Charity registration number 222014 Company reglstratlon nUMr 1017832 (England and Walasl THE WELSH PONY AND COB SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE WELSH PONY AND COB SOCIETY CONTENTS Page Trustees report Independent examiner's report Statement of financial activities 10 Balance sheet Stslemenl of cash flows 13 Notes lo the financial slalemenls 14-33
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordan with thè accounting policies set out in the notes to the financial statements and comply with the charity's governing document, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended practi applicable to charities preparing their accounts in accordance with Ihe Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191.. Oble¢tlves and a¢tlvltles The objectives of the Society are to encourage the breeding, improvement and integrity of the Welsh Breeds of horses and ponies., advance public education of management of the Welsh Breeds., to prevent cruelty to horses and ponies,. to provide and assist in provision for public benefit, facilities for recreation and other leisure time through use of horses but confined lo facilities provided in the interests of social welfare. In order to further these aims the Society undertakes a number of core activities. The Society is obliged lo compile and publish stud books of registered pure and part-bred Welsh Ponies and Cobs, which is done on a regular basis. In recent years, this has been combined with its role as a Passport Issuing Organisalion IPIOI and registration of equines is through ils comprehensive registration processes. Information and assistan are provided lo members and noTrmembers in person, via telephone, email, and the website. In addition, members receive an annual Journal and two newslellers per year. The Society aLs0 publishes literature on the Welsh Breed and provides a website that is accessible lo members and noTrmembers with an active Fabook page. The Society has a programme of grants lo provide direct financial assistance lo members of other voluntary groups working with similar objectives. 11 also administers a bursary scheme for young individuals pursuing qualifications within the equine wodd. The awards are fomally vieWed annually by Council to ensure that il continues to meet those needs. The Society also has an equine welfare advi and guidance scheme in pl8¢e. The aims of the ¢harily are detsiled below.. To encoLJrage the breeding and improvement of horses and ponies more especially those of the Welsh Breeds. To advance public educalion in all districts and counlies in the varioLJS arts and sciences connected with the use and management of horses and ponies in general and in particular of the Welsh Mountain Pony, the Welsh Pony, the Welsh Pony Icob Type) and the Welsh Cob and Iheir Part-breds. To provide or assist in Ihe provision for the public benefit, of facilities for recreation or othu leisure time occupalion, through the use of horses and ponies, but confined to facilities provided in the interests of social welfare. To prevent cruelty to and promote the welfare of horses and ponies. The charity's strategies for achieving its slated aims and objectives is to.. Ensure workforce development and slruclured line management is in place. Ensure trustees undergo regular appraisals and development plans are pul in place. Ensure work-plans for Counul and Standing Committees are in pla.
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The charity measures its success in the reporting period using a number of assessments such as.. Ensuring that the officer reports lo Council and the Standing Committees on a regular basis. Reports from working groups and delegates are produced and reviewed. Quality assurance techniques of random sampling and benchmarking. Comparing evidence-based achievements against work plans. Consultstions with Iruslees, staff, volunteers and members. Logging, analysis and reporting of corllments and feedback. The Iruslees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit.. running a charity IPB21'when reviewing our aims and objectives and in planning our future adivities. Trustees were provided with copies of the revised publications relating lo public benefit. Trustees consider how planned activities will contribute to the aims and objectives they have set. Public benefits applicable lo the charity's a¢livilies include- the advancement of education through the provision of Educational Visits to colleges. the award of edLJ¢ational bursaries and the production of infomiation and PLJbli¢ations on the Welsh breeds. the advancement of the arts, culture, heritsge or s¢ien¢e through the preservation and promotion of the semi- feral hill ponies and the Welsh breeds in general, these being an important part of the heritage of Wales. the advancement of amateur sport through the establishment of medal and rosette schemes, SLJPPOrt of young handler competitions, performance shows and awards, Ihe provision of judges panels. and young judges, competitions. the advancement of environmenial protection or improvement through the SLJPPOrt provided by the premium grant schemes awarded to semi-feral hill ponies who are essential for Ihe conservation of the natural habitat of Wales. the advancement of animal welfare through the publicalion of a code of welfare, a guide to purchasing and caring for Welsh Ponies and Cobs, a care and management bookjet and other publications that provide welfare guidelines and advice. The significant activities undertaken by the charity which contribute to its slated aims and objectives are.. ducalion and Welfare- fostering and encouraging the acquisition of knoedge and dissemination of best praclise regarding the management and welfare of ponies, cobs, part-bred and equine in general., publicising and communicating the education and welfare by all means w)ssible. - The development and growth of membership lo the Society, maintaining the integrity of the Welsh Slud Book and Overseas Register. Production of an annual Slud Book and supervision of Young P8)ple's Committee aclivilies. Organising and appointing Young Ambassador Elect and Young Achiever on an annual basis. raising the profile of equines and ensuring that legislators and regulators are aware of what the Society is thinking, providing a media approach in relation to equine across 811 media outlets, and informing Ihtr public as lo what the So¢iely is developing. win judg$s' assessment and Conferen$. ensuring judges uphold the integrity and good standing of the Society and exploring their continuing professional development, providing a clear written rule book ea¢h year. The Society is both dependent on and appreciative of the work of so many volunteers who give freely of their time to advan the interests of Welsh breeds. Trustees are aware that voluntary work is not always appreciated and would like to thank members up and down the COLJntry who have generously given their lime on behalf of the Society.
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Council meetings were once more held in person al Bronaeron with an option for trustees lo join online to reduce travel costs and lo f8¢11ilate the possibility of convening meetings at short notice rf required. C(¥nmittee meeting5 n)irrored this. A highly su¢¢essful Awards night was held al Stontrleigh Park in 2024 with a new structurtr in pla¢e. The President's dinner, hèld in Vénuè Cymru, Llandudno was an entertaining and su¢¢ossful evening with auction pro¢treds going lo Auditory Verbal and Wales AirAmbulancè charitiès. The original hard work of the Sales committee and staff has meant the Official sale at Builth Wells continues to attract quality of animals attracting prices to mat¢h. 2Q24 seeing the event take pla over three days with the first day being mainly for perf0mlan animals. The Society will continue to SLJPPOrt the Auctioneers to ensure the fLJture of sales for OLJr membership. The huge SUCSS of the sales also contributes greatly to the Society in many ways from income to the promotion of Ihe breed. The use of the online entries to streamline the checking process still proves a huge benefit and has improved accuracy of entries. The continuous improvement of the Society's administration is ongoing, as evidenced in cost reductlDns in administrative and backroom areas, and in compliance with the Minimum Operating Standards for UK Passport Issuing Offices and to produce passports within 1 S working days, and to transfer passtx)rts within 10 working days. Every registration form which did not have errors or queries regarding ownership, etc was processed before the end of the year, and the Society would like to commend its membership for their efforts in rectifying the problem. However, the policy of retuming inc0eCt or incomplete forms has paid off. 17.90/D of all forms reVed were returned to the breeder at least once - some more than one lime, which is a 6.20A reduction of 2023 and we hope lo continue lo reduce this figure with your help in 2025. Another slud book was produced in 2024, volume 105, which brings the Society up lo dale,. volume 1 will be ready for mid-2025. Resources have been allocated lo address issues conceming Education and Welfare for members and non-members, and to include in particular the younger people. In order to reach a wider audience using social media, the Society has been very proactive in its rale of poslings.11 currently has over 56,000 followers on Facebook. The society is looking to expand their social presence through alternative media platFomis such as Inslagram and Tiklok. Council have Continued with the Intemalional Committee meetings as online meetings twice 8 year for inclusivity and aessibIlitY for all daughter societies around Ihtr world. mindful of lime differences and the ¢ost and énvironméntal impact of travèl. 11 was very p18asing to see such a good attèndance in throughout 2024. An international gathering held at the Royal Welsh show was also well supported and il is hoped this ¢onlinues throughout 2025 and beyond. The Society eontinues to work with the Hill Pony Improvement Societies alongside holding the stallion premiums and semi feral foal inspections annually. This was identified as an area for promotion to raise the profile of the hill ponies within the breed. This provides invaluable geneti¢ information for the Welsh Breed and will be an asset for future generations to reference. The Society has reviewed the Judging & Showing Handbook and has amended the medal procedure and how these are distributed, which come into effect for show season 2025.The Judging and Showing HandboDk works to ensure the preservation and improvement of judging and competitor standards. The services provided by the Society are not restricted and are widely available to the public, without discrimination.
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Society has a policy of investing in UK fixed interest and UK equities. The portfolio managers, Investec, actively manage the funds on our behalf, buying and selling the portfolio as necessary, and to follow inslrudions provided by the council in line with their investment policy. Investments Investments are valued at mid-market prIS and are split as follows.. 2024 Fair Value 2024 Cost 2023 Fair Value 2023 Cost Fixed Interest Equities Cash held in portfolio 544,080 576,421 1,643,939 1,287,808 9,486 9,486 525,433 1,56D,907 10,422 469,283 1,367,476 10,422 Financial review Results 2024 2024 Unre$trlct•d Rèstrlctèd 2024 2023 2023 Total Unrestricted Restricted 2023 Total Income Expenditure Operating results Investment movements Tr8nsfers between funds Not movemant 628,533 1563,9291 64,604 114,431 417 179,452 13,070 18,5861 4,484 641,603 1572,5151 69,088 114,431 617,388 1675,8631 158,4751 75,096 4,907 622,295 18,0181 1683,8811 13,1111 161,5861 75,098 14171 4,067 183,519 16,621 13,510 The Society is keeping a close watch on both income and expenditure going forward. The Society is seeking to increase its income from membership, from the passport issuing office and from promotional and trading goods whilst exploring other income streams. Online payment of memberships continue lo be popular with members. This reserves policy seeks to address the charity's future needs in relation to ils reserves and lo satisfy Charity Comrllission requirements for charities lo adopt comprehensive reserves policies. The Council has established a rinancial planning process whereby when agreeing the annual operational budget during the autumn of the preceding year, and with the aim of balancing the operational budget, larger capital or revenue iterrE will be funded out of ils reserves. As of the end of December 2024 the free reserves stand al £2,169,69612023.. £1,962,896). The lolal designated funds at 31 December 2024 sland at £405,462 12023.. £432,810) see the notes to the financial slalemenls for detsiled analysis. The Council has examined the charity's requirements for reserves in light of the main risks lo the organisalion and the cost of projected future projects. The main risks are identified as external events beyond the &)ciely's influence, including the decision of the UK lo leave the European Union. Future projects will include a new website, museuml museum hublsl, promotional virtU81 re81ily experiences, upgrade of a payment ¢olle¢lion service 8nd upgrades including telephone systems and interactive voice response IIVRI, development of Society merchandise, DNA development and development of Equicymru. The Council re¢ognises that il should not be retsining income funds that should be paid out in the fUlIMent of ils charitable objectives. The Coun¢il undertakes lo.. Review the reseNes position annually. Review the investments position annually. Forecast its income and the reliability of each income source. Forecast its expenditure on the basis of planned aclivities and their associated costs. Consider future needs and opportunities, for example expansion possibilities. Consider various scenarios, for example, what if there was a change in government policy affecting their area of operations.
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Society's principal funding sources are derived from income through membership subscriptions, grants and sponsorships and they receive regular monthly income from registration and associated business. The Society has invested amounts with its investment portfolio managers whilst retaining a prudent amount in the bank deposits. Trustees continue to invest in fixed inlerestlshort term deposits and medium to low risk investments and are advised by duly appointed investment portfolio managers. The trustees have identified the followng significant risks affecting the Society.. Loss of passport issuing office IPIOI slatU5 leading to decreased income the charity ensures il keeps abreast of all proposed changes by attending meetings with Welsh Govemmenl and the ESA 826 group, and by adively engaging with and updating the Central Equine Database. Sudden collapse in the equine leisure matkel las a result of an outbreak of fool and mouth or an Exoti¢ Equine Diseasel- this is a risk the charity cannot mitigate against, however, the Charity is developing an action plan lo implement should such an event happen. S&v8r& e¢onomi¢ downtum leading lo loss of income- the charity monitors cash flow and exptrnditure against budgets on a monthly basis to ensure unnecessary wsts are not incurred. The knock on effect and repercussions following the UK'S exit from the Europ8an Union the So¢i8ty is maintaining ¢onta¢t with the Welsh and UK governments and ¢ommuni¢ating with key stakeholders. The huge impact of inflation and the cost of living on members and the real threat that their equine interests will have to be curtailed obviously affe¢ting the income streams of the So¢iety. To miligate against the above risks and other risks lacing the charity the Irustees conduct regular reviews of the major risks to which Ihe charity is exposed, listing these in a Risk Register. Systems and procedures have been esiablished to mitigate the risks that the charity faces. Signilicanl external risks to funding have led to the development of a StratlC plan which will allow for the diversification of funding and activilies and assoaated budgets. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety requirements relating to staff, trustees, volunteers and visitors to the Society's premises. The Society continually reviews the procedures to ensure that they continue to rneet the needs of the charity. Plans for future pariods There are key areas of development and investment planned over Ihe next year. The Sociely's business plan for 2025-2026 includes continued promolion and education on the Welsh breeds and the care and management of the horses and ponies. This is expected to be undertaken through attending specific targeted events on a national basis and distributing information and guidance, improved links with the Area Associations, promoting online to members and non-members, and moving the society into a 'Modern" world by promoting the business through new avenues such as virtual reality is something to explore to attract a new audien and generation. The Society will continue lo develop the provision in the Welsh language. The internet continues to be an excellent avenue for communication. The Facebook followers has increased from 56,191 in 2023 10 56,938 in 2024. The society has looked to enhance their online exposure through other social media platforms such as Tiktok and Inslagram throughout 2025, using specialist content lo help reach and appeal lo the required audience.
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management The Welsh Pony and Cob Society (the Socielyl is 8 registered ¢h8rity under the Charities A¢1 2011 (Number 22201418nd 8 Company limited by gu8r8ntee (Number 10178321. The Society is govemed by ils Memorandum and Articles of Asso¢i81ion which were initially adopted on the 15 July 1971, 81 whi¢h dal8 the assets and liabilities of the nincorporaled Soci8ty wsre acquired. The Articles of Asso¢ialion were subsequendy amended and adopted on 1 Maroh 2008 and updated following th& EGM in September 2009 followed by a further update at the AGM of 1st APRIL 2017. Thg last ¢hanges lo the So¢iety's Artidos and Memorandum wero adopted at Ihg AGM of 11th of Decembèr 2021. The Council, who are the Trustees of the charity and Directors of the company, are elected from tIE membership of the Society at the Annual General Meeting. Council members are elected for a temi of 3 years and a third of Coun¢il members normally retire each year, creating vacancies to be filled. They may, however, be re-elected for a further three-year period before being required to stand down for a temi. The noti calling for nominations is required to be sent to members a minimum of 8 weeks before the AGM. All members of the Society have the right to nominate candidates and vote. The adminislration and counting of returned postal ballots is conducted 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, Vice-chair of Council and Chair of Finan and Human Resources are elected by Council members at the first meeting following the AGM each year. The Society s structure is that of being governed by a maximum Council of 1 S members, restx)nsible for setting the strategic direction of the organisation and the policy of the charity. Council carries the ultimate responsibility for the conduct of the Society and for ensuring that the charity satisfies ils legal and contractual obligations. The Council is bound by its Memorandum and Articles of Association to meet at least twi a year. Various sub committees also meet regularfy to consider the more urgent issues that arise during the year, bul all decisions are ratified by the Council unless prior approval of remit and budget are given. The Council delegates the day-to-day operation of the organisalion lo senior management. A register of Council Members, interests is maintained al the registered office and is available lo the public for review. New Council members are provided with an introdudion lo the Society and their role within ils governan through an induction day and a visit lo the Society's office. Printed and electronic materials are made available to them al the induction and following on from that On 8 regular basis either by email or 81 Council meetings. Further information and training is provided on an on-going basis through email, at Council meetings and other extemally facililaled events. The trusle8s Consider that the board of directors, who are also the So¢i&ty's trustees and th8 senior managemgnl tèam, comprise thè koy managèmènt pérsonnèl of th& charity in ¢hargè of dirècting and controlling, rLJnning and operating the Society on a day-ttsday basis. Al trustees give of their time freely and no trustee recèivèd remuneration in the yèar. Details of trustees, èxpensès, kèy manag8m8nt parsonnél and relat party transactions are disdosed in the notes to the accounts. The pay of the staff is reviewed annually and normally increased in accordance with average eamiros. In view of the natLJre of the charity, the truslees benchmark against pay levels in other charities of a similar size and operating in the same sector. The remuneralion is bench-marked using market data which is readily available. This is actioned as long as the charity's business plan allows for the additional expenditure. The Society is the sole shareholder of WPCS Trading Limited, a company limited by guarantee. This company ceased trading on the 30 September 2005 and is dormant. The Society also co-operates and liaises with a number of other organisations to achieve its objectives on a broader level. It is closely associated with the Hill Pony Improvement Societies. It co-operates and collaborates with other equine and welfare related organisations, including other native breed societies through DEFRA, the Welsh Government, the National Pony Society, BHS, ILPH, the National Equine Welfare Council, HBLB, Trading Standards, World Horse Welfare, RSPCA, JMB, 826 ESA group, NASTA, and DNA Consultants.
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Reference and administrative details Charity nama The Welsh Pony and Cob Society Charity number 222014 Company number 1017832 R8gist&r8d office Bronaeron Felinfach Larnpeler Cèredigion SM8 8AG Kèy management rSOnnel Ms G Bassètt-Burr Trust&•s Mr D T C Evans - resigned 1 May 2024 Mr E P J Gummery MSAJ Kember Mr D O Robèrts- rèsignèd 6 April 2024 Mr D M Waters MrsJVPary Mr E G Prosser Mr M J Davies Mrs M A Bigley Mrs T Hook Mr R J Pittman - appointed 6 April 2024 Mr J T Kirk- appointed 6 April 2024 Mrs C Fell - appointed 6 April 2024 Mr P T Rutherford - appointed 6 April 2024 Mr G W Thomas - appointed 6 April 2024 Mr P J Lewis- appointed 6 April 2024 Secretary Ms G Bassett-Burr Pre$ld&nt Mr D L l Evans- lo 6 April 2024 Mrs J P Price - from 6 April 2024 Pre$ld&nt Elect Mrs J P Price - to 6 April 2024 Miss S Hardy- from 6 April 2024 Chalr of Coun¢ll Mr E P J Gummery Wice Chair of Council Mrs M A Bigley Directors of subsidiary company Miss S Hardy Mr C Thomas
THE WELSH PONY AND COB SOCIETY TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Indepondont examiners A2els Audit Services Ty Derw LimeTree Court Cardiff Gate Business Park Cardiff CF23 8AB Legal Advlsèrs Geldards 4 Capital Quarter Tyndall Street Cardiff CF10 4BZ Investment providers Inveslec Wealth and Investment Ltd 30 Gresham Street London EC2V 7QN Bankers Barclays Bank PLC 1 Churchill Place London E14 5HP The trustees report was approved by the Board of Trustees. Mr E P J Gummery Dated. 25 Mwch 2025
THE WELSH PONY AND COB SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WELSH PONY AND COB SOCIETY I report lo the trustees on my examination of the financial statements of The Welsh Pony and Cob Society (the charilyl for the year ended 31 December 2024. Responsibilities and basis of report As the trustees of the charty land also ils directors for the purposes of company lawl you are responsible for the preparation of the finanaal statements in accordance with the requirements of the Companies Ad 20C6 (the 2006 Acll. Having satisfied myseTf that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examinatlon of the charity's financial statements carried out under section 145 of the Charities Act 2011 Ilhe 2011 Actl. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs ststement Since the charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a membw of The Institute of Chartered Accountants in England and Vvales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial slalements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the financial slalements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by Charities applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no ¢oncems and have Come across no other mallers in ¢onne¢tion with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the finanryal slalements lo be reached. Andrew Howells Azets Audit servIs Ty Derw Lime Tree Court Cardiff Gale Business Park Cardiff South Glamorgan CF23 8AB United Kingdom Dated. 25 Math 2025
THE WELSH PONY AND COB SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Donations and legacies Charitable activities Other trading activities Investments 32,207 545,583 32,261 545,583 17,627 545,997 17,627 545,997 1,718 49,025 13,008 14,726 49,033 7,459 46,305 4,907 12,366 46,305 Total income 628,533 13,070 641,603 617,388 4,907 622,295 Raising funds 5,653 8,586 14,239 7,729 8,018 15,747 Charitable activities 558,276 558,276 668,134 668,134 Total eXndIture 563,929 8,586 572,515 675,863 8,018 683,881 Net gainslllossesl on investments 13 114,431 114,431 75,096 75,096 Net Incomlng rosourcos befora transfers 179,035 4,484 183,519 16,621 13,1111 13,510 Gross transfers between funds 417 14171 Net movement in funds 179,452 4,067 183,519 16,621 13,1111 13,510 Fund balances at 1 January 2024 2,395,706 23,430 2,419,136 2,379,085 26,541 2,405,626 Fund balance5 at 31 December 2024 2,575,158 27,497 2,602,655 2,395,706 23,430 2,419,136 The stslemenl of financial aclivilitrs includes all gains and losses recognised in thè year. l income and expenditure derive from continuing aclivilies. The statement of financial activities also complies with the requirements for an income and expenditu account Ljnder the Companies Acl 2006. 10-
THE WELSH PONY AND COB SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Intangible assets Tangiblè assats Inveslments 16 15 17 522 343,440 2,197,507 3,212 358,062 2,096,764 2,541,469 2,458,038 Current assats Stocks Debtors Cash at bank and in hand 18 19 33,538 38,649 144,563 30,102 19,031 90,159 216,750 139,292 Crèdltors.. amounts falllng due wlthln one year 20 161,7811 187,4241 Nel current assets 154,969 51,868 Total assets less current liabilities 2,696,438 2,509,906 Creditors.. amounts falling due after more than one year 21 193,7831 190,7701 Net assets 2,602,655 2,419,136 Income funds Restricted funds Unrestricted funds Designated funds General unrestricted funds 25 27,497 23,430 24 405,462 2,169,696 432,810 1,962,896 2,575,158 2,395,706 2,602,655 2,419,136
THE WELSH PONY AND COB SOCIETY BALANCE SHEET ICONTINUED) AS AT 31 DECEMBER 2024 The company is enlilled to the exemption from the audit requirement contsined in section 477 of the Companies Act 2006, for the year ended 31 December 2024. The directors acknowledge their responsibilities for complying wlh the requ1mentS of the Companies Act 2006 with respect lo accounting records and the preparation of financial slalemenls. The members have not required the company to obtain an audit of ils financial statements for the year in question in accordance with section 476. These financi81 st8leTnenls have been prepared in accordan wth the provisions 8pplic8ble to companies subject to the small companies regime. 25 Mwch 2025 The financial stslemenls were approved by the Trustees on . Mr E P J Gummery Trustee Company r&gl$tratlon number 1017832 12-
THE WELSH PONY AND COB SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 30 18,1091 197,8801 Investing activities Purchase of tsngible fixed assets Purchas8 of invostments Proceeds from disposal of investments Investment income received 12081 1529,5761 543,264 49,033 1274,3321 349,088 46,305 Nat cash gonorated from Investlng activities 62,513 121,061 Net Cash used In flnan¢lng actlvltles Net increase in cash and cash equivalents 54,404 23,181 Cash and cash equivalents at beginning of year 90,159 66,978 Cash and cash equivalents at end of year 144,563 90,159 13-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity information The Welsh Pony and Cob Society is a private company limited by guarantee incorporated in England and Wales. The registered office is Bronaeron, Felinfach, Lampeter, Ceredigion, SA48 8AG. 1.1 Accountlng convèntlon The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with 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 sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Thè financial statèménts havé bèon pr8par8d undèr thè historical cost convèntion, modifi8d lo inckjde certain financial instruments al fair value. Thg principal a¢¢ounling policies adopted are set out below. 1.2 Going concern At the time of approving thè financial statèmènts, thè trust8Ès havè a r8asonabl8 èxp8Ctation that tho ¢harily has adeqLJate resour8 to continue in operational existence for the foresèeable future. ThLJS the trustèès continue to adopt the going concem basis of aeeounting in preparing the financial statements. 1.3 Charitabl8 funds General funds are unrestricted funds which are available for use at the discretion of the board in furtherance of the general objectives of the society and which have not been designated for other purposes. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion lo sel aside lo use for a specific purpose. The aim and use of each designated fund is set out in the notes to the financial statements. Reslri¢led funds are ftjnds which are lo be used in accordance with specifi¢ reslri¢lions imposed ty donors which have been raised by the so¢iely for particular PLJrposes. The Cost of raising and administering such fLJnds are ¢harged against the specific fund. The aim and Ljse of each restricted fund is set out in the notes to the financial statements. 1.4 Incoming resource$ Income is recognised when the charity is legally enlilled lo it after any performance conditions have been met, the amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on reipl. Other donations are recognised once the charity has been notified of the donation. unless performance conditions require deferral of the amount. Incorne tax recoverable in relation lo donations received under GiftAid or deeds of ¢oven8nt is recognised at the lime of the donation. Legaeies arg reeognised on receipt or otherwise if the charity has bèèn notified of an impènding distribution, the amoLJnt is known, and receipt is èxpected. If thè amoLJnt is not known, thè legacy is traated as a contingent asset, bLJt not recognised. Dividends income is recognised on the date the charily's right to re1ve payment is established. Trading income is recognised in the period to which the income is generated. 14-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies IContinued} Income from charitable activities lexcluding grants) is credited lo the Slalemenl of Financial Activities in the year in which they are due. Income received in advance is deferred to the appropriate financial year. Grants are only included in the SOFA when the general income recognition criteria are met. In the case of perforrnance related grants. income musl only be recognised lo the extent that the tharily has provided the specified goods or services, as enlillement lo the grant only occurs when the performance related conditions are mel. Grants receivable are Irealed in different ways dependent upon their purposes and the terms of the grant. Grants receivable for specifi¢ purposes are also tated as reslricled funds so that any unused funds Can be separately identified. Grants receivable to facilitate the general running of the Charity are treated as unrestricted funds. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of Ihe interest paid or payable by the bank. Turnover is measured al the fair value of the consideration reiVed or receivable and represents arnounls receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. 1.5 Resources expended Expénditurè is récogniséd on¢e Ihero is a legal or ¢onstru¢live obligation lo mako a payment lo a third paty, it is probable that selllement will be required and the amount of the obligation ¢an bo measured rgliably. Costs of raising funds comprise the costs in relation to generating income such as fundraising activities. Expenditure on charitable activities includes all costs relating to the furtheran of the chariws objectives as stated in the trustees report. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Support costs are those functions that assist the work of the charity but do not directly undertake charitable aclivilies. Support costs include back office costs, fillan, personnel, payroll and governan costs. The basis for calculating the allocation of support costs was as a percentsge of lotsl staff costs attributed lo each department. Governan costs COTnprise all costs involving public accounlabilily of the charity and its compliance with regulation and good practice. 1.6 Intangible fixed assets other than goodwill Intangible assets a¢quired separately from a business are recognised 8t Cost 8nd are subsequently measured at cost less accumulated amortisalion and accumulated impairment losses. Amortisation is re¢ognised so as to write off the ¢ost or valuation of assets less their residual values over their useful lives on the following bases.. Software 20°/o Straight line 15-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies IContinued} 1.7 Tangible fixed assets Tangible fixed asstrts ar& initially measured al cost and subsequenuy measured al ¢osl or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Leasehold land and buildings Plant and equipment Motor vehides 2.kn and 5°/0 Straight line Over the life of the lease 25Vo and 330/0 straight line 20.10 reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. Individual fixed assets costing £250 or rnore are capttalised al cost. 1.8 Fixed asset investments Fixed asset investmènts are initially measured at transaction price èxcluding transaction costs, and arè subsequenuy measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entily so as to obtain benefits from its activities. 1.9 Impaimient of fixed assets At each reporting end date, the charity reviews the carrying amounts of ils tangible and intangible assets lo determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is eslimaled in order lo determine the extent of the impairment loss Irf any). 1.10 Sto¢k$ stocks are stated at the lower of cost and estimated selling pri less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or norllinal consideration are measured the lower of replacement cost and cost. Net realisable valLJe is the estimated sèlling pri less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. The ¢omplel& set of slud books used for library and reference purposes are not valued and are exduded from the Balance Sheet. 1.11 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short-lerm liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 16-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies IContinued} 1.12 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basi¢ Financial Instmmenls, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial inslrumenls. Financial instruments are recognised in the charity's b8lan¢e sheet when the charity becomes party to the contra¢tual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, when there is a legally enforceable righl to set off Ihè recognised amounis and there is an intention to settle on a net basis or lo realise the asset and settle the liability simultaneoLJsIy. Basi¢ financial assets Basic financial assets, which include debtors and cash and bank balances, are inilially measLId at transaction pri induding transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measLJred at the present value of the future receipts discounled at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Derecognitlon of flnan¢lal assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Baslc flnanclal Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised al transaction pri unless the arrangement constitutes a financing transaction, where the debt instrument is measured at 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 instruments are subsequently carried al amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequently measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or Canlled. 1.13 Employee benefits The cost of any unused holiday enlillement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to lerminale the employment of an employee or lo provide lerminalion benefits. 1.14 Retirement benefits Payments to defined contribution retirement benefit schemes a charged as an expense as they fall due. 17-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies IContinued} 1.15 Reserve for future costs of life members Life Membtrrs, subscriptions received in the period are included in income and Iransferrtrd to def8rr8d incom8. The deferred income is adjusted at each a¢¢ounting date for a rogular amount transferred back to income dependent on the age banding of the life member. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty Life members deferred income The Charity provides life membership lo members of varying ages, this requires an eslimalion regarding the nurllber of years in which the Income is released in the financial slalerllenls. The income is released in the financial slalements as follows.. Undor 21's- over 50 years 2140's - over 40 years Over 40 - over 30 years Over 60 - over 20 years As at 31st December 2024 the amoLJnÈ of income deferred totalled £100,84812023.' £97,889), split between Creditors due within one year £7,065 12023.. £7,119) and creditors dLJe after more than one year £93,783 12023.. £90,770). Income released in the financial statements totalled £7,66712023.' £6,290). Stock The charity holds a large amount of stock of which some items are deemed to be obsolete andlor slc moving. A stock provision is made each year which requires an estimation as to the written down value. During the year stock increased by £3,43612023.' decreased by £12,3861. As at 31st December 2024 the stock value contained in the financial statements totslled £33,538 12023.. £30,102). 18-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donations and legacies Unr8strictèd Rèstricted funds funds 2024 2024 Total Unrèstrictèd funds 2023 2024 Donations and gifts 32,207 54 32,261 17,627 Donations and gifts Donations and sponsorship Pavillion donations and income 17,245 14,962 54 17,299 14,962 4,645 12,982 32,207 54 32,261 17,627 Charitable activities Unrestricted Unrestricted fund5 fund5 2024 2023 Subscriptions and life members income Journal $8les and advertising Other membership income incl insurance Registration and passports Transfers and other registration income Promotional goods Judging, medal and rosette income 144,162 22,537 1,633 222,722 119.796 10,283 24,450 131,209 18,437 1,378 225,728 121.547 26,231 21,467 545,583 545,997 Other trading activities Unrestrl¢ted Rostrl¢ted funds funds 2024 2024 Totsl Unrestrl¢ted Restrl¢ted funds funds 2023 2023 Total 2024 2023 Young people's fund President's fundraising and dinner Solar panel income 1,774 1,774 650 650 11,234 11,234 1,718 4,257 4,257 7,459 1,718 7,459 Other trading activities 1,718 13,008 14,726 7,459 4,907 12,366 19-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investments Unr8strictèd Rèstricted funds funds 2024 2024 Total Unrèstrictèd funds 2023 2024 Income from listed investments Interest receivable 47,612 1,413 47,612 1,421 45,249 1,056 49,025 49,033 46,305 20-
W7J T5 (Y 10 o oo 7J C+4 Qb TJ
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities Membership Registration Education & Judging & promotion showing Total 2024 Total 2023 Journal costs Membership costs Central prefix register and stud books DNA blood typing and microchips Passport binding Promotional goods and stock Exhibition unit expenses Publicity officers expenses and edu¢81ion81 visits Medals, rosettes and engraving Judges and showing handbook International show costs and expenses 18,768 31,485 18,768 31,485 26,343 34,795 6,020 6,020 12,698 32,836 479 32,836 479 29,232 810 1,110 2,077 1,110 2,077 17,286 2,522 3,800 3,800 19,138 1 C>,856 10,856 6,253 1,576 1,576 3,007 300 300 306 50,253 39,335 6,987 12,732 109,307 152,390 Share of support costs (see note 101 Share of governance costs (see note 101 66,440 189,310 41,155 11 5,232 412,137 452,624 5,894 16,942 3,683 10,313 36,832 63,120 122,587 245,587 51,825 138,277 558,276 668,134 22-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Description of charitable activities Membershi The members, ServIS department deals with subscriptions, the pavilion, the internet information and the journal. Re istration The registration department includes the activities of registration, passports, transfers, exports, ntral prefixing, stud books and DNA blood typing and licenses. Education & romotion The education and promotions department includes the premium awards, junior dub and donations, together with deals which include some promotional goods, second hand books and sponsorship. Jud & showin The judging & showing department indudes the Conferen and seminar meetings, together with the allendance at shows and events, Medals and rosettes. 23-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Support costs Support Governance costs Costs 2024 Support Governance Costs Costs 2023 Staff costs Depreciation Other staff costs Postage and stationery Computer costs Equipment rental Repairs, renewals and sundry Rates and utilities Insuran Travel and subsistence Telephone Bank charg@s, investment and other costs 219,844 17,520 1,592 38,299 24,435 11,458 219,844 17,520 1,592 38,299 24,435 11,458 255,000 20,076 760 39,651 31,236 12,928 255,000 20,076 760 39,651 31,236 12,928 32,432 14,027 12,866 722 16,136 32,432 14,027 12,866 722 16,136 44,683 19,516 8,591 773 14.1131 44,683 19.516 8,591 773 14,1131 22,806 22,806 23,523 23,523 Audit fees Independent examination fees Legal and professional fees AGM expenses Council expenses and training 15,930 15,930 7,575 7,575 8,517 9,455 8,517 9,455 29,250 6,818 29,250 6,818 11.285 11,285 11,122 11,122 412,137 36,832 448,969 452,624 63,120 515,744 Analysed beeen Charitable activities 412,137 36,832 448,%9 452,624 63,120 515,744 11 Trustees No trustees re¢gived any wmungration during the current or prior ygar. Atotsl of £9,58812023.. £8,968) was incurred in relation lo travel, subsistence and accommodation expenses. In 2024 eleven trustees A Kember - £3,756, S Charllon £248, D Roberts £672, E Gurnmery - £2,740, J Parry - £1,139, M Bigley - £214, P Rutherford £81, T Hook - £92, G Thomas - £342, D Jones - £212, C Evans - £92 claimed expenses12023'. len trustees A Kember, D Jones, E Hampson, R Wilson, S Charfton. D Roberts, W Jones, L Stephens, E Gummery, A Everitt claimed expenses). 24-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Employees Number of8mploye8s The average monthly number of employees during the year was.. 2024 Number 2023 Number Office staff Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 201,275 12,547 6,022 236,494 11,212 7,294 219,844 255,000 Key management personnel The key management personnel as detsiled in the trustees r&port Ipage 71 received benefits linclLJding gross salary, employers national insurance and employers pension ¢onlribulionsl lotalling £47,06912023". £93,836). Employees earning > £60k There were no employees whosg annual remuneration was £60,000 or more. 13 Net gains1{105sesl on investments Unrestricted Unrestricted funds fund5 2024 2023 Revaluation of investments 114,431 75,096 14 Taxatlon The charity is exempt frorn tsx on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the exlenl that these are applied to its charitsble objects. 25-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Tangible fixed assets Fre8hold land and building8 Leasehold land and buildings Plant and Motor vehlcl88 equipment Total Cost At 1 January 2024 Additions 468,805 95,614 320,859 208 17,500 902,778 208 At 31 December 2024 468,805 95,614 321,067 17,500 902,986 Depreciation and impairment At 1 January 2024 Depreciation charged in the year 127,865 10,032 83,189 2,604 319,642 1,319 14,020 875 544,716 14,830 At 31 December2024 137,897 85,793 320,961 14,895 559,546 Carrying amount At 31 December 2024 330,908 9,821 106 2,605 343,440 At 31 December 2023 340,940 12,425 1,217 3,480 358,062 16 Intangible fixed assets Softwaro Cost At 1 January 2024 and 31 December 2024 26,245 Amortlsation and Impalrment At 1 January 2024 Amortisalion charged for the year 23,033 2.690 At 31 Dember2O24 25,723 Carrylng amount At 31 December2024 522 At 31 De¢ember2023 3,212 26-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Fixed asset investments Listed investments Cash in Other portfolio investments Total Cost or valuation At 1 January 2024 Additions Valuation changes Cash movement Disposals 2,086,340 529,576 114,431 10,422 2,096,764 529,576 114,431 19361 1542,3281 19361 1542,3281 At 31 December2024 2,188,019 9,486 2,197,507 Carrying amount At 31 December 2024 2,188,019 9,486 2,197,507 At 31 December2023 2,086.340 10,422 2,096.764 2024 2023 Other investments comprise.. Notes Investments in subsidiaries 29 18 Stocks 2024 2023 Finished goods and goods for resale 33,538 30.102 19 Debtors 2024 2023 Amounts talling due within one year: Trade debtors other debtors 19,260 19,389 19,031 38,649 19,031 27-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Creditors: amounts falling due within one year 2024 2023 Not¢s Other taxation and social security Dèferred income Trade creditors Accruals 9,500 37,119 7,312 7,850 3,702 45,469 22,323 15,930 23 61,781 87,424 21 Cradltors: amounts falllng due after mora than on8 year 2024 2023 Notes Deferred income 23 93,783 90,770 22 Retirement benefit schemes D&fined contribution schemes The charity operates a defined contribution pension scheme for all qualrfying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to profit or loss in respect of defined contribution schemes was £6,022 12023.. £7,294). The amount outstanding at the year end was £nil12023.' £nill. 23 Deferred In¢om• 2024 2023 Arising from membership subscriptions and journal sales 130,902 136,239 Deferred income comprises joumal sales and membership subscriptions which relate lo the 2024 financial year. Deferred income also includes life members, subscriptions. Deferred income is included in the financial slalements as follows.. 2024 2023 Deferred income is in¢luded within.. Current liabilities Non-currenl liabilities 37,119 93,783 45,469 90.770 130,902 136,239 Movements in the year.. 28-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Deferred income IContinued} Deferred income al 1 January 2024 Rtrlèased from previous periods Resources deferred in the year 136,239 132,1731 26,836 Deferred income at 31 December 2024 130,902 24 Dasignatod funds The income funds of the Charity include the following designated funds which have been set aside out of unreslri¢ted funds by the Iruslees for specifi¢ purposes.. Balance at 1 January 2023 Resou8$ Balance at expended1 January 2024 Resou8$ expended Tran5f8rs Balance at 31 De¢ember 2024 Educational bursary IT development Legal costs Capital expenditure Training Fixed asset fund Social media Content and marketing 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 1341 110,0001 120,0001 1,500 10,000 10.000 15,000 5,000 343,962 120,0741 117,5221 208 20,000 20,000 453,350 120,5401 432,810 117,5221 19,8261 405,462 Educational bursary Relates to monies designated to provide educational bursaries. The rerllaining balance will be expended in future periods. rr development Relates to future costs regarding the redesign and update of the charity's new IT system. Legal costs Relates to future costs regarding ongoing legal advi. Capital expenditure Relates to future Capital costs lo be incurred towards work at Bronaeron sile. Training Relates to future costs regarding training, the remaining balan will be expended in future periods. Fixed asset fund This represents the nel book value of the charity's fixed and intangible assets. Social media content and marketing Relates to future costs regarding social rnedia conlenl and marketing. 29-
cry ro N a) CO UI ¢0 5> U) ry Lr) a) (ry¢o ¢0 u)
O Lr) (o iy) o 100 * ( (NOO LO TJ oN(o o ¢0 J (x
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 27 Related party transactions There were related party transactions of none dLJring the year12023- none). Included within the Trustees Report are details of related paty relationships regarding the society's domiant trading subsidiary and other organisations the society works with to achieve its objectives. 28 Operatlng lease commltments At the reporting end date the charity had outstsnding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 Within one year Between two and five years In over five years 13,820 55,279 38,818 13,820 55,279 52,675 107,917 121,774 The charity classifies the lease of a photocopier, franking machine and rental of a building as operating leases. Rental charges are charged on a slraight line basis over the temi of the lease. 29 Subsidiaries Thesè finanaal statements are separalg ¢harity finan¢ial slalemenls for The Welsh Pony and Cob Soaety Limited. Consolidated financial statements have not been prepared due to the trading subsidiary being dormant. Details of the charitls subsidiaries at 31 Dember 2024 are as follows.. Namo of undortaklng Reglstared office Natur¢ of buslne$$ Class of shares held °fi Held Direct Indirect WPCS Trading Ltd United Kingdom Dormant Ordinary Sharés 100.00 The agggate capitsl and reserves and the result for the year of subsidiaries exduded from consolidation Was as follows.. Name of undertaking ProfiVILossl Capital and Reserves WPCS Trading Ltd The company number for the trading company is 02946610. The investment in the subsidiary is stated at cost. 32-
THE WELSH PONY AND COB SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 30 Cash generated from operations 2024 2023 Surplus for the year 183,519 13,510 Adjustments for.. Investment income recognised in statement of financial activities Fair value gains and losses on investments Amortisation and impairment of intsngible assets Deprecialion and impaimient of tangible fixed assets 149,0331 1114,4311 2,690 14,830 146,3051 175,0961 5,244 14,832 Movements in working capitsl.. Ilncreaseydecrease in slocks Ilncreasel in debtors IDe¢reasel in ¢redilors (Decreaseifincrease in deferred income 13,4361 119,6181 117,2931 15,3371 12,386 19,3071 144,5431 31,399 Cash absorbed by operations 18,1091 197,8801 31 Analysis of changes in net funds The charity had no debt during the year. 33-