2024-11-30-accounts

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

The International Equine Reproduction Trust Charity Number: 278254

Moore Scarrott Limited Calyx House South Road Taunton TA1 3DU

Dear Sirs

The International Equine Reproduction Trust

The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your independent examination of the charity’s financial statements for the year ended 30 November 2024.

These enquiries have included inspection of supporting documentation where appropriate and are sufficient to satisfy ourselves that we can make each of the following representations. All representations are made to the best of our knowledge and belief.

General

1. We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK) and that you do not express an audit opinion.

2. We confirm that the charity was entitled to exemption under section 144 of the Charities Act 2011 the requirement to have its financial statements for the financial year ended 31 May 2022 audited.

3. We have fulfilled our responsibilities as Trustees as set out in the terms of your engagement letter, under the Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you.

4. All the transactions undertaken by the charity have been properly reflected and recorded in the accounting records.

5. All the accounting records have been made available to you for the purpose of your independent examination. We have provided you with unrestricted access to all appropriate persons within the charity, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with The Charity Commission.

6. The financial statements are free of material misstatements, including omissions.

7. The effects of uncorrected misstatements (as set out in the appendix to this letter) are immaterial both individually and in total.

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

The International Equine Reproduction Trust Charity Number: 278254

Assets and liabilities

1. The charity has satisfactory title to all assets and there are no liens or encumbrances on the charity’s assets, except for those that are disclosed in the notes to the financial statements.

2. All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate.

3. We have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements.

Accounting estimates

1. The methods, data and significant assumptions used by us in making accounting estimates, and their related disclosures, are appropriate to achieve recognition, measurement and disclosure that is reasonable in the context of the applicable financial reporting framework.

Legal claims

1. We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for and disclosed in the financial statements.

Laws and regulations

1. We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements.

Related parties

1. Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with legislative and accounting standards requirements.

Subsequent events

1. All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed.

Going concern

1. We believe that the charity's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity's needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charity's ability to continue as a going concern need to be made in the financial statements.

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

The International Equine Reproduction Trust Charity Number: 278254

Grants and donations

1. All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.

Yours faithfully

..............................................................................................................................

Dr A De Mestre Trustee

Signed on behalf of the board of Trustees

Date: 29-09-25

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

Charity Registration No. 278254

THE INTERNATIONAL EQUINE REPRODUCTION TRUST

UNAUDITED TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

CONTENTS

	Page
Legal and administrative information	2
Trustees’ report	3 – 5
Independent examiners’ report	6
Statement of financial activities	7
Net assets	8
Statement of Cash Flows	9
Notes to the accounts	10 – 16

Page 1

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Prof T Stout (Chairman)
	Mr D Dugdale
	Dr A De Mestre
	Mr R Greenwood
	Mr J Crabtree
Secretary	Dr J Kydd
Treasurer	Dr A De Mestre
Charity number	278254
Registered office	7 Widmerpool Lane
	Willoughby on the Wolds
	Loughborough
	Leicestershire
	LE12 6TE
Accountants & Independent Examiners	Moore Scarrott Limited
	Chartered Accountants
	Calyx House
	South Road
	Taunton
	TA1 3DU
Bankers	Barclays Plc

Page 2

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 NOVEMBER 2024

The Trustees present their annual report and financial statements of the charity for the year ended 30th November 2024. The Trustees confirm that the annual report and financial statements of the Charity comply with the current statutory requirements of the Charity’s governing document and the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Structure, governance and management

The Trust was established by virtue of its Trust deed in 1979. Its objectives are to advance public education concerning animal reproduction of all kinds, in particular the reproduction of ungulates.

Risk management

The Trustees have examined the major risks which the Trust faces and confirm that procedures have been established to mitigate those risks.

Objectives and activities of the charity

It achieves these objectives by providing funds to the IERSC (International Equine Reproduction Symposia Committee) is support of:

1. the organisation of symposia and workshops;

2. the publication of the proceedings of these meetings;

3. the administrative costs of maintaining an (International) Secretariat and;

4. travel grants for the deserving participants at the meetings.

Review of activities and Financial Review

The activities of the Trust in this 12-month period were less, as is expected in the period after the International Symposium on Equine Reproduction (ISERXIII) in Brazil, 2023. The two main activities were the approval of a start-up loan to the Local Organising Committee of ISERXIV (Ireland 2027) and consideration of a proposal to support the formation of an International Society for Equine Reproduction.

IERT Trustees and AGM

The Trustees remain the same and consist of five esteemed academics and clinicians with expertise in equine reproduction: a Chair, Deputy Chair and Treasurer are appointed from within this group of Trustees. All are UK citizens. Similarly, the three non-voting co-opted Advisors remain the same, having been recruited from the wider equine reproduction community and all are non-UK based. The Annual General Meeting 2023-24 was held online on 6th January 2025, a little later than planned due to the commitments of the Trustees. The AGM was attended by all Trustees and Non-voting Advisors.

ISER Global Education webinar series https://iser.vetpd.com/

The ISER Global Education webinar initiative was launched formally at the ISER Symposium in 2023 and, since then, increasing numbers of subscribers have joined. Thanks to many international experts in equine reproduction who have given their time freely, more than 200 webinars are now available for purchase by veterinarians internationally, with prices based on a Cost of Living Index appropriate to the geographical area. Profits generated by this series have been donated to the Trust to support future symposia and educational initiatives. We would like to acknowledge the generous financial support of the Gerald Leigh Charitable Trust who donated funds over a two-year period to facilitate free webinar subscriptions for 160 undergraduate veterinary students who are registered in the UK.

Formation of the International Society for Equine Reproduction

The formation of the International Society for Equine Reproduction was approved in principle by the ISER Symposium’s International Committee, and subsequently the IERT Trustees at their on-line meeting (8th August

Page 3

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

2024). Memorandums of Understanding will be developed between all parties. Briefly, the intention is that IERT’s support of the ISER Symposium will continue unchanged. From the Trust’s perspective, its role in supporting the ISER Symposium and its’ aims and financial independence are unaltered.

ISERXIV Ireland 2nd – 6th August 2027

With the acceptance of a bid from Ireland by the International Committee of the International Symposium for Equine Reproduction in 2023, the organisation of this Symposium is proceeding. A Memorandum of Understanding has been established between the ISER Symposium and the Ireland Local Organising Committee. As part of this, a loan of 20,000 Euros has been transferred to the LOC to enable reservation of the Symposium’s scientific and social venues.

IERT Financial Activities

In brief, the Trust receives ad hoc donations, many of which are received around the time of the quaternary ISER Symposium. The Trustees ensure there are sufficient reserves to generate an income that enables them to support trainees to attend the ISER Symposium (approximately £25,000 every 4 years), as well as the annual running costs of the Trust such as web site updates and hosting, accounting services and secretariat costs. This financial plan is important for the long-term sustainability of the Trust and its ongoing support of the ISER Symposium; this is one of the primary charitable goals of the Trust. The main costs relate to providing travel/registration awards that facilitate early career researchers attendance at the ISER Symposium, for example via contributions towards their registration fees.

The following loans were approved by the IERT Trustees. Any loans, together with a donation from any profits will be returned to IERT to support its charitable activities.

• Loan to ISERXIV Ireland, 2027: 20,000 Euros to the local organisers of ISERXIV Ireland 2027 for startup costs. This loan was agreed in accordance with the MoU.

• Loan to the West Coast Equine Reproduction Symposium: US$20,000 to the organisers of this fundraising symposium, for start-up costs.

Conclusion

It has been a quieter but nevertheless successful year for the IERT. The growth of the ISER Global Education webinars in terms of numbers of titles and subscribers continued to generate a modest income. Loans to the West Coast fund raising event and ISERXIV 2027 will secure the financial stability of the IERT and a successful Symposium in 2027, respectively. Therefore, the Trust continues to satisfy its aims by managing funds to support the success of the ISER Symposium and continuing education for scientists and veterinarians in the field of equine reproduction.

Financial Review

The total income received by the Trust was £128,588 (2023: £64,835) during the year. The Trust also raised further income from selling merchandise.

The Trust paid grants totalling £Nil (2023: £104,878) during the year and have supported the activities of The Trust.

Reserves and Investment Policy

The majority of the Trust's investments are now held in Managed Funds. Investments are held to provide income to fulfil the charitable objectives of the Trust.

The Trust maintains reserves funds, in the form of investments and cash funds, to generate future income to fulfil its charitable objectives and to cover ongoing expenditure.

Statement of Trustees’ Responsibilities

The Trustees 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).

Page 4

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity 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;

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the board of Trustees.

Dr A De Mestre Trustee

Date: 29-09-25

Page 5

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE INTERNATIONAL EQUINE REPRODUCTION TRUST

I report to the Trustees on my examination of the accounts of the Trust for the year ended 30 November 2024, which are set out on pages 7 to 16.

Respective responsibilities of Trustees and examiner

The charity's Trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). The charity's Trustees consider that an audit is not required for this year under section 144(2) of the Act and that an independent examination is required. I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants for England and Wales (ICAEW).

It is my responsibility to:

• examine the accounts under section 145 of the Act;

• to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and

• to state whether particular matters have come to my attention.

This report, including my statement, has been prepared for, and only for, the International Equine Reproduction Trust Members as a body. My work has been undertaken so that I might state to the Members those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the International Equine Reproduction Trust and the Members as a body for my examination work, for this report, or for the statements I have made.

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

• Which gives me reasonable cause to believe that, in any material respect, the requirements:

• to keep accounting records in accordance with section 130 of the Act; and

• to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act

have not been met; or

• To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Duncan Nicholas FCA Chartered Accountant

Dated: 29-09-25

Moore Scarrott Limited Calyx House South Road Taunton TA1 3DU

Page 6

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

STATEMENT OF FINANCIAL ACTIVITIES

Notes Incoming resources Voluntary income 2a Income on invested funds 2b Other income 2c Total incoming resources Resources expended Charitable activities 3 Management and administration costs 3 Total resources expended Net movement in funds before gains/(losses) on investments Net gains/(losses) on investment assets 4 Net currency translation gains/ (losses) 4 Net movement in funds Total funds brought forward Total funds carried forward	Unrestricted Funds 2024 £ 112,415 2,516 12,479 127,410 - (6,057) (6,057) 121,353 - (4,176) 117,177 230,344 347,521	Restricted Funds 2024 £ 1,178 - - 1,178 - - - 1,178 - - 1,178 39,298 40,476	Total Funds 2024 £ 113,593 2,516 12,479 128,588 - (6,057) (6,057) 122,531 - (4,176) 118,355 269,642 387,997	Total Funds 2023 £ 42,938 2,516 19,381
				64,835
				(104,878) (12,847)
				(117,725)
				(52,890) - (22,020)
				(74,910) 344,552
				269,642

All incoming resources and resources expended derive from continuing activities.

The notes on pages 10 to 14 form an integral part of these financial statements.

Page 7

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

NET ASSETS AS AT 30 NOVEMBER 2024

Notes Fixed assets Investments 7 Current assets Other debtors 33,040 Cash at bank and in hand 233,444 266,484 Net current assets Total assets Income funds Unrestricted funds Restricted John Hughes Memorial Lecture Fund Restricted Prof Twink Allen Travel Fellowship Fund	2024 £ 121,513 121,513 - 148,609 148,609 266,484 387,997 347,521 29,116 11,360 387,997	2023 £ 121,033
		121,033 148,609
		269,642
		230,344 27,939 11,359 269,642

Approved by the board of Trustees and signed on its behalf.

Dr A De Mestre Trustee

Dated: 29-09-25

The notes on pages 10 to 14 form an integral part of these financial statements.

Page 8

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 NOVEMBER 2024

Notes Net cash generated/(absorbed) in operating activities 12 Cash flows from financing activities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward	2024 2023 £ £ 84,835 (75,630) - - 84,835 (75,630) 148,609 225,139 233,444 148,609

The notes on pages 10 to 14 form an integral part of these financial statements.

Page 9

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

NOTES TO THE ACCOUNTS

1 Accounting Policies

1.1 Basis of preparation

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011.

The Trust constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the Trustees’ annual report for further information).

1.2 Fund accounting policy

Unrestricted income funds are general funds that are available for use at the Trustee’s discretion in furtherance of the objectives of the charity.

Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

1.3 Incoming resources

Incoming resources are recognised in the accounts on the accruals basis, during the period in which they are due, and therefore match any related expenditure.

1.4 Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Costs incurred directly relating to the charitable company’s objectives are included within charitable activities.

1.5 Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

1.8 Investments

Fixed asset investments are included at market value at the balance sheet date.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of financial activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are charged or credited to the statement of financial activities based on the market value at the year end.

Page 10

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

2 a) Voluntary Income

Donations, grants and bequeaths Donations Grants b) Income on Invested Funds Interest on cash deposits c) Other Income Supplements sales Symposium registration Webinar subscriptions Other income	Unrestricted Funds £ 102,415 10,000 112,415 Unrestricted Funds £ 2,516 2,516 Unrestricted Funds £ 189 - 12,190 100 12,479	Restricted Funds £ 1,178 - 1,178 Restricted Funds £ - - Restricted Funds £ - - - - -	Total Funds 2024 £ 103,593 10,000 113,593 Total Funds 2024 £ 2,516 2,516 Total Funds 2024 £ 189 - 12,190 100 12,479	Total Funds 2023 £ 42,938 - 42,938 Total Funds 2023 £ 2,516 2,516 Total Funds 2023 £ 85 11,310 7,986 - 19,381

Page 11

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

NOTES TO THE ACCOUNTS

3 Total resources expended

tal resources expended
Charitable activities Consulting Secretariat costs Hotels and room hire Awards to Scientists Management and administration costs Secretariat costs Consulting Audit and accountancy fees Bank charges Advertising and marketing Computer costs Other expenses Travel Total resources expended	Unrestricted Funds £ - - - - - - 1,080 4,170 51 228 528 - - 6,057	Restricted Funds £ - - - - - - - - - - - - - -	Total Funds 2024 £ - - - - - - 1,080 4,170 51 228 528 - - 6,057	Total Funds 2023 £ 20,047 7,520 76,802 509
				104,878 3,825 - 870 117 3,060 2,897 319 1,759 12,847

The breakdown of support costs and how these were allocated between governance and other support costs is show in the table below:-

Support costs Secretariat costs Consulting Audit and accountancy fees Bank charges Advertising and marketing Computer costs Other expenses Travel Total Support Costs	Governance Related £ - - 4,170 - - - - - 4,170	Other Support Costs £ - 1,080 - 51 228 528 - - 1,887	Total Allocated 2024 £ - 1,080 4,170 51 228 528 - - 6,057	Total Allocated 2023 £ 3,825 - 870 117 3,060 2,897 319 1,759
				12,847

Page 12

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

NOTES TO THE ACCOUNTS

3 Total resources expended (continued)

Allocation of other support costs is based upon an estimate of time spent on trustee meetings and other governance matters.

Total governance costs are analysed below:-

Independent examiners fees Support costs Total governance costs	2024 £ 4,170 - 4,170	2023 £ 870 - 870

4 Gains/(losses) on investments

Net currency translation gain/(loss) Total gains/(losses)	Unrestricted Funds £ (4,176) (4,176)	Restricted Funds £ - -	Total Funds 2024 £ (4,176) (4,176)	Total Funds 2023 £ (22,020) (22,020)

5 Trustee Directors

No Trustees received any remuneration during the year.

6 Net (outgoing)/incoming resources

Net (outgoing)/incoming resources is stated after charging:

Independent Examiners’ costs	2023 £ 4,170 4,170	2023 £ 870 870

Page 13

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

NOTES TO THE ACCOUNTS

7 Investments

Market value: As at 1 December 2023 Additions Revaluation gains/(losses) As at 30 November 2024 Net book value: As at 30 November 2024 . As at 30 November 2023	National Savings £ 27,000 - - 27,000 27,000 27,000	Fixed Term Deposits £ 94,033 480 - 94,513 94,513 94,033	Total £ 121,033 480 -
			121,513
			121,513
			121,033

All investment assets are held in the UK. Listed investments are stated at market value.

8 Related parties

There were no related party transactions in the current or prior periods.

9 Trustee expenses

There were no Trustee expenses in the current or prior periods.

10 Net assets by fund

Tangible assets Investments Current assets Creditors: Amounts falling due within one year	Unrestricted Funds £ - 93,094 254,427 - 347,521	Restricted Funds £ - 28,419 12,057 - 40,476	Total 2024 £ - 121,513 266,484 - 387,997	Total 2023 £ - 121,033 148,609 - 269,642

11 Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds (Increase)/decrease in other debtors (Increase)/decrease in investments	2024 2023 £ £ 118,355 (74,910) (33,040) - (480) (1,620) 84,835 (76,530)

Page 14

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

APPENDICES – NON-STATUTORY NOTE

Analysis of funds – Current year

Unrestricted Funds Unrestricted fund Total Unrestricted Funds Restricted Funds John Hughes Memorial Lecture Fund 1 Prof Twink Allen Travel Fellowship Fund 2 Total Restricted Funds Total Funds	At 1 December 2023 £ 230,344 230,344 27,939 11,359 39,298 269,642	Incoming resources £ 127,410 127,410 - 1,178 1,178 128,588	Resources expended £ (6,057) (6,057) - - - (6,057)	Transfers £ - - - - - -	Gains and Losses £ (4,176) (4,176) - - - (4,176)	At 30 November 2024 £ 347,521
						347,521 27,939 12,537
						40,476
						387,997

1. Provides funds for an invited speaker to attend and present at the Symposium held every 4 years. 2. Provides travel fellowships to enable young or more experienced scientists or clinicians to visit centres of research or clinical practice to expand their knowledge and experience and / or transfer knowledge and practical skills.

Page 15

Docusign Envelope ID: CECA21A9-61A1-4D0C-A0FA-19BBD086388C

THE INTERNATIONAL EQUINE REPRODUCTION TRUST FOR THE YEAR ENDED 30 NOVEMBER 2024

APPENDICES – NON-STATUTORY NOTE

Analysis of funds – Prior year

Unrestricted Funds Unrestricted fund Total Unrestricted Funds Restricted Funds John Hughes Memorial Lecture Fund 1 Prof Twink Allen Travel Fellowship Fund 2 Total Restricted Funds Total Funds	At 1 December 2022 £ 305,254 305,254 27,939 11,359 39,298 344,552	Incoming resources £ 64,835 64,835 - - - 64,835	Resources expended £ (117,725) (117,725) - - - (117,725)	Transfers £ - - - - - -	Gains and Losses £ (22,020) (22,020) - - - (22,020)	At 30 November 2023 £ 230,344
						230,344 27,939 11,359
						39,298
						269,642

1. Provides funds for an invited speaker to attend and present at the Symposium held every 4 years. 2. Provides travel fellowships to enable young or more experienced scientists or clinicians to visit centres of research or clinical practice to expand their knowledge and experience and / or transfer knowledge and practical skills.

Page 16

Certificate Of Completion

Envelope Id: CECA21A9-61A1-4D0C-A0FA-19BBD086388C Status: Completed Subject: The International Equine Reproduction Trust - Accounts for signing Source Envelope: Document Pages: 20 Signatures: 4 Envelope Originator: Certificate Pages: 5 Initials: 0 Sadie Porter AutoNav: Enabled Calyx House EnvelopeId Stamping: Enabled South Road Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London Taunton, Somerset TA1 3DU [e-mail] IP Address: 13.57.39.154

Record Tracking
Status: Original	Holder: Sadie Porter	Location: DocuSign
29-Sep-25	15:32	[e-mail]
Signer Events	Signature	Timestamp
Amanda Marjorie De Mestre		Sent: 29-Sep-25
[e-mail]		Viewed: 29-Sep-25
Treasurer and Trustee		Signed: 29-Sep-25
Security Level: Email, Account Authentication (None)	Signature Adoption: Drawn on Device
	Using IP Address: 128.253.119.48
Electronic Record and Signature Disclosure:
Accepted: 29-Sep-25	16:44
ID: e0ae3d21-b554-4395-9a9b-ba76bc63d648
Duncan Nicholas		Sent: 29-Sep-25
[e-mail]		Resent: 29-Sep-25
Director/QPRT		Viewed: 29-Sep-25
Security Level: Email, Account Authentication (None)	Signature Adoption: Pre-selected Style	Signed: 29-Sep-25
	Using IP Address: 185.175.38.146
Electronic Record and Signature Disclosure:
Accepted: 29-Sep-25	17:03
ID: 261f662e-b705-4c99-b12b-d2fce7c5c2e6
In Person Signer Events	Signature	Timestamp
Editor Delivery Events	Status	Timestamp
Agent Delivery Events	Status	Timestamp
Intermediary Delivery Events	Status	Timestamp
Certified Delivery Events	Status	Timestamp
Carbon Copy Events	Status	Timestamp
Harry Messenger		Sent: 29-Sep-25
[e-mail]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Accepted: 21-Feb-25	13:48
ID: 78dcb708-a85c-4e33-bd90-659065b584f6

Carbon Copy Events	Status	Timestamp
Penny Millman		Sent: 29-Sep-25
[e-mail]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Accepted: 10-Sep-25	15:07
ID: e67e9800-9de4-4222-a9f1-b682a445817d
Witness Events	Signature	Timestamp
Notary Events	Signature	Timestamp
Envelope Summary Events	Status	Timestamps
Envelope Sent	Hashed/Encrypted	29-Sep-25
Envelope Updated	Security Checked	29-Sep-25
Certified Delivered	Security Checked	29-Sep-25
Signing Complete	Security Checked	29-Sep-25
Completed	Security Checked	29-Sep-25
Payment Events	Status	Timestamps
Electronic Record and Signature Disclosure

Electronic Record and Signature Disclosure created on: 31-Mar-20 | 09:04 Parties agreed to: Amanda Marjorie De Mestre, Duncan Nicholas, Harry Messenger, Penny Millman

ELECTRONIC RECORD AND SIGNATURE DISCLOSURE

From time to time, Moore Scarrott Ltd (we, us or Company) may be required by law to provide to you certain written notices or disclosures. Described below are the terms and conditions for providing to you such notices and disclosures electronically through the DocuSign system. Please read the information below carefully and thoroughly, and if you can access this information electronically to your satisfaction and agree to this Electronic Record and Signature Disclosure (ERSD), please confirm your agreement by selecting the check-box next to ‘I agree to use electronic records and signatures’ before clicking ‘CONTINUE’ within the DocuSign system.

Getting paper copies

At any time, you may request from us a paper copy of any record provided or made available electronically to you by us. You will have the ability to download and print documents we send to you through the DocuSign system during and immediately after the signing session and, if you elect to create a DocuSign account, you may access the documents for a limited period of time (usually 30 days) after such documents are first sent to you. After such time, if you wish for us to send you paper copies of any such documents from our office to you, you will be charged a $0.00 per-page fee. You may request delivery of such paper copies from us by following the procedure described below.

Withdrawing your consent

If you decide to receive notices and disclosures from us electronically, you may at any time change your mind and tell us that thereafter you want to receive required notices and disclosures only in paper format. How you must inform us of your decision to receive future notices and disclosure in paper format and withdraw your consent to receive notices and disclosures electronically is described below.

Consequences of changing your mind

If you elect to receive required notices and disclosures only in paper format, it will slow the speed at which we can complete certain steps in transactions with you and delivering services to you because we will need first to send the required notices or disclosures to you in paper format, and then wait until we receive back from you your acknowledgment of your receipt of such paper notices or disclosures. Further, you will no longer be able to use the DocuSign system to receive required notices and consents electronically from us or to sign electronically documents from us.

All notices and disclosures will be sent to you electronically

Unless you tell us otherwise in accordance with the procedures described herein, we will provide electronically to you through the DocuSign system all required notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you during the course of our relationship with you. To reduce the chance of you inadvertently not receiving any notice or disclosure, we prefer to provide all of the required notices and disclosures to you by the same method and to the same address that you have given us. Thus, you can receive all the disclosures and notices electronically or in paper format through the paper mail delivery system. If you do not agree with this process, please let us know as described below. Please also see the paragraph immediately above that describes the consequences of your electing not to receive delivery of the notices and disclosures electronically from us.

How to contact Moore Scarrott Ltd:

You may contact us to let us know of your changes as to how we may contact you electronically, to request paper copies of certain information from us, and to withdraw your prior consent to receive notices and disclosures electronically as follows:

To contact us by email send messages to: [e-mail]

To advise Moore Scarrott Ltd of your new email address

To let us know of a change in your email address where we should send notices and disclosures electronically to you, you must send an email message to us at [e-mail] and in the body of such request you must state: your previous email address, your new email address. We do not require any other information from you to change your email address.

If you created a DocuSign account, you may update it with your new email address through your account preferences.

To request paper copies from Moore Scarrott Ltd

To request delivery from us of paper copies of the notices and disclosures previously provided by us to you electronically, you must send us an email to [e-mail] and in the body of such request you must state your email address, full name, mailing address, and telephone number. We will bill you for any fees at that time, if any.

To withdraw your consent with Moore Scarrott Ltd

To inform us that you no longer wish to receive future notices and disclosures in electronic format you may:

i. decline to sign a document from within your signing session, and on the subsequent page, select the check-box indicating you wish to withdraw your consent, or you may;

ii. send us an email to [e-mail] and in the body of such request you must state your email, full name, mailing address, and telephone number. We do not need any other information from you to withdraw consent.. The consequences of your withdrawing consent for online documents will be that transactions may take a longer time to process..

Required hardware and software

The minimum system requirements for using the DocuSign system may change over time. The - - current system requirements are found here: https://support.docusign.com/guides/signer guide signing-system-requirements.

Acknowledging your access and consent to receive and sign documents electronically

To confirm to us that you can access this information electronically, which will be similar to other electronic notices and disclosures that we will provide to you, please confirm that you have read this ERSD, and (i) that you are able to print on paper or electronically save this ERSD for your future reference and access; or (ii) that you are able to email this ERSD to an email address where you will be able to print on paper or save it for your future reference and access. Further, if you consent to receiving notices and disclosures exclusively in electronic format as described herein, then select the check-box next to ‘I agree to use electronic records and signatures’ before clicking ‘CONTINUE’ within the DocuSign system.

By selecting the check-box next to ‘I agree to use electronic records and signatures’, you confirm that:

• You can access and read this Electronic Record and Signature Disclosure; and

• You can print on paper this Electronic Record and Signature Disclosure, or save or send this Electronic Record and Disclosure to a location where you can print it, for future reference and access; and

• Until or unless you notify Moore Scarrott Ltd as described above, you consent to receive exclusively through electronic means all notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you by Moore Scarrott Ltd during the course of your relationship with Moore Scarrott Ltd.