Company registration number: 5079915 Charity registration number: 1103883
Conquest Centre Limited
(A company limited by guarantee)
Unaudited Annual Report and Financial Statements
for the Year Ended 30 June 2024
Conquest Centre Limited Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 to 9 |
| Balance Sheet | 10 |
| Statement of Cash Flows | 11 |
| Notes to the Financial Statements | 12 to 25 |
Conquest Centre Limited Reference and Administrative Details
Trustees: David Hardy John Michael Harrison James Holyday Susan Fender (appointed 23 October 2024) Dr Thomas MacConnell (appointed 23 October 2024) Centre manager J Dixon Charity Registration Number 1103883 Company Registration Number 5079915 The charity is incorporated in England & Wales. Registered Office Conquest Centre Conquest Farm Norton Fitzwarren Taunton Somerset TA2 6PN Independent examiner A C Mole LLP Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
Page 1
Conquest Centre Limited Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 30 June 2024.
Objectives and activities
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.
Mission
To provide therapeutic support involving equines, small animals and the environment to enable each individual to thrive.
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 one-to-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, donors, supporters and anyone who shares the social media posts to provide further engagement. This year saw a consolidation of the capital investments made during the previous year with new hosted services bedding in and for us all to work co-operatively and in support of each other.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 2
Conquest Centre Limited Trustees' Report (continued)
The year in brief
The two long term funded projects continued this year; ‘We’ve Got This’ Peer Mentoring for 16 to 25 year olds, funded through Somerset Activity and Sports Partnership with Open Mental Health, and Equine Assisted Counselling and Psychotherapy for parents of children who are receiving therapy, funded by Hinkley Point C via Somerset Community Foundation. This year the match funding for the HPC project came from Conquest Centre designated funds.
Investments using the designated funds for site improvements continued largely as planned with one major additional investment which had not been previously designated. After an extended period with staff using their own vehicles, it became clear that offering transportation in a car, with a trusted adult was groundbreaking for some clients. At first mentors were able to visit these clients at their homes which meant that some, who were either not able to, or were not confident to travel to the centre yet, could still have access to a Conquest Mentor for this early and very important step. After a few visits when trust was being established, clients felt sufficiently at ease to travel with the mentor and start sessions at the charity centre.
One mentor even travelled with a therapy chicken and another with Winnie the therapy dog (in training) to support new clients with the introductory meetings, this helped pave the way for attending at the centre and benefit from the full-service offering. The cost benefit analysis confirmed that it was a sensible investment for the charity to purchase a vehicle instead of the costs and risks involved in staff using their own privately owned cars. Match funding was secured for 50% of the cost by generous contribution from Edward Gostling Foundation. Clearly a car fit for purpose and insured by the charity, was also a strong influencing factor. It’s been a big hit with staff and clients alike.
Other investments from designated funds included: Continuing work with creation of the new website. Replacement horses Painting cabins Re-organisation of rooms and offices Guineapig run Rebranding with a new logo
Other projects had to be rolled over to future years.
The Grants and Evaluations Manager was seconded to running the new website project and recruiting new Trustees, so active fund raising applying for major grants was strategically and temporarily suspended. The cash forecast remained sound and reserves were able to be held at the 12 months of expenditure with extra support from the legacy received in the previous year. The key long term and loyal regular donors continued to support the charity with their annual donations for which the charity remains extremely grateful. Many other funders supported the charity with fundraising, donations and grants throughout the year as follows (not exclusively):
Taunton School Neighbourly Community Fund Southern Co-op Local Partnership Co-op Local Community Fund Edward Gostling Foundation Open Mental Health Alliance AC Mole
Several Trustee candidates were interviewed and two emerged as suitable candidates for joining the existing board, more on this in the next report.
Page 3
Conquest Centre Limited Trustees' Report (continued)
Staff welfare continued to be a high priority as the work can be draining, especially with young children who have experienced neglect, abuse and/or severe trauma. Staff are, of course trained to manage disclosures, difficult conversations and situations, but support via formal and informal supervision remains crucial for the welfare of the mentors. The team continued to work well together and management factor in staff days out, celebrations and motivational bonuses to keep morale at it’s best. Staff are the charity’s most valuable asset.
Staff welfare includes training for personal development as well as to expand the services the charity can offer. Staff received further training in Thrive Approach, Trauma Informed Care, Forest School, Safeguarding, First Aid, Theraplay, BHS and PAWS. Two staff members were also supported in completing their Masters.
Service delivery
The charity set up sponsorship for the training of two young dogs owned by senior members of staff. Isla the Border Collie and Winnie the Spaniel (and their owners) all entered the programme with PAWS therapy dog training and responded well, the training takes several years and just like humans, dogs learn at their own pace. All being well, both dogs should pass as qualified therapy dogs with PAWS by the time they reach the age of 3. In the meantime, they can work as ‘therapy dogs in training’ with their handlers to the delight of many clients. Dog walking was added to the list of activities offered by the specialist mentors.
Inevitably, with the increasing headcount, staff turnover had a slight increase and HR issues demanded more management time. Supporting staff and managing HR governance can be highly complex and time consuming for admin staff who are employed to focus on the client experience. The decision was taken to outsource the high-level management of HR to a local specialist agency allowing charity staff to focus on delivery of the core business.
The animal headcount remained reasonably stable apart from 5 privately owned horses who had been at livery, moved to another yard. Some of these will be replaced over time, as and when suitable horses become available.
The charity is being referred an increasing number of people experiencing severe (the worst) mental ill health or neurodiverse conditions, frequently clients with multiple complex conditions that schools and other providers have found too challenging. This requires a significant amount of one to one working by mentors and has reduced the frequency of mentors working with larger groups of clients.
Animals and welfare
Animal welfare remains one of the top values embedded in everything the charity does and continues to play a key role in how mentors work with clients. Learning transferable skills by caring for and understanding individual needs of others, are important life lessons and can be learned in a fun and experiential way whilst enriching the lives of the animals. All mentors learn about the species specific needs of each of the therapy animals to facilitate the best care for the Conquest animal team. The board are supportive of this approach and investments for animal welfare have high importance when budgeting. This approach also means that the retention rate of the Conquest animal team is excellent.
Structure, governance and management
Nature of governing document
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.
Page 4
Conquest Centre Limited Trustees' Report (continued)
The charity's object is to benefit the health and well-being of the disabled community by providing them with the opportunity to take part in horse related activities.
Recruitment and appointment of trustees
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 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.
The Trustees are actively looking for new appointments to the Board.
Financial review
The charity generated a surplus of £222,831 (2023: £193,900).
Total income for the year increased by £122,645 from £679,662 to £802,307. The majority of the income is from therapeutic horse and animal based activities which increased from £597,952 to £701,463. Other income sources are donations and gifts which increased from £40,941 to £75,955 due to an increased donation from the trading subsidiary and therapeutic riding income which decreased from £37,236 to £15,616.
Costs continue to be kept under close scrutiny and control. There was an overall increase of £93,714 after recharging staff, horse and premises costs, totalling £14,708 (2023: £14,950) to the trading subsidiary.
The continuing programme of significant expenditure on facilities at the Conquest Centre site utilised a large part of the surplus. Cash at bank and in hand increased from £420,749 to £499,508 over the year.
At June 2024 the total unrestricted reserves freely available to spend on any of the charity's purposes amounted to £557,505 (2023: £314,732). This figure excludes tangible fixed assets held for the charity use, stock of horses and ponies, designated funds and restricted funds.
The free reserves are below the 2024 total expenditure cost, however, this included substantial expenditure on improvements to facilities in the year. There are also £198,296 of designated funds set aside by the trustees for future development. The trustees therefore consider free reserves are adequate for the charities needs.
Policy on reserves
The trustees have examined the charity's requirements for reserves in light of the main risks to the organisation. 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 the CCLA COIF Charities Deposit Fund, 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.
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.
Page 5
Conquest Centre Limited Trustees' Report (continued)
Statement of trustees' responsibilities
The trustees (who are also the directors of Conquest Centre Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (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 income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 maintaining proper accounting records which 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
24/04/2025 The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
.. .......................................
Susan Fender Trustee
Page 6
Conquest Centre Limited Independent Examiner's Report to the trustees of Conquest Centre Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024, which are set out on pages 8 to 25.
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 the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of 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:
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accounting records were not kept in respect of Conquest Centre Limited as required by section 386 of the 2006 Act; or
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the accounts do not accord with those accounting records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Sarah Twist FCA DChA
A C Mole LLP Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
Date:.............................
Page 7
Conquest Centre Limited Statement of Financial Activities for the Year Ended 30 June 2024 (Including Income and Expenditure Account)
| Note Income Donations, grants and legacies 3 Charitable activities 4 Investment income 5 Other income 6 Total income Expenditure Raising funds 7 Charitable activities 8 Total expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 19 |
Unrestricted funds £ 73,993 683,812 8,292 981 767,078 (11,412) (511,482) (522,894) 244,184 244,184 1,051,413 1,295,597 |
Designated funds £ - - - - - - (17,304) (17,304) (17,304) (17,304) 215,600 198,296 |
Restricted funds £ 1,962 33,267 - - 35,229 - (39,278) (39,278) (4,049) (4,049) 56,639 52,590 |
Total 2024 £ 75,955 717,079 8,292 981 |
|---|---|---|---|---|
| 802,307 | ||||
| (11,412) (568,064) |
||||
| (579,476) | ||||
| 222,831 | ||||
| 222,831 1,323,652 |
||||
| 1,546,483 |
The notes on pages 12 to 25 form an integral part of these financial statements. Page 8
Conquest Centre Limited Statement of Financial Activities for the Year Ended 30 June 2024 (continued) (Including Income and Expenditure Account)
| Note Income Donations, grants and legacies 3 Charitable activities 4 Investment income 5 Other income 6 Total income Expenditure Raising funds 7 Charitable activities 8 Other expenditure Total expenditure Net income Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 19 |
Unrestricted funds £ 40,941 549,956 3,093 440 594,430 (10,962) (434,456) (8,551) (453,969) 140,461 4,400 144,861 906,552 1,051,413 |
Designated funds £ - - - - - - - - - - (4,400) (4,400) 220,000 215,600 |
Restricted funds £ - 85,232 - - 85,232 - (31,793) - (31,793) 53,439 - 53,439 3,200 56,639 |
Total 2023 £ 40,941 635,188 3,093 440 |
|---|---|---|---|---|
| 679,662 | ||||
| (10,962) (466,249) (8,551) |
||||
| (485,762) | ||||
| 193,900 - |
||||
| 193,900 1,129,752 |
||||
| 1,323,652 |
The notes on pages 12 to 25 form an integral part of these financial statements. Page 9
Conquest Centre Limited (Registration number: 5079915) Balance Sheet as at 30 June 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible assets | 14 | 732,941 | 726,380 |
| Investments | 15 | 1 | 1 |
| 732,942 | 726,381 | ||
| Current assets | |||
| Stocks | 16 | 5,150 | 10,300 |
| Debtors | 17 | 318,359 | 175,322 |
| Cash at bank and in hand | 499,508 | 420,749 | |
| 823,017 | 606,371 | ||
| Creditors: Amounts falling due within one year | 18 | (9,476) | (9,100) |
| Net current assets | 813,541 | 597,271 | |
| Net assets | 1,546,483 | 1,323,652 | |
| Funds of the charity: | |||
| Unrestricted funds | 1,295,597 | 1,051,413 | |
| Designated funds | 198,296 | 215,600 | |
| Restricted funds | 52,590 | 56,639 | |
| Total funds | 19 | 1,546,483 | 1,323,652 |
For the financial year ending 30 June 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 8 to 25 were approved by the trustees, and authorised for issue on 24/04/2025.................... and signed on their behalf by:
......................................... Susan Fender Trustee
The notes on pages 12 to 25 form an integral part of these financial statements. Page 10
Conquest Centre Limited Statement of Cash Flows for the Year Ended 30 June 2024
| Note Cash flows from operating activities Net cash income Adjustments to cash flows from non-cash items Depreciation 14 Investment income 5 Loss on disposal of tangible fixed assets Working capital adjustments Decrease/(increase) in stocks 16 Increase in debtors 17 Increase/(decrease) in creditors 18 Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income 5 Purchase of tangible fixed assets 14 Sale of tangible fixed assets Net cash flows from investing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 July Cash and cash equivalents at 30 June |
2024 £ 222,831 41,924 (8,292) - 256,463 5,150 (143,037) 376 118,952 8,292 (48,485) - (40,193) 78,759 420,749 499,508 |
2023 £ 193,900 36,811 (3,093) 8,551 |
|---|---|---|
| 236,169 (4,200) (78,271) (17,475) |
||
| 136,223 | ||
| 3,093 (83,018) 954 |
||
| (78,971) | ||
| 57,252 363,497 |
||
| 420,749 |
The notes on pages 12 to 25 form an integral part of these financial statements. Page 11
Conquest Centre Limited Notes to the Financial Statements for the Year Ended 30 June 2024
1 Charity status
The charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: Conquest Centre Conquest Farm Norton Fitzwarren Taunton Somerset TA2 6PN
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation and statement of compliance
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless stated otherwise within these notes. The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Conquest Centre Limited meets the definition of a public benefit entity under FRS 102.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Page 12
Conquest Centre Limited Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
2 Accounting policies (continued)
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the grant of probate when administrator/executor for the estate has communicated in writing both the amount and settlement date. In the extent that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Donated services and facilities
Where services or facilities are provided to the charity as a donation that would normally be purchased from our suppliers, this benefit is included in the financial statements at it's fair value unless it's fair value cannot be reliably measured, then at the cost to the donor or the resale value of goods that are to be sold.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
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.
Taxation
The charity is a registered charity and is, therefore, exempt from liability to taxation on it's income and capital gains, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 13
Conquest Centre Limited Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
2 Accounting policies (continued)
Tangible fixed assets
Tangible fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate 30 year straight line & 20 year straight Land and buildings line Plant and equipment 10% reducing balance Computer equipment 3 year straight line Motor vehicles 20% reducing balance
Fixed asset investments
Investments in subsidiary undertakings are included in the balance sheet at cost less impairment.
Stock
Stock including stock of horses and ponies is valued at the lower of cost and net realisable value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
The charity only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors together with loans to related parties. Debt instruments, such as trade debtors and creditors, are initially measured at transaction price and subsequently measured at amortised cost.
Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.
Page 14
Conquest Centre Limited Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
2 Accounting policies (continued)
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.
Critical accounting judgements and estimation uncertainty
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income, and expenses.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Trustees consider that there are no critical accounting estimates and judgements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Basis of consolidation
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking Conquest Equestrian Centre Limited, comprise a small sized group. The company has therefore taken advantage of the exemptions provided by the Charities SORP (FRS102) and the Companies Act for small groups and consolidated accounts are not prepared.
Page 15
Conquest Centre Limited Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
3 Income from donations and legacies
| Donations and gifts Grant income Distributions from trading subsidiary under Gift Aid Total for 2024 Donations and gifts Grant income Distributions from trading subsidiary under Gift Aid Total for 2023 4 Income from charitable activities Therapeutic riding Other therapeutic horse & animal based activities Total for 2024 Therapeutic riding Other therapeutic horse & animal based activities Total for 2023 |
Unrestricted funds £ 13,772 - 60,221 73,993 7,600 1,000 32,341 40,941 Unrestricted funds £ 15,616 668,196 683,812 37,236 512,720 549,956 |
Restricted funds £ - 1,962 - 1,962 - - - - Restricted funds £ - 33,267 33,267 - 85,232 85,232 |
Total funds £ 13,772 1,962 60,221 |
|---|---|---|---|
| 75,955 | |||
| 7,600 1,000 32,341 |
|||
| 40,941 | |||
| Total funds £ 15,616 701,463 |
|||
| 717,079 | |||
| 37,236 597,952 |
|||
| 635,188 |
5 Investment income
| Interest receivable Total for 2024 Interest receivable Total for 2023 |
Unrestricted funds £ 8,292 8,292 3,093 3,093 |
Restricted funds £ - - - - |
Total funds £ 8,292 |
|---|---|---|---|
| 8,292 | |||
| 3,093 | |||
| 3,093 |
Page 16
Conquest Centre Limited Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
6 Other income
| Other income Total for 2024 Other income Total for 2023 |
Unrestricted funds £ 981 981 440 440 |
Total funds £ 981 |
|---|---|---|
| 981 | ||
| 440 | ||
| 440 |
7 Expenditure on raising funds
a) Fundraising and publicity
| Staff costs Total for 2024 Staff costs Total for 2023 |
Unrestricted funds £ 11,412 11,412 10,962 10,962 |
Restricted funds £ - - - - |
Total funds £ 11,412 |
|---|---|---|---|
| 11,412 | |||
| 10,962 | |||
| 10,962 |
Page 17
Conquest Centre Limited Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
8 Expenditure on charitable activities
| Staff costs Depreciation and impairment Instructors Feed & bedding Other horse costs Veterinary and farrier Staff training Travel and subsistence Miscellaneous expenses Repairs and maintenance of land and buildings Rent and utilities Insurance Bad debts Website Less: costs recharged to subsidiary undertaking Other charitable expenditure Advertising Share of support costs (see note 9) Share of governance costs (see note 9) Analysis by fund Unrestricted funds Restricted funds Designated funds |
2024 £ 261,558 41,924 1,900 16,352 3,594 7,648 17,092 11,487 2,486 55,656 46,317 9,498 713 - (10,874) 51,219 2,750 519,320 43,665 5,079 568,064 511,482 39,278 17,304 568,064 |
2023 £ 186,996 36,811 5,405 16,624 5,883 7,163 14,376 8,036 2,830 39,996 49,695 7,068 1,950 10,740 (11,501) 41,782 - |
|---|---|---|
| 423,854 39,935 2,460 |
||
| 466,249 | ||
| 434,456 31,793 - |
||
| 466,249 |
Page 18
Conquest Centre Limited Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
9 Support costs
| Support costs Administrator staff cost 21,232 Print, post & stationary 2,694 IT & telephone 15,350 Bookkeeping 1,439 Bank charges & interest 162 Cleaning & waste disposal 3,932 Subscriptions 2,690 Less: costs recharged to subsidiary (3,834) Legal and professional - Independent examiners Fee - 43,665 Analysed between charitable activities 43,665 Support costs Administrator staff cost 18,744 Print, post & stationery 2,552 IT & telephone 6,958 Bookkeeping 5,770 Bank charges & interest 169 Cleaning and waste disposal 6,540 Subscriptions 2,651 Less: costs recharged to subsidiary (3,449) Independent examiner's fees - 39,935 Analysed between charitable activities 39,935 |
Governance costs - - - - - - - - 1,934 3,145 5,079 5,079 Governance costs - - - - - - - - 2,460 2,460 2,460 |
2024 £ 21,232 2,694 15,350 1,439 162 3,932 2,690 (3,834) 1,934 3,145 |
|---|---|---|
| 48,744 | ||
| 48,744 | ||
| 2023 £ 18,744 2,552 6,958 5,770 169 6,540 2,651 (3,449) 2,460 |
||
| 42,395 | ||
| 42,395 |
Page 19
Conquest Centre Limited Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
10 Net income/(expenditure)
Net movement in funds is stated after charging/(crediting):
| Depreciation of fixed assets Loss on disposal of tangible fixed assets |
2024 £ 41,924 - |
2023 £ 36,811 8,551 |
|---|---|---|
11 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration or expenses from the charity during the year. (2023: None).
12 Employees
The average monthly number of employees during the year was 24 (2023: 18)
| Wages and salaries Employers NIC Employers Pension |
2024 £ 283,527 7,091 3,585 294,203 |
2023 £ 209,187 4,808 2,707 |
|---|---|---|
| 216,702 |
There were no employees whose annual remuneration was more than £60,000 (2023: None)
13 Taxation
The charity is a registered charity and is therefore exempt from taxation on its income and capital gains, to the extent that they are applied for charitable purposes.
Page 20
Conquest Centre Limited Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
14 Tangible fixed assets
| Land and buildings £ Cost At 1 July 2023 696,244 Additions 10,144 At 30 June 2024 706,388 Depreciation At 1 July 2023 46,833 Charge for the year 25,835 At 30 June 2024 72,668 Net book value At 30 June 2024 633,720 At 30 June 2023 649,411 15 Fixed asset investments Investment in subsidiary |
Plant and equipment £ 112,449 4,696 117,145 47,260 6,751 54,011 63,134 65,189 |
Computer equipment £ 16,341 - 16,341 6,803 5,393 12,196 4,145 9,538 |
Motor vehicles £ 2,900 33,645 36,545 658 3,945 4,603 31,942 2,242 2024 £ 1 |
Total £ 827,934 48,485 |
|---|---|---|---|---|
| 876,419 | ||||
| 101,554 41,924 |
||||
| 143,478 | ||||
| 732,941 | ||||
| 726,380 | ||||
| 2023 £ 1 |
Investment in subsidiary
Details of undertakings
Details of the charity's subsidiaries are as follows:
| Country of | Proportion of voting | Proportion of voting | Principal | ||
|---|---|---|---|---|---|
| Undertaking | incorporation | Holding | rights and shares held | activity | |
| 2024 | 2023 | ||||
| Provision of | |||||
| The Conquest | horse riding | ||||
| Equestrian Centre | England & Wales | Ordinary £1 | 100% | 100% | lessons and |
| Limited | related | ||||
| activities. |
The profit for the financial period of the Conquest Equestrian Centre Limited was £55,412 (2023 - £59,917) and the aggregate amount of capital and reserves at the end of the period was £55,032 (2023 - £59,841).
Page 21
Conquest Centre Limited Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
| 16 Stock Stock of horses and ponies |
2024 £ 5,150 |
2023 £ 10,300 |
|---|---|---|
Stock comprises horses and ponies used for riding and other charitable activities.
17 Debtors
| 17 Debtors | ||
|---|---|---|
| Trade debtors Prepayments Accrued income Amounts owed by subsidiary undertaking |
2024 £ 231,806 526 71,319 14,708 318,359 |
2023 £ 42,109 445 100,409 32,359 |
| 175,322 |
18 Creditors: amounts falling due within one year
| 18 Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2024 £ 1,737 3,501 - 4,238 9,476 |
2023 £ 1,028 2,255 1,371 4,446 |
| 9,100 |
Page 22
Conquest Centre Limited Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
19 Funds
| 19 Funds | |||||
|---|---|---|---|---|---|
| Unrestricted funds Unrestricted funds Designated Future development Total unrestricted funds Restricted funds Horse costs Hinkley Point C We've Got This Total funds |
Balance at 1 July 2023 £ 1,051,413 215,600 1,267,013 - 50,147 6,492 56,639 1,323,652 |
Income £ 767,078 - 767,078 1,962 14,000 19,267 35,229 802,307 |
Expenditure £ (522,894) (17,304) (540,198) - (20,150) (19,128) (39,278) (579,476) |
Transfers £ - - - - - - - - |
Balance at 30 June 2024 £ 1,295,597 198,296 |
| 1,493,893 | |||||
| 1,962 43,997 6,631 |
|||||
| 52,590 | |||||
| 1,546,483 |
Page 23
Conquest Centre Limited Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
19 Funds (continued)
| 19 Funds (continued) | |||||
|---|---|---|---|---|---|
| Unrestricted funds Unrestricted funds Designated Future development Total unrestricted funds Restricted funds Horse purchase Hinkley Point C We've Got This Total funds |
Balance at 1 July 2022 £ 906,552 220,000 1,126,552 3,200 - - 3,200 1,129,752 |
Income £ 594,430 - 594,430 - 69,647 15,585 85,232 679,662 |
Expenditure £ (453,969) - (453,969) (3,200) (19,500) (9,093) (31,793) (485,762) |
Transfers £ 4,400 (4,400) - - - - - - |
Balance at 30 June 2023 £ 1,051,413 215,600 |
| 1,267,013 | |||||
| - 50,147 6,492 |
|||||
| 56,639 | |||||
| 1,323,652 |
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.
The specific purposes for which the funds are to be applied are as follows:
Horse purchase fund is in relation to horses remaining our most important therapy animals and this fund covered the cost of 2 excellent ponies.
Horse costs fund is in relation to donations received specifically towards horse costs.
Hinkley Point C fund offers equine assisted counselling for parents and carers of children in therapy. Restricted to people who live in postcodes TA1, TA2, TA5, TA6, TA7 & TA9.
We've Got This fund is a peer mentoring project for young adults aged 16 to 25 years old funded by Open Mental Health and administered by Rethink Mental Illness and Somerset Activity and Sports Partnership.
Page 24
Conquest Centre Limited Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
19 Funds (continued)
Trustees have allocated designated funds 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 Guinea pig run Vehicle Match funding Premises improvements
At the year end, there was a balance remaining of £198,296 (2023 - £215,600) in this fund.
20 Analysis of net assets between funds
| Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ Designated £ 732,941 - 1 - 572,131 198,296 (9,476) - 1,295,597 198,296 Unrestricted funds General £ Designated £ 726,380 - 1 - 334,132 215,600 (9,100) - 1,051,413 215,600 |
Restricted funds £ - - 52,590 - 52,590 Restricted funds £ - - 56,639 - 56,639 |
Total funds at 30 June 2024 £ 732,941 1 823,017 (9,476) |
|---|---|---|---|
| 1,546,483 | |||
| Total funds at 30 June 2023 £ 726,380 1 606,371 (9,100) |
|||
| 1,323,652 |
21 Related party transactions
There were no related party transactions in the year. (2023: None).
Page 25