The Mark Davies Injured Riders Fund
Trustees' Report and Consolidated Financial Statements For the Year ended 31st December 2022
Lanhydrock Accountancy
Practice Ltd 6 Queen Street Lostwithiel Cornwall PL22 0AB
The Mark Davies Injured Riders Fund
Financial Statements For the Year ended 31st December 2022
| Contents | Page |
|---|---|
| General Information | 1 - 2 |
| Trustees Report | 3 - 4 |
| Independent Examiners Report | 5 |
| Statement of Financial Activities | 6 |
| Consolidated Balance Sheet | 7 |
| Fund Balance Sheet | 8 |
| Notes | 9 - 14 |
The Mark Davies Injured Riders Fund
Reference and administrative details of the Charity, its Trustees and Advisers for the year ended 31 December 2022
Patron Zara Phillips MBE Vice Presidents Scott Brash MBE, Mr. Steven Wilde, Mr. Jay Halim Miss Nina Barbour, Mrs. Claire O’Donnell, Miss Daisy Bunn Nick Skelton OBE, Alastair Stewart OBE, William Funnell, Pippa Funnell MBE, Jane Pelly Mr. Joe Stockdale Miss Annie Rawlins
Legal Status
The fund commenced in September 1988 and was administered as part of part of the British Horse Society until 1993. The declaration of trust dated 22nd February 1993, was accepted by the Charities Commissioners in June 1993 when charitable status was confirmed upon the Fund in its own right.
Trustees Mrs S Bullen (Chairman) Mr D Rawlins Ms Cathryn Godfrey Mr David O'Donnell
Trustees are appointed by the settlor during his lifetime and thereafter by the patron. The trust has a policy for the induction and training of trustees.
A majority of the trustees may request that any of the trustees retire from office.
At each meeting the trustees appoint a chairman.
Officers Ms R Lang (Administrator) Mrs M Ivory (Honorary National Representatives) Registered Charity Number 1022281 Principal Address Lancrow Farmhouse Penpillick Hill Par Cornwall PL24 2SA
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The Mark Davies Injured Riders Fund
Reference and administrative details of the Charity, its Trustees and Advisers for the year ended 31 December 2022
Accountants Lanhydrock Accountancy Practice Ltd 6 Queen Street Lostwithiel Cornwall PL22 0AB Solicitors Irwin Mitchell 2 Wellington Place Leeds LS1 4BZ Bankers CafCash Ltd Kings Hill West Malling Kent ME19 4TA Coutts & Co 440 Strand London WC2R 0QS
Investment Powers
The trustees have the same and unrestricted power of investing in all respects as if they were absolutely entitled thereto beneficially.
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THE MARK DAVIES INJURED RIDERS FUND TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31[ST] DECEMBER 2022
The Trustees present their annual report together with the financial statements of MDIRF for the year ended 31 December 2022. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities FRSSE” effective January 2015.
The aim is to act as quickly and unobtrusively as possible according to the needs of the applicant and four steps are necessary to reach conclusion.
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1 Local volunteer MDIRF representative assesses the applicant, obtains medical report and financial status as evidence of injury and degree of hardship as required.
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2 Local representative discusses case with MDIRF National representatives, Mrs. Martha Ivory.
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3 Referral to Trustees depending on level of grant
Most of the work of the MDIRF representatives is done entirely voluntarily. Travelling, telephone and postage expenses are offered to representatives.
The response to every applicant is flexible as the infinite variety and extent of affliction caused by an accident dictates and guidelines followed by MDIRF representatives have proved a reliable benchmark of need during the past 15 years.
A total of £25,892 was expended on beneficial advice and assistance for the charity’s clients. The total number of applications have been rising each year.
The charity has recorded a surplus for the year of £11,916.
Many of the MDIRF applicants do not require financial assistance, they need medical, legal or financial advice or to talk over problems arising from accidents. The MDIRF has access to experts in every field prepared to give their time voluntarily to advise and discuss difficulties faced by accident victims. Increasingly the charity staff and volunteers are spending time with clients enabling them to access funding and support available elsewhere rather than giving direct financial support. This provides an excellent outcome for the client as well as protecting the financial resources of the charity.
The MDIRF feels that it is invidious to detail names and amounts donated unless by special request and with the knowledge of the beneficiary.
The Trustees are extremely grateful to the representatives, honorary officers and staff either whom the trust could not operate.
There is no reserve policy in place detailing the designation of material funds or the timing of proposed expenditure.
The trustees have considered the major risks likely to impact on the charity and have systems and procedures in place to manage them.
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Statement of Trustees’ Responsibilities
The Trustees 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)
The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments an estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate too presume that the charity will continue in operation.
The trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity’s transactions and enable them to ensure that the financial statements comply with regulations, made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the board of trustees on …………………………………
…………………………………………….
Mrs S Bullen Trustee
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The Mark Davies Injured Riders Fund
Independent Examiner’s Report to the Trustees
I report on the accounts of the Trust for the year ended 31st December 2022 which are set out on pages 6 to 14.
Respective responsibilities of trustees and examiner
The charity’s trustees consider that an audit is not required for this year under the Charities Act 2011 (the Act) and that an independent examination is needed. It is my responsibility to:
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examine the accounts;
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to follow the procedures laid down in the General Directions given by the Charity Commission under the Act; and
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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 the General Directions given by the Charity Commissioners. 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 the course of my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept (in accordance with the Act); and
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Brian Smith BA IPFA Lanhydrock Accountancy Practice Ltd 6 Queen Street Lostwithiel Cornwall PL22 0AB
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The Mark Davies Injured Riders Fund
Consolidated Statement of Financial Activities (including Income and Expenditure Account) For the Year ended 31st December 2022
| INCOMING RESOURCES Incoming resources from generated funds Donations and legacies Activities for generating funds Investment income Other income Total incoming resources RESOURCES EXPENDED Direct Charitable outgoings Beneficial advice and assistance Other resources expended Fundraising special events Fundraising shows and publicity Management and administration Total resources expended NET INCOME/(DEFICIT) FOR THE YEAR AND MOVEMENT IN FUNDS Corporation Tax Total funds brought forward Total funds carried forward |
2022 £ 27,547 84,992 8,110 13,000 133,649 25,892 0 77,914 17,928 95,842 121,733 11,916 0 385,387 397,303 |
2021 £ 8,227 37,330 6,612 6,100 |
|---|---|---|
| 58,269 | ||
| 26,992 | ||
| 0 40,881 18,454 |
||
| 59,335 | ||
| 86,326 | ||
| -28,057 0 413,444 |
||
| 385,387 |
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The Mark Davies Injured Riders Fund
Consolidated Balance Sheet as at 31st December 2022
| Note Tangible Assets 4 Investments 5 Total Fixed Assets Current Assets Stocks Debtors & Prepayments 7 Cash at Bank Current Liabilities Creditors: amounts falling due within one year 8 Net Current Assets Net Assets RESERVES General income fund (unrestricted) 9 Total funds |
£ £ 11,082 351,740 362,822 14,046 756 19,866 34,668 188 188 34,480 397,302 397,303 397,303 2022 |
£ £ 14,166 345,942 360,107 19,519 883 5,789 26,191 912 912 25,279 385,387 385,387 385,387 2021 |
£ £ 14,166 345,942 360,107 19,519 883 5,789 26,191 912 912 25,279 385,387 385,387 385,387 2021 |
|---|---|---|---|
| 385,387 | |||
| 385,387 | |||
| 385,387 |
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The Mark Davies Injured Riders Fund
Balance Sheet as at 31st December 2022
| Note Tangible Assets 4 Investments Trading subsidiary Total Fixed Assets Current Assets Stocks Debtors & Prepayments 7 Cash at Bank Current Liabilities Creditors: amounts falling due within one year 8 Net Current Assets Net Assets RESERVES General income fund (unrestricted) 9 Total funds |
£ £ 10,405 351,740 10,000 372,146 0 22,030 3,234 25,264 107 107 25,157 397,303 397,303 397,303 2022 |
£ £ 13,797 345,942 10,000 369,739 0 14,796 1,712 16,508 860 860 15,648 385,387 385,387 385,387 2021 |
£ £ 13,797 345,942 10,000 369,739 0 14,796 1,712 16,508 860 860 15,648 385,387 385,387 385,387 2021 |
|---|---|---|---|
| 385,387 | |||
| 385,387 | |||
| 385,387 |
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The Mark Davies Injured Riders Fund For the Year ended 31st December 2022
Notes to the Financial Statements
1 Accounting Policies
Basis of Accounting
The financial statements have been prepared under the historical cost accounting rules and the Statement of Recommended Practice: Accounting and Reporting by Charities 2015.
Income
Donations, legacies and fundraising are accounted for on an accruals basis as far as it is prudent to do so. Income includes income tax recoverable. All profits from the trading subsidiary are passed on to the charity by means of Deed of Covenant.
Gift in kind
The charity receives the benefit of work carried out by volunteers and receives the use of facilities and equipment without charge. No value is placed on these items but where the benefit extends over several periods they are valued and included in the balance sheet at a reasonable valuation.
Grants
Revenue grants are credited to the income and expenditure account as received, unless related to a specific period, when they are placed in a restricted fund until used.
Taxation
As a registered charity, the Trust benefits from rates relief and is generally exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the Trust, and is therefore included in the relevant costs in the Statement of Financial Activities.
Tangible fixed assets and depreciation
Depreciation of tangible fixed assets is provided at the following annual rates in order to write off each asset over its useful life:
Fixtures, fittings and equipment 20% reducing balance Motor vehicles 25% reducing balance
Investments
Realised gains and losses are taken to the Income and Expenditure Account. Investments income has been taken into account on the basis of the date of payment.
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The Mark Davies Injured Riders Fund For the Year ended 31st December 2022
Notes to the Financial Statements (continued)
2 Net income of trading activities
The fund has a wholly owned subsidiary company incorporated in the UK, MDIRF Trading Ltd, which undertakes trading and fundraising activities.
Summarised Profit and Loss Account Year ended 31 December 2021
| Summarised Profit and Loss Account Year ended 31 December 2021 |
|
|---|---|
| Turnover Gross Profit Operating profit/(loss) Investment income Tax on profit Profits (loss) transferred to trust 3 Investment income Income from listed fixed asset investments Bank interest received 4 Depreciation and Fixed Assets Cost Balance as at 1st January 2022 Additions Disposals Balance as at 31st December 2022 Depreciation Balance as at 1st January 2022 Disposals Charge for year Balance as at 31st December 2022 Balance as at 31st December 2022 Balance as at 31st December 2021 |
2022 2021 £ £ 84,393 37,330 31,845 9,373 19,296 4,669 35 1 0 0 19,331 4,670 2022 2021 £ £ 8,110 6,609 109 0 8,219 6,609 Fund Plant, Machinery and Vehicles Subsidiary Plant Machinery Total Plant Machinery and Vehicles £ £ £ 68,189 901 69,090 0 478 478 0 0 0 |
| 68,189 1,379 69,567 |
|
| 54,391 533 54,924 0 0 0 3,392 169 3,561 |
|
| 57,783 702 58,485 |
|
| 10,405 677 11,082 |
|
| 13,797 368 14,166 |
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The Mark Davies Injured Riders Fund For the Year ended 31st December 2022
Notes to the Financial Statements (continued)
5 Investments
| Investments | |
|---|---|
| Coutts Investment Portfolio Coutts Reserve Account Total |
Market Value Cost 2022 Cost 2021 £ £ £ 428,442 305,000 305,000 46,740 46,740 40,942 |
| 475,182 351,740 345,942 |
All investments are in the UK
6 Fixed Assets Investments
The Fund has a wholly owned subsidiary incorporated in the UK, MDIRF Trading Ltd.
7 Debtors
| Due from Subsidiary Other debtors and accrued income |
2022 2021 2022 2021 £ £ £ £ 0 0 21,274 13,913 756 883 756 883 Consolidated Group Fund Only |
|---|---|
| 756 1,043 22,030 -3,323 |
8 Creditors: amounts falling due within one year
| Creditors and accrued expenses Loss due to subsidiary PAYE, NI and Pension |
2022 2021 2022 2021 £ £ £ £ 91 739 10 687 0 0 0 0 97 173 97 173 Consolidated Group Fund Only |
|---|---|
| 188 714 107 714 |
9 Analysis of the Movement in Funds
| As at 1st January 2022 Incoming Resources Outgoing Resources As at 31st December 2022 Represented by: Tangible fixed assets Investments Fixed assets investments Net current assets |
General Funds £ 385,387 133,649 -121,733 |
|---|---|
| 397,302 | |
| 10,405 351,740 10,000 25,156 |
|
| 397,302 |
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The Mark Davies Injured Riders Fund For the Year ended 31st December 2022
Notes to the Financial Statements (continued)
10 Related parties
MDIRF Trading Limited, a related party, has made a profit of £19,331 in 2022 (see note 2).
11 Taxation
HMRC treat the fund as having charitable status and accordingly there is no liability to corporation tax.
MDIRF Trading Ltd had no corporation tax liability in 2022 or 2021.
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