| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | Io | 8 |
| Independent Examiner's Report |
|||
| Statement of Financial Activities | |||
| Statement ofFinancial Position | 11 | Io | 12 |
| Statement ofCash Flows | 13 | ||
| Notes tothe Statement ofCash Flows | 14 | ||
| Notes to the Financial Statements | 15 | to | 22 |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||||
| Notes | funds f |
funds 6 |
funds f |
funds 6 |
|||
| INCOME AND ENDOWMENTS | FROM | ||||||
| Donations and legacies |
2 | 180,160 | 180,160 | 236,036 | |||
| Charitable activities |
|||||||
| Retraining and rehoming |
ofex-racehorses | 15,876 | 156,000 | 171,876 | 90,690 | ||
| Other trading activities |
3 | 381,063 | 381,083 | 212,197 | |||
| Investment income |
4 | 52 | 52 | 8 | |||
| Other income | 12,272 | 12,272 | 21,714 | ||||
| Total | 589423 | 156,000 | 745,423 | 560645 | |||
| EXPENDITURE ON | |||||||
| Raising funds | 6 | 27,937 | 27,937 | 200 | |||
| Charitable activities |
7 | ||||||
| Retraining and rehoming |
of ex-racehorses | 492 070 | 175,250 | 667320 | ~563844 | ||
| Total | 520,007 | 175,250 | 695257 | 564 044 | |||
| NET INCOMEI(EXPENDITURE) | 69,416 | (19,250) | 50,166 | (3,399) | |||
| RECONCILIATION OF FUNDS |
|||||||
| Total funds broughtforward | 97,952 | 20,000 | 117,952 | 121,351 | |||
| TOTAL FUNDS CARRIED FORWARD | 167,368 | 750 | 168118 | ~117952 |
| STATEMENT OF | CASH FLOWS | ||||
|---|---|---|---|---|---|
| FOR | THE YEAR ENDED 31 MARCH 2023 | ||||
| 2023 | 2022 | ||||
| Notes | 5 | ||||
| Cash flows from operating | activities | ||||
| Cash generated from operations |
1 | ~17,033) | ~15,744) | ||
| Net cash used in operating |
activities | ~17,033) | ~15,744) | ||
| Cash flows from investing | activities | ||||
| Purchase oftangible fixed assets Interest received |
(13,197) 52 |
(10,336) 8 |
|||
| Net cash used in investing |
activities | ~13,145) | ~10328) | ||
| Cash flows from financing | activities | ||||
| Capital repayments in year |
~7,684) | ~5,540) | |||
| Net cash used in financing |
activities | ~7684) | ~5,540) | ||
| Change in cash and cash |
equivalents | ||||
| in the reporting period Cash and cash equivalents |
at the | (37,862) | (31,612) | ||
| beginning ofthe reporting |
period | ~98 127 | 129,739 | ||
| Cash snd cash equivalents | at the end | ||||
| ofthe reporting period |
60265 | 98127 |
| RECONCILIATION ACTIVITIES |
OF NE | T INCOME/(EXPE | NDITURE) TO NET CASH |
FLOW FROM | OPERATING |
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| 5 | 6 | ||||
| Net income/(expenditure) forthe reporting Statement ofFinancial Activities) Adjustments for: |
period (as per the | 50,166 | (3,399) | ||
| Depreciation charges Interest received Increase in stocks Increase in debtors (Decrease)/increase |
in creditors | 23,286 (52) (45,700) (38,956) ~5,777 |
22,809 (8) (32,850) (9,653) 7,357 |
||
| Net cash used in operations |
~17033) | ~15,744) | |||
| ANALYSIS OF CHANGES | IN NET DEBT | ||||
| At 1/4/22 | Cash fiow | At 31/3/23 | |||
| Net cash | 6 | 6 | 8 | ||
| Cash at bank | 98,127 | ~37,862 | 60,265 | ||
| 98,127 | ~37862) | 60,265 | |||
| Debt | |||||
| Finance leases Debts falling due within 1 year Debts falling due after 1 year |
(18,933) (102,500) ~47,500 |
5,540 70,000 (67,856) |
(13,393) (32,500) |
||
| (1~68,933 | 7,684 | (161,249) | |||
| Total | ~70 806 | (30,178) | (100,984) |
| DONATIONS AND LEGACIES |
DONATIONS AND LEGACIES |
||
|---|---|---|---|
| 2023 | 2022 | ||
| F | |||
| Retraining ofracehorses Incoming horses Donations - other Recognition ofbloodstock Grants Legacies |
18,500 6,000 70,424 24,700 60,536 |
8,500 4,000 22,224 28,350 172,962 |
|
| 180,160 | 236036 | ||
| Grants received, included |
in the above, are as follows: | ||
| 2023 f |
2022 F |
||
| Government support- CJRS Racing Foundation - COVID support |
3,155 169807 |
||
| 172962 | |||
| OTHER TRADING ACTIVITIES | |||
| 2023 | 2022 | ||
| F | 8 | ||
| Fundraising events |
85,361 | 38,221 | |
| Payments forgoods and and services Subscnptions Lease and sale ofhorses |
5,795 7,801 8,150 |
8,941 7,936 8,925 |
|
| Education and training |
273956 | ~148 174 | |
| 381 063 | 212,197 |
| HEROS | HEROS | HEROS | HEROS | HEROS | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| NOTES TO THE FINANCIAL STATEMENTS -continued | |||||||||||
| FOR THE YEAR ENDED | 31 MARCH 2023 | ||||||||||
| 4. | INVESTMENT INCOME | ||||||||||
| 2023 | 2022 | ||||||||||
| 6 | F | ||||||||||
| Deposit account interest | 52 | 8 | |||||||||
| INCOME | FROM CHARITABLE ACTIVITIES | ||||||||||
| 2023 | 2022 | ||||||||||
| Activity | F | F | |||||||||
| Retraining | and rehoming | ofex- | |||||||||
| Grants | racehorses | 171,876 | 90690 | ||||||||
| 8. | RAISING | FUNDS | |||||||||
| Rai'sing donations | and | legacies | |||||||||
| 2023 F |
2022 f |
||||||||||
| Other | 27,937 | 200 | |||||||||
| 7. | CHARITABLE ACTIVITIES | COSTS | |||||||||
| Support | |||||||||||
| Direct | costs (see | ||||||||||
| Costs | note | 8) | Totals | ||||||||
| F | F | E | |||||||||
| Retraining | and rehoming | of | ex- | ||||||||
| racehorses | 661,372 | 5,948 | 667,320 | ||||||||
| 8. | SUPPORT | COSTS | |||||||||
| Governance | |||||||||||
| costs | |||||||||||
| f | |||||||||||
| Retraining | and rehoming | of | ex- | ||||||||
| racehorses | 5,948 | ||||||||||
| 9. | NET INCOME/(EXPENDITURE) | ||||||||||
| Net income/(expenditure) | is | stated after | charging/(crediting): | ||||||||
| 2023 f |
2022f | ||||||||||
| Depreciation | -owned assets | 23,286 | 22,809 |
| STAFF COSTS | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2023 6 |
2022 f |
|||||||||
| Wages and salaries | 145,662 | 124,085 | ||||||||
| Social security costs | 4,629 | 3489 | ||||||||
| 150,291 | 127,574 | |||||||||
| The average monthly |
number | ofemployees | during | the year | was as follows: | |||||
| 2023 | 2022 | |||||||||
| Total | 9 | 6 | ||||||||
| No employees received |
emoluments | in excess of | 660,000. | |||||||
| Key Management Personnel |
||||||||||
| Key management personnel |
include | all persons | that have | authority and responsibility |
for planning, | |||||
| directing, and controlling |
the | activities | ofthe | charity. The total compensation | paid to key | management | ||||
| personnel for services |
provided | to the | charity was | F32,019(2022:F32,076). | ||||||
| COMPARATIVES FOR | THE | STATEMENT OF FINANCIAL | ACTIVITIES | |||||||
| Unrestricted | Restricted | Total | ||||||||
| funds | funds | funds | ||||||||
| F | E | 6 | ||||||||
| INCOME AND ENDOWMENTS | FROM | |||||||||
| Donations and legacies |
236,036 | 236,036 | ||||||||
| Charitable activities |
||||||||||
| Retraining and rehoming |
ofex-racehorses | 60,690 | 30,000 | 90,690 | ||||||
| Other trading activities |
212,197 | 212,197 | ||||||||
| Investment income |
8 | 8 | ||||||||
| Other income | 21 714 | 21,714 | ||||||||
| Total | ~530645 | ~30 000 | 560,645 | |||||||
| EXPENDITURE ON | ||||||||||
| Raising funds | 200 | 200 | ||||||||
| Charitable activities |
||||||||||
| Retraining and rehoming |
ofex-racehorses | ~522 644 | 41200 | 563,844 | ||||||
| Total | 522 844 | 41,200 | 564 044 | |||||||
| NET INCOME/(EXPENDITURE) | 7,801 | (11,200) | (3,399) |
| 12. | COMPARATIVES | FOR | THE STATEMENT OF FINANCIAL | ACTIVITIES -continued | ACTIVITIES -continued | |
|---|---|---|---|---|---|---|
| Unrestdcted | Restricted | Total | ||||
| funds | funds | funds | ||||
| 5 | 8 | F | ||||
| RECONCILIATION | OF | FUNDS | ||||
| Total funds brought | forward | 90,151 | 31,200 | 121,351 | ||
| TOTAL FUNDS CARRIED FORWARD | 97,952 | ~20 000 | 117952 | |||
| 13. | TANGIBLE FIXED | ASSETS | ||||
| Fixtures | ||||||
| Plant and | and | Computer | ||||
| machinery | fittings | equipment | Totals | |||
| F | F | 8 | ||||
| COST | ||||||
| At 1 April 2022 | 3,450 | 133,837 | 23,554 | 160,841 | ||
| Additions | 13,197 | 13,197 | ||||
| At 31 March 2023 | 3,450 | 147034 | ~23554 | 174038 | ||
| DEPRECIATION | ||||||
| At 1 April 2022 | 3,450 | 84,288 | 22,945 | 110,683 | ||
| Charge foryear | 22 765 | 521 | ~23 286 | |||
| At 31 March 2023 | ~3450 | 107053 | ~23466 | 133,969 | ||
| NET BOOK VALUE | ||||||
| At 31 March 2023 | ~39 981 | 88 | ~40 069 | |||
| At 31 March 2022 | 49549 | 609 | 50 158 | |||
| 14. | STOCKS | |||||
| 2023 | 2022 | |||||
| 5 | 8 | |||||
| Stocks | ~180050 | 134,350 | ||||
| 15. | DEBTORS:ANIOUNTS | FALLING DUE WITHIN ONE YEAR | ||||
| 2023 | 2022 | |||||
| 8 | 6 | |||||
| Trade debtors | 43,425 | 21,778 | ||||
| VAT | 38,461 | 21,152 | ||||
| 81,886 | 42,930 |
| NOTE |
S TO THE FINANCIAL STATEMENTS -continued FOR THE YEAR ENDED 31 MARCH 2023 |
S TO THE FINANCIAL STATEMENTS -continued FOR THE YEAR ENDED 31 MARCH 2023 |
S TO THE FINANCIAL STATEMENTS -continued FOR THE YEAR ENDED 31 MARCH 2023 |
|||
|---|---|---|---|---|---|---|
| 16. | CREDITORS: | AMOUNTS | FALLING DUE WITHIN ONE YEAR | |||
| 2023 | 2022 | |||||
| 6 | ||||||
| Bank loans and overdrafts | (see note 18) | 32,500 | 102,500 | |||
| Hire purchase | (see note 19) | 5,540 | 5,540 | |||
| Trade creditors | 24,409 | 32,607 | ||||
| Social security | and other | taxes | 5,062 | 2,938 | ||
| Accruals and deferred income |
3,432 | 3135 | ||||
| ~70 943 | 146,720 | |||||
| 17. | CREDITORS: | AMOUNTS | FALLING DUE AFTER MORE THAN ONE YEAR | |||
| 2023 | 2022 | |||||
| F | 8 | |||||
| Bank loans (see note 18) | 115,356 | 47,500 | ||||
| Hire purchase | (see note 19) | 7853 | 13393 | |||
| 123,209 | 60,893 | |||||
| 18. | LOANS | |||||
| An analysis ofthe maturity | of | loans is given below: | ||||
| 2023 F |
2022 f |
|||||
| Amounts falling |
due within | one year on demand; | ||||
| Bank loans | 32,500 | 102500 | ||||
| Amounts failing |
between one | and two years: | ||||
| Bank loans - 1-2years | ~35 000 | 10,000 | ||||
| Amounts falling |
due between | two and tive years: | ||||
| Bank loans -2-5 years | 80 356 | 37,500 | ||||
| 19. | LEASING AGREEMENTS | |||||
| Minimum lease |
payments | under hire purchase | fall due as follows: | |||
| 2023 f |
2022 f |
|||||
| Net obligations | repayable: | |||||
| Within one year | 5,540 | 5,540 | ||||
| Between one and five years | 7,853 | 13,393 | ||||
| 13,393 | ~18 933 |
| The following | secured d | ebts are i | ncluded within creditors: |
|||
|---|---|---|---|---|---|---|
| 2023 | 2022 f |
|||||
| Hire purchase | contracts | 13,393 | 18933 | |||
| The hire purchase debt | is secured | on the related assets. | ||||
| MOt/EMENT | IN FUNDS | |||||
| Net | ||||||
| movement | At | |||||
| At 1/4/22 | in funds | 31/3/23 | ||||
| E | ||||||
| Unrestricted | funds | |||||
| General fund |
97,952 | 69,416 | 167,368 | |||
| Restricted funds | ||||||
| Uniform and tack fund |
5,690 | (5,690) | ||||
| Gerald Leigh | Charitable | Trust | 14,310 | (14,310) | ||
| Groundworks | UK | 750 | 750 | |||
| 20,000 | ~19,250 | |||||
| TOTAL FUNDS | 117952 | 50 166 | ~168118 | |||
| Net movement | in funds, | included | in the above are as follows; | |||
| Incoming | Resources | Movement | ||||
| resources | expended | in funds | ||||
| 8 | E | |||||
| Unrestricted | funds | |||||
| General fund |
589,423 | (520,007) | 69,416 | |||
| Restricted funds | ||||||
| Enrichment programme |
30,000 | (30,000) | ||||
| Uniform and tack fund |
(5,690) | (5,690) | ||||
| Gerald Leigh | Charitable | Trust | (14,310) | (14,310) | ||
| ROR RAP Groundworks |
UK | 125,000 1,000 |
(125,000) ~250) |
750 | ||
| 156000 | ~175,250 | 19,250 | ||||
| TOTAL FUNDS | ~745423 | ~695257) | 50,166 |