Horseback UK

	Page
Reference and Administrative Details	1
Trustees' Report	2—9
Independent Examiner's Report	10
Statement of Financial Activities (including Income and Expenditure Account)	12
Comparative Statement of Financial Activities (including Income and Expenditure Account)	13
Balance Sheet	14—15
Notes to the Financial Statements	16—28

The trustees present their report and the financial statements for the period ended 31 December 2025.

Objectives and Activities

Aims and Objectives

The objective of the Charity is to facilitate and advance the development of health and social wellbeing in order to improve the quality of life of persons who:

Are serving or who have served in the Armed Forces and who have been injured or wounded and are suffering mental or physical illness of disability, including post-traumatic stress disorder.

By reason of their age group, ill-health (including mental health), disability, social or financial circumstances, occupation or some other disadvantage, could benefit from utilising the services and facilities provided by the Charity.

To include but not restricted to: The provision of personal advancement through the development of basic horsemanship skills to aid health, social wellbeing, confidence and general interaction skills on occasion utilising equine therapy; and the advancement of education and personal development through the provision of training and classes in selected rural skills, traditional skills and conservation/adventure activities and occupations in order to support the treatment, rehabilitation, re-settlement, re-training and employability of such persons.

Achievements and Performance

Main Achievements

HorseBack UK is the multi-award-winning charity (registration number SC040765) based just outside Aboyne in the Scottish Highlands. We work to improve health and social well-being, to inspire recovery, to raise self-esteem, to create positive change and purpose amongst those who need it most, as well as improving education and employment prospects for those who are disadvantaged or marginalised.

Using horsemanship, equine-assisted learning, rural skills and the outdoors, we deliver award-winning projects that encourage participants to acquire new coping strategies, life skills and resilience, whilst gaining nationally accredited qualifications.

“Since coming to HorseBack I’ve found a different way of thinking and have gained confidence and the possibility of a future. I now have the willpower and determination to make life better and take control. Working with the horses has helped me control my emotions and improve my relationships.”

HorseBack UK is a well-respected and accredited organisation and is:

...CONTINUED

Page 2

Page 3

Horseback UK

Trustees' Report (continued)

For the Period 1 April 2025 to 31 December 2025

Main Achievements - continued

a member of COBSEO (the Confederation of Service Charities)
a founder member and lead of the Equine Assisted Services Partnership which includes the Human Equine Interaction Register (HEIR)
an accredited Scottish Qualification Authority (SQA) centre
an accredited Open College Network London (OCN) centre
a delivery partner of the King’s Trust
accredited to offer course participants the opportunity to gain a Cairngorms Duthchas gold Award
a British Horse Society (BHS) accredited centre
an Aberdeenshire Council Riding Establishment Licencee and registered Outdoor Activities Provider
a gold award holder - Armed Forces Covenant Employer Recognition Scheme.

We are also members of:

HETI (Horses in Education and Therapy International)
PiVS (Pride in Veterans Standard)
VMHAS (Veterans Mental Health Awareness Standard)
NEWC (National Equine Welfare Council)
IFAR (International Forum for Aftercare of Racehorses)

Her Majesty The Queen has been our Royal Patron since 2021.

This past year has seen the charity busier than ever, running our established programmes as well as introducing new and innovative ones.

Our main Programmes include:

Military Wellbeing for veterans, serving personnel and their families
Youth Development for young people between the ages of 16 and 25
Schools Development for disengaged school children
Schools Engagement for all year 1 students from local schools
Long-term sick support programmes
On Line Mental Health and Wellbeing programme
Residential Volunteering programme
One to one equine assisted sessions

This year we have supported nearly 600 people directly on our programmes, which range from 1 day to 12 weeks with a total of over 23,000 hours of equine assisted services work being provided. In addition, we have supported over 3,500 people indirectly.

40 people have had additional training and support to return to the charity as accredited volunteer mentors and we have a regular stream of volunteers at the charity.

Programmes

...CONTINUED

Page 3

Page 4

Horseback UK

Trustees' Report (continued)

For the Period 1 April 2025 to 31 December 2025

Main Achievements - continued

The Military Wellbeing Programme is our flagship project through which we work with service personnel and veterans suffering from life changing injuries and post-traumatic stress disorder. The programme takes place over a 3-month period with a residential week at our centre. On-line participation starts and completes the SQA Level 4 Qualification in Mental Health and Wellbeing.

“HorseBack UK has changed my life beyond recognition. I am better able to interact socially and have regained my self-confidence. I had learned to avoid crowded spaces and was nervous and hyper-vigilant when those situations were unavoidable, but I have lost that fear, have improved my health and fitness, can manage long car journeys, and find being around horses of huge therapeutical value. I now want to do more to help others overcome the personal challenges they may be facing. I can never thank the team at HorseBack UK enough, There are horses all around me at home in Somerset and to hear or see them always brings a wave of positivity and well-being. Thank you HorseBack and I wish you all every success.”

The programme includes equine assisted learning, horsemanship, archery, pilates, bushcraft, photography, and conservation skills as well as personal development work and cognitive behavioural therapy. We provide on-line training and support before, during and after the residential aspects of the course and signpost other support and opportunities to enhance the learning and support available.

"Commenting in my capacity as a trained organisational and educational psychologist, what I witnessed at Horseback UK was truly astounding; I never thought that such benefits and impacts could be achieved by a charity. The fusion of theoretical and practical education with gentle exercise, movement and trained mentoring in the evenings was superb. Central to its success was the process of earning the trust and then learning the behavioural and personality nuances of the horses. One cannot bear life’s frustrations in the company of a horse; one must release them and focus on the animal.

The impact on the beneficiaries, including myself, was remarkable. I saw a disparate group of Service people united by a common interest in their recovery and nature, supported by some truly astonishingly competent and compassionate staff. Weeks on, I feel the tangible benefits of my time with the charity and remain in contact with the group. I am less stressed, my body is no longer contorted with worry and anxiety, I am sleeping better and more consistently, and I am optimistic about the future. The charity reminded me that there are some profoundly kind and compassionate people in this world and of the ability of the natural environment to bring peace to an addled mind. “

Military referrals have again increased this year to 118 participants of which 28% were female.

The residential volunteering weeks proved to be extremely successful allowing for those who had attended the military programme to continue engagement with both HorseBack UK and other participants. Real friendships have developed within these groups which provide ongoing peer support.

The Youth Development Programme incorporates the King’s Trust Team Qualification, our own SQA Level 4 in Personal Development Through Horsemanship and the John Muir Discovery Award. This 12-week course aims to support, develop and inspire young people (16-25) who are referred to us through local schools and social services, and are experiencing life challenges. With support, training and education to achieve their full potential, they can increase their resilience, self-worth, self-esteem and improve skills, understanding and emotional capacity to maintain positive relationships, feel less socially isolated and be part of a community.

...CONTINUED

Page 4

Page 5

Horseback UK

Trustees' Report (continued)

For the Period 1 April 2025 to 31 December 2025

Main Achievements - continued

The Programme is delivered over 12 weeks, includes a residential teambuilding activities week, 2 weeks local work placement, 2 weeks working as a team on a community project and 7 weeks on site experiencing horsemanship, equine assisted learning, rural skills and the outdoors. Work experience included a veterinary practice, café, care home, and the hospitality industry. This year the success continues with 85% of participants starting employment or further education.

“I had literally been stuck in my room for nearly 2 years when my mum suggested I went to HorseBack UK. I was so anxious but doing the engagement group really helped enable me to start the course. Once there I just loved it. The 12-week programme involved so many different things including helping in the community, hill walking, mountain biking, a residential week away from home and of course working with the horses.. My horse gave me so much confidence and made me realise what I am truly capable of. With my new goals, new skills and new confidence I am excited about what the future holds for me so thanks HorseBack for everything."

Our Schools Programmes have become a large part of our delivery and once again this year has seen us working with the entire S1 and S2 group at Aboyne Academy as part of the crews programme. Each crew of 15 children works initially with a staff member in school for two days and then at our centre for 2 days. The programme focuses on emotional management, personal development and creating a team.

“Spending time at HorseBack UK, even just for a few days made a huge difference to my son. Instead of being on his phone constantly he was excited to share his experiences with the horses and the other activities with us as a family. This is something that we have been able to work on and communication as a family is much better.”

We continue to deliver our SQA Level 4 in Personal Development Through Horsemanship to disengaged teenagers from both Aboyne and Banchory Academies. The three-week programme incorporates 12 students from each school attending for a week at HorseBack each school term. Focus is on personal development, confidence and self-esteem, wellbeing and self-management.

“I hated school as I always seemed to be blamed for anything going wrong even if I was not involved. I got very frustrated and angry, my behaviour got much worse and I was regularly excluded from school.

When it was suggested I come to HorseBack UK I didn’t want to do it and the first few days my behaviour reflected that of school. This changed when the staff talked to us about respect and we were given responsibilities with the horses. Working with the horses showed me how others saw me and I suddenly got it.

Following HBUK I left school and was given the opportunity to become a trainee mentor. I cycled to HorseBack daily and helped with the delivery of the programmes. I am no longer angry and I am really proud to be part of the HorseBack Team. I am working on my personal goals and I have just been awarded an apprenticeship as a bricklayer, all thanks to HorseBack UK.”

In addition to the programmes on site we have delivered schools engagement programmes to 40 pupils from Newmarket Academy. They have a large number of disruptive pupils aged 14-15 and so emphasis was placed on emotional management, respect for others and teamwork.

We have continued to deliver online wellbeing sessions to Ukrainian refugees within Grampian. With support from Aberdeenshire Councill this programme promotes wellbeing for individuals as well as the importance of bringing the community together and developing wellbeing and employment pathways. It consists of pre-course engagement with our own Ukrainian liaison person, 8 online interactive sessions and 2 days at our centre. Feedback has been extremely positive with improvements in wellbeing, community ties and employment.

...CONTINUED

Page 5

Page 6

Horseback UK

Trustees' Report (continued)

For the Period 1 April 2025 to 31 December 2025

Main Achievements - continued

Development

Horseback UK staff are continuing with their OCN Level 3 Diploma in Equine Services. Funding has also been secured to train some external providers with this qualification and this will come with continued mentor support as well as a newly written course programme. The course is now ready to be offered to individuals wanting to get involved within this field and this will provide income to the charity.

After several years of work, Horseback UK recently announced a New Collaboration to Develop a Centre of Excellence for Equine Assisted Services with Hartpury University and Riding for the Disabled. This marks the beginning of a strategic collaboration focused on advancing human and equine health and wellbeing through evidence-based practice, education, research and innovation.

By bringing together Hartpury University's expertise in higher education, research and equine science, RDA's national reach and scale, and HorseBack UK's extensive experience delivering life-changing equine-assisted programmes, the collaboration will:

- Establish a recognised Centre of Excellence for Equine Assisted Services

- Develop and deliver high-quality EAS programmes

- Advance research into outcomes for both people and horses

- Create educational pathways and professional development opportunities for future practitioners

- Advance equine welfare and ethical practice through research, including the role of former racehorses in EAS

- Share knowledge and promote best practice across the UK and internationally

Together, we aim to build a stronger evidence base for Equine Assisted Services while supporting workforce development, and raising standards across the sector.

Financial Review

Financial Position

During the financial year the Charity had income of £473,111 (2025 - £680,637) and incurred expenses of £481,623 (2025 - £620,159), including the depreciation charged for the year of £24,170 (2025 - £32,294), leading to a net decrease in funds of £8,512 (2025 - net increase £60,478).

Total unrestricted funds at 31 December 2025 amounts to £212,027 (2025 - £226,817). Restricted funds at 31 December 2025 amounts to £77,936 (2025 - £71,658).

The trustees are committed to an ongoing review of current activities and seeking to identify new opportunities to ensure that the charity has sufficient funds to allow it to continue to operate for the foreseeable future. The Trustees are confident that the charity has sufficient funds to ensure that it can continue to operate as a going concern of at least 12 months from the date of this report.

Further analysis of the income and expenditure during the year is provided below.

Income

The most significant source of income for Charity in 2025 was income from grants and donations and the Trustees expect this to remain the case during 2026. Donations represented £388,229 (2025 - £422,482) of the income during the year including grants from a number of charitable trusts.

Expenditure

...CONTINUED

Page 6

Page 7

Horseback UK

Trustees' Report (continued)

For the Period 1 April 2025 to 31 December 2025

Financial Position - continued

Of the £481,623 of expenditure during the year (2025 - £620,159), £459,825 represented charitable expenditure (2025 - £597,550) and raising funds expenditure was £21,798 (2025 - £22,609).

The Charity currently operates from a 50 acre farm in Dinnet, Aberdeenshire.

Reserves Policy

Horseback UK's reserves policy is to maintain a level of reserves that provided the Chairty with a contingency against timing fluctuations in or a significant reduction on our income or service delivery. Such impacts may be as a result of general economic recession, or as has been encountered in 2020 a global event, the COVID-19 pandemic.

In setting the reservice policy, the Trustees have considered the risks associated with each income stream and the level of restricted project funding in hand as well as any additional costs that might be incurred in adapting to a long-term reduction in income. It has also considered the amount of time required for the Charity to find our provision, for us to make appropriate provision for staff and, at the extreme, to find alternative homes for our animals in the unlikely scenario of complete closure of operations.

The Trustees have determined that the level of reserves should be sufficient to enable the Charity to wind down over a period of six months, which would amount to approximately £80,000.

The reserves policy is reviewed at each quarterly Trustees meeting alongside management accounts and other financial reviews to ensure it is still appropriate and any adjustments are made accordingly. It is also formally reviewed annually for publication in the Annual Review and Accounts.

Our current level is:

Unrestricted funds

Unrestricted funds at 31 December 2025 were £212,027 (2025 - £226,817). The Trustees recognise that as a result of the capital projects in the year free reserves have been depleted, therefore the Trustees will be look to re-establish sufficient free reserves in the short to medium term.

Restricted funds

Further restricted funds were received this year relating to grants received from various organisations as detailed in note 17 of the accounts.

The Trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, Governance and Management

Page 7

Page 8

Horseback UK

Trustees' Report (continued)

For the Period 1 April 2025 to 31 December 2025

Governing Document

Horseback UK is registered with the Office of the Scottish Charity Regulator under registration number SC040765 and with the Companies House under registration number SC360882.

Horseback UK was incorporated on 8 June 2009 and registered with OSCR on 18 August 2009. Horseback UK is a company limited by guarantee. The Charity had no maximum permitted membership and membership is open to any individual interested in promoting the objects of the Charity. As at the date of this report, the Charity had three members, all of whom were Trustees. Each member guarantees to contribute £1 to the Charity's liabilities in the event of the Charity being wound up. The Charity is governed by its Memorandum and Articles of Association.

Suitable governance structures have been developed since inception. These structures will continue to be reviewed as the Charity continues to grow. The detail below sets out the current position.

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:

Mr David Seaton

Ms Emma Watson Mack

Mr Ralph Campbell

Trustee Selection Methods

The Trustees aim to meet a minimum of four times a year with additional conference calls throughout the year. Suitable papers, including agenda, prior meeting minutes and the latest management accounts are circulated before each meeting and formal minutes are taken. The Charity aims to appoint trustees with a broad range of skills and backgrounds. New Trustees are provided with a briefing and the relevant documentation to enable them to understand and carry out their roles effectively.

Additional Note

The management and delivery team meet weekly as a means of ensuring good communication, allocating resources and managing key projects. The Trustees have implemented a clearly defined directorate structure which they believe best meets the operational, governance and growth requirements of the Charity. The delivery team is responsible for the development and delivery of the courses and the upkeep of the Charity’s premises and horses.

Under the Charity's Articles of Association, the board of Trustees must locally approve in advance items of expenditure in excess of £5,000. The Charity holds appropriate public liability and directors’ and officers’ insurance.

Page 8

Page 9

Horseback UK

Trustees' Report (continued)

For the Period 1 April 2025 to 31 December 2025

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Horseback UK for the purposes 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. Under company law the trustees must not approve the financial statement unless they are satisfied that they 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 period. In preparing the financial statements the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgments and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the accounts comply with the Charities and Trustees Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The trustees' report was approved by the board of trustees and signed on its behalf by:

D Seaton

Trustee

29/10/2026

Page 9

Page 10

Horseback UK

Independent Examiner's Report to the Trustees of Horseback UK

For the Period 1 April 2025 to 31 December 2025

Independent Examiner's Report to the Trustees of Horseback UK

I report to the charity trustees on my examination of the accounts of the Company for the period ended 31 December 2025.

Responsibilities and Basis of Report

As the charity trustees of the Company (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent Examiner's Statement

Since the Charity has prepared its accounts on an accruals basis and is registered in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I confirm that I am qualified to undertake the examination because I am a member of The Association of Chartered Certified Accountants, which is one of the listed bodies.

In the course of my examination, no matter has come to my attention

which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations
- to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations

have not been met, or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Calvin Cooper FCCA CTA

30/10/2026

The Old Library
8 Laing Street
Kirkwall
Orkney
KW15 1NW

Page 10

Page 11

Horseback UK

Independent Examiner's Report to the Trustees of Horseback UK (continued)

For the Period 1 April 2025 to 31 December 2025

Page 11

Page 12

Horseback UK

Statement of Financial Activities (including Income and Expenditure Account)

For the Period 1 April 2025 to 31 December 2025

Statement of Financial Activities (including Income and Expenditure Account)

				31 December 2025	31 March 2025
		Unrestricted funds	Restricted funds	Total funds	Total funds
	Notes	£	£	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies	3	112,005	276,224	388,229	422,482
Charitable activities		12,079	72,803	84,882	258,155

		124,084	349,027	473,111	680,637

EXPENDITURE ON:
Raising funds	5	(5,448 )	(16,350 )	(21,798 )	(22,609 )
Charitable activities	5	(133,426 )	(326,399 )	(459,825 )	(597,550 )

		(138,874 )	(342,749 )	(481,623 )	(620,159 )

NET (EXPENDITURE)/INCOME		(14,790 )	6,278	(8,512 )	60,478


NET MOVEMENT IN FUNDS		(14,790 )	6,278	(8,512 )	60,478
RECONCILIATION OF FUNDS:
Total funds brought forward		226,817	71,658	298,475	237,997

TOTAL FUNDS CARRIED FORWARD	16	212,027	77,936	289,963	298,475

The notes on pages 16 to 28 form part of these financial statements.

Page 12

Page 13

Horseback UK

Comparative Statement of Financial Activities (including Income and Expenditure Account)

For the Period 1 April 2025 to 31 December 2025

Comparative Statement of Financial Activities (including Income and Expenditure Account)

				2025
		Unrestricted funds	Restricted funds	Total funds
	Notes	£	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies	3	149,426	273,056	422,482
Charitable activities		-	258,155	258,155

		149,426	531,211	680,637

EXPENDITURE ON:
Raising funds	5	(5,878 )	(16,731 )	(22,609 )
Charitable activities	5	(175,901 )	(421,649 )	(597,550 )

		(181,779 )	(438,380 )	(620,159 )

NET INCOME/(EXPENDITURE)		(32,353 )	92,831	60,478

Transfers between funds	16	23,196	(23,196 )	-

NET MOVEMENT IN FUNDS		(9,157 )	69,635	60,478
RECONCILIATION OF FUNDS:
Total funds brought forward		235,974	2,023	237,997

TOTAL FUNDS CARRIED FORWARD	16	226,817	71,658	298,475

The notes on pages 16 to 28 form part of these financial statements.

Page 13

Page 14

Horseback UK

Balance Sheet

As At 31 December 2025

Balance Sheet

				31 December 2025	31 March 2025
		Unrestricted funds	Restricted funds	Total funds	Total funds
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	8	310,238	-	310,238	322,984
Investments	9	1	-	1	1

		310,239	-	310,239	322,985
CURRENT ASSETS
Debtors	10	1,852	42,961	44,813	86,423
Cash at bank and in hand		(21,359 )	42,273	20,914	10,203

		(19,507 )	85,234	65,727	96,626
Creditors: Amounts Falling Due Within One Year	11	(76,511 )	(7,298 )	(83,809 )	(112,768 )

NET CURRENT ASSETS (LIABILITIES)		(96,018 )	77,936	(18,082 )	(16,142 )

TOTAL ASSETS LESS CURRENT LIABILITIES		214,221	77,936	292,157	306,843

Creditors: Amounts Falling Due After More Than One Year	12	(2,194 )	-	(2,194 )	(8,368 )

NET ASSETS		212,027	77,936	289,963	298,475

FUNDS OF THE CHARITY
Restricted Funds				77,936	71,658
Unrestricted Funds				212,027	226,817

TOTAL FUNDS	16			289,963	298,475

Page 14

Page 15

Horseback UK

Balance Sheet (continued)

As At 31 December 2025

For the period ending 31 December 2025 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

On behalf of the board

D Seaton

Trustee

29/10/2026

The notes on pages 16 to 28 form part of these financial statements.

Page 15

Page 16

Horseback UK

Notes to the Financial Statements

For the Period 1 April 2025 to 31 December 2025

Notes to the Financial Statements

1. General Information

Horseback UK is a company limited by guarantee, incorporated in Scotland, registered number SC360882 and registered charity number SC040765 . The registered office is Ferrar, Dinnet, Aboyne, Aberdeenshire, AB34 5LD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The charitable company is a Public Benefit Entity as defined by FRS 102.

2.2. Going Concern Disclosure

These financial statements have been prepared on the going concern basis, as the trustees are confident with the assumption that the charity will continue in operational existence for a minimum period of 12 months from the date of signing the audited financial statements. This is despite the charity having an overdue PAYE/NIC liability of £32k (2025: £41k) as a result of payments not made to HMRC when due. The charity has agreed a Time to Pay agreement with HMRC to allow the charity to repay the arrears over a reasonable period of time. At the date of signing the financial statements all the HMRC debt has been repaid and the charity is up to date with their PAYE/NIC payments.

The going concern assumption for the charity is also based upon the review of cashflow projections prepared by the charity. This cashflow projection details that large grant funding will be coming into the charity in 2026 which will allow the charity to continue for at least 12 months from the date of signing the financial statements.

2.3. Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees in furtherance of the general objectives of the charitable company and which have not been designated for any other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

2.4. Incoming Resources

Income, including grants, is recognised when the charitable company is entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probably 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.

Page 16

Page 17

Horseback UK

Notes to the Financial Statements (continued)

For the Period 1 April 2025 to 31 December 2025

2.5. Resources Expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charitable company to the expenditure.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category and includes irrecoverable VAT.

Raising funds are those costs in raising funds for the charitable company. They include both the direct costs and support costs relating to this activity.

Charitable expenditure is incurred in direct pursuance of the charitable company’s principal objectives.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charitable company and include the auditor’s fees and costs linked to the strategic management of the charitable company.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Tenants Improvements	10-25 years
Plant & Machinery	15% reducing balance and 33% straight line
Motor Vehicles	15% reducing balance
Fixtures & Fittings	20% reducing balance
Equines and Riding Equipment	10% straight line

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 (is any).

2.7. Investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in net income/(expenditure) for the year.

A subsidiary is an entity controlled by the Charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

2.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and 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.

Page 17

Page 18

Horseback UK

Notes to the Financial Statements (continued)

For the Period 1 April 2025 to 31 December 2025

2.9. Taxation

The company is recognised by HM Revenue & Customs as a charity and, as a consequence of the tax reliefs available in relation to the current year, income is not liable to taxation.

2.10. Pensions

The charitable company operates a defined pension contribution scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

2.11. Accumulated funds

Unrestricted funds include incoming resources receivable or generated for the objects of the charity without future specified purpose and are available as general funds. These funds can be used in accordance with the charitable objects and at the discretion of the Directors.

2.12. Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

2.13. Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.

3. Income from Donations and Legacies

			31 December 2025	31 March 2025
	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	£	£	£	£
Donations and gifts	94,975	-	94,975	123,706
Grants	17,030	276,224	293,254	298,776

	112,005	276,224	388,229	422,482

In 2025, £273,056 was attributable to restricted funds and £149,426 to unrestricted funds.

The following grants are included within the total income from donations and legacies above:

Page 18

Page 19

Horseback UK

Notes to the Financial Statements (continued)

For the Period 1 April 2025 to 31 December 2025

			31 December 2025	31 March 2025
	Unrestricted funds £	Restricted funds £	Total funds £	Total funds £
General	17,030	-	17,030	25,720
Youth Development	-	91,841	91,841	127,932
Military Recovery	-	102,779	102,779	110,124
Ukraine Programme	-	63,604	63,604	-
Other	-	18,000	18,000	35,000

	17,030	276,224	293,254	298,776

Grants towards the provision of courses relate to non-specific individuals.

4. Net Income/(Expenditure)

The net (expenditure)/income is stated after charging/(crediting):

	31 December 2025	31 March 2025
	£	£
Depreciation of tangible fixed assets - owned	24,170	32,294
Gain/Loss on disposal of tangible fixed assets	455	-

Net income/(expenditure) for the year is stated after a non cash depreciation charge of £24,170. Prior to this accounting adjustment for the consumption of fixed assets, the charity generated an operational cash surplus of £15,658. The reported net deficit is entirely a result of this depreciation charge and does not reflect an operational cash loss.

5. Analysis of Expenditure

	31 December 2025
	Activities undertaken directly
	£
Raising funds	21,798
Staff costs	251,337
Depreciation and impairment	24,170
Repairs and maintenance	4,647
Feed and bedding	22,931
Course costs	26,762
Vet and farrier	33,425

...CONTINUED

Page 19

Page 20

Horseback UK

Notes to the Financial Statements (continued)

For the Period 1 April 2025 to 31 December 2025

Rent, rates and insurance	50,693
Motor and travelling	13,785
Heat and light	4,829
Telephone	5,711
Postage and stationery	765
Sundry	10,711
Training costs	2,950
Legal and professional fees	6,654
Loss on disposal of fixed asset	455

	481,623

	31 March 2025
	Activities undertaken directly
	£
Raising funds	22,609
Staff costs	282,532
Depreciation and impairment	32,294
Repairs and maintenance	7,304
Feed and bedding	30,268
Course costs	36,991
Vet and farrier	40,681
Rent, rates and insurance	76,999
Motor and travelling	21,958
Heat and light	8,267
Telephone	11,634
Postage and stationery	1,321
Sundry	15,761
Training costs	8,116
Legal and professional fees	23,424

	620,159

Page 20

Page 21

Horseback UK

Notes to the Financial Statements (continued)

For the Period 1 April 2025 to 31 December 2025

6. Staff Costs

Staff costs were as follows:

	31 December 2025	31 March 2025
	£	£
Wages and salaries	223,935	254,405
Social security costs	17,360	20,574
Other pension costs	10,042	7,553

	251,337	282,532

The number of employees whose employee benefits (excluding employer pension costs) for the reporting period exceeded £60,000 was:

	31 December 2025		31 March 2025
£60,000 to £69,999	-		1

During the year key management personel's employee benefits totalled £95,288 (2025 - £122,238).

7. Average Number of Employees

Average number of employees during the period was as follows:

	31 December 2025	31 March 2025
Fundraising	1	1
Management	2	2
Trainers and administration	5	5

	8	8

Page 21

Page 22

Horseback UK

Notes to the Financial Statements (continued)

For the Period 1 April 2025 to 31 December 2025

8. Tangible Assets

	Land & Property
	Tenants Improvements	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 April 2025	518,108	101,493	94,192	9,815
Additions	9,122	1,202	-	1,558
Disposals	-	(1,147 )	-	-

As at 31 December 2025	527,230	101,548	94,192	11,373

Depreciation
As at 1 April 2025	291,730	69,496	40,060	7,932
Provided during the period	12,238	4,185	6,090	439
Disposals	-	(689 )	-	-

As at 31 December 2025	303,968	72,992	46,150	8,371

Net Book Value
As at 31 December 2025	223,262	28,556	48,042	3,002

As at 1 April 2025	226,378	31,997	54,132	1,883


	Equines and Riding Equipment	Total
	£	£
Cost
As at 1 April 2025	57,229	780,837
Additions	-	11,882
Disposals	-	(1,147 )

As at 31 December 2025	57,229	791,572

Depreciation
As at 1 April 2025	48,635	457,853
Provided during the period	1,218	24,170
Disposals	-	(689 )

As at 31 December 2025	49,853	481,334

Net Book Value
As at 31 December 2025	7,376	310,238

As at 1 April 2025	8,594	322,984

Page 22

Page 23

Horseback UK

Notes to the Financial Statements (continued)

For the Period 1 April 2025 to 31 December 2025

9. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 April 2025	1

As at 31 December 2025	1

Provision
As at 1 April 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	1

As at 1 April 2025	1

Subsidiaries

These financial statements are seperate charitable company financial statements for Horseback UK.

Details of the charitable company's subsidiaries as at 31 December 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Horseback UK Trading Limited	The Steading Ferrar, Dinnet, Aboyne, Aberdeenshire, AB34 5LD	Ordinary share	100.00%	-

The aggregate capital and reserves and the result for the period of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
Horseback UK Trading Limited	436	-

The investment in the subsidiary is stated at cost.

Subsequent to the balance sheet date, the Company’s subsidiary undertaking was wound up and ceased to trade.

Page 23

Page 24

Horseback UK

Notes to the Financial Statements (continued)

For the Period 1 April 2025 to 31 December 2025

10. Debtors

	31 December 2025	31 March 2025
	£	£
Due within one year
Trade debtors	-	1,200
Prepayments and accrued income	4,751	3,071
Other debtors	40,062	82,152

	44,813	86,423

11. Creditors: Amounts Falling Due Within One Year

	31 December 2025	31 March 2025
	£	£
Net obligations under finance lease and hire purchase contracts	2,633	2,633
Trade creditors	25,333	21,761
Bank loans and overdrafts	6,683	10,000
Other creditors	17,120	47,807
Taxation and social security	32,040	30,567

	83,809	112,768

12. Creditors: Amounts Falling Due After More Than One Year

	31 December 2025	31 March 2025
	£	£
Net obligations under finance lease and hire purchase contracts	2,194	4,169
Bank loans	-	4,199

	2,194	8,368

Page 24

Page 25

Horseback UK

Notes to the Financial Statements (continued)

For the Period 1 April 2025 to 31 December 2025

13. Loans

An analysis of the maturity of loans is given below:

	31 December 2025	31 March 2025
	£	£
Amounts falling due within one year or on demand:
Bank loans	6,683	10,000

	31 December 2025	31 March 2025
	£	£
Amounts falling due between one and five years:
Bank loans	-	4,199

The loan is a Bounce Back loan with Virgin Money, repayable over 60 monthly instalments of £833.33 from September 2021. Interest is charged at a rate of 2.5% per annum.

14. Obligations Under Finance Leases and Hire Purchase

	31 December 2025	31 March 2025
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	2,633	2,633
Later than one year and not later than five years	2,194	4,169

	4,827	6,802

	4,827	6,802

15. Pension Commitments

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

During the period the charge to the statement of financial activities in respect of defined contribution schemes was £10,042 (2025: £7,553).

Page 25

Page 26

Horseback UK

Notes to the Financial Statements (continued)

For the Period 1 April 2025 to 31 December 2025

16. Movement in Funds

	As at 1 April 2025	Income	Expenditure	As at 31 December 2025
	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	226,817	124,084	(138,874 )	212,027
Restricted funds
Youth Development	65,297	91,841	(141,669)	15,469
Military Recovery	-	102,779	(86,830)	15,949
Community Wellbeing Hub	774	-	-	774
Staff Training	2,676	-	-	2,676
Ukrainian Programme	440	131,157	(91,400)	40,197
One to one funding	2,276	3,150	(4,570)	856
Schools Development	195	20,100	(18,280)	2,015


Total restricted funds	71,658	349,027	(342,749 )	77,936




Total funds	298,475	473,111	(481,623 )	289,963

	As at 1 April 2024	Income	Expenditure	Transfers	As at 31 March 2025
	£	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	235,974	149,426	(181,779 )	23,196	226,817
Restricted funds
Youth Development	-	201,550	(136,253)	-	65,297
Military Recovery	1,553	110,124	(112,557)	880	-
Community Wellbeing Hub	275	148,600	(148,101)	-	774
Staff Training	-	8,600	(5,924)	-	2,676
Ukrainian Programme	-	24,137	(23,697)	-	440
One to one funding	-	8,200	(5,924)	-	2,276
Horses	-	5,000	(5,924)	924	-

...CONTINUED

Page 26

Page 27

Horseback UK

Notes to the Financial Statements (continued)

For the Period 1 April 2025 to 31 December 2025

Capital	-	25,000	-	(25,000)	-
Schools Development	195	-	-	-	195


Total restricted funds	2,023	531,211	(438,380 )	(23,196 )	71,658




Total funds	237,997	680,637	(620,159 )	-	298,475

The Military Recovery Programme - Funding to support our work with service personnel and veterans suffering from life changing injuries and post-traumatic stress disorder.

Schools Development - Funding to support work with children from local schools.

Youth Development - Funding to support work with young people aged 16-25.

Community Wellbeing Hub - Funding received to develop Community Wellbeing Hub and UK Wide Strategic Growth Project.

Ukrainian Programme - Funding for the research and development of the Ukrainian online programme funded by Aberdeenshire Council.

One to One Funding - Funding for the delivery of one to one equine assisted sessions to individuals either privately funded or through the council.

Staff Training - Funding to provide training, qualifications and CPD for staff.

Horses - Funding for additional rugs and welfare for older horses.

Capital - Funding to finance capital projects for the charity.

17. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

No trustee expenses have been incurred.

18. Related Party Disclosures

As at 31 December 2025, the Charity as due key management personnel £6,667 (2025 - £5,828) for expenses incurred by them on behalf of the charity. During the year the charity also paid rent of £20,000 (2025 - £35,000) for the use of client accommodation to key management personnel. This was to address a shortage of local accommodation, was below market rates and in line with the Charity's Conflict of Interest Policy.

Page 27

Page 28

Horseback UK

Notes to the Financial Statements (continued)

For the Period 1 April 2025 to 31 December 2025

19. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

Page 28

Trustees	D Seaton
	E Mack
	R Campbell


Secretary	E Hutchison

Charity Number	SC040765

Company Number	SC360882

Registered Office	Ferrar
	Dinnet
	Aboyne
	Aberdeenshire
	AB34 5LD

Independent Examiner	Calvin Cooper FCCA CTA
	CRC
	The Old Library 8 Laing Street Kirkwall Orkney KW15 1NW

Bankers	Virgin Money
	1 Queens Cross
	Aberdeen
	AB15 4XU