Newbury Riding For The Disabled Limited - Charities report - 22.2

REGISTERED COMPANY NUMBER: 05642114 (England and Wales)

REGISTERED CHARITY NUMBER: 1121113

TRUSTEES' REPORT AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

NEWBURY RIDING FOR THE DISABLED LIMITED

Page

Trustees' Report

1

to

4

Independent Examiner's Report

5

Statement of Financial Activities

6

Balance Sheet

7

to

8

Notes to the Financial Statements

9

to

15

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 December 2022. 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 object of the Charity is to provide riding lessons as a therapy to disabled children and young people. This improves muscle tone, co-ordination, concentration and gives the rider a sense of achievement as well as pleasure.

Public benefit

The trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission. Benefits arise from the work of the charity in the positive impact on those children and young people that attend the classes. The benefits are described in the objectives and activities of the

Charity.

ACHIEVEMENT AND PERFORMANCE

Classes are organised in response to demand for lessons and in normal circumstances we hold around 20 half hour physical therapy lessons (riding) per week and a number of 'theory' lessons, some under the RDA/ASDAN (Award Scheme Development and Accreditation Network) collaborative programme, which is tailored by each class to complement the school curriculum.

The Charity employs a full-time stable manager who is responsible for the day to day running of the stables and care of the ponies and we also employ an additional person on a part-time basis for weekends or as required.

There are around 90 volunteers registered with the Charity, the majority of whom attend once a week to assist in the classes: roles include coaches (who are trained RDA instructors), pony leaders, side-helpers and administrators. Depending on the ability, a disabled rider may require up to 3 people to assist them whilst mounted on a pony; one to lead the pony and a person on each side (side helpers) to assist the rider.

Following all the challenges of Covid in the previous two years, 2022 was largely uninterrupted and we were able to enjoy a return to full activities for the whole year. The trustees and the volunteers continue to contribute significant time and energy in ensuring the ponies remain fit and well and their environment is safe and well maintained, and everyone involved in the organisation has been delighted to see our riders enjoying all the benefits that come with the RDA experience.

Indeed, we are continually trying to improve the experience for the riders and parents alike, and the trustees, for a number of years, have been keen to build an outdoor arena. Being able to offer outdoor riding lessons in a safe environment will further increase the well being and enjoyment for all involved. We were fortunate enough to have the opportunity to secure a £25,000 grant from the Greenham Trust through a 5:1 matching scheme, as long as we could independently raise £5,000 ourselves in a single day. In May we held a sponsored 5k run/walk and with nearly 100 participants we managed to raise over £16,000. With the £41,000 raised and using £19,000 of reserves, we constructed a brand new outdoor arena which was completed in January 2023. This facility will be a huge asset for years to come for the charity.

All that said, the aftermath of Covid and the increases in the costs of living, particularly in the last six months of the year, still pose considerable challenges both for the charity directly, in terms of managing the cost base (notably energy and feed costs) as well as raising new funds. It also impacts the schools and families of the children who participate in the activities we offer. The Charity remains completely self-funded and is wholly reliant on fundraising events, donations (including any voluntary donations for the riding lessons themselves), bequests and grants to help cover the running costs. Running costs include general pony upkeep, farrier and vets fees, staff salaries, rent and insurances.

In addition to the funds specifically raised for the arena, we are pleased to report that with a combination of our other fundraising initiatives and the support of a number of charitable trusts and generous individuals we have been able to increase our net funding from £61k to £78k. This excludes the £17k received in 2021 from the Government to assist us through the "Covid period". Our main fundraising events were the Autumn Fair (net £16k) and our Cake and Flower sale in May (£2k), both significantly up on the prior year. We have benefitted from further support from BBC Children in Need and the Greenham Trust and some very generous one-off bequests and donations, as well as support from both regular and new donors and an increase in voluntary donations from our riders themselves. In total, including all funds received, income increased from £77,844 in 2021 to £119,356 in 2022.

Our biggest areas of expenditure remain the rent for the stable manager's cottage, permanent staff costs and the upkeep of ponies. The trustees remain mindful of costs, particularly in the current environment and, following on from the last two years, continued to manage spend as tightly as possible. Inevitably, as activity has returned to normal then some costs have gone up - notably the upkeep of the ponies. In 2021, we were very fortunate to receive a very generous donation in the autumn of many bales of hay which helped to reduce our feed costs in 2021, but which did not repeat in 2022. In total, excluding depreciation, expenditure went up from £56,333 to £67,446, an increase of £11,113. This includes the cost of upgrading our IT infrastructure and reflects the cost of the increased activity combined with the inflationary pressures on the cost base. We also incurred capital expenditure of £14,234 including a new stabling area and a covered area for our mechanical equipment.

In total for 2022 the charity showed a net surplus of £3,503 in its general funds compared to £18,842 in 2021.

FINANCIAL REVIEW

Financial position

As at 31st December 2022 the charity had net assets of £206,511, including cash balances of £163,080. In January 2023 the construction of the new outdoor arena was complete and the final payment of £41,000 paid. As at 30 April 2023, the cash balance was approximately £110,000.

Despite the continued challenges, the trustees have continued to be very focused on securing funding support with good success and at the same time managing the overall cash balances of the Charity to ensure its ongoing viability. The trustees are pleased to confirm that the cash balances remain well in excess of £100,000 and the trustees are comfortable that the Charity remains a going concern for the foreseeable future.

Principal funding sources

The main source of funds are from voluntary donations, donations from riding lessons, grants and other fund raising activities.

Reserves policy

It is the policy of the Charity to develop and maintain the free reserves of the Charity at a level to cover management, administration and support costs of the Charity. Of the unrestricted funds £90,000 has been designated for the provision of alternative premises should the current lease be terminated in the future.

FUTURE PLANS

It will be the continued policy of the Charity to develop and maintain the existing activities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, the Memorandum and Articles of Association dated 1st December 2005, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Trustees are appointed by the Board in accordance with the Memorandum and Articles of Association.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

05642114 (England and Wales)

Registered Charity number

1121113

Registered office

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

Trustees

D A Browne

J N Campbell-Harris

E A Leaver

R Martin

F L Morris

C L Spencer

D L Thomas (resigned 13.1.23)

C A Wilson

Independent Examiner

L Dixon FCA

Martin and Company

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

Approved by order of the board of trustees on 16 May 2023 and signed on its behalf by:

J N Campbell-Harris - Trustee

Independent examiner's report to the trustees of Newbury Riding For The Disabled Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.

Responsibilities and basis of report

As the charity's 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 requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

L Dixon FCA

Martin and Company

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

16 May 2023

31.12.22

31.12.21

Unrestricted

Restricted

Total

Total

funds

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

57,803

41,184

98,987

47,263

Charitable activities

Fundraising events

19,897

-

19,897

13,600

Investment income

3

472

-

472

74

Other income

4

-

-

-

16,907

Total

78,172

41,184

119,356

77,844

EXPENDITURE ON

Raising funds

1,762

-

1,762

2,167

Charitable activities

5

Riding for the Disabled

72,907

-

72,907

56,835

Total

74,669

-

74,669

59,002

NET INCOME

3,503

41,184

44,687

18,842

RECONCILIATION OF FUNDS

Total funds brought forward

161,824

-

161,824

142,982

TOTAL FUNDS CARRIED FORWARD

165,327

41,184

206,511

161,824

31.12.22

31.12.21

Unrestricted

Restricted

Total

Total

funds

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

11

25,016

-

25,016

18,005

CURRENT ASSETS

Debtors

12

2,780

18,800

21,580

1,882

Cash at bank and in hand

140,696

22,384

163,080

145,630

143,476

41,184

184,660

147,512

CREDITORS

Amounts falling due within one year

13

(3,165

)

-

(3,165

)

(3,693

)

NET CURRENT ASSETS

140,311

41,184

181,495

143,819

TOTAL ASSETS LESS CURRENT LIABILITIES

165,327

41,184

206,511

161,824

NET ASSETS

165,327

41,184

206,511

161,824

FUNDS

14

Unrestricted funds:

General fund

75,327

71,824

Designated capital fund

90,000

90,000

165,327

161,824

Restricted funds

41,184

-

TOTAL FUNDS

206,511

161,824

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 16 May 2023 and were signed on its behalf by:

J N Campbell-Harris - 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.

Ponies

-

20% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Tack

-

25% on reducing balance

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 the particular purposes within the objects of the charitable company. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

2.	DONATIONS AND LEGACIES

31.12.22

31.12.21

£

£

Donations

38,838

26,176

Gift aid

3,741

-

Riding lesson donations

9,008

3,842

Grants

47,400

17,245

98,987

47,263

3.	INVESTMENT INCOME

31.12.22

31.12.21

£

£

Deposit account interest

472

74

4.	OTHER INCOME

31.12.22

31.12.21

£

£

Covid-19 grants

-

16,907

5.	CHARITABLE ACTIVITIES COSTS

Direct

Support

Costs (see

costs (see

note 6)

note 7)

Totals

£

£

£

Riding for the Disabled

69,622

3,285

72,907

6.	DIRECT COSTS OF CHARITABLE ACTIVITIES

31.12.22

31.12.21

£

£

Staff costs

19,523

19,268

Rent

11,151

10,751

Rates and water

1,808

1,459

Insurance

1,959

1,926

Light and heat

2,105

862

Office costs

4,082

781

Sundries

895

1,233

Pony care

3,420

1,827

Bedding

679

236

Clipping

-

302

Farrier

3,005

2,249

Feed

5,690

2,439

Physio

720

350

Tack

967

511

Rugs

569

211

Vets & medicines

3,068

3,266

Carried forward

59,641

47,671

31.12.22

31.12.21

£

£

Brought forward

59,641

47,671

Repairs to property & general maintenance

1,364

1,400

Equipment & motor expenses

441

81

Show costs

229

-

Professional fees

643

260

Bank charges

81

144

Depreciation

6,865

5,039

Loss/(profit) on disposal of assets

358

(2,370

)

69,622

52,225

7.	SUPPORT COSTS

Governance

Management

costs

Totals

£

£

£

Riding for the Disabled

1,785

1,500

3,285

Support costs, included in the above, are as follows:

Management

31.12.22

31.12.21

Riding

for the

Total

Disabled

activities

£

£

Bookkeeping

1,785

3,110

Governance costs

31.12.22

31.12.21

Riding

for the

Total

Disabled

activities

£

£

Independent examiner's fees

1,500

1,500

8.	NET INCOME/(EXPENDITURE)

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

31.12.22

31.12.21

£

£

Depreciation - owned assets

6,865

5,039

Other operating leases

11,151

10,751

(Deficit)/surplus on disposal of fixed assets

358

(2,370

)

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

Expenses totalling £319 were reimbursed to two Trustees in the year. These expenses related to autumn fair and maintenance costs incurred on behalf of the charity.

10.	STAFF COSTS

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

31.12.22

31.12.21

Stable manager

1

1

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

11.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Ponies

machinery

fittings

Tack

Totals

£

£

£

£

£

COST

At 1 January 2022

12,450

19,775

14,462

1,014

47,701

Additions

3,000

255

9,089

1,890

14,234

Disposals

-

(48

)

(4,246

)

(192

)

(4,486

)

At 31 December 2022

15,450

19,982

19,305

2,712

57,449

DEPRECIATION

At 1 January 2022

6,451

13,859

8,878

508

29,696

Charge for year

1,799

1,601

2,864

601

6,865

Eliminated on disposal

-

(47

)

(3,892

)

(189

)

(4,128

)

At 31 December 2022

8,250

15,413

7,850

920

32,433

NET BOOK VALUE

At 31 December 2022

7,200

4,569

11,455

1,792

25,016

At 31 December 2021

5,999

5,916

5,584

506

18,005

12.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

-

1,738

Prepayments and accrued income

21,580

144

21,580

1,882

13.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

1,573

1,369

Social security and other taxes

-

504

Other creditors

92

92

Accrued expenses

1,500

1,728

3,165

3,693

14.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.22

in funds

31.12.22

£

£

£

Unrestricted funds

General fund

71,824

3,503

75,327

Designated capital fund

90,000

-

90,000

161,824

3,503

165,327

Restricted funds

Outdoor arena

-

41,184

41,184

TOTAL FUNDS

161,824

44,687

206,511

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

78,172

(74,669

)

3,503

Restricted funds

Outdoor arena

41,184

-

41,184

TOTAL FUNDS

119,356

(74,669

)

44,687

Comparatives for movement in funds

Net

movement

At

At 1.1.21

in funds

31.12.21

£

£

£

Unrestricted funds

General fund

52,982

18,842

71,824

Designated capital fund

90,000

-

90,000

142,982

18,842

161,824

TOTAL FUNDS

142,982

18,842

161,824

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

77,844

(59,002

)

18,842

TOTAL FUNDS

77,844

(59,002

)

18,842

15.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2022.

16.

FUNDS

Unrestricted funds comprise a general fund and a designated capital fund. The general fund is the fund which the Trustees are free to use in accordance with the Charitable objects. The designated fund is a fund created to retain cash reserves so that there are the financial resources to find an alternative site should the current lease terminate. Of the total unrestricted reserves the Trustees have designated £90,000 to be retained for this purpose.

Restricted funds in these financial statements are:

Outdoor Arena

Funding for the construction of a new outdoor arena.