**REGISTERED COMPANY NUMBER: 01231118 (England and Wales) REGISTERED CHARITY NUMBER: 297961**
**Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2024**
**for The American Quarter Horse Association UK Limited**
Willis Cooper Limited Unit 6 Heritage Business Centre Derby Road Belper Derbyshire DE56 1SW
**The American Quarter Horse Association UK Limited**
## **Contents of the Financial Statements for the Year Ended 31 December 2024**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 4|
|**Independent Examiner's Report**|5|
|**Statement of Financial Activities**|6|
|**Balance Sheet**|7 to 8|
|**Notes to the Financial Statements**|9 to 14|
|**Detailed Statement of Financial Activities**|15 to 16|
## **The American Quarter Horse Association UK Limited**
## **Report of the Trustees**
## **for the Year Ended 31 December 2024**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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).
## **OBJECTIVES AND ACTIVITIES**
The principal activities and charitable objectives of the Association are outlined in our Mission Statement:
- To promote the breeding and use of the American Quarter Horse in the United Kingdom.
- To provide beneficial services for its members that enhance and encourage American Quarter Horse ownership and participation.
- To generate growth of AQHA-UK membership via the marketing, promotion, advertising and publicity of the American Quarter Horse.
- To encourage young people to participate in equestrian based sport using the American Quarter Horse.
- To promote educational programmes and materials that improve horsemanship skills and the welfare of the American Quarter Horse.
- To educate horse owners and the public regarding the benefit of registering eligible Quarter Horses with the AQHA as well as the AQHA-UK.
- To advance the education of the public by encouraging quality breeding with a view to improving and increasing the numbers of the breed.
## **ACHIEVEMENTS AND PERFORMANCE**
The membership year for all is from 1[st] January to 31[st] December and includes Youth, Family and Adult categories. For 2025 only the membership year has been extended to be 1[st] January 2025 to 28[th] February 2026, it will then reverts to an Annual Subscription from 1[st] March to end February each year.
## Member benefits include:
- Access to a website of current as well as archive information about the Association and the Quarter Horse.
- Member discounts for passport and registration fees.
- Annual Journal.
Membership numbers have been declining and Council have no plans to increase fees in 2025 in light of the current economic climate.
- The Associations new web-based platform has proved successful with: • Hosting the membership database, in full accordance with GDPR.
- Enabling single click purchasing of membership/merchandise.
- Enabling automated emails to all members or a selection of members.
- Enabling Newsletter
The annual journal is posted to all members in December and is always a popular part of the membership benefits. It has increased over the years to 72 pages and the aim is to further expand the content.
The Youth programme has been successful under the guidance of the Youth Director who is an ex-member of our youth team and is working on a programme of events for 2025 which will include education as well as practical tuition and guidance. The Association welcomes young people from all backgrounds and have collaborated with the Western Equestrian Association in a joint membership initiative.
Page 1
## **The American Quarter Horse Association UK Limited**
## **Report of the Trustees for the Year Ended 31 December 2024**
## **ACHIEVEMENTS AND PERFORMANCE (continued)**
The Get On And Ride scheme is for members who wish to gain points and awards for hacking out with their horses. We now have nine members who have reached 1000 hours (maximum award) and have won bespoke buckles. We have extended the programme with GOAR Plus, providing further opportunities for those who have reached 1000 hours maximum.
Our Annual Championship Show did not take place this year, however the Futurity & Maturity Scheme Classes were held in conjunction with another show.
Our International Director attended several European meetings either in person or by video link. Council know it is essential for educational as well as business purposes to meet with worldwide affiliates and directors of international associations. Video meetings continue to save the Association travel expense.
The AQHA-UK continues to be an Affiliate of the Showing Council benefitting from their resources. The advantages include assistance and advice on a wide range of matters including safeguarding, health and safety, welfare and many more policies and areas of expertise.
The Association maintains the UK studbook for the Quarter Horse and continues to be a Passport Issuing Office for the Quarter Horse in the UK and maintains the UK studbook informing members of current UK legislation. Latest news and policies are regularly updated to the website.
Council has continued to work hard to meet its obligations to:
- Monitor and meet legislative changes/requirements.
- Monitor and meet government directives.
• Update and ensure appropriate insurance advice is followed. This has been an immense body of work for council members but is achievable within desired timeframe. Insurance has increased throughout the past year, but the Association has in place all required insurances for the Charity, Limited company, and equine purposes.
Page 2
## **The American Quarter Horse Association UK Limited**
## **Report of the Trustees for the Year Ended 31 December 2024**
## **FINANCIAL REVIEW**
## **Reserves policy**
The Association aims to hold financial reserves that cover one year's outgoing resources. As at 31 December 2024 the Association held unrestricted reserves amounting to £52,191 (2023: 40,945).
The net incoming resources for the year amounted to £11,349 (2023: £1,435). This amount has been added to the reserves brought forward leaving fund balances of £63,884 (2023: £52,535) at the year end.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Association is a charitable company limited by guarantee, incorporated on 24 October 1975 and registered as a charity on 19[th] January 1988. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its Articles of Association. The Association is also a full Affiliate of the American Quarter Horse Association in the USA, and as such must fulfil all requirements of their rules for breeding and showing Quarter Horses.
## **Recruitment and appointment of new trustees**
The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members of the Council. The Council is a minimum of five people with no upper limit. Council members are elected for a period of three years and eligible for re-election.
Nominations for election are sought and council members standing down are eligible to re-stand.
## **Public benefit**
The trustees consider they have complied with their duty to have due regard to the guidance on public benefit, as published by the Charity Commission, in exercising their powers and duties.
Page 3
## **The American Quarter Horse Association UK Limited**
## **Report of the Trustees for the Year Ended 31 December 2024**
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 01231118 (England and Wales)
**Registered Charity number** 297961
## **Registered office**
Unit 6 Heritage Business Centre Derby Road Belper Derbyshire DE56 1SW
## **Trustees**
L Adams (resigned 9 March 2024) R O'Reilly L K Cheetham N Ainley S Loder T Spatcher (resigned 9 March 2024) T Greaves
## **Independent Examiner**
R Cooper Willis Cooper Limited Unit 6 Heritage Business Centre Derby Road Belper Derbyshire DE56 1SW
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ L Cheetham - Trustee
Page 4
## **Independent Examiner's Report to the Trustees of The American Quarter Horse Association UK Limited**
## **Independent examiner's report to the trustees of The American Quarter Horse Association UK Limited ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect:
1. The accounting records were not kept in accordance with section 130 of the Charities Act; or
2. the accounts do not accord with the accounting records; or
3. the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 or section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **R Cooper Willis Cooper Limited**
Unit 6 Heritage Business Centre Derby Road Belper Derbyshire DE56 1SW
Date: .............................................
Page 5
## **The American Quarter Horse Association UK Limited**
|**Statement of Financial Activities**
**for the Year Ended 31 December 2024**
Unrestricted
Youth
Futurity
Fund
Fund
Fund
Notes
£
£
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
2
11,800
-
-
**Charitable activities**
5
Registration fees
9,800
-
-
Other trading activities
3
13,052
-
950
Investment income
4
1,657
-
-
**Total**
36,309
-
950
**EXPENDITURE ON**
Raising funds
6
12,309
-
847
**Charitable activities**
Registration fees
5,693
-
-
Other
7,061
-
-
**Total**
25,063
-
847
**NET INCOME**
11,246
-
103
**RECONCILIATION OF**
**FUNDS**
**Total funds brought forward**
40,945
6,937
4,653
**TOTAL FUNDS CARRIED**
**FORWARD**
52,191
6,937
4,756|31.12.24
31.12.23
Total
Total
Funds
Funds
£
£
11,800
14,637
9,800
10,090
14,002
27,158
1,657
907
37,259
52,792
13,156
31,202
5,693
10,301
7,061
9,854
25,910
51,357
11,349
1,435
52,535
51,100
63,884
52,535|
|---|---|
The notes form part of these financial statements
Page 6
## **The American Quarter Horse Association UK Limited**
|**Balance Sheet**
**31 December 2024**
Unrestricted
Youth
Fund
Fund
Notes
£
£
**FIXED ASSETS**
Tangible assets
10
75
-
**CURRENT ASSETS**
Stocks
11
5,000
-
Debtors
12
889
-
Prepayments and accrued
income
-
-
Cash at bank
54,198
6,937
60,087
6,937
**CREDITORS**
Amounts falling due within one
year
13
(7,971)
-
**NET CURRENT ASSETS**
52,116
6,937
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
52,191
6,937
**NET ASSETS**
52,191
6,937
**FUNDS**
14
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|31.12.24
31.12.23
Futurity
Total
Total
Fund
Funds
Funds
£
£
£
-
75
150
-
5,000
5,500
-
889
1,717
-
-
-
4,756
65,891
51,963
4,756
71,780
59,180
-
(7,971)
(6,795)
4,756
63,809
52,385
4,756
63,884
52,535
4,756
63,884
52,535
52,191
40,945
11,693
11,590
63,884
52,535|
|---|---|
For the year ending 31 December 2024 the charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 7
## **The American Quarter Horse Association UK Limited**
## **Balance Sheet - continued 31 December 2024**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. L Cheetham - Trustee
The notes form part of these financial statements
Page 8
**The American Quarter Horse Association UK Limited**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on cost Plant and machinery - 25% on cost
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 9
## **The American Quarter Horse Association UK Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
|**2.**|**DONATIONS AND LEGACIES**|**DONATIONS AND LEGACIES**|||
|---|---|---|---|---|
||||31.12.24|31.12.23|
||||£|£|
||Donations||65|97|
||Subscriptions||11,735|14,540|
||||11,800|14,637|
|**3.**|**OTHER TRADING ACTIVITIES**||||
||||31.12.24|31.12.23|
||||£|£|
||Merchandise||762|1,096|
||Journal Adverts||44|-|
||American QHA||5,184|4,915|
||Events||-|20,555|
||Futurity fund||850|525|
||Youth Clinic/Training Income||6,810|-|
||Other miscellaneous income||352|67|
||||14,002|27,158|
|**4.**|**INVESTMENT INCOME**||||
||||31.12.24|31.12.23|
||||£|£|
||Deposit account interest||1,657|907|
|**5.**|**INCOME FROM CHARITABLE ACTIVITIES**||||
||||31.12.24|31.12.23|
|||Activity|£|£|
||Registration fees|Registration fees|9,800|10,090|
|**6.**|**RAISING FUNDS**||||
||**Raising donations and legacies**||||
||||31.12.24|31.12.23|
||||£|£|
||Merchandise||1,229|1,338|
||Subscriptions paid||491|518|
||Journal||2,913|3,159|
||Events||1,390|25,182|
||Futurity fund||847|865|
||Youth Training/Clinics costs||
6,286|-|
||Advertising and publicity||-|140|
||||13,156|31,202|
continued...
Page 10
## **The American Quarter Horse Association UK Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **7. SUPPORT COSTS**
|Management
£
Other resources expended
& Registration fees
10,890
**NET INCOME**
Net income is stated after charging:
Depreciation - owned assets|Finance
£
485|Governance
Other
costs
Totals
£
£
£
75
1,305
12,755
31.12.24
31.12.23
£
£
75
162|
|---|---|---|
## **8. NET INCOME**
Net income is stated after charging:
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
During the year the charity was charged administration fees totalling £2,936 by R O’Reilly, a director of the company. Amounts due to R O’Reilly at the year-end totalled £225.
## **10. TANGIBLE FIXED ASSETS**
||Computer|
|---|---|
||equipment|
||£|
|**COST**||
|At 1 January 2024|3,004|
|Additions|-|
||3,004|
|**DEPRECIATION**||
|At 1 January 2024|2,854|
|Charge for year|75|
|At 31 December 2024|2,929|
|**NET BOOK VALUE**||
|At 31 December 2024|75|
|At 31 December 2023|150|
continued...
Page 11
## **The American Quarter Horse Association UK Limited**
|||**Notes to the Financial Statements- continued**|**Notes to the Financial Statements- continued**|||
|---|---|---|---|---|---|
|||**for the Year Ended 31 December 2024**||||
|**11.**|**STOCKS**|||||
|||||31.12.24|31.12.23|
|||||£|£|
||Stocks|||5,000|5,500|
|**12.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||
|||||31.12.24|31.12.23|
|||||£|£|
||Trade debtors|||-|-|
||Prepayments and accrued income|||889|1,717|
|||||889|1,717|
|**13.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||
|||||31.12.24|31.12.23|
|||||£|£|
||Trade creditors|||897|2,828|
||Accrued expenses and deferred income|||7,074|3,967|
|||||7,971|6,795|
|**14.**|**MOVEMENT IN FUNDS**|||||
|||||Net||
|||||movement|At|
|||At|1.1.24|in funds|31.12.24|
||||£|£|£|
||**Unrestricted funds**|||||
||General fund|40,945||11,246|52,191|
||**Restricted funds**|||||
||Youth Fund|6,937||-|6,937|
||Futurity Fund|4,653||103|4,756|
|||11,590||103|11,693|
||**TOTAL FUNDS**|52,535||11,349|63,884|
||Net movement in funds, included in the above are as follows:|||||
|||Incoming||Resources|Movement|
|||resources||expended|in funds|
||||£|£|£|
||**Unrestricted funds**|||||
||General fund|36,309||(25,063)|11,246|
||**Restricted funds**|||||
||Youth Fund||-|-|-|
||Futurity Fund||950|(847)|103|
||||950|(847)|103|
||**TOTAL FUNDS**|37,259||(25,910)|11,349|
continued...
Page 12
**The American Quarter Horse Association UK Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **14. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|||Net|Transfers||
|---|---|---|---|---|
|||movement|between|At|
||At 1.1.23|in funds|funds|31.12.23|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|39,151|1,794|-|40,945|
|**Restricted funds**|||||
|Youth Fund|7,387|(450)|-|6,937|
|Futurity Fund|4,562|91|-|4,653|
||11,949|(359)|-|11,590|
|**TOTAL FUNDS**|51,100|1,435|-|52,535|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Youth Fund
Futurity Fund
**TOTAL FUNDS**|Incoming
resources
£
51,836
-
956
956
52,792|Resources
Movement
expended
in funds
£
£
(50,042)
1,794
(450)
(450)
(865)
91
(1,315)
(359)
(51,357)
1,435|
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|||Net|Transfers|||
|---|---|---|---|---|---|
|||movement|between|At||
||At 1.1.23|in funds|funds|31.12.24||
||£|£|£|£||
|**Unrestricted funds**||||||
|General fund|39,151|13,040|-|52,191||
|**Restricted funds**||||||
|Youth Fund|7,387|(450)||-|6,937|
|Futurity Fund|4,562|194||-|4,756|
||11,949|(256)|-|11,693||
|**TOTAL FUNDS**|51,100|12,784|-|63,884||
continued...
Page 13
**The American Quarter Horse Association UK Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **14. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|88,145|(75,105)|13,040|
|**Restricted funds**||||
|Youth Fund|-|(450)|(450)|
|Futurity Fund|1,906|(1,712)|194|
||1,906|(2,162)|(256)|
|**TOTAL FUNDS**|90,051|(77,267)|12,784|
The Youth Fund scheme is to encourage youth members with registered horses in shows and events.
The AQHA UK Futurity scheme is to encourage members with registered horses to participate in extra classes at our shows. Added prize money is accrued from scheme entry fees and added sponsorship.
## **15. RELATED PARTY DISCLOSURES**
## **Transactions with related parties**
There were no related party transactions during the year.
Page 14
## **The American Quarter Horse Association UK Limited**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Subscriptions
**Other trading activities**
Merchandise
Journal Adverts
American QHA
Events
Futurity fund
Youth Clinic/Training Income
Other miscellaneous income
**Investment income**
Deposit account interest
**Charitable activities**
Registration fees
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Merchandise
Subscriptions paid
Journal
Events
Futurity fund
Youth Training/Clinics costs
Advertising and publicity
**Support costs**
**Management**
Administrator’s expenses
Bookkeeping fees
Printing and stationery
Postage
Insurance
Telephone
Computer expenses
Carried forward|**Detailed Statement of Financial Activities**
**for the Year Ended 31 December 2024**
31.12.24
31.12.23
£
£
65
97
11,735
14,540
11,800
14,637
762
1,096
44
-
5,184
4,915
-
20,555
850
6,810
525
352
67
14,002
27,158
1,657
907
9,800
10,090
37,259
52,792
1,229
1,338
491
518
2,913
3,159
1,390
25,182
847
6,286
865
-
-
140
13,156
31,202
2,970
6,842
331
1,767
2,077
1,825
683
1,758
2,529
3,211
165
134
2,134
2,306
10,889
17,843|
|---|---|
|||
This page does not form part of the statutory financial statements
Page 15
## **The American Quarter Horse Association**
## **UK Limited**
|**Management**
Brought forward
Professional charges
**Finance**
Bank charges
**Other**
Computer equipment depreciation
Plant and machinery depreciation
**Governance costs**
Accountancy and legal fees
Council travel and expenses
Total resources expended
**Net income**|**Detailed Statement of Financial Activities**
**for the Year Ended 31 December 2024**
31.12.24
31.12.23
£
£
10,889
17,843
-
484
10,889
18,327
485
591
-
88
75
74
1,051
1,045
254
30
1,305
1,075
25,910
51,357
11,349
1,435|
|---|---|
|||
This page does not form part of the statutory financial statements
Page 16