REGISTERED COMPANY NUMBER: 03974594 (England and Wal•s) REGISTERED CHARITY NUMBER: 1101183 {England and Wales) REGISTERED CHARITY NUMBER: SC039030 Iscotland REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 FOR IHSGB LIMITED COMPANY LIMITED BY GUARANTEE Bevan Buckland LLP Chartered Accwnt8nts 45 High Street Haverfordwest p￿bri￿shir8 SA612BP IHSGB LIMITED COMPANY LIMITED BY GUARANTEE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Page Rèport of the Trustses 1 to 3 Independent Examlnerfs Report stalemenl of Flnanclal Actlvltlos statemen¢ of Flnanclal Posltk•n 6 b 7 Notes to the Financlal Slatements 8 to 13 Detslled Ststemont of Flnan¢l•l A¢tlvillo$ 14 IHSGB LIMITED COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 The trustees who are afso directo￿ of the i*arity for the purposes of the Companies Act 2006, present their vep)rt with Ihe financial slatements of the charity for the year ended 31 July 2024. The Irustees h8ve adopted the provis10￿ of Accounting and Reportlng by Chadties.. Stalement of Recommendgj applicable to tharities preparing their a¢ix¢urrts In attordance wilh the Finanaal Reporting Stand￿d ?pplicable in the UK and Republic of Irdand {FRS 102) (effedive 1 January 2019). OBJECTIVES AND ACTMTIES ObieGtives and alm5 The wincip81 thitres of the sodety *8: To educate the publtc aboul the Icelandic horse and its origins. preservation and standards in a￿rdance vrtth the Standards of FEIF (The Fedwation of Icelandic Ho￿e A5soctat￿n). To irnprove geneTrl stand8rds in the management. use and treatment of ho￿8$ ￿th parttcular referen￿ to the spwial featm ol the tce]?ndlc hO￿e by the 8(lu(xtl(m of breeders. Importers. owner5. ju(h2es. veterinarians, traIne￿ and members of the publi We have continued to ￿(X)Urage partii?pafion in as many (rrfrerent activities a5 possible. The presencè of the Icelandrc horse In Great Brftain ￿ntInueS to grow. The soci* has o)ntinued tts efforts to promote the bfeed and educate the public abovi its unique qualitie5. Slgnlflcant actlvftles The IHSGB publishes regular D8wslettern 7Mth Inf(xMatK￿ aljoul Icelandics at home and abroad. Various IHSGB Item5 may be purchased including Sweatshirts, car-suckws. spare-wheel a)vers etc. National Cham￿nShIpS are held every year. and every two years is the World ChaThpbnships for l(xlandi¢ Hotses to which Britain swds a team to compete. The IHSGB has members aH ov8r Grvat Britsin and thwe are trdining couTres. pleasure ride5. competllions and 8oca31 events held all over Ihe county. Junior members have thelr own evenls and tske part In several intemational events oryaniseil by FEIF. Publlc benefft charity h89 had du8 regard for the Charlty C(xnmission's genernl guidance on public benefft when reviewTrJ Its obleclfvès and plann￿g its future activities. Th8 eharity meets Ihe public benefft requirement of advancement of anlmal weware. Croallon and use of the IHSGB G•n•ral Development Fund To maintaSn our status as a regtslered charty thal Is able to dalm tax r8li8f, we aro raquired lo demonstrate annua achievement of the Soc¥et¢s alms. The Creation of this fund will help y$ achieve our 9081$ and w711 also demonstrate our charitabl8 credentials. The aim of Ihe fund Is for the Interest eamed to b8 LWI to award grants thal will further the Society's objectives. Applications for grants are to be made in wrlling to the Board of Trustees by 31st Juiy eath year for the following year. The applicaiion should include the roasoning why the appltcant beh'eves Ihat the So(xety objeclives vKukl be enhanced and state the benEfts lo be gained. ApplKations may be frixn anyone. and thère is limll to the number of an Incfvldual may appty. The Board of Trustees shall o)nsKler the merits of eath and every applution, seekirwJ darfcatron where necessary. Any awards so granted VAII be anr&Junced at the Society AGM In November. If no appli&71ions ar8 recefved or none is consldwed sufficienly worthy then ￿ interest wlll be reinvest￿1 into th8 fund. Jf the tolal arnounl asked for by those applications constdered worthy exrneds th8 amount of Interest available then the Board wlll decide vthich applic8tion5 wll provide the Society with the graatest retum. The Board deC￿￿n 15 final arml there wll be no right of appeal, howEver the individual may apply again the followiro year. The capitsl of the fund rnay only bo Spent In excepttmal ￿r￿mstan￿S and the twstees will need the majority of fulty paid up Membe￿ lo gr¥e their wiiiten agreement. This vthll reassure people that their thnatK)ns Mll be fully used to a lasting lega(y. Vdunleers The average numbw ofvolunleers Involved regufarfy on charity bu5ine55 was 25. ACHIEVEMENT AND PERFORMANCE Charitablo actlvltle$ Pl&se see Annual Report FINANCIAL REVIEW Financlal po$ltlon Totsl fundiro rec8Tved during the year was £42.852 {2023 £34.015), resourres expended during the year amounbj to £43.196 (2023 £35,375) and gains on inveslments were £743 (2023 losses of £83). resultlng in reserves of £49.336 {2023 £48,937)) ofwhth £42.5￿2 {2022 £42,336) a￿ unrestricted and £6,83412023 £6.601 > wefy held In endowment fvnds. Paga 1 IHSGB LIMITED COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 FINANCIAL REVIEW ReseNe$ policy The Tfusle•s of IHSG8 Ltd. should seek to achleve a reserve of unrestriciod funds equivalent lo 125% of Its annual income to meet an unft>re89en etrErgenry or other unexpecAed need. (c. £2,500) 2 That thi5 reseNe be invested in 8 Managed Trust Account through an or9anl$ation $u¢h as the Charities Ald Foundatlon (CAF). A CAF Tru8t Ac4Y)unt simple system that is a bit like hevlng your own charitable trust. except it opernles as 8 subsldlary lund of CAF. You can put monty into Ihe Trust Account. call It vthat you Ilke and spe¢lfy whal charftab18 purposes the money c8n be us•Y for. As CAF Is 8 charity, the 8£me tharftable tax benefits app to the Tw5t Account.11 is Ilke h8vlng your OV•ty) indepèndènt trusl. but the trustees of CAF18ke responslbllhy for carylng out your ¢hartlable wlshes. 3 That ￿ interest on this 8¢xount 18 m8d8 available to the Soctety in the yew as p8rt of its general in￿)me stream and allocated to Ihe annual budget. 4 That Trust8es alm to Inv8sI any gr￿rth on thls a￿o￿At, plus any year on ye8r profits generated Ihrouph trading (the Ir￿m9 & Expenditure 8cc¥Junll into a second unrnstriL#ed funrjlreserve Thls fund Is now known as the Gerteral Devdopment Fund. Glven th8 captsl of the Gen8ral Dev8lopm8nt Fund 1$ only b be spgnt'in exceptlon81 C1￿uMStanceS, the Board of Trustee5 need to be mindful of ihe ne8d to retsin some budget fl8xlbilty year on year and of Ihe need to proteci Ihe cash flow. Glven thls It may be approprble to cary forward some I&E surplus year on y6ar In the IHSGB Ll¢ general trading accounts (the bank a¢oJunts). ThLq should be at the discretion of the serving Board of Truslees. S Thal Ihe Board of Trustees agree to set a rolllng three y8ar budget to pernill reserveslsurpluses to be deptyed to Ih•r best advantagg and ensure cyclical events (Youth & Wodd Cups for example) 9re adequalety planned and budgeted for. STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng do¢urrtnt The charity is conlrolied by Its govBrnlry th>oument, a deed of trust, and ￿nStituteS a lirnited company. Ilmw by guarantee, as defined by the Companles Act 21￿. The eonslllution of the Icelandic Horse Society of Great &ilaln (IHSGB Ltd) Is defineil by Its memorandum and articles of aS￿CIatIon. Found8d in 1986, the IHSGB exi5ts1o maintsin purity of the unlque Icelandic horse, to promote Interesl in th8 breed, to protect the welfare of the breed, and lo encourage Icelandl¢ horse breedlrva arKI rldlng ￿mpetItIor*. The Brltish So(yety ts a full member of FEIF. the International Federatton of Icel8ndic Ho￿e Asso¢lations. which has 20 members indudlng Cansda and the USA. IHSGB is the onty Icelandlc knrse assoclatlon In Brtlaln recognlsed by FEIF as reprasentlng the whole of the United Kingdom. IHSGB Is a Passport Is6ulng Organlsatlon. aUtP￿rIsed by DEFRA. We provlde passPOrt5 ft)r Pur84)r8d Icelandlc horses. IHSGB also provides da18 on Icelandic horses to the National Equine Database. Pleose note - rf a horse does not have a passport from the IHSGB or another FEIF organisatM)n then it nw not be a pure, reglslered Icelandi¢ horse, and It wlll not be able to enter IHSGB eventB. Rocrultment and appolntment of new trustees Trustees are el8Ct8d by the Annual General Meeting of the soctety. Trustees may bg 17)-QPted by the board of tntstees. sublect to the subsequent approval of the next AGM. One thlrf of the trustees will sland down each year in rotation and may offer themsafvès for re-electlon. REFERENCE AND ADMINISTRATIVE DETAILS Reglstsred Company numb¢r 03974594 (England and W8le8) Registered Charlty numbèr 1101183 (England and Wales) SC)39030 {ScoUand) Rogl$tor•d offico 45 High Street Haverfordwet Pembrok6Bhire SA612BP Pa98 2 IHSGB UMITED COMPANY LIPAITEDBY GUARANTEE REPORTOFTHETRusfEES FOR THE YEAR ENDED 31 JULY 2024 Trnstees JAlams E Bn"mble HBye M ByfrI￿ke P Healhcole (appoinW 11.1123) (resig￿1 17.1123) C HoKand {resigned 11.1123) F P￿h (apwxnled 11.11.23) T A Raes {resi9ned 4￿231 Kwogan Independent Examtrwr Bewdn ￿cklar￿1 ILP 45 HDJh Streel SA6128P 7th October 2024 Appmed by orderofthe oftruskn on _........-.-.-_._..-......_.__ and ￿Tred M its tthlFby. M By&￿k•-chair (trusteè) Page 3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF IHSGB LIIAITED COMPANY UMITED BY GUARANTEE Independent examlnefs rèport to th• trus1•￿ of IHSGB LIMrreD COMPANY UMrrED BY GUARANTeE fthe Company.) I report to the Charty trustees on my examination of the ￿L*unts of the Company forthe year ended 31 July 2024. R•$ponsib51ities and ba81$ of report As the tharivs trustw of th¢ Company (and atso its dlreclors ftir Ihe purpth8es of company law) you are rwnsible for the prepar￿On of the ￿)unt8 In ac£ordance v41th the requirements ofthe Companies A¢t 2006 (Ihe 2006 Acr). Havlng 83lfsll8d ms¢ell tha the aC￿￿ntS of the Comp8ny are not requlTrd to be audlied urKler Part 16 of the 2006 Ad and are ellglble for IrKlependent examlnatlon. I rerth In respect of my examlnalton of your Chariys acc¥Junts as carried out under se(￿on 145 of the Chartlies Act 2011 Cthe 2011 A¢VI In caTrywvJ (JJI my exarr1nat1c￿ I have fdlowed the Dlrecllons glven by the Charity Comrniss￿n under SefAion 14qS) (b) ofthe 2011 Acl. Ind•pond•ntexamlnèfs glatwnenl I have r￿Mplated my examSnatlon. I confim that no mattws have com8 to my attenllon In ￿nn8¢110n wlth the examinafion g￿n9 me ￿U88 to belleve: a¢￿￿nting remrds ￿Trre not kepl In reS￿t of the Company as requlred by Sedlon 386 ofth8 2<￿ Aci. or the accounts do not acunl wtth th¢M rery)rd8: or the a¢counts do not comth the a(u)untlng requyements of Se¢llon 396 of the 21x16 Aci other than any requiremenl Ihat the ac￿Unts glve a Iwe and falr ￿eW vthich Is not a matter consldered es part of an Indepgndent examlnathM' or th8 aCC￿nts hav8 nol been prepaBd In ac¢ordanc* wnh the mothods and prlndplos of tho Statement of Rw)mmended prad1￿ for accountlng and rep￿Ire ty ch*tdes {appUcable to ¢har6tles preparir*d their occounts in aC￿rdanc￿ wlih the FlnarK4al Reportlny SlarKlard appllcable In Ihe UK and Republkof lrniand {FRS 102)). I h8ve no ￿nceM$ and have Gx)me acro88 no other matters kn (wn8(alon wlth the examinsthn to whith attenlion shDuhJ be dravm In this report In order to enable a proper urrfterstar￿1ng of the 8¢counts to be reached. Alun Evans FCA B8van Bu¢kland LLP Chartered A¢r￿untants 45 High Street P8mbrokeshlre SA6128P 16.10.2024 P8ge 4 IHSGB LIMITED COMPANY LIMrrED BY GUARANTEE STATEMEKf OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXpEND￿uRE ACCOUND FOR THE YEAR ENDED 31 JULY 2024 2024 Total fund5 2023 Total fttnds Unreslwicted fund Rest￿ed funds Endowmenl fund Notes INCOME AND ENDOWMENTS FROM Donations andlogacies 13.982 13,982 12,858 Charltable activities Promotion, welfare and care 26,440 26.440 20.177 Investment 1ft￿rn Totsl 41.486 34.015 EXPENDITURE ON Raising funds Charitable aclivf(ies Totsl 41.829 41.829 gainsl{loss8s) on Invesimenls 570 233 743 NET INCOMEIIEXPENDITURE) 167 233 400 {1,443) RECONCILIATION OF FUNDS Total funds brought forward 42,336 6.601 48,937 50,380 TOTAL FUNDS CARRIED FORWARD 42,503 6,834 49.337 48,937 The notes fom part of these financial state￿ntS Page 5 IHSGB LIMITED COMPANY LIMITED BY GUARAMTEE STATEMENT OF FINANCIAL POSITION 31 JULY 2024 2024 T￿al fttnds 2023 Toial funds Unrnstricted Restricted fund funds Endowment fund Notes FIXED ASSETS Tangible assets Investments 24 15.046 21.880 15,046 21.880 27.065 CURRE1￿ ASs￿s Debtors Cash al bank 4.395 4.395 28.957 8.838 33,352 33,352 32,820 CREDITORS Amounts falling due Mlhin one year 10 15.895} 15,8951 (10,948) NET CURRENT ASSETS 27.457 21,872 TOTAL ASSETS LESS GURRENT LIABIL￿lEs 42.503 6.834 49.337 48,937 NET ASSETS FUNDS Unrestricted funds End￿￿ent funds 11 42.$03 6.834 42.336 6.601 TOTAL FUNDS The ¢harRabk company is enlided to exemption from audit under Setaion 477 of the Compan*s Act 2006 for the year ended 31 Juty 2024. The members have not required the company to otlain an aL*Jil of ils fin8nclal statements for the year evthd 31 Juty 2024 in a¢¢Ordan￿ wrth Section 476 ofthe Companyds Act 2006. The trustees acknovAedge their responsibilit￿ for (a) ensuring that the charitable company kegps accounting records that compty with Sec￿n$ 386 and 387 of I Companies Act 20C6 ond proparing financial statements whith give a true and fair vw of the stale of affairs of Ihe tharlable company as at the end of each finan¢ial year arKI of its surplvs or deficit for each financial year in actknrdan¢e with the requirements of Sediorffj 394 and 395 and whi¢h othernise comply with the requirements of the Companles Act 2fy)6 relating to financial stalgments, so far a$ appli¢able lo the ¢haritable (>Jmpany. (b) The notes fomi part ofthese finanual statements Pa9e 6 eonlinued... IHSGB LllaTED COIqJANY ￿￿E0 BYGUARANTEE 31 JULY2024 .7.th.QctobAr102L_-..- J)c.. Bye4krf(e. Tnthe {Q%3ir) F i4wfi- Tru*88 IHSGB UMITED COMPANY LIMrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES Basis of preparlng the financlal stalements The financlal statements of the charltsbl8 cxJmpany. which b a wbli¢ benefft entity under FRS 1￿2. hav¢ been preprnl In accordance with the Charltles SORP {FRS 102) 'Accounllng and Roporting ty Chatltles: Slalement of Recommended Prac11￿ applicable to chariiies preparlng thelr accounts in 8coordanc8 the Financial Reporting Slandard appll¢atle In the UK and Rekxjblk of ITeland