## **Trustees’ Report and Financial Statements**
For the Year Ended 20 24
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Contents
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Reference and Administrative Details 1
Trustees’ Report 2
Independent Auditor’s Report 28
Statement of Financial Activities 31
Balance Sheet 31
Statement of Cash Flows 32
Notes to the Financial Statements 32
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## **Reference and Administrative Details**
**The Mare and Foal Sanctuary is a registered charity and company limited by guarantee and does not have any share capital.**
**The Mare and Foal Sanctuary is a registered charity Registered Charity No.:** 1141831 **and company limited by guarantee and does not have Registered Company No.:** 07584914 **any share capital. Bankers:** NatWest Bank plc **Trustees** 48 Courtenay Street Newton Abbot **The Trustees of the Charity who served** TQ12 2EE **during the year were: Auditors:** PKF Francis Clark **Trustees:** Sigma House Helena Vega-Lozano Chair Oak View Close Donna Hallett (Resigned 30 April 2024) Edginswell Park Yvette Bacon Torquay Grace Thomas TQ2 7FF Alistair James Allender (Appointed 3 Dec 2024) Jane Hudson Jones (Resigned 15 March 2024) Rebecca-Rafiyah Findlay **Solicitors:** Boyce Hatton Torquay Emma Dunford (Resigned 24 May 2024) TQ1 1DE Patricia Ann Spargo (Appointed 3 Dec 2024) Jane Williams WBW Jacqueline Watton (Resigned 11 Dec 2024) Newton Abbot TQ12 2QP **Principal and** Honeysuckle Farm **Registered** Haccombe with Combe **Office:** Newton Abbot ~~**Investment** Rathbone Brothers Plc~~ Devon **Manager:** Southernhay Gardens TQ12 4SA Exeter EX1 1UG
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The Mare and Foal Sanctuary 2024
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## **Welcome from our Chair and Chief Executive**
**2024 proved to be a transformative year for us as we recruited and prepared to welcome our new Chief Executive, Rhodri Samuel, at the start of 2025, to build upon the strong foundations laid by his predecessor, Sarah Jane Williamson. Rhodri brings dynamic leadership and a diverse range of skills and experience from his background in the charity and public sectors. He will help us to enhance our mission to rescue and provide lifelong sanctuary to horses and ponies in critical need.**
Despite the cost-of-living crisis, we achieved remarkable legacy and fundraising success, enabling our charity to intervene in the shocking case of 13 equines from the ‘Family Nest Therapy CIC’ in another exemplary multi-agency rescue collaboration. This campaign not only raised vital funds but also attracted national media attention and heightened awareness of our lifesaving work.
Demand for our rescue and care continues to rise, as owners struggle with the cost and responsibilities of keeping their horses and ponies. The introduction of a new process to prepare, publicise and rehome more ponies started to see strong results by the end of the year, helping us create more capacity at all of our Sanctuary sites. Our Equine Assisted Services and educational programmes also continued to improve outcomes for people of all ages.
Rooted in Devon for over 30 years, we are proud to be an integral part of local life — as a large regional employer, a contributor to the rural economy, and an organisation actively embedded in the wider community and local infrastructure.
We are deeply grateful to all supporters, volunteers, and staff who made these achievements possible and our incredible group of Sanctuary at Home carers who give our horses and ponies a loving home.
I was delighted to join The Mare and Foal Sanctuary as its new Chief Executive in January 2025. I was drawn to the role by my love of horses and the clear sense of purpose and inspiring work of the charity in rescuing and caring for so many vulnerable equines. I also have a longstanding interest in the value of children and adults working therapeutically and educationally with horses and have directly benefitted from this myself.
I am proud to lead an organisation made up of so many passionate and skilled people. During 2025 my focus will be developing a new five-year strategy to take the Sanctuary from strength to strength. In particular I’ll be looking at how we can grow our welfare and rescue so more horses, ponies and owners benefit from our expertise and kindness.
**Rhodri Samuel, Chief Executive**
## **Neglected Ponies’ Lives Transformed**
**Thirteen severely neglected horses and ponies were helped thanks to a powerful rescue effort led by The Mare and Foal Sanctuary in collaboration with multiple equine welfare organisations.**
These animals arrived in our care in 2021 after a concerned member of the public alerted us to serious welfare concerns at a Community Interest Company in Cornwall. Malnourished, dehydrated, and suffering from untreated medical conditions, the equines were found without food, water, or shelter — many in a life-threatening state.
Our Welfare Outreach and Rehoming team monitored the situation for several months before escalating it to the RSPCA. In the meantime, our Sanctuary Care staff began the long journey of rehabilitation. Each pony received a tailored recovery plan, including veterinary care, medication, nutritional support, and emotional healing.
Among them was Mollie, a Thoroughbred cross whose long-untreated injuries meant, heartbreakingly, that we had to make the kindest decision to put her to sleep. Tiny Shetland pony Poppy also couldn’t be saved due to years of severe dental neglect. But others, like Sherbert and Lola, made full recoveries and now enjoy a peaceful life at the sanctuary. Nine of the rescued equines were transferred to The Horse Trust for lifelong care.
This case stands as a powerful example of effective multi-agency collaboration, involving the RSPCA, The Donkey Sanctuary, The Horse Trust, and other members of the National Equine Welfare Council.
Following our evidence and joint efforts, the RSPCA pursued a criminal prosecution. On 29 February 2024, the case concluded with sentencing at Truro Crown Court — a strong statement of our shared commitment to ending equine cruelty and neglect.
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**The Mare and Foal Sanctuary** 2024
## **About us**
## **The Mare and Foal Sanctuary rescues horses and ponies that have been abandoned, neglected, or abused.**
We also ensure that horses and ponies have a sanctuary for life. Most horses and ponies are given care for life through our network of knowledgeable carers. Those horses and ponies with more complex needs are cared for in our four peaceful sanctuaries.
Our charity was founded on the principles that horses and ponies, as sentient beings, and close companions of humans over the centuries, have a value and a purpose. They deserve our kindness and care. Our equine-centred approach to human-equine interaction through Equine Assisted Services enables us to create a sense of sanctuary for people within our sanctuary for horses and ponies.
## **Our Charitable Objects:**
- To rescue and provide care for, and prevent cruelty and suffering amongst, horses and ponies that are in need of attention by reason of sickness, maltreatment or ill-usage, or other like causes, and to provide temporary or permanent homes for such horses or ponies.
- To advance the education of the public in matters relating to the welfare of horses and ponies and the prevention of cruelty and suffering amongst horses and ponies.
- To relieve those children, young people, and adults in need (in particular, but not limited to, those with physical, mental, social, or emotional difficulties or disadvantages) by providing equine-assisted learning and therapeutic activities, in order to enhance their education and make their lives better through (but not limited to) appropriate provision of facilities for riding, handling or coming into contact with horses and ponies.
## **Structure, Governance and Management**
The board delegates specific responsibilities and activities to the five committees of the board: Equine Committee, Ethics and EAS Committee, Finance, Investment and Audit Committee, People and Culture Committee and Fundraising and Engagement Committee.
## **Policies adopted for the recruitment, induction, and training of trustees.**
The existing trustees have the power to appoint new trustees. All new trustees are provided with Charity Commission published guidance on the responsibilities of being a trustee and a trustee job description. They are introduced to the charity and its aims by receiving a tour of the sites and meeting management, staff, and current trustees. Training in the governance role of trustees is also made available before appointment and through a trustee induction plan once appointed. There is an active programme of governance development for trustees.
No major decisions or expenditure can be made without consultation with and approval of the trustees.
Day-to-day management is delegated to the Chief Executive who reports to the Board of Trustees quarterly at meetings and at other times as required. There is regular, collaborative contact between the Chief Executive and the Chair of the Board of Trustees.
## **Governance and management**
## **Trustees’ indemnity**
The trustees meet quarterly and are in close contact with the senior management team. They receive regular updates and can respond accordingly. These updates include:
In accordance with normal commercial practice the charity has purchased insurance to protect trustees from claims arising from negligent acts, errors or omissions occurring whilst on charity business. The insurance provides cover up to £5,000,000 on any one claim.
- Delivery plan performance reports with KPIs and benchmarking data
- Risk register reports and focused reviews of
## **Risk management**
- specific areas of risk
The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the charity and are satisfied that systems are in place to mitigate our exposure to the major risks. We have developed a risk management framework which identifies and manages all significant strategic and operational risk. A corporate risk register has been approved by trustees. Specific risks are managed by the relevant committees of the board, with strategic risks managed by the board as a whole.
- Annual updates on policies and performance in relation to General Data Protection Regulation (GDPR), health and safety and safeguarding
- Management accounts with budget variance reports
## **Legal status**
The Mare and Foal Sanctuary is a registered charity (number 1141831) and a company limited by guarantee (number 7584914). Its governing document is its memorandum and articles incorporated 30/03/2011 as amended by special resolution(s) date 03/07/2012 as amended on 13/02/2020.
- The Chief Executive’s update of all key service areas and developments
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**The Mare and Foal Sanctuary** 2024
**The Mare and Foal Sanctuary** 2024
## **Organisational structure**
**The charity is managed through the following areas:**
## **Sanctuary Care Team**
Responsible for the rescue, rehabilitation, retraining, and rehoming of horses and ponies. This team also provides lifelong care for those who remain in our four sanctuary sites.
## **Public Benefit**
**The Mare and Foal Sanctuary’s vision is a world where we all understand and value the interconnection of humans, horses and nature. Our ambition is to be a leader in new thinking and better practice within the equine community.**
The trustees confirm that The Mare and Foal Sanctuary’s aims and objectives align with the Charity Commission’s guidance on public benefit. The trustees regularly review these aims and objectives for both current and future activities to ensure our public benefit can be demonstrated through charitable purposes defined by The Charities Act 2011.
## **Welfare Outreach and Rehoming Team**
Supports carers who offer Sanctuary at Home to our rescued equines, as well as private owners needing guidance. The team follows up on welfare concerns to ensure the ongoing wellbeing of equines, and helps prevent future welfare issues and promote better equine care.
## **Education and Equine Assisted Services Team**
Delivers alternative education and personal development programmes for children, young people, families, and adults through equine-assisted learning and wellbeing activities.
## **Income Generation and Communications Team**
Leads our fundraising efforts, supporter engagement, and charity retail operations to ensure the financial sustainability of our work.
## **Operations and Support Services Team**
Oversees the charity’s internal functions, including volunteering, People and Culture, ICT, Finance, and estate management, providing the essential infrastructure to support all other teams.
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**The Mare and Foal Sanctuary 2024**
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Our Values
We are the place for people who want
to make a difference to the lives of
foals, horses, and ponies. Our values of
kindness, care and knowledge embrace
equines and humans together.
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The Mare and Foal Sanctuary 2024
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## What We Said We’d Do
## **Reduce sanctuary horse numbers**
Manage the number of horses across our sanctuaries down towards 125 – the optimum capacity of our current sites.
## **Rehabilitate and rehome equines efficiently**
Increase the number of horses ready for rehoming and placed in new Sanctuary at Home locations.
## **Rosemary Kind Barn**
Progress the build to be ready for horses in 2025.
## **Equine Assisted Services**
Monitor demand and expand reach to future service users.
## **Fundraising**
Strengthen non-legacy income streams and explore new opportunities,including arena hire at Coombe Park.
## **Holistic grazing project**
Complete track systems at Upcott and Honeysuckle.
## **Visitor engagement**
Deliver visitor experiences at Coombe Park and plan for enhanced facilities.
## What We Did
## **Reduced numbers to 131 by year end, despite managing high volumes of live welfare cases**
68 welfare advice calls handled, helping 90 equines through this service. Average of 12 live welfare cases per month. 3 emergency admissions into sanctuary.
- 102 outreach visits supporting equines and their owners in the South West. 1,075 equines helped since our foundation in 1988.
## **57 equines rehomed through our Sanctuary at Home scheme this year**
- 425 equines in total are now loaned and cared for by 342 Sanctuary at Home carers.
Rehoming content and visibility improved, positively impacting engagement and placements.
## **Foundation groundwork completed in autumn**
Building work paused briefly to reassess costs but remains on track for completion in 2026.
## **Delivered 362 sessions to 196 participants**
Reach increased through improved outreach and engagement.
## **Raised £6.65 million from legacies and donations**
- 18p in every £1 spent on fundraising; the remainder supports sanctuary, outreach, and Equine Assisted Services. Retail activities are self-funded and not included here. Continued to develop existing income streams. Launched a full-scale raffle under our new gambling licence.
## **Completion timeline extended to 2025**
## **Hosted open days and events from August to December**
Welcomed 1,000 visitors across our Devon sites.
**The Mare and Foal Sanctuary** 2024
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Beautiful New
Summer Arrival
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**We were delighted to announce the birth of a healthy colt foal to rescued Welsh moorland mare Nia at our Newton Abbot sanctuary in late August. The delivery was captured by our field webcam on a sunny evening with Nia’s companion, Dartmoor mare Chandrani, nearby.**
Little Nev, as he was later named by our supporters, arrived early and although Nia initially struggled to allow him to suckle, our team and vets monitored them closely and were relieved to see their bond develop. Nia was part of a group of 69 semi-feral Welsh Moorlands rescued in late 2023. As Little Nev grew, he received gentle handling and thrived in his natural environment.
This arrival highlighted the dedication and skill of our team and the ongoing support from our donors.
## **Sanctuary for Horses, Ponies and Foals**
**At The Mare and Foal Sanctuary, we provide lifelong, life-changing care to rescued horses and ponies.**
Across our four sanctuaries in Devon, we currently provide specialist care for around 130 horses and ponies whose complex needs mean they cannot be rehomed. These peaceful havens are staffed by our expert, dedicated teams who ensure each animal receives individualised, lifelong care.
Beyond our sanctuaries, our Sanctuary at Home network of knowledgeable carers helps us support over 425 horses and ponies. This vital scheme allows us to create space for more animals in urgent need, strengthens our rescue mission, and builds a community of people who share our deep love and respect for horses and ponies.
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**The Mare and Foal Sanctuary** 2024
## **Urgent Intervention for Dakota**
**In early 2024 we were alerted to a dangerous situation in South Devon involving a young horse being attacked by a stallion in a field herd.**
Our Welfare Outreach and Rehoming Team found Dakota severely injured, with open bite wounds covering his body. They took him to Beech Trees Veterinary Centre for emergency treatment. Despite his pain, he allowed our team to handle and treat him. Thanks to the kindness of our supporters, we were able to give Dakota the life-saving care he needed.
## **Lifelong Sanctuary for Every Equine**
Our 2024 Christmas appeal focused on one of our core aims; to provide lifelong, loving care and support for equines in critical need. Some have such complex medical or behavioural needs following abuse or neglect that they’ll always remain at one of our four Sanctuary sites receiving specialist treatment and training for life. We followed the story of Bodmin Hill pony Pinky, who was rescued from desperate living conditions on Bodmin moor and is so fearful of being handled he can’t even be groomed. Also featured was pony cross Seren who arrived as part of a large welfare case, was orphaned at just a day old, has complex behavioural needs and is now losing her sight. And we also shared the story of Dartmoor Hill Pony Chesney who was made to jump through rings of fire in a circus, leaving her anxious and terrified of loud noises.
**Storm Darragh Damage**
**In December Storm Darragh caused significant disruption at all of our sanctuary sites, damaging structures, felling trees, and cutting power.**
Two wooden field shelters were overturned, and a large tree was brought down at Honeysuckle. At Upcott Park, metal barn sides and outbuilding slats were loosened. Yelverton Moorland Facility lost power, and a tree triggered a fire alarm at Coombe Park.
Thankfully, no horses or staff were injured. The team swiftly responded, clearing debris, repairing structures and ensuring everyone’s safety.
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**The Mare and Foal Sanctuary** 2024
## **Advice and Support for Equine Owners**
**We give non-judgemental advice and no shame support to any horse or pony carer through our Welfare Outreach and Rehoming team, but we are also able to step in and make a formal welfare intervention when necessary, collaborating with the RSPCA.**
There are different approaches to giving kindness and care to animals and, we pride ourselves as leaders in the expert understanding of the physical, psychological, and social needs of horses and ponies. We can educate people in meeting these in ways that are based on current veterinary and equine science, including behavioural science. We employ a behaviour specialist, and specialist leads for training, care, and support for equine partners in Equine Assisted Services to ensure our teams are receiving the most up to date guidance on equine behavioural science, learning theory and equine care.
companion ponies or return to conservation grazing. In collaboration with Dartmoor pony keepers, the clinic featured seven ponies from Dartmoor and three colts, including Shetlands from Cornwall. The colts underwent more than a month of training with our Sanctuary Care Team to build trust before the event. All but one colt underwent surgery successfully, and the vets practised various anaesthetic techniques throughout the process. This event significantly supported the professional development of 17 vets from across the UK.
**Equine Training Clinic to Enhance Vet Skills**
A unique equine training clinic at Beech Trees in April provided UK vets with the opportunity to learn essential field surgery and anaesthesia skills on semi-feral ponies. Organised by the British Equine Veterinary Association (BEVA), the event focused on castration techniques that improve the future of colts, allowing them to become riding or
## **Bringing Horses, Ponies and People Together**
**We offer human-equine interaction through equine assisted learning, equine assisted wellbeing and equine assisted activities with our rescued horses and ponies to children, young people, and adults in our community.**
People of all ages relate to our horses’ and ponies’ life stories, especially how they have overcome adverse experiences, which brings hope, a renewed sense of meaning and future direction to the lives of our participants. We are a fully inclusive organisation offering both a person-centred and equine-centred approach.
We believe that horses and ponies, as sentient beings, and close companions of humans over the centuries, have a value and a purpose. Horses and ponies are prey animals that have a natural flight instinct, which means they are always in the present moment understanding their environment. They are also pro-social, congruent, and naturally curious, providing us with constant feedback through their body language and behaviour on how we are, which we can reflect upon for our self-discovery and own learning moving forward.
**We are the place for people who want to make a difference to the lives of foals, horses and ponies**
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The Mare and Foal Sanctuary 2024
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## **Our Amazing Supporters**
We rely entirely on donations, legacy gifts, and income from our charity shops to carry out our work. We are deeply grateful to the individuals, organisations, companies — and especially everyone who visited our shops, sponsored a fundraiser, or donated, however small — for helping to sustain our vital charitable activities. Alongside an exceptional year for legacy income, we were heartened by the generosity of so many supporters, even in the face of ongoing economic challenges.
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The Mare and Foal Sanctuary 2024
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## **Our Fundraising Practices**
## **Our community of supporters**
**The majority of fundraising income is generated from donations and legacy gifts from individuals.**
We were proud to receive support from a variety of individuals and grant-making trusts in 2024, and we are grateful to each and every supporter. Donations received in the year included generous gifts from:
Our direct marketing includes sending fundraising appeals, informative newsletters, and an annual calendar. This work is led and undertaken by our Fundraising team. The production and fulfilment of these mailings is supported by a contracted third party, with whom we manage and regularly monitor the work undertaken. Each mailing enables us to demonstrate our charitable activities and provides a response mechanism for our supporters, including options to donate and update their communication preferences, containing clear instructions on how to be removed from our mailing lists. We regularly review our Legitimate Interest Assessment Policy to ensure we appropriately contact donors for fundraising and communications purposes. We also undertake fundraising through digital activity through our website, and we engage in digital email marketing.
- Animal Friends Pet Insurance
- Anthony & Deirdre Montagu Charitable Trust
- Benefact Trust
- Betty Phillips Charitable Trust
- Dacomb Charity Trust
- Dumbreck Charity
- M J Camp Charitable Foundation
- Mrs Mary Clark
- Stella Symons Charitable Trust
- The Barry Green Memorial Fund
- The Diana Edgson Wright Charitable Trust
- The Marion Mules Discretionary Trust
- The Michael Chamberlayne Charitable Trust
- The Phillips Charitable Trust
- The Richard Frankland Charitable Trust
- The Rogerson Charitable Trust
Each year, we undertake an annual survey to obtain our supporters’ feedback on the frequency of communications and ensure that we are meeting their expectations. In 2024, our survey revealed 99% of our supporters were satisfied with how they’re treated, 96% felt the sanctuary’s contact throughout the year was ‘about right’ and 82% said they ‘definitely’ will continue supporting us into the next year.
- The Rose Animal Welfare Trust
- The Volvox Trust
- The William Haddon Charitable Trust
- Viscount Amory’s Charitable Trust
- Walker 597 Animal Trust
## **Restricted gifts were also received from:**
- Mildred Duveen Charitable Trust
- Purchase of a Drone
- Sir John Sumner’s Trust – Purchase of a Drone
We continued to raise funds from our weekly lottery and summer raffle mailing which was very successful. We operate in compliance with the Gambling Commission’s (the UK regulatory body concerned with lotteries) requirements. Our lottery and raffle activities are administered by a certified External Lottery Manager. Thank you.
- The Farringdon House School Trust – Supporting Equine Assisted Services
- Jain Animal Sanctuary – Supporting purchase of our Horsebox
- Elise Pilkington Charitable Trust – payment of fencing at our Yelverton Sanctuary
- The Rodway Family Charitable Trust - Supporting Equine Assisted Services
## **Fundraising Complaints**
**We are committed to always delivering the best level of service to everyone who engages with our charity including beneficiaries, supporters, and the community. There have been three complaints about fundraising activities during this reporting period.**
We have a Complaints Policy and procedure in place and a designated Complaints Coordinator. All staff working in fundraising have received training. In the event of a complaint, it is our promise to:
- Provide a responsive and timely service to the complainant
- Treat all complaints seriously and investigate them thoroughly
- Resolve complaints promptly
- Be open and honest in our dealings with the complainant
- Learn from complaints and take action to improve our service
The Mare and Foal Sanctuary is registered with the Fundraising Regulator and abides by the Code of Fundraising Practice. We have developed our own compliance framework to ensure our fundraising guidance and working practices are routinely reviewed and updated. Our Fundraising staff maintain an awareness and understanding of the code and hold membership with the Chartered Institute of Fundraising.
## **Successful Crowdfunding Campaign for New Horsebox**
**We surpassed our £35,000 crowdfunding target to purchase a new horsebox for transporting rescued horses and ponies.**
Launched in the summer to replace our unreliable vehicle, the appeal garnered significant online pledges and major donations. Just short of the total, Totnes supporters Sue and Keith Hollings generously stepped in to offer the remaining £14,000 after visiting our sanctuary and learning about our campaign in a local newspaper. We would like to thank all our supporters for making this vital purchase possible.
## **Hartpury University Students Raise £946 for The Mare and Foal Sanctuary**
## **First-year students at Hartpury University raised £946.16 for the Sanctuary as part of a fundraising project.**
Through activities like mud-running, baking, and selling clothes and cakes, they exceeded their £500 target. The University chose the Sanctuary as its charity of the year, uniting students from various equine programs. The funds will support the Sanctuary’s work rescuing and caring for nearly 600 horses and ponies. The partnership also includes learning workshops provided by Sanctuary staff and internship opportunities for students.
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**The Mare and Foal Sanctuary 2024**
**The Mare and Foal Sanctuary** 2024
## **Our Devoted Staff and Volunteers**
**At the end of 2024, The Mare and Foal Sanctuary employed 137 dedicated staff members and was supported by 93 passionate and committed volunteers. Together, they form the heart of our organisation. From frontline equine care and welfare outreach to education, administration, and retail, every individual plays a vital role in improving the lives of horses, ponies, and people every single day.**
Our team brings a wealth of knowledge, compassion, and professionalism to their work, and we are proud of the positive culture they help to create across the charity. We are equally proud of our commitment to their health, safety, and wellbeing. In 2024, we were delighted to achieve a 97% pass rate in our external health and safety audit — a reflection of our ongoing investment in creating a safe, supportive and fulfilling working environment for all.
Key management personnel comprised of D Spilsbury, D Vincent, SJ Williamson, and I Wylie.
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The Mare and Foal
Sanctuary Achieves
Real Living Wage
Accreditation
2024 marked a significant milestone for The
Mare and Foal Sanctuary as it became a Real
Living Wage employer, accredited by The
Living Wage Foundation. This achievement
underscored our commitment to valuing
team members with a wage that meets
their everyday needs. As one of only 151
accredited Living Wage Employers in Devon,
we adopted a minimum hourly rate of £12.
By implementing the Real Living Wage, we not only
demonstrated appreciation for our dedicated staff
but also enhanced our ability to attract and retain
talented individuals who share our mission. We
felt that supporting staff during the cost-of-living
crisis was essential. This initiative helped alleviate
financial pressures, enabling employees to focus
on their impactful work. Guided by our core values
of Kindness,
Care, and
an important
throughout
the year.
The Mare and Foal Sanctuary
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**The Mare and Foal Sanctuary** 2024
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Fostering an inclusive culture helps each of us The Trustees recognise that the Board is more
Our Commitment to to benefit from a wider range of these different effective if it includes a variety of perspectives,
perspectives, experiences, and skills. We believe experiences, and skills. We also recognise that
Equity, Diversity and that this creates a happier, more productive working often people from groups which identify with the
environment for us all. protected characteristics of the Equalities Act
Inclusion 2010, as well as people from lower socio-economic
We believe that a culture of equity, diversity and
inclusion not only benefits our organisation but backgrounds, are those who also have had less
Our charity is made up of talented and access historically to involvement with horses
supports wellbeing and enables our people to work
passionate people. Each of us is unique, and ponies, outdoor learning, and nature-based
better because they can be themselves and feel that
whether in terms of our background, personal activities. The Mare and Foal Sanctuary is ideally
they belong.
characteristics, experience, skills, or motivations. located to offer opportunities for people from the
And we value our people for the differences We are committed to promoting a working Torbay and Plymouth coastal conurbations, which
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## **Sustainable Sanctuaries**
**At The Mare and Foal Sanctuary, our commitment extends beyond the care of our rescued horses. We’re also dedicated to nurturing the beautiful natural spaces and habitats they call home.**
Responsible land management and conservation play a vital role in the wellbeing of our horses and the wider ecosystem. From maintaining healthy pastures that support biodiversity to creating wildlife-friendly areas within our sanctuary, we strive to be good stewards of the land.
Our efforts help:
- Enhance the overall health and happiness of our horses: access to natural grazing and varied environments is crucial for their wellbeing.
- Support diverse plant and insect life.
- Provide natural shelter and resources for wildlife: hedgerows and trees offer homes for birds and other creatures.
We believe that caring for animals and caring for nature go hand in hand. Every step we take towards conservation creates a healthier world for all.
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**The Mare and Foal Sanctuary 2024**
**The Mare and Foal Sanctuary 2024**
## **Our Financial Review**
## **Thanks to continued donations from our fantastic supporters and solid cost control, we had another successful year in financial terms.**
**Table 1** shows the surplus for the year was £1,359,602 (2023 surplus: £2,575,032). The reduced surplus was driven by a fall year-to-year in legacy income and a general growth in costs in an inflationary environment.
## **Table 1: Extract from the Statement of Financial Activities**
|**Income**
**Note**
Donations and Legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
**Total**
**Expenditure**
Raising funds
7
Charitable activities
8
**Total**
Net gains/(losses) on investments
Proft on disposal of fxed assets
Net movement in funds
**Total funds at start of year**
**Total funds at 31 December**|**2024**
**2023**
6,649,803
7,045,707
33,642
41,976
652,460
682,300
182,622
187,213|
|---|---|
||**7,518,527**
**7,957,196**|
||1,957,600
1,828,528
4,404,379
3,788,220|
||**6,361,979**
**5,616,748**|
||191,790
234,584
11,264|
||1,359,602
2,575,032
**17,316,054**
**14,741,022**|
||**18,675,656**
**17,316,054**|
As shown in **Table 2** , the charity is heavily reliant upon donations from its supporters. Donations and gifts of
£1,807,826 (2023: £1,831,107) were received in the year. This pays for the day-to-day shelter and food for the equines in our care and other charitable expenditure. We also received £4,841,977 of legacies (2023: £5,214,600) during the year which makes a huge difference. Over recent years, it has been this legacy and regular donation income that has allowed the charity to increase its capacity and diversify its use of the sites it owns. We are extremely grateful to all of our loyal supporters who share our values and goals.
## **Table 2: Income**
|**Income**
**Note**
Donations and Legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6|**2024**
**2023**
6,649,803
7,045,707
33,642
41,976
652,460
682,300
182,622
187,213|
|---|---|
||7,518,527
7,957,196|
## **The Mare and Foal Sanctuary**
Our retail and education activities continued to operate through the year, as well as welcoming visitors to our open days. The retail business environment continues to be challenging. At £652,460 our trading income declined compared to last year (2023: £682,300).
## **Risks and Uncertainties**
We regularly review the risks and uncertainties that we are managing and assess the impact and likelihood of that risk materialising. After including the impact of measures taken to manage the risk, at the end of 2024 there were no risks rated “severe” and two risks were rated “high” listed below:
Total expenditure of £6,361,979 (2023: £5,616,748) was incurred during the year as shown in **Table 3** .
- Biosecurity: particularly as we regularly bring rescued equines in poor condition into sanctuary, there is always a risk that one or more sanctuary care sites has to be closed due to a biosecurity issue or disease outbreak.
## **Table 3: Expenditure**
- Failure of a contractor delivering a significant project: such a failure could bring significant issues such as difficulty in controlling costs or delays, poor quality or non-delivery of project objectives.
|Charitable activities
Raising Funds|**2024**
**2023**
4,404,379
3,788,220
1,957,600
1,828,528|
|---|---|
||6,361,979
5,616,748|
The following risks were rated as “medium”:
The value of our investments continues to fluctuate from year to year, which reflects the variability of the wider investment marketplace.
- Data breach or leak of sensitive information
- Fraud committed against our charity, putting at risk our money, people, reputation, and data
- Inadequate staff training and recruitment
We regularly review our expenditure to ensure we get the best value possible. Our Finance, Investment and Audit Committee continued to meet regularly throughout the year with close monitoring of both income and expenditure being undertaken.
- Loss of key staff
- Significant medium/long-term reduction in donor income
- Site infrastructure is no longer fit for purpose
24
**The Mare and Foal Sanctuary** 2024
**The Mare and Foal Sanctuary** 2024
## **Our Reserves and Investment Policies**
Should circumstances require that further free reserves are made available, the Trustees are holding substantial designated reserves for development purposes which could be freed by the Trustees without a need to sell any assets.
## **Our Reserves Policy**
**The trustees consider the need to deliver our core services and to hold sufficient reserves to ensure sustainability in the light of uncertain and fluctuating income streams and cashflows. The trustees have the power to administer and manage the assets of the charity. They have delegated the preparation of advice on the invested parts of these assets to an investment subcommittee comprising of two trustees, the Director of Finance, and the Chief Executive.**
The designated charity development and innovation
funds have increased to £1,891,027 (2023: £1,820,810). This reflects the Sanctuary’s plan for future growth and the support required to facilitate this development within the organisation.
A designated fund has been established which holds the funds received from unrestricted Large Donations, which are deemed to be outside business as usual and will be used to support specific activities or initiatives. An unrestricted donation of £150,000 or more is deemed to be a large donation. On 31 December 2024, the fund held £3,518,408 (2023: £1,929,446).
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately eighteen months of budgeted unrestricted operational expenditure (excluding retail expenditure). For 2024 this would have been £8,231,553 (2023: £7,119,924).
The designated property fund for the group ended the year with a balance of £7,976,220 (2023: £6,976,003). This reserve reflects the funds tied up in capital investments in properties, vehicles, and equipment, which could only be made available for alternative use if the underlying asset was sold.
The trustees believe that this would provide sufficient free reserves to cover any unforeseen circumstances that may arise. The charity has retained free reserves of £5,062,416 on 31 December 2024 (2023: £6,338,640). Although this is lower than the level being targeted by the policy, in arriving at the “free reserves” amount the trustees take the view that restricted and designated funds are not free reserves.
## **Our Investment Policy**
**The charity appointed Rathbones to act on their behalf to professionally manage allocated funds on a discretionary basis and have entered into a formal written agreement with them. The sum invested with Rathbones has increased and now stands at £4,532,684 (2023: £4,259,254).**
The Charity has highlighted to its fund manager that investment decisions must be made with an awareness of the charity’s sensitivity to animal testing and animal-related issues which may cause pain or suffering.
The fund manager meets with the charity’s Finance, Investment and Audit Committee, when the amount invested, and the stated investment objective is reviewed.
The investment objective is to reduce the level of finance investments in the period of our corporate strategy 2025-30. In the meantime, we seek to preserve the invested sum through a balanced and diversified investment portfolio adopting a medium risk approach.
## **Trustees’ Responsibilities Statement**
**The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).**
Charities Act 1993, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report was approved by the Trustees on 23 September 2025 and signed on their behalf by:
- Select suitable accounting policies and then apply them consistently.
- Observe the methods and principles in the Charities SORP.
- Make judgments and estimates that are reasonable and prudent.
- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
## **Helena Vega-Lozano**
Chair of Trustees
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the
26
**The Mare and Foal Sanctuary** 2024
**The Mare and Foal Sanctuary** 2024
## **Independent Auditor’s Report to the Members of The Mare and Foal Sanctuary**
## **Opinion**
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 audited the financial statements of Mare and Foal Sanctuary (the ‘Charity’) for the year ended 31 December 2024, which comprise the Statement of Financial Activities incorporating Income and Expenditure Account, Balance Sheet, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 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:
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 company ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
We have nothing to report in this regard.
- give a true and fair view of the state of affairs of the Charity as of 31 December 2024 and of the Charity’s results for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
## **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 Charity in accordance with the
## **Independent Auditor’s Report to the Members of The Mare and Foal Sanctuary** _Continued_
## **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 Strategic Report and Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Trustees’ Report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by**
## **exception**
In the light of our knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees’ 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 by the Charity, 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.
## Irregularities, including fraud, are instances of
## **Responsibilities of Trustees**
As explained more fully in the Statement of non-compliance with laws and regulations. We Trustees’ Responsibilities set out on page 14-15, design procedures in line with our responsibilities, the Trustees are responsible for the preparation outlined above, to detect material misstatements in of the financial statements and for being satisfied respect of irregularities, including fraud. The extent that they give a true and fair view, and for to which our procedures are capable of detecting such internal control as the Trustees determine irregularities, including fraud is detailed below: is necessary to enable the preparation of financial statements that are free from material As part of our audit planning, we obtained misstatement, whether due to fraud or error. an understanding of the legal and regulatory In preparing the financial statements, the Trustees framework that is applicable to the entity and the are responsible for assessing the Charity’s ability industry/ sector in which it operates to identify the to continue as a going concern, disclosing, as key laws and regulations affecting the entity. As applicable, matters related to going concern and part of this assessment process, we discussed with using the going concern basis of accounting unless management the key laws and regulations. the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative The key laws and regulations we identified were but to do so.
The key laws and regulations we identified were those that have a direct impact on the preparation of the financial statements such as the Charities Act and SORP.
## **Auditor’s responsibilities for the audit of the**
## **financial statements**
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
We discussed with management how the compliance with these laws and regulations in monitored and discussed policies and procedures in place.
We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they arise.
(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.
As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue trading and the risk of material misstatement to the accounts.
28
**The Mare and Foal Sanctuary** 2024
**The Mare and Foal Sanctuary** 2024
**Statement of Financial Activities and Balance Sheet**
**Independent Auditor’s Report to the Members of The Mare and Foal Sanctuary** _Continued_
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
- Enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements.
- Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
- Reviewed Board minutes.
As part of our enquiries, we discussed with management whether there have been any known instances, allegations or suspicions of fraud.
We also evaluated the risk of fraud through management override including that arising from management’s incentives. We determined that the principal risks were related to the overstatement of profit through the manipulation of cut-off, in respect of both income and expenditure.
Because of the inherent limitations of an audit, there
is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of noncompliance. 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, collusion, omission, or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc. org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the Charity’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 Charity’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 Charity and its Members as a body, for our audit work, for this report, or for the opinions we have formed.
Sharon Austen FCCA (Senior Statutory Auditor) PKF Francis Clark, Statutory Auditor
Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF Date: 24 September 2025
**Statement of Financial Activities (Incorporating Income and Expenditure Account) Year Ended 31 December 2024**
**Balance Sheet 31 December 2024**
|**pg**
**Account) Year Ended 31 December 2024**
Unrestricted
Restricted
Funds
Funds
2024
2024
Note
£
£
Income
Donations and Legacies
3
6,604,919
44,884
Charitable activities
4
33,642
-
Other trading activities
5
652,460
-
Investment income
6
182,622
-
Total Income
7,473,643
44,884
Expenditure
Raising funds
7
1,957,600
-
Charitable activities
8
4,335,925
68,454
Total Expenditure
6,293,525
68,454
Net gains/ (loss)
on investments
191,790
-
Proft on disposal
of fxed assets
11,264
-
Net income /
(expenditure)
1,383,172
(23,570)
Net movement
in funds
1,383,172
(23,570)
Reconciliation
of Funds
Total funds on 1
January 2024
17,064,899
251,155
Total funds on 31
December 2024
18,448,071
227,585|
TOTAL
Funds
2024
£
6,649,803
33,642
652,460
182,622
7,518,527
1,957,600
4,404,379
6,361,979
191,790
11,264
1,359,602
1,359,602
17,316,054
18,675,656|
TOTAL
Funds
31 Dec
2023
£
7,045,707
41,976
682,300
187,213
7,957,196
1,828,528
3,788,220
5,616,748
234,584
-
2,575,032
2,575,032
14,741,022
17,316,054
2024
2023
Note
£
£
Fixed assets
Tangible fxed assets
11
7,976,220
6,976,003
Investments
12
4,559,198
4,310,021
12,535,418
11,286,024
Current assets
Stock
13
63,436
42,256
Debtors
14
3,513,829
2,955,348
Cash at bank and in hand
15
2,952,004
3,310,914
6,529,269
6,308,518
Liabilities
Creditors - Amounts falling
due within one year
16
(389,031)
(278,488)
Net current assets
6,140,238
6,030,030
Net assets
18,675,656
17,316,054
Funded by:
Restricted funds
17
227,585
251,155
Designated funds
17
13,385,655
10,726,259
General funds
17
5,062,416
6,338,640
Total funds
17
18,675,656
17,316,054
The fnancial statements have been prepared in accordance with the special provisions
of Part 15 of the Companies Act 2006.
This report was approved by the Trustees on 23 September 2025 and signed on their
behalf, by:
**31 December 2024**
**Helena Vega-Lozano**
Chair of Trustees|
|---|---|---|
Company Registration Number: 07584914
30
**The Mare and Foal Sanctuary** 2024
**The Mare and Foal Sanctuary** 2024
## **Statement of Cash Flows, Notes and Accounting Policies**
## **1 Accounting Policies**
## **Statement of Cash Flows 31 December 2024**
2024 2023 Note £ £ 1,359,602 2,575,032 11 161,623 148,333 29,067 26,819 (86,453) (74,814) - 5,175 (191,791) (234,584) - 668 (72,144) (53,060) 13 (21,180) (2,886) 14 (558,481) (1,054,150) 16 110,543 146,825 735,961 1,478,183 72,144 53,060 - 21,999 (1,189,014) (675,403) - - (1,094,871) (622,343) **16** - (2,651) - (668) - (3,319) (358,910) 852,521 3,310,914 2,458,393 2,952,004 3,310,914
## **a) Basis of Preparation**
## Reconciliation of net movement in funds to
The financial statements have been prepared under the historical cost convention with items being recognised at cost or transaction value unless otherwise stated in the notes to these accounts.
## net cash flow from operating activities:
Net income / (expenditure)
Adjustments to cash flows from non-cash items:
The financial statements have been prepared in accordance with the second edition of the Charities SORP 2019 - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS102) (effective 1 January 2019) – (Charities SORP (FRS 102)), and with the requirements of the Companies Act 2006.
## Depreciation
## Investment management fees
Returns on investments and servicing of finance (Loss) / Profit on sale of fixed assets
## Revaluation of Investments
## Interest paid
The charity constitutes a public benefit entity as defined by FRS102. The functional and presentational currency is sterling.
## Interest received
(Increase) / Decrease in stock
(Increase) in debtors
## **b) Going Concern**
Increase / (Decrease) in creditors
## Net cash provided by operating activities
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately eighteen months of budgeted unrestricted operational expenditure (excluding retail expenditure). In arriving at the “free reserves” amount the trustees take the view that restricted and designated funds are not free reserves.
## **Cash flows from investing activities**
## Interest income
Proceeds from the sale of fixed assets Acquisitions of tangible fixed assets
As set out in the Financial Review of the Trustees Annual Report, although the policy level of free reserves has not been reached at 31 December 2024, the charity has adequate free reserves available for the following two years of operations. Based upon this reserves position and forecast financial information, in the Trustees opinion it is appropriate to prepare the accounts on a going concern basis.
Purchase of listed investments
## Cash provided by / (used in) investing activities
## **Cash flows from financing activities**
## Capital repayment of HP lease
## Interest paid
Net cash (used in) / provided by financing activities
## Decrease/Increase in cash and cash equivalents in the year
## **c) Fund accounting**
Cash and cash equivalents at the beginning of the year
Restricted funds comprise funds subject to specific obligations that must be applied for specific purposes.
## Cash and cash equivalents at the end of the year
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity
## **Notes and Accounting Policies** _Continued_
and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. A designated fund will be maintained for unrestricted large donations, which are deemed to be outside business as usual and will be used to support specific activities or initiatives. An unrestricted donation of £150,000 or more is deemed to be a large donation.
Investment income, gains and losses are allocated to the appropriate fund.
## **d) Critical accounting judgements and key sources of estimation uncertainty**
In application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 revision and future periods if the revision affects both current and future periods.
The key critical judgement and estimate that the
trustees have made in the process of applying the company’s accounting policies, and that has the most significant effect on the amounts recognised in the financial statements, is in respect of legacy income recognition. For those legacies which are probably going to be received, and therefore are included within income, the trustees have decided to recognise 90% of the expected income and in unusual circumstances may make further legacy specific reductions if required.
## **e) Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.
For legacies, entitlement is established at the earlier of the point in time when either the legacy has been received, or the charity has been notified of being a beneficiary of a will that has become subject to a Grant of Probate. Such a notification will lead to the recognition of income at that time provided that the legacy receipt can be reliably estimated and there are no specific circumstances which cast doubt over the future receipt of the income.
Gifts donated for resale are included in income when they are sold. Donated services or facilities are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable. No income is recognised where there is no financial cost borne by a third party.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **f) Expenditure**
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of the resources:
Raising funds are those costs incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. They include the costs incurred in operating the charity’s shops.
Charitable activities include expenditure associated with the direct performance of our charitable objectives.
32
**The Mare and Foal Sanctuary** 2024
**The Mare and Foal Sanctuary** 2024
**Notes and Accounting Policies** _Continued_
**Notes and Accounting Policies** _Continued_
## **g) Tangible fixed assets and depreciation**
Fixed assets are included at cost less depreciation. Depreciation is not charged on land and any asset under construction.
Depreciation writes off the cost of an asset less its estimated residual value over the useful economic life of that asset on a reducing balance basis as follows:
Freehold buildings: structural works 2% per annum
Freehold buildings: major works 4% per annum Freehold buildings: minor works 10% per annum Leasehold buildings: minor works 20% per annum Motor vehicles 20% per annum Furniture, fittings, and equipment 20% per annum IT Equipment 20% per annum Database 20% per annum
## **h) Liabilities**
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount
that the Trustees anticipate they will pay to settle the debt or the amount they have received as advanced payments for the goods and services they must provide
## **i) Operating lease agreements**
Rentals applicable to operating leases are charged to the SOFA on a straight-line basis over the period of the lease.
## **j) Finance lease agreements**
Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability using the rate implicit in the lease. The finance charge is allocated to each period during the lease term to produce a constant periodic rate of interest on the remaining balance of the liability.
## **k) Stock**
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow-moving stocks. Cost includes all direct costs.
## **l) Investments**
Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the period.
## **m) Financial Instruments**
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities. The company holds the following financial instruments, all of which are basic: Short term trade and other debtors and creditors.
## **n) Pensions**
The company operates a defined contribution pension scheme, and the pension charge represents the amount payable by the company to the pension fund in respect of the year.
## **2 Charitable Status**
The charity is a company limited by guarantee and is registered with the Charity Commissioners for England and Wales. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The charitable company was incorporated in England and Wales.
## **3. Income from Donations and Legacies**
|**3. Income from Dona**||**t**|**i**||**ons**|**a**|**nd L**|**e**|**gacies**||**6. Investment Income**|**6. Investment Income**||||||||**8. Analysis of Expenditure on Charitable**|**8. Analysis of Expenditure on Charitable**|**8. Analysis of Expenditure on Charitable**|**8. Analysis of Expenditure on Charitable**|**8. Analysis of Expenditure on Charitable**|**8. Analysis of Expenditure on Charitable**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||||||||||**Activities**||||||||
||||||||2024||2023|||||2024|||2023|||||||||||
||||||||£||£|||||£|||£||||2024||||2023|||
|||||||||||||||||||||||||||||
|Donations and gifts|||||1,807,826||||1,831,107||Rent|||24,025|||59,339|||||||||||
|Legacies|||||4,841,977||||5,214,600||Investment income|||86,453|||74,814|||||||||||
|**Total**|||||6,649,803||||7,045,707||Interest receivable|||72,144|||53,060|||Animal feed and general welfare|£
255,953||||£
274,267|||
||||||||||||**Total**|||182,622|||187,213|||Veterinary and farrier fees|148,003||||155,892|||
|||||||||||||||||||||Rent|28,560||||2,849|||
|||||||||||||||||||||Other property costs|68,422||||51,977|||
|_Donations income includes £44,884_||||||||||||||||||||Repairs, maintenance and cleaning|139,193||||149,590|||
|_(2023: £208,150) of restricted_|||_income._||||||||**7. Analysis of Expenditure on Raising**|||||||||Motor and travel (including staff
fares)|64,880||||72,058|||
|**4. Income from Charitable**||||||**Activities**|||||**Funds**|||2024|||2023|||Telephone
Sundry expenses|5,074
64,083||||3,222
39,863|||
|||||||||||||||£|||£|||Wages and salaries|2,021,498|||1,865,240||||
||||||||2024||2023||Advertising|||55,345|||66,898|||Trustees’ indemnity insurance|4,875||||4,615|||
||||||||£||£||Other costs|||72,589|||120,315|||Support costs (see Note 9)|1,603,838|||1,168,647||||
|Sponsorships||||||29,631|||33,418||Printing and postage|||388,837|||280,254|||**Total**|4,404,379|||3,788,220||||
|Shows and rides|||||||4,011||8,558||Database management|||18,145|||17,631|||||||||||
|**Total**||||||33,642|||41,976||Investment management fees
Wages and salaries
Charity shops – overheads
and cost of goods sold|||29,067
558,073
805,823|||26,819
521,829
735,552|||_The increase in rent costs refects a change in our internal cost_
_classifcation introduced in 2024._
_All expenditure on charitable activities is incurred for the_
_provision of sanctuary and welfare._||||||||
|||||||||||||||||||||||||||||
||||||||||||Support costs (see Note 9)|||29,721|||59,230|||||||||||
|**5. Income from Other**|||**Trading Activities**||||||||**Total**|||1,957,600|||1,828,528|||||||||||
|||||||||||||||||||||||||||||
||||||||2024||2023||Printing and postage costs increased in 2024 due to new|||||||||||||||||
||||||||£||£||campaigns that were introduced|during the year.||||||||||||||||
|||||||||||||||||||||||||||||
|Shop takings||||||652,460|||682,300|||||||||||||||||||
|**Total**||||||652,460|||682,300|||||||||||||||||||
|||||||||||||||||||||||||||||
## _Donations income includes £44,884_
_(2023: £208,150) of restricted income._
## **4. Income from Charitable Activities**
## **5. Income from Other Trading Activities**
34
**The Mare and Foal Sanctuary** 2024
**The Mare and Foal Sanctuary** 2024
**Notes and Accounting Policies** _Continued_
**Notes and Accounting Policies** _Continued_
## **9. Analysis of Support Costs**
## **10. Analysis of Staff Costs, Trustee Remuneration and Expenses, and the Cost of Key Management Personnel**
Raising Charitable Total Total Funds Activities 2024 2023
|
**Personnel**||||||
|---|---|---|---|---|---|
|||2024||2023||
|||£||£||
|||||||
|Wages and salaries||3,279,757||2,974,724||
|Social security costs||277,396||243,941||
|Pension costs||64,968||58,277||
|||||||
|Settlement costs||22,789||3,719||
|||||||
|||||||
|**Total**||3,644,910||3,280,661||
||
**Personnel**|||
|---|---|---|---|
|||2024|2023|
|||£|£|
|£
£
£
£
Motor, travel and subsistence
-
10,244
10,244
12,612
Bank and credit card charges
27,439
10,808
38,247
40,732
Establishment costs
-
138,729
138,729
139,396
Postage, printing, stationery and offce
-
4,278
4,278
3,535
Telephone and communication
-
37,807
37,807
38,777
Sundry expenses
54
36,824
36,878
7,217
Subcontracted services
-
115,479
115,479
-
Irrecoverable VAT
-
272,457
272,457
155,978
Light and heat
-
45,152
45,152
48,827
Repairs and renewals
676
46,727
47,403
54,336
Professional fees
-
59,274
59,274
74,503
Wages and salaries
-
589,760
589,760
466,131
Recruitment costs
1,552
60,745
62,297
25,684
Depreciation
-
149,554
149,554
140,046
Auditor’s remuneration
-
18,000
18,000
16,000
Other accountancy fees
-
8,000
8,000
4,103
**Total**
29,721 1,603,838 1,633,559
1,227,877
Increases on subcontracted services, irrecoverable VAT and recruitment costs refect
changes to our internal cost classifcation introduced in 2024.
Wages and salaries
3,279,757
2,974,724
Social security costs
277,396
243,941
Pension costs
64,968
58,277
Settlement costs
22,789
3,719
**Total**
3,644,910
3,280,661
In the period there was 1 settlement payment (2023: 2). Settlement payments
were compensation for termination of contract.
The average number of employees (headcount) during the period was:
2024
2023
Charity shops
28
28
Provision of sanctuary and welfare
87
88
Fundraising
20
19
**Total**
135
135
The number of FTE equivalent employees during the year was:
2024
2023
Charity shops
19
19
Provision of sanctuary and welfare
78
74
Fundraising
18
15
**Total**
115
108|Wages and salaries
Social security costs
Pension costs
Settlement costs
**Total**|3,279,757
277,396
64,968
22,789
3,644,910|2,974,724
243,941
58,277
3,719|
||||3,280,661|
|||||
|||2024
28
87
20|2023
28
88
19|
|||135|135|
|||||
|||||
|||2024
19|2023
19|
|||78|74|
|||18|15|
|||115|108|
|||||
|||||
**One employee earned (excluding employers pension and NIC) more than £80,000 and less than £90,000 (2023: one employee), two employees earned (excluding employers pension and NIC) more than £70,000 and less than £80,000 for the year (2023: none), and one employee earned more than £60,000 and less than £70,000 for the year (2023: two employees).**
**The key management personnel comprise four people (2023: four). The aggregate employee benefits payable to the key management personnel for the year (including employers’ pension and NIC) was £333,133 (2023: £304,180). No remuneration was paid to trustees.**
## **11. Tangible Fixed Assets**
|Cost
On 1 January 2024
Additions
Disposals
On 31 December 2024
Depreciation
On 1 January 2024
Charge for the period
Eliminated on disposals
At 31 December 2024
Net Book Value
On 31 December 2024
On 31 December 2023||||||||
|---|---|---|---|---|---|---|---|
||Freehold
Property
£
8,066,718
156,748
-|Motor
Vehicles
£
346,065
67,880
(75,115)|Furniture,
Fittings &
Equipment
£
352,276
30,468
(5,311)|
IT
Equipment
£
66,158
120,004
-|Database
£
70,754
-
-|Assets Under
Construction
392,476
813,914
-|
Total
£
9,294,447
1,189,014
(80,426)|
||8,223,466|338,830|377,433|186,162|70,754|1,206,390|10,403,035|
||1,721,490
106,378
-|202,632
30,476
(51,036)|294,110
13,961
(2,216)|44,290
7,842
-|55,922
2,966
-|-
-
-|2,318,444
161,623
(53,252)|
||1,827,868|182,072|305,855|52,132|58,888|-|2,426,815|
|||||||||
|||||||||
||6,395,598|156,758|71,578|134,030|11,866|1,206,390|7,976,220|
||6,345,228|143,433|58,166|21,868|14,832|392,476|6,976,003|
|||||||||
**The Mare and Foal Sanctuary** 2024
**The Mare and Foal Sanctuary** 2024
**Notes and Accounting Policies** _Continued_
## **17 Funds**
## **Restricted funds**
## **12. Fixed Asset Investments**
|Market value
On 1 January 2024
Additions at cost
Additions to shares
Sale of shares
Revaluations
Charges
On 31 December 2024|Listed
Securities
£
4,263,957
-
613,309
(347,229)
3,033
-|Unlisted
Securities
£
45,963
275,211
(613,309)
347,229
-
(29,067)|Other
investments
£
101
-
-
-
-
-|Total
£
4,310,021
275,211
-
-
3,033
(29,067)
4,559,198|
|---|---|---|---|---|
||4,533,070|26,027|101||
||||||
## **13. Stock**
||2024
£
63,436|2023
£
42,256|
|---|---|---|
||||
Animal supplies and goods for resale
## **14. Debtors: Due Within One Year**
|2024
£
16,664
12,525
14,091
323,620
3,146,929|2023
£
8,331
2,538
1,109
417,370
2,526,000|
|---|---|
|3,513,829|2,955,348|
|||
Other taxation and social security Trade debtors Other debtors Prepayments and accrued income Legacies receivable
## **15. Cash at Bank and in Hand**
|Cash at bank and in hand
**16. Creditors: Due Within One Year**
Trade creditors
Other taxation and social security
Accruals and deferred income
Other creditors|||2023
£
3,310,914
2023
£
176,617
58,808
40,399
2,664
278,488|
|---|---|---|---|
|||2024
£
2,952,004|2023
£
3,310,914|
|||||
|||||
|||2024
£
277,785
64,074
47,122
50|2023
£
176,617
58,808
40,399
2,664|
|||389,031|278,488|
|||||
Funds received for specific purposes including facility improvements works, environmental upgrades and to fund essential vet fees.
## **Property and fixed asset designated fund**
The Trustees have separately identified funds tied up in property and other tangible fixed assets, as these funds, by their nature, are not freely available for the day-to-day use of the charity. The transfer into this fund represents the movement in fixed assets during the year.
## **Charity development designated fund**
The designated development fund is intended to fund the capital programme as well as development activities such as the growth of education activity and research. It also includes a ringfenced amount from the sale of South Manor site which is being held for future capital expansion.
## **Innovation fund**
The innovation fund supports new areas of sanctuary activity, such as new research, training, or practices, which may be associated with external funding.
## **Large donation funds**
A designated fund is maintained for unrestricted large donations, which are deemed to be outside business as usual and will be used to support specific activities or initiatives. An unrestricted donation of £150,000 or more is deemed to be a large donation.
**Remaining funds (i.e. those not designated or invested in fixed assets).** Represent the free reserves of the charity.
|**Restricted funds**
Trust income
**Designated funds**
Property and fxed asset
designated fund
Charity development
designated fund
Innovation Fund
Large donations fund
**General funds**
General free reserves
**Total unrestricted funds**
**Total funds**|Brought
Forward
1 January
2024
£
251,155
6,976,003
1,746,830
73,980
1,929,446|
Income
£
44,884
11,264
-
-
1,588,962|Expenditure
£
(68,454)
(178,063)
-
-
-|Transfers
In/(Out)
£
-
1,167,016
70,217
-
-|Gains/
(Losses)
£
-
-
-
-
-|Carried
Forward
31 Dec 2024
£
227,585
7,976,220
1,817,047
73,980
3,518,408||
|---|---|---|---|---|---|---|---|
||10,726,259|1,600,226|(178,063)|1,237,233|-|13,385,655||
||6,338,640|5,884,681|(6,115,462)|(1,237,233)|191,790|5,062,416||
||17,064,899|7,484,907|(6,293,525)|-|191,790|18,448,071||
||17,316,054|7,529,791|(6,361,979)|-|191,790|18,675,656||
|||||||||
**The Mare and Foal Sanctuary** 2024
**The Mare and Foal Sanctuary** 2024
**Notes and Accounting Policies** _Continued_
**Notes and Accounting Policies** _Continued_
|**Restricted funds**
Trust income
**Designated funds**
Property and fxed asset
designated fund
Charity development
designated fund
Innovation Fund
Large donations fund
**General funds**
General free reserves
**Total unrestricted funds**
**Total funds**||||||Carried
Forward
31 Dec 2023
£
251,155
6,976,003
1,746,830
73,980
1,929,446
10,726,259
6,338,640
17,064,899
17,316,054
**18. Analysis of Net Assets Between Funds**
On 31 December 2024
Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
Tangible fxed assets
7,976,220
-
7,976,220
Investments
4,559,198
-
4,559,198
Cash at bank and in hand
2,724,419
227,585
2,952,004
Other net current assets
3,188,234
-
3,188,234
Total
18,448,071
227,585
18,675,656
On 31 December 2023
Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
Tangible fxed assets
6,976,003
-
6,976,003
Investments
4,310,021
-
4,310,021
Cash at bank and in hand
3,059,759
251,155
3,310,914
Other net current assets
2,719,116
-
2,719,116
Total
17,064,899
251,155
17,316,054|Carried
Forward
31 Dec 2023
£
251,155
6,976,003
1,746,830
73,980
1,929,446
10,726,259
6,338,640
17,064,899
17,316,054
**18. Analysis of Net Assets Between Funds**
On 31 December 2024
Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
Tangible fxed assets
7,976,220
-
7,976,220
Investments
4,559,198
-
4,559,198
Cash at bank and in hand
2,724,419
227,585
2,952,004
Other net current assets
3,188,234
-
3,188,234
Total
18,448,071
227,585
18,675,656
On 31 December 2023
Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
Tangible fxed assets
6,976,003
-
6,976,003
Investments
4,310,021
-
4,310,021
Cash at bank and in hand
3,059,759
251,155
3,310,914
Other net current assets
2,719,116
-
2,719,116
Total
17,064,899
251,155
17,316,054|
|---|---|---|---|---|---|---|---|
||Brought
Forward
1 Jan 2023
£
177,585
6,448,933
1,389,677
159,000
-|
Income
£
208,150
-
-
-
1,929,446|Expenditure
£
(134,580)
(148,333)
-
(55,020)
-|Transfers
In/(Out)
£
-
675,403
357,153
(30,000)
-|Gains/
(Losses)
£
-
-
-
-
-|Carried
Forward
31 Dec 2023
£
251,155
6,976,003
1,746,830
73,980
1,929,446||
||||||||18,448,071
227,585
18,675,656|
||||||||Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
6,976,003
-
6,976,003
4,310,021
-
4,310,021
3,059,759
251,155
3,310,914
2,719,116
-
2,719,116|
||7,997,610|1,929,446|(203,353)|1,002,556|-|10,726,259||
||6,565,827|5,819,600|(5,278,815)|(1,002,556)|234,584|6,338,640||
||14,563,437|7,749,046|(5,482,168)|-|234,584|17,064,899|17,064,899
251,155
17,316,054|
||14,741,022|7,957,196|(5,616,748)|-|234,584|17,316,054||
|||||||||
|||||||||
|||||||||
## **19. Operating Lease Commitments**
|At 31 December 2024, the
charity had total future
minimum lease payments as
follows:
In less than 1 year
Within 2-5 years
Over 5 years
_During the year lease_
_payments totalling £148,662_
_(2023: £149,562) were_
_recognised as an expense._|2024
£
107,090
224,001
-|2023
£
114,000
308,125
15,000|
|---|---|---|
||331,091|437,125|
||||
## **20. Related Party Transactions**
During the year the charity paid travel and other expenses totalling £1,556 (2023: £2,507) to three (2023: eleven) trustees.
## **21 . Pension**
The charity operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The contributions paid from unrestricted funds by the charity to the fund during the year totalled £64,968 (2023: £58,114).
## **22 . Agency Arrangements**
At 31 December 2024, the charity was holding funds for HEIR UK, a pilot project of the Federation of Horses in Education and Therapy (HETI), of which The Mare and Foal Sanctuary is a full federation member. In the accounting period 31 December 2024, the charity received £10,000 (2023: £20,352) and disbursed £8,681 (2023: £26,461) from these funds.
40
**The Mare and Foal Sanctuary** 2024
**The Mare and Foal Sanctuary** 2024
Honeysuckle Farm Haccombe-with-Combe Newton Abbot TQ12 4SA
**www.mareandfoal.org 01626 355969 supporters@mareandfoal.org**
The Mare and Foal Sanctuary is a registered charity in England and Wales (No. 1141831) and a company limited by guarantee registered in England and Wales (No.7584914)
© Mare and Foal Sanctuary 2025