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2023-12-31-accounts

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

Charity Registration No. 0231748 Company Registration No. 0347417

The Horse Trust

(A company limited by guarantee and not having Share capital)

Group report and financial statements 31 December 2023

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Legal and administrative information

Charity name The Horse Trust
Charity registration number 231748 Founded 1886, Incorporated 1938
Company registration number 0347417
The Society is a member of the National Equine Welfare Council (NEWC)
Registered office and operational address The Horse Trust
Home of Rest for Horses
Speen
Princes Risborough
HP27 0PP
Patron Her Royal Highness The Princess Royal
President Baroness Mallalieu QC
Board of Trustees Professor J Slater – Chair (From 28 June 2023)
Professor D Archer (Appointed 28 June 2023)
Professor P Clegg
Mr D Cook
Lord R De Mauley
Ms M Jennings (Appointed 26 June 2024)
Mrs B Jones (Appointed 28 June 2023)
Mr C Marriott (Resigned 26 June 2024)
Ms L McGillycuddy
Professor B McGorum (Resigned 26 June 2024)
Mr R Neal
Ms C Roddis
Ms J Souter (Appointed 26 June 2024)
Chief Executive and Secretary Miss J M Allen
Bankers Coutts and Co
St Martins Branch
440 The Strand
London
WC2R 0QS

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Legal and administrative information (continued)

Auditors Saffery LLP
St John’s Court
Easton Street
High Wycombe
Buckinghamshire
HP11 1JX
Solicitors Underwood & Co
40 Welbeck Street
London
W1M 8LN
Lupton Fawcett
Yorkshire House
East Parade
Leeds
West Yorkshire
LS1 5BD
Hatch Legal
12 Park House
11 Park Row
Leeds
LS1 5HB
Investment Managers Cazenove Capital Management Limited
1 London Wall Place
London
EC2Y 5AU
Sarasin & Partners LLP
Juxon House
100 St Paul’s Churchyard
London
EC4M 8BU

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Contents

Page
Report of the board of trustees (incorporating the strategic report) 1 - 7
Independent auditor’s report 8 - 11
Consolidated statement of financial activities 12
Consolidated balance sheet 13
Balance sheet 14
Consolidated statement of cashflows 15
Notes to the financial statements 16 - 41

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2023

The Board of Trustees has pleasure in presenting its report and the financial statements for the year ended 31 December 2023.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), which incorporates the report of the directors for the purposes of company law.

Structure, governance and management

Status and administration

The Trust was founded in 1886 and incorporated as a company limited by guarantee on 16 December 1938. It is registered as a charitable company and governed by its Memorandum and Articles of Association. A Board of Trustees, the members of which are set out on the initial pages of this financial statements, is responsible for the activities of the group.

For the purposes of the Companies Act 2006 members of the Board of Trustees are deemed to be directors and are appointed in accordance with the requirements of the Memorandum and Articles of Association.

Recruitment and induction of Trustees

Board members normally serve for a maximum of 6 years, 9 in some circumstances, and are selected to provide a broad spectrum of relevant expertise and experience.

Existing trustees and members are invited to submit names of potential trustees, who have to be registered members elected by The Board of Trustees. The charity does also recruit potential trustees through adverts. The Board will then scrutinise these nominations with a view to ensuring that the duly elected Board contains the necessary skills mix. Trustee vacancies can be filled at any time through election by the Board, but such appointments must be confirmed through election by the members at the next AGM. Trustees serve for a nominal term of three years after which they can stand for election for a further three-year term, in some cases a third term of three years can also be served.

Induction training is provided for all new trustees. They visit the registered office so they can see how the group operates on a day-to-day basis. This also gives the new trustees an opportunity to meet the Chief Executive and other key personnel. The new trustees are given a briefing pack of important documentation.

Trustees are encouraged to attend appropriate external training events, seminars, workshops and be briefed on and discuss topical matters to assist them in the understanding and performance of their role. Articles, bulletins and notices relevant to their duties and responsibilities are circulated to trustees.

All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses are disclosed in note 29 to the accounts.

Key management personnel remuneration

The Trust is managed and operated by employed staff. The key management personnel are identified to be the Chief Executive, the Veterinary Director and the Finance Director. The pay of the senior staff is reviewed annually by the Board and benchmarked appropriately.

Organisation

The Board of Trustees meet quarterly and are responsible for all strategic decisions and for setting policy. The Chief Executive is appointed to execute policy and to manage the administrative and day-to-day operations of The Trust.

The group has two wholly owned subsidiaries, The Horse Trust Trading Company Limited and British Animal Rescue and Trauma Association (BARTA).

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The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2023

BARTA undertakes the development and delivery of nationally recognised training courses in large animal rescue. It has worked in partnership with The Horse Trust for many years and has now been fully brought under The Horse Trust’s umbrella.

As the work of BARTA is so closely aligned with The Horse Trust it has been decided to consolidate the three organisations and show their financial statements in a group format.

Risk management

The Board of Trustees examines the major strategic business and operational risks which The Trust faces on an annual basis. They also ensure that there are the systems and procedures in place to mitigate these risks and to minimise any potential impact on the group.

The main areas of risk are considered to be fire or an incident at The Home of Rest for Horses. A full fire assessment has been carried out by an external specialist and no major issues were found and any minor recommendations have been implemented.

Objectives and activities

The objects of the group can be summarised in our mission statement:

The Horse Trust exists to enhance and improve the quality of life of equidae in the UK. This encompasses their physical and psychological needs. It will achieve this through the development, demonstration and dissemination of best practice in equine care.

In achieving these objectives, The Trust undertakes four main strategic aims:

1. Sanctuary – Demonstrate best practice

2. Scientific Research – Develop Best Practice

3. Knowledge and Skills – Disseminate Best Practice

To devise and deliver a broad spectrum of training modules, courses and programmes for a variety of specified audiences and utilising a variety of media and techniques, that will impact most positively, the quality of life of the largest number of equines.

4. Policy - Direct Best Practice

To continue our policy work in a politically neutral way that does not compromise our scientific investment but that plays a key role in facilitating the development of national policy and best practice that improves equine welfare in the UK.

These objectives and the work done by the group to achieve them are reviewed regularly by the Board and a new strategic plan is devised approximately every five years.

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The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2023

Statement of public benefit

The Trustees in exercising their powers and duties have complied with their duty in Section 17 of the Charity Act 2011. The Board of Trustees has referred to the guidance contained in the Charity Commission’s general guidance on public benefit, including the guidance public benefit, running a charity (PB2), when reviewing the charity’s aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. Improving horse welfare is the primary aim and through the ongoing and planned activities described in this report, the charity fulfils its remit to public benefit through the advancement of education, the advancement of science, relief to animals in need and relief to needy owners and carers of animals through the provision of counselling and advice. The Horse Trust also benefits the taxpayer by providing training to police, fire and rescue and trading standard officers as well as providing respite care to working horses.

Achievements and performance

The Board would like to formally thank all the volunteers who assist the employees at events and with the running of both the office and the yard. The group would also like to thank their supporters for their ongoing financial support which allows us to continue our work and secure our long-term future.

Home of Rest for Horses

The Horse Trust is probably best known for its work providing retirement to working horses who have served their community or their country, such as horses from the Police, Army, Royal Mews and charities such as Riding for the Disabled Association and Horse Rangers. The Home of Rest for Horses will continue to provide lifelong retirement for these and for local equines found in urgent need of rescue.

A variety of professional equine focused organisations have been using our facilities and horses for their CPD training, including veterinary surgeons, equine behaviourists, farriers, and equine dental technicians. This is in addition to specialist training we provide ourselves. Our unique herd and range of teaching facilities allow professionals and statutory officers to further develop their skills and in turn means they are better equipped to help more people and horses. All these training courses, offered on our site by external providers or ourselves, add to the pool of better trained and qualified professionals that our own training programmes provide. Taken together they produce a significant benefit to horses, owners and to the public at large.

The rehabilitation work continues with the appropriate horses and a number have been successfully rehomed throughout the year which has freed up places here for horses that are on the waiting list.

The Horse Trust (along with assistance from BARTA) has researched, planned, tested and implemented a new fire and evacuation plan for the Speen site considering the needs of visitors, employees and animals.

Research Grant Making Policy

The Horse Trust invites applications for both Research Grant Projects and PhDs. Once preliminary applications have been received, they are reviewed by the Science and Ethics Committee who then short list a selection that are invited to submit a full application. These full applications are then subject to a peer review and are ranked. The Board of Trustees of The Horse Trust will then make the final funding decisions from these rankings. These will be based in part on the impact assessment report of each short-listed application. The applicants will need to have clearly demonstrated the intended benefits to the UK equine population, how such benefits will be communicated to the horse owning and keeping public as well as veterinary and allied professionals and will be prompted to look at a variety of criteria when completing their reports. When the research grants are being discussed the meetings are chaired by the legally qualified trustee and all perceived, potential or actual conflicts of interest are scrupulously declared and recorded. The Science and Ethics Committee also decide on a small number of “pump priming projects” each up to an agreed limit.

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The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2023

----- Start of picture text -----
Projects Supported 2023 2022
No £ No £
University of Liverpool 8 312,779 10 240,415
Royal Veterinary College 3 72,925 6 97,968
University of Edinburgh 2 31,455 3 51,041
Universtity of Nottingham 2 24,523 4 20,004
Other 2 9,530 2 18,500
Liphook 1 3,000 2 17,368
Animal Health Trust 1 16,109
Lincoln 1 15,243
University of Bristol 1 5,390
18 454,212 30 482,039
----- End of picture text -----

Current research projects are also being analysed to seek new best practice which can then be incorporated in our own yard routines as well as disseminated to appropriate audiences. Subjects being researched under Horse Trust funding include the causes of Atypical Myopathy, Wormer Resistance, the spread of exotic disease by mosquitos, Equine Dentistry, investigating the bacterium responsible for Strangles to aid the creation of an efficacious and affordable vaccine and the possible causes of Grass Sickness.

Following our second Scientific Symposium in 2019, The Horse Trust will continue in developing phases one and two of the HorseLife project including working with Equine Register on the IT structure needed for the study. HorseLife is the concept of following a large group of horses over a period of several years in a longitudinal cohort study of the type that has been successfully carried out in human medicine and in dogs.

Education in Equine Welfare

The Horse Trust has continued to train first responders from various Fire and Rescue Services and other public sector organisations in conjunction with the British Animal Rescue and Trauma Association (BARTA). These courses help to safeguard fire fighters and the public when rescuing horses, by giving them a greater understanding of how horses behave when under stress, how they learn and how human actions can greatly affect the horse’s behaviour. This training also equips fire fighters and other first responders to better safeguard the public in a horse related incident. The courses have been a huge success with all fire fighters and first responders giving The Horse Trust excellent feedback, including sharing examples of when they have put the training to use within their daily work.

We also provide our own BEVA approved CPD courses for vets, vet nurses and vet students in ethical and safe horse handling and equine ethology. The Horse Trust also sponsored Student Equine Veterinary Association (SEVA) Congress. The event was a perfect opportunity for the Trust to unveil some of its exciting new online courses for veterinary surgeons and students.

The Horse Trust has also continued with the TalkEquine webinar platform, to share the latest research and work from the equine science sector. It is a forum for discussion and communication, for open conversations into the latest developments in research, behaviour, and practice. These webinars have also focused on supporting the recruitment and skills development of clinical animal behaviourists.

The Horse Trust also continues to develop and expand its “Weigh To Win” programme that encourages and supports showing organisations, judges and competitors to re normalise a healthy weight for their horses.

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The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2023

Policy

The Horse Trust has continued with its policy work in a politically neutral way, which does not compromise the scientific investment, but that plays a key role in facilitating the development of national policy and best practice that improves equine welfare in the UK. Our role of sector facilitator has become ever more utilised by government and the rest of the UK’s equine sector during 2023. The Horse Trust helps to facilitate the work of the British Horse Council, which brings together all aspects of equine interest in the UK including racing, breeding, elite sport, leisure riding, enforcement, veterinary and welfare agencies, providing a single unified voice to government on equine related matters where consensus exists.

Financial Review

Review of the year

2023 was a more promising year financially than 2022 although it was still unsettled with the cost of living crisis affecting all areas of the charity’s work.

Legacy cash and donations were both higher than the previous year. During 2023 The Horse Trust received legacies of £1,750,928 (2022 - £1,229,978).

The investment houses worked hard in an extremely difficult climate and whilst they performed well against benchmarks, the economic climate did mean that both portfolio values did not change significantly and income was also affected.

The Horse Trust’s team has worked hard through the year to control expenditure however the cost of living crisis and inflation rates means some areas of expenditure have increased during the year. The Senior Management Team has looked hard at all areas of expenditure and has made cutbacks during the year.

Investment policy

The Board of Trustees has the power to invest in such assets as it sees fit. Management of The Trust’s investment portfolio is split equally between two investment houses, Sarasin & Partners and Cazenove Capital Management who invest finances and advise the Investment Management Group, a sub-committee of the Board of Trustees which reviews investment performance and makes recommendations to trustees. Ultimately, changes in investment policy are the responsibility of the Board of Trustees. Currently the mandate for both houses is a long-term target of CPI +4%.

A significant proportion of investments are held in listed equity shares. At the year end the total amount held in investments was £11,315,110 (2022 - £11,775,976). It must be remembered that these values can only be taken as an indication of the value on this date.

Reserves

The Board of Trustees has developed over past years its policy with regard to the accumulated funds of the Trust. As explained in the notes to the accounts, designated funds are held to finance charitable fixed assets, future grant commitments and a capital fund.

The Horse Trust continues to accept research grant applications and so the Trust has transferred money to the designated Future Grants Fund as the nature of our funding is to generally commit to three-year long projects. This designated fund currently stands at £1,500,000 which will ensure that research grants can be awarded for the next three years (approximately £500,000 per year) Once projects have been awarded the required monies are transferred to the Future Awarded Grants Fund. This fund is then used to pay the agreed amounts to the grant recipients on a twice-yearly basis providing there is satisfactory progress.

The Capital Fund represents funds set aside to ensure a flow of income which is sufficient to support the future activities of the group including long term plans to issue significant grants for further scientific research. The General Fund is the operating reserves of the group and is set at approximately twelve months expenditure to ensure the flexibility to meet immediate plans. This fund currently stands at £2,780,428.

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The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2023

Public relations and fundraising

During 2023 The Horse Trust continued with a proactive donor acquisition marketing strategy to recruit new supporters in ethical ways and to encourage donations through advertising, direct mail, public relations and other fundraising initiatives. The continuing objective is to acquire new donors, turn “one off” donors into regular givers and then to encourage committed donors to become legators. Costs have continued to be controlled throughout 2023 and new technologies and mechanisms introduced to further increase efficiency. The Board Members are satisfied that all Horse Trust fund raising activities are ethical and conducted within the law and best practice and have adopted a new formal Ethical Fundraising Policy to ensure our very high standards are maintained in this area.

Land and buildings

The value of freehold land and properties, included in the balance sheet at a book value of £8.9m, and is considered by the Board of Trustees to be in excess of that value if realised.

Future plans

The group plans to continue to enhance and improve the quality of life of horses in the UK with a greater emphasis on the requirement to cater for their psychological health as well as their physical health and to do more work on how best to influence owners to change some husbandry and training techniques.

During 2024, The Horse Trust will continue working on the Strategic Plan which was developed by the Chief Executive and the senior management team and agreed by the Board in March 2020. Planning is also underway to devise a new strategy to be agreed by the Board and to commence during the coming year. The Board is also planning to review and update the trustee induction process.

The Horse Trust has decided that during 2024 there will be limit on the requests for new external research projects and that it will be focusing on the internal research work being carried out by its own employees and looking at innovative ways to disseminate it. The Horse Trust plans to further develop Talk Equine webinar platform as well as uploading all session into a bolt-on library function on the website. There are also further plans to increase the amount of science dissemination using new methods and targeting different audiences.

The Horse Trust has temporarily pressed pause on stage three of the HorseLife project and will continue with this stage once digital equine ID has been formalised. The Horse Trust will also continue its policy work and undertake to maintain its role as a trusted and politically neutral facilitator for the sector for the benefit of the UK’s equine population.

The Horse Trust will continue to further develop the “Weigh to Win” programme including running training events for breed and showing societies, judges and stewards to make sure that everyone is collectively moving towards a position of the new normal of healthy body condition in showing.

Register of members

The register of members is available for inspection by members, free of charge, at the registered office of the Trust.

Statement of trustees’ responsibilities – charitable company

The trustees (who are also directors of The Horse Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

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The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2023

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure to our auditors

Insofar as the trustees are aware at the time of approving our trustees’ annual report:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the reparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

Saffery LLP have indicated their willingness to continue in office.

The report was approved by order of the Board of Trustees on 25 September 2024

……………………….

J Slater - Chair

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Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Independent auditors’ report to the members of The Horse Trust

Opinion

We have audited the financial statements of The Horse Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2023 which comprise of the consolidated statement of financial activities, consolidated and company balance sheet, consolidated statement of cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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The Horse Trust

Independent auditors’ report to the members of The Horse Trust (continued)

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report and the Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 6, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate

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The Horse Trust

Independent auditors’ report to the members of The Horse Trust (continued)

the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, 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 not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

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The Horse Trust

Independent auditors’ report to the members of The Horse Trust (continued)

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

--------------------------------------------------------------

Andrew Watkinson (Senior Statutory Auditor) for and on behalf of Saffery LLP

Chartered Accountants

Statutory Auditors

St John's Court Easton Street High Wycombe HP11 1JX

25 September 2024

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Consolidated statement of financial activities (including income and expenditure account) For the year ended 31 December 2023

Unrestricted Restricted
Note
funds
funds
£
£
Income from
Donations and legacies
2
2,442,102
129,200
Charitable
activities
&
training income
3
97,499
-
Investment income
4
357,172
-
Rent receivable and
sundry income
5
124,995
-
Total
3,021,768
129,200
Expenditure on:

Raising funds
6
354,496
-
Charitable activities
7
3,410,221
80,853
Investment management
Costs
60,661
-
Total
3,825,378
80,853
Net gains/(losses) on
investments
Gains/(losses) on
Investment assets
17
528,795
-
Net Income/
(expenditure)
(274,815)
48,347
Transfer between funds
21
-
-
Total fund movement
(274,815)
48,347
Reconciliation of funds:
21
Total funds brought forward
22,293,764
101,697
Total funds carried forward 21
22,018,949
150,044		 Total
funds
Unrestricted Restricted
2023
funds
funds
£
£
£
2,571,302
1,713,082
92,905
97,499
80,664
-
357,172
352,609
-
124,995
132,171
-
3,150,968
2,278,526
92,905
354,496
326,417
-
3,491,074
3,408,267
109,305
60,661
69,783
-
3,906,231
3,804,467
109,305
528,795
(1,421,942)
-
(226,468)
(2,947,884)
(16,400)
-
(115)
115
(226,468)
(2,947,999)
(16,285)
22,395,461
25,241,759
117,982
22,168,993
22,293,764
101,697		 Total
funds
2022
£
1,805,987
80,664
352,609
132,172
2,371,432
326,417
3,517,572
69,783
3,913,772
(1,421,942)
(2,964,284)
-
(2,964,282)
25,359,741
22,395,461

All recognised gains and losses are included within the above statement. All amounts relate to continuing activities. The notes on pages 16 to 41 form part of these financial statements.

The trustees have prepared group accounts in accordance with Section 398 of the Companies Act 2006 and Section 138 of the Charities Act 2011. As permitted by s408 Companies Act 2006, the company has not presented its own Statement of Financial Activity and related notes. The Charity's loss for the year was £247,943. (2022 – loss of £3,012,302).

Page 12

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Consolidated balance sheet As at 31 December 2023

Note
2023
£
£
Fixed assets
Tangible assets
16
8,938,732
Investments
17
11,295,535
20,234,267
Current assets
Stocks
18
39,052
Debtors
19
1,840,447
Cash at bank and in hand
305,744
2,185,243
Creditors: amounts falling
due within one year
20
(250,517)
Net current assets
1,934,726
Net assets
22,168,993
Represented by
Funds
Unrestricted funds
21
General fund
2,780,428
Designated funds
Charitable fixed assets
8,812,131
Future grants
1,500,000
Awarded future grants
863,124
Capital fund
8,260,300
BARTA
(217,114)
Horse Trust Trading Company
20,080
19,238,521
Restricted funds
22
150,044
Total accumulated funds
23
22,168,993		 2022
£
£
8,627,387
11,775,976
20,403,362
41,622
1,737,240
364,159
2,143,021
(150,923)
1,992,098
22,395,461
2,963,911
8,607,269
1,500,000
1,250,243
8,190,848
(232,709)
14,202
22,293,764
101,697
22,395,461		 2022
£
£
8,627,387
11,775,976
20,403,362
41,622
1,737,240
364,159
2,143,021
(150,923)
1,992,098
22,395,461
2,963,911
8,607,269
1,500,000
1,250,243
8,190,848
(232,709)
14,202
22,293,764
101,697
22,395,461
20,403,362
1,992,098
22,395,461
2,963,911
8,607,269
1,500,000
1,250,243
8,190,848
(232,709)
14,202
22,293,764
101,697
22,395,461

The financial statements on pages 12 to 41 were approved by the Board of Trustees and authorised for issue on 25 September 2024 are signed on its behalf by:

……………………………..

J Slater Chair

Company Number: 0347417

The notes on pages 16 to 41 form part of these financial activities.

Page 13

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Balance sheet As at 31 December 2023

Note
2023
£
£
Fixed assets
Tangible assets
16
8,918,998
Investments
17
11,315,109
20,234,107
Current assets
Stocks
18
28,872
Debtors
19
2,134,086
Cash at bank and in hand
202,872
2,365,830
Creditors: amounts falling due
within one year
20
(214,338)
Net current assets
2,151,492
Net assets
22,385,599
Represented by
Funds
Unrestricted funds
21
General fund
2,800,000
Designated funds
Charitable fixed assets
8,812,131
Future grants
1,500,000
Awarded future grants
863,124
Capital fund
8,260,300
19,435,555
Restricted funds
22
150,044
Total accumulated funds
23
22,385,599		 2022
£
£
8,607,269
11,795,550
20,402,820
39,722
2,103,350
233,917
2,376,989
(146,268)
2,230,721
22,633,542
2,983,485
8,607,269
1,500,000
1,250,243
8,190,848
22,531,845
101,697
22,633,542		 2022
£
£
8,607,269
11,795,550
20,402,820
39,722
2,103,350
233,917
2,376,989
(146,268)
2,230,721
22,633,542
2,983,485
8,607,269
1,500,000
1,250,243
8,190,848
22,531,845
101,697
22,633,542
20,402,820
2,230,721
22,633,542
2,983,485
8,607,269
1,500,000
1,250,243
8,190,848
22,531,845
101,697
22,633,542

The financial statements on pages 12 to 41 were approved by the Board of Trustees and authorised for issue on are signed on its behalf by: 25 September 2024

……………………………..

J Slater

Chair

Company Number: 0347417

The notes on pages 16 to 41 form part of these financial activities.

Page 14

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Consolidated statement of cashflows As at 31 December 2023

Note
Cash used in operating activities
26
Cashflow from investing activities
Dividends, interest and rents from investments
Proceeds from sale of property, plant and equipment
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash (used in)/provided by investing activities
Cashflow from financing activities
Repayment of borrowings
Cash inflows from Charity Combination
Receipt of endowment
Net cash provided by/(used in) financing
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
27		 2023
£
(873,341)
357,172
-
(551,481)
2,737,806
(1,886,291)
657,206
-
-
-
-
(216,135)
1,372,079
1,155,944		 2022
£
(2,215,400)
352,609
-
(246,810)
5,590,658
(3,126,867)
2,569,590
-
-
-
-
354,190
1,017,890
1,372,080

The notes on pages 16 to 41 form part of these financial statements.

Page 15

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements For the year ended 31 December 2023

1 Accounting policies

The Horse Trust is a company limited by guarantee and has no share capital. In the event of the group being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The group is registered in England and Wales. The registered office is The Horse Trust, Home of Rest for Horses, Speen, Princes Risborough, HP27 0PP.

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.

1.1

Basis of accounting

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK (FRS102) – Charities SORP 2019 and the Companies Act 2006.

The Horse Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

There are no material uncertainties about the group’s ability to continue as a going concern.

The financial statements have been prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

1.2

Consolidation

The financial statements consolidate the results of the Charity Parent (The Horse Trust) and its wholly owned subsidiary The Horse Trust Trading Company Limited as well as British Animal Rescue and Trauma Care Association CIC, which is deemed to be a included in the consolidation of the Trust due to the deemed control rather than share ownership due to the organisational status as a CIC.

The consolidation has been completed on a on a line-by-line basis. The group financial statements incorporate those of The Horse Trust and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements are made up to 31 December 2023.

Page 16

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements For the year ended 31 December 2023

1. Accounting policies

(continued)

1.2 Consolidation (continued)

All intra-group transactions, balances, and unrealised gains on transactions between group companies are eliminated on consolidation. Details of the undertakings together with a summary of their income and expenditure for the year and net assets are shown in notes 17, 30 and 31.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on all fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:-

Freehold land - Nil
Freehold property - over 50 years by equal instalments
Property improvements - over 10 to 30 years by equal instalments
Loose boxes - over 30 years by equal instalments
Plant and equipment - at 10% of the reducing balance
Furniture, fixtures and fittings - at 10% of the reducing balance, or over 3 years by
equal instalments
Motor vehicles - over 5 years by equal instalments

Individual fixed assets costing more than £1,000 are capitalised at cost.

1.4

Investments

Investments are stated at market value at the balance sheet date. The SOFA includes gains and losses arising on revaluations and disposals throughout the year.

Realised gains and losses represent the difference between the market value at the previous balance sheet date and the eventual sale proceeds. Unrealised gains and losses represent the difference between market value at the previous balance sheet date, or cost of any purchases during the year, and the market value at the balance sheet date.

1.5

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

1.6

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.7 Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 17

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements For the year ended 31 December 2023

1. Accounting policies

(continued)

1.8 Creditors and provisions

1.9 Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.10 Pension costs

The company contributes to a defined contribution pension scheme and a group personal pension plan. Contributions to the pension scheme are charged to the income and expenditure account as they fall due.

1.11 Incoming resources

All incoming resources are included in the statement of financial activities when the group is entitled to the income and the amount can be measured with reliably.

Voluntary income is received by way of legacies and donations. Donations are included in full in the statement of financial activities when received.

For legacies, entitlement is taken as the earlier of the date on which either: the group is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the group has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the group, or the group is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material (see note 25).

1.12 Donated goods

The Trust receives assistance in the form of donated goods. This income is recognised in the statement of the financial activities at market value or managements estimate as the Trust would otherwise have to purchase these goods.

Page 18

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements For the year ended 31 December 2023

1. Accounting policies

(continued)

1.13

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly.

Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases when the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the group and include the audit fees and costs linked to the strategic management of the group.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.14

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the group; this is normally upon notification of the interest paid or payable by the Bank.

1.15 Allocation of support costs

Support costs are those functions that assist the work of the group but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trusts artistic programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been apportioned on an appropriate basis as set out in Note 12.

1.16 Taxation

The Trust as a charity is not liable for assessment to tax on its income and gains to the extent that they are applied to its charitable objectives.

Page 19

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements For the year ended 31 December 2023

1. Accounting policies

(continued)

1.17

Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on the general fund and designated funds. They are available for use at the discretion of the Committee of Management in furtherance of the Trust’s general charitable objectives.

Designated funds are those funds designated for particular purposes or projects at the discretion of the Committee of Management. These are explained in more detail in Note 21.

Restricted funds are created when income is received which has a restriction placed upon its use by the donor.

1.18

Going Concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the group 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 preparing the financial statements.

Page 20

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements For the year ended 31 December 2023 (continued)

2. Donations and legacies

Unrestricted
Restricted
2023
2023
£
£
Donations income
472,106
129,200
BARTA income
219,068
-
Legacies
1,750,928
-
2,442,102
129,200
3.
Income from charitable activities
Unrestricted
Restricted
2023
2023
£
£
Fundraising
29,922

Respite income
-

Training income
67,577

97,499

4.
Investment income
Unrestricted
Restricted
2023
2023
£
£
Income from investments
308,385

Bank interest
48,787

357,172

5.
Rent receivable and sundry income
Unrestricted
Restricted
2023
2023
£
£
Rent
6,288

Trading subsidiary income
118,519

Other
188

124,995
 Unrestricted
Restricted
2023
2023
£
£
Donations income
472,106
129,200
BARTA income
219,068
-
Legacies
1,750,928
-
2,442,102
129,200
3.
Income from charitable activities
Unrestricted
Restricted
2023
2023
£
£
Fundraising
29,922

Respite income
-

Training income
67,577

97,499

4.
Investment income
Unrestricted
Restricted
2023
2023
£
£
Income from investments
308,385

Bank interest
48,787

357,172

5.
Rent receivable and sundry income
Unrestricted
Restricted
2023
2023
£
£
Rent
6,288

Trading subsidiary income
118,519

Other
188

124,995
 Total
2023
£
601,306
219,068
1,750,928
2,571,302

Total

2023

£
-
29,922
-
-
-
67,577
-
97,499

Total

2023

£
-
308,385
-
48,787
-
357,172

Total

2023

£
-
6,288
-
118,519
-
188
-
124,995		 Total
2023
£
601,306
219,068
1,750,928
2,571,302

Total

2023

£
-
29,922
-
-
-
67,577
-
97,499

Total

2023

£
-
308,385
-
48,787
-
357,172

Total

2023

£
-
6,288
-
118,519
-
188
-
124,995		 Total
2022
£
373,441
202,568
1,229,978
1,805,987



-
-
-
-



-
-
-



-
-
-
-





Total
2022
£
33,192
704
46,769
97,499 80,664
Total
2023
£
308,385
48,787		 Total
2022
£
342,804
9,805
357,172 352,609
Total
2023
£
6,288
118,519
188		 Total
2022
£
6,285
96,317
29,571
124,995 132,172

Page 21

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements For the year ended 31 December 2023 (continued)

6.
Cost of raising funds
Unrestricted
Restricted
Total
Total
2023
2023
2023
2022
£
£
£
£
Cost of generating voluntary income
75,623
-
75,623
66,409
Public relations
656
-
656
545
Promotional material
2,561
-
2,561
2,044
Trading subsidiary costs
85,142
-
85,142
68,819
Support costs (see Note 12)
190,514
-
190,514
188,600
354,496
-
354,496
326,417
Basis of allocation for support costs is direct.
7.
Charitable activities expenditure
Unrestricted
Restricted
Total
Total
2023
2023
2023
2022
£
£
£
£
Home of Rest for Horses
2,036,220
26,639
2,062,859
2,007,012
Research costs
749,522
54,214
803,736
884,899
Education in Equine Welfare
325,867
-
325,867
351,477
BARTA costs
203,473
-
203,473
182,047
Governance (Note 12)
95,139
-
95,139
92,136
Total
3,410,221
80,853
3,491,074
3,517,572
Activities
(Note 12)
undertaken
Support
Total
funds
costs
2023
£
£
£
Home of Rest for Horses
814,706
1,221,514
2,036,220
Research costs
503,036
246,486
749,522
Education in Equine Welfare
33,065
292,802
325,867
Governance
95,139
95,139
Total
1,350,807
1,855,941
3,206,748		 Total
2023
£
75,623
656
2,561
85,142
190,514		 Total
2022
£
66,409
545
2,044
68,819
188,600
354,496 326,417
Total
2022
£
2,007,012
884,899
351,477
182,047
92,136
3,517,572

Page 22

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements For the year ended 31 December 2023 (continued)

8.
Analysis of expenditure
Forage and rent
Fertiliser and muck disposal
Repairs and maintenance
Fencing
Heat and light
Insurances
Council tax and water
Veterinary, farrier and other
costs
Yard equipment and uniform
Vehicle expenses
Depreciation
Scientific research
Clinical scholarship
Other Grants
Science Diss
HorseLife
Education sponsorship
Best Practice
Providing professional training
Equine Policy
Cost of generating voluntary
income
Public relations
Promotional material
Investment costs
BARTA costs
Trading subsidiary costs
Support costs (see Note 12)		 Charitable
Cost of raising
Activities Governance
raising funds
£
£
£
104,532
-
-
7,244
-
-
97,068
-
-
10,012
-
-
70,679
-
-
69,163
-
-
21,287
-
-
180,798
-
-
11,144
-
-
41,486
-
-
201,290
-
-
327,214
-
-
112,069
-
-
14,930
-
-
13,916
-
-
34,907
-
-
9,941
-
-
8,496
-
-
12,391
-
-
2,238
-
-
-
-
75,623
-
-
659
-
-
2,561
-
-
60,661
203,472
-
-
85,142
-
-
1,760,802
95,139
190,514
3,400,219
95,139
330,018		 Total
2023
£
104,532
7,244
97,068
10,012
70,679
69,163
21,287
180,798
11,144
41,486
201,290
327,214
112,069
14,930
13,916
34,907
9,941
8,496
12,391
2,238
75,623
659
2,561
60,661
203,472
85,142
2,046,455
3,825,376		 Total
Basis of
2022 allocation
£
77,135 Direct
6,030 Direct
96,757 Direct
- Direct
63,919 Direct
62,342 Direct
25,240 Direct
185,673
Direct
21,789 Direct
31,587 Direct
205,530 Direct
250,801 Direct
158,828 Direct
72,409 Direct
25,163 Direct
66,972 Direct
16,743 Direct
11,924 Direct
7,083 Direct
2,816 Direct
66,409 Direct
547 Direct
2,044 Direct
69,783 Direct
182,047 Direct
68,819 Direct
2,026,079 Direct
3,804,469

Page 23

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements For the year ended 31 December 2023 (continued)

9.
Research costs
Scientific research
Clinical scholarship
Other grants
Science Diss
HorseLife
Support costs (see Note 12)
10.
Education in Equine Welfare
Education sponsorship
Best Practice
Providing professional training
Equine Policy
Support costs (see Note 12)
11.
Analysis of grants
Analysis
Veterinary Research
Grants to institutions
University of Liverpool
Royal Veterinary College
University of Edinburgh
University of Nottingham
Other
Liphook		 2023
£
327,214
112,069
14,930
13,916
34,907
246,486
749,521
2023
£
9,941
8,496
12,391
2,238
292,802
325,867
Grants to
Support costs
institutions
(see Note 12)
£
£
454,212
246,486
312,779
72,925
31,455
24,523
9,530
3,000
454,212		 2022
£
250,801
158,828
72,409
25,163
66,972
254,469
828,642
2022
£
16,743
11,924
7,083
2,816
302,621
341,186
Total
£
700,698





Page 24

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements

For the year ended 31 December 2023 (continued)

12. Support costs

Salaries
Salary on costs
Recruitment
Pension
Cleaning
Telephone and
Internet
Website
Design
Sundries
Purchases
Depreciation
of office
equipment
Audit and
Accountancy
IT Support
Legal and
Professional
fees
Health and
Safety
Site security
Travel
Expenses
Committee
Expenses
Postage,
Printing and
Stationery
IT Equipment
HR
Development
Bank Charges
and Interest		 Cost of
Education
Raising
The
Research
in equine
Governance
Total
Basis of
Funds
Home
costs
welfare
costs
2023 apportionment
£
£
£
£
£
£
131,046
948,429
167,755
185,088
58,619
1,490,937
Staff time
1,851
19,650
1,593
3,753
372
27,219
Staff
105
1,119
91
214
21
1,550
Direct costs
11,999
68,833
19,963
32,581
15,197
148,573
Staff time
3,988
42,342
3,433
8,087
801
58,651
Staff
2,219
23,566
1,910
4,501
446
32,642
Staff
1,465
1,465
1,465
1,465
-
5,860
Equal split
-
1,064
1,064
1,064
-
3,192
Equal split
16,598
-
-
-
-
16,598
Direct costs
7,020
7,020
7,020
7,020
-
28,080
Equal split
-
1,740
1,740
1,740
13,840
19,060

-
12,617
12,617
12,617
-
37,851
Equal split
-
9,136
9,136
9,136
-
27,408
Equal split
1,622
17,228
1,397
3,291
326
23,864
Staff
3,439
36,518
2,960
6,975
690
50,582
Staff
153
6,473
5,555
4,626
1,154
17,961
Direct costs
-
-
-
-
1,535
1,535
Direct costs
4,837
4,837
4,837
4,837
-
19,348
Equal split
761
761
761
761
-
3,044
1,591
16,896
1,370
3,227
319
23,403
Staff
1,819
1,819
1,819
1,819
1,819
9,095
Equal split
190,514
1,221,514
246,486
292,802
95,139
2,046,453*

Page 25

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements

For the year ended 31 December 2023 (continued)

pport costs -
Salaries
Salary on costs
Recruitment
Pension
Cleaning
Telephone and
Internet
Website
Design
Sundries
Purchases
Depreciation
of office
equipment
Audit and
Accountancy
IT Support
Legal and
Professional
fees
Health and
Safety
Site security
Travel
Expenses
Committee
Expenses
Postage,
Printing and
Stationery
HR
Development
Bank Charges
and Interest		 2022
(continued)
Cost of
Education
Raising
The
Research
in equine
Governance
Total
Basis of
Funds
Home
costs
welfare
costs
2022 apportionment
£
£
£
£
£
£
125,883
879,018
163,097
181,047
58,087
1,407,132
Staff time
892
11,149
871
2,004
213
15,129
Staff
226
2,819
220
507
54
3,826
Direct costs
9,558
68,927
15,725
28,333
6,559
129,102
Staff time
4,301
53,763
4,199
9,664
1,026
72,953
Staff
2,137
26,715
2,086
4,802
510
36,250
Staff
3,346
3,346
3,346
3,346
13,384
Equal split
1,371
1,371
1,371
4,113
Equal split
17,104
17,104
Direct costs
9,736
9,736
9,736
9,736
38,944
Equal split
1,740
1,740
1,740
15,000
20,220

13,262
13,262
13,262
39,786
Equal split
18,855
18,855
18,855
56,565
Equal split
822
10,273
802
1,846
196
13,939
Staff
3,242
40,526
3,165
7,284
774
54,991
Staff
93
5,258
4,799
4,289
1,817
16,256
Direct costs
4,534
4,534
Direct costs
5,890
5,890
5,890
5,890
23,560
Equal split
2,630
32,868
2,567
5,908
628
44,601
Staff
2,738
2,738
2,738
2,738
2,738
13,690
Equal split
188,600
1,188,253
254,469
302,621
92,136
2,026,079*

12. Support costs - 2022

The group adopts a policy of allocating costs to the respective cost heading through the year. This allocation includes support costs where they are directly attributable. Where such costs are not directly attributable they are allocated on either staff time or number. Where this is not considered appropriate support costs are allocated evenly.

*Audit - governance/Accountancy – equal split

Page 26

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements

For the year ended 31 December 2023 (continued)

13. Net incoming resources for the year

2023 2022
£ £
This is arrived at after charging or (crediting):
Rent receivable under operating leases
Land and buildings (6,288) (6,285)
Depreciation – owned fixed assets 240,137 243,965
Loss on capital – owned fixed assets - 10,070
Auditors’ remuneration
Audit services 13,840 12,820
Non audit services 5,220 1,400

14. Employees

a. Number of employees

During the year the average monthly number of full time equivalent staff employed by the Trust was as follows:-

Farm and stables
Home support staff
The Horse Trust Trading Co
BARTA
b.
Employment costs
Wages and salaries
Social security costs
Pension costs		 Group
2023
£
33
15

12
2
62
Group
2023
£
1,537,734
140,501
148,573
1,826,808		 Group
2023
£
33
15
12
2		 Group
2022
£

29

19

8

2

58
Group
2022
£
1,440,117
125,287
129,102
1,694,506		 Charity
2023
£
33
15
-
-
48
Charity
2023
£
1,351,252
139,684
148,573
1,639,510		 Charity
2022
£
32
15
-
-
47
Charity
2022
£
1,282,265
124,866
129,102
62
1,536,233

All staff are employed by the group.

Page 27

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements For the year ended 31 December 2023 (continued)

14. Employees

(continued)

During the year there was one employee who earned between £110,000 and £120,000 (2022: one) and three employees who earned between £60,000 and £70,000 (2022: none).

The key management personnel for the group comprise of four individuals considered to make decisions on behalf of the Trustees. Total employee benefits of the key management personnel of the group was £289,005 (2022: £305,539).

No Trustees received remuneration during the year (2022: £nil).

15. Taxation

The company is a registered charity and is not considered liable to taxation on its charitable activities. Income tax deducted at source from income is recoverable, where possible, from HM Revenue & Customs.

16. Tangible fixed assets

Loose boxes
Motor
Freehold land,
and other
Furniture
vehicles
property and
plant and
fixtures
and horse
improvements
equipment
and fittings
ambulance
£
£
£
£
Cost
1 January 2023
9,132,171
672,017
439,596
99,174
Additions
504,973
11,415
35,095
-
Disposals
-
-
-
-
31 December 2023
9,637,143
683,432
474,691
99,174
Depreciation
1 January 2023
1,038,504
301,691
283,370
92,006
Charge for the year
159,571
45,737
28,080
6,749
Disposal
-
-
-
-
31 December 2023
1,198,075
347,428
311,450
98,755
Net book values
31 December 2023
8,439,068
336,004
163,241
419
31 December 2022
8,093,668
370,326
156,226
7,168		 Total
£
10,342,958
551,482
-
10,894,440
1,715,571
240,137
-
1,955,708
8,938,732
8,627,387

Page 28

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements

For the year ended 31 December 2023 (continued)

16. Tangible fixed assets

(continued)

Summary - Charity

Loose boxes
Motor
Freehold land,
and other
Furniture
vehicles
property and
plant and
fixtures
and horse
improvements
equipment
and fittings
ambulance
£
£
£
£
Cost
1 January 2023
9,132,172
627,664
439,596
99,174
Additions
504,971
6,900
35,095
-
Disposals
-
-
-
-
31 December 2023
9,637,143
634,564
474,691
99,174
Depreciation
1 January 2023
1,038,504
277,455
283,370
92,006
Charge for the year
159,571
40,839
28,080
6,749
Disposal
-
-
-
-
31 December 2023
1,198,075
318,294
311,450
98,755
Net book values
31 December 2023
8,439,068
316,270
163,241
419
31 December 2022
8,093,668
350,209
156,226
7,168		 Total
£
10,298,606
546,966
-
10,845,572
1,691,335
235,239
-
1,926,574
8,918,998
8,607,270

b. Analysis of freehold property

Included within freehold property and improvements is land of £2,364,936 (2022: £2,364,936) which is not depreciated. Freehold property comprises property at Speen Farm, Langley Farm and Little Moseley Farm, Buckinghamshire.

Page 29

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements

For the year ended 31 December 2023 (continued)

17. Investments

a.
Investment in subsidiary undertaking
Cost
1 January 2023
31 December 2023
Impairment
1 January 2023 and 31 December 2023
Movement in year
31 December 2023
Net book values
Brought Forward
Carried Forward
Group
2023
£
-
-
-
-
-

-
-		 Group
2022
£
-
-
-
-
-

-
-		 Charity
2023
£
19,574
19,574
-
-
-
19,574
19,574		 Charity
2022
£
19,574
19,574
-
-
-
19,574
19,574

The Charity has 100% ownership of The Horse Trust Trading Company Limited and has 100% control of British Animal Rescue and Trauma Care Association CIC. The acquisition shown above represents the investment treated as a “gift” at the date of the charitable combination.

Page 30

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements

For the year ended 31 December 2023 (continued)

17.
Investments
b.
Investment portfolio
Group
2023
£
Cost
1 January 2023
8,953,287
Additions at cost
1,886,291
Disposals
(2,501,974)
31 December 2023
8,337,604
Unrealised gain
1 January 2023
1,814,768
Movement in year
292,963
31 December 2023
2,107,731
Market value of quoted investments
31 December 2023
10,445,335
Other investment monies
Stockbroker open accounts
Capital account
280,783
Income account
569,417
31 December 2023
850,200
Total investments
11,295,535
c.
Analysis of realised and unrealised gain
Group
2023
£
Realised gain/(loss)
235,832
Unrealised gain/(loss)
292,963
Total net gains/(losses)
528,795		 Group
2022
£
10,488,852
3,126,867
(4,662,432)
8,953,287
4,168,782
(2,354,014)
1,814,768
10,768,055
431,014
576,907
1,007,921
11,775,976
Group
2022
£
932,072
(2,354,014)
(1,421,942)		 Charity
2023
£
8,953,287
1,886,291
(2,501,974)
8,337,604
1,814,768
292,963
2,107,731
10,445,335
280,783
569,417
850,200
11,295,535
Charity
2023
£
235,832
292,963
528,795		 (continued)
Charity
2022
£
10,488,853
3,126,867
(4,662,432)
8,953,287
4,168,782
(2,354,014)
1,814,768
10,768,055
431,014
576,907
1,007,921
11,775,976
Charity
2022
£
932,072
(2,354,014)		 (continued)
Charity
2022
£
10,488,853
3,126,867
(4,662,432)
8,953,287
4,168,782
(2,354,014)
1,814,768
10,768,055
431,014
576,907
1,007,921
11,775,976
Charity
2022
£
932,072
(2,354,014)
8,953,287
4,168,782
(2,354,014)
1,814,768
10,768,055
431,014
576,907
1,007,921
11,775,976
Charity
2022
£
932,072
(2,354,014)
(1,421,942)

Page 31

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements

For the year ended 31 December 2023 (continued)

17. Investments

(continued)

d. Analysis of investments

Quoted investments at market value are comprised of:

UK equities
Non UK equities
UK fixed interest securities
UK bonds
Other UK investments held
Other non UK investments held		 Group
2023
£
533,386
6,745,585
225,935
1,295,352
367,412
1,277,666
10,445,336		 Group
2022
£
1,647,287
5,640,776
287,978
1,222,115
226,078
1,743,822
10,768,055		 Charity
2023
£
533,386
6,745,585
225,935
1,295,352
367,412
1,277,666
10,445,336		 Charity
2022
£
1,647,287
5,640,776
287,978
1,222,115
226,078
1,743,822
10,768,055

e. Subsidiaries

Name

Business activity

Wholly owned Subsidiaries of the charity: The Horse Trust Trading Company ● Undertakes the trading activities of the charity Limited British Animal Rescue and Trauma Care ● The provisional services of the rescue and trauma Association CIC care of animals

For the financial year ended 31 December 2023 the above subsidiaries were entitled to exemption from audit of their individual financial statements under section 479A of the Companies Act relating to subsidiary companies.

18. Stocks

Forage
Veterinary Drugs
Merchandise
Other		 Group
2023
£
5,494
16,248
7,130
10,180
39,052		 Group
2022
£
6,519
23,398
9,805
1,900
41,622		 Charity
2023
£
5,494
16,248
7,130
-
28,872		 Charity
2022
£
6,519
23,398
9,805
-
39,722

Page 32

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements

For the year ended 31 December 2023 (continued)

19.
Debtors
Income tax recoverable
Other debtors and prepayments
Amounts due from subsidiary
undertakings		 Group
2023
£
29,000
1,811,447
-
1,840,447		 Group
2022
£
53,160
1,684,080
-
1,737,240		 Charity
2023
£
29,000
1,761,674
343,412
2,134,086		 Charity
2022
£
53,160
1,674,410
375,781
2,103,351

All amounts shown under debtors fall due for payment within one year.

20.
Creditors: amounts falling due within one year
Group
2023
£
Trade creditors
128,858
Other taxes and social security
costs
36,287
Accruals
85,372
250,717		 Group
2022
£
67,159
33,350
50,413
150,923		 Charity
2023
£
125,883
36,287
52,168
214,338		 Charity
2022
£
63,442
33,350
49,476
146,268

Page 33

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements

For the year ended 31 December 2023 (continued)

21. Funds movement summary

Group

Unrestricted funds
General funds
Designated funds
Charitable fixed assets
BARTA
Horse Trust Trading
Future grants
Awarded future grants
Capital fund
Restricted fund (note 22)
Total accumulated funds		 Balance at
1 Jan 2023
£
2,963,911
8,607,269
(232,709)
14,202
1,500,000
1,250,243
8,190,848
22,293,766
101,697
22,395,461		 Incoming
resources
£
2,684,181
-
219,068
118,519
-
-
-
3,021,768
129,200
3,150,968		 Resources
expended
£
(2,853,930)
(228,621)
(203,473)
(85,142)
-
(454,212)
-
(3,825,378)
(80,853)
(3,906,231)		 Investment
gains
Transfers In
Transfers Out
£
£
£
-
27,499
(41,233)
-
433,483
-
-
-
-
-
-
(27,499)
-
-
-
-
67,093
-
528,795
-
(459,343)
528,795
528,075
(528,075)
-
-
-
528,795
528,075
(528,075)		 Balance at
31 Dec 2023
£
2,780,428
8,812,131
(217,114)
20,080
1,500,000
863,124
8,260,300
22,018,949
150,044
22,168,993

Page 34

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements

For the year ended 31 December 2023 (continued)

21. Funds movement summary

Charity

Unrestricted funds
General funds
Designated funds
Charitable fixed assets
Future grants
Awarded future grants
Capital fund
Restricted fund (note 22)
Total accumulated funds		 Balance at
1 Jan 2023
£
2,983,485
8,607,269
1,500,000
1,250,243
8,190,848
22,531,845
101,697
22,633,542		 Incoming
resources
£
2,711,680
-
-
-
-
2,711,680
129,200
2,840,880		 Resources
expended
£
(2,853,932)
(228,621)
-
(454,212)
-
(3,536,765)
(80,853)
(3,617,618)		 Investment
gains
Transfers in
Transfers out
£
£
£
-
-
(41,233)
-
433,483
-
-
-
-
-
67,093
-
528,795
-
(459,343)
528,795
500,576
(500,576)
-
-
-
528,795
500,576
(500,576)		 Balance at
31 Dec 2023
£
2,800,000
8,812,131
1,500,000
863,124
8,260,300
22,235,555
150,044
22,385,599

The general fund represents the operating reserves of the group and is approximately twelve months operating expenditure.

The designated funds are those funds designated at the discretion of the committee for particular purposes as detailed in the Trustee’s Report.

The charitable fixed assets fund represents fixed assets held for the Home’s use.

The future grants fund is for the purpose of making grants to equine/scientific projects in the future, the group awards approximately £500,000 per year in new research grants.

The awarded future grants fund represents the equine / scientific projects that have been awarded and will be paid out over the next three years.

Page 35

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements

For the year ended 31 December 2023 (continued)

21. Funds movement summary

(continued)

The capital fund represents funds set aside to ensure a flow of income which is sufficient to support the future activities of the group including long term plans to issue grants for further scientific research. The fund was established during the year ended 31 December 1998 by a transfer from the general fund of £12,750,000.

The Restricted fund represents the balance of donations due to be applied for specific purposes determined by the donors, see Note 22.

Page 36

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements For the year ended 31 December 2023 (continued)

22. Restricted funds

Balance
brought
forward
£
Scholarship funding
8,012
Field shelters
20,175
Site development
60,907
Horse walkers
6,364
Hay steamer
Vet equipment – Dental
3,864
Vet equipment – Endoscope
2,305
Storm Eunice
71
Vet
-
Various
-
101,697
23.
Analysis of net assets between funds
Group		 Received
£
47,400
12,600
-
-
7,200
-
-
20,000
42,000
129,200		 Applied
£
(54,214)
(2,050)
(1,280)
(1,693)
(1,000)
(348)
(176)
(71)
(20,000)
(21)
(80,853)		 Balance
carried
forward
£
1,197
30,725
59,627
4,671
6,200
3,516
2,129
-
-
41,979
150,044
Unrestricted funds
General fund
Designated funds:
Charitable fixed assets
BARTA
Trading Company
Future grants
Future awarded grants
Capital fund
Restricted funds
Total funds		 Tangible
Net current
fixed assets
Investments
assets
£
£
£
-
2,780,428
8,812,131
-
-
7,473
-
(224,587)
12,261
-
7,819
-
1,500,000
-
-
863,124
-
-
6,108,806
2,151,494
8,831,865
11,252,358
1,934,726
106,867
43,177
-
8,938,732
11,295,535
1,934,726		 Total
£
2,780,428
8,812,131
(217,114)
20,080
1,500,000
863,124
8,260,300
22,018,949
150,044
22,168,993

Page 37

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements For the year ended 31 December 2023 (continued)

23. Analysis of net assets between funds

(continued)

Charity

Unrestricted funds
General fund
Designated funds:
Charitable fixed assets
Future grants
Future awarded grants
Capital fund
Restricted funds
Total funds		 Tangible
fixed assets
£
-
8,812,131
-
-
-
8,812,131
106,867
8,918,998
Investments
£
2,800,000
-
1,500,000
863,124
6,108,808
11,271,932
43,177
11,315,109		 Net current
assets
£
-
-
-
2,151,492
2,151,492
-
2,151,492		 Total
£
2,800,000
8,812,131
1,500,000
863,124
8,260,300
22,235,555
150,044
22,385,599

24. Pensions

The charitable company operates a defined contribution plan and a group personal pension plan. The assets of both schemes are held separately from the group in independently administered funds. The pension cost charge of £148,573 (2022: £129,102) represents contributions payable to the funds.

25. Material legacies

Legacy income is only included in incoming resources where receipt is reasonably certain and the amount is known with certainty, or the legacy has been received.

As at 31 December 2023 the group has also been notified of a number of legacies that are subject to life tenancies. These legacies have not been accrued for in the financial statements as the conditions of recognition had not been met. These legacies cannot be measured reliably however the best estimate of the value of these legacies is approximately £141,253 (2022: £141,253).

Page 38

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements For the year ended 31 December 2023 (continued)

26. Reconciliation of net income/(expenditure) to net cashflow from operating activities

Net income for the reporting period
Adjustments for:
Depreciation charge
Profit /loss on disposal of fixed assets
Interest and dividend income shown in investing activities
Net gains on investments
Decrease/(increase) in stock
Decrease/(increase) in debtors
Increase/(decrease) in creditors		 Group
2023
£
(226,468)
240,137
-
(357,172)
(528,795)
2,570
(103,207)
99,594
(873,341)		 Group
2022
£
(2,964,284)
246,810
10,070
(352,609)
1,421,942
783
(576,731)
(1,381)
(2,215,400)

27. Analysis of cash and cash equivalents

Cash in hand
Notice deposits (less than 3 months)		 Group
2023
£
305,744
850,200
1,155,944		 Group
2022
£
364,159
1,007,921
1,372,080

28. Capital commitments

At 31 December 2023 the charity had committed to the construction of a new website, the cost committed to at the year end amounted to £7,325 (2022: £Nil), this project was completed in the early part of 2024.

29. Related party transactions

The only related party transactions during 2023 are the transactions with The Horse Trust Trading Company Limited; a 100% wholly owned subsidiary and with the British Animal Rescue and Trauma Care Association CIC (BARTA); deemed a subsidiary on the basis of control. See notes 30 and 31 for the respective trading results of these subsidiaries for the year ended 31 December 2023.

At the year end 31 December 2023 there was a balance of £305,018 (2022: £346,091) owed from BARTA and £38,393 (2022: £26,690) due from the Trading subsidiary to the Charity.

During the year, expenses were paid to five Trustees totalling £793 (2022: £2,933) for reimbursed travel and subsistence costs. No other payments were made to Trustees or any persons connected with them during this financial year or the prior period.

Page 39

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements For the year ended 31 December 2023 (continued)

30. Subsidiary results

The Charity owns the whole of the issued ordinary share capital of The Horse Trust Trading Company Limited, company number 08614961 and has control over British Animal Rescue and Trauma Care Association CIC, company number 08255580. Each entity is registered in England and details of their activities are given below.

The following results are for The Horse Trust Trading Company Limited;

Profit and Loss account
For the year ended 31 December 2023
Turnover
Cost of sales
Gross profit
Administrative expenses
Profit or (loss) for the financial year
Balance sheet
As at 31 December 2022
Fixed assets
Tangible assets
Current assets
Debtors
Cash at bank and in hand
Total current assets
Creditors: Amounts falling due within one year
Net current assets/(liabilities)
Total net assets/(liabilities)		 2023
£
118,518
(18,864)
99,654
(66,278)
33,376
2023
£
12,259
-
46,799
46,799
(38,978)
7,821
20,080		 2022
£
96,317
(18,186)
78,131
(50,633)
27,499
2022
£
14,663
722
30,014
30,736
(31,196)
(460)
14,203

Page 40

Docusign Envelope ID: 2D89A7ED-8D0C-409C-A98E-C5BB7F2F3A1F

The Horse Trust

Notes to the financial statements

For the year ended 31 December 2023 (continued)

31. Subsidiary results

(continued)

The following results are for British Animal Rescue and Trauma Care Association CIC.

Profit and Loss account
For the year ended 31 December 2023
Turnover
Cost of sales
Gross profit
Administrative expenses
Profit or (loss) for the financial year
Balance sheet
As at 31 December 2023
Fixed assets
Tangible assets
Current assets
Stocks
Debtors
Cash at bank and in hand
Total current assets
Creditors: Amounts falling due within one year
Net current assets/(liabilities)
Total net assets/(liabilities)		 2023
£
219,068
(55,159)
163,909
(148,314)
15,595
2023
£
7,473
10,180
49,774
56,072
116,026
(340,613)
(224,587)
(217,114)		 2022
£
202,568
(50,405)
152,163
(131,642)
20,521
2022
£
5,454
1,900
8,949
100,228
111,076
(349,239)
(238,163)
(232,709)

Page 41