| Contents | |
|---|---|
| Page | |
| Trustees, directors, officers and advisors | |
| Directors and Trustees’ report forthe yearended 31 December2020 | 2 |
| Independent auditors’ reportto the members ofGodoiphin International Thoroughbred Leadership Programme | |
| Limited | 6 |
| Statement offinancial activities for the yearended 31 December2020 | 9 |
| Balance sheet as at 31 December2020 | 10 |
| Cash flow statement for the year ended 31 December 2020 | 11 |
| Notes to the fmancial statements forthe yearended 31 December 2020 | 12 |
Godolphin International Thoroughbred Leadership Programme Limited
Directors and Trustees' report for the year ended 31 December 2020 ( continued)
Statement of Trustees' responsibilities
The Trustees (who are also directors ofGodolphin International Thoroughbred Leadership Programme Limited for the purposes of company law) are responsible for preparing the Annual report and the financial statements in accordance with applicable law and regulation.
Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these fmancial 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 in the Statement of Recommended Practice: Accounting and Reporting by Charities (Second Edition - 2019);
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the fmancial statements; and
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prepare the fmancial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the fmancial position of the charitable company and enable them to ensure that the fmancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Disclosure of information to auditors
In the case of each Trustee in office at the date the Directors and Trustees' report is approved:
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so far as each Trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware; and
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each Trustee has taken all the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.
Independent Auditors
An elective resolution has been passed to dispense with the annual obligation to appoint auditors.
By order of the Board:
N B Whiteside Company Secretary 28 April 2021
5
Use of this report
This report, including the opinions, has been prepared for and only for the charity's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come sa,·e where expressly agreed by our prior consent in \TI ting.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
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we ha\'e not received all the information and explanations we require for our audit; or
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adequate accounting records haYe not been kept or returns adequate for our audit ha\'e not been receiYed from branches not visited by us; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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the financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Entitlement to exemptions
Under the Companies Act 2006 we are required to report to you if, in our opinion, the Trustees were not entitled to: take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility.
Lauren Dilrew (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Cambridge 28 April 2021
8
| Note | 2020 | 2019 | |
|---|---|---|---|
| £ | £ | ||
| Incoming resources: | |||
| Incoming resourcesfrom generated funds | |||
| Donations andgifts in kind | 3 | 921,364 | 1,057,053 |
| Total incoming resources | 921,364 | 1,057,053 | |
| Resources expended: | |||
| Charitable activities | 4 | (914,112) | (1,044,462) |
| Governance costs | 4 | (7,252) | (12,591) |
| Total resources expended | (921,364) | (1,057,053) | |
| Netresultfor the year | - | - | |
| Fund balance broughtforward at 1 January | - | - | |
| Fund balance carried forward at 31 December | - | - |
Godolphin International Thoroughbred Leadership Programme Limited
Balance sheet as at 31 December 2020
| Note | 2020 | 2019 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Tangible assets | 8 | 437 | 220 |
| Total fxed assets | 437 | 220 | |
| Current assets | |||
| Debtors | 9 | 184,895 | 167,310 |
| Cash at ban and in hand | 17,179 | 6,428 | |
| Total current assets | 202,074 | 173,738 | |
| Creditors:amounts fllingdue within oneyear | IO | (202,511) | (173,958) |
| Net current liabilities | (437) | (220) | |
| Total assets less current liabilities | |||
| Net assets | |||
| The funds of the charity: | |||
| Unresticted income fnds | 11 | ||
| Total charity funds | 11 |
The notes on pages 12 to 19 form an integral part of these financial statements. The financial statements on pages 9 to 19 were approved and authorised for issue by the Trustees on 28 April 2021 and were signed on its behalf by:
sbome
Godolphin International Thoroughbred Leadership Programme Limited Registered number: 04720461 Registered Charity number: 1102074
| 2020 | 2019 | ||
|---|---|---|---|
| Note | £ | £ | |
| Net cash inflow / (outflow) from operating activities | 13 | 11,305 | (40,699) |
| Cash flows from investing activities | |||
| Purchase oftangible assets | (554) | - | |
| Increase/ (decrease) in cash in the year | 14 | 10,751 | (40,699) |
| 2020 | 2019 | ||
| £ | £ | ||
| Cash balance as at 1 January | 6,428 | 47,127 | |
| Increase / (decrease) in cash in the year | 10,751 | (40,699) | |
| Cash balance as at 31 December | 17,179 | 6,428 |
| 3 Donations and gifts in kind |
||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Donations and gifts in kind: | ||
| Non-charitable organisations | 837,364 | 973,053 |
| Gifts in kind | 84,000 | 84,000 |
| 921,364 | 1,057,053 |
| Support | Other | Support | Other | ||||||
|---|---|---|---|---|---|---|---|---|---|
| costs | costs | Depreciation | 2020 | costs | costs | Depreciation | 2019 | ||
| £ | £ | £ | £ | £ | £ | £ | £ | ||
| Charitable activities |
$29,775 | $4,000 | 337 | 914,112 | 959,966 | 84,000 | 496 | 1,044,462 | |
| Governance | |||||||||
| costs | - | 7,252 | - | 7,252 | - | 12,591 | - | 12,591 | |
| 829,775 | 91,252 | 337 | 921,364 | 959,966 | 96,591 | 496 | 1,057,053 |
| 5 Netincoming resources |
||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Net incoming resources is stated aftercharging: | ||
| Depreciationoftangible assets | 337 | 496 |
| Loss on exchange | 13,334 | 9,235 |
| Auditors’ remuneration for: | ||
| fees payable forthe audit | 6,000 | 4,950 |
| Tax complianceservices | 2,850 | 2,850 |
| 8 Tangibleassets |
|
|---|---|
| Computer | |
| equipment | |
| £ | |
| Cost | |
| At 1 January2020 | 26,029 |
| Additions | 554 |
| At31 December 2020 | 26,5$3 |
| Accumulated depreciation | |
| At 1 January 2020 | (25,809) |
| Charge in theyear | (337) |
| At 31 December 2020 | (26,146) |
| Net book amount | |
| At31 December 2020 | 437 |
| At31 December2019 | 220 |
| 9 Debtors |
||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Amounts falling due within one year | ||
| Prepayments | 33,468 | 55,695 |
| Accrued donations | 151,427 | 111,615 |
| 184,895 | 167,310 |
| 10 Creditors: amounts fallingduew |
ithin oneyear | |
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Related party creditors | 120,404 | 157,182 |
| Accruals and deferred income | 82,107 | 16,776 |
| 202,511 | 173,958 |
| 11 Charityfunds |
||||||
|---|---|---|---|---|---|---|
| Incoming | Resources | Incoming | Resources | |||
| resources | expended | 2020 | resources | expended | 2019 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted income funds | ||||||
| General reserve | 921,364 | (921,364) | - | 1,057,053 | (1,057,053) | |
| Total charity funds | 921,364 | (921,364) | - | 1,057,053 | (1,057,053) |
| 13 Reconciliationofnetincoming resources from operatingactivities |
to netcash inflowI | (outflow) |
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Continuing activities | ||
| Netresult for the year | - | - |
| Depreciation oftangible assets | 337 | 496 |
| Increase in debtors | (17,585) | (43,232) |
| Increase in creditors | 28,553 | 2,037 |
| Net cash inflow / (outflow) from operating activities | 11,305 | (40,699) |
| 14 Analysis ofchanges in net |
funds during theyear | ||
|---|---|---|---|
| At | At31 | ||
| 1 January | December | ||
| 2020 | Cash flow | 2020 | |
| £ | £ | £ | |
| Cashatbankandinhand | 6,428 | 10,751 | 17,179 |
| Netfunds | 6,428 | 10,751 | 17,179 |
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Balance as at 31 December | ||
| Creditor | (19,472) | (19,440) |
| Summary oftransactionsfor theyearended 31 December | ||
| Purchases | 120,903 | 110,673 |
| Donations / Gifts in kind | $37,364 | 973,053 |
| Godoiphin LLC (previously Darley Stud ManagementLLC) | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Balance as at 31 December | ||
| Creditor | (22,866) | (30,489) |
| Summaryoftransactions for the year ended 31 December | ||
| Purchases | 106,402 | 176,108 |
| Godoiphin IrelandLimited (previously Godolphin Ireland Unlimited) | ||
| 2020 | 2019 | |
| £ | £ | |
| Balance as at 31 December | ||
| Creditor | (5,730) | (44,428) |
| Summaryoftransactions for the year ended | ||
| Purchases | 124,195 | 266,125 |
| Gifts in kind | 84,000 | 84,000 |
| Godolphin Australia Pty Limited (previously DarleyAustralia Pty Limited) | ||
| 2020 | 2019 | |
| £ | £ | |
| Balance as at 31 December | ||
| Creditor | (72,336) | (62,826) |
| Summary oftransactions for theyear ended 31 December | ||
| Purchases | 133,259 | 132,691 |
| DarleyJapanKK | 2020 | 2019 |
| £ | £ | |
| Summary oftransactions for the year ended 31 December | ||
| Purchases | 5,665 | - |