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COMPANY REGISTRATION NUMBER: NI041520
CHARITY REGISTRATION NUMBER: NIC102497
Raleagh Equine Rescue Limited
Company Limited by Guarantee
Unaudited Financial Statements
30 September 2023
Raleagh Equine Rescue Limited
Company Limited by Guarantee
Financial Statements
Year ended 30 September 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
5
Statement of financial activities (including income and expenditure account)
7
Statement of financial position
8
Notes to the financial statements
10
Raleagh Equine Rescue Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 September 2023
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 year ended 30 September 2023 .
Reference and administrative details
Registered charity name
Raleagh Equine Rescue Limited
Charity registration number
NIC102497
Company registration number
NI041520
Principal office and registered
110 Drumnaconnagher Road
office
Crossgar
County Down
BT30 9JJ
The trustees
Mr R G Riddall
Mrs D A Riddall
Mr K L I Stewart
Mrs A Hughes
Miss L Stewart
Mr B Roycroft
(Retired 7 March 2023)
Company secretary
Mrs A Hughes
Independent examiner
David Knox for and on behalf of Johnston Graham Limited Chartered accountants
216/218 Holywood Road
Belfast
BT4 1PD
Structure, governance and management
Governing Document
The organisation is a charitable company limited by guarantee, incorporated on 13 September 2001 and registered as a charity on 15 October 2001. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £6.
Recruitment and Appointment of Management Committee
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 Management Committee. Under the requirements of the Memorandum and Articles of Association the members of the Management Committee are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting.
Mrs A Hughes ans Miss L Stewart retire by rotation and, being eligible, offer themselves for re-election.
Former Director
It is with great regret that the board acknowledge the death of Mr Bryan Roycroft who passed away on 27 March 2023, and that his contribution over the years had been invaluable.
Objectives and activities
The company's objectives and principal activities are to:
~ Prevent and relieve cruelty to horses, to protect them from unnecessary suffering, and by making arrangements for the adoption of such animals and to promote knowledge of their proper care and treatment among the public.
~ Ameliorate the pain and suffering of horses which are for any reason unfit for work or in need of care by the provision, maintenance and management of a home of rest or homes of rest or by the provision of suitable work under the supervision of the Company or by arranging for their painless destruction or by any combination of such means as aforesaid.
Achievements and performance
The company continues to develop the farmyard by updating the outhouses and sheds and other accommodation for the equines. Plant and machinery was also renewed, repaired or replaced as necessary.
Financial review
The charity's incoming resources have decreased over the year, decreasing from £96,114 to £85,434. In addition the charity has experienced an increase in its resources expended from £84,459 to £86,973. The net outgoing resources for the year were £1,539 (incoming 2022 - £11,655. No stocks were disposed of during 2023, (net loss of £1,591 in 2022 on sale of stock) and a revaluation gain of £86,929 on investments (2022 - a loss of £92,529).
Plans for future periods
The charity plans to continue its objectives outlined above. During the following year it is hoped to organise, sponsor and conduct (whether alone or with others) equine events and visits to the sanctuary by interested parties.
COVID 19
Covid 19 is still having an impact on the investment income. However, this has not impacted on the liquidity nor the operational capability of the charity.
RESPONSIBILITIES OF THE TRUSTEES
The trustees (who are also the directors of Raleagh Equine Rescue Limited for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the income and expenditure of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 10 July 2024 and signed on behalf of the board of trustees by:
Mr K L I Stewart
Trustee
Raleagh Equine Rescue Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Raleagh Equine Rescue Limited
Year ended 30 September 2023
I report to the trustees on my examination of the financial statements of Raleagh Equine Rescue Limited ('the charity') for the year ended 30 September 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the ‘2008 Act’) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
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 the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the 2008 Act. Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements 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 financial statements 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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
David Knox for and on behalf of Johnston Graham Limited Chartered accountants
Independent Examiner
216/218 Holywood Road Belfast BT4 1PD
10 July 2024
Raleagh Equine Rescue Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 September 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Charitable activities
5
8,131
8,131
15,651
Investment income
6
77,303
77,303
80,463
---------
---------
---------
Total income
85,434
85,434
96,114
---------
---------
---------
Expenditure
Expenditure on charitable activities
7,8
86,973
86,973
84,459
---------
---------
---------
Total expenditure
86,973
86,973
84,459
---------
---------
---------
Net gains/(losses) on investments
9
( 86,929)
( 86,929)
94,120
---------
---------
---------
Net income/(expenditure) and net movement in funds
85,390
85,390
( 82,465)
---------
---------
---------
Reconciliation of funds
Total funds brought forward
2,605,184
2,605,184
2,687,649
-------------
-------------
-------------
Total funds carried forward
2,690,574
2,690,574
2,605,184
-------------
-------------
-------------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Raleagh Equine Rescue Limited
Company Limited by Guarantee
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible fixed assets
14
633,255
638,950
Investments
15
1,932,578
1,845,649
-------------
-------------
2,565,833
2,484,599
Current assets
Stocks
16
1,268
2,949
Debtors
17
9,184
9,901
Cash at bank and in hand
124,166
117,152
----------
----------
134,618
130,002
Creditors: amounts falling due within one year
18
9,877
9,417
----------
----------
Net current assets
124,741
120,585
-------------
-------------
Total assets less current liabilities
2,690,574
2,605,184
-------------
-------------
Net assets
2,690,574
2,605,184
-------------
-------------
Funds of the charity
Unrestricted funds
2,690,574
2,605,184
-------------
-------------
Total charity funds
20
2,690,574
2,605,184
-------------
-------------
For the year ending 30 September 2023 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 year 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.
Raleagh Equine Rescue Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of trustees and authorised for issue on 10 July 2024 , and are signed on behalf of the board by:
Mr K L I Stewart
Trustee
Raleagh Equine Rescue Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 110 Drumnaconnagher Road, Crossgar, County Down, BT30 9JJ.
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 under the historical cost convention, as modified by the revaluation of certain fixed assets and investments measured at market value. The financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) (SORP 2015). The financial statements have been prepared under the historical cost convention having applied the transitional arrangements of FRS 15, and in accordance with applicable accounting standards.
Going concern
There are no material uncertainties about the charity's ability to continue.
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.
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
All fixed assets are initially recorded at cost.
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:
Building improvements
-
20% straight line
Equipment
-
20% straight line
Investments
Short term investments are initially recorded at cost and are reported in their Balance Sheet at their market value at the Balance Sheet date. Gains or losses on revaluation are reported through the Statement of Financial Activities Profit and Loss Account and are treated as being part of the net movement in funds in the year.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
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 company is limited by guarantee and has no authorised or issued share capital. The company has charitable status accepted by H M Revenue & Customs under reference XR 43402, and by the Northern Ireland Charity Commission under reference NIC 102497.
5. Charitable activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Income from charitable activities
8,131
8,131
15,651
15,651
-------
-------
---------
---------
6. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Income from listed investments
73,577
73,577
78,125
78,125
Bank interest receivable
27
27
2
2
Rental income
3,699
3,699
2,336
2,336
---------
---------
---------
---------
77,303
77,303
80,463
80,463
---------
---------
---------
---------
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Charitable activities
69,184
69,184
66,517
66,517
Support costs
17,789
17,789
17,942
17,942
---------
---------
---------
---------
86,973
86,973
84,459
84,459
---------
---------
---------
---------
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Charitable activities
69,184
69,184
66,517
Governance costs
17,789
17,789
17,942
---------
---------
---------
---------
69,184
17,789
86,973
84,459
---------
---------
---------
---------
9. Net gains/(losses) on investments
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Gains/(losses) on revaluation of investment assets
86,929
86,929
(92,529)
(92,529)
Gains/(losses) on disposal of shares
(1,591)
(1,591)
---------
---------
---------
---------
86,929
86,929
( 94,120)
( 94,120)
---------
---------
---------
---------
10. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
5,845
7,415
-------
-------
11. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
2,300
1,950
-------
-------
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023
2022
£
£
Wages and salaries
39,680
37,596
Employer contributions to pension plans
848
1,829
---------
---------
40,528
39,425
---------
---------
The average head count of employees during the year was 2 (2022: 2 ). The average number of full-time equivalent employees during the year is analysed as follows:
2023
2022
No.
No.
Number of administrative staff
2
2
----
----
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
13. Trustee remuneration and expenses
No trustees received remuneration or other benefits through employment with the charity.
14. Tangible fixed assets
Land and buildings
Equipment
The Lodge
Total
£
£
£
£
Cost
At 1 October 2022
468,249
139,010
214,205
821,464
Additions
150
150
----------
----------
----------
----------
At 30 September 2023
468,249
139,160
214,205
821,614
----------
----------
----------
----------
Depreciation
At 1 October 2022
60,309
122,205
182,514
Charge for the year
5,845
5,845
----------
----------
----------
----------
At 30 September 2023
60,309
128,050
188,359
----------
----------
----------
----------
Carrying amount
At 30 September 2023
407,940
11,110
214,205
633,255
----------
----------
----------
----------
At 30 September 2022
407,940
16,805
214,205
638,950
----------
----------
----------
----------
15. Investments
Listed investments
£
Cost or valuation
At 1 October 2022
1,845,649
Additions
Fair value movements
86,929
-------------
At 30 September 2023
1,932,578
-------------
Impairment
At 1 October 2022 and 30 September 2023
Carrying amount
At 30 September 2023
1,932,578
-------------
At 30 September 2022
1,845,649
-------------
All investments shown above are held at valuation.
Listed investments
Listed investments held by the charity and had a market value of £2,033,889 at the end of the year (2021 - £1,947,081).
16. Stocks
2023
2022
£
£
Raw materials and consumables
1,268
2,949
-------
-------
17. Debtors
2023
2022
£
£
Debtors and prepayments
9,184
9,901
-------
-------
18. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
9,877
9,417
-------
-------
19. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 848 (2022: £ 1,829 ).
20. Analysis of charitable funds
Unrestricted funds
At 1 October 2022
Income
Expenditure
Gains and losses
At 30 September 2023
£
£
£
£
£
General funds
2,605,184
85,434
(86,973)
86,929
2,690,574
-------------
---------
---------
---------
-------------
At 1 October 2021
Income
Expenditure
Gains and losses
At 30 September 2022
£
£
£
£
£
General funds
2,687,649
96,114
(84,459)
(94,120)
2,605,184
-------------
---------
---------
---------
-------------
21. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
633,255
633,255
Investments
1,932,578
1,932,578
Current assets
134,618
134,618
Creditors less than 1 year
(9,877)
(9,877)
-------------
-------------
Net assets
2,690,574
2,690,574
-------------
-------------
Unrestricted Funds
Total Funds 2022
£
£
Tangible fixed assets
638,950
638,950
Investments
1,845,649
1,845,649
Current assets
130,002
130,002
Creditors less than 1 year
(9,417)
(9,417)
-------------
-------------
Net assets
2,605,184
2,605,184
-------------
-------------