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





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|Investments<br>are valued at|mid-market<br>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|





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|Reference|and administrative|and administrative|and administrative|details|||||
|---|---|---|---|---|---|---|---|---|
|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||||





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|||||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<br>activities|||4|567,000||567,000|573,901|2,721|576,622|
|Other trading<br>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<br>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|





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||||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<br>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|





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## 

||||||2022||2021||
|---|---|---|---|---|---|---|---|---|
|||||Notes|||6||
|Cash flows from operating||activities|||||||
|Cash absorbed<br>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<br>from/(used||in)||||||
|investing|activities|||||51,925||(240,859)|
|Net cash|used in financing|activities|||||||
|Net decrease<br>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|





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## 

## 

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





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|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<br>and other registration|||income|114,188|122,002|
|Promotional|goods|||14,498|6,218|
|Judging,<br>medal and rosette income||||25,979|7,249|
|Grants||||2,000|15,721|
|||||567,000|576,622|
|Analysis<br>by|fund|||||
|Unrestricted|funds|||567,000|573,901|
|Restricted funds|||||2,721|





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||||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|





## 

## 

|8|Chadtable<br>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<br>costs|32,566||||32,566|25,389|
||Central<br>prefix register|||||||
||and stud books|322|13,790|||14,112|14,456|
||DNA blood typing and|||||||
||microchips||42,234|||42,234|39,943|
||Passport<br>binding||6'i7|||617|637|
||Promotional<br>goods and|||||||
||stock|||13,981||13,981|12,134|
||Exhibition<br>unit expenses|||5,126||5,126|878|
||Publicity officers|||||||
||expenses<br>and|||||||
||educational<br>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<br>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<br>by fund|||||||
||Unrestricted<br>funds|141,327|288,357|98,294|161,710|689,688||
||Forthe year ended 31|December 2021||||||
||Unrestricted<br>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|





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## 

## 

|10|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|



## 



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## 

|The average<br>monthly<br>number ofemployees<br>during th|e year was:||
|---|---|---|
||2022|2021|
||Number|Number|
|Office staff|12|10|
|Employment<br>costs|2022<br>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|





## 

## 

|14|Tangible fixed assets|||||||
|---|---|---|---|---|---|---|---|
||||Freehold<br>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<br>and impairment|||||||
||At 1 January 2022||107,801|77,982|315,657|12,053|513,493|
||Depreciation<br>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<br>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<br>amount|||
|At 31 December 2022||8,456|
|At 31 December 2021||13,700|



## 



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## 

||||||
|---|---|---|---|---|
|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<br>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<br>comprise:|||Notes|2022f|2021<br>6|
||Investments<br>in subsidiaries|||29|||
|17|Stocks||||||
||||||2022|2021|
|||||||f|
||Finished goods and goods for resale||||42,488|49,075|
|18|Debtors||||||
||||||2022|2021|
||Amounts<br>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<br>amount of|financial assets|||||
||Instruments<br>measured|at fair value through|profit or loss||2,051,673|2,291,182|





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## 

||||||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<br>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|



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||||||Ol <br>Ol 044<br>OAO<br>Viol|01|Ccl<br>CCI <br>Ol|IA <br> 61 <br>CCI <br>Ctt|IA <br> CD<br> 61 <br>I|Ol<br> CD<br>IA|||||||Cl<br>Cl||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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|30|Cash generated<br>from|operations||||2022|2021|
|---|---|---|---|---|---|---|---|
|||||||5|5|
||(Deficit)/surpus<br>for the|year||||(306,656)|223,786|
||Adjustments<br>for:|||||||
||Investment<br>income recognised<br>in statement|||offinancial|activities|(42,643)|(34,263)|
||Fair value gains and losses on investments|||||228,683|(202,070)|
||Amortisation<br>and impairment<br>of intangible|||assets||5,244|5,249|
||Depreciation<br>and impairment<br>oftangible||fixed assets|||16,392|19,909|
||Movements<br>in working|capital:||||||
||Decrease/(increase)<br>in|stocks||||6,587|(595)|
||Decrease/(increase)<br>in|debtors||||3,490|(8,338)|
||Increase/(decrease)<br>in|creditors||||15,632|(27,897)|
||(Decrease) in deferred|income||||(5,973)|(2,349)|
||Cash absorbed<br>by operations|||||(79,244)|(26,568)|
|31|Analysis ofchanges|in net funds||||||