REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
THE VETERAN EQUINE TRUST LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
THE VETERAN EQUINE TRUST LIMITED |
THE VETERAN EQUINE TRUST LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Statement of Financial Activities | 3 |
Statement of Financial Position | 4 | to | 5 |
Notes to the Financial Statements | 6 | to | 11 |
THE VETERAN EQUINE TRUST LIMITED (REGISTERED NUMBER: 04741609) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 29 FEBRUARY 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 29 February 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 |
Objectives and aims |
The charity's objectives and principal activities continue to be those of the welfare, care and rehabilitation of veteran horses and ponies. In furtherance of these objectives, its policy is the rehoming, welfare and rehabilitation of horses and ponies over the age of 15 years and is developing a very successful therapy programme through Animal Communication and Reconnective Heating. |
Public benefit |
The charity meets the public benefit requirement of caring for sick, injured or homeless animals. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The charity continues to concentrate on the welfare, rehabilitation and rehoming of veteran horses and this is achieved through visits to yards and other establishments, to provide personal advice on veteran horse care and management. |
FINANCIAL REVIEW |
Principal funding sources |
The charity's main source of income continues to be from charitable donations and legacies. |
Financial performance |
The charity recorded a surplus of £2,725 (2023 £152) for the year ended 29th February 2024 resulting in total funds of £22,744 (2023 £20,019). The members have pledged to support the charity for the foreseeable future and thus the accounts have been prepared on a going concern basis. |
FUTURE PLANS |
The charity intends to seek and invite new Trustees to continue to promote the care and welfare of older horses by the same means as previous years. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a memorandum and articles of association incorporated 23 April 2003 as amended by special resolution dated 25 April 2004, as amended on 12 April 2018, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
There are no restrictions in the governing document on the operation of the Charity or on its investment powers, other than those imposed by charity law. |
Recruitment and appointment of new trustees |
Trustees are elected by members at the Annual General Meeting, on the recommendation of the existing Trustees. The Board consists of people with an interest in furthering the objects of the charity. |
Organisational structure |
The Board of Trustees meets as required. Julianne Aston is appointed by the Trustees to manage the day to day operations of the charity. To facilitate effective operations, she has delegated authority, within the terms of delegation approved by the Trustees, for operations matters including finance, employment and contractual agreements with funders. |
THE VETERAN EQUINE TRUST LIMITED (REGISTERED NUMBER: 04741609) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Induction and training of new trustees |
Candidate trustees are invited to attend trustee meetings. They are invited to meet the staff and discuss the work being carried on. |
Related parties |
Julianne Aston is also director of Veteran Horse Society. Profits from Veteran Horse Society are donated to the Veteran Equine Trust Limited. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
THE VETERAN EQUINE TRUST LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities | 2 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 20,019 |
THE VETERAN EQUINE TRUST LIMITED (REGISTERED NUMBER: 04741609) |
STATEMENT OF FINANCIAL POSITION |
29 FEBRUARY 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 9 |
Unrestricted funds | 20,019 |
TOTAL FUNDS | 20,019 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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 VETERAN EQUINE TRUST LIMITED (REGISTERED NUMBER: 04741609) |
STATEMENT OF FINANCIAL POSITION - continued |
29 FEBRUARY 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 |
THE VETERAN EQUINE TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | ACCOUNTING POLICIES |
Going concern |
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. |
The financial statements have been prepared on a going concern basis on the assumption that continued support will be forthcoming from the trustee. |
Income |
Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item (s) have been met, it is probable that the income will be received and the amount can be measured reliably. |
Donations, grants and gifts are recognised when receivable. Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year end are accounted for in income and accrued income in debtors. |
Interest on deposit funds held is included when receivable and the amount can be measured reliably by the Charity which is normally upon notification of the interest paid or payable by the bank. |
Expenditure and irrecoverable vat |
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. |
Support costs are made up of administration & management, finance costs and governance costs. |
Governance costs are those costs incurred in connection with the compliance with constitutional and statutory requirements of the Charity. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - |
Plant and machinery | - |
Computer equipment | - |
Taxation |
The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. The Charity was registered as a charity in June 2004. Under part II of CTA 2010 the Charity is not subject to taxation on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
THE VETERAN EQUINE TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
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. |
Creditors |
Creditors are recognised where the Charity 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. |
Pension costs |
Employees can joint a defined contribution pension scheme with NEST. The amount charged against income represents the contributions payable to the scheme in respect of the accounting period. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash in hand and other short term investment account that are readily convertible to a know amount of cash and are subject to insignificant risk to changes in value. Deposit accounts are shown as short term investments. |
2. | OTHER TRADING ACTIVITIES |
2024 | 2023 |
£ | £ |
Sale of merchandise |
3. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 29 February 2024 nor for the year ended 28 February 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 29 February 2024 nor for the year ended 28 February 2023. |
THE VETERAN EQUINE TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 19,867 | - |
TOTAL FUNDS CARRIED FORWARD | 20,019 | - | 20,019 |
6. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2023 and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
THE VETERAN EQUINE TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors | 4,020 | 4,020 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
9. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.3.23 | in funds | 29.2.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 20,019 | 2,725 | 22,744 |
TOTAL FUNDS | 2,725 | 22,744 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 8,104 | (5,379 | ) | 2,725 |
TOTAL FUNDS | ( |
) | 2,725 |
Comparatives for movement in funds |
Net |
movement | At |
At 1.3.22 | in funds | 28.2.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 19,867 | 152 | 20,019 |
TOTAL FUNDS | 19,867 | 152 | 20,019 |
THE VETERAN EQUINE TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
9. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 4,342 | (4,190 | ) | 152 |
TOTAL FUNDS | 4,342 | (4,190 | ) | 152 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.3.22 | in funds | 29.2.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 19,867 | 2,877 | 22,744 |
TOTAL FUNDS | 19,867 | 2,877 | 22,744 |
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 | 12,446 | (9,569 | ) | 2,877 |
TOTAL FUNDS | 12,446 | (9,569 | ) | 2,877 |
10. | RELATED PARTY DISCLOSURES |
At 28th February 2024, the amount of £4,020 (2023 £4,020) was owed by Veteran Horse Society to Veteran Equine Trust Limited, a company of which J Aston is a director. This amount is included in other debtors. |
THE VETERAN EQUINE TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
11. | COMPANY LIMITED BY GUARANTEE |
The Charity is a company is limited by guarantee and does not have share capital. The directors are also members of the company and each member has a liability of £1 in the event of the company being wound up. |