Charity Number: 1106437
Company Registration Number: 05139211
MARGARET HAES RIDING CENTRE LIMITED
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
MARGARET HAES RIDING CENTRE LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees’ report | 2 – 9 |
| Independent Examiner’s report | 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Notes to the financial statements | 13 -19 |
1
MARGARET HAES RIDING CENTRE LIMITED
TRUSTEE’S REPORT
FOR THE YEAR ENDED 31 MAY 2024
A Year of New Opportunities
Success in securing ownership of the Riding Centre in March 2023 brought a new energy to the charity in the form of a restatement of purpose and a reaching out to the wider community.
The year started with an incredible donation over £20k from eight friends from Manchester and Liverpool who climbed the three highest peaks in Wales, England and Scotland. They also cycled between the peaks and in very hot weather, raising funds for five charities including Margaret Haes Riding Centre.
This renewed energy has seen the Riding Centre succeed in applying for grants from various organisations in the year, including the Community Lottery, DLUHC’s Community Ownership Fund, Coop Local Community Fund, Tesco Stronger Starts, the British Horse Society and the Foundation that supported the acquisition of the Riding Centre. Great to be part of the National Lottery Open Week this year.
The Riding Centre also had donations from Ramsbottom Rotary Christmas Sleigh event, Greenmount Women’s Institute, and the JA&F Smith Charity Fund as well as other organisations.
All in all, Incredible support for the Riding Centre which enabled the conversion of an unused workshop to a new studio with viewing window to the indoor arena, as well as other developments on site. The transformation of the workshop space is now complete.
The application to become a British Horse Society (BHS) Approved Centre was successful. The Riding Centre now offers nationally recognised equestrian qualifications and, through the BHS Changing Lives Through Horses (CLTH) programme, offers alternative education provision aimed at those with additional needs and/or young people disengaged with school or college – developing life skills based on working with horses.
Pupils from local SEND Schools are already attending CLTH sessions and this will be an area of expansion, with schools planning enrichment programmes for the next academic year based on CLTH. The new studio will be a safe space for CLTH pupils and a BHS classroom. Delighted to have welcomed James Hick, CEO of the British Horse Society on visits to the Riding Centre in the year.
The new studio is also available for pony birthday parties, and many other activities including art courses and exhibitions, community meeting room and various well-being activities. The development of activities in the new studio is part of a business plan to become even more sustainable. The future looks exciting.
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MARGARET HAES RIDING CENTRE LIMITED
TRUSTEE’S REPORT
FOR THE YEAR ENDED 31 MAY 2024
PossAbilities CIC continues to provide substantial pro bono consultancy, sponsored the outdoor theatre Robin Hood and has also loaned a horse, Joey, to the Riding Centre. Heartfelt thank you to PossAbilities .
The Riding Centre has been supported pro bono by Ryder Architecture producing drawings for the new studio and developments on site to submit for building regulations and planning. The Riding Centre was also supported by Cura Accounting pro bono to move to Xero for accounting records.
We continue to strengthen all our links with the community and local partners. We joined a sponsored walk around Bury and took part in a major family festival in Burrs Country Park, both organised by The Sunnywood Project. Ramsbottom Rotary, Soroptimists and the Summerseat Players organised a great fundraising event for the Riding Centre at Ramsbottom’s Theatre Royal which is also a charity, offering a special evening performance. This funded the renewal of the outdoor arena fencing.
There are many other examples of organisations working with us for the greater benefit of the local community. Other links continue to made and strengthened with our MP; local Councillor; Holcombe Village Society; Bury VCFA; and the Community Police.
As well as the sponsored walk, fundraising activities included two outdoor theatre performances at the Riding Centre. A huge success with Illyria performing Twelfth Night and Robin Hood and grateful to food provided by the The Rapid Relief Team.
The Riding Centre’s team of staff continues to grow and now for the first time led by a full time, employed Operations Manager. Training and upskilling staff and volunteers remains a priority. The Riding Centre has attracted sponsorship for one member of staff to take BHS qualifications and a bursary from the BHS for a pupil to join the CLTH programme.
The Riding Centre’s first apprentice was successful and achieved Equine Level 2, and is now employed by the Centre. The number of students on college and school work placements with the Riding Centre has increased every year. It is always a delight to have these students work with our staff and volunteers. We are fortunate to also have regular placements for those on veterinary medicine degree courses.
The local primary school, Emmanuel Holcombe, is now attending on a weekly basis as part of the weekly timetable. The local Scout Cubs and Explorer’s returned for their summer programmes. Many enjoy our summer activities, with organised ride outs to Peel Tower and back or ‘own a pony mornings’
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MARGARET HAES RIDING CENTRE LIMITED
TRUSTEE’S REPORT
FOR THE YEAR ENDED 31 MAY 2024
Demand for horse riding lessons and horse experiences continues to increase, requiring ever more effective management to give access to as many people as possible and still ensure the the welfare of the horses and ponies. The Riding Centre has seen many changes in horses and ponies over the year as some are retired or rehomed, and new additions include Inka, Obi and Joey – all young horses and ponies. The Riding Centre is grateful to the JA &F Smith Charity Fund’s donations for the ongoing donations for the horses ‘welfare.
Without the volunteers the Riding Centre would not be able to operate. Supporting all the volunteer is very important part of our charitable objectives, especially young people keen to follow an equestrian or animal welfare related career.
Our charitable purpose
The Trustees remain aware of the Charity Commission’s public benefit guidance, which informs everything we do, from making decisions to the overall running of the charity.
The main purpose of the Riding Centre is to enable people with disabilities to experience the enjoyment, challenge and a sense of achievement, through participation in equestrian activities in an inclusive and integrated environment.
Horses touch the lives of people, helping them to heal and to embrace the new and the possible. That’s the Spirit of the Horse. Through horses, we hope that children and adults with learning disabilities, physical and mental health disabilities, and emotional and social challenges; will be empowered to lead active, healthy and fulfilling lives. Being around horses has a positive impact on health and wellbeing.
Volunteer opportunities start at 13 years old, and we currently have 30 volunteers who muck out, groom, support lessons and keep our Centre in good order. The well-being and mental health impact of being around horses, also benefits our volunteers.
There is much evidence to show that riding produces physical improvements such as increased core strength, better co-ordination, improved mobility and an overall increase in fitness. We see more confidence, greater self-awareness, improved communication skills and overall more positive and beneficial states of mind.
People with disabilities form more than 50% of our client base. Their riding fees are partly subsidised by those without disabilities through our differential pricing model. In addition to the social equity, this also sees people with and without disabilities sharing their mutual love of riding.
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MARGARET HAES RIDING CENTRE LIMITED
TRUSTEE’S REPORT
FOR THE YEAR ENDED 31 MAY 2024
We offer lessons and hacks from lead rein beginners through to more advanced lessons. All our riders are assessed on their riding ability as to which lessons or hacks they join. We continue to see 160 riders on a weekly basis. There has been a growth in demand for horse riding and the number on the waiting list for lessons has increased. The Riding Centre operates 7 days a week, including weekend, weekdays, evenings and most bank holidays.
Looking ahead to a year of challenge and excitement
As for many Riding Centres, operations remain challenging with shortages of professional coaches and shortages of affordable horses with the right temperament and weight carrying capability. As a BHS Approved Centre, the Riding Centre is better positioned to overcome the challenges in the year ahead with the BHS supporting and the new opportunities that brings.
With the opening of the new studio brings exciting prospects. This together with the support of the community and our ever expanding partners, will enable the Riding Centre continue to pursue it’s charitable purposes and develop as a cultural and well-being community hub with horses at the core.
5
MARGARET HAES RIDING CENTRE LIMITED
TRUSTEE’S REPORT Continued
FOR THE YEAR ENDED 31 MAY 2024
Financial Review:
Capital
No capital receipts this year.
Fixed assets acquired, additional Septic Tank £3,954, horse (Inka) £7,250 and pony (Obi) £3,600.
A legal charge, in favour of the Secretary of State for the Department of Levelling Up Housing and Communities in relation to the £150,000 Community Ownership grant is in place for seven years. An amended version of the Legal Charge, which was first signed in January 2024, is awaiting registration with Companies House and the Land Registry.
Revenue
Income:
The Charity’s income for the year to 31 May 2023 after transaction fees was £247.1k and reflects increase in grant income. Restricted grants received in the year was £79.9k.
Expenditure:
Expenditure for the year was £258.4k including £56.6k towards the conversion cost of an old workshop to a new classroom and studio.
Overall:
The Charity has a net loss of £11.3k this year. The Charity has cash and bank balances totalling £46.3K.
Reserves:
The charity has free reserves of £26.4k at the 31 May 2024.
The Trustees have given due consideration to the charity’s resilience and capacity to manage unforeseen financial difficulties in the short term. The Trustees feel the level of reserves is adequate although the intention is to build reserves in the coming year, including generating new sources of income from non-equine activities in the new studio and expansion on British Horse Society courses and qualifications.
6
MARGARET HAES RIDING CENTRE LIMITED
TRUSTEE’S REPORT Continued
FOR THE YEAR ENDED 31 MAY 2024
Structure, Governance and Management:
The charity is a company limited by guarantee.
The governance of the charity continues to be strengthened. Trustees are volunteers and receive no payment for their time.
The Riding Centre is a British Horse Society Approved Centre and is part of the British Horse Society’s Changing Lives Through Horses Programme.
The Riding Centre is licenced by Bury MBC.
Charity Trustees who Manage the Charity :
Andrew Butterworth Debra Batchelor Jan Green
7
MARGARET HAES RIDING CENTRE LIMITED
TRUSTEE’S REPORT
FOR THE YEAR ENDED 31 MAY 2024
Reference and Administrative Details of the Charity and their Advisors
Charity Number 1106437 Business Address Moor Road Holcombe Bury BL8 4NX Independent Richard Gahan FCCA Examiner 7 Kingsbury Close Tottington Bury Lancashire, BL8 1WA Bankers Barclays Bank PLC 51 Mosley Street Manchester, M60 2AU Co-operative Bank 70 - 72 Cross St Manchester, M2 4JG
Statement of the Trustees’ Financial Responsibilities
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The trustees are required to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of The Margaret Haes Riding Centre Limited and of its incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees should follow best practice and:
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Select suitable accounting policies and apply these consistently
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Make judgements and estimates that are reasonable and prudent
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Prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will be able to continue to meet its objectives.
8
MARGARET HAES RIDING CENTRE LIMITED
TRUSTEE’S REPORT Continued
FOR THE YEAR ENDED 31 MAY 2024
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure the financial statements comply with the applicable law, regulations and the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006. On behalf of the Board of Trustees.
Andrew Butterworth 23 September 2024
9
MARGARET HAES RIDING CENTRE LIMITED
INDEPENDENT EXAMINER’S REPORT
FOR THE YEAR ENDED 31 MAY 2024
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 May 2024.
Responsibilities and basis of the report.
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Richard Gahan FCCA 21 September 2024
10
MARGARET HAES RIDING CENTRE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MAY 2024
69,931 |
11
MARGARET HAES RIDING CENTRE LIMITED BALANCE SHEET FOR THE YEAR ENDED 31 MAY 2024
| Account | Notes 31 May 2024 | Notes 31 May 2024 | 31 May 2023 |
|---|---|---|---|
| £ | £ | ||
| Fixed Assets | |||
| Tangible Assets | |||
| Buildings | 301,000 | 301,000 | |
| Computer Equipment | 1,530 | 1,530 | |
| Equipment | 6,483 | 3,180 | |
| Less Accumulated Depreciation on Buildings | (1,994) | (1,893) | |
| Less Accumulated Depreciation on Computer Equipment | (1,530) | (1,530) | |
| Less Accumulated Depreciation on Equipment | (848) | (848) | |
| Less Accumulated Depreciation on Ponies | (5,068) | (8,975) | |
| Ponies | 28,200 | 26,850 | |
| Total Tangible Assets | 4,7 |
327,773 | 319,314 |
| Total Fixed Assets | 327,773 | 319,314 | |
| Current Assets | |||
| Cash at bank and in hand | |||
| Barclays Community Account | 24,867 | 32,978 | |
| Cash | 2,368 | 1,172 | |
| Co-Op Community Direct | 19,085 | 31,640 | |
| Total Cash at bank and in hand | 46,319 | 65,790 | |
| Accounts Receivable | 5 |
2,862 | 3,017 |
| Prepayments | 5 |
2,292 | 616 |
| Total Current Assets | 51,473 | 69,423 | |
| Creditors: amounts falling due within one year | |||
| Accruals | 6 |
10,117 | 3,206 |
| Loan | 6 |
2,250 | 1,800 |
| Pensions Payable | 131 | ||
| Total Creditors: amounts falling due within one year | 12,498 | 5,006 | |
| Net Current Assets (Liabilities) | 38,975 | 64,417 | |
| Total Assets less Current Liabilities | 366,748 | 383,731 | |
| Creditors: amounts falling due after more than one year | |||
| Long Term Loan | 6 |
12,600 | 15,300 |
| Total Creditors: amounts falling due after more than one year | 12,600 | 15,300 | |
| Net Assets | 354,148 | 368,431 | |
| Capital and Reserves | |||
| Land & Property | 7 |
298,500 | 298,500 |
| Unrestricted Funds | 7 |
55,648 | 66,958 |
| Restricted Funds | 7 | 2,973 | |
| Total Capital and Reserves | 354,148 | 368,431 |
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MARGARET HAES RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
1.ACCOUNTING POLICIES
1. Company information
Margaret Haes Riding Centre Limited is a company limited by guarantee and a registered charity, without share capital. The company is incorporated in England and Wales. The registered office is Moor Road, Holcombe, Bury BL8 4NX
1.1 Accounting convention
These financial statements have been prepared in accordance with FRS102 “the Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The amounts are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies are set out below and have remained unchanged from the previous year and consistently applied within the accounts.
1.2 Income and endowments
Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable. Income from able-bodied riders is included as income when it is received. Donated assets are included at the value to the charity where this can be quantified and a third party is bearing the cost.
Grant income from government departments, local authorities and non-departmental public bodies is accounted on an accruals basis. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the related costs for which the grant is intended to compensate. Grants received for the purpose of giving immediate financial support to the charity with no future related costs are recognised in income when it is received.
1.3 Expenditure
Resources expended are recognised in the year in which they are incurred. Resources expended include attributable VAT, which cannot be recovered. The value of services provided by volunteers is not included in the accounts.
13
MARGARET HAES RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Support costs are those costs incurred directly in support of expenditure on the objects of the charity. To assist the work of the charity but do not directly undertake charitable activities.
1.4 Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated reserves are unrestricted funds of the charity, which the trustees have decided at their discretion to set aside for a specific purpose. Restricted funds are donations and grant income, which the donor has specified are to be solely used for particular areas of the charity’s work or for a specific project undertaken by the Trustees.
1.5 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.
1.6 Financial instruments
The 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 its financial statements.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial asset
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.
14
MARGARET HAES RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Basic financial liabilities
Basic financial liabilities, including creditors 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.
Trade creditors are obligations to pay for goods and 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.
De-recognition of financial liabilities
Financial liabilities are de-recognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7 Taxation
United Kingdom Corporation Tax, Income Tax and grants to relieve such tax liabilities are not applicable to the company, as a result of its charitable status.
1.8 Tangible fixed assets and depreciation
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
| Ponies | - | Straight line – 10 years |
|---|---|---|
| Land & Buildings | - | Straight line – 50 years |
| Other Buildings – Cabins | - | Straight line – 10 years |
| Equipment | - | Straight line – 5 years |
| IT | - | Straight line – 3 years |
15
MARGARET HAES RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MAY 2024
2 GRANT RECEIPTS INCLUDING GOVERNMENT GRANTS
3.SUPPORT COSTS
23,226 |
16
MARGARET HAES RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MAY 2024
4.TANGIBLE FIXED ASSETS
* Land and Property –** Land, arenas and stables acquired for £300,000 on 1 March 2023. Part funded by a capital grant £150K received from the Government’s Community Ownership Fund (COF). The COF grant agreement requires a legal charge in favour of the Secretary of State for the Department of Levelling Up Housing and Communities to be in place for a number of seven years.
17
MARGARET HAES RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MAY 2024
5. DEBTORS AND PREPAYMENTS
6. CREDITORS AND ACCRUALS
The loan represents a Barclay’s “Bounce Back” Loan which is unsecured. The loan is payable monthly over ten years and will attract an interest rate of 2.5% per annum. The Charity had a loan repayment holiday for six months starting 1[st] June 2022 and extended the term.
18
MARGARET HAES RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MAY 2024
7.CHARITABLE FUNDS AND RESERVES
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