The Daimler Foundation Ltd - Charities report - 21.2

REGISTERED COMPANY NUMBER: SC599377 (Scotland)

REGISTERED CHARITY NUMBER: SC049034

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

THE DAIMLER FOUNDATION LTD

Page

Report of the Trustees

1

to

2

Independent Examiner's Report

3

Statement of Financial Activities

4

Balance Sheet

5

to

6

Notes to the Financial Statements

7

to

11

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Daimler Foundation was created to support individuals from all walks of life to participate in horse-riding. We wish to make horse-riding accessible to any individual, as we are aware horse-riding can be a daunting sport for people to become involved in.

The Daimler Foundation has been proudly opened to support riding for the disabled and to encourage more people to understand the benefits horse-riding and caring for a horse can have on their health and wellbeing.

We would also like to use our horses to raise the education, life skills, well-being and aspirations of young people growing up in some if the most disadvantaged communities in Glasgow/Ayrshire and to remove the barriers to a sport that can enrich the lives of everyone who participates at whatever level.

Changing Lives through Horses aims to improve the lives of disengaged young people, regardless of their background, and give them the opportunity to develop skills that enable them to return to education and/or employment.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The Covid-19 pandemic developed rapidly throughout the year under review and was extremely challenging for The Daimler Foundation. Our focus remains on our core objectives and aims and we are confident we will be able to meet our goals in the future.

Our riding school is now up and running and we have ponies/horses suitable of all ages and abilities.

FINANCIAL REVIEW

Financial position

From a financial standpoint, the Covid-19 pandemic has been a significant challenge but with support from the Government and other third parties we have been able to continue.

A significant effort has been made to generate income and seek funding and we expect this to bear fruit in the forthcoming financial year.

Reserves policy

The Daimler Foundation aims to maintain sufficient funds in our bank account to meet both planned and unplanned expenditures, but to also demonstrate to potential funders that we also have the ability to raise funds through our ongoing fundraising and equestrian events activities and by developing positive and long - term relationships with individuals, user groups and other interested parties.

Going concern

The trustees are of the view that The Daimler Foundation can generate sufficient funding to continue to operate as a going concern. As noted above, a significant amount of time and effort has gone into seeking funding and with Covid-19 restrictions easing, we are confident for the future.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

All trustees were appointed on the date of incorporation. The appointment of any new trustees and the re-election of existing trustees shall be in accordance with the constitution of The Daimler Foundation.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC599377 (Scotland)

Registered Charity number

SC049034

Registered office

Morris Equestrian Centre

Meikle Mosside

Fenwick

Ayrshire

KA3 6AY

Trustees

P Dines

J M Steel

S McLelland

Independent Examiner

Bannerman Johnstone Maclay

213 St Vincent Street

Glasgow

G2 5QY

Approved by order of the board of trustees on 11 November 2021 and signed on its behalf by:

P Dines - Trustee

I report on the accounts for the year ended 31 March 2021 set out on pages four to eleven.

Respective responsibilities of trustees and examiner

The charity's trustees 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's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 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.

Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 seeking explanations from you as 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

In connection with my examination, no matter has come to my attention :

(1)	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; and

-	to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

have not been met; or

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

Douglas Paton BSc CA

Institute of Chartered Accountants of Scotland

Bannerman Johnstone Maclay

213 St Vincent Street

Glasgow

G2 5QY

11 November 2021

PERIOD

1.1.19

YEAR ENDED

TO

31.3.21

31.3.20

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

36,851

43,776

Charitable activities

Accessibility to horse-riding

123,879

578,427

Other trading activities

2

196,558

-

Total

357,288

622,203

EXPENDITURE ON

Charitable activities

Accessibility to horse-riding

499,946

660,282

NET INCOME/(EXPENDITURE)

(142,658

)

(38,079

)

RECONCILIATION OF FUNDS

Total funds brought forward

(38,079

)

-

TOTAL FUNDS CARRIED FORWARD

(180,737

)

(38,079

)

2021

2020

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

6

18,818

8,129

CURRENT ASSETS

Stocks

7

10,650

10,750

Debtors

8

11,283

12,195

Cash at bank and in hand

482

1,810

22,415

24,755

CREDITORS

Amounts falling due within one year

9

(181,137

)

(70,963

)

NET CURRENT ASSETS/(LIABILITIES)

(158,722

)

(46,208

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(139,904

)

(38,079

)

CREDITORS

Amounts falling due after more than one year

10

(40,833

)

-

NET ASSETS/(LIABILITIES)

(180,737

)

(38,079

)

FUNDS

12

Unrestricted funds

(180,737

)

(38,079

)

TOTAL FUNDS

(180,737

)

(38,079

)

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 11 November 2021 and were signed on its behalf by:

P Dines - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. None were received in the year.

2.	OTHER TRADING ACTIVITIES

PERIOD

1.1.19

YEAR ENDED

TO

31.3.21

31.3.20

£

£

Government covid-19 grants

196,558

-

3.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

PERIOD

1.1.19

YEAR ENDED

TO

31.3.21

31.3.20

£

£

Auditors' remuneration

-

1,850

Depreciation - owned assets

3,961

674

4.	TRUSTEES' REMUNERATION AND BENEFITS

Trustees remuneration during the year totalled £8,000 (2020: £nil).

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the period ended 31 March 2020.

5.	STAFF COSTS

The average monthly number of employees during the year was as follows:

PERIOD

1.1.19

YEAR ENDED

TO

31.3.21

31.3.20

Equestrian and restaurant staff

24

28

No employees received emoluments in excess of £60,000.

6.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2020

8,803

Additions

14,650

At 31 March 2021

23,453

DEPRECIATION

At 1 April 2020

674

Charge for year

3,961

At 31 March 2021

4,635

NET BOOK VALUE

At 31 March 2021

18,818

At 31 March 2020

8,129

7.

STOCKS

2021

2020

£

£

Stocks

10,650

10,750

8.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

10,633

9,249

Other debtors

650

650

VAT

-

947

Prepayments and accrued income

-

1,349

11,283

12,195

9.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts (see note 11)

9,167

-

Trade creditors

28,501

29,794

Amounts owed to related parties

126,054

36,396

Social security and other taxes

12,369

777

VAT

885

-

Other creditors

2,310

1,729

Accruals and deferred income

1,851

2,267

181,137

70,963

10.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 11)

40,833

-

11.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

£

Amounts falling due within one year on demand:

Bank loans

9,167

-

Amounts falling between one and two years:

Bank loans

10,000

-

Amounts falling due between two and five years:

Bank loans

30,000

-

Amounts falling due in more than five years:

Repayable by instalments:

Bank loans

833

-

12.	MOVEMENT IN FUNDS

Net

movement

At

At 1.4.20

in funds

31.3.21

£

£

£

Unrestricted funds

General fund

(38,079

)

(142,658

)

(180,737

)

TOTAL FUNDS

(38,079

)

(142,658

)

(180,737

)

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

357,288

(499,946

)

(142,658

)

TOTAL FUNDS

357,288

(499,946

)

(142,658

)

Comparatives for movement in funds

Net

movement

At

At 1.1.19

in funds

31.3.20

£

£

£

Unrestricted funds

General fund

-

(38,079

)

(38,079

)

TOTAL FUNDS

-

(38,079

)

(38,079

)

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

622,203

(660,282

)

(38,079

)

TOTAL FUNDS

622,203

(660,282

)

(38,079

)

13.	RELATED PARTY DISCLOSURES

The charity has been provided with use of a site and premises on a rent free basis to carry out its charitable activities by The Equestrian Centre Limited.