2022-12-31-accounts - Welsh Pony And Cob Society

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

		Page
Trustees report		1-13
Statement oftrustees	responsibilities	14
Independent auditor's	report	15-18
Statement offinancial	activities	19
Balance sheet		20-21
Statement ofcash flows		22
Notes to the financial	statements	23-42

Investments are valued at	mid-market prices and	are split as follows:
	2022	2022 Cost	2021	2021
	Fair Value		Fair	Cost
			Value
Fixed Interest	451,556	515,317	288,034	283,847
Equities	1,600,119	1,350,555	2,003,050	1,553,665
Cash held in porffolio	44,749	44,749	43,205	43,205

Reference	and administrative	and administrative	and administrative
Charity name				The Welsh Pony and Cob		Society
Charity number				222014
Company	number			1017832
Registered	office			Bronaeron
				Felinfach
				Lampeter
				Ceredigion
				SA48 8AG
Key management		personnel		David Meirion Davies- Company			Secretary
				Gemma Bassett-Burr - Office Manager
Trustees
				Ms SJ Charlton
				Mr D SDavies
				Mr RJ Davies - resigned	21/05/2022
				Mr D TC Evans
				MrAS Everitt
				Mr E PJ Gummery
				Ms E Hampson
				Ms D Jones
				Mr WJones
				Ms AJ Kember
				Mr D D Morgan
				Mr D0 Roberts
				Mr D M Waters
				MrJWSWelsh - resigned		21/05/2022
				Ms RJ RWilson
				Ms T Baldwin - appointed		21/05/2022
				Ms LStephens - appointed		21/05/2022
Secretary				Mr D M Davies
President				Mr SF Franklin
President	Elect			Mr IT D Price
Chair ofCouncil				Mr D D Morgan
Vice Chair	ofCouncil			Mrs SJ Charlton
Directors	ofsubsidiary		company	Miss SHardy
				Mr C Thomas

				Unrestricted	Restricted	Total Unrestricted	Total Unrestricted	Restricted	Total
				funds	funds		funds	funds
				2022	2022		2021	2021	2021
			Notes				8	6	6
lttggm~fm;
Donations and	legacies		3	13,918		13,918	17,4B9		17,469
Chaditable activities			4	567,000		567,000	573,901	2,721	576,622
Other trading activities			5	1,772	5,450	7,222	1,721	10,598	12,319
Investments			6	42,643		42,643	34,263		34,263
Total income				625,333	5,450	630,783	627,354	13,319	640,673
gZpgnnlh! reon:
Raising funds			7	17,183	1,885	19,068	3,859	15,235	18,894
Charitable activities			8	689,688		689,688	597,342	2,721	600,063
Total expenditure				706,871	1,885	708,758	601,001	17,956	618,957
Net gains/(losses)		on
investments			13	(228,683)		(228,683)	202,070		202,070
Net movement	in	funds		(310,221)	3,565	(306,658)	228,423	(4,637)	223,786
Fund balanoss	at 1 January
2022				2,689,306	22,976	2,712,282	2,460,883	27,613	2,488,496
Fund balances	at	31
December 2022				2,379,085	26,541	2,405,826	2,689,308	22,976	2,712,282

			2022		2021
			5		5
Fixed assets
Intangible assets		15		8,456		13,700
Tangible assets		14		372,893		389,286
Investments		16		2,096,424		2,334,389
				2,477,773		2,737,375
Current assets
Stocks		17	42,488		49,075
Debtors		18	9,724		13,214
Cash at bank and in	hand		66,978		94,297
			119,190		156,586
Creditors: amounts	falling due within
one year		19	(101,841)		(94,992)
Net current assets				17,349		61,594
Total assets less current liabilities				2,495,122		2,798,969
Creditors: amounts	falling due after
more than one year		20		(89,496)		(86,687)
Net assets				2,405,626		2,712,282
Income funds
Restricted funds		25		26,541		22,976
~nr a(QctaIUIInda
Designated funds		24	453,350		474,986
General unrestricted	funds		1,925,735		2,214,320
				2,379,085		2,689,306
				2,405,626		2,712,282

					2022		2021
				Notes			6
Cash flows from operating		activities
Cash absorbed by operations				30		(79,244)		(26,568)
Investing	activities
Purchase	oftangible fixed assets						(3,896)
Purchase	of investments				(434,767)		(676,619)
Proceeds	on disposal of investments				444,049		405,393
Investment	income received				42,643		34,263
Net cash	generated from/(used		in)
investing	activities					51,925		(240,859)
Net cash	used in financing	activities
Net decrease in cash and		cash	equivalents			(27,319)		(267,427)
Cash and	cash equivalents	at beginning		ofyear		94,297		361,724
Cash and	cash equivalents	at end of		year		66,978		94,297

1	Accounting policies IContinued)	Accounting policies IContinued)
	Income from charitable activities (excluding grants) is credited to the Statement of Financial Acfivities in	the
	year in which they are due. Income received in advance is deferred to the appropriate financial year.
	Grants are only included in the SoFAwhen the general income recognition criteria are met.
	In the case of performance related grants, income must only be recognised to the extent that the charity	has
	provided the specified goods or services, as entitlement to the grant only occurs when the performance
	related conditions are met. Grants receivable are treated in different ways dependent upon their purposes	and
	the terms ofthe grant.
	Grants receivable for specific purposes are also treated as restricted funds so that any unused funds can be
	separately identified.
	Grants receivable to facilitate the general running ofthe chadity are treated as unrestricted funds.
	Interest on funds held on deposit is included when receivable and the amount can be measured reliably	by
	the charity; this is normally upon notification ofthe interest paid or payable by the bank.
	Turnover is measured at the fair value of the consideration received or receivable and represents amounts
	receivable for goods and services provided in the normal course of business, net ofdiscounts, VAT and other
	sales related taxes.
1.5	Resources expended
	Expenditure is recognised once there is a legal or constructive obligation to make a payment toa third party, it
	is probable that settlement will be required and the amount ofthe obligation can be measured reliably.
	Costs of raising funds comprise the costs in relation to generating income such as fundraising activities.
	Expenditure on charitable activities indudes all costs relating to the furtherance ofthe charity's objectives as
	stated in the trustees report.
	Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
	Support costs are those functions that assist the work ofthe charity but do not directly undertake charitable
	activities. Support costs include back office costs, finance, personnel, payroll and governance costs.	The
	basis for calculating the allocation of support costs was as a percentage of total staff costs attributed to each
	department.
	Governance costs comprise afi costs involving public accountability of the charity and its compliance	with
	regulation and good practice.
1.6	Intangible fixed assets other than goodwill
	Intangible assets acquired separately from a business are recognised at cost and are subsequently measured
	at cost less accumulated amortisation and accumulated impairment losses.
	Amortisation is recognised so as to write offthe cost or valuation ofassets less their residual values over	their
	useful lives on the following bases:
	Software 20% straight line

Donations	and leg	acies
			Unrestricted	Unrestricted
			funds	funds
			2022	2021f
Donations	and giRs		13,918	17,469
Donations	and gifla
Donations	and sponsorship		5,259	14,652
Pavillion donations		and income	8,659	2,817
			13,918	17,469

				Unrestricted	Unrestricted
				funds	funds
				2022	2021
				f	f
gubscriptions	and life members		income	135,187	137,668
Journal sales and advertising				25,258	16,563
Other membership		income incl	insurance	1,099	350
Registration	and passports			248,791	270,851
Transfers and other registration			income	114,188	122,002
Promotional	goods			14,498	6,218
Judging, medal and rosette income				25,979	7,249
Grants				2,000	15,721
				567,000	576,622
Analysis by	fund
Unrestricted	funds			567,000	573,901
Restricted funds					2,721

			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds	funds
			2022	2022	2022	2021	2021	2021
			6	6		6	6	8
Young people's fund			12		12
President's	fundraising
and dinner				5,450	5,450		10,598	10,598
Solar panel		income	1,760		1,760	1,721		1,721
Other trading		activities	1,772	5,450	7,222	1,721	10,598	12,319
Investments
							Unrestricted	Unrestdcted
							funds	funds
							2022	2021
							6	f
Income from		listed investments					41,627	32,726
Interest receivable							1,016	1,537
							42,643	34,263

			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds	funds
			2022	2022	2022	2021	2021	2021
			f		8	6
Premium	awards		4,125		4,125	1,898		1,898
Donations		and bursades	9,573		9,573	1,761	10,310	12,071
Retiring president's
dinner			3,485	1,885	5,370
Young people's fund							4,925	4,925
Fundraising		and publidty	17,183	1,885	19,068	3,659	15,235	18,894
			17,183	1,885	19,068	3,659	15,235	18,894

Chadtable activities
	Membership	Registration	Education 8	Judging 8	Total	Total
			promotion	showing	2022	2021
	5		6	8	6	6
Journal costs	25,724				25,724	23,853
Membership costs	32,566				32,566	25,389
Central prefix register
and stud books	322	13,790			14,112	14,456
DNA blood typing and
microchips		42,234			42,234	39,943
Passport binding		6'i7			617	637
Promotional goods and
stock			13,981		13,981	12,134
Exhibition unit expenses			5,126		5,126	878
Publicity officers
expenses and
educational visits			28,471		28,471	17,592
Medals, rosettes and
engraving				7,257	7,257	2,731
Judges conferences				5,168	5,168
Judges and showing
handbook				6,518	6,518
International show costs
and expenses				766	766
	58,612	56,641	47,578	19,709	182,540	137,613
Share ofsupport costs
(see note 10)	76,111	212,728	46,588	130,443	465,870	400,771
Share ofgovernance
costs (see note 10)	6,604	18,988	4,128	11,558	41,278	61,679
	141,327	288,357	98,294	161,710	689,688	600,063
Analysis by fund
Unrestricted funds	141,327	288,357	98,294	161,710	689,688
Forthe year ended 31	December 2021
Unrestricted funds	122,094	266,182	76,850	132,216		597,342
Restricted funds	2,721					2,721
	124,815	266,182	76,850	132,216		600,063

Support costs	Support costs
			Support	Governance	2022Support costs		Governance	2021
			costs	costs			costs
			8	f
Staff costs			264,334		264,334	200,733		200,733
Depreciation			21,636		21,636	25,158		25,158
Other staff	costs		2,636		2,636	942		942
Postage and stationery			41,225		41,225	52,161		52,161
Computer	costs		22,895		22,895	21,954		21,954
Equipment	rental		11,458		11,458	13,659		13,659
Repairs, renewals		and
sundry			31,230		31,230	20,731		20,731
Rates and	utilities		18,898		18,898	8,031		8,031
Insurance			11,530		11,530	10,254		10,254
Travel and	subsistence		851		851	961		961
Telephone			19,862		19,862	21,334		21,334
Bank charges,
investment	and other
costs			19,315		19,315	24,853		24,853
Audit fees				13,250	13,250		11,000	11,000
Accountancy fees				1,500	1,500		1,295	1,295
Legal and	professional
fees				10,958	10,958		36,653	36,653
AGM expenses				6,752	6,752		10,647	10,647
Council expenses		and
training				8,818	8,818		2,084	2,084
			465,870	41,278	507,148	400,771	61,679	462,450
Analysed	between
Charitable	activities		465,870	41,278	507,148	400,771	61,679	462,450

The average monthly number ofemployees during th	e year was:
	2022	2021
	Number	Number
Office staff	12	10
Employment costs	2022 8	2021f
Wages and salaries	242,866	184,237
Social security costs	13,039	9,934
Other pension costs	8,429	6,562
	264,334	200,733

Unresbicted	Unrestricted
funds	funds
2022	2021
6	f
(228,683)	202,070

Tangible fixed assets
		Freehold land	Leasehold	Plant and Motor vehicles		Total
		and hugdlngs	land and	equipment
			buildings
			6
Cost
At 1 January 2022		468,805	95,614	320,859	17,500	902,778
At 31 December 2022		468,805	95,614	320,859	17,500	902,778
Depreciation and impairment
At 1 January 2022		107,801	77,982	315,657	12,053	513,493
Depreciation charged	in the year	10,032	2,604	2,664	1,092	16,392
At 31 December 2022		117,833	80,586	318,321	13,145	529,885
Carrying amount
At 31 December 2022		350,972	15,028	2,538	4,355	372,893
At 31 December 2021		361,004	17,632	5,203	5,447	389,286

Intangible fi	xed assets
		Software
		6
Cost
At 1 January	2022 and 31 December 2022	26,245
Amortisation	and impairment
At 1 January	2022	12,545
Amortisation	charged for the year	5,244
At 31 December 2022		17,789
Carrying amount
At 31 December 2022		8,456
At 31 December 2021		13,700


Fixed asset investments				(Continued)
	Listed	Cash in	Other	Total
	investmentsf	portfolio	investments
Cost orvaluation
At 1 January 2022	2,291,182	43,205		2,334,389
Additions	434,767			434,767
Valuation changes	(228,683)			(228,883)
Cash movement		1,544		1,544
Disposals	(445,593)			(445,593)
At 31 December 2022	2,051,B73	44,749	2	2,096,424
Canying amount
At 31 December 2022	2,051,673	44,749	2	2,096,424
At 31 December 2021	2,291,182	43,205	2	2,334,389

16	Fixed asset investments	Fixed asset investments				(Continued)
	Other investments comprise:			Notes	2022f	2021 6
	Investments in subsidiaries			29
17	Stocks
					2022	2021
						f
	Finished goods and goods for resale				42,488	49,075
18	Debtors
					2022	2021
	Amounts falling due	within one year:			6
	Other debtors				9,724	13,214
10	Creditors: amounts	falling due within one year
					2022	2021
				Notes		6
	Other taxation and social security				4,885	4,048
	Deferred income			23	15,344	24,126
	Trade creditors				50,020	41,982
	Accruals and deferred	income			31,592	24,836
					101,841	94,992
20	Creditors: amounts	falling due after more	than one year
					2022	2021
				Notes	6
	Deferred income			23	89,496	86,687
21	Financial instruments				2022	2021
	Carrying amount of	financial assets
	Instruments measured	at fair value through	profit or loss		2,051,673	2,291,182

					2022	2021
					5	8
Arising	from	membership	subscriptions	and
journal	sales				104,840	110,813

		2022	2021f
Balance brought	forward	110,813	113,162
Income received	in the year	174,302	158,688
Released to income		(180,275)	(161,037)
Balance carried	forward	104,840	110,813

		Balance at	Resources	Transfers	Balance at	Resources	Balance at
		1January 2021	expended	1	January 2022	expended	31December
							2022
							6
Educational	bursary	2,000			2,000		2,000
ITdevelopment		20,000			20,000		20,000
Legal costs		30,000			30,000		30,000
Capital expenditure		15,000			15,000		15,000
Training		5,000			5,000		5,000
Fixed asset	fund	424,248	(25,158)	3,896	402,986	(21,636)	381,350
		496,248	(25,158)	3,896	474,986	(21,636)	453,350

					Ol Ol 044 OAO Viol	Ccl CCI Ol	IA 61 CCI Ctt	IA CD 61 I	Ol CD IA							Cl Cl
			Ol Cl Ol0a C1.0 0 Cl CL Ol Ol	C C4l	38 g '0 C Cl 44 0 0 I x C 4I			IA CO 40 CI					Cl N lL IC 'C0 E0			ClEC ICL I CCI CCI CI Cl OlC
				E
			L0'0 Cl Ih C Ol ID OlC0 4I 0 'D 0 th Cl th Cl CC 'O ID 'O	0 lh'0 C C C Cl E K	~1 0 41 0 C4 OO 0 & CO 0 ID 0 CO I 11 E NDO 0 0 0 a I 6 4I Dl Cl 6 6 'j E II 0 6 6	CCI I	IA P4 IA Al t	OI CD 01 ID IA CD	C	Ccl I Cct Ccl CCI	IA I CD Al		0 0 'D0 dl Ch Ch Cl 0 Ih ih Ch CC 46 4l IO O. E	11 4102 thC Ih CC th Cl Ch a ID 0 OI Cl Cl 0 IO		e00 D Cl ClC0 'D 04 C Cl C1 E 11 Cla IC ID 0 Ol th Cl8 C	ICI CD CCI 0 N ID Cl Ol0 YlC0 ttlC C Cl 0 Ol C 0 Cl
			m. Cl Ol		IO 41 SR Ct I0	Cct 01	O 01 I	46 IA 61	CD AI IA		6) CA CCI		5 0. E Ol	0 LE '0 C IC		ClE 8 IO	C CC Ccl Ccl CI Ccl
					IO								'O'5	Ch Cl		E	0 tA
Ci IUDZI-Z0 Q IOI-Z IUE IUI- I- III VZ Z UIzI-0I- CO IUI-0Z	DC tNO Cl 5 lO O 0 C 0	C K	Cl Dl th'C O. 'D Cl0'0 th ID Cl 'O I5L Cl 0 0 E 8			16 C LL C Cl 0Ea0 g cC Ol 0 Cl CL e 0 0I CD C N		C L N 0 th 0	Cl E Cl 0 40 C0 ID Te 0 CD C 0 Ih N Yl C IC e C C 0 CO			E AL 0 8 80 Cl 0 0 4I'00 th '0 Ch e.2 e 0 'C p 00 E E ID Y C 0.— OC a 4I 0 'D0 e le D 00 46 me:		0 Cl Dl C th Cl 'OC CO Cl CL0 Cl CL CO 0 Cl E 11g Ol IL L 4 N C 'L0 0 Cl 0 ID Ol CD C Cla— 00 a L 44 Ol 0 c 0C 00	I ID OI ID Cf C 0 Cl CD il th ClE 8 Ol C Cl C '0 40 th IL Cl N '0L Yl Ec LI-		CI 0 hl 0 Cl 0 C0 IO 00 IC ID0a Cl Cl thN Cl Ca Cl ClC0	0 E DC Itl AL CD 0O Cl Dl C 4l 0 Y 11 CA 80 C 8 '46 th C Cl Ol Cl g 0a CL N 0 2o 0 IE 0 C O LL

			m		W		Cl Ct	CO CO	OI CO			CO
			~O	CO								CV
												Ctl
									CC			CC
				CC Cl	W					COIOI		CO OI
				CC
										Ctl
			'D5	Cd			CO CO	CO CO	Q CI	t
				CO				Ctt	CO
			c	Ctl			CO	CO
			OD					CO
			ID
			4IO
			Cd		W				CD			CI
				Ctl					CO
			O'L	Cl					CC			CO 'll
			Vl dtc						CO CV			Cc
			D
				Ol	Cll
			OI	cc
			P	Ol								8
									CO
												cti
			CO	Ol	Cll
			LL	cc CD
			m
			IL
			CC 3 CC mmOl		W				Ctct CI
			ml
			Vl4IO
0				Cd Ctc	Ol					CC CD	CO CD
IUDXI-Z0 O				Ctc					'CI Ctl CO Ctl	CD	CD CO
NI-R
IUK IU	Ul	dt				dl
tD	Ci LIIV	Cdc L dt				m ct Ctt
						dt
OX X	Ci Ci	8 Cl				E 8 4I CI	m 4I			ID dl
IUZI-0I- CD IU 0I- R	UI I 0	Cl ld 4Ic 0 Cl m m				Ct ID ld m &'0 4I CD IO c m Q CO X m dt m c dl Cd m 'om c L CL DI Om c IL		ID N CO 'CD c	L dtE '"	CO dl m N c m 0	Ct dt dl dt cn O a

30	Cash generated from	operations				2022	2021
						5	5
	(Deficit)/surpus for the	year				(306,656)	223,786
	Adjustments for:
	Investment income recognised in statement			offinancial	activities	(42,643)	(34,263)
	Fair value gains and losses on investments					228,683	(202,070)
	Amortisation and impairment of intangible			assets		5,244	5,249
	Depreciation and impairment oftangible		fixed assets			16,392	19,909
	Movements in working	capital:
	Decrease/(increase) in	stocks				6,587	(595)
	Decrease/(increase) in	debtors				3,490	(8,338)
	Increase/(decrease) in	creditors				15,632	(27,897)
	(Decrease) in deferred	income				(5,973)	(2,349)
	Cash absorbed by operations					(79,244)	(26,568)
31	Analysis ofchanges	in net funds