nFortune ((CL•college part of the Fortune Centre of Riding Therapy THE FORTUNE CENTRE OF RIDING THERAPY REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Company numbor: D3031713 Reglstered Charlty: 1045352
THE FORTUNE CENTRE OF RIDING THERAPY Content For the year ended 31 August 2024 Page Reference and administrative Infomigtion Report of the board Independent audito¢s report 10-12 statement of financial activities lincfudlng Income and 8xpondilur9 acountl 13 Balance sheet 14 ststemorrt of cash flows 15 No18s1o the accounts 16-26
THE FORTUNE CENTRE OF RIDING THERAPY Reference and administrative information For the year ended 31 August 2024 Charity name The Fortune Centre of Riding Therapy Registered Charity number 1045352 Company nurnber 03031713 (incorporated in England and Wales) Constitution The Fortune Centre of Riding Therapy Ilhe Charilyl is govemed by Articles of Association, was incorporated on 10 March 1995 and was registered under the Charities Act 1960, and op8rates under the Charrties Act 2011 and under Ihe Companies Act 2006. Registered office Avon Tyrr811, Bransgore, Christchurch, Dorset, BH23 BEE. Contact detalls and t81ephone Miss Jane Delves, Prlnclpal101425 6732971 Trustees and Dlreclors The Lord Manners Ichaimian) Mrs Alison F Moorg-Gwyn, LVO MA {Cantabl Lady Moira Swayne Mr Charl8s Foster Esq. 8 Eng Hons Dr Kate Trevelyan Thomas, MA (Cantab} MS BSC (Honsl MRCGP Mr Vincent Neale Resign8d Igffjw2025 Mrs Jenny Ramsay Appointed 0110312024 Mr Ben Caufield-Lawrence Appointed 0110B12024 Mr Rich9rd Chann811 Appointed 0110812024 Mr Nicholas Femyhough Appointed 0110812024 Mrs Emma Lane Appointed 0110812024 Mrs Alexandra Yarwood Appointed 0110812024 Resigned 2010612024 Key management personnel Prlncipal {Chlef Executive Officer) Assistant Prlncipal Head of Personnel Head of Finance and Company S8cr81ary Miss Jane Delves, 8Ed BHSAI Mrs Suzanne Barnett Mr Kevln Lin51ey Mr M8llhew Lewer Appointed 0111112023 Princip818anker Lloyds Bank PLC 4 Castle Street, Christchurch, Oorset, BH23 10U Independent Altdilor Shaw Gibbs (Audill Limited 25 St. Thomas Street, Winches18r, Harnpshire SQ23 9HJ Page 1
THE FORTUNE CENTRE OF RIDING THERAPY Report of the Board For the year ended 31 August 2024 The Board, whose members are the trustees of the charity and the directors of the company, presents its report and the audited financial statements of the charity for the year ended 31 August 2024 which are also prepared to meel Ihe requirements lor director5. report and accounts for the Companies Act purposes. The finanGial stalernent5 compty with the Charities Act 2011, Ihe Companies Act 2006. the charitable company's Memorandum and Articles and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities prepared their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS1021, effective from the 1 January 2019. STRUCTURE, GOVERNANCE AND MANAGEPAENT Governlng Document The ChaT¢ly is a Company registered as a charity In accordance with the Charities Act 2011. The Charity is limil6d by guarantee and does not have any share capital. The goveming document is the Articles of Association. The Ilablllty of each rnember of the Company Is Ilmlted to a contribution (not exceedlng £101 to the Charity assets should it be wound up while he or she is a member or within one year after he or she Ceases lo be a member, for payment of the Charily's debts and liabilities contracted bèfore he or she ceases lo be a m8mb8r and Ihe costs, charges and expense of wlnding up, and for the adluslmenl of the rights of the contribulorfes amongst themselves. If on the winding up or dlssolullon of the Charity there remalns, afier the satisfaction of all ils debts and Ilabilllles, any property whatever, Ihe same shall not be paid or distribijted among the members of the Charity, bul shall be given or transferred lo some other charitable institution or institutions, having objects similar lo the objects of the Charily. Trustees (Dlrectors) The Truslees who served the Charity during the year are listed on page one. The Trustee5 periodically revSew the skllls of the Board members {Trusleesl and recruit to strengthen th8 governance of the Charlty, New TTuslees are assessed according to whelher they fill a skills gap of the Board. All Trustee$ are subject lo a DSsdosur8 and Barring (crimlnal record) check. There has been slgnificanl movement in the Board in recent times, thls Is to ensure the structure and skill set ol the Board is correclly p0511ioned to support the Cenlre moving forwanl, Appolntment of Trustus As Sel out in the Articles of Associati, any person who is willing lo aGt as a Tru51ee, and is permilled by law to do 50, may be appointed to be a Trustee by a simple majority of all the Trustees entitled to attend and vole al any meeting of the Trustee5. Term of Trust888 The Trustees may appoint a person who is willing to act to serve as a Trustee for such term as they shall see fiL either lo fill a vacancy or as an additional Trustee. A retiring Trustee may be reappointed by the Trustees. There shall be no limit lo the number of tim85 a Trustee may be reappointed. In June 2018 the Trustees agreed to adopt a policy of five year terms for Trustees. There is one Trustee who has seNed on the Board for more Ihan ten years. The TTUStees considered the reappointment at the AGM and agreed that the skills. experience and knowledge of the Trustee were important to retain. TNstee Tralnlng The Tru5teg5 Poriodically review and updale the TTUSt88 Handbook, which provides information and guidance on their statutory obligations under Charity and Company Law. The TTuslees have ad hoc training as required, as well as an annual training day. Training requirements are detemiined through slalulory requirements and Ihe annual Trustee self ass8ssmenL Page 2
THE FORTUNE CENTRE OF RIDING THERAPY Report of the Board (continued) For the year ended 31 August 2024 Gov•rnance The Trustee5 have reviewed the Charity Govemance Code and are aware of, and aim to, follow the seven principles that make up the Code. The Charity is extremely grateful to the many people who voluntarily give their valuable time to serve on the various committees that are necessary to ensure the Charity's activities are delivered to the highest possible standard. The Trustees have adopted policies an(i criteria that have been carefully built upon since the foundation of the Charity in 1976 and are centred on working with horses lo provide Equine Facililal8d Education and Therapy IEFET}. Policies are reviewed and revised as necessary by the Trustees through the various commill88s and designated senior staff. Key policies are published on the website of the Charity { hllps:Ilwww.fortune.a¢.ukJ l. R•lat•d partlfrs and co.OPOfailon wlth other organlsallons None of the Trustees re¢8iv8 remuneration or other benefits from their work with the charily. Details of Trusl885' expenses and relale(I party transactions are disclosed in note nineteen lo the accounls. Any conneclion b8tween a Iruslee or senior manag8r of the Charity with related parties musl be disclosed lo the full board ol Trustees. Organlsatlonal structur• The Trustees have overall responsibility for the assets of the Charity, ils finan5 and policies and me81 regulaty as a board. They operate through commillees (chaired by a Trusleel, central to which are the Finance and General Purpose5 Comrniltee and the Quality and Standards Committee. The Principal of the Charity is responsible to the Trustees for the day-lo-day operation and is supported by a Senior Management Team consisting of the Assistant Principgl, the Head of Personnel and the Head of FinAnce and Company Secretary. Key elements of the inlem81 flnancial control systems Include regular meolings of the Trustees to consider management accounts and budgetary control. The Trustees approve the delegation of authority in most respects Ihrough the Finance and General Purposes CommSltee lo the rest of the organlsallon, with specific financial limitatSons Srnposed al each level. The Charlly's employe8s are made aware of its ethical value5, codes ol conduct and standards ol discipline. The Quality and Standard Committee has a key funcllon In maintaining an overvrew that provides evidenc8 for the value and efficacy of the work undertaken by Ihe Charily. Pay pollcy for 5•nlor staff The pay of all 51aff including senior staff 15 reviewed annually by the Remuneration Committ88. The remuneration is bench-marked with pay levels for similar positions in the Specialist Education Sector, with increases gwen a5 appropriate and after taking into account the linance5 of the organisation as a whole. OBJECTIVES AND ACTIVITIES The Charltys objoctlves The Charity objects are reslricted specifically lo tho relief of those with learning difficullies, disabilities and other particular speaal needs by the provision of educalion and therapy through riding horses and related activities to promote and develop their mental And physical capabilities and, without prejudice lo Ihe generality of the foregoing. with the intention that the skills learned around. on and with horses. are transferred into the undersianding of, and an Ability in, skills necessary for dally life and wellbeing. Chaty alm: 'The Charity 8nables people with parbcular special need5 to have control over their own lives and to relate more successfully to others" sourc8 - Mission stgtement Page 3
THE FORTUNE CENTRE OF RIDING THERAPY Report of the Board {continued) For the year ended 31 August 2024 O¥•Thiew ofthe Charftrfs Activities The Trustees review the aims and activities of the Charity each year. This review looks al the achievements tluring the previous year, goals for the current and fulure years, and what measures need to be pul in place lo successfully achieve those goals. Publlc Bent In setting objectives and planning activilies, Trustees give careful consideration to Charity Commission guidance on public benelit and, in particular, to ils suppl8m8ntsry public ben8h'i guidance on advancing educalion. In particular the TTUSt80s consider how planned aclivitses will contribute to the aims and objectives they have set. Th6 work of the Charity has an Sd8nllfiable benefit lo the publlc in its provision of resldenllal Furth8r Education Through Horsema51er5hip IFETH) Course. providing education and therapy for young people (aged 16-251 with learning difficulties and dlsabililies. Equal access to the Service is irnportonl lo maintain the ethos ol th8 Charity. There are no goographical reslrictions and no reslriclions relating to the protected characteristics sel out in the Single Equallty Scheme {which incorporates the Equality Act 20101. The Charity also works with the parents or guardians of students and the alli8d professionals involved in supporting the students. Many visitors are welcomed lo the Charity. Sharing inforfflalion wilh visitors lacilitales the exchange of information and enables staff to learn of other Equine Facililaled Education and Therapy (EFETI work. The Charity exlen(is awaren85s of the scop8 of this, including through its involvement with the work of the British Horse Soclety (BHS} and the Federation of Horses in Education and Therapy Intgmalional (HETII. The Charity's facilili8s are used for events such as th8 HETI (UK) Forurns and thos8 run by The Pony Club. In addition, the Charity's facilities are used by the local and wider community, individuals and groups, throughout the year. The Charity shares experience and knowledge in the provision of work experience, Open Days and by prowding a speaker for meetings and other events. This extends awareness of the specialist provision of the Charlly and of other general opportunilies lor young people with high needs. The Charity seeks to broaden the public's understsnding of pBople with 18aming d6fflcullies and disabilities. The Charity's library is a rich resource for those involved in EFET and anyon8 working alongside people wllh high n88ds. A meetlng room Iwilh capacity for sixty people seated), and another smaller room suitable for meetings of up lo len people, are available for use by others. Both meeling rooms have Interactive whitsboards. The Old Fortunate5 Association {OFAI malnlalns contact with former FETH Course students, gwing them a vltal point of contscL There is an annual reunion where fomier members of staff are a150 wolcome. Page 4
THE FORTUNE CENTRE OF RIDING THERAPY Report of the Board (contlnued) For the year ended 31 August 2024 The prlnclpal activilies of the Charlty The Charity has three main activities.. 1.The Fortun• College Residential Course The Charity serves as in Independent Speclalisl Provider for young people aged beh¥een sixteen and Iwenly-five y8aTS whose educational need5 cannot be met through local government provision. Studen15 on the residential FETH course are those who are motivated by being around, with, and on horses. Students learn in an equine based and locused environment through which they become more able to communicate, concentrate and co-operate. The most recent Ofsted inspection w35 carried out in March 2023 and was calegorised as a 'short Inspection. Of5tod conllnued to judge the provision as 'good'. The report commented Ihal Students outcomes remain good, with nearly 911 achieving their predicted outcomes and making furthar progress into employment or additional training. Students. achievement of literacy and numeracy qualifications is parti¢ulaty good. Students also make excellent progress into their intended and more independent living arrangements. The residenllal course njns over three terms each year, for a perfod of Ihr88 years. Each student has an Individual Leamlng Plan {ILPI designed lo meet indivldual asplrallons, needs and abilities, with a strong emphasis on vocallonal equine based learning and development of communication and life skills. Since the students are mollvated by belng around and working with horses, they leam key skills which are readily translerred in lo everyday life, Literacy, numeracy, ICT, communication and PSHE are all part of the Gurriculum. Each ILP covers all areas that contribute lo a Sludellts personal growth, including self-awareness, the development of confidence, increased maturity. foTrning relationships, equality and diversity issues, e-safety and emotional well-being. Staff adopt a consislenl and well inlegraled approach to the teaching of social and personal ski115. All Sludenls have the opportunlty to attend or participate In a varied range of social and cultur21 events. 2.Hors• Bued Therapy Sesslons These se55ions are for local primary and secondary school pupils with physical and leaming dSfficulties. They have one lo one or small group sessions, Go-ordinated by a specialist riding therapist wilh a learn ol volunteer helpers. The pupils can improve their mobility, balance and control over their behaviour. The commitment and dedication of the volunteers is much appreciated and vital lo thi5 activrty. Volunteers receive training and support in their work, which is important to the many local children, and their families who beneliL 3.Rosld?ntlal care for young adutts ('Assoclates") at Lanfrancfj House {Coased opwatlon on the 31st July 20241 Associates are young people whose leaming difficulties prevent them from living independently. The Associates living in Lanfranco House are people who enjoy living in a rural environment, who are particularly interested in being with horses, who enjoy caring for the land and who want to live with a small group of like-rninded peeTS. Associates are encouraged to be actively involved in the occupation and personal development that is relevant to their ability and aspirations. They undertake the care of the property. gain local WO experience with a view to obl8ining regular occupation. They belong to local clubs and make a positive contribution to the local community. Since the year ending 2023, the Centre ha5 had to re-evaluate its provision. particularty in respect of its care Dffering. Thè Fortune Cenlrp of Riding Therapy is a registered charity, governed by both Otsled and CQC. The way in which the Centro could access funding had changed and it became apparent that it was no longer viable lo continue lo operate our registered care home. This was a dtfficult decision lo make., however. over the past 18 months the Centre has successfully worked olong5ide our residgnls. their families, and local authorities, to tran51tion the Associates lo new providers. Lanfranco House is CUTrently for sale on the open market, as the Centre continues to ensure best use of its 8s5els. Page 5
THE FORTUNE CENTRE OF RIDING THERAPY Report of the Board (continued) Forth8 year ended 31 August 2024 ACHIEVEMENT AND PERFORMANCE The TTUStees oversee and review the activities of the Charity on a regular basis to ensure stsndards rernain consislenlty high and that value for money is maintaineil. The Quality and Standards Committee 2ssist the Trustees in this tssk. FETH course students make good progress, particularty in the development of conftdence. independence, social and communication skills. In 2023124 88%12022123- 88%) of sludenls achieved their qualifications. The FETH course effectively develops an individu21s' coping strategy and an expeclalion of openness to 18arning and to working. Students learn to make positive and constnJctive friendships and develop greater indepèndence. The Charlly has a strong focus on the promotion of independence In everyday life. It is fundamentsl to the misslon stslement and elh05. Students are encouraged to develop their independence. as well as keeping them5elve5 safe. Studen15 ar8 encouraged lo discuss topical issues and wpect others. E-safely and the safe and appropriate use of mobile telephones, the inlernel and social rnedia platforms, is also a key part of the course, enabling students lo lake lull advantage ol technology wilhoul comprornising their security. Th8r8 is a purpose built classroom known as 'Peter5 Box. which is primarily used for ICT leaming. Work EKp•vl•nce Internal work experience placements in the main kitchen, along with maintenance and household teams have been used to develop the skills of some students and lo prepare others for external work experience. These environmen15 help students lo understand the importance of following Instructions in the workplace and lo make them aware of the relevant health and safely aspects associated with the tasks being completed. Extemal work experience is used lo enable students to reinforGe Ihe skills they have leaml al the FCRT, e.g. literacy, numeracy and 5ell-confidence. There is a variety of work including retail, offlce, cal8ring, education, care and Iloristy, in addition to a number of equine placements. Work experience produces many varied opportunities forlgaming, including the need to plan and implement Irav81 arrangements. The Charlly conllnues to work closely with local businesses and lo bulld new business partnerships lo enable il lo offer quallty work experience OPPOrtunilies lo many of our sludents. Infraslru¢turo The Charity is situated on Ihe Bdge of the New For8sI National Park and is Surrounded by an area of outstanding nalural beauty. The specialist equine facilities offer unique18arning and therapeutic opportunities to its b8neficiaries. ThB Charity has recently reduced ils number of operallonal sites from thr88 to two. with the dosure of Lanfranco House. This is in accordance with its long lerni slrategie5, ensuring best use of its assets and to ensure continued, significant investment is made to maintsin the conlinuing sites to an appropriate standard. The residenllal accommodation offers a Safe and Iriendty environrnenl in keeping with the ethos and nature of the organisation, where Students can relax in the evening as they contlnue to acquire life skills and 8xperience. Information Techno109y We continue to invest ill our inlomialion technology and MIS infrastructure, including updating the rr servers and computer equipment during the year. Page 6
THE FORTUNE CENTRE OF RIDING THERAPY Report of the Board (contlnued) For the year ended 31 August 2024 Staff The staff team are from a variety of backgrounds, experience. training and interests, but all have a deep and continued commitment to the specialist nature Df the work al the FCRT. The average head count (number of persons employed} by the charity, exrjuding bank staff during the year was 8912023- 88). The full time equivalent is 63 {2023- 631. Bank staff are also used from lime lo time, 19 were active during the year12023- 151. New staff undertak8 mand81ory training on subjects such a5 Equality & Diversity, Oala Protection, Safeguarding, Manual handling and Hegth & Safety as part of their induction course. Other staff undertaking training and development events throughout the year, varying from short 'bit8 size, d8velopment opportunities to longer courses resulting in a recognised qualification. Federation membership of HETI places the Charity in a posllion to attract a worldwide following and also supports slaff to continue their specialist professional development in the lield of equin8 therapy. Additionally, staff are encouraged to allend and repr8senl lh8 Charity al relevant professlonal conferences and meet regularty with organisations suth as HETI Iworldl Congress, Nalspec, Associallon ol Colleges and Otsled. Findr•lslng and Publlc Relatloni The Charity Is extremely grateful for the ongoing support of many who glve so generously In a variBty of ways. The Charity conduc15 all Its fundralsing activity in line with the Fijndralsinu Regul3tDr Code of Fundralsing PraclSce and Is pleased to confimi that11 has receiv8d no complaints in relation lo ils lundraising activity over the course of the y8ar. Fundraising and donations provide lrnportanl and much needed ftjnds for improving facilitie5, onhancing the learning experience for beneficiaries and for the procurement of equSpment and resources for beneficiaries. Th8 Charlty directly employs a Furldraislng Manager and do8s not LIS8 the services of a third party professional fundraiser or cornmercial participator. Members of th• Public Relations Group are commtlled and Innovative In Ihelr promotion and support of Ihe work of Ihe Charity. Fundralsing continues through the generosmy of many donors, Individual and corporate, and through grant making Trusts. The Charity is most grateful for the welcom8 SUPPOrt and encouragement given by the local communlty. A¢knowledgement The Trustees greatly appreciat8 the efforts ol all of the committed, hard worklng members of 51aff who provid8 a sP0cialisl service for young people who are often otherwise overlookeil. The workforce of horses is oulslandingly patient, calrn and people inclusive. The volunteers are a source of inspiration and support. The dedication of the staff risp5 above all obstacles, including the great British weatherf Thank you all. Page 7
THE FORTUNE CENTRE OF RIDING THERAPY Report of the Board (contlnued) For the yaar onded 31 August 2024 FINANCIAL REVIEW R•vl8w of flnanclal posltion The net movement in funds for the year was a Marginal Surplus of £16,080 {2023 - surplus £245,854) as disclos8d on page thirteen. The financial posillon of the Charity is shown in th8 balanc8 sheet on pag8 fourteen. This refleGls the investment of £1,847,29312023 £1,644,550) in fixed assets used for charitable purposes taken from both reslricled and unre51ricted funds. The balanc8 01 free reserves invested in other a55els is £630,20012023 - £543,997). The restriclod funds held al 31 August 2024 amounted lo £76,705 (2023- £154,930), the detail of which is shown in note seventeen. Designated funds were £112,71212023 - £307,403). Slgnificant •v•nts durfng the year Further lo a full and thorough strategic review carried oul by the Trustees and Senlor Management Team, a deG15iofb was made lo close the FCRT'S car8 offering, Lanfranco House. Nolice was served lo th8 tenants during the year, and with in excess of 12 months notice, they were advised of a eloslng date of 31st July 2024. Subsequently, the FCRT have worked tirelessly alongside the parents, guardians, carers, social workers and local aulhorllles responslble for Ihe welfare of the fomer A550ciales', to ensure smooth Iransilions into 5uilable provislons, Plon$ for the futur• A key aim of the Cenlres work 15 to prepare the slud8nls for indep8nd8nt living, legding lo a fuller life experience for the individual. A5 part of the slraleglc review, a decision was made to pool the Centre5 re5ource5 and invest, with purpose, into the developmenl of th8 FETH Course offering, of whlch independent living skills are a core element. This should provide grea18r sUPPOrt and mor positive outcomes for the individual and local aulhori118s for the long term. Prlnclpal fundlllg sourco The principal funding sources for th8 Charily are the Education Skills Funding Agency and Local Authorlties, The Charity holds reserves lo provide working capital, protect against a reduction in income and enable11 lo take advantage of new opportunities. It aims for free reserves of around 3 months, operating expenditure. Although this reserv8 was approximatety 2.5 months at 31st August 2024, the Trustees consider the current level lo be adequate gt this time. Rlik fftanagement The Charity's dependency on one key income source. being Local Govemmenl Funding, is a major financial risk for the organisation. A vital element in the manag8m8nl of this particular linancial risk is mgintsining the quality of the educational provision delivered by the Charity, a key performance indicator evidenced by the continued 'Good' rating from Ofsted {20231. The Care Quality Comrnission ICQCI have also previously Cale out inspections. Lanfranco House and Robert House were inspected by the CQC in January 2019 and were awarded a 'Good' rating. Woollon Hall Farm was in5peclgd in October 2017 and was also awarded an overall rating of 'Good', with four indivldual grades of 'Good' and one rating of 'Oulslanding'. The Trustees have a risk rnanagemenl strategy that is updaled following an annual review of the Risk Register. Review provide5 the opportunity lo consider and assess new and, or, emerging risk5. Linked to the Risk Register is a Critical Incident Procedure in which high impact ri5k5 are Cunsidered and procedures identified to deal with incidents which rnay arise. Actions to mitigate rf5k are implemented through thp Charity's policios and procedure5 and through staff and Trustee training. Page 8
THE FORTUNE CENTRE OF RIDING THERAPY Report of the Board (continued) For the year ended 31 August 2024 Twstees. r•spon5ibilities ststement The Trustees {who are also directors of the charitable company for the purposes of company lawl are responsible for preparing the R8POrt of the Board and the Financial Slatsments in accordance with applicable law and regulations. Company law requires the Trustees to prepare Financial Statements for each finAnci21 year in accordance with United Kingdom Generally Accepted Accounting Practic8 {Uniled kn'ngdom Accounting Stsndards and applicable law). Under the company law, the Trust8es must not approve the financial stalemenls unless Ihoy are satisfied that they give a Iru8 and fair view of the state of the affalrs of the Charity and of the incoming resources and application of resources by the Charity for that period. In preparing Ihe financial statements. the Tru51ees are required lo: select suitabl8 accounting policies and apply them consSstently; observe the methods and principles in the Charlties Slalemènl of Recommended Practice. state wheth8r applicable UK accounting stsndards have been followed, subject lo any material departures disclosed and explained in the linanclal statements. prepare the financial stslements on a going concem basis, unlesg It Is inappropriate lo presume that the Charity will continue In business. The Trustees are re5pon5ible for keeping proper accounting records that show and explain the Charity's Iransactions, to disclose wlth reasonable accuracy al any lime the financial position of the Charity, and lo enable them to ensure that the financial stglements cornply with the Companies Act 2008. They are also respon51ble lor safeguarding the assets of the Charity and therefore for taking reasonable step5 for the prevention and de18ciion ol fraud and oth8r irregularities. ststernent is to dl$closure to our audltors In so far as (he Trustees are aware al the time of approving our Trustees, annual roport.. There is no relevant Informallon. belng information needed by the auditor in connection with preparlng th8lr report, of which thg group's audltor Is unawarè, and The Trustees, having made enquirles of fellow Irusl8es, have each tsken sleps that hè or she is oblig8d lo lake as a Irustee In order lo make themselves aware of any relevant audit information and to establish that the auditor is aware of thgt infomiation. By order Df th• board gf Tvustees Slgnvd on behalf of tho Trustees Th• Lord Manners, Chalr of the Trust••5 23 May 2025 Dale . Page 9
THE FORTUNE CENTRE OF RIDING THERAPY Independent Auditor's report to the members of the Fortune Centre of Rldlng Therapy Oplnlon We have gudiled the financial slalemenls of The Fortune Centre of Riding Therapy (the 'charitable comp2ny') for the year ended 31 August 2024 which comprise the Slalement of Financial Activities (including the income and expenditure accounll, the Balance Sheet, the Cash Flow Stslemenl and notes to the financial slalements, including a summary of signih'canl accounling policies. The financial reporting framewo that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements,. give a true and fair view of the state of the charitable company's affairs as al 31 August 2024 and of Sls incoming resourcgs and appliGalion of resources, including ils income and expenditure, for the year then ended,. have been property prepared in accordance with Unlled Kingdom G8n8rally Accepted Accounting Practice,. and have been prepared In accordance with the requirements of the CompanSes Act 2006. Basls for oplnlon We conducted our audit In accordance with International Standards on Audlllng (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our reporL We are independent of the charitable company in accordance with (he ethical requirements that are relevant lo our audit of the flnancial slalemenls in th8 UK, including the FRC'S Elhical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We beli8V8 that the audit evidence we have obtained is sufficient and appropriate to provide a basis lor our opinion. Conduslons relallng to golng concern In auditing the financigl ststemenls, we have concluded that the Iruslees, use ol the going concern basis ol accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability to continue as a going concem for 8 period of al least twelve months from when the financial statements are authorised for issue. Our responslbllllles and the responsibililigs of the trustees with respect to going conrn are described In the relevant sections ol this report. Oth•r Informatlon The trustees are responsible lor the other infomialion. The other information comprises the Information Included in the Annual Report, other than the financial slalements and our Report of the Independent Auditors thereon. Our opinion on the financial 51atemenls d08s not cover the other infomlation and, except lo the exlenl otherwise explicitly stsled in our report, vrfe do not express any fomi of assurance conclusion thereon. Our responsibility is to rea¢ the olher information and, in doing 50, consider whether the other information is materially inconsislenl with Ihe financial slalements or our knowledge obtained in the course of the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misststements, we are required to determine whether this gives ris8 to a material misststement in the financial statements themselves. If, based on the we have performed, we conclude that the is a malerial misslalemgnl of this other information. we are required lo report thal fact. W8 have nothing to report in thi5 regard. Page 10
THE FORTUNE CENTRE OF RIDING THERAPY Independent Auditor's report to the members of the Fortune Centre of Riding Therapy Opinions on other matters presuibfrd by tho CompaTrles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in Ihe Report of the Tnjstees for the financial year for which the financial stslements are prepared is consistenl with the financial stalemenis; and the Report of the Trustees has been prepared in ac¢ordance with applicable legal requirents. Matters on whlch we arfr requlred to report by exeeptlon In the light ol the knowledge and understanding of the charitable company and its envlronment obtained in the course of the audiL we hav8 not identified malerial rni55lalemenls in th8 Report of the Trustees. We have nothlng to report in respect of the followlng matters wh8r8 the Companies Act 2006 requlres us lo r8POrt lo you if, in our opinion: adequate accounllng records have not been kept or returns adequate for our audit have not been received from branches not visited by us- or the financial 51at8menls ar8 not in agreement with the accounllng records and returns., or certain di5closure5 of trust8es' r8muneralion sp8clfled by law are not made., or we have not recBived all the infomiation and explanations we require for our audit., or the trustees were not entitled lo lake advantage of the small companies exemption from the requirement lo prepare a Strategic Report or in preparing the Report ol the Trustees. R•sponslblllll•s ol truste•s As explained more fully in the Staternenl of Trustees, Responsibilities, the truslees (who are also the directors of the charilable company for the purposes of company law) are responsible for the preparation of the financlal slalements and for being satisfied that they give a true and fair view, and for such inlemal conlrol as Ihe trusteès determin8 is necessary to enable the preparation of financial slalemenls that are free from material misstatement, whether du8 lo fraud or error. In preparing the financlal stat8m8nls. th8 trustees are responslble for assessing the charitable ¢ompany's abillly to continue as a going concern, disclosing, as applicable, malters related to going concem and using the going concern basis of accounting unless the Irusleès either intend lo liquidate the charitable company or lo cease operalions, or have no r8alislic altemative but to do so. Our rosponslbllltles for the audlt of the flnanclal stattm•nts Our objectives are to obtain reasonable assurance about wheth8r the financial statemenls as a whole ar8 free from material mi55tsternenL whether due to fraud or error, and lo issue a Report of thp Independent Auditors that includes our opinion. Reasonable assurance is a high level of a5suranc8, bul is not a guarantee that an audit conducted in a¢¢ordance with ISAS {UKI will always delect a material misslalemenl when il exists. Misstatemen15 can arise from fraud or error and are considered material if, individually or in Ihe aggregate, they could reasonabty be expec18d lo Influence the economic decisions of users taken on the basis ol these financial ststemerts. The extent to which our procedures are capable of dele¢ling irregulartties, including fraud is detailed below- Becaus8 of the inherent limitations of an audit, there is a risk Ihal we will not delect all irregularities. including Ih05e leading lo a material mis51aternent in the financial statements or non-compliance with regulation. This risk increases the more that compliance with law or regulation is removed from the events and transactions reflected in the financial 5tatemenls, as we will be less likely lo become aware of instsnces of noTrcompliance. The risk is also grealer regarding irregularities occurring due to fraud rather than error. as fraud involves inlentlonal concealment, forgery, collusion, omission or misrepresenlation. Page 11
THE FORTUNE CENTRE OF RIDING THERAPY Independent Audltorfs report to the members of tho Fortune Centre of Riding Therapy Our responslbllltles for the audit of the financial statement$ {conlinu?d) We obtsined an understanding of the legal and regulatory framework applicable to the company via discussions with the Iruslees and our previous knoedge of the cornpany. This identrfied thal the most signrficanl laws and regulalions relale to the form and content of the financial statements such as the UK Companies Act 2006, Charities Act 2011 and the Charities SORP (FRS 102. In addition, we also considered the impact of Ihe review procedures undertaken by The Care Quality Commission (CQCI And Olstetl. The company complies with these laws and regulations by using appropriately qualified professionals to prepgre the financial stslemenls and to provide advice on other matters. As part of our planning process we assessed susceplibilily of the company's financial stalemenls lo material misslalemenls, including how fraud might occur by making an assessment of the key risks. We evaluated managements Incerblives and opportunity for fraudul¢nl manipulation of th8 financial statements (including the risk of override of controls). and determined Ihal the principal risks were related to Snappropriate journal entries lo manSpula18 flnancial results. Procedures perfomied by the audit team Included: Discussions wilh management and Ih05e charged with governance regardlng conslderation of known or suspected inslances of nonvcompliance with laws and r8gulalions and fraud- Obtsinlng an understanding of controls designed to prevent and delecl irr8gularilies; Reviewing minutes from Iru51ee meetings for evidence of any fraud or non-complianc8 with laws and regulations., Communicating relevant laws and regulgtions and potential fraud risks lo all engagement team members and remaining alert lo any indicators of fraud or noTrcompliance with laws and regulations throughout the audit- and Assessing joumal entries as part ol our planned audit approach, with 8 particular locus on journal entries lo key financial slalement areas. Our audit procedures were designed lo respond to risks of material mlsslalemenl in the financial stalemenls. recognising that the risk of not delecling a material misstatement due lo frau(l is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, lor example, forgery, misrepresenlalions or Ihrough collusion. There are inherent limitations in the audit procedures performed and the further removed nonwcompliance wilh laws and regulations is from the events and transactions reflected In the financial statements, the less likely we are lo become aware of11. A further description of our responsibilities lor the audit of the financi21 slalements is located on the Financial Reporting Council's website at www.frc.org.ukJaudilorsresponsibilili8s. This description forms part of our Report of the Inijependenl Auditors. Use of our r•port This report is made $0181y lo the charitable company's members, as 8 body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undbYLaken so that we might state to the charitable company's members those malleTS W8 are required lo Stale lo them in an audilor5' report and for no other PUTpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the charitable company and the charilable company's members as a body, for our audit work, for this report, or for the opinions we have fomied. Harriet Sargeant FCA (Senior Statutory Audilorl for and on behalf of Shaw Gibbs (Audit) Limited Chartered Certified Accountsnts & Slalutory Auditors 25 Sl. Thomas Street Winchester S023 9HJ Dated... Page 12
THE FORTUNE CENTRE OF RIDING THERAPY STATEMENT OF FINANCIAL ACTIVITIES (including income and expendlture account) For the year ended 31 August 2024 Unrestrlcted funds Deslgnatsd funds RKtrlct•d lunds Total ds 2124 Total funds 2023 Noles Income from Donalions, legacies and grants 18,269 45,350 32,046 95,665 193.152 Ch•rltable actlvltl•s Equine 85515ted therapy 3,718,675 3,718,675 3,505,174 Other tradlng acilvStloS Fundraislng events and activllles Hlre of facili1185 Bank Inte$t 11,606 4,815 10.879 11,606 4,815 10,879 4,041 10,312 577 Other Incomlng i•1¢•$ Gain on disposal of flxed assets Total Incom• 3,764,244 45,350 32.046 3,841,640 3,713,257 Exp¢nOltuFe Charilgble activiti85 Raising funds and publicity 3,811,943 13,617 3,811,943 13,617 3,446,499 20,904 Totsl •xp•ndlturn 3,825.560 3.825,560 3,467,403 N•t {•xp•ndlturn) I Incom• Transfer between funds (61,316) 350,312 45,350 32,046 16,080 245,854 (240,041) 1110,271) Net (expendllurel l income for the year and movement in funds 288,996 1194,6911 {78,2251 16,080 245.854 R•conclllatl•n ol funds Funds brought fonvard 2,188,497 307,403 154,930 2,650,830 2,404,976 17 2,477.493 112,712 76,705 2,666,910 2.650,830 The statement of financial activities includes all gains and losses recognised in the y8ar. AJI incoming resources and resources expand8d derive from continuing activilies. Page 13
THE FORTUNE CENTRE OF RIDING THERAPY COMPANY NUMBER 03031713 BALANCE SHEET As at 31 August 2024 2024 2023 Notes Flx•d oSS•tI Tangible assets 11 1.847,293 1,644,550 Current ass•ts Stock Debtors Cash al bank and in hand 12 947,890 777,747 814,609 1,006,343 1,725,637 1,820,951 Llabllltlos CredSlors: amount falling due within one year 13 1902,000) 1807,637} Net curr•nl ass•ls 823,637 1,013,315 Creditors.. amount falling due after one y6ar 14 (4,0201 17,0351 Net •ssots 2,666,910 2,650,830 Funds Unrgslricled Gpneral Dosignated 17 2,477,493 112,712 2,188.496 307,403 Total unrestricted fund5 2,590,205 2,495,899 R05tricled 17 76,705 154.93Q Totsl lunds 2.666,910 2,650,829 These flnanclal 51alements have been prepar8d in accordance wllh the provislons applicable to charitable companles suble¢t lo the small companies reglme, 23 May 2025 The flnanclal slalements were approved by the Board of Direclors and authLYised for Issue on were signed by., and J4R A4 4r> The Lord Mann8r5 Chair of the Trustees Nicholas Fernyhough Trustse and Member of the Finance and General Purpose Committee The notes on pages 16 to 26 farm part ol these accounts Page 14
THE FORTUNE CENTRE OF RIDING THERAPY Statement of Cash Flows For the year ended 31 August 2024 2024 2023 Notos Not caih Ilow from oppratln4 actlvltlo5 23 132,510 382,438 Cash flow fmm Investlng ictlvltles Payments to acquire tangibl8 fixed assets Interest paid Receipts from disposal of fixed a558ts Investment income (371,1221 18631 (107,5791 {863) 10,87g 577 N•t cash flow US In Investlng acllvllles 1361,1061 {107,8641 Net increase l (decrease) Sn cash and cash 8quivalents {228,5961 274,574 Cash and Gash •qulval•nts at I SoPt•mb•r 1,006,343 731.769 Cash and cash •qulval•nts 1131 Augusl 777,747 1.006,343 The Charitable Company has no debt and hBnce a separate recondliation of n81 debt has not been prepared. Page 15
THE FORTUNE CENTRE OF RIDING THERAPY Notes to the flnancial statements For the year ended 31 August 2024 1 Accounting pollcles The Fortune Centre of Riding Therapy 15 a charitable company limited by guarantee not hawng Sharo capital and is incorporated in England and Wale5. In the event of the charity being wound up, Ihe liability in respect of the guarantee is limited lo £10 per rnember of the charity. The address of the registered office 15 given in the reference and adminislralion information on page 1 of these financial statements. The folli)wing principal accounting policies have been 3pplied- (a) Basls ol preparatlon The charity constitute5 a public benefit entity defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities. Statemtsnt ol Recornmended Practice applicable to charfties preparing thelr accoijnls in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Irelan(l {FRS1021, leffective 1 January 2019), Sects'on 1A of FRS102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The accounts are pr858nled in sterling which Is the funcllonal currency of th8 charity and rounded to the nearest £. (bl Golng Concem The financial slalem8nls are prepared on a going concem basis. The Slalemenl of Financial Activities on page 13 show a rnarginal surplus for the year. The Balance Sheet on page 14 shows an increased nel cuent assets position year on year. Trustees hav8 revlewed financial projections for the period to August 2026, taking into account their best estimale of student number5 for the 2024125 and 2025126 academic year5, along with any actions that would be needed should the actual numbers ditter from Ihese estimates, and consider there is a reasonable expectation that the charity has adequate resources to continue in operational exislence for the foreseeable future. For this Teason the Board conts'nues lo adopt the "Golng Concern. basis in preparing the Financial Slalemenls. Ic) Incom• All Income is recognised when the charSty is enlilled lo income, any perfomiance conditions attached lo the i18ms of income have been met, Ihere Is sufficionl certainly of rec81Pt and so its probable Ihal the income will be received, and the amount can be measured reliably. No expenses are netted off against income. Any recov8rable gift aid is inGluded under the income heading to which it relates. Donation and grants are included in the statement of financial activities when receivable by the charity. Grants where enlillement is not conditional on the delivery of speGlfic perfomiance by the charity are rgnised when the Charity becomes uncondllionalty entiued to the grant. Legacies are included once the charity has been notified of the legacy and the amount of the legacy can be determined with reasonable accuracy. No amounts are included in the financial slalements for services donated by volunteers. The Report ol the Board ntainS more irrformation about their very useful contribullon. {dl Interest rec•lvèd Bank inter851 is included when receivable and the Amount can be measured reliably by the charity. This is normally upon nolificalion of the interest or dividend paid or p3y3blè. Page 16
THE FORTUNE CENTRE OF RIDING THERAPY Notes to the financial statemenls For the year ended 31 August 2024 (tr) Expendlluro Expenditure is recognised on an accruals basis as soon as there is a legal or constructive obligation cornrnitting the charity to the expenditure. It is probable that s8tt18rn8nl will be required and the amount of the obligation can be measur8d reliably. Expendilure includes any VAT which CAnnot be fully reGoveT6d. Charitsble expenditure comprises those costs incurred by the Charlty in the delivery of its aclivit18s and seNices for ils beneficiaries. 11 includ8s both costs that can be allocated dIrllY to SUGh acti¥ilie5 and those costs of an indirect nature necessary lo support them. All costs ar8 allocated between the expendSlur& categorles of the Slatsmenl of Financial Activities on a basis designed lo reflect the use of resource. Costs relatlng to a particular acllvity are allocaled directly, and are apportioned on an approprlale basis. (fj Operatlng1•4sos Rentals payable under operating leases are charged to the Statement of Financial Activities over the period in which the cost Is Incu on a stralght line basis. Igl Penslon costs The charity contributes to a group pension plan and a work based pension plan in which the benefits are directly determined by the value of the conlrlbutions paid in respect of each member. Accordingly, the change In Slaternenl of Financial Activities for the year rewesenls the amount of contributions payable lo the penslon Schemes in respect ol the accounting year. Ihl T•ngltsl• assets Individual assets GOS1ing £500 or mor8 capilalised al cost and deyeciation Is provlded on the straight line rnelhod lo wrlte off the cost of all tangible fixed assets, except for freehold land. Assets under construction are not depreciated until they are brought into use. 11 is calculated al the following rates.. Freehold buildings Plant 8nd equipment Motor vehicle Horses 2% 10 10% slraighl line 2IYh to 33% reducing balance 20% reducing balance 50% slraighl line (11 Inv•stm•nts Investments are a form Df basic financial instrument and are inlllally recognlsed al IheSr Iransaclional value and Subsequently measured al their fair value as at the balance sheet dal• using th8 closing quoted market pri¢9. All gains and losses are taken to the Slatemenl of Financial Activities as they arise. Realised gain5 and losse5 on inveslmonls are calculated a5 the difference between sales proceed5 and their opening value or their purchased value if acquired subsequenuy to the first day of the financial year. Unrealised gains and losses are calculated as a dilference between the fair value al the year end and the carrying value. li) Debtor5 Trade and other debtors are r8cogni58d al the selllement amourrt due afier any trade discount offer8d. Prepayments are valued at the amount paid n81 of any trade discounts due. Page 17
THE FORTUNE CENTRE OF RIDING THERAPY Notes to the financlal statements For the year ended 31 August 2024 (k) Cash at bank and in hand Cash al bank and in hand includes cash and Short Igmi highly liquid investments with a short malurity of three months or less from the date of acquisition or opening ot the deposit ac¢ount or similar. (l) Fund •ccounllng Unrestricted funds are the general funds of the chgrily and are expendable at the discretion of the Trustees in furth8rance of the objects of the charitable company. Designated funds are unre51ricted funds set asid8 at th8 discretion of the Truslees for 5pecrfic purposes. Restricted income funds represent grants and donations received that can only be used for the particular purpose stipulated by the donor or through the terms of an appe81. {rn) Tirmlnatlon paym•nts Terminalion payments are amounls payable as a resuft of a decislon to end an offer of employment. Thty ar8 recognised in full in the peTiod in which the employmenl ceased. {n> CrlllrAI •Kountlng e¥llmat•s and ar•a¥ olludgoment Estimates and judgements are continually evalual8d an(i are based on historic experience and other factors, including exp8clalions of future events that are believed to be reasonable under the circumstances. Th8 charity makes eslimgles and assumptions Gonceming the future. The results will, by deflnilion, seldom equal the actual outcome. No eslimales and a55umpllons that have a significant risk of Gausing a rnalerial adjuslmenl to the carrying value of assets and liabililie5 within the n8xI financlal year ar8 noted. The annual depreualion Charge for the tsngible assets are reassessed annually. They are ameniied if necessary, annualty. They are amended lo reflect current estirnates. Where donated good and assets are received, an estimate will be made of their value. 2 Ineom• from donatlons and l¢gaGles 2024 Unrestrlcted 2024 R•strlct•d 2024 2023 Total Equlfte Facllltat•d Edue4tlon and Therapy Gifts Legacies 63.619 32,046 95,665 138.152 55,000 63,619 32,046 95,665 193,152 In year ended 31 Augusl 2023 £107,410 ofgifts were restricted and £30,742 was unreslricted. 3 Incomlng resources from charltable actlvltles 2024 Unrestrlcted 2024 Rfrstrlcted 2024 Total 2023 Total Equlne Facllttated Educallon and Th•rapy FETH Courses and Associates Other fees and income 3,707.779 10.896 3,707,779 10.896 3,466.930 38.244 3,718,675 3,718,675 3,505,174 All InG0n In year ended 31 Atwus12023 was unres¢riGled. Page 18
THE FORTUNE CENTRE OF RIDING THERAPY Notes to the financial statements For the year ended 31 August 2024 4 EKpendliure on charltabl• activiti05 2024 Unrestsicted 2024 Restrlcted 2024 Totil 2023 Total Equine Facilitated Educatlon and Therapy Direct costs Support costs (note S) 3.735,571 76,372 3,735,571 76,372 3,366,001 80,498 3,811,943 3,811.943 3,446,499 All exp8nditur8 In y8ar ended 31 Augusl 2023 was unrestncled. 5 Support ¢osts Charftobl• Gov•rn•n¢• 2024 Total 2023 Total Equlne Facllttaiod Educailon and Therapy Stsff costs Bank charges Telephone Printing, postage and 5tallonery Professional fees Trusle8s' expenses 10,887 1,688 21,724 14,319 4,692 23,062 33,949 1,688 21,724 14,319 4,692 33,758 1,754 20,906 17,618 6,462 53,310 23,062 76,372 80,498 2023 Split.. Ch8rit8ble activllles Governance costs 57,627 22,871 80,498 6 Gov•m•n¢o $ts 2024 Total 2023 Totsl Support costs (note 51 Audit fees (direct costs) Other professional fees {direct costs) 23,062 23.lJOO 15,400 22,871 10,850 7,500 61,462 41.221 7 Net expenditure for the year 2024 Totsl 2023 Total This is sloled after charging: Depreaation of fixed assets Auditors, remuneration 168,379 23,000 125,848 10,850 Page 19
THE FORTUNE CENTRE OF RIDING THERAPY Notes to the financial statements For the year ended 31 August 2024 8 Inlonnatlon regarding wnployees 2024 Totsl 2023 Total Wages and SarleS Employer's national insurance Defined contribution pension scheme costs 2,284,836 194.485 58,372 2,025.001 157,728 58,796 2.537,693 2.241,525 The average head count (number of persons employed) by Ihe charity, excluding bank staff during tha year was 8912023 - 881. Th8 full time equivalent is 63 (2023- 631. Bank staff are also usèd from lime to time, 19 were activ8 during th8 year (2023- 15). No employee eamed In 8xcess of £60,000 per annum. The key management personnel of the charlly comprises the Trustees, th8 Prlncipal, the Assistant Prlncipal, the H8ad of Personnel and Ihe Head of Finance and Company Secretsry. The totsl employees benefits of the key management personnel of the charity were £218,701 (2023- £187,670). No remuneration was paid during the year to any Iruslee (2023- £nlll. 9 P•nilon costs The Charity conlribules lo a group 5tgkeholder penslon plan (closed to new entrants from 20141 and a work bgsed penslon plan at the currenl statutory require(1 rates. The pension costs charge represents contributs'ons payable by Ihe Charity and amounted lo £58,37212023- £58,796). Al 31st August 2024 £10,22112023- £9,590) was owlng In respect of pension contrlbulions. 10 Taxallo The charity is exempt from lax on Income and galns to the extent these ar6 applied lo ils charitsble objects. Page 20
THE FORTUNE CENTRE OF RIDING THERAPY Notes to thè flnancial statements For the year ended 31 August 2024 11 Tangible fixed a55vts Freehold land and bulldlngs Plant and equipment Motor vehldes Hovses Total Cfjst At 1 September 2023 Additions Disposals 2,956.521 350,312 965.488 3,810 (3.492) 148,029 94,115 17.two 18,5001 4,164,153 371,122 {11.992) At 31 August 2024 3,306,833 965,806 148,029 102,615 4,523,283 Dtpreclatlon At 1 September 2023 Charge for the year Depn on disposals 1,473,026 107,258 863.702 27,547 (3,492) 103,843 13,637 79,032 19,937 18,5001 2,519,603 168,379 {11,992) At 31 August 2024 1,580,284 887,757 117,480 90,469 2,875,990 N•t book valu• At 31 Augu512024 1,726,549 78,049 30,549 12,146 1,847,293 Al 31 August 2023 1,483,495 101,786 44,186 15,083 1,644,550 Ail fixed ass8¢s are held for dirncl Gharilable purposes 12 D•btors 2024 2023 Trade debtors Prepayments and accru8d Income 921,054 26,836 670,838 143,770 947.890 814,609 All amounts shown under debtors fall due for payment wlthln one year 13 Credltors". amounts falllng dug wlthln one year 2024 2023 Trade creditors Taxes and social security costs Accruals and deferred income Finance lease 63,598 47,092 788,295 3,015 46,600 42,698 706,821 11,517 902,000 807.637 14 Crodltors: arnounts falllny after ong y8ar 2024 2023 Finan¢e lease 4,020 7,035 4,020 7,035 Page 21
THE FORTUNE CENTRE OF RIDING THERAPY Notes to the financlal statements For the yoar ended 31 August 2024 15 Operatlng lease cornrnitmonts As at 31 August 2024 the charity had annual commilments under non-cancellable operating leases as follows: 2024 MotDr vehldes 2024 Offlcfr ¢qulpm•nt 2024 2023 Total Total Falling due within on8 year Falling due in two to fiv8 years Falling due over five years 3,816 318 29,831 28,316 33,647 28,634 33.174 63,731 4,134 58,146 62,280 96,905 16 Capltal commltm•nts 2024 Fre•hold land and bulldlngs 2024 2023 Totil Total Falling due wllhin one year 210,851 210,851 17 Funds At 1 S•ptember 2023 Income Expendliuro Transfer betwgon lunds N•1 Invgstmenl galns At 31 August 2D24 Unrestrfcted lundi General fund 08signaled funds Raise the roof Promotion and marketing Gallery 2,188,497 3,764,244 13,825,560) 350,312 2,477,493 250,107 7,296 50.000 45,350 1240,0411 55,416 7,296 50,000 General and designated funds 2,495,900 3,809,594 13,825.5601 110,271 2,590,205 Restrlct•d tunds McNaught Roof Raise the roof Saddles Local people Mechanical horse Weekly riding therapy Other 6,000 110,271 1,500 1,000 20,000 3,092 13,067 6,000 {110,2711 1.500 3.000 1.000 20,000 33,092 13,613 30,000 546 Al 31 August 2024 154.930 32,046 {110,2711 76,705 TOTAL FUNOS 2,650,830 3,841,640 13,825,560) 2,666,910 Page 22
THE FORTUNE CENTRE OF RIDING THERAPY Notes to the flnancial statements For the year ended 31 August 2024 17 Funds {comparall¥el At I Seplernbfrr 2022 Income Empendllure Transler betr*een funds Net Investrnent g•lns At 31 August 2023 Unrestrfcl•d fvnds General fund Designated funds Raise the roof Promotion and marketing Gallery 2,083,303 3.550,847 {3.467,4031 21,750 2.188,497 260.107 7,296 5,000 {15,0001 250,107 7,296 50,000 50,000 General and designated funds 2,350,706 3,605,847 {3.467,4031 6,750 2,495,900 R•strlcted funds McNaught Roof Raise th8 roof Saddles Local people Mechanical hwJe Weekly riding therapy Other 6,000 22,861 1,500 1,000 6,750 3.092 13,067 6,000 110.271 1,500 1,000 20,000 3,092 13,067 87,410 20,000 (6,750) Al 31 August 2023 54,270 107,410 16,7501 154,930 TOTAL FUNDS 2,404,976 3,713.257 (3,467,403) 2,650,830 18 Anatysls ol not assols b•tw••n fundi Unrestrfctod funds Deslgnaled lunds Restrtcl•d lunds Totsl lunds 31 Augusl 2024 Tangible fixed assets Net current assets Long term Ilabilitie5 1,847,293 634,220 (4,0201 1,847,293 823,637 {4,0201 112,712 76,705 2,477,493 112,712 76,705 2,666,910 31 August 2023 Tangible fi'xed assets Nel current assets Long lemi liabilities 1,644,550 550,982 {7,0351 1,644,550 1,013,315 {7,0351 307,403 154,930 2,188,497 307,403 154,930 2,650,830 Page 23
THE FORTUNE CENTRE OF RIDING THERAPY Notes to the financial statements For the yaar ended 31 August 2024 19 Related party transactions None of the charity Trustees were paid any remuneration or received gny other benefi'ts from employrnenl with the charity in the year (2023- £nil)- Additionally, no expens8s were paid within Ihe year (2023- £nil). During the year the charity rented fi81ds lor grazing at a cost of £1,070 {2023 - £1,070) from Lord Manners, the Chair of the Trustees. There were no amounts owing al the end of the financial year. With the exception of the above, no trustee or other person re131ed lo the Charlly had any personal interest in any contract or transaction entered into by the Charity durlng the accounting period. Donalions of £10 {2023 £nill were receive(I from the Trustees during th8 year. 2D Events a1 th• end of th• porlod Further lo thg closure of the FCRT care provisSon Lanfranco House on the 31st July 2024, we are pleased to Teport the successful transition of our 'Associal85' into new placements. Planning permisslon was sought and granted for Lanfranco House lo retum lo residential ststus gnd it is currently for Sale on the open maTk81. 21 Nallon•l Lott•rf•s Chartllos Board During 2000, the Charlty was awarded a further lottery grant of £300,000 toward5 th8 C05t of rebuilding and refurbishing Wollon Hall Fami {FETH cours8 Student ac¢ommodationl. The Charity must not dlspose of this asset, nor use It as a security for a loan or any other fi'nancial purpose, wilhoul prior writt8n p8rmission DI the NLCB. As per the terms of tho grant, this restriction shall be in force lor 80 years from the dale of acquisition. As at year end, 56 years remaln. Page 24
THE FORTUNE CENTRE OF RIDING THERAPY Notes to the financlal statements For th• yaar ended 31 Augusl 2024 22 Flnanclal InstThfflenli The charity's financial instruments may be gnalysed as follows: 2024 2D23 Flnanclal assets Financial assets measured at amortised cost 1,698,801 7,681,846 Flnondal Il•blllt104 Financial ligbilities measured at arnortlsed c05t 117.725 138,914 Financial assets Measured at amortlS8d cost comprise $h, trade debtors and other debtors. 23 Recon¢lllallon ol n•t l•xp•ndlturel I In¢om• to net flow fi•m OPOfallng a¢ll¥ltl•s 2024 2023 N•t Income l •xp•ndlturg for the yo•r Investment Sncome Depreciation of fixed 855e15 Interest on lease (Profill I loss on disposal of fixed assets Decrease l (Increase) in stock (Increase) I decrea58 in d8btors {D8crease) I Increase in creditors 16.080 245,854 (10,879) 168,379 863 (5771 125.848 863 {1) 5,798 1185,0951 189.748 {133.281) 91,348 132,510 382,438 Page 25
THE FORTUNE CENTRE OF RIDING THERAPY Notes to the financial statements For th8 year ended 31 Augusl 2024 24 Comparative Staternenl of Flnancial Activitiès Unrestrfcted funds Deslgnited lunds RKlrlcted funds Total fvnds Income Donations and grants 30,742 55,000 107.41D 193,152 Charitable actlvltles Equlne assistad therapy 3,505,174 3.505.174 Oth•r tradlng actlvltlei Fundraising events and aclivilles Hire of facilities Bank Interest 4,041 10,312 577 4,041 10,312 577 Oth•r Incoffllng r050urc•s Gain on dlsposal of fixed assets Total Incom• 3,550,847 55,000 107,410 3.713.257 Exp•ndltur• Charitable activities Raising funds Fundraising and publicity 3,446,499 3,446,499 20,904 20,904 Tot•1 expendltur• 3,467.403 3,467,403 Net Incorne l {axp•ndlturel b•for• galns and lossos on In¥e5tm•nli 83,444 55,000 107,410 245,854 Transfers between funds 21,750 {15,0001 16,7501 Not Incom• l {•xpondlturo) for th¢ yoir and mo¥•m•nt In funds 105,194 40,000 100,660 245,854 Recondllatlon ol funds Funds brought foNard 2,083,303 267,403 54,270 2,404,976 Fund8 caled for*ird 2,188.497 307,403 154,930 2,650,830 Page 26