Registered Company No. 06033558 (England and Wales) Registered Charity No. 1118241 CLWYD SPECIAL RIDING CENTRE LIMITED (Company limited by guarantee) REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CLWYD SPECIAL RIDING CENTRE UMITED CONTENTS OF THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Paze Report of the trustees I to 4 Report of the independert auditors ststement of financial activitiès Balance sheet Notes to the financial statements io to 20 CLWYD SPECIAL RIDING CENTRE LIMITEO REPORT OF THE TRUSTEE5 FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees who are also direttors of the charity for the purposes of the Companiès Act 2006, present their report with the financial statement5 of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accourbting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance with the Financlal Reporting Standard applicablè in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. Oblectlves and activlties The charity's continuing aim is to provide people with spetial needs the opportunity ta ride, carriage drive or equestrian vault, to benefit their health and well-being. This is done via the operation of an equestrian centre which has the necessary specialist equipment and facilities. The trustees arrarlge, from tlme to tirne, suitable fundraisrng events to support the artivities of the centre over the longer term. Public Benefrt The trustees have due regard to guidance issued by the Charity Commission In deciding what activities the charitable company Should undertake. Rlsk Management The Board of Trustees is a non-executive body. delegating its operational managÈment to the centre operation5 manager. The Board establi5he5 the strategic direction of the organis3tion. sets policies in place in Order to meet the charity's objectives and legal requirements and exercises scrutiny over the performance of the organisation and the managerial functlon. There are tour standing committees. the Management Committee (all Trustees), and the Equirbe. Finance and Staff Committees. The Board and Management Committee mèet on a monthly basis together with an Annual General Meeting. Thé Board maintains regular vigilance ovèr rts policie5 and procedures to ensure the fulfilment of all necessary legal requirements. Achlevements and performance The Centre ha5 continued to recover from the closure during the pandemic. but the number of rlders has not climbed back to 2019 levels. This means that additional fundraising actlvltles are required and to that end. in the autumn of 2023 the centre began to operate the BHS Changing Lives Through Horses Scheme. This Scheme aims to improve the lives of young people who, for various reasons. are disregarded and risk becoming excluded fiom education or are disadvantaged in some way. The Trustees are also mindful to èxtend the use of the excellent facilities at the Centre with a purpose of buildin8 UP internally gener3ted revenues as well as providing much n&eded service5. These will need funding and the Trustees have appointed an expèrienced fundraiser on a contractual basis with the obAective of building good long-term relationships between potential funding organisations and the Centre. Flnanclal Revlew The overall deficit for the year was £23,935 (last year a deficit of £16,362) but this was after charging depreciation of £42,338 Ila5t year £39,997). Thus, adding back the depreciation there was a surplus of £18.403 Ila5t year £23,635). Income for the year from donations and legacies rose considerably in the year to £224,795 Ilast year £145,756) which was as 3 result of two fftajor donations in the year, which accounted for £100,679 of the total. Page I CLWYD SPECIAL RIDING CENTRE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The éxpenditure levels, while con5t3ntly monitored. has grown back to pre pandemic levels as thÈ Centre gears up for the full operations and completes task5 delayed during the closure period, such a5 Outstanding maintenance. The total costs amounted to £386.446 Ilast year £314,679). The main expense of the centre is the Staff wages and salarie5. which amounted to £221.755 In the year (last year £160,435). Reserves Policy The strategy is to build back up the financial reserve5 from the current levels to an amount approximately equivalent to one year's operating costs. Thi5 will be achieved over 3 number of years with the support of many organisations and individua15 who consider the Centre's role Is of paramount importance. However thi5 is a slow prccess as funding is harder to come by under current economic conditions. Strurture. governance and management Clwyd Special Riding Centre Limited is constituted through its Memorandum 3nd Articles of Association as an independent tharity managed by a company limited by guarantee. The Board of Trustees currently comprises 8 merHbers. Tru5tee5 are appolnted by a resolution of 3t least three trustees. Trustees retlre by rotation. A trustee may be removed by a resolution approved by the Board. On appointment, trustees receive an induction into the charity, along with detailed document3tSon about its work. This documentation is constantly updated as the charSty develops. Tru5tee5 ieceive appropriate Charity Commission publications during the year and are offered a number of development opportunities via the efforts of the centre manager 2nd also through the support of the Riding for the Disabled A55ociation. None of the trustees has any benefitial interest in the company. All of the trustees are member5 of the company and guaranteed to iontribute an amount, not exceeding £10, in the event of winding up. The trustees consider the finances to be in acceptable order as shown by the financial statement5 on pages 8 to 20 which ctsmply with current statutory requirements. The training of Dur staff has been an essential Component underpinning our development. This has been made P055ible by the astute management of our resource5 and by a55e55ing the many opportunitie5 to invest in workforce development now offered by the Wales Council for Voluntary Action. The staff of the charity are or8anised in a form31 management structure. The centre operations manager reports mDnthly to the Board who authorise any relevant management decisions. The charity is a member of the Riding for the Disabled Association and the Wale5 Council for Voluntary Action. Refèrence and administrative detalls Registered Company number 06033558 IEngland and Walesl Registered Charlty number 1118241 Registered office Llanfynydd Wrexham LLII 5HN Page 2 CLWYO SPECIAL RIDING CENTRE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees who seryed during the year John Reynolds- Chairman (appointed 21 June 20231 Maurice Lyall Cottle FCA-Treasurer and Company Secretarv Julie Cowley (resigned 17 November 20231 John Evans (resigned 20 September 20231 Victoria Everall 5ophia Greenwell (appointed 19 Aprll 20231 Angela Roberts Graham Roberts lappointed 14 February 2023. resigned 2 November 20231 Norma Sh3w Iresi8ned S April 20241 Keith Thompson Kate Hill-Trevor Jilly Walton Auditors Xeinadin Audlt Limited St Andrews House Yale Business Village Ellice Way Wrexham Wrexham C8 LL13 7YL Statement of trustèès, responsibilitSes The trustees (who are also the directors of Clwyd Spècral Riding Centre Limited for the purpose5 of company lawl are responsible for preparing the Report of the trustee5 and the financial statements in accordance with applicable law arhd United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company 13w requires the tru5tee5 to prepare financial statements for each financial year which give a true and fair view tsf the state of 3ffairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that period. In prep3ring those financial statements, the trU￿ÈeS are requlred to selèct suitable accounting policies and then apply them consistently,. observe the methods and principles in th8 Ch3rity SORP.. make judgements and estimates that are reasonable and prudent- prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the charitable company will continue In business. The trustees are responsible for keeping proper atcttunting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Cornpanies Act 2006. They are also responsible for safeguarding the assets of the charitable companv and hence for laking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3 CLWYD SPECIAL RIDING CENTRE LIMITED REPORT OFTHETRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2023 In so far as the trustees are aware= there is no relevant audit information of which the charitable company's auditors are unaware,. and the trustees have taken all steps that they ought to have taken to make them5elve5 aware of any relevant audit inforrnation and to establish that the auditors are awa￿ of that Information. Audltors The auditors, Xeinadin Audit Limited, wlll be proposed for re-appointment at the forthcoming Annual General Meeting. Disclosure of information to auditor5 Each of the directors has confirmed that there is no information of which they are aware which is relevant to the audr(, but of which the auditor Is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and io establish that the auditors are aware of such Information. Approved by order ofthe board of trustèes on 1117 1 lot14 and signed on its behalf by.. iu &*è Jllly Walton Trustee MaurltÈ Lyall Cottle FCA Trustee Page 4 REPORT OFTHE INDEPENDENT AUDITORSTO THE MEMBERS OF CLWYD SPECIAL RIDING CENTRE LIMITED Opinion We have audited the financial statèments of Clwyd Special Riding Centre Limited (the 'charrtable company'l for the vear ended 31 December 2023 which comprise the Statement of financial activities, the Balance sheet and notes io the financial statements, including a Summary of significant accounting policies. The financial reporting framework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financi31 statements.. give a true and fair view of the state of the charitable company's affair5 as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year thèn ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance wlth International Standard5 on Audltin8 IUKI11SAs IUKII and applicable law. Our responsibilities under those standards are further destribed in the Auditors, responsibilities for the audil of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical rèquirements that are ￿levant to our audit of the financial Statements in the UK, including the FRC'S Ethical standard, and we hbve fulfilled our other ethical responsibilities in accordante with these requirements. We believe that the audit Èvidence we have obtained is stjfficient and appropriate to provide a basis for our opinion. Conclusion5 relatlng to goi•)g concèrn In auditing the financial statemènts, we have concluded that the trustees. use of the going concÈrn basis ctrf accounting in the preparation of the fin3ncial statement5 is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial ststements are authorised for i55ue. Our responsibilities and the responsibilities of the trustees with respect to Boing concern are descrlbed in the relevant sections Of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual report. other than the financial staterllents and our Report of the independent auditors thereon. Our opinion on the financial statement5 does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with c&ur audit of the financi31 statement5. our responsibility is to read the other information and, in doing sa, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such materièl Incon51Stencies or apparent material misstatements, wé are required to determine whether this gives rise to a material mi$5tatement in the financial statements themselves. If. basÈd on the work w@ have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companles Att 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the trustees for the financial year for which the financial statemènts are prepared is consistent with the financial statement5,' and the Report of the trustees has been prepared in accordance with applicable legal requirements. Page 5 REPORTOFTHE INDEPENDENT AUDITORS TO THE MEMBERS OF CLWYD SPECIAL RIDING CENTRE LIMITED Matters on which we are required to report by exception In thè light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the trustees. We have nothing to Teport in respect of the following matters where the Companies Act 2006 requires u5 to report ttTr you if, in our opinion.. adequate accounting records hève net béen kept or retL¢rns adèquate for our audit have ntst been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns; or certain disclosure5 of trustees, remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to take advantage of the small companies exemption from the requlrement to prepare a Strategic report or in preparing the Report of the trusteÈ5. Responsibilitie5 of trustees As explained more fully in the Statement of tiustees, responsibilities. the irustees Iwho are also the directors of the charitable company for the purposes of company lawl are rèsponsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the finèncial statements, the trustees are responsibSe for assessing the charitable company'5 ability to continue as a going concern, di5closin& a5 applicable, matters related to going concern and using the going concern basi5 of accounting unle55 the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our fesponslbilities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue a Report of the independent auditors that includes our cipinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in acrordanrp with ISA5 IUKI will always detect a material misstatement when it exists. Misstatements Can arise from fraud or error and are considered material if. indlvldually or in the aggregate, they could reasonably be expected to Influence the econornic decisions of users takeri on the basis of these financial statements. The extent to which oui procedures are capable of detecting irregularities, including fraud is detailed below.. As part of designing our audit, we determinèd materiality and assèssed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of it5 Dwn consideration of fraud. In particular, we looked at where management made Subjective judgements, for exarnple in respect Df significant accounting estimate5 that involved mèking 3ssumptions and considering future events that are inherently uncertain. We also considered potential financial Dr other pressures. opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to frèud or noncompliance with laws and regulations and how managewnent monitor these processes. Appropriate procedures included the review and te5tinR of manual iourna15 and kev estimates and iudKement5 made by management. We gained an understanding of the legal and regulatory framework applic3ble to the Company and the industry in which it operates, drawing on our broad 5ectDr experience, and considered the risk of act5 by the Company that were contrary to these laws and regulations, including fraud. We focused on13W5 and regulations that could give rise to a material misstatement in the financi31 statements, including, but not lirrited to, UK tax legislalion and equivalent local laws and regulations. We made enquiries of management with regards to compliancÈ with the above law5 ahd regulations ènd corroboiated any necessary evidence to relevant information, for example, minutes of meetings and correspondence with relevant authorities. Page 6 REPORTOFTHE INDEPENDENT AUDITORSTO THE MEM8ERS OF CLWVD SPECIAL RIDING CENTRE LIMITED We completed a sample of audit reviews with a focus on thè income. expenditure and cash balances throughout the period to ensure that activitie5 were supported and in line with current applicable legislation. Anv unusual finding5 were raised vvith the finance department for further investigation. Our tests included agreeing the financial statements disclosures to underlying supportin8 documentation and enquiries with management. We did not identify any key audit matters relating to irregLJlaiities, including fraud. As in all of our audits, we a150 addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bi35 by the board of directors that represented a risk of material misstatement due to fraud. Our audit prwedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, 3s fraud may involve deliberate concealment by. for example, forgery, misrepresentation5 or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-cofflpliance with laws 3nd regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members. as a body. in accordance with Chapter 3 of Part 16 of the Cornpanies Act 2006. Our audr( work has been undertaken 50 that we might state to the charitable company'5 members those matters we are required to State to them in an auditors. report and for no other purpose. To thè fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's membèrs as a body, for our audit work, for this report. or for the opinions we have formed. rimothy Howard Davies, BA, FCA Isenitsr Statutory Auditor) for and on behalf of Xeinadin Audit Limited st Andrews House Yale Business Village Ellice Way Wrexham Wales LL13 7YL Date.. Page 7 CLIWD SPECIAL RIDING CENTRE LIMITED STATEMENT OF FINANCIAL ACTIVITIE5 FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total funds 2022 Total fund5 Unrestricted funds Restricted funds Notes Income and endowments from Donations and 5egacies 183,661 41.134 224,795 145.756 Charltable actlvitles Ch3ritable activities 85,630 85,630 74,946 Other trading artivitie5 Investment income Other income 41,998 4,940 6,100 41,998 4.940 6,ICKJ 78,987 2,543 Total 322,329 41,134 363,463 302,232 Expehdlture on Charitable actl¥Ftles Charitable activities Governance costs 334,029 4.513 47,904 381,933 4,513 310.728 3,951 Total 338,542 47,904 386.446 314,679 Net gain/llossl on Investments 13 11,8091 857 19521 13,9151 NET INCOMEIIEXPENDITURE) 118.0221 15,9131 123,9351 116.3621 Recontlllatlon of funds Total funds brought forward 876.547 42.437 918.984 935,346 Total funds carried fonvard 858.525 36.524 895.049 918,984 The statement Df financial activities also cornplies with the requirement5 ftsr an income and expenditure account under the Companies Act 2006. The notes form part of these financial statements Page 8 CLWYD SPECIAL RIDING CENTRE LIMITED BALANCE SHEET 31 DECEMBER 2D23 2023 Total funds 2022 Total funds Unrestricted fund5 Restricted funds Notes Fixed assets Tangible assets Inve5trnents 14 15 843,686 47,299 843,686 78.156 829,789 89.108 30,857 890.985 30,857 921.842 918,897 Current assets Stocks Debtors Cash at bank 16 17 3.600 3.620 12,4201 3.600 3,620 82,657 3,600 5.741 33,146 85.077 4.8C 85,077 89,877 42.487 Credltor5 Amounts fallin8 due within one year 18 137,2601 179,4101 1116,6701 142.4001 Nèt Current assets 132,4601 5,667 126,7931 87 Total a55ets less currènt liabllltles 858.525 36.524 895.049 918,984 NET ASSETS 858,525 36,524 895.049 918,984 Funds Unrestricted funds.. General fund Revaluation reserve Restricted funds 20 860,865 12,3401 36,524 878,204 11,6571 42,437 Total funds 895,049 918,984 These flnaneizl statements have been prepared in accordance wf(h the provi5ion5 applicable to charitablè companies subject to the small companies re8ime. The financial statements were approved by the 803rd Df Trustees and authorised for issue on I l 17/1oL¥ and were signed on its behalf by: Maurice Lyall-cottle FCA Trustee The note5 form part of these financial statements Page 9 CLWYD SPECIAL RIDING CENTRE LIMITED NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountin8 policle5 Basis of preparing the financial 5tatem*nts The financial statements ol the charitable company. which is a public benefit entity under FRS 102, have been prep3red in accordance with the Charities SORP IFRS If121 'Accountlng and Reporting by Ch3ritie5.' Statement of Recommended Practlce applicable to charities preparing their accounts in accordance with the Financtal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191., Financi31 Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companie5 Act 2006. The financial 5tatement5 have been prepared under the historical cost convention. with the exception of investments which are included at market value. as modlfied by the revaluation of certain assets. Golng Concern At the time of èppioving the accounts, the trustee5 have 3 reasonable expectation that the ch3rit3ble company has adequate resourtes to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts. Financial reportlng standard 102- reduced dlsc105ure exemptlofts The charity has taken advantage of the following disclosure exernption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting 5tsndard applicable in the UK and RepLJblic of Ireland,: the requirements of Section 7 Statement of Cash Flows. Financlal Instruments The campany ha5 elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of Ffnstltutes a financing transaction, where the debt instrument is measured at the present day value of the future receipts discounted at a market rate of interest. Dèbt instruments are subsequently carried at amortised cost, using the effectivè interest rate method. Page 10 CLWYO SPECIAL RIOING CENTRE UMITEO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies- continued Trade payables are obligations to pay for goods and servlces that have been acquired in the ordinary course of business of op&r3tions from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented 35 non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at anortised cost using the effective interest method. Derecognition of financlal Ilabllltles Financial liabilities arÈ derecognised when the charity s contrattual obligations explre or are discharged or cancelled. Incomlng resources income is recognised when the charitable company is legally entitled to it after any performance conditions have been met. the amounts can be measured reliably, and it is probable that the Income will be received. All incoming resources are included in the Statemènt of Financial Activltles when the charity is entitled to the income. The followin@ specific policies are applied to particular catégories of income-. Donation and legacy income is received by way of grants, donations, sponsorshlp and Éift5 and is included in full in the Statement of Financial Activities. Grants, which include government grants. where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes uncondrtionally entitled to the grant. Donated Servi￿S and facilities are included at the value to the charity where this can be quantified. The value of services provided by the volunteers has not been included in these accounts. Investment income is induded when receivable. Incoming resources frorn charitable actlv5tSès are accounted for when earned. Rèsources expended Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT, which cannot be recovered. and Is reported as part of the expenditure to whlch it relates.. Costs of 8enerating funds comprise the costs aS50ciated with attracting donations and legacies and the costs of trading for fundraising purposes includin8 the charity's provision of services. Charitable activities comprises those costs incurred by the charity in the delivery of its actlvities and services for its beneflciaries. It includes both costs that can be allotated directly to such activities and those costs of an indirect nature necessary to support them. Governante costs include those costs associated with meeting the constitutional and statutory requirements of thè charity and include the audit fee and costs lillked to the management of the charitv. All costs are allocated between the expenditure categories on the Statement of Financial Activities on basis desi8ned to reflect the use of resources. Costs relating to particular activities are allocated dlrectly. others are apportianed on an appropriate basis. Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable oblectives unless the funds have been designated for other purposes. Restricted funds are subjèct to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds Bre set out in the notes to the account5. P3ge 11 CLWYD SPECIAL RIDING CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles- contlnued Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation. net of depreciation and any impairment losses (excluding freehold landl. Depreclation Is recognised 50 as to writp nff thp cnst nr valiiatinn nf a55Pts Ips% Ihpir rp%idiJal valijps nvpr thpir useful lives on the following bases.. Land and buildrngs Track Horses and equipment Motor vehicles 2% straight line 20% straight line 15% reducing balance and 4% straight line 25% reducing balance Freehold land includÈd in land and buildings is not depreciated as the trustees deem its market value to be in excess of cost. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the 355et. and is recognised in net incomellexpenditurel for the year. Fixed a55et investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. SLJbsequently. they are measured at fair value with changes recognised irt 'net galns/llossesl on investments, in the Statement of Financial Artivitles If the shares are publicly traded or thpir fair valijp otherwise be measured rel&ably. Impairment of flxed assets At each reporting date the charitablè company revlèws the carrying amounts of its tangible and irbtangible assets to determine whether there is any indic3tion that those assets have suffered an impairment Ios5. If any such indication exi5t5 the recoverable amount of the asset is estimated in order to determine the extent of the impaiiment loss lif any). Stocks Stocks are valued a* the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxation Clwyd Special Riding Centre Limited is a registered charity and is thus exempt from tax on income and gains fai5ing wiihiri 5ectiOil 466 Iu 49> vi iiie iL)I pvl dltvri Tdx ALI 20Lu ailu sèCtIOi) L?D of ti)e I dxatiori of Cl iai-6eaule Gains Att 1992 to the extent that these are applied to charitable objertive5. Leases Rentals payable under operating lease5, including any lease incentlVEs received. are charged to income on straight line b35is ovèr the term of the relevant lease. Pagè 12 CLWYD SPECIAL RIDING CENTRE UMITED NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policie$- continued Cash and cash equlvalents Cash and cash equivalents include cash in hand, dep051ts held at call with banks. othèr short-tem) 1Squid investment5 Wlth original maturities of three months of less. and barik overdraft. Bank overdrafts are shown within borrowings in current liabilities. Employee ￿nefits The cost of any unused holiday entitlement 15 recognised in the period in which the employee's services are received. Terminatlon benefits are recognised irnmediately a5 an expenses when the charity is dewrbonstrably commftted to terminate the employment of an employee or to provide termirTration benefits. Donations and legacles 2023 2022 Donations Gift aid Grants Governrnent grants Sponsorship 164.832 16.653 31,422 1.500 10.388 77,03tr 6.727 39,330 9,000 13,669 224.795 145,756 Government @rants relate to grants received of £1,500 from Flintshire county Council. Other trading artivFtles 2023 2022 Fundraising events Activities for generating fund5 23,609 18,389 76,100 2.887 41.998 78.987 Investment Income 2023 2022 Investment income 4,940 2,543 Page 13 CLWYD SPECIAL RIDING CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charitable actlvltles 2023 2022 Actlvlty Charitable activities Charitable artivities Charitable activitie5 Charitable activities Holidaylcourse fees Riding fees Use of facilities Shop sales, net of purchases 13,930 43,369 26.457 1,874 12,765 34,558 26,098 1,525 85,630 74.946 Charitable actlvltlès costs Direct COSts Governan costs (See note 71 Isee note 81 Totals Charitable activities Governance costs 381,933 381.933 4,513 4.513 381,933 4,513 386,446 Dlrett tosts of charltable activlties 2023 2022 Staff c05t5 Consultancy Costs Hay, feed & beddin8 Blacksmith costs Tack, equipment & horse care Veterinary fees Heat. light, water and rates Repairs and maintenance Insurances Office costs Vehicle running costs Training Promotion and advert15in8 Costs Sundry costs Recruitment charges Establishment costs Depreciation 221,755 160,435 15,057 8,609 9.105 2,215 15,436 16,346 20.914 8,100 6,724 1.405 275 939 4.861 314 8.532 10,913 2,042 16.479 16.474 25,353 12.158 10.126 2,767 957 757 9,106 Lirj 2,000 42,338 39.997 381.933 310,728 Page 14 CLWYD SPECIAL RIDING CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS- tontinued FOR THE YEAR ENDED 31 DECEMBER 2023 Governance costs Governance costs Governance costs 4,513 Govemancè costs, included in the above. are as follows.. 2023 2022 AudStors' remuneration Auditors, remunerat5on for non audit work Bank cha¥ges Professional fees 2,780 843 890 2.760 375 768 48 4,513 3.951 Net Intomellexpendlture) Net incomellexpenditurel is stated after chargingllcreditin81.. 2023 2022 Audit fees Accountancy charges Depreciation - owned assets surplus on disposal of fixed assets 2.780 843 42,338 16,IWI 2,760 375 39.997 io. Trustees. remuneration and bènefits No trustee received any remuneration during the year. Trustee5' expenses There were no trustees, eKpen5e5 paid for the year ended 31 Detèmber 2023, or ftjr the year ended 31 December 2022. Page 15 CLWYD SPECIAL RIDING CENTRE LIMITED NOTE5 TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 ii. Staff costs 2023 2022 Wages and salaries 221,755 160,435 The average monthly number of employees during the year was as follows.. 2023 13 2022 li Horsecare, projects and administration No emplayees received emoluments in exce55 of £60.￿0. 12. Comparati¥e$ figures as at 31 Decèmber 2022 for the statement of financlal artivltles Unrestricted funds Restr￿cted funds Total funds IntomÈ and endowments from Donation5 and legacies 103,573 42,183 145.756 Charltable activities Charitable activities Other trading actlvities Investment income 74,946 78,987 2,543 74,946 78,987 2.543 Total 260.049 42,183 302.232 Expenditure on Charitable artlvltles Charitable activities Governance costs 277,175 3.951 33,553 310,728 3.951 Total 281,126 33,553 314,679 Net gains/llossl on investments 13,9151 13.9151 NET INCOMEIIEXPENDITUREI 124,9921 8,630 116.3621 Transfer to Endowment Fund Reconclllatlon of funds 154.9921 38,630 116,3621 Total funds brought forward 931.539 3,807 935.346 Total funds carried forward 876.547 42.437 918,984 Page 16 CLWYD SPECIAL RIDING CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 OECEMBER 2023 13. Net galnslllosse5) on investments 2023 2022 Realised gain/110551 on disposals Revaluation of investments 11,1261 174 14. Tanglble fixed assets Horses and equiprllent Land and buildings Track Totals C05t At l January 2023 Additions Oisposa15 1,119,499 5,634 98,613 249.572 50,600 1,467,684 56.234 At 31 December 2023 1,125,133 98,613 300,172 1,523,918 Depreclatlon At l January 2023 Charge for year Eliminated on disposal 393,930 22.417 98,613 145,352 19,920 637,895 42.337 At 31 December 2023 416,347 98,613 165,272 680,232 Net book value At 31 December 2023 708.786 134,900 843.686 At 31 December 2022 725,569 104.220 829,789 Page 17 CLWYD SPECIAL RIDING CENTRE IIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 15. Flxed asset Investments Listed investments Market ¥alue At l January 2023 Additions Disposals Revaluatlons 89.108 50,orx) 61,1261 174 At 31 December 2023 78,156 Net book value At 31 December 2023 78.156 At 31 December 2022 89.108 There were no investment assets outside the UK. A5 at 31 Deombèr 2023 the investments are solely represented by Charibond and Charifund unit5 held with M & G Securities Limited. These bnvestments are held by the charitable company to ensure its longer term financial stability in accordai)ce with the re5erve5 policy. The charitsble Compèny receives professional advice on its invÈstment porttolio which has included advice on the sale and reinvestment of funds. 16. Stocks 2023 2022 Stock5 3,600 3.600 17. Debtors: amounts falllng due wfthln one year 2023 2022 other debtors Prepayments and accrued income 2.341 1,279 4,006 1.735 3,620 5,741 Page 18 CLWYD SPECIAL RIDING CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 310ECEMBER 2013 18. Creditors- amounts falllng due withln one year 2023 2022 Other Loan5 Isee below) Trade creditor5 Social security and othèr taxes Other creditors Accruals and deferred income 15,000 730 3,631 4,263 93,046 20,000 1.601 20,799 116,670 42.4(X) The Loan is from the Riding For The Disabled Incorporating Carriage Driving, a charity who provided an unsecured loan fatility of £40.000, to run for 2 years. The Agreement was dated 25, July 2018 and the loan is interest frèe. Tranches of the loan can be drawn down, or repaid, after giving the appropriate notification. By agreement with the lender the loan repayment conditions have been extended and it Ss now repayable as funds are available, as agreed with the lender. 19. Operating lease commttments At the reporting end date the company had outstanding commitments for future minimum lease payments under non