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 a￿1ve 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.id￿aI
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*ryw￿P
HAFITPUFIY
NEWC
BRISTOL BRISTOL
POST 16 LEARNIMfj¢ITY
ccs adoption
EEPINGfiRlqJQl
HANC
North
COU￿41
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 ex￿rIenCe 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 rO￿5t
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 e￿StIng 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 awa￿ne$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:
'I￿e 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 diffe￿nt 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 COu￿e5 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 De￿mber 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 wedlTect0rsoi￿￿￿ty3ndTrtrtt￿Clthl(0rnvnv1Ol￿2purPP1￿￿th*chorftl￿￿t2Oja.
' 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 rneaSU￿d 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 ￿qUI￿d 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

3. 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
4. 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

5. 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.
6. 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
7. 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.

8. 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

9. 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
- 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

10. 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
11. 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
12. 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

13. 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
14. 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

16. 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

18. Stock
Stock
4,994
19. 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.
20. 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

21. 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

v o)
Q O
I i t y11a1[iii
Q (N Ln C th Ln
'IIE
O C•4 0 m
¢>* m c¢ m o

oo
ri pl v4
5111111
Q Li Li In

P4 r
CN p)
¢> Ln
¢0
(o
ff) trj (y
m o cw

Q C*
000
I I I
ggg
00
p)

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

23. 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
24. 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
25. 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
26. 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

pp
/i•sJTrQ

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