The Suffolk Horse Society Limited Annual Report Financial Statements For the year ended 31" December 2024 Charity Number 220756
Suffolk Horse Soelety Report of the Trustee5 for the Year Ended 31 Deeember 2024 The Trustees who ar¢ also directors of the Charity for the PUTPOS¢S of the Companies Act 2006, present their report with the fmancial staiements of the charity for the year ended 31 December 2024. The TNstees have adopted th¢ provisions of Accounting and Reporting by Charities.. Statetnent of Recommended Pra¢tice applicable to charities preparing the accounts in accordance with th¢ Fitwh¢ial Reporting Standard applicabl¢ in th¢ UK and Republi¢ of ITeland {FRS 1021 (effective l January 2015). OWECTIVES AND ACTIVITIES Objeetivts and aims The Ch3riti¢s A¢t 2011 sets out an explicit requirement for all ¢hariti¢s to have purposcs which are for public benefit. Reporting on thatbenefit b¢came a requirement from 31 March 2(109. ID response to Section 4 ofthe Actrequiring ¢harity trustees to have due regard to public b¢n¢fit guidance published by the Charity Commission and lg aware that th¢ Society must report the activities undertaken to further its charitable pujyoses for th¢ public benefit the TNstees are satisfied thai the charity's objectives are in ac¢ordanc¢ with the principles of public ben¢fit and ihe activiiies undertaken by the Society during 2024 are in pursuance of those objectives. Objeclive.. To presetve and promote the breed known as the Suffo]k Horse (commonly known as The Suffolk Punch) ¢n¢ourdging (>wn¢rship and long-term interest in the breed. The Suffolk breed of hea horse is a livestock anim21 indigenous to the Unit¢d Kingdotn that h&$ been developed and refined over many generations through care] selection to possess a set of 5pe¢ific inh¢rited ohara¢t¢ri5ties. It is recognised and ¢lassifi¢d as a Priority Breed on the current RBST Watchlist. However, the Suffolk horse as a breed remains critically endangered. The continuity and pventIOn from extinction of the Suffo]k as a breed conforms to the first principle of public benefit, that the benefit Must be identifiable, because not only is the Suffolk a manifestation of a rural cultural h¢ritage but alsL) it constitutes a geneti r¢s¢ryoir and as such 15 included in th¢ DEFRA conservation strategy for UK Farni Animal Gen¢tEc Resources. The system of stallion licensing. which the Society has maintained sinee the cessation of the (fornier) Ministry of Agriculture scheme, continues. In 2013 a new methodology wa5 introduc¢d, whereby the veterinary assessment and Society inspection were conducted at the same time. This has proved ¢ffective so was continued in 2024. Three colts were examined during the ye. all three were successfully licensed. During 2024 applications for ant funding were received from 62 Suffolk hors¢ owners. In 2023 an encouraging number of eoverings were reported which resulted in a pleasing number of 42 foals registered in 2024. The demand for Suffo]k horses has relnained buoyant throughout 2024. In 2024 an encourdging number of ¢oYeriDgs were also reported which is expected to result in 2 pleasing number of foals in 2025. Th¢ Trust¢e5 are ¢xtr¢mely gratefvl to the Hor5era¢e Betting LeNy Board {HBLB) for the annual grant which it pays to the Society to be used for the preservation and promotion ofthe Suffolk breed of heaNy horse. In 2024 the Sociery received £30,500 from the HBLB, which has been used to pay grants to stallion and mare owners in the following categories.. stallion and mare health, blood sampling, travelling mares and stallions for the purpose of breeding. stallion licensing, foal registration and promotion of the Suffolk horse breed. The Society augm¢nts the HBLB grants by twenty percent from its own resources. The Society owns semen stocks from 19 Slallions, this includes semen collected from one additional stsllion in 2024. The Society plans to make further eollection5 in 2025. At least 20/0 of all semen stocks will not b¢ sold and will be kept in storage io help the diversity of blood line5 in the tllre. The trustees have decided not to value S¢En¢n stocks in the accounts as it is unknown whi¢h selnen stock have any valu¢. Any s¢men purchased from ihe Society must have p¢rm15sion from the Chairn)an of the Suffolk Horse Society. the Chairnian of the Scientific Committee and the Chairn18n of the Stud Book and Grdnts Committee. The SPARKS reports will be used to determine the blood lin¢5 of the breeding and semen will be released only for a 'green' Tnating unless under significant circumstances. The Society continues to work with Suffolk horse owners to support and encourage more breeding in 2025. Objective.. To colleci, verify. preserve and publ2sh pedigrees of the said breed, and other useful infomiation relating ther¢to. Objective achieved in 2024 by the publication of Volum¢ 100 of th¢ Stud Book, the issuing of equine passpons in compliance with UK and EU legislation, and by the gathering of informatiQT] and registration of animals eligible to appear in Volume 100. Publication has continued in an unintemipted sequence Since Volume I was produced in 1880. The inteity of th¢ breed is maintained through meticulou5 rd k¢¢ping and careful management gf the Stud Book which complses with Commission Decision 96178c laying down the criteria for the enty of animals into ¢quin¢ stud books with the objective of harnionising stud book5 in European Union countries to enhance the trade in pedigree animals. The Society continued as a pa5SPOrt issuing orgonisation during the year and participated in focus group work.
Suffolk Horse Society Report of the Trustees ror the Year Ettdtd 31 December 2024 The statistics relating to th¢ population of Suffolk horses in the UK in 2024 are set out below. Those relating to foals registered and stallions licensed are known to b¢ ¢orrect, but the other population staiistics are dependent upon owners notifying the Society's office of horses which have died 2nd male horses which have been castrated. The accuracy of th¢5e statistics has undoubtedly improved as a result of hor5¢ owners being reminded, r¢peatedly, that it is their legal responsibility to report deaths and ra5trations to the Society. This would account for the fall in total numbers although this figure may still be somewhat overstaled. Stallions licensed and listed in 2024 Breedin Mares Registered Foals bom in 2024 26 72 42 22 20 Colts Objective.. To promote the general interests of Members of the Society in ¢o]mection with the brecding and own¢rshÉp of Suffolk horse5. Obj¢ctiv¢ a¢hi¢v¢d in 2024 by provision of inforniation and broader education about the breed at all levels through publication of two full-colour magazines and a twenty-page suppletnenl. The Society attended a number of shows around the couniry to promote the Suffolk horse and at th¢ end of 2022 purchased a van which has b¢¢n wrapped with pictures of working Suffolks. This van attended shows in 2024 to promote the breed and encourage the iD¢r¢ase m¢mbership subs¢riptions to th¢ Society. Obje¢tive.' To off¢T prizes or pr¢miums or gr8nts for Suffo]k horses. In 2024 The Soriety paid out £2,285 grants from the Foal & Youngstock Show. the Young Handlers and Affiliated Shows. Objedive.. To raise and manage fund5, and generdlly to do all Sll¢h lawful things which may be incidental or wnducive to ihe attainment of the aix)ve objectives. The Suffolk Horse Society was fortunate to receive a substantial legacy 2024 which has been designated to fund projects specifically to help increase g¢netic diversity and reduce the level of inbreeding co-efficiency. In 2025 the Society plans to do more fund rdising by organising events, attending shows and by selling rnor¢ merchandise. Th¢ Society 15 fortunate to receive regular donations from members and supporter5, and continues to encourage more members to sign up to Gift Aid to help Increa doDation5 in 2025. FINANCIAL REVIEW The Society's fman¢ial position improved considerably in 2024 with the receipt of three l¢ga¢i¢s from the ¢states of Mrs Br¢nda Kirk, Mr Peter Hindley and Susan Mary Mann. With three other small legacies b¢ing r¢¢¢ived our total legacy in¢ome in the year was £323,479. Income from trading was slightly low¢r but we have benefitted from the higher interest rates on offer from our investment income. Some of the lega moni¢5 received has been invested in short term fixed rate deposits and have been earniarked for the genetic diversity proj¢¢t m¢ntioned aknve, whilst some has been invested in longer temi investments. Without the legacies we would have shown a d¢fi¢it on day to day in¢ome and expenses. The Society has funds available for investm¢nt into proj¢¢ts and activiiies designed to strengthen the Society and increase its eapa¢ity to fulfil its charitable objectives and to safeguard th¢ future of the Suffolk Horse bre¢d. The net assets of the Society in¢re2sed by £386,154. which was much high¢r than expected and arose following the receipt of the legacies as well as increase of 5.370/0 in the market value of investsnent5. The Society's reserves ]x)licy Ès to maintain curr¢ni financial reserves in excess of one year's running costs of the Society.
Suffolk Horse So¢iety Report of the Trustees for the Year Ended 31 December 2024 STAFF The Society in 2024 continued to operate with two part time staff.. Mrs Belinda Rudderham and Mrs Liz Pardey {who joined th¢ staff in March 2024). The combined hours of the staff w&$ 53 hours per week. Additionally, otTicer5 of th¢ Society hav¢ &8SiSted with office duiies when the need arises. The website is regularly updated with all information that is of interest to Suffolk Horse Society members and owners. The Grassroots daiabase system ha5 been scrutin15¢d and all memberships have now be¢n updaied or chas¢d. The m¢mbership system is fully operational enabling members to look and change details for them%lves, and the offi¢¢ staff are able to prLidu¢e a¢curat¢ reports as and when required. Early in 2025 all br¢¢d so¢ieties will 'migratc' to a new platform wtthin thc Grassroots p¢digTee recording system. FUTURE PLANS The Society will ¢ontinu¢ to rais¢ the public profile of the Society with the obj¢dive of significantly increasing the Society's membership and of encouraging more p¢opl¢ to own and breed Suffo]k hor5¢s. The purchase of the SufYoll( Horse Society van is with this. as it provides staff accommodation 2nd facilities to attend shows throughout th¢ country for more than one day at a time. Gr(S in 2025 will continue to use the SPARKS syslem lo ddernin¢ optimum mating5 and grants are awarded to ¢n¢ourage gen¢ti¢ diversity, by monitoring mean kinship. Progress ¢ontinue5 to be made, but there are Srill mor¢ people who need to be p¢r5uad¢d io become MeMr$ of the Society to give their sUPPOrt to the bre¢d eveT) though they may noi own a Suffolk horse. Th¢ Sociery's web51te rontsins infom)ation aix)ui horses which are for sale and detsils of people seeking to purchase a hoTse. The Society will continue to promote innovative uses for Suffolk horses including riding and prEvat¢ driving. The aim is to create a growing demand for Suffo]k horses which will, in tum, encourage more mare owners to br¢ed from their animals. In 2024, the Society embaed upon plans io develop a series of projects focussing specifically on producing the next generation of brood mares and stallions by encouraging matings which produce progeny with the lowest inbreeding coetyicienis. These projects remain ongotng and have included the irnport of 5em¢n from a geneiically rare bloodline from a registered Suffolk stallion in Australia. Towards the end of 2024 the 'Colt Proje¢t' was launched wher¢by a small nurnb¢r of g¢n¢tically significant colts wer¢ id¢ntifi¢d and assessed, this project c4)ntinue5 in 2025. STRUCTURE, GOVERNANCE AND IIIANAGEMENT Governing document The charity is controlled by its governing documen¢ a deed of trnsL and constitutes a limiied company, lilnited by guarantee, as d¢fined by th¢ Companies Att 2006. The Suffolk Horse Soci¢ty is a charitAbl¢ Company limited by guarantee, incortM)rated on 27 O¢iober 1891 (registration number 35060} and registered as a ehartty on 7 January 1964 (charity number 220756). The principal activity of th¢ chèrilable company ¢ontinue5 to be a Charity whose purpose is to preserve and prL)mote the Suffolk horse breed. Th¢ ompany was established under a Memorandum of Association, which established the objects and powers of the charitable ¢gmpany and is governed under its Articles of Association a5 originally defmed and as subsequently amended by Special Resolutions filed with Companies House. In 2022 a working party of trustees reviewed and updated the Articles of Association using the model recoTnm¢nd¢d by the Charity Commission. The updated Articles of Association were pul to the membership in a Special Resolution at th¢ 2023 AGM. The Special Resolution narmwly missed gaining approval and on the advice of a sp¢cialist charity lawyer, the updaied Articles of Association were put to the n]emb¢rship at the 2024 AGM. Members were able to vote in person or by a proxy vote which is a statutory right of meTnb¢rs. Ensors LLP Chartered Accountants w¢r¢ appoint¢d as official s¢rutin¢¢r ¢0 conduci the Special Resolution. The Special Resolution pass¢d and th¢ Article5 of Association duly updated. Recruitment and appointment of new trustees The Trustees who have served during Lhe year are set out on page six. The Soci¢ty is governed by its TN5tees who are elected to the governing Countil froln th¢ meTnbership at the Annual General Meeting (AGM) and 5¢rv¢ for a period of four years, after which period they Enay put themselves forward for re-election. All Council and Committee tn¢mbers ar¢ volunteers and receive no r¢Tnuneration in respect of their services. Any paid-up member of the Society who is willing lo serve and to attend m¢¢tings and who wishes to stand for election io the Ctsun¢il may put forward in writing his or her nalne, which must b¢ 5UPPOrted in wriiing by two mernb¢rs. The AGM in 2024 wa5 conducted in person. Four Tll¢Tnbe¥5 applied tts be a TTUStee in 2024,. since the number of no¥ninee5 did not exceed the number of places available, these four nominees were appointed to Council at the AGM.
Suffolk Horse Society Report of the Trustees for the Year Ended 31 December 2024 New Trustee5 are made awar¢ that as Trustees they cany out the function of and have similar responsibilities to directors of commercial organisations. The role, which cal¢S with it specified legal obligations 15 defmed by the Charity Cummission of England and Wales, which states that they hav¢ b¢come Related Panies and th¢refore the trdnsa¢iions that they hav¢ with th¢ S(Kiety have to be recorded as Related Party Transa¢tions. All Trustees ar¢ asked io accurately record all declarations of int¢r¢st in ord¢r to avoid any possible conflicts of int¢r¢st. In addition to bi-monthly Council meetings, ther¢ ar¢ four sub-committees.. Marketing Committee, Stud Book and Grants Committee, Shows and Events Committee, and Scientific Colnmittee. The sub-committ¢¢s usually meet bi-monthly, either in person or virtually. Risk management The Trustees have a duty to identify and review th¢ risks to which the charity 15 exposed and lo ensure appropriate controls are in place to provide reasonable assurance against fraud and ¢rror. In Co]Sanct of their obligations and of Charity Cornmission Guidelin¢ CC25 Managing Charity Risk and ResouTces, the Trustees make periodic examinations of the major strategic. business and op¢rational risks that the ¢h3rity may face and monitor the Society's exwsure to major risk. The major risks of the Society have been identified and a management stral¢gy for dealing with them has been drawn up. The major risks are.. That a fire or other disaster might destroy the Society's office and the record5 contsined in it. Fire alamis and fjre pr¢vcntion cquipmcnt ar¢ in plac¢. Dupli¢at¢ records are downloaded and stored in anoth¢r place. That the Society's secretaries mighL for some reason, be prevented from working for an extended period of time, in which case temporary replacements would be hired. That the Society's funds might be plundered by fraud or failure of an institution with which they w¢r¢ invested. The ndS of lh¢ Soci¢ty ar¢ Ènv¢st¢d and h¢ld by a number of different institutions. Regular checks and balances are made to ensure that all funds remain in place. Additionally. the Council seeks adYi¢e of an independent 'investment scNtineer' to review all investments. That there might be a serious accident at one of the Soci¢ty'5 ev¢nts causing personal injury or ¢ven death. The Society ensures that a Risk Assessment is produced for each event and that action is taken to mitigate risks that have been identified. The Society has public liability insurance up to £IO,000,000,. ¢mployers' liability UP 10 £IO,000,OOO' and trustees, indemnity ¢over up to £l,000,(M)O per trustee. REFERENCE AND ADMINISTRATIVE DETAILS Registered CompaThy Dumber 00035060 {England and Wale5) Registered Charity rtmber 220756 Registered office Sllite 8 BriLinnia House Bentwaters Business Park Rendlesham Suffolk IP12 2TW
Suffolk Horse Socl¢ty Report of tbe Thistee5 for tbe Yegr Ended 31 Detemher 2024 REFERENCE AND ADMINISTRATIVE DETAILS Trustees Mr Neil Adams Resigned 5 September 2024 Retired 20 April 2024 Mr Charles Cooke Mr Mark Donsworth Chairn)an ScientifLC Comtnittee Clare. Countess of Eu5ton Mr John Flemin8 Mrs Jayne Groom Mrs Cheryl Grover Mr Alan Haw¢s Chairnian Sts]d Book & Grants Committee Chaiman Marketing Committee. President Elect Treasurer Mrs Andrea Hoskitts Mr Frank Kinge Mr Bruce Langley McKim Mr John Latham Mr George Pratt Mrs Mary Ryder-Davies Mrs Gail Sprake Mr Paul Smith Retiritj President Vi¢¢ Chairman & Com Chairnian Show5 & Event5 Comtnittee Mr Chri5 Spalding Mr Neil Syrett President Suffolk Horse Society Chainnan Stud B<M)k Coorditlator Miss Su¢ Wager Compgny S¢¢r¢tsry Mrs Gail Sprake IDdependettt ExamiDert Ensors LLP Ch2rtered Accountants Blyth House Retidham Road Saxmundham Suffolk IP17 IWA Approved by the Board of Trustees on 3 April and SI¢ on its behalf by: Mrs G Sprake. Secr¢tAry
Suffolk Horse Society Statement of Flnanclal Actlvltes For the year ended 31 December 2024 Unreslricled Restricted Endowment Funds Funds Funds 2024 Total 2023 Total Notes INCOME & ENDOWMENTS Membership Subs¢riplions Donab"ons and Grants Legacies Gift Trading Activit8S Investrnenl Incorne 31.739 27,667 30.635 173,479 150,000 12,7é6 38.204 46,373 31,739 58,302 323,479 12.186 38.204 30.238 60.361 6.250 45.011 46.415 11,933 Total Income 330,228 192,568 522,796 188.281 EXPENDITURE Raising Funds Grant5 Charitable Activities 46.306 46.306 34.504 127,552 50.007 31.130 106.656 34,504 15,471 112,081 Totsl Exnditur 158,387 49.975 208,362 187.793 Nel income and net movernenls in funds before gain5 8nd1055es on investments 171,841 142.593 314,434 Nel Gains ILDSS on Investments 70,373 - 182 1.529 71,720 99.813 Nel income ancl net movement in funds 242,214 142,411 1,529 386,154 100.301 RECONCILIATION OF FUNDS Totsl Funds brought forward 1,266,906 89.985 58,755 1,415,646 1,315,345 Tot81 Funds carr18d forward 1,509,120 232,396 60,284 1,801,800 1,415,646 The Statement of financial 8Ctivili8s includes all gains 8nd losses reiyjgnised in the year. Al income and expenditure derives frorn ntInuIng activities. The notes on pages 10 to 14 form part of these financial statements Page 7
Suffolk Horse Society Balance She 31st December 2024 Unrestrlcted Re$th¢t¢d Endowment Funds Funds Funds 2024 Total 2023 Total Notss FbXED ASSETS H8rita9e Assets Tangible Assets Investments 60,960 13,590 10 1.199.687 60,960 13,590 60,284 1.409,789 60,960 20.342 1.135.613 149,818 1,274,237 149,818 60,284 1.484,339 1,216,915 CURRENT ASSETS Stock8 Debtors Investtnents Cash at Bank 3,884 16,903 324,465 7,668 2.110 18,366 199,542 11,204 12 13 14,097 230,0 12,354 2,806 94,465 4.686 280,335 92.585 352,920 231,222 CURRENT LIABILlnES Creditors- Amounts falling dts& wlhin one year 14 25,452 10,fK17 35.459 32,491 NET CURRENT ASSETS 234,883 82,578 317,461 198,731 TOTAL ASSETS LESS CURRENT LIABILMES 1.509.120 232,396 60,284 1.801,800 1,415.646 NET ASSErs 1,509,120 232,396 60.284 1.801,8 1.415.646 FUNDS OF THE CHARITY Unre51ricted Fund5'. General Fund 1.509.120 1,266,906 Restricted Funds.. Breeding Fund 232,396 89,985 E0ment Fund.. réeding App8al Fund 60.284 58.755 Totsl charlty Fund$ 15 1,801,800 1.415.646 The charitable Company is en1it18d to 8xemption from audit under Section 477 of the Compan$ Act 2006 for the year end&d 31$t De¢ember2024. The note5 on pages 10 to 14 form part of these financial staterrlS Paw8
Sufft>lk Horno Soci8ty Balance Shoet- Contlnued 31st Decembor 2024 For the flnancial year in questK)n thts Company was entitd to exemption under Section 477 of the Comp8nwdArt20C6 r81atin9 to small cL¥mpani8s. No members have qUired the company lo obtain an auL1it of tts aOUnts forthe year in question in accordance %ilh 58ction 478 of lh8 CoMpanS Aci 2006. The directors a(n0edge thwr respon$ibilitylor (x)mplying the requirements of the Act wlh re5P8Ct to accountiThJ records arvj for tha prepafation 01 th8 accounts. The trL¢Stees acknowAodge their responsibilities lor- lal $fiSUfing that Ihe eharitsbk company keeps aceounting rocords that comply wrth Se¢tion$ 386 and 387 of the Companie$ Act 20Cfi and Ibl pparing finanaal ststements vthich gNe a true and fatr of the State of affairs of the charitable company as at the end of the financial year and of its surplus or deficit foreach finanaal ar in aetordance wrth the requirements ol Sections 394 and 395 and whrh Othe? comply wlh the requirements of the Companies Act 20C6 rdating to financial stAtsmènts. so far as appiicabk to t Charitab ¢ompany. These financial stat8rn9nts have been prepared in accordance %4ith th8 provK8ior applicable lo charitable compaTh subjeci to Ihe $mall companies regime. Tlw financial $¢a¢ements were approve¢l by the Board of Trustees and aulhori8gd for tssue on 3rd ADriI 2025 and wBre 5vJned on 115 thaSf by. G£f Ms S Wager Chairn18n Mr8 G Sprakg Vice Chaimian P8g• 9
Suffolk Horsg Soclety Notes to the flnanclal statements For the year ended 31 December 2024 1. Gèneral Inforniation The ¢hanty Is a public befit gntity and a r8gist8red charity in England and Wa18s ar¥J is a company incoFporated and limited by guaonle8. Th8 address of the prinup18 office is Suite 8 Britannia House Rendlesham Suftolk IP12 2TZ. 2. Statement of Complian¢• Th6 financial ststeTnent5 have been prepa0 in ac¢ordarkee wilh the aecountiro policies set out in the notes trj Ihe acLountS and comply with the charitys goveming document. The Charith'es Act 2011 and A¢¢ounling )nd Rewrbng by Chari1I88.'Sl8ternent of Recommend8d Practise applIble lo Charities preparing th&r accounts in a¢¢ordanc8 wilh the Financial Reportsng Sndard applicable in th8 UK published in October 2019, and the Companies Act 2006. The finanGial statements have been prepa Io gNe a'lru8 and fairf wew of the Charity- 3. Accountlng Pollcles Basis of Preparation The financial slal8rnents have been prepared on the historical cost basis, as modified by the valuation of cèrtain financial a88818 and laibilities rneasured al fair value through incorn8 expenditure. The financial slatem8nts are pr8par8d in sierfing, which k8 the functwal curr8ncy of the entty. Golng Concem The a¢¢ounts have been syepared on the going conc8m basis and the Trustees believe that no rna18rial uncertaintie5 exist. The tru51ees have considered the level of funds held and the expected Income and exp8nditure for the next 12 monlhs from aulhorising these financial stslemenls. The budgeted income and eypenditure is sufficienl with the level of SeNe$ for the Charity lo be able to ¢onbnJe a$ a going o)n¢ern. Tho tru818es have taken into account the impart of COVID19 in making thi5 asses5Tnent. Fund A¢¢ountFng Unreslricled funds a available for use al the discretion of tt)e Trustees in fvrth8ranca ofthe Charities ot4"8ctives. Restricted funds ale amounts hvhere the donor has $peofied the purpose of the use of the funds and rel8t8 to donations and grants given for breeding purposes. Endowmanl funds relate to funds r8c&iv8d for a r8Strict8d purwse. The investment income retsived from the capital invested Gan be spent on this purpose, with the capilal remaining as an inv8Stm8nl. Incom8 Income 1$ IlUed in the statement offinancial actiwties when entitl8m8nt ha5 PaS5wJ to thè Chsrity.. il is probabl8 that th8 8conomic b8nefits aSSoald the transaction wll flow to the Charity and th? amount Can b& liablY measured. The fdlowing speafic pdici8s ar8 applied lo particular rat8gories Df income.. Inmme from donations or grants Is re¢ognised when there is evid8nce of 8nlillement to the gift. receipt is probable and its arnounl can b8 measured r6liably. Inve8irnenl Incom8 is recogni88d onc* a divadend has b88n d8clar8d. Short term deposil inierest is in¢luded when the amount ¢an be measur8d. Expenditure Expendilure is recognised on an ac¢ruals basis as a liability is incAJrr8d. £xp8ndilur8 is d8ssifiod under headings of the $iatement of finanoal aclivilie5 10 which il relates.. e¥ppndilure on raising funds indudes the costs of all fundraising activities, 8vent5. non-charitse trading activiles, and the sale ofdona18d wds. exp8ndilur8 on charitsble aciiwtes include5 all costs incurred by the charty in undertthng activities that further ils charilabl8 8ims for tho b8nefil of its member$, including those support costs and ¢81S relaiing to the govem3nGe of the charity. Grants payable are COgnISed in the accounts al lh8 Point at which th& charity has undertak8n an obligation to make paymènt out of existing funds. Generally this is when the cIPlent has m8t any cts)ditions ofthe award and the grant has been approved for payThnt by the InJ$lees. Pag8 10
Suffolk Horse So¢lety Not•s to the flnanclal $tst•mants For th9 ygar gndad 31 08cember 2024 Impairment of fixed a5$et$ A review of indicators of impaiThnenl is ¢arried out at each reporbng date, wlh the COverable amount being 8slima18d wher8 such indicators exist. Where the carrying value exceeds the recoverable arnount, the as5el is impaired a¢¢ordityly. Pnor Impaim8nts are also reviewed for p¢)ssibl& reversal at each reporting dal8. Flnancial Instrumerts The tharity only has financial ass&ts and finanual liabilities of a nd that qualify as b88iC financial in5truTnents. Basic finanoal instruments are initially rwgnised at Iran5aclion value and cTrisequ8nUy m8asur8d at their setuemenl value with the expIlOn of bank loans which are sub5equenUy Tneasured al amortised ¢osl using the effective inler8sI rn81hod. Taxation The tharity 1$ exempt from Corporatson Tax ils th8ritab18 activities. 4. Oiher Trading Activlties Income fiDm Events Sale of Promotional Items Other Incorne Ilncluding 5emen sales) 2024 23.284 12.214 2,706 2023 27.091 16,185 1,734 38,204 45.010 5. Inve$lmen* In¢ome 2024 Total Fund5 2023 Total Funds UnStrICted Restii¢tsd Funds Fund5 Unrestricted Restricted Fund$ Funds Diwd8nd Incorn8 Inte$1 Re¢ei¥ott 37,378 8,995 6.774 44.152 5,159 14,154 34,308 5.240 3,501 3,366 37.809 8,606 46,373 11,933 58.306 39,548 6,867 46.415 6. Ra181ng Fund8 o$1$ of Membership Promotion and Furtherance Expénditure on Events Promotional Ilern5 2024 17,362 7,070 12.925 8,949 2023 13,256 12.207 13,276 11.268 46.306 50,007 7. Charitable Activlti¢$ Employment Costs Office Costs Sundries 8edIng Costs Depr8ciation ofTangible Assets Bank Charges Accountancy. Legal and Professional f888 58.642 25,839 54,480 26.774 271 6,752 1.677 19.171 112.081 5.516 1,583 11.676 100,300 Restri¢4 Fund$. Sernen Collection Costs F¥ozen Semen stor8g8 costs Mare 8edIng Sub Fertility Bloods & DNA Stallion Lic8nsir¥J Expenses 10,216 1.956 2,037 2.302 997 2,702 1,617 127,552 106,656 Pag811
Suffolk Horse So¢lety Notes to the financial statements Year Ended 31 December 2024 8. Herltagfr Assets These con8lSt of2S paintings valu8d by John Day in March 2019 Market Value al 1st January and 31 Dernber 2024 2024 2023 00,960 60,980 Net Book Valu8 al 315t December 2024 and 2023 60.960 60.980 9. Tanglbl• Flxed A$$ets 2024 Plant Ar Machinery 2023 Plant And Machinery Cost At 1st January 2024 Additions On Disposals 40,939 42.241 4.fj35 -5.937 -2,994 At 315t December 2024 37,945 40.939 Oeprecialion At 1st Janvary 2024 Charge for the year On Disposals 20.597 6,752 -2.994 19.819 6,915 -5.937 At 31st Decembèr 2024 24,355 20,597 Net Book Value At 31st December 2024 13,590 20.342 At 31st De¢8mb&r 2023 20,342 22,622 DepreGialion is pro¥Aded at 25% on G05t. 10. Investments sled Investmenl$- Un¥eslricted Fu$ Restricted Endowm8nt Fund Fund Total 2024 Total 2023 Cost or Valu8tion- At 1st January 2024 Purch8ses Sales Fair Value Movements 1,076.858 52,456 58,755 1,135,613 202,4S6 1,035,800 150,000 70,373 182 1,529 71,720 99.813 Al 31st D8rnber 2024 1.199.e87 149,818 60,284 1,409,789 1.135.613 l imiestments shown above are held at valuation. 11. Stocks 2024 3,884 2023 2.110 Merchandise 3,884 2,110 Sl¢Kks are valued at the h)wer of cost ar net r8ali5ab18 valuè. 12. Dtbtors 2024 2023 Trade Oebto Prepayrnenls and accnjed Inc(me Othsr debtors 75 12.616 5.875 14.995 1.908 16.903 18.366 Page 12
Suffolk Horsg Socl8ty Notes to the flnancial statements Year Ended 31 Dèeomb•r 2024 2024 2023 13. Investments Short-Term deposits 324,465 199.542 14. Credllors: Amounts falllng due wlthln one year 2024 11,857 3TO 174 23,059 2023 7,183 382 378 24,548 Trade cditOrS SoGial securily and other taxe8 Penson Liabilitie5 Accru81s and Deferred Incom8 35.459 32,491 15. Total Charity Funds At 0110112024 1,266.906 89,985 58.755 1,415,646 Incom8 Expendiiu Investment GainslLo$$esl 70.373 -182 1.529 71.720 At 31112r2024 1,509.120 32,396 60.284 1.801,800 Unrestricted Fund R8Stricted Fund Endowment Fund 330.228 192.568 158,387 49,975 522.796 208,382 At 01101r2023 1,176,445 78.734 60,166 1,315,345 Income Exnd1[ure Inv8Stm8nt Gain8lloss8sI 101,224 Al 31112r2023 1.266.906 89,985 58.755 1.415.646 Unre$tnded Fund Restricted Fund Endowment FurKJ 139,544 48.737 150,307 37,486 1,411 99,813 188,281 187,793 Analy$l$ of N•t A$$•ts UnrestriGted Funds 60,960 13,590 1.199.687 260,335 25.452 Restricted Endowment Fund5 Funds Total 2024 60,960 13,590 1,409,789 352.920 35.459 Total 2023 60,960 20.342 1.135.613 231,222 32,491 Heritsge Assgts T8ngibl& Assets Inveslmer CUent Assets Gunt abIlitieS 149,818 92,585 10,007 60.284 1.509.120 232.396 60,284 1,801,8LKI 1.415,646 Page 13
Suffolk Horse Society Notes to the financlal statements Year Ended 31 December2024 16. Relat¢d Parties During the y8ar. the charity rnad8 grallts to the following persons who are trustges of the charity". 2024 645 1.325 1,048 2023 1.020 1,000 3,114 1,017 730 130 945 275 Mr J F18rning Mr F A Kinge Mr B McKim Mr G Pratt Mts A Hoskins Mr P Smith Mrs J Groorn Mr J Latham Mr C Spalding 2,087 625 950 815 20 17. Tru$¢g¢ rgmuneration and expenses Mr A Hawes has received fees of£3,500 for accounting Services during the year. No other trustee or any person connected with them rec&ived any remuneration in the year. The ¢h8rity paid a tot81 of £1,782 to Trustees as a reimbursement of expense5 during the year. 12023.. £1,6321 18. Contingencies Al the 31st DecenTrber 2024 the Company had no contingenrye3 not provided for i the acfthnts. 12023.. Nlll. 19. Controlling party The ultimate controlling paty is o)nsldered to be the hAembgrs. Page 14
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE SUFFOLK HORSE SOCIE FOR THE YEAR ENDED 31 DECEMBER 2024 I report to the trustees on my examination of the financial statements of The Suffolk Horse Society Ithe charity) for the year ended 31 December 2024. Responsibilities and basi5 of report As trustees of the charity land also its directors for the purpose of Company Lawl you are responsible for the preparation of the financial statements in accordance with the quirementS of the Companies Act 2(X)61'the 2Th)6 Act'l and the Charities Act 20111'the 2011 ACYI. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlnerfs statement The charity's gross income exceeded £250,000 and l am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: the accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act- or the financial statements did not accord with those accounting records,. or the financial statements did not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommerkded Practice for attounting and reporting by charities applicable to charities preparing their accounts in accordance with the Fir¢ancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. iv. I have no concern5 and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Carl Page FCCA Ensors Accountants LLP Member of the Institute of Chartered Accountants in England and Wales IICAEWI Blyth House Rendham Road Saxmundham Suffolk IP17 IWA sky PaBe IS