Registered number:
Charity number:
1178743
(A company limited by guarantee)
FOR THE PERIOD ENDED 31 AUGUST 2020
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
CONTENTS
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE PERIOD ENDED 31 AUGUST 2020
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE PERIOD ENDED 31 AUGUST 2020
The Trustees present their annual report together with the audited financial statements of the company for the period 1 April 2019 to 31 August 2020. 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 2015) as amended by Update Bulletin 1 (effective January 2015).
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:
∙
Seek out naturally talented riders and support them in their education and training;
∙
Improve riding skills across the 3 disciplines of Eventing; Cross-country, Dressage and Show-Jumping;
∙
Develop riders' skills in business and economics, communication, mental skills and nutrition;
∙
Increase the riders' confidence levels;
∙
Offer riders a community and support network after the programme has ended;
∙
Raise awareness of the programme offered by the Foundation within the eventing community to help further promote the aims of the charity.
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 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 riders’ 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 Windrush 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.
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
Objectives and activities
(continued)
c. Activities undertaken to achieve objectives
∙
Yearly selection of new riders with application process;
∙
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 Windrush Equestrian Academy was established for the first scholars who completed the programme;
∙
The programme will now be a 2 year-programme with new riders selected every 2 years.
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.
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 Windrush 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: - Microperformance: they supply the Windrush riders with branded saddle pads and technical riding gloves. - Equine America: supply the Windrush riders with high quality equine feed supplements. - Treehouse Sporting Colours: provided the riders with hat silks and cross-country shirts in the Windrush 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.
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
Achievements and performance
(continued)
b. Key performance indicators
∙
Number of applications received;
∙
Number of education sessions delivered;
∙
Feedback from riders and their trainers;
∙
Riders progress in difficulty and level of competitions entered into as well as competition results;
∙
Social media followers for each rider before & after the programme;
∙
Number and types of sponsorships;
∙
Press coverage.
c. 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.
d. 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.
e. 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.
f. Impact of COVID-19
The riders were unable to have a full eventing season 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. 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 Windrush Team. We have therefore decided to change the programme to a 2-year programme. This would give the riders more progress throughout the programme and the trainer Pippa Funnell would be able to work with them more in depth, together with the wider Windrush Team, mental coach, business coach, etc. The riders were 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 would 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.
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
Financial review
(continued)
b. Material investments policy
The Foundation has a significant investment in the Windrush Farm 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. The farm continues to operate as a stable.
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
a. Constitution
The Windrush Equestrian Foundation is registered as a charitable company limited by guarantee and was set up by a Trust deed.
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 Trust deed. 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.
The Trustees who served during the period are as follows.
J Chablani, Chair
J Ahlefeldt-Laurvig, Trustee L Withers, Trustee E A L Chesworth, Trustee P E Surl, Trustee (appointed 20 July 2020)
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.
The Board of Trustees provide strategic direction for the Trust and monitor performance against key performance indicators. The Board of Trustees meet at least 4 times a financial year. All major decisions are to be made by the Board of Trustees.
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
Structure, governance and management
(continued)
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.
Our long-term strategic objective is to secure a multi-year sponsor in order to continue to grow, develop and expand the programme offered to riders in both scope and number. Attracting talented riders from all over Europe is also an objective on the horizon and will be a natural result developing from the continual success of the Windrush programme. The Foundation aims to continue to grow and develop in order to attract more trainers, mentors and riders to help fulfil the aims and objectives of the Foundation's charitable activities.
Statement of Trustees' responsibilities
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
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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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WINDRUSH EQUESTRIAN FOUNDATION
We have audited the financial statements of The Windrush Equestrian Foundation
(the 'charitable company') for the period 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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WINDRUSH EQUESTRIAN FOUNDATION (CONTINUED)
The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 period 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.
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WINDRUSH EQUESTRIAN FOUNDATION (CONTINUED)
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.
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.
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.
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
27 May 2021
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE PERIOD ENDED 31 AUGUST 2020
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
REGISTERED NUMBER:
11322726
BALANCE SHEET
AS AT 31 AUGUST 2020
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2020
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
The Windrush 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.
2.
Accounting policies
The company has elected to apply all amendments to FRS 102, as set out in the Financial Reporting Council's triennial review published in December 2017, and included in Update Bulletin 2 to the Charities SORP (FRS 102), prior to mandatory adoption for accounting periods beginning on or after 1 January 2019.
The financial statements have been prepared for the 17 months to 31 August 2020. The financial statements for the prior period is from the date of incorporation (23 April 2018) to 31 March 2019 and hence the figures are not 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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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
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.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the company, can be reliably measured.
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.
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
2.
Accounting policies (continued)
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.
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.
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
2.
Accounting policies (continued)
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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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
7.
Analysis of expenditure by activities
(continued)
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
7.
Analysis of expenditure by activities
(continued)
Analysis of direct costs
(continued)
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
8.
Analysis of grants
(continued)
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
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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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.
Financial assets that are debt instruments measured at amortised cost comprise other debtors.
Financial liabilities measured at amortised cost comprise other creditors, other loans and accruals and deferred income.
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
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THE WINDRUSH EQUESTRIAN FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
21.
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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