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2022-06-30-accounts

Charity registration number 1103883

Company registration number 5079915 (England and Wales)

CONQUEST CENTRE LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

CONQUEST CENTRE LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees J E Holyday
D R Hardy
J M Harrison
Centre manager J Dixon
Charity number 1103883
Company number 5079915
Registered office Conquest Centre
Conquest Farm
Norton Fitzwarren
Taunton
Somerset
TA2 6PN
Independent examiner Lentells Limited
Ash House
Cook Way
Bindon Road
Taunton
Somerset
TA2 6BJ

CONQUEST CENTRE LIMITED

CONTENTS

Page
Trustees' report 1
Statement of trustees' responsibilities 2 - 7
Statement of financial activities 8
Independent examiner's report 9
Balance sheet 10 - 11
Notes to the financial statements 13 - 25

CONQUEST CENTRE LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2022

The trustees, who are also the directors of Conquest Centre Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year 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 year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CONQUEST CENTRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2022

The trustees present their annual report and financial statements for the year ended 30 June 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the charitable company's trust deed, the Companies Act 2006 and "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

Our Mission

To provide therapeutic support involving equines, small animals and the environment to enable each individual to thrive.

Vision

For everyone to have access to the therapeutic support they need in a safe, natural and non-judgemental setting to improve emotional, social, physical and mental wellbeing.

The charity

Conquest Centre offers person centred mentoring to people in need of professional support for social, emotional, mental health, neurodiverse or physical reasons. Sessions involve nature and therapy animals and can be oneto-one or in groups depending on individual need. Clients and students come from a variety of routes including CAMHS, schools, private research, referrals and recommendations.

The Trustees are grateful to all those who actively support the charity and its’ operation, these include staff, volunteers, clients, students, supporters and anyone who shares the social media posts to provide further engagement.

In a world that is changing so rapidly there seems to be a ‘new normal’ emerging every few months. The unique qualities within the Conquest team and it’s supporters means that it has the agility and flexibility to move with this changing times.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.

The year in brief

The charity operates during school term times so opened doors again for the autumn term in September 2021 after a productive summer completing many site upgrade projects including installing new portacabins, all weather roof to external arena and changing rooms.

Operationally it was a turbulent time dealing with the post pandemic chaos affecting all businesses. The beginning of a new year always brings new challenges and this time they were out of the norm with high demand for services, a significantly reduced number of volunteers and practitioners delicately managing the balance of work commitments with own families, high sickness and forced absences in schools.

Trustees swiftly agreed a new strategy to serve the high demand of clients flooding back and high numbers of new clients being referred. The strategic decision was taken to significantly increase part time staff, this would facilitate the flexibility needed for Practitioners to step in and support each other when others were forced to take unexpected days off due to their child having to be off school, whether they were themselves sick or not. Staff increased from 11 to 18 and a strong team spirit of ‘manage and support’ emerged through a fiercely dedicated team, determined to deliver the services clients needed and deserved.

CONQUEST CENTRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Whilst working outdoors with nature and animals remained core to the service delivery, site improvements such as the new roof over the outdoor arena; generously funded by Sport England’s Return to Play Community Asset Fund and Somerset Community Foundation TYCC, facilitated concurrent sessions to be run in spaces away from inclement weather. The new cabins; also part funded by SCC, meant staff were able to have quiet time in new coveted indoor spaces for Thrive Approach work and Play Therapy sessions. The Yurt had a facelift and continued to be a popular and inviting space with the log burner and its’ cosy environment. An unexpected but much welcomed legacy payment contributed significantly to other much needed capital projects to further upgrade the site.

Long term hosted services such as My Day Care Services increased their presence on site by occupying one of the new cabins and Five Rivers Specialist School took over running the Forest School. Fox’s Academy joined the team by running the café and offering food, tea and delicious cakes to all visitors.

Achievements and performance

Service delivery

The pandemic drove a lot of research in the wider mental health sector, many relevant institutions focused their research on the effect and impact of the isolation on individuals and families. Research confirmed that spending time outdoors in nature and engaging with animals has significant positive impacts on health and wellbeing, particularly for those suffering ill health due to poor mental health, or those at risk. Research also universally confirmed that the effects of trauma should be considered a significant contributor to mental and physical ill health. Children improve faster when they have access to an emotionally available adult and when carers understand the significance of this.

Campaigns by NHS and other institutions were widely used to educate the public of the importance of spending time outdoors and engaging in exercise to improve health and wellbeing.

All of the above served to strengthen the Conquest strategy of improving health and wellbeing by working in the sweet spot of the four core philosophies:

  1. Involving animals

  2. Encouraging movement and exercise

  3. Working in nature and the outdoors

  4. Developing healthy relationships.

Achieving Trauma Informed status became a new strategic goal and was successfully achieved in May 2022, Conquest Centre was the first Trauma Informed Setting award in the UK and the first to be working in this way with nature and animals. Truly pioneering work for a small Somerset charity! This is a quote from the Trauma Informed Schools UK announcement

“Huge congratulations to Conquest Centre for being awarded the first Trauma Informed Setting Award! We were absolutely blown away by the work you are doing embedding trauma informed practice in providing therapeutic support involving equines, small animals and the environment to enable each individual to thrive. What you are achieving is amazing!”

Staff training remained high priority and the ambition for all staff to have trauma informed training in the following

year was declared.

Locally the Somerset Open Mental Health Alliance had been formed and Conquest joined as an Associate Member, this elevated Conquest Centre’s profile in the local community and soon supported the achievement of funding for two major 3 year projects being the Peer Mentoring Project called ‘We’ve Got This’ for young people aged 16 to 25 and the much coveted project to support families by offering free counselling to parents of children receiving therapy, this was funded by Hinkley Point C via SCC and Fairfield Charitable Trust. Both these projects for delivery starting the next financial year.

CONQUEST CENTRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Having achieved Alternative Provider status with Somerset County Council the previous year Conquest Centre also joined the Somerset Big Tent for young people. SBT is a partnership of Charities, Charitable Incorporated Organisations and Community Interest Companies. These are VCSE organisations that provide a range of services including positive activities, therapeutic services and specialist support to increase positive wellbeing and improve mental health within children and young people aged 5-25 in Somerset.

Client numbers rose to 217 during the year with most attending at least once per week, approximately 40 volunteers returned offering their invaluable support to keep the centre running. These dedicated volunteers offered an average of 2 hours per week resulting in a public contribution of approximately 3,360 volunteer hours for the year and an in-kind financial contribution equivalent to £33,600 via voluntary work.

Site improvement projects started in the previous year were all completed, these included:

For the coming 2022-2023 financial year, in addition to continued site maintenance and general improvements the Trustees have allocated as designated funds £220,000 for future projects covering:

New Website Top Car park resurface Mechanical Horse & Hoist Permanent on-site signage Stainless steel slide Security cameras Outside Track New Horses Cabin Painting and improvements Ship lapping sensory room

Animals and welfare

Animal welfare continued to be one of the top values and embedded in everything the charity did. Considered in budgeting, staff training, field management, client engagement and all other aspects of the operations and work.

The pandemic was responsible for a wide range of national difficulties and one that affected the disabled riding sector on a national level was a shortage of suitable horses. This was because during the lock-down period many aspiring horse owners fulfilled their ambition of owning their own horse and riding whilst on furlough. The profile of a horse to be acquired by the amateur horse owner was largely the same as the type of horse suitable for disabled riding and therapy activities. There was a national shortage, so much so that RDA put out a public appeal for the crisis in the national press – many RDA centres were at risk of closing down operations as they could not replace their elderly or retired horses. The implication for horse welfare being that elderly horses would have to work for longer and harder as their equine colleagues had to be retired.

Fortunately, Conquest Centre had already diversified from relying on horses as the sole therapy animal in previous years and successfully included goats, sheep, chickens, donkeys and guinea pigs into the therapy menagerie.

Understanding the different ethology of various species was essential training for staff, and work with clients to fulfil the hierarchy of needs for the different species has proven to be powerful experiential learning relating to life skills such as nutrition, hygiene and family values. Animal and human welfare addressed simultaneously.

CONQUEST CENTRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

The legacy mentioned earlier provided the opportunity to further safeguard future horse welfare by designating funds to invest in a mechanical horse. A mechanical horse can offer clients many of the physical (not sensory) riding benefits of a real horse, but it doesn’t need the same level of attention to care and welfare, it just needs staff training, electricity and servicing.

Financial review

The charity generated a surplus of £556,108 (2021 deficit £5,906).

This good financial result is attributed to the receipt of a generous legacy of £333,333 together with grants totaling £140,000 as well as stringent control of expenditure and the dedication and loyalty of the staff and Management Team, for which the Trustees are grateful.

Financial position

Total income for the year increased by £614,042 from £285,440 to £899,482. Within this headline figure donations and gifts increased from £51,749 to £533,317, therapeutic riding income increased from £21,971 to £38,391 and income from other horse and animal based activities increased significantly from £148,151 to £283,655 representing an increase of 91%.

Costs continue to be kept under close scrutiny and control. There was an overall increase of £52,028 after recharging staff, horse and premises costs, totaling £16,711 (2021: £13,925) to the trading subsidiary.

The net result was a surplus, of £556,108 for the year (2021: deficit £5,906).

The continuing programme of significant expenditure on facilities at the Conquest Centre site utilized a large part of the surplus and meant cash at bank and in hand increased from £132,003 to £363,497.

At 30 June 2022 the total unrestricted reserves freely available to spend on any of the charity’s purposes amounted to £171,111 (2021: £167,962). This figure excludes tangible fixed assets held for charity use, stock of horses and ponies, designated funds and restricted income funds.

Principal financial and reserves policies

The Trustees have examined the charity’s requirements for reserves in light of the main risks to the organisation, including the impact of coronavirus. The charity aims to hold at least one year’s running costs in reserves at which level it would be able to continue the current activities of the charity in the event of a significant drop in funding. Surplus funds are invested with COIF, which takes into account the possible need to have ready access to funds.

The bulk of funds are used to support the charity’s principal objectives.

Principle funding resources

The charity’s principal funding comes from fees charged for animal therapy sessions, fundraising and donations together with income generated by the trading subsidiary, Conquest Equestrian Centre Limited.

The following have very kindly donated to Conquest over the past year:

CONQUEST CENTRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

The charity is indebted to the generosity of all our donors and the Trustees extend our thanks and gratitude for all the kind donations we have received.

Risk factors

The Trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charitable company is a company limited by guarantee, incorporated on 22 March 2004. The company was established under a Memorandum of Association, which established the objects and powers of the company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

The directors of the company are also the charity Trustees for the purposes of charity law and under the company’s Articles of Association are known as members of the Committee of the Board. Appointment to the committee is at the discretion of the existing members. Any person appointed to the committee shall hold that appointment for a period of three years. At the end of that period the member shall retire from office, unless the remaining members of the committee decide to re-appoint that person for a further three years. There is no limit to the number of terms that a person may serve on the committee.

The Trustees who served during the year and up to the date of signature of the financial statements were: J E Holyday D R Hardy J M Harrison

The Articles of Association provide that it is up to the Trustees how frequently they should meet. In normal circumstances, the Trustees meet on a monthly basis, except during the Easter, summer and Christmas school holiday periods. Physical Trustee meetings during Covid were necessarily restricted but during this period the Trustees kept in touch with each other, the staff and Management Team through other means.

The Trustees are actively looking for new appointments to the Board

CONQUEST CENTRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Independent Examiner

At a General Meeting on 29 September 2020 a resolution was passed to reappoint PA Stallard of Lentells Limited, Chartered Certified Accountants, as Independent Examiner

The trustees' report was approved by the Board of Trustees.

.............................. David Hardy Signed on 28/03/23 @ 10:13

D R Hardy

Trustee Dated: .........................

CONQUEST CENTRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
2021
£
88,095
175,386
540
21,419
285,440
9,148
248,272
7,705
26,221
291,346
funds funds funds funds
2022 2022 2022 2021 2021
£ £ £ £ £
Income from:
Donations, grants and
legacies
3
372,749 160,568 533,317 70,979 17,116
Charitable activities
4		 324,863 - 324,863 175,386 -
Other trading activities
5		 - - - 540 -
Investments
6		 41,302 - 41,302 21,419 -
Total income 738,914 160,568 899,482 268,324 17,116
Expenditure on:
Raising funds
7		 9,983 - 9,983 9,148 -
Charitable activities
8		 314,262 19,779 334,041 245,982 2,290
Abortive 'move' costs
Other
- - - - 7,705
(650) - (650) 26,221 -
Total expenditure 323,595 19,779 343,374 281,351 9,995
Net incoming/(outgoing)
resources before transfers		 556,108
-
556,108		 7,121
415,319 140,789 (13,027) (5,906)
Gross transfers between
funds
Net income/(expenditure) for
the year/		 173,849
589,168		 -
(173,849) (1,181) 1,181
8,302
Net movement in funds (33,060) (14,208) (5,906)
539,888
533,982
Fund balances at 1 July 2021 497,722 36,260 533,982 511,930 27,958
Fund balances at 30 June
2022
1,086,890 3,200 1,090,090 497,722 36,260

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

CONQUEST CENTRE LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF CONQUEST CENTRE LIMITED

I report to the trustees on my examination of the financial statements of Conquest Centre Limited (the charitable company) for the year ended 30 June 2022.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, 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 that in any material respect:

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 financial statements to be reached.

P A Stallard FCA PA Stallard Lentells Limited Signed on 28/03/23 @ 11:46

Ash House Cook Way Bindon Road Taunton Somerset TA2 6BJ

Dated: .........................

CONQUEST CENTRE LIMITED

BALANCE SHEET

AS AT 30 JUNE 2022

Notes 2022 2022 2021 2021
£ £ £ £
Fixed assets
Tangible assets
13
Investments
14
Current assets		 6,100
57,389
363,497
426,986
(26,575)		 689,678
1
689,679
400,411
1,090,090
3,200
1,086,890
1,090,090		 6,100
62,705
132,003
200,808
(10,895)
-
497,722		 344,068
1
344,069
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets 189,913
Total assets less current liabilities
533,982
Income funds
Restricted funds
18		 36,260
Unrestricted funds 220,000
866,890
Designated funds
19
General unrestricted funds
497,722
533,982

CONQUEST CENTRE LIMITED

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2022

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2022.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

J Holyday
Signed on 28/03/23 @ 11:20		 David Hardy
Signed on 28/03/23 @ 10:13
.............................. ..............................
J E Holyday D R Hardy
Trustee Trustee

Company registration number 5079915

CONQUEST CENTRE LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2022

2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
570,504
9,087
Investing activities
Purchase of tangible fixed assets
(385,012)
(252,336)
Proceeds from disposal of tangible fixed
assets
4,700
2,200
Investment income received
41,302
21,419
Net cash used in investing activities
(339,010)
(228,717)
Net cash used in financing activities
-
-
Net increase/(decrease) in cash and cash
equivalents
231,494
(219,630)
Cash and cash equivalents at beginning of year
132,003
351,633
Cash and cash equivalents at end of year
363,497
132,003		 2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
570,504
9,087
Investing activities
Purchase of tangible fixed assets
(385,012)
(252,336)
Proceeds from disposal of tangible fixed
assets
4,700
2,200
Investment income received
41,302
21,419
Net cash used in investing activities
(339,010)
(228,717)
Net cash used in financing activities
-
-
Net increase/(decrease) in cash and cash
equivalents
231,494
(219,630)
Cash and cash equivalents at beginning of year
132,003
351,633
Cash and cash equivalents at end of year
363,497
132,003
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
351,633
132,003

CONQUEST CENTRE LIMITED

STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

1 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2 Accounting policies

Charity information

Conquest Centre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Conquest Centre, Conquest Farm, Norton Fitzwarren, Taunton, Somerset, TA2 6PN.

2.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's trust deed, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charitable company is a Public Benefit Entity as defined by FRS 102.

The charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Charitable funds

Unrestricted funds are available for the general purpose of the charity at the discretion of the trustees, in furtherance of the general objectives of the charity, and which have not been designated for other purposes.

Designated income funds are unrestricted funds earmarked by the trustees for particular purposes or activity.

Restricted income funds are only available for specific purposes designated by the donor or through the terms of an appeal or a specific object of the charity.

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

CONQUEST CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount.

Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

CONQUEST CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

2 Accounting policies

(Continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is included in the SOFA on an accruals basis. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Irrecoverable VAT, excluding capital acquisitions, has been included as part of the support costs.

2.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings 20 or 30 years Straight Line
Plant and equipment 10% Reducing Balance
Computers 3 years Straight Line
Motor vehicles 20% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

2.7 Fixed asset investments

Fixed asset investments comprise 100% of the share capital of a subsidiary trading undertaking. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

2.8 Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

2.9 Stocks

Stocks (including stock of horses and ponies) are stated at the lower of cost and net realisable value.

2.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CONQUEST CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

2 Accounting policies

(Continued)

2.11 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

2.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.13 Volunteered services

The charity benefits greatly from the involvement and support of it's many volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102) the economic contribution of general volunteers is not recognised in the accounts.

CONQUEST CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

3
Donations, grants and legacies		 3
Donations, grants and legacies		 3
Donations, grants and legacies
Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
28,416
10,568
Legacies receivable
333,333
-
Grant income
11,000
150,000
372,749
160,568
Donations and gifts
Donations
28,416
10,568
28,416
10,568
Legacies receivable
Other
333,333
-
333,333
-
Grants receivable for
core activities
Furlough grant
-
-
Other Covid support
grants
-
-
Other grants
11,000
150,000
11,000
150,000
Total
Unrestricted
Restricted		 Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
28,416 10,568 38,984 34,633 17,116 51,749
333,333 - 333,333 - - -
11,000 150,000 161,000 36,346 - 36,346
372,749 160,568 533,317 70,979 17,116 88,095
28,416 10,568 38,984 34,633 17,116 51,749
28,416 10,568 38,984 34,633 17,116 51,749
333,333 - 333,333 - - -
333,333 - 333,333 - - -
- - - 27,012 - 27,012
- - - 9,334 - 9,334
11,000 150,000 161,000 - - -
11,000 150,000 161,000 36,346 - 36,346

4 Charitable activities

Therapeutic riding
Other therapeutic horse & animal based activities
Volunteer training
Proceeds from sale of horses and tack		 2022 2021
£ £
38,381 21,971
283,655 148,151
- 50
- 4,076
Other income 2,827 1,138
324,863 175,386

CONQUEST CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

5 Other trading activities
Total
Unrestricted
funds
2022 2021
£ £
Fundraising events - 540
6 Investments
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
funds funds
2022 2021
£ £
Distributions from trading subsidiary under Gift Aid 41,075 21,310
Interest receivable 227 109
41,302 21,419
7 Raising funds
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Fundraising and publicity
funds funds
2022 2021
£ £
Staff costs 9,983 9,148
9,983 9,148

CONQUEST CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

8 Charitable activities

2022 2021
£
107,633
8,607
14,700
3,667
10,892
1,444
5,925
8,292
431
2,283
15,823
25,909
7,313
-
£
Staff costs 148,981
Depreciation and impairment 35,351
Movement in stock of horses and ponies -
Instructors 134
Feed & bedding 15,214
Other horse costs 4,424
Veterinary and farrier 4,357
Staff training 15,135
Travel and subsistence 991
Miscellaneous expenses 814
Repairs and maintenance of land and buildings 21,802
Rent and utilities 35,050
Insurance 7,777
Bad debts 5,764
Less: costs recharged to subsidiary undertaking (11,852) (11,430)
Other charitable expenditure 8,987 5,050
206,539
39,753
1,980
248,272
245,982
2,290
248,272
292,929
Share of support costs (see note 9) 38,828
Share of governance costs (see note 9) 2,284
Analysis by fund
334,041
Unrestricted funds 314,262
Restricted funds 19,779
334,041

CONQUEST CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

9
Support costs		 9
Support costs		 9
Support costs
Support
costs
Governance
costs
£
£
Administrator staff cost
16,467
-
Print, post and stationery
2,987
-
Equipment hire
-
-
I.T. & telephone
5,311
-
Bookkeeping
7,644
-
Bank charges & interest
30
-
Sundry expenses
884
-
Cleaning and waste
disposal
7,143
-
Subscriptions
3,221
-
Less: costs recharged to
subsidiary
(4,859)
-
Legal and professional
-
1,204
Independent Examiner's
fees
-
1,080
38,828
2,284
Analysed between
Charitable activities
38,828
2,284		 2022
Support
costs
Governance
costs		 2021
£ £ £ £ £ £
16,467 - 16,467 21,964 - 21,964
2,987 - 2,987 260 - 260
- - - 1,409 - 1,409
5,311 - 5,311 3,628 - 3,628
7,644 - 7,644 7,717 - 7,717
30 - 30 258 - 258
884 - 884 218 - 218
7,143 - 7,143 4,114 - 4,114
3,221 - 3,221 2,680 - 2,680
- -
(4,859) (4,859) (2,495) (2,495)
- 1,204 1,204 - - -
- 1,080 1,080 - 1,980 1,980
38,828 2,284 41,112 39,753 1,980 41,733
38,828 2,284 41,112 39,753 1,980 41,733
10
Net movement in funds		 2022 2021
Net movement in funds is stated after charging/(crediting)
Depreciation of owned tangible fixed assets
(Profit)/loss on disposal of tangible fixed assets		 £ £
after charging/(crediting)
35,351 8,607
(650) 26,221

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.

12 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
13 11

CONQUEST CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

12
Employees		 12
Employees		 12
Employees		 12
Employees		 12
Employees		 12
Employees
Employment costs
Wages and salaries
There were no employees whose annual remuneration was more than £60,000.
2022
£
148,461
13
Tangible fixed assets
Leasehold
land and
buildings
Plant and
equipment
Computers
Motor vehicles
£
£
£
£
Cost
At 1 July 2021
302,677
99,520
1,792
5,108
Additions
351,119
26,698
4,295
2,900
Disposals
(19,342)
(5,000)
-
-
At 30 June 2022
634,454
121,218
6,087
8,008
Depreciation and impairment
At 1 July 2021
19,342
42,623
598
2,467
Depreciation charged in the year
22,560
10,069
2,029
693
Eliminated in respect of disposals
(19,342)
(950)
-
-
At 30 June 2022
22,560
51,742
2,627
3,160
Carrying amount
At 30 June 2022
611,894
69,476
3,460
4,848
At 30 June 2021
283,334
56,898
1,195
2,641
£ £ £ £
302,677 99,520 1,792 5,108
351,119 26,698 4,295 2,900
(19,342) (5,000) - - (24,342)
769,767
65,030
35,351
634,454 121,218 6,087 8,008
19,342 42,623 598 2,467
22,560 10,069 2,029 693
(19,342) (950) - - (20,292)
80,089
689,678
344,068
22,560 51,742 2,627 3,160
611,894 69,476 3,460 4,848
283,334 56,898 1,195 2,641

CONQUEST CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

14
Fixed asset investments		 Other
investments
1
1
1
2022
2021
£
£
1
1
2022
2021
£
£
6,100
6,100
2022
2021
£
£
17,410
13,926
39,979
48,779
57,389
62,705
2022
2021
£
£
1,195
31
14,932
7,872
505
438
9,943
2,554
26,575
10,895
Cost or valuation
At 1 July 2021 & 30 June 2022
Carrying amount
At 30 June 2022
At 30 June 2021
Other investments comprise:
Notes
Investment in subsidiary
22
15
Stocks
2022
£
1
Stock of horses and ponies
Stock comprises horses and ponies used for riding and other charitable activities.
16
Debtors
Amounts falling due within one year:
Amounts owed by subsidiary undertaking
Other debtors
17
Creditors: amounts falling due within one year		 2022
£
6,100
2022
£
17,410
39,979
57,389
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2022
£
1,195
14,932
505
9,943
26,575

CONQUEST CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds
Balance at
1 July 2020
Incoming
resources
Resources
expended
Balance at
1 July 2021
r
£
£
£
£
Sensory room & garden
5,592
-
(559)
5,033
Play area
12,584
3,672
(1,259)
14,997
Portacabins
4,716
-
(472)
4,244		 Movement in funds
Balance at
1 July 2020
Incoming
resources
Resources
expended
Balance at
1 July 2021
r
£
£
£
£
Sensory room & garden
5,592
-
(559)
5,033
Play area
12,584
3,672
(1,259)
14,997
Portacabins
4,716
-
(472)
4,244		 Movement in funds
Balance at
1 July 2020
Incoming
resources
Resources
expended
Balance at
1 July 2021
r
£
£
£
£
Sensory room & garden
5,592
-
(559)
5,033
Play area
12,584
3,672
(1,259)
14,997
Portacabins
4,716
-
(472)
4,244		 Movement in funds
Balance at
1 July 2020
Incoming
resources
Resources
expended
Balance at
1 July 2021
r
£
£
£
£
Sensory room & garden
5,592
-
(559)
5,033
Play area
12,584
3,672
(1,259)
14,997
Portacabins
4,716
-
(472)
4,244		 Movement in funds
Balance at
1 July 2020
Incoming
resources
Resources
expended
Balance at
1 July 2021
r
£
£
£
£
Sensory room & garden
5,592
-
(559)
5,033
Play area
12,584
3,672
(1,259)
14,997
Portacabins
4,716
-
(472)
4,244		 Movement in funds Movement in funds
Incoming
esources
Resources
expended
Balance at
1 July 2021
r		 Incoming
esources
Resources
expended		 Transfers
Balance at
30 June 2022
£ £ £ £ £ £ £ £
-
3,672
-		 -
Sensory room & garden 5,592 (559) 5,033 (193) (4,840) -
Play area 12,584 (1,259) 14,997 9,768 -
-		 (24,765) -
Portacabins 4,716 (472) 4,244 50,000 (54,244) -
Counselling - - - - 10,000
800		 (10,000) - -
Other 5,066 10,244 (6,524) 8,786 (9,586) - -
Horse purchase - 3,200 - 3,200 - - - 3,200
Changing rooms - - - - 40,000 -
-		 (40,000) -
Roof - - - - 50,000 (50,000) -
17,116 160,568
27,958 (8,814) 36,260 (19,779)
(173,849)		 3,200

Where income received is restricted for specific capital expenditure which once acquired or spent is then available for the use of the charity in fulfilling its general charitable activities the value is transferred from restricted funds to unrestricted funds once expended as shown above. Prior to 1 July 2021 such funds continued to be recognised as restricted.

CONQUEST CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement
in funds
Incoming
resources
£		 Movement
in funds
Incoming
resources
£
Incoming
resources		 Balance at
1 July 2021		 Transfers
Balance at
30 June 2022
£ £ £ £
Future development - - 220,000 220,000
- - 220,000 220,000

Trustees have allocated as designated funds £220,000 for future projects covering:

New Website Top Car park resurface Mechanical Horse & Hoist Permanent on-site signage Stainless steel slide Security cameras Outside Track New Horses Cabin Painting and improvements Ship lapping sensory room

20 Analysis of net assets between funds

Analysis of net assets between funds Analysis of net assets between funds Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 30
June 2022 are
represented by:		 Total
Unrestricted
funds		 Restricted
funds		 Total
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Tangible assets 689,678 - 689,678 323,659 20,409 344,068
Investments 1 - 1 1 - 1
Current assets/(liabilities) 397,211 3,200 400,411 174,062 15,851 189,913
1,086,890 3,200 1,090,090 497,722 36,260 533,982

21 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).

CONQUEST CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

22 Subsidiaries

These financial statements are separate charitable company financial statements for Conquest Centre Limited.

Details of the charitable company's subsidiary at 30 June 2022 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Conquest Equestrian Centre
Limited
UK
Trading subsidiary of charity
Ordinary £1
100.00
23
Cash generated from operations
2022
2021
£
£
Surplus/(deficit) for the year
556,108
(5,906)
Adjustments for:
Investment income recognised in statement of financial activities
(41,302)
(21,419)
(Gain)/loss on disposal of tangible fixed assets
(650)
26,221
Depreciation and impairment of tangible fixed assets
35,351
8,607
Movements in working capital:
(Increase)/decrease in stocks
-
14,700
Decrease/(increase) in debtors
5,317
(17,298)
Increase in creditors
15,680
4,182
Cash generated from operations
570,504
9,087		 Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Conquest Equestrian Centre
Limited
UK
Trading subsidiary of charity
Ordinary £1
100.00
23
Cash generated from operations
2022
2021
£
£
Surplus/(deficit) for the year
556,108
(5,906)
Adjustments for:
Investment income recognised in statement of financial activities
(41,302)
(21,419)
(Gain)/loss on disposal of tangible fixed assets
(650)
26,221
Depreciation and impairment of tangible fixed assets
35,351
8,607
Movements in working capital:
(Increase)/decrease in stocks
-
14,700
Decrease/(increase) in debtors
5,317
(17,298)
Increase in creditors
15,680
4,182
Cash generated from operations
570,504
9,087		 Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Conquest Equestrian Centre
Limited
UK
Trading subsidiary of charity
Ordinary £1
100.00
23
Cash generated from operations
2022
2021
£
£
Surplus/(deficit) for the year
556,108
(5,906)
Adjustments for:
Investment income recognised in statement of financial activities
(41,302)
(21,419)
(Gain)/loss on disposal of tangible fixed assets
(650)
26,221
Depreciation and impairment of tangible fixed assets
35,351
8,607
Movements in working capital:
(Increase)/decrease in stocks
-
14,700
Decrease/(increase) in debtors
5,317
(17,298)
Increase in creditors
15,680
4,182
Cash generated from operations
570,504
9,087
23
Cash generated from operations		 2022
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
(Gain)/loss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in stocks
Decrease/(increase) in debtors
Increase in creditors
Cash generated from operations		 £
556,108
(5,906)
(41,302) (21,419)
(650) 26,221
8,607
14,700
35,351
-
5,317 (17,298)
15,680 4,182
9,087
570,504