DocuSign Envelope ID: 0B44D586-ECAA-4156-AABB-F4E3C3ADF836
Registered number: 02788502 Charity number: 1043753
NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
DocuSign Envelope ID: 0B44D586-ECAA-4156-AABB-F4E3C3ADF836
NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 8 |
| Independent examiner's report | 9 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 - 13 |
| Notes to the financial statements | 14 - 27 |
DocuSign Envelope ID: 0B44D586-ECAA-4156-AABB-F4E3C3ADF836
NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
| Trustees | G Bendon |
|---|---|
| M Fillery | |
| S Dunlop | |
| J Harris | |
| M Phillips (resigned 11 December 2021) | |
| E Sorensen | |
| H Brooke | |
| M Phillips OBE | |
| Company registered number 02788502 Charity registered number 1043753 Registered office 1 Vincent Square London SW1P 2PN Accountants Wellers Accountants 1 Vincent Square London SW1P 2PN |
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DocuSign Envelope ID: 0B44D586-ECAA-4156-AABB-F4E3C3ADF836
NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the financial statements of the Company for the year 1 April 2021 to 31 March 2022. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The principal objectives of the Charity are to provide:
1) Therapeutic and recreational horse riding for disabled people, either free of charge or at affordable fee rates, as appropriate.
2) Recreational and sporting horse riding and stable management experience and training for local children, free of charge or at affordable fee rates, as appropriate.
3) Training to local young adults leading to professional qualifications as riding instructors and stable managers.
b. Strategies for achieving objectives
The Charity has devised various ways of attracting and facilitating target groups in participating in riding and equine care. All groups are important in the ecology of the Charity: private one-on-one lessons for able-bodied riders provide surplus income which subsidises rides for the less well off and disabled, for example. The staff have an innovative approach and new ideas are tried and if successful, added to the repertoire.
c. Volunteers
The Charity continues to benefit from the support of approximately 25 volunteers, who provide over the year approximately 20,000 hours of work in various capacities. It is estimated that a monetary value of £75,000 might be placed on the volunteers’ labour. Although the volunteers offer their services free of charge, they are all rewarded with points which they can exchange for free riding lessons.
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Objectives and activities (continued)
d. Main activities undertaken to further the Company's purposes for the public benefit
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The Charity, in providing horse riding experiences for disabled people and local children in the London Borough of Newham (one of the most severely disadvantaged areas of the country) in superb facilities on a not-for-profit basis, for a nominal fee or free of charge (depending on the circumstances), is acting wholly to the public benefit. Some private lessons are given at commercial rates, but the income from them is devoted towards subsidising rides for disabled or less well-off riders. Local children who act as volunteers in stable duties and equine care enjoy facilities which are unique in the East End and are rewarded with free instruction. Working pupils from the locality gain qualifications in stable management and as riding instructors which enable them to pursue careers for which there are no other opportunities in East London.
Achievements and performance
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance (continued)
a. Review of activities
The history of the Charity can be summarised as follows: The Charity was founded 49 years ago in Silvertown by a group of local residents, the principal among whom was the late Linda Greaves MBE. Having operated for the first twenty-four years from the arches of a (now demolished) flyover, NRSA relocated in 1996 to a purposebuilt equestrian centre at the apex of the Beckton Triangle. This move was enabled by the London Docklands Development Corporation, which granted the Charity a 200-year lease on the site and provided over £1 million towards the cost of construction. The LDDC also gave the Charity leases on two livery yards, which it had constructed to house horses which had previously grazed on the abandoned Royal Docks. Two events then dominated the early years of the 21st Century.
Although the new Docklands Equestrian Centre (DEC) was a splendid facility, it lacked any ancillary amenities: e.g. parking, toilets, an office, canteen, meeting room. The Trustees immediately set about raising funds to complete the project with the provision of these amenities, without which the DEC could never thrive. Having raised (or so they thought) sufficient funds (£1.3 million) to complete the project, they let a design/build contract for the works. After the contract had been let, new requirements were introduced. These included redesigning the lecture hall/canteen dining area so that there were no pillars, and installing a passenger lift from the ground floor to the board-room and caretaker’s flat on the first floor. A knock-on effect of this latter requirement was that a new underground power cable had to be laid from the public supply, hundreds of metres distant. The Trustees decided to press on and raise the shortfall via a mortgage. All further fundraising proved unsuccessful. After the financial crisis of 2008/09, the mortgagee squeezed the Charity hard, doubling the rate of interest and requiring monthly financial reports. The Charity only survived with the help of loans from the Trustees and from the freeholder (The Royal Docks Trust - RDT). A small plot of land was sold on a 125-year lease for the erection of an advertising tower and this enabled the repayment of half of the mortgage.
The second event was the occupation of the livery yard at Stansfeld Rd by a criminal clique. Revenue from the livery stables ceased and it took several years and an outlay of about £100,000 to regain possession. Having obtained possession and planning permission for residential development and acting jointly with the freeholder (RDT), in 2018 NRSA sold the Stansfeld Rd site to a developer for £1.8 million. With their share of the net proceeds, the Charity redeemed the mortgage, repaid the loans which had kept it in being over the previous ten years, carried out repairs and maintenance which had accumulated over that period, established a sufficient supply of working capital and placed £300,000 in a COIF accumulation investment fund. After 40 years of a touch and go existence, the Charity was now well equipped and financially secure into the long term.
Activities in 2021/22
As a consequence of the Covid19 pandemic, the school was fully closed for 27 weeks of the year in 2020 and open on a very restricted basis for a further six weeks. Some activities ceased during the whole of the year, the most significant of which were the RDA school groups.
As a consequence of the restrictions, revenue from riding activities ceased altogether for long periods and was reduced at other times. The Covid lockdown finally ended and the school was able to complete a full year’s riding lessons from April 2021, although for some time there were contact restrictions: our RDA Schools did not return until the end of the Financial Year – after the Easter Holidays 2022.
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance (continued)
Ride numbers in 2021 – 2022 were as follows:
2022 2021 2020 Disabled 190 20 2055 Children 3037 990 2640 Adults 425 158 299 Starters 1820 680 2282 Private 2280 945 1752
The disabled lessons continued to be affected drastically compared to 2020. Although Children, Adults and Private Lessons have increased in comparison to 2020 we now hold fewer Starter Lessons than before.
August 1st 2021 we increased the cost of lessons by £5 per lesson. This was our first increase for 6 years.
Horses:
During the course of the year we lost a further 4 horses due to old age and ill health. making a total of 7 since January 2020. The cost of horses has increased immensely in the last few years. We have not been very successful in our attempts to buy replacements as not all horses are suited to Riding School work. The fact that we do not have any grazing turnout means that many owners who may wish to put their horse/pony on loan are loathe to do so because of this. Fortunately for us, the Newham City Farm had closed down and we acquired 4 Ponies from them, plus a companion Shetland Pony. In addition to this a Trustee, John Harris, donated a horse. We are still actively seeking more horses/ponies all the time.
Staff:
At the start of the year we had 7 Apprentices and concluded with 5. BHS Exams re-opened and 6 of our staff passed their Ride & Road Safe exams, with 4 of those also completing their BHS Stage 1 for both Horse Care and Riding. Therefore, we have more members of staff qualified to give lessons than for some years. In addition to BHS Training 3 of our Apprentices began their Stage 2 Btech.
Kickstart:
During the course of the last six months of this Financial Year we also were part of the DWP Kickstart Initiative. We employed four people – who were formerly unemployed and the DWP reimbursed us their wages for six months. In addition to this they paid £1,500 for each person engaged.
b. Opportunities and constraints
The Trustees have taken the opportunity to put the DEC into an excellent state of repair and they will continue to look for improvements to the facilities. The Manège and surrounding paths were in a very poor state of repair. To this end we had them all taken up and relaid to make it all a lot safer and more pleasing to the eye. Whilst doing this we removed 2 of the paths and 4 of the trees and created a new turn-out area for the horses/ponies. This enables us to give more of them space to exercise and play at any one time. We have received numerous compliments with our new look and very favourable comments from the Licensing Inspector. The total cost for all of these works was £31,000. Our next item on the agenda is a new surface and sprinkler system in the Indoor Arena.
One much needed improvement would be the acquisition of neighbouring waste land to be converted into a turn-out for the horses. Trustees are exploring the possibility with the land-owner, but have so far been unable to make progress.
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Trustees have reviewed the policy on reserves to reflect the current financial situation. The reserves have been deposited in a COIF accumulation investment fund as a long-term investment to provide financial security in the event of an unforeseen setback, and funds for future development should the opportunity arise. A resolution of the Board of Trustees must be passed before any withdrawal can be made from the funds. No such resolution has been made and none is planned. The Trustees are satisfied with CCLA’s stewardship of their investment funds.
c. Principal funding
The main source of funding is that generated from the fees for horse riding sessions, as shown under the review of activities shown above. Structure, governance and management.
Lesson Payments:
In the past the vast majority of our fees were received in cash. In recent times many things have changed in this regard. With this in mind we installed a Card Machine and all Ride Fees are now paid in the office. Some people (especially those on courses) pay directly to our Bank Account. However, this has meant that a lot of our expenses, which are normally paid with cash, cannot be covered by the cash received from Clients. Furthermore, our Bank Charges have increased from £80 p.a. to £2000 p.a.
Structure, governance and management
a. Constitution
The company is constituted under a trust deed and is a registered charity, number 1043753. The Company Registration Number is 02788502. Membership of the Board of Trustees was stable during the period in which the long-term viability of the Charity was in doubt. Once the Charity was restored to health, some of the very long serving Trustees retired and new Trustees have been appointed. This process of renewal will continue. The company is constituted under a Memorandum of Association and is a registered charity number 1043753.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Structure, governance and management (continued)
c. Organisational structure and decision-making policies
The Charity is organised as a company limited by guarantee. The Board of Trustees administers the Charity with the assistance of a manager. The board meet quarterly and there have been discussions among the Trustees conducted by e-mail and meetings involving smaller groups of the Trustees to discuss specific issues.
d. Related party relationships
The Trustees have considered the risk of related party relationships and confirm that there are no material related parties other than those disclosed in the notes to the Accounts.
e. Financial risk management
The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Future developments
The Trustees will seek to adapt the operations of the Charity to meet the evolving demographic of Newham. They will seek to increase the involvement of local people with the Charity.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company 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 statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ G Bendon
12-12-22 Date:
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
Independent examiner's report to the Trustees of Newham Riding School & Association Limited ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the Trustees of the Company (and 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 the Company's accounts 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
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACA, which is one of the listed bodies.
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Signed:
Mr Matthew Wyatt
12-12-22 Dated:
FCA
Wellers Accountants 1 Vincent Square London SW1P 2PN
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DocuSign Envelope ID: 0B44D586-ECAA-4156-AABB-F4E3C3ADF836
NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Other income 6 Total income Expenditure on: Charitable activities Total expenditure Net expenditure before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 10,811 216,048 33,624 31,041 291,524 335,898 335,898 (44,374) 58,545 14,171 1,770,160 14,171 1,784,331 |
Total funds 2022 £ 10,811 216,048 33,624 31,041 291,524 335,898 335,898 (44,374) 58,545 14,171 1,770,160 14,171 1,784,331 |
Total funds 2021 £ 1,112 97,993 36,718 45,678 181,501 255,399 255,399 (73,898) 90,809 16,911 1,753,249 16,911 1,770,160 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 27 form part of these financial statements.
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee) REGISTERED NUMBER: 02788502
BALANCE SHEET AS AT 31 MARCH 2022
| Note Fixed assets Tangible assets 11 Investments 12 Current assets Stocks 13 Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 16 Net assets excluding pension asset Total net assets Charity funds Restricted funds 17 Unrestricted funds 17 Total funds |
4,500 45,988 12,558 63,046 (116,986) |
2022 £ 1,310,323 561,970 1,872,293 (53,940) 1,818,353 (34,022) 1,784,331 1,784,331 - 1,784,331 1,784,331 |
4,500 36,334 19,463 60,297 (111,571) |
2021 £ 1,360,901 503,425 1,864,326 (51,274) 1,813,052 (42,892) 1,770,160 1,770,160 - 1,770,160 1,770,160 |
|---|---|---|---|---|
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED
(A company limited by guarantee) REGISTERED NUMBER: 02788502
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2022
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
G Bendon
12-12-22 Date:
The notes on pages 14 to 27 form part of these financial statements.
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. General information
Newham Riding School & Association Limited is a private limited company, incorporated in England and Wales. The registered office address is 1 Vincent Square, London SW1P 2PN.
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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Newham Riding School & Association Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.4 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
- Leasehold property 2% straight line - Plant and machinery 10% and 25% straight line
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
2.6 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
2.10 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Pensions
The Company contributes to a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Donations | 10,811 | 10,811 |
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
3. Income from donations and legacies (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Donations | 1,112 | 1,112 |
4. Income from charitable activities
| Ride fees Private lessons Birthday party Own a Pony Lease premium Keits commission Ride fees Private lessons Birthday party Lease premium Keits commission |
Unrestricted funds 2022 £ 124,687 83,321 1,655 4,345 540 1,500 216,048 Unrestricted funds 2021 £ 64,284 30,533 635 541 2,000 97,993 |
Total funds 2022 £ 124,687 83,321 1,655 4,345 540 1,500 |
|---|---|---|
| 216,048 | ||
| Total funds 2021 £ 64,284 30,533 635 541 2,000 |
||
| 97,993 |
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NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
5. Investment income
| Rents received Interest income Rents received Interest inccome Other incoming resources Grant income Grant income |
Unrestricted funds 2022 £ 32,473 1,151 33,624 Unrestricted funds 2021 £ 35,173 1,545 36,718 Unrestricted funds 2022 £ 31,041 Unrestricted funds 2021 £ 45,678 |
Total funds 2022 £ 32,473 1,151 |
|---|---|---|
| 33,624 | ||
| Total funds 2021 £ 35,173 1,545 |
||
| 36,718 | ||
| Total funds 2022 £ 31,041 |
||
| Total funds 2021 £ 45,678 |
6. Other incoming resources
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DocuSign Envelope ID: 0B44D586-ECAA-4156-AABB-F4E3C3ADF836
NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
7. Analysis of expenditure by activities
| Charitable costs Charitable costs |
Support costs 2022 £ 335,898 Support costs 2021 £ 255,399 |
Total funds 2022 £ 335,898 |
|---|---|---|
| Total funds 2021 £ 255,399 |
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DocuSign Envelope ID: 0B44D586-ECAA-4156-AABB-F4E3C3ADF836
NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Total funds 2022 £ Staff costs 140,708 Depreciation 50,578 Trading costs 80,780 Loan interest 788 Water costs 1,000 Repairs and maintenance 35,926 Electricity 10,682 Telephone 933 Office cleaning 1,341 Professional fees 1,291 Insurance 5,834 Sundry 1,464 Bank charges 1,117 Stationery - Governance costs 3,456 335,898 8. Independent examiner's remuneration Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts |
Total funds 2021 £ 104,122 52,319 68,686 - 1,000 1,905 10,164 951 1,248 1,112 7,620 1,642 523 75 4,032 |
|---|---|
| 255,399 | |
| 2022 £ 3,456 |
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DocuSign Envelope ID: 0B44D586-ECAA-4156-AABB-F4E3C3ADF836
NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
9. Staff costs
| Wages and salaries Contribution to defined contribution pension schemes |
2022 £ 140,251 456 140,707 |
2021 £ 103,778 343 |
|---|---|---|
| 104,121 |
The average number of persons employed by the Company during the year was as follows:
| 2022 | 2021 | |||
|---|---|---|---|---|
| No. | No. | |||
| Staff | 16 | 15 |
No employee received remuneration amounting to more than £60,000 in either year.
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .
Page 21
DocuSign Envelope ID: 0B44D586-ECAA-4156-AABB-F4E3C3ADF836
NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
11. Tangible fixed assets
| Cost or valuation At 1 April 2021 At 31 March 2022 Depreciation At 1 April 2021 Charge for the year At 31 March 2022 Net book value At 31 March 2022 Fixed asset investments Cost or valuation At 1 April 2021 Revaluations At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 |
Freehold property £ 2,319,244 2,319,244 968,769 46,385 1,015,154 1,304,090 Investments in subsidiary companies £ 2 - 2 2 2 |
Plant and machinery £ 102,644 102,644 92,218 4,192 96,410 6,234 Listed investments £ 503,423 58,545 561,968 561,968 503,423 |
Total £ 2,421,888 |
|---|---|---|---|
| 2,421,888 | |||
| 1,060,987 50,577 |
|||
| 1,111,564 | |||
| 1,310,324 | |||
| Total £ 503,425 58,545 |
|||
| 561,970 | |||
| 561,970 | |||
| 503,425 |
12. Fixed asset investments
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DocuSign Envelope ID: 0B44D586-ECAA-4156-AABB-F4E3C3ADF836
NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
. Investments are market value comprise:
| Listed investments Group investments Total market value |
2022 £ 561,968 2 561,970 |
2021 £ 503,423 2 |
|---|---|---|
| 503,425 |
All the fixed asset investments are held in the UK.
Valuation
The investment shown is in respect of the entire share capital of Docklands Stable Management Limited. Given that the subsidiary remits it's entire profits each year to Newham Riding School Association in pursuit of it's charitable objectives, there are no retained earnings in the company. As such, the Trustees believe that the company's fair value has not materially changed from the initial consideration paid for the ordinary shares. Therefore, the investment value is carried at cost.
Principal subsidiaries
The following was a subsidiary undertaking of the Company:
| Name | Company | Registered office or principal | Principal activity | ||
|---|---|---|---|---|---|
| number | place of business | ||||
| Docklands | Stable Management | 02690596 | 1 Vincent Square, London, | Trading subsidiary | |
| Limited | SW1P 2PN | ||||
| Class of | Holding | Included in | |||
| shares | consolidation | ||||
| Ordinary | 100% | No |
The financial results of the subsidiary for the year were:
| Name | Income | Expenditure | Profit/(Loss)/ | Net assets |
|---|---|---|---|---|
| £ | £ | Surplus/ | £ | |
| (Deficit) for | ||||
| the year | ||||
| £ | ||||
| Docklands Stable Management | 18,592 | (31,407) | (12,815) | (34,896) |
| Limited |
Page 23
DocuSign Envelope ID: 0B44D586-ECAA-4156-AABB-F4E3C3ADF836
NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
13. Stocks
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Stock | 4,500 | 4,500 |
14. Debtors
| Due within one year Amounts owed by group undertakings Prepayments and accrued income Creditors: Amounts falling due within one year Bank loans Other taxation and social security Pension fund loan payable Other creditors Accruals and deferred income Deferred income at 1 April 2021 Amounts released from previous periods |
2022 £ 41,193 4,795 45,988 2022 £ 9,666 1,725 17 8,067 97,511 116,986 |
2021 £ 36,334 - |
|---|---|---|
| 36,334 | ||
| 2021 £ 7,108 1,319 84 1,553 101,507 |
||
| 111,571 | ||
| 2022 £ 94,594 (541) |
||
| 94,053 |
15. Creditors: Amounts falling due within one year
Page 24
DocuSign Envelope ID: 0B44D586-ECAA-4156-AABB-F4E3C3ADF836
NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
16. Creditors: Amounts falling due after more than one year
Bank loans
| 2022 | 2021 |
|---|---|
| £ | £ |
| 34,022 | 42,892 |
The repayments on the loan started from July 2021 for 60 months. The rate of interest charged on the loan is 2.5% payable on the outstanding principal amount of the loan and applicable until the final repayment date.
17. Statement of funds
Statement of funds - current year
| Balance at 1 | Gains/ | Balance at 31 | |||
|---|---|---|---|---|---|
| April 2021 | Income | Expenditure | (Losses) | March 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,770,160 | 291,524 | (335,898) | 58,545 | 1,784,331 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | Gains/ | 31 March | |||
| 1 April 2020 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,753,249 | 181,501 | (255,399) | 90,809 | 1,770,160 |
Page 25
DocuSign Envelope ID: 0B44D586-ECAA-4156-AABB-F4E3C3ADF836
NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
18. Summary of funds
Summary of funds - current year
| General funds | Balance at 1 April 2021 £ 1,770,160 Balance at 1 April 2020 £ 1,753,249 |
Income £ 291,524 Income £ 181,501 |
Expenditure £ (335,898) Expenditure £ (255,399) |
Gains/ (Losses) £ Balance at 31 March 2022 £ 58,545 1,784,331 Gains/ (Losses) £ Balance at 31 March 2021 £ 90,809 1,770,160 |
|---|---|---|---|---|
| Summary of funds - prior year | ||||
| General funds |
19. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2022 £ 1,310,324 561,970 63,045 (116,986) (34,022) 1,784,331 |
Total funds 2022 £ 1,310,324 561,970 63,045 (116,986) (34,022) 1,784,331 |
|---|---|---|
Page 26
DocuSign Envelope ID: 0B44D586-ECAA-4156-AABB-F4E3C3ADF836
NEWHAM RIDING SCHOOL & ASSOCIATION LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
19. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2021 £ 1,360,901 503,425 60,297 (111,571) (42,892) 1,770,160 |
Total funds 2021 £ 1,360,901 503,425 60,297 (111,571) (42,892) 1,770,160 |
|---|---|---|
20. Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £456 (2021 - £343). Contributions comprising Employee and Employer contributions, totalling £17 (2021 - £84) were payable to the fund at the balance sheet date and are included in creditors.
21. Related party transactions
At 31 March 2022, £41,193 (2021: £36,334) was due from Docklands Stable Management Limited, a subsidiary to Newham Riding School & Association Limited. Interest is charged on the average annual balance at 6% and for the year, amounted to £1,150 (2021: £1,545). This balance is considered fully recoverable at the year end.
Gift aid payments received from Docklands Stable Management Limited, in the current year totalled £Nil (2020: £Nil).
Page 27