REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31st December 2023 |
for |
The Appaloosa Horse Club (UK) Limited |
(A Company Limited by Guarantee) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31st December 2023 |
for |
The Appaloosa Horse Club (UK) Limited |
(A Company Limited by Guarantee) |
The Appaloosa Horse Club (UK) Limited |
Contents of the Financial Statements |
for the Year Ended 31st December 2023 |
Page |
Report of the Trustees | 1 | to | 2 |
Statement of Financial Activities | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 | to | 8 |
The Appaloosa Horse Club (UK) Limited (Registered number: 03918039) |
Report of the Trustees |
for the Year Ended 31st December 2023 |
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 31st December 2023. 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 |
Objectives and aims |
The main object of the charity is to improve and preserve the breed of the Appaloosa horse in Great Britain in accordance with the principles of the Appaloosa Horse Club of America. This is done by the maintenance of a breed stud book, the promotion of the breed at national and regional shows and at equine events. The club also has a show affiliation scheme to encourage and promote the appaloosa breed in a variety of shows and classes. |
Public benefit |
The trustees confirm that they complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission on public benefit when reviewing the charity's aims and objectives and in planning future activities. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The highlight of our year in 2023 was our National Breed Show at Moreton Morrell College in Warwickshire on 12 and 13 August 2023 when our members had the opportunity to get together and take part in a variety of halter and ridden classes in different disciplines across the weekend. On this occasion our UK judge was Nigel Vale and our USA judge was Nico Perrin. Lisa Randle was our guest judge and judged the youth classes for us. We were also fortunate enough to put on a showing clinic run by Lee Rutter on the Friday evening before the show. Members were able to brush up their skills and practice various required elements in the forthcoming classes. The clinic was paid for by the club and free to current paid up annual members. Due to various factors including the difficult economic situation in the UK generally we had lower than normal numbers of 30 competitors taking part. Luckily we received generous sponsorship from members and supporters and the show covered its costs. Another highlight of 2023 was the presentation of the Redheart Achievement Award presented to long-standing member and supporter of the club, Heather Julian in recognition of her devotion to the club and her unwavering support and very generous sponsorship of gifts and prizes to competitors at the national show. |
Our 2023 accounts will be presented to the AGM for approval. At the end of December 2023 we had £ 18,938 cash in the bank accounts including PayPal. This includes the reserves in our Lloyds savings account of £14,428 and £4,484 in our current account. We had another steady year and were able to cover our costs and invest a further £700 in improving our website by implementation of an online shop functionality. Development on our website is continuing with invaluable support from new member Shannon Skeels. We also spent an initial £420 to set up a welfare initiative to rescue and re-home two registered Appaloosas called Tippey and Joey who are being rehabilitated and re-trained in a foster home and will shortly be ready for their forever-homes. This valuable initiative was instigated by our registrar Auriol Thorne with the amazing help and dedication of fosterer, Julie Hanly. |
Our membership numbers in 2023 were 132 in total, with 115 renewals and 17 new members joining. Our membership secretary and newsletter Editor, Sue Feast, produced two excellent newsletters and another fabulous calendar for us, featuring a lovely display of member's Appaloosas, past and present. |
Our registrar, Auriol Thorne has continued to deal with our registrations by working in partnership with Equiventus who produce our horse registration passports. In 2023 we registered 41 Appaloosas in total and issued 26 new registrations with passports, 15 over-stamps and 37 transfer of ownerships. It is gratifying to see that the transfer of ownerships has more than doubled since last year as new owners are becoming legally compliant and ensuring their horse's passport is registered in their name. In 2023 we took a step forward in dealing with the fall out from Brexit and expanded our registration criteria for our B (British) register to include eligibility to main registered Appaloosas on any other recognised Appaloosa breed register including any European Appaloosa Registers. |
I would like to thank all the directors for their valued ideas, input and contribution into the running of the club and also our members for their loyal support and devotion to the Appaloosa breed. |
Report by: Kim Sands, Treasurer |
FINANCIAL REVIEW |
Financial position |
Total income for the year to 31 December 2023 was £9,540 (2022 £8,857) and total expenditure was £9,930 (2022 £8,652). Resulting in a net loss of £390 for the year, compared to a net surplus of £205 in the year to 31 December 2022. |
Total funds carried forward at 31 December 2023 have decreased to £21,160 from £21,550, and these remain entirely unrestricted. |
The Appaloosa Horse Club (UK) Limited (Registered number: 03918039) |
Report of the Trustees |
for the Year Ended 31st December 2023 |
FINANCIAL REVIEW |
Reserves policy |
It is the policy of the directors to ensure that there are sufficient reserves held to finance expenditure for the next six months. As at 31 December 2023, free reserves (unrestricted funds less fixed assets) were £20,249 (2022 - £20,875), of which, £18,938 was held as cash. |
Based on current unrestricted expenditure levels this year of £9,930, current free reserves are sufficient to meet the trustees policy, equating to approximately 24 months expenditure cover. |
FUTURE PLANS |
We are looking forward to our National show on 10 and 11 August 2024 at our usual venue, Moreton Morrell College, Warwickshire. Due to the success of last year's clinic, Lee Rutter has kindly agreed to run the clinic for us again on the Friday before the national show to help members prepare for the halter and western ridden classes. |
The Club's performance and future plans will be discussed at our next AGM on 22 June 2024. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The full name of the charity is The Appaloosa Horse Club (UK) Limited. It is constituted as a limited company and is governed by its Memorandum and Articles of Association. The company does not have a share capital being limited by guarantee with each member's liability limited to a maximum amount of £1. The company registration number is 03918039 and the charity's registration number is 1090093. |
The directors (who are also the charity trustees) have sole power to appoint new directors. New directors receive induction informally on director/trustee responsibility and the affairs of the charity as necessary. |
Charity constitution |
The charity is controlled by its Board of Directors. Decisions are made by majority vote of members at general meetings. |
Risk policy |
The directors have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate these risks. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
The report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006. |
Approved by order of the board of trustees on |
The Appaloosa Horse Club (UK) Limited |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 31st December 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income | 2 |
Total |
EXPENDITURE ON |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 21,550 |
The Appaloosa Horse Club (UK) Limited (Registered number: 03918039) |
Balance Sheet |
31st December 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds | 21,550 |
TOTAL FUNDS | 21,550 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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. |
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 |
The Appaloosa Horse Club (UK) Limited |
Notes to the Financial Statements |
for the Year Ended 31st December 2023 |
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. |
These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £. |
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. |
Membership Fees |
Where membership fees purchase the right to services or benefits, the incoming resources are recognised as income is earned from the provision of goods and services. |
Services (Including shows) |
Income from the supply of services is recognised with the delivery of the contracted service. Provided that the stage of completion, the costs incurred in delivering the service and the costs to complete the requirements of the contract can all be measured reliably. |
Sale of Merchandise |
Entitlement to the income from the sale of goods or merchandise arises when the 'significant risks and rewards' of ownership are transferred to the buyer. |
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. |
Plant and machinery | - |
Computer equipment | - |
Assets costing less than £100 are not capitalised. |
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. |
FINANCIAL INSTRUMENTS |
The charity has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised when the charity becomes party to contractual provisions of the instrument. |
The Appaloosa Horse Club (UK) Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
1. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic Financial Assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic Financial Liabilities |
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction cost. |
2. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Deposit account interest |
3. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Fees payable to Independent Examiner in respect of other accountancy services |
49 |
49 |
Fees payable to Accountant in respect of accounts preparation | 630 | 600 |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
No trustee has received any remuneration or benefits from the charity during the current or past year. |
5. | STAFF COSTS |
There were no staff costs in either the current or previous year. |
6. | PRIOR YEAR ADJUSTMENT |
A prior year adjustment has been made to the accounts to account for the branded clothing stock samples purchased during 2022 at £380. |
The Appaloosa Horse Club (UK) Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
7. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
8. | STOCKS |
2023 | 2022 |
£ | £ |
Goods for resale | 631 | 688 |
Stock of rosettes | 1,249 | 1,589 |
1,880 | 2,277 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Prepayments |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Accrued expenses |
11. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.1.23 | in funds | 31.12.23 |
£ | £ | £ |
Unrestricted funds |
General Fund | 21,550 | (390 | ) | 21,160 |
TOTAL FUNDS | (390 | ) | 21,160 |
The Appaloosa Horse Club (UK) Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
11. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General Fund | 9,540 | (9,930 | ) | (390 | ) |
TOTAL FUNDS | ( |
) | (390 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.1.22 | in funds | 31.12.22 |
£ | £ | £ |
Unrestricted funds |
General Fund | 21,345 | 205 | 21,550 |
TOTAL FUNDS | 21,345 | 205 | 21,550 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General Fund | 8,857 | (8,652 | ) | 205 |
TOTAL FUNDS | 8,857 | (8,652 | ) | 205 |
12. | RELATED PARTY DISCLOSURES |
There were no related party transactions for the year ended 31st December 2023 nor the previous year ended 31 December 2022. |