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 nets￿rk 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 Se￿iceS 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 befv￿en 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 opern￿on 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 re￿1ve quality training and m8ntorshlp opptytunlti8s Ihr