Registered number.. 11322726 Charity number.. 1178743 WESKO EQUESTRIAN FOUNDATION (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
WESKO EQUESTRIAN FOUNDATION IA company limitsd by guarantee) CONTENTS Page Reference and adminlstratlve details of the charity, its Trusts8$ and adYi5ers Twstees, report Independent axamlnevs r•port Statement of flnancial activities Balance she•t Notes to the financial statements 10-18
WESKO EQUESTRIAN FOUNDATION {A company limited by guarant•el REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENOED 31 AUGUST 2024 Trusteos J Chablani, Chair E A L Chesworth, Trustee L Wilher5, Trustee J W KWe, Trustee (Resigned 29 December 20231 P E Sud, Trustee Company registar•d number 11322726 Charlty reglstered numb•r 1178743 Ragist•rnd offi¢• Aston House Cornwall Avenue London N3 1LF Accountants Adler Shine LLP Chartered Accounlanls Aston House Cornwall Avenue London N3 1LF Page 1
WESKO EQUESTRIAN FOUNDATION {A company lirnited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together wlh the financial statement5 of the charity for the September 2023 10 31 August 2024. The annu81 report serves the purposes of both a TTU5tee5' report and directors, report under company law. The Trustees confirm that the annual report and financial statements of the charitable company cornply with the current statutory requirements, the requirements of the charitable company's goveming document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Since the tharity qualifies as small under section 382 of the Companies Aci 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Director5, Reportl Regulab'ons 2013 has been omitted. Objectives and activitias Pollcles and objectives The charty's objectives are.. To provide education, training and welfare to naturally talented prospective riders., Fulfilling the pursuit of dreams in three main eventing activities. Cross-country. Dressage and Show Jutnping.. Raising awareness of the programme offered by the Foundation within the eventing community lo help further promote the aims of the charity. In setting objectives and planning for aclivilies, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running a charity IPB21'. b. Stratogias for a¢hieving objectiv•s The Trustees have outlined the follwng strategies to achieve the above objectives.. Deliver an educ*on programme offered by the charity and the Young Riders Academy wth professional education in business and economic5, communication, mental coaching and veterinary., Run a tailor-made mentorship and training programme based on each young rider's skills and future goals., Collaborate wth other organisations and partner5 to provide support to riders with kit and riding equipment.. Constant contact and following up their progress., Setting up the Wesko Equestrian Academy lo provide Continued support in the form of social media, business and mental coaching as well as access to the Foundation's netsrk of contacts after the completion of the programme. Page 2
WESKO EQUESTRIAN FOUNDATION IA company Ilmited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and activitiès Icontinuedl c. Activltles undertaken to achi8vo obje¢tivos During the year the charity undertook the followng specific activities in order to achieve its objectives.. Education sessions were attended provided by the Gharily and the Young Riders Academy,. Individual mental coaching sessions were held with ead) rider to help improve their confidence., Questionnaires were circulated lo gain feedback and identify areas where the programme could be improved, Pathway Training Days were organised for up to 40 iiders over a period of 2 days providing opportunities for Show Jumping and Dressage training en the horse as well as to speak to Pilates and Bu5ine5s coaches., In June, riders sponsored by the Foundation had the opportunity lo attend an educational session abroad as part of our partnership wth A Young Riders Academy. d. Social inv8stmgnt pollclos The Foundab"on is the Proud owner of Wesko, foLJr-slar wnner and British Eventing Horse of the year 2015, Tim Price. a New-zealand eventer, and ambassador to the Foun¢J8lion, currently rides and competes wth Wesko. Collectively, as ambassadors to the Foundatr'on, their partnership is made directty in the pursuit of the Foundation's charitable purposes and helps raise the Fokjndation's a¢tivilies within the Eventing and Equestrian sports communities through their continued participation in worfdwide compelib'ons. Wesko has now been relieved and pul under the care of Tim Price. The Foundation retains legal lille of Wesko. e. Grant-making policies The Foundation receives donated goods and SeiceS which are then uliliged by the riders lo further the objectives of the Foundation. l. Volunteers Currenuy, all the Twslees of the Foundation are volunteers. Page 3
WESKO EQUESTRIAN FOUNDATION IA eampany limited by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Achievernents and parformanco a. Maln achlevèments of the charity During the year the charity enabled ils sponsored riders to undertake many activities lch would enable them lo further IheiT eventing dreams anil pursue the charitys objectives of increasing education, training and welfare of these rider5. In January 2024, the Foundation launched the Pathway Programme, where 16 riders were selected lo participate in training camps throLJghout the year, including monthly education sessions. The same rider5 will have the opportunity to travel abroad to Lugano wlh the Young RideT5 Academy in June and attend the prestigious CHI Geneve in Decernber. The charity secured a venue sponsor from Agria Equine Insurance, which wll cover venue hire costs for the training camp5 b. Reviow of actlvltle$ A Tewew of activities is undertaken up to 4 times a ye8T. The Foundation focused on our first round of applicants and developing a comprehensive education plan and annual limelable for our riders. Continual feedback was gought from participants lo determine programme areag which can be improved. The key performance indicators are mainly based on what the riders feel they have gained from the training on the horse and the education programme. Factors relevant to aehi•ve objectlves Value provided of the various education sessions., Value of the training received.. Communication befven the stakeholders of the Foundation being the Trustees, trainers and most importanuy, the riders. d. Investment policy and performance The Foundation does not have a fomial investment policy al the present lime. The investments held by the Foundation currently consist of an investment propety and ownership of an eventing horse, Wesko. The investment property is valued periodically by an expert and olhetwise is assessed each year by the Trustees, as part of their review of the charity's financial performance. Page 4
WESKO EQUESTRIAN FOUNDATION IA company limited by guarant•el TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Financial rèvl•w . Golng concem After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For thi5 rea50n, they continue lo adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. PAaterial investments policy The Foundation has a signifi¢ant inve51menl in the Windrush property and residence which was leased lo a third party during the financial period to help provide an additional source of income to help fund the Foundation's charitable activities. The investment property was inilialty recognised at its transaction cost and subsequently measured at fair value as at the Balan¢e Sheet dale. ¢. Prlnclpal rfsks and uncertainties The major risk lo which the Foundab'on is exposed is to Is the inability to find and secure a multi-year 5wnsor. By securing a long-temi sponsor, the Foundats"on will be able to continue to work towards achieving the Foundation'5 charitable activities. d. Principal fundlng In the first periods ol operation. the Foundation received cumulats've cash donations of £200,000. The Tru51ees are currently in the process of di5¢ussing future donations. although no agreements have been achieved al present. These donations help to ftjnd the operational costs of the Foundation as well as travel and gubsigtence expenditure for OUT riders during their attendance 8t education sessions. Structurni gov•rnance and rnanagempnt a. Constitution Wesko Equestrian Foundation is Tegistered as a charitable company limited by guarantee and was set up by a Memorandum of A550cialion. b. Methods of appolntmont or electlon of Trustees The management ol the charity is the responsibility of the Trustee5 are elected and co-opted under the temis of the Articles of Association. New Trustees can be appointed with a simple majority of votes at a meeting of the Trustees as5urning a quorum is present in line wfth the Trust deed. c. Organisational structuro and deci5ion-making policies The only perrnanent mernber ol staff is Maria Chiara Apruzze5e. Chief Executive Officer of the Foundation. who manages the day-lo-day operations of the Foundation, including the property management of Windrush. Page 5
WE8KO EQUESTRIAN FOUNDATION (A company Ilmlted by waTant•el TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Struth, gov•m•n¢• •Ad man•gtmènt leonfjfiuedl d. Pollcl&s adopted for the Induction and tralnlnq of Trust Du8 to the eady stages of opernon of the Foundatlon, TruBt66s h8ve not beèn provided with foTmBI Inducbon and training. However. Ihrough their ¢(¢a¢ they have ac£ess to trJ)th legal and flnancial advlsors. . Pay pollcy for koy managgment personnel Remunefalion of kay management personnel was get by the Boatd of Trts5te0s and any p8y ri$85 and dlscrgtionary pwforman¢&related bonuses are agreed by the Board ofTrustees. Plano lor fulurg ptyrlod$ Th8 charity plans io conltnue supp)rting the Pathway programm8 and fostarfng pathershlps w6th Sndu5try sy)n8ors. Th8 charity do8ely with the new set ol riders to ensure they re1ve quality training and m8ntorshlp opptytunlti8s Ihr<x¥Jhoth the Ogra[rI8. stst•m•nt of Trust••8' r•8ponslbllltt•8 The Trustee51fio are a150 the threctors of the thadty for the purposes ol rA)mp8ny Ihwl are resp$18 for prepBring Ihe Trustees, reFKJrt and th8 finanrial 3t8temgnts in acrx)rdance with appllcat4e law wld Unl Kingdom AceounUng Standards Iunitad Iongdom Gangr8lly Ac¢eptsd Accounting Pradicel. Cornpany law requires the Trustees io prepafe financ1 statemants for each financi81 . Und8r (Xxp0ny18W, Trustees rnust not approve the finan¢ial statements unless they are satisfied that they give a true and lair view of the state of affalrs of tha eharaty and of Its incoming r8sourc85 8nd applicalion of resources, including its incom8 and expenditure, for that period. In Preparing these financial statements, the Trustees 8re required to.. select suitable accoLmting pL4icAos and then apply them consislenlfy. ob8erv8 lh8 fflgth¢xl8 and princie$ of the Charitie3 SORP IFRS 1021., make judgements and accounting estimates that a asonable and pnJdent-, state wknelher appllcabl& UK Accounting St8nd8rds IFRS 1021 have bg&n followed. $ut4gCt trj any material Opartures disclosed and eX[alned in Ihe finanryal 3tatsments', prepare Ihe finar91 stalements on the going concern basis unless it 5s inappYopf18té to prosumo thai the eharity will continue in bu$inss. The Trustees &r& responslblo for keeping 8doquat6 accounting rerAxds that are 8uffici8nt to show and explain the charitys transactlons and disclose with reasonable accuracy at any tim& the Itn8nclal posltion of th4 th8rity and 8n8tAè them lo ensurg that the finanrial ststernents comply wth Ihe Companies Act 2006. They are also resK¥)nsIè for safeguardlng the assets of the ¢hity and herTh for tsking rea8?8*e steps for the prevents.on and detection offraud and other iegulabe$. Approved by o er of the members of th$ board ofTN$tSO$ 8nil Signed on Ihe¥ behalf by.. L Wlth•ws Trustee Date..
WESKO EQUESTRIAN FOUNDATION {A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Independgnt examinerfs report to the Trustees of Wèsko Equèstrian Foundation {'tho charity'l I report to the charity Trustees on my examination of the accounts of the charity lor the year ended 31 August 2024. Responsibilities and basis of report As the Trustees of the charity land ils 1CtorS for the purposes of company law) you are responsible for the preparats'on of the accounts in accordance with the qUIreMentS of the Cornpanies Act 20061'lhe 2006 Act'i. Having $81isfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for Independent exarnination, I report in respect of my examination of the charily's accounts carried out under section 145 of the Charities Act 2011 I'lhe 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Comrnission under section 14515llbl of the 2011 Act. Independent examinerfs statement I have ¢ompleled my examination. I confirm that no matters have come to my attention in connection wf(h the examination giving me Cause to believe". accounting records were not kept in respecl of the charity as required by section 386 of the 2006 Act", or the accounts do not accord with those records., or the a¢¢ounts do not cornply wlh the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lTue and fair. view which is not a matter considered as part of an independent examination". or the accounts have not been prepareil in accordance wlh the method5 and principle5 of the Statement of Recommended Practice for accounting and reporting by charities lapplicable lo charitie5 preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come acT05S no other mallers in connection wlh the examination to vthich attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the charity's Trustees, a$ a body, in accordance th Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might 51ale lo the charity's Trustees those matters l am required to state lo them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report. Signed.. Alexander Chrysaphiades Adler Shine LLP Chartered Accountants Aston House Cornwall Avenue London N3 1LF ALPL Dated.. 30 May 2025 FCA Page 7
WESKO EQUESTRIAN FOUNDATION IA Company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Incomo from: Donations and legacies Charitable activities Investments q54,740 9,974 47,817 154,740 9,974 47,817 114,268 66,069 Total inC*e 212,531 212,S31 180,337 ExpèndSture on- Charitable activities 192.782 192,782 757, 189 Total expenditure 192,782 192,782 t57, 189 Net movement in funds 19.749 19.749 23, 748 R8conciliation of funds: Total funds brought forward Nel movement in funds 2,740.483 19,749 2.740.483 19,749 2,717,335 23, 148 Total funds carried fofward 2,760,232 2,760,232 2.740,483 The Statement of financial activities includes all gains and losses recognised in the year. The notes on page5 10 to 18 form part of these financial slalemenls. Page 8
WESKO EQUESTRIAN FOUNDATION IA Company Ilmlied by gu•ranttél REGISTERED NUMBER.. 11322726 8ALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Flxed ass•ts Investment Property Current assets 2,75D,000 2.750.000 Debtors Cash at b8nk and In hand 12 1,500 26,080 5,207 27A80 5,207 Credito.. 8mounts falllng du9 vAlhin one 13 (17,3481 f14.724) N•t curyènt a680ts I IlabllNI•s 10,232 (9.517) Tolal as80ts les• current Ilabllitte 2,7fj0.232 2,740,483 2.760,232 2,740.483 Ch4rlty lund* Restricted funds Unrestri¢ted lunds 14 14 2,760,232 Z740.483 Tgtsl funds 2.760,232 2.740.483 Th• charity was entilled to exemptton frThn audit undw Sgction 477 of the Companies Aet 26. The mambers h8ve not raquired th8 wmpany to obtan an audit for Ihe year in quesD(M) In accordance wth section 476 of Compani6s Act 2008. Th& Trustees acknowledge their rssp0n3ibilits lor complying vAth tho requiraments ol Ad with speCt lo accountsn9 r8cords and preparth.on offjnancial slat8wn¢nts. Thg financial statements have begn prepared In Cor(lan with tho provisions appli¢able to entitlos wbjaet to the small ¢omp8nies ra9lme. 18t8tements were approv8d and 8Uthorised for issue by lh& Trust&•S and signe(l on th8ir behalF ty. The finan Truste Date.. 3 The nok85 on page$ 10 to 18 form part ofthese financlal ststements.
WESKO EQUESTRIAN FOUNDATION IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 G+ra1 Inforniatlon Vvesko Equestrian FoundaliL)n is a company limited by guarantee registered in England and Wales. The members of the company are the Trustees named on page 1. In the event of the company being wound up. the liability in respect of the guarantee is lirni(ed lo £1 per member of the company. The principal activity of the charity is to advance education, training and cornmunty partiupation in Events'ng and Equestrian sports. Accounting policies 2.1 Basis of preparation of financial $tstements The financial statements have been prepared in accorilance wlh the Charitie3 SORP IFRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK 8nd Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Wesko Equestrian Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost OT transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concern After making appropriate enquiries, the Trustees have a re8$onable expectation that the company has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial stslemenls. 2.3 In¢ome l income is recognised once the charity has enlillement to the income, it is probable that the income will be received and the amount of income Teceivable can be measuTed reliably. Where the donated good is a fixed asset, il is measured al fair value. unless it is impracts'cal to rneasure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a Corresponding amount is induded in the appropriate fixed asset class and depreciated over the useful economic life in accordance wrth the charity's accounting poliaes. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift lo the charity which is the amount it would have been willing lo pay lo obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then cognised in expenditure in the period of receipt. Page 10
WESKO EQUESTRIAN FOUNDATION IA company Ilmltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Icontinuodl 2.4 Expanditure Expenditure is recognised once there is a legal or constructive obligation to transfer eci)nomic benefit lo a third party, it is probable that a transfer of economic benefits will be required in 5etllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total ol direct costs and shared costs, including support costs involved in undertaking each activity. Dire¢t Costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attTibulable lo a single actiwty a apporboned between Ih05e activities on a basis consistent wth the use of resources. Central staff costs are allo¢aled on the basis of lime spent, and depreciats'on charges allocated on the portion of the asset's use. Expenditure on charitsble activities is incurred on directly undertaking the activities which further the charity's objects'ves, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recogni5ed as expenditure en the conditions attaching a fulfilled. Grants offered subject to condition5 which have not been met at the year end are noted as a comrnitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Intsr&$t rgcelvabl& Interest on funds held on dep0511 is included when receivable and the amount can be measured reliably by the charity., this is normally upon nolificalion of the interest paid or payable by the insb"tulion with whom the funds are deposited. 2.6 Investments Fixed asset investrnents are a form of financial in51rumenl and are initially recognised at their transaction cost and subsequently measured at fair value al the balance sheet dale, unless the value cannot be measured reliably in which case it is measured al cost les5 impaimient. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Nel GainsllLossesl on inveslmen15' in the slalernenl of financial ath'vities. 2.7 Doblors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.8 Cash at bank and In hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page11
WESKO EQUESTRIAN FOUNDATION IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 AUGUST 2024 Accounting policies Icontinu¥dl 2.9 Llabllltl&s and provisions Liabilities are recognised when there is an obligation al the balance sheet dale 83 a result of a past event, it is probable that a transfer of economic benefit wll be required in settlement, and the amounl of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount il has received as advanced payments for the goods or services it musl provide. 2.10 Flnanclal instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial inslrurnents are initially recognised at Iran5aclion value and subsequently measured al their settlement value with the exception of bank loans vthich are Subsequently measured at amortised cost using the effective interest method. 2.11 Pensions The charity operates a defined contribution pension Scheme for ils employees. A defined contribution plan 15 a pension plan under which the company pays fixed contributions into a separate enlily. Once tl)e contributions have been paid the company has no further payment obligations. The contribution5 are recognised as an expense in the statement of financial activities when they fall due. Amounts not paid are shown in accruals as a liability in the Slalement of financial position. The assets of the plan are held separately from the company in an independenuy administered fund. 2.12 Fund accounting General funds a unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Investment income, gains and losses are allocated lo the appropriate fund. Income frorn donations and l•gacias Unrestrlcted fund5 2024 Totsl funds 2024 Total funds 2023 Donations 154,740 154,740 114,268 Page 12
WESKO EQUESTRIAN FOUNDATION {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charitablo actlvltlos Unrestricted funds 2024 Total funds 2024 To181 funds 2023 Income from charitable activities - Educatlon sessions 9,974 9.974 Investment incom Unrestricted funds 2024 Total funds 2024 Total funds 2023 Rental income 47,486 331 47.486 331 66,000 69 Bank interest 47,817 47,817 66,069 Analysis of expenditure by activiti8s A¢tlvltles und•rtaken dirnctly 2024 Grant funding of activitie5 2024 Support costs 2024 Total funds 2024 Administrative activities Charitable activities 42,106 106,288 27,103 12,547 54,653 106,286 27,103 4,740 Investment propety costs Equipment and uniforms 4.740 175,495 4.740 12,547 192,782 Page 13
WESKO EQUESTRIAN FOUNDATION IA company1Smltsd by guarantee) NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of •xp¥ndlture by activities Icontinuedl ActivitS undertaken d1ctlY 2023 Grant rundin9 0 aCtivitS 2023 Support cosls 2023 Total funds 2023 Administrative activities Charitable aciivits'es Investment propety costs Equipment and uniforms 59,306 71, 795 8,246 13, 167 72,473 71, 795 8,246 4,675 4,675 139,347 4,675 13,167 157, 189 Analysis of grants Grants to Indlvldual$ 2024 Total funds 2024 Grants, Education sessions 4,740 4.740 Grants to Individuals 2023 Tot81 funds 2023 Grants, Education sessions 4,6T5 4,675 Independent examinerfs remuneration 2024 2023 Fees payable to the charitws independent examiner for the independent examination of the ¢haritWs annual accounts 5,000 Page 14
WESKO EQUESTRIAN FOUNDATION IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Staff c¢)sts 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 40,737 558 2,304 48,531 858 11,474 43,599 60.863 The average number of persons employed by the tharity during the year was as follows.. 2024 No. 2023 No. Chief executive officer No employee received remuneration amounting to more than £60.000 in either year. 10. Tru5tees' remuneration and expenses During the year no Trustees received any remuneration or other benefits 12023 - £Nill for acting as Trustees. 1 Trustee received £2.100 {2023 - £3.2001 for providing training sessions on an arm's length basis. During the year ended 31 August 2024, expenses lotalling £138 We reimbursed or paid diredy to 1 Trustee (2023- £267 to 2 Trustees). This was for travel costs incurred on behalf of the charty. 11. Investment pvoperty Freehold Invostmont property Valuation Al 1 September 2023 2,750.000 At 31 August 2024 2,750.000 The fair valLJe ol the investment property ha5 been provided by the Trustees based on discussions held th an independent valuer who held a relevant professional qualification. Page 15
WESKO EQUESTRIAN FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Debtors 2024 2023 Other debtors 1,500 13. Creditors: Amounts falling duè wlthin one year 2024 2023 Trade creditors Other taxation and soryal security Accruals and deferred income 4,327 639 3,875 929 12.382 9,920 17,348 14, 724 14. Statement of funds ststement of funds - current year Balance at 1 SeptBmbar 2023 Balance at 31 August 2024 Incom8 Expendituro Unrestrictod funds General Funds . all funds 2,740,483 212,531 1192.7821 2,760,232 Statement of fund$ - prior y•ar Balance al I September 2022 Balance al 31 August 2023 Income Expendilu Unrestrlcted funds General Funds all funds 2, 717,335 180,337 (157, 189) 2, 740,483 Page 16
WESKO EQUESTRIAN FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Analysls of net assats between funds Analysis of nèt a$sets between funds- current period Unrestricted funds 2024 Totsl funds 2024 Investment property Current assets Creditors due rithin one year 2,750.000 27.580 {17,3481 2.750,000 27,580 {17.348) Total 2,760,232 2,760,232 Analysis of ngt assèts botan fund$ - prlor pgriod UnrestrKled funds 2023 Total runds 2023 Investment propety Current assets 2, 750,000 5,207 (14, 724) 2, 750,000 5,207 (14,724J Creditors due wthin one year Total 2, 740,483 2, 740,483 16. Grant commitments On 12 December 2023 the charity granted a 10 year lea$e over part of ils inve51rnenl property, at the annual rent of a peppercorn. 17. P¢nslon commitments The charity operates a defined contribLrtion pension scheme. The assets of the scheme are held separately from those of the charity In an independently administered fund. The pension cost charge represents contributions payable by the charity lo the fund and amounted to £2,304 12023 - £11,474). Contributions tolalling £Nil12023- £Nill were payable lo the fvnd at the balance sheet date. Page 17
WESKO EQUESTRIAN FOUNDATION IA company limited by guarant881 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Related party transactions During the year the charity granted a 10 year lease lo Horses for Wellbeing CIO, a charity with shared Trustees, at the under-market rent of a peppercorn annually, The arm's length value of this has been esb'mated to be £12,000 per annum. The charily also paid expenses lotslling £1,500 on behalf of the related paty which is included as an other debtor. Page 18