| Page | ||
|---|---|---|
| Report ofthe Trustees | 1 to | 10 |
| Independent Examiner's Report |
11 to | 12 |
| Statement of Financial Activities | 13 | |
| Statement of Financial Position | 14 to | 15 |
| Statement ofCash Flows | 16 | |
| Notes tothe Statement ofCash Flows | 17 | |
| Notes tothe Financial Statements | 18 to | 29 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Tota I | |||
| fund | funds | funds | funds | |||
| Notes | f | F | f | f | ||
| INCOME AND ENDOWMENTS | FROM | |||||
| Donations and legacies |
2 | 236,036 | 236,036 | 416,190 | ||
| Charitable activities |
||||||
| Retraining and rehoming ofex-racehorses |
60,690 | 30,000 | 90,690 | 40,700 | ||
| Other trading activities | 3 | 212,197 | 212,197 | 136,350 | ||
| Investment income |
4 | 8 | 8 | 13 | ||
| Other income | 21,714 | 21,714 | 19,542 | |||
| Total | 530,645 | 30,000 | 560,645 | 612,795 | ||
| EXPENDITURE ON | ||||||
| Raising funds | 200 | 200 | 701 | |||
| Charitable activities |
||||||
| Retraining and reho ming ofex-racehorses |
522,644 | 41,200 | 563,844 | 546,636 | ||
| Total | 522,844 | 41,200 | 564,044 | 547,337 | ||
| NET INCOME/(EXPENDITURE) | 7,801 | (11,200) | (3,399) | 65,458 | ||
| RECONCILIATION OF FUNDS |
||||||
| Total funds brought forward | 90,151 | 31,200 | 121,351 | 55,893 | ||
| TOTAL FUNDS CARRIED FORWARD | 97,952 | 20,000 | 117,952 | 121,351 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| Notes | E | E | f | E | |
| FIXEDASSETS | |||||
| Tangible assets | 13 | 50,158 | 50,158 | 62,631 | |
| CURRENT ASSETS | |||||
| Stocks | 14 | 134,350 | 134,350 | 101,500 | |
| Debtors | 15 | 42,930 | 42,930 | 33,277 | |
| Cash at bank | 78,127 | 20,000 | 98,127 | 129,739 | |
| 255,407 | 20,000 | 275,407 | 264,516 | ||
| CREDITORS | |||||
| Amounts falling due within one year |
16 | (146,720) | (146,720) | (44,363) | |
| NET CURRENT ASSETS | 108,687 | 20,000 | 128,687 | 220,153 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 158,845 | 20,000 | 178,845 | 282,784 | |
| CREDITORS | |||||
| Amounts falling due after more than one |
|||||
| year | 17 | (60,893) | (60,893) | (161,433) | |
| NET ASSETS | 97,952 | 20,000 | 117,952 | 121,351 | |
| FUNDS | 21 | ||||
| Unrestricted funds |
97,952 | 90,151 | |||
| Restricted funds |
20,000 | 31,200 | |||
| TOTAL FUNDS | 117,952 | 121,351 |
| FO | R T | HE YEAR ENDED 3 | 1MARCH 2022 | ||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Notes | f | f | |||
| Cash flows from operating | activities | ||||
| Cash generated from operations |
1 | (15,744) | 71,875 | ||
| Net cash (used in)/provided | by operating | activities | (15,744) | 71,875 | |
| Cash flows from investing | activities | ||||
| Purchase oftangible fixed | assets | (10,336) | (24,325) | ||
| Interest received | 8 | 13 | |||
| Net cash used in investing |
activities | (10,328) | (24,312) | ||
| Cash flows from financing | activities | ||||
| New loans in year | 50,000 | ||||
| Capital repayments in year |
(5,540) | (3,227) | |||
| Net cash (used in)/provided | by financing | activities | (5,540) | 46,773 | |
| Change in cash and cash equivalents |
in | ||||
| the reporting period |
(31,612) | 94,336 | |||
| Cash and cash equivalents | at the | ||||
| beginning ofthe reporting |
period | 129,739 | 35,403 | ||
| Cash and cash equivalents | at the end | ||||
| ofthe reporting period |
98,127 | 129,739 |
| RECONCILIATION OF ACTIVITIES |
NE | T ( | EXPENDITLIRE)/IN | COME TO NET CASH FLOW |
FROM OPERA | TING |
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| f | E | |||||
| Net (expenditure)/income | forthe reporting | period (as per the | ||||
| Statement of Financial Activities) | (3,399) | 65,458 | ||||
| Adjustments for: |
||||||
| Depreciation charges |
22,809 | 17,233 | ||||
| Interest received | (8) | (13) | ||||
| (Increase)/decrease | in stocks | (32,850) | 10,150 | |||
| (Increase)/decrease | in debtors | (9,653) | 58,852 | |||
| Increase/(decrease) | in creditors | 7,357 | (79,805) | |||
| Net cash (used in)/provided | by operations | (15,744) | 71,875 | |||
| ANALYSIS OF CHANGES | IN | NET DEBT | ||||
| At 1/4/21 | Cash flaw | At 31/3/22 | ||||
| E | E | |||||
| Net cash | ||||||
| Cash at bank | 129,739 | (31,612) | 98,127 | |||
| 129,739 | (31,612) | 98,127 | ||||
| Debt | ||||||
| Finance leases | (24,473) | 5,540 | (18,933) | |||
| Debts falling due within | 1year | (7,500) | (95,000) | (102,500) | ||
| Debts falling due after 1year | (142,500) | 95,000 | (47,500) | |||
| (174,473) | 5,540 | (168,933) | ||||
| Total | (44,734) | (26,072) | (70,806) |
| DONATIONS AND LEGACIES |
DONATIONS AND LEGACIES |
||
|---|---|---|---|
| 2022 | 2021 | ||
| E | E | ||
| Retraining | ofracehorses | 8,500 | 26,000 |
| Incoming | horses | 4,000 | 8,000 |
| Donations | - other | 22,224 | 52,125 |
| Recognition ofbloodstock | 28,350 | ||
| Grants | 172,962 | 328,565 | |
| Legacies | 1,500 | ||
| 236,036 | 416,190 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| E | E | |||
| Government | support | - CIRS | 3,155 | 22,664 |
| Business Interruption | loan interest | 1,250 | ||
| Council grant | - COVID support | 30,000 | ||
| Racing Foundation - COVID support |
169,807 | 274,651 | ||
| 172,962 | 328,565 |
| 3. | OTHER TRADING ACTIVITIES | OTHER TRADING ACTIVITIES | OTHER TRADING ACTIVITIES | ||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| E | E | ||||
| Fundraising | events | 38,221 | 644 | ||
| Payments | for goods and services | 8,941 | 8,685 | ||
| Subscriptions | 7,936 | 6,336 | |||
| Lease and | sale ofhorses | 8,925 | 11,994 | ||
| Education | and training | 148,174 | 108,691 | ||
| 212,197 | 136,390 | ||||
| 4. | INVESTMENT INCOME | ||||
| 2022 | 2021 | ||||
| f | E | ||||
| Deposit account interest | 8 | 13 | |||
| S. | INCOME FROM CHARITABLE ACTIVITIES | ||||
| 2022 | 2021 | ||||
| f | E | ||||
| Retraining | and reho ming | ||||
| ofex-racehorses | 90,690 | 40,700 | |||
| 6. | RAISING FUNDS | ||||
| Raising donations | and legacies | ||||
| 2022 | 2021 | ||||
| E | |||||
| Other | 200 | 701 |
| Support | ||||||
|---|---|---|---|---|---|---|
| Direct | costs (see | |||||
| Costs | note 8) | Totals | ||||
| E | 6 | 6 | ||||
| Retraining | and rehoming | ofex- | ||||
| racehorses | 555,058 | 8,786 | 563,844 | |||
| 8. | SUPPORT | COSTS | ||||
| Governance | ||||||
| costs | ||||||
| f | ||||||
| Retraining | and rehoming | of ex- | ||||
| racehorses | 8,786 | |||||
| 9. | NET INCOME/(EXPENDITURE) | |||||
| Net income/(expenditure) | is stated after charging/(crediting): | |||||
| 2022 | 2021 | |||||
| 6 | E | |||||
| Depreciation - owned assets | 22,809 | 17,233 |
| STAFF | COSTS | ||
|---|---|---|---|
| 2022 | 2021 | ||
| E | E | ||
| Wages | and salaries | 124,085 | 113,046 |
| Social | security costs | 3,489 | 2,915 |
| 127,574 | 115,961 |
| The average | monthly | number ofemployees | dudng the year was as follows: | ||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Total | 6 | 5 |
| personnel for services provided to the charity was f35,285 (2021:E35,755 | personnel for services provided to the charity was f35,285 (2021:E35,755 | personnel for services provided to the charity was f35,285 (2021:E35,755 | ). | ||
|---|---|---|---|---|---|
| 12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
||||
| Unrestricted | Restricted | Total | |||
| fund | funds | funds | |||
| E | E | E | |||
| INCOME AND ENDOWMENTS | FROIVI | ||||
| Donations | and legacies | 396,190 | 20,000 | 416,190 | |
| Charitable | activities | ||||
| Retraining | and rehoming ofex- | ||||
| racehorses | 23,500 | 17,200 | 40,700 | ||
| Other trading activities | 136,350 | 136,350 | |||
| Investment | income | 13 | 13 | ||
| Otherincorne | 19,542 | 19,542 | |||
| Total | 575,595 | 37,200 | 612,795 | ||
| EXPENDITURE ON | |||||
| Raising funds | 701 | 701 | |||
| Charitable | activities | ||||
| Retraining | and rehoming ofex- | ||||
| racehorses | 540,636 | 6,000 | 546,636 | ||
| Total | 541,337 | 6,000 | 547,337 |
| NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31MARCH 2022 |
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31MARCH 2022 |
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31MARCH 2022 |
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31MARCH 2022 |
|||
|---|---|---|---|---|---|---|
| 12. | COMPARATIVES | FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | ||||
| Unrestricted | Restricted | Total | ||||
| fund | funds | funds | ||||
| E | f | f | ||||
| NET INCOME | 34,258 | 31,200 | 65,458 | |||
| RECONCILIATION | OF FUNDS | |||||
| Total funds brought forward | 55,893 | 55,893 | ||||
| TOTAL FUNDS CARRIED FORWARD | 90,151 | 31,200 | 121,351 | |||
| 13. | TANGIBLE FIXED ASSETS | |||||
| Fixtures | ||||||
| Plant and | and | Computer | ||||
| machinery | fittings | equipment | Totals | |||
| f | E | E | E | |||
| COST | ||||||
| At 1April 2021 | 3,450 | 123,501 | 23,554 | 150,505 | ||
| Additions | 10,336 | 10,336 | ||||
| At 31March 2022 | 3,450 | 133,837 | 23,554 | 160,841 | ||
| DEPRECIATION | ||||||
| At 1April 2021 | 3,450 | 62,746 | 21,678 | 87,874 | ||
| Charge for year | 21,542 | 1,267 | 22,809 | |||
| At 31March 2022 | 3,450 | 84,288 | 22,945 | 110,683 | ||
| NET BOOK VALUE | ||||||
| At 31March 2022 | 49,549 | 609 | 50,158 | |||
| At 31March 2021 | 60,755 | 1,876 | 62,631 |
| NO | TE | S TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31MARCH 2022 |
||||||
|---|---|---|---|---|---|---|---|---|
| 14. | STOCKS | |||||||
| 2022 | 2021 | |||||||
| f | f | |||||||
| Stocks | 134,350 | 101,500 | ||||||
| 15. | DEBTORS".AMOUNTS | FALLING DUE WITHIN ONE YEAR | ||||||
| 2022 | 2021 | |||||||
| E | f | |||||||
| Trade debtors | 21,778 | 7,771 | ||||||
| VAT | 21,152 | 18,006 | ||||||
| Prepayments | and accrued | income | 7,500 | |||||
| 42,930 | 33,277 | |||||||
| 16. | CREDITORS: AMOUNTS | FALLING DUE WITHIN ONE YEAR | ||||||
| 2022 | 2021 | |||||||
| E | f | |||||||
| Bank loans and | overdrafts | (see note 18) | 102,500 | 7,500 | ||||
| Hire purchase | (see note | 19) | 5,540 | 5,540 | ||||
| Trade creditors | 32,607 | 25,452 | ||||||
| Social security | and other | taxes | 2,938 | 2,709 | ||||
| Accruals and | deferred | income | 3,135 | 3,162 | ||||
| 146,720 | 44,363 | |||||||
| 17. | CREDITORS: AMOUNTS | FALLING DUE AFTER MORE THAN ONE YEAR | ||||||
| 2022 | 2021 | |||||||
| f | f | |||||||
| Bank loans (see note | 18) | 47,500 | 42,500 | |||||
| Other loans (see note | 18) | 100,000 | ||||||
| Hire purchase | (see note | 19) | 13,393 | 18,933 | ||||
| 60,893 | 161,433 |
| 18. | LOANS | ||||||
|---|---|---|---|---|---|---|---|
| An analysis ofthe maturity | of loans is given below: | ||||||
| 2022 | 2021 | ||||||
| f | E | ||||||
| Amounts falling due within |
one year on demand: | ||||||
| Bank loans | 102,500 | 7,500 | |||||
| Amounts falling between one and two years: |
|||||||
| Bank loans - 1-2years | 10,000 | 10,000 | |||||
| Amounts falling due between two and five years: |
|||||||
| Bank loans - 2-5 years | 37,500 | 32,500 | |||||
| Amounts falling due in more than five years: |
|||||||
| Repayable otherwise than |
by instaiments: | ||||||
| Other loans more Syrs non-inst | 100,000 | ||||||
| 19. | LEASING AGREEMENTS | ||||||
| Minimum lease payments |
under hire purchase | fall due as follows: | |||||
| 2022 | 2021 | ||||||
| f | E | ||||||
| Net obligations repayable: |
|||||||
| Within one year | 5,540 | 5,540 | |||||
| Between one and five years | 13,393 | 18,933 | |||||
| 18,933 | 24,473 | ||||||
| 20. | SECURED DEBTS | ||||||
| The following secured debts | are included | within | creditors: | ||||
| 2022 | 2021 | ||||||
| E | E | ||||||
| Hire purchase contracts |
18,933 | 24,473 | |||||
| The hire purchase debt is secured on the |
related assets. |
| MOVEM | ENT | IN FUNDS | ||||
|---|---|---|---|---|---|---|
| Net | ||||||
| movement | At | |||||
| At 1/4/21 | in funds | 31/3/22 | ||||
| E | E | f | ||||
| Unrestricted | funds | |||||
| General | fund | 90,151 | 7,801 | 97,952 | ||
| Restricted funds | ||||||
| Enrichment | programme | 20,000 | (20,000) | |||
| Uniform | and | tack fund | 11,200 | (5,510) | 5,690 | |
| Gerald | Leigh | Charitable | Trust | 14,310 | 14,310 | |
| 31,200 | (11,200) | 20,000 | ||||
| TOTAL | FUNDS | 121,351 | (3,399) | 117,952 |
| Incoming | Resources | Movement | ||||
|---|---|---|---|---|---|---|
| resources | expended | in funds | ||||
| E | E | f | ||||
| Unrestricted | funds | |||||
| General | fund | 530,645 | (522,844) | 7,801 | ||
| Restricted funds | ||||||
| Enrichment | programme | (20,000) | (20,000) | |||
| Uniform | and | tack fund | 5,690 | (11,200) | (5,510) | |
| Anne Duchess ofWestminster | 10,000 | (10,000) | ||||
| Gerald | Leigh | Charitable | Trust | 14,310 | 14,310 | |
| 30,000 | (41,200) | (11,200) | ||||
| TOTAL | FUNDS | 560,645 | (564,044) | (3,399) |
| Net | |||||
|---|---|---|---|---|---|
| movement | At | ||||
| At 1/4/20 | in funds | 31/3/21 | |||
| E | E | E | |||
| Unrestricted | funds | ||||
| General | fund | 55,893 | 34,258 | 90,151 | |
| Restricted funds | |||||
| Enrichment | programme | 20,000 | 20,000 | ||
| Uniform | and | tack fund | 11,200 | 11,200 | |
| 31,200 | 31,200 | ||||
| TOTAL | FUNDS | 55,893 | 65,458 | 121,351 |
| Incoming | Resources | Movement | |||
|---|---|---|---|---|---|
| resources | expended | in funds | |||
| E | E | E | |||
| Unrestricted | funds | ||||
| General fund | 575,595 | (541,337) | 34,258 | ||
| Restricted funds | |||||
| Enrichment | programme | 20,000 | 20,000 | ||
| Uniform and | tack fund | 11,200 | 11,200 | ||
| Kitchen fitout | fund | 6,000 | (6,000) | ||
| 37,200 | (6,000) | 31,200 | |||
| TOTAL FUNDS | 612,795 | (547,337) | 65,458 |
| Net | ||||||
|---|---|---|---|---|---|---|
| movement | At | |||||
| At 1/4/20 | in funds | 31/3/22 | ||||
| E | f | E | ||||
| Unrestricted | funds | |||||
| General | fund | 55,893 | 42,059 | 97,952 | ||
| Restricted funds | ||||||
| Uniform | and | tack fund | 5,690 | 5,690 | ||
| Gerald | Leigh | Charitable | Trust | 14,310 | 14,310 | |
| 20,000 | 20,000 | |||||
| TOTAL | FUNDS | 55,893 | 62,059 | 117,952 |
| Incoming | Resources | Movement | |||
|---|---|---|---|---|---|
| resources | expended | in funds | |||
| E | E | E | |||
| Unrestricted | funds | ||||
| General fund | 1,106,240 | (1,064,181) | 42,059 | ||
| Restricted funds | |||||
| Enrichment | programme | 20,000 | (20,000) | ||
| Uniform and | tack fund | 16,890 | (11,200) | 5,690 | |
| Kitchen fitout fund | 6,000 | (6,000) | |||
| Anne Duchess ofWestminster | 10,000 | (10,000) | |||
| Gerald Leigh | Charitable | Trust | 14,310 | 14,310 | |
| 67,200 | (47,200) | 20,000 | |||
| TOTAL FUNDS | 1,173,440 | (1,111,381) | 62,059 |