**Registered number: 03789963 Charity number: 1076278** **Moorcroft Equine Rehabilitation Centre (A company limited by guarantee)** **Unaudited** **Trustees' report and financial statements For the year ended 30 June 2023** **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** ## **Contents** ||Page| |---|---| |**Reference and administrative details of the Charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 5| |**Independent examiner's report**|6| |**Statement of financial activities**|7| |**Balance sheet**|8 - 9| |**Notes to the financial statements**|10 - 25| **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** ## **Reference and administrative details of the Charity, its Trustees and advisers For the year ended 30 June 2023** |**Trustees**|S J Beeby (appointed 2 August 2022)| |---|---| ||S Cutler (appointed 10 January 2022, resigned 4 March 2023)| ||V Day (appointed 26 August 2020, resigned 11 July 2022)| ||N J Neville (appointed 23 April 2022)| ||A J Rumble (appointed 4 March 2023)| |**Company registered**
**number**
03789963
**Charity registered**
**number**
1076278
**Registered office**
Huntingrove Stud
Slinfold
Horsham
West Sussex
RH13 0RB
**Independent examiner**
Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ|| Page 1 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** ## **Trustees' report For the year ended 30 June 2023** The Trustees present their annual report together with the financial statements of the Charity for the year 1 July 2022 to 30 June 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. ## **Objectives and activities** ## **a. Policies and objectives** The objects of the Charity are to relieve the suffering of horses, in particular but not exclusively, thoroughbred racehorses, which are in need of care and attention by all appropriate means including in particular (but not without limitation) by means of provision of facilities for their care, protection and rehabilitation. ## **b. Activities undertaken to achieve objectives** The first and vital reason why we can achieve these important objectives is by having very experienced staff who have a proven and dedicated system of assessment and diagnosis of all aliments so that good results can be achieved without too much suffering or time wasting. Our principal fundraising events have again been a financial success and we have received a number of generous donations. The largest very valued donation was £50,000 from the Dulverton Trust which enabled us to pay for a sizeable proportion of the cost of our Lower Yard rebuild which has helped this charity hugely both financially and functionally. However, with the escalation in costs of running a professional rehabilitation centre that operates at full capacity these events and donations are of tantamount importance to our charity particularly as we wish to help as many horses as possible at an affordable cost to the owner. We therefore endeavour to keep our charges reasonable so we can help as many needy horses as possible, and we fundraise to make up the difference. Otherwise, we become unaffordable, and we risk not being able to help many needy, vulnerable and deserving cases which is not what we want. The following events and activities have been undertaken by our hardworking and dedicated team of staff. ## Education/Demonstration Days/Fundraisers Moorcroft runs various demonstration days to showcase what we do with the wider public and educate them on the process of rehabilitation and the challenges faced by retired racehorses and other damaged and lame horses. They continue to be popular with increasing attendances each year. Our Chief Executive and our Yard Manager have worked for this charity for a number of years and they have a wealth of equine rehabilitation experience, therefore we are lucky to be able to run these helpful courses and they are very well attended. We also host clinics and talks to disseminate information from the field of equine health and rehabilitation to horseowners and professionals. These courses are growing in content and popularity and are proving to be a good revenue stream to help us to keep doing our worthwhile work helping these horses back to health. They now include: 1. Equine Massage Course (by our experienced physiotherapist) 2. Long rein courses 3. Evening Talks on various topics such as remedial showing/ going bare foot. 4. Dressage Clinics 5. Showcase Days – demonstrating rehabilitation techniques to help others. 6. Courses to prepare candidates to pass BHS exams. 7. Second-hand Tack sales Page 2 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** **Trustees' report (continued) For the year ended 30 June 2023** ## **Objectives and activities (continued)** ## Equine Rehabilitation after surgery for all breeds Another service we are currently offering is the rehabilitation of any horse after surgery or time off due to accident or injury as the staff at the centre have the experience and know how to do this and there is a need and a demand for this as most horse owners are not capable or confident with this phase and therefore the horses may suffer. We are happy to provide this service at an affordable cost on welfare grounds. The demand for this service has increased hugely in this financial year and we are pleased to announce that we were able to respond to this rise in the demand for our help and expertise and feel we have therefore fulfilled our objectives and helped relieve the suffering of more horses this year than ever. In this area there has been an increase in the demand for our help. ## Helping privately owned ex-racehorses. The charity has had an increasing demand which it has responded to from private owners of ex-racehorses who need a few months of rehabilitation due to the injuries acquired whilst racing and the charity has been helping many of these who can get involved to some degree in their horse’s rehabilitation here at the centre and who can then, take their horse home eventually and maintain this worthwhile improvement. Moorcroft is the only charity that gives this unique service to the owners of an ex-racehorse, and we are very aware of how needed it is. This continues Moorcroft’s charitable objectives in giving many ex-racehorses a better future. ## Using our land to grow our own hay/haylage. Another activity that this charity has undertaken in this accounting year is to continue to grow and harvest our own crop of hay or haylage, in order to provide good quality feed for the horses in our care and to ensure that we use our land responsibly and always with the best interests of the charity at heart. This relatively new project saves the charity considerable costs and ensures a better product for the horses in our care. In order, to carry out our ongoing work, it is crucial that the facilities at the centre are fit for purpose, are kept in good repair, and are able to accommodate a sufficient number of horses with a range of needs. Using feedback from the staff, the Trustees keep this area under review and ensure the facilities are upgraded accordingly. ## Developing the use of P.R.P. Treatments for horses We started this very useful and pain-relieving treatment in February 2023 and are very pleased we did, and it has relieved the suffering of many horses in our care. P.R.P. is Platelet Rich Plasma and it involves using the horses own blood where the platelets are separated and injected back into the area of pain or the arthritic joint for further relief and healing. We are having great success with this and are pleased to be working with professional Vets etc to be achieving great results ## **c. Main activities undertaken to further the Charity's purposes for the public benefit** In shaping our objectives and planning our activities for the year, the Trustees have given consideration to the guidance issued by The Charity Commission and the duties set out in Section 17(5) of the Charities Act 2011 to have regard to public benefit. In particular, the Trustees have considered how the planned activities will contribute to the overall aims and objectives that they have set. The Trustees believe that this is set out in paragraphs a. and b. above. ## **Achievements and performance** ## **a. Main achievements of the Charity** Further to the activities undertaken to achieve our objectives described above, during the year under review, 51 horses were taken into Moorcroft for rehabilitation, some take longer than others and all have gone home to a much better, more comfortable life. Moorcroft ran 13 events during the course of the year, covering a range of topics - see above. Moorcroft maintained its commitment to visit each rehomed horse annually, ensuring its continued wellbeing as well as offering support and advice to the current rider and care giver of the horse. Page 3 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** **Trustees' report (continued) For the year ended 30 June 2023** ## **Achievements and performance (continued)** We continued to help horses and keep the charity financially viable by responding to the requests for our help, saving money where we can without compromising on welfare and running educational events and fundraisers, to bring in much needed revenue so we can continue to help horses in this way. ## **Financial review** ## **a. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ## **b. Reserves policy** The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the Charity should be six months of the resources expended. At this level, the Trustees feel that they would be able to continue the current activities of the Charity in the event of a significant drop in funding. A consequence of the purchase of Huntingrove Stud in 2002 is that this level of free reserves has yet to be achieved. ## **c. Surplus** The charity made a surplus during the year of £25,757 (2022: deficit £25,277) on unrestricted activities. This has been added to the unrestricted reserves brought forward to leave £355,305 (2022: £329,548) to be carried forward. Therefore, total reserves stand at £355,305 (2022: £329,548). ## **Structure, governance and management** ## **a. Constitution** The Charity was incorporated as a private company limited by guarantee on 10 June 1999 and received charitable status on 25 June 1999. Its governing document is the Memorandum and Articles of Association dated 10 June 1999. ## **b. Methods of appointment or election of Trustees** The Trustees when complete shall consist of at least three and not more than twelve individuals, all of whom must be members. One third (or the number nearest one third) of the Trustees must retire at each AGM, those longest in office retiring first and the choice between any of equal service being made by drawing lots but a retiring Trustee shall be eligible for re-election. The power of appointing new Trustees is vested in the Trustees and may be exercised by a resolution in writing. ## **c. Organisational structure and decision-making policies** The Charity is governed by a Board of non-executive Trustees. Trustees are responsible for creating and monitoring key policies and strategy. Day to day board decisions are made by the Chairman with authorisation for items of capital expenditure sought from the Trustees. Page 4 Moorcroft Equlne Rehabilitation Centre IA comyny Ilrnlt•d by gu•rnntee) T￿J￿e￿. r•port Iconllnued) For the y•ar end•d 30 Jun• 2023 St•tem•nt of Tw•t•u' re•pgn•lblMII The Trustees also the direct(xs ol the Charity fry Ihe wrposes of c￿npanY lawl are responsible for eparing the Trustees. rep(xl and the financial statements in accordance with apF4icable law and. United Klngdtyn AccLwnting Stsndards (United Klryd(m Generamy Accepted Acxxyjnthw Prndice). c￿panyI0W requyes the Tntsloas to yepwe fwwc¥al Statem￿ f￿ eath fin8n(aal ￿ar. Undèr o)mpany l•w. the Trustees must nol appnjve the finanoal stalements unless they are satisfied that they give 8 Irue and lair ryew of the stale of affairs of the Charity and of its fftc(Jming resc•Jrw and appl"caticm of rescMJrces. inchjding its Income and expendrture, that pencKI. In w2partry these fin￿al slalements, the Trustees are required to.. obseThe th8 methcmjs and prin(1￿¢5 of thè Charities SORP IFRS 102): makg judgmgnts and accwnb.ng estwnates that and stste ¥knether apphc*le UK Acc¢xJnbng StarKlwds IFRS 1021 have been lolbwed, subject lo any material departuTrs disdosed and eX￿aIned in the finAnLyal stalements: prepare the flnandal statements ￿ Ihe grang Cl￿￿n l)ags il is to presume that Ihe Charty *ill conlknue in IW¥r￿. The Trustees are reSpr￿s1￿￿e lor keeping adequate acmrfng rerxyds th* are %rtThciert to sh(MY and ewl8ln the Charitys transacti￿$ and disd05e reasC￿8b1e acojracy at any b.me the finanaal F()siti'on of the Charity and enatle them to ensure thal the finarK)81 statements wnply ¥nlh th8 Companies Act 2006. They are aL msp)n&blè for safeguarding the assets of the Charity 8nd hence f(K th￿'n9 r8asMable sleps the p￿Venti( and delection ol fraud and Olher Irreg￿arlI1aS. Approved by order of the membors of the trf)wd of Tn*tee5 and *gned their behalf ty. N J N•¥lll• rusleel Date.. 14 December 2023 Page 5 ## **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** ## **Independent examiner's report** **For the year ended 30 June 2023** ## **Independent examiner's report to the Trustees of Moorcroft Equine Rehabilitation Centre ('the Charity')** I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 June 2023. ## **Responsibilities and basis of report** As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed: > Dated: 18 December 2023 Lucy Hammond BSc FCA Kreston Reeves LLP Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ Page 6 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** ## **Statement of financial activities (incorporating income and expenditure account) For the year ended 30 June 2023** |**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
7
**Total expenditure**
**Net income/(expenditure) before net losses on**
**investments**
Net losses on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**163,801**
**55,082**
**10,930**
**16,530**
**246,343**
**3,540**
**215,357**
**218,897**
**27,446**
**(1,689)**
**25,757**
**329,548**
**25,757**
**355,305**|**Total**
**funds**
**2023**
**£**
**163,801**
**55,082**
**10,930**
**16,530**
**246,343**
**3,540**
**215,357**
**218,897**
**27,446**
**(1,689)**
**25,757**
**329,548**
**25,757**
**355,305**|Total
funds
2022
£
51,505
84,171
21,786
20,783| |---|---|---|---| ||||178,245
3,936
198,411| ||||202,347
(24,102)
(1,175)| ||||(25,277)
354,825
(25,277)| ||||329,548| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 10 to 25 form part of these financial statements. Page 7 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee) Registered number: 03789963** ## **Balance sheet As at 30 June 2023** |**Note**
**Fixed assets**
Tangible assets
12
Investments
13
**Current assets**
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
**Net current liabilities**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
16
**Total net assets**
**Charity funds**
Unrestricted funds
17
**Total funds**|**17,896**
**18,427**
**36,323**
**(57,865)**|**2023**
**£**
**962,072**
**33,942**
**996,014**
**(21,542)**
**974,472**
**(619,167)**
**355,305**
**355,305**
**355,305**|13,618
15,838
29,456
(48,342)|2022
£
929,970
47,631| |---|---|---|---|---| |||||977,601
(18,886)| |||||958,715
(629,167)| |||||329,548
329,548| |||||329,548| Page 8 Moorcroft Equine Rehabilitation Centre IA company Ilmlt•d by guarantee) Reglstered number: 03789963 Balanc• $h•et Icontlnued) As at 30 Jun• 2023 The Charity was entiU8d lo exemptim frI￿n audit under section 477 of th8 Companies Act 2006. The members have nol required the company to (￿"n an audit for the in question in atxord8nce wth section 476 of Companies Act 2006. The Trustees a(*nowledge their responsibihty'es for c4yn￿.ng ¥*ith the reqt11￿rnents of the Act ￿ respect to acccmjnting rec￿1$ and Kwration (rf financaal ststwn￿ts. The financial statements have bew wepared in a(X0rdan￿ wilh the provi￿c￿s ap￿ICable to entities subject to the small companies regime. The finanual stateTnents were approve(l and authorised f(x issue by the Trustees and signed on their behalf by. N J Nevlll• (Trusleel Dale.. 14 December 2023 The notes on pages 10 to 25 fm part of these financial statements. Page g **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** **Notes to the financial statements For the year ended 30 June 2023** ## **1. General information** Moorcroft Equine Rehabilitation Centre is a private company limited by guarantee, incorporated in England and Wales. The registered office address and principal place of business is: Huntingrove Stud Slinfold Horsham West Sussex RH13 0RB ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Moorcroft Equine Rehabilitation Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Going concern** The Trustees have concluded that the charity has sufficient asset reserves to meet its obligations as they fall due for a period of at least 12 months from the date of signing of these financial statements. Consequently they are satisfied that the charity has adequate resources to continue to operate for the foreseeable future and for this reason they continue to adopt the going concern basis for preparing these financial statements. Page 10 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** **Notes to the financial statements For the year ended 30 June 2023** ## **2. Accounting policies (continued)** ## **2.3 Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. ## **2.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. ## **2.5 Government grants** Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred. Page 11 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** **Notes to the financial statements For the year ended 30 June 2023** ## **2. Accounting policies (continued)** ## **2.6 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.7 Taxation** The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **2.8 Tangible fixed assets and depreciation** Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases: - Freehold property 2% straight line - Improvements to property In accordance with the property - Plant and machinery 10 years or 7 years straight line - Computer equipment 50% straight line ## **2.9 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. ## **2.10 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.11 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 12 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** **Notes to the financial statements For the year ended 30 June 2023** ## **2. Accounting policies (continued)** ## **2.12 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. ## **2.13 Financial instruments** The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.14 Pensions** The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. ## **2.15 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 13 ## **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** **Notes to the financial statements For the year ended 30 June 2023** ## **3. Income from donations and legacies** |Donations
Legacies
Government grants - Rural Payments Agency
Donations
Legacies
Grants
Government grants - Rural Payments Agency|**Unrestricted**
**funds**
**2023**
**£**
145,852
12,343
5,606
163,801
Unrestricted
funds
2022
£
40,848
2,000
2,000
6,657
51,505|**Total**
**funds**
**2023**
**£**
**145,852**
**12,343**
**5,606**| |---|---|---| |||**163,801**| |||Total
funds
2022
£
40,848
2,000
2,000
6,657| |||51,505| During the year to 30 June 2023, there were no donated goods (2022: £14,000 was received for a Quadbike and a Trailer). During the year, there were no Government apprentice scheme grants (2022: £1,500 included in grants). ## **4. Income from charitable activities** |Centre
VAT adjustment
Centre|**Unrestricted**
**funds**
**2023**
**£**
86,208
(31,126)
55,082
Unrestricted
funds
2022
£
84,171|**Total**
**funds**
**2023**
**£**
**86,208**
**(31,126)**| |---|---|---| |||**55,082**| |||Total
funds
2022
£
84,171| Page 14 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** **Notes to the financial statements For the year ended 30 June 2023** ## **5. Income from other trading activities** ## **Income from fundraising events** |**Unrestricted**
**funds**
**2023**
**£**
Other fundraising activities
10,930
Unrestricted
funds
2022
£
Other fundraising activities
21,786|**Total**
**funds**
**2023**
**£**
**10,930**| |---|---| ||Total
funds
2022
£
21,786| **6. Investment income** |Rents received
Other fixed investment income
Deposit account and other interest
Rents received
Other fixed investment income
Deposit account and other interest|**Unrestricted**
**funds**
**2023**
**£**
13,684
2,401
445
16,530
Unrestricted
funds
2022
£
16,648
4,089
46
20,783|**Total**
**funds**
**2023**
**£**
**13,684**
**2,401**
**445**| |---|---|---| |||**16,530**| |||Total
funds
2022
£
16,648
4,089
46| |||20,783| Page 15 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** **Notes to the financial statements For the year ended 30 June 2023** ## **7. Analysis of expenditure on charitable activities** ## **Summary by fund type** |**Unrestricted**
**funds**
**2023**
**£**
Centre
215,357
Unrestricted
funds
2022
£
Centre
198,411|**Total**
**2023**
**£**
**215,357**| |---|---| ||Total
2022
£
198,411| ## **8. Analysis of expenditure by activities** |Centre
Centre|**Activities**
**undertaken**
**directly**
**2023**
**£**
155,953
Activities
undertaken
directly
2022
£
151,738|**Support**
**costs**
**2023**
**£**
59,404
Support
costs
2022
£
46,673|**Total**
**funds**
**2023**
**£**
**215,357**| |---|---|---|---| ||||Total
funds
2022
£
198,411| Page 16 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** ## **Notes to the financial statements For the year ended 30 June 2023** ## **8. Analysis of expenditure by activities (continued)** ## **Analysis of direct costs** |Staff costs
Depreciation
Animal welfare costs
Centre running costs
(Profit)/loss on sale of fixed assets
Recoverable VAT|**Total**
**funds**
**2023**
**£**
**57,340**
**27,787**
**41,595**
**35,512**
**(1,990)**
**(4,291)**
**155,953**|Total
funds
2022
£
68,977
24,993
32,298
25,156
314
-| |---|---|---| |||151,738| ## **Analysis of support costs** |Governance costs
Loan interest
Administration costs
Recoverable VAT|**Total**
**funds**
**2023**
**£**
**17,997**
**6,287**
**39,067**
**(3,947)**
**59,404**|Total
funds
2022
£
13,435
6,279
26,959
-| |---|---|---| |||46,673| ## **9. Independent examiner's remuneration** The independent examiner's remuneration amounts to an independent examiner fee of £1,250 _(_ 2022 _-_ £1,250 _)_ , and accountancy services of £5,683 (2022 - £5,805). ## **10. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2023**
**£**
**53,510**
**2,224**
**1,606**
**57,340**|2022
£
64,677
2,595
1,705| |---|---|---| |||68,977| Page 17 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** ## **Notes to the financial statements For the year ended 30 June 2023** ## **10. Staff costs (continued)** The average number of persons employed by the Charity during the year was as follows: |Average number of full time employees
Average number of part time employees (used primarily at weekends and
for holiday cover)|**2023**
**No.**
**5**
**2**
**7**|2022
No.
4
2| |---|---|---| |||| |||6| No employee received remuneration amounting to more than £60,000 in either year. The charity considers its key management personnel comprises the trustees and the centre manager. The total employment benefits to its key management personnel was £33,825 (2022: £34,994). ## **11. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits (2022 - £NIL). During the year ended 30 June 2023, no Trustee expenses have been incurred (2022 - £NIL). Page 18 ## **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** ## **Notes to the financial statements For the year ended 30 June 2023** ## **12. Tangible fixed assets** |**Cost or valuation**
At 1 July 2022
Additions
Disposals
Recoverable VAT
At 30 June 2023
**Depreciation**
At 1 July 2022
Charge for the year
On disposals
At 30 June 2023
**Net book value**
At 30 June 2023
At 30 June 2022|**Freehold**
**property**
**£**
**772,834**
**-**
**-**
**-**
**772,834**
**77,280**
**3,864**
**-**
**81,144**
**691,690**
695,554|**Improvements**
**to property**
**£**
**499,362**
**64,125**
**(1,990)**
**(6,069)**
**555,428**
**285,552**
**21,470**
**(1,990)**
**305,032**
**250,396**
213,810|**Plant and**
**machinery**
**£**
**32,592**
**2,036**
**-**
**(203)**
**34,425**
**11,986**
**2,453**
**-**
**14,439**
**19,986**
20,606|**Computer**
**equipment**
**£**
**2,809**
**-**
**-**
**-**
**2,809**
**2,809**
**-**
**-**
**2,809**
**-**
-|**Total**
**£**
**1,307,597**
**66,161**
**(1,990)**
**(6,272)**| |---|---|---|---|---|---| ||||||**1,365,496**| ||||||**377,627**
**27,787**
**(1,990)**| ||||||**403,424**| ||||||**962,072**
929,970| Page 19 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** ## **Notes to the financial statements For the year ended 30 June 2023** ## **13. Fixed asset investments** |**Cost or valuation**
At 1 July 2022
Disposals
Revaluations
At 30 June 2023
**Net book value**
At 30 June 2023
At 30 June 2022|**Investments**
**in**
**subsidiary**
**companies**
**£**
**1**
**-**
**-**
**1**
**1**
1|**Listed**
**investments**
**£**
**47,630**
**(12,000)**
**(1,689)**
**33,941**
**33,941**
47,630|**Total**
**£**
**47,631**
**(12,000)**
**(1,689)**| |---|---|---|---| ||||**33,942**
**33,942**| ||||47,631| ## **Principal subsidiaries** The following was a subsidiary undertaking of the Charity: |**Name**||**Company**|**Registered office or principal**|**Principal activity**| |---|---|---|---|---| |||**number**|**place of business**|| |Moorcroft|Trading Limited|04523822|Hungtingrove Stud, Slinford,|To rehabilitate, re-| ||||Horsham, West Sussex, RH13|train and re-home| ||||0RB|former racehorses.| |**Class of**|**Holding**|||| |**shares**||||| |Ordinary|100%|||| The financial results of the subsidiary for the year were: |**Name**|**Income**|**Expenditure**|**Profit/(Loss)**|**Net assets**| |---|---|---|---|---| ||**£**|**£**|**/ Surplus/**|**£**| ||||**(Deficit) for**|| ||||**the year**|| ||||**£**|| |Moorcroft Trading Limited|**75,358**|**(56,645)**|**18,713**|**4,440**| Page 20 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** ## **Notes to the financial statements For the year ended 30 June 2023** ## **14. Debtors** |**Due within one year**
Other debtors
Prepayments and accrued income|**2023**
**£**
**14,043**
**3,853**
**17,896**|2022
£
5,752
7,866| |---|---|---| |||| |||13,618| ## **15. Creditors: Amounts falling due within one year** |Bank loans
Other loans
Amounts owed to group undertakings
Other taxation and social security
Pension fund loan payable
Other creditors
Accruals and deferred income
Deferred income at 1 July 2022
Resources deferred during the year
Amounts released from previous periods|**2023**
**£**
**10,000**
**15,000**
**-**
**1,018**
**283**
**19,410**
**12,154**
**57,865**
**2023**
**£**
**3,036**
**3,974**
**(3,036)**
**3,974**|2022
£
10,000
15,000
895
3,402
379
8,271
10,395| |---|---|---| |||| |||48,342| |||2022
£
5,783
3,036
(5,783)| |||| |||3,036| Deferred income relates to advanced ticket sales and rent received from paddock hire. Page 21 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** ## **Notes to the financial statements For the year ended 30 June 2023** ## **16. Creditors: Amounts falling due after more than one year** |Bank loans
Other loans
Included within the above are amounts falling due as follows:
**Between one and two years**
Bank loans
**Between two and five years**
Bank loans
Other loans
**Over five years**
Other loans|**2023**
**£**
**19,167**
**600,000**
**619,167**
**2023**
**£**
**10,000**
**9,167**
**150,000**
**450,000**|2022
£
29,167
600,000| |---|---|---| |||| |||629,167| |||2022
£
10,000| |||19,167
150,000| |||450,000| Other loans of £450,000 are secured by mortgages over the freehold property. All loans are repayable upon the sale of the property. Page 22 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** **Notes to the financial statements For the year ended 30 June 2023** ## **17. Statement of funds** **Statement of funds - current year** |**Unrestricted**
**funds**
**Designated**
**funds**
Huntingrove
Stud Fund
**General funds**
General Funds
**Total**
**Unrestricted**
**funds**|**Balance at 1**
**July 2022**
**£**
**459,364**
**(129,816)**
**329,548**|**Income**
**£**
**-**
**246,343**
**246,343**|**Expenditure**
**£**
**(23,344)**
**(195,553)**
**(218,897)**|**Transfers**
**in/out**
**£**
**62,135**
**(62,135)**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**(1,689)**
**(1,689)**|**Balance at**
**30 June**
**2023**
**£**
**498,155**
**(142,850)**
**355,305**| |---|---|---|---|---|---|---| Page 23 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** **Notes to the financial statements For the year ended 30 June 2023** ## **17. Statement of funds (continued)** **Statement of funds - prior year** |**Unrestricted**
**funds**
**Designated**
**funds**
Huntingrove
Stud Fund
**General funds**
General Funds
**Total**
**Unrestricted**
**funds**|Balance at
1 July 2021
£
450,532
(95,707)
354,825|Income
£
-
178,245
178,245|Expenditure
£
(24,119)
(178,228)
(202,347)|Transfers
in/out
£
32,951
(32,951)
-|Gains/
(Losses)
£
-
(1,175)
(1,175)|Balance at
30 June
2022
£
459,364
(129,816)
329,548| |---|---|---|---|---|---|---| ## - Designated Fund Huntingrove Stud Farm Funds designated for the purpose of the property Huntingrove Stud. The funds have been fully utilised and the balance carried forward represents the value of such funds after annual depreciation charge and after deducting secured liabilities. ## **18. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|**Unrestricted**
**funds**
**2023**
**£**
962,072
33,942
36,323
(57,865)
(619,167)
355,305|**Total**
**funds**
**2023**
**£**
**962,072**
**33,942**
**36,323**
**(57,865)**
**(619,167)**| |---|---|---| |||**355,305**| Page 24 **Moorcroft Equine Rehabilitation Centre** ## **(A company limited by guarantee)** ## **Notes to the financial statements For the year ended 30 June 2023** ## **18. Analysis of net assets between funds (continued)** ## **Analysis of net assets between funds - prior year** |Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|Unrestricted
funds
2022
£
929,970
47,631
29,456
(48,342)
(629,167)
329,548|Total
funds
2022
£
929,970
47,631
29,456
(48,342)
(629,167)| |---|---|---| |||329,548| ## **19. Pension commitments** The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £1,606 (2022: £1,705) Pension contributions of £283 (2022: £379) were payable to the fund at the balance sheet date and are included in creditors. ## **20. Members' liability** Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member. ## **21. Related party transactions** The subsidiary, Moorcroft Trading Limited, made a donation to the Charity of £22,730 (2022: £11,500) and the charity recharged costs of £42,735 (2022: £36,817) to Moorcroft Trading Limited. During the year the subsidiary wrote off historic debt owed by the charity of £nil (2022: £3,171). The amount owed by the charity to its subsidiary at the year end was £nil (2022: £895). A company of which a trustee is a shareholder and director provided professional services to the Charity of £nil (2022: £1,000) during the year. The amount outstanding at the year end was £nil (2022: £nil). No donations were made without conditions to the Charity by a trustee (2022: £500). During the period they were a trustee, the trustee received loan interest from the Charity of £1,200 (2022: £nil). The loan due to the trustee at the year end was £150,000 (2022: £nil). Page 25