2024-12-31-accounts

2024

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Introduction from our Chair - Sn kre pte ee ‘" ¥ * ~~SSS_~~ + A eae eee al : Desi Dillingham mbe Chair of HorseWorld Trust

In our Equine Assisted Learning programme, Discovery, we continue to raise facilitator skills and capabilities by sponsoring them through a level 3 OCN diploma in Equine Assisted Services which they will finish in 2025. We were also fortunate to be able to provide them all with Thrive™ training, to align with many of the schools across the four local authorities we work with.

I am delighted to introduce the HorseWorld Trust Annual Report and Accounts for 2024. This is now my fourth report as your Chair and I am incredibly proud to see our impact on both horses and humans continue to grow. 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 throughout this report.

2024 was a year of two halves. Petra Ingram our CEO since 2020 retired and was succeeded by Jo Coombs. A one month handover enabled us to ensure a smooth transition. We are extremely grateful to Petra for her dedication and leadership as we evolved our standard operating procedures and built an organisation focussed on our beneficiaries needs. Jo Coombs takes over at a time when demand for our services for both horses and humans is at an all time high. Her passion, expertise and network makes her ideally placed to take us into 2025 and the future.

With new ways of working in place our Equine Welfare team have been able to focus on the rehabilitation and retraining of abused, neglected and abandoned horses. This is specialist work and takes expertise, time and dedication. The combination of the above has enabled us to rehome 32 horses this year, the highest in our history. This means 192 horses now have a second chance of a meaningful life in a loving family home, creating space in our Welfare Centre for more horses in desperate need. At the end of 2024 we had 87 horses, ponies and donkeys living on our Farm in Whitchurch receiving rehabilitation and retraining.

Every story I hear about the Discovery programme fills me with joy. Although it is heart-breaking to know that 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.

We are also aware of how important it is to ensure our financial model is sustainable to protect our work into the future and have built a more robust approach to raising funds, looking after our supporters, raising awareness of HorseWorld and building new partnerships. This is a midterm plan to reverse a fundraising decline which a large number of charities are also facing.

Alongside these developments, on a day-to-day basis we continue to provide vital support to the rescue of abused and neglected horses, that are suffering at the hands of fellow humans. However it is clear the cost of living crisis is also affecting even the most committed and loving horse owners as more and more ask for our help as a last resort. During the past 12 months, we have rescued 17 horses from dire situations. And we have given sanctuary to another 10 whose owners simply couldn’t cope any more. All of them receive a HorseWorld hug and have a home for life.

Our sincere thanks go to all our supporters, 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 four, we are eternally grateful.

HorseWorld Trust

Annual Report 2024

3

About us

Helping People

HorseWorld Trust was founded as The Friends of Bristol Horses Society in November 1952 by the formidable Mabel Cocksedge, its mission to rescue Bristol’s work horses at risk of abuse, abandonment and death as their working roles became irrelevant. A year later, Marjorie Pelling and Madge Checkley joined the Charity. Together they dedicated their lives to the cause and for 45 years they ran the Charity on the outskirts of Bristol.

Today HorseWorld is based in Whitchurch, South Bristol at Keynes Farm, a site purchased by the charity in the ‘70’s. We have approximately 100 horses on 180 acres of grazing land. In addition to providing a home for life to a small number of sanctuary horses, we also rescue emergency cases, rehabilitate and retrain horses for rehoming. Since 2007 we have also been running an Equine Assisted Learning Programme, Discovery, in which some of our rescued horses support disadvantaged and vulnerable young people.

Rescue, Rehabilitation and Retraining

We believe every horse deserves to live a meaningful life, free from pain and suffering. Unfortunately demand for our services increases every year. We work in collaboration with local authorities, the police, RSPCA and other equine charities to undertake emergency rescues where the welfare of a horse is in serious danger. In addition to providing a sanctuary for long term residents on our farm, we are also involved in rehoming horses where they can build a special relationship with one of our many loaners. Preparation for rehoming of our rescued horses involves a specialist traumainformed rehabilitation and training process undertaken by our skilled team, and then horses are matched to suitable homes. We have about 200 horses in loan homes mainly across the South-West of England.

Horses not only provide companionship, but there is strong evidence to support their therapeutic role to improve the well-being and mental health of people. The HorseWorld Equine Assisted Learning programme Discovery provides a safe, nurturing environment, in which every child, young person, and horse are accepted; a place where they can belong and achieve.

Every year Discovery supports approximately 200 local children and young people who are at risk of exclusion or who are experiencing life challenges due to their social, emotional, mental health and learning needs. Attendance on our Discovery programme can help young people to:

• Better manage their lives.

• Develop positive relationships.

• Learn problem-solving techniques.

• Develop communication and social skills.

We are a registered Alternative Learning Provider and through a variety of carefully designed activities with the horses and nature we support young people to realise what they can achieve in the right environment. The horses, which have been specially chosen for their calm nature, also 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.

Through our specialist trauma-informed equine care and our Equine Assisted Learning Programme Discovery we are championing and protecting the health and happiness of horses in the UK, ensuring they continue to live a meaningful life, by our side, for the future.

The Trustees recognise the importance of working for the public benefit and achieve this in many ways. This report sets out how we operate for public benefit and general charitable purposes, according to the laws of England and Wales. The Trustees confirm that they have referred to the Charity Commission’s guidance when reviewing HorseWorld’s aims and objectives and in planning future activities.

HorseWorld Trust

Annual Report 2024

4

Our strategy

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, through our Equine Assisted Learning Programme Discovery.

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W
e are caring,
co
llaborative, proactive,
adaptable & inclusive.
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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 to improve the outcomes of our beneficiaries.

We are supporting our goals with a set of ethos statements 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 service which is externally validated

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HELPING
SHARING
HORSES
KNOWLEDGE
IMPROVED
OUTCOMES
HELPING
\
PEOPLE
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It is our goal to develop HorseWorld expertise to become a centre of excellence. We aim to scale up our impact by sharing our knowledge with the wider equine sector across equine welfare and equine assisted services through collaboration and outreach.

• We will make decisions based on evidence

• We will be a partner of choice, creating a safe community for everyone involved in our Charity

• We will ensure the importance of nature and conservation is woven into our work

• We will be environmentally responsible in our land and buildings management

• We will be inclusive in our treatment of staff and ensure they have the skills to excel in their work

• We will establish a sustainable funding model to ensure our charitable work endures into the future

• We will be locally significant, recognised as a much loved Charity serving the Southwest region for over 70 years

Over the next five years we have three specific ambitions. We will:

• 1 Establish a centre of excellence in the provision of equine assisted learning to young people, with a scalable model to benefit all members of society.

• 2 Utilise many years of experience, robust evidence and a deep understanding of the horse, to deliver a worldclass horse centred rescue and rehabilitation programme to improve the welfare of horses in our local community.

• 3 Prepare to scale up the positive impact of our work with humans and horses, by working in collaboration with others across the UK to expand our work through education and outreach.

HorseWorld Trust

Annual Report 2024

5

Our 2024 objectives

2024 was the second year of our five year strategy and there was a significant focus on bedding in the strong foundations for future growth that we implemented in 2023.

The need for our services is greater than ever, in all areas of our work we need to increase capacity so that we can help more horses and people. We expect our future plans will focus on expansion to allow us to keep up with beneficiary needs.

1

Continue to improve the welfare of equines on site and deliver a step change in the number of horses 1 available to support the Discovery Programme. Increase the number of young people who benefit from our Discovery programme and embed the 2 new Equine Assisted Services diploma Tell our story about becoming a centre of excellence, to new and existing audiences Drive income to a new level through excellence in fundraising 4 Ensure all internal processes are clearly defined and well understood to deliver 5 robust support across all teams The rest of this report summarises our performance against these objectives and establishes the grounds for the 2025 and beyond objectives.

HorseWorld Trust

Annual Report 2024

6

Our impact

As a Charity we are the custodians of donors’ money, it is our responsibility to ensure we direct those funds to deliver the greatest impact. Over the past few years’ we have developed a robust approach to ensure decisions are evidence based whether we are developing a rehabilitation programme for a rescued horse, managing our fields to maximise equine welfare or planning a Discovery session for a student who has been excluded from school due to emotional dysregulation.

Equine Stats as at Dec 31st 2024

Total Equines are evidence based whether we are developing a rehabilitation programme for a rescued horse, managing our fields to maximise equine welfare or planning a 279 Discovery session for a student who has been excluded from school due to emotional dysregulation. On Site On Loan 87 192 Equines rescued Equines rehomed In 2023 we began a research project to explore the equine 27 welfare impact of using a track grazing system compared to more traditional field grazing. They key areas of focus 31 were weight management, foot condition and emotional wellbeing. The results of this have been analysed by Hartpury University and a peer reviewed and approved Teaching Stats Jan – Dec 2024 research paper has now been published in Animal journal and shared with other equine welfare organisations via of those have EHCP our website and Horse & Hound magazine. Student Students Referrals We consistently receive testimonials from our Discovery t 85 % supported students and referrers which are reinforced by the results \ 289 197 we get using the Thrive education outcome approach. This validates our curriculum and ensures it delivers the desired outcomes or guides us on changes we need to Teaching Hours Group make to the individual programme of each student. students Throughout this report you will read case studies of how 45 our work has had a positive impact on the welfare of our 1,782 1-to-1 horses and the engagement of our young people. More students case studies can be found in our newsletter or on our website HorseWorld.org.uk . 152 HorseWorld Trust 7[ve] Annual Report 2024

Equine welfare

Reason for welfare report

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Abandonment 1%
Abuse 1%
Feet 5%
Environment
Neglect 5%
30 %
Escaped
7 %
Tethering
Other
7 %
23 %
Weight
10 %
Surrendered
11 %
Equine Intake
Abandonment 6%
Support other
Foals born charities
6%
23 %
Owner
Economic
death / illness
12 %
18 %
Welfare seizures
17 % Other
18 %
Horses on site
Discovery in
training 3%
Recent arrivals
& return from Residents
loan 4% 28 %
Youngsters
7%
Discovery
Ground work 17 %
9 %
Rehoming
Rehab / Training
15 %
17 %
J
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People Helping Horses Our Equine Impact

Equine welfare:

There was a significant increase in the number of welfare concerns reported to us – up by 93% on 2023. This has been seen across the country with other welfare organisations also reporting increased numbers. Over 6,000 equines were at risk of abuse, neglect or abandonment across the UK in 2024. Unfortunately, demand for our services is increasing and so is the complexity of the cases we are working with.

2024 Equine Intake:

We took in a similar number of horses in 2024 as 2023 but we saw an increase in the number relinquished by owners who could no longer afford to keep them. The number abandoned also increased slightly. We continue to work closely with the RSPCA and other welfare organisations to support with rescues and removals even if the equines don’t end up coming to HorseWorld. This is essential to help reduce abuse and neglect in the long-term. In particular, we work with the RSPCA, Redwings and World Horse Welfare on the management of horses on sites where there are large herds at risk due to irresponsible breeding.

Horses on site:

The number of horses on site ranged from 109 in January to 87 in December, with us ending the year with capacity to assist with rescue situations when most other charities were over capacity. The number of horses on-site with us at the end of 2024 was a record low due to the great success of our rehoming team and the wonderful rehomers offering loan homes to the horses we rehabilitated over the year. This meant we could start 2025 with space for new rescues to come in, January to March is usually a busy time for many welfare centres and often finds them at capacity. As at end of March 2025 we have been able to take in 28 horses in desperate need.

A concentrated effort was made to focus on training horses for Discovery with the aim of 20% of horses on site able to participate in sessions. Due to the complex needs of our equines, and the importance of safeguarding the young people in our care, this is not an easy target, but we finished the year with 17% fully trained and a further 3% in training.

HorseWorld Trust

Annual Report 2024

8

Elsa

| Elsa was rescued in 2020 from a situation where the owner’s mental health had led to a drastic deterioration in welfare standards.

There were over 100 ponies being left to breed indiscriminately and receiving little to no care. HorseWorld took in 5 ponies from this case.

After

Underweight, unwell and pregnant on arrival, Elsa surprisingly gave birth to a healthy colt in 2021. The trauma from the rescue situation left Elsa with both physical and emotional scars and she needed plenty of time to heal and then a lot of specialist rehabilitation to get her comfortable with humans again.

Before

In 2024, Elsa’s sweet nature had been given time to shine, and she simply loved being with children, so she began her training to become a member of the Discovery team. Today, she is a firm favourite with many young people.

Also in 2024 we rehomed Elsa’s foal Buttons, he is currently in a foster home and will return to us in a couple of years to hopefully join our Discovery Herd and rejoin his mum. We’ve never had a mother and son in Discovery before, so this would be a new first for us all.

HorseWorld Trust

Annual Report 2024

9

Rehoming success

When a horse comes to HorseWorld they have a home for life, ensuring their welfare for the rest of their life. When we rehome a horse with one of our rehomers, they go on permanent loan, meaning the rehomer can return the horse to us at any time should they need to. We take our time to rehabilitate and retrain our horses so they can have a second chance at a meaningful life. We then carefully match the horse to the home to ensure a successful placement. We regularly visit our horses to make sure both rehomer and horse are happy with the placement. This matchmaking service and continued review is essential in ensuring the success of the placement, the happiness of the horse and our ability to manage the number of equines on site so that we have room for more rescues in desperate need.

We had a great year in 2024, rehoming a total of 32 horses with only 9 returning. We held 39 viewings, and we received a total of 170 rehoming applications. This is the most we have rehomed since 2017. We recruited a Rehoming Coordinator at the start of 2024 and the combination of having the horses trained and ready for rehoming, along with having a full training and rehoming team, led to a successful year. Only 9 horses on loan were returned to HorseWorld. • 1 end of foster • 1 taken back by HorseWorld, due to weight • 3 change on loaner circumstances • 3 loaner ill health • 1 equine behaviour/vet treatment needed - | S|

HorseWorld Trust

Annual Report 2024

10

Coco & Aura

Aura – rescued HorseWorld pony shines at the Royal Bath & West show

In 2020 Aura was part of one of the biggest animal welfare operations ever in the UK. She was found with a group of 130 neglected and suffering horses living in appalling conditions. HorseWorld, along with other equine charities collaborated with the RSPCA to rescue the horses. When she was rescued she was very nervous, unhandled, severely underweight and suffering from worms and a lice infestation. Thankfully the expert care from our HorseWorld team meant that Aura was able to make a full recovery.

During her rehabilitation programme the team

quickly identified the sweet natured Aura could be suited to join the Discovery equine team, helping vulnerable young people cope with social, mental and emotional challenges. Part of the equine training process for some of the younger Discovery equines is to spend time in a foster home before they start working with children on the programme. Aura found a fantastic foster home with Elizabeth and Coco Hembrow.

“Since she came to live with us, Aura and Coco have formed a beautiful bond. Coco suffers from OCD and ADHD and struggles with mainstream education. Aura helps her cope and face life’s challenges. Together they have been out and about competing and joined the

Pony club. They have competed in a dressage series, run rides and galloped across the Mendips, where they love unwinding together. Going to the Royal Bath and West show was a big step up for Coco & Aura. The show had a real buzz about it and I was very nervous for both of them, but every time I checked in with Coco to see how she was feeling, she just said “I’m fine Mum, I know Aura is the best pony here and I trust her 100%”. She was incredible and I am so proud of both of them. Aura has stolen our hearts, she is simply perfect” Elizabeth Hembrow.

HorseWorld Trust

Annual Report 2024

11

The increasing cost of care

Since we started providing sanctuary to horses in 1952 we have seen a dramatic change in the type of horses needing our help and the complexity of those horses’ needs. Originally we were essentially a retirement home. But in the last 20 years there has been a huge increase in the number of horses abused, neglected and abandoned. Our limited space has had to be prioritised to those most in need.

But these equines come with more complex needs, which in turn, requires more resource to manage, more time for retraining and more veterinary intervention. Our practical and pragmatic approach means that we assess every horse during their quarantine to determine the best course of action for each. Sometimes difficult decisions have to be made to minimise suffering for the horse and to ensure efficient use of our donors’ funds, however with specialist rehabilitation and retraining most horses are able to have a second chance at a meaningful life.

During 2024 we needed to provide the equines in our care with:

710 farrier sessions

165 dentist treatments

64 physiotherapy & chiropractic sessions

Our vets at B&W Equine Vets attend the site every Wednesday and Friday for essential & routine care and are on 24/7 call for emergencies.

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||||| |---|---|---|---| |Average cost|Average|Annual cost| |per horse|monthly cost|for 2024| |Vet fees|£700|£5,855|£70,200| |Farrier|£205|£1,700|£20,500| |Dentist|£92|£750|£9,000|

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HorseWorld Trust

Annual Report 2024

12

Discover y

As a registered Alternative Learning Provider (ALP), we work with local schools, local authorities, the police and other children’s service providers across four local authorities to improve the lives of disadvantaged and vulnerable children.

Since 2007 we have been working with children and young people who are at risk of exclusion from school, have special educational needs or who are experiencing life challenges due to their social, emotional and mental health needs. By bringing them together with rescued horses we see results when nothing else has worked.

Students with an Education and Health Care Plan (EHCP)

Geographic location of students

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----- Start of picture text -----
South Gloucestershire
8%
Bristol
70%
North Somerset
8%
Bath & North
East Somerset
12%
Other 2%
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With EHCP EHCP pending Without EHCP
100 15% 33% Primary reason given for referrals
28%
Social Emotional
Mental Health
21% 14 %
Adverse Childhood
50 57%
Experiences / Trauma
46% 35 %
13 %
Autistic Spectrum
Condition
ADHD
0% 16 %
2024 2023 Other 22 %
2024
Percent referrals for Children in Need (CiN)
Children in Care Children with child protection order 22 %
30 34 %
8%
8 %
7%
20%
15
15% 8 %
28 %
0%
2023
2024 2023
a= ©
HorseWorld Trust 13
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Annual Report 2024

Feedback from referrers (2017–2024)

90 % rate Discovery as excellent 90 % of students are very / highly engaged 93 % see a in attitude to learning positive change 86 % see a in the classroom positive impact

Following the nationally recognised Thrive approach to learning, our facilitators deliver trauma-informed support to improve the educational, mental health and wellbeing outcomes of children and young people. Drawing from the latest research in neuroscience, attachment theory and models of child development our horses and facilitators help young people learn to regulate themselves, build confidence and resilience so that they are better able to engage with life and learning.

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Soft skills reported improvements
97 exe % 89 % 90 % 92 %
Communication Behaviour Concentration Mood
96 Y % % 93 % 99 YY %
Sense of
Self-esteem Collaboration
Achievement
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Each young person’s time with us starts with a Team Around the Child meeting; together with child, carer, school & referrer we agree desired outcomes. Then the facilitators tailor the programme accordingly. All our trained Discovery horses & ponies have their own stories and quirks and we find our young people can often connect with these. The horses know nothing of the child’s past and work only with what they see today, this lack of judgement and gift of time, can be nothing short of transformational.

HorseWorld Trust

Annual Report 2024

14

Charlie’s Discovery Journey

Every year, HorseWorld’s Discovery Programme works with around 200 young people who are at risk of exclusion or who are experiencing life challenges due to their social, emotional, mental health and te, learning needs. ° Students work together with rescued horses to build confidence, improve communication skills and work together to explore a love of learning.

One such student is 12 year old Charlie. He started attending Discovery sessions in January 2024 after being out of school for three years caused by not being able to cope in the mainstream education environment as a result of his autism and ADHD.

Each week, Charlie looks forward to his Discovery session, which has become a vital part of this healing and happiness. The programme has been instrumental in transforming his life, providing him with confidence and a purpose in life.

Equipped with the essential skills he’ll need, Charlie

has now returned to school. Our facilitator worked with his new school and Charlie to help his transition. We’ll miss seeing Charlie at HorseWorld weekly but we know he’s ready for the next step and are proud to see his amazing progress.

According to Charie’s mum, he’s found more than just a sanctuary at HorseWorld, he found a best friend in Archie, the horse. The unconditional support and kindness from the facilitators have reignited his hope and restored his faith in human kindness. “Archie has got a big personality. He was really helped me because he’s another friend; like a human. He understands people quite a lot, I think. And he loves hugs! I love animals but I was a bit scared of horses at first, but then I found a love for horses by coming here”. Charlie talking about Archie, the horse who has become a non-judgemental friend.

Charlie with Archie and facilitator Kayleigh Sivier.

HorseWorld Trust

Annual Report 2024

15

Fundraisin g

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.

2024 was a tough year for many, with the cost of living crisis hitting many families, including our own supporters. None the less, we raised £1.1m to support our vital work helping improve the welfare of hundreds of horses and support nearly 200 young people through our Discovery programme.

We were honoured that over 2,000 people came to visit us at our Open Day on 10[th] August. The day was highlighted on Points West and Radio Bristol. Guests were able to watch live demonstrations, meet our horses, look around the farm and even sign up to rehome horses in need. It was a wonderful day, the sun shone and we raised over £14,000. We are extremely grateful to those supporters who visited us and staff who worked hard all day to make it an amazing experience for both humans and horses. The 2025 Open Day will be on 9[th ] August 2025.

Every year a significant proportion of our income is generated by gifts in wills. In 2024 we partnered with the National Free Wills Network to offer a Free Will service to anyone interested in leaving a legacy to HorseWorld, and in 2025 we will be offering a Home for Life scheme for horse owners to ensure their horse is looked after for life should anything happen to them. We promise these horses a home for life here at HorseWorld.

This is why one of our supporters is leaving a gift to HorseWorld in their will:

“I love all animals / wildlife and cannot look after them by myself. I know nothing about horses but they are fabulous creatures and need care, love and attention so all we can do is offer regular financial support (wish it could be more) and finally a share of our assets so those who have the knowledge, ability etc can continue taking care of these beautiful animals”

We also ran two specific appeals to raise much needed funds to feed our herd in the winter, and to improve our isolation unit for the feral and fearful ponies we have to handle. We also celebrated and remembered our lost loved ones with our Christmas Stable of Stars campaign.

We added three new horses to our sponsorship scheme, Odette the Shettie, Tilly the mule and Soul our brave little star. Sponsors had a chance to meet them and our other sponsorship animals at our Sponsors Only VIP day.

HorseWorld Trust

Annual Report 2024

16

We have been actively building relationships across the local community. Since the closure of the HorseWorld visitor centre in 2014 many people thought that the whole of HorseWorld had closed and didn’t realise we were still right on their doorstep and in need of their help. So we have been attending events like the Keynsham Music Festival, WI meetings and Brownie evenings. We’ve also been fortunate to have a number of local businesses visit the farm to help us; thank you to Coutts, CJ Hole, Bristol Bears and the Avon & Somerset Fire Service. These Corporate Challenge volunteer days are great for us and also help local businesses with the CSR targets, enabling their staff to give back to local charities. We hope to do a lot more of this in 2025.

Supporter development

The last Quarter of 2024 and first Quarter of 2025 focussed on implementing a new CRM system for both our Supporter and our Equine data. This will enable us better manage preferences, be more personalised and more timely in our communications.

During the year, in addition to our annual open day, we held on-site events specifically for our sponsors, our rehomers and our volunteers. We are fortunate to have a dedicated team of volunteers who help at our events, in Discovery sessions and care for our herd.

Social media

We’ve found social media a great way to keep supporters updated on all the amazing things we do, and all the interesting things our horses do. Our Facebook and Instagram accounts are updated almost daily and are a great way to stay up-to-date with everything happening. At the end of 2024 our social media audiences were:

Our content was displayed to users over 2 million times, audiences engaged with our posts over 160,000 times and links in posts were clicked over 12,500 times. We maximised engagement by significantly increased the number of community centric posts to almost 50%, whilst increasing our focus on income generation.

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16,520 6,178 4,907 550
FOLLOWERS FOLLOWERS FOLLOWERS FOLLOWERS
+0.5% +1% -3.7% +148%
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HorseWorld Trust

Annual Report 2024

17

Our people

We truly value the dedication of our staff team 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 who support vulnerable and at risk children and young people. Our Welfare and Maintenance teams work 7 days a week to ensure the horses in our care are happy and healthy. We have a small fundraising team who work closely with Welfare and Discovery to promote our work, engage with supporters and raising income from our loyal donors. Our support teams look after the site and maintain efficient processes of internal control. Our whole team enables 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. In 2024 we provided 638 hours of training across the organisation, including sessions with Rob Pickles and Jenny Major. Our Discovery Facilitators started their OCN level 3 Diploma in EAS Facilitation and continued to receive quarterly support from Educational Psychologist Anna Sutherland.

We are very fortunate to have a strong Senior Management Team supporting our new CEO. This team has a combined tenure of 56 years at HorseWorld. Their experience and deep expertise combined with Jo’s fresh eyes and leadership are a winning combination as we develop plans to go into our 75[th] year and look towards our Centenary in 2052.

Our Leadership Team

Jo Coombs

CEO

From October 2024

Nikki Hart

Deputy CEO 21 years at HorseWorld

Sarah Hollister

Head of Equine Welfare 24 years at HorseWorld

Graham Hilliard

Head of Discovery 3 years at HorseWorld

Lizy Kacou

Head of Supporter Development 4 years at HorseWorld

Sara Rutherford

Head of Engagement 3 years at HorseWorld

We are also very 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. Finally our Trustees, they too are volunteers and bring their time, expertise and networks to help govern and safeguard the future of the charity.

We are extremely grateful to the dedication of all those who give up their time to further our cause, thank you.

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Our partners

It is a core value for us to work in collaboration with others, and we are grateful for the growing support we get from partners.

We have ongoing relationships 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 also have a 15+ year relationship with Avon & Somerset Fire Service who have been coming to us for training to enable them to learn how to approach and rescue large animals that have been in an accident. They also attend our Open Day and give demos of the work they do and have trained for with us.

We are particularly proud to continue working together with Avon and Somerset Police in the Discovery programme for young people at risk of sexual exploitation. This has delivered incredible results and was expanded during 2024 into South Gloucestershire.

We continued our research based educational relationship Hartpury & Bournemouth Universities. And remain committed members of NEWC, HETI & EASP; championing the highest standards in Equine Welfare and Equine Assisted Services.

We will increase our impact by working with others – together we are stronger.

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An update on The Famous Five

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In June 2023 we rescued 5 terrified, malnourished ponies after assisting with a major rescue operation involving multiple rescue charities.

Despite being at capacity with other rescues arriving just a few days earlier, we couldn’t say ‘no’ and when we saw the condition of the ponies, we knew we had made the right decision and were probably saving their lives.

All were unhandled and petrified of humans, they were little more than skin and bone. After spending time in our isolation unit to get immediate veterinary care, our team began to gain their trust, and they were given their names – Pumpkin, Pretzel, Peaches, Plum and Peanut.

It was so rewarding to see them gradually accept basic handling such as wearing headcollars, being walked through the yard and being groomed. Even these simple interactions were impossible to envisage when this once-terrified group of ponies first arrived.

Sarah Hollister, Head of Equine Welfare said “this group of ponies really was one of the most challenging our Training Team have dealt with. The ponies were so scared of people; they would literally try to climb the walls to get away from you. Sometimes we doubted if we’d ever be able to get them happy with even the gentlest of human touch.”

With the expertise, dedication and skill of our staff the P-Ponies had an exciting 2024. They are all different personalities, so as their training progressed, we looked at the options of rehoming or joining our Discovery team.

Finally in November 2024 two year old Pretzel and three year old Peanut were given their Christmas wish, and were rehomed together in an amazing foster home. Peaches is still with us in training, unfortunately the oldest of the group 20 year old Plum sadly died in January 2025, and the last one Pumpkin has just found a new loan home and is heading there soon for the next chapter in his life.

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Our 2025 ob ectives j

In 2025 we will continue working towards the aims of our Five Year Strategy, building on the foundations established in the past 24 months, and importantly setting us up for the future. But 2025 – 27 look like tough years, increases in National Insurance will hit us hard, together with inflation and minimum wage increases our costs will increase dramatically. In fact in 2025 we will need to raise an additional £320,000 just to ‘stand still’. Thankfully we have built strong foundations, we have 73 years of experience & deep expertise and an incredible supporter base by our side, so we go into 2025 cautious but confident.

In 2025 HorseWorld Trust will

1. Continue to improve the outcomes of equines in our care, and increase the number of equines we care for.

• Improving the welfare of horses on site through new wellbeing protocols, continued training, veterinary support and equine-centric land management

• Share our knowledge and learnings so that others can implement our processes to improve Equine Welfare nationally

• Reviewing the retraining pathway especially for Discovery horses and rehoming so that we can help more horses and young people

• Building new and strengthen existing relationships with other Equine organisations for the benefit of horses in society

• Embed our training matrix with clear pathways for both grooms and equines (to include equine fitness plans) and implement alongside a level 2 welfare assessment.

• Continue to educate others on Equine Welfare by implementing the second stage of research in collaboration with Hartpury University and building a relationship with Harper Adams University.

• Review process for new equine arrivals and upgrade isolation facilities with a new system to manage feral ponies so that we can move horses through our isolation process more efficiently and support external agencies.

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2. Continue to improve the outcomes of Young People in our catchment area by increasing

i] capacity and training others nationwide to deliver Best in Class EAS.

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• Work towards a goal of supporting 75 young people each week, with more resources in place and courses as appropriate.

• Hire & and train more facilitators to increase the number of spaces available

• Complete OCN Equine Assisted Services diploma training for all Discovery facilitators and prepare for wider roll out, working together with Alliance members.

• Launch The King’s Trust Resilience award with young people.

• Increase the pool of accessible horses for Discovery use, including fully trained horses, and horses for close encounters

• Launch the Learning Centre and make use of this facility for events and students

3. Raise awareness of what HorseWorld is and does and why it’s relevant so that we can mean more to more people.

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• Increase awareness of HorseWorld across Bristol and Bath and the Equine world

• Acquire new donors – individual givers and major donors

• Establish segmented supporter journeys to drive increased lifetime value of every donor

• Develop a Theory of Change to help grow Trusts and Foundations pipeline and ensure we stay focussed on meeting increased beneficiary needs.

• Increase engagement with existing supporters through more events and opportunities to support us

4. Build a high performing, people centric organisation where everyone knows their role and understands the organisations purpose and mission .

• Continue to embed our culture of lifelong learning

• Retain our best talent

• Ensure all staff have clear personal development plans and clear objectives

• Ensure an inclusive, safe environment for everyone to work in

• Ensure all staff understand their role in the organisation and feel valued for the contribution they make

• Be the best collaborators we can be helping, supporting and learning from others

5. Build a sustainable financial model that helps us to close the financial deficit and sets HorseWorld up for achieving our goal of 100 years of impact in 2052. BS

• Create new partnerships across the equine world

• Create new corporate partnerships

• Invest in and upskill the fundraising skills within the organisation

• Identify revenue generating opportunities within our existing assets

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Towards our future

In 2027 we will be 75 years old, however we are already looking beyond that and towards our centenary in 2052, to ensure we can continue Mabel Cocksedge’s legacy of People Helping Horses, Helping People.

People helping horses

Unfortunately demand for our services increases each year. Horses continue to be at risk of abuse, neglect and abandonment. Whilst spotlights have been placed on elite level equestrian sport, it is in the shadows where mass abuse and neglect live. ‘Foal farming’ is an increasing issue, indiscriminate breeders giving the whole industry a bad name and often evading prosecution by ‘abandoning’ youngsters not fit for sale. The majority of Rescue & Welfare centres in the UK are at capacity, forcing organisations like the RSPCA to keep rescues in boarding homes until welfare centres have space or new homes can be found. The lack of governmental support for Equine ID & traceability severely hinders prosecution, and aids those involved in indiscriminate breeding, live transportation and abuse. The horse welfare problem is not going away.

HorseWorld Trust is here for all horses. Unfortunately many responsible owners are struggling with the cost of living, and desperately need our support to safeguard their horses future too. Even if we could take in double the number of horses there would still be demand. Therefore HorseWorld continues to work with the leading welfare organisations and equestrian sports on education, laws and enforcement, increasing awareness and importantly championing new roles for horses within society to reduce the number of welfare issues.

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Horses helping people

Every day a newspaper or media outlet talks about the UK’s mental health crisis, the education system crisis or the NHS crisis. If you’ve ever had horses or worked with them, you will know (and maybe taken for granted) the profound impact they can have on people. It has long been said ‘there’s something about the outside of a horse, that is good for the inside of a human’. But with 87% of the UK believing that horses are not relevant to them, the majority of the population does not know, or has not been able to experience the healing power of horses. How their non judgemental presence, their stature and their ability to mirror us can help humans find calm, regulate themselves, become more confident and resilient. Equine Assisted Services have an important role in improving the mental & physical health of humans, and can at the same time offer a life-line to the horse, raising it’s relevance to society and bringing abuse out of the shadows.

Demand for our Equine Assisted Learning Programme Discovery constantly outstrips our capacity. For 18 years we’ve been proving the impact of EAS on children and young people by improving their outcomes; helping the at risk and vulnerable to thrive in education and society.

As a registered Alternative Learning Provision we have worked closely with four local authorities and over 30 schools to align the Discovery Programme into the education system as a part-time alternative provision. Working with schools, local authorities, police and other agencies to provide early intervention to help young people better cope with an education system that is struggling to support the increasingly complex needs of our children. Safeguarding and Ofsted compliance is built into how we operate. Ensuring that we are education system partners now and for the future.

As members of Equine Assisted Services Partnership and The Federation of Horses in Education and Therapy International (HETI) we are also championing equine assisted services (EAS) nationally and educating others to deliver impactful EAS services, through providing the OCN level 3 diploma in EAS. In this way HorseWorld Trust is playing an important role in tackling some of society’s biggest problems, whilst also raising equine welfare standards.

But demand outstrips capacity across everything we do, so as we look to the future we also look to ways in which we can safeguard the future of the horses and humans who are our beneficiaries as well as the people (staff, volunteers, supporters and friends) of HorseWorld that have been by our side for the last 75 years – and who we want to be beside for the next 75.

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HorseWorld Trust 24 Annual Report 2024
Together towards the future
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Financial results

2023 benefited from some large and last minute legacies, closing with a restated income of £2.5m. 2024 was a tougher year, there were no large legacies, and a number of Trusts closed early or spent out, resulting in a lower than forecasted annual income of £1.1m. Costs were tightly controlled where possible however high inflation and unavoidable welfare costs resulting in a total movement of funds for the year of £0.69m, which includes a net gain on investments of £392k.

Our statement of financial activities recorded total income in 2024 as £1.1m. Legacy income received (notoriously difficult to forecast) was below expectations at £0.6m, legacy debtors at the end of the year, despite working closely with solicitors stood at £1.5m.

Despite increasing challenges in fundraising across the charitable sector Appeal and Donation income were inline with forecast. Grant income was down on forecast by £235,000 due to two factors; one major Trust closed out and our expenditure exceeded the requirements of two Trusts we had previously benefitted from. In 2025 we will develop a Theory of Change to help us apply to the bigger Trusts and Foundations. Discovery course income was below forecast due to staff departures reducing the number of students we could support. 86% of students are identified as being in most need and receive a financial contribution from their local authority to attend the programme. This 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 charitable activities increased by just 3.5% to £1,833,174 (2023: £1,777,581). The cost of raising funds rose by 2% from 19.6% to 21.6%. Expenditure on Charitable activities was 78.4% of all expenditure. Average headcount reduced from 53 to 51 however savings due to staff vacancies were offset by increases due to the cost of living increase.

Although equine costs have remained relatively stable over the past few years’, we saw a increase by 15% in 2024 due to the intake of more complex cases and the cost of feed. We had to spend more in the maintenance of our farm due to the age of most of our facilities and the need to meet Health & Safety standards. Investment in fundraising was kept to an absolute minimum however still increased by 16% to £505,016 (2023: £434,680) due to the cost of our website (essential for GDPR) and print costs increasing.

The net gains on investments of £392,341 (2023: £249,514) reflects the market value of the Charity’s investments (£5,317,824) at the year-end, following a continued period of volatility.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: statement of Recommended Practice, applicable in the UK and Republic of Ireland (FRS 102).

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Investment Policy

The Finance Committee has a mandate to appoint and instruct the investment managers to define the Charity’s investment 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 (previously known as Smith & Williamson Investment Management Limited) was initially appointed as investment manager in 2008 and reaffirmed in 2017. In 2017 the committee additionally appointed Rathbone Group PLC as an investment manager. The Finance Committee receive comprehensive quarterly reports and meets with each Investment Manager at least once a year to discuss performance. Both managers operate under the same Investment Policy which was reaffirmed as remaining current in May 2025.

Our reserves fall into two categorisations – Restricted and Unrestricted Funds.

Restricted Funds:

These funds are monies set aside for a particular purpose as specified by the donor. They are permanently restricted for that purpose and are unavailable to meet other expenses of the Charity.

On 31[st] December 2024 the Restricted Income Funds totalled £84,545 (2023: £86,359). In addition, the Charity has a Restricted Endowment Fund of £39,104 (2023: £38,163) in recognition of the GS Roberts Will Trust.

Unrestricted Funds:

These funds are the monies 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 Charity in carrying out any aspects of its work.

The Unrestricted Funds are divided into two categories:

Reserves Policy

Designated Funds:

The Trustees evaluate and agree the Reserves Policy at least annually. The most recent review was conducted in June 2024 and considered income and expenditure projections aligned to the strategic plan and the identified risks and opportunities as set out in Risk Management & Investment Objectives and Risks above.

The fundamental purposes of the Charity’s Reserves Policy are:

1. To ensure the future security of the Charity by retaining funds sufficient to enable it to function effectively and efficiently, and

2. More specifically, to fulfil the Charity’s commitments to:

3. a. provide for the ongoing welfare of all the horses in the Charity’s care if it has to close for any unforeseen circumstances.

The Charity Commission defines Designated Funds as ‘where unrestricted funds are earmarked or designated for essential future spending, for example, to fund a project that could not be met from future income alone’. The Trustees can designate funds or amend the amounts designated as they choose.

The Charity’s new strategic plan has the following 3 ambitions for advancement and development of our charitable objectives:

1. Establish a centre of excellence in the provision of equine assisted learning to young people.

2. Deliver a world class horse centred rescue and rehabilitation programme to improve the welfare of horses in our local community.

3. Work in collaboration with others across the UK to expand our work through education and outreach.

4. b. develop and expand the Discovery project,

5. c. grow the work of rescue, rehabilitation, and rehoming of equines.

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Specifically, the Trustees have determined that the Designated Funds noted below are committed to:

• a. Investment in developing the Charity over the next 5 years to enable strategic growth whilst reducing the deficit from £0.69m in 2024 to a break even position in 2028. 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 maximising 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 total Designated Funds on 31[st] December 2024 allocated for the commitments above were £4,000,000. The Trustees anticipate these monies will be expended over the next 5 years. In addition, the Charity has a fixed asset designated fund of £3,801,866 (2023: £3,820,306), reflecting the net book value of the Charity’s tangible and intangible assets, excluding the portions held in restricted capital funds.

General Funds:

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, particularly recognising the historical volatility of legacy income which is outside the Charity’s control. 57% of the total income in 2024 was derived from legacies (2023: 79%, 2022 61%). Included in the current General Reserves are notified legacies for which no money has been received (see note no. 18).

• 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 source. These can be cancelled due to bad weather, or as recently experienced, cancelled due to the pandemic.

• Costs associated with rehoming horses, if it was necessary to reduce the number of 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 was to reduce in size or close completely.

• Any statutory or legal costs associated with a change in operational activities.

• Any reduction in the market value of the investment portfolios because of unfavourable stock market fluctuations.

The Trustees have agreed to maintain a level of General Funds of £2.5m that will enable the Charity to adjust to any significant change in resources through unplanned activities as illustrated above. It is expected for this 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 £2.0m to £2.4m, the current year balance of £1.9m is below the minimum but the intention is to rebuild to meet the target in coming years.

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Principle risks and uncertainties

The Trustees have considered the identified major risks to which the Charity is exposed. The plans and strategies for managing risks are to identify key risks and assess them for likelihood and impact, the Charity’s tolerance of each risk is graded, and appropriate mitigation measures are defined. Risks and the effectiveness of mitigation measures are reviewed on a rolling basis so that all areas are reviewed at least once a year.

The risk register is managed by the Executive Team, reviewed by the Finance Committee, and approved by the Trustee 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 risks have been adequately managed.

We have identified three major operational risks:

• a. Ability to expand Discovery to meet the growing needs of young people and ensure compliance with Ofsted 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 cases 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 knowledge with other similar organisations to reach more young people.

• 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 services which means we will outgrow our current facilities over the next five years.

• c. Financial sustainability: Due to the need to increase our activities to meet demands, the Trustee Board recognises that expenditure is currently exceeding income, and this is unsustainable in the medium term. In 2025 and over the 5-year strategic period, they will continue to invest in new sources of income with an expectation that a sustainable position can be achieved within the next five years. To support this action, the Trustees have created a designated fund (see Reserves Policy above) to enable strategic growth and to compensate for any deficit to ensure continuity of operations during this period. This will be closely monitored, and plans adjusted if necessary.

Notwithstanding these issues, the Trustees consider that the Charity will continue as a going concern for a period of at least 12 months from the date on which these financial statements have been approved as the Charity holds the reserves detailed in the accounts and the Going Concern Policy in the Auditor’s Statement.

• b. Development of Keynes Farm: In the 2018 Report & Accounts we reported that the councils of Bath and North East Somerset (B&NES), Bristol City, North Somerset, and South Gloucestershire had been working together to produce a West of England Joint Spatial Plan (the “JSP”). However, the Planning Inspectors comprehensively rejected the entire JSP in the Autumn of 2019 and the Plan was formally withdrawn in April 2020.

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Structure, Governance and Management In December 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 without share capital. It is registered at Companies House under number 06353944. It operates under the terms of its Memorandum and Articles of Association. Copies are filed with Companies House and the Charity Commission.

Governance Overview

The overall direction and management of the Charity lies with the Board of Trustee Directors (the “Board”). At the end of the year, the Board comprised of twelve Directors who bring a range of skills 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 (CEO) who is supported by a team of professionals in finance, human resources, health & safety, communications, fundraising, equine care and education. The CEO ensures that Board members are made aware of all new legislation and policies 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 (SMT), are periodically benchmarked using external data available from pay surveys for the voluntary sector and market conditions for the specific role within the local region. 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 noone is discriminated against.

Trustee recruitment, 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.

New Trustees 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 Commission’s guidance for Trustees

• the Memorandum and Articles of Association

• the committees and decision-making processes

• the business plan and recent financial performance of the Charity

• any other relevant information,

They undertake tours of the Charity where they meet staff and are introduced to all aspects of the charitable work.

Management structure and key personnel

The CEO is supported by the SMT with 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 oneto-one meetings are held by the 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.

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Board/Committee meetings

The Board meets at least bi-monthly to set strategy, approve plans and budgets, review and monitor activities, and assess 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 budgets, annual accounts, and hold discussions with the investment managers. In addition, an Equine Committee meets 6 times a year to support the operational decision making around the care of horses. And an Education Committee meets 3–4 times a year to support the operational decision making around the Young People we support. Both committees comprise of at least two Trustees, plus a small number of staff.

Trustee Indemnity

In accordance with standard commercial practice the Charity has purchased insurance to protect Trustees from claims arising from negligent acts, errors or omissions occurring whilst on Charity business.

Safeguarding

In addition to following appropriate safeguarding procedures related to staff and for our fundraising activities, the Charity has a comprehensive set of procedures designed to support the delivery of our Discovery programme with young people. We have a Designated Safeguarding Lead supported by two deputies, and comprehensive reporting processes, which are all audited by the local authorities. All staff and Trustees receive training around safeguarding, which is extended to volunteers in our Discovery programme.

Fundraising practices

Trustees are fully aware of their responsibility and commitment to the strategic leadership of a Charity which values its supporters; without our supporters our work would not be able to continue. At HorseWorld we pledge to adhere to best practice when raising and receiving funds from 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 capacity 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 policy.

The appointment of a Data Management Officer ensures we are compliant with fundraising 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 complaints. Our complaints policy is published on our website.

The Fundraising strategy provides clear direction on the key objective to build our financial sustainability. During 2025 we will develop more detailed strategies for each of our income streams to support future income growth.

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Legal and Administration details

Charity number 1121920 Company number 06353944 Registered office and Delmar Hall Operational address Keynes Farm Staunton Lane Whitchurch Bristol BS14 0QL Trustee Directors LB (Desi) Dillingham mbe * § Chair Duncan Ballard bvm&s cert ep mrcvs § Nigel Daniel * ~ Andrew Dowden Kerry Gwyther llb (hons) Michael Neale * Annette Newman John Newman * Duncan Attwell Emmaline Pell§ Cathryn Mitchell~ Julie White~ Stephen Webb resigned 19[th] July 2024

The Trustees are directors of the Charity and Trustees of the company for the purposes of the Charities Act 2013 The * indicates a member of the Finance Committee The § indicates a member of the Equine Committee The ~ indicates a member of the Education Committee

Chief Executive Officer

Petra Ingram fcma until 30[th] September 2024 Joanna Coombs from 1[st] October 2024

Nicola Hart (nee. Light)

Company Secretary

Barclays Bank plc 55 Broadmead Bristol BS1 3EA

Bankers Barclays Bank plc 55 Broadmead Bristol BS1 3EA Investment Managers Rathbone Group PLC 30 Gresham Street London EC2V 7QN

Evelyn Partners previously known as Smith & Williamson Investment Management Limited

Portwall Place Portwall Lane Bristol BS1 6N

Auditors

Saffery LLP Chartered Accountants and Registered Auditors St Catherine’s Court Berkeley Place Clifton Bristol BS8 1BQ

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Trustee Responsibilities

The law applicable to charities in England and Wales requires the Trustee Directors to prepare financial 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 group for the year.

Auditors

Saffery LLP were appointed as auditors under Section 487(2) of the Companies Act 2006.

This Report and Accounts was approved by the Trustee Directors on 19[th] June 2025 and signed on their behalf by:

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 standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and

LB Dillingham MBE

Chair

• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustee Directors are responsible for keeping 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 Directors are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Auditors’ report

To the members of HorseWorld Trust

Opinion

We have audited the financial statements of HorseWorld Trust for the year ended 31[st] December 2024 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 applicable law 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 fair view of the charitable company’s state of affairs as at 31[st] December 2024 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 Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards 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, including the FRC’s Ethical Standard, and we have fulfilled our

other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 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 going 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 cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements

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or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement 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 for which 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• 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 trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 32, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.

Auditor’s responsibilities for the audit of the financial statements

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 (UK) will always detect a material misstatement when it exists. Misstatements 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 instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

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Identifying and assessing risks related to irregularities: We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions 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 understanding of the sector in which the charitable 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 statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management 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 noncompliance 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 whether judgements made in making

accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we 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 misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: frc.org.uk/auditorsresponsibilities .

This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has 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 charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Strong

Senior Statutory Auditor

Date - 01/08/2025

for and on behalf of:

Saffery LLP

Chartered Accountants and Statutory Auditors

St Catherine’s Court Berkeley Place Clifton Bristol BS8 1BQ

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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(incorporating an income and expenditure account)

Statement of financial activities

For the year ended 31st December 2024

Note	Restated 2024 2023 Endowment Total Total £ £ £ £ £
Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Other Total income Expenditure on: Raising funds Charitable activities Total expenditure 8 Net income/(expenditure) before gains/(losses) Net gains/(losses) on investments 17 Net income / (expenditure) Transfers between funds Gain on revaluation of fxed assets Net movement in funds 12 Reconciliaton of funds: Total funds brought forward	- 132,405 749,265 881,670 2,244,437 - - 84,200 84,200 102,372 - - 51,717 51,717 48,484 1,099 - 136,644 137,743 142,240 - - 11,324 11,324 4,947
	1,099 132,405 1,033,150 1,166,654 2,542,480
	219 - 504,797 505,016 434,680 - 128,845 1,704,329 1,833,174 1,777,581
	219 128,845 2,209,126 2,338,190 2,212,261
	880 3,560 (1,175,976) (1,171,536) 330,219 61 - 392,280 392,341 249,514
	941 3,560 (783,696) (779,195) 579,733
	- (5,374) 5,374 - -
	- - 79,884 79,884
	941 (1,814) (698,438) (699,311) 579,733 38,163 86,359 11,217,175 11,341,697 10,761,964
Total funds carried forward	39,104 84,545 10,518,737 10,642,386 11,341,697

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 disclosed in Note 21 to the accounts.

Prior period income has been restated to include additional legacy income. Details of the restatement are disclosed in Note 26 to the accounts.

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Balance Sheet

For the year ended 31st December 2024

				Restated
			2024	2023
	Note	£	£	£
Fixed assets
Tangible assets	15		3,773,366	3,787,785
Intangible assets	16		28,500	32,521
Investments	17		5,317,824	5,563,969
			9,119,690	9,384,275
Current assets
Debtors	18	1,621,455		1,881,054
Cash at bank and in hand		85,631		305,441
		1,707,086		2,186,495
Liabilities
Creditors: amounts falling due within 1 year	19	(184,390)		(229,073)
Net current assets			1,522,696	1,957,422
Net assets	20		10,642,386	11,341,697
Funds	21
Endowment funds			39,104	38,163
Restricted funds			84,545	86,359
Unrestricted funds
Designated funds:
Strategic growth fund			2,000,000	2,000,000
Property fund			2,000,000	2,000,000
Fixed assets			1,025,020	1,092,131
Fixed asset revaluation reserve			2,776,846	2,728,175
			7,801,866	7,820,306
General funds:
Revaluation reserve			790,944	615,668
General funds			1,925,927	2,781,201
Total charity funds			10,642,386	11,341,697

Approved by the Trustees on 19[th] June 2025 and signed on their behalf by:

L B Dillingham MBE Chair

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Cash Flow

For the year ended 31st December 2024

For the year ended 31st December 2024
Note	Restated 2024 2023 £ £
Cash used in operatng actvites: Net cash provided by/(used in) operatng actvites 22 Cash fows from investng actvites: Dividends and interest from investments Purchase of tangible fxed assets Purchase of intangible fxed assets Proceeds from the sale of tangible fxed assets Proceeds from the sale of investments Purchase of investments Net cash provided by/(used in) investng actvites Increase/(decrease) in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year
	(928,196) (605,951)
	137,743 142,240 (58,363) (108,468) (9,480) (14,190) - 39,000 1,711,642 1,596,779
	(1,125,818) (1,225,704)
	655,724 429,657
	(272,472) (176,294) 395,121 571,415
Cash and cash equivalents at the end of the year 23	122,649 395,121
Analysis of net debt At 1st January 2024 Cashfows At 31st December 2024 £ £ £
Cash 305,441 (219,810) 85,631 Cash held as part of fxed asset investments (note 17) 89,680 (52,662) 37,018
Total 395,121 (272,472) 122,649

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Notes to the financial statements

For the year ended 31st December 2024

1. Accounting policies

a) Basis of preparation

HorseWorld Trust is a charitable company limited by guarantee registered in England and Wales. The registered office address is HorseWorld, Delmar Hall, Staunton Lane, Bristol, BS14 0QL.

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 (FRS 102) (effective 1[st ] January 2019) — (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), 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) Going concern basis of accounting

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 going 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 is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, 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 taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Charity that a distribution will be made, or when a 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 has 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 as a contingent asset and disclosed if material.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as 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 (FRS 102), 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 facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

Interest on funds 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. Designated 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 capital 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.

g) Expenditure 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 which 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 (as appropriate).

i) Allocation of support and governance costs

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the Charity, including the costs of complying with constitutional and statutory requirements and any costs associated with 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:

following basis:
	2024	2023
Cost of raising funds	22%	19.6%
Charitable activities	78%	80.4%

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j) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

as follows:
Freehold land	0%
Freehold buildings	2%	straight line
Temporary structures	20%	straight line
(e.g. feld shelters)
Plant and equipment	20%	straight line
Furniture and	20%	straight line
offce equipment
Motor vehicles	25%	reducing balance

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities 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[st ] December 2022. The statement of financial activities includes the net gain arising on revaluation during the year. Other fixed assets are included at cost 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) Intangible 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 basis to write down the cost of each asset to its estimated residual value over its expected useful life.

l) Listed investments

Investments in quoted shares, traded bonds and similar investments are measured 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. Listed investments also includes cash and cash equivalents held for re-investment purposes.

m) Investment in subsidiary undertakings

The Charity has one wholly owned subsidiary, HorseRescue Limited (registered company number 3519561). 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 basis of immateriality, in application of statutory instrument 2008/629 regulation 19. The accounts of HorseRescue Limited are publicly available from Companies House. The subsidiary undertaking is valued at cost less any cumulative impairments losses.

n) Stock

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slowmoving 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.

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. Cash held by the investment managers for the purposes of re-investment is included within listed investments on the balance sheet.

q) Creditors

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 provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

r) Financial 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) Pension costs

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the Charity to the fund. The Charity has no liability 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 £67,968 (2023: £65,714).

t) Operating leases

Rentals payable under operating leases, where substantially all the risks and rewards 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) Termination benefits

Where an employee receives a termination benefit the full cost is recognised at the date the employee is notified.

v) Accounting estimates and key judgements

In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities 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 differ from 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.

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Valuation of land and buildings

As described in note 15 to the financial statements, land and buildings are stated at valuation carried out in the year ended 31[st] December 2022 performed by an independent professional valuer David James & Partners Ltd, rural chartered surveyors with recent experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any differences in the future, location or condition of the specific asset.

Depreciation

As described in note 1(j) 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 1(j).

2. Prior period comparatives — statement of financial activities

2.Prior period comparatves — statement of fnancial ac	Restated 2023 Endowment Restricted Unrestricted Total £ £ £ £ vites
Income from: Donations and legacies Charitable activities Other trading activities Investments Other Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income / (expenditure) before gains / (losses) Net gains / (losses) on investments	- 131,955 2,112,482 2,244,437 - - 102,372 102,372 - - 48,484 48,484 1,126 - 141,114 142,240 - - 4,947 4,947
	1,126 131,955 2,409,399 2,542,480
	209 - 434,471 434,680 - 198,697 1,578,884 1,777,581
	209 198,697 2,013,355 2,212,261
	917 (66,742) 396,044 330,219
	1,447 - 248,067 249,514
Net income / (expenditure) and net movement in funds	2,364 (66,742) 644,111 579,733

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For the year ended 31st December 2024

3. Donations and legacies

3.Donatons and legacies			2024
	Restricted	Unrestricted	Total
	£	£	£
Legacies	-	661,631	661,631
Donations	1,250	57,320	58,570
Appeals	600	30,314	30,914
Grants	130,555	-	130,555
Total income from donations and legacies	132,405	749,265	881,670
Prior period comparatve			Restated
			2023
	Restricted	Unrestricted	Total
	£	£	£
Legacies	-	1,995,882	1,995,882
Donations	555	62,352	62,907
Appeals	-	45,525	45,525
Grants	131,400	8,723	140,123
Total income from donations and legacies	131,955	2,112,482	2,244,437

4. Charitable activities

hibl tit
4.Cartae acves	2024	2023
	£	£
Discovery courses income	79,496	100,999
Horse on loan income	4,704	1,373
Total income from charitable activities	84,200	102,372

All income from charitable activities in the current and previous year was fully unrestricted.

5. Other trading activities

5Oh di tit
.ter trang acves	2024	2023
	£	£
Events	16,774	17,228
Rental income	10,347	9,018
Merchandise and tack shop sales	4,395	2,247
Adoptions	20,201	19,991
Total income from other trading activities	51,717	48,484

All income from other trading activities in the current and previous year was fully unrestricted.

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For the year ended 31st December 2024

6. Investment income

6.Investment income			2024
	Endowment	Unrestricted	Total
	£	£	£
Dividends from investments	1,099	132,337	133,436
Bank deposit interest	-	4,307	4,307
Total income from investments	1,099	136,644	137,743
Prior period comparatve:			2023
	Endowment	Unrestricted	Total
	£	£	£
Dividends from investments	1,126	137,934	139,060
Bank deposit interest	-	3,180	3,180
Total income from investments	1,126	141,114	142,240

7. Government grants

The Charity receives government grants, defined as funding from Rural Payment Agency to assist with the upkeep of their land. The total value of such assistance in the period ending 31[st] December 2024 was £4,472 (2023: £8,723). There are no unfulfilled conditions or contingencies attaching to this funding in either period.

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For the year ended 31st December 2024

For the year ended 31st December 2024
8.Total expenditure	Raising funds Charitable activities Support and governance costs 2024 Total £ £ £ £
Staff costs (note 13) Equine costs Establishment costs Cost of sales and events Fundraising costs Marketing and publications Legal and professional Investment managers’ fees Audit and accountancy fees Depreciation and amortisation Sub-total Allocation of support and governance costs	327,122 970,108 170,299 1,467,529 - 172,918 - 172,918 4,739 252,540 132,385 389,664 1,574 - - 1,574 14,619 - - 14,619 56,834 - - 56,834 - - 23,852 23,852 21,630 - - 21,630 - - 23,403 23,403 - 152,666 13,501 166,167
	426,518 1,548,232 363,440 2,338,190
	78,498 284,942 (363,440) -
Total expenditure	505,016 1,833,174 - 2,338,190
Prior period comparatve:	Raising funds Charitable activities Support and governance costs 2023 Total £ £ £ £
Staff costs (note 13) Equine costs Establishment costs Grants payable (note 10) Cost of sales and events Fundraising costs Marketing and publications Legal and professional Investment managers’ fees Audit and accountancy fees Depreciation and amortisation Sub-total Allocation of support and governance costs	277,341 903,799 146,376 1,327,516 - 150,474 - 150,474 5,277 284,129 114,963 404,369 3,061 - - 3,061 2,234 - - 2,234 13,324 - - 13,324 44,186 - - 44,186 - - 58,606 58,606 22,637 - - 22,637 - - 16,229 16,229 - 166,668 2,957 169,625
	368,060 1,505,070 339,131 2,212,261
	66,620 272,511 (339,131) -
Total expenditure	434,680 1,777,581 - 2,212,261

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For the year ended 31st December 2024

For the year ended 31st December 2024
9.Support and governance costs Support and governance costs are allocated to activities as follows:	Raising funds Charitable activities 2024 Total £ £ £
Staff costs Establishment costs Legal and professional fees Audit and accountancy fees Depreciation and amortisation	36,782 133,517 170,299 28,593 103,792 132,385 5,152 18,700 23,852 5,055 18,348 23,403 2,916 10,585 13,501
	78,498 284,942 363,440

Prior period comparatve:	Raising funds Charitable activities 2023 Total £ £ £
Staff costs Establishment costs Legal and professional fees Audit and accountancy fees Depreciation and amortisation	28,785 117,591 146,376 22,537 92,426 114,963 11,525 47,081 58,606 3,191 13,038 16,229 582 2,375 2,957
	66,620 272,511 339,131

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For the year ended 31st December 2024

10. Grants payable

During the prior year, new Horses for Health grants were awarded to 6 institutions to support their equine welfare activities.

Total grants committed to during the year were as follows:

Total grants committed to during the year were as follows:
	2024	2023
	£	£
Grants payable to institutions:
Grants < £1,000	-	3,061
Total grants payable to institutions	-	3,061

11. Grant commitments

11.Grant commitments	2024	2023
	£	£
Grant commitments brought forward	761	-
Grants committed during the period	-	3,061
Grants paid during the period	(761)	(2,300)
Grant commitments carried forward	-	761

12. Net movement in funds

12.Net movement in funds
This is stated after charging / (crediting):	2024	2023
	£	£
Depreciation	152,666	166,668
Amortisation	13,501	2,957
Loss / (gain) on disposal of fxed assets	Nil	(4,728)
Trustees’ remuneration	Nil	Nil
Trustees’ reimbursed expenses	535	629
Auditors’ remuneration:
Audit (excl. VAT)	13,450	12,700
Operating lease rentals	21,670	22,213

Trustees reimbursed expenses of £535 relate to travel and subsistence expenses for 2 trustees (2023: £629, 1 trustee).

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For the year ended 31st December 2024

13. Staff costs and numbers

13.Staf costs and numbers Staff costs were as follows:	2024 2023 £ £
Salaries and wages Social security costs Pension costs Employee benefts	1,272,660 1,162,722 113,519 93,945 67,968 65,714 13,382 5,135
	1,467,529 1,327,516

Included in salaries and wages is £nil (2023: £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 £70,000 and £80,000 (2023: 1, £60,000 — £70,000; 1, £90,000 — £100,000).

The key management personnel of the Charity in the current year comprises of the Chief Executive Officer, Deputy CEO / Director of Finance, Head of Engagement, Head of Supporter Development, Head of Discovery, Head of Equine Welfare. The total employee remuneration and benefits of the key management personnel of the Charity were £424,871 (2023: £398,625).

	2024	2023
	No.	No.
Average head count	51	53

14. Taxation

The Charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

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For the year ended 31st December 2024

15. Tangible fixed assets

15.Tangible fxed assets	Freehold land and buildings Temporary structures Plant and equipment Furniture and offce equipment Motor vehicles Total £ £ £ £ £ £
Cost or valuaton At 1stJanuary 2024 Additions in year At 31stDecember 2024 Depreciaton At 1stJanuary 2024 Charge for the year On revaluation At 31stDecember 2024 Net book value	3,550,000 458,554 422,805 174,885 201,657 4,807,901 - 24,572 24,835 8,956 - 58,363
	3,550,000 483,126 447,640 183,841 201,657 4,866,264
	39,942 293,415 402,759 159,532 124,468 1,020,116 39,942 68,219 16,954 8,254 19,297 152,666 (79,884) - - - - (79,884)
	- 361,634 419,713 167,786 143,765 1,092,898
At 31stDecember 2024	3,550,000 121,492 27,927 16,055 57,892 3,773,366
At 31stDecember 2023
	3,510,058 165,139 20,046 15,353 77,189 3,787,785

Freehold and leasehold land and buildings included in tangible fixed assets were last revalued as at 31[st] December 2022. The total value in use of all land and buildings was £3,550,000; broken down into agricultural land of £1,300,000 and other land and buildings of £2,250,000. The valuation was carried out by David James & Partners Ltd of Well House, Wotton-under-Edge, Gloucestershire, GL12 7AD.

At 31[st] December 2024, the net book value of land and buildings included in tangible fixed assets was increased back to its original valuation before depreciation costs. At 31[st] December 2024, the comparable amounts of land and buildings included in tangible fixed assets at valuation, determined according to historical cost accounting rules, are cost £1,283,619, depreciation charge £8,729 and net book value £773,155 (2023: £781,884).

16. Intangible fixed assets

16.Intangible fxed assets	Software and website Total £ £
Cost or valuaton At 1stJanuary 2024 Additions in year At 31stDecember 2024 Amortsaton At 1stJanuary 2024 Charge for the year At 31stDecember 2024 Net book value	82,278 82,278 9,480 9,480
	91,758 91,758
	49,757 49,757 13,501 13,501
	63,258 63,258
At 31stDecember 2024	28,500 28,500
At 31stDecember 2023
	32,521 32,521

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Annual Report 2024

48

For the year ended 31st December 2024

For the year ended 31st December 2024	For the year ended 31st December 2024
Investment in subsidiary Evelyn Partners Main Fund Evelyn Partners GSR Fund Rathbones Fund 2024 2023 £ £ £ £ £ £ 17.Investments
Market value at 1stJanuary 2024 8 2,891,714 38,162 2,634,085 5,563,969 5,700,483 Additions - 1,066,789 9,826 49,203 1,125,818 1,225,704 Equalisation - - - (185) (185) (409) Net disposals proceeds - (1,214,394) (9,716) (487,347) (1,711,457) (1,596,370) Realised gains / (losses) - 34,594 (263) 18,988 53,319 33,078 Unrealised gains / (losses) - 189,667 324 149,031 339,022 216,436 Movement in cash balance - (53,344) 770 (88) (52,662) (14,953)
Market value at 31stDecember 2024 8 2,915,026 39,103 2,363,687 5,317,824 5,563,969
Represented by: Bonds - 425,060 37,376 - 462,436 415,681 Alternative & multi asset - 345,467 - - 345,467 337,869 Listed equities - 2,075,628 - - 2,075,628 1,975,042 Unit Trust - - - 2,362,267 2,362,267 2,632,578 Other instruments - 35,000 - - 35,000 113,111 Cash and cash equivalents - 33,871 1,727 1,420 37,018 89,680 Investment in subsidiary 8 - - - 8 8
Total 8 2,915,026 39,103 2,363,687 5,317,824 5,563,969
18.Debtors	Restated 2024 2023 £ £
Trade debtors Prepayments Other debtors	9,916 19,533 16,501 14,996 1,595,038 1,846,525
	1,621,455 1,881,054

Other debtors consist of £1,582,270 outstanding legacies (2023: £1,842,922); £nil outstanding gift aid claims (2023: £3,603); and

£12,768 outstanding other income (2023: £nil).

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Annual Report 2024

49

For the year ended 31st December 2024

19.Creditors : amounts due within 1 year	2024 2023 £ £
Endowment funds Restricted funds Unrestricted funds Total funds £ £ £ £ Trade creditors 77,664 68,728 Other taxation and social security 26,425 46,826 Accruals 21,990 20,663 Other creditors 58,311 92,856 184,390 229,073 20.Analysis of net assets between funds	77,664 68,728 26,425 46,826 21,990 20,663 58,311 92,856
	184,390 229,073
Tangible fxed assets - - 3,773,366 3,773,366 Intangible fxed assets - - 28,500 28,500 Investments 39,104 - 5,278,720 5,317,824 Current assets - 84,545 1,622,541 1,707,086 Current liabilities - - (184,390) (184,390)
Net assets at 31stDecember 2024 39,104 84,545 10,518,737 10,642,386
Prior year comparatve Restated Endowment funds Restricted funds Unrestricted funds Total funds £ £ £ £
Tangible fxed assets - - 3,787,785 3,787,785 Intangible fxed assets - - 32,521 32,521 Investments 38,163 - 5,525,806 5,563,969 Current assets - 86,359 2,100,136 2,186,495 Current liabilities - - (229,073) (229,073)
Net assets at 31stDecember 2023 38,163 86,359 11,217,175 11,341,697

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50

For the year ended 31st December 2024

For the year ended 31st	December 2024
21.Movements in funds	At 1st January 2024 Income Expenditure Gains / (losses) Transfers between funds At 31st December 2024 £ £ £ £ £ £ 38,163 1,099 (219) 61 - 39,104 38,163 1,099 (219) 61 - 39,104 390 - - - - 390 13,180 988 (13,180) - (900) 88 50,421 20,012 (59,515) - - 10,918 - 50,038 - - - 50,038 840 - - - - 840 17,634 45,000 (42,294) - - 20,340 494 - (494) - - - 3,400 11,295 (8,290) - (4,474) 1,931 - 5,072 (5,072) - - - 86,359 132,405 (128,845) - (5,374) 84,545 1,092,131 - - - (67,111) 1,025,020 2,728,175 - - 79,884 (31,213) 2,776,846 2,000,000 - - - - 2,000,000 2,000,000 - - - - 2,000,000 615,668 - - 394,442 (219,166) 790,944 2,781,201 1,033,150 (2,209,126) (2,162) 322,864 1,925,927 11,217,175 1,033,150 (2,209,126) 472,164 5,374 10,518,737 11,341,697 1,166,654 (2,338,190) 472,225 - 10,642,386
Endowment funds: GS Roberts Will Trust Total endowment funds Restricted funds: Rescue Boards Discovery Equipment Discovery Courses Learning Centre Horses for Health Mills Equus Trust Neil and Tracy Davidson Charitable Trust Other welfare grants Other Small Funds Total restricted funds Unrestricted funds Designated funds: Fixed assets Fixed asset revaluation reserve Strategic growth fund Property fund General funds: Revaluation reserve General funds Total unrestricted funds
Total funds

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Annual Report 2024

51

For the year ended 31st December 2024

For the year ended 31st	December 2024
Prior year comparative (restated)	Restated At 1st January 2023 Restated Income Expenditure Gains / (losses) Transfers between funds At 31st December 2023 £ £ £ £ £ £
Endowment funds: GS Roberts Will Trust Total endowment funds Restricted funds: Discovery Facilities Rescue Boards Isolation Refurb Fund Discovery Equipment Discovery Courses Horses for Health Mills Equus Trust Pets at Home Foundation Betty Phillips grant Neil and Tracy Davidson Charitable Trust Other welfare grants Other Small Funds Total restricted funds Unrestricted funds Designated funds: Fixed assets Fixed asset revaluation reserve Strategic growth fund Property fund General funds Revaluation reserve General funds Total unrestricted funds	35,799 1,126 (209) 1,447 - 38,163
	35,799 1,126 (209) 1,447 - 38,163
	401 - (401) - - - 390 - - - - 390 1,332 - (1,332) - - - 13,180 - - - - 13,180 80,133 70,775 (100,487) - - 50,421 3,901 - (3,061) - - 840 - 50,000 (32,366) - - 17,634 15,740 - (15,740) - - - 20,000 - (20,000) - - - - 10,000 (9,506) - - 494 18,024 1,000 (15,624) - - 3,400 - 180 (180) - - -
	153,101 131,955 (198,697) - - 86,359
	1,141,756 - - - (49,625) 1,092,131 2,759,388 - - - (31,213) 2,728,175 2,000,000 - - - - 2,000,000 2,000,000 - - - - 2,000,000 454,437 - - 248,067 (86,836) 615,668 2,217,483 2,409,399 (2,013,355) - 167,674 2,781,201
	10,573,064 2,409,399 (2,013,355) 248,067 - 11,217,175
Total funds	10,761,964 2,542,480 (2,212,261) 249,514 - 11,341,697

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Annual Report 2024

52

For the year ended 31st December 2024

Purposes of restricted funds

The Rescue Boards fund is for the purchase of rescue boards.

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 money we have been awarded to enable us to offer fully funded or subsidised Discovery courses to such organisations 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 Learning Centre funding is a grant of £50,038 awarded by the Pets Foundation to transform one of our barns into a fantastic new multi-purpose Learning Centre with car parking area. Their generous support will mean we can hold lessons with Discovery students whatever the weather, have sessions with larger groups of students, host conferences, and teach at-liberty work in a purposebuild demonstration area.

The Horses for Health funding is to support small equine welfare charities to improve horse and donkey welfare and for the RDA to enable their local groups to run equine assisted activities such as “Tea with a Pony” for dementia sufferers.

HorseWorld was delighted to receive £45,000 from a long-term, valuable supporter of our equine welfare work: the Mills Equus Trust. This kind grant is being used to support the physical and mental health of our herd, and a portion was allocated to fully fund

a key capital project: resurfacing HorseWorld’s Exercise Arena. The Arena had become compacted and no longer fit for purpose but thanks to the Mills Equus Trust is once again a key space for our Rehoming and Rehabilitation work.

The Neil and Tracy 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 designated 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 sustainable financial model by the end of the strategic period.

The Property fund of £2m is to make provision for the relocation to a new site and/or the construction of appropriate facilities to support the implementation of our new 5-year strategy. This fund was identified from a combination of the previous Discovery relocation and welfare relocation funds.

22. Reconciliation of net movement in funds to net cash flow from operating activities

22.Reconciliaton of net movement in funds to net		Restated
cash fow from operatng actvites	2024	2023
	£	£
Net movement in funds	(699,311)	579,733
Adjustments for:
Depreciation charges	152,666	166,668
Amortisation charges	13,501	2,957
(Gains) / losses on investments	(392,341)	(249,514)
(Gains) / losses on revaluation of fxed assets	(79,884)	-
Dividends and interest from investments	(137,743)	(142,240)
Loss / (proft) on the sale of fxed assets	-	(4,728)
Decrease / (increase) in stock	-	4,994
Decrease / (increase) in debtors	259,599	(1,083,252)
Increase / (decrease) in creditors	(44,683)	119,431
Net cash provided by / (used in) operatng actvites	(928,196)	(605,951)

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Annual Report 2024

53

For the year ended 31st December 2024

23.Analysis of cash and cash equivalents	2024	2023
	£	£
Cash at bank and in hand	85,631	305,441
Cash held as part of fxed asset investments (note 17)	37,018	89,680
Total cash and cash equivalents	122,649	395,121
24.Operatng lease commitments
The charity had operating leases at the year end with
total future minimum lease payments as follows:	2024	2023
	£	£
Amount falling due:
Within 1 year	18,089	13,531
Within 1–5 years	30,848	26,866
Total cash and cash equivalents	48,937	40,397

1. Related party transactions

The charity used the services of TLT LLP Solicitors, a company in which Kerry Gwyther (trustee) is a partner. The charity was charged £2,040 (2023: £2,518) for legal advice, of which £nil (2023: £nil) was included in trade creditors at year end.

26. Prior period restatement

Prior year comparatives have been restated to include additional legacy income. The impact on the Statement of Financial Activities and Balance Sheet is as detailed:

Prior year comparatives have been restated to include additional legacy income. The impact on the Statement of Financial Activities and Balance Sheet is as detailed:
	£
Total income from legacies as at 31stDecember 2023 as previously stated	1,663,785
Additional accrued legacy income	332,097
Total income from legacies as at 31stDecember 2023 as restated	1,995,882
	£
Other debtors as at 31stDecember 2023 as previously stated	1,514,428
Additional accrued legacy income	332,097
Total other debtors as at 31stDecember 2023 as restated	1,846,525
	£
Total general funds as at 31stDecember 2023 as previously stated	2,449,104
Additional accrued legacy income	332,097
Total general funds as at 31stDecember 2023 as restated	2,781,201

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Annual Report 2024

54

BS) HorseWorld