Horseworld 2023 , Trlorseworld Trust IA company lirriite oinpany No. 06353',944': Charity No. li2'1412&in:.Eng!3nd' a
Contents Chaiws introductton 02 About us 03 Our strategy Our impact 04 05 Case study: Buddy 07 Our partners Our people 08 09 Case study: Discovery Achlevements and performance Fundraising highlights Case Study: P-Ponies io li 13 14 Financial revSew 15 2024 objectives 19 Structure, governance, management Legal and administration details Trustee responsibilities Auditors 21 23 24 24 Statutory accounts 25 Our vlsion: A world where horses and people help each other to live and work in harmony, Our mission: To create a safe community where horses and people connect together and enjoy lifelong learning. wè
l am delighted to introduce our Trustees Annual Report and Accounts for 2023. This is now mythird report as your Chair. and I continue to be impressed by this amazing Charity. Through the dedication of our hard working staff and passionate volunteers, we are delivering life changing work. You will read several examples of this in the case studies we have added to this reporL 2023 was the first year of our new 5-year strategy and the focus has been on building a strong foundation to deliver our future ambitions. Across the organisation we have strengthened our approach and skills around equine welfare to ensure the best life for our horses, donkeys and mules. In our Discovery programme we have improved our approach to ensure each student we work with receives a tailored session focused on delivering positive outcomes based on their needs. We are also aware how important it is to ensure our financial model is sustainable to protect ourwork into the future. and we are building a more robust approach to raising funds and rewarding our 5UPPOrters with the care they deserve. Alongside these developments, we continue to provide vital support to the rescue of abused and neglected horses, who are suffering at the hands of fellow humans. It sttll upsets me when I hear the stories, after a lifetime of being involved with horses, I struggle to understsnd how people can be so cruel. During the past 12 months. we have witnessed so many sad situations. like poor Murphy who was found severely malnourished with fractured teeth and the P-Ponies who were found emaciated and unhandled. Thank goodness for our skilled team we were able to nurse them back to good health and provide them with a new home where they can $3fely rebuild their lives. I hope you enjoy reading about Buddy's journey from severe neglect to a family favourite. Every story I hearabout the Discovery programme fills me with joy. Although it is heart-breaking to know some young people have had such a challenging start in life, we are able to provide them with the experience of working together with one of our gentle rescued ponies. To see these students build confidence, improve communication skills, and work together to explore a love of learning, it reminds me why I have so much respect for horses and the restorative powers they have. Later this year we will be saying goodbye to Petra Ingram, our CEO since 2020. She has led the Charity through an incredible period of change, and we wish her success in the new chapter of her life. Our sincere thanks go to all oursupporters, your generosity enables us to do this amazing work. Whether you have been with us for many years, or have just begun your support, on behalf of the Board of Trustees and all the team, two legged and foL¢r, we are eternally grateful. Desi Dillingham MBE Chair of Horseworld Trust 02
., About us History Horseworld Trust was founded as The Friends of Bristol Horses Society in November 1952 by Mabel Cocksedge following a public meeting to discu55 concerns about working horses being 5entto slaughter.Ayearlater in 1953, Marjorie Pelling and Madge Checkleyjoined the Charty after reading an article in their local paper aboLrt a rescued horse. They dedicated their lives to the cause and for 45 years ran the Charity on the outskirts of Bristol. Equlne Welfare Today Hor5eWorld continues to operate from Keyne5 Farm south of Bristol. with approximately 100 horses on grazin8 land in the region of 180 acres. We work in collaborntion with local authorities, the police and other equine charities to undertake emergency rescues where the welfare of a horse is In seriou5 danger. When they a1ve at Hor5eWorld, we provide them with a safe place to recover supported by the care of our dedicated staff. Preparation for rehomin8 our rescued horses Involves an extensive rehabilitation and training process and then horses are matched to sultsble homes where they can build a special relationship with one of our many loaners. We have about 200 horses In loan home5 malnly across the South- West of England. In addition to providing a home for life to a small number of sanctuary horses, we habIlItate rescued horses with potential for rehoming and since 2007 we have been training them to support our Discovery programme working alongside disadvantaged and vulnerdble youn8 people. Discovery Horse5 not only provide companionship, but there is strong evidence to support their therapeutic role to improve the well-being and mentsl health of people. Together with about 15 of our rescued horses, the Discovery programme provides a safe, nurturing, and welcoming environment, in which everyyoung person feels valued. loved, and respected a5 a unique individual. Discovery is a non- judgementsl space where every child, young person, and horse is accepted" a place where they can belong and achieve. Every year Discovery works with around 3CQ children, young people and adu_lts who are at risk of exclusion or who are experiencing life challenges due to their social. emotional, mentsl health and leaming needs. Attendance on our programme can help young people to: Better manage their lives. Develop positive relationships. Learn problem-solvlng tschnlques. Develop communication and social skills. We a a registered part-tijne altemative. leaming provider and through a varlety of carefully designed activities with the horses and nature, we support young people to reallse what they can achieve in the right environment. The horses. whlch have been specially chosen for their calm nature, bring about calmness In the young people, helping them to concentrate, communicate effectively and engage in their learning, all of which has a positive impact back In the classroom and at home. Public Benefit The Trustees reco8nSse the Importance of working for the public benefit and achieve thls in many ways This report sets out how we operate for public benefit and general charitsble purposes, according to the law5 of England and Wales. The Trustees confirm they have referred to the Charity Commi55ion'5 guidance when reviewing Horseworld's aims and objectives and in planning future activitres. , Lfyrr
Our strategy Ourvalues define- .how we structure our charitable programmes, "how we implement ourwork and how we communicate. They guide everything we do, Across our Horseworld Community we are.. Caring, Collaborative, Proactive, Adaptable and Inclusive. Since the covid pandemic we have seen a considerable increase in the need for our services. In 2023 we launched a five year strategy to expand our positive impact on the welfare of equines and the provision of alternative learning for young people, supported by our rescued equine colleagues. Our approach is based on the concept of lifelong learning, delivered in everything we do, by helping horses, helping people and sharing the knowledge we acquire: We are supporting ourgoals with a set of ethos ststements which underpin our approach.. We will design our programmes based on the needs of our beneficiaries. both horses and young people We will ensure our approach provides a quality seNice which is externally validated We wlll make decisions based on evidence We will be a partner of choice, creating a safe community for everyone Invofved in our Charity Wewill ensure the Importance of nature and conservation is woven into our wor* We will be environmentslly responslble In our land and bulldings m3na8ement We will be inclusive in our treatment of stsff and ensure they have the skills to excel in their work We will estsbllsh a sustalnable fundlng model to ensure our charitsble work endure5 Into the future We will be locally significant, recognised as a much loved Charity serving the Southwest re8ion for over 70 years Sharlng knowledge Lifelong learning Helping horses Helpln8 people It is our goal to develop Horseworld expertise to become a centre of excellence. We alm to scale up our impact by sharing our knowledge with the wider equine sector across equine welfare and equine asslsted services through collaboration and outreach. Over the next five years we have three specific ambitions. We will: Establish a centre of excellence in the provision of equine as51Sted learning to young people, with a scalable model to benefit all members:'_ of society. Utilise many years of experience, robust evidence and a deep understanding of the horse, to deliver a world- class horse centred rescue and rehabilitation programme to improve the welfare of horses in our local community. Prepare to SC21e up the positive impact of ourwork with human5 and horses, by working in co113borntion with others across the UK to expand ourwork through education and outreach. 04
Our impact Number of horses and donkeys on loan: Numberof equines on site: Number,of rescued horses: Numberof horses rehomed: 109 182 26 18 As a Charity we are the custodians of donors, money, and it is our responsibility to ensure we direct those funds to deliver the greatest impact. Over the past few years, we have taken a more robust approach to ensure our decisions are based on evidence whether we are developing a rehabilitation programme for 3 rescued horse, managing our fields to maximi5e equine welfare or planning a Discovery session for a student who has been excluded *rom school due to emotional dysregulation. In many cases, it is hard to directly attribute impact to our intervention, however in addition to measuring outcomes, we undertake research to give us further evidence that our approach is having a positive result. In 2023 thanks to fundlng from the Pet5 at Home Foundation, we began a research project to explore the equine welfare impact of using a track grazing system compared to more traditional field grazing. The key areas of focus were weight management, foot condition and emotion31 wellbeing. The results of this have been analysed by Hartpury University and once the final report has been signed off, they will be shared with other equine org3nis2tions and the wider public. We consistently receive testimonials from our Discovery students and referrers which are reinforced by the results we get Using the 'Thrive' education outcome approach. This validates our curriculum and ensure5 It delivers the desired outcomes or guides us on changes we need to make to the individual programme of each student. Throughout this report you will read case studies of how our work has made a positive impact on the welfare of our horses and the engagement of ouryoung people. More case studies can be found in our newsletter or on our website www.HorseWorld.org.uk. Number of Sek'.sp.lit.of' students:: 28 students. Nurriber:qf' . ,Ind1v.idaI female 580A male 39°A not given 3°A 58% 2,655 21 students
Our impact Equine welfare: Number of welfare concerns reported: Geographic location of students: 1% 2023 60 52 South Gloucestershire 2022 Number of equlnes Identlfied at rfsk: 83% 2023 386 12Y. 2022 North Somerset 4/ Bath & North East Somer5et Top reasons for welfare concern5: l. Without food or water 2. Underweightlemaciated 3. General neglect 4. Poor body condition including parasites 5. Overgrown/deformed hooves 6. Abandoned Students with an Education and Health Care Plan IEHCP)". Students with EHCP More than 60% of calls came from members of the public, of these the location was: 28Yo Somer5et Bristol Gloucestershire Wiltshire Other No location given 25/. 19/ loo/, 30/. With EHCP pending Primary reason given for referrals: 28% 18 horses rehomed: 3 youngsters with potential 4 in foster homes Adverse Childhood Experlences ACES/ traurna 22% Other i EmoÉioiia! Attention Deficit hyperactivity di50rder IADHDI Autistic Spectrum condition IASCI 4 ridden 7 companions 06
CASE STUDY "My family joke I love food so much I'd do .'a back-flip for a treat! When I think how . hungry l once was, moving to my new home in 2023 is a dream come true... .1 was discarded like a piece of rubbish and left to die but Horseworld rescued me. I remember feeling a deep straw bed underneath me when I was SO thin and weak I couldn't stand. Kind hands lifted me every few hours so I didn't get pressure 50res; I couldn't even hold my head up. There were blood transfusions, drips, and hushed voices saying I was the worst case they'd seen but now I felt safe. I refused to give up. After many months I was Strong enough to venture outside. Feeling gra55 beneath my hooves was wonderful, I was able to play, get stronger and everyone said I was growing up to be a handsome cob! As time went by. I was trained to be a ridden pony and I loved it. I went to live with a family, but it didn't work out so I came back to Horseworld as they said they would always care for me. Now I had more experience l joined the Discovery team. So many young people were inspired by my story. I met students who, just like me, knew how it felt to struggle with overcoming difficulties and face seemingly impossible challenges. They said I helped them and I became part of the sponsorship scheme so my story could be shared - I wa5 happy. When I retired from Discovery the Horseworld team knew I wasn't ready to put my hooves up, so l am now living with a wonderful new family. I have 3 best friend who looks to me for confidence, and l alway5 take care of my young rider when we go on adventure5 together. Thanks to Horseworld l am living my best dream. 07
Our partners-_ R•ducllon Par*rywP HAFITPUFIY NEWC BRISTOL BRISTOL POST 16 LEARNIMfj¢ITY ccs adoption EEPINGfiRlqJQl HANC North COU41 Hc>rse Society CITY<. BRISTOL _ COLLEGE th &North Easr Somirset CourKil Avon and Somurs8t Poli¢1: OCN Prln¢¥sTrusl London It Is a core value for us to work in collaboration with other5, and we are grateful for the growlng support we get from partners. Durin8 the year we agreed new partnerships wlth Avon and Somerset Police, Hartpury University and we created an Alliance with other providers of Equine Asslsted Services IEASI. We have an ongoin8 relationship with several other equine welfare charities including Redwings, World Horse Welfare and RSPCA. We work together on multi-agency rescues. When Horseworld do not have capacity to take new rescues, we will provide resources by way of staff and transport to support others. We are particularly proud to be working together with Avon and Somerset Police in the development of a specific Discovery programme foryoung people at risk of sexual exploitation. This has delivered incredible outcomes for students involved and will be expanded in 2024 wlth the Police in South Gloucestershire. During the year we established an exciting new collaboration agreement with Hartpury University to progress our grazing track research and formed the Alliance with other providers of EAS including the Horse Course, Sirona Therapeutic Horsemanship and GUL Therapy. Together we developed the OCN London accredited level 3 diploma in EAS to improve standards across the sector. 08
Our people We trulyvalue the dedication of our staff Involved in the day-to-day care of rescued horses, their rehabilitation and training, coordination of our rehoming activities, and delivery of our Discovery programme. We have a small fundraising and communications team who work c105ely together promoting ourwork, engaging with supporters and raislng income from our loyal donors. Our support teams look after the site and maintain efficient systems and processes. Our staff enable us to achieve all that we do, they are the heart and soul of Horseworld. We invest in the continuous development of skills and structures to add value, Improve Internal career progression and aid retention. During the yearwe established a new induction proces5 for all staff. We involved external experts in matters such as equine behavloural issues to train our Staff for the more challenging equines we rescue. We tralned our Discovery team on the 'Thrive' education approach to enable us to tailor outcomes to the specific needs of each student. We held slte wide training on diversity to enable us to develop a more inclusive culture in line with our values. Working tO8ether with our Employee Forum. we undertook our first ever Employee Survey, with an 81% participation rate. The detailed feedback provided a baseline for future improvements. We are so fortunate to have the support of an extensive range of volunteers. many of whom have been supporting Horseworld for a considerable number of years. They are much valued members of the team. Our loaners are also volunteers, caring for our extended Horseworld herd at their home as part of their family. We are extremely grateful to the dedication of all those who give up theirtime to further our cause - Thank you.
CASESTUDY '1 enjoy coming to "Discovery each week-. to be part of caring for I the horses and ponies, and l always feel safe, welcome and happy,,,, when l am there" 4 from student , Miss T came to Discovery with extreme anxiety which meant she couldn't leave her Mum; Miss T wouldn't sleep in her own bed couldn't attend school and had basically shut down to life because of anxiety. Miss T attended Horseworld Discovery for the first time in 2023. Following attendance on the programme, her Mum wrote"T has made some bi8 Steps. She has been able to go to the shops around the corner and has been out on at least 5 dog walks. I (Muml have been able to go out on three occasions on my own. My daughter has continued building her resilience and experiencing new opportunities. Attending school more frequently and looking toward herfuture. T has joined Guides and Sung a 5010 in the choir." Her Mum continues "T has also been able to help her Granny putting together 450 shoe boxes for Ukraine. T was able to attend a coffee morning and run the raffle, in aid of money for the transport costs of the boxes. T did this without me and attended for 2.5 hours. I have noticed T is communicating differently. using more words, and engaging more in conversation. She is also regulating herself in times of anxiety a lot 500ner than in the past. Discovery has changed my daughter's life.. Mi55 T has made the decision that she doesn't need Discovery anymore, she has applled for a position in her local library and is working to complete her GCSE'S. "For thls student, Horseworld Discovery'5 job is done. Graham Hilliard. Head of Discovery. ealiy, striigg'led,every -day• being in such a big and bu5y:env.Sronment,which then led'to a lot of behavioural problein5:,M is bejng assessed io'r.ADHD and auttsm., He,also.'bas.'selective niutism which..: makes it difficult'for,him to comthunlcate with anyone °Discovery has built self-esteem* positive engagement and interaction for a student who wa5 completely disengaged In all learnlng at school., from Referrer Hotseworld, seeing. how,talmiand relaxed he'is.,when ,,working.with the hors.es.. It is so,picé.'to..sè&how:.,inuch io
Achievements and performance 2023 was the firstyearof our new strategy and there was a significant focus on building a strong foundation for future growth and our ambtknon to be a ntre of exrIenCe for both equine welfare and the provision of equine assisted learning services to young people across the region. However, the need for ourwork is greaterthan ever, and during theyearwe dealtwith 386 equines at risk and had to rescue 26 horses for a variety of reasons. Despite staff shortages, due to our excellent rehabilitation pmgramme we were able to rehome 18 horses which made space for more. We accepted 292 students onto our Discovery programme and provided 2,655 hours of teachin& In all areas of work we have responded to the growth in need by building strong foundations and expect our future expansion plans will enable us to do more over the 5-year strategic period. We sald: Develop an externallyaccredited Equlne Asslsted Learnlng trainlng course with a focus on the leaming needs of young people and our rescued horses but adaptable for other beneficlary groups, whilst contlnulng to provide a Dlscovery service for our local communlty. We said: Through our demonstrated experlence, we wlll establish a rO5t approach to understsnding welfare needs for rescued horses, Incorporating evidence based behaviour and leaming patterns, whldi enables us to develop a foundatlon for expansion across the local communlty. We Said: Build relatlonships wlth stakeholders for both the delivery of Equine Assisted Services and Rescue to Rehabllitstion welfare provision. Pilot an outreach programme In the local area and online wlth education materla15 to make our future plans a reallty. We achleveth By working with The Horsecourse, we established an externally accredited diploma in EquineAssisted SeNices and fomed the liance with other providers for sharing learning around Implementation. • Training for all facilitators on the Thrive education approach to improve outcomes. We achleve& Increased staff awarene55 and knowledge re8ardin8 equine welfare, care and emotional wellbeing, with a step change in handling skllls through investment in Intelligent Horsemanship IIHI trainln8. Research on equine track grazing systems using in house developed welfare assessment templates to monltor equine behaviour. • Improved field management by better planning, having a direct benefit on equine welfare and reducing hay costs throughout the year. Increased collaboration with local organisation5 including police, care agencles and local colleges, to support more Discovery students in greatest need. New relationship with HartpuryColle8ethrou8h 3 collaboration agreement arKI held first meeting with Royal Agrfculbjral University. Our first outreath visit to a local school with Charlle pony, enabling a young person to return to the classroom for the first time in several years. Acknve participation in The Federation of Horses in Education and Therapy International IHETII, hosting Spring Forum arKJ building our profile in the Equine Assisted Services (EASI sector with extemal recognition as leading provider. Strengthened approach to Ofsted compliance with more robust record keepin8, safeguarding protocols and outcome measurements. Improved equine handling skills with Intelligent Horsemanship training, increasing team confidence, li
We said: Grow income through the development of eStIng fundralsing activities tsilored to donor needs.This will indude our Horses for Health campaign, development of multi-year grant applicatlons, promotlon of regular8ivlng through horse sponsorship and bespth on slte events induding a speclfic focus on legacy opportunltles and stewardshlp of majcf donors. We said: Strengthen our matheting activities through the d&plopment of a newwebsite, an organisation wide communicatlon plan for oursocial media pre*nce and introduthon of exterrkal media monltorlng and analytics to improve effertivene We said: Develop staff skills and establish organisation strnrture which supports growth of our charitable activities wlth a particularfocus on creating a robust supporter database, emrM)wered line management. bulldlng a leaming culture through employee feedbKk arKI Increased awane$S around the value of emtyacing diver&tyaTh Indu51on In ourday-to-d Weachleved: Development and launch of a new website whichls easier to manage and provides an improved window into Horseworld activities. Rescheduled Open Day due to dire weather condition5 but Careful managed costs to deliver net profiL • Continued 8rowth in social medla presen through better planning. Value added benefits of external media monitoring to target PR activities. We athleved: Development of our dlfferent supporterjourneys and Steps to embed a culture of grdtitLKle to build loyalty, Including a priorityfocus on our re-homers and volunteers. Improvements to horse SFon50rshlp147% increase in new sponsors) wlth a ft)cus on renewal opportunities. Thirdyear of Horses 4 Health ndraising campaign enabling grants to 6 charitie5 plus SUPPOrt for our own equine welfare and Discovery pro8rammes. . kcured 3 multi-year8rants from new donors. Our first legacy mailing and a tsilored onsite event to engage with life members we saw a 62% increase in known pledgers + 1690A enquiry Increase. Tailored on slte event for majordonors to provide deeper insight into our work We xhleveth. Employee survey led bythe Employee Reps with good progress a8alnst action plan. Training for line managers to build skills and addtEss concerns ralsed In the survey. LaurKh of our Equlty, Dlverslty and Incluslon project with trainlng to staff on the Importan of incluslve behaviou New induction process established to ensure all stsff get the best start to thelr careerat Horseworld. HR single central record implemented, alongside safer recnjitment and routine Disclosure and Barring Service IDBSI checks for 311 stsff and volunteers. New Health and Safety stsndard operating procedures embedded wlth regular monitoring and reporknng to the Board. 12
Fundraising highlights We would like to thank our supporters, who are the lifeblood of Horseworld - it is only through their generosity we are able to do our much needed work. In 2023 we exceeded all expectations to raise over £2 million, to support ourvital work helping improve the welfare of hundreds of horses and sUPPOrt almost 300 young people through our Discovery programme. A significant proportion of our income is generated by gifts in wills and during the year we developed our legacy first approach with a dedicated email communication followed by a mailingto explain how important legacy gifts are to the future of Horseworld. We were delighted with the response whlch included some personal stories on why people support Horseworld: 'Ie been a supporter slnce Margery Pelling's days with my late mum,. '1 dld plan to leave some klnd of legacy to an excellent organisation such as yourselves, who do such vital work, for the welfare of all the wonderful, and trusting rescued horses In your care,. 'Many years ago, you gave my much loved horse (Pepll a home. He was about 30 years old when he died,. We also ran two specific appeals to raise much needed funds for our P-Ponles and to feed our herd in the winter. We grew the retention rate of our sponsorship scheme which gave us a IO% growth In regular income. At the end of the year, we had a totsl of 627 sponsorships and a reduction In annual supportwhich was not renewed to only 1812022: 1361. Supporter development We have been working hard to understand our donors and their motivation5 50 we can ensure the best possible Horseworld journey. Our focus has been to connect with people and build relationships which will endure into the future. Next year we will enhance this wod( with a new CRM system to better manage their preferences and build support for Horseworld. During the year, in addition to our annual open day, we held onsite events specifically for our sponsors. our rehomers and ourvolunteers. We are fortunate to have a dedicated team of volunteers who help at our events. In Discovery session5 and care for our herd. In 2023 we introduced a regular update to keep them informed about the Charity. Social media Our social media activities provide a window into Horseworld for manyof our supporters. At the end of 2023 our audiences acr055 the 4 main channels are: 16.520 followers on Facebook 6,115 followers on Instagram 5,095 followers on X (was Twitter) 222 followers on Linkedln la srnall number, reflecting the fact we've only recently started trying to build a following here) Our content was dlsplayed to U5er5 over 2 million times, audiences engaged with our posts over 160.000 time5 and links in posts were clicked over 12.500 times. We maximised engagement by significantly increasing the number of community centric posts to almost 50%. whilst also increasing ourfocus on income generation. Special thanks to the following organisations who Support our work: The Worshipful Company of Saddlers Anne Duchess of Westminster's Fund Garfield Weston Foundation John James Bristol Foundation Mrs S H Adlam Will Trust The Sir Peter O'sullevan Charitable Trust and others who prefer not to be named.
CASE STUDY Story of the Famous Five - Pumpkln, Pretzel, Peaches, Plum and Peanut In June 2023 we rescued 5 In situations like this the gradually approach visitors terrified, malnourished ponies equine skills of our team are and accept basic handling such after assisting with a major really tested, but years of a5 wearing headcollars, being rescue operation involving experience, patience and slow, walked through the yard and multiple rescue charities. careful interactions meant enjoy bein8 groomed. Even Desplte being at capacitywith day-by-day the ponies began these simple interactions other rescues arriving just a to accept people. Over time were impossible to envisage few day5 earlier, we couldn't they allowed us to gently when this once-terrified group say'no, and when we saw the touch them - at first with long of ponies first arrived - it is condition of the ponies, we feather dusters which could testament to the expertise, knew we had made the right be used at a distance before dedication and skill of our decision and were probably gradually feeling a kind, human staff. saving their lives. touch for possibly the first All were unhandled and time in their lives. We are now planning the next Stage in their journey. They all petrified of humans, they were They were moved to a field have diffent personalities, little more than skin and bone. closer to the yard so people, so as their training progresses, After spending time in our horses, and farm vehicles we look at the options of isolation unit to get immediate would pass by each day, rehoming or joining our veterinary care, our team helping the ponle5 become Discovery team. began to gain their trust. and more comfortable with their they were given their names surroundings and building Pumpkin, Pretzel, Peaches, their confidence. It was Plum and Peanut. , so rewarding to see them 14
Financial review 2023 was an exceptional year with income exceeding £2.2 million. Costs were agaln tightly controlled despite high inflation, resulting in an operational breakeven position. Our statement of financial activities recorded totsl income in 2023 as £2,210,38312022: £1,703,181). Legacy income exceeded expectstions delivering growth of 60% to £1,663,785, with the legacy debtors at the end of the year being £1,510,82512022: £780,857, see note 191. Appeal and donation Income were 5% above prioryear levels due to increased activity, but this was more than offset by dUCed Brant income due to staff shortages. Discovery course income exceeded £IOO,C(Q, increasing by 79% following a review of student fees to a level comparable to other alternative leaming provisions, although we have seen no reduction in demand. 86% of students are identified as being in most need and receive a financial contribution from their local authority to attend the programme. Thls doesn't cover all the costs and we aim to Secure the balance of funding from trust and foundation income, along with support for students who require a fully funded place. Expenditure on our charitsble activities increased byju5t 3.6% to £1,777,58112022: £1.716,310). Average headcount remained steady at 53 with savings due to staff vacancies offset by increases due to the cost of Ilvin8 increase. Although equine costs have remained relatively stsble over the past few years, we saw a reduction in 2023 due to lower vet fees resulting from the intske of less complex cases. However, we continue to invest in the maintenance of our farm following a period of under investment. Fundra15ing costs have reduced by 16% to £434,680 12022.. £518.6941 due to the non-repeat of direct mail activity during the 70th anniversary. During the year we completed the desl8n and implementation of a newwebsite which will deliver operational efficiencies in the future. The net gains on investments of £249,514 12022: losses of £773,086) reflects the market value of the Charity's investments1£5,563,9691 at the year-end, following a continued period of volatility. A5 of 31st July 2024, the combined portfolios were valued at £5,173,338. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply wlth the Charlty's governing document, the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: ststement of Recommended Practi, appllcable in the UK and Republic of Ireland IFRS 1021.
Investment Policy The Finan Committee has a mandate to appoint 2nd instruct the investment managers to define the Charity's investrnent policy and approve the financial budgets. The Investment Policy states the Charity's objectives., risk profile., liquidity requirements., time horizon; ethical policy and reporting and monitoring requirements of the Charity's investment portfolios. Evelyn Partners were Initiat appointed as investment manager in 2008 and reaffinned in 2017. In 2017 the committee additionally appointed Rathbone Investment Management Llmlted as an investment manager. During the year they merged with Investec Wealth and Investment UK to become the Rathbones Group Plc. The Finance Committee receive comprehensive quarte reports and meets wlth each Investment Manager at least once a year to discuss perfomiance. Both managers operate under the same Investment Policywhich was reaffimed as remaining current in March 2024. cl grow the work of rescue, rehabilitstion. and rehoming of equines. Our reserves fall into two categorisations - Restricted and Unrestricted Funds. Restricted Funds: These funds are monie5 set aside for a particular purpose as specified by the donor. They are perrnanent restricted for that purpose and are unavailable to meet other expenses of the Charity. On 31st December 2023 the Restricted Income Funds totslled £86,35912022: £153,101). In addition, the Charity has a Restricted Endowment Fund of £38,16312022: £35,799) in recognition of the GS Roberts Will Trust. Unrestricted Funds: These funds are the monie5 that have been accrued over the years. They arise where the donors have not specified how the donated funds must be spent and are available to support the Charlty in carrwn8 Out any aspects of its work. Reserves Pollcy The Unrestricted Fund5 are dlvlded into two The Trustees evaluate and agree the categories: Reserves Pollcy at least annually. The most recent review was conducted in June 2024 Deslgnated Funds: and considered income and expenditure The Charity Commission defines Designated projections aligned to the strategic plan and Funds as'where unrestricted funds are the identified ri5k5 and opportunities as set out earmarked or designated for essential future In Risk Management & Investment Objectives spending, for example, to fund a project that and Risks above. could not be met from future Income alone,. The fundamental purposes of the Charlty's TheTrustees can designate fund5 oramend the Reserves Policy are: amounts designated as they choose. The Charity's new strategic plan has the l. To ensure the future security of the Charity following 3 ambitions for advancement and by retsining funds sufficient to enable it to function effectively and efficiently. and development of our charitable objectives: l. Estsblish a centre of excellence in the 2. More specifically, to fulfil the Charity's commitments to: prov15ion of equine assisted learning to young people. 31 provide for the ongoing welfare of all the 2. Deliver a world class horse centred horses in the Charity's care if it has to close for any unforeseen circumstances. rescue and rehabilitation programme to improve the welfare of horses in our local bl develop and expand the Discovery projecL community. 16
Financial review 3. Work in collaboration with others across the UK to expand ourwork through education and outreach. Specifically, the Trustees have determined that the Designated Funds noted below are committed to., Investment in developlng the Charlty over the next 5 years to enable Strategic growth whilst reducing the budget deficit in 2022 to a break even position in 2027. We will continue to invest in meeting the growing need for both rescued horses and young people. The aim is to deliver a sustainable financial model at the end of the Strategic period whilst maximislng the impact of our charitable activities during this Strategic period. b. Supporting the Charity's growth, a property fund for the relocation to a new combined site in the future to ensure our facilities enable the delivery of our charitable work. or investment in upgrading our facilities at the current site to allow for expansion. The totsl Designated Funds on 31 December 2023 allocated for the commitments above were £4,000,QOO. The Trustee5 anticipate these monies will be expended over the next 5 years. In addition, the Charity ha5 a fixed asset designated fund of £3,820,30612022: £3,901,144), reflecting the net book value of the Charity'5 tangible and intan8ible assets. excluding the portions held in restricted capital funds. General Fund5: are notified legacies for which no money has been received Isee note no. 191. Any deficit of voluntary income on which the Charity is reliant, and which cannot be reliably forecast, especially income related to events which are a critical 50urce. These can be cancelled due to bad weather, or as experienced, cancelled due to the pandemic, Costs assoclated with rehoming horses, if it was necessaryto reduce the numberof horses on site or to close the Charity. Compensation costs based on statutory rates, in the event of a reduction to Staff levels if the Charity wa5 to reduce in size or close completely. Any statutory or legal costs assoclated wlth a change in operational activities. Any reduction in the marketvalue of the investment portfolios because of unfavourable stock market fluctuations. The Trustees have agreed to maintain a level of General Funds of £2.4m that will enable the Charity to adjust to any significant change in resources through unplanned activities as Illustrated above. It is expected for thSs to remain within an ideal range of between 10 and 12 months of operational expenditure. Based on the 2024 budget, this indicates a General Fund range of £2.Om to £2.4m. Principle risks and uncertainties The Trustees have considered the identified major risks to which the Charity is exposed. The plans and strategies for managlng risks are to identify key risks 3nd assess them for likelihood and impact, the Charity'5 tolerance of each risk is graded, and appropriate mitigation measures are defined. Risks and the effectivenes5 of mitigation measures are reviewed on a rolling basis 50 that all areas are reviewed at least once a year. This risk register is managed by the Executive, reviewed by the Finance Committee. and These are funds set aside to cover the financial and operational risks identified within the annual planning process, These risks include: Any deficit of legacy income, parkncularly recognising the historical volatility of legacy income which is outside the Charity's control. 75% of the total income in 2023 was derived from legacies12022: 61%). Included in the current General Reserves 17
approved by Board annually, alongside the Charity's plan and budget for the following year. As a result, the Trustees are satisfied that adequate systems are in place to manage the adverse effects of any such risk exposure. recognising that systems can only provide reasonable but not absolute assurance that major r15ks have been adequately managed. We have identified three major operational risks: al Ability to expand Discovery to meet the growing needs of young people and ensure compliance with Of5ted requirements for a part time alternative learning provision: Significant steps have been taken to expand Discovery with the recruitment of additional staff, training of new horses and the development of new facilities. We have strengthened our outcome focus with the introduction of Thrive Education approach, alongside strengthened documentation and the introduction of many new procedures. However, the Trustees remain concerned at the increasing complexity of case5 and the pressure this creates on our existing team. As a result of the strategy review In 2022, we are expanding our Discovery model through the creation of a centre of excellence and sharing of our knowled8e with other similar organisations to reach more young people. bl Development of Keyne5 Farm: In the 2018 Report & Accounts we reported that the counclls of Bath and North East Somerset IB&NESI, Bristol City, North Somer5et, and South Gloucestershire had been working together to produce a West of England Joint Spatial Plan Ithe'JSP"). However, the Planning Inspectors comprehensively rejected the entire JSP in the Autumn of 2019 and the Plan was formallywithdrawn in April 2020. Despite delays the local authorities continue to work together to commission strategic evidence to support future development and have been co-operating but preparing separate Local Plans. We are closely monitoring these developments and any impact they may have on our operations. To manage this risk the Trustees have created a designated fund (see Reserves Policy above) to ensure the Charity has the resources to acquire a suitable replacement location or in the event of no further action. the investment in our existing site to meet the growing demand for our service5 which means we will outgrow our current facilities over the next five years. cl Financial sustsinability: The Trustees are pleased to see a growth in income over the past two years and the return to previou5 levels of legacy income. However, due to the need to increase our activities to meet demands, they recognise that the expenditure is currently exceeding income, and th15 Is unsustaSnable in the medlum term. In 2023 and over the 5-year strategic period, they will continue to invest in new sources of fundraised income with an expectation that a sustsinable position can be achieved within the next five years, To support this action, the Trustee5 have created a designated fund Isee Re5erve5 Pollcy above) to enable Strateglc growth and to compensate for the reducing deficit to ensure continuity of operations during this period. This will be closely monitored, and plans adjusted if nece55ary. Notwithstanding these issue5, the Trustees considerthe Charitywill continue as a going concern for a period of at least 12 months from the date on which these financial statements have been approved a5 the Charity holds the reserves detsiled in the accounts and the Going Concern Policy in the Audito¢s Statement. 18
2024 objectives In 2024 we will continue working towards the 2-year aims of our new Strategy, building on the foundations established in the past 12 months. We will: Continue to improve the welfare of equines on slte and deliver a step change In the number of horses avallable to support our Dlscovery programme. Register as OCN London assessment centre, complete Equine Asslsted SeNices diploma training for all Discovery facilitators and prepare for wider roll out, working together with otherAlllance members. Launch The Princes Trust Resilience award with young people. Complete journey to become a 'Thrlve' Ambassador site. Relaunch a Family Project during the summer holidays takins a holistic approach. Desi8n and implement a pilot outreach for the Autumn term. Undertake research to clearly articulate the magic" of Discovery. Embed standard operating practices {SOPsl for Discovery horses includlng clarity on "eyes for the horse" role for Discovery grooms, raising the profile of our care for the equine in an EAS setting. Relaunch rehoming activities once a new rehomlng coordinator is in place and continue supportive events. Develop two more grooms to standard of rehabilitation groom, Embed a training matrix with clear pathwa for both grooms and equines Ito include equine fitness plans) and implement along51de a level 2 welfare assessment. Implement second stage of track grazing research in collaboration with Hartpury University and build relationship with Royal Agricultural Unlverslty IRAUI. Revlew process for new equine arrivals and upgrade isolation facilities with new System to mana8e feral ponies. Tell our story about becomlng a centre of excellence, to new and exlstlng audlences. Invest In phase 2 of our new webslte to demonstrate our credibility as a centre of excellence in Equine Welfare and Equine A5515ted Services. Develop a Communications Strategy to underpin our specific rehoming, welfare and Discovery communication plan5, including a review of sub-branding. Set up an ambassadors, programme linking to the major donorwork. Review lce yearly newsletter and email highllghts to ensure they align with our story telling aims. Increase the number of young people who benefit from our Dlscovery programme and embed the new Equlne Assisted Servlces dlploma. Work towards a goal of supporting l()J young people each week, with more re50urce5 in place and COue5 as appropriate. Build collaboration and host Bristol Altemative Leaming Provision {ALPI conferen. 19
Drlve Income growth to a new level through excellence in fundralslng. Ensure all Internal processes are dearly defined and well understood to delfver robust support across all teams. Estsblish se8mented supporterjourneys to drive second actions/donations. Take steps to establish Horseworld a5 3 local charity of choice through Community partnership action. Grow health of trust and foundations pipeline leading to evidence-based applications. Embed new project matrix for fundin8 and build new major donor programme wlth expert consultancy advice. Undertake 2 fundraising appeals uslng both print and digital. Nurture a legacy first culture to secure future income. Hold onsits events Including our annual Open Day with increased footfall. Complete a review of our CRM database and plan for future. Improve finance processing with electronic purchase order5 and grant tracking approach to ensure timely reporting back to donors. Implement a new HR system with greater efficiency in the management of leave/ absencesltimesheets. Embed online mandatory trainin8 and establish a robust calendar of activities throughout the year. Develop Equlty. Diverslty and Incluslon (EDII strategy involvin8 a work5n8 group with trustee support. Recrult new trustees to loln our Board.
Structure, governance & management In Dember 2007 Horseworld Trust was registered with the Charity Commission for England and Wales, our Charity number is 1121920. It is a charitable,company limited by guarantee and wlthout share capital. It is registered at Companies House under number , 06353944. It operates under the terms of its Memorandum and Articles, of Association. Copie5 are filed with Companies House and the Charity Commission. Governance Overvlew The overall direction and management of the Charity lies with the Board of Trustee Directors Ithe"Board"l. At the end of the year, the Board comprised nine Directors who bring a range of skllls and experience to the leadership of the Charity. Day-to-day operational control of the Charity is delegated by the Board to the Chief Executive Officer ICEOI who is supported by a team of professionals in finance. human resources, health and safety, communications, fundraising. equine care and education. The CEO ensures that Board members are made aware of all new legislation and pollcies that will impact on the management of the Charity and the charitable work. Staff salaries including those of the CEO and the Senior Management Team ISMT), are periodically benchmarked using external data available from pay 5urvey5 for the voluntary sector and market conditions for the specific role withln the local reglon. Salaries are all reviewed annually against the national minimum wage and the voluntary living wage. Horseworld is committed to inclusion and opportunity for all, we work to ensure no-one is discriminated against. NewTrustees are appointed for their relevant commercial, technical, or equine knowledge and are briefed by the Chair and CEO on: their legal obligations under Charity and Company law the Charity Commlssion's guidance for Trustees the Memorandum and Articles of Association the committees and decision-making processes the buslness plan and recent financial performance of the Charlty any other relevant Information, They undertake tours of the Charity where they meet staff and are introduced to all aspects of the charitsble work. Management structure and key personnel The CEO Is supported by the SMTwlth expertise in the areas of finance, fundraising, communications, human resources, equine welfare and education of young people. They meet at least monthly to review achievements and plan activities for the forthcoming months. Regular one-to-one meetings are held bythe CEO with each member of the SMT to provide sUPPOrt and help manage any complex matters. Through regular contact with the Chair, the CEO will escalate any issues and take advice where appropriate. Trustee recruitmen( induction and training The Board is ever mindful of the need to recruit appropriately experienced individuals to serve as Trustees and to ensure continuity of appropriate specialist skills and services. 21
Board/Committee meeting The Board meets at least bi-monthly to set strategy. approve plans and budgets, review and monitor activitie5, and 355e55 progress in achieving the strategies and targets set by the Board. The Board is supported by a Finance Committee comprising of the Chair and three Trustees, supported by the CEO and Deputy CEO. It meets at least twice a year to review budEets, annual accounts, and hold discussions with both the investment managers and audit team. In addition, an Equine Committee supports the operational decision m3kSng around the care of horses. It met six time5 during 2023 and comprises of two Trustees, our a55igned vet from B&W Equine vets, plu5 a 5ma51 number of staff. xy Fundraising practices Trustees are fully aware of their responsibility and commltment to the strategic leadership of a Charity which values its supporters; without our supporters ourwork would not be able to continue. At Horseworld we pledge to adhere to best practice when raising and recelving funds f rom individuals, organisations, trusts and foundations. We are registered with the Fundraising Regulator and The Gambling Commission. We follow the guidelines and codes of practice set out by these organisations. We understand that some donors may be vulnerable or not have the cap3Clty to decide to donate, in which case we will not accept or encourage a donation but will follow the guidance of the Fundraising Regulator. We also have a Vulnerable Person's Pollcy. The appoSntment of a Data Management Officer ensures we are compliant with f undraising standards and activities are constructed in accordance with best practice. We do not share our supporter data and our supporter recruitment methods are largely based around events. We do not have third party fundraisers acting on our behalf. During the year we received no fundraising related omplaints. Our complaints policy 15 published on our website. The Fundraising strategy provides clear direction on the key objective to build our financial sustainability. During 2024 we will develop more detailed strategies for each of our income streams to support future income growth. Trustee Indemnity In accordance with stsndard commerclal practice the Charity has purchased insurance to protect Trustees from claims arising from negligent act5, errors or omissions occurring whilst on Charity business. Safeguarding In addition to following appropriate safeguarding procedures related to staff and for our fundraislng activities, the Charity has a comprehensive Set of procedures designed to support the delivery of our Discovery programme with young people. We have a desi8nated Safeguarding lead supported by two deputies. and comprehensive reporting pmcesses, which are all audited by the local authorities. During the year we also appointed a Trustee with specific responsibility for safeguarding. All staff and Trustees receive training around safeguarding, which is extended to volunteers in our Discovery programme. 22
Legal and administration details. Charlty number Company number Reglstered office and Operatlonal address 1121920 06353944 Delmar Hall Keynes Farm Staunton Lane Whitchurch Bristol, BS14 OQL LB IDesil Dillingham MBE ' S Chair Duncan Ballard BVM&S Cert EP MRCVS Nigel Daniel Andrew Dowden Kerry Gwyther LLB (Hons) Mlchael Neale. Annette Newman Jolin Newman ' Patricia Shand (resigned 17 August 2023) Stephen Webb OBE Ireslgned 19 July 2024) Duncan Attwell lappointed 15 February 2024) Emmaline Pell & (appointed 4 March 20241 Cathryn Mitchell (appointed 4 March 20241 Julie White lappointed 4 March 20241 Trustee Dlrectors TheTru5tew wedlTect0rsoity3ndTrtrttClthl(0rnvnv1Ol2purPP1thchorftlt2Oja. ' hdkate5 imwnberolthofvTh3nc•Corrfflltt&The &kndkatuarnernberolU Equlne Comrtt Chlef Executive Officer Company Secretary Bankers Petra Ingram FCMA Nicola Llght Barclays Bank plc 55 Broadmead Bristol, BSI 3EA Rathbones Group PIC (was Rathbone Investment Management LlmStedl 8 Fin5bury Circus London, EC2M 9AZ Evelyn Partners Portwall Place Portwall Lane Bristol, BSI 6NA Saffery LLP Chartered Accountants and Re8iStered Auditors St Catherine's Court Berkeley Place Clifton Bristol, BS8 IBQ Investment Managers Auditors 23
Trustee responsibilities The law applicable to charities in England and Wales requires the Trustee Directors to prepare financi21 statements for each financial year, which give a true and fair view of the state of affairs of the Charity and the incoming resources and application of resources including the net income or expenditure of the 8roup for the year. In preparing those financial statements the Trustee Directors are required to: select suitable accounting policies and then apply them consistently. make judgments and estimates that are reasonable and prudent. state whether applicable accounting stsndards and statements of recommended practice have been followed, subject to any material departures d15closed and explained in the financial statements; and prepare the financial statements on a going concern basls unless it is inappropriate to presume that the Charity will continue in operation. The Trustee Dlrectors are responsible for keeplng proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. The Trustee Dlrectors are also responsible for safeguarding the a55et5 of the Charlty and for tsking reasonable steps for the prevention and detection of fraud and other irregularities. tedit.. Jo Auditors Saffery LLP were appointed as auditors under Section 487121 of the Companies Act 2006. This Report and Accounts was approved by the Trustee Directors on 15th August 2024 and signed on their behalf by: LB Dillingham MBE Chair 24
Independent auditor's report . Opinion We have audited the financial statements of Horseworld Trust for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, cash flow statement and the related notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable13W and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fairview of the charitable company's state of affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,, and have been prepared in accordance with the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing IUKI {ISAs IUK)) and applicable law. Our responsibilities under those stsndards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report, We are independent of the charitable company In accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, includin8 the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue as a goin8 concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial Statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not coverthe other information and, except to the extent othemise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 25
Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the course of the audit or otheNise appears to be materially misstated. If we identify such material inconsistencies or apparent material misststements. we are required to determine whether this gives rise to a material misststement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Annual Report which includes the Directors, Report for the financial year forwhich the financial statements are prepared is consistent with the financial statements., and the Trustees, Annual Report which includes the Directors, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and it5 environment obtained in the course of the audit, we have not identified material misstatements in the Tru5tees' Annual Report. We have nothing to report in respect of the followin8 matters where the Companies Act 2006 requSres us to report to you if, in our oplnion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Responsibilities of the trustee5 As explained more fully in the Trustees, Responsibilities Statement Set out on page 24, the trustees (who are a150 dlrectors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for such Internal control as the trustee5 determine 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitsble company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustee5 either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so. 26
Auditor's responsibilities for the audit of the financial statement5 We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Mi55tatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mi55tatements in respect of irregularities, including f raud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularitie5: We assessed the susceptibility of the charitable company's financial statements to material misstatement and how fraud might occur, including through disCUS5ion5 With the trustees. discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understandin8 of the sector in which the charitsble company operates. Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales. In addition, the charity IS Subject to other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to its ability to operate or to avoid a material penalty. These include health and safety, animal welfare and safeguarding for vulnerable people. Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial ststement disclosures. We reviewed the charitsble company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material mi55tatements arising. We discussed the charitsble company's policies and procedures for compliance with laws and regulations with members of mana8ement responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whetherjudgements made in making accounting estimates gave rise to a possible indication of management bi35. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached thelr work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws 2nd regulations and fraud. 27
There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likelywe would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentstions, or through collusion. A further description of our responsibilities 15 available on the Financial Reporting Council's website at: www.frc.org.uwauditorsresponsibilities. This description fomis part of our auditor's reporL Use of our report This report is made solely to the charitable company's members, a5 a body, in accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audit work ha5 been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charltable company's members a5 a body, for our audit work, for this report, or for the opinion5 we have formed. Date: 3. q.102£r Michael strong (Senior Statutory Audltor) for and on behalf of: Saffery LLP Chartered Accountant5 and Statutory Auditors St Catherine's Court Berkeley Place Clifton Bristol B58 IBQ Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Statement of financial activities (incorporating an income and expenditure account) For the year ended 31 December 2023 2023 Total j ' .Endowm'ént Restricted Unrestricted Income from: Donations and legacies 3 Charitable activities Othertrading activities 5 Investments Other 131,955 1,780,385 1.912,340 1,413,141 102,372 102,372 72,768 48,484 48,484 43,129 141,114 142,240 157.436 4,947 4,947 1.126 Total Income 131955 2 077 302 2 210 383 1703 181 Expendlture on: Rai51ng funds Charitable activities 209 434,471 434,680 518,694 198,697 1,578 884 1,777,581 1716 310 Trjtsl expendlture 209 198 697 2 013 355 2 212.261 2 235,004 Net Incomellexpendlturel before 8alns/(10sses) Net gains111055esl on Investments 917 166,7421 63,947 (1,878) (531,8231 17 248 067 773 086 249 514 L Net Income / (expendlture) Transfers between funds Gain on revaluation of fixed assets 2,364 (66,7421 312.014 247,636 11,304,909> Net movement In funds 12 2,364 (66,7421 312,014 247,636 11,158,909) Recondllatlon of funds: Total funds brought forward 153 101 10 573 064 10 761964 11920 873 Total funds carrled fonvard 86 359 10 885 078 11009 600 10 761964 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above, Movements in funds are disc105ed in Note 22 to the accounts. 29
Balance sheet As at 31 December 2023 2023 2022 Note Tangible assets Intsngible assets Investments 15 16 17 3,787,785 32,521 5,563,969 9,384275 3.880,257 21.288 5,700.483 9,602,028 Current assets: Stock Debtors Cash at bank and in hand 18 4,994 797,802 466 782 19 1,548,957 305,441 1,854,398 1,269,578 Llabllttles: Creditors: amounts falling due within l year 20 (229,0731 109,642 Net current assets: 1625,325 1159 936 Net assets: 21 11,009,600 10 761964 Funds: Endowment funds Restrlcted funds Unrestricted funds Designated funds.. Strategic 8rowth fund Property fund Flxed assets Fixed asset revaluation reserve 22 38,163 86.359 35,799 153 101 2,000,000 2,0,000 1,092,131 2,728.175 7,820,306 2,000,000 2,000,000 1,141,756 2 759 388 7,901,144 General fvnds.. Revaluation reserve General funds 615,668 454,437 2 217483 Totsl charlty fvnds 11009.600 10 761.964 Approved by the Trustees on 15 August 2024 and signed on their behalf by L B Dillingham MBE Chair 30
Statement of cash flows For the year ended 31 December 2023 2023 2022 Note Cash used in operating actfvltles: Net cash provided by/{used in) operating actlvitles 23 1605,951 1853,7801 Cash flows from Investlng actlvltles: Divldend5 and Interest from Investments Purchase of tsngible fixed assets Purchase of intangible fixed assets Proceeds from the sale of tangible fixed assets Proceeds from the sale of investments Purchase of Investments 142,240 157,436 (108,468) 174,0041 114,190) 121,2881 39,000 1,596,779 1,785,853 1,225.704 724 157 Net cash provlded byl(used In) Investlng actlvltles 429 657 1123 840 Increasel(decreasel In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 1176,294) 571415 395,121 270,060 301355 24 571.415 Analys1$ of net debt Atl At31 December 2023 January, 2023 .Cashflows Cash Cash held as part of fixed asset investments (note 17) Total 466.782 1161.341) 104 633 571,415 305,441 176 294 395,121 31
l. Accounting policies a) Ba515 of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffective l January 20191- Icharities SORP (FRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Companies Act 2006 and the Charities Act 2011. Horseworld Trust (the Charity) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. b) Golng concern basls of accountlni The accounts have been prepared on the assumption that the Charity is able to continue as a going concern. which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the Charity's ability to continue as a goin8 concern. c) Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it 15 probable that the income will be received and the amount can be measured reliably. Income from the government and other grant5, whether'capital, grants or'revenue, grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. For legacies, entitlement is tsken as the earlier of the date on whlch either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executorlsl to the Charity that a distribution will be made, orwhen 2 distribution Is received from the estate. Receipt of a legacy, in whole or in part. is only considered probable when the amount can be measured reliably and the Charity ha5 been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated a5 a contingent asset and disclosed if material. dl Donated servlces and facllities Donated professional services and donated facilities are recognised a5 income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, general volunteer time is not recognised. On receipt, donated professional Services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilitie5 of equivalent economic benefit on the open market. a corresponding amount 15 then recognised in expenditure in the period of receipt. 32
l. Accounting policies (continued) e) Interest recelvable Interest on fijnds held on deposit is included when receivable and the amount can be measured reliably by the Charity: this is normally upon notification of the interest paid or payable by the bank. f) Funds accounting Unrestricted funds are available to Spend on activities that further any of the purposes of the Charity. De5ign3ted funds are unrestricted funds of the Charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Charity's work or for specific projects being undertaken by the Charity. Donations required to be retained as c3pitsI in accordance with the donor's wishes are accounted for as endowments - permanent or expendable according to the nature of the restriction. Endowments and the subsequent increases and decreases in value are shown In the Statement of Financial Activities as part of those funds. gl Expendlture and Irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was Incurred. h) Grants payable Grants which have been authorised and paid are included as expenditure in the Statement of Financial Activities. Grants whlch have been authorised but not yet paid are accrued in the balance sheet and are included within creditors falling due within one year or after one year las appropriatel. l) Allocatlon of support and VernanCe costs Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Governance costs are the cost5 associated with the governance arrangements of the Charity, including the costs of complying with constitutional and statutory requirements and any costs associated wlth the strategic management of the Charity's activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis.. 2023 19.60% 2022 23.20% 76,80% Cost of ralslng funds Charitable activitie5 80.40% 33
l. Accounting policies (continued) J) Tanglble fixed assets Depreciation is provided at rates calculated to write down the c05t of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: Freehold land Freehold buildings straight line Temporary Structures le.g. field shelters) 20% straight line Plant and equipment 20% straight line Furniture and office equipment 20% straight line Motorvehicle5 25% reducing balance Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activitie5 on the basis of the use of the related assets in those activities. Freehold and leasehold land and buildings are included at valuation. The Charity revalues land and buildings every 5 years. The most recent revaluation was Carried out at 31 December 2022. The statement of financial activities includes the net gain arising on revaluation during the year. Other fixed assets are included at C05t including any incidental expenses of acquisition. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. k) Intanglble fixed assets Software and website development are capitalised where the purchase price exceeds £1,000. Amortisation is provided at a rate of 33% on a straight line basi5 to write down the cost of each asset to its estimated residual value over its expected useful life. l} Llstsd Investments Investments in quoted shares, traded bonds and similar investments are rneaSUd initially at cost and subsequently at fair value (their market value). The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year. m) Investment In subsldlary undertaklnv The Charity has one Whol owned subsidiary, HorseRescue Llmlted (registered compary number 35195611. The subsidiary was previously used for non-primary purpose trading activities but does not currently trade. The Charity has opted not to prepare consolidated accounts on the basls of immateriality. in application of statutory instrument 2CIJ81629 regulation 19. The accounts of Hor5eRescue Limited a publicly available from Companies House. The subsidiary undertaking is valued at cost less any cumulative impairments10sse5. n) Stock Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. o) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
l. Accounting policies (continued) p) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. q) Credltors Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provision5 are normally recognised at their settlement amount after allowing for any trade discounts due. r) Flnanclal Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method. s) Penslon costs The Charity operates a defined contribution pension scheme. The assets of the scheme are held separatelyfrom those of the Charity in an independently administered fund. The pension cost charge represents contributions payable underthe scheme by the Charity to the fund. The Charity has no liab115ty under the scheme other than for the payment of those contributions. The contributions made for the accounting period are treated as an expense and were £65,714 12022., £72.0831. t) Operatln8 leases Rentals payable under operating leases, where substsntially all the risks and reward5 of ownership remain with the lessor, are charged to the statement of financial activities on a straight line basis over the minimum lease term. u) Ternilnatlon benefits Where an employee receives a termination benefit the full c05t is recognised at the date the employee is notified. v) Accountlng e5tlmatss and keyJud8ements In the application of the Charity's accounting policies, the trustees are qUId to make judgement5. estimates and assumptions about the carryingvalue5 of 355ets and liabilitie5 that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differfrom these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. 35
l. Accounting policies (continued} v) Accountlng estlmatss and keyJud8ements (contlnued) Valuatlon of land and bulldlngs As described in note 15 to the financial statements, land and buildings are stated at valuation carried out in the year ended 31 December 2022 performed by an independent professional valuer David Jame5 & Partners Ltd, rural chartered surveyors with recent experience in the location and category of propertyvalued. The valuer used observable market prices adjusted as necessary for any differences in the future, location or condition of the Specific asset. Depreciatlon As described in note l(i) to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. Depreciation rates in operation during the current and prior period are described in note ltil. 2. Prior period comparatives - statement of financial activities Endowment Restf,icted Unrestricted, Total Income from: Donations and legacies Charitable activities other trading activities Investments Other 268,156 1,144,985 1,413,141 72.768 72,768 43,129 43.129 156,472 157 436 16,707 16,707 964 Total Income 964 268,156 1,434,061 1,703,181 Expendlture on: Raising fund5 Charitable activities 217 518,477 518,694 1.475.455 1,716,310 240,855 Totsl expendlture 217 240,855 1,993,932 2.235,004 Net Income l (expendlturel before galns /110sses) 747 27,301 {559,8711 (531,823) Net gain5 1 (losse51 on investments 14,1661 1768.920) 1773,086) Net Income / lexpendlture) 13,4191 27,301 11,328,791) 11,304,909) Transfers between funds Gain on revaluation of fixed assets 41.729 41,729 146,000 Net movement In fvnds 13.4191 114,428) 11,141,062) {1,158,909) 36
- Donations and legacies éstricte(r Unrestricted Legacies Donations Appeals Grants Totsl Income from donations and legacies 1,663,785 62,352 45,525 8,723 1,780,385 1,663,785 62,907 45,525 140,123 555 131.400 131955 Prior period comparative: 2022 .Totsl Restricted. Unrestricted Legacles Donations Appeals Grants Total 5ncome from donations and legacies 1,037,780 71,403 22,534 13,268 1,144,985 1,037,780 80,056 23.190 272,115 1,413,141 8,653 656 258,847 268,156
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Charitable activities Restric.ted., Un'restrjcted Discovery courses Income D15covery grants and other income Horse on loan income Totsl income from charitsble activities 100,999 100,999 56,539 14,285 102,372 102 372 All income from charitable activities in the previous year was fully unrestricted. 37
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Other trading activities e5tr,i 'Unrestricted Events 17,228 9.018 2,247 17.228 9,018 2,247 14,709 io,ocK) 1,641 Rental income Merchandise and tsck shop sales Adoptions Totsl income from othertrading activities All income from other trading activitie5 in the previous year was fully unrestricted.
- Investment income Eridowrrient-: ,Tr.i Unrestrtcted. Total Dlvidends from investments Bank deposit interest Total income from investments 1,126 137,934 139,060 141114 Prlor period comparative: 2022 Endowrrient'l.-flk.. Unrestricted Divldends from Investments Bank dep051t Interest Total income from investments 964 155,852 620 156 472 156.816 620 157 436 964
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Government grants The Charity receives government grants. defined as funding from Rural Payment Agency to as515t with the upkeep of their land. The totsl value of such assistance in the perlod ending 31 December 2023 was £8,72312022.. £9,018). There are no unfulfilled condition5 or contingencies attaching to this f unding in either period.
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Total expenditure Raising Chantable activities. "gover.nance' Total Staff costs Inote 131 Equine costs Establishment costs Grants payable (note 101 Cost of sales and events Fundraising Costs Marketing and publications Legal and professional Investment managers, fees Audit and accountancy fee5 Depreciation and amortisation Sub-totsl 277.341 903,799 150.474 284,129 146,376 1,327,516 150,474 404.369 3.061 2,234 13,324 44,186 58,606 22,637 16,229 169,625 2,212261 5,277 3.061 2,234 13,324 44,186 114,963 58,606 22,637 16.229 166,668 1,505,070 368,060 339,131 Allocation of support and governance costs 66,620 272.511 1339,131) Total expendlture 434,680 1,777,581 2,212,261 Prlor perlod comparatlve: Support aiicl Charitab'le, actiliitses, Raising goiierriarice Staff costs Inote 131 Equine costs Establishment costs Grants payable (note 101 Cost of sales and events Fundraisin8 costs Marketing and publications Legal and professional Investment managers, fees Audit and accountancy fees Depreciation and amortisation 280,709 870,268 161,541 259,151 27,252 209,424 1,360,401 161,541 322,889 27,252 914 89,362 40,010 48,530 26,227 15,835 4,088 59,650 914 89,362 40,010 48,530 26,227 15,835 142,043 Sub-total 441,310 1,460,255 333,439 2,235,004 Allocation of support and governance costs 256 055 333 439 Total expenditure 518 694 1716 310 39
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Support and governance costs Support and governance costs are allocated to activities as follows., Raising Cliaritable activitte5 2023 Total Stsff costs Establishment costs Legal and professional fees Audit and accountancy fees Depreciation and amorknsation 28,785 22,584 11,525 3,191 582 66.667 117,591 92.379 47.081 13,038 146,376 114,963 58,606 16229 272,464 339 131 Prior perlod comparative: Raising. Charitable I
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actiliitses u_ Staff costs Establlshment costs Legal and professlonal fees Audlt and accountancy fees 48.954 13.843 11,344 3,701 77,842 160,470 45,807 37,186 12,134 255 597 209,424 59.650 48,530 15,835 333 439 40
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Grant5 payable During the year, new Horses for Health grant5 were awarded to 6 institutions12022: 191 to support their equine welfare activities. 2023 2022 Total grants committed to during the year were as follows: Grants payable to institutlons: Riding forthe Disabled Association IRDA) The Hugs Foundation Hill Pony Rescue God Unlimited Outdoor Therapy Centre The Moorland Mousie Trust Lluest Horse and Pony Trust Cranleigh Riding ForThe Disabled Association The Phylli5 Harvey Horse and DonkeyTrust OakTree Animals Charity Grants < £l.000 Total grants payable to institutions 13.750 1,000 1.000 1,000 1,000 1,000 1,000 1,000 5,502 27,252 3,061 3,061
- Grant commitments Grant commitments brought forward Grants committed during the period Grants pald during the perlod Grant commitments carried forward 3,061 (2,300) 761 27,252 127,2521
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Net movement in funds This is stated after charging 1 Icreditingl: Depreclation Amorknsation Loss I Igainl on disposal of fixed assets Trustees, remuneration Trustees, reimbursed expenses Auditors, remuneration: Audit (excl. VATI 12.700 Operating lease rentsls 22,213 Trustees reimbursed expenses of £629 relate to travel and subsistence expenses for I trustee 12022: £296, 2 trustees). 166,668 2,957 14,7281 Nll 629 142,043 2,531 Nll 296 9.996 41
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Staff cost5 and numbers Staff costs were as follow5: Salaries and wage5 Social security costs Pension costs Employee benefits 1,162,722 93,945 65,714 1,175,729 96,186 72,083 16.403 1,360,401 1.327.516 Included in salaries and wages is £1,133 paid out from unrestricted reserves during the year for termination benefits. One employee received emoluments between £60,000 and £70,000 and one employee received emoluments between £90.000 and £IOO,000 during the year12022: 2, £60,000- £70,000,. 1, £90,000 - £100,000). The key mana8ement personnel of the Charity in the current year comprises of the Chief Executive Officer, Deputy CEO, Head of Engagement, Head of Supporter Development, Head of Discovery. Head of Equine Welfare (prior year: Chief Executive Officer, Deputy CEO / Director of Finance, Director of Human Resources. Director of Stewardship). The totsl employee remuneration and benefits of the key management personnel of the Charity were £398,625 12022: £316,740). 2023 Average head count 53 53
- Taxation The Charity is exempt from corporation tax a5 all its income is charitable and is applied for charitable purposes. 42
11 1111 I I 111 I I lj
- Intangible fixed assets Cost orvaluation At l January 2023 Additions in year 68,088 68.088 14 190 190 At 31 December 2023 82 278 278 Amortlsatlon At l January 2023 Charge for the year 46,800 2.957 46.800 At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 21,288
Ln 0 0 CO Ln u) ¢000 Q* Q) (Q tn rs cfj ¢ o r4 •) 4> 4 e4 ¢fj ) ¢> 11
- Stock Stock 4,994
- Debtors Trade debtors Prepayments Other debtors 19.533 14,996 1 $14 428 1,548,957 6,581 6,332 784 889 797 802 Other debtors consist of: £1,510,825 outstsnding legacies12022: £780,857); £3,603 outstanding gift aid c13ims12022: £3,296); and £nil outstanding other income12022: £7351.
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Creditors . amounts due within l year 2023 Trade creditors Other tsxation and soclal security Accruals Other creditors 68,728 46,826 20,663 47.139 32,661 17,274 12,568 109,642 229,073
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Analysis of net assets between funds fund5 Tangible fixed assets Intangible fixed assets Investments Current assets Current liabilities 3,787,785 32,521 5,525,806 1,768,039 1229,0731 3,787,785 32,521 5,563,969 1,854,398 229,073) 38,163 86,359 Net assets at 31 December 2023 38,163 86,359 10,885,078 11,009,600 Prloryear comparatlve Endowment Restricted Unrestricted Totsl ,funds Tangible fixed assets Intangible fixed assets Investments Current assets Current liabilities 401 3,879,856 21,288 5,664,684 1,116,878 1109,6421 3,880.257 21,288 5,700,483 1,269,578 35,799 152,700 Net assets at 31 December 2022 153 101 10 573 064 10 761964 47
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Purposes of restricted funds The Discovery Facilities Fund is forfunding awarded to provide facilities in the delivery of our Discovery Courses. The Rescue Boards fund is for the purchase of rescue boards. The Isolation Ref urb Fund is to cover the cost of specialist matting in the isolation unit. The Discovery Equipment fund is for grant money we have been awarded to enable us to purchase specialist equipment to aid in the delivery of our Discovery courses, together with equipment for the children and young people taking part in the courses. The Discovery Courses fund is grant moneywe have been awarded to enable us to offer fully funded or subsidised Discovery courses to such organis3tions who work with children and young adults with emotional, educational and behavioural difficulties to help them gain confidence, achieve qualifications and re-engage with society. The Horses for Health funding is to support small equine welfare charities to improve horse and donkeywelfare and for non-profit organisations to run equine assisted services similar to the Horseworld Discovery programme. The Mills Equus Trust funding is a contribution towards our essential veterinary fees and other welfare costs. The Pets at Home Foundation funding was received for the installation of 3 equine track systems and to allow u5 to conduct an equine welfare a$5essment with the support of an external welfare expert, to publish the results within a scientific journal and disseminate these. The Betty Phillips funding provided an emergency rescue package and included funding for isolation improvements and veterinary costs. The Neil and Tracey Davidson Charitable Trust funding is a contribution towards welfare activities. other smaller welfare grants were received and provide for a range of other welfare activities. Other small restricted funds were received towards named horses, and to assist with small purchases. Purpose of designated funds The fixed asset design3ted fund reflects the net book value of the Charity's tangible and intangible assets, excluding the portions held in restricted capital funds. The Strategic growth fund of £2m will be used to invest in developing the Charity over the next 5 years with the aim of delivering a sustsinable financial model by the end of the strategic period. The Property fund of £2m is to make provision forthe relocation to a new site and/or the construction of appropriate facilities to support the implementation of our new 5-year strategy. Thi5 fund was identified from a combination of the previous discovery relocation and welfare relocation funds. 52
- Reconciliation of net movement in funds to net cash flow from operating attivities 2023 2022 Net movement In funds Adjustments for- Depreciation charges Amortisation charges (Gains) / losses on investments Dividends and Interest from investments Loss / (profitl on the sale of fixed assets (Gain) on revaluation of fixed assets Decrease / lincreasel in stock Decrease / lincreasel in debtors Increase / (decrease) in creditors Net cash provlded by / (used In) operatln8 actlvltles 247,636 11,158,909) 166,668 2,957 (249,5141 (1422401 (4,7281 142.043 773,086 1157,4361 2.531 1146,0001 {4,9941 {256,8611 47.240 853 780 4,994 (751.1551 119 431 605 951
- Analysis of cash and cash equivalents Cash at bank and In hand Cash held as part of fixed asset investments (note 17) Totsl cash and cash equlvalents 305,441 466,782 395 121 571415
- Operating lease commitments The charity had operating leases at the year end with total future minimum lease payments as amount falling due: Within l year Within 1- 5 years 13,531 26,866 40,397 12,611 12,611
- Related party transactions The charity used the services of TLT LLP Solicitors. a company in which Kerry Gwyther Itru5tee} is a partner. The charity wa5 charged £2.51812022: £13,823) for leg31 advice. of which £nil (2022: £2,366) was included in trade creditors at year end. 53
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Horseworld Trust ',/- Keynes Farm Staunton Lane i.ty° Whitchurch ' Bristol, BS14 OQL "'k T: 01275 832425 E: info@horseworld.org,uk www.horseworld.or8.uk