## **REPORT OF THE DIRECTORS AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
**FOR STEPNEY BANK STABLES LTD**
**STEPNEY BANK STABLES LTD**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 5|
|**Independent Examiner's Report**|6|
|**Statement of Financial Activities**|7|
|**Balance Sheet**|8 to 9|
|**Notes to the Financial Statements**|10 to 24|
|**Detailed Statement of Financial Activities**|25 to 27|
## **STEPNEY BANK STABLES LTD**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
Stepney Bank Stables (SBS) aims to bring joy and enhance the lasting life chances of young people through caring for and riding horses. We provide young people with somewhere to go, something to do and someone to trust 363 days per year. We primarily, but not exclusively, engage with children and young people aged 8-18 from the local community. We aim to develop the emotional and social capabilities of our attendees with particular focus on confidence, communication, building relationships, responsibility, teamwork and perseverance. We attract young people from a diverse range of socioeconomic backgrounds creating a mutually beneficial, socially inclusive environment. All young people joining our Young Volunteer Project complete an initial training programme in order to acquire the necessary skills, competencies and knowledge to support others safely and effectively. Through volunteering young people have the opportunity to earn credits to facilitate their own riding lessons. Our team work tirelessly to create trusting relationships with all our attendees and support them throughout their time at SBS. When volunteer status is achieved, our young people access a variety of programmes and workshops provided by our staff team and learning partners to further enhance and enrich their lives.
## **Our Aims**
SBS is committed to making horses accessible to the whole community. The objects of the charity are set out in the Charity's trust deed and are summarised as follows:
SBS aims to develop the skills and character of all young people accessing our project. Through interactions with horses, our staff team, and other partners, we create a range of opportunities in a safe, inclusive environment. By actively promoting progress, we aim to raise aspirations, boost self-esteem, and develop skills which allow all of our volunteers to realise their potential.
## **Public benefit**
The charity conducts a wide range of activities in pursuance of its charitable aims. The Trustees consider that these activities, summarised above, provide benefit both to those who directly receive services, and the wider community of Newcastle upon Tyne.
The trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published the Charity Commission.
Page 1
**STEPNEY BANK STABLES LTD**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023**
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
In 2022-23 Stepney Bank Stables continued to support young people from all areas in and around the city of Newcastle. Throughout the year young people continued to contribute their voluntary time to help with the continuing running of the stables. They also took part in a variety of trips and activities including learning how to repair a bike, ice skating, and a trip to visit the police stables.
- Through outreach activities, SBS have reached over 400 young people in new communities across the North East, many of which are deprived/low income areas. Several of these young people have since started to attend Stepney Bank Stables.
- We asked young volunteers to rate from 0-10 how much volunteering has helped them to develop. The average scores were: - Communication 9.5, Confidence 9.4, Relationships 7.4, Teamwork 9.3, Responsibility 9.7, Perseverance 7.5.
- 134 young people have attended regularly as young volunteers.
- 65 young people took part in and graduated out of initial training.
- SBS provided over 300 free riding lessons for children.
## **FINANCIAL REVIEW**
## **Financial position**
Income of £412,856 (2022 - £552,679) was generated in the year, of which £51,859 (2022 - £137,438) related to restricted funds. An operating loss of £79, 040 (2022 Surplus £98,804) was generated for this financial year, of which £12,263 (2022 - Surplus £31,716) related to restricted funds.
The last financial year was a challenging one for SBS. A significant decrease in grant income from 2022 (£160,840 to £66,322) played a major part in the loss for the year. Part of this decrease reflects the nature of grants received in the year which differed somewhat to those received in previous years as they often reflected conditions stipulating the nature of the expenditure they would cover and hence the time period the funds were to be spent, for example, in meeting particular staff costs. Accordingly, an aggregate amount of £53,509 of grant income received has been deferred as a liability at 31 March 2023 and will be recognised as income in the following year when the relevant conditions are met.
Other factors that have contributed to the loss for the year include lower equestrian lesson income (£321,966 compared to £375,836) reflecting challenges around recruitment of appropriately skilled and qualified staff and the availability of suitable horses, and significant staff turnover, including at CEO level, which contributed to higher staff costs (£261,432 compared with £238,300). There have also been increased costs associated with fixed assets, notably depreciation charges relating to a new arena surface. Additional legal and professional fees reflect increased costs in areas such as HR support and external bookkeeping services and fundraiser costs comprise bid writer fees.
Page 2
**STEPNEY BANK STABLES LTD**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023**
## **FINANCIAL REVIEW**
## **Reserves policy**
In order to:
- allow SBS to overcome temporary negative factors to keep operating and delivering on its charitable objectives, or
- if necessary, close down in a controlled and responsible way in the light of more permanent negative factors,
the trustees believe that a target reserve level of three months of expenditure is an appropriate reserve level to aim at.
Thus, the target reserve level at 31 March 2023 can be considered to be £120,000.
At 31 March 2023, SBS held unrestricted reserves of £122,801. Of that amount, £65,761 related to fixed assets and hence was not readily available to fulfil the reserve policy objectives set out above and a further amount approximating £10,000 was committed to the purchase of new vehicles. These amounts should therefore be deducted from the unrestricted reserves figure. Conversely, £53,509 of deferred income was recognised as a liability, and hence represented a deduction from reserves. As this amount comprises grants that have been received and will be available to SBS in fulfilling its charitable objectives in the following financial year, it has been added back to unrestricted reserves for the purposes of determining available reserves. Thus, the relevant reserve level for assessment against target at 31 March 2023 is approximately £100,000.
The Trustees acknowledge that the current reserve level is below the target level and will seek to replenish reserve levels through efforts to increase income and control expenditure.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Recruitment and appointment of new trustees**
New Trustees are appointed by existing Trustees. All members of the Board will receive induction to the roles and responsibilities of a Trustee, and ongoing training based on their individual needs.
## **Related parties**
None of our Trustees receive remuneration or other benefits from their work with the
relationship with a related party. Any connection between a Trustee or Senior Manager of the charity must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party.
Page 3
**STEPNEY BANK STABLES LTD**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Risk management**
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the governance, operation and finances of the charity. Risks are managed by the Trustees and there is a comprehensive risk register which is reviewed on at least an annual basis.
The most significant risks to SBS at present are deemed to be the following:
- Financial failure through sustained losses eroding reserve levels. Such losses may result from declining income levels, relating to either, or both, equestrian and grant income, and/or expenditure increasing to levels that cannot be met by income or utilisation of reserves.
- Inability to recruit and retain appropriately skilled and experienced staff in order to maintain the required quality of service delivery.
- Inability to retain or recruit trustees with relevant skills and commitment to ensure effective oversight of SBS's strategic objectives.
- Public perception that equine welfare is not seen as paramount by SBS.
- A failure of the governance of the charity that leads to financial failure, illegal activity, an inability to address SBS's charitable objectives or creates an unsafe working environment.
- An IT systems failure or data loss that severely restricts the operation of the charity or breaches data protection requirements.
- An event that causes a major reputational risk to SBS.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
03910561 (England and Wales)
## **Registered Charity number**
1084687
## **Registered office**
Stepney Bank Newcastle Upon Tyne NE1 2PN
## **Trustees**
Dr R A M Abdelbadie Dr R A M Abdelbadie Mr G Fletcher Ms J Cornhill Ms A A Beckham Mr D Granath Mr S D Campbell Ms S Steel-Hoath Ms J Robason Mr T J Lewin
appointed 10 September 2022 appointed 15 September 2022 appointed 15 November 2022 resigned 30 October 2023
resigned 9 November 2023 resigned 13 April 2022
appointed 8 September 2022 appointed 27 September 2023
## **Centre manager**
Sara Newson
Page 4
**STEPNEY BANK STABLES LTD**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Independent Examiner**
Read, Milburn & Co 71 Howard Street North Shields Tyne and Wear NE30 1AF
## **Bankers**
The Co-operative Bank plc PO Box 1011 1 Balloon Street Manchester M60 4EP
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of Stepney Bank Stables Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees 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 which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 29 November 2023 and signed on its behalf by:
Mr. G Fletcher - Trustee
Page 5
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STEPNEY BANK STABLES LTD**
## **Independent examiner's report to the trustees of Stepney Bank Stables Ltd ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, 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:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Nick J Liley FCA
Read, Milburn & Co 71 Howard Street North Shields Tyne and Wear NE30 1AF
4 December 2023
Page 6
## **STEPNEY BANK STABLES LTD**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023**
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
12,754
**Charitable activities**
5
Contracts
321,966
Grant income
21,963
Other trading activities
3
3,086
Investment income
4
-
Other income
1,228
**Total**
360,997
**EXPENDITURE ON**
Raising funds
6
2,306
**Charitable activities**
7
Staff costs
212,622
Subcontract costs
20,326
Horse costs
49,926
Youth work and other costs
1,899
Employee costs
1,907
Motor and travel costs
5,936
Premises costs
61,027
General administrative costs
29,018
Legal and professional costs
17,517
Fundraising costs
25,290
**Total**
427,774
**NET INCOME/(EXPENDITURE)**
(66,777)
**RECONCILIATION OF FUNDS**
Total funds brought forward
189,578
**TOTAL FUNDS CARRIED FORWARD**
122,801|Restricted
funds
£
7,500
-
44,359
-
-
-
51,859
-
48,810
1,372
3,752
4,190
2,639
412
1,272
1,107
568
-
64,122
(12,263)
12,263
-|2023
Total
funds
£
20,254
321,966
66,322
3,086
-
1,228
412,856
2,306
261,432
21,698
53,678
6,089
4,546
6,348
62,299
30,125
18,085
25,290
491,896
(79,040)
201,841
122,801|2022
Total
funds
£
1,808
375,836
160,840
11,549
142
2,504
552,679
3,464
238,300
25,483
51,032
11,215
7,262
9,550
61,994
28,609
10,355
6,611
453,875
98,804
103,037
201,841|
|---|---|---|---|
The notes form part of these financial statements
Page 7
## **STEPNEY BANK STABLES LTD**
## **BALANCE SHEET 31 MARCH 2023**
|Notes
**FIXED ASSETS**
Intangible assets
14
Tangible assets
15
**CURRENT ASSETS**
Stocks
16
Debtors
17
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
18
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
21
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|2023
£
-
65,761
65,761
106
7,329
119,157
126,592
(69,552)
57,040
122,801
122,801
122,801
-
122,801|2022
£
9,382
71,376
80,758
479
970
170,846
172,295
(51,212)
121,083
201,841
201,841
189,578
12,263
201,841|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 8
## **STEPNEY BANK STABLES LTD**
## **BALANCE SHEET - continued 31 MARCH 2023**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 29 November 2023 and were signed on its behalf by:
Mr. G Fletcher - Trustee
The notes form part of these financial statements
Page 9
**STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The presentation currency of the financial statements is the Pound Sterling (£).
## **Going Concern**
The financial statements are prepared on the going concern basis. In the opinion of trustees, no material uncertainties exist about the charity's ability to continue.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Irrecoverable VAT is recognised as a cost, charged to the activity under which the related expenditure arose.
## **Intangible assets**
Intangible assets are initially measured at cost. After initial recognition, intangible assets are amortised over 5 years of useful life.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
|Equipment|- 10% on cost|
|---|---|
|Fixtures and fittings|- 10% on cost|
|Horses|- Straight line over 15 years|
|Computer equipment|- 20% on cost|
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
continued...
Page 10
**STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **2. DONATIONS AND LEGACIES**
|Donations
Gift aid
**OTHER TRADING ACTIVITIES**
Gift shop income
Café charges
Hoodies, polo and sweatshirts
Product sales income|2023
£
18,980
1,274
20,254
2023
£
392
2,043
651
-
3,086|2022
£
1,808
-
1,808
2022
£
1,116
6,859
2,998
576
11,549|
|---|---|---|
## **3. OTHER TRADING ACTIVITIES**
continued...
Page 11
**STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
|**4.**
**INVESTMENT INCOME**
Bank interest received
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Alternative provision
Contracts
Group bookings
Contracts
Schools
Contracts
Equestrian income
Contracts
Grants
Grant income
Apprentice grants
Grant income
Grants received, included in the above, are as follows:
Arnold Clark Community Fund
Awards for All
BBC Children in Need
BNI Foundation
Clothworkers
Community Foundation
Edward Gostling Foundation
Emile Faurie Foundation
Garfield Weston Foundation
Graham Wylie Foundation
Groundwork - Tesco
Hadrian Trust
Hospital of God Greatham
Joseph Strong Frazer Trust
NCC Byker Ward
NE Youth
R W Gibson Trust
Sir James Knott Trust
Street Games UK
The British Equestrian Federation
The British Horse Society
The Joicey Trust
The Rothley Trust
The Schofield Trust
VCSE - Readiness Fund
Newcastle City Council
Carried forward||2023
£
-
2023
£
22,428
-
-
299,538
61,359
4,963
388,288
2023
£
1,000
2,460
-
-
-
-
1,666
1,000
-
-
-
-
-
2,500
-
-
-
-
300
920
200
2,000
-
-
4,000
-
16,046||2022
£
142
2022
£
22,157
18,969
18,550
316,160
160,840
-
536,676
2022
£
1,000
8,537
18,456
960
13,000
6,289
3,942
500
20,000
10,400
500
1,000
1,000
2,500
2,238
1,200
3,000
9,350
18,344
8,537
3,000
2,100
900
685
1,000
18,194
156,632|
|---|---|---|---|---|
||||||
continued...
Page 12
**STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **5. INCOME FROM CHARITABLE ACTIVITIES - continued**
|Brought forward
NCC - Education and Skills
Mint Business Club - Kickstart
Go Fund Me Page
R F F Gibson
Finn Family Fund
Loriners Trust
1989 Willan Charitable Trust
Elsie Davis Trust
Newcastle Fund
Northumbria Police and Crime Commission
Percy Hedley 1990 Charitable Trust
Roy and Pixi Trust
Sylvia Waddilove Foundation
The Barbour Foundation|2023
£
16,046
-
-
-
8,000
1,000
500
4,161
5,000
20,453
324
500
1,000
375
4,000
61,359|2022
£
156,632
3,500
650
58
-
-
-
-
-
-
-
-
-
-
-
160,840|
|---|---|---|
## **6. RAISING FUNDS Other trading activities**
|Purchases
Gift shop expenses
**7.**
**CHARITABLE ACTIVITIES COSTS**|2023
£
749
1,557
2,306|2022
£
-
3,464
3,464|
|---|---|---|
|Staff costs
Subcontract costs
Horse costs
Youth work and other costs
Employee costs
Motor and travel costs
Premises costs
General administrative costs
Legal and professional costs
Fundraising costs|Direct
Costs (see
note 8)
£
261,432
21,698
53,678
6,089
-
-
-
-
-
-
342,897|Support
costs (see
note 9)
£
-
-
-
-
4,546
6,348
62,299
30,125
18,085
25,290
146,693|Totals
£
261,432
21,698
53,678
6,089
4,546
6,348
62,299
30,125
18,085
25,290
489,590|
|---|---|---|---|
continued...
Page 13
**STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **8. DIRECT COSTS OF CHARITABLE ACTIVITIES**
|**DIRECT COSTS OF CHARITABLE ACTIVITIES**|||
|---|---|---|
|Staff costs
Payroll expenses
Admin and management costs
Subcontractors
Horse costs
Volunteer expenses
Room hire
Rosettes, certificates and exams
Youth activities, trips and workshops
Youth riding lessons
Youth accreditation|2023
£
243,134
-
18,298
21,698
53,678
900
-
2,262
2,412
-
515
342,897|2022
£
236,288
109
1,903
25,483
51,032
1,630
800
1,567
5,018
2,200
-|
|||326,030|
|**9.**
**SUPPORT COSTS**
Governance
Management
costs
£
£
Employee costs
4,546
-
Motor and travel costs
6,348
-
Premises costs
62,299
-
General administrative costs
30,125
-
Legal and professional costs
7,933
10,152
Fundraising costs
25,290
-
136,541
10,152
**10.**
**NET INCOME/(EXPENDITURE)**|Totals
£
4,546
6,348
62,299
30,125
18,085
25,290|
|---|---|
||146,693|
|||
Net income/(expenditure) is stated after charging/(crediting):
|Accountancy fees
Bookkeeping services
Depreciation - owned assets
Surplus/(deficit) on disposal of fixed assets
Website development amortisation|2023
£
1,440
8,712
15,268
(1,228)
4,462|2022
£
1,200
798
8,352
234
1,275|
|---|---|---|
continued...
Page 14
**STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **11. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
## **12. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs|2023
£
232,019
8,420
2,695
243,134|2022
£
224,780
8,800
2,708|
|---|---|---|
|||236,288|
The charity's key management personnel comprise the Trustees and the Chief Executive Officer. The total employee benefits of the key management personnel were £36,814 (2022 - £32,515).
The average monthly number of employees during the year was as follows:
|Chief officer
Centre manager
Administration
Equestrian
Youth|2023
-
1
1
7
3
12|2022
1
-
2
9
4|
|---|---|---|
|||16|
No employees received emoluments in excess of £60,000.
|**13.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||fund|funds|funds|
|||£|£|£|
||**INCOME AND ENDOWMENTS FROM**||||
||Donations and legacies|1,808|-|1,808|
||**Charitable activities**||||
||Contracts|375,836|-|375,836|
||Grant income|23,402|137,438|160,840|
||Other trading activities|11,549|-|11,549|
||Investment income|142|-|142|
||Other income|2,504|-|2,504|
Page 15
continued...
## **STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
|**13.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||fund|funds|funds|
|||£|£|£|
||**Total**|415,241|137,438|552,679|
||**EXPENDITURE ON**||||
||Raising funds|3,122|342|3,464|
||**Charitable activities**||||
||Staff costs|172,858|65,442|238,300|
||Subcontract costs|23,964|1,519|25,483|
||Horse costs|39,100|11,932|51,032|
||Youth work and other costs|662|10,553|11,215|
||Employee costs|4,193|3,069|7,262|
||Motor and travel costs|4,056|5,494|9,550|
||Premises costs|58,077|3,917|61,994|
||General administrative costs|27,197|1,412|28,609|
||Legal and professional costs|8,642|1,713|10,355|
||Fundraising costs|6,611|-|6,611|
||**Total**|348,482|105,393|453,875|
||**NET INCOME**|66,759|32,045|98,804|
||**Transfers between funds**|43,456|(43,456)|-|
||**Net movement in funds**|110,215|(11,411)|98,804|
||**RECONCILIATION OF FUNDS**||||
||Total funds brought forward|79,363|23,674|103,037|
||**TOTAL FUNDS CARRIED**||||
||**FORWARD**|189,578|12,263|201,841|
Page 16
continued...
**STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **14. INTANGIBLE FIXED ASSETS**
|**COST**
At 1 April 2022
Reclassification/transfer
At 31 March 2023
**AMORTISATION**
At 1 April 2022
Charge for year
At 31 March 2023
**NET BOOK VALUE**
At 31 March 2023
At 31 March 2022
**TANGIBLE FIXED ASSETS**
Equipment
£
**COST**
At 1 April 2022
51,049
Additions
17,526
Disposals
(28,000)
At 31 March 2023
40,575
**DEPRECIATION**
At 1 April 2022
28,649
Charge for year
9,780
Eliminated on disposal
(10,270)
At 31 March 2023
28,159
**NET BOOK VALUE**
At 31 March 2023
12,416
At 31 March 2022
22,400|Fixtures
and
fittings
£
50,965
-
-
50,965
44,406
660
-
45,066
5,899
6,559|Website
development
£
24,041
(4,920)
19,121
14,659
4,462
19,121
-
9,382
Computer
Horses
equipment
Totals
£
£
£
41,275
8,624
151,913
30,500
-
48,026
(23,725)
-
(51,725)
48,050
8,624
148,214
7,482
-
80,537
3,104
1,724
15,268
(3,082)
-
(13,352)
7,504
1,724
82,453
40,546
6,900
65,761
33,793
8,624
71,376|
|---|---|---|
## **15. TANGIBLE FIXED ASSETS**
continued...
Page 17
## **STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
|**16.**
**STOCKS**
2023
£
Finished goods
106
**17.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2023
£
Trade debtors
4,256
Prepayments and accrued income
3,073
7,329
**18.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2023
£
Trade creditors
3,484
Social security and other taxes
4,689
Other creditors
749
Accrued expenses
7,121
Deferred income
53,509
69,552
**19.**
**LEASING AGREEMENTS**
Minimum lease payments under non-cancellable operating leases fall due as follows:
2023
£
Within one year
5,000
Between one and five years
15,000
20,000|2022
£
479
2022
£
970
-
970
2022
£
6,453
4,232
23,542
16,985
-
51,212
2022
£
5,000
20,000
25,000|
|---|---|
This is a 20 year operating lease running until 2027. The rent is 10% of Market Value which is £80,000 however the rent has been maintained at £5,000 per annum by The Ouseburn Trust.
continued...
Page 18
## **STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **20. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Unrestricted
fund
£
Fixed assets
65,761
Current assets
73,083
Current liabilities
(16,043)
122,801
**21.**
**MOVEMENT IN FUNDS**|Restricted
funds
£
-
53,509
(53,509)
-|2023
Total
funds
£
65,761
126,592
(69,552)
122,801|2022
Total
funds
£
80,758
172,295
(51,212)
201,841|
|---|---|---|---|
|**Unrestricted funds**
General fund
**Restricted funds**
Graham Wylie Foundation
**TOTAL FUNDS**|At 1/4/22
£
189,578
12,263
201,841|Net
movement
in funds
£
(66,777)
(12,263)
(79,040)|At
31/3/23
£
122,801
-
122,801|
|---|---|---|---|
continued...
Page 19
**STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **21. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Graham Wylie Foundation
Awards for All
Edward Gostling Foundation
Emile Faurie Foundation
Street Games UK
British Equestrian Federation
British Horse Society
The Joicey Trust
The 1989 Willan Charitable Trust
Elsie Davis Trust
Donation towards salary costs
Newcastle Fund
Northumbria Police and Crime
Commissioner
Percy Hedley 1990 Charitable Trust
Roy and Pixi Trust
The Sylvia Waddilove Foundation
The Barbour Foundation
**TOTAL FUNDS**|Incoming
resources
£
360,997
-
2,460
1,666
1,000
300
920
200
2,000
4,161
5,000
7,500
20,453
324
500
1,000
375
4,000
51,859
412,856|Resources
Movement
expended
in funds
£
£
(427,774)
(66,777)
(12,263)
(12,263)
(2,460)
-
(1,666)
-
(1,000)
-
(300)
-
(920)
-
(200)
-
(2,000)
-
(4,161)
-
(5,000)
-
(7,500)
-
(20,453)
-
(324)
-
(500)
-
(1,000)
-
(375)
-
(4,000)
-
(64,122)
(12,263)
(491,896)
(79,040)|
|---|---|---|
continued...
Page 20
**STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **21. MOVEMENT IN FUNDS - continued**
**Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Sir Peter Sullavan Charitable Trust
Blackhouse Trust
BBC Children in Need
Graham Wylie Foundation
R W Mann Trust
Clothworkers
Souter Charitable Trust
**TOTAL FUNDS**|At 1/4/21
£
79,363
12,000
58
-
9,416
1,000
-
1,200
23,674
103,037|Net
movement
in funds
£
66,759
-
(58)
18,456
2,847
(1,000)
13,000
(1,200)
32,045
98,804|Transfers
between
funds
£
43,456
(12,000)
-
(18,456)
-
-
(13,000)
-
(43,456)
-|At
31/3/22
£
189,578
-
-
-
12,263
-
-
-
12,263
201,841|
|---|---|---|---|---|
continued...
Page 21
**STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **21. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Blackhouse Trust
BBC Children in Need
Community Foundation
Graham Wylie Foundation
Joseph Strong Frazer Trust
R W Mann Trust
Arnold Clark Community Fund
Awards for All
BNI Foundation
Clothworkers
Edward Gostling Foundation
Emile Faurie Foundation
Garfield Weston Foundation
Groundwork - Tesco
Hadrian Trust
Hospital of God Greatham
NCC Byker Ward
NE Youth
R W Gibson Trust
Sir James Knott Trust
Street Games UK
British Equestrian Federation
British Horse Society
The Joicey Trust
The Rothley Trust
The Schofield Trust
Souter Charitable Trust
**TOTAL FUNDS**|Incoming
resources
£
415,241
-
18,456
6,289
10,400
2,500
-
1,000
8,537
960
13,000
3,942
500
20,000
500
1,000
1,000
2,238
1,200
3,000
9,350
18,344
8,537
3,000
2,100
900
685
-
137,438
552,679|Resources
Movement
expended
in funds
£
£
(348,482)
66,759
(58)
(58)
-
18,456
(6,289)
-
(7,553)
2,847
(2,500)
-
(1,000)
(1,000)
(1,000)
-
(8,537)
-
(960)
-
-
13,000
(3,942)
-
(500)
-
(20,000)
-
(500)
-
(1,000)
-
(1,000)
-
(2,238)
-
(1,200)
-
(3,000)
-
(9,350)
-
(18,344)
-
(8,537)
-
(3,000)
-
(2,100)
-
(900)
-
(685)
-
(1,200)
(1,200)
(105,393)
32,045
(453,875)
98,804|
|---|---|---|
continued...
Page 22
**STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **21. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Graham Wylie Foundation
**TOTAL FUNDS**|At 1/4/21
£
79,363
9,416
103,037|Net
movement
in funds
£
(18)
(9,416)
19,764|Transfers
between
funds
£
43,456
-
-|At
31/3/23
£
122,801
-
122,801|
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Graham Wylie Foundation
Awards for All
Edward Gostling Foundation
Emile Faurie Foundation
Street Games UK
British Equestrian Federation
British Horse Society
The Joicey Trust
The 1989 Willan Charitable Trust
Elsie Davis Trust
Donation towards salary costs
Newcastle Fund
Northumbria Police and Crime
Commissioner
Percy Hedley 1990 Charitable Trust
Roy and Pixi Trust
The Sylvia Waddilove Foundation
The Barbour Foundation
**TOTAL FUNDS**|Incoming
resources
£
776,238
10,400
10,997
5,608
1,500
18,644
9,457
3,200
4,100
4,161
5,000
7,500
20,453
324
500
1,000
375
4,000
107,219
965,535|Resources
Movement
expended
in funds
£
£
(776,256)
(18)
(19,816)
(9,416)
(10,997)
-
(5,608)
-
(1,500)
-
(18,644)
-
(9,457)
-
(3,200)
-
(4,100)
-
(4,161)
-
(5,000)
-
(7,500)
-
(20,453)
-
(324)
-
(500)
-
(1,000)
-
(375)
-
(4,000)
-
(116,635)
(9,416)
(945,771)
19,764|
|---|---|---|
continued...
Page 23
**STEPNEY BANK STABLES LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **21. MOVEMENT IN FUNDS - continued**
## **Restricted funds**
## **Graham Wylie Foundation**
A grant for youth work salaries and activities.
## **Newcastle Fund**
The Newcastle Fund are funding a project 'Trotting Around the Toon' to help children and young people come out of lockdown and transition into society. Additional funding was provided by The Joicey Trust.
## **Northumbria Police and Crime Commission**
The NPCC are supporting a project to reduce the harm caused by crime and anti-social behaviour in communities.
## **Street Games UK**
This grant is funding the 'Holiday Activity and Food Programme' for 2023.
## **Emile Faurie Foundation**
This funding is to deliver a mentoring scheme.
## **Working with children and young people**
Several funders contributed to work with children and young people, 1989 Willan Charitable Trust, Awards For All, Edward Gostling Foundation, Elsie Davis Trust, Roy and Pixi Trust, and the British Horse Society.
## **The Equestrian and Activities Club**
Several funders contributed to the running costs of the club, The British Equestrian Federation, Percy Hedley 1990 Charitable Trust, Sylvia Waddilove Foundation and The Barbour Foundation.
## **22. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2023.
## **23. ULTIMATE CONTROLLING PARTY**
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 24
**STEPNEY BANK STABLES LTD**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Gift aid
**Other trading activities**
Gift shop income
Café charges
Hoodies, polo and sweatshirts
Product sales income
**Investment income**
Bank interest received
**Charitable activities**
Alternative provision
Group bookings
Schools
Equestrian income
Grants
Apprentice grants
**Other income**
Gain on sale of tangible fixed assets
Other income
**Total incoming resources**
**EXPENDITURE**
**Other trading activities**
Purchases
Gift shop expenses|2023
£
18,980
1,274
20,254
392
2,043
651
-
3,086
-
22,428
-
-
299,538
61,359
4,963
388,288
1,228
-
1,228
412,856
749
1,557
2,306|2022
£
1,808
-
1,808
1,116
6,859
2,998
576
11,549
142
22,157
18,969
18,550
316,160
160,840
-
536,676
-
2,504
2,504
552,679
-
3,464
3,464|
|---|---|---|
This page does not form part of the statutory financial statements
Page 25
## **STEPNEY BANK STABLES LTD**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023**
|**Other trading activities**
**Charitable activities**
Wages
Social security
Pensions
Payroll expenses
Admin and management costs
Subcontractors
Horse costs
Volunteer expenses
Room hire
Rosettes, certificates and exams
Youth activities, trips and workshops
Youth riding lessons
Youth accreditation
**Support costs**
**Management**
Rent
Insurance
Light and heat
Telephone
Printing, post and stationery
Consultancy fees
Vehicle costs
Cleaning and sundries
Repairs and maintenance
Equipment
Pest control
Water
Computer costs
Professional fees
Staff welfare
Recruitment costs
Staff training
Staff travel
Bank charges
Fundraising costs
Amort of website development
Depn of equipment
Fixtures and fittings
Depn of horses
Carried forward|2023
£
232,019
8,420
2,695
-
18,298
21,698
53,678
900
-
2,262
2,412
-
515
342,897
8,803
15,313
14,259
5,722
3,674
2,531
5,481
6,256
8,084
29
1,163
2,670
1,822
5,402
2,047
467
2,032
867
4,899
25,290
4,462
9,780
660
3,104
134,817|2022
£
224,780
8,800
2,708
109
1,903
25,483
51,032
1,630
800
1,567
5,018
2,200
-
326,030
7,450
14,245
17,532
6,044
4,095
1,808
9,083
4,841
14,042
1,329
77
2,478
1,724
6,549
1,103
130
6,029
467
6,885
6,611
1,275
5,600
-
2,752
122,149|
|---|---|---|
This page does not form part of the statutory financial statements
Page 26
## **STEPNEY BANK STABLES LTD**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023**
|**Management**
Brought forward
Computer equipment
Loss on sale of tangible fixed assets
**Governance costs**
Accountancy and bookkeeping services
Total resources expended
**Net (expenditure)/income**|2023
£
134,817
1,724
-
136,541
10,152
491,896
(79,040)|2022
£
122,149
-
234
122,383
1,998
453,875
98,804|
|---|---|---|
This page does not form part of the statutory financial statements
Page 27