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 Signifi￿nt 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 a￿vaYS 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 SUC￿SS 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 re￿IVed 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 prodU￿d 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. Pro￿dureS 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 ex￿lIent avenue for communication. The Facebook followers has InC￿aSed 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 Pra￿1￿1.
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 a￿horISed 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$pon¥ibilities of truste
As explained more fully in the statement of tiustees responsibilities, the trustees, who are also the directors of the
charity loi the purpose ol cornpany law. ale ie5pon5ible for the preparation ol the financial statements and lor being
s2tisfied that they give a true and fair v￿w. and for such internal control as the trustees determine is necessary to
enable the pieparalion of financial 5taternents that are Iree from malerial rnisstalemenl, whether due to fraud or
erTor. In preparing the financial slalements. the Irustees aTe respon51ble for assessing the charily s abilty to
continue as a going concern. disdosing, as applicable, m8tters related lo going concern and using the going
concern basis of accounting unless the Iruslees either intend to liquidate the charitable company or to cease
operations, or have no realislic alternative but lo do so.
Auditorfs re3pon$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 conSide￿d 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 instan￿S 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 reqUI￿d 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 Re￿Mrnended 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 re￿ived.
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 involv￿n9 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
ACCOUn￿n9 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 accoun￿n9 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 Under￿ing 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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18 ¢ry

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 De￿mber 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
Resou￿￿5
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-