2024-12-31-accounts

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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 2024

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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
	Professor D Archer
	Professor P Clegg
	Mr D Cook
	Lord R De Mauley (Resigned 26 June 2025)
	Ms M Jennings (Appointed 26 June 2024)
	Mrs B Jones
	Mr C Marriott (Resigned 26 June 2024)
	Ms L McGillycuddy (Resigned 26 June 2025)
	Professor B McGorum (Resigned 26 June 2024)
	Mr R Neal
	Ms C Roddis (Resigned 26 June 2025)
	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

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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

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The Horse Trust

	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 - 40

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The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2024

The Board of Trustees has pleasure in presenting its report and the financial statements for the year ended 31 December 2024.

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.

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The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2024

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).

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 is carried out on a regular basis 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 2024 The Horse Trust began working towards a new strategy.

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

1. Demonstrate Best Practice – The Home of Rest for Horses

We aim to demonstrate best practice in providing lifelong sanctuary and respite care at the Home of Rest for Horses, for equines (1) who have served their country or community, (2) who come to us suffering, distressed and in need of special care or (3) for special cases as defined by the Trust.

2. Develop Best Practice – Science & Scientific Research Enable, carry out and fund (when able) appropriate research that incorporates human behaviour, equine behaviour, and physical health to impact positively on equine quality of life.

3. Disseminate Best Practice -Training and Development Disseminating best practice via the most appropriate channels for any intended audience.

4. Drive Best Practice – Policy Using available evidence to impartially drive and facilitate effective policy making to improve equine wellbeing. This includes policy at both governmental level and at sector level.

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The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2024

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.

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.

During 2024 The Horse Trust has also run a very successful pilot project alongside the HCMR offering long weekend respite turnout for Knightsbridge based horses.

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

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The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2024

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.

Projects supported University of Liverpool Royal Veterinary College Others University of Nottingham University of Edinburgh Liphook	2024 2023 No £ No £ 7 177,669 8 312,779 4 189,150 3 72,925 3 10,836 2 9,530 2 27,006 2 24,523 - - 2 31,455 - - 1 3,000
	16 404,661 18 454,212

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 has developed 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. 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

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 continues to develop and expand its “Weigh To Win” programme that encourages and supports showing organisations, judges and competitors to adjust to a healthy weight for their horses.

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

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The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2024

by government and the rest of the UK’s equine sector during 2024. 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 exits.

Financial Review

Review of the year

2024 was a more promising year financially than 2023 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 2024 The Horse Trust received legacies of £1,195,773 (2023 – £1,750,928).

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

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 £11,197,130 (2023 - £11,295,535) as disclosed in note 17 of these financial statements.. 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 £2.97m.

Public relations and fundraising

During 2024 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

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The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2024

regular givers and then to encourage committed donors to become legators. Costs have continued to be controlled throughout 2024 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 2025 the charity intends to expand the successful respite pilot with HCMR and increase the numbers of horses having long weekend turnout.

The Horse Trust has decided that during 2025 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. There are also further plans to increase the amount of science dissemination using new methods and targeting different audiences.

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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

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The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2024

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:

there is no relevant audit information, being information needed by the auditor in connection with preparing their report, of which the charitable company’s auditors are unaware; and
the trustees, having made enquiries of fellow directors and the group’s auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

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 have indicated their willingness to continue in office.

The report was approved by order of the Board of Trustees on 26 September 2025

……………………….

J Slater - Chair

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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 2024 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:

give a true and fair view of the state of affairs of the group and parent charitable company as at 31 December 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the Companies Act 2006.

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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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:

the information given in the Trustees’ Annual Report which includes the Directors’ Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Trustees’ Annual Report which includes the Directors’ Report and the Strategic Report has been prepared in accordance with applicable legal requirements.

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:

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

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.

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The Horse Trust

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

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 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.

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The Horse Trust

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

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.

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) 26 September 2025 for and on behalf of Saffery LLP Date: ------------------Statutory Auditors St John's Court

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

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

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The Horse Trust

Consolidated statement of financial activities (including income and expenditure account) For the year ended 31 December 2024

Unrestricted Restricted Note funds funds £ £ Income from Donations and legacies 2 1,748,915 431,232 Charitable activities & training income 3 82,021 - Investment income 4 351,604 - Rent receivable and sundry income 5 130,910 - Total 2,313,450 431,232 Expenditure on: Raising funds 6 403,886 - Charitable activities 7 3,563,278 115,450 Investment management costs 59,589 - Total 4,026,753 115,450 Net gains on investments Gains on Investment assets 17 866,830 - Net Income/ (expenditure) (846,473) 315,782 Transfer between funds 21 - - Total fund movement (846,473) 315,782 Reconciliation of funds: 21 Total funds brought forward 22,018,949 150,044 Total funds carried forward 21 21,172,476 465,826	Total funds Unrestricted Restricted 2024 funds funds £ £ £ 2,180,147 2,442,102 129,200 82,021 97,499 - 351,604 357,172 - 130,910 124,995 - 2,744,682 3,021,768 129,200 403,886 354,496 - 3,678,728 3,410,221 80,853 59,587 60,661 - 4,142,201 3,825,378 80,853 866,830 528,795 - (530,689) (274,815) 48,347 - - - (530,689) (274,815) 48,347 22,168,993 22,293,764 101,697 21,638,302 22,018,949 150,044	Total funds 2023 £ 2,571,302 97,499 357,172 124,995
		3,150,968
		354,496 3,491,074 60,661
		3,906,231
		528,795
		(226,468) -
		(226,468) 22,395,461
		22,168,993

All recognised gains and losses are included within the above statement. All amounts relate to continuing activities. The notes on pages 16 to 40 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 £477,329 (2023 – loss of £247,943).

Page 12

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Consolidated balance sheet As at 31 December 2024

Note 2024 £ £ Fixed assets Tangible assets 16 8,848,268 Investments 17 11,197,730 20,045,998 Current assets Stocks 18 37,289 Debtors 19 1,439,207 Cash at bank and in hand 295,676 1,772,172 Creditors: amounts falling due within one year 20 (179,868) Net current assets 1,592,304 Net assets 21,638,302 Represented by Funds Unrestricted funds 21 General fund 2,966,624 Designated funds Charitable fixed assets 8,833,044 Future grants 1,500,000 Awarded future grants 483,737 Capital fund 7,639,466 BARTA (254,847) Horse Trust Trading Company 4,452 21,172,476 Restricted funds 22 465,826 Total accumulated funds 23 21,638,302	2023 £ £ 8,938,732 11,295,535 20,234,267 39,052 1,840,447 305,744 2,185,243 (250,517) 1,934,726 22,168,993 2,780,428 8,812,131 1,500,000 863,124 8,260,300 (217,114) 20,080 22,018,949 150,044 22,168,993	2023 £ £ 8,938,732 11,295,535 20,234,267 39,052 1,840,447 305,744 2,185,243 (250,517) 1,934,726 22,168,993 2,780,428 8,812,131 1,500,000 863,124 8,260,300 (217,114) 20,080 22,018,949 150,044 22,168,993
		20,234,267 1,934,726
		22,168,993
		2,780,428 8,812,131 1,500,000 863,124 8,260,300 (217,114) 20,080
		22,018,949 150,044
		22,168,993

The financial statements on pages 12 to 40 were approved by the Board of Trustees and authorised for issue on 26 September 2025 are signed on its behalf by:

……………………………..

J Slater Chair

Company Number: 0347417

The notes on pages 16 to 40 form part of these financial activities.

Page 13

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Balance sheet

As at 31 December 2024

Note 2024 £ £ Fixed assets Tangible assets 16 8,833,044 Investments 17 11,217,304 20,050,348 Current assets Stocks 18 32,682 Debtors 19 1,772,545 Cash at bank and in hand 192,863 1,998,090 Creditors: amounts falling due within one year 20 (140,168) Net current assets 1,857,922 Net assets 21,908,270 Represented by Funds Unrestricted funds 21 General fund 3,000,000 Designated funds Charitable fixed assets 8,833,044 Future grants 1,500,000 Awarded future grants 483,737 Capital fund 7,625,663 21,442,444 Restricted funds 22 465,826 Total accumulated funds 23 21,908,270	2023 £ £ 8,918,998 11,315,109 20,234,107 28,872 2,134,086 202,872 2,365,830 (214,338) 2,151,492 22,385,599 2,800,000 8,812,131 1,500,000 863,124 8,260,300 22,235,555 150,044 22,385,599	2023 £ £ 8,918,998 11,315,109 20,234,107 28,872 2,134,086 202,872 2,365,830 (214,338) 2,151,492 22,385,599 2,800,000 8,812,131 1,500,000 863,124 8,260,300 22,235,555 150,044 22,385,599
		20,234,107 2,151,492
		22,385,599
		2,800,000 8,812,131 1,500,000 863,124 8,260,300
		22,235,555 150,044
		22,385,599

The financial statements on pages 12 to 40 were approved by the Board of Trustees and authorised for issue on are signed on its behalf by: 26 September 2025

……………………………..

J Slater Chair

Company Number: 0347417

The notes on pages 16 to 40 form part of these financial statements.

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Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Consolidated statement of cashflows As at 31 December 2024

Note Cash used in operating activities 26 Cashflow from investing activities Dividends, interest and rents from investments Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Cashflow from financing activities 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	2024 £ (1,174,466) 351,604 (151,842) 2,488,714 (2,263,754) 424,722 - - (749,744) 1,155,944 406,200	2023 £ (873,341) 357,172 (551,481) 2,737,806 (1,886,291)
		657,206 -
		- (216,135) 1,372,079
		1,155,944

The notes on pages 16 to 40 form part of these financial statements.

Page 15

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

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:

Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes or recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

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 2024.

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Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

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: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

1. Accounting policies

(continued)

1.8 Creditors and provisions

Creditors and provisions are recognised where the group has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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.

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:

Costs of raising funds comprise the costs of fundraising, training and other sundry income and their associated support costs.
Charitable expenditure comprises those costs incurred by the group in the delivery of its charitable activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

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Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

1. ` Accounting policies

(continued)

Other expenditure represents those items not falling into any other heading.

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.

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 19

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

2. Donations and legacies

Total 2024 £ 784,784 199,590 1,195,773 2,180,147 Total 2024 £ - 27,665 - 12,210 - 42,146 - - 82,021 Total 2024 £ - 305,457 - 46,147 - 351,604 Total 2024 £ - 6,288 - 124,431 - 191 - 130,910	Total 2024 £ 784,784 199,590 1,195,773 2,180,147 Total 2024 £ - 27,665 - 12,210 - 42,146 - - 82,021 Total 2024 £ - 305,457 - 46,147 - 351,604 Total 2024 £ - 6,288 - 124,431 - 191 - 130,910	Total 2023 £ 601,306 219,068 1,750,928
		2,571,302
- - - - - - - - - - - -		Total 2023 £ 29,922 - 67,577
	82,021	97,499
	Total 2024 £ 305,457 46,147	Total 2023 £ 308,385 48,787
	351,604	357,172
	Total 2024 £ 6,288 124,431 191	Total 2023 £ 6,288 118,519 188
	130,910	124,995

Page 20

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

6. Cost of raising funds Unrestricted Restricted 2024 2024 £ £ Cost of generating voluntary income 87,106 - Public relations 267 - Promotional material 2,740 - Trading subsidiary costs 107,335 - Support costs (see Note 12) 206,438 - 403,886 -	Total 2024 £ 87,106 267 2,740 107,335 206,438 403,886	Total 2023 £ 75,623 656 2,561 85,142 190,514
		354,496

Basis of allocation for support costs is direct.

7. Charitable activities expenditure

	Unrestricted	Restricted	Restricted	Total	Total
	2024		2024	2024	2023
	£		£	£	£
Home of Rest for Horses	2,201,516		68,450 2,269,966		2,062,859
Research costs	685,735		47,000	732,735	803,736
Education in Equine Welfare	337,801		-	337,801	325,867
BARTA costs	237,323		-	237,323	203,473
Governance (Note 12)	100,903		-	100,903	95,139
Total	3,563,278		115,450 3,678,728		3,491,074
	Activities		(Note 12)
	undertaken		Support	Total
		funds	costs	2024
		£	£	£
Home of Rest for Horses	925,102		1,276,414	2,201,516
Research costs	421,651		264,084	685,735
Education in Equine Welfare		30,999	306,802	337,801
Governance		-	100,903	100,903
Total	1,377,752		1,948,203	3,325,955

Page 21

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

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 £ £ £ 90,580 - - 10,720 - - 142,292 - - 13,824 - - 87,668 - - 75,614 - - 13,849 - - 176,995 - - 22,860 - - 31,506 - - 259,195 - - 259,601 - - 121,574 - - 18,336 - - 16,763 - - 5,377 - - 10,807 - - 10,448 - - 8,279 - - 1,465 - - - - 87,106 - - 267 - - 2,740 - - 59,587 237,323 - - 107,335 - - 1,847,300 100,903 206,437 3,569,711 100,903 356,137	Total 2024 £ 90,580 10,720 142,292 13,824 87,668 75,614 13,849 176,995 22,860 31,506 259,195 259,601 121,574 18,336 16,763 5,377 10,807 10,448 8,279 1,465 87,106 267 2,740 59,587 237,323 107,335 2,154,640 4,026,751	Total Basis of 2023 allocation £ 104,532 Direct 7,244 Direct 97,068 Direct 10,012 Direct 70,679 Direct 69,163 Direct 21,287 Direct 180,798 Direct 11,144 Direct 41,486 Direct 201,290 Direct 327,214 Direct 112,069 Direct 14,930 Direct 13,916 Direct 34,907 Direct 9,941 Direct 8,496 Direct 12,391 Direct 2,238 Direct 75,623 Direct 659 Direct 2,561 Direct 60,661 Direct 203,472 Direct 85,142 Direct 2,046,455 Direct 3,825,378

Page 22

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

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 Nottingham Other	2024 £ 259,601 121,574 18,336 16,763 5,377 264,084 685,735 2024 £ 10,807 10,448 8,279 1,465 306,802 337,801 Grants to Support costs institutions (see Note 12) £ £ 404,661 264,185 177,669 189,150 27,006 10,836 404,661		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 Total £ 668,846

Page 23

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

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 & interest

Cost of
raising
funds
£
The Home
£
Research
costs
£
Education
in equine
welfare
£
Governance
costs
£
Total 2024
£
Basis of
apportionment
146,503
998,896
175,122
190,459
61,150 1,572,130 Staff time
1,526
17,802
1,249
3,046
290
23,913 Staff
123
1,437
101
246
23
1,930 Staff
14,531
70,017
21,571
35,567
8,789
150,475 Staff time
3,858
45,006
3,159
7,701
734
60,458 Staff
1,697
19,797
1,389
3,387
323
26,593 Staff
1,861
1,861
1,861
1,861
-
7,444 Equal split
-
1,146
1,146
1,146
-
3,438 Equal split
16,514
-
-
-
-
16,514 Direct costs
6,192
6,192
6,192
6,192
-
24,768 Equal split
-
4,224
4,223
4,223
20,000
32,670 Equal split
-
16,954
16,954
16,954
-
50,862 Equal split
-
12,369
12,369
12,369
-
37,107 Equal split
1,070
12,486
876
2,136
204
16,772 Staff
3,416
39,855
2,797
6,819
650
53,537 Staff
333
7,128
6,474
4,722
1,777
20,434 Direct costs
-
-
-
-
5,121
5,121 Direct costs
5,845
5,845
5,845
5,845
-
23,380 Equal split
183
183
183
183
-
732
1,166
13,598
954
2,327
222
18,267 Staff
1,620
1,620
1,620
1,620
1,620
8,100 Equal split
206,438
1,276,416
264,085
306,803
100,903
2,154,645

Page 24

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

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
IT Equipment
HR
Development
Bank Charges
and Interest

2023
(continued)
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
190,513
1,221,513
246,486
292,802
95,139
2,046,453*

12. Support costs - 2023

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 25

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

13. Net incoming resources for the year

	2024	2023
	£	£
This is arrived at after charging or (crediting):
Rent receivable under operating leases
Land and buildings	(6,479)	(6,288)
Depreciation – owned fixed assets	242,306	240,137
Loss on capital – owned fixed assets	-	-
Auditors’ remuneration
Audit services	16,500	13,840
Non audit services	16,170	5,220

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 mployment costs Wages and salaries Social security costs Pension costs	Group 2024 £ 37 20 12 3 72 Group 2024 £ 1,631,863 147,332 150,475 1,929,670	Group 2024 £ 37 20 12 3	Group 2023 £ 33 15 12 2 62 Group 2023 £ 1,537,734 140,501 148,573 1,826,808		Charity 2024 £ 37 20 - - 57 Charity 2024 £ 1,424,798 147,332 150,475 1,722,605	Charity 2023 £ 33 15 - - 48 Charity 2023 £ 1,351,252 139,684 148,573
		72
						1,639,510

b. Employment costs

The total payroll costs include ex-gratia payments of £16,000 (2023: £nil) as well as £5,886 (2023: £nil) payment in lieu of notice. All staff are employed by the group.

Page 26

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

14. Employees

(continued)

c. Staff earning in excess of £60,000

During the year, one employee received remuneration in the range of £120,000 to £130,000 (2023: one employee in the £110,000 to £120,000 range). Additionally, two employees earned between £70,000 and £80,000 (2023: none), and three employees earned between £60,000 and £70,000 (2023: three).

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 £285,217 (2023: £289,005).

No Trustees received remuneration during the year (2023: £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

a. Summary - Group

Loose boxes Motor Freehold land, and other Furniture vehicles property and plant and fixtures and horse improvements equipment and fittings ambulance £ £ £ £ Cost 1 January 2024 9,637,143 683,432 474,691 99,174 Additions 161,648 2,048 8,435 33,206 Disposals (64,194) - - - 31 December 2024 9,734,597 685,480 483,126 132,380 Depreciation 1 January 2024 1,198,075 347,428 311,450 98,755 Charge for the year 173,636 42,376 24,768 1,526 Disposal (10,699) - - 31 December 2024 1,361,012 389,804 336,218 100,281 Net book values 31 December 2024 8,373,585 295,676 146,908 32,099 31 December 2023 8,439,068 336,004 163,241 419	Loose boxes Motor Freehold land, and other Furniture vehicles property and plant and fixtures and horse improvements equipment and fittings ambulance £ £ £ £ Cost 1 January 2024 9,637,143 683,432 474,691 99,174 Additions 161,648 2,048 8,435 33,206 Disposals (64,194) - - - 31 December 2024 9,734,597 685,480 483,126 132,380 Depreciation 1 January 2024 1,198,075 347,428 311,450 98,755 Charge for the year 173,636 42,376 24,768 1,526 Disposal (10,699) - - 31 December 2024 1,361,012 389,804 336,218 100,281 Net book values 31 December 2024 8,373,585 295,676 146,908 32,099 31 December 2023 8,439,068 336,004 163,241 419	Loose boxes Motor Freehold land, and other Furniture vehicles property and plant and fixtures and horse improvements equipment and fittings ambulance £ £ £ £ Cost 1 January 2024 9,637,143 683,432 474,691 99,174 Additions 161,648 2,048 8,435 33,206 Disposals (64,194) - - - 31 December 2024 9,734,597 685,480 483,126 132,380 Depreciation 1 January 2024 1,198,075 347,428 311,450 98,755 Charge for the year 173,636 42,376 24,768 1,526 Disposal (10,699) - - 31 December 2024 1,361,012 389,804 336,218 100,281 Net book values 31 December 2024 8,373,585 295,676 146,908 32,099 31 December 2023 8,439,068 336,004 163,241 419		Total £ 10,894,440 205,337 (64,194)
		132,380 98,755 1,526 -		11,035,583
				1,955,708 242,306 (10,699)
		100,281		2,187,315
		32,099		8,848,268
		419		8,938,732

Page 27

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

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 2024 9,637,143 634,564 474,691 99,174 Additions 161,648 2,048 8,434 33,206 Disposals (64,194) - - - 31 December 2024 9,734,597 636,612 483,125 132,380 Depreciation 1 January 2024 1,198,075 318,294 311,450 98,755 Charge for the year 173,636 37,864 24,768 1,526 Disposal (10,698) - - - 31 December 2024 1,361,013 356,158 336,218 100,281 Net book values 31 December 2024 8,373,584 280,454 146,907 32,099 31 December 2023 8,439,068 316,270 163,241 419	Total £ 10,845,572 205,336 (64,194)
	10,986,714
	1,926,574 237,794 (10,698)
	2,153,670
	8,833,044
	8,918,998

b. Analysis of freehold property

Included within freehold property and improvements is land of £2,364,936 (2023: £2,364,936) which is not depreciated. Freehold property comprises property at Speen Farm, Langley Farm and Little Moseley Farm, Buckinghamshire.

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Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

17. Investments

a. Investment in subsidiary undertaking Cost 1 January 2024 31 December 2024 Impairment 1 January 2024 and 31 December 2024 Movement in year 31 December 2024 Net book values Brought Forward Carried Forward	Group 2024 £ - - - - - - -	Group 2023 £ - - - - - - -	Charity 2024 £ 19,574 19,574 - - - 19,574 19,574	Charity 2023 £ 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 29

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

Investments b. Investment portfolio Group 2024 £ Cost 1 January 2024 8,337,604 Additions at cost 2,263,754 Disposals (2,184,530) 31 December 2024 8,416,828 Unrealised gain 1 January 2024 2,107,731 Movement in year 562,647 31 December 2024 2,670,378 Market value of quoted investments 31 December 2024 11,087,206 Other investment monies Stockbroker open accounts Capital account 104,404 Income account 6,120 31 December 2024 110,524 Total investments 11,197,730 c. Analysis of realised and unrealised gain Group 2024 £ Realised gain 304,183 Unrealised gain 562,647 Total net gains 866,830	Group 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 Group 2023 £ 235,832 292,963 528,795		Charity 2024 £ 8,337,604 2,263,754 (2,184,530) 8,416,828 2,107,731 562,647 2,670,378 11,087,206 104,404 6,120 110,524 11,217,304 Charity 2024 £ 304,183 562,647 866,830	(continued) 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 11,315,109 Charity 2023 £ 235,832 292,963	(continued) 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 11,315,109 Charity 2023 £ 235,832 292,963
					8,337,604
					1,814,768 292,963
					2,107,731
					10,445,335
					280,783 569,417
					850,200
					11,315,109
					Charity 2023 £ 235,832 292,963
					528,795

17. Investments

Page 30

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

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 2024 £ 336,168 7,261,620 465,488 1,028,390 251,118 1,744,422 11,087,206	Group 2023 £ 533,386 6,745,585 225,935 1,295,352 367,412 1,277,666 10,445,336	Charity 2024 £ 336,168 7,261,620 465,488 1,028,390 251,118 1,744,422 11,087,206	Charity 2023 £ 533,386 6,745,585 225,935 1,295,352 367,412 1,277,666
				10,445,336

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 2024 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 2024 £ 6,011 20,849 5,822 4,607 37,289	Group 2023 £ 5,494 16,248 7,130 10,180 39,052	Charity 2024 £ 6,011 20,849 5,822 - 32,682	Charity 2023 £ 5,494 16,248 7,130 -
				28,872

Page 31

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

19. Debtors Income tax recoverable Other debtors and prepayments Amounts due from subsidiary undertakings	Group 2024 £ 63,000 1,376,207 - 1,439,207	Group 2023 £ 29,000 1,811,447 - 1,840,447	Charity 2024 £ 63,000 1,334,348 375,197 1,772,545	Charity 2023 £ 29,000 1,761,674 343,412
				2,134,086

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

20. Creditors: amounts falling due within one year

Trade creditors Other taxes and social security Costs Accruals	Group 2024 £ 63,434 37,575 78,859 179,868	Group 2023 £ 128,858 36,287 85,372 250,517	Charity 2024 £ 62,922 36,829 40,417 140,168	Charity 2023 £ 125,883 36,287 52,168
				214,338

Page 32

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

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 2024 £ 2,780,428 8,812,131 (217,114) 20,080 1,500,000 863,124 8,260,300 22,018,947 150,044 22,168,993	Incoming resources £ 1,988,775 - 199,590 125,083 - - - 2,313,448 431,232 2,744,680	Resources expended £ (3,039,638) (237,794) (237,323) (107,335) - (404,661) - (4,026,751) (115,450) (4,142,201)	Investment gains Transfers In Transfers Out £ £ £ - 1,237,059 - - 258,707 - - - - - - (33,376) - - - - 25,274 - 866,830 - (1,487,664) 866,830 1,521,040 (1,521,040) - - - 866,830 1,521,040 (1,521,040)	Balance at 31 Dec 2024 £ 2,966,624 8,833,044 (254,847) 4,452 1,500,000 483,737 7,639,466
					21,172,476 465,826
					21,638,302

Page 33

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

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 2024 £ 2,800,000 8,812,131 1,500,000 863,124 8,260,300 22,235,555 150,044 22,385,599	Incoming resources £ 1,988,778 - - - - 1,988,778 431,232 2,420,010	Resources expended £ (3,006,264) (237,794) - (404,661) - (3,648,719) (115,450) (3,764,169)	Investment gains Transfers in Transfers out £ £ £ - 1,217,486 - - 258,707 - - - - - 25,274 - 866,830 - (1,501,467) 866,830 1,501,467 (1,501,467) - - - 866,830 1,501,467 (1,501,467)	Balance at 31 Dec 2024 £ 3,000,000 8,833,044 1,500,000 483,737 7,625,663
					21,442,444 465,826
					21,908,270

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.

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Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

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.

22. Restricted funds

Brooke Scholarship Funding Research Field shelters Site development Horse walkers Hay steamer Vet equipment – Dental Vet equipment – Endoscope Research / HorseLife Electric Vehicle Grant G3024 Vet Budget Relief Model Various	Balance brought forward £ 1,197 - 30,725 59,627 4,671 6,200 3,516 2,129 - - - - - 41,979 150,044	Received £ 47,000 10,000 18,900 - - - - - 317,472 10,000 12,000 13,500 2,360 - 431,232	Applied £ (47,000) - (22,518) (1,280) (1,524) (420) (312) (158) - (1,107) - (13,500) (2,360) (25,271) (115,450)	Balance carried forward £ 1,197 10,000 27,107 58,347 3,147 5,780 3,204 1,971 317,472 8,893 12,000 - - 16,708
				465,826

Page 35

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

23. Analysis of net assets between funds

Group

Unrestricted funds General fund Designated funds: Charitable fixed assets BARTA Trading Company Future grants Future awarded grants Capital fund Restricted funds Total funds Charity Unrestricted funds General fund Designated funds: Charitable fixed assets Future grants Future awarded grants Capital fund Restricted funds Total funds		Tangible fixed assets £ - 8,833,044 5,249 9,975 - - - 8,848,268 - 8,848,268 Tangible fixed assets £ - 8,833,044 - - - 8,833,044 - 8,833,044	Investments £ 2,966,624 - - - 1,500,000 483,737 5,781,543 10,731,904 465,826 11,197,730 Investments £ 3,000,000 - 1,500,000 483,737 5,767,741 10,751,478 465,826 11,217,304	Net current assets £ - - (260,096) (5,523) - - 1,857,923 1,592,304 - 1,592,304 Net current assets £ - - - - 1,857,922 1,857,922 - 1,857,922	Total £ 2,966,624 8,833,044 (254,847) 4,452 1,500,000 483,737 7,639,466
					21,172,476 465,826
					21,638,302
					Total £ 3,000,000 8,833,044 1,500,000 483,737 7,625,663
					21,442,444 465,826
					21,908,270

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 £150,475 (2023: £148,573) represents contributions payable to the funds.

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Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

25. Material legacies

Legacy income is recognised in the financial statements when receipt is both probable and the amount can be measured reliably, or when the legacy has been received.

As at 31 December 2024, the group had been notified of several legacies subject to life tenancies. These have not been recognised in the financial statements as the recognition criteria under FRS 102 and the Charities SORP have not been met. While the value of these legacies cannot be measured with certainty, the best estimate of their value is approximately £141,253 (2023: £141,253).

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

Net income for the reporting period Adjustments for: Depreciation charge Interest and dividend income shown in investing activities Net gains on investments Decrease/(increase) in stock Decrease/(increase) in debtors Increase/(decrease) in creditors nalysis of cash and cash equivalents Cash in hand Notice deposits (less than 3 months)	Group 2024 £ (530,689) 242,306 (351,604) (866,830) 1,763 401,241 (70,653) (1,174,466) Group 2024 £ 295,676 110,524 406,200	Group 2023 £ (226,468) 240,137 (357,172) (528,795) 2,570 (103,207) 99,594 (873,341)
		Group 2023 £ 305,744 850,200 1,155,944

27. Analysis of cash and cash equivalents

28. Capital commitments

At 31 December 2024, the charity had completed its commitment to the development of a new website. The amount contractually committed at the year end was £nil (2023: £7,325), as the project was finalised in the early part of 2024.

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Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

29. Related party transactions

The only related party transactions during 2024 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 2024.

At the year end 31 December 2024 there was a balance of £329,343 (2023: £305,018) owed from BARTA and £46,029 (2023: £38,393) was due from the Trading subsidiary to the Charity.

During the year, expenses were paid to four Trustees totalling £ 1,926 (2023: £793) 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.

30. Post Balance Sheet Event – Incorporation of Subsidiary

On 17 June 2025, the charity incorporated a new subsidiary Home of Rest Services Limited (Company No. 16525185), a company limited by guarantee. The subsidiary was formed to support the charitable objectives of the parent charity and is expected to operate for exclusively charitable purposes.

As the incorporation occurred after the reporting date, the subsidiary is not included in these financial statements. It will be consolidated in future periods once it becomes operational.

Page 38

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

31. 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 2024 Turnover Cost of sales Gross profit Administrative expenses Profit for the financial year Balance sheet As at 31 December 2024 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)	2024 £ 125,083 (19,492) 105,591 (87,843) 17,748 2024 £ 9,975 2,273 40,873 43,146 (48,669) (5,523) 4,452	2023 £ 118,518 (18,864)
		99,654 (56,278)
		33,376
		2023 £ 12,259 - 46,799
		46,799 (38,978)
		7,821
		20,080

Page 39

Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

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 2024 Turnover Cost of sales Gross profit Administrative expenses (Loss) or profit for the financial year Balance sheet As at 31 December 2024 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)	2024 £ 199,590 (52,575) 147,015 (184,748) (37,733) 2024 £ 5,249 4,607 39,585 61,940 106,132 (366,228) (260,096) (254,847)	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)

Page 40

The Horse Trust

The Horse Trust

Legal and administrative information

The Horse Trust

Legal and administrative information (continued)

The Horse Trust

Contents

The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2024

Structure, governance and management

Status and administration

Recruitment and induction of Trustees

Key management personnel remuneration

The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2024

Organisation

Risk management

Objectives and activities

The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2024

Statement of public benefit

Achievements and performance

Home of Rest for Horses

Research Grant Making Policy

The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2024

Education in Equine Welfare

Policy

The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2024

Financial Review

Review of the year

Investment policy

Reserves

Public relations and fundraising

The Horse Trust

Report of the Board of Trustees for the year ended 31 December 2024

Land and buildings

Future plans

Register of members

Statement of trustees’ responsibilities – charitable company

The Horse Trust

Statement as to disclosure to our auditors

Auditors

The Horse Trust

Independent auditors’ report to the members of The Horse Trust

Opinion

Basis for opinion

Conclusions relating to going concern

The Horse Trust

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

Other information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

The Horse Trust

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

Auditor’s responsibilities for the audit of the financial statements

Identifying and assessing risks related to irregularities:

Audit response to risks identified:

The Horse Trust

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

Use of our report

The Horse Trust

Consolidated statement of financial activities (including income and expenditure account) For the year ended 31 December 2024

The Horse Trust

Consolidated balance sheet As at 31 December 2024

Company Number: 0347417

The Horse Trust

Balance sheet

As at 31 December 2024

Company Number: 0347417

The Horse Trust

Consolidated statement of cashflows As at 31 December 2024

The Horse Trust

Notes to the financial statements For the year ended 31 December 2024

1 Accounting policies

1.1 Basis of accounting

1.2 Consolidation