**Registered number: 05706817 Charity number: 1116027** ## **EBONY HORSE CLUB** **(A company limited by guarantee)** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2023** ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the charity, its Trustees and advisers**|1| |**Trustees' report**|3 - 6| |**Independent examiner's report**|7 - 8| |**Statement of financial activities**|9| |**Balance sheet**|10| |**Statement of cash flows**|11| |**Notes to the financial statements**|12 - 27| |The following pages do not form part of the statutory financial statements:|| |**President and Patrons**|2| ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023** |**Trustees**|Susan Margrethe Collins, Chair| |---|---| ||Susan Bridget Ellenby| ||Jonathan Evans| ||Quailyn Gayadeen| ||Oliver Harrison (resigned 5 May 2022)| ||Julian White| ||Philippa Isobel Buchanan| |**Company registered**
**number**
05706817
**Charity registered**
**number**
1116027
**Registered office**
51 Millbrook Road
London
SW9 7JD
**Chief Operating Officer**
Ms Sidony Holdsworth
**Accountants**
Maxwell & Co
Registered Accountants and Registered Auditors
9 Abbey Business Park
Monks Walk
Farnham
Surrey
GU9 8HT
**Bankers**
CAF Bank
25 Kings Hill Avenue
West Malling
Kent
ME19 4JQ|| Page 1 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **PRESIDENT & PATRONS AS AT 31 MARCH 2023** Her Majesty The Queen has been President since 2011. Patron, Ronke Phillips is Senior Correspondent for ITV News, London. Her work with and understanding of the BAME community is a valued asset to EHC. Patron,Charlotte Steel is a former member of GB Eventing Team. Her access to the wider equine community provides fundraising and practical opportunities to the club. Patron, Oli Bell is ITV Racing Presenter. His knowledge of the Horse Racing industry and introductions are invaluable. Youth Patron, Khadijah Mellah started riding with Ebony Horse Club at the age of 12 and went on to race and win the Magnolia Cup at Goodwood at the age of eighteen whilst also studing for her A levels.She was the youngest winner of the race and the first jockey to ride in a hijab. She is still a key part of the club and inspires other young riders. Page 2 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023** The Trustees present their annual report together with the financial statements of the Ebony Horse Club for the 1 April 2022 to 31 March 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. ## **Objectives and activities** ## **a. Policies** In setting policies and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. ## **b. Objectives** Ebony Horse Club objectives are to provide children and young people living in Brixton with opportunities through access to horses and related activities. Their purpose is to improve wellbeing and future outcomes by teaching life skills through a structured mentoring programme. In setting objectives, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. Page 3 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Objectives and activities (continued)** ## **c. Activities** Our FY2023, the first full year following the pandemic, began with a busy Easter holiday programme with demos and workshops at EHC and external visits including a group who went to the Grand National at Aintree where they met our President, formerly HRH The Duchess of Cornwall. They were filmed for a BBC documentary and interviewed for an accompanying article in Country Life magazine , guest edited by Her Royal Highness published in July. In June, ten of our children were proud to be part of Queen Elizabeth 11 Jubilee celebrations forming a Guard of Honour at Ascot Racecourse. Seven local schools visited us during term time, and we introduced group Groundwork sessions on Fridays for non-ridden activities. Four additional community groups attending ad hoc sessions. We continued our alliance with Join- Up, a method of therapeutic equine therapy, inspired by Monty Roberts, with sessions for young offenders organised with Key4Life. Our work with Ecosystem Coldharbour consortium, funded by the London Mayor’s office, brings together respected community organisations to develop initiatives around violence reduction. Our alliance with other charities working with young people continued with Building Young Brixton, whereby we share knowledge and resources, as well as funding for our common goals. We remain actively involved with The Pony Club, having become a PC centre in 2020. 32 children took their PC badges during the summer holidays, funded by a private donor. In May, Oliver Harrison resigned as a trustee after 6 years on the board when he was appointed Global Marketing Director at Citi Bank. His advice on branding, marketing, and communications over the years, as well as his fund-raising skills, humour and loyalty, have been invaluable. We thank him for his years of service. Naomi Howgate, our MD for almost five years, left EHC in June. She’s been a big part of our success in bringing EHC to our current position of sustainability and she will be much missed but remains committed to our work. Sidony Holdsworth joined us from the Red Cross as Chief Operating Officer in July and did well to join a busy summer programme that started with a community event at our centre attended by 450 people from the local community. Our plans to extend into our neighbouring railway arch became a reality when work began to convert it from its derelict state to a functional youth space. Redring Property Services, a local company, were appointed after a bidding round, to be overseen by Redmond Ivie Ltd as architects. It has a private office, a bar area and a central space and will provide a dedicated area for youth work activities. It also has possibilities as an income source during times that we are not using it. The Peter O’Sullevan Trust part-funded the conversion and the arch will be a legacy to his memory. The new arch will extend our membership at our Wyck Gardens centre, but we are in the early stages of discussing an expansion into Southwark. Southwark Council have identified a suitable site in Bermondsey ward with a similar demographic to our Brixton site. In November we took part in consolations with the local community in Southwark. This expansion, into our neighbouring borough would be a considerable commitment but would provide another group of young people with opportunities. . Although we ended FY2023 with a healthy balance sheet, it continued to be an unpredictable economic arena in terms of securing funding. Our association with the racing syndicate, ‘Friends of Ebony’, organised by Sir Francis Brooke, the King’s Representative at Ascot, has generated some considerable private donations. Our families and staff have been deeply affected by the rise in cost of living that began in the autumn, and we’ve been able to refer them to support services through our contacts in Lambeth. We believe that our outcomes which includes five young people currently working in the Racing industry, two young women qualifying as paramedics, are testament to our work. Our Youth team support entry to the workplace, and despite the challenges, it has been a positive year for the charity. Page 4 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **(continued)** ## **a. Financial summary** Ebony Horse Club finished the year with a deficit of £45,218, (2022 surplus: £282,894) This was caused by materially higher expenditure relating to horse and staff costs. Going forward, with the current economic crisis and inflation at its peak, we anticipate a drop in donations and likely increase in operating costs, so the year may close on a substantial deficit. Fortunately, as a result of a few good years, we have sufficient surplus to cover this shortfall. ## **Financial review** ## **a. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ## **b. Reserves policy** It is the policy of the charity that unrestricted funds should be maintained at a level of between 3 and 6 months expenditure. ## **Structure, governance and management** ## **a. Constitution** Ebony Horse Club is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. ## **b. Methods of appointment or election of Trustees** The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. ## **c. Financial risk management** The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. ## **Members' liability** The Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. Page 5 EBONY HORSE CLUB IA ¢t)mpany limited by guarJntse) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Engagement T*lth amployees and 0mploym￿rt of the dlsablod Employees have been consulted on issues of COTr￿￿ to them by means of regular consullalive committee and staff meetings and have been kept informed on specific matter$ diredly by management. The charity Carries out exit interviews for 811 staff leaving the organisalion and has adopted a proceduro of upward feedback for 8fynior management and tho Trustees. Tha charity implemented a number of detaibj polKies in rdation to all aspects of pertonr￿1 matterd including.. Equal opportunities wlicy Volunteers. policy Heatth & safety policy In accordance wth the charty's equal opportunit￿S policy, the charity has long-established fair employment practices in the re¢witmenl, selectb)n. r8tenlitin and trainin9 01 di6abbJ staff. Ful details ofthe8a poliues are av8llabl8 the chanV8 office8. Statement of Tru$t••s' rospon$lblll¢l The Trustees (who are also the directors of the charity for the purposes of company lawl are responsible for preparing the Trustees. report and the financial slalemenls in accordance wrth appb'cable law and Unrted Kingdom Ac¢ounling Standard5 IUnf(ed Kingd¢yn Generalty A¢¢¢pt¢d Aecounting Pradi¢g)- C(*mpany law wuires the Trustees lo prepare financial statemonts for exh financial . Under company lth¥, the Trustees musl not approve the financial stslemenls unless they are SatiS￿d that they give a true and fair view of the stale of affairs of the charty and of 116 incoming resour¢e$ and application of resources. including rt8 income and expendf(ure, for that period. In preparing these financial slalements, the Twslees are required to." select surtable accounting policies and then apply them consistently,. observe the meth¢xls and principlos of the Charities SORP IFRS 1021.. make judgments and accounting eslimales that are reasonable and prudent., stste whether appli￿ble UK Accounting Standards IFRS 1021 have foll¢)wad, subjed to any material departUTes dI￿1¢)sed and explained in the financial statements,. prepare the financial statements on the gosng concem b8618 unless it is inappropriate to presume that the chanty will continue in business. The Trustees gre responsible for keeping adequate a￿Unting records that are sufficient lo $h¢JW arml explwn the charit¥s transactions and disclose with reasonable ac¢ura¢y * any lime tho financial position of the charlty and enable them io ensure that the financwl statements comply wlh the Companies Act 2c￿. They are responsib￿ for safegL6arding the assets of the charity and henee for t8king reason&Jle steps for the prevent￿ft and deteCt￿)n of fraud and other irwul8rl￿$. Approved by order ofthe nEmbers of the board of Tru$teos on and signed on their beh￿f by.. Page 6 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023** ## **Independent examiner's report to the Trustees of Ebony Horse Club ('the charity')** I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2023. ## **Responsibilities and basis of report** As the Trustees of the charity (and 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 charity 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 charity's accounts 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 charity'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 (enter body here), which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report. Page 7 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** Signed: Hugh Maxwell Dated: Chartered Accountant 9 Abbey Business Park Monks Walk Farnham Surrey GU9 8HT Page 8 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023** |**Note**
**Income from:**
Donations and grants
3
Riding fees and other income
Investments
6
**Total income**
**Expenditure on:**
Charitable activities:
Riding stables
Governance
_._ Fund raising evens
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**264,871**
**18,406**
**5,766**
**289,043**
**268,404**
**17,440**
**3,048**
**288,892**
**151**
**980,285**
**151**
**980,436**|**Restricted**
**funds**
**2023**
**£**
**189,194**
**-**
**-**
**189,194**
**231,563**
**1,000**
**2,000**
**234,563**
**(45,369)**
**638,594**
**(45,369)**
**593,225**|**Total**
**funds**
**2023**
**£**
**454,065**
**18,406**
**5,766**
**478,237**
**499,967**
**18,440**
**5,048**
**523,455**
**(45,218)**
**1,618,879**
**(45,218)**
**1,573,661**|_Total_
_funds_
_2022_
_£_
_692,540_
_14,913_
_202_| |---|---|---|---|---| |||||_707,655_| |||||_409,263_
_15,508_
_-_| |||||_424,771_| |||||_282,884_| |||||_1,335,995_
_282,884_| |||||_1,618,879_| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 12 to 27 form part of these financial statements. Page 9 EBONY HORSE CLUB IA company Ilmltod by guarantee) REGISTERED NUMBER,. 05706817 BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Flxod assots Tangibte assots 14 706A78 666,952 705,478 666.952 Detrtors Cash at bank and In hand 15 38,378 936,083 26,839 1.015. 158 974,459 1,041.997 Creditots.. amounts falliNJ due within one 16 1106,278) (90,070) 868,183 951,927 Total a880ts les• curr•nl Ilabllltle8 1,$73,661 1.618.8T9 Net assgts excludlng pgnslon as80t 1.573.661 1.618.879 Total not ao0ts 1,573.661 1.618,879 Charlty funds Restricted funds Unrestricted fundi 17 17 593,225 980,285 Total fund# 1.5T3.661 1.618.879 The tharity wa• onliw to exemption fr(Mn audit under so¢tion 477 ofthe Companies Ad 2008. The members have not required the company to obtain an audit for the year in question In a¢¢Ordar￿ with section 476 of Companies Act 20C6. The Trust¢e8 acknvwbjge their Rspon81bilrtw for c¢￿np￿.n9 with the requirements ofthe Ad *ith resp*d to counting records and preparatK)n of financ￿1 statements. The financial Sthteff￿t$ have been preparod in accO￿ance wth th8 proviw)ns applicablg to entities 8ubiect lo the small corrpanies rogime. Th6 financial 8tatam8n18 were approved and aUthor￿e£l for i88ue by the Trustees on and signed on their beh8M by. The note8 on pages 12 to 27 form wt olltro80 ffinanaal sts1¢m￿lS. Pag8 10 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023** |**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Cash flows from financing activities**
Repayments of borrowing
**Net cash provided by/(used in) financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 12 to 27 form part of these financial statements|**2023**
**£**
**17,603**
**3,750**
**(100,428)**
**(96,678)**
**-**
**-**
**(79,075)**
**1,015,158**
**936,083**|_2022_
_£_
_353,952_
_4,700_
_(34,300)_
**(29,600)**
_(5,000)_
**(5,000)**
**319,352**
_695,806_
_1,015,158_| |---|---|---| Page 11 ## **EBONY HORSE CLUB** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **1. General information** Ebony Horse Club is a private company limited by guarantee domiciled in England and Wales.The registered office is at 51 Millbrook Road London SW9 7JD. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Ebony Horse Club meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 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 income receivable can be measured reliably. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. ## **2.3 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 allocated on the portion of the asset’s use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 12 **(A company limited by guarantee)** ## **EBONY HORSE CLUB** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **2. Accounting policies (continued)** ## **2.4 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.5 Taxation** The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **2.6 Tangible fixed assets and depreciation** Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, . Depreciation is provided on the following bases: |Short-term leasehold property|- Over the period of the lease| |---|---| |Horses|- 33% straight line| |Fixtures and fittings|- 25% straight line| |Computer equipment|- 25% straight line| ## **2.7 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.8 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 13 **(A company limited by guarantee)** ## **EBONY HORSE CLUB** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **2. Accounting policies (continued)** ## **2.9 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. ## **2.10 Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.11 Pensions** The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. ## **2.12 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 14 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **3. Income from donations and grants** |**Unrestricted**
**funds**
**2023**
**£**
Donations and grants
264,871
_Unrestricted_
_funds_
_2022_
_£_
Donations and grants
_530,277_|**Restricted**
**funds**
**2023**
**£**
189,194
_Restricted_
_funds_
_2022_
_£_
_162,263_|**Total**
**funds**
**2023**
**£**
**454,065**| |---|---|---| |||_Total_
_funds_
_2022_
_£_
_692,540_| Page 15 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **4. Grants and donations - unrestricted** |Benchmark Sport Limited
Bedmax Limited
Brunswick Group
Goldman Sachs
Glyn Charitable Foundation
IGY Foundation
Jack Peachey Foundation
John Laing Charitable Trust
London Borough of Lambeth Mayor's Charity
London Community Foundation
Lord Vestey
Marks & Spencer Plc
Maisonic Charitable Foundation
The Wychbold Charitable Trust
The Brown Sorce Trust
The Derby Club
Tudor Capital Europe LLP
Items under £1,000
Donations
**Total 2021**|**2023**
**£**
**9,000**
**3,000**
**5,000**
**20,000**
**1,430**
**50,000**
**1,200**
**1,000**
**7,514**
**4,167**
**3,617**
**1,000**
**1,000**
**5,000**
**15,000**
**2,000**
**1,000**
**4,563**
**129,380**| |---|---| ||**264,871**| Page 16 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **5. Grants -restricted** |Allegra's Ambition
Ascot Racecourse Limited
BRS Education Limited
Greater London Authority
Ecosystem
Hialary Peachey
Derrill Alatt
Horlock Educational Trust
High Tree Community
Jack Peachey Foundation
J H Rausing Trust
London Borough of Lambeth
The Prudence Trust
Petplan
London Community Foundation
The Underwood Trust
The Worship Company of Loriners
Items under £1,000
**Total 2023**|**Opening**
**deferred**
**2023**
**£**
8,375
-
-
-
-
3,333
4,000
4,167
9,797
-
-
-
-
-
4,167
-
4,500
-
38,339|**Receivable**
**2023**
**£**
-
1,600
1,000
13,506
20,700
-
-
6,666
42,980
1,800
16,667
16,500
16,000
15,000
-
6,250
-
550
159,219|**Closing**
**deferred**
**2023**
**£**
-
-
-
-
-
-
-
(833)
(3,364)
-
-
-
-
-
(4,167)
-
-
-
(8,364)|**Total**
**funds**
**2023**
**£**
**8,375**
**1,600**
**1,000**
**13,506**
**20,700**
**3,333**
**4,000**
**10,000**
**49,413**
**1,800**
**16,667**
**16,500**
**16,000**
**15,000**
**-**
**6,250**
**4,500**
**550**| |---|---|---|---|---| |||||**189,194**| ## **6. Investment income** ||**Unrestricted**|**Total**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2023**| ||**£**|**£**| |Investment income - local cash|5,766|**5,766**| Page 17 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **6. Investment income (continued)** |Investment income - local cash
**Riding Stables - Direct Costs**
Computer and IT
Depreciation
Loss (profit) on disposal of fixed assets
Horse expenditure
Insurance
Licences and permits
Miscellaneous
Staff Costs
Staff training and recruitmennt
Printing, postage and stationery
Property costs
Repairs
Staff welfare
Travel
Website
Young people|_Unrestricted_
_funds_
_2022_
_£_
_202_
**2023**
**£**
**8,783**
**58,236**
**(83)**
**73,471**
**7,872**
**433**
**2,840**
**249,263**
**3,933**
**2,410**
**46,776**
**20,645**
**2,657**
**1,860**
**50**
**20,821**
**499,967**|_Total_
_funds_
_2022_
_£_
_202_| |---|---|---| |||_2022_
_£_
_6,819_
_55,663_
_864_
_49,201_
_7,386_
_1,091_
_2,173_
_211,639_
_4,985_
_1,539_
_35,448_
_11,800_
_1,743_
_662_
_-_
_18,250_| |||_409,263_| ## **7. Riding Stables - Direct Costs** Page 18 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **8. Governance costs** |Accountancy
Bank charges
Examiners fees
Professional|**2023**
**£**
**10,650**
**496**
**1,200**
**6,094**
**18,440**|_2022_
_£_
_10,516_
_301_
_1,440_
_1,392_| |---|---|---| |||_13,649_| ## **9. Riding Stables - Direct Costs - Allocation** |**Unrestricted**
**funds**
**2023**
**£**
Computer and IT
7,283
Depreciation
12,865
Loss on disposal of fixed assets
(83)
Horse expenditure
13,892
Insurance
311
Licences and permits
-
Miscellaneous
2,840
Staff Costs
161,927
Staff training and recruitment
2,555
Printing, postage and stationery
1,910
Property costs
44,209
Repairs
20,645
Staff welfare
-
Travel
-
Website
50
Young people
-
**Total 2023**
268,404|**Restricted**
**funds**
**2023**
**£**
1,500
45,371
-
59,579
7,561
433
-
87,336
1,378
500
2,567
-
2,657
1,860
-
20,821
231,563|**Total**
**funds**
**2023**
**£**
**8,783**
**58,236**
**(83)**
**73,471**
**7,872**
**433**
**2,840**
**249,263**
**3,933**
**2,410**
**46,776**
**20,645**
**2,657**
**1,860**
**50**
**20,821**| |---|---|---| |||**499,967**| Page 19 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **10. Independent examiner's remuneration** ||**2023**|_2022_| |---|---|---| ||**£**|_£_| |Fees payable to the charity's independent examiner for the independent||| |examination of the charity's annual accounts|**1,200**|_1,200_| ## **11. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2023**
**£**
**231,509**
**13,415**
**4,342**
**249,266**|_2022_
_£_
_196,543_
_11,197_
_3,900_| |---|---|---| |||| |||_211,640_| The average number of persons employed by the charity during the year was as follows: |Operational and administration staff
The average headcount expressed as full-time equivalents was:
Operational and administration staff|**2023**
**No.**
**12**
**2023**
**No.**
**12**|_2022_
_No._
_10_| |---|---|---| |||_2022_
_No._
_10_| No employee received remuneration amounting to more than £60,000 in either year. ## **12. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ . During the year ended 31 March 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ . ## **13. Taxation** The charity is not subject to tax as all of its activities are for charitable purposes. Page 20 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **14. Tangible fixed assets** |**Short-term**
**leasehold**
**property**
**£**
**Cost or valuation**
At 1 April 2022
**1,148,932**
Additions
**85,274**
Disposals
**-**
At 31 March 2023
**1,234,206**
**Depreciation**
At 1 April 2022
**498,798**
Charge for the year
**45,370**
On disposals
**-**
At 31 March 2023
**544,168**
**Net book value**
At 31 March 2023
**690,038**
_At 31 March 2022_
_650,134_
**Debtors**
**Due after more than one year**
Other debtors
**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income|**Horses**
**£**
**40,676**
**12,450**
**(5,500)**
**47,626**
**24,826**
**11,867**
**(1,833)**
**34,860**
**12,766**
_15,850_|**Fixtures and**
**fittings**
**£**
**36,674**
**1,800**
**-**
**38,474**
**35,706**
**772**
**-**
**36,478**
**1,996**
_968_||**Computer**
**equipment**
**£**
**7,489**
**904**
**-**
**8,393**
**7,489**
**226**
**-**
**7,715**
**678**
_-_
**2023**
**£**
**2,243**
**5,872**
**5,821**
**24,440**
**38,376**|**Total**
**£**
**1,233,771**
**100,428**
**(5,500)**
**1,328,699**
**566,819**
**58,235**
**(1,833)**
**623,221**
**705,478**
_666,952_
_2022_
_£_
_-_
_14,682_
_1,500_
_10,657_
_26,839_| |---|---|---|---|---|---| ||||||| ||||||| ||||||| ||||||| ||||||| ||||||| ## **15. Debtors** Page 21 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **16. Creditors: Amounts falling due within one year** |Trade creditors
Other taxation and social security
Accruals and deferred income
Deferred income at 1 April 2022
Resources deferred during the year
Amounts released from previous periods|**2023**
**£**
**10,614**
**-**
**95,662**
**106,276**
**2023**
**£**
**75,007**
**87,008**
**(75,007)**
**87,008**|_2022_
_£_
_2,849_
_3,824_
_83,397_
_90,070_
_2022_
_£_
_77,595_
_75,007_
_(77,595)_
_75,007_| |---|---|---| Page 22 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **17. Statement of funds** ## **Statement of funds - current year** |**Unrestricted funds**
General Funds - all funds
**Restricted funds**
Restricted Fund 1
**Total of funds**|**Balance at 1**
**April 2022**
**£**
**980,285**
**638,594**
**1,618,879**|**Income**
**£**
**289,043**
**189,194**
**478,237**|**Expenditure**
**£**
**(288,892)**
**(234,563)**
**(523,455)**|**Balance at**
**31 March**
**2023**
**£**
**980,436**| |---|---|---|---|---| |||||**593,225**| |||||**1,573,661**| Page 23 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **17. Statement of funds (continued)** **Statement of funds - prior year** |General Funds - all funds
Restricted Fund 1
**Total of funds**|_Balance at_
_1 April 2021_
_£_
_654,031_
_681,964_
_1,335,995_|_Income_
_£_
_545,392_
_162,263_
_707,655_|_Expenditure_
_£_
_(219,138)_
_(205,633)_
_(424,771)_|_Balance at_
_31 March_
_2022_
_£_
_980,285_| |---|---|---|---|---| |||||_638,594_| |||||_1,618,879_| ## **18. Summary of funds** **Summary of funds - current year** |General funds
Restricted funds
**Summary of funds - prior year**
General funds
Restricted funds|**Balance at 1**
**April 2022**
**£**
**980,285**
**638,594**
**1,618,879**
_Balance at_
_1 April 2021_
_£_
_654,031_
_681,964_
_1,335,995_|**Income**
**£**
**289,043**
**189,194**
**478,237**
_Income_
_£_
_545,392_
_162,263_
_707,655_|**Expenditure**
**£**
**(288,892)**
**(234,563)**
**(523,455)**
_Expenditure_
_£_
_(219,138)_
_(205,633)_
_(424,771)_|**Balance at**
**31 March**
**2023**
**£**
**980,436**
**593,225**| |---|---|---|---|---| |||||**1,573,661**| |||||_Balance at_
_31 March_
_2022_
_£_
_980,285_
_638,594_| |||||_1,618,879_| Page 24 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **19. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |**Unrestricted**
**funds**
**2023**
**£**
Tangible fixed assets
15,440
Debtors due after more than one year
2,243
Current assets
972,216
Creditors due within one year
(9,463)
**Total**
980,436|**Restricted**
**funds**
**2023**
**£**
690,038
-
-
(96,813)
593,225|**Total**
**funds**
**2023**
**£**
**705,478**
**2,243**
**972,216**
**(106,276)**
**1,573,661**| |---|---|---| ## **Analysis of net assets between funds - prior year** |Tangible fixed assets
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2022_
_£_
_16,817_
_1,015,198_
_(51,730)_
_980,285_|_Restricted_
_funds_
_2022_
_£_
_650,135_
_26,799_
_(38,340)_
_638,594_|_Total_
_funds_
_2022_
_£_
_666,952_
_1,041,997_
_(90,070)_
_1,618,879_| |---|---|---|---| Page 25 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **20. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income/expenditure for the year (as per Statement of Financial
Activities)
**Adjustments for:**
Depreciation charges
(Profit) loss on sale of fixed assets
(increase) decrease in debtors
Increase (decrease) in creditors
**Net cash provided by operating activities**|**2023**
**£**
**(45,218)**
**58,236**
**(83)**
**(11,537)**
**16,205**
**17,603**|_2022_
_£_
_282,884_| |---|---|---| |||_55,663_
_864_
_13,060_
_1,481_| |||| |||_353,952_| ## **21. Analysis of cash and cash equivalents** ||**2023**|_2022_| |---|---|---| ||**£**|_£_| |Cash in hand|**936,083**|_1,015,158_| ## **22. Analysis of changes in net debt** |Cash at bank and in hand|**At 1 April**
**2022**
**£**
**1,015,158**
**1,015,158**|**Cash flows**
**£**
**(79,075)**
**(79,075)**|**At 31 March**
**2023**
**£**
**936,083**| |---|---|---|---| ||||**936,083**| ## **23. Pension commitments** The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £4,342 (2022 - £3,900).There were no funds payable to the fund at the balance sheet (2022 - £nil) Page 26 ## **EBONY HORSE CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **24. Operating lease commitments** At 31 March 2023 the charity had commitments to make future minimum lease payments under noncancellable operating leases as follows: ||||**2023**|_2022_| |---|---|---|---|---| ||||**£**|_£_| |Later than|5|years|**419,448**|_400,473_| The following lease payments and changes in lease payments have been recognised in the Statement of financial activities: ||**2023**|_2022_| |---|---|---| ||**£**|_£_| |Operating lease rentals|**29,014**|_23,250_| |Changes in lease payments arising from COVID-19 related rent||| |concessions|**-**|_-_| ## **25. Members' liability** Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £NIL for the debts and liabilities contracted before he/she ceases to be a member. Page 27