REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
SHIRE HORSE SOCIETY |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
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 |
Registered Charity number |
SHIRE HORSE SOCIETY (REGISTERED NUMBER: 00012383) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Registered office |
Trustees |
Company Secretary |
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 |
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 |
Charitable activities | 5 |
Other trading activities | 3 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Raising funds | 6 |
Charitable activities | 7 |
Shire/Heavy horse camp | 10,641 | - | 10,641 | 13,555 |
Total |
Net gains on investments |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 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 |
Investments | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 17 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 19 |
Unrestricted funds | 1,299,427 |
Restricted funds | 121,596 |
TOTAL FUNDS | 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 |
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 | - |
Motor Vehicles | - |
Office equipment | - |
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 | - |
Grants | - | 35,000 |
Sponsorships and donations | 62,064 | - | 62,064 | 32,759 |
244,081 | 35,000 |
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 | - |
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 | - |
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 |
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 |
Social security costs |
Other pension costs |
126,262 | 94,602 |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Administrative staff |
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 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
14. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
MARKET VALUE |
At 1 October 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 30 September 2024 |
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 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
VAT |
Prepayments and accrued income |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 609 | - |
Other creditors |
Accruals and deferred income |
18. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
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 |
8,479 |
TOTAL FUNDS | 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 | ( |
) | 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 |
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 |