Registered number:
Charity number:
1178743
(formerly The Windrush Equestrian Foundation)
(A company limited by guarantee)
FOR THE YEAR ENDED 31 AUGUST 2021
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
CONTENTS
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 AUGUST 2021
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
The Trustees present their annual report together with the audited financial statements of the Wesko Equestrian Foundation (formerly The Windrush Equestrian Foundation) for the period 1 September 2020 to 31 August 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The charity’s objectives are:
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
Strategies to achieve the above objectives:
• Deliver an education programme offered by the Young Riders Academy with professional education in business and economics, communication, mental coaching and veterinary; • Run a tailor-made mentorship & training programme based on each young rider’s skills and future goals; • Collaborate with other organisations and partners to provide support to riders with kit and riding equipment; • Constant contact and following up their progress; • Setting up the Wesko Equestrian Academy to provide continued support in the form of social media, business and mental coaching as well as access to the Foundation’s network of contacts after the completion of the programme.
c. Activities undertaken to achieve objectives
•
Education sessions were attended provided by the Young Riders Academy;
• Individual mental coaching sessions were held with each rider to help improve their confidence; • Questionnaires were circulated to gain feedback and identify areas where the programme could be improved; • The programme continues to be a 2 year programme with new riders selected every 2 years;
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
Objectives and activities
(continued)
d. Social investment policies
The Foundation is the proud owner of Wesko, four-star winner and British Eventing Horse of the year 2015. Tim Price, a New-Zealand eventer, and ambassador to the Foundation, currently rides and competes with Wesko. Collectively, as ambassadors to the Foundation, their partnership is made directly in the pursuit of the Foundation's charitable purposes and helps raise the Foundation's activities within the Eventing and Equestrian sports communities through their continued participation in worldwide competitions.
During the year Wesko suffered injury. He has subsequently been relieved and put under the care of Tim Price. The Foundation retains legal title of Wesko.
e. Grant-making policies
The Foundation receives donated goods and services which are then utilised by the riders to further the objectives of the Foundation.
f. Volunteers
Currently, all the Trustees of the Foundation are volunteers.
Achievements and performance
a. Main achievements of the Company
- Attended one education sessions provided by the Young Riders Academy;
- Attended one education session in the UK organised solely by the Wesko Equestrian Foundation: - Increased the number of partners involved with the organisation from 2 in the first year to 5 in our second year; - The three new partners are: 1. Microperformance: they supply the Wesko riders with branded saddle pads and technical riding gloves. 2. Equine America: supply the Wesko riders with high quality equine feed supplements. 3. Treehouse Sporting Colours: provided the riders with hat silks and cross-country shirts in the Wesko Team colours of navy and white. - Secured a feeding sponsor from one of our riders.; - During the lockdown period, we delivered individual online sessions with the riders assisting with their business management, mental health, training videos and social media.
b. Review of activities
A review of activities is undertaken 3 times a year. The Foundation focused on our first round of applicants and developing a comprehensive education plan and annual timetable for our riders. Continual feedback was sought from participants to determine programme areas which can be improved.
c. Factors relevant to achieve objectives
•
Value provided of the various education sessions;
• Value of the training received; • Communication between the stakeholders of the Foundation being the Trustees, trainers and most importantly, the riders.
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
Achievements and performance
(continued)
d. Investment policy and performance
The Foundation does not have an investment policy at the present time. The investments held by the Foundation currently consist of an investment property and ownership of an eventing horse, Wesko.
e. Impact of COVID-19
The riders were unable to have a full eventing season for a second year due to the majority of the competitions being cancelled. Throughout the season we provided the riders with more individual online support via zoom sessions. These included business and mental health support, and online training feedback from the mentors, Pippa Funnell and Yogi Breisner. Last year, as a consequence of the riders not having a full season, the board agreed to keep on the same riders for a 2nd year. The feedback was extremely positive from both the riders and the Wesko Team. We have therefore decided to change the programme to a 2-year programme. This has given the riders more progress throughout the programme and the trainer Pippa Funnell has been able to work with them more in depth, together with the wider Wesko Team, mental coach, business coach, etc. The riders have been able to have a couple more individual training sessions with Pippa to overcome the shortfall of training sessions during the lockdown period. Due to the riders staying on the programme for a 2nd year, they have not have had any shortfall in their education programme.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Material investments policy
The Foundation has a significant investment in the Windrush property and residence which was leased to a third party during the financial period to help provide an additional source of income to help fund the Foundation's charitable activities. The investment property was initially recognised at its transaction cost and subsequently measured at fair value as at the Balance sheet date.
c. Principal risks and uncertainties
The major risk to which the Foundation is exposed is to is the inability to find and secure a multi-year sponsor. By securing a long-term sponsor, the Foundation will be able to continue to work towards achieving the Foundation's charitable activities.
d. Principal funding
In the first two periods of operation, the Foundation received cumulative cash donations of £200,000. The Trustees are currently in the process of discussing future donations. although no agreements have been achieved at present. These donations help to fund the operational costs of the Foundation as well as travel and subsistence expenditure for our riders during their attendance at education sessions.
Structure, governance and management
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
Structure, governance and management
(continued)
a. Constitution
Wesko Equestrian Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. New Trustees can be appointed with a simple majority of votes at a meeting of the Trustees assuming a quorum is present in line with the Trust deed.
c. Organisational structure and decision-making policies
The only permanent member of staff is Maria Chiara Apruzzese, Chief Executive Officer of the Foundation, who manages the day-to-day operations of the Foundation, including the property management of Windrush.
d. Policies adopted for the induction and training of Trustees
Due to the early stages of operation of the Foundation, Trustees have not been provided with formal induction ad training. However, through their contacts they have access to both legal and financial advisors.
e. Pay policy for key management personnel
Remuneration of key management personnel was set by the Board of Trustees and any pay rises and discretionary performance-related bonuses are agreed by the Board of Trustees.
Plans for future periods
This second financial period has been very successful with the Foundation becoming operational and accepting a cohort of riders. Programme related expenditure remained within the budget set at the beginning of the financial period. The success of the Foundation and the programme offered is further demonstrated by the confidence placed in the Foundation by external sponsors and strategic relationships developed during the financial period and significant interest shown from other parties to develop a beneficial relationship in future periods.
There has been greater interest in applications for our next cohort of riders demonstrating the success of the programme offered and its reputation within the Eventing and Equestrian sport communities.
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
Statement of Trustees' responsibilities
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
∙
so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
∙
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Adler Shine LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESKO EQUESTRIAN FOUNDATION
We have audited the financial statements of Wesko Equestrian Foundation
(the 'charitable company') for the year ended
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESKO EQUESTRIAN FOUNDATION (CONTINUED)
statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙
the Trustees' report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
∙
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙
the financial statements are not in agreement with the accounting records and returns; or
∙
certain disclosures of Trustees' remuneration specified by law are not made; or
∙
we have not received all the information and explanations we require for our audit; or
∙
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESKO EQUESTRIAN FOUNDATION (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have: • considered the nature of the industry and sectors, control environment and business performance; • made enquires of management about their own identification and assessment of the risk of irregularities; • performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; • undertaken appropriate sample based testing of bank transactions; • identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance; • discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESKO EQUESTRIAN FOUNDATION (CONTINUED)
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
Aston House
Cornwall Avenue
London
N3 1LF
24 May 2022
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 AUGUST 2021
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
REGISTERED NUMBER:
11322726
BALANCE SHEET
AS AT 31 AUGUST 2021
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
Wesko Equestrian Foundation is a company limited by guarantee registered in England and Wales. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The principal activity of the company is to advance education, training and community participation in Eventing and Equestrian sports.
The company changed its name from The Windrush Equestrian Foundation to Wesko Equestrian Foundation on 21 March 2022.
2.
Accounting policies
The financial statements have been prepared for the 12 months to 31 August 2021. The financial statements for the prior period was for the 17 month period to 31 August 2020 and are not therefore entirely comparable. The financial statements have been prepared in Pounds Sterling, rounded to the nearest £1.
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.
Accounting policies (continued)
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Company's accounting policies.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.
Accounting policies (continued)
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Net Gains/(Losses) on investments’ in the Statement of financial activities.
The Company operates a defined contribution pension scheme for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the statement of financial activities when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in an independently administered fund.
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.
Accounting policies (continued)
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
7.
Analysis of expenditure by activities
(continued)
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
11.
Staff costs
(continued)
The fair value of the investment property has been provided by the Trustees based on discussions held with an independent valuer who held a relevant professional qualification.
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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WESKO EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
20.
Analysis of net assets between funds
(continued)
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £510. Contributions totalling £Nil were payable to the fund at the balance sheet date.
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