2021-12-31-accounts

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

31 DECEMBER 2021

Anne Colvin House, Snetterton, Norfolk NR16 2LR, UK t: [phone] e: [e-mail] www.worldhorsewelfare.org President: HRH The Princess Royal

Registered charity no: 206658 and SC038384

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 CONTENTS Page Report of the Trustee5 Independent Auditors, Report 21 Statement of Financial Activities 25 Balance Sheet 26 Cash Flow Statement 27 Notes to the Financial Statements 29-39 Principal Places of Business and Advisors 40 Page 2

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 The World Horse Welfare Trustees present their report, together with the audited account5 of World Horse Welfare, for the year ended 31 Decernber 2021. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial ReFlOrting Standard 102. Reference and Administrative Informatlon World Horse Welfare was founded by Miss Ada Cole in 1927. It is registered with the Charity Commission for En8land and Wales as Charity No. 206658 in May 1979 and with the Office of the Scott15h Charity Regulator under SC038384 in August 2007. The Trustees and senior executives are listed on page 20. Its principal places of business and professional advisors are listed on page 40. Structure, Governance and Management World Horse Welfare is governed by the Trust Deed of 3 December 1993 most recently updated on 7th December 2021. These deeds are filed with the Charity Commission. The Charity has two subsidiaries which are not included in these financial statements.. ILPH LTD, company number 2486047. which ceased to trade on 31 December 2005. and World Horse Welfare Ltd, companv number 11029005, whlch was incorporated on 24 October 2017 and has not carried out any tran5actlons. Governance The governing body of World Horse Welfare is the Council, consistSng of a minimum of S Trustees who are legally responsible for its governance and management, which meets three times annually. Trustees are elected by Council and serve a term of four years which can be extended by a further four years. Nominations as Trustee are invited from Trustees, employees and supporters through the Charity's newsletter. Induction of Trustees comprises briefings from the Chalrman on the objective5 and governance of the Charity as laid out in the Trust Deed and from the Chief Executive on the application of its Strategy and activities. including meeting senior staff and visiting at least one of the UK Centres. There were 15 Trustees who served throughout the year. No new Trustees were appointed during 2021. In order to raise funds World Horse Welfare worked with appointed agencies to help create fundraising campaigns and appea15 and to manage mailings and promotion. In addition, World Horse Welfare worked with several companies using a commercial participator agreement to raise funds via the sale of goods. The Charity takes a zero-tolerance approach to bullying. harassment, sexual exploitation and abuse and implements it5 safeguarding policy, which includes partner organi5ations in international projects. The Charity protects vulnerable people and follows both the Direct Marketing Association and the Chartered Institute of Fundraising's Code of Practice on safeguarding. In practice, if a staff member suspects a supporter is vulnerable, the Charity may return their donation and would not contact them again requesting financial support. The Charity may decide to stop all communication to the supporter. Page 3

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 The Charity is a member of the Fundraising Regulator. In 2021 World Horse Welfare received no fundraising related complaints in line with the Charity's published complaint5 policy. Monagement The Trustee5 are responsible for Setting Charity strategy and policy and ensuring that these are appropriately implemented. To help achieve this responsibility the Trustees have four committees.. General Purposes and Fin3Dce Committee- meet5 three times a year and is primarily responsible for reviewing the financial affairs of the Charity and making recommendations to Council. This includes considering the strategic plan. annual budget and performance against budget, management of the Charitvs investments, and the annual accounts and report of the auditors. Two sub-committees report to this Committee: the Nominations Sub-committee and the Investment Sub-committee. International Committee meets twice a year and is charged with overseeing the Charity's international work, considering future approaches and reviewing progress on existing Projects. Communications and Fundraising Committee- meets three times a year and assists the Trustees in formulating the Charity's communications and fundrai5in8 Strategy and ensuring that it matches its aims and objectives. Veterinary Advisory Committee - meets twice a year to advise the Trustees and Executive on all veterinary aspects of the Charit￿5 work. to receive updates on developments in equine veterinary knowledge and to consider requests for equine welfare grants. The Committee is comprised chiefly of veterinarian5. All committees refer back to Council with recommendations. except where urgent decisions are required in which case the Chairman will consult with other Trustees to authorise the Executive to carry out specified tasks until Council can fully consider the issues involved. Council is also responsible for the appointment of auditors and investment managers. Council delegates the day to day running of World Horse Welfare to a management team headed by the Chief Executive. They are responsible for carrying out the policies agreed by Council. Remuneration of key manogement personnel The salaries of all staff are set annually by reference to the skills required for the role, the amount earned for comparable ski115 in other organisations and government legislation. Non-salary benefits are benchmarked against those received in similar organisations. Objects of the Charity (incorporating Public Benefit) The future direction of the Charity is set out on the following pages. The Object5 explain the long- term direction of the Charity and Plans for the Future sets out the Trustees. strategic plan and the objectives for 2022. The primary object of World Horse Welfare is the protection and rehabilitation of equidaei in the United Kingdom and overseas. The 2011 Charities Act requires that charitie5 demonstrate the public benefit of their activities. These activities are analysed as those that are based predominantly in the Equidae are horses, ponies, donkeys and mvles- hereafter referred to as horses. Page 4

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 UK or overseas, each of which either has a direct or indirett public benefit. In considering their objectives and activities, the Charity Trustees cornplied with their duty to have due regard to the guidance on public benefit published by the Charity Commission. Working in the UK By rescuing, rehabilitating and rehoming horses in 8ritain through a network of Centres and field staff (direct public benefit through the service offered by the Welfare Line and through the rehoming scheme) By educating horse owners in the UK on how to better care for their horse5 (direct public benefit through education) By campaigning to improve horse welfare legislation in the UK Ilndirect public benefit through raising horse welfare standard5 in the UK) Through research into the major horse welfare challenges and raising awareness on how to address them (indirect public benefit through raising horse welfare standards) Working oversea5 By advising 5POrt re8ulator5 on horse welfare internationally (indirect public benefit through raisin8 horse welfare standards in international sport) 8y campaignin8 to improve horse welfare legislation internationally, including campaigning against the lon8-distance transport of horses for slaughter in Europe (indirect public benefit through raisin8 international horse welfare standards) By running community-based programmes in Latin America, Africa and Asia to help local workin8 horse owners better care for their horses (direct public benefit through supporting working horses In the developing worldl Through working in partnership with other organisations to bring about improvement in the welfare of working horse5 (direct public benefit through supporting working horses) By influencing other organisations and institutions to act to consider, protect and improve the welfare of working horses throughout the world World Horse Welfare's vision Ss a world where every horse is treated with respect, compa55ion and understanding. Its mission is to work with horses, horse owners. communitie5, organisations and governments to help improve welfare standards and stamp out suffering in the UK and worldwide. The Charity accomplishes thi5 through upholding its values- to be realistic in it5 approach, focusing on the practical to achieve what is possible now while mindful of the future,. compassionate in its attitudes, behaviour5 and decision-making; and forward-thinking in anticipating challenge and change, always seeking new ways of being more effective. World Horse Welfare plans for 2021 To assist in the delivery of the charitable objectives, the plans for 2021 were: Developing a pilot project on how to engage a hard to reach community to prevent equine overbreeding Overhauling data gathering and storage within its UK processes to enhance analysis Campaigning for more effective enforcement of equine-related legislation in the UK 3nd pressing for licensing of equine welfare establishments Pa9e 5

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 Enhancing the user experience and staff processes behind rehoming and associated communication5 Continuing to contribute evidence to the ongoing review of transport legislation in the UK and EU Evolving the social licence concept in equestrian sport Influencing COVID-19 related emergency support through establishing partnerships in the development sector Advancing an evidence base on the contribution of working equids to the Sustainable Development Goals Actlvlties carrled out durlng the year The Trustees, report on performance in achieving these plans Is set out below. UK The UK Office handles calls from the public, coordinating the work of the Field Officers and Rescue and Rehoming IR&RI Centres and giving advice, producing educational information in a range of formats. The Charity also works closely with other agencies, including the RSPCA, Police and Trading Standards, in identifying and resolving welfare cases. Rescue ond Rehoming There are four R&R Centres in the UK, specialising in rescuing and rehabilitating horse5 which have been found in states of neglect or having suffered abuse. At the year-end 2,14612020: 2.0191 horses were in homes approved by the Charity. In 2021, 319 12020- 2851 new horses were taken into care, 151 12020.. 1471 were returned from previous loan homes and 37812020: 3561 horses were successfully re-homed. The Charity continues to See large group admissions to the Centres making up a considerable proportion of cases being admitted. As the statistics above show the centres have managed to continue admitting and rehoming horses despite the ongoing impact of COVID-19. Field Officers have been able to resume attendance at non- emergency welfare cases and in-person checks on horses that are out with rehomers. However, the use of video communication has been a positive development for the Charity and a review is underway looking at how that could be best continued. UK processes and supportin8 Svstems have been redeveloped to enhance analysis and streamline data gathering and storage. in compliance with current legislation. This included work to collect additional information on the type of premises that are visited in the course of investigations into welfare reports, such a5 whether the premise5 are commercial or private. As well as enhancing the back-end processes, the Charity also developed new supporter-facing, web-based forms for reporting of welfare concerns and enquiries relating to the rehoming scheme. and ongoing work is looking at mappin8 enhancements to enable more efficient travel for Field Officers and Rehoming Officers. Education The programrne of Welfare Wednesday educational webinars. initiated during COVID-19, continued throughout the year on a bi-weekly basis in Spring and Autumn. Over the summer a monthly series Pag8 6

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 focused on equine mental well-being was developed and run with the University of Nottingham. These webinar5 continue to attract a wide. geoEraphically-distributed audience and hundreds and sometimes thousands of replays on YouTube. The content ofsome of these webinars continue to be repurposed into website blogs. To advance the Charity's aim for a wider educational offering, it commissioned a consultant tied to the University of Edinburgh to work with the Charity to develop an international SLtrvey to ascertain educational preferences and needs among people interested in horses. The survey results will be used in 2022 to help inform development of the Charitvs education Strategy. A key objective of the year was to develop a pilot project to discourage overbreeding by owners who were identif led a5 hard to reach. and this was partially fulfilled through a partnership developed with the Farming Community Network and Farmwell, organisations which support farmers who are struggling with any number of issues. The Charity established these relationships and is seeking to promote them by signp05ting appropriate services. The Charity also developed web pages to appeal to members of this audience or those who are concerned for them which are due to be made live in 2022. The multi-organisation group which was established to look at equine weight management issue5 continued its work throughout 2021. culminating in the establishment of five different working groups who will meet durin8 2022 to review relevant research and start to pull together consistent messagin8 on various aspects of this challenging topic. International The restrictions around COVID-19 remained In place for much of 2021 and continued to affect the implementation and management of the Charity's international programme. The Charity implemented andlor funded 22 projerts in 18 countries12020: 17 projects and 17 countries). Five of these proiects were funded from the Small Grants Scheme, that 15 used to explore new sltuation5 usually in new locations or countries. There were two projects in Tanzania, two in Zambia and one in South Africa. The results of these interventions will be analysed early in 2022 but initial indications are that several of the organisations have shown the potential to be effective long.term partners. Figures collected from the other 17 longer term projects show that ways are being found to work in the COVID-19 affected environment. The number of equids helped by the Charity's trained service provider5 was 74,75012020.. 45,5001. The number of recorded field treatmentslinterventions was 19,25012020: 9,5001. The number of equids helped directly through the Charity's project5 wa5 21,500 12020: 11,8001. The total UK technical advisory days. which are counted as those in which a UK based advi50r visits a project was zero12020: 101. Increased priority was given to research with an empha5i5 placed on developing a demonstratable relationship on the contribution of working equids to the livelihood5 of their owners and the Sustainable Development Goals. Other subjects that could be of immediate use on the project were Iso followed up. In partnership with the University of Nottingham data was gathered in Colombia using 24 focus groups in eight regions of the country. A thematic analysis of this data was carried out and the analysis identified three overarching themes of physical environment, social environment, Page 7

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 DECEMBER 2021 and hor5e-human relationship. that diredly or indirertly affect working equid welfare. A poster on this part of the research w35 presented at the One Welfare World Conference in September where it won first prize. Several papers on research carried out by people associated with the Charity were published in open acce55 journals during the year. One of these papers was on the results of a COVID-19 survey that had been carried out across the Charitls international programme. The paper investigated the effect of COVID-19 on the welfare of working equid owners and their equids and was widely read. Evidersce taken from this paper was used to influence stakeholders in several countries to consider the needs of working equids and those who depend on them when providing support for the effects of COVID- 19. A key aim for the year was to build re13tionships with other stakeholders in the development sector to influence them to provide the level of support to equid owning communities that the Charity does not have the resources to cover. This aim was achieved in Senegal where a relationship was built with the Rufisque Livestock Department to persuade a large feed manufacturer to provide subsidised feed to equid owners. Oaxaco University in Mexico undertook a survey of equid owners and designed the strategy to work with the Oaxaca Equine Welfare Programme to provide timely feed supplements and vet care to working equids that were undernourished. And in Nepal the Charity's partner organisation worked with local authorities to provide feed to equids in the western part of the country that are suffering because of a 51ow-down in the tourist industry. Whilst international travel by the Charity's UK based staff was not Possible during the year, regional variations in restrictions did allow for limited travel by the Charity's Regional coordinators. This was particularly helpful in Lesotho. where the Regional Coordinator and Project Coordinator were able to visit and make recommendations to avoid the project stallin8. Video conferencing platforms have been extensively used to provide trainin8 to partner staff by UK based personnel, BEVA Trust veterinarians and staff from the University of Nottingham. An important initiative has been the provision of training and support on Human Behaviour Change. This has taken the form of a serie5 of webinars. that are on-going, that have been presented by an expert from the University of Nottingham. The Regional Coordinator has also led several interactive webinar5 With teams in the Central America region on how policies are used and the effect that they can have on development. It is the intention that this sort of training will encourage and equip the partner team5 to become more involved in influencing or lobbying activities. The Charity supported two influencing related initiatives in Africa during the year. Working with the International Coalition for Working Equids and World Animal Protection, agreement was reached with the African Union Inter-African Bureau for Animal Resource5 IAU-IBARI to provide fundinE for an extra post to develop an Animal Welfare Strategy for Africa. There is general agreement within AU-IBAR that such a strategy is needed but progress in taking it forward has been slow due to lack of resources. The Charity has also been taking an active part, a5 well a5 providing funds, for an initiative to have a re501ution adopted by United Nation Environment Programme= "recognising that anirnals are an important part of ecosystems, and that ecosystems are balanced by nature if allowed to self- regulate. but detrimental impart5 on animals or their habitats can harm nature and our natural Page 8

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 environment in variou5 ways". The Charity ha5 been part of a coalition of animal welfare organisations that have been developing and drafting the resolution document and lobbying governments 3cross the world to adopt it at UNEA-5.2 in February 2022. In Nicaragua, the government continued to make it difficult for foreign organisations to support initiatives in the country, therefore the Charity is working through it5 Slster organisation, the Brooke Hospital for Animals in Central America to help deliver the project. In Haiti, the UK Aid Match IUKAMI funded project has continued to be succe55fully implemented despite COVID-19 restrictions, political and social unrest following the assassination of the country's President, a devastating earthquake in a region adjacent to the project area and an economy that is collapsin8. Campaigning The Charity's campaigning, significantly impacted during 2020 due to the COVID-19 pandemic, gathered steam throughout 2021. The Charity worked with vigour to make the most of the significant opportunities presented in both the UK and EU to improve animal welfare legislation across a range of areas, including in transport, equine identification and enforcement. Separately, a new Parliament in Scotland and Senedd in Wales enabled the Charity to engage policymakers, sUPPOrters and political representative5 on these topics and train their focus on improving equine welfare. UK In 2021 the UK Government published an attion plan on animal welfare, with opportunities to Improve a wide range of legislation for equines. Consultations on improving welfare during transport launched by the governments of Scotland. England and Wales provided the Charity with the opportunity to set out the factors which most impart equine welfare during transit and recommendations for improved legislation and enforcement. The Charity also produced an extensive. evidence-based report and recommendations to inform policy. The CharitW5 Positions had the support of the British Horse Society and were aligned. as much a5 possible, with the rest of the equine sertor to help ensure a cohesive case was presented. The Charity also led on the British Horse Councils, written evidence to the Envlronment, Food and Rural Affairs Committee inquiry into 'Moving Animals Across Borders,, and provided oral evidence of 'horse smuggling, and the need for joined up systems and digitisation of ID to addre55 it. Similar evidence was provided to the Committee scrutinising the Animal Welfare (Kept Anima151 Bill. Throughout the year the Charity continued to meet with Defra to discuss improving welfare at slaughter regulation5, transport legislation and the government's proposed ban on live export for slaughter to determine how such a ban could be enforced for equines. The Charity a150 coordinated the development of a British Horse Council position paper on improvements that should be made to future legislation on equine ID, which wa5 Shared with Defra and the Welsh and Scottish Governments. To help achieve the Charitws objective to improve enforcement of equine welfare laws, it partnered with the All-Party Group for Animal Welfare, the Local Government Animal Welfare Group and the RSPCA to develop a proposal for a new. regional animal welfare enforcement model. It also worked closely with NGOS on the Anima15 (Fixed Penalties) Bill to ensure any changes to enforcement penalties still safeguard welfare. While a consultation on the licenting of animal welfare Page 9

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 organisation5 in England was postponed, the Charity produced a briefing on the topic in readiness for the anticipated consultation in 2023. The ChaTlty also focused its campaigning artivity on Scotland and Wales by developing country- specific manifestos for equine welfare and sending these to political candidates asking them to pledge their support. Following the election5. the Charity launched a campaign for supporters in these countries to encourage their elected representatives to take the pledge. In Wale5, the Charity helped to establish a formal equine working group of the country's Animal Welfare Network, which will initially aim to influence Welsh government policy on improved equine identification. In Scotland, the Charity had several meetings with the Cabinet Secretary and other sector stakeholders to highlight opportunitie5 for the upcoming Parliamentary term including digitising equine ID and improving welfare during transport. Scotland also published licencing legislation for which the Charitv expects to help inform draft guidance. EU In response to the European Commission's commitment to review all EU animal welfare legislation, the Charity produced a wide-ranging and evidence-based report on the deficiencies of the existin8 Transport RegLrlation and recommendations for changes. By invitation, it provided initial and then formal evidence regardin8 the risks of transport to equine welfare to the European Food Safety Authority to inform their review of EU transport law. With the European Horse Network and Eurogroup for Anima15, the Charity also provided feedback on all stages of the report of the European Parliament Committee scrutinising the problems with current animal transport laws. As part of the EC review of animal welfare laws, the Charity responded to Consultations on the fitness of current regulations as regulations regarding transport, welfare at slaughter and the keeping of equines on farm and provided evidence to their impact assessment. Promoting the need for an improved, digitised system of equine ID, it worked with the European Horse Network to provide a legislative proposal on EV recommending a fully di8ltalised system. The Horse and Donkey Guides developed by the voluntary initiative on responsible ownership and care of Equidae under the EU Platform on Animal Welfare, which had been translated into more than six languages, were uploaded to the Platform's official web51te. With the new mandate of the Platform in 2021. the equine sub-group was reinvigorated with new members. The Charity presented at the MEP Horse Group Annual Conference in Brussels, which was opened by the President of the European Commission. Ursula von der Leyen. It also provided evidence on horse welfare in equestrian sport at a hearing in the French Parliament. Internotionol The Charity became founding members of the World Federation for Animals, which aims to advocate for animals in the United Nations and maximise the efforts and resource5 of the animal protection movement. Separately, as members of the International Coalition for Animal Welfare (with the Page 10

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 Charity'5 CEO currently serving as Chairl, the Charity provided feedback to the draft OIE Chapter on welfare at slaughter. with a special focus on including the latest scientific evidence on best practices. The Charity also worked with other coalitions and NGOS to host events to raise awarenes5 of working equids in achieving the SL15tainable Development Goals ISDGsl. In cooperation with The Donkev Sanctuary and as part of the Working Animal Alliance. it co-hosted two side events World Water Week and also attended COP26, to bring the contribution of working equids to new audiences of development policymakers. In addition, together with the International Coalition for Working Equids and Eurogroup for Animals. the Charity hosted an online event during European Sustainable Development Week. Grant givlng pollcv World Horse Welfare supports an annual series of undergraduate bursaries that are available to veterinary undergraduates in the UK and Ireland, research Project 8rants that it commissions and operates a Small Grants Scheme in support of its international work. Veterinary undergraduate bursaries. Each grant, of up to £3,000, is made to veterinarv undergraduates usually in their later years of study. Opportunities to work within a World Horse Welfare project in UK or overseas are promoted and all applications are considered by member5 ofthe VeterinaryAdvi50ryCommittee. Due tothe pandemic no awards were made in 202112020.. 41, and four of the five projects funded in 2019 and one of the four projects funded In 2020, have been completed. Recipients all hope to finish the work when restrictions have been lifted Veterinary Project grants. Each Project grant directly relates to one or more of the Charity's core activities. Each application Is considered by the Veterinary Advlsory Committee with peer review sought as necessary. There were 8 Project awards runnin8 through 202112020: 41: l. Professor Caroline Argo ISRUC. Aberdeenl. Pasture associated laminitis and Mycotoxins in pasture and equine hepatic disease 2, Dr Troy Gibson {RVCI. Welfare of equines at Slaughter 3. Professor Michela Minero (University of Milan). Validation of Qualitative Behaviour Assessment IQBAI for the evaluation of horse behaviour during loading for transport 4. Dr Sue Dyson Ilndependent expertl-.111 The Ridden Horse Pain Ethogram IRHpEI and recognition of signs of pain in the horse.121 Tacking-up, mounting and 53ddle-fit S. Dr Katie Li8htfoot. (University of Nottingham SVSMI 6. Dr Maddy Campbell IRVCI. Social licence and the development of an ethical framework for horse sport 7. Dr Barbara Padalino (University of Bolognal. Quantifying the factors associated with the welfare of equids destined for slaughter during long-di5tance transportation 8. Jessica Burridge Iuniversity of Nottinghaml. Pulling people from poverty: improving the socioeconomic status of working equid owners in Latin America The International Small Grants Scheme is aimed at encouraging local organi5ations to become involved in working equid issues and enables the Charity to investigate potential rbew projects and approaches. A total of £19k wa5 awarded for four graDts12020= 5 grants). Two organisations (Meru Animal Welfare Organisation and amaTracl received extensions to the grants given last year because they showed potential to be full partner5 and because the work that they are doing is showing progress that would be lost if funding were to stop. A grant was Page 11

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 awarded to Jakarta Animal Aid Network IJAANI in Indonesia to provide feed for equids used in the tourist industry that has been hit by the effects of Covid restriction. The agreement with JAAN also provides a potential opportunity to work in partnership with Animal Australia IAAI a major animal welfare voice and funder in the region. The final grant was provided to Asocialia pentru bunastarea cailor IABCI in Romania and will be used to make an initial assessment of the situation for working equids across the country with a view starting a project there in 2022. Charlty relationships The Charity has a Memorandum of UnderstaDding with the Fédération Equestre Internationale IFEII and the International Horse Sports Confederation IIHSCI. It is a member of the British Equestrian Federation, Eurogroup for Animals, European Horse Network, National Equine Welfare Council INEWCI, Horse Scotland, the International Coalition for Working Equids IICWEI, the International Coalition for Animal Welfare IICFAWI, the Working Animal Alliance, the World Federation for Animals, and the Fundraising Regulator. It has representation on a number of welfare committees, Defra and other devolved administration stakeholder groups, BEVA committees, the 8ritish Horse Council, the National Equine Forum Organising Committee and attends meetings of the British Horseracing Authority Welfare Committee on a regular basis. Operationally the Charity works closely with a wide range of organisation5, including: RSPCA and other equine charities in the UK Animal Nepal Fundacion Para La Capacitacion y Asistencia Equina en Panama IFUCAEPI in Panama Cambodia Pony Welfare Organisation Costa Rica Equine Welfare Fundacion Arrier05 Colombia IFACI in Colombia The Cuban Association for Veterinary Medicine IACMVI and Flora v Fauna in Cuba Servici05 de Apoyo en Bienestar Equino ISABEI in Guatemala Universidad Comprometidos Con La Excelencia ICESI in Colombia Equinos de Honduras IEQUHSI Fondation Quatre Pattes in Haiti Desarrollo Comunitario Sociedad Anonima ICDC-NICSAI in Nicaragua Universidad Autonoma Benito Juarei de Oaxaca IUABJOI in Mexico National University of Le50tho Ecole Inter-Etats des Sciences et Medicine Veterinaires de Dakar IEISMV de Dakar) in Sene8al Palestinian Wildlife Society IPWLSI on the West Bank Cart Horse Protection Association and amaTrac from Eastern Cape in South Africa Veterinarians for Animal Welfare Zimbabwe IVAWZI and World Vision Zimbabwe Nyemovec and Mwamfumba in Zambia Arusha Society for Protection of Animals and Meru Animal Welfare Organisation in Tanzania The Charity 15 a member of Together for Anima15 a consortium of four charities with the Blue Cross, SPANA and Mayhew Animal Home promoting payroll giving. In 2021 the Charity received E47.6k 12020= £26.5kl Page 12

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 Communications Communications activity over the year continued to be significantly impacted by COVID-19, with the Charity's farm Visitor Centres closed until August, events cancelled, and audiences and media still focussed on the impacts of COVID-19. The Charity therefore continued its programme of increased online communication5 With supporters, rehomer5 and the public while also promoting key themes including the need for horse sport to maintain a social licence to operate. Medio Oespite the pandemic, the Charity still managed to attract almost £3 million in media coverage. Public relations scandals in horseracing, including the widely publicised photo of Gordon Eliot and BBC Panorama expose on the fate of former Irish racehorses, enabled the Charity to put a spotlight on the need for horse sport to demonstrate respect for their horses and take care of them from birth to death to maintain their social licence to operate. Coverage of the Charity's views appeared on BBC Online, 88CI, BBC Radio 4 and 5 Live. Sky Sports News. the Irish Field and the Racing Post. After a hiatus during COVID-19 lockdowns, courts reopened and prosecutions for welfare offences resumed, leading to coverage of some the largest welfare cases the Charity helped to resolve in the previous two years. It5 involvement in rescuing dozens of horses from a failed sanctuary in Wales featured in the Daily Express and ITV. while a similar number rescued from a Welsh breeder featured on BBC Online, ITV and The Daily Post. Additionally, coverage of the sentencing of an owner from a farm in Surrey attracted coverage by the BBC, the Daily Mail and The Daily Telegraph. Coverage In equine media was also strong during the year. with the Charity appearing regularly in Horse & Hound, Horse & Rider and Your Horse magazine as well a5 in a wide ran8e of veterinary publications, where it commented on a number of topics, including the welfare of horses in the wake of the Tokyo Olympics during the women's Modern Pentathlon. Local and regional coverage of the Visitor Centres focused on their reopening and the stron8 rehoming performance during COVID-19. Social medio. emoil ond web51te The Charity continued to use social media to engage with its supporters and the public in 2021, adding Tik Tok to its list of channels. which also includes Linkedln, Facebook, Twitter, Instagram and YouTube. Facebook likes increased by more than sk to almost 214k during the year, Twitter followers increased to just over 39k, Instagram following increased by 3.8k to over 24.5k, and YouTube views rose to over 30 million. The Charity also diversified its YouTube following of 60k subscribers, creating a new Charity channel dedicated to education. and also created one for the International Coalition for Working Equids. The Charity continued its pro8ramrne. commenced during COVID-19. of keeping in touch with supporter5 more frequently through emails feattrring news, appeals, surveys and advice sent at least twice per month. Additional blogs and news items were added to the website and promoted across the Charitrf5 digital channels. Rehomers of the Charitvs horses also continued to receive dedicated emails on a regular basis, which offered seasonal and general horse care advice and information. The Charity redeveloped or Page 13

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 Created additional materia15 for rehomers, welcome pack5 which now include more information, in a digital format, than ever before. On the website, an enquiry form for rehoming was developed to help answer potential rehomers, m05t frequent questions and signpost them to information thev need before making their application. Data was also extrarted on unsuccessful applicants and analysis begun to help inform more tailored communication5 for this important audience. Film While opportunities to film were constrained due to recurrent lockdowns due to COVID 19, a total of 11 new films and animations were made, in addition to 13 educational Welfare Wednesday webinars, an animation to promote the Welsh and Scottish campaigns, a public affairs video and webinar featuring speakers f rom acr055 the globe and the live streaming of the Charity's annual conference. Several of the new films featured case studies highlighting the complexity of some rescue5 and the scale of the rehabilitation needed for these horses to prepare them for new homes, while others focused on supporting fundraising appeals for Sponsor a Stable Yard and the Big Give. Print and Publicotions The Charity's three newsletters were produced in-house, as was a Spon50r a Stableyard appeal and new promotions as well as the updates sponsors receive as part of the product. As the Visitor Centres prepared for reopening, updated 5igna8e was produced. including promotional signage for the Stable Yard appeal. Other materials produced included educational graphics for Social media, campaign manifest05 for Wale5 and Scotland and materials for the annual Conference, including POP Ups highlighting the Charitvs involvement in horse sport. Conference For the first time, the Charity's annual conference was held In a hybrid lin-person/virtuall format. The theme of the event was 'Whose opinion matters?, which attracted speakers and hundreds of attendees from all over the globe representing government. media, sport, racing. veterinary medicine, academia, NGOS and industry. as well as covera8e in the equine and horse sport media. Revlew of the Year Finonciol Overall the Charity recorded a surplus of £1.68m12020: deficit of £477kl: a surplus of £505k12020'. deficit of £690kl before investment gains of £1.18m12020: £213kl. COVID-19 has continued to affect the Charit(s financial performance, particularly in relation to fundraising. Total income rose to £8.5m12020.- £7.4ml an increase of 16% on the previous year, but this was almost entirely due to an increase in legacies, whilst direct fundraising and other forms of income have remained flat. Not being able to plan or hold many of the Charity's regular f undraising events coupled with the Visitor bein8 closed until mid-August depressed income below normal levels. Total expenditure for the year was £8.Om12020: £8.Oml. The Charity continues to not undertake overseas travel and much UK based travel contuse to be suppressed by restrictions and new ways of working. Details of charitable expenditure are set out in note 6 on page 34. The Charity continues to respond to the challenge of COVID-19 by ensuring that operations continued within the confines of the latest Government regulations and guidance. Staff based in Head Office Page 14

WORLD HORSE WELFARE REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 worked partly from home and staffing levels within Head Office were limited when restrictions dictated this. Farm operations largely reverted to pre COVID-19 with additional safeguards put in place as and when necessary- for example staggered break times to limit the number of people in indoor areas. Field Officers varied their level of response based on current restrictions and this was tailored by geographical area. Some physical rehoming checks resumed but the Charity continue5 to make use of online checks, which have proved to be effective as well as saving travel time and costs. The Visitor Centres reopened in August 2021 and a new ticketing system was operational that allowed visitor numbers to be tracked and if necessary limited. It is encouraging that visitors have returned to support the Charity and by introducing a small entry change at three locations the ticketing system is providing a new stream of income as well. The Charity has retained the £lm Coronavirus Busine55 Interruption Loan obtained in 2020 to avoid potentially having to cash in investments to cover cashflow. Whilst interest rates remaln low this provldes a useful cushion against ongoing uncertainty. At the year end the Charity had total funds of £33.Im12020.. £31.4ml. These were represented by fixed assets of £13.3m12020'. £13.6ml which is principally the four UK Centres that are required to provide ongoing care to the equines that are in the Charity's care at any one time, investments of £12.2m12020.. £11.Iml, net csjrrent asset5 £8.4m12020'. £7.8ml. and long term liabilities of £0.8m 12020.. £1.Oml. Current assets Include £4.Om 12020.. £4.5ml for residuary legacies. The Trustees regard the financial position of the Charity as strong, with free reserves above the target reserve5 range, and no going concern issues that need to be addressed. Although the budget for 2022 is less cautious than the one set for 2021, it remalns conversative in terms in fundraising income and expenditure, ensuring that resource5 are prioritised in those areas that will meet the objectives set for the year. Fundraising performance will be monitored over the coming months with a view to increasing investment in carefully considered target areas. Uncertainty exists within the budget with re8ards to income achievable in 2022 as this will depend on what government restri¢tion5 are in place throu8hout the year. The Charity Ss mana8ing this by monitoring income and cost5 carefully and ensuring that potential deficits can be managed comfortably within the level of reserves held. Regular monitoring and reforecasting of financial results will continue throughout the year. Fundraising The Charity is grateful for the continued generosity of its supporters throughout 2021 as this challenging period continues. This of course includes those who remembered it in their will as legacv income is crucial to its work. As such. the Charity continues to promote the benefits of rememberin8 World Horse Welfare in wills. For the second year in a row the Charity participated in the Bi8 Give Christmas Challenge. This is an annual matched giving campaign focusing on a specific project, which in 2021 was the rescue of IS thoroughbreds that had been left at a Devon farm following their owner's evittion. Such an operation is a lengthy and expensive process, and the response wa5 Staggering, the Charity reached its funding target in just 31 hours with almost 200 individuals donating. Pag8 15

WORLO HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 The Charity's appeal focus for 2021 wa5 Sponsor a Stableyard. the successor to the Charity's Adoption Scheme, which gives supporters the opportunity to 5UPPOrt horses at the four centres by making a regular donations to fund the stable-yards that are at the heart of the Charity's rehabilitation process with horses that come into its care. The appeal featured the story of Violet, a mare in terrible condition who gave birth to a filly foal named Rose just three weeks after arriving at Hall Farm. Thanks to the diligent care of the Charl￿S grooms both Violet and Rose are now thriving. Several major equine events that the Charity would normally have a presence at were cancelled in 2021. It was diff icult to plan anything more than very small-scale events, and even these efforts were frustrated by changing regulations. The Charity did manage to attend the London International Horse Show in December as well as a lunch hosted by the Sir Peter O'sullevan Charitable Trust- a valued and long-term supporter of the Charity. The reopening of the Visitor Centres was an opportunity to review how they can best support fundraising efforts by encouraging greater en8agement with its work and making clear the ways in which supporters can offer support. The introduction of a small entry fee at three of the centres is believed to have led to greater engagement and is accompanied by the opportunity to experience the work of the Charity at closer range with a serie5 of farm tours and other activities put on. The development of the Visitor Centre experience will continue in 2022 with special events planned for those who Spon50r a Stableyard and current members. Risk monogement The Trustee5 have assessed the identified major risks to which the Charity is exposed, grouping them into the following categories.. Finance People Environment Technologv Image The plans and strategies for managing risks are to identify key risks and assess them for likelihood and impact, the Charitws tolerance of each risk is graded, and appropriate mitigation measures are defined. Risks and the effectiveness of mitigation measures are reviewed on a rolling basis so that all areas are re-a55essed at least once a year. This risk register is managed by the Executive, reviewed by the General Purposes and Finance Committee, and approved by Council annually. As a result, the Trustee5 are 5at15fied that adequate systems are in place to manage the adverse effects of any such risk exposure, recognising that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. Reserves policy Total funds as at the 3151 December 2021 equalled £33.Im12020: £31.4ml. £127k of this were funds held for restricted purposes12020: £128kl. and £13.3m12020= £13.6ml relates to the carrying value of fixed assets required by the Charity to provide ongoing care for the equine5 in its care Page 16

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees reviewed the re5erve5 policy, taking into account future income projections and expenditure plans in line with the strategic plan together with the associated risk5 and opportunities, particularly within the context of COVID-19. As a result of this review the reserves policy was retained as follows. To maintain a level of reserve5 that will enable the Charity to adjust to any significant Change in resources through unplanned events". The Trustees define the reserves level in terms of a range of between 10 and 12 months of operational expenditure. Based on the 2022 budget this indicate5 an ideal free reserve range of £8.5rn-10.2m. At the end of 2021 the Charity held"free" reserves of £15.7m comprising investments and net current assets excluding legacies, and le55 long term liabilities. The Trustees anticipate that any Surplus will be used to fund the strategy and for planned investment project5 including the future redevelopment at Hall Farm. Given the current climate and the uncertainty around the scale of future COVID-19 restrictions on the Charitrfs ability to fundraise. the Trustees are of the opinion that the current level of reserves is in line with poli(v and is satisfactory. The Trustees will continue to review both the reserves policy and the level of "ideal" reserves on a regular basis through the General Purposes and Finance Committee. Investment pollcy and performance The Trustees have reviewed and retained the Charity investment policy. which states.. Yhe Trustees of World Horse Welfare wish to pursue a policy that provides revenue for it5 current purposes and enhances income and capital growth over the longer term. thereby enobling them to meet their current and future objectives in accordance with the pvrposes of the Charity. The Trustees, in delegating their investment management to Newton Investment Management Limited, require the Managers to pay attention to the standard investment criteria. namely the suitability of the class of investment and the need for diversification insofar as is appropriate to the circumstances of the Charity. The Trustees have a duty to optimise financial returns for the Charity. However, where justified, the Trustees may exclude certain types of investment from the investment portfolio. In addition, the Trustees require that the investment managers do not knowingly invest in companie5 Involved in the transport of live animals for slaughterf. During 2021 the investment portfolio generated total revenue of £137k {2020.. £113kl. Given prevailing market conditions in the year, the Trustees viewed thi5 performance as satisfactory. Plans for the future The Charity's Strategic plan is scheduled to run until the end 2024. The plan identifies four discrete goals.. To promote responsible ownership of all equines through both prevention and intervention To ensure responsible use of horses in sport and entertainment To end long-distance transport of horses for slaughter and ensure humane slaughter To improve the live5 of working equids to support the livelihoods of their owners. To help achieve these goals the plans sets out four areas of activity: Caring- to provide relief to equines in immediate need Researching- to understand the causes of equine welfare challenges and using evidence to inform our work Pag8 17

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 Education-to support and improve the horse-human partnership Influencing- to advocate and campaign to achieve long-lasting change in equine welfare. In line with the Charit￿5 strategic plan, the key projects for 2022 are.. 11 E5tabli5h a bespoke communications and stewardship programme for unsuccessful rehoming applicants 21 Develop work with vulnerable horse owners through promoting services and those of public agencies 31 Complete an education strategy and roll-out 'fast fact, handouts for key welfare issues 41 Advance communications with horse 5POrt through the development of practical resource5 around the social licence concept 51 Work in partnership to promote a new regional structure and funding model for enforcement of animal licencing and welfare legislation 61 Influence UK and EU policy on equine transport by providin8 an evidence base for practical change and promotin8 a frictionless and fully digital equine ID system 71 Establish a project in Romania designed to support wider advocacy work in the EU 81 Work through ICWE and other partners to promote the adoption of a UN resolution on animal welfare and to advance an animal welfare strategy for Africa 91 Enhance the capacity of the Charitvs international partner or8ani5ation5 to work in partnership with the human development sector stakeholders The current COVID-19 situatlon. although not as impactful as this time last year, undoubtedly creates uncertainty over restrictions on the Charitls 2022 operations. Accordingly, resources have been prioritised to the projects above that have been planned with the potential restrictions in mind, and new ways of working developed over the last two year5 will continue to be engaged to ensure that they are delivered upon. Trustees, responsibilitles The Trustees are responsible for preparing the Tru5tees' Annual Report and the financial 5tatement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wale5 and Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resource5 of the Charity for that period. In preparing these financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistently Observe the methods and principles in the ChariVs SORP Make judgments and estimates that are reasonable and prudent State whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business Page 18

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Art 2011. the Charity {Accounts and Reports) Regulations 2008, the Charities Account5 Iscotlandl Regulations 2006, and the provisions of the Trust Deed. They are also responsible for safeguarding the a55ets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the Charity's website. Legislation in the United Kingdom governin8 the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Page 19

WORLD HORSE WELFARE REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 OECEMBER 2021 The members in o￿lce at the ef¥d ot the year were as lolloYA: Prosident HRH the prin￿&$ R(ryal KG KT GCVO Vlce Piesldents C 5 Hall 08E TD DL- Teiired 3111 DecEmbei 2021 IB Johnson MIICV5 Trustees •nd Members ol Counc# thairman M Baines Members of c￿nd1 S &Jllard 5 Coombs 8k (Honsl Bvetmed MRCVS Davles R Davison C Olmes AC4 cfA rfreasurerl- retlred 31 December 2021 M Gray.Cheap• I Irvine J larvts QC 1￿ce Chalrnwl T Morrison C14okes MP C Prlce C8E J Ross M8A H Thomas C Tufntll MRCVS Chld Ex•cutl R Owers MRCVS Executl¥e Dlrertis J Fernando FCA L Ma￿lre P R<rwb)tttyn Ilnteriml J Sta A Twer 84SI Ptr M 8ain•s Chalrni 2110412021 Page 20

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WORLD HORSE WELFARE FOR THE YEAR ENDED 31 DECEMBER 2021 Opinion We have audited the financial statements of World Horse Welfare (the 'charity'l for the year ended 31 Oecember 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accountin8 Practice). In our opinion the financial statement5: give a true and fair view of the state of the charivs affairs as at 31 December 2021 and of its incoming resources and application of resources for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities and Trustee Investment Iscotlandl Act 2005, regulation 8 of the Charities Accounts (Scotlandl Re8ulations 2006135 amended) and the Charities Act 2011. Basls for oplnion We have been appointed auditors under section 44111{cl of the Charities and Trustee Investment (Scotlandl Act 2005 and under section 144 of the Charities Act 2011 and report in accordance with regulations made under those Acts. We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described In the Auditor's responsibilitie5 for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard and we have fulfi51ed our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sertions of this report. Page 21

INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF WORLD HORSE WELFARE FOR THE YEAR ENDED 31 DECEMBER 2021 Other information The other information comprises the information included in the annual reporti other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the Report of the Trustees,. Our opinion on the financial statements does not cover the other information and. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial Statements or our knowledge obtained in the course of the audit or othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether thi5 gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material mi55tatement of thi5 other inforrnation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exceptton We have nothing to report in respect of the following matters where the Charities Accounts (Scotlandl Regulations 2006 las amended) and the Charities Act 2011 require us to report to you if, in our opinion.. the information given in the financlal Statements is inconsistent in any material respect with the trustees. annual report: or proper arbd suff icient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsiblllties of trustees As explained more fully in the statement of trustees, responsibilities set out on page 18 the trustees are responsible for the preparation of the financial statements and for being Satisf led that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material mi5Statement, whether due to fravd or error. In preparing the financial statements. the trustees are responsible for assessing the charity's abilitv to continue a5 a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so. Page 22

INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES OF WORLD HORSE WELFARE FOR THE YEAR ENDED 31 DECEMBER 2021 Auditoes responsibilities for the audit of the financial statements Our objectives are to obtain reasonable a55urance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to 155ue an auditor's report that include5 our opinion. Reasonable a55uran¢e is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect material mi55tatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which the audit was considered capable of detecting irregularities, Includlng fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amount5 and disclosures in the financial statements, to perform audit procedures to help identify instances of non- compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with13ws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and asses5 the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged wSth governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and re8ulations and for the prevention and detection of fraud. In identifying 3nd assessing risks of material misstatement in fespect of irregularities, including fraud, the audit engagement team.. obtained an understandin8 of the nature of the sector. including the legal and regulatory framework5 that the charity operate in and how the charity are complying with the legal and regulatory frameworks: inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities. including any known actual, suspected or alleged instances of fraud; discussed matters about non-compliance with law5 and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most 5ignificant13ws and regulations that have a direct impact on the financial statements are FRS 102, Charitie5 SORP IFRS 1021, Charities and Trustee Investment Iscotlandl Act 2(K)5, regulation 8 of the Charities Accounts Iscotlandl Regulations 2006 las amended). the Charitie5 Act 2011, the charity's governing document and Page 23

INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF WORLD HORSE WELFARE FOR THE YEAR ENDED 31 DECEMBER 2021 tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the finarbcial statements including the Report of the Trustees. and remaining alert to any new or unusual transactions which may not be in accordance with the governing documents. The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of busine55. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at http:/lwww.ftc.org.uVauditorsre5pon5ibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitls trustees, as a body. in accordance with section 44llllcl of the Charities and Trustee Investment (Scotlandl Act 2005, and regulation 10 of the Charities Accounts (Scotlandl Regulations 2CNJ6 las amended) and the Charities Act 2011. Our audit work has been undertaken so that we might state to the charit(s trustee5 those matter5 we are required to state to them in an auditorf5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assurne responsibility to anyone other than the charity and Its trustees as a body, for our audit work. for this report, or for the opinions we have formed. RSM UKAudrkLLP RSM UK Audit LLP Statutory Auditor Blenheim House Newmarket Road Bury St Edmunds Suffolk IP33 3SB Date 20105122 RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Page 24

WORLD HORSE WELFARE STATEMENT OF FINANaAL AcnviTIES FOR THE YEAR ENDED 310ECEMBER 2021 Unrestrlcted Restrirted Total Notes Funds Funds 2021 £'ooo £'o( Total 2020 Income from Donations and legacles Other trading activities Investments Other 7.514 434 137 232 195 7.709 434 137 232 6,563 373 114 306 Total 8,317 195 8,512 7,356 Expenditure on Raislng funds Charitable expenditure UX Centres UK Field Work International Campaigning Grants 1,192 1,192 1,274 3,190 1.528 1.389 416 96 52 3,242 1,533 1,518 426 96 3,269 1,564 1,436 411 92 129 io Total 7,811 196 8,007 8.046 Net 8ains/ll0ssesl on investn￿nts 1,175 1,175 213 Net movement in fvnds 1,681 {1) 1,680 (477) Reconciliation of funds Total funds at l January Total funds at 31 December 31,308 32,989 128 31,436 127 33,116 31.913 31,436 14 The notes on pages 29 to 39 fom part of these financial statements. The results for the year all derive from continuing activities. Page 25

WORLD HORSE WELFARE BALANCE 5HEEr AS AT 31 DECEMBER 2021 2021 2020 Notes Flxed •ssets Tan8lble fixed assets Intsnglble fixed assets InveSts￿nts 13,264 32 12.234 13.518 53 11,059 7b Total Ilxed assets 25530 24,630 rr¢nl aswts Le8acles 3,984 21 479 4.494 26 535 3,220 Debtors Cash at bank and In hand io Tot•1 current •ssels 9,031 8.275 dltors.. a￿rn￿ts fall1￿ due wltrln one year li 16631 14861 Net furrent asmts ¢369 7,789 C￿at￿.. an￿￿rtS fallin8 due In mm than one year Iz 17831 19831 Net *%￿ts 33,116 31N36 Funds Unrestrlrte&General Restrfcted 31989 127 3L308 128 13 Tt)tal Funds 14 33,116 31436 Appr￿db¥c0wKII cn z I Zo£ L Vlce Chalm4n of Tntstees John Jar)ris ac chaI￿an of Trustees Michael B3ine5 The n￿$ th pages 29 to 39 fom part of these flnancial State￿￿n￿. Page 20

WORLD HORSE WELFARE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 £'ooo Notes Net cash provlded by operating activities Cash tlows from investing actlvlties Interest received Dividends received Purchase of fixed assets Proceed5 frorn sale of fixed assets 1.435 1,372 137 12871 43 113 12561 Net cash provlded by investin8 actlvities Change In cash and cash equivalents In the reportSni perlod 1107) 11391 1,328 1,233 Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reportin8 perlod 3,220 1,987 4,548 3,220 l Reconcillatlon ol net movement In funds to net cash flow from operatlng actlvitles 2021 2020 £'ooo Net income for the reporting period Investment Igainslllosse5 Investment income Decreaselllncreasel in value of legacies Depreciation & amortisation (Profit) on sale of tsngible fixed assets Decrease/lincrea5el in stocks Decreasellincreasel in debtors Increaselldecreasel in creditors Net cash provlded by operating activltles 1.680 (1,1751 11371 511 562 1431 14771 12131 11141 577 580 56 1231 1,435 28 991 1,372 2 Analysls of cash and cash equlvalents 2021 2020 £'ooo Cash in hand 3,220 Page 27

WORLD HORSE WELFARE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021 3 Analysis of changes in net debt Other non cash At end 1.1.2021 Cash flows changes of year £'ooo £'ooo £'ooo Cash 3,220 3,220 1,328 1,328 4,548 4,548 Debt due within one year Debt due in rmre than one year 1171 19831 I I,crf)o I 11831 200 17 12001 1783 19831 2.220 1,345 3,565 Page 28

WORLD HORSE WELFARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 l Accounting pollcies World Horse Welfare is an unincorporated charity domiciled and re8iStered in England. 1.1 Basls of accounting These accounts have been prepared under the historical cost convention as modified by the recognition of certain financial assets measured at fair value in accordance with generally accepted accounting principle5. In preparing the financial statements the Charity follows best prattice at set out in the Statement of Recommended Practice Accountin8 and ReportinB by Charities "50RP FRS 102" and the Financial reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities and Trustee Investment Iscotlandl Act 21)05 and the Charities Act. Reference5 to "World Horse Welfare" relate to the financial statements and "Charity" to the Charity as an entity. 1.2 Assessment of Golng Concern As at 31 December 2021 the going concern basis of accounting was considered to be appropriate for the charity as no material uncertainties existed. Since the outbreak of COVID- 19 the charity has performed financial modelling for a period greater than 12 months post the year end to consider the impact on the forecast position, and no issues were identified that would give rise to a going concern risk. Through careful management, the charity's cash balance has not changed significantly since the balance sheet date, and given the current level of free reserves the charity has In place, COVID-19 should not cast any doubt on its ability to continue as a going concern. 1.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donations (including subscriptions and grants), are recogni5ed when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those condifions is wholly within the control of the charity and it 15 probable that those conditions will be fulfilled in the reporting period. Donated fixed asset5 re capitali5ed at market value at the time of receipt. Legacies are recognised in the financial statements once sufficient notification has been received by the charity to enable the Trustees to determine with reasonable probability that entitlement is virtually assured and capable of measurement. The financial statement5 recognise both specific pecuniary legacies and legacies of estate residue. The Charity holds legacies subject to a third party life interest which are only recognised at such time as the life interest terminate5. Page 29

WORLD HORSE WELFARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Whilst both pecuniary and residuary legacies may be capable of measurement, the timing of receipt. in particular in relation to estate residue, cannot be accurately predicted. In view of this and because of the significance of residuary legacies the Trustee5 consider that it IS impractical to distinguish between amounts receivable within one year and those receivable thereafter. As a result ￿s1dUary legacies a￿ shown separately on the face of the balance sheet. The balance receivable is measured at the present value of the likely settlement amount if settlement Is delayed beyond one year and the effect Is likely to be material. Inte￿5t on funds held on deposit 15 included when receivable and the amount can be ￿liably measured.. this is nomially upon r￿tIfIcatIon of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is nom)ally upon notification by the investment advisor of the dividend yield of the investment portfolio. Sales of refreshments and merchandise represent net invoiced sales of good5 excluding value added tax. 1.4 Expendlture Liabilities are ￿COgnised as expenditure as soon as there is a legal or con5truttive obligation committing the Charity to that expenditure. it Is probable that settlement will be reqUI￿d and the amount of the obligation can be ￿liablY measured. All expenditure is accounted for on an accruals basis. All expenses including support costs and govemance are allocated to the applicable expenditu￿ headings. Irrecoverable VAT is char8ed against the expenditure headin85 for which it was incurred. 1.5 Governance costs These represent tosts incurred which are attributable to the management of the Charity, assets, organisational administration and tompliance with constitutional and Statutory requirements. 1.6 Allocation of 5UPPOrt costs Support Costs represent central functions. such as IT. Human Resources, Finance ènd Premise5. The costs are apportioned to expense captions on a basi5 consistent with the level of activity in each function. 1.7 Fund Accounting The Charity's funds con51St of general or un￿stricted funds which the Charity may use as its discretion. Where restricted funds are established these are accounted for separatelv. Page 30

WORLD HORSE WELFARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 1.8 Fixed assets. depreciation and amortisation All 3sset5 Costing more than Elk are capitalised at histofic Cost. Fixed assets are initially measured at Cost. Depreciationlamrtisation is calculated to write down the cost of the fixed assets to their estimated residLsal value over their expected useful lives. Residu31 value is alculated on prices prevailing at the reporting date. after estimated costs of disposal. as if the asset were at the age and in the condition expected at the end of its useful life. The rates generally applicable are: Freehold buildings 2-20% straight line per annum Farm equipment 14.3% straight line per annum Other equipment 20% straight Ilne per annum Motor vehicle5 20% straight line per annum IT equipment 20% straight line per annum Intangible IT assets 20% straight line per annum No depreciation is provided on freehold land. 1.9 Inve5trnents Investments are a fom of baslc financial In5trn￿nt and are initially recogni5ed at their transaction values and subsequently are included in the accounts at quoted bld value a5 at the financial year-end. Realised and unrealised gains and losses are ￿C06n1Sed as they arise and are included in the Ststement of Financial Activities. Realised 83in5 and losses on investments a￿ calculated as the difference between the fair value at the nKJSt recent valuation and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Investment property comprises freehold land. The fair value of the Charity's Investment property at 31 December 2016 had been arrived at on the basis of a valuation carried out at that date by Savills, Chartered Surveyors, on 3n open market basis. Savills are not connected with the Charity. The valuation was arrived at by reference to market evidence of transaction prices for similar properties. The Charity believes this still reflects the current valuation for 31 December 2021. 1.10 ForeS8n currency translatlon Monetary a55ets and liabilities in foreign currencie5 are translated into 5tedinB at the rates of exchange ruling at the balance sheet date. E¥change difference5 are taken into account In arrivin8 at the net result for the year. 1.11 Stock Stock is valued at the lower of cost and net reali5able value, after making due allowance for obsolete and slow-nm)vin8 Ite￿￿. Page 31

WORLD HORSE WELFARE NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 DE￿MBER 2021 1.12 Taxation Under Sections 522 to 537 of the Income Tax Act 2LK17 IITA 20071, the Charity is exempt from certain taxes. Full account is taken of tax C￿dits attaching to covenants, divider4ds and beneficial trust inconw. 1.13 Penslon scheme The Charity operates a defined contribution scheme. which is a Group Personal Plan. Contributions to the Scheme are charged to the Statement of Financial Activitie5 in the financial year in which they become payable. 1.14 Operatlng leases Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease tem). 1.15 Flnancial Instruments The charity only has financial assets and financial liabillties of a kind that qualify as basi flnancial Instruments. Basit financial instruments are initially recognlsed at transaction value and subsequently measured at their set￿ement value. 1.16 Debtors Trade and other debtors are recognlsed at the settlement amount dLte after any discount offered. Prepayments are valued at the prepaid net of any discounts due. 1.17 Credltors and provisions Creditors and provisions are recognised where the Charity has a present obligation resultin8 from a past event that will result in the transfer of furKls to a third party and the amount due to settle the obligation can be MeasU￿d or estimated reliably. Creditors and provisions are normally ￿(08n1$e￿ at their settlement amount after allowing for any trade discounts due. Page 32

WORLD HORSE WELFARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 2 Donation5 and Lqzclts 2021 2020 £'ooo 1,654 4,641 268 SubscrtptSLI)s and donatir￿S Le8acie5 Donadons frc•n charitable trusts 1.709 5.719 281 6.563 3 Other tradln8 artfvltl 2021 2020 E'ooo 94 197 82 Sales ol Tefreshrnents & [r￿rCh3ndlse Lotteries Fundraislng events 145 103 414 373 5als ol relreshrnenrs & 1r￿ban￿se irKl4th (hnated eojds ¥¥thich arn n4lThly tack. Proceed5 from the sale of these lteTh￿ were £38k12020.. E9kl. 4 Incgme from Investments 2021 zozo vooo 113 Dlvidend5 feceivable Bank and stock Inte￿5¢ 137 137 114 S Other Ineome 2021 2020 Rentsl and other Incoft* from land Coronavirus Job Retention Schernt Profit on sale of tanglble fixed a55ets 86 103 43 69 235 232 306 Page 33

WORLD HORSE WELFARE NOTES TO THE FINANCIAL 5TATEMENT5 FOR THE YEAR ENDED 31 DECEMBER 2021 Analy515 of total eDpenditure Governance Support DiYo¢t rooo 2021 £'ooo 2020 £'ooo Refreshments & rrerchafjdise Fundr3isin6 & publicity costs Raisir6 fund5 37 1,002 1.039 37 1,155 1,192 37 1,237 1274 40 113 113 UK Centre5 UK Field Wok International Campaigning Grants Charitable activities 294 136 193 40 2.865 1.346 1,290 372 94 5,967 3.242 I,S33 1,518 426 96 6.815 8.007 15 3.269 1.564 1,436 411 92 6,772 8,046 15 si 35 14 183 665 Total 223 778 Including auditfres of Includinglorel9n exchonge dlfferences ol 2021 2020 Support ¢osts Include IT £'ooo £'ooo 386 446 HR 124 141 Finance 185 192 P￿rnISeS 82 40 777 267 819 412 Operatin8 leases Inote 161 Staff C0S15 2021 £'ooo 3.524 348 273 4.145 2020 Wa8es and salarles Social security Pellslon costs 3,602 348 276 4.226 Erryloyee benefits totallin8 £120k12020 £124kl re paid In ftspect of vehicles, Includlng vans, private health and cash health ￿an$ and accomrTr>Jation lor farn staff. Hdiday pay accrued totalled £44k12020.. É76kl. Key mana4emtnt personnel the key mana8ennt petsonnel ol the Charity ctirnwise the Trustees Iwho a￿ not paidl, the Chief Executive and the Executive Directors listed on pa8e 20. The totsl employee benefits of the kev management personnel includJn8 salary, employers pension contributions, benefits In kind. employerfs natlona insurancè and atcrued hc4iday pay were £721k12020.. £707kl. Hl$her pald slaff one enwloyee had eamings in the ra￿e £160,IJOI-E170.C(#J. one in the fan8e £90,(J)I - £IOO,000. one in the range £80,￿l-E90.￿), three in the range £70.(M)I.£80.O￿ and one in the range £60.WI to £70.00012D20.' one in ihe range £160.Wl-£170.(KxI, (¥)e in the range £90.001-£1(K),000. one in the rnnge £80,00I-£￿.(yj7, three in the range £70,CQI-£80.000 and one in the range £60.(X)I to £70.(MJ) l. These figure5 include benefits in kind of £20k12020 É19kl. PensiM contributions forthese employees We￿ £68k12020.. £66kl. The avefage number ol full-tlme equivalent employees analysed by fvnction: 2021 zozo Direct charitable actiwties FLJndraislTrg Manage1r￿nt and adrninistrdtion 102 19 ioi 21 122 139 123 141 The average head count during the reporting period wa5 Page 34

WORLD HORSE WELFARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DE￿M￿ER 2021 7a Tan8lble fixed a55ets Land and Farrn other buildtn85 egulpment equlpment Motor ¥ehl¢les Total equlprnent Cost I january 2021 Additions Disposals 17.416 146 901 287 36 373 43 19,657 287 1151 1151 31 Decernber 2021 17,562 941 323 416 19.929 Depre¢latSon l January 2021 Charge for year DlsKM)sals 4,346 730 42 585 26 252 22 226 47 6,139 541 31 Dttember 2021 4,750 757 611 274 273 6,665 31 December 2021 31 December 2020 12.812 13.070 185 49 143 13,Z64 13,518 171 95 35 147 Land & BulldlnKs are 411 freehold and Include £1.9m12020.. £1.9ml of land whlch Is not dÈprtclat•d. 7b Intan¢lble fixed assets Int•nglble IT Total Cost l January 2021 AddltSons Oisposals 123 123 31 December 2021 iZ3 123 Depreciation I january 2021 Charge for year Disposals 70 21 70 21 31 December 2021 91 91 31 December 2021 31 December 2020 32 53 S3 Page 35

WORLD HORSE WELFARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2021 8 Fixed assets Investmtnts Land Quoted Inve5tment5 Total £'ooo Market Value at l January 2021 1,587 9,472 11.OS9 Addltions èt cost Net gains for the year Market value •t 31 T)ecember 2021 1,175 10.647 1,175 12,234 1.587 Investment In subsldiary undertakirrf at l January 31 Decenknr 2021 The quoted investn￿nts held at 31 Decerter 2021 a￿ 5umffrtsed as fc41ows: 2021 2020 £'ooo Medlum terrn fund.. 8NY MFM Ltd Newton Real Return Fund Lon8 term fund.. NeVrt(￿ Global GrovAh and IrKorr Fwd for Charftles Total 4.071 6,576 10,647 3,801 S,671 9,472 Hlstorfc c05t The Charity hdds I¢)￿ of the issued ordinary share captal ol ILPH Llrnited a conwary registered In England and Wales (Registered number- 24860471. The cost ol the investment was E150,C)J against vthlch a provlsion of £149.999 had been made a5 at 31 Decernber 2021. 9 Flnantlal Instrum•nfs 2021 £'ooo 2020 £'ooo Flnancial assets ryasured at tair value 10,647 9,259 10 Debtors 2021 2020 £'ooo Trade debtors VAT reclaimable P￿paY￿fits and accn4ed inco Other debtors 22 66 386 61 67 368 479 535 11 Creditor5.' amounts falling due wlthln one ytar 1021 eooo 2020 Trade ¢￿dItorS Other taxes and social security Bank loan Accrua15 189 95 200 179 185 82 17 202 663 486 Page 36

WORLD HORSE WELFARE NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 DE￿mBER ZOZI 12 Credltors.. amounts falling due In more than one year 2021 £'ooo 2020 Bank loan 783 983 783 13 Restrlcted funds The income funds of the charity include ￿$tricted fLbr¥J5 comwis1￿ the following unexpended balances of tjonations to be a￿led specitic purpose. Ref 801on¢e 1.1.21 Movement in Funds Iniomln8 Out8Dlng Transfers Balance 31.12.21 £'ooo 8tlwade Fam Capital items Chlna 28 26 IZ5 124 128 128 Penny Fam Hall Farm Transportailon io io Lesothoi2imbabv Saddlery Retraini￿ of racel￿eS 12 12 128 195 196 127 Except where shty¥n as a balance at the year end funds have teen used in full in the year. There are plans to 5oend the remèininR fynds in 2022. Reference.. a. The Chi*a fund is f￿ bulldiw relati¢)nships and assessi￿ the equine welfare Issue5. b. The Hait4 fund is a project funded ￿ UK ￿'d Match to sIrn￿then Ilvelihood5 and reduce vulnEralility OF hou5ehold5 in Haiti reliant on ￿rkIng equids. t. These a￿ donation5 that fund ihe ￿traInIng and relb)rThryg ol fonxer racehGYses. 14 An•ly4s ot net assets between funds Funds Axed Legacles & Assets Investments Cash Other Net assets Total Total 2021 £'ooo 2020 Unrestricted %enerdl Restricted 13,296 16.218 4.464 19891 43 32,989 127 31.308 128 Total 13 Page 37

WORLD HORSE WELFARE NOTES TO THE FINANQAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBE8 Z021 IS Tru5tees' Expense5 and Related Party Transartions Tntstee5 received no renMTrneratiM or any other benefits. Expenses of E2k12020.. Eokl for travel (including air fafesl. subsistence. telephone, postage and ststionary expense5 incurred on Charity business were reimbursed or patd directly for 312020.. 01 Trusiees. There have been no ￿lated party trnnsactions in the period which require disclosu￿. 16 OperatlnB Lease CommStments The Chèrity as lessee.. The totsl future minlmum lease payments uThter non-tantellable Operati￿ leases are: 2021 Z020 Land ano bulldlnis Land anii bulldlngs Other other £'ooo 122 216 338 Within one year Within two to five yea 36 126 103 229 36 38 74 17 Bank lo•n During 2020 the Charity wa5 in receipt of a £I￿lliOn cL￿na￿ruS Business lThterryption Loan from LloyiJ$ 8ank PLC to a551St with the uncert3in elfects of COVID-19 Upon cashflow. The lem of the loan is sx years and repayments commence 13 ry￿th$ alier the start date. Loan interest is tovered in the first year by a Business Interruption Payffnt. then wll be base rate * 1.52%. The loan 15 secured way of a chaoe upon Glenda Spooner Fami. 2021 2020 £'ooo 17 200 783 withln one year Within one to two years Within two to livè years 200 200 583 18 Comparatlve r•strlcted funds Balance 1.1.20 Movement In ￿ndS Incomln8 OutKoln8 Tran￿er5 Balance 31.IZ.ZO £'ooo Belwade Farm Capital items China 24 26 130 125 24 18 24 18 Penny Fam Hall farm Glenda Sp￿ner Fam Farn Field Officers UK Welfare Line Saddlery 41 41 Retraining of Racel*Jr5es 14 14 132 156 160 128 Page 38

WORLD HORSE WELFARE NOTES TO THE FINANaAL STATÉMENTS FOR 7HE YEAR ENDED JI DECEMBER ZOZI 19 Comparatlve ana ysls o net awts etween nds Fun41s Flxed Legacie5 & Asset5 Investments Cash Other Net ¢urrent asset5 Tot41 Total 2020 1019 £'ooo Unrestricted general Restrcted 13.571 15,553 3,092 io) 19081 28 31.308 128 31.781 132 Tot31 10 Comparatlve SOFA by fund Unrestr5cted Fund5 Restrlcted Funds Total 2020 Intome from Donation$ 3Thd le8acies Other tradin8 actlvities InvesthRnt5 Other 6.407 373 114 156 6.563 373 114 3C Total 7,11)0 156 7,356 Expenditure on RaIsI￿A funds Charitable adivltles UK Centres UK Fleld Work International Campai8nin8 Grants 1.274 1,274 3.187 1.514 1.408 411 92 82 50 28 3,269 1,564 1,436 411 92 Total 160 8,046 Net gains on investn*nts 213 213 Net mo¥emenl In funds 14731 14771 Reconciliètion of funds Total fund5 at l January 2020 Total funds at 31 De¢ember 2020 31.781 31.308 132 128 31,913 31,436 Page 39

WORLD HORSE WELFARE PRINCIPAL PLACES OF BUSIIIE55 AND ADV150R5 Head Office Anne COl￿n House Snetterton NoMch Norfdk NR16 2LR Telephone.. [phone] Website". wV￿.WOrldhO[S￿We1fare.Ql8 fare.0 Auditors RSM UK Audit LLP Blenheim House Newmarket Road Bury St Edrryjnds Sulfolk IP33 3SB Bankers Llvrts 16 Genlleman'5 Walk Norwich NR2 ILZ Invertment Advlsors Newton Investrr*nt Manage￿￿￿t Ltd 71 Queen Victoria Streèt Lon¢hJn EC4V 4DR Legal Advlx¥r5 Taylor Vinte Medin Place Milton Road Can&wid8e C84 ODP VK Rescue & Rehomlni Centres Btlwad4 larm Aboyne Aberdeenshire AB34 5BJ Glenda Spooner Farm sOrr￿Tset TAII 71A Hall Farm ttenon Norfolk NR16 2LP Penny Farm Preston New Road Peel 81ackpool FY4 5JS Page 40