Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE
**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**
Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE
## **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|
Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE
## **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: 30CE51DA-5FFE-42E9-805B-5686602D3EFE
## **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 - 40|
Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE
## **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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Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE
## **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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Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE
## **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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Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE
## **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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Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE
## **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
Page 11
Docusign Envelope ID: 30CE51DA-5FFE-42E9-805B-5686602D3EFE
## **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.
Page 14
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.
Page 16
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.
Page 18
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**
|**Unrestricted**
**Restricted**
**2024**
**2024**
**£**
**£**
Donations income
353,552
431,232
BARTA income
199,590
-
Legacies
1,195,773
-
1,748,915
431,232
**3.**
**Income from charitable activities**
**Unrestricted**
**Restricted**
**2024**
**2024**
**£**
**£**
Fundraising
27,665
Respite income
12,210
Training income
42,146
82,021
**4.**
**Investment income**
**Unrestricted**
**Restricted**
**2024**
**2024**
**£**
**£**
Income from investments
305,457
Bank interest
46,147
351,604
**5.**
**Rent receivable and sundry income**
**Unrestricted**
**Restricted**
**2024**
**2024**
**£**
**£**
Rent
6,288
Trading subsidiary income
124,431
Other
191
130,910
|**Unrestricted**
**Restricted**
**2024**
**2024**
**£**
**£**
Donations income
353,552
431,232
BARTA income
199,590
-
Legacies
1,195,773
-
1,748,915
431,232
**3.**
**Income from charitable activities**
**Unrestricted**
**Restricted**
**2024**
**2024**
**£**
**£**
Fundraising
27,665
Respite income
12,210
Training income
42,146
82,021
**4.**
**Investment income**
**Unrestricted**
**Restricted**
**2024**
**2024**
**£**
**£**
Income from investments
305,457
Bank interest
46,147
351,604
**5.**
**Rent receivable and sundry income**
**Unrestricted**
**Restricted**
**2024**
**2024**
**£**
**£**
Rent
6,288
Trading subsidiary income
124,431
Other
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**
**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.
Page 28
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.
Page 34
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.
Page 36
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.
Page 37
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