2020-12-31-accounts - Horseworld Trust

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							Pae
1.	Introduction						g
	a.	Welcome letter
	b.	The need and our response
	c.	Who we are and what we do
2.	Structure, Governance and Management
	a.	Constitution
	b.	Governance overview
	c.	Board/committee meetings
	d.	Trustee recruitment, induction			and training
	e.	Trustee indemnity
	f.	Management structure	and key		personnel
	g.	Policies
	h.	Safeguarding
	i.	Fundraising practice
3.	Objectives and activities
	a.	Strategy					8
	b.	Rescue and rehabilitation					9
	c.	Rehoming					10
	d.	Discovery Programmes					10
	e.	Collaboration					11
	f.	Fundraising					11
	g.	Public benefit					12
4.	h. Our people —staff, volunteers, Achievements and Performance			supporters,		loaners	13
	a.	2020 against objectives					13
	b.	Challenges and learning	opportunities				19
	c.	Overview offuture objectives		for 2021			19
5. 6.	d. Thank you messages Financial review Investment Policy						19 20 21
7. 8. 9. 10. 11. 12. 13. 14. 15.	Reserves Policy Principal risks and uncertainties Legal and admin Trustee responsibilities Independent Auditor's report Statement of Financial Activities Balance Sheet Statement ofCash Flows Notes to the Financial Statements						21 23 25 26 27 31 32 33 34

For the ear ended 31December 2020	For the ear ended 31December 2020	For the ear ended 31December 2020
					2020	2019
Note Income from:		Endowment	Restricted f	Unrestricted f	Total E	Total F
Donations and legacies Charitable activities Other trading activities Investments Other	3 4 5	853	104,614	523,373 37,102 34,486 150,052 18,191	627,987 37,102 34,486 150,905 18,191	1,122,395 82,552 58,622 178,606 30,140
Total income		853	104,614	763,204	868,671	1,472,315
Expenditure on:
Raising funds Charitable activities		210	40 390	360,002 1218310	360,212 1I258I700	341,005 1 163210
Total expenditure	7	210	40,390	1,578,312	1,618,912	1,504,215
Net income/(expenditure)
before gains/(losses)		643	64,224	(815,108)	(750,241)	(31,900)
Net gains / (losses) on
investments		(525)		294 519	293I994	800 688
Net income/(expenditure)		118	64,224	(520,589)	(456,247)	768,788
Transfers between funds
Net movement in funds	9	118	64 224	(520 589)	(456I247)	768 788
Reconciliation offunds:
Total funds brought forward		38,000	123,721	11,980,420	12,142,141	11,373,353
Total funds carried forward		38,118	187,945	11,459,831	11,685,894	12,142,141

As at 31Decemb	er	2020
					Note		2020f	2019f
Fixed assets
Tangible assets					12		3I716~685	3,717,299
Intangible assets					13		15,600	31,200
Investments					14		7,171,786	6,751,781
							10,904,071	10,500,280
Current assets
Stocks					15			2,101
Debtors					16	279,944		568,722
Cash at bank and	in	hand				592,910		1,131,818
						872,854		1,702,641
Liabilities Creditors: amounts		falling due	within	1 year	l7	~91,031		(60,780)
Net current assets							781,823	1,641,861
Net assets					18		11,685,894	12,142,141
Funds					19
Endowment funds							38,118	38,000
Restricted funds							187,945	123,721
Unrestricted funds
Designated funds:
Property relocation							5IOOOIOOO	5,000,000
Fixed assets							1,085,550	1,083,322
Fixed asset	revaluation		reserve				2I643I930	2,659,201
Ongoing welfare							1,600,000	1,750,000
							1OI329I480	10,492,523
General funds:
Revaluation reserve							802,224	524,782
General funds							328,127	963,115
Tota arity funds							11I685I894	12 142 141

For the	ear ended 31	December 2020
							2020	2019
					Note		F	E
Cash used in operating		activities
Net cash	provided by/(used in) operating			activities	20		(462I762)	(38416)
Cash flows from investing activities:
Dividends Proceeds Purchase Proceeds Purchase	and interest from investments from the sale ofproperty, plant and oftangible fixed assets from the sale ofinvestments of investments			equipment			150,905 (101,040) 971,578 (1I173~203)	178,606 33,660 (142,469) 847,692 (977,182)
Net cash	provided by/(used in) investing			activities			(1.51,760)	~59,693)
Increase/(decrease) in		cash and cash equivalents			in the year		(614,522)	(98,109)
Cash and	cash equivalents	at the beginning of		the year			1,238,333	1,336,442
Cash and	cash equivalents at the end of		the year				623,811	1,238,333
Analysis	ofnet debt
					At	1		At 31
					January			December
					2020 E.		Cashflowsf	2020f
Cash Cash held	as part of fixed	asset investments	(note 14)		1,131,818 106,515		(538,908) (75,614)	592,910 30,901
Total					1,238,333		(614,522)	623,811

Prior period comparatives	-statement	offinancial activities	offinancial activities
					2019
	Endowment		Restricted	Unrestricted	Total
		E	E	E	E
Income from:
Donations and legacies			103,840	1,018,555	1,122,395
Charitable activities			31,781	50,771	82,552
Other trading activities				58,622	58,622
Investments	1,114			177,492	178,606
Other				30,140	30,140
Total income	1,114		135,621	1,335,580	1,472,315
Expenditure on:
Raising funds		212		340,793	341,005
Charitable activities			73,012	1,090,198	1,163,210
Total expenditure		212	73,012	1,430,991	1,504,215
Net income / (expenditure)
before gains / (losses)		902	62,609	(95,411)	(31,900)
Net gains / (losses) on
investments	1,212			799,476	800,688
Net income / (expenditure)	2,114		62,609	704,065	768,788
Transfers between funds	1,058		(3,000)	1,942
Net movement in funds	3,172		59,609	706,007	768,788

							2020
					Restricted	Unrestricted	Total
					E
Legacies						425,348	425,348
Donations					1,153	57,572	58,725
Appeals					29,303	22,519	51,822
Grants					74,158	17,934	92,092
Total income	from donations		and	legacies	104,614	523,373	627,987
Prior period		comparative:					2019
					Restricted	Unrestricted	Total
					E	E	E
Legacies					103,000	920,039	1,023,039
Donations					840	50,438	51,278
Appeals						20,919	20,919
Grants						27,159	27,159
Total income	from donations		and	legacies	103,840	1,018,555	1,122,395
Other trading		activities
						2020	2019
				Restricted	Unrestricted	Total	Total
						E.	E
Events					13,682	13,682	20,237
Rental income					10,765	10,765	16,180
Merchandise	and tack shop
sales					2,964	2,964	12,931
Adoptions					7,075	7,075	9,274
Total income activities	from other trading				34,486	34,486	58,622

				2020	2019
		Restricted	Unrestricted	Total	Total
		E
Profit	on disposal of fixed assets				30,140
Other	income		18,191	18,191
Total	other income		18,191	18,191	30,140

Total exp	enditure
							Support and
					Raising	Charitable	governance	2020
					funds	activities	costs	Total
					E	E	E	E.
Staff costs	(note 10)				189,059	645,257	169,401	1,003,717
Equine costs						118,288		118,288
Establishment costs					4,199	164,154	14,155	182,508
Cost ofsales and events					2,420			2,420
Fundraising	costs				17,227			17,227
Marketing	and publications				58,932	18		58,950
Legal and	professional						78,942	78,942
Investment	managers'		fees		22,746			22,746
Audit and	accountancy		fees				16,860	16,860
Depreciation and amortisation						101,654	15,600	117,254
Sub-total					294,583	1,029,371	294 958	1~618g912
Allocation	of support	and governance		costs	65,629	229,329	(294,958)
Total expenditure					360,212	1,258,700		1,618,912
Prior period comparative:
							Support and
					Raising	Charitable	governance	2019
					funds	activities	costs	Total
					f	E	E	E
Staff costs	(note 10)				176,150	576,083	155,830	908,063
Equine costs						132,525		132,525
Establishment costs					7,467	174,155	12,009	193,631
Cost of sales and events					3,492			3,492
Fundraising	costs				15,345			15,345
Marketing	and publications				62,065	3,314		65,379
Legal and	professional						52,988	52,988
Investment	managers'		fees		18,026			18,026
Audit and	accountancy		fees				11,058	11,058
Bad debt provision					506			506
Depreciation and amortisation						87,602	15,600	103,202
Sub-total					283,051	973,679	247,485	1,504,215
Allocation	of support		and governance	costs	57,954	189,531	(247,485)
Total expenditure					341,005	1,163,210		1,504,215

Support and	governanc	e costs are allocated to	activities as follows:
			Raising	Charitable	2020
			funds E	activities E	Totalf
Staff costs			37,692	131,709	169,401
Establishment	costs		3,150	11,005	14,155
Legal and professional		fees	17,565	61,377	78,942
Audit and accountancy		fees	3,751	13,109	16,860
Depreciation	and amortisation		3,471	12,129	15,600
			65,629	229,329	294,958
Prior period	comparative:		Raising	Cha rita b le	2019
			funds E	activities E	Totalf
Staff costs			36,491	119,339	155,830
Establishment	costs		2,812	9,197	12,009
Legal and professional		fees	12,409	40,579	52,988
Audit and accountancy		fees	2,589	8,469	11,058
Depreciation	and amortisation		3,653	11,947	15,600
			57,954	189,531	247,485

This is st	ated after ch	argin	g / (crediting):
				2020	2019
					E
Depreciation				101,654	87,602
Amortisation				15,600	15,600
Loss / (profit) on disposal Trustees' remuneration			of fixed assets	Nil	(30,140) Nil
Trustees'	reimbursed	expenses		58	247
Auditors'	remuneration:
	~ Audit (inc	VAT)		10,150	9,600
	~ Other services			Nil	Nil
Operating	lease rentals			14,989	14,469

Staff costs and numbers Staff costs were as follows:
	2020	2019
	f.	E
Salaries and wages	882,391	785,205
Socia I security costs	55,754	51,123
Pension costs	56,667	59,146
Employee benefits	8,905	12,589
	1,003,717	908,063

and ben	efits o	fthe key management personnel o	fthe Charity were f312,866 (2019:E28	5,043).
			2020	2019
			No.	No.
Average	head	count	42	39

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	Software and
	website	Total
	E	f.
Cost or valuation
At 1january 2020 and at 31 December 2020	46,800	46,800
Amortisation
At 1january 2020 Charge for the year	15,600 15,600	15,600 15,600
At 31 December 2020	31,200	31,200
Net book value
At 31December 2020	15,600	15,600
At 31 December 2019	31,200	31,200

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For 15.	the ear ended 31December 2020 Stock
		2020	2019
		E	E
	Goods for resale		2,101
16.	Debtors
		2020	2019
		f.	E
	Trade debtors Prepayments Other debtors VAT recoverable	2,280 8,348 268,279 1,037	2,864 14,978 549,877 1,003
		279,944	568,722

Creditors: am	ounts due within 1year
		2020	2019
			E
Trade creditors Other taxation Accruals Other creditors	and social security	48,721 16,981 18,273 7,056	23,761 13,475 17,316 6,228
		91,031	60,780

Analysis of net assets between fu	nds
	Endowment	Restricted	Unrestricted
	funds E	funds E	funds E	Total fundsf
Tangible fixed assets		2,805	3,713,880	3,716,685
Intangible fixed assets			15,600	15,600
Investments	38,118		7,133,668	7,171,786
Current assets		185,140	687,714	872,854
Current liabilities			(91,031)	(91,031)
Net assets at 31December 2020	38,118	187,945	11,459,831	11,685,894

		Endowment	Restricted	Unrestricted
		funds	funds	funds	Total funds
		E	E	E	E
Tangible	fixed assets		5,976	3,711,323	3,717,299
Intangible fixed assets				31,200	31,200
Investments		38,000		6,713,781	6,751,781
Current	assets		117,745	1,584,896	1,702,641
Current	liabilities			(60,780)	(60,780)
Net assets at 31December 2019		38,000	123,721	11,980,420	12,142,141

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Notes to the financial statements For the ear ended 31December 2020 20	Notes to the financial statements For the ear ended 31December 2020 20
. Reconciliation of net movement in funds		to net cash flow	from operating activities
			2020	2019
Net movement in funds
Adjustments for: Depreciation charges			(456,247)	768,788
Amortisation charges Loss / (profit) on the sale offixed assets (Gains) / losses on investments Dividends and interest from investments Provision for doubtful debts Decrease / (increase) in stock Decrease / (increase) in debtors Increase / (decrease) in creditors Net cash provided by / (used in) operating		activities	101,654 15,600 (293,994) (150,905) 2,101 288,778 30,251 (462,762)	87,602 15,600 (30,140) (800,688) (178,606) 506 989 106,538 (9,005) (38,416)
21. Analysis ofcash and cash equivalents
			2020	2019
Cash at bank and in hand				f
Cash held as part offixed asset investments Total cash and cash equivalents	(note 14)		592,910 30,901	1,131,818 106,515
			623~811	1238 333
22. Operating lease commitments The charity had operating leases at the year end follows:		with total future	minimum lease payments as
Amount falling due: Within 1 year			2020	2019 E
Within 1 - 5 years			16,666 32,609	15,569 27,247
			49~275	42I816

Contracted	but not provided	forin the accounts	(including	VAT):
Cambridge	Roller				9,500
Vehicle track system					73,000