel are as follows.. Key Management Personnel Costs 2025 2024 Total romunoratlon 287.283 315,098 The total remuneration of the Chief Executive Officer was as follows.. 2025 2024 Salary {in¢luding Employers Nll 110,318 104,141 Pension costs 7,755 7,568 Taxable benefits Total remuneration 118,073 111,709 Page 136 Notes to the Financlal Statements For the Year Ended 31 December 2025 12 staff numbors Head count was 142 slaff {2024'. 145 staff) and the average number of full-time equivalent employ88S (including casual and part-time staffj during the year were as follows: 2025 2024 Number Number Charitable activities Cost of generaling funds Management 8nd administration of the charity 87 12 16 19 18 115 117 13 Rolatod party tran5actlons The charilablo company has taken advantag8 of the exemption in FRS102 (section 33}'related paty disclosure, not to disclose transactions with subsidiary undertakings. 14 Corporatlon taxation The charity is exempt from tax on Income and gains falling within s8ction 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the ext8nt that these are applied to its charitable objects. Analysls of the tax charge The lax (refund)Icharge on the profit on ordinary activities for the year was as follows.. Group Charltable company 2025 2024 2025 2024 Current tax: UK corporation tax Deferred tsxation (35) (34) (69) {310) 1310) Page 137 Note5 to the Flnancial Statements Forthe Yèar Ended 31 December 2025 15 TangSbla fixed assots - Charltable company Freehold land and buildings Plant, motorand machinery Totals COST At 1 January 2025 Addilions Disposals At 31 December 2025 18,336.755 10.140 1,977,847 202,029 (106,006 2,073,870 20,314,602 212,169 11Q6,006 20,420,765 18,346,895 DEPRECIATION At 1 January 2025 Charge for year Eliminated on disposal Al 31 December 2025 3,155,604 303,581 1.621,383 153,286 1105,818 1,668.851 4,776,987 456,867 (105,818) 5,128,036 3,459,185 NET BOOKVALUE At 31 Dec8mber 2024 At 31 December 2025 15,181,151 14,887.710 356,464 405.019 15,537,615 15,292,729 Page 138 Notes to the Financlal Statements For the Year Endèd 31 December 2025 15 Tanglbl8 flxed assets - Group Freehold land and buildlngs Plant, motor and machlnery Totals COST At 1 January 2025 Addllions Disposals At 31 December 2025 18,381,669 10,140 1,985.024 206,337 (106,006 2,085,355 20,366.693 216.477 106,006 20,477.164 18,391,809 DEPRECIATION At 1 January 2025 Charge for year Eliminated on dSsposal At 31 December 2025 3,198,893 303,646 1,628,559 153.429 1105,818 1,676,170 4.827,452 457,075 (105,818) 5,178,709 3,502,539 NET BOOK VALUE At 31 December 2024 At 31 December 2025 15,182.776 14,889,270 356,465 409,185 15,539,241 15,298,455 Included in land and buildings is freehold land amounting lo £9,628,232 {2024: £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, this18nd is not suitsble for grazlng. The amount received during the year for land rents amounts to £54.565 (2024: £55,226). Page 139 Notes to the Flnancial Statements For the Year Ended 31 December 2025 16 Investment5- 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 actlvilles and results of this company are summarised in note 6. Investments - Group and charitable company Llsted Cash Totals Market value at 1 January 2025 Additions to investments at cost Disposals at carrylng value Net cash movements 27,484,332 7,404,530 {7.652,3891 141,436 27,625,768 7,404.530 (7,652.389) 200,377 27,578,286 2,361.413 29,939,699 24,394.946 200,377 341,813 27,236,473 2,361.413 29,597,886 24,053,133 Net profit on revaluation at 31 December 2025 Markot value at 31 December 2025 Cost of investments at 31 December 2025 341,813 341,813 Inveslment revaluation reserve at 31 DeGember 2025 5,544,753 5.544,753 Cost of investments at 1 January 2025 23,598,937 141,436 23,740,373 Llstod Investments comprise. Qulltgrg: Listed BondslFixed InteresVCa8h Products Equities AternatlV8 InvestmentslProperty 2,264,192 7,153,400 899.364 Barclays Wealth.. BondslFixed Int@restlCash Products Equities Aternative InvestmentslProperty Multi Asset Classlolher 1.568,111 7,357,735 948,653 195.556 Charles Stanloy: BondslFixed Interest Equities Aternative InvestmenlslPropety 1.519,901 6,911,373 779.601 29,597.886 No investment represents more than 5°h of thg total market value. The above Investm8nts are held primarily to provid8 an investment return through dlvldends and growth. PEJge 140 Notes to the Financlal Statements For the Year Ended 31 DÈcember 202 17 Investment property- group and charitable company Total FAIR VALUE At 1 January 2025 Revaluation 5,000 At 31 December 2025 965,000 NET BOOK VALUE At 31 December 2025 965,000 During the year the investment properties wer818t with sitting tenants and are ownèd 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. In the opinion of the trLrsle8s Ihe fair value of the properties at 31° December 2025 is not materially different to their carrying value. 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 al Ihe following historical cost: 2025 2024 Cost Aggregate depr8ciatlon Net book value 1,239,573 (347,074) 892,499 1.239,573 (322,283) 917,290 18 Debtors Group 2025 Charitable company 2025 2024 2024 Du& withln one year.. Amounts due from trading subsidiary Trade debtors Olher debtors Accrued income Prepayments 350 1,001 2,667 3,410.157 172,365 3,586,190 350 485 2.667 3,410.157 172,365 3,585,674 5,379,876 184,300 5,564.526 5,379,876 184,300 5,564,526 Pagg 141 Notes to the Financlal Statements For the Yèar Ended 31 December 2025 19 Credltors- Arnounts falllng due wlthin one year Group 2025 Charltable company 2025 2024 2024 Trade creditors 126,355 160,278 121,445 9,012 86,540 139,571 356,568 154.597 11,073 69,278 119,618 354,566 Amounts due to trading subsidiary Other taxalion and social security Accruals 102,735 149,180 378,270 87,542 131,214 379,034 20 Op8ratlng lease commitments Group 2025 Charitable company 2025 2024 2024 Expiring: Withln one year 10,000 10,000 Page 142 Notes to the FTnanclal Statements For the Year Ended 31 December 2025 21 Analysis of charitable funds Balance I January 2025 Funds 31 December 2025 Incomlng Resources other exponded movement resourcos Trading company reserves General funds Restricted funds Investment revaluation 81,344 374,151 (376,605) 28,870.346 7.937,080 (6,314,053) 8,247 (8,247) 78,890 764,751 31,258,124 3,885,397 1,659,356 5,544,753 32,837,087 8,319.478 {6,698,905) 2,424,107 36,881,767 Designated funds Capital project fund Fixed asset fund 583,512 16.502,615 17,086,127 (165,1801 418,332 211.981 16,257,729 46,801 16,676,061 (456,867) (456,867) Total funds 49,923,214 8,319,478 (7,155.772) 2,470,908 53,557,828 The general fund8 balance represents Ihe free funds of the charitable company which are not designated for particular purpjses. At the end of the financlal year restricted funds held were £Nil {2024 £Nil) Ca ects aulhorised but not contracted Balance 2024 Movement in provlslon ProvÈsion spent in the year Balance 2025 Fleet General IT and telecommunicalions Sile development Veterinary equipment 25,000 176,782 145,750 236.000 314,428 (82,069) 20,043 1214,360) 13,255 51,297 (72,6481 (29,6411 (98,7931 (10,1401 {5,255} (216,4771 266,780 65,052 67,000 11,500 8,000 418,332 583,512 The capital projects fund has b88n designated by the Trustees for the major capital expenditure expected during 2025 8s set out above, some 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 fre8 funds. It represents the net book value of tangible fixed assets of the charitable company and the investment properties held. Page 143 Notes to the Financial Statements For the Year Ended 31 Decembor 2025 Analysls of group net assfrts between funds Designated fund5 General funds Rostrlctod funds Total Fund balancos at 31 December 2025 are represented by: Tangible fixed assets Investments 15,292,729 1,383,332 5,726 29,521.387 7,732.944 (378,270) 15,298,455 30,904,699 7,732,944 1378,2701 Current assets Liabilities Total net assels 16,676,061 36,881,767 53,557,828 Reconciliation of net {expondl*ure) to net cash flow from operatlng activlties Group Charltable company 2024 2025 2024 2025 Net expenditure in funds for the reporting period (as per the Statement of Financial Activities) Adjusl8d for.. 3,634,615 597.003 3,637,068 620,445 Depreciation charge Income shown in investing activities 457,075 558,512 456,867 558,331 (866.310) 1857,537) (866,310) 1857,5371 Lossl(Profitl on disposal of fixed assets {25.942) 141,7201 (25,942) 141,720) Lossl{Profitl on disposal of Investments (109,186) 1789,173) (109,186) {789,173) Lossl{Profitl on revaluation of investments (2,361.413) 1929,773) (2,361.413) {929.773) {Increase)Id8crease in stock 28,305 (Increase)Idecrease In debtors (1,978,336) Increaselldecrease) in creditors (7641 113,1171 9,671 1616,7121 11,978,852) {41,844) (565,234) {40,684} 151,881) 2,002 Net Cash used in operatlons (1,221,956) (2,144,398) {1,236,095) (2,087,189) Page 144