The trustees present their annual report and financial statements for the year ended 31 December 2024.
The Diamond Centre for Disabled Riders, (“the Centre”) is based in Carshalton, Surrey and has been in operation since 1974. It is a member of the national Riding for the Disabled Association (“RDA”).
The charitable objects of the Centre as set out in its governing document is the relief of disabled persons by the provision or assistance in the provision of facilities for riding as well as carriage driving (whether of horse pony or donkey drawn vehicles) so that all disabled persons who would benefit in their mental or physical health from riding shall be given the opportunity to do so. These may have enabled disabled people with the opportunity to participate in a range of riding and non-riding equine activities to benefit their health and well-being and achieve their goals. It is now widely recognized that disabled people can benefit educationally, physically, and mentally from riding or carriage driving and we will encourage this leaming process and its progression.
The Centre provides unique horse-riding facilities to benefit disabled children and adults by having regular contact with horses. In addition to horse-riding, we provide Carriage Driving, Vaulting, Hippo-therapy and Dressage and our aim is to be one of the best riding centres for the disabled in the country and to provide horse riding and related equine therapies for everyone that needs it in our area. Activities are provided by our staff, coaches, and volunteers, all of whom are fully qualified for their relevant tasks and attend training courses related to providing horse riding for people with physical disability and leaming difficulties.
Our most important people are our participants and we are committed to ensuring our facilities and service will be maintained at the highest levels to provide every opportunity for every disabled person to achieve their goals. Our participants come from all age groups and each week, with the assistance of our coaches and helpers, they can enjoy the experience of a range of RDA activities. An experience which gives them the chance to be independent and a sense of achievement.
We rely heavily on our volunteers and call on 300 active helpers each week. These volunteers are essential for the day-to-day operation of the centre, and include Instructors, who undertake most of our riding classes, and other volunteers who so willingly assist the riders and drivers in their lessons, not forgetting the many hours they spend grooming our horses and attending training courses. In addition, we have a team of volunteers who assist so pleasantly in our Shop and Servery, a talented gardening team and the 'A-Team' - our skilled maintenance team.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.
With an increasing number of people suffering from physical disabilities and learning difficulties, the public can benefit greatly from horse riding and carriage driving as a therapy. The Centre strives to accommodate this increasing demand by structuring lessons and activities to cater for as wide a range of clients as possible. The number of schools that ride at the centre has been maintained over the year which benefits not just of the riders but also the school's curriculum and the rider's parents and carers. In addition to regular riding classes during term-time, an increasing number of other activities and events are held during the school holidays to the benefit of the riders' families and carers.
Horse Riding
We have a capacity to provide riding to 350 disabled individuals each week, comprising approximately equal numbers of disabled individuals and school groups. Throughout 2024 we operated at around 90% of capacity. The waiting list is actively managed, most are awaiting additional information or an assessment.
RDA Competitions
Regionals - on the 29th May six riders attended the RDA Greater London Regional competition at Arrow RDA, securing four first places, one second and a fourth, with many of the riders qualifying for the national competition. We also came away with a first, second and third in the arts and craft competition.
Nationals - on the 12th - 14th of July Team Diamond went to the RDA National Championships at Hartpury. Eight riders competed in dressage and showjumping with two entrants in the arts and craft competition. We won two first places in dressage (with both winning overall champion in their class), a second in showjumping, two thirds in dressage and one in arts and crafts, as well as sixth and seventh place in showjumping.
Virtual Nationals - Five of our riders took part in the RDA Virtual National Championships that were streamed between 15th-17th November 2024. Five riders took part and we came away with four first places and a second place.
Vaulting
Our weekly Thursday afternoon group is well attended by eight participants.
Hippotherapy
Hippotherapy is offered by our in-house Physiotherapist, and is offered to younger children for whom riding would not be appropriate. Each participant is offered a six-week course, with a maximum of 3 courses in total. We have 3 participants attending each week. The hope is that the Hippotherapy may lead on to participants becoming regular riders.
Carriage Driving
This activity is currently on hold following the loss of our trained pony Daisy. We hope to resume when we are able to procure and train a suitable replacement pony.
Non-Riding Activities
We offer “Tea with A Pony” sessions for individuals, such as those with dementia, who benefit from interaction with our horses and ponies. Sessions are carried out twice weekly. In addition, we have three weekly Horse Care group sessions, mainly for school age children within the Special Educational Needs sections of both primary and secondary schools. Income from non-riding activities was £4,000 in 2024, showing a significant growth from £225 in 2023.
Infrastructure
Benefitting from recent legacy income, we were able to continue our programme of updating our physical infrastructure. Completed projects included:
Resurfacing of our main driveway and creation of two disabled parking bays (£20,000).
Resurfacing of main arena (partly grant funded £10k) (£34,000)
Replacement windows for lecture room and flats (partly grant funded £8k) (£30,000)
Replacement field shelters (£9,000)
Upgrade to lecture room (grant funded) (£6,000)
Pergola for sensory track, (grant funded) (£3,000)
The above infrastructure works were written off as operational costs and included in the operating results for the year.
SES Pipeline
Work on the “SES How Green / Langley Park Pipeline” was completed. Following extensive negotiations with SES and their agents, we secured a total payment of £40,677 as compensation for the additional costs incurred by the disruption of these works, including additional feed, bedding, staff time and costs still to be incurred in repairing the front field. Of this amount, £11,795 has not yet been accounted for as income, but has been deferred on our balance sheet as it relates to future costs to be incurred in 2025 and 2026.
Horses
We started 2024 with 23 horses. We sadly had to put down Scoop (August), Dom (December) and Daisy (December) but we acquired 3 new horses during the year – Newbie, Pea, and Phil, and we also have Theo on trial. Therefore, at year end including Theo we had 24 horses.
Staffing
Liz Hedge resigned in December 2024 after a long period of absence through ill health. We wish Liz all the best for the future.
Ffion Curtis passed BHS Stage 2 Coach Assessment and BHS Stage 3 Lunge; Amelia McCarthy passed BHS Stage 3 Lunge & Care; Maz Ray passed BHS Advanced Coach and BHS Stage 5 Long Lunging.
Staff remuneration is reviewed annually by the Board of Trustees, having taken into consideration the rate of inflation, employment market conditions as well as performance. Remuneration for new staff is also approved by the Board of Trustees.
Trustees
There were no changes to the Board since the last Trustees Annual Report.
Aggregate total donations by members of the Board were £1,512.
Volunteers
A Volunteer Working Group was set up in January 2023 to improve volunteer recruitment and retention. A Volunteer Thank You Event was held in June 2024. and was well received by those who attended. Volunteers were presented with ‘Diamond’ badges and certificates according to how long they had been volunteering. While we cannot presently offer supported placements, we are proud to have several disabled volunteers in our weekly rotas.
Non-Disabled Riding
We continued to provide lessons for non-disabled riders, and welcomed non-volunteer riders, subject to an initial assessment. The non-disabled riding lessons benefitted the charity in several ways. Firstly, by keeping the horses exercised and schooled, without requiring staff. Secondly, by generating £45,000 of income (2023: £47,000) in the year. And thirdly, by promoting Diamond in our local community, generating interest from new riders in becoming future volunteers.
Funding
We do not receive government or local authority funding to cover our core activities but we are fortunate in having very good support from individuals and organisations in our local community, as well as our volunteers and corporate donors. Our thanks go to all who supported us this year, without whom we would not be able to continue providing our services to the disabled community. Our aim is always to keep riding affordable and we continue to heavily subsidise all our riding activities from income and donations.
Fundraising & Events
Events
Our main one-off event was again our Autumn Fair, held on the last Sunday in September. This was attended by an estimated 3,000 visitors, and generated a profit of over £22,000 (2023: £20,000). We were grateful for sponsorship of £1,000 from the Surrey Masonic Sports Association.
We organised several further events, including:
50th Celebration Party at Oaks Golf Club in May, raising over £1,200. We had a lovely evening of fun, dancing, and sharing memories. A massive thank you to the fundraising team for organising such a special event.
“Sunset Evening” at Mayfield Lavender Farm, in July was another fundraising success. Unfortunately, there was no sunset but The Banstead Show Choir and the Madder Mill Molly Morris Dancers put on an amazing show, and an enjoyable evening was had by all. Our thanks to Mayfield Lavender Farm for their generous support.
Long reigning demonstration in May, with Sarah MacDonald. It was great to learn about a new activity and watch the staff show off their skills.
Multiple successful fundraising and outreach events at the Banstead Rotary Village Fair, the Belmont Festival and the Church of Good Shepherd Midsummer Fair.
In May a group from Diamond took part in an 8.5-mile circular walk in the North Downs a sponsored walk, organised by Banstead Rotary and raised money for Diamond.
The annual Carshalton Beeches Garden Club Plant Exchange raised over £1,700 for Diamond.
In addition, our Servery, now upgraded with a vending machine, raised over £1,300.
Total fundraising expenditure was £18,141 and direct income from fundraising was £52,266. Trustees believe the amount of expenditure was entirely appropriate and proportionate in relation to the related income.
Donations (incl horse sponsorship)
Total donations & horse sponsorship was £103,974 (2023: £99,308). We were very grateful for all donations and wish to note with gratitude the following non-personal donations of £5,000 and over:
Bryan & Julie Amos Foundation £10,000
Apax Foundation £5,100
Grants
Total grant income shown in the Statement of Financial Activities includes two grants received in 2022, which were used to invest in capital projects, being (i) Sutton Neighbourhood Fund (£21,363) for outbuilding roof improvements, and (ii) Lottery Grant (£10,000) for a horse carriage. Whilst both grants had previously been amortised over the corresponding depreciation period for the assets purchased, given the absence of any performance related conditions, the full income has now been recognised in the Statement of Financial Activities. This has resulted in net income for the year of £28,778. Other significant income from grants included release of grants received in the prior year for the arena resurfacing project (£22,600) and the lecture room upgrade (£14,837). Total income from grants was £73,232 (2023: £2,068).
Legacies
We were extremely grateful to receive legacies of £33,013 in the year, including £28,013 from the estate of Marian Larner and £5,000 from the estate of Elizabeth Kent.
The charity's financial position at the end of the year ended 31 December 2024 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows: -
|
| 2024 |
| 2023 |
|
|
|
|
|
Net income / (expenditure) |
| £44,611 |
| £237,587 |
|
| ════════ |
| ════════ |
|
|
|
|
|
Unrestricted Revenue Funds |
| 2,108,085 |
| 2,072,118 |
Restricted Revenue Funds |
| 41,602 |
| 32,958 |
|
| ──────── |
| ──────── |
Total Funds |
| £2,149,687 |
| £2,105,076 |
|
| ════════ |
| ════════ |
Financial review of the position at the reporting date, 31 December 2024
The Net income / expenditure shown in the table above can be further broken down as follows:
| 2024 | 2023 |
Net operating result before legacy income & investments | £ (22,520) | £ (84,699) |
|
|
|
One-off legacy income | £33,013 | £199,577 |
Revaluation of investments | £34,118 | £ 122,709 |
| ──────── | ──────── |
Net income / (expenditure) | £44,611 | £237,587 |
| ════════ | ════════ |
|
|
|
The operating result from core operations before one-off legacy income and investment accounting was higher than the previous year, by £62,179. This was mainly due to higher income from grants.
Net income was positively affected in 2024 by a positive revaluation of investments of £34,118 (2023: £122,709). Our CCLA fund, which represents 98% of our investment portfolio recorded a 5% increase in the year.
Policies on reserves
Trustees believe that the current level of reserves is appropriate given the risks outlined in this report, and the possibility of having to upgrade our infrastructure further to maintain a safe, secure and sustainable operation. Trustees maintain an ongoing objective of delivering a balanced operating budget (excluding one-off legacies), while utilising reserves and legacy income to upgrade and enhance our horse riding and related facilities.
In relation to unrestricted reserves, the amount freely available for use, exclusive of the carrying value of tangible fixed assets, is £1,890,982. Given the charity’s risks, and its obligations in relation to maintaining ageing infrastructure, the Trustees believe this amount also represents an appropriate target.
Availability and adequacy of assets of each of the funds
The Board of Trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.
Investment policy and investment objectives
The investment objective is to seek a total return composed of capital gains and income sufficient to preserve the real value of the portfolio against inflation, with a focus on income utilising a balanced and diversified blend of assets with a medium risk profile.
Principal risks and uncertainties
The Trustees are cognisant of several material risks facing the Centre, and this is reflected in the conservative reserves policy adopted.
Risks and uncertainties include (i) health of our horses, where for example a contagious disease could significantly interrupt our programme of activities, (ii) damage to our infrastructure caused by adverse weather, storm, fire, or other causes, (iii) unforeseen building and maintenance costs on our ageing physical infrastructure (iv) accident or other incident which causes personal injury and reputational damage.
While no significant changes are planned to the scope and nature of operations Trustees are planning further infrastructure upgrades, including re-building of horse boxes, creation of a “Pony Corner” area for non-riding activities, and creation of a hard surface track at Croydon Lane to enable easier vehicle access to our grazing fields.
The charitable company is a company limited by guarantee.
Under the Constitution and Articles of Association of The Diamond Centre for Disabled Riders, the Trustees are ultimately responsible for all aspects of governance; for ensuring the aims of the charity are upheld, overseeing strategy; safeguarding the charities assets; development and ensuring the charity is sustainable.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The methods used to recruit, appoint, and induct new charity trustees
When new or additional trustees are recruited, they are elected by the Members or co-opted by the Trustees. All Trustees are also Members, and support the Objects of the charity, as set out above. The Trustees retire at each Annual General Meeting (“AGM”) of the charity. Trustees may then stand again and may be reappointed by the Members. Co-opted Trustees hold office until the next AGM, when they retire but may stand as Trustees and put themselves forward for election by the Members. Induction of new Trustees includes education on governance responsibilities including Charity Commission guidance. New Trustees are also expected to complete RDA e-learning modules on governance and safeguarding.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Company Name
The legal name of the charity is The Diamond Centre for Disabled Riders.
Charity Registration Number
The charity is registered in England & Wales with the Charity Commission with charity number 1045970.
Legal structure of the charity
The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation. The company registration number is 03042659. The Governing Document is dated 6 April 1995 as amended by special resolution on 17 April 2020 and 28 April 2005. By operation of law all trustees are directors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities under both company and charity legislation.
Decision making and delegation of authority
The day-to-day management of the centre is devolved to the Centre Manager and Staff. The Chair, Vice-Chair and Treasurer maintain close contact on a weekly basis to support the Centre Manager.
Membership
As at 31 December 2024 the Centre had 78 members (2023: 92). Membership is open to those supporting the Centre's work.
The trustees, who are also the directors of The Diamond Centre for Disabled Riders for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
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 2019 (FRS 102);
- make judgements and 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; and
- 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 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. They 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.
In accordance with the company's articles, a resolution proposing that Kingston Burrowes Audit Ltd be reappointed as auditor of the company will be put at a General Meeting.
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
The trustees' report was approved by the Board of Trustees.
Opinion
We have audited the financial statements of The Diamond Centre for Disabled Riders (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
Basis for opinion
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 Auditor's 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 UK, including the FRC’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.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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 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 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the trustees’ report which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
In the light of the 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 directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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
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 directors’ report and from the requirement to prepare a strategic report.
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charitable company for the purpose 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. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 auditor's 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:
Enquiry of management and those charged with governance about actual and potential litigation or claims and the identification of non-compliance with laws and regulations.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including testing journal entries and other adjustments for appropriateness; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Professional scepticism in course of the audit and with audit sampling in material audit areas.
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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our 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 auditor’s 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 the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Kingston Burrowes Audit Ltd is eligible for appointment as auditor of the charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 16 to 30 form part of these financial statements.
The notes on pages 16 to 30 form part of these financial statements.
The notes on pages 16 to 30 form part of these financial statements.
The Diamond Centre for Disabled Riders is a private company limited by guarantee incorporated in England and Wales. The registered office is Woodmansterne Road, Carshalton, Surrey, SM5 4DT.
The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charitable company is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment assets and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
All the expenditure on raising funds are direct costs for both 2024 and 2023.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year and previous year.
No trustees expenses have been incurred during the year and the previous year.
The average monthly number of employees during the year was:
|
|
| 2024 | 2023 |
Average number of employees |
|
| number | number |
Full-time |
|
| 6 | 6 |
Part-time |
|
| 5 | 6 |
|
|
| 11 | 12 |
The remuneration of key management personnel was as follows:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The historic cost of listed investments at 31 December 2023 was £1,583,905 (2022 : £1,383,905).
Deferred income is included in the financial statements as follows:
Deferred income of £35,195 (2023 : £66,215) included above relates to riding fees and compensation from SES water received during the year but relating to future accounting periods.
The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
Andrew Ballardie Trust | This is a fund established to provide an income sufficient to cover the costs of the annual open day. |
Horse Sponsorship | This is a fund to upkeep of horses. |
Sutton Neighbourhood grant | This is a fund used to invest in capital project for outbuilding roof improvements. Since this fund was wholly used to purchase for roof improvements in earlier year, there was a transfer made from restricted fund to unrestricted fund during the year. The capital asset purchased can be used for any other purpose and therefore this asset is classed under unrestricted fund. |
National lottery grant | This is a fund used to invest in capital project for a horse carriage. Since this fund was wholly used to purchase horse carriage in earlier year, there was a transfer made from restricted fund to unrestricted fund during the year. The capital asset purchased can be used for any other purpose and therefore this asset is classed as unrestricted fund. |
Other Restricted Funds | These represent the balance of restricted donations and grants received for specific purposes, but not yet expended on those purposes. |
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At the year end and previous year end, the charity had no annual commitments under operating leases.
There were no other disclosable related party transactions during the year (2023 - none).
The charitable company had no material debt during the year.