REGISTERED CHARITY NUMBER: 1165357
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 January 2023
for
New Beginnings Horses CIO
New Beginnings Horses CIO
Contents of the Financial Statements for the Year Ended 31 January 2023
| 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 24 |
| Detailed Statement of Financial Activities | 25 to 26 |
New Beginnings Horses CIO
Report of the Trustees for the Year Ended 31 January 2023
The trustees present their report with the financial statements of the charity for the year ended 31 January 2023. 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 2023
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 thirteen 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 feels that this is important as it shows the true versatility of these wonderful horses.
The charity work with a local medium secure hospital, a low secure hospital, local hospices and care homes, where they will take a former racehorse and a pony companion to meet the patients. They feel that this work is very important. To be able to give someone who is either struggling or at the end of life the opportunity to interact with a horse and see them smile is priceless.
This work really does show 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 2023
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 £59,180 (£36,432: 2022) 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 able to hold its main fundraising event (Charity Ball and Auction) in February 2022 and 2023 after the break due to COVID 19 restrictions. The event is also being planned to be held again in February 2024.
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.
The charity also received donations of feed from British Horse Feeds and Spillers which help enormously.
FINANCIAL REVIEW
Financial position
During the period the charity had a total income of £258,923 (£210,192: 2022). £79,180 (£36,432: 2022) of the income was from grants, the remaining £179,743 (£173,760: 2022) was raised from regular donations, gift aid claims, rehab livery, collections, fundraising, sale of merchandise and holiday cottage income.
Expenditure and depreciation of fixed assets amounted to £268,107 (£263,186: 2022), leaving a (deficit) of (£9,184) (unrestricted (£14,736), restricted £5,552) (deficit £52,994: 2022)
The deficit arose on unrestricted funds due to normal activity and the expenditure of the brought forward surplus and depreciation.
The restricted surplus in the year relates to an excess of grant income over expenditure and depreciation relating to the specific projects funding was received for.
In the year a total of £61,556 (£24,516: 2022) was invested in equipment additions and yard improvements.
Fund balances at the balance sheet date were:
Unrestricted £119,776 (£134,512: 2022) Restricted £73,541 (£67,989: 2022)
Total £193,317 (£202,501: 2022)
Page 3
New Beginnings Horses CIO
Report of the Trustees for the Year Ended 31 January 2023
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 £21,280 at 31 January 2023.
Page 4
New Beginnings Horses CIO
Report of the Trustees
for the Year Ended 31 January 2023
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. The event was held again in February 2023 and is being planned for February 2024.
The charity continues to have a presence at York, Pontefract and Wetherby racecourses to promote awareness about a racehorse's life both during and after racing, the work of the charity, along with raising funds. New Beginnings feel that this work is important as it gives the racing public the opportunity to get up close and touch a former racehorse often for the first time. New Beginnings have been doing this for the last thirteen years, they have had people come to them who have fallen in love with horses and started riding because of there interaction with New Beginnings horses on a racecourse.
This year saw the charity work even closer with York racecourse, who has taken on Goldream (Remy) as their first ever Equine Ambassador. Remy has attended York's members meet and greet, along with attending St Leonards Hospice to meet some terminally ill patients as well as attending many race meetings. Here he stands with Nearly Caught (another New Beginnings ambassador racehorse) next to the running rail and allows the racing public to stroke him. He is showing the true versatility of these wonderful former racehorses.
The charity paraded several ridden horses retrained and rehomed by the charity at York and Pontefract, 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.
The Charity is working hard to set up its TIE programme (Thoroughbred Interaction and Engagement) Two of the Trustees Kevin and Pam Atkinson will be visiting other organisations to see how they use not only horses but other animals for the benefit of people. New Beginnings have seen the benefit of people interacting with horses through the work they already do with a medium secure hospital, a low secure hospital and care homes.
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.
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.
Page 5
New Beginnings Horses CIO
Report of the Trustees
for the Year Ended 31 January 2023
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
Advisers
Bankers: Weatherbys Bank Sanders Road Wellingbrough Northamptonshire NN8 4BX
Unity Trust Bank PO Box 7193 Planetary Road Willenhall WV1 9DG
Approved by order of the board of trustees on 24 November 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 2023.
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 member of the Chartered Institute of Management Accountants, 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 YO17 8JW
27 November 2023
Page 7
New Beginnings Horses CIO
Statement of Financial Activities
for the Year Ended 31 January 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 200,024 Other trading activities 3 31,653 Investment income 4 7,246 Other income 5 - Total 238,923 EXPENDITURE ON Raising funds 6 19,834 Charitable activities 7 Retraining of former racehorses 226,212 Other 10 7,613 Total 253,659 NET INCOME/(EXPENDITURE) (14,736) RECONCILIATION OF FUNDS Total funds brought forward 134,512 TOTAL FUNDS CARRIED FORWARD 119,776 |
Restricted funds £ 20,000 - - - 20,000 2,213 12,235 - 14,448 5,552 67,989 73,541 |
2023 Total funds £ 220,024 31,653 7,246 - 258,923 22,047 238,447 7,613 268,107 (9,184) 202,501 193,317 |
2022 Total funds £ 160,902 3,590 9,501 36,199 210,192 11,643 246,803 4,740 263,186 (52,994) 255,495 202,501 |
|---|---|---|---|
The notes form part of these financial statements
Page 8
New Beginnings Horses CIO
Balance Sheet
31 January 2023
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 17 97,986 Investments 18 510 98,496 CURRENT ASSETS Stocks 19 4,782 Debtors 20 12,744 Cash at bank and in hand 21 27,293 44,819 CREDITORS Amounts falling due within one year 22 (23,539) NET CURRENT ASSETS 21,280 TOTAL ASSETS LESS CURRENT LIABILITIES 119,776 CREDITORS Amounts falling due after more than one year 23 - NET ASSETS 119,776 FUNDS 26 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ 66,666 - 66,666 - - 6,875 6,875 - 6,875 73,541 - 73,541 |
2023 Total funds £ 164,652 510 165,162 4,782 12,744 34,168 51,694 (23,539) 28,155 193,317 - 193,317 119,776 73,541 193,317 |
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 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24 November 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 2023
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 2023
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
| 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 |
2023 £ 127,943 12,901 79,180 220,024 2023 £ 25,283 6,370 31,653 2023 £ 6,992 254 7,246 2023 £ - - - - |
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 |
continued...
Page 11
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2023
6. RAISING FUNDS
| Raising donations and legacies Fundraising expenses Travelling and subsistence Motor expenses Depreciation Other trading activities Purchases Investment management costs Holiday cottage expenses Aggregate amounts 7. CHARITABLE ACTIVITIES COSTS Retraining of former racehorses |
Direct Costs (see note 8) £ 171,407 |
2023 £ 10,570 2,416 3,407 2,242 18,635 2023 £ 2,608 2023 £ 804 22,047 Support costs (see note 9) £ 67,040 |
2022 £ 3,892 1,793 2,152 1,115 8,952 2022 £ 2,065 2022 £ 626 11,643 Totals £ 238,447 |
|---|---|---|---|
continued...
Page 12
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2023
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 Depreciation Loss on sale of assets |
2023 £ 33,430 4,440 7,768 4,556 6,702 6,554 258 5,017 38,923 1,974 3,407 7,441 3,016 2,416 17,561 27,944 - 171,407 |
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 |
|---|---|---|
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 63,145 10. OTHER Sundry expenses |
Governance Finance costs £ £ 726 3,169 2023 £ 7,613 |
Totals £ 67,040 2022 £ 4,740 |
|---|---|---|
11. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 January 2023 nor for the year ended 31 January 2022.
No Trustee received any remuneration in their capacity as a Trustee during the year.
continued...
Page 13
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2023
11. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
No expenses were reimbursed to Trustees in the year (£nil:2022).
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 |
2023 £ 37,970 538 415 54,600 1,580 1,263 96,366 |
2022 £ 47,742 553 573 44,742 826 316 94,752 |
|---|---|---|
Employer's national insurance not covered by Employment Allowance this year amounted to £2,118 (2022: £1,379).
Self employed schooling and yard staff costs in the year amounted to £626 (2022: £7,894) and is included above.
The average monthly number of employees during the year was as follows:
| Manager Staff |
2023 2 3 5 |
2022 2 3 |
|---|---|---|
| 5 |
No employees received emoluments in excess of £60,000.
Total employee benefits of key management personnel of the charity were £55,864 (£45,057: 2022).
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 160,902 Other trading activities 3,590 Investment income 9,501 Other income 36,199 Total 210,192 EXPENDITURE ON Raising funds 9,538 |
Restricted funds £ - - - - - 2,105 |
Total funds £ 160,902 3,590 9,501 36,199 210,192 11,643 |
|---|---|---|
continued...
Page 14
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2023
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted funds £ Charitable activities Retraining of former racehorses 239,745 Other 4,740 Total 254,023 NET INCOME/(EXPENDITURE) (43,831) Transfers between funds 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 £ 7,058 - 9,163 (9,163) (29,945) (39,108) 107,097 67,989 |
Total funds £ 246,803 4,740 263,186 (52,994) - (52,994) 255,495 202,501 |
|---|---|---|
14. FEES FOR EXAMINATION OF THE ACCOUNTS
Fees for examination of the accounts £900 (2022: £900) 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 £1,679 (2022: £889). At the balance sheet date there were accrued contributions of £246 (2022: £396) of which £105 (2022: £170) 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 £1,264 (2022: £316).
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.
continued...
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New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2023
17. TANGIBLE FIXED ASSETS
| Improvements to property £ COST At 1 February 2022 9,891 Additions - At 31 January 2023 9,891 DEPRECIATION At 1 February 2022 3,830 Charge for year 606 At 31 January 2023 4,436 NET BOOK VALUE At 31 January 2023 5,455 At 31 January 2022 6,061 Motor vehicles £ COST At 1 February 2022 28,200 Additions 11,250 At 31 January 2023 39,450 DEPRECIATION At 1 February 2022 21,507 Charge for year 4,486 At 31 January 2023 25,993 NET BOOK VALUE At 31 January 2023 13,457 At 31 January 2022 6,693 |
Plant and machinery £ 158,126 10,966 169,092 65,757 15,501 81,258 87,834 92,369 Computer equipment £ 7,292 - 7,292 5,818 1,367 7,185 107 1,474 |
Fixtures and fittings £ 47,359 39,340 86,699 18,700 10,200 28,900 57,799 28,659 Totals £ 250,868 61,556 312,424 115,612 32,160 147,772 164,652 135,256 |
|---|---|---|
continued...
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New Beginnings Horses CIO
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
17. TANGIBLE FIXED ASSETS - continued
Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
| Plant and | |||
|---|---|---|---|
| machinery | |||
| £ | |||
| COST | |||
| At 1 February 2022 and 31 January 2023 | 22,590 | ||
| DEPRECIATION | |||
| At 1 February 2022 | 6,269 | ||
| Charge for year | 2,448 | ||
| At 31 January 2023 | 8,717 | ||
| NET BOOK VALUE | |||
| At 31 January 2023 | 13,873 | ||
| At 31 January 2022 | 16,321 | ||
| 18. | FIXED ASSET INVESTMENTS | ||
| Unlisted | |||
| investments | |||
| £ | |||
| MARKET VALUE | |||
| At 1 February 2022 | 256 | ||
| Additions | 254 | ||
| At 31 January 2023 | 510 | ||
| NET BOOK VALUE | |||
| At 31 January 2023 | 510 | ||
| At 31 January 2022 | 256 | ||
| There were no investment assets outside the UK. | |||
| 19. | STOCKS | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Stocks | 4,782 | 1,875 |
continued...
Page 17
New Beginnings Horses CIO
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
20. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors Prepayments CASH AT BANK AND IN HAND Cash in hand Weatherbys and Unity Trust Paypal and Square Total |
Exhibition Unit Fit-out and General Promotional fund Material £ £ 130 - 26,712 6,875 451 - 27,293 6,875 |
2023 £ 7,293 5,451 12,744 2023 Total funds £ 130 33,587 451 34,168 |
2022 £ 9,609 1,074 10,683 2022 Total funds £ 93 72,920 429 73,442 |
||
|---|---|---|---|---|---|
21. CASH AT BANK AND IN HAND
22. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other loans (see note 24) Hire purchase (see note 25) Trade creditors Other creditors Accruals and deferred income Accrued expenses |
2023 £ 5,504 4,581 8,551 1,772 1,600 1,531 23,539 |
2022 £ 1,361 6,108 2,728 2,425 - 1,808 14,430 |
|---|---|---|
continued...
Page 18
New Beginnings Horses CIO
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
| 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 |
2023 £ - 2023 £ 5,504 |
2022 £ 4,581 2022 £ 1,361 |
|---|---|---|
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 |
2023 £ 4,581 - 4,581 |
2022 £ 6,108 4,581 10,689 |
|---|---|---|
continued...
Page 19
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2023
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 (covered round pen) Exhibition Unit Trailer Painted Horse Exhibition Unit Fit-out and Promotional Material Solarium Horse Box RX05 WUU TOTAL FUNDS |
At 1.2.22 £ 134,512 126 610 10,809 6,692 3,992 1,044 25,289 5,126 1,268 12,369 664 - 67,989 202,501 |
Net movement in funds £ (14,736) (126) (92) (1,622) (1,673) (599) (157) 4,707 (769) (190) (1,328) (99) 7,500 5,552 (9,184) |
At 31.1.23 £ 119,776 - 518 9,187 5,019 3,393 887 29,996 4,357 1,078 11,041 565 7,500 73,541 193,317 |
|---|---|---|---|
continued...
Page 20
New Beginnings Horses CIO
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
26. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| 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 (covered round pen) Exhibition Unit Trailer Painted Horse Exhibition Unit Fit-out and Promotional Material Solarium Horse Box RX05 WUU TOTAL FUNDS |
Incoming resources £ 238,923 - - - - - - 10,000 - - - - 10,000 20,000 258,923 |
Resources Movement expended in funds £ £ (253,659) (14,736) (126) (126) (92) (92) (1,622) (1,622) (1,673) (1,673) (599) (599) (157) (157) (5,293) 4,707 (769) (769) (190) (190) (1,328) (1,328) (99) (99) (2,500) 7,500 (14,448) 5,552 (268,107) (9,184) |
|---|---|---|
continued...
Page 21
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2023
26. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.2.21 £ Unrestricted funds General fund 148,398 Restricted funds Racing Foundation Business Development Grant 126 Racewood Simulator 717 Horse Walker 12,716 Two Stall Horsebox 8,923 10 stables 4,696 4 Stables 1,228 All Weather Arena (covered round pen) 51,989 Exhibition Unit Trailer 6,031 Painted Horse 4,737 Exhibition Unit Fit-out and Promotional Material 15,153 Solarium 781 107,097 TOTAL FUNDS 255,495 Comparative net movement in funds, included in the above are as 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 |
Net movement in funds £ (43,831) - (107) (1,907) (2,231) (704) (184) - (905) (224) (2,784) (117) (9,163) (52,994) follows: 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 22
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2023
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 (covered round pen) - contributions from RoR (£26,700), Alborada Trust (£27,600) and Petplan Charitable Trust (£10,000)
A total of £54,300 of grants were initially received awaiting the raising of further funds to install a roof over the all weather arena. This project did not proceed in the same format and required less funds. RoR confirmed in 2021/22 that their grant of £26,700 could be allocated to unrestricted funds, so this was done. Petplan provided a further grant of £10,000 during the year to go towards the altered project, being the covered round pen. The balance will fund the depreciation of the round pen.
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.
Horse box - funded by The Sir Peter O'Sullevan Charitable Trust (£10,000)
This grant was for the purchase of a larger horse box. The balance will fund the depreciation of the horse box.
continued...
Page 23
New Beginnings Horses CIO
Notes to the Financial Statements - continued
for the Year Ended 31 January 2023
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:
£27,300 (£22,371: 2022) to Kevin Atkinson £27,300 (£22,371: 2022) to Pam Atkinson
Employer pension contributions paid were:
£632 (£158: 2022) for Kevin Atkinson £632 (£158: 2022) 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: 2022) plus council tax and water rates of £3,698 (£2,824: 2022) 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 £5,504 (£1,361: 2022) by the charity at 31 January 2023. This will be repaid as unrestricted funds allow.
During the year an amount of £324 (£7,694: 2022) was paid to Kevin Atkinson's son, James Atkinson, for yard work throughout the year performed on a self employed basis.
Page 24
New Beginnings Horses CIO
Detailed Statement of Financial Activities for the Year Ended 31 January 2023
| Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS Donations and legacies Donations, loan and rehab fees 127,943 - Gift aid 12,901 - Grants 59,180 20,000 200,024 20,000 Other trading activities Fundraising events 25,283 - Merchandise sales 6,370 - 31,653 - Investment income Rents Holiday Cottage 6,992 - Interest received 254 - 7,246 - Other income Gain on sale of tangible fixed assets - - CJRS grants - - Local authority grants - - - - Total incoming resources 238,923 20,000 EXPENDITURE Raising donations and legacies Fundraising expenses 10,444 126 Travelling and subsistence 2,416 - Motor expenses 3,407 - Motor vehicles 155 2,087 16,422 2,213 Other trading activities Merchandise for resale 2,608 - Investment management costs Holiday cottage expenses 804 - |
2023 Total funds £ 127,943 12,901 79,180 220,024 25,283 6,370 31,653 6,992 254 7,246 - - - - 258,923 10,570 2,416 3,407 2,242 18,635 2,608 804 |
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 2,065 626 |
|---|---|---|
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 2023
| Unrestricted Restricted funds funds £ £ Investment management costs Charitable activities Rent 33,430 - Rates and water 4,440 - Insurance 7,768 - Light and heat 4,556 - Feed 6,702 - Veterinary 6,554 - Tack etc 258 - Farrier, physio etc 5,017 - Schooling and yard staff 38,923 - Miscellaneous horse expenses 1,974 - Motor expenses 3,407 - Hay and haylage 7,441 - Bedding 3,016 - Travelling and subsistence 2,416 - Repairs and maintenance 17,561 - Plant and machinery 11,995 3,506 Fixtures and fittings 4,151 6,049 Motor vehicles 156 2,087 Loss on sale of tangible fixed assets - - 159,765 11,642 Other Sundry expenses 7,613 - Support costs Management Wages 57,443 - Telephone 2,636 - Postage and stationery 1,093 - Improvements to property 606 - Computer equipment 774 593 62,552 593 Finance Bank charges 285 - HP interest 441 - 726 - Governance costs Accountancy and legal fees 3,169 - Total resources expended 253,659 14,448 Net (expenditure)/income (14,736) 5,552 |
2023 Total funds £ 33,430 4,440 7,768 4,556 6,702 6,554 258 5,017 38,923 1,974 3,407 7,441 3,016 2,416 17,561 15,501 10,200 2,243 - 171,407 7,613 57,443 2,636 1,093 606 1,367 63,145 285 441 726 3,169 268,107 (9,184) |
2022 Total funds £ 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 51,902 148 441 589 1,306 263,186 (52,994) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 26