OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR STEPNEY BANK STABLES LTD

STEPNEY BANK STABLES LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8 to 9
Cash Flow Statement 10
Notes to the Financial Statements 11 to 26

STEPNEY BANK STABLES LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

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 2024. 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 2024

ACHIEVEMENT AND PERFORMANCE

Charitable activities

In 2023-24 Stepney Bank Stables continued to support young people from all areas in and around the city of Newcastle and beyond. We extended our Alternative Provision offer to include more young people who are disengaged from mainstream education. We provided opportunities 363 days per year for young people to contribute their voluntary time outside of school hours to care for our horses and assist with the running of the stables. Young people also took part in a variety of trips and activities including visiting Doncaster Racing College, attending Northumberland County Show, ice skating, attending Projects with Pride Awards, participating in autism awareness training and competing in in-house competitions

.

During school holidays we provided 90 spaces on our Holiday Activity Fund Provision. This free provision enabled many children who are eligible for free school meals to access the stables for the first time. "My son had been offered a place for a summer camp at the Stepney Bank stable and it was the best experience he has ever had. It's a highly recommended place for anyone interested in horse riding. Thanks everyone for the great opportunity."

We've trained more coaches through the Happy Brain model which helps them to support themselves and the young people they work with through difficult situations. We've seen a rise in the number of young people who attend who are struggling with anxiety. Our horses and human coaches provide a safe and supportive environment for young people to thrive. "Thanks for helping my daughter with her anxiety and social anxiety with volunteers helping and Thomas and other instructors she is doing great, this place needs 5 stars and kids with any special needs who want to do this sport should go here for all the support they need"

Statistics:

FINANCIAL REVIEW

Financial position

Income of £531,091 (2023 - £412,856) was generated in the year, of which £154,785 (2023 - £51,859) related to restricted funds. An operating loss of £14,379 (2023 Deficit £79,040) was generated for this financial year, of which £Nil (2023 - Deficit £12,263) related to restricted funds.

The 2023-24 financial year again presented challenges to SBS. Although grant income increased from 2023 (£66,322 to £143,435), equestrian income fell (£321,966 to £304,711) and expenditure increased (£491,896 to £545,470) reflecting higher staff costs and inflationary increases to expenses. Accordingly, a loss for the year was again recorded although one significantly lower than the previous year (£14,379 compared to £79,040).

An aggregate amount of £38,149 of grant income received has been deferred as a liability at 31 March 2024 and will be recognised as income in the following year when the relevant conditions are met.

Page 2

STEPNEY BANK STABLES LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL REVIEW

Reserves policy

In order to:

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 2024 can be considered to be £135,000.

At 31 March 2024, SBS held unrestricted reserves of £108,422. Of that amount, £61,887 related to fixed assets and hence was not readily available to fulfil the reserve policy objectives set out above. These amounts should therefore be deducted from the unrestricted reserves figure. Conversely, £38,149 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 2024 is approximately £85,000.

The Trustees acknowledge that this reserve level was significantly below the target level and sought to replenish reserve levels through a major Crowdfunder exercise in May 2024 together with ongoing efforts to 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 2024

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:

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 L Turnball Ms S Steel-Hoath Ms J Robason Mr T J Lewin Miss Z S Bell Mrs J Murphy Mrs J Routledge

resigned 27 March 2024 resigned 30 October 2023 resigned 9 November 2023 appointed 28 February 2024

appointed 27 September 2023 appointed 28 February 2024 appointed 28 February 2024 appointed 28 February 2024

Centre manager Sara Newson

Page 4

STEPNEY BANK STABLES LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

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

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 11 November 2024 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 2024.

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

14 November 2024

Page 6

STEPNEY BANK STABLES LTD

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
50,643
Charitable activities
4
Contracts
304,711
Grant income
16,400
Other trading activities
3
1,157
Other income
3,395
Total
376,306
EXPENDITURE ON
Raising funds
5
1,354
Charitable activities
6
Staff costs
196,239
Subcontract costs
7,456
Horse costs
55,841
Youth work and other costs
767
Employee costs
4,974
Motor and travel costs
(1,127)
Premises costs
65,884
General administrative costs
22,352
Legal and professional costs
14,795
Fundraising costs
22,150
Total
390,685
NET INCOME/(EXPENDITURE)
(14,379)
RECONCILIATION OF FUNDS
Total funds brought forward
122,801
TOTAL FUNDS CARRIED FORWARD
108,422		 Restricted
funds
£
27,750
-
127,035
-
-
154,785
68
114,698
9,734
8,459
6,352
1,484
4,971
4,093
2,392
2,534
-
154,785
-
-
-		 2024
Total
funds
£
78,393
304,711
143,435
1,157
3,395
531,091
1,422
310,937
17,190
64,300
7,119
6,458
3,844
69,977
24,744
17,329
22,150
545,470
(14,379)
122,801
108,422		 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

The notes form part of these financial statements

Page 7

STEPNEY BANK STABLES LTD

BALANCE SHEET 31 MARCH 2024

Notes
FIXED ASSETS
Tangible assets
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
20
Unrestricted funds
TOTAL FUNDS		 2024
£
61,887
342
25,252
69,790
95,384
(48,849)
46,535
108,422
108,422
108,422
108,422		 2023
£
65,761
106
7,329
119,157
126,592
(69,552)
57,040
122,801
122,801
122,801
122,801

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 8

STEPNEY BANK STABLES LTD

BALANCE SHEET - continued 31 MARCH 2024

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 11 November 2024 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

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from operations
23
Net cash used in operating activities
Cash flows from investing activities
Reclassification intangible fixed assets
Purchase of tangible fixed assets
Sale of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2024
£
(39,168)
(39,168)
-
(47,549)
37,350
(10,199)
(49,367)
119,157
69,790		 2023
£
(48,184)
(48,184)
4,920
(48,026)
39,601
(3,505)
(51,689)
170,846
119,157

The notes form part of these financial statements

Page 10

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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.

Property improvements - 50% on cost
Motor vehicles - 20% on cost
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.

continued...

Page 11

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES - continued

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for 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.

Financial instruments

All financial assets and financial liabilities of the charity qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. DONATIONS AND LEGACIES

Donations
Gift aid
3.
OTHER TRADING ACTIVITIES
Gift shop income
Café charges		 2024
£
61,295
17,098
78,393
2024
£
1,157
-
1,157		 2023
£
18,980
1,274
20,254
2023
£
1,043
2,043
3,086

continued...

Page 12

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

4. INCOME FROM CHARITABLE ACTIVITIES

INCOME FROM CHARITABLE ACTIVITIES
Activity
Alternative provision
Contracts
Group bookings
Contracts
Schools
Contracts
Equestrian income
Contracts
Arena and room hire
Contracts
Grants
Grant income
Apprentice grants
Grant income
Grants received, included in the above, are as follows:
Arnold Clark Community Fund
Awards for All
Edward Gostling Foundation
Emile Faurie Foundation
Hadrian Trust
Hospital of God Greatham
Joseph Strong Frazer Trust
Sir James Knott Trust
Street Games UK
The British Equestrian Federation
The British Horse Society
The Joicey Trust
The Rothley Trust
VCSE - Readiness Fund
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
Community Foundation Tyne and Wear
Daisy Marr Fund
Department for Digital, Culture, Media and Sport
Greggs Foundation
LGA Foundation
Prince of Wales Charitable Trust
Carried forward		 2024
£
27,753
7,380
21,385
244,123
4,070
143,435
-
448,146
2024
£
-
7,381
8,334
1,500
500
1,000
2,500
10,000
5,880
6,102
-
-
900
-
-
-
1,250
5,827
-
-
3,563
-
-
1,125
-
12,137
3,511
9,958
2,000
5,000
2,800
91,268		 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
8,000
1,000
500
4,161
5,000
20,453
324
500
1,000
375
4,000
-
-
-
-
-
-
61,359

continued...

Page 13

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

4. INCOME FROM CHARITABLE ACTIVITIES - continued

4.
INCOME FROM CHARITABLE ACTIVITIES - continued
Brought forward
The Ringtons Fund
St Nicholas Education Trust
The Hargreaves Foundation
The Michael and Shirley Hunt Trust
The National Lottery Community Fund
Apartment Group Newton Hall
Key Fund Federation
5.
RAISING FUNDS
Other trading activities		 2024
£
91,268
2,233
5,000
8,656
1,000
11,230
23,798
250
143,435		 2023
£
61,359
-
-
-
-
-
-
-
61,359
Purchases
Gift shop expenses
6.
CHARITABLE ACTIVITIES COSTS		 2024
£
1,157
265
1,422		 2023
£
749
1,557
2,306
Other trading activities
2024 2023
£ £
Purchases 1,157 749
Gift shop expenses 265 1,557
1,422 2,306
6. CHARITABLE ACTIVITIES COSTS
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 7)
£
310,937
17,190
64,300
7,119
-
-
-
-
-
-
399,546		 Support
costs (see
note 8)
£
-
-
-
-
6,458
3,844
69,977
24,744
17,329
22,150
144,502		 Totals
£
310,937
17,190
64,300
7,119
6,458
3,844
69,977
24,744
17,329
22,150
544,048

continued...

Page 14

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

7. DIRECT COSTS OF CHARITABLE ACTIVITIES

DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Admin and management costs
Subcontractors
Horse costs
Volunteer and youth expenses		 2024
£
310,937
-
17,190
64,300
7,119
399,546		 2023
£
243,134
18,298
21,698
53,678
6,089
342,897

8. SUPPORT COSTS

Governance
Management
costs
£
£
Employee costs
6,458
-
Motor and travel costs
3,844
-
Premises costs
69,977
-
General administrative costs
24,744
-
Legal and professional costs
9,511
7,818
Fundraising costs
22,150
-
136,684
7,818		 Totals
£
6,458
3,844
69,977
24,744
17,329
22,150
144,502

9. NET INCOME/(EXPENDITURE)

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

Accountancy fees
Bookkeeping services
Depreciation - owned assets
Surplus on disposal of fixed assets
Website development amortisation		 2024
£
1,458
6,360
16,918
(2,845)
-		 2023
£
1,440
8,712
15,268
(1,228)
4,462

Page 15

continued...

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2024
£
292,600
14,061
4,276
310,937		 2023
£
232,019
8,420
2,695
243,134

The charity's key management personnel comprise the Trustees and the Centre Manager. The total employee benefits of the key management personnel were £44,110 (2023 - £36,814).

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

Centre manager
Administration
Equestrian
Youth		 2024
1
1
6
3
11		 2023
1
1
7
3
12

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

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
fund
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
12,754
7,500
Charitable activities
Contracts
321,966
-
Grant income
21,963
44,359
Other trading activities
3,086
-
Other income
1,228
-
Total
360,997
51,859		 Total
funds
£
20,254
321,966
66,322
3,086
1,228
412,856

Page 16

continued...

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

12. 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
£ £ £
EXPENDITURE ON
Raising funds 2,306 - 2,306
Charitable activities
Staff costs 212,622 48,810 261,432
Subcontract costs 20,326 1,372 21,698
Horse costs 49,926 3,752 53,678
Youth work and other costs 1,899 4,190 6,089
Employee costs 1,907 2,639 4,546
Motor and travel costs 5,936 412 6,348
Premises costs 61,027 1,272 62,299
General administrative costs 29,018 1,107 30,125
Legal and professional costs 17,517 568 18,085
Fundraising costs 25,290 - 25,290
Total 427,774 64,122 491,896
NET INCOME/(EXPENDITURE) (66,777) (12,263) (79,040)
RECONCILIATION OF FUNDS
Total funds brought forward 189,578 12,263 201,841
TOTAL FUNDS CARRIED
FORWARD 122,801 - 122,801
13. INTANGIBLE FIXED ASSETS
Website
development
£
COST
At 1 April 2023 and 31 March 2024 19,121
AMORTISATION
At 1 April 2023 and 31 March 2024 19,121
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

continued...

Page 17

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

14. TANGIBLE FIXED ASSETS

COST
At 1 April 2023
Additions
Disposals
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for year
Eliminated on disposal
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023
COST
At 1 April 2023
Additions
Disposals
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for year
Eliminated on disposal
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Property
Motor
improvements
vehicles
Equipment
£
£
£
17,526
-
23,049
-
21,049
650
-
(2,750)
-
17,526
18,299
23,699
5,110
-
23,049
9,000
2,541
30
-
(138)
-
14,110
2,403
23,079
3,416
15,896
620
12,416
-
-
Fixtures
and
Computer
fittings
Horses
equipment
Totals
£
£
£
£
50,965
48,050
8,624
148,214
-
25,850
-
47,549
-
(37,150)
-
(39,900)
50,965
36,750
8,624
155,863
45,066
7,504
1,724
82,453
660
2,971
1,716
16,918
-
(5,257)
-
(5,395)
45,726
5,218
3,440
93,976
5,239
31,532
5,184
61,887
5,899
40,546
6,900
65,761

continued...

Page 18

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

15. STOCKS
2024 2023
£ £
Finished goods 342 106
16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 22,396 4,256
Prepayments and accrued income 2,856 3,073
25,252 7,329
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 8,020 3,484
Social security and other taxes - 4,689
Other creditors 841 749
Accrued expenses 1,839 7,121
Deferred income 38,149 53,509
48,849 69,552
Deferred Income
Included within Creditors are the following amounts comprising income received in advance of
delivery of the related services or expenditure incurred.
£
Balance at 1 April 2023 53,509
Released to income from charitable activities (37,759)
Amount deferred in year 22,399
Balance at 31 March 2024 38,149

continued...

Page 19

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2024
£
5,000
10,000
15,000		 2023
£
5,000
15,000
20,000

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.

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
fund
£
Fixed assets
61,887
Current assets
57,235
Current liabilities
(10,700)
108,422		 Restricted
funds
£
-
38,149
(38,149)
-		 2024
Total
funds
£
61,887
95,384
(48,849)
108,422		 2023
Total
funds
£
65,761
126,592
(69,552)
122,801

20. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS		 At 1/4/23
£
122,801
122,801		 Net
movement
in funds
£
(14,379)
(14,379)		 At
31/3/24
£
108,422
108,422

continued...

Page 20

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

20. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
Awards for All
Edward Gostling Foundation
Hadrian Trust
Hospital of God Greatham
Street Games UK
British Equestrian Federation
The 1989 Willan Charitable Trust
Donation towards salary costs
Northumbria Police and Crime
Commissioner
The Sylvia Waddilove Foundation
Community Foundation Tyne and
Wear - Port of Tyne
Community Foundation Tyne and
Wear - Arts and Culture Fund
Daisy Marr Fund
Department for Digital, Culture, Media
and Sport
Greggs Foundation
LGA Foundation
Prince of Wales Charitable Foundation
The Ringtons Fund
St Nicholas Education Trust
The Hargreaves Foundation
The Michael and Shirley Hunt Trust
The National Lottery Community Fund
Apartment Group Newton Hall
TOTAL FUNDS		 Incoming
resources
£
376,306
7,381
8,334
500
1,000
5,880
6,102
5,827
27,750
3,563
1,125
712
11,425
3,511
9,958
2,000
5,000
2,800
2,233
5,000
8,656
1,000
11,230
23,798
154,785
531,091		 Resources
Movement
expended
in funds
£
£
(390,685)
(14,379)
(7,381)
-
(8,334)
-
(500)
-
(1,000)
-
(5,880)
-
(6,102)
-
(5,827)
-
(27,750)
-
(3,563)
-
(1,125)
-
(712)
-
(11,425)
-
(3,511)
-
(9,958)
-
(2,000)
-
(5,000)
-
(2,800)
-
(2,233)
-
(5,000)
-
(8,656)
-
(1,000)
-
(11,230)
-
(23,798)
-
(154,785)
-
(545,470)
(14,379)

continued...

Page 21

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1/4/22
£
Unrestricted funds
General fund
189,578
Restricted funds
Graham Wylie Foundation
12,263
TOTAL FUNDS
201,841
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
360,997
Restricted funds
Graham Wylie Foundation
-
Awards for All
2,460
Edward Gostling Foundation
1,666
Emile Faurie Foundation
1,000
Street Games UK
300
British Equestrian Federation
920
British Horse Society
200
The Joicey Trust
2,000
The 1989 Willan Charitable Trust
4,161
Elsie Davis Trust
5,000
Donation towards salary costs
7,500
Newcastle Fund
20,453
Northumbria Police and Crime
Commissioner
324
Percy Hedley 1990 Charitable Trust
500
Roy and Pixi Trust
1,000
The Sylvia Waddilove Foundation
375
The Barbour Foundation
4,000
51,859
TOTAL FUNDS
412,856		 Net
movement
At
in funds
31/3/23
£
£
(66,777)
122,801
(12,263)
-
(79,040)
122,801

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 22

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

20. 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 1/4/22
£
189,578
12,263
201,841		 Net
movement
in funds
£
(81,156)
(12,263)
(93,419)		 At
31/3/24
£
108,422
-
108,422

continued...

Page 23

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

20. MOVEMENT IN FUNDS - continued

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
Hadrian Trust
Hospital of God Greatham
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
Community Foundation Tyne and
Wear - Port of Tyne
Community Foundation Tyne and
Wear - Arts and Culture Fund
Daisy Marr Fund
Department for Digital, Culture, Media
and Sport
Greggs Foundation
LGA Foundation
Prince of Wales Charitable Foundation
The Ringtons Fund
St Nicholas Education Trust
The Hargreaves Foundation
The Michael and Shirley Hunt Trust
The National Lottery Community Fund
Apartment Group Newton Hall
TOTAL FUNDS		 Incoming
Resources
Movement
resources
expended
in funds
£
£
£
737,303
(818,459)
(81,156)
-
(12,263)
(12,263)
9,841
(9,841)
-
10,000
(10,000)
-
1,000
(1,000)
-
500
(500)
-
1,000
(1,000)
-
6,180
(6,180)
-
7,022
(7,022)
-
200
(200)
-
2,000
(2,000)
-
9,988
(9,988)
-
5,000
(5,000)
-
35,250
(35,250)
-
20,453
(20,453)
-
3,887
(3,887)
-
500
(500)
-
1,000
(1,000)
-
1,500
(1,500)
-
4,000
(4,000)
-
712
(712)
-
11,425
(11,425)
-
3,511
(3,511)
-
9,958
(9,958)
-
2,000
(2,000)
-
5,000
(5,000)
-
2,800
(2,800)
-
2,233
(2,233)
-
5,000
(5,000)
-
8,656
(8,656)
-
1,000
(1,000)
-
11,230
(11,230)
-
23,798
(23,798)
-
206,644
(218,907)
(12,263)
943,947
(1,037,366)
(93,419)

continued...

Page 24

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

20. MOVEMENT IN FUNDS - continued

Restricted funds

Trotting Around the Toon

The 'Trotting Around the Toon' is to help children and young people living in areas of high deprivation by carrying out youth work in areas which have been identified as 'Anti-Social Behaviour' hot spots. Funding was received from 1989 Willan Charitable Trust, DCMS and Northumbria Police and Crime Commissioners to support this work.

Street Games UK

This grant is funding the 'Holiday Activity and Food Programme' for 2023.

Working with children and young people

Several funders contributed to work with children and young people, British Equestrian Federation, Greggs Foundation, Hadrian Trust, Emile Faurie Foundation, Daisy Marr Fund, Sylvia Waddilove Foundation, The Hargreaves Foundation and Hospital of God Greatham. Their funding helped young people gain skills experience and confidence which will support their future potential and wider social mobility. Other funders helped target specific areas of this work, CFTW Port of Tyne for improved employability, CFTW Arts and Culture Fund for the Stepney Western Programme..

Working with neurodiverse young people

Funding helps young people with behavioural needs and those neurodiverse to unlock their potential. Funding was supplied for this work by Awards For All, LGA Foundation, Edward Gostling Foundation, Prince of Wales Charitable Foundation, The Ringtons Fund and St Nicholas Education Trust.

Healing Hooves

This funding protects the health and wellbeing of horses covering the costs of nutritious foods and veterinary bills. Funding was received from The Michael and Shirley Hunt Trust and Horses for Health.

21. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

22. ULTIMATE CONTROLLING PARTY

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 25

continued...

STEPNEY BANK STABLES LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

23. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net expenditure for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Depreciation charges
Profit on disposal of fixed assets
(Increase)/decrease in stocks
Increase in debtors
(Decrease)/increase in creditors
Net cash used in operations		 2024
£
(14,379)
16,918
(2,845)
(236)
(17,923)
(20,703)
(39,168)		 2023
£
(79,040)
19,730
(1,228)
373
(6,359)
18,340
(48,184)

24. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/23 Cash flow At 31/3/24
£ £ £
Net cash
Cash at bank and in hand 119,157 (49,367) 69,790
119,157 (49,367) 69,790
Total 119,157 (49,367) 69,790

Page 26