**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 2024**
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the charity, its Trustees and advisers**|1|
|**President and Patrons**|2|
|**Trustees' report**|3 - 7|
|**Independent examiner's report**|8 - 9|
|**Statement of financial activities**|10|
|**Balance sheet**|11 - 12|
|**Statement of cash flows**|13|
|**Notes to the financial statements**|14 - 28|
## **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 2024**
|**Trustees**|Susan Margrethe Collins, Chair|
|---|---|
||Susan Bridget Ellenby, Vice Chair|
||Philippa Isobel Buchanan|
||Jonathan Evans|
||Basil Fraser (appointed 28 November 2023)|
||Quailyn Gayadeen (resigned 22 February 2024)|
||Dayon Raymond Haynes (appointed 28 November 2023)|
||Julian White|
|**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 2024**
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 ahead of gaining a degree in Engineering,
Page 2
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024**
The Trustees present their annual report together with the financial statements of the Ebony Horse Club for the 1 April 2023 to 31 March 2024. 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 Lambeth 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 2024**
## **Objectives and activities (continued)**
## **c. Activities**
In FY2023 we provided 12,000 hours of support to our members including 2500 hours of trips and activities. 95% of our membership are from Low Income backgrounds and 10% are young carers for family members. Three alumni joined our staff team and are working towards BHS Stage 1 and Youth Work qualifications. Four new schools joined our RIDE programme which operates during term time.
We began the year with a visit to Downing Street for some of our older members to discuss the importance of equitable access to riding. We also visited Jamie Snowden’s racing yard in Newbury to meet one of the horses owned by Friends of Ebony Syndicate and to watch it run at Newbury Racecourse. In May, we were delighted to be invited to the Coronation Concert at Windsor Castle and for some of our young people to watch the Coronation from St Margarets, Westminster. At the end of May, six of our members spent a week in Cornacchino, in Tuscany riding through wonderful countryside, sponsored by The Worshipful Company of Loriners. Our summer holiday activities concluded with our annual summer camp nr Guildford at the kind invitation of our hosts, Mia and Bob Lees.
Conversion of the adjoining railway arch at Wyck Gardens was completed in Summer 2024 and officially opened in September by a trustee of the Peter O’Sullevan Trust who funded a substantial portion of the build. This much needed additional space will provide opportunities for non-ridden youth activities and will therefore increase our Lambeth membership. Plans to expand our services by opening a second site in our neighbouring borough of Southwark continued. The council had identified a site, the former Surrey Docks Adventure Playground in Trident Street, as suitable. It has a similar demographic to our existing site in Lambeth and it’s envisaged that up to 150 children and young people in Southwark will benefit from the facility. The planning process and a funding strategy were implemented. We held an event at the Royal Mews to introduce potential funders to our plans.
We continued our work with Ecosystem Coldharbour consortium, funded by the London Mayor’s office, which 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. We remain an approved British Horse Society centre.
Dayon Haynes, an expert in community development and facilities management, and Basil Fraser who has a background in Credit Management, joined the Board in November 2023. Quai Gayadeen resigned as a trustee in February 2024 after 9 years.
Page 4
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **(continued)**
## **a. Financial summary**
2023 – 2024 continued to present unpredictable economic challenge for many of our families, staff and us as an organisation. We have remained committed in our work to support our young members and their support networks, working closely with local business and Lambeth Council to ensure those families most effected by the challenges around cost of living are sufficiently supported. We have remained committed to supporting our young members with a ‘fuel your ride’ programme, led by our team of dedicated volunteers, to ensure those facing food poverty can safely engage with us here at EHC. As an organisation, we have faced significant challenges around increasing operational running costs and we are being proactive in diversifying our fundraising stream. As an organisation we are working toward a more streamlined approach to fundraising, with a better, more consistent donor experience alongside the introduction of ‘products’ to support our efforts. Whilst we finished the year favourably against forecast, we had a small deficit that we hope to rectify during 24 – 25 due to the development of our new arch space.2023 – 2024 continued to present unpredictable economic challenge for many of our families, staff and us as an organisation. We have remained committed in our work to support our young members and their support networks, working closely with local business and Lambeth Council to ensure those families most effected by the challenges around cost of living are sufficiently supported. We have remained committed to supporting our young members with a ‘fuel your ride’ programme, led by our team of dedicated volunteers, to ensure those facing food poverty can safely engage with us here at EHC. As an organisation, we have faced significant challenges around increasing operational running costs and we are being proactive in diversifying our fundraising stream. As an organisation we are working toward a more streamlined approach to fundraising, with a better, more consistent donor experience alongside the introduction of ‘products’ to support our efforts. Whilst we finished the year favourably against forecast, we had a small deficit that we hope to rectify during 24 – 25 due to the development of our new arch space.
## **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.
Page 5
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Structure, governance and management (continued)**
## **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.
## **Engagement with employees and employment of the disabled**
Employees have been consulted on issues of concern to them by means of regular consultative committee and staff meetings and have been kept informed on specific matters directly by management. The charity carries out exit interviews for all staff leaving the organisation and has adopted a procedure of upward feedback for senior management and the Trustees.
The charity has implemented a number of detailed policies in relation to all aspects of personnel matters including:
- Equal opportunities policy
- Volunteers' policy
- Health & safety policy
In accordance with the charity's equal opportunities policy, the charity has long-established fair employment practices in the recruitment, selection, retention and training of disabled staff.
Full details of these policies are available from the charity's offices.
Page 6
## **EBONY HORSE CLUB (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Statement of Trustees' responsibilities**
The Trustees (who are also the directors of the charity 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 (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 20 December 2024 and signed on their behalf by:
## **Susan Margrethe Collins**
Page 7
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **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 2024.
## **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 ICEAW, 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 8
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
Signed:
Hugh Maxwell
Dated: 20 December 2024
Chartered Accountant
9 Abbey Business Park Monks Walk Farnham Surrey GU9 8HT
Page 9
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024**
|**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 events
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**180,138**
**16,333**
**14,922**
**211,393**
**335,257**
**17,605**
**5,928**
**358,790**
**(147,397)**
**980,436**
**(147,397)**
**833,039**|**Restricted**
**funds**
**2024**
**£**
**208,164**
**-**
**-**
**208,164**
**249,733**
**-**
**1,200**
**250,933**
**(42,769)**
**593,225**
**(42,769)**
**550,456**|**Total**
**funds**
**2024**
**£**
**388,302**
**16,333**
**14,922**
**419,557**
**584,990**
**17,605**
**7,128**
**609,723**
**(190,166)**
**1,573,661**
**(190,166)**
**1,383,495**|_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_|
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 28 form part of these financial statements.
Page 10
## **EBONY HORSE CLUB (A company limited by guarantee) REGISTERED NUMBER: 05706817**
## **BALANCE SHEET AS AT 31 MARCH 2024**
|**Note**
**Fixed assets**
Tangible assets
14
**Current assets**
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
17
Unrestricted funds
17
**Total funds**|**19,677**
**641,831**
**661,508**
**(146,322)**|**2024**
**£**
**868,309**
**515,186**
**1,383,495**
**1,383,495**
**1,383,495**
**550,456**
**833,039**
**1,383,495**|_38,376_
_936,083_
_974,459_
_(106,276)_|_2023_
_£_
_705,478_
_868,183_|
|---|---|---|---|---|
|||||_1,573,661_|
|||||_1,573,661_|
||||||
|||||_1,573,661_|
|||||_593,225_
_980,436_|
||||||
|||||_1,573,661_|
The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 20 December 2024 and signed on their behalf by:
Page 11
## **EBONY HORSE CLUB**
**(A company limited by guarantee) REGISTERED NUMBER: 05706817**
# **BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024**
**Susan Margrethe Collins**
(Trustee)
The notes on pages 14 to 28 form part of these financial statements.
Page 12
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024**
|**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**
**Net cash provided by 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 14 to 28 form part of these financial statements|**2024**
**£**
**(64,988)**
**11,150**
**(240,414)**
**(229,264)**
**-**
**(294,252)**
**936,083**
**641,831**|_2023_
_£_
_17,603_
_3,750_
_(100,428)_
**(96,678)**
**-**
**(79,075)**
_1,015,158_
_936,083_|
|---|---|---|
Page 13
## **EBONY HORSE CLUB**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 14
**(A company limited by guarantee)**
## **EBONY HORSE CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 15
**(A company limited by guarantee)**
## **EBONY HORSE CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 16
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **3. Income from donations and grants**
|**Unrestricted**
**funds**
**2024**
**£**
Donations and grants
180,138
_Unrestricted_
_funds_
_2023_
_£_
Donations and grants
_264,871_
**4.**
**Grants and donations - unrestricted**
Ariena Lei Rac Ltd
Clarion Events Limites
Creative Artists Agency
Chelsea Square 1994 Trust
Davison Charitable Trust
Friends of Ebony Horse Club
IGY Foundation
Lady Kulukundis
Pets at Home
Square Point Foundation
Starbucks
St Dunstans Church
The John Horseman Foundation
The Brown Sorce Trust
The Parish of Herne Hill
The Sadlers Company
Transpetrol Foundation
Other donations, £1,000 and less
**Total 2024**|**Restricted**
**funds**
**2024**
**£**
208,164
_Restricted_
_funds_
_2023_
_£_
_189,194_|**Total**
**funds**
**2024**
**£**
**388,302**|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_454,065_|
|||**2024**
**£**
**30,585**
**5,337**
**5,000**
**2,000**
**10,000**
**14,098**
**29,167**
**5,000**
**1,050**
**4,000**
**8,236**
**1,600**
**5,000**
**7,500**
**1,279**
**1,500**
**5,000**
**43,786**|
|||**180,138**|
Page 17
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **5. Grants -restricted**
|Greater London Authority
Horlock Educational Trust
High Tree Community
Jack Peachey Foundation
J H Rausing Trust
London Borough of Lambeth
London Community
London Groundwork
M L Community Centre
London Community Foundation
M L Community Centre
The London Marathon
The Michael Tippet Foundation
The Underwood Trust
The Worship Company of Loriners
Walcot Foundation
Items £1,000 and under
**Total 2024**|**Opening**
**deferred**
**2024**
**£**
-
833
3,364
-
-
-
4,167
-
-
-
-
-
-
-
-
-
-
8,364|**Receivable**
**2024**
**£**
10,092
13,334
48,084
1,200
8,333
10,000
5,833
1,200
12,330
-
-
50,000
22,750
43,750
14,000
30,000
2,601
273,507|**Closing**
**deferred**
**2024**
**£**
-
(4,167)
(20,790)
-
-
-
-
-
-
-
-
-
-
(18,750)
(5,000)
(25,000)
-
(73,707)|**Total**
**funds**
**2024**
**£**
**10,092**
**10,000**
**30,658**
**1,200**
**8,333**
**10,000**
**10,000**
**1,200**
**12,330**
**-**
**-**
**50,000**
**22,750**
**25,000**
**9,000**
**5,000**
**2,601**|
|---|---|---|---|---|
|||||**208,164**|
## **6. Investment income**
Investment income - local cash
|**Unrestricted**|**Total**|
|---|---|
|**funds**|**funds**|
|**2024**|**2024**|
|**£**|**£**|
|14,922|**14,922**|
Page 18
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **6. Investment income (continued)**
|Investment income - local cash
**7.**
**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_
_2023_
_£_
_5,766_
**2024**
**£**
**6,542**
**71,617**
**(5,183)**
**80,142**
**9,512**
**707**
**4,918**
**283,930**
**3,185**
**1,801**
**52,686**
**22,405**
**3,148**
**3,633**
**130**
**45,817**
**584,990**|_Total_
_funds_
_2023_
_£_
_5,766_
_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 2024**
## **8. Governance costs**
|Accountancy
Bank charges
Interest charges
Examiners fees
Professional|**2024**
**£**
**10,836**
**628**
**158**
**1,440**
**4,543**
**17,605**|_2023_
_£_
_10,650_
_496_
_-_
_1,200_
_6,094_|
|---|---|---|
|||_18,440_|
## **9. Riding Stables - Direct Costs - Allocation**
|**Unrestricted**
**funds**
**2024**
**£**
Computer and IT
1,542
Depreciation
26,247
Loss on disposal of fixed assets
(5,183)
Horse expenditure
80,142
Insurance
9,512
Licences and permits
707
Miscellaneous
4,918
Staff Costs
186,722
Staff training and recruitment
2,095
Printing, postage and stationery
1,801
Property costs
2,686
Repairs
22,405
Staff welfare
-
Travel
1,533
Website
130
Young people
-
**Total 2024**
335,257|**Restricted**
**funds**
**2024**
**£**
5,000
45,370
-
-
-
-
-
97,208
1,090
-
50,000
-
3,148
2,100
-
45,817
249,733|**Total**
**funds**
**2024**
**£**
**6,542**
**71,617**
**(5,183)**
**80,142**
**9,512**
**707**
**4,918**
**283,930**
**3,185**
**1,801**
**52,686**
**22,405**
**3,148**
**3,633**
**130**
**45,817**|
|---|---|---|
|||**584,990**|
Page 20
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **10. Independent examiner's remuneration**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Fees payable to the charity's independent examiner for the independent|||
|examination of the charity's annual accounts|**1,440**|_1,200_|
## **11. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2024**
**£**
**265,295**
**14,401**
**4,234**
**283,930**|_2023_
_£_
_231,509_
_13,415_
_4,342_|
|---|---|---|
||||
|||_249,266_|
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|**2024**
**No.**
**14**
**2024**
**No.**
**14**|_2023_
_No._
_12_|
|---|---|---|
|||_2023_
_No._
_12_|
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 _(2023 - £NIL)_ .
During the year ended 31 March 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ .
## **13. Taxation**
The charity is not subject to tax as all of its activities are for charitable purposes.
Page 21
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **14. Tangible fixed assets**
|**Short-term**
**leasehold**
**property**
**£**
**Cost or valuation**
At 1 April 2023
**1,234,206**
Additions
**193,406**
Disposals
**-**
At 31 March 2024
**1,427,612**
**Depreciation**
At 1 April 2023
**544,168**
Charge for the year
**49,393**
On disposals
**-**
At 31 March 2024
**593,561**
**Net book value**
At 31 March 2024
**834,051**
_At 31 March 2023_
_690,038_
**Debtors**
**Due after more than one year**
Other debtors
**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income|**Horses**
**£**
**47,626**
**46,050**
**(18,625)**
**75,051**
**34,860**
**20,983**
**(12,658)**
**43,185**
**31,866**
_12,766_|**Fixtures and**
**fittings**
**£**
**38,474**
**958**
**-**
**39,432**
**36,478**
**1,012**
**-**
**37,490**
**1,942**
_1,996_||**Computer**
**equipment**
**£**
**8,393**
**-**
**-**
**8,393**
**7,715**
**228**
**-**
**7,943**
**450**
_678_
**2024**
**£**
**2,243**
**-**
**1,800**
**15,634**
**19,677**|**Total**
**£**
**1,328,699**
**240,414**
**(18,625)**
**1,550,488**
**623,221**
**71,616**
**(12,658)**
**682,179**
**868,309**
_705,478_
_2023_
_£_
_2,243_
_5,872_
_5,821_
_24,440_
_38,376_|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
|||||||
|||||||
## **15. Debtors**
Page 22
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **16. Creditors: Amounts falling due within one year**
|Trade creditors
Accruals and deferred income
Deferred income at 1 April 2023
Resources deferred during the year
Amounts released from previous periods|**2024**
**£**
**11,677**
**134,645**
**146,322**
**2024**
**£**
**87,008**
**123,707**
**(87,008)**
**123,707**|_2023_
_£_
_10,614_
_95,662_
_106,276_
_2023_
_£_
_75,007_
_87,008_
_(75,007)_
_87,008_|
|---|---|---|
Page 23
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 2023**
**£**
**980,436**
**593,225**
**1,573,661**|**Income**
**£**
**211,393**
**208,164**
**419,557**|**Expenditure**
**£**
**(358,790)**
**(250,933)**
**(609,723)**|**Balance at**
**31 March**
**2024**
**£**
**833,039**|
|---|---|---|---|---|
|||||**550,456**|
|||||**1,383,495**|
Page 24
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **17. Statement of funds (continued)**
**Statement of funds - prior year**
|General Funds - all 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_|
## **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 2023**
**£**
**980,436**
**593,225**
**1,573,661**
_Balance at_
_1 April 2022_
_£_
_980,285_
_638,594_
_1,618,879_|**Income**
**£**
**211,393**
**208,164**
**419,557**
_Income_
_£_
_289,043_
_189,194_
_478,237_|**Expenditure**
**£**
**(358,790)**
**(250,933)**
**(609,723)**
_Expenditure_
_£_
_(288,892)_
_(234,563)_
_(523,455)_|**Balance at**
**31 March**
**2024**
**£**
**833,039**
**550,456**|
|---|---|---|---|---|
|||||**1,383,495**|
|||||_Balance at_
_31 March_
_2023_
_£_
_980,436_
_593,225_|
|||||_1,573,661_|
Page 25
**(A company limited by guarantee)**
## **EBONY HORSE CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **19. Analysis of net assets between funds**
**Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
308,915
Debtors due after more than one year
2,243
Current assets
659,265
Creditors due within one year
(137,384)
**Total**
833,039|**Restricted**
**funds**
**2024**
**£**
559,394
-
-
(8,938)
550,456|**Total**
**funds**
**2024**
**£**
**868,309**
**2,243**
**659,265**
**(146,322)**
**1,383,495**|
|---|---|---|
## **Analysis of net assets between funds - prior period**
|Tangible fixed assets
Debtors due after more than one year
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_15,440_
_2,243_
_972,216_
_(9,463)_
_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_|
|---|---|---|---|
Page 26
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **20. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net expenditure for the period (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
(Profit) loss on sale of fixed assets
decrease(increase) in debtors
Increase in creditors
**Net cash provided by/(used in) operating activities**|**2024**
**£**
**(190,166)**
**71,616**
**(5,183)**
**18,699**
**40,046**
**(64,988)**|_2023_
_£_
_(45,218)_|
|---|---|---|
|||_58,236_
_(83)_
_(11,537)_
_16,205_|
||||
|||_17,603_|
## **21. Analysis of cash and cash equivalents**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Cash in hand|**641,831**|_936,083_|
## **22. Analysis of changes in net debt**
|Cash at bank and in hand|**At 1 April**
**2023**
**£**
**936,083**
**936,083**|**Cash flows**
**£**
**(294,252)**
**(294,252)**|**At 31 March**
**2024**
**£**
**641,831**|
|---|---|---|---|
||||**641,831**|
## **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 £4,234 (2023 - £4,342).There were no funds payable to the fund at the balance sheet (2023 - £nil)
Page 27
## **EBONY HORSE CLUB**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **24. Operating lease commitments**
At 31 March 2024 the charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
||||**2024**|_2023_|
|---|---|---|---|---|
||||**£**|_£_|
|Later than|5|years|**387,139**|_419,448_|
The following lease payments and changes in lease payments have been recognised in the Statement of financial activities:
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Operating lease rentals|**32,221**|_29,014_|
||**-**|_-_|
## **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 28