**REGISTERED CHARITY NUMBER: 1165357** **Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 January 2022** **for** **New Beginnings Horses CIO** **New Beginnings Horses CIO** ## **Contents of the Financial Statements for the Year Ended 31 January 2022** ||**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 2022** The trustees present their report with the financial statements of the charity for the year ended 31 January 2022. 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 2022** ## **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 2022** ## **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 £36,432 (£31,921: 2021) 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 was unable to hold its main fundraising event (Charity Ball and Auction) in February 2021 due to COVID 19 restrictions. The event was held again in February 2022. 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. ## **FINANCIAL REVIEW** ## **Financial position** During the period the charity had a total income of £210,192 (£259,642: 2021). £36,432 (£74,321: 2021) of the income was from grants, the remaining £173,760 (£185,321: 2021) was raised from regular donations, gift aid claims, rehab livery, collections, fundraising, sale of merchandise, holiday cottage income, covid related grants and gains on disposal of fixed assets. Expenditure and depreciation of fixed assets amounted to £263,186 (£204,792: 2021), leaving a (deficit) of (£52,994) (unrestricted (£43,831), restricted (£9,163)) (surplus £54,850: 2021) The deficit arose on unrestricted funds due to normal activity and the expenditure of 2021's income surplus. The restricted deficit in the year relates to permitted transfers to unrestricted funds (see note 25) and expenditure and depreciation relating to the specific projects funding was received for. In the year a total of £24,516 (£65,931: 2021) was invested in equipment additions and yard improvements. Fund balances at the balance sheet date were: Unrestricted £134,512 (£148,398: 2021) Restricted £67,989 (£107,097: 2021) Total £202,501 (£255,495: 2021) Page 3 **New Beginnings Horses CIO** ## **Report of the Trustees for the Year Ended 31 January 2022** ## **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 £34,699 at 31 January 2022. ## **FUTURE PLANS** New Beginnings hosted its annual charity ball in February 2022. The ball in 2021 was unable to take place due to the pandemic which lost the Charity a valuable source of income for that year. It is planned that the event will be held again in February 2023. 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. The charity paraded several ridden horses retrained and rehomed by the charity at Ripon, Pontefract, Doncaster and Wetherby racecourses prior to a race meeting. 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. ## **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. Page 4 **New Beginnings Horses CIO** ## **Report of the Trustees for the Year Ended 31 January 2022** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT 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) 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. ## **Independent Examiner** Tracy Bramley ACMA CGMA Orchard House Accounting Orchard House 72 Low Moorgate Rillington Malton YO17 8JW Page 5 **New Beginnings Horses CIO** **Report of the Trustees for the Year Ended 31 January 2022** ## **REFERENCE AND ADMINISTRATIVE DETAILS Advisers** Bankers: Weatherbys Bank Sanders Road Wellingbrough Northamptonshire NN8 4BX Independent Examiner: Tracy Bramley ACMA CGMA Orchard House Accounting Orchard House 72 Low Moorgate Rillington Malton North Yorkshire YO17 8JW Approved by order of the board of trustees on 6 January 2023 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 2022. ## **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** 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: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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. Some suggestions have been made to help strengthen the financial controls to overcome practical limitations. Tracy Bramley ACMA CGMA Orchard House Accounting Orchard House 72 Low Moorgate Rillington Malton YO17 8JW 9 January 2023 Page 7 **New Beginnings Horses CIO** ## **Statement of Financial Activities** ## **for the Year Ended 31 January 2022** |Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**160,902**
Other trading activities
3
**3,590**
Investment income
4
**9,501**
Other income
5
**36,199**
**Total**
**210,192**
**EXPENDITURE ON**
Raising funds
6
**9,538**
**Charitable activities**
7
Retraining of former racehorses
**239,745**
Other
10
**4,740**
**Total**
**254,023**
**NET INCOME/(EXPENDITURE)**
**(43,831)**
**Transfers between funds**
26
**29,945**
**Net movement in funds**
**(13,886)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**148,398**
**TOTAL FUNDS CARRIED FORWARD**
**134,512**|Restricted
funds
£
**-**
**-**
**-**
**-**
**-**
**2,105**
**7,058**
**-**
**9,163**
**(9,163)**
**(29,945)**
**(39,108)**
**107,097**
**67,989**|**2022**
**Total**
**funds**
**£**
**160,902**
**3,590**
**9,501**
**36,199**
**210,192**
**11,643**
**246,803**
**4,740**
**263,186**
**(52,994)**
**-**
**(52,994)**
**255,495**
**202,501**|2021
Total
funds
£
210,134
27,753
10,282
11,473
259,642
14,860
187,956
1,976
204,792
54,850
-
54,850
200,645
255,495| |---|---|---|---| The notes form part of these financial statements Page 8 ## **New Beginnings Horses CIO** ## **Balance Sheet** ## **31 January 2022** |Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
17
**99,557**
Investments
18
**256**
**99,813**
**CURRENT ASSETS**
Stocks
19
**1,875**
Debtors
20
**10,683**
Cash at bank and in hand
21
**41,152**
**53,710**
**CREDITORS**
Amounts falling due within one year
22
**(14,430)**
**NET CURRENT ASSETS**
**39,280**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**139,093**
**CREDITORS**
Amounts falling due after more than one year
23
**(4,581)**
**NET ASSETS**
**134,512**
**FUNDS**
26
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
**35,699**
**-**
**35,699**
**-**
**-**
**32,290**
**32,290**
**-**
**32,290**
**67,989**
**-**
**67,989**|**2022**
**Total**
**funds**
**£**
**135,256**
**256**
**135,512**
**1,875**
**10,683**
**73,442**
**86,000**
**(14,430)**
**71,570**
**207,082**
**(4,581)**
**202,501**
**134,512**
**67,989**
**202,501**|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| |---|---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 6 January 2023 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 2022** ## **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 2022** ## **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. ## **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**
Gain on sale of tangible fixed assets
CJRS grants
Local authority grants|**2022**
**£**
**112,212**
**12,258**
**36,432**
**160,902**
**2022**
**£**
**290**
**3,300**
**3,590**
**2022**
**£**
**9,345**
**156**
**9,501**
**2022**
**£**
**7,440**
**4,696**
**24,063**
**36,199**|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| |---|---|---| continued... Page 11 **New Beginnings Horses CIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 January 2022** ## **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)
£
**193,006**|**2022**
**£**
**3,892**
**1,793**
**2,152**
**1,115**
**8,952**
**2022**
**£**
**-**
**2,065**
**2,065**
**2022**
**£**
**-**
**626**
**626**
**11,643**
Support
costs (see
note 9)
£
**53,797**|2021
£
8,322
977
2,123
2,080
13,502
2021
£
750
152
902
2021
£
236
220
456
14,860
Totals
£
**246,803**| |---|---|---|---| continued... Page 12 **New Beginnings Horses CIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 January 2022** ## **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
Miscellaneous horse expenses
Motor expenses
Hay and haylage
Bedding
Travelling and subsistence
Repairs and maintenance
Professional fees
Depreciation
Loss on sale of assets|**2022**
**£**
**31,800**
**4,981**
**6,858**
**4,822**
**7,136**
**11,761**
**411**
**4,732**
**48,869**
**4,678**
**2,156**
**7,061**
**2,480**
**1,793**
**30,837**
**-**
**22,473**
**158**
**193,006**|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| |---|---|---| Schooling and yard staff includes wage and pension costs for all employed staff, plus costs of self employed staff. ## **9. SUPPORT COSTS** |Management
£
Retraining of former racehorses
**51,902**
**10.**
**OTHER**
Sundry expenses|Governance
Finance
costs
£
£
**589**
**1,306**
**2022**
**£**
**4,740**|Totals
£
**53,797**
2021
£
1,976| |---|---|---| continued... Page 13 **New Beginnings Horses CIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 January 2022** ## **11. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 January 2022 nor for the year ended 31 January 2021. No Trustee received any remuneration in their capacity as a Trustee during the year. ## **Trustees' expenses** No expenses were reimbursed to Trustees in the year (£nil:2021). ## **12. STAFF COSTS** |Wages and salaries - schooling and yard staff
Employer's national insurance - schooling and yard staff
Pension costs - schooling and yard staff
Wages and salaries - management staff
Employer's national insurance - management staff
Pension costs - management staff|**2022**
**£**
**47,742**
**553**
**573**
**44,742**
**826**
**316**
**94,752**|2021
£
19,540
-
386
23,012
-
-
42,938| |---|---|---| |||| Employer's national insurance not covered by Employment Allowance this year amounted to £1,379. Last year, the employer's national insurance costs were covered in full by Employment Allowance. Self employed schooling and yard staff costs in the year amounted to £7,894 (2021: £18,149) and is included above. The average monthly number of employees during the year was as follows: |Manager
Staff|**2022**
**2**
**3**
**5**|2021
2
1
3| |---|---|---| No employees received emoluments in excess of £60,000. Total employee benefits of key management personnel of the charity were £45,057 (£23,012: 2021). continued... Page 14 **New Beginnings Horses CIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 January 2022** ## **13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
210,134
Other trading activities
27,753
Investment income
10,282
Other income
11,473
**Total**
259,642
**EXPENDITURE ON**
Raising funds
13,372
**Charitable activities**
Retraining of former racehorses
177,330
Other
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|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| |---|---|---| ## **14. FEES FOR EXAMINATION OF THE ACCOUNTS** Fees for examination of the accounts £750 (2021: £850) 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 £889 (2021: £386). At the balance sheet date there were accrued contributions of £396 (2021: £32) of which £170 (2021: £4) related to employer contributions. 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. Pension costs relating to management staff amounted to £316 (2021: £nil). continued... Page 15 **New Beginnings Horses CIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 January 2022** ## **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
Plant and
property
machinery
£
£
**COST**
At 1 February 2021
**9,891**
**137,502**
Additions
**-**
**24,192**
Disposals
**-**
**(3,568)**
At 31 January 2022
**9,891**
**158,126**
**DEPRECIATION**
At 1 February 2021
**3,156**
**51,360**
Charge for year
**674**
**16,301**
Eliminated on disposal
**-**
**(1,903)**
At 31 January 2022
**3,830**
**65,758**
**NET BOOK VALUE**
At 31 January 2022
**6,061**
**92,368**
At 31 January 2021
6,735
86,142
Motor
Computer
vehicles
equipment
£
£
**COST**
At 1 February 2021
**43,200**
**6,969**
Additions
**-**
**324**
Disposals
**(15,000)**
**-**
At 31 January 2022
**28,200**
**7,293**
**DEPRECIATION**
At 1 February 2021
**30,724**
**3,670**
Charge for year
**2,231**
**2,148**
Eliminated on disposal
**(11,448)**
**-**
At 31 January 2022
**21,507**
**5,818**
**NET BOOK VALUE**
At 31 January 2022
**6,693**
**1,475**
At 31 January 2021
12,476
3,299|Fixtures
and
fittings
£
**47,359**
**-**
**-**
**47,359**
**13,644**
**5,056**
**-**
**18,700**
**28,659**
33,715
Totals
£
**244,921**
**24,516**
**(18,568)**
**250,869**
**102,554**
**26,410**
**(13,351)**
**115,613**
**135,256**
142,367| |---|---| continued... Page 16 **New Beginnings Horses CIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 January 2022** ## **17. TANGIBLE FIXED ASSETS - continued** Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |**COST**
At 1 February 2021 and 31 January 2022
**DEPRECIATION**
At 1 February 2021 and 31 January 2022
**NET BOOK VALUE**
At 31 January 2022
At 31 January 2021
**18.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 February 2021
Additions
At 31 January 2022
**NET BOOK VALUE**
At 31 January 2022
At 31 January 2021
There were no investment assets outside the UK.
**19.**
**STOCKS**
Stocks|Plant and
machinery
£
**22,590**
**3,389**
**19,201**
19,201
Unlisted
investments
£
**100**
**156**
**256**
**256**
100
**2022**
2021
**£**
£
**1,875**
750| |---|---| continued... Page 17 **New Beginnings Horses CIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 January 2022** ## **20. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other debtors
Prepayments|**2022**
**£**
**9,609**
**1,074**
**10,683**|2021
£
10,677
5,579
16,256| |---|---|---| **21. CASH AT BANK AND IN HAND** |Cash in hand
Weatherbys and Unity Trust
Paypal and Square
Total
Cash in hand
Weatherbys and Unity Trust
Paypal and Square
Total|Racing
Foundation
Business
General
Development
All Weather
fund
Grant
Arena
£
£
£
93
-
-
40,630
126
25,289
429
-
-
41,152
126
25,289
**2022**
2021
Exhibition
Unit
Fit-out and
Promotional
Total
Total
Material
funds
funds
£
**£**
£
-
**93**
136
6,875
**72,920**
125,394
-
**429**
24
6,875
**73,442**
125,554| |---|---| continued... Page 18 **New Beginnings Horses CIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 January 2022** ## **22. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other loans (see note 24)
Hire purchase (see note 25)
Trade creditors
Other creditors
Accrued expenses
**23.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
Hire purchase (see note 25)
**24.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Other loans|**2022**
**£**
**1,361**
**6,108**
**2,728**
**2,425**
**1,808**
**14,430**
**2022**
**£**
**4,581**
**2022**
**£**
**1,361**|2021
£
6,487
6,108
2,999
507
2,742
18,843
2021
£
10,689
2021
£
6,487| |---|---|---| 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|**2022**
**£**
**6,108**
**4,581**
**10,689**|2021
£
6,108
10,689
16,797| |---|---|---| continued... Page 19 **New Beginnings Horses CIO** ## **Notes to the Financial Statements - continued** ## **for the Year Ended 31 January 2022** ## **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
**Unrestricted funds**
General fund
**Restricted funds**
Racewood Simulator
Horse Walker
Two Stall Horsebox
10 stables
4 Stables
Exhibition Unit Trailer
Painted Horse
Exhibition Unit Fit-out and Promotional
Material
Solarium
**TOTAL FUNDS**|At 1.2.21
£
**148,398**
**126**
**717**
**12,716**
**8,923**
**4,696**
**1,228**
**51,989**
**6,031**
**4,737**
**15,153**
**781**
**107,097**
**255,495**
as follows:|Net
movement
in funds
£
**(43,831)**
**-**
**(107)**
**(1,907)**
**(2,231)**
**(704)**
**(184)**
**-**
**(905)**
**(224)**
**(2,784)**
**(117)**
**(9,163)**
**(52,994)**
Incoming
resources
£
**210,192**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**210,192**|Transfers
between
At
funds
31.1.22
£
£
**29,945**
**134,512**
**-**
**126**
**-**
**610**
**-**
**10,809**
**-**
**6,692**
**-**
**3,992**
**-**
**1,044**
**(26,700)**
**25,289**
**-**
**5,126**
**(3,245)**
**1,268**
**-**
**12,369**
**-**
**664**
**(29,945)**
**67,989**
**-**
**202,501**
Resources
Movement
expended
in funds
£
£
**(254,023)**
**(43,831)**
**(107)**
**(107)**
**(1,907)**
**(1,907)**
**(2,231)**
**(2,231)**
**(704)**
**(704)**
**(184)**
**(184)**
**(905)**
**(905)**
**(224)**
**(224)**
**(2,784)**
**(2,784)**
**(117)**
**(117)**
**(9,163)**
**(9,163)**
**(263,186)**
**(52,994)**| |---|---|---|---| continued... Page 20 **New Beginnings Horses CIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 January 2022** ## **26. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |At 1.2.20
£
**Unrestricted funds**
General fund
81,434
**Restricted funds**
Racing Foundation Business Development
Grant
126
Racewood Simulator
844
Horse Walker
14,960
Two Stall Horsebox
11,897
10 stables
5,525
4 Stables
1,445
All Weather Arena
54,300
Exhibition Unit Trailer
7,095
Painted Horse
5,000
Exhibition Unit Fit-out and Promotional
Material
17,100
Solarium
919
119,211
**TOTAL FUNDS**
200,645
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
259,642
**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**
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 21 **New Beginnings Horses CIO** **Notes to the Financial Statements - continued for the Year Ended 31 January 2022** ## **26. MOVEMENT IN FUNDS - continued** 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. All weather arena - contributions from RoR (£26,700) and Alborada Trust (£27,600) A total of £54,300 of grants were received awaiting the raising of further funds to install a roof over the all weather arena. This project will now not proceed in the same format and will require less funds. RoR have confirmed, during the year, that their grant of £26,700 can be allocated to unrestricted funds so this has been done. £27,600 remains restricted . to cover the smaller all weather pen project. 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. ## **Transfers between funds** Unspent funds of £3,245 relating to the Painted Horse project donated by Persula Foundation were permitted by the donor to be transferred to unrestricted funds due to the project coming in under budget. continued... Page 22 **New Beginnings Horses CIO** **Notes to the Financial Statements - continued for the Year Ended 31 January 2022** ## **26. MOVEMENT IN FUNDS - continued** ## **Transfers between funds - continued** A contribution of £26,700 from RoR, for the original all weather arena project, was permitted by RoR to be transferred to general funds in the year. This was due to the original project being modified to that of an all weather pen, as less funding would be required for this, but objectives still met. The original project was going to require significant further funding than already raised. ## **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. The only remuneration paid by the charity in the period was: £22,371 (£12,210: 2021) to Kevin Atkinson £22,371 (£10,802: 2021) to Pam Atkinson Employer pension contributions paid were: £158 (£nil: 2021) for Kevin Atkinson £158 (£nil: 2021) for 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: 2021) plus council tax and water rates of £2,824 (£2,261: 2021) was provided for the trustees Kevin Atkinson and Pam Atkinson, and paid for by the charity. These trustees provide constant security and care for the horses on site at New Beginnings Horses. As the provision of residential accommodation for onsite trustees/staff 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 £1,361 (£6,487: 2021) by the charity at 31 January 2022. This will be repaid as unrestricted funds allow. During the year an amount of £7,694 (£50: 2021) was paid to Kevin Atkinson's son, James Atkinson, for yard work throughout the year performed on a self employed basis. Page 23 **New Beginnings Horses CIO** ## **Detailed Statement of Financial Activities for the Year Ended 31 January 2022** |Unrestricted
Restricted
funds
funds
£
£
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations, loan and rehab fees
**112,212**
**-**
Gift aid
**12,258**
**-**
Grants
**36,432**
**-**
**160,902**
**-**
**Other trading activities**
Fundraising events
**290**
**-**
Merchandise sales
**3,300**
**-**
**3,590**
**-**
**Investment income**
Rents Holiday Cottage
**9,345**
**-**
Interest received
**156**
**-**
**9,501**
**-**
**Other income**
Gain on sale of tangible fixed assets
**7,440**
**-**
CJRS grants
**4,696**
**-**
Local authority grants
**24,063**
**-**
**36,199**
**-**
**Total incoming resources**
**210,192**
**-**
**EXPENDITURE**
**Raising donations and legacies**
Fundraising expenses
**2,902**
**990**
Travelling and subsistence
**1,793**
**-**
Motor expenses
**2,152**
**-**
Motor vehicles
**-**
**1,115**
**6,847**
**2,105**
**Other trading activities**
Opening stock
**-**
**-**
Merchandise for resale
**2,065**
**-**
**2,065**
**-**|2022
Total
funds
£
**112,212**
**12,258**
**36,432**
**160,902**
**290**
**3,300**
**3,590**
**9,345**
**156**
**9,501**
**7,440**
**4,696**
**24,063**
**36,199**
**210,192**
**3,892**
**1,793**
**2,152**
**1,115**
**8,952**
**-**
**2,065**
**2,065**|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| |---|---|---| 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 2022** |Unrestricted
Restricted
funds
funds
£
£
**Other trading activities**
**Investment management costs**
Administrative expenses
**-**
**-**
Holiday cottage expenses
**626**
**-**
**626**
**-**
**Charitable activities**
Rent
**31,800**
**-**
Rates and water
**4,981**
**-**
Insurance
**6,858**
**-**
Light and heat
**4,822**
**-**
Feed
**7,136**
**-**
Veterinary
**11,761**
**-**
Tack etc
**411**
**-**
Farrier, physio etc
**4,732**
**-**
Schooling and yard staff
**48,869**
**-**
Miscellaneous horse expenses
**4,678**
**-**
Motor expenses
**2,156**
**-**
Hay and haylage
**7,061**
**-**
Bedding
**2,480**
**-**
Travelling and subsistence
**1,793**
**-**
Repairs and maintenance
**30,837**
**-**
Professional fees
**-**
**-**
Plant and machinery
**12,175**
**4,126**
Fixtures and fittings
**4,169**
**888**
Motor vehicles
**-**
**1,115**
Loss on sale of intangible fixed assets
**-**
**-**
Loss on sale of tangible fixed assets
**158**
**-**
**186,877**
**6,129**
**Other**
Sundry expenses
**4,740**
**-**
**Support costs**
**Management**
Wages
**45,883**
**-**
Telephone
**2,725**
**-**
Postage and stationery
**472**
**-**
Improvements to property
**674**
**-**
Computer equipment
**1,219**
**929**
**50,973**
**929**
**Finance**
Bank charges
**148**
**-**
Carried forward
**148**
**-**|2022
Total
funds
£
**-**
**626**
**626**
**31,800**
**4,981**
**6,858**
**4,822**
**7,136**
**11,761**
**411**
**4,732**
**48,869**
**4,678**
**2,156**
**7,061**
**2,480**
**1,793**
**30,837**
**-**
**16,301**
**5,057**
**1,115**
**-**
**158**
**193,006**
**4,740**
**45,883**
**2,725**
**472**
**674**
**2,148**
**51,902**
**148**
**148**|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
23,012
2,481
1,106
748
2,039
29,386
276
276| |---|---|---| 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 2022** |Unrestricted
Restricted
funds
funds
£
£
**Finance**
Brought forward
**148**
**-**
HP interest
**441**
**-**
**589**
**-**
**Governance costs**
Accountancy and legal fees
**1,306**
**-**
Total resources expended
**254,023**
**9,163**
**Net income**
**(43,831)**
**(9,163)**|2022
Total
funds
£
**148**
**441**
**589**
**1,306**
**263,186**
**(52,994)**|2021
Total
funds
£
276
110
386
1,444
204,792
54,850| |---|---|---| This page does not form part of the statutory financial statements Page 26