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REGISTERED COMPANY NUMBER: 00012383 (England and Wales)
REGISTERED CHARITY NUMBER: 210619











REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

SHIRE HORSE SOCIETY

SHIRE HORSE SOCIETY

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Report of the Trustees 1 to 6

Independent Examiner's Report 7

Statement of Financial Activities 8

Balance Sheet 9 to 10

Cash Flow Statement 11

Notes to the Financial Statements 12 to 22

SHIRE HORSE SOCIETY (REGISTERED NUMBER: 00012383)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2024



The Board of Trustees present their report with the financial statements of the charity for the year ended 30 September 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) as applicable to charities in preparing the annual report and financial statements of the charity, in accordance with the applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice - UK GAAP), including FRS102; The Financial Reporting Standard applicable in the UK and Republic of Ireland.

OBJECTIVES AND ACTIVITIES
OBJECTIVES AND AIMS
The Society's principal objective is the improvement and promotion of the English Cart Horse, more particularly, the Shire Horse, and to this end, maintaining a Stud Book in which are entered the names of all registered Shire Horses complying with the conditions for the time being applied by the Society.

To meet the objective the Society has established an expert Judging Panel, introduced a comprehensive system of DNA testing for all Pedigree animals and devised a Stallion inspection scheme in order to ensure that male animals used for breeding meet strict conformation and health criteria and introduced training courses.

The Society is generously assisted in its breeding policies by a grant from the Horserace Betting Levy Board which itself sets strict conditions for grant payment. The grant aided work is regularly reviewed by both parties in order to ensure its effectiveness.

The Charity has due regard during the year to the guidance published by the Charities Commission on public benefit.

NATIONAL SHIRE HORSE SHOW 2024
The National Show returned to an indoor venue, at the familiar venue of Bingley Hall, Stafford. The venue has been historically very popular with the exhibitors and the members. The 2024 show saw increase on visitor numbers and horse numbers from the show of 2022 and 2023. In 2025 the show will again be held indoors at Stafford.

EXPORTS
Specific numbers are of horses exported are no longer recorded. Records from Stud Book entries and overseas attendance at the National Show indicate that the demand for quality horses abroad continues to be strong. Society members do not always notify the Society of exports therefore it is difficult to maintain accurate export figures.

MERCHANDISING AND MARKETING
The Society attended 30 events and shows including the two foals shows and three demonstration events in 2024. There has been significant promotion where possible and use of the website for sales of merchandise where possible. The Society is deeply indebted to the help of its volunteers and very much hope those and others wish to be a part of the marketing of the Society this coming year.

STALLION PREMIUM SCHEME
The Editing Committee have removed the premium scheme in its entirety. Other funding and grants will be given to breeders from 2023 onwards.

SHIRE HORSE SOCIETY APPROVED CENTRES
The approved centres offer visitor experience and training facilities. The Trustees continue to consider the options available and develop a programme of activities that yield the maximum educational, training and promotional benefits for the Society and supporters.


SHIRE HORSE SOCIETY (REGISTERED NUMBER: 00012383)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2024


OBJECTIVES AND ACTIVITIES
NATIONAL SHIRE HORSE TRUST FUND
The financial objective of the Society remains to increase the accumulated fund at a rate not less than inflation for the current year thus ensuring that the purchasing power of the fund is maintained. The financial attitude of the Society remains to pursue a break even position financially, without the historic dependence on donations or legacies. By doing so, any excess income can be utilised in a more beneficial way for the breed generally.

The Trust Fund is used firstly and most importantly to further the Society's charitable objectives including the promotion of the Shire Horse both at home and overseas and to also meet the Society's operating costs. In addition, the Society is required to contribute to the Stallion Fund at a level of 20% of the funding received from the Horserace Betting Levy Board. The Society's contribution is taken from the Trust Fund.

FINANCIAL REVIEW
The financial statements show an overall increase in net funds of £45,590 (2023: increase £268,883) as shown on the Statement of Financial Activities.

The Society received legacy income totalling £182,017 (2023: £395,528). This source of revenue remains important to the Society in improving the capital base and investment income. The Board of Trustees has agreed it is not appropriate to rely on legacy income.

During the year the Society changed investment fund managers to a fully managed service, which should result in improved income and growth. The Society realised gains of £6,070 during the year, and at the balance sheet date had unrealised losses of £5,115, a net gain of £955 (2023: £29,056). The market value of the Society's investments at the end of the year was £688,811 (2023: £682,703).

Investment returns saw a slight increase in the year at £27,954 (2023: £25,970). Additionally interest received on the investments increased to £21,863 [2023: £2,666].

FUTURE PROSPECTS
Prospects, as ever for 2025 remain increasingly challenging, but with net assets valued at £1,466,613 (2023: £1,421,023) the Society is well placed to continue to assist Shire Breeders and encourage new owners.

The Society continues to invest heavily in the National Show as it is viewed by Trustees as an essential tool to promote the Shire both at home and overseas.

RISK MANAGEMENT
The Board of Trustees will continue to review the systems that are in place to mitigate the Society's exposure to major risks.

RESERVES POLICY
The Society maintains a prudent level of reserves to generate income to help fund the activities that further the Society's charitable aims and objectives. This income is intended to counter large fluctuations in irregular income such as legacies and help fund the National Show.

The Trustees continue to maintain a greater proportion of reserves in short term cash deposits to protect the Society from the volatile nature of equity and bond markets.

INDEPENDENT EXAMINER
The Society is no longer required to undertake a full audit, CFW Accountants LLP have undertaken an independent examiner's review and their report is enclosed.


SHIRE HORSE SOCIETY (REGISTERED NUMBER: 00012383)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
SOCIETY GOVERNANCE
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The Society's governing document was reviewed and the adoption of new Articles of Association took place on 14th December 2021.

The Charity is governed by Board of Trustees who meet at least four times a year. The Board with the support of the Council has established a committee structure to deal directly with specific aspects of the Society's affairs. These Board and committees currently are:

The BOARD OF TRUSTEES dealing with financial matters and the day to day operation of the Society along with the CEO.

The EDITING COMMITTEE are responsible for all matters relating to the Stud Book, breeding programme and pedigrees.

The TRAINING AND EDUCATION COMMITTEE are responsible for the education of the public about the Shire Horse, running training events and programmes for the membership and the appointment, training and maintenance of an expert and active panel of Judges.

The SHOW COMMITTEE are responsible for all matters relating to the running of the National Show.

The STRATEGY AND DEVELOPMENT COMMITTEE identify areas of strength and
weaknesses within the Society. It is to promote and deliver new initiatives that provide for
succession within the Society, including youth schemes and its sustainability for the long term.

The DISCIPLINARY COMMITTEE deal with all matters concerning the conduct of Members.

All Council and Committee members are volunteers who receive no payment for their services. The National Show in March, is also run, in part, by Stewards who give their time in a voluntary capacity.


SHIRE HORSE SOCIETY (REGISTERED NUMBER: 00012383)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
COUNCIL, COMMITTEES AND OFFICIALS

RETIRE 2025

Mrs D Badger, Tamworth
Wm Bedford, Yorkshire
J Burks, Lincolnshire
Miss C Eagle, Suffolk
Mrs S Flintham, Nottinghamshire
R Griffith, Wales
C Horler, Somerset
S Ledsham, Shropshire
G Rawlins, Tamworth
F M Richardson, Yorkshire
J Worthington, Cheshire
T J Yates, Derbyshire

RETIRE 2026

W Bedford, Yorkshire
M Bedford, Yorkshire
A Chetwood, Cheshire
J Fairbairn, Northumberland
L M Fountain, Derbyshire
J Holder, Gloucestershire
S J Peacock, Essex
D Shardlow, Cheshire
P Shipman, Lincolnshire
Mrs Y Simmons, Shropshire
D Worthington, Cheshire
D Yates, Derbyshire

RETIRE 2027

P Bower, Essex
M Burks, Lincolnshire
J C Etches, Derbyshire
L E Harrison, Co. Durham
M A Horler, Somerset
C Malkin, Shropshire
Mrs D E Nulty, Cheshire
Mrs H Preece, Cheshire
D Roberts, Devon
Mrs W Toomer Harlow, Essex
B A Winn, Lincolnshire

BOARD OF TRUSTEES

Mrs H Thomas (Board Chair), Mr T J Yates (Chairman of Council), Mr Simon Livesey, Mr James Hick, Mr H Murphy, Mr J E Robinson.

SHIRE HORSE SOCIETY (REGISTERED NUMBER: 00012383)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT

EDITING COMMITTEE

Miss L Archer (Chairman) Mr P Ryder-Davies & Mr B Ryder-Davies (Honorary Veterinary Surgeons), Mr W Bedford, Mr M Burks, Mr J Holder, Mr D Roberts, Mr P Shipman, Mr C Malkin.

TRAINING AND EDUCATION COMMITTEE

Mrs Y Simmons (Chair), Mrs D Badger, Miss C Eagle, Mr R Griffith, Mr M Richardson, Mr M Bingham (co-opt).

SHOW COMMITTEE

Mr S J Peacock (Chairman), Mr A Peacock (Chief Steward), Mr M Bedford, Miss A Chetwood, Mr C Horler, Mr M Rendle (co-opt), Mrs S Flintham, Mr M Fountain, Mr T Brown (co-opt).

STRATEGY AND DEVELOPMENT COMMITTEE

Mrs W Toomer-Harlow (Chair), Mrs H Preece, Mr G Rawlins, Miss M Langley (co-opt), Mr D Shardlow.

DISCIPLINARY COMMITTEE

The President, two Past Presidents or past deputies, two past chairs, a solicitor.

HONORARY TREASURER

Mr D Clarke.

BANKERS

Barclays Bank plc, Church Street, Peterborough.

ACCOUNTANTS AND INDEPENDENT EXAMINERS

CFW Accountants LLP, 3 Weekley Wood Close, Kettering, NN14 1UQ.

CHIEF EXECUTIVE OFFICER

Victoria Clayton MRICS FAAV.

STUD BOOK AND REGISTRATIONS

Miss Angela Whiteway.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
00012383 (England and Wales)

Registered Charity number
210619


SHIRE HORSE SOCIETY (REGISTERED NUMBER: 00012383)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Registered office
The Old Dairy
Rockingham Castle and Park
Rockingham
Market Harborough
LE16 8TH

Trustees
T J Yates
Mrs H Thomas
S Livesey
J Hick
H Murphy None (appointed 8.3.24)
J Robinson None (appointed 8.3.24)
D Clarke Accountant (appointed 8.3.24)

Company Secretary
Miss V Clayton

Independent Examiner
David Ian Baker FCCA
CFW Accountants LLP
Chartered Accountants
& Business Advisers
3 Weekley Wood Close
Kettering
Northamptonshire
NN14 1UQ

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 21 January 2025 and signed on its behalf by:





Miss V Clayton - Secretary

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
SHIRE HORSE SOCIETY


Independent examiner's report to the trustees of Shire Horse Society ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

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:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.








David Ian Baker FCCA

CFW Accountants LLP
Chartered Accountants
& Business Advisers
3 Weekley Wood Close
Kettering
Northamptonshire
NN14 1UQ

21 January 2025

SHIRE HORSE SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 244,081 35,000 279,081 463,287

Charitable activities 5
Membership subscriptions 42,186 - 42,186 42,484
Direct charitable purpose 150,725 - 150,725 131,790

Other trading activities 3 17,131 - 17,131 7,209
Investment income 4 49,817 - 49,817 28,636
Total 503,940 35,000 538,940 673,406

EXPENDITURE ON
Raising funds 6 80,881 - 80,881 67,064

Charitable activities 7
Shire horse show 142,382 - 142,382 103,767
Stud book fees, sales and service books 132,867 - 132,867 125,266
Membership subscriptions 38,945 - 38,945 36,135
Support costs 62,068 - 62,068 57,062
Direct charitable purpose - 26,521 26,521 30,730
Shire/Heavy horse camp 10,641 - 10,641 13,555
Total 467,784 26,521 494,305 433,579

Net gains on investments 955 - 955 29,056

NET INCOME 37,111 8,479 45,590 268,883


RECONCILIATION OF FUNDS
Total funds brought forward 1,299,427 121,596 1,421,023 1,152,140

TOTAL FUNDS CARRIED FORWARD 1,336,538 130,075 1,466,613 1,421,023

SHIRE HORSE SOCIETY (REGISTERED NUMBER: 00012383)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 19,336 - 19,336 21,983
Investments 14 558,736 130,075 688,811 682,703
578,072 130,075 708,147 704,686

CURRENT ASSETS
Stocks 15 10,938 - 10,938 8,412
Debtors 16 23,718 - 23,718 28,894
Cash at bank and in hand 751,139 - 751,139 700,700
785,795 - 785,795 738,006

CREDITORS
Amounts falling due within one year 17 (27,329 ) - (27,329 ) (21,669 )

NET CURRENT ASSETS 758,466 - 758,466 716,337

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,336,538

130,075

1,466,613

1,421,023

NET ASSETS 1,336,538 130,075 1,466,613 1,421,023
FUNDS 19
Unrestricted funds 1,336,538 1,299,427
Restricted funds 130,075 121,596
TOTAL FUNDS 1,466,613 1,421,023

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.



SHIRE HORSE SOCIETY (REGISTERED NUMBER: 00012383)

BALANCE SHEET - continued
30 SEPTEMBER 2024

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 21 January 2025 and were signed on its behalf by:





T J Yates - Trustee





H Thomas - Trustee





J Hick - Trustee





S Livesey - Trustee

SHIRE HORSE SOCIETY

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

Cash flows from operating activities
Cash generated from operations 21 (5,127 ) 210,267
Net cash (used in)/provided by operating activities (5,127 ) 210,267

Cash flows from investing activities
Purchase of tangible fixed assets (1,889 ) -
Purchase of fixed asset investments (1,172,147 ) -
Sale of fixed asset investments 1,179,785 -
Interest received 21,863 2,666
Dividends received 27,954 25,970
Net cash provided by investing activities 55,566 28,636

Change in cash and cash equivalents in the
reporting period

50,439

238,903
Cash and cash equivalents at the beginning
of the reporting period

700,700

461,797
Cash and cash equivalents at the end of the
reporting period

751,139

700,700

SHIRE HORSE SOCIETY

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. ACCOUNTING POLICIES

General information and basis of preparation
Shire Horse Society is a private company , limited by guarantee registered in England and Wales . In the event of the charity being wound up, the liability in respect of the guarantee is limited to £5 per member of the charity. The address of the registered office is given in the charity information on page 5 of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

Income is shown within four main categories in the Statement of Financial Activities:
Voluntary income
Activities for generated funds
Investment income
Incoming resources from charitable activities

Voluntary income includes bequests and donations, and are accounted for at the time of arising.

Gifts in kind are accounted for by recognising as an incoming resource at a reasonable estimate of their fair value. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

Activities for generated funds include proceeds from commercial trading activities.

Investment income is earned through holding assets for investment purposes such as shares. Dividend income is recognised as the charity's right to receive payment is established.

Incoming resources from charitable activities include membership subscriptions, proceeds relating to the Shire Horse Show and income from the maintenance of a Shire Horse database.


SHIRE HORSE SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. ACCOUNTING POLICIES - continued

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.


Paintings - 2% on cost less residual value
Motor Vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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, and include the following:
The Farriery Fund is established to promote farriery skills and improve animal welfare.
The Stallion Fund is established to encourage stallion ownership, the purpose of which is appropriate genetic diversity.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Donated services
No income or expense is recognised in the financial statements for volunteer time in line with the SORP 2019, however further detail is included in the Trustees' Annual Report.

SHIRE HORSE SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. ACCOUNTING POLICIES - continued


Debtors and creditors
Debtors receivable / creditors payable within one year are measured at transaction price (less any impairment losses on debtors for bad and doubtful debts). Loans and other financial assets / liabilities are initially measured at transaction price and subsequently measured at amortised cost determined using the effective interest method (less any impairment losses on debtors) for bad and doubtful debts.

Investments
Investments are stated at their fair value. Unrealised gains on the revaluation of investments are included on the Statement of Financial Activities.

Government grants
Government grants are recognised on an accrual basis and are classified as either ‘revenue-based’
grant or a ‘capital-based’ grant.

The grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. The grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs is recognised in income in the period that it become receivable.

2. DONATIONS AND LEGACIES
2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
£    £    £    £   
Legacies 182,017 - 182,017 395,528
Grants - 35,000 35,000 35,000
Sponsorships and donations 62,064 - 62,064 32,759
244,081 35,000 279,081 463,287

In 2024 the income from donations and legacies was £279,081 (2023: £463,287) of which £35,000 (2023: £35,000) was attributable to restricted income funds, with the balance of £244,081 (2023: £428,287) adding to unrestricted funds.
Included in sponsorships and donations is Gift Aid of £1,366 (2023: £1,212).

Grants received, included in the above, are as follows:

2024 2023
£    £   
Horserace Betting Levy Board Grant 35,000 35,000


SHIRE HORSE SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


3. OTHER TRADING ACTIVITIES
2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
£    £    £    £   
Sale of goods 17,131 - 17,131 7,209

4. INVESTMENT INCOME
2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
£    £    £    £   
Listed investments 27,954 - 27,954 25,970
Bank interest received 21,863 - 21,863 2,666
49,817 - 49,817 28,636

5. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Direct
Membership charitable Total Total
subscriptions purpose activities activities
£    £    £    £   
Shire horse show - 82,453 82,453 60,134
Stud book fees, sales and service books - 46,097 46,097 44,110
Sundry sales and other income - 7,117 7,117 11,154
Stallion fund - 2,000 2,000 2,000
Membership subscriptions 36,751 - 36,751 35,380
Life membership subscriptions 5,435 - 5,435 7,104
Shire/Heavy horse camp - 13,058 13,058 14,392
42,186 150,725 192,911 174,274


SHIRE HORSE SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


6. RAISING FUNDS

Raising donations and legacies
2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
£    £    £    £   
Marketing and merchandise costs 14,711 - 14,711 11,516
Attendance at shows and events 22,207 - 22,207 15,126
Support costs 43,963 - 43,963 40,422
80,881 - 80,881 67,064

7. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 8) Totals
£    £    £   
Shire horse show 142,382 - 142,382
Stud book fees, sales and service books 13,907 118,960 132,867
Membership subscriptions 5,326 33,619 38,945
Support costs - 62,068 62,068
Direct charitable purpose 26,521 - 26,521
Shire/Heavy horse camp 10,641 - 10,641
198,777 214,647 413,424

In 2024 the expenditure on charitable activities was £413,424 (2023: £366,515) of which £26,520 (2023: £30,730) was expenditure from restricted funds and £386,903 (2023: £335,785) was from unrestricted funds.

8. SUPPORT COSTS
Shire
horse of
Administration Professional the year
charge fees championship Totals
£    £    £    £   
Raising donations and legacies 38,946 3,569 1,448 43,963
Stud book fees, sales and service books 105,384 9,657 3,919 118,960
Membership subscriptions 29,782 2,729 1,108 33,619
Support costs 54,984 5,039 2,045 62,068
229,096 20,994 8,520 258,610

SHIRE HORSE SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024



9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 4,536 5,415

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023.


11. STAFF COSTS
2024 2023
£    £   
Wages and salaries 119,284 89,867
Social security costs 4,532 2,818
Other pension costs 2,446 1,917
126,262 94,602

The average monthly number of employees during the year was as follows:

2024 2023
Administrative staff 5 4

No employees received emoluments in excess of £60,000.


SHIRE HORSE SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


12. INDEPENDENT EXAMINER'S REMUNERATION

Included in the accounts is a charge of £3,890 (2023: £3,680) in respect of the Independent Examiner's remuneration.

13. TANGIBLE FIXED ASSETS
Motor Office
Paintings Vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2023 5,765 48,311 17,639 71,715
Additions - - 1,889 1,889
At 30 September 2024 5,765 48,311 19,528 73,604
DEPRECIATION
At 1 October 2023 - 35,417 14,315 49,732
Charge for year - 3,226 1,310 4,536
At 30 September 2024 - 38,643 15,625 54,268
NET BOOK VALUE
At 30 September 2024 5,765 9,668 3,903 19,336
At 30 September 2023 5,765 12,894 3,324 21,983

14. FIXED ASSET INVESTMENTS
Listed
investments
£   
MARKET VALUE
At 1 October 2023 682,703
Additions 1,172,147
Disposals (1,173,715 )
Revaluations 7,676
At 30 September 2024 688,811
NET BOOK VALUE
At 30 September 2024 688,811
At 30 September 2023 682,703

Listed investments includes £nil (2023: £16,558) held outside the UK. All investments are held primarily for an investment return.

The Additions and Disposals noted above (and on the Cash Flow Statement) occurred on the transfer of investment fund managers as noted in the Trustees Report.

SHIRE HORSE SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


14. FIXED ASSET INVESTMENTS - continued


15. STOCKS
2024 2023
£    £   
Goods held for resale 10,938 8,412

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,770 4,690
VAT - 334
Prepayments and accrued income 18,948 23,870
23,718 28,894

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 6,421 9,268
Social security and other taxes 2,612 1,314
VAT 609 -
Other creditors 3,205 1,146
Accruals and deferred income 14,482 9,941
27,329 21,669

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 2023
£    £   
Within one year 9,375 12,500
Between one and five years - 9,375
9,375 21,875


SHIRE HORSE SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


19. MOVEMENT IN FUNDS
Net
At movement At
1.10.23 in funds 30.9.24
£    £    £   
Unrestricted funds
National Shire Horse Trust Fund 1,299,427 37,111 1,336,538

Restricted funds
Farriery Fund 3,389 - 3,389
Stallion Fund 118,207 8,479 126,686
121,596 8,479 130,075
TOTAL FUNDS 1,421,023 45,590 1,466,613

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
National Shire Horse Trust Fund 503,940 (467,784 ) 955 37,111

Restricted funds
Stallion Fund 35,000 (26,521 ) - 8,479

TOTAL FUNDS 538,940 (494,305 ) 955 45,590


Comparatives for movement in funds

Net
At movement At
1.10.22 in funds 30.9.23
£    £    £   
Unrestricted funds
National Shire Horse Trust Fund 1,034,813 264,614 1,299,427

Restricted funds
Farriery Fund 3,389 - 3,389
Stallion Fund 113,938 4,269 118,207
117,327 4,269 121,596
TOTAL FUNDS 1,152,140 268,883 1,421,023

SHIRE HORSE SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
National Shire Horse Trust Fund 638,406 (402,848 ) 29,056 264,614

Restricted funds
Stallion Fund 35,000 (30,731 ) - 4,269

TOTAL FUNDS 673,406 (433,579 ) 29,056 268,883

A current year 12 months and prior year 12 months combined position is as follows:

Net
At movement At
1.10.22 in funds 30.9.24
£    £    £   
Unrestricted funds
National Shire Horse Trust Fund 1,034,813 301,725 1,336,538

Restricted funds
Farriery Fund 3,389 - 3,389
Stallion Fund 113,938 12,748 126,686
117,327 12,748 130,075
TOTAL FUNDS 1,152,140 314,473 1,466,613

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
National Shire Horse Trust Fund 1,142,346 (870,632 ) 30,011 301,725

Restricted funds
Stallion Fund 70,000 (57,252 ) - 12,748

TOTAL FUNDS 1,212,346 (927,884 ) 30,011 314,473

SHIRE HORSE SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


20. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 September 2024.


21. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024 2023
£    £   
Net income for the reporting period (as per the Statement of Financial
Activities)

45,590

268,883
Adjustments for:
Depreciation charges 4,537 5,415
Gain on investments (955 ) (29,056 )
Profit on disposal of fixed assets (12,792 ) -
Interest received (21,863 ) (2,666 )
Dividends received (27,954 ) (25,970 )
(Increase)/decrease in stocks (2,526 ) 2,307
Decrease/(increase) in debtors 5,176 (8,682 )
Increase in creditors 5,660 36
Net cash (used in)/provided by operations (5,127 ) 210,267


22. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 700,700 50,439 751,139
700,700 50,439 751,139
Total 700,700 50,439 751,139