Charity registration number 1045970 (England and Wales)
Company registration number 03042659
THE DIAMOND CENTRE FOR DISABLED RIDERS
TRUSTEES' ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THE DIAMOND CENTRE FOR DISABLED RIDERS
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
S J Axon (Vice-chair)
T Edwards
C A Bedwell
K Hobden
AA Pfeifer (Treasurer)
C F Snowdon (Chair)
R Stuart
M C Taylor
Secretary
A A Pfeifer
Senior management
M B Ray
Centre Manager
K Gordon
RDA Head Coach and Co-ordinator
Charity number (England and Wales)
1045970
Company number
03042659
Registered office
Woodmansterne Road
Carshalton
Surrey
SM5 4DT
Telephone:
020 8643 7764
Email address:
admin@diamondcentre.org.uk
Web address:
diamondcentre.org.uk
Auditor
Kingston Burrowes Audit Ltd
308 Ewell Road
Surbiton
Surrey
KT6 7AL
Bankers
HSBC plc
16 King Street
Covent Garden
London
WC2E 8JF
Investment advisors
CCLA Investment Management
85 Queen Victoria Street
London
EC4V 4ET
THE DIAMOND CENTRE FOR DISABLED RIDERS
CONTENTS
Page
Trustees' report
1 - 8
Independent auditor's report
9 - 11
Statement of financial activities
12
Balance sheet
13 - 14
Statement of cash flows
15
Notes to the financial statements
16 - 30
THE DIAMOND CENTRE FOR DISABLED RIDERS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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)".

Objectives and activities
Public benefit

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.

 

THE DIAMOND CENTRE FOR DISABLED RIDERS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Achievements and performance
Significant activities and achievements against objectives

 

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.

 

THE DIAMOND CENTRE FOR DISABLED RIDERS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

Infrastructure

Benefitting from recent legacy income, we were able to continue our programme of updating our physical infrastructure. Completed projects included:

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.

THE DIAMOND CENTRE FOR DISABLED RIDERS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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:

 

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:

 

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 DIAMOND CENTRE FOR DISABLED RIDERS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Financial review

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.

 

THE DIAMOND CENTRE FOR DISABLED RIDERS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

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.

Plans for future periods

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.

Structure, governance and management

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:

S J Axon
T Edwards
C A Bedwell
K Hobden
A A Pfeifer
C F Snowdon
R Stuart
M C Taylor
THE DIAMOND CENTRE FOR DISABLED RIDERS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -

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.

Statement of trustees' responsibilities

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 DIAMOND CENTRE FOR DISABLED RIDERS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -

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.

Auditor

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.

Statement as to disclosure of information to auditors

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.

C F Snowdon
Chair
1 May 2025
THE DIAMOND CENTRE FOR DISABLED RIDERS
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE DIAMOND CENTRE FOR DISABLED RIDERS
- 9 -

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:

-

give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

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.

Conclusions relating to going concern

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 DIAMOND CENTRE FOR DISABLED RIDERS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE DIAMOND CENTRE FOR DISABLED RIDERS
- 10 -
Matters on which we are required to report by exception

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.

Responsibilities of trustees

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.

Auditor's responsibilities for the audit of the financial statements

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.

THE DIAMOND CENTRE FOR DISABLED RIDERS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE DIAMOND CENTRE FOR DISABLED RIDERS
- 11 -

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:

 

 

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.

Kevin Fisher BA FCA CTA (Senior Statutory Auditor)
For and on behalf of Kingston Burrowes Audit Ltd, Statutory Auditor
308 Ewell Road
Surbiton
Surrey
KT6 7AL
2 May 2025

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 DIAMOND CENTRE FOR DISABLED RIDERS
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
144,209
66,010
210,219
258,170
42,783
300,953
Charitable activities
4
220,260
-
220,260
180,166
-
180,166
Other trading activities
5
59,341
-
59,341
50,480
-
50,480
Investments
6
54,510
1,820
56,330
43,528
1,730
45,258
Total income
478,320
67,830
546,150
532,344
44,513
576,857
Expenditure on:
Raising funds
7
17,864
277
18,141
12,562
79
12,641
Charitable activities
8
478,268
39,248
517,516
406,554
42,784
449,338
Total expenditure
496,132
39,525
535,657
419,116
42,863
461,979
Net gains/(losses) on investments
13
33,361
757
34,118
123,408
(699)
122,709
Net income
15,549
29,062
44,611
236,636
951
237,587
Transfers between funds
20,418
(20,418)
-
1,730
(1,730)
-
Net movement in funds
10
35,967
8,644
44,611
238,366
(779)
237,587
Reconciliation of funds:
Fund balances at 1 January 2024
2,072,118
32,958
2,105,076
1,833,752
33,737
1,867,489
Fund balances at 31 December 2024
2,108,085
41,602
2,149,687
2,072,118
32,958
2,105,076

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 DIAMOND CENTRE FOR DISABLED RIDERS
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
15
217,103
237,453
Investments
16
1,729,548
1,495,429
1,946,651
1,732,882
Current assets
Stocks
17
1,794
2,769
Debtors
18
30,939
66,987
Cash at bank and in hand
219,964
428,247
252,697
498,003
Creditors: amounts falling due within one year
19
(45,914)
(99,100)
Net current assets
206,783
398,903
Total assets less current liabilities
2,153,434
2,131,785
Creditors: amounts falling due after more than one year
20
(3,747)
(26,709)
Net assets
2,149,687
2,105,076
The funds of the charitable company
Restricted income funds
23
41,602
32,958
Unrestricted funds
24
2,108,085
2,072,118
2,149,687
2,105,076

The notes on pages 16 to 30 form part of these financial statements.

THE DIAMOND CENTRE FOR DISABLED RIDERS
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 14 -

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The financial statements were approved by the trustees on 1 May 2025
A A Pfeifer
C F Snowdon
Treasurer
Chair
Company registration number 03042659 (England and Wales)
THE DIAMOND CENTRE FOR DISABLED RIDERS
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(62,612)
114,820
Investing activities
Purchase of tangible fixed assets
(2,001)
(50,773)
Purchase of investments
(200,000)
-
Investment income received
56,330
45,258
Net cash used in investing activities
(145,671)
(5,515)
Net cash generated from financing activities
-
-
Net (decrease)/increase in cash and cash equivalents
(208,283)
109,305
Cash and cash equivalents at beginning of year
428,247
318,942
Cash and cash equivalents at end of year
219,964
428,247

The notes on pages 16 to 30 form part of these financial statements.

THE DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Charity information

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.

1.1
Accounting convention

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.

1.2
Going concern

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.

1.3
Charitable funds

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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charitable company.
1.4
Income
Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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.

Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
THE DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Expenditure

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.

1.6
Tangible fixed assets

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:

Freehold land and buildings
5% - 10% straight line. Land not depreciated.
Plant and equipment
10% - 20% straight line
Motor vehicles
20% straight line

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.

1.7
Fixed asset investments

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.

1.8
Impairment of fixed assets

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).

1.9
Stocks

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.

1.10
Cash and cash equivalents

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 DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Financial instruments

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

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

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

1.12
Employee benefits

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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

THE DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
2
Critical accounting estimates and judgements

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.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations and gifts
66,742
37,232
103,974
58,593
40,715
99,308
Legacies
33,013
-
33,013
199,577
-
199,577
Grants
44,454
28,778
73,232
-
2,068
2,068
144,209
66,010
210,219
258,170
42,783
300,953
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Riding fees
Income
136,289
123,411
Courses and lessons
Income
51,605
48,748
Special events
Income
2,760
3,408
Sundry receipts
Other income
29,606
4,599
220,260
180,166
THE DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
5
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising events
52,266
42,345
Letting
7,075
8,135
Other trading activities
59,341
50,480
6
Income from investments
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Income from listed investments
43,567
1,820
45,387
40,527
1,730
42,257
Interest receivable
10,943
-
10,943
3,001
-
3,001
54,510
1,820
56,330
43,528
1,730
45,258
7
Expenditure on raising funds
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Fundraising and publicity
Fundraising events
9,920
277
10,197
8,568
79
8,647
Servery purchases
7,944
-
7,944
3,994
-
3,994
17,864
277
18,141
12,562
79
12,641

All the expenditure on raising funds are direct costs for both 2024 and 2023.

THE DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
8
Expenditure on charitable activities
Riding and carriage driving
Riding and carriage driving
2024
2023
£
£
Direct costs
Staff costs
166,622
145,323
Training and instruction
3,724
5,250
Upkeep of ponies
53,119
46,782
Special events
2,737
2,906
Agricultural vehicle costs
5,574
7,210
Driving group
150
36
231,926
207,507
Share of support and governance costs (see note 9)
Support
285,590
241,831
517,516
449,338
Analysis by fund
Unrestricted funds
478,268
406,554
Restricted funds
39,248
42,784
517,516
449,338
THE DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
9
Support costs allocated to activities
2024
2023
£
£
Staff costs
60,138
56,265
Depreciation
22,350
22,588
Rent, rates and water
4,519
7,617
Sundry costs (including staff and volunteers costs)
9,189
4,587
Light, heat and power
17,252
18,863
Maintenance of premises
122,088
79,368
Groundsmen and cleaning
7,391
9,014
Maintenance and hire of equipment
5,741
4,828
Insurance
22,260
21,144
IT, licenses and, subscriptions and memberships
4,698
9,678
Bank charges
1,749
1,371
Postage, stationery and copying
1,262
785
Telephone
1,553
(27)
Governance costs
5,400
5,750
285,590
241,831
Analysed between:
Riding and carriage driving
285,590
241,831
10
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
3,600
2,950
Depreciation of owned tangible fixed assets
22,350
22,588
Ground rent, rates and water
4,519
7,617
11
Trustees

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.

12
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
11
12
THE DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Employees
(Continued)
- 23 -
Employment costs
2024
2023
£
£
Wages and salaries
208,246
190,465
Social security costs
10,765
4,046
Other pension costs
7,749
7,077
226,760
201,588

 

 

 

2024

2023

Average number of employees

 

 

number

number

Full-time

 

 

6

6

Part-time

 

 

5

6

 

 

 

11

12

There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024
2023
£
£
Aggregate compensation
71,877
66,366
13
Gains and losses on investments
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Gains/(losses) arising on:
£
£
£
£
£
£
Revaluation of investments
33,361
757
34,118
123,408
(699)
122,709
14
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
15
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
633,627
306,219
36,465
976,311
Additions
-
2,001
-
2,001
Disposals
-
(3,250)
-
(3,250)
At 31 December 2024
633,627
304,970
36,465
975,062
Depreciation and impairment
At 1 January 2024
520,835
181,776
36,248
738,859
Depreciation charged in the year
3,076
19,057
217
22,350
Eliminated in respect of disposals
-
(3,250)
-
(3,250)
At 31 December 2024
523,911
197,583
36,465
757,959
Carrying amount
At 31 December 2024
109,716
107,387
-
217,103
At 31 December 2023
112,792
124,444
217
237,453
16
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 January 2024
1,495,429
Additions
200,000
Valuation changes
34,119
At 31 December 2024
1,729,548
Carrying amount
At 31 December 2024
1,729,548
At 31 December 2023
1,495,429

The historic cost of listed investments at 31 December 2023 was £1,583,905 (2022 : £1,383,905).

17
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,794
2,769
THE DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,049
1,098
Prepayments and accrued income
27,890
65,889
30,939
66,987
19
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Deferred income
21
31,448
39,506
Trade creditors
7,659
54,194
Other creditors
2,331
-
Accruals
4,476
5,400
45,914
99,100
20
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Deferred income
21
3,747
26,709
21
Deferred income
2024
2023
£
£
Other deferred income
35,195
66,215

Deferred income is included in the financial statements as follows:

2024
2023
£
£
Deferred income is included within:
Current liabilities
31,448
39,506
Non-current liabilities
3,747
26,709
35,195
66,215
Movements in the year:
THE DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Deferred income
(Continued)
- 26 -
Deferred income at 1 January 2024
66,215
30,846
Released from previous periods
(66,215)
(30,846)
Resources deferred in the year
35,195
66,215
Deferred income at 31 December 2024
35,195
66,215

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.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,749
7,077

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 DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
23
Restricted funds

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.

 

 

At 1 January 2024
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 December 2024
£
£
£
£
£
£
Andrew Ballardie Trust
25,555
1,820
(277)
(1,820)
757
26,035
Horse Sponsorship
(5,115)
32,311
(35,308)
8,112
-
-
Sutton Neighbourhood grant
-
20,028
(1,068)
(18,960)
-
-
National lottery grant
-
8,750
(1,000)
(7,750)
-
-
Other restrcited donations
12,518
4,921
(1,872)
-
-
15,567
32,958
67,830
(39,525)
(20,418)
757
41,602
THE DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Restricted funds
(Continued)
- 28 -
Previous year:
At 1 January 2023
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 December 2023
£
£
£
£
£
£
Andrew Ballardie Trust
26,333
1,730
(79)
(1,730)
(699)
25,555
Horse sponsorship
-
34,594
(39,709)
-
-
(5,115)
Sutton Neighbourhood grant
-
1,068
(1,068)
-
-
-
National lottery grant
-
1,000
(1,000)
-
-
-
Other restricted funds
7,404
6,121
(1,007)
-
-
12,518
33,737
44,513
(42,863)
(1,730)
(699)
32,958
24
Unrestricted funds

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 1 January 2024
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 December 2024
£
£
£
£
£
£
General funds
2,072,118
478,320
(496,132)
20,418
33,361
2,108,085
Previous year:
At 1 January 2023
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 December 2023
£
£
£
£
£
£
General funds
1,833,752
532,344
(419,116)
1,730
123,408
2,072,118
THE DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
25
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 December 2024:
Tangible assets
217,103
-
217,103
Investments
1,699,759
29,789
1,729,548
Current assets/(liabilities)
191,223
15,560
206,783
Long term liabilities
-
(3,747)
(3,747)
2,108,085
41,602
2,149,687
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 December 2023:
Tangible assets
208,756
28,697
237,453
Investments
1,466,396
29,033
1,495,429
Current assets/(liabilities)
396,966
1,937
398,903
Long term liabilities
-
(26,709)
(26,709)
2,072,118
32,958
2,105,076
26
Operating lease commitments
Lessee

At the year end and previous year end, the charity had no annual commitments under operating leases.

27
Related party transactions

There were no other disclosable related party transactions during the year (2023 - none).

THE DIAMOND CENTRE FOR DISABLED RIDERS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
28
Cash (absorbed by)/generated from operations
2024
2023
£
£
Surplus for the year
44,611
237,587
Adjustments for:
Investment income recognised in statement of financial activities
(56,330)
(45,258)
Fair value gains and losses on investments
(34,118)
(122,709)
Depreciation and impairment of tangible fixed assets
22,350
22,588
Movements in working capital:
Decrease/(increase) in stocks
975
(293)
Decrease/(increase) in debtors
36,048
(49,497)
(Decrease)/increase in creditors
(45,128)
37,033
(Decrease)/increase in deferred income
(31,020)
35,369
Cash (absorbed by)/generated from operations
(62,612)
114,820
29
Analysis of changes in net funds

The charitable company had no material debt during the year.

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