The Hackney Horse Society Limited Charity Accounts

COMPANY REGISTRATION NUMBER: 19321

CHARITY REGISTRATION NUMBER: 208905

The Hackney Horse Society Limited

Company Limited by Guarantee

Unaudited Financial Statements

27 September 2025

The Hackney Horse Society Limited

Company Limited by Guarantee

Financial Statements

Period from 29 September 2024 to 27 September 2025

	Page

Trustees' annual report (incorporating the director's report)	1

Independent examiner's report to the trustees	7

Statement of financial activities (including income and expenditure account)	8

Statement of financial position	9

Notes to the financial statements	11

The Hackney Horse Society Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Period from 29 September 2024 to 27 September 2025

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the Period ended 27 September 2025 .

Reference and administrative details

Registered charity name	The Hackney Horse Society Limited

Charity registration number	208905

Company registration number	19321

Principal office and registered	68 West Street
office	Warminster
	Wiltshire
	BA12 8JW

The trustees

	B Ashbridge
	J H Chicken	(Resigned 17 February 2025)
	E A Howell
	N Salter
	S Redsell
	R W Robertson
	A L Ward	(Resigned 1 December 2025)
	D L Cooper
	W Murrell
	T Thomas
	F Eastwood
	B A Ward	(Resigned 30 June 2025)
	E A Walsh
	F J Moonan	(Resigned 27 June 2025)
	N Wray	(Resigned 27 June 2025)
	J Howard	(Served from 1 January 2025 to 11 November 2025)

	G C Turner	(Served from 1 January 2025 to 1 December 2025)
	F W Walsh	(Resigned 27 June 2025)

The trustees present their report and the financial statements for the period ended 27th September 2025. The trustees, who are also directors of The Hackney Horse Society Limited for the purposes of the company law and who served during the year and up to the date of this report are set out on page 1- 2.

Independent examiner	Diana Miller FCA, Robinson Miller
	First Floor, 36 High Street
	Warminster
	Wiltshire
	BA12 9AF

Structure, governance and management

The company is Limited by Guarantee. The directors of the company are also charity trustees for the purpose of charity law and under the company's Articles are known as members of the council. Under the requirements of the Memorandum and Articles of Association members of the Council are elected to serve for a period of 3 years after which they must be re-elected. Its activities are regulated by the company's Memorandum and Articles of Association. Meetings of the members of Council are held 3-4 times per year to discuss the activities of the charity.

New trustees are usually recruited by the existing trustees from the members although applications are always considered from interested parties. Training is provided to all new trustees by the board.

All operational decisions are made by the board with no such powers delegated to staff members.

As detailed within this report, a recent legal dispute has led the Trustees' to review their policies and procedures in respect of the acceptance and termination of membership to ensure that the policies and procedures are appropriated documented and followed.

Objectives and activities

The objectives of the charity are to promote the breeding of Hackney Horses and ponies which are now a critically endangered breed on the RBST's watch list. The objectives include:-

Maintaining the purity of the breed by confirming that any registrations are strictly adhered to as per our Stud Book policy.

As Defra approved Passport Issuing Organisation (PIO) to maintain and uphold European/Defra legislation on Equine Passports.

To promote the Hackney in the equine world and hold shows and most importantly an Annual Breed Show for Hackneys.

The principal funding sources are investment income, donations and subscriptions, sale of goods, charity auctions and raffles, funds from charitable activities and stud book activities and the Horserace Betting Levy Board grant.

The Society has continued to protect the breeding of Hackneys through the process of DNA testing. It had tried to increase the breeding of animals by allowing the use of artificial inseminating both at home and overseas. The HorseRace Betting Levy Board (HBLB) grant helps the Society to encourage owners to breed animals, therefore maintaining numbers. The society provides grants to members to assist with certain costs, including the costs of registration and DNA testing. Also the HBLB grant helps by by alleviating some of the cost involved in showing animals at the society's showcase show, the Annual National Breed Show. The Society continues to maintain and publish an annual year book and five yearly Stud Book.

The society website offers comprehensive information on the breed, shows, etc, and it is a source for necessary EU/Defra legislation. It continues to be expanded and improved to facilitate the promotion of the breed.

How Our Activities Deliver Public Benefit

All our charitable activities focus on the above objectives and are undertaken to further our charitable purpose for the public benefit. The Charity Trustees have complied with the duty in the The Charities Act 2011 to have due regard to guidance published by the Charity Commission in regard to a public benefit statement.

Achievements and performance

In today's climate it is difficult for a critical rare breed to be able to increase their numbers. The Society strives to maintain the numbers of animals registered so that this pure British breed will continue.

Financial review

The attached Financial Statements show the state of the Charity's finances at 27th September 2025.

Following the year end, the Society has been involved in legal proceedings relating to the exclusion of two members.

The proceedings have subsequently been resolved, with the Society agreeing to reinstate the memberships concerned and to meet the associated legal costs and compensation arising from the proceedings.

The total financial impact on the Society is expected to be approximately £128,000. The Society is in the process of realising a portion of its investments to meet these obligations.

The Hackney Horse Society Limited has historically received income from its' investments in the region of £8,000 per annum. The loss of a significant part of this income will have an impact on the charity's ability to break even going forward, if the current level of activity is to be maintained. The committee is aware of this issue and are currently considering the way the charity's operations can be restructured to ensure that it can continue to effectively support the members and the survival of the breed going forward.

Action will be required to ensure costs are kept under tight control going forward to ensure the long term survival of the Society as the charity operates on tight margins.

A majority of the charity's income and expenditure is unrestricted. The restricted funds predominately relate to the grant from the Horserace Betting Levy Board which is provided annually for certain specific purpose (as detailed within the enclosed accounts) and certain show event sponsorship by breeders. All funds are held in furtherance of charity's objectives.

Unrestricted Funds at 27th September 2025 totalled £222,722 (2024: £210,751). These funds will be severely reduced at at the end of the next financial year as a result of the above court case.

The trustees are required to safeguard the assets of the company and take reasonable steps for the prevention and detection of fraud and other irregularities. All major risks that the charity is exposed to are reviewed on a regular basis by the trustees. Systems have been established to mitigate those risks. In particular, as the charity operates on tight margin the committee ensures that the costs of the charity are kept under close control. The income and expenditure of the charity is reviewed regularly to ensure that deficits are very tightly monitored and mitigated.

The society is prohibited by its Memorandum and Articles of Association from paying dividend.

As a result of formal changes to the Memorandum and Articles of Association during the year ended 30th September 2007 the company financial statements no longer require a statutory audit.

Plans for future periods

Going forward the charity will be looking at ways to alter it's activities to function within the reduced income arising as a result of the loss of a substantial part of it's investment dividends. The charity is committed to continuing as a going concern and will make every endeavour to ensure its activities are within its future means.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 29 October 2026 and signed on behalf of the board of trustees by:

N Salter	D L Cooper
Trustee	Trustee

The Hackney Horse Society Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of The Hackney Horse Society Limited

Period from 29 September 2024 to 27 September 2025

I report to the trustees on my examination of the financial statements of The Hackney Horse Society Limited ('the charity') for the Period ended 27 September 2025.

Responsibilities and basis of report

The trustees are also the directors of the company for the purposes of company law are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

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

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements:

- to keep accounting records in accordance with section 386 of the Companies Act 2006 and prepare accounts that accord with those accounting records, and

- to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities

have not been met, or

(2) subject to drawing attention to the matters disclosed in the Trustee's Report there are no further matters which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached, subject .

Diana Miller FCA, Robinson Miller Independent Examiner

First Floor, 36 High Street Warminster Wiltshire BA12 9AF

29 October 2026

The Hackney Horse Society Limited

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Period from 29 September 2024 to 27 September 2025

	Period 28 Sept 2024			Year to 28 Sep 24
	Unrestricted funds	Restricted funds	Total funds	Total funds
Note	£	£	£	£

Income and endowments

Donations and legacies	5	–	27,279	27,279	34,403
Charitable activities	6	24,582	–	24,582	28,451
Other trading activities	7	14,025	–	14,025	13,547
Investment income	8	8,729	–	8,729	8,514
		---------	---------	---------	---------
Total income		47,336	27,279	74,615	84,915
		---------	---------	---------	---------

Expenditure

Expenditure on raising funds:

	Costs of raising donations and legacies		9	–	5,120	5,120	5,975
	Costs of other trading activities		10	9,065	–	9,065	8,638
Expenditure on charitable activities		11,12		36,424	22,159	58,583	76,341
				---------	---------	---------	---------
Total expenditure				45,489	27,279	72,768	90,954
				---------	---------	---------	---------

Net gains on investments	14	10,124	–	10,124	15,038

	---------	---------	---------	---------
Net income and net movement in funds	11,971	–	11,971	8,999
	---------	---------	---------	---------

Reconciliation of funds

Total funds brought forward	210,751	–	210,751	201,752
	----------	---------	----------	----------
Total funds carried forward	222,722	–	222,722	210,751
	----------	---------	----------	----------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The Hackney Horse Society Limited

Company Limited by Guarantee

Statement of Financial Position

27 September 2025

	27 Sep 25	28 Sep 24
Note	£	£

Fixed assets

Tangible fixed assets	19	88	336
Investments	20	200,323	190,199
		----------	----------
		200,411	190,535

Current assets

Stocks	21	1,685	2,122
Debtors	22	428	1,182
Cash at bank and in hand		82,865	68,675
		---------	---------
		84,978	71,979

Creditors: amounts falling due within one year	23	62,667	51,763
		---------	---------
Net current assets		22,311	20,216
		----------	----------
Total assets less current liabilities		222,722	210,751
		----------	----------
Net assets		222,722	210,751
		----------	----------

Funds of the charity

Unrestricted funds		222,722	210,751
		----------	----------
Total charity funds	24	222,722	210,751
		----------	----------

For the Period ending 27 September 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The Hackney Horse Society Limited

Company Limited by Guarantee

Statement of Financial Position (continued)

27 September 2025

These financial statements were approved by the board of trustees and authorised for issue on 29 October 2026 , and are signed on behalf of the board by:

N Salter	D L Cooper
Trustee	Trustee

The Hackney Horse Society Limited

Company Limited by Guarantee

Notes to the Financial Statements

Period from 29 September 2024 to 27 September 2025

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 68 West Street, Warminster, Wiltshire, BA12 8JW.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

As detailed within the Trustee's Annual Report, a recent legal case will necessitate a substantial settlement and legal costs, which will be paid in the near future. The trustees are determined to restructure the activities of the charity to ensure that the organisation can continue despite the resultant reduction in it's investment income. On that basis the accounts have been prepared on a going concern basis. There is no indication of any further anticipated reductions in income and, on that basis, the Trustee's consider that there are currently no material uncertainties regarding the charity's ability to continue.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: The charity includes an accrual at the year end in respect of Registrations and Grants the society is obliged to pay after the year end in respect of animals born before the end of the financial year but not yet registered by that date. As there can be a considerable length of time between the birth of a foal and the application, the level of this accrual has to be based on assumptions and estimates based on prior years.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. In addition to the Tangible fixed assets within the financial statements, the charity owns Heritage Assets donated to the charity many years ago including cups and paintings. These assets are not included within the Balance Sheet as it is considered that it would be difficult to determine their fair value reliably and the cost of incurring professional charges to attempt such a fair value would not be commensurate with the benefit obtained.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	3-10 Years Straight Line for General Equipment

Investments

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Limited by guarantee

The Hackney Horse Society is a company limited by guarantee and accordingly does not have a share capital.

Every member of the company undertakes to contribute such amounts as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

5. Donations and legacies

Restricted Funds	Total Funds 2025	Restricted Funds	Total Funds 2024
£	£	£	£

Donations

	Donations and sponsorship	8,996	8,994	14,919	14,919

Grants

Horserace Betting Levy Board Grant	18,283	18,285	19,484	19,484
	---------	---------	---------	---------
	27,279	27,279	34,403	34,403
	---------	---------	---------	---------

6. Charitable activities

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Affiliation Fees income	30	30	106	106
Stallion Permit and Licence income	210	210	280	280
Passports Income	725	725	1,482	1,482
DNA and Blood Typing	1,540	1,540	3,710	3,710
Year and Stud Book Income	210	210	4,170	4,170
Registration Income	1,395	1,395	2,800	2,800
Registration Transfers Income	905	905	1,334	1,334
Entry Fee Income	3,720	3,720	2,594	2,594
Vehicle, Caravan Passes & Stabling	6,570	6,570	6,190	6,190
Catalogue Income	215	215	–	–
Sundry Income inc Prefix Income	4,715	4,715	400	400
Subscriptions	4,347	4,347	5,385	5,385
	---------	---------	---------	---------
	24,582	24,582	28,451	28,451
	---------	---------	---------	---------

7. Other trading activities

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Fundraising Events -Members Dinner	7,902	7,902	9,902	9,902
Fundraising Event - Charity Auction/Raffle	6,123	6,123	3,610	3,610
DVD Income	–	–	35	35
	---------	---------	---------	---------
	14,025	14,025	13,547	13,547
	---------	---------	---------	---------

8. Investment income

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Income from listed investments	8,039	8,039	7,726	7,726
Interest Receivable	690	690	788	788
	-------	-------	-------	-------
	8,729	8,729	8,514	8,514
	-------	-------	-------	-------

9. Costs of raising donations and legacies

	Restricted Funds	Total Funds 2025	Restricted Funds	Total Funds 2024
	£	£	£	£
Costs of raising donations and legacies - Donations	5,120	5,120	5,975	5,975
	-------	-------	-------	-------

10. Costs of other trading activities

	Unrestricted Funds	Restricted Funds	Total Funds 2025
	£	£	£
Costs of other trading activities - Members Dinner	9,065	–	9,065
	-------	----	-------

	Unrestricted Funds	Restricted Funds	Total Funds 2024
	£	£	£
Costs of other trading activities - Members Dinner	7,138	1,500	8,638
	-------	-------	-------

11. Expenditure on charitable activities by fund type

	Unrestricted Funds	Restricted Funds	Total Funds 2025
	£	£	£
Registrations, Grants to Members & Yearbook	4,443	7,004	11,447
Show Account & Horse & Pony Championship	12,038	15,155	27,193
Support costs	19,943	–	19,943
	---------	---------	---------
	36,424	22,159	58,583
	---------	---------	---------

	Unrestricted Funds	Restricted Funds	Total Funds 2024
	£	£	£
Registrations, Grants to Members & Yearbook	11,012	8,102	19,114
Show Account & Horse & Pony Championship	19,425	18,826	38,251
Support costs	18,976	–	18,976
	---------	---------	---------
	49,413	26,928	76,341
	---------	---------	---------

12. Expenditure on charitable activities by activity type

	Activities undertaken directly	Grant funding of activities	Support costs	Total funds 2025	Total fund 2024
	£	£	£	£	£
Registrations, Grants to Members & Yearbook	–	11,447	–	11,447	19,114
Show Account & Horse & Pony Championship	27,193	–	–	27,193	38,251
Governance costs	–	–	19,943	19,943	18,976
	---------	---------	---------	---------	---------
	27,193	11,447	19,943	58,583	76,341
	---------	---------	---------	---------	---------

13. Analysis of grants


	Period 28	Year to
	Sept 2024	28 Sep 24
	£	£

Grants to individuals

Grants to individual members	10,795	16,708
	---------	---------
Total grants	10,795	16,708
	---------	---------

14. Net gains on investments

The gains and losses have been derived from the June 2025 valuations as detailed withinnote 20.

15. Net income

Net income is stated after charging/(crediting):

	27 Sep 25	28 Sep 24
	£	£
Depreciation of tangible fixed assets	248	248
	----	----

16. Independent examination fees


	Period 28	Year to
	Sept 2024	28 Sep 24
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	3,107	1,900
	-------	-------

17. Staff costs

There are no remunerated employees. All individuals involved in the charity are volunteers.

18. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity were received by the trustees. The charity has not met individual expenses incurred by Trustees for services provided to the charity, either by reimbursement to the Trustees or by providing the Trustees with an allowance.

19. Tangible fixed assets

	Fixtures and fittings
	£
Cost
At 29 Sep 2024 and 27 Sep 2025	13,857
	---------
Depreciation
At 29 Sep 2024	13,521
Charge for the period	248
	---------
At 27 Sep 2025	13,769
	---------
Carrying amount
At 27 Sep 2025	88
	---------
At 28 Sep 2024	336
	---------

In addition to the fixed assets detailed within the fixed asset note the charity owns Heritage Assets donated to the charity many years ago. The assets relate to several cups, paintings and other memorabilia in respect of the Hackney Horse which for many years was on display in a small museum. These items are currently in secure storage. The company's policy in respect of these assets is explained within the accounting policies of the organisation.

20. Investments

	Listed investments
	£
Cost or valuation
At 29 Sep 2024	190,199
Additions	–
Fair value movements	10,124
	----------
At 27 Sep 2025	200,323
	----------
Impairment
At 29 Sep 2024 and 27 Sep 2025
Carrying amount
At 27 Sep 2025	200,323
	----------
At 28 Sep 2024	190,199
	----------

All investments shown above are held at valuation.

Listed investments

The aggregate market value of listed investments is £200,323 (2024: £190,199) and the stock exchange value is £200,323 (2024: £190,199).

Financial assets held at fair value

All fixed asset investments are Listed Investments held in the UK and the fair value is obtained from readily available stock market valuations at the year end date.

The historical cost of the fixed asset investments as at 27th September 2025 was £87,894 (2024: £87,894).

Due to the legal dispute as detailed in the trustees' report, the charity has had it's access to the capital funds within the portfolio restricted and it has not been able to access portfolio valuations or similar reports from the brokers. The financial statements have been completed on the basis of a June 2025 valuation which was obtained before the access restrictions arose. This valuation is considered by the trustees to be representative of the portfolio performance. A more recent valuation, at 30th September 2026 has shown a valuation of £231,817.

21. Stocks

	27 Sep 25	28 Sep 24
	£	£
Raw materials and consumables	1,685	2,122
	-------	-------

22. Debtors

	27 Sep 25	28 Sep 24
	£	£
Prepayments and accrued income	300	1,050
Other debtors	128	132
	----	-------
	428	1,182
	----	-------

23. Creditors: amounts falling due within one year

	27 Sep 25	28 Sep 24
	£	£
Accruals and deferred income	2,410	6,300
Other creditors	60,257	45,463
	---------	---------
	62,667	51,763
	---------	---------

At each year end the charity is required to estimate the number of foals born not yet registered in order to establish the Society's obligation to pay grants on registration. Following a review of the timing of the registration of foals it was felt necessary to increase this creditor as at 30th September 2020. This increase in the provision has continued on the basis that there is a considerable time delay between the birth of foals and their ultimate registration. The estimate is based on the anticipated figures recorded and reported to the HBLB in support of their grant, as an indication of the predicted births. The creditor on 27th September 2025 was £15,275 (2024: £14,664).

24. Analysis of charitable funds

Unrestricted funds

	At 29 Sep 2024	Income	Expenditure	Gains and losses	At 27 Sep 2025
	£	£	£	£	£
General funds	210,751	47,336	(45,489)	10,124	222,722
	----------	---------	---------	---------	----------

	At 30 Sep 2023	Income	Expenditure	Gains and losses	At 28 Sep 2024
	£	£	£	£	£
General funds	201,752	50,512	(56,551)	15,038	210,751
	----------	---------	---------	---------	----------

Restricted funds

	At 29 Sep 2024	Income	Expenditure	Gains and losses	At 27 Sep 2025
	£	£	£	£	£
Grants and Sponsorship	–	27,279	(27,279)	–	–
	----	---------	---------	----	----

	At 30 Sep 2023	Income	Expenditure	Gains and losses	At 28 Sep 2024
	£	£	£	£	£
Grants and Sponsorship	–	34,403	(34,403)	–	–
	----	---------	---------	----	----

25. Analysis of net assets between funds

	Unrestricted Funds	Restricted Funds	Total Funds 2025
	£	£	£
Tangible fixed assets	88	–	88
Investments	200,323	–	200,323
Current assets	76,605	8,373	84,978
Creditors less than 1 year	(54,294)	(8,373)	(62,667)
	----------	-------	----------
Net assets	222,722	–	222,722
	----------	-------	----------

	Unrestricted Funds	Restricted Funds	Total Funds 2024
	£	£	£
Tangible fixed assets	336	–	336
Investments	190,199	–	190,199
Current assets	65,322	6,657	71,979
Creditors less than 1 year	(45,106)	(6,657)	(51,763)
	----------	-------	----------
Net assets	210,751	–	210,751
	----------	-------	----------

26. Financial instruments

The charity had no long-term debt or derivative instruments.

27. Related parties

There are no related party transactions requiring disclosure.