Beaufort Cottage Educational Trust
Report and Unaudited Financial Statements
Year Ended
31 March 2025
BEAUFORT COTTAGE EDUCATIONAL TRUST
Annual report and unaudited financial statements for the year ended 31 March 2025
Contents
Page:
1 Report of the trustees 5 Independent examiner’s report 6 Statement of financial activities 7 Balance sheet 8 Notes forming part of the financial statements
Trustees
Fred Barrelet (Chairman) Stuart Williams Camilla Scott Jack Day Nicolas Patton James O’Donnell Simon Curtis (Appointed 18 September 2024) Katie Burden-Lee (Appointed 11 December 2024) Ilka Gansera-Leveque (Appointed 7 July 2025)
Correspondence address
Beaufort Cottage Stables, High Street, Newmarket, Suffolk, CB8 8JS.
Registered charity number
1079834
Independent examiner
Andrew D Fisk ACIE, 26 Blackbourne Road, Elmswell, Bury St Edmunds, Suffolk, IP30 9UH
BEAUFORT COTTAGE EDUCATIONAL TRUST
Report of the trustees’ for the year ended 31 March 2025
The trustees present their annual report together with the unaudited financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out on pages 8 to 10 and comply with the charity’s trust deed, the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019.
Structure, governance and management
The Trust was established by virtue of its Trust Deed on 21 April 1998. No activities were undertaken until the year ended 31 March 2002 when the Trust started to receive income that it could use to fulfil its charitable objectives.
The Trust is controlled and managed entirely by the trustees, who are considered to be the key management personnel of the Trust. They give their time freely and received no remuneration or expenses in the year. There are no employees of the Trust although administrative support is engaged as appropriate.
The trustees recruit and appoint trustees themselves by reference to the needs of the Trust, and thereafter trustees ensure they are sufficiently trained to act as required.
Details of the trustees are given on the contents page of these financial statements.
Objectives and activities
The objects of the Trust are to further the education of all those involved in the ownership and care of horses to the intent that all those involved should have access to details of the best veterinary and management practices that are conducive to the welfare of the horses concerned.
It achieves these objects by providing funds:
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to support appropriate seminars and lectures through sponsorship
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for travel bursaries
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bursaries to individuals to further their education
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to support appropriate educational research projects
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to support education through the provision of appropriate scientific equipment
Grants are made at the discretion of the trustees in accordance with the trust’s objects.
The trustees have referred to the guidance in Section 17(5) of the Charities Act 2011 on public benefit when reviewing their aims and objectives and planning future activities.
Achievements and performance
During the year the Trust has received donations and earned interest on bank deposits.
The Summer Student Scholarship programme received applications selected in collaboration with Inspire in early March 2024. Four projects were received of which three were accepted: “Exploring the effect of different
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Report of the trustees’ for the year ended 31 March 2025 (continued)
Achievements and performance (continued)
priming strategies for equine mesenchymal stem cells and their associated extracellular vesicles” (Natasha Poulter, University of Liverpool); “Automatic behavioural monitoring through pose estimation in Thoroughbred racehorse mares and foals” (Jasmine Poon, University of Bristol); and “Enhancing strangles surveillance and understanding decision making around Strangles diagnosis in the equine population” (Jordan Green, University of Liverpool).
These projects were presented in person at a meeting in Exning on Wednesday, 11th December 2024. Once again, the trustees and professional audience were impressed by the high standards that were achieved. The undergraduate students achieved the objective of producing independent research projects in their fields of specialist interest that contribute to their better understanding of veterinary processes and equine welfare.
The Transatlantic talks via BEVA were also once again supported.
The Gerald Leigh Charitable Trust has generously agreed to further fund the Student Scholarships for which applications closed in early March 2025. Three scholars were chosen and are currently working on their projects. The Gerald Leigh Charitable Trust was closed down late during the year. A large sum was allocated to BCET to continue our work with the lectures, scholars and talks.
BCET continues to manage the funds provided by the Margaret Giffin Charitable Trust to support research in clinical epidemiology based at Rossdales Equine Hospital. Dr Vicky Colgate continues in the role of Clinical Research Assistant as instructed by the Margaret Giffin Charitable Trust.
BCET co-hosted an international equine welfare workshop on the 24[th] & 25[th] May 2024 at the Jockey Club Rooms, Newmarket with the Graf Lehendorff Institut, Neustadt Dosse, Germany entitled “Equine Cognizance & Mental Maturity: What do we know?”. The meeting was attended by around 90 delegates and speakers from the UK, Europe, North America and Japan. The current state of evidence based knowledge and research into behavioural responses of young thoroughbred race horses and the international racing and sport horse industries’ social license to operate were topics of fruitful dabate.
The Gerald Leigh Memorial Lectures were held at Tattersalls, Newmarket on Wednesday, 12th June 2024 entitled “Optimising Youngstock Growth and Development”. A distinguished panel of lecturers spoke on excellent topics and this was received by an audience of around 110 delegates. There was animated and excellent audience participation within the Q & A discussion sessions and a constructive atmosphere. They also benefited from excellent catering for the day.The lectures have reached a global internet audience and remain unrestricted viewing via YouTube(see https://www.beaufortcottage.com/resources/)
The final specialist 5 day Advanced Cardiology course for 6 delegates was held in July 2024 and was led by Prof Celia Marr, Rossdales, Ltd. This proved to be a popular and informative course which was well received by the delegates and a distinguished panel of lecturers.
The winter lectures for stud and stable staff were held in Newmarket and were all well attended and received. Further plans for more topics and meetings are in place for winter 2025/26.
There were no UK applications for the Farrier Scholarship recently implemented. This will carry forward to next year.
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Report of the trustees’ for the year ended 31 March 2025 (continued)
Achievements and performance (continued)
Plans for the future include ongoing support for educational seminars for vets and horsemen, the Summer Student Scholarships, and the Farrier Travel Scholarship. The 9[th] Gerald Leigh Lectures entitled “An update in wind surgery and what’s new” combined with “Tendon injury; therapy and management” will be held on
Financial review
The Trust had a significantly increased level of incoming resources in the year of £215,015 (2024:£86,194) principally as a result of additional donations received of £212,216 (2024:£83,346).
There were further donations received in the year from the Gerald Leigh Charitable Trust to support the Gerald Leigh Lectures for a further two years in 2025 and 2026 of £60,000 (2024: £60,000), together with £30,000 (2024: £10,000) for a further two years support of 2025 and 2026 summer scholarships. In addition the Gerald Leigh Charitable Trust has provided a further donation of £100,000 (2024: £Nil) to provide a Project Fund to support various projects from 2027 onwards but principally to support the Lectures and Summer Scholarships when existing funding is exhausted. The Simon Gibson Charitable Trust gave a donation of £5,000 (2024: £Nil) for support of Stud and Stable Staff Talks. This year further donations were received totalling £13,105 (2024:£8,321) for support of an Equine Cognitive and Mental Maturity Workshop that was held in Newmarket in the year. In addition there were individual donations some of which were gift aided of £4,111 (2024:£5,025) and interest received amounted to £2,799 (2024:£2,848).
These incoming resources have allowed the Trust to continue its charitable activities in the year with total expenditure of £116,173 (2024 £90,831). This has included: support of the Margaret Giffin Clinical Research Assistant in the year of £43,144 (2024:£45,629); the costs associated with the eighth Gerald Leigh Lecture of £32,416 (2024:£35,249), support and sponsorship of seminars of £3,204 (2024:£925), student support and summer scholarships of £11,639 (2024: £10,994); support of a Placentitis Project of £522 (2024:£488), depreciation costs of cardiology equipment and software of £Nil (2024:£84), costs associated with support of an Echocardiography Course of £3,000 (2024: £Nil), and the costs of the Cognitive and Mental Maturity Workshop held in the year of £22,248 (2024: £Nil). The comparative year also saw a refund of some previously awarded unspent grant support for a Royal Veterinary College project looking at the development of a noninvasive diagnostic test for detection of fetal sex in the pregnant mare for £2,538.
Support costs in connection with the website and governance, which are allocated across charitable activities, remain minimal at £4,112 (2024: £3,802).
Overall the Trust had a net positive movement in funds for the year of £98,842 (2024: £4,637 negative).
Consequently at 31 March 2025 the Trust had total funds of £351,003 (2024:£252,161) available for future charitable expenditure in accordance with its objects. Of this total £300,783 (2024:£202,937) represented restricted funds as detailed in note 6 to the accounts.
Total funds are represented by the net assets of the Trust, which consist of: fixed assets including the cardiology equipment and software, the Trust’s website and a chest freezer with a net book value of £Nil (2024:£Nil) at the year end, having been fully depreciated.
Other than a debtor for accrued gift aid recoverable of £168 (2024:£837) the Trust’s other assets are bank deposits amounting to £353,743 (2024:£264,382).
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Report of the trustees’ for the year ended 31 March 2025 (continued)
Financial review (continued)
Creditors at the year end were £2,908 (2024:£13,058), in relation to creditors and accruals for accountancy and administration costs, expenses in connection with the Clinical Research Assistant, and in the previous year additionally for Farrier Talk costs, Placentitis Project costs and some trustee meeting expenses.
The Trust maintains its reserve funds, in the form of bank deposits, to generate future income to fulfil its charitable objectives and to contribute to ongoing expenditure.
The trustees review the risks which the Trust faces on an ongoing basis and believe that such reviews of the Trust’s activities and financial performance, together with the established systems in place, are sufficient to mitigate significant risks. The trustees have not identified any material uncertainties that may cast doubt about the ability of the charity to continue as a going concern. The trustees consider that the Trust has adequate resources to fund its activities into the future.
Statement of responsibilities of the trustees
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are also responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination may differ from legislation in other jurisdictions.
This report was approved by the trustees and signed on their behalf on 27 January 2026
Fred Barrelet Chairman
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Independent examiner’s report
Independent Examiner’s Report to the Trustees of Beaufort Cottage Educational Trust
I report on the financial statements of the Beaufort Cottage Educational Trust for the year ended 31 March 2025, which are set out on pages 6 to 16.
Responsibilities and basis of report
As the charity’s trustees, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect to my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Andrew D Fisk ACIE 26 Blackbourne Road Elmswell Bury St Edmunds Suffolk IP30 9UH
30 January 2026
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Unaudited s tatement of financial activities for the year ended 31 March 2025
__________________
| Note | Restricted | Unrestricted | Total | Total | |
|---|---|---|---|---|---|
| Funds | Funds | ||||
| 2025 | 2025 | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| Incoming resources | |||||
| Income from: | |||||
| Donations and legacies | |||||
| Donations | 208,105 | 4,111 | 212,216 | 83,346 | |
| Investments | |||||
| Bank & other interest | - | 2,799 | 2,799 | 2,848 | |
| Total income | 208,105 | 6,910 | 215,015 | 86,194 | |
| Resources expended | |||||
| Expenditure on: | |||||
| Charitable activities | 2 | ||||
| Support and sponsorship of seminars | 3,204 | - | 3,204 | 925 | |
| Student support and summer scholarships | 10,069 | 1,570 | 11,639 | 10,994 | |
| Margaret Giffin Equine Clinical Research Assistant | 43,144 | - | 43,144 | 45,629 | |
| Cardiology equipment and software | - | - | - | 84 | |
| Gerald Leigh Lecture costs | 32,416 | - | 32,416 | 35,249 | |
| Placentitis Project costs | - | 522 | 522 | 488 | |
| Royal Veterinary College: Development of a non- | |||||
| invasive diagnostic test for detection of fetal sex in the | |||||
| pregnant mare, project costs (refunded) | - | - | - | (2,538) | |
| Echocardiography Course | - | 3,000 | 3,000 | - | |
| Equine Cognitive and Mental Maturity Workshop | 21,426 | 822 | 22,248 | - | |
| Total expenditure | 110,259 | 5,914 | 116,173 | 90,831 | |
| Net movement in funds | 97,846 | 996 | 98,842 | (4,637) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 202,937 | 49,224 | 252,161 | 256,798 | |
| Total funds carried forward | 300,783 | 50,220 | 351,003 | 252,161 |
All amounts relate to continuing activities. The trust has no recognised gains or losses other than those shown above in either 2024 or 2025.
The notes on pages 8 to 16 form a part of these financial statements.
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Unaudited balance sheet at 31 March 2025
| Note Fixed assets: Tangible assets 4 Current assets: Debtors: gift aid reclaim Cash at bank and in hand - Business Premium account - Community account Total current assets Liabilities: Creditors: amounts due in one year: Trade creditors Accruals Total current liabilities Net current assets Total net assets 5 The funds of the charity: Restricted funds 6 Unrestricted funds 7 Total charity funds |
2025 £ £ - 168 340,639 13,104 353,911 108 2,800 2,908 351,003 351,003 300,783 50,220 351,003 |
2024 £ £ - 837 207,840 56,542 265,219 5,429 7,629 13,058 252,161 252,161 202,937 49,224 252,161 |
|---|---|---|
Fred Barrelet Chairman
The notes on pages 8 to 16 form part of these financial statements.
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Notes forming part of the unaudited financial statements for the year ended 31 March 2025
1 Accounting policies
(a) Basis of accounting
The financial statements (accounts) have been prepared under the historical cost convention and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.
The Beaufort Cottage Educational Trust is an unincorporated charity domiciled and registered in England, which constitutes a Public Benefit entity as defined by FRS102. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in the financial statements are rounded to the nearest £.
(b) Going concern
In forming their conclusion in respect of going concern, the trustees have considered the financial position of the charity, including the level of free reserves, the level of funds held and the budget to 31 March 2027. As a consequence, the trustees believe the charity is well placed to manage its business risks and there are no material uncertainties in relation to going concern. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
(c) Changes to accounting estimates
No changes to accounting estimates have occurred in the reporting period.
(d) Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the monetary value can be measured with sufficient reliability.
Donations are recognised when the charity has been notified of both the amount and settlement date, and it is probable that they will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to.
Legacies are recognised when receipt is probable, that is, when there has been a grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably, this is normally upon notification of the interest payable or paid by the bank.
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Notes forming part of the unaudited financial statements for the year ended 31 March 2025 (continued)
1 Accounting policies (continued)
(e) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (g) below.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive the grant, or any condition attaching to the grant is outside the control of the Trust.
(f) Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
(g) Allocation of support costs
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the cost of preparation and independent examination of the financial statements, and a proportion of other administration costs where appropriate. Other support costs consist of website costs, none of which are allocated to governance costs.
Support costs including governance costs relating to charitable activities have been apportioned based on an estimation of time spent on each area of charitable activity. The allocation of support and governance costs is analysed in note 3.
(h) Charitable activities
Costs of charitable activities include grants, the cost of activities undertaken directly, and support costs including governance costs as detailed in note 2.
(i) Taxation
The Trust, as a registered charity, is not considered liable for assessment to tax on its results.
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Notes forming part of the unaudited financial statements for the year ended 31 March 2025 (continued)
1 Accounting policies (continued)
(j) Tangible fixed assets and depreciation
All assets costing more than £300 are capitalised. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual values, of each asset on a straight-line basis over its expected useful life, as follows:
Cardiology computer equipment and software - 4 years Website cost - 4 years
(k) Cash at bank
Cash at bank 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.
(l) Creditors or provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
(m) Financial instruments
The charity only holds 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.
(n) Funds
Funds held by the charity are:
Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Designated funds – these are funds set aside by the trustees out of unrestricted general funds for specific future purposes.
Restricted funds – these are funds created when grants or donations are made available for a particular purpose , the use of which is restricted to that purpose .
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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Notes forming part of the unaudited financial statements for the year ended 31 March 2025 (continued)
2 Expenditure on charitable activities
| Grant funding of activities £ Activity: Support and sponsorship of seminars 2,792 Student support and summer scholarships 10,817 Margaret Giffin Equine Clinical Research Assistant 42,322 Cardiology equipment and software - Gerald Leigh Lecture costs 31,182 Placentitis Project costs 522 Royal Veterinary College: Diagnostic Test Project costs (refunded) - Echocardiography Course 3,000 Equine Cognitive & Mental Maturity Workshop 21,426 112,061 Allocation of support costs Governance costs Independent examiner’s fees Accountancy fees paid to the independent examiner Administration fees Other sundry & trustee meeting expenses Other support costs Website costs Total support costs |
Support costs £ 412 822 822 - 1,234 - - - 822 4,112 |
2025 Total £ 3,204 11,639 43,144 - 32,416 522 - 3,000 22,248 116,173 2025 £ 725 725 2,375 167 3,992 120 4,112 |
2024 Total £ 925 10,994 45,629 84 35,249 488 (2,538) - - 90,831 2024 £ 685 685 2,107 325 3,802 - 3,802 |
|---|---|---|---|
3 Allocation of support costs
Total support costs are then allocated where appropriate to charitable activities based on an estimate of time spent on each charitable activity as follows:
| Support and sponsorship of seminars 10% (2024: 10%) Student support and summer scholarships 20% (2024: 20%) Margaret Giffen Equine Clinical Research Assistant costs 20% (2024: 30%) Gerald Leigh Lecture costs 30% (2024: 40%) Equine Cognitive and Mental Maturity Workshop 20% (2024:0%) Total allocated |
2025 2024 £ £ 412 380 822 760 822 1,141 1,234 1,521 822 - 4,112 3,802 |
|---|---|
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Notes forming part of the unaudited financial statements for the year ended 31 March 2025 (continued)
| 4 Tangible assets Equipment & software Website cost £ £ Cost At 1 April 2024& at 31 March 2025 24,113 2,880 Depreciation At 1 April 2024& at31 March 2025 24,113 2,880 Net book value At 31 March 2025& at 31 March 2024 - - 5 Analysis of net assets between funds Current year Restricted Funds Unrestricted Funds £ £ Tangible assets - - Net current assets 300,783 50,220 300,783 50,220 Prior year Restricted Funds Unrestricted Funds £ £ Tangible assets - - Net current assets 202,937 49,224 202,937 49,224 |
Total £ 26,993 26,993 - Total Funds 2025 £ - 351,003 351,003 Total Funds 2024 £ - 252,161 252,161 |
|---|---|
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Notes forming part of the unaudited financial statements for the year ended 31 March 2025 (continued)
6 Restricted funds
| Current year Balance 1 April 2024 Income Expenditure £ £ £ Suffolk Horse Project Fund 3,519 - - Gerald Leigh Veterinary Lecture Fund 32,671 60,000 (32,416) Margaret Giffen Equine Clinical Research Assistant Fund 148,357 - (43,144) Gerald Leigh Summer Scholarships Fund 10,069 30,000 (10,069) Simon Gibson Charitable Trust Stud & Stable Staff Talks Fund - 5,000 (3,204) Equine Cognitive & Mental Maturity Workshop Fund 8,321 13,105 (21,426) Gerald Leigh Legacy Project Fund - 100,000 - Total restricted funds 202,937 208,105 (110,259) Prior year Balance 1 April 2023 Income Expenditure £ £ £ Suffolk Horse Project Fund 3,519 - - Gerald Leigh Veterinary Lecture Fund 7,920 60,000 (35,249) Margaret Giffen Equine Clinical Research Assistant Fund 193,986 - (45,629) Gerald Leigh Summer Scholarships Fund 10,555 10,000 (10,486) Simon Gibson Charitable Trust Stud & Stable Staff Talks Fund 797 - (797) Equine Cognitive & Mental Maturity Workshop Fund - 8,321 - Total restricted funds 216,777 78,321 (92,161) |
Balance 31 March 2025 £ 3,519 60,255 105,213 30,000 1,796 - 100,000 300,783 Balance 31 March 2024 £ 3,519 32,671 148,357 10,069 - 8,321 202,937 |
|---|---|
The Suffolk Horse Project Fund represents funds received for the purpose of supporting a project between the Suffolk Punch Breed Society and the Royal Veterinary College on the breed’s pre-disposition to laminitis. This was completed in 2017, and it has been agreed with the donor that the remaining funds should be held for use in the future when a suitable Suffolk Horse project is identified.
The Gerald Leigh Veterinary Lecture Fund represents funds donated by the Gerald Leigh Charitable Trust for the purpose of supporting an annual lecture to mark Gerald Leigh’s contribution and support of equine veterinary science particularly in relation to the health of the Thoroughbred. The income and expenditure
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Notes forming part of the unaudited financial statements for the year ended 31 March 2025 (continued)
6 Restricted funds (continued)
represents donations and costs associated with holding this Lecture in the current year together with a further donation for next two year’s Lectures.
The Margaret Giffen Equine Clinical Research Assistant Fund represents the donations received from the Margaret Giffin Charitable Trust for the purpose of supporting a clinical research assistant post at the hospital. The expenditure represents the costs associated with this post in the current year.
The Gerald Leigh Summer Scholarships Fund represents donations received to support the costs of providing summer scholarships. The income and expenditure represents a further donation for the next two years and costs associated with this in the current year.
The Simon Gibson Charitable Trust Stud and Stable Staff Talks Fund represent a donation received to support the costs of providing these talks. The expenditure represents the costs associated with these in the current year.
The Equine Cognitive and Mental Maturity Workshop Fund represent donations received, and costs associated with holding this workshop in the current year.
The Gerald Leigh Legacy Project Fund represents a donation for supporting various projects from 2027 onwards but primarily the Gerald Leigh Lecture, Student Support and Farriers.
All restricted funds held at the year end are represented by net current assets.
7 Unrestricted funds
| Current year Balance 1 April 2024 Net movement in funds £ £ General Fund 32,581 4,518 Designated Sarah Leigh Legacy Fund 16,643 (3,522) Total unrestricted funds 49,224 996 Prior year Balance 1 April 2023 Net movement in funds £ £ General Fund 25,344 7,237 Designated Sarah Leigh Legacy Fund 14,677 1,966 Total unrestricted funds 40,021 9,203 |
Balance 31 March 2025 £ 37,099 13,121 50,220 Balance 31 March 2024 £ 32,581 16,643 49,224 |
|---|---|
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Notes forming part of the unaudited financial statements for the year ended 31 March 2025 (continued)
7 Unrestricted funds (continued)
The Designated Sarah Leigh Legacy Fund represents the balance of unexpended funds received from a legacy in 2017, which the trustees have transferred to a designated fund for the purpose of furthering equine research as determined by the trustees.
The net movement in funds represents costs associated with the Placentitis Project of £522 and Echocardiography Course of £3,000. Funds held at the year end are represented by net current assets of £13,121 (2024: £16,643).
8 Transactions with trustees and related parties
During the year Rossdales Limited, of which Jack Day is a clinical director, Camilla Scott and Katie Burden-Lee are associates, and Simon Curtis and Fred Barrelet are consultants; received: £42,322 (2024:£44,009) for wages and expenses in connection with the Margaret Giffin Equine Clinical Research Assistant; £402 (2024:£545) for room hire and associated costs for a Farrier Talk, £522 (2024:£488) for costs associated with the Placentitis Project; and £1,706 (2024:£Nil) for costs associated with the Echocardiograpraphy Course; of which a total of £108 (2024:£10,327) was due at the year end.
During the year six (2024: ten) gift aided unrestricted donations were received from the former partners of Rossdales totalling £2,010 (2024: £3,350) of which £1,005 (2024: £Nil) were made by the trustee Fred Barrelet. There was also a further unrestricted donation in the year from VetPartners the owners of Rossdales of £1,414 (2024:£Nil).
In addition the equipment and software held as a fixed asset of the Trust is held on the premises of Rossdales Limited.
No trustee has received any remuneration or had any expenses reimbursed in either year.
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Notes forming part of the unaudited financial statements for the year ended 31 March 2025 (continued)
9 Comparative statement of financial activities by fund for the year ended 31 March 2024
| Restricted Funds Unrestricted Funds 2024 2024 £ £ Incoming resources Income from: Donations and legacies Donations 78,321 5,025 Investments Bank & other interest - 2,848 Total income 78,321 7,873 Resources expended Expenditure on: Charitable activities Support and sponsorship of seminars 797 128 Student support and summer scholarships 10,486 508 Margaret Giffin Equine Clinical Research Assistant 45,629 - Cardiology equipment and software - 84 Gerald Leigh Lecture costs 35,249 - Placentitis Project costs - 488 Royal Veterinary College: Development of a non- invasive diagnostic test for detection of fetal sex in the pregnant mare, project costs (refunded) - (2,538) Total expenditure 92,161 (1,330) Net movement in funds (13,840) 9,203 Reconciliation of funds Total funds brought forward 216,777 40,021 Total funds carried forward 202,937 49,224 |
Total 2024 £ 83,346 2,848 |
|---|---|
| 86,194 | |
| 925 10,994 45,629 84 35,249 488 (2,538) |
|
| 90,831 | |
| (4,637) 256,798 |
|
| 252,161 |
16