Charlty registration numbor 222014 ompany registration number 1017832 IEngland and Wales) THE WELSH PONY AND COB SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE WELSH PONY AND COB SOCIETY CONTENTS Pagè Trustees report Slalemenl of Iruslees responsibilities 10 Independent auditor's report Statement of financial activities 15 Balance sheet 16- 17 Slalemenl of cash flows 18 Notes to the finanaal slatements 19-38
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEIWBER 2023 The trustees present their annual report and financial statements for the year ended 31 Decembèi 2023. The finanryal slalemenls have been prepared in accordance with the accounting policie5 sel out in the notes to the financial statemènts and comply with the chanty's governing document. the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their acctrunts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" ObleetfjvÈ8 and aetlvSties The objedives ol the Society ale to encovrage the bleeding. irnprovement and integrity of the Welsh Breeds of horses and ponies., advance public education of management of the Welsh Breeds.. lo prevent cruelty to horses and ponies.. lo provide and assist In provision for public benefit, facilities foi recreation and other leisure time through use ol horses but confined lo facilities provided in the inlerests of social welfare. In order to further these aims the Society undertakes a number of core adivilies. ThÈ Soeièty is obliged to compile and publish stLJd books of registered pure and part-bred Welsh Ponies and Cobs, whiGh is done on a iegular basis. In recent yeaT5. this ha5 been wtnbined with rts ro as a Passport Issuing Organi5atiDn IPIOI and registration of equine5 IS through its cornprehensive regi5trath.on processes. Information and assistance are provided to members and non-members in person, via telephone, email. and the website. In addition. rnembers receive an annual Journal and tho newsletters per year. The Soaety also PLJb1ishÈs literature on the Welsh Breed and provides a website Ihat is accessible to members and ntrn-mernbers. with an activ& Facebook paga. The Society ha5 a programme of giants lo provide direct financial a55iStance to members of other voluntary groups working with gimilar objectives. 11 8lso administer5 a bursary 5eherne for young indwidkjals pursuing qualifications Wlthin the equine wodd. Thg awaids ale fciimally ieviewed annually by Council lo ensure that it continue5 to meet Ih05e needs, The Sociely also has an equine welfare advice and guidance scheme in place. The aitlls Df the ehaiily ale detailed below". To encouiage the brggding and improvement of horses and ponie5 mole e5pecialty those of the Welsh Breeds To gdvance public education in all district5 and oounlies in the various arts and sciences connected with the use and management of horses and ponies in general and in p8rt*cular of the Welsh Mountain Pony. the Welsh Pony, the Welsh Pony (Cob Type) and the Welsh Cob and their Part-breds. To provide or assist in the prDvision for the public benefit. of facilities for recreation or othei leisure lirne occupation, through the use of horses and ponies, but confined lo facilitie5 provided in the interes15 of Social welfare. To prevent cruelty to and promote the welfaie of horses and ponies. The charity's strategies for achieving its stated aims and objectives is to". En5uie workloTce development and sltudured line managetnent Is in place. Ensure Iruslees Under90 regLJl8r apprai5815 and development plan5 are pul in place. Ensure work-plans for Council and Standing Committee5 are in pl3ce. The charity measures its success in the reporting period using a number of a5se5sments such as.. Ensuiin9 that the officer reports to Council and the Standing Committees on a regular basis. Reports from working groups and delegates 2re produced and reviewed. Quality assurance techniques of random sampling and benchmarking. Comparing evidence-based achievements against work plans. Consultations with trustees. staff, vo5unleers and members. Logging. analysi5 and reporting ol comment5 and feedback.
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT ICONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The tiuslees have considered the Charity Commission's guidance on publie benefft. Including the guidance 'publi¢ benefit. running a charity IPB21'when reviewing our airns and objectives and in planning our future aclivilies. Trustee5 were provided with copies of the revised publications relating to public benefit. Trustees consider how planned activities will contribute to the aims and objectives they have sel. Public benefits applicable to the charity's activities indude.. the advancement of eduGalion through the piovision of EduGational Visits to colleges. the award of eduoational bursaries and the production of information and publications on the Welsh bleeds. the advancement of the arts. cuhure. heritage or science through the pre5eNation and prornolion of the serni- feral hill ponies and the Welsh breeds in general, these being an important part of the heritage of INales. the advancement of amateur sport through the establishment of medal and rosette schemes. support of young handler competilions, staging of performance shows and awards. Ihe provision of judges panels, and young judgès, competitions. the advancement of environmental pioteelitsn or Improvement through the support provided by the prèmium grant scheme5 awarded to semi-feral hill ponie5 who are e55ential lor the conservation of the natural habitat of lthles. the advancetllent ol gnimal welfare through thè publir2tion of a code ol wemare, a guide to purchasing and caring for Welsh Ponies and Cobs, a carè and management booklet and other publications that prtsvidé welf£re guidelines and advice. The Signifint a¢tiwties undertaken by the charity which contribute to ils stated aims and objectives are.. Education and Welfare fostering and encouraging the acquisition of knowledge and dissemination of best praclise regarding the management and welfare of ponies. cc>bs. part-bred and equine in general., publicising ancl cornrnunicating the education and welfaie by all means possible. Members Services - The development and growth of membership lo the Society, tnaintaining the integiily of the Welsh Slud Book and Qver5eas Register. Pioduction ol an annual Slud Book and supervi5i0n of Young People's Comrnittee activities. Organising and appoinling Young Ambassador Elect and Young Achiever on an annual basis. PrDmolions raising the profile of equines and ensuring that legislators and regulators are aware of what the Society is thinking, providing a Tnedia approach in relation to equine across all tnpdia outlets, and informing the public as lo what the So¢iety is developlng. Jud and showin judges, a55essTnenl and conference5. ensuring judges uphold the integrity and good standing of the Society and exploring their continuing professional development, providing a clear wrimen rule book each year. The Society is both dependenl on and appreciative of the work of so many volunteers who give freely of their time lo advance the interests of Welsh breeds Trustees are aware that voluntary work is not avaYS 8pprecialed and would like to thank members up and down the country who have generously given their time on behalf of the Society.
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT (CONTINUEDI(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance Council meeting5 were once more held in person at Bronaeron. wilh Commrftee meetings held online to reducè travel costs and lo facilitate the possibility of convening meetings al short notice il required. A highly successful Awards night and President's dinner was held at the Metropole Hotel in 2023. Th8 origin31 hard work of thè Sa$ committe8 and staff has meant the Official sale at Builth Wèlls seems to grow from slrenglh lo strength with 2023 seeing the evenl takè place over threè days with the first day being mainly lor performance animals. 2023 also saw the first Offiryal 5PTin9 sale conducted by Mccartneys, the Society's officia auctioneers. which we hope will grow over the coming year5. The Society will conlinue lo support the Auctioneers to ensure the ftjture of sales for our membership. The SUCSS of the sales also contributes greatly to the Ineome of the Society. The use of the Society's database to enable sales entries to streamline the checking process for entries proved a huge benefit. The continuous improvement of the Soeiety's administration is on-going, as evidenced In cost reduction5 in administrative and backroom areas, and in compliance wilh the Minimum Operating Standards lor UK Passport Issuing Offices and to produce passports within 15 working d8ys, and to transfer passports within 1 Cl wtsrking days. Every iegistration form which did not have errors or queries regarding ownership, etc was proce55ed before the of the yeai. and the Society would like lo commend ils membership for their efforts In reGtifying the problem. However, the policy of returning incorrect or incomplete forrns has paid off. 24.1 /0 of all forms reIVed were returned to IhÈ breeder al least once- some more than one time. which is 2 high figure and a target lor 2024 is to bring this percentage dtswn. Two more Stud books were prodUd in 2023, volurnes 103 and 104, which brings the Soaety up to date,. volume 105 will be ready for the Royal Welsh. Resources have been allocated lo address issues concerning Education and Wèffare lor members and non-members. and to include in particular the younger people In order to leach a widei audience using social media, the Society has been very pioadive in ils rate ol postings. 11 currently has 56.01)O followeis on Facebook. Council have continuéd with thè Intèrnational Committeè meetings which werè préviously run as physical meetings, lo online meetings twce a year for indusivrty and arLessibility for all d?ughter societies around thè world, mindful ol lime differences and the cost and environmental Impact of travel. 11 was very pleasing to see such a good attendance in 2023. The Society c(>ntinues ID work with the Hill Pony Improvement Societies on DNA piofiling and a succe55ful derogation day was held In December at Brecon market. This was Identified as an area for promotion to raise the profile of the hill ponies within the brèèd. This provides invaluablè gènetic infonnation for the Welsh Breed and will be an asset for future generations lo referen¢e. The Society has reviewed the Judging & Showing Handbook and hyeaked the medal procedures that ale due lo be revlewed lully at the end of the 2024 season. The Judging and Showing Handbook works lo ensure the piesetvalion and itnproverllenl ol judging slandaids. The service5 provided by the Society are not itsstricl&d and are widely available lo the public, without discrimination. The Society has a policy of invesling in UK fixed interest and UK equities. The portfolio managers. Inveslec. actively manage the funds on our behalf, buying and selling the portfolio as necessary. and lo follow inslrudions provided by Ihe ¢ouncil in line with their inveslrnent policy.
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT {CONTINUEDI(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Invèstments Investments ale valued al rnid-markel prices and ale split a5 follows.. 2023 Fair Value 2023 Cost 2022 Fair Value 2022 Cost Fixed Interest Equities Cash held in porffolio 525,433 1,560.907 10,422 469,283 451,556 1,367,476 1.600,119 10.422 44.749 515,317 1,350,555 44.749 Financial review Results 2023 2023 2023 2022 2022 2022 UnrEstrirtspd RvJtrictrd Total Unre3trirted Re31rictcd Tutal Income 617,388 Expenditure 1675,8631 Operating results 158,4751 Invègtment rnovemenls 75,096 Ngt movement 16,621 4,907 18,0181 13,1111 622,295 1683,8811 161,5861 75.096 13.510 625,333 1706,8711 181.S381 1228.6831 1310.2211 5,450 11,885) 3,565 630,783 1708,756) (77,9731 1228.6831 1306,6561 13,1111 3,565 The Society Is keeping a close watch on bc)th in¢orne and expenditure going lorward. The Society is seeking to increase ils income from membership. from the passport issuing office and from promotional and Iiading goods whilst exploring other incorne streams. Online paymenl of rnemberships and other services, such as registrations, transfers and stallion licence lees continue lo be popular with members. This rèservès policy sèÈks lo address the charity's future needs in rèlation to Ils reserves and to satisfy Charity Commission requirements for charities lo adopt compiehensive reserves policie5. The Council has est3blished a rinancial planning process whereby when agreeing the annual operational budget during the autumn of the preceding year. and with the aim ol balancing the operational budget, larger capital or revenue items will be funded OLJt of its reserves. As of the end ol December 2023 the free reserves stand at £1,962,896 12022. £1,925,735). The total designated funds at 31 Decembei 2023 stand al £432,81012023. £453,349) see the notes lo the financial 51atemenls foi delailed analysis. The Council has examined the charity's requirernenls for ieserves in light of the main ri5k5 to the organisalion and the cost of projected future projects. The main risks are identified as exlernal events beyond the Society's influen¢e. in¢luding the de¢i$ion of the UK to leave the European Union and the implementation of 8 central equine database by the Welsh Governrnenl. Future projetls will include a new website. museumlmuseum hublsl, proTnotional virtual reality experiences. rnigration ol office systems and upgrades induding telephone systems and inleractive voice response IIVRI, development of Society merchandise, ONA development and development of Equicymru. The Council recogn15es that I15hould not be retainin9 income funds that should be paid out in the fulfilment of ils charitable objectives The Council undertakes to. Review the reseryes position annually. Review the investments position annually. Forecast ils income and the reliability of each income source. Foiec3st it5 expenditure on the basi5 of plann&d activities and their a550cialed costs. Consider futuie needs and opportunrtie5. for exarnple expan510n possibililies. Gonsidei various 5cenaiios, lor example, what il there wa5 a ohange In government policy affeding their area of operations.
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Thè Society'5 principal funding sources are derived from incomè thiough mèmbership 5ubscriplion5, grants and 5ponsoiship5 and they receive regLJlar tnonthly incomè from règistration and associated business. The SocAety has invested amounts with ils investment portfolio rnanagers whi151 retaining a prudent amount in the bank deposi15. Trustees continue to invest in fixed interesvshort lerrn deposits and mediurn to low risk investments and are advised by duly appointed Inve51rnent portfolio rnanagers. The trustees have identsfied the following signrficant risks affecting the SocAety'. Los5 of passport issuing office IPIOI status leading to decreased ineome the charity ensures il keeps abrèast ol all proposed changes by attending meetings with Welsh GovemmÈnt and the ESA 826 group, and by actively engaging with and updating the Centizl Equine Database. Sudden cts113pse In the Équine leisure maikèt las a iesult of an outbieak of foot and mouth or an Exotic Equin8 Disgasel - this is a risk the charity eannot mitigaté against, howèvei, the Charity 15 developing an action plan to implement should such an event happen. Severe economic downlum leading lo loss of income the charty monitors cash flow and expenditure againsl budgets on a monthly basis to ensure unnecessary costs are not incurred. The knock on effect and repercusslons followlng the UK'S exm trom the European Unlon - thè Society is maintaining contart with the Welsh and UK governments and eommuniealing with key stakeholders. The huge Impact of inflation and the cost of living ori membe15 and the real threat that their equine interests will havè to bè curtailèd obviously affècting the income strÈ8ms of the Society. To mitigate against the above risks and other risks facing the charity the trustees conduct regular review5 of the major risks to which the eharily is exposed, lisling these in a Risk Register. Syslems and procedu$ have been established to mitigate the risks that the charity faces. Sionificant external risks to funding have led to the development of a slialegic pl8n which will allow lor the diveisificalion ol funding an¢J activities and associaled budgets. Inleinal control risks are minim15ed by the irnplementalion of piocedures for authorisation of all ITansaclions and projects. ProdureS are in place lo ensure Complian with health and safety requirements relating to staff. trustees, vdunteers and visitors to the Society's prernises. The Society continually reviews the procedures to ensure thal they continue to meel the need5 of the charity. Plans for future periods There are key areas of development and investment planned over the next year. The Society's business plan for 2024-2025 includes continued promotion and education on the Welsh breeds and the cale and manageTnent of thè horses and ponies. This is Èxpected to be undertaken through attending specific targetèd events on a national basis and distributing infoirnalion and guidance. irnproved links with the Area Associations, and promoting online lo rnembers and ncin-members. The Society wll continue to develop the provision in the Welsh language. The intemet continues to be an exlIent avenue for communication. The Facebook followers has InCaSed from 54,100 in 2022 10 56.191 in 2023.
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT ICONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management The ivelsh Pony and Cob Society (thé Socièty) is a registèièd charity under the Charrties Act 2011 (Number 2220141 and a company limited by guaranlee INumber 10178321, The Stsciety Is govemed by its Memorandum and Articles of Association which were initially adopted on the 15 July 1971. al whioh date the assets and liabilities of the unincorporated Society were acquired. The Articles of Association were subsequèntly amendèd and doptéd on 1 March 2008 and updated following thè EGM in September 2009 followed by a further update al the AGM of 1st APRIL 2017. The last changes to the Stsciety's Artides and Memorandum were adopted at the AGM ol 11th of DeTrrnber 2021. The Council, who are the Trustees of the charity and Directors ol the company. are eleded from the membership tsf the Society at the Annual General Meeting. Council members are elected for a term of 3 years and a third of Council membèrs normally rètirè each year. creating vacancies to be filled. They may. however. be re-elected for a furtheT thiee-year period before being iequiied lo stand down lor a term. The notice calling lor nominations is required lo be sent to mernbers a rninirnum of 8 weeks before the AGM. All members ol the Society have the right to nominate candidates and vote. The administration and counting of réturned ptsstal ballots is conductèd by independent scrutineers. The President and President-Elect are also nominated and elected by the members and accepted at the Annual General Meeting. The Chair, wi-chaIr of Council and Chair of Finance and Hurnan Resources are eleGted by CounGil membe15 at the first tneeting following the AGM each year. The Society'5 structure is that of being governed by a Council of 15 tnetllbers, osponsible for setting the strategic direction of the organisation and the pcili¢y of the charity. Council carriès thè uttimate responsibilty for the conduct of the Society and for ensuring that the charity satisfies Its legal and contractual obligations. The Council is bound by Its Memorandum and Articles of Association to meet at least twice a yeai. Various sub cornmittees also meet regLJlaNy to consider the more urgent issues that arise during the year, bul all decisions gre ralified by the Council unless prioi approval of remit and budget are given. The Council delegates the day-l(Fday operation ol the organi5alion lo senior management. A iegister of Council Members. interests is maintained at the registered office and Is available to th8 public for review. New Council members are provided with an inlioduclion lo the Society and their role within 115 governance through an induction day and a visil to the Society's office. Printed and electronic materials are made available to thetn at the induction and following on from that or) a regular basis either by email or at Gouncil meetings. Furthei infortnalion and training 15 provided on an on-going basis through email, at Council meelings and other externally facilitzted events. The trustees consider that the board of dirèctors. who arè also the Society's trustees and the senior management team. comprise the key management personnel of the charity in tharge ol directing and controlling, running and operating the Society on a day-lo-day basis. All Iruslees give of their lime freely and no trustee received remuneration in the year. Details of tru51ees' expenses, key managernenl peisonnel and lated party transactions are disclosed in the notes to the accounts. The pay of the staft is revièwèd annually and normally Increased in accordance with average earnings. In view of the nature of the charity. the Iru5tees benchrnaik against pay levels in othei charities of a similar size and operating in the same sector. The remuneration is bench-rnarked using market data which Is readily available This is actioned as long as the charily's business plan allows for the addition81 expenditure The Society is the sole shareholder of VwPCS Trading Limited, a company limited by guarantee. This company ceased trading on the 30 Seplembei 2005 and is dortnant. The Society also co-operates and liaises with a number ol olhei organisalions lo achieve sls Dbjedives on a broader level. It is closely associated with the Hill Pony Improvement Societies. It co-opératès and collaboiatès with othèr &quin& and welfare related organisations, including other native breed societies through DEFRA. the We15h Governtnent. the National Pony Society, BHS, ILPH, the National Equine Welfare Council, HBLB, Trading Slaridards, World Horse Welfare, RSPCA, JMB, 826 ESA group, NASTA, and DNA Consultanls.
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Reference and administrats"vÈ dÈtsils Ch4rtty name The Welsh Pony and Cob Society Charity rnumber 222014 Company number 1017832 Régistor•d officè Bronaeron Felinfach Lampeter Ceredigion SA48 8AG Key mana9ernent personnel Ms G Bassett-Burr Mr D M D3vies to December 2023 Trustges Ms S J Charmon - resigned 2511012023 Mr D S Davie5- resigned 2910812023 MrDTCEvans Mf A S Everitl- resigned 21J0912023 Mr E P J Gummery Ms E Hampson- resigned 0810412023 Ms D Jones- resi9ned 2511012023 Mr W Jones- resigned 3111 or2023 Ms AJ Kembei Mr D D Morgan- resigned 0810412023 Mi D O Roberts Mr D M Waters Ms R J R Wilson- resigned 0810412023 Ms T Baldwin- resigned 2411012023 Ms L Stephens . resigned 1710712023 Mrs J V Parry- appointed 0811112023 Mr E G Prosser- appointed 08104123 Mr M J Davi8s- appointed 0810412023 Mrs M A Bigley - appointed 0111112023 Mrs T Hook- appointed 0111112023 Secretary Mr D M Davies - to December 2023 Prosident Mr l T D Price- lo 814123 Mr D L l Evans- from 814123 Prèsidènt El8¢t Mr D L l Evans- to 814123 Mrs J P Price- from 814r23 Chair of Council Mr E P J Gumm8ry
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT (CONTINUED>IINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Vicè Chair of Council Mr D M Waters- to 24110123 Mr O O Roberts- from 24110123 Directo of subsidiary company Miss S Haidy Mr C Thomas
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Auditors Azels Audit Servi¢e$ Ty Derw Lim8 Tree Court Cardiff Gale Busines8 Park Cardiff CF23 8AB Legal Advl80r8 G•ldards 4 Capital Quarter Tyndall Street Cardiff CF10 4BZ Invgstrhent PTovlder8 Investec Wealth and Investment Ltd 30 GTesham Street London EC2V 7QN Bankers Baiclays Bank PLC 1 Churchill Placè London E14 5HP Auditor In accordance with the company's articles, a resolution proposing thatA2Èts Audti Services be reappointed as auditor of the ¢ompany will be pul al a General Meeting. Di$¢lDÈure of inforniation to auditor Ea¢h of thè Iruslees has ctsnfirmed that there is no information of which they are aware whTrch is relevant to the audit. but ol which the auditor 15 unawaie. They have further confirmed that they have taken appropriate steps 10 identify such relevant information and to establish that the auditor is aware of such infDm)ation. The trustees report was approved by the Board of Trustees. Mr E PJ Gummery 41h July 2024 Dated..
THE WELSH PONY AND COB SOCIETY STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslees, who are also the directors of The Welsh Pony and Ctsb Soaety for the purpose tsf company law, are responsible lor preparing the Tru51ees Report and the finanGial slalernenls in HccordanGe with applicable law and United Kingdom Accounting Standards (United Kingdom GeneTally Accepted Accounting Pra11. Company Law requires the trustees lo prepare financial statements for each finanual year which give a true and lair view of the slate ol affairs of the charity and of the incoming resources and application of resources. Including the Income and expenditure, of the charitable company for that yeai. In prèpaiing these Iinancial slalemenls, the truslees are required lo.. select suitable accounting policies and then apply them consistently., obsetve the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent.. slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and Èxplained in the financial statemènts., and prepare thE financial statèments on the going concern basis unless il is inappropriate lo pre5L5me that the hanty will continue in operation. The truslees are responsible for keeping adequale accounting records that disclose with reasonable accuracy at any time the f1nancial position ol the charity and enable Ih@m to ensure that the financial statemènts comply with the Cotnpanies Act 2006. They are also responsible lor safegLJarding the assets ol the charity and heni for taking reasonable slep5 loi the prevention and detection of traud and other iriegularities. The truslees are responsible for the maintenance and integrily ol the charity and financial information included on the charity's website. Legislation in the United Kingdom gDveining the prepzialion and di5seminalion ol financial 51aletnenls may differ Iiom legislation in other jurisdictions. 10-
THE WELSH PONY AND COB SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WELSH PONY AND COB SOCIETY Oplnlon We have audited the financial statements of The Welsh Pony and Cob Society Ithe 'charity'l fc>r the YÈ81 ended 31 December 2023 which comprise the slatemènl of financial activities. the balance sheet. the $18lement of cash flows and the notes to the financial statements. Induding a summary of significant accounting policies. The financial rèporting framework that has been applied in their prep8ration is applicable law and United Kingdom Accounling Standards. induding Financial Reporting Standard 102 The¥ Financial R8POrting Slandard 8ppIic8ble in the UK and R&public ofireland (United Kingdom Generally A¢¢epled Awounbng Pia¢ticel. In our opinion, the financial slalemenls.. give a true and fair view of the slate of the charitable company's affairs as al 31 December 2023 and of ils incoming resources and application of resources. IOT 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 Companies Act 2006. Basls for oplnlon 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 Audilorfs SponsIbl1¢11eS for the audil ()[ the financial slatem&nts seclion of our report. We are independent of the charity in accordance with the ethical requirernenls that are relevant lo our audit of the financial stalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements_ Vve believe that the audit evidence wa have obtained is sufficient and appropriate to prowde a basis lor our opinion. Conclusions relating to going concern In aLJditing the financial statements, we have concluded that the Irustees use of the going ¢oncern bgsis ol accounting in tha praparalion ol the financial statèmènts is appropriate. Based on the work we have perforrned, we have not idelllified any tnaleiial uncertainlies Telating lo events or condilions that, individually or colledively, may cast significant doubl on the charity's ability to continue as a going concern for a period of at least e1ve rnonths frorn when the financial st8tements are ahorISed lor issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are degcribed in the relevant sections of this repori. Other information The othei infoimation comprises the information included in the annual report othpr than the finanryal 51alemenls and Qui auditorfs report thereon. The trustees are iesponsible foi the other infortnation contained within the annual report. Our opinion on the financial stal2men15 does not cover the olher information and w2 do not express any form of assurance condusion Ihereon. Our responsibility is to read the other information and. In doing so. consider whether the other information is materially inconsistent with the financial statements 01 our knowledge obtained in the course Of the audit. or otherwise appears lo be materially misstated If we identify such material inconslstencies or apparent matèrial misstatements. wè arè rèqLJir8d to dètermin8 whether this gives risè to a mateiigl misslalement In the financial statemen15 Ihernselv&5. If b85ed on the WOTk we have performed. we conclude that there is a material misstalemenl of this other Information, we are required lo report that fact. We have nothing to report in this regard. Matters on which we are requrred to report by exception We have nothing ID report in respect of the following matters in relation to which Ihe Charities IAc(x)unls and Reports) RegLJlationg 2008 require us to report to YOLJ If. In our Dpinion. the information given in the financial statements is inconsistent in any material respect wrth the trustees report., or suffiGient accounting records have not been kept., or the financial stalemerits are not in agreement with the accounting records., or we have not received all the informatior) and explanation5 we require for our audit.
THE WELSH PONY AND COB SOCIETY INDEPENDENT AUDITOR'S REPORT {CONTINUED} TO THE TRUSTEES OF THE WELSH PONY AND COB SOCIETY Re$pon¥ibilities of truste As explained more fully in the statement of tiustees responsibilities, the trustees, who are also the directors of the charity loi the purpose ol cornpany law. ale ie5pon5ible for the preparation ol the financial statements and lor being s2tisfied that they give a true and fair vw. and for such internal control as the trustees determine is necessary to enable the pieparalion of financial 5taternents that are Iree from malerial rnisstalemenl, whether due to fraud or erTor. In preparing the financial slalements. the Irustees aTe respon51ble for assessing the charily s abilty to continue as a going concern. disdosing, as applicable, m8tters related lo going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charitable company or to cease operations, or have no realislic alternative but lo do so. Auditorfs re3pon$ibilitie8 for the audit of the financial ststements We have been èppointed as auditor under section 145 of the Charities Act 2011 and report in accordance wrth the Act and ielevanl regulations made oi having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi$sl8tement. whether due to fraud t>r trrtsr, and to issue an audittsr's report that includes our opinion. Re850nable a55urance 15 8 high level of a55LJrance bul 15 not a guarantee that an audit conducted in aCCDrdance with ISAS IUKI will always detect a material misslatemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis ol these financial statements. Our objectives are to obtain reasonable assurance 3bout whether the financial statements as a whole are free from material rnis5taternenl, whether due to fraud or error, and to Issue an auditor's report that Includes our opinion. Reasonable assurance is a high level of assurance but Is nol a guarantee that an audit conducted in accordance wrth ISAS IUKI will always detect a material misstatement when il exists. Misslalements can arise from fraud or error and are considered material If, Individually or in the aggregate, they could reasonably be expected lo influence the economic decisions ol users taken Dn the ba51s ol these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's websile at.. https'.11 www.Irc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 12
THE WELSH PONY AND COB SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE WELSH PONY AND COB SOCIETY Extènt to which the audit was conSided capable of detecting Irregularttles. Includlng fraud Ir18gularities, including fraud. are instances ol non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website. to detect material misstalernents in Spect of irregulaiities, including fraud. We obtain and updata our undarstandlng of tha antlty, rts acttvitiès, its conliol environment, and likely fvture development5. including in ielabon lo the legal and iegulalory framework applicable and how the entity is complying with that framework. Based on this understanding. we identty and assess the risk5 01 material misslatemenl of the financial slalement5. whether due lo fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis lor our opinion. This indudes consideralion of the risk of acts by the enlily that were contrary to applicable laws and regulations, induding fraud. In response lo the risk of iffegularities and non-compliance wilh laws and regulations, in¢luding fraud. we designed procedures which included". Enquiry of management and those charged with govemance aiountj actual and potential litigation and claims as well as actual, suspected and alleged fraud., Reviewing minutes of meetings of those charged with govem8nce", Assessing the extent tsf compliance with the laws Ènd regulations considered lo have a direct rnaterial effect on the financial statements Dr the operations of the entity through enquiry and inspection., Reviewing financial $18lemenl disclosLJre$ and testing lo supporting docurllenlation lo assess compliance with applicable laws and regulation5'. Performing audit work over the risk ol rnanagement bias and override of controls, including testing ol ioumal entries and other adjuslrnenls lor appropriateness, evaluating the business rationalè of significant transactions outside the normal course ol business and reviewing accounting estimates lor indicators of potential bias. Because of the inherent limitatlons of an audit, there Is a risk that we will not detect all irregularities. including those leading to 8 malenal misstatèment in the financial 5tatemellls or non-compliance wrth regulation. This risk incrèasès thè morè that compliance with a law or iegulalion Is iemoved from the events and transactions reflected in the financial slalemerils. as we will be less likely lo become awaie of instanS of non-complianee. The risk of not detecting a material rni55taternent resulting from fraud is higher than for one resuhing from error, as fraud may involve collusion, forgery, intep)tional omissions. misrepresentations, or the overiide of intern81 ntrOl. Us& ol our rèport This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken 50 that we might slate lo the charity's trustees those matters we are reqUId to state lo them in an auditors. Teport and for no other purpose. To the fullest extent perwilled by law. we do not accept or assume responsibilily lo anyone other than the charity and the chaiity's trustees as a body, lor our audit work, for this report. or for the opinions we have formed. Andrew Howells (Senior Statutory Auditorl for and on b•half ofAz•ts Audit Strnic•s Chartered Accountants statutory Auditor 201 Ty Dèrw. Lime Tree Court Cardiff Gate Business Park Cardiff United Kingdom CF23 8AB 13
THE WELSH PONY AND COB SOCIETY INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE WELSH PONY AND COB SOCIETY Azels Audit Servioes is eligible for appoinlmer)l as auditor of the charity by virtue of ils eligibility for appointment as auditor of a company under sedion 1212 of the Companies Act 2006. 14-
THE WELSH PONY AND COB SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted lunds funds 2023 2023 Total Unrestricted R•stricted fvnds funds 2022 2022 Yotsl 2023 2022 Notes Donations and legacies Charilable activities Other trading activities Investmènts 17.627 545,997 17,627 545,997 13,918 567,000 13.918 567,000 7.459 48,305 4,907 12,366 46,305 1.772 42.643 5,450 7.222 42.643 Total ineome 617.388 4,907 622.295 625.333 5.450 630,783 Ex ndlturè on.. Raising funds 7.729 8,018 15,747 17.183 1,885 19,068 Charilable activities 668.134 668,134 689,688 689,688 Totsl expendlture 675,863 8,018 883.881 706,871 1,885 708.756 Net gainslllossèsl on inve51menls 13 75,096 75.096 1228,6831 1228.S831 Net movement in funds 16,621 {3.1111 13.510 1310.2211 1306.6561 Fund balances at 1 January 2023 2,379,085 26,541 2,405.626 2,889,306 22,976 2.712,282 Fund balances at 31 December 2023 2,395,706 23,430 2,419.136 2.379,085 26,541 2,405,626 The statement ol finan¢i81 adivrties includes all gains and losses recognised in the year. All income and expenditure derive from continuing activbties. The statement of financial activrties also cornplies with the requirements for an incom8 and èxpendituiè account under the Companies Act 200S.
THE WELSH PONY AND COB SOCIETY BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Not•s Fixed assets Intangible 8ssels Tangible 8ssels Investments 16 15 17 3,212 358.062 2.096.764 8,4 372,893 2,096,424 2.458.038 2.477,773 Currènt assets Stocks Debtors Cash al bank ond in hand 18 19 30.102 19,031 90,159 42.488 9.724 66,978 139,292 119.190 Creditors: amounts falling due within one year 20 187,4241 1101.8411 Net current assets 51.868 17.349 Total assets less eurtent Ilabllltles 2,509.906 2.495.122 Creditors= amounts falling duè aftèr more than one year 21 190,7701 189,4961 Net a55ets 2.419.136 2 405,626 Income funds Restricted funds Uniestricled funds Designated funds General unrestricted funds 2S 23,430 26.541 432,810 1.962,896 453,350 1,925.735 2.395,706 2.379.085 2,419,136 2,405,626 16
THE WELSH PONY AND COB SOCIETY BALANCE SHEET (CONTINUED) AS Af31 DECEMBER 2023 The cornpany is entilled lo the exemption frorn the audit fequiremenl contained in secllon 477 of the Companies A 2006, for the year ended 31 December 2023, although an audit has bèen iarried oth under sèction 144 of the Charities Act 2011. The diTed015 acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of finanaal 51alemenls. The rnembers have not required the company lo obtain an audit of its financial slatements under the qUIreMentS of the Companies Act 2006, for the year in question in accordanc* with section 476. These financial slal¢menls have been propared in accordan¢x with the provision5 applicable lo companies subject to thè small companiès rÈgimè. 4" July 2024 The financi81 stslemenls were 8pproved by the Trustees on......................... Mr E P J Gurnmery Trustèo Company registration numbèr 1017832 17-
THE WELSH PONY AND COB SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from opèrating activities Cash absorbed by operations 30 197.8801 179,2441 Invèsting aetivltlas Purchase of Investments Proceed5 from disposal of Investments Investment income received 1274,3321 349,088 46,305 1434.7671 444,049 42,643 Net cash gongratgd from investing activitle5 121,061 51,925 Net cash used In flnanelng actlvltles Net increa$elldecrea¥el in Gash and cash equivalents 23,181 127,3191 Cash and cash equivalents at beginning of year 66,978 94,297 Cash and cash equivalènts at end of yèar 90,159 66,978 18.
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles Charity information The Welsh Pony and Cob Society is a private company limited by guarantee incorporated in England and Wales. The registered Offi is Bronaeron, Felinfach, Lampeter, Ceredigion. SA48 8AG_ 1.1 Accounting convention The financial slatements have been prepared in accordance with the charity's governing document. the Companies Act 2006 and Acctsunting and Reporting by Charities". Statemenl 91 ReMrnended Practic applicable lo charrties preparing their aGcounls in acGoFdance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191 The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterfing, which is the fun¢lional ¢urron¢y of th& ¢harily. Monetary amounts in these financial statements are rounded tts the nearest £ The financial slalemenls have been prepared under the historical cost convention, modified to indude certain financial instruments at fair value. The principal accounting policies adopted are set out bèlow. 1.2 Going ¢on¢ern At the tirne ol approving the financial statemenls, the trustees have a reasonable expectation that the Gharily has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in pieparing the financial slaletnenls. 1.3 Charitable funds General funds are unreslncted funds which are available for use at the discretion of the board In furtherance of the general objectives ol the society and which have not been designated for other purposes. Designated funds are unresliicted funds of the charity which the trustees have decided at their discretion to set aside lo use for a specific purpose. The aim and use ol each designated fund is set out in Ihe noles to the financial statements. Reslrided fvnds are funds which are lo be used in accordance with specific restrictions imposèd by donors which have been raised by the souely lor particular purposes. The cost of raising and adrninisteiing Such funds are charged against the specific fund. The aim and use of each reslricled fund is sel out in the notes to the financial statements. 1.4 Incominll rgsourc8s Income is recognised when the charity is legally entitled to it after any performance condlts.ons have been met, the amounts can be measured lIablY, and il is probable that income will be reived. Cash donations are recognised Dn receipl. Other donations are iecognised once the ch31ily h85 been notified of the donation, unless performance conditions require deferral ol the amount. Income tax recoverable In ielalion lo donations received under Gift Aid oi deeds of covenant is rocognised at the lime of the donalion. Legacies are recognisèd on rocèipl or oth8twisè Il th8 charity has boèn notifièd of an impending distribution, the amount 15 known. and receipt is expected. If the arnounl 15 not known. the legacy is treated as contingent asset. but not recognised. Dividends income is recognised on the dale the charity's right to receive payment is established. Trading Income is recognised in the period to whlch the income is generated. 19-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poli¢ig3 Icontinugdl Income from chaiitable activities (excluding grants) is credited to the Staternent of Financial Activitiès In the year in which they are due. Income received in advance is deferred lo the appropriate financial year. Grants are only included in the SOFA when the general Income recognilion criteria are mel. In the case of performance related grants. income must only be recognised lo the extent that the charty has provided the specified goods or services, as entitlement to the grant only occuis when the perfom)an related wnditions are met. Grants receivable are treated In different ways dependent upon their purposes and the teims of the grant. Grants ieceivable for sp&¢ifi¢ purposes are also treated as restricted funds so that any unused Yunds can be separately identified. Grants receivable to facilitate the gene131 running ol the charity arè Irealed as unrestricted funds. Interest on funds held on deposit is included when receivable and the arnount ean be measured reliaNy by the ¢h3rily.- this is normally upon notification of the Interest paid or payable by the bank. Tumover is measured at the fair value of the consider31ion received or reeeivable and represents amounts reoeivable foi goods and services provided in the nomial course of business. nel of discounts. VAT and other sa5es related taxes. 1.5 Resource5 expended Expenditure Is recognised once there is a legal or constructive obligation lo make a payment to a third party, it is piobable that settlement will be required and the amount of the obligation be measured reliably. Costs of raising funds comprise the costs in relation lo generating incorne sueh as fundraising activities. Expenditure on eharitable activities includes all costs relating lo the furtherance of the chaiity's objectives a5 statéd In thè tiuslees report. Irrecoveiable VAT is charged a5 a c05t against the activity for which the expendrture was incurred Support cost5 ale those lunctnns that assist the work ol the charity bul do not directly vndertake charitable acliwtie5. Support costs include back office costs, finance, personnel, payroll and goveinance costs. The basis for calculating the alloc8tion of support costs was as a percentage of total staff costs allribuled to each departtnent. Governance c051s comprise all wsts involvn9 public accounlability of the charity and rts compliance with regulation and good piactice. 1.6 Intangiblè flxed assets other than goodwill Intangible assets acquired separately frorn a business are recognised at cost and are subsequently measured at cost less accumulated amortisalion and accurnulaled Impairment losses. Amortisation is recognised 50 a5 to write ott the cost or valuation of assets less their residual values over their useful lives on the following bases.. Softwsre 20°/& Straight line 20-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policles Continuèd) 1.7 Tangiblo fixod ass•ts Tangible fixed assets are initially measured 81 c051 and subsequently rnea5ured at C03t or valuation. net of depreciation and any impairrnenl 105ses. Depreciation is recogni5ed so as lo wiile off the cost or valuation of assets le55 their residual values over their useful lives on the following bases.. Fieehold land and buildings Leasehold land and buildings Plant and equiptnenl Motor vehicles 2VA and 5V/o Straight lin8 Over the life of the lease 25D/o and 33°/ts slraighl line 20.10 reducing balance The gain or 1055 aiising on the disposal of an asset is determined as the difference between the sale proceeds and Ihe carrying value of the asset, and 15 reeognised in the slalemenl of financial aclivities. Individual Iixed a55et5 C05ting £250 OT more are capitalised at cost. 1.8 Fixed asset inve¥tments Fixed asset investments are initially measured at transaclion price excluding transaction costs, and are subsèquently mèasured al lair value at each reporting date. Changes in fair value are récognised in net incomellexpendilurel foT the ye8r. Transaction costs ale expensed as incurred. A subsidiary is an entrty controlled by the charity. Control is the power to govern the financial and opèrating policies of the entity so as lo obtain benefits from ils activities. 1.9 Impalrment of flxed assets At each reporting end date, the charity reviews the carrying amounts of ils tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such 5ndic8tion exists, the recoverable amount of the asset is estimated in order to determine the extent of the irnpairtnent s$ lif any). 1.10 Stock¥ Stod(s are slated at the lower of cost and estimated selling price less cosls lo eomplele and sell. C05t comprises dir6cI matarials and, where applicable, direct labour costs and those overheads that have been incuired in bringing the stock5 to their present location and condition. Items held for distribution al no 01 nominal consideration are measured the lower of replacemenl cDst and cost. Net realisable value is the estimated selling price less all estimated costs of completion and cost5 to be incurred in m3tketing. selling 3nd distribution. The complete set of stud books used for library and reference purposes 8re not valued and are excluded from the Balance Sheet. 1.11 Cash and cash equivalents Cash and cash equivalents include Gash in hand, deposits held at call with banks, oiher short-lerm liquid investments with original maturities ol three months or less, and bank overdrafts. Bank oveidiafts are shown within borrowings in current liabilities. 21
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policie5 Icontinuedl 1.12 F5nancial instruments The chanty has elected lo apply the provisions of Sedion 11 'Basi¢ Finanual Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all ol ils financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to Ihe contiactual provisions ol thè Instiumènt. Financial assets and liabilities ale offset. wilh the net arnounls piesented in the financial 51alernents, when there is a legally enforceable right to set off the reco)gni5ed amounts and there is an intention to settle on 8 net basis or to realise the asset and settle the liability simultaneously. Bèsle Ilnancial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction pric8 including transaction costs and are subsequently carried at amortised cost using tha effective interest method unle55 the arrangement constilules a financing transaction, where the Iiansactlon 15 measured at the present value of the lulure receipts discounted al a market rale of interest. Financial as5els cla55ified as ieceivable within one year are nol amortised. Derecognition of linancial assets Financial assets are derecognised only when the contraclual rights to the cash flows from the asset expire or ale sellled. or when the charity tian51eis the financial asset and subslantially all the risks and rewards of ownership lo another entity. or If sotne significant risks and rewards ol ownership are retained but control of the asset ha5 transferred lo another party that is able to sell the asset In 115 entirely lo an unrelated third party. Basic financial liabilities Basic financial liabilities, Inoluding creditors and bank loans are initially rémgnised at tr8nsaetion pricÈ unlèss the arrangement constitutes a financing transaction, where the debt in51rurnenl 15 measured al the present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instrumen15 ale subsequently carried at amortised cost, using the effeclive interest rate method. Trade creditors are obligations lo pay for goods or servitts that have been acquired in the ordinary couise of operations from suppliers. Amounts payable are classified as current liabilities il payrrent is due within one year or less. 11 not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Dereeognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.13 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's serwces are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed lo letrninale the employment ol an employee oi lo piowde leimination benefit5. 1.14 Retirement benefits Paymen15 to defined contribution retirement benefit schernes ar8 charged as an expense as they fall due. -22-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUnn9 pollcles Icontlnuedl 1.1 S Res•rv• for futurè costs of Ilf• m•mbers Life Members, subscription5 received in the period are included in income and transferred to deferred income. The deferred incorne is adjusted al each accounting date for a regulai amount transferred back to income dependent on the age banding of the life member. Crltleal accounn9 estlmates and ludgements In thè appliealion of thè chaiity's accounting policies. thè ttustÉes are required to makè judgèmènts, èstimatès and assumptions about the carrying amount of assets and liabilities that xre not readily apparent from other sources, The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results Tllay drffer from these eslimale5. The estimates and Undering assutnptions are reviewed on an ongoing basis. Revisions to accounting eslimale5 are reGognised in the period In which the estimate S revised where the ievision affects only that period, 01 in the peiiod ol the ievisio)n and future periods where the ievi5ion affects both ourienl and fvture periods. Kèy sourcès of estimation uncèrtainty Life mernbers doforred income The charity provides life mernbership to rnembers of varying ages, this require5 an eslimalion regarding the number of years in which the income is released in the financial statements. The inwme is releasèd in the financial statemenls as follows. Under 21's- over 50 years 2140's- over 40 years Over 40- over 30 years Over 60. over 20 years As al 3151 December 2023 the atnounts of income deferred totalled £97,889 12022." £96,689), split between oredilors due within one year £7.119 12022.. £7,193) and creditors due after more than one year £90,770 12022: £89.4981 Income released in the fsnancial statements totalled £6,29012022.. £3,180). Stock The charity holds a largè amount of stock of which some items are deemed to be obsdete andjor slow moving. A slo¢k piovi5ion 15 made each year which requiies an estimation as to the writtèn down value. During the year stock was written down by £12.38612022. £6,587). As at 31 st December 2023 the stock value contained in the financial slalements totalled £30.102 12022.. £42,488). 23-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2023 Donations and legacies Unrestricted Unrestricted funds funds 2023 2022 Donation5 and gifts 17,627 13,918 Donations and gifts Donations and sponsorship Pavi1Sion donations and income 4,645 12,982 5,259 8.659 17,627 13.918 Charitable activitie5 Unrestricted Unrestricted funds funds 2023 2022 Subscriptions and life members income Journal sales and advertising Other mernbership Income Incl insurance Registration and passports Transfers and other registration income Promotional goods Judging. med81 and rosette income Giants 131,2( 18,437 1,378 225,728 121,547 26.231 21,467 135,187 25,258 1,099 248,791 114,188 14.498 25,979 2.000 545.997 567.000 24-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Other trading activltles Unrestricted Restricted tunds funds 2023 2023 Total Unrestricted Rgstricted funds funds 2022 2022 Total 2023 2022 Young people's fLJnd Presicsenl's fundraising and dinner Solar panel income 650 650 12 4,257 4,257 7,459 5,450 5,450 1,760 7.459 1,760 Oth8r trading activities 7,459 4,907 12,366 1,772 5,450 7,222 Investments Unrestrictèd Unrestrlcted funds fund$ 2023 2022 Income from listed investments Interest receivable 45.249 1,056 41,627 1.016 46.305 42,643 -25-
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THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities Membershlp Reglstratlon Education & Judglng & pmmotion showing Total 2023 Total 2022 Journal costs Membership costs Central prefix register and slud book5 DNA blood typing and microchips Passport binding Promotional goods and stock Exhibition unil expen5e5 Publicity officers expenses and educational visits Medals, rosettes and engraving Judges conference5 Judges and showing handbook Inlemational show costs and expenses 26,343 34,795 26,343 34,795 25,724 32,566 12,698 12,698 14,112 29,232 810 29,232 810 42,234 17 17.286 2,522 17,286 2,522 13.981 5,126 19.138 19,138 28,471 8.253 6,253 7.257 5,168 3,007 3.007 6,518 306 306 766 61,138 42.740 38,946 9.566 152,390 182,540 Share of support costs Isee note 101 Share ol govemance costs (see note 101 72,419 208,207 45,263 126,735 452,624 465,870 10,099 29,036 6,312 17,673 63,120 41.278 143,656 279,983 90,521 153,974 668,134 689,688 -27-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 De5CriPtion of charitable actlvlllgs Membershi The members. services department deals with subscriptions, the pavilion, the 1nlemet information and the journal. The registration department includes the activities ol regislralion, passports, Iiansfer5, export5. central prefixing, slud books anij DNA blood typing and Iicenses. The education and promotions department includes the premiurn awards, junior club and donations, together wllh deals which include some promotional goods, second hand books and sponsorshlp. The judging & showing dep8rtmenl includes the wnference and seminar meetings, together wth the attendance al shows and events, meda15 and rosettes. -28-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Support costs Support Governance costs costs 2023 Support Governancg costs costs 2022 Staff costs Dèprg¢iatiDn Other staff costs Postage and stationery CDmpulér CDSts Equipment rental Repairs, renewals and sun(Sry Rates and utilities Insurance Travel and subsistence Telephone Bank charges, inve5trnenl and Dlher sls 255,000 20,076 760 39,651 31,236 12,928 255.000 20,076 760 39.651 31,236 12,928 264,334 21,636 2,636 41,225 22,895 11,458 264,334 21,636 2,636 41,225 22,895 11,458 44,683 19,516 8,591 773 14,1131 44,683 19,516 8,591 773 14,1131 31,230 18,898 11,530 851 19,862 31,230 18,898 11,530 851 19,862 23,523 23,523 19,315 19,315 Audit fees Accountancy fees Legal and professional fees AGM expenses Council expenses and training 15.930 15,930 13.250 1.500 13,250 1,500 29.25Q 6,818 29,250 6,818 10,958 6,752 10,958 6,752 11,122 11,122 8,818 8,818 452,624 S3,120 515,744 465.870 41,278 507,148 An8lysed between Ch8rit8ble activities 452,624 63,120 515,744 465,870 41,278 507,148 11 Trustees No trustees received 8ny remuneration during the current or prior year. A total of £8,96812022'. £7,908) was incurred in relation lo travel, subsistence and accommodatlDn expenses. In 2023 len trustees A Kernber. D Jones, E Hampson. R WIlsDn. S Charlton. D Roberts, W Jones, L Stephens, E Gummery. A Everilt claimed expenses 12022.. len trustees A Kember. D Jone5, E Hampson, R Wilson. S Charllon, D Roberts, W Jones, L Stephens, E GLJmmery. A Everitt daimed expenses l. 29-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Employees Number of employees The average monthly number of employees during the year was". 2023 Number 2022 Number Office staff 12 Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs 236,494 11,212 7,294 242,866 13,039 8,429 255,000 264,334 Key management personnel The key management personnel as detailed in the Iruslee5 report121 received benefits (including gross salary, employers national insurance and em Joyeis pension conlributionsl tolalling £93.83612022.' £92,691) Employèes èarnlng > £60k There were no employees whose annual iemuneralion was £60,000 or more. 13 Net gain5111055esl on investments Unrestricted Unrestricted funds funds 2023 2022 Revaluation of investmen15 75,096 1228,6831 14 Taxation The eharily is exempt from lax on income and gains falling within Section 505 of the Taxes Act 1988 or section 252 01 the Taxation ol Chargeable Gains Act 1992 to the exlenl that these are applied lo ils chaiilable objects. 30-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Tangibl8 fixed assets Fre8hold land and bulldln LeaselTrold land and building$ Plant and Metor vehiclE5 6qulpmgnt Total Cost At 1 January 2023 468,805 95,614 320.858 17,500 9D2,777 At 31 December 2023 468,805 95,614 320,858 17,500 902,777 Depreclation and impairmont Al l January 2023 Depreci81ion charged in the year 117,833 10,032 80,586 2,603 318,321 1,320 13.145 875 529,885 14,830 Al 31 December 2023 127,8S5 83.189 319.641 14.020 544,715 Carrylng amount Al 31 December 2023 340,940 12.425 1,217 3,480 358,062 At 31 December 2022 350,972 15,028 2.538 4,355 372.893 16 Intanglble fixed assets Softwar Cost Al 1 January 2023 and 31 December 2023 26.245 Amortlsatlon and impairment Al 1 January 2023 AmDrtisation charged for the year 17.789 5.244 At 31 December 2023 23.033 Carrying amount At 31 December 2023 3,212 Al 31 December 2022 8.458 31
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 17 Fixed asset investments Listed investments Cash In Other portftslio investments Total Cost or valuation Al 1 January 2023 Additions Valuation changes Cash movement Disp05a15 2,051,673 274.332 75,096 44,749 2,096,424 274,332 75,096 134,3271 1314,7611 134.3271 1314.7611 At 31 December 2023 2,086,340 10,422 2,096,764 Carying amount Al 31 December 2023 2,086,340 10,422 2,096,764 Al 31 December 2022 2,051,673 44,749 2.096,424 2023 2022 Other inveslmenls comprise.. Notes Investments In subsidiaries 29 18 Stocks 2023 2022 Finished goods and goods lor resale 30,102 42,488 19 Debtors 2023 2022 Amounts falllng due within one year: Other debtors 19.031 9.724 -32-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Creditors: amounts falllng due within one year 2023 2022 Notes Other taxation and social security Deferred income Trade creditors Accruals and deferred income 3,702 18,276 22,323 43,123 4,885 15,344 50,020 31,592 23 87,424 101,841 21 Creditors.. amounts falling due after more than ono year 2023 2022 Notes Deferred income 23 90,770 89.496 22 Retirement benefit sch8mo$ Defined contrfbutlon schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those ol the charity in an ind&pendently administered fund. The charge lo profil or loss in respect of defined contiibulion scheme5 was £7,294 12022. £8,429). The amount outstanding al the year end was £nil12022". £nill. 23 Deferred Income 2023 2022 Arising from membership subscriptions and journal sales 109,046 104,840 Deferred income comprises journal 5ale5 and membership subscriptions which relate lo the 2023 financial year. Deferred income also includes life members, sub5criplions. Deferred income is included in the financial statements as follows". 2023 2022 Deferred income is included within.. Current liabilities Non-currenl liabilities 18,276 90,770 15.344 89.496 109,046 104.840 Movements in the year.. 33-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 Deferred incomo IContlnu¢dl D8f8rred incomè at 1 JanLJary 2023 Released from previous periods Resources Llelerred in the year 104,840 1153,5531 157,759 110,813 1180,2751 174,302 Deferred income al 31 Dember 2023 109,046 104,840 24 Designat¥d funds The Income funds of the chanty Include the following designated funds which have been set asidè OLrt of unreslncted funds by the Iruslees for specific purposes. Balance at l January 2022 Resou5 Balan¢¢ at èxppnded1 Jsnuary 2023 Ro$ource$ B¥lanGe at expended 31 DecernbBr 2023 Edu¢ational bursary IT development Leg81 costs Capital expenditure Training Fixed asset fund 2.000 20,000 30,000 15,000 5,000 402,986 2.000 20.000 30,000 15.000 5.000 381,350 14661 1,534 20,000 30,000 15,000 5,000 361,276 121,6361 120,0741 474,986 121,6361 453,350 120,540} 432.810 Edu¢atlonal bursary Rèlates to monies designated to provide educational bursaries. The remaining balance wll be expended in future periods. IT development Relates lo future costs regarding the redesign and update ol the charity's new IT system. Legal costs Relates to fulLJre costs regarding ongoing legal advice Capltsl expenditure Relates lo future capital costs lo be incurred towards work al Bronaeron sile. Tralning Relates lo future costs regarding training, the remaining balance will be expended in future penods. Fixed asset fund This represents the net book value of the charity's fixed and Intangible a5sel5.
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THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 27 Relatod party transactions Thère were related party transactions of none during the year12022- none). Included within the Trustees Report are tjelails of related paty relationships regaiding the society's dormant trading subsidiary and other organisations the Society works with lo achieve its objèclwes. 28 Operatlng leo¥e commitments Al the reporting end date the charity had oulslanding commitments for fu14Jre minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2023 2022 Within one yèaF BeMeen and five years In over five years 13,820 55,279 52,675 22.413 89,651 73.181 121,774 185.245 The charity dassifie5 the lease of a photocopier, franking mafjhine and rental of a building as operating leases. Rental ¢harges are charged on a straight line basis over the lerrn of the lease. 29 Subsidiarigs These finanoial statements ale separate charity ffinancial statements for Thè Welsh Pony and Cob Society Limrted. Consolidated finanoal statements have not been prepared due to thè trading subsidiary being dormant. Details ol the charity's subsidiaiieg at 31 Decembèr 2023 are as follows.. Name of undertaking Registered offl¢e Nature of business Class of shares held /0 Held Direct Indlrèet WPCS Trading Ltd United Kingdom Dormant Ordinary Shares 100.00 The aggregate capital and reserves and the resutt for the year of subsidiaries excluded from con5olidalion was as follows. Name of undertaking ProfitllLossl Capitsl and Reserves WPCS Trading Ltd The company number lor the trading company is 0294e610. The inveslrnenl In th8 subsidiary is stated at cost. -37_
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 30 Cash generated from operations 2023 2022 Surpluslldeficill lor the year 13,510 1306,6561 Adjuslmenls for.. Investment income recognised in slalemenl ol financial activilie5 Fair value gains and ltssses on inveslrnents Amortisatlon and impairment of intangible assets Depreciation and Impaiimenl ol tangible fixed as5els 146.3051 175.0961 5,244 14,832 142.8431 228.683 5,244 16,392 Movements in working capital.. Decrease in stocks Ilncreaselldecrease in debtors (Decieasellincrease in creditors Increaselldecrea5el In deferred income 12,386 19,3071 117,3501 4.206 6,567 3,490 15,632 15.9731 ash ab&orbod by operation$ 197,8801 179,2441 31 Analysis of chan9e¥ In nèt fund6 The chartiy had no eeDi CJLJMng 1he year. -38-