Charity registration number: 1157554
Racehorse Relief
Annual Report and Financial Statements for the Year Ended 31 December 2021
Bickerstaff & Co Chartered Accountants Unit 3d Guildford Industrial Estate Guildford Road Hayle Cornwal TR27 4QZ
Doc ID: 65b1350653b63a666d1ddc6ad9ac9ea82b4e260a
Racehorse Relief
| Contents | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Trustees' Report | 2 to 3 | |
| Statement of Trustees' Responsibilities | 4 | |
| Independent Examiner's Report | 5 | |
| Statement of Financial Activities | 6 | |
| Balance Sheet | 7 | |
| Notes to the Financial Statements | 8 to 14 |
Doc ID: 65b1350653b63a666d1ddc6ad9ac9ea82b4e260a
Racehorse Relief
Reference and Administrative Details
Chief Executive Officer
Mrs Jo Massey
Trustees
Mr Paul Massey Ms Emma Staton Mrs Jo Massey
Ms Jennifer Opie
Charity Registration Number
1157554
Independent Examiner
Bickerstaff & Co Chartered Accountants Unit 3d Guildford Industrial Estate Guildford Road Hayle Cornwal TR27 4QZ
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Doc ID: 65b1350653b63a666d1ddc6ad9ac9ea82b4e260a
Racehorse Relief
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2021.
Objectives and activities
Objects and aims
For the benefit of the public, to relieve the suffering of racehorses that are neglected and unwanted and in particular to rehabilitate, retrain and, where appropriate, rehome such animals. To educate the public in matters pertaining to the wellbeing and correct management of former racehorses. The organisation was setup to help people who have acquired an ex-racehorse but are unable to care for it appropriately. This is usually because they have insufficient skill, insufficient ability or insufficient funds. These people can benefit from our charity either from our support and education or, where that is not possible, we can take the horse from the owner, rehabilitate the horse and loan it to a new home.
The main goal for 2021 for the charity is to improve the facilities and organisation to enable year-round rehabilitation and retraining.
Objectives, strategies and activities
Supporting Ex-Racehorse Owners: We provide expert support and advice to struggling ex-racehorse owners online and by telephone. On our website, we encourage people to get in touch if they are having problems. Typically, we are contacted by approximately two owners per month.
Rehabilitating and Retraining Ex-Racehorses: Ex-racehorses come to us with a variety of problems, both physical and behavioural. The care of these horses takes the majority of our resources. The main limiting factor regarding capacity is funding. In 2021, we managed the workload with one Trustee (Jo Massey) working full time (as a volunteer), two full-time employees and one part-time employee. Another Trustee (Emma Staton) is a professional equine chiropractor. Emma is responsible for evaluating the horses when they first come in and their ongoing progress through their physical rehabilitation.
Rehoming Ex-Racehorses: After successful rehabilitation of the ex-racehorses, the charity looks for suitable new loan homes. Seven horses were rehomed during 2021. Additionally, in 2021 eleven horses were taken in for re-training. During 2021, four horses were euthanised. Two horses that had previously been rehomed came back into our care.
Fundraising disclosures
The primary source of income comes from donations from original owners who hand their horses to us for rehabilitation; or from loan homes who take on the rehabilitated horses. Donations are also received from the charity’s trustees. We also receive support from the British Horseracing’s official charity, the Retraining of Racehorses (RoR). They support some of the horses under their “vulnerable horse” scheme, which supplements the above donations. The premises that the charity currently rents has an excess number of stables, so these are rented as liveries to provide additional income.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
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Racehorse Relief
Trustees' Report
Structure, governance and management
Nature of governing document
The Charity is a Charitable Incorporated Organisation (CIO) governed according to the Constitution dated 15th February 2014.
The Members of the CIO are individuals, corporate bodies, or representatives of Organisations that are not incorporated; who undertake to act in good faith to further the purposes of the CIO.The affairs of the CIO are managed by the Charity Trustees. There must be at least three and not more than twelve Trustees. The Members or Trustees may appoint new Trustees at any time provided that new Trustees appointed by Trustees must retire (and may be re-appointed) at the next AGM.
Organisational structure
Decisions are made by simple majority of votes at a meeting of Trustees or by resolution made in writing or in electronic form and agreed by all Trustees.
Day to day management of the Charity’s affairs and line management of staff is delegated to the Chief Officer and Trustee, Mrs Jo Massey.
31 / 10 / 2022
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
.........................................
Mr Paul Massey Trustee
.........................................
Mrs Jo Massey Chief Executive Officer and Trustee
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Racehorse Relief
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper 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 Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.
Approved by the trustees of the charity on .................... and signed on its behalf by:31 / 10 / 2022
.........................................
Mr Paul Massey Trustee
......................................... Mrs Jo Massey Chief Executive Officer and Trustee
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Racehorse Relief
Independent Examiner's Report to the trustees of Racehorse Relief
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2021 which are set out on pages 6 to 14.
Respective responsibilities of trustees and examiner
As the charity’s trustees of Racehorse Relief you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Racehorse Relief's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of Racehorse Relief as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... William Bickerstaff
Emerald House 20-22 Anchor Road Aldridge Walsall WS9 8PH
31 / 10 / 2022 Date:.............................
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Racehorse Relief
Statement of Financial Activities for the Year Ended 31 December 2021
| Total Total |
|
|---|---|
| 2021 2020 |
|
| Note | £ £ |
| Income and Endowments from: | |
| Donations and legacies | 81,763 58,812 |
| Charitable activities | 29,915 22,822 |
| Total income | |
| 111,678 81,634 |
|
| Expenditure on: | |
| Charitable activities | (204,036) (126,045) |
| Total expenditure | |
| (204,036) (126,045) |
|
| Net movement in funds | |
| (92,356) (44,411) |
|
| Reconciliation of funds | |
| Total funds brought forward | |
| 64,500 108,911 |
|
| Total funds carried forward 13 |
|
| (27,858) 64,500 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 13.
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Racehorse Relief
(Registration number: 1157554) Balance Sheet as at 31 December 2021
| 2021 2020 |
|
|---|---|
| Note | £ £ |
| Fixed assets | |
| Tangible assets 5 |
437,556 263,179 |
| Current assets | |
| Debtors 6 |
1,456 4,594 |
| Cash at bank and in hand | 14,749 29,742 |
| 16,205 34,336 |
|
| Creditors: Amounts falling due within oneyear 7 |
|
| (16,619) (8,016) |
|
| Net currentassets | |
| (414) 26,321 |
|
| Total assets less current liabilities | |
| 437,142 305,634 |
|
| Creditors: Amounts falling due after more than oneyear 8 |
|
| (465,000) (225,000) |
|
| Netassets | |
| (27,858) 64,500 |
|
| Funds of the charity: | |
| Unrestricted income funds | |
| Unrestricted funds | (27,858) 64,500 |
| Total funds | |
| (27,858) 64,500 |
The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on 31 / 10 / 2022.................... and signed on their behalf by:
.........................................
Mr Paul Massey Trustee
......................................... Mrs Jo Massey Chief Executive Officer and Trustee
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Racehorse Relief
Notes to the Financial Statements for the Year Ended 31 December 2021
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with 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 Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Racehorse Relief 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 notes.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Donated services and facilities
Where services or facilities are provided to the charity as a donation that would normally be purchased from our suppliers, this benefit is included in the financial statements at it's fair value unless it's fair value cannot be reliably measured, then at the cost to the donor or the resale value of goods that are to be sold.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
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Racehorse Relief
Notes to the Financial Statements for the Year Ended 31 December 2021
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
Going Concern
At the end of the year, the charity’s net assets were in a deficit position. There is a loan owing to the trustees held within long term liabilities. The Trustees have given assurance that they will not seek repayment of the loan until the charity is in a position where they have rebuilt the reserves.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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Racehorse Relief
Notes to the Financial Statements for the Year Ended 31 December 2021
Trade creditors
are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date.
If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
3 Independent examiner's remuneration
| 3 Independent examiner's remuneration |
|
|---|---|
| 2021 2020 |
|
| £ £ |
|
| Other fees to examiners | |
| The examining of accounts of any associate of the charity | - - |
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Racehorse Relief
Notes to the Financial Statements for the Year Ended 31 December 2021
4 Taxation
The charity is a registered charity and is therefore exempt from taxation.
5 Tangible fixed assets
| 5 Tangible fixed assets |
||||
|---|---|---|---|---|
| Land and | Furniture and | |||
| buildings | equipment | Motor vehicles | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 January 2021 | 243,979 | 15,072 | 40,320 | 299,371 |
| Additions | 215,705 | 1,357 | - | 217,062 |
| At 31 December 2021 | 459,684 | 16,429 | 40,320 | 516,433 |
| Depreciation | ||||
| At 1 January 2021 | 16,134 | 7,014 | 13,044 | 36,192 |
| Charge for theyear | 30,514 | 4,107 | 8,064 | 42,685 |
| At 31 December 2021 | 46,648 | 11,121 | 21,108 | 78,877 |
| Net book value | ||||
| At 31 December 2021 | 413,036 | 5,308 | 19,212 | 437,556 |
| At 31 December 2020 | 227,845 | 8,058 | 27,276 | 263,179 |
| 6 Debtors |
||||
| 2021 | 2020 | |||
| £ | £ | |||
| Trade debtors | 717 | 3,277 | ||
| VATgrant repayable | 739 | 1,317 | ||
| 1,456 | 4,594 | |||
| 7 Creditors: amounts falling due within one year |
||||
| 2021 | 2020 | |||
| £ | £ | |||
| Trade creditors | 2,351 | - | ||
| Wages | 6,319 | 6,037 | ||
| PAYE & NIC | 7,575 | 1,979 | ||
| Other creditors | 374 | - | ||
| 16,619 | 8,016 | |||
| 8 Creditors: amounts falling due after one year |
||||
| 2021 | 2020 | |||
| £ | £ | |||
| Other loans | 465,000 | 225,000 |
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Racehorse Relief
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
| Total Total |
|
|---|---|
| 2021 2020 |
|
| £ £ |
|
| Donations and legacies | |
| Appeals and donations | 53,763 8,812 |
| Donated use of facilities | 28,000 50,000 |
| 81,763 58,812 |
|
| Charitable activities | |
| Membership | 690 290 |
| Rehoming Fees | 5,960 750 |
| LiveryIncome | 23,265 21,782 |
| 29,915 22,822 |
|
| Charitable activities | |
| Direct costs - Equestrian | (51,819) (31,618) |
| Subcontract labour | (777) (9,696) |
| Wages & salaries | (82,610) (39,253) |
| Rent | (9,000) (9,000) |
| Property repairs & maintenance | (1,825) (1,445) |
| Insurance | (1,419) (1,675) |
| Motor expenses | (7,982) (2,992) |
| Advertising | (4,470) (411) |
| Printing, Postage and Stationery | (613) (172) |
| Depreciation of motor vehicles | (8,064) (8,064) |
| Depreciation of fixtures and fittings | (4,107) (3,768) |
| Depreciation of leasehold property | (30,514) (16,134) |
| Professional fees | (139) (1,389) |
| Accountancy fees | (359) (165) |
| Independent examiner's fee | - - |
| Bank charges | (338) (264) |
| (204,036) (126,045) |
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Audit trail
TITLE Racehorse Relief accounts FILE NAME Racehorse Relief accounts 2021 v4.doc DOCUMENT ID 65b1350653b63a666d1ddc6ad9ac9ea82b4e260a AUDIT TRAIL DATE FORMAT DD / MM / YYYY STATUS Signed
31 / 10 / 2022 Sent for signature to Paul Massey (paul@bluefruit.co.uk), Jo 18:34:19 UTC Massey (jo@racehorserelief.org) and William Bickerstaff (bill@bickerstaffaccountancy.co.uk) from paul@bluefruit.co.uk IP: 88.97.29.240 31 / 10 / 2022 Viewed by Paul Massey (paul@bluefruit.co.uk) 18:34:37 UTC IP: 88.97.29.240 31 / 10 / 2022 Signed by Paul Massey (paul@bluefruit.co.uk) 18:35:01 UTC IP: 88.97.29.240 31 / 10 / 2022 Viewed by Jo Massey (jo@racehorserelief.org) 18:35:25 UTC IP: 88.97.29.240 31 / 10 / 2022 Signed by Jo Massey (jo@racehorserelief.org) 18:36:20 UTC IP: 88.97.29.240
Audit trail
TITLE Racehorse Relief accounts FILE NAME Racehorse Relief accounts 2021 v4.doc DOCUMENT ID 65b1350653b63a666d1ddc6ad9ac9ea82b4e260a AUDIT TRAIL DATE FORMAT DD / MM / YYYY STATUS Signed
31 / 10 / 2022 Viewed by William Bickerstaff 18:44:04 UTC (bill@bickerstaffaccountancy.co.uk) IP: 109.152.27.99 31 / 10 / 2022 Signed by William Bickerstaff 18:48:27 UTC (bill@bickerstaffaccountancy.co.uk) IP: 109.152.27.99 31 / 10 / 2022 The document has been completed. 18:48:27 UTC