REGISTERED CHARITY NUMBER: 1165357
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 January 2021
for
New Beginnings Horses CIO
New Beginnings Horses CIO
Contents of the Financial Statements for the Year Ended 31 January 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 23 |
| Detailed Statement of Financial Activities | 24 to 26 |
New Beginnings Horses CIO
Report of the Trustees for the Year Ended 31 January 2021
The trustees present their report with the financial statements of the charity for the year ended 31 January 2021. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objects as stated in its constitution are:
"For the benefit of the public to relieve the suffering of racehorses in need of care and attention by providing and maintaining a rescue home or other facilities for the reception, care and treatment of such animals.
To promote humane behaviour towards racehorses by providing care, protection, treatment and security for racehorses which are in need of care and attention by reason of sickness, maltreatment, poor circumstances or ill usage and to educate the public in matters pertaining to animal welfare in general and the prevention of cruelty and suffering among animals."
New Beginnings was established in 2010 as a CIC (Community Interest Company) and became a registered Charity in 2016. Since its inception New Beginnings has strived to build its reputation to now becoming recognised as the Centre of Excellence for rehabilitation, retraining and re-homing of former racehorses in the North East of England. The Charity has got this reputation by always putting the horse's welfare first and foremost. The Charity is also one of only ten centres accredited to the RoR (Retraining of Racehorses the official Charity of the British Horseracing Association)
The references to racehorses includes former racehorses.
Page 1
New Beginnings Horses CIO
Report of the Trustees for the Year Ended 31 January 2021
OBJECTIVES AND ACTIVITIES
Significant activities
Horses are taken in by the charity directly from trainers, owners, from post racing private homes and the RoR through their Vulnerable Horses Scheme. At this stage the horse comes under the care of the charity and belongs to the charity. An inward donation is requested in all cases to contribute to the future cost of stabling, rehabilitating and retraining the horses before re-homing.
The horse is assessed and may be turned away for a period of time to adjust from its former situation. When ready, the horse will be brought into work at a pace suitable for each individual horse.
When the horse has been retrained, can carry itself in an outline, is hacking out alone or in company and is considered suitable to be offered out on loan, their details will be added to the website so potential loaners can view their details and see if they may be compatible.
Where potential loaners have contacted the charity with or without seeing the details of the current horses available on the website, they will be sent a Horse Enquiry Form asking questions in relation to their experience along with what they are looking for. These will then be discussed and if any horses are considered suitable for them, a visit by the potential loaner to the charity's base will be arranged so horses and loaner can meet and be assessed together.
The process of re-homing the horses is taken carefully and the charity will not re-home a horse until they are satisfied it is a suitable match for the horse, and the loaner is fully aware of the ongoing training requirements to achieve a successful move and can continue with the horse's development into a ridden horse. The process can take several weeks to match horse and loaner.
Once loaned out, the horses cannot be sold by the loaner, they will always belong to the charity. If the circumstances change and the horse needs to be returned to the charity, the charity will take the horse back to ensure its security and where suitable, a new home will be sought for the horse, whilst continuing its schooling.
The charity can attend up to 20 race meetings per year. Racecourses usually attended include York, Pontefract, Ripon, Wetherby, and Doncaster. They also work with York Racecourse for their emergency procedures day. The charity also take their exhibition unit to the RoR Championship Show at Aintree, Middleham Stables Open Day and Malton Festival of Racing along with numerous local shows.
Most race meetings will consist of taking two former racehorses, this allows the public to meet and touch a horse, many for the first time. During the past eleven years the charity have seen many of the then children, progress and learn to ride, just because they saw and touched one of their former racehorses. This also helps to promote the charity's objectives and aims to the wider public, many of whom have never considered what happens to racehorses once they are no longer active in the sport.
The charity also takes part in ridden parades at Ripon, Pontefract, Wetherby and Doncaster, where they take several former racehorses. These can be either horses that they have retrained and are ready to be re-homed, or horses that are out on loan ridden by the loaner.
The charity feel that this is important as it shows the true versatility of these wonderful horses.
Public benefit
The trustees give due regard to guidance published by the Charity Commission on public benefit. The trustees consider the care, protection, treatment and security offered to racehorses and former racehorses to be a benefit to the public.
Page 2
New Beginnings Horses CIO
Report of the Trustees for the Year Ended 31 January 2021
OBJECTIVES AND ACTIVITIES
Volunteers
The charity get support from businesses who donate a day, where they will donate their time to do the routine tasks like painting or specific projects. Due to the temperament and vulnerability of some of the horses that come to New Beginnings they do not have volunteers on the yard. They do however appreciate their help when attending race meetings and other events, to promote the charity and raise funds, supporting Kevin Atkinson and Pam Atkinson, the trustees who undertake these tasks on a day to day basis.
The assistance of the volunteers is invaluable to the charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Retraining of former racehorses
During the period £31,921 (£42,043: 2020) was received from the RoR (Retraining of Racehorses Charity) in respect of vulnerable horses taken into the care of New Beginnings Horses.
Fundraising activities
The charity fortunately managed to hold one main fundraising event before being locked down due to the COVID-19 restrictions which was its annual Charity Ball and Auction in February 2020.
The charity rely on their "Friends of New Beginnings" these are the individuals and businesses who donate a monthly amount to help support the charity's activities, without whom the past financial year would have been very different.
The charity received donations of feed from British Horse Feeds and Spillers which helped enormously through these difficult times.
The charity would also like to thank The Racing Foundation for the invaluable financial support that it provided through its COVID-19 Emergency Core Funding Grants.
FINANCIAL REVIEW
Financial position
During the period the charity had a total income of £259,642 (£246,154: 2020). £74,321 (£69,100: 2020) of the income was from grants, the remaining £185,321 (£177,054: 2020) was raised from regular donations, gift aid claims, collections, fundraising, sale of merchandise, holiday cottage income and covid related grants.
Expenditure and depreciation of fixed assets amounted to £204,792 (£176,859: 2020), leaving a surplus income/(deficit) of £54,850 (£66,964 unrestricted, (£12,114) restricted) (£69,295: 2020)
The surplus income arose on unrestricted funds due to normal activity and the need to create income surplus' to be able to reinvest in non-grant funded improvements or capital additions, and the surplus also helps maintain the general reserve as described in the reserves policy.
The restricted deficit in the year is expended grant capital for assets and their depreciation relating to the specific projects the funding was received for.
In the year a total of £65,931 (£17,019: 2020) was invested in equipment additions and yard improvements.
Fund balances at the balance sheet date were:
Unrestricted £148,398 (£81,434: 2020) Restricted £107,097 (£119,211: 2020)
Total £255,495 (£200,645: 2020)
Page 3
New Beginnings Horses CIO
Report of the Trustees for the Year Ended 31 January 2021
FINANCIAL REVIEW
Principal funding sources
It remains essential that the level of income received each year is increased by way of building on existing fundraising sources and regular donations, but also the seeking of grants and donations towards specific projects wherever possible. New Beginnings Horses funded the majority of its own growth in the past (when the activities were carried out through a CIC prior to becoming a CIO and registered charity) and needs to concentrate on seeking funding for capital projects wherever possible so that its regular income can be used for the day to day running costs and support costs that will increase to enable the number of horses re-homed each year to rise.
Reserves policy
The trustees review the policy on reserves at least once per year with reference to the guidance issued by the Charity Commission.
As the charity is responsible for the care of horses, the trustees consider that a general reserve equivalent to two months' regular costs directly relating to the premises costs and insurance, wages, housing, feeding, farriery and veterinary care of the horses on site is appropriate. 30 horses are regularly stabled on site throughout any period. Considering the costs reported, an amount of £25,000 should be available at all times to protect the welfare of the horses, should any sudden change in the charity's income streams arise.
The general reserve is part of the unrestricted funds that are freely available to spend i.e. excluding restricted funds and tangible fixed assets.
This reserves policy also considers that horses can be returned from loan homes where circumstances have changed.
The level of free reserves, that is those unrestricted funds not tied up in tangible fixed assets, nor held in designated funds stood at £49,803 at 31 January 2021. Although these reserves are higher than the £25,000 referred to above, the excess was required to see the charity through the remaining lockdown period where fundraising and income opportunities were still extremely limited.
FUTURE PLANS
New Beginnings hosted its annual charity ball in February 2020. The ball in 2021 was unable to take place due to the pandemic. It is hoped the ball will be able to take place in February 2022 provided the pandemic does not prevent this.
They will also be the Charity Partner for Bramham Horse Trials in 2022 (rescheduled from 2020 and 2021 due to the pandemic cancelling both years). This will allow them to show the work of retraining and rehoming a former racehorse and the work of the charity to a far larger equestrian audience.
The charity continues to have a presence at York and other racecourses in the region to promote awareness about a racehorse's life after racing, the work of the charity, along with raising funds.
In 2019, they paraded several ridden horses retrained and rehomed by the charity at Ripon, Pontefract, Doncaster and Wetherby racecourses prior to a racing. This will be repeated in future years, as New Beginnings feels that it is important to show the racing public the true versatility of these fantastic horses.
New Beginnings will continue to expand on its attendance at Local and County Shows, to promote "Life Past the Post" and the general awareness of New Beginnings and the work they do. The main purpose of which will be to drive more suitable people to New Beginnings when they are looking for a former racehorse or indeed a horse.
New Beginnings takes suitable retrained but not yet rehomed horses to local competitions, they intend to continue with this to again highlight the level and quality of some of the horses that they are retraining and drive more people looking for a horse to them.
Page 4
New Beginnings Horses CIO
Report of the Trustees for the Year Ended 31 January 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
New Beginnings Horses is a charitable incorporated organisation (CIO) and is governed by its constitution dated 13 January 2016.
Organisational structure
The trustees of the CIO are individuals who undertake to act in good faith to further the purposes of the CIO.
The trustees Kevin Atkinson and Pam Atkinson are responsible for the day to day running of the charity.
Decision making
The affairs of the CIO are managed by the trustees Decisions are made by simple majority of votes at a meeting of trustees, in the case of equality of votes, the chairperson shall have a second or casting vote. Resolutions made in writing or electronic form will also be decided upon by simple majority, unless they are required to be agreed by all members who are entitled to vote.
Induction and training of new trustees
New trustees will have an induction meeting with existing trustees and receive an induction information pack.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1165357
Principal address
The Grange Ings Lane Bishop Wilton York East Yorkshire YO42 1AQ
Trustees
Mr K P Atkinson (Chairman) Mrs P M Atkinson (Secretary) Mr M Shinners Mr G Orange Miss L S Bollons (Treasurer) (appointed 1.5.20)
There must be a minimum of three trustees and a maximum of five trustees. Apart from the first charity trustees, every trustee must be appointed (for a term of three years) by a resolution passed at a properly convened meeting of the charity trustees.
Day to day management of the charity's affairs and line management of staff is carried out by two of the trustees; Kevin Atkinson and Pam Atkinson.
Page 5
New Beginnings Horses CIO
Report of the Trustees for the Year Ended 31 January 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Tracy Bramley ACMA CGMA Orchard House Accounting Orchard House 72 Low Moorgate Rillington Malton North Yorkshire YO17 8JW
Advisers
Bankers: Weatherbys Bank Sanders Road Wellingbrough Northamptonshire NN8 4BX Approved by order of the board of trustees on 30 November 2021 and signed on its behalf by:
Mr K P Atkinson - Trustee
Page 6
Independent Examiner's Report to the Trustees of New Beginnings Horses CIO
Independent examiner's report to the trustees of New Beginnings Horses CIO
I report to the charity trustees on my examination of the accounts of New Beginnings Horses CIO (the Trust) for the year ended 31 January 2021.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of CIMA which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable 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.
Tracy Bramley ACMA CGMA Orchard House Accounting Orchard House 72 Low Moorgate Rillington Malton North Yorkshire YO17 8JW
30 November 2021
Page 7
New Beginnings Horses CIO
Statement of Financial Activities
for the Year Ended 31 January 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 210,134 Other trading activities 3 27,753 Investment income 4 10,282 Other income 5 11,473 Total 259,642 EXPENDITURE ON Raising funds 6 13,372 Charitable activities 7 Retraining of former racehorses 177,330 Other 10 1,976 Total 192,678 NET INCOME/(EXPENDITURE) 66,964 RECONCILIATION OF FUNDS Total funds brought forward 81,434 TOTAL FUNDS CARRIED FORWARD 148,398 |
Restricted funds £ - - - - - 1,488 10,626 - 12,114 (12,114) 119,211 107,097 |
2021 Total funds £ 210,134 27,753 10,282 11,473 259,642 14,860 187,956 1,976 204,792 54,850 200,645 255,495 |
2020 Total funds £ 209,180 23,769 13,205 - |
|---|---|---|---|
| 246,154 19,821 141,541 15,497 |
|||
| 176,859 | |||
| 69,295 131,350 |
|||
| 200,645 |
The notes form part of these financial statements
Page 8
New Beginnings Horses CIO
Balance Sheet
31 January 2021
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 17 98,495 Investments 18 100 98,595 CURRENT ASSETS Stocks 19 750 Debtors 20 16,256 Cash at bank and in hand 21 62,329 79,335 CREDITORS Amounts falling due within one year 22 (18,843) NET CURRENT ASSETS 60,492 TOTAL ASSETS LESS CURRENT LIABILITIES 159,087 CREDITORS Amounts falling due after more than one year 23 (10,689) NET ASSETS 148,398 FUNDS 26 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ 43,872 - 43,872 - - 63,225 63,225 - 63,225 107,097 - 107,097 |
2021 Total funds £ 142,367 100 142,467 750 16,256 125,554 142,560 (18,843) 123,717 266,184 (10,689) 255,495 148,398 107,097 255,495 |
2020 Total funds £ 106,514 - 106,514 750 14,664 102,232 117,646 (18,515) 99,131 205,645 (5,000) 200,645 81,434 119,211 200,645 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30 November 2021 and were signed on its behalf by:
Mr K P Atkinson - Trustee
The notes form part of these financial statements
Page 9
New Beginnings Horses CIO
Notes to the Financial Statements for the Year Ended 31 January 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on reducing balance Plant and machinery - 15% on reducing balance Fixtures and fittings - 15% on reducing balance Motor vehicles - 25% on reducing balance Computer equipment - 33.33% on cost
Stocks
Stocks are valued at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the Balance Sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.
continued...
Page 10
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
1. ACCOUNTING POLICIES - continued
Hire purchase and leasing commitments
The interest element of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. DONATIONS AND LEGACIES
| Donations, loan and rehab fees Gift aid Grants 3. OTHER TRADING ACTIVITIES Fundraising events Merchandise sales 4. INVESTMENT INCOME Rents Holiday Cottage Interest received 5. OTHER INCOME CJRS grants Local authority grants |
2021 £ 125,720 10,093 74,321 210,134 2021 £ 25,305 2,448 27,753 2021 £ 10,245 37 10,282 2021 £ 1,473 10,000 11,473 |
2020 £ 128,667 11,413 69,100 |
2020 £ 128,667 11,413 69,100 |
|---|---|---|---|
| 209,180 | |||
| 2020 £ 19,758 4,011 |
|||
| 23,769 | |||
| 2020 £ 13,164 41 |
|||
| 13,205 | |||
| 2020 £ - - |
|||
| - |
continued...
Page 11
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
6. RAISING FUNDS
| Raising donations and legacies Fundraising expenses Travelling and subsistence Motor expenses Depreciation Other trading activities Opening stock Purchases Investment management costs Administrative expenses Holiday cottage expenses Aggregate amounts 7. CHARITABLE ACTIVITIES COSTS Retraining of former racehorses |
Direct Costs (see note 8) £ 156,740 |
2021 £ 8,322 977 2,123 2,080 13,502 2021 £ 750 152 902 2021 £ 236 220 456 14,860 Support costs (see note 9) £ 31,216 |
2020 £ 5,437 4,085 2,734 2,774 15,030 2020 £ 750 2,410 3,160 2020 £ 48 1,583 1,631 19,821 Totals £ 187,956 |
2020 £ 5,437 4,085 2,734 2,774 |
2020 £ 5,437 4,085 2,734 2,774 |
|---|---|---|---|---|---|
| 15,030 | |||||
| 2020 £ 750 2,410 3,160 2020 £ 48 1,583 1,631 19,821 |
|||||
| 1,631 | |||||
| 19,821 |
continued...
Page 12
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
8. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Rent Rates and water Insurance Light and heat Feed Veterinary Tack etc Farrier, physio etc Schooling and yard staff – employed and self employed Miscellaneous horse expenses Motor expenses Hay and haylage Bedding Travelling and subsistence Repairs and maintenance Professional fees Depreciation Loss on sale of assets |
2021 £ 31,296 2,560 5,161 5,369 3,284 13,204 803 5,348 38,075 1,349 2,123 7,960 3,565 977 10,049 2,107 23,230 280 156,740 |
2020 £ 29,514 4,632 4,683 3,560 2,161 8,400 301 4,387 36,898 1,597 2,734 9,617 5,401 - - - 17,038 - |
|---|---|---|
| 130,923 |
In 2020, repairs and maintenance costs were categorised under 'other costs', the comparative for 2020 is £11,506 as can be seen at note 10.
Pension costs in 2020, being the employer contributions made, were also shown under 'other costs' in note 10, being £421 in 2020. This year these are included in Schooling and yard staff, under direct costs of charitable activities and they amounted to £386. Schooling and yard staff includes wage and pension costs for all employed staff, plus costs of self employed schooling and yard workers.
9. SUPPORT COSTS
| Management £ Retraining of former racehorses 29,386 10. OTHER Staff costs Repairs and renewals Sundry expenses |
Governance Finance costs £ £ 386 1,444 2021 £ - - 1,976 1,976 |
Totals £ 31,216 |
|---|---|---|
| 2020 £ 421 11,506 3,570 |
||
| 15,497 |
In 2021, repairs and renewals costs have been re-allocated to repairs and maintenance costs under direct costs of charitable activities. The total for the current year is £10,049 as can be seen at note 8.
Staff costs in 2020 of £421 related to employer pension contributions. In the current year, and going forwards these are now included in schooling and yard staff costs under direct costs of charitable activities at note 8. This year these amounted to £386.
continued...
Page 13
New Beginnings Horses CIO
Notes to the Financial Statements - continued for the Year Ended 31 January 2021
11. TRUSTEES' REMUNERATION AND BENEFITS
No Trustee received any remuneration in their capacity as a Trustee during the year.
Please also see note 27.
Trustees' expenses
No expenses were reimbursed to Trustees in the year (£nil:2020).
12. STAFF COSTS
| Wages and salaries - schooling and yard staff Wages and salaries - key management staff Pension costs |
2021 £ 19,540 23,012 386 42,938 |
2020 £ 21,200 6,160 421 |
|---|---|---|
| 27,781 |
Employer’s national insurance was covered in full by Employment Allowance this year and last year.
Self employed schooling and yard staff costs in the year amounted to £18,149 (2020: £15,277)
The average monthly number of employees during the year was as follows:
| Manager Staff No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 161,552 Other trading activities 23,769 Investment income 13,205 Total 198,526 EXPENDITURE ON Raising funds 14,511 Charitable activities Retraining of former racehorses 132,082 |
2021 2 1 3 Restricted funds £ 47,628 - - 47,628 5,310 9,459 |
2020 1 1 2 Total funds £ 209,180 23,769 13,205 246,154 19,821 141,541 |
|---|---|---|
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
Page 14
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | ||
|---|---|---|
| Unrestricted funds £ Other 15,145 Total 161,738 NET INCOME 36,788 RECONCILIATION OF FUNDS Total funds brought forward 44,646 TOTAL FUNDS CARRIED FORWARD 81,434 |
Restricted funds £ 352 15,121 32,507 86,704 119,211 |
Total funds £ 15,497 |
| 176,859 | ||
| 69,295 131,350 |
||
| 200,645 |
14. FEES FOR EXAMINATION OF THE ACCOUNTS
Fees for examination of the accounts £850 (2020: £750) are included in accountancy and legal fees.
15. DEFINED PENSION CONTRIBUTION SCHEME
The charity operates a defined contributions pension scheme on behalf of its employees. The assets of the scheme are held separately from those of the charity in independently administered funds. The total charge included in the accounts amounts to £386 (2020: £421). At the balance sheet date there were accrued contributions of £32 of which £14 related to employer contributions (2020: £99).
Pension expenses relating to staff allocated to a particular activity have been allocated directly to that activity. The employer pension cost is allocated between restricted and unrestricted funds in line with the allocation of the corresponding staff salaries.
No pension costs relate to management staff.
continued...
Page 15
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
16. RENT
The lease for the premises at The Grange, where the Charity is based, is in the names of Kevin Atkinson and Pam Atkinson personally, on trust for the Charity itself. The rent and lease are treated as being the Charity's expenditure and commitment.
The landlord is fully aware the Charity occupies the property under the lease and is also a donor and supporter of the Charity.
17. TANGIBLE FIXED ASSETS
| Improvements to property £ COST At 1 February 2020 9,891 Additions - Disposals - At 31 January 2021 9,891 DEPRECIATION At 1 February 2020 2,408 Charge for year 748 Eliminated on disposal - At 31 January 2021 3,156 NET BOOK VALUE At 31 January 2021 6,735 At 31 January 2020 7,483 Motor vehicles £ COST At 1 February 2020 43,200 Additions - Disposals - At 31 January 2021 43,200 DEPRECIATION At 1 February 2020 26,566 Charge for year 4,158 Eliminated on disposal - At 31 January 2021 30,724 NET BOOK VALUE At 31 January 2021 12,476 At 31 January 2020 16,634 |
Plant and machinery £ 102,878 37,364 (2,740) 137,502 36,919 15,201 (760) 51,360 86,142 65,959 Computer equipment £ 3,191 3,778 - 6,969 1,630 2,040 - 3,670 3,299 1,561 |
Fixtures and fittings £ 22,570 24,789 - 47,359 7,693 5,951 - 13,644 33,715 14,877 Totals £ 181,730 65,931 (2,740) 244,921 75,216 28,098 (760) 102,554 142,367 106,514 |
|---|---|---|
continued...
Page 16
New Beginnings Horses CIO
Notes to the Financial Statements - continued for the Year Ended 31 January 2021
17. TANGIBLE FIXED ASSETS - continued
Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
| COST Additions DEPRECIATION Charge for year NET BOOK VALUE At 31 January 2021 At 31 January 2020 18. FIXED ASSET INVESTMENTS MARKET VALUE Additions NET BOOK VALUE At 31 January 2021 At 31 January 2020 There were no investment assets outside the UK. 19. STOCKS Stocks 20. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments |
Plant and machinery £ 22,590 3,389 19,201 - Unlisted investments £ 100 100 - 2021 2020 £ £ 750 750 2021 2020 £ £ 10,677 11,411 5,579 3,253 16,256 14,664 |
|---|---|
continued...
Page 17
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
21. CASH AT BANK AND IN HAND
| Cash in hand Weatherbys and Unity Trust Paypal and Square Total Painted Horse £ Cash in hand - Weatherbys and Unity Trust 3,245 Paypal and Square - Total 3,245 22. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other loans (see note 24) Hire purchase (see note 25) Trade creditors Other creditors Accrued expenses |
Racing Foundation Business General Development All fund Grant £ £ 136 - 62,169 126 24 - 62,329 126 2021 Exhibition Unit Fit-out and Promotional Total Material funds £ £ - 136 7,865 125,394 - 24 7,865 125,554 2021 £ 6,487 6,108 2,999 507 2,742 18,843 |
Racing Foundation Business General Development All fund Grant £ £ 136 - 62,169 126 24 - 62,329 126 2021 Exhibition Unit Fit-out and Promotional Total Material funds £ £ - 136 7,865 125,394 - 24 7,865 125,554 2021 £ 6,487 6,108 2,999 507 2,742 18,843 |
Weather Arena £ - 51,989 - |
Weather Arena £ - 51,989 - |
|---|---|---|---|---|
| 51,989 | ||||
| 2020 Total funds £ 29 102,121 82 |
||||
| 102,232 | ||||
| 2020 £ 12,421 - 4,777 567 750 |
||||
| 18,515 |
continued...
Page 18
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
23. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Other loans (see note 24) Hire purchase (see note 25) LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Other loans Amounts falling between one and two years: Other loans - 1-2 years |
2021 £ - 10,689 10,689 2021 £ 6,487 - |
2020 £ 5,000 - |
|
|---|---|---|---|
| 5,000 | |||
| 2020 £ 12,421 |
|||
| 5,000 |
24. LOANS
This loan is owed to the trustees Kevin Atkinson and Pam Atkinson. The loan will be repaid by the charity to the trustees as unrestricted funds allow and not to the detriment of the charity. No interest is payable on the loan nor does the loan carry any charge or security over the assets.
25. LEASING AGREEMENTS
Minimum lease payments under hire purchase fall due as follows:
| Net obligations repayable: Within one year Between one and five years |
2021 £ 6,108 10,689 16,797 |
2020 £ - - |
|---|---|---|
| - |
continued...
Page 19
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
26. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Racing Foundation Business Development Grant Racewood Simulator Horse Walker Two Stall Horsebox 10 stables 4 Stables All Weather Arena Exhibition Unit Trailer Painted Horse Exhibition Unit Fit-out and Promotional Material Solarium TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Racewood Simulator Horse Walker Two Stall Horsebox 10 stables 4 Stables All Weather Arena Exhibition Unit Trailer Painted Horse Exhibition Unit Fit-out and Promotional Material Solarium TOTAL FUNDS |
At 1.2.20 £ 81,434 126 844 14,960 11,897 5,525 1,445 54,300 7,095 5,000 17,100 919 119,211 200,645 Incoming resources £ 259,642 - - - - - - - - - - - 259,642 |
Net movement At in funds 31.1.21 £ £ 66,964 148,398 - 126 (127) 717 (2,244) 12,716 (2,974) 8,923 (829) 4,696 (217) 1,228 (2,311) 51,989 (1,064) 6,031 (263) 4,737 (1,947) 15,153 (138) 781 (12,114) 107,097 54,850 255,495 Resources Movement expended in funds £ £ (192,678) 66,964 (127) (127) (2,244) (2,244) (2,974) (2,974) (829) (829) (217) (217) (2,311) (2,311) (1,064) (1,064) (263) (263) (1,947) (1,947) (138) (138) (12,114) (12,114) (204,792) 54,850 |
|---|---|---|
continued...
Page 20
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
26. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Restricted fund Racing Foundation Business Development Grant Racewood Simulator Horse Walker Two Stall Horsebox 10 stables 4 Stables All Weather Arena Exhibition Unit Trailer Painted Horse Exhibition Unit Fit-out and Promotional Material Solarium TOTAL FUNDS |
At 1.2.19 £ 44,646 508 2,586 994 18,272 19,663 6,504 1,700 26,700 8,347 - - 1,430 86,704 131,350 |
Net movement in funds £ 36,788 (508) (2,460) (150) (3,312) (7,766) (979) (255) 27,600 (1,252) 5,000 17,100 (511) 32,507 69,295 |
At 31.1.20 £ 81,434 - 126 844 14,960 11,897 5,525 1,445 54,300 7,095 5,000 17,100 919 |
|---|---|---|---|
| 119,211 | |||
| 200,645 |
continued...
Page 21
New Beginnings Horses CIO
Notes to the Financial Statements - continued for the Year Ended 31 January 2021
26. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted fund Racing Foundation Business Development Grant Racewood Simulator Horse Walker Two Stall Horsebox 10 stables 4 Stables All Weather Arena Exhibition Unit Trailer Painted Horse Exhibition Unit Fit-out and Promotional Material Solarium TOTAL FUNDS |
Incoming resources £ 198,526 - - - (672) (3,800) - - 27,600 - 5,000 19,500 - 47,628 246,154 |
Resources Movement expended in funds £ £ (161,738) 36,788 (508) (508) (2,460) (2,460) (150) (150) (2,640) (3,312) (3,966) (7,766) (979) (979) (255) (255) - 27,600 (1,252) (1,252) - 5,000 (2,400) 17,100 (511) (511) (15,121) 32,507 (176,859) 69,295 |
|---|---|---|
The purpose of the restricted funds are as follows:
Business development grant - provided by the Racing Foundation (£26,000)
This fund covered fees to help generate income for the charity and make grant applications
Racewood simulator - funded by Persula Foundation (£1,620)
This fund relates to a specific grant to purchase the simulator. The balance will fund the depreciation of the simulator.
Horse walker - contributions from RoR (£18,912) and Godolphin (£5,000)
These grants assisted in the purchase and installation of the Claydon Horse Exerciser. The balance will fund the depreciation of the simulator.
2 Stall Horsebox - funded by The Sir Peter O'Sullevan Charitable Trust (£28,200)
This grant was for the purchase of the 2 stall horsebox. The balance will fund the depreciation of the simulator.
10 stables - contribution by Persula Foundation (£9,000)
This grant was a contribution towards the costs incurred installing 10 stables in an outbuilding and associated costs. The balance will fund the depreciation of the 10 stables.
4 stables - contribution by Persula Foundation (£2,000)
This grant was a contribution towards the costs incurred installing 4 stables in an outbuilding and associated costs. The balance will fund the depreciation of the 4 stables.
continued...
Page 22
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
26. MOVEMENT IN FUNDS - continued
All weather arena - contributions from RoR (£26,700) and Alborada Trust (£27,600)
A total of £54,300 of grants are held awaiting the raising of further funds to install a roof over the all weather arena. This project is now unlikely to proceed. Enquiries will be made to Alborada Trust as to whether or not their grant is to be returned to them, or if it can be allocated to a different project. RoR have already confirmed at the date of this report, but after 31 January 2021, that their grant can be allocated to unrestricted funds.
Exhibition unit trailer - funded by the Racing Foundation (£9,820)
This grant was for the purchase of the exhibition unit trailer. The balance will fund the depreciation of the trailer.
Painted Horse - funded by Persula Foundation (£5,000)
This grant was for the purchase of a life size horse model painted to show the anatomy of the horse. The project came in under budget and the remaining funds will be put towards another project or other costs as agreed with the funder. The balance will fund the depreciation of the trailer.
Exhibition unit fit out and promotional material - funded by The Sir Peter O'Sullevan Charitable Trust (£19,500) This grant is to cover the costs of fitting out the exhibition unit and associated promotional material and to cover future depreciation.
Solarium - funded by a disbanded association, Harrogate Bridleways, (£1,430) given for a specific project This grant was allocated to the costs incurred acquiring and installing a solarium used in the care of the horses. The balance will fund the depreciation of the solarium.
27. TRANSACTIONS WITH TRUSTEES AND RELATED PARTIES
Trustee remuneration and benefits
Two of the trustees, Kevin Atkinson and Pam Atkinson, work in excess of full time for the charity as key management staff. The remuneration paid by the charity in the period for the management roles was:
£12,210 (£6,160: 2020) to Kevin Atkinson £10,802 (£nil) to Pam Atkinson
The constitution allows for trustees to be remunerated with no more than a reasonable remuneration, provided that a majority of the trustees do not benefit under this provision.
Onsite residential accommodation with an estimated market value of £6,000 per annum (£6,000: 2020) and rates of £2,661 (£2,155: 2020) was provided for the trustees Kevin Atkinson and Pam Atkinson, and paid for by the charity. These trustees provide constant on site security and care for the horses on site at New Beginnings Horses. As the provision of residential accommodation for onsite trustees is essential for the welfare of the horses to enable them to be monitored and cared for continually, this is considered to be an exempt benefit from a taxation and national insurance position.
Transactions with related parties
The trustees Kevin Atkinson and Pam Atkinson are jointly owed £6,487 (£17,421: 2020) by the charity at 31 January 2021. This will be repaid as unrestricted funds allow.
During the year an amount of £50 was paid to Kevin Atkinson's son, James Atkinson, for an occasion of work done cleaning and maintaining the horse box.
Page 23
New Beginnings Horses CIO
| INCOME AND ENDOWMENTS Donations and legacies Donations, loan and rehab fees Gift aid Grants Other trading activities Fundraising events Merchandise sales Investment income Rents Holiday Cottage Interest received Other income CJRS grants Local authority grants Total incoming resources EXPENDITURE Raising donations and legacies Fundraising expenses Travelling and subsistence Motor expenses Motor vehicles depreciation Other trading activities Opening stock Merchandise for resale |
Detailed Statement of Financial Activities for the Year Ended 31 January 2021 Unrestricted Restricted funds funds £ £ 125,720 - 10,093 - 74,321 - 210,134 - 25,305 - 2,448 - 27,753 - 10,245 - 37 - 10,282 - 1,473 - 10,000 - 11,473 - 259,642 - 8,322 - 977 - 2,123 - 592 1,488 12,014 1,488 750 - 152 - 902 - |
2021 Total funds £ 125,720 10,093 74,321 210,134 25,305 2,448 27,753 10,245 37 10,282 1,473 10,000 11,473 259,642 8,322 977 2,123 2,080 13,502 750 152 902 |
2020 Total funds £ 128,667 11,413 69,100 |
|---|---|---|---|
| 209,180 19,758 4,011 |
|||
| 23,769 13,164 41 |
|||
| 13,205 - - |
|||
| - | |||
| 246,154 5,437 4,085 2,734 2,774 |
|||
| 15,030 750 2,410 |
|||
| 3,160 |
This page does not form part of the statutory financial statements
Page 24
New Beginnings Horses CIO
Detailed Statement of Financial Activities for the Year Ended 31 January 2021
| Unrestricted Restricted funds funds £ £ Other trading activities Investment management costs Administrative expenses 236 - Holiday cottage expenses 220 - 456 - Charitable activities Rent 31,296 - Rates and water 2,560 - Insurance 5,161 - Light and heat 5,369 - Feed 3,284 - Veterinary 13,204 - Tack etc 803 - Farrier, physio etc 5,348 - Schooling and yard staff 38,075 - Miscellaneous horse expenses 1,349 - Motor expenses 2,123 - Hay and haylage 7,960 - Bedding 3,565 - Travelling and subsistence 977 - Repairs and maintenance 9,845 204 Professional fees - 2,107 Plant and machinery depreciation 10,348 4,853 Fixtures and fittings depreciation 4,904 1,046 Motor vehicles depreciation 592 1,487 Loss on sale of intangible fixed assets 280 - 147,043 9,697 Other Pensions - - Repairs and renewals - - Sundry expenses 1,976 - 1,976 - Support costs Management Wages 23,012 - Telephone 2,481 - Postage and stationery 1,106 - Improvements to property depreciation 748 - Computer equipment depreciation 1,110 929 28,457 929 |
2021 Total funds £ 236 220 456 31,296 2,560 5,161 5,369 3,284 13,204 803 5,348 38,075 1,349 2,123 7,960 3,565 977 10,049 2,107 15,201 5,950 2,079 280 156,740 - - 1,976 1,976 23,012 2,481 1,106 748 2,039 29,386 |
2020 Total funds £ 48 1,583 |
|---|---|---|
| 1,631 29,514 4,632 4,683 3,560 2,161 8,400 301 4,387 36,898 1,597 2,734 9,617 5,401 - - - 11,641 2,625 2,772 - |
||
| 130,923 421 11,506 3,570 |
||
| 15,497 6,160 2,097 917 831 780 |
||
| 10,785 |
This page does not form part of the statutory financial statements
Page 25
New Beginnings Horses CIO
Detailed Statement of Financial Activities for the Year Ended 31 January 2021
| Unrestricted Restricted funds funds £ £ Management Finance Bank charges 276 - HP interest 110 - 386 - Governance costs Accountancy and legal fees 1,444 - Total resources expended 192,678 12,114 Net income 66,964 (12,114) |
2021 Total funds £ 276 110 386 1,444 204,792 54,850 |
2020 Total funds £ 183 - 183 (350) 176,859 69,295 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 26