Charity registration number 1118241 (England and Wales) Company registration number 06033558
CLWYD SPECIAL RIDING CENTRE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CLWYD SPECIAL RIDING CENTRE LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Statement of Trustees responsibilities | 3 |
| Independent auditor's report | 4 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 21 |
CLWYD SPECIAL RIDING CENTRE LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | V A Everall |
|---|---|
| K L Hill-Trevor | |
| J D Walton | |
| Charity number (England and Wales) | 1118241 |
| Company number | 06033558 |
| Registered office | Llanfynydd |
| Wrexham | |
| LL11 5HN | |
| Auditor | Xeinadin Audit Limited |
| St Andrews House | |
| Yale Business Village | |
| Ellice Way | |
| Wrexham | |
| LL13 7YL |
CLWYD SPECIAL RIDING CENTRE LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
Objectives and activities
The charity's continuing aim is to provide people with special needs the opportunity to 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 arrange, from time to time, suitable fundraising events to support the activities of the centre over the longer term.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the should undertake.
Risk Management
The Board of Trustees is a non-executive body, delegating its operational management to the centre operations manager. The Board establishes the strategic direction of the organisation, 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 function. There are four standing committees, the Management Committee (all Trustees), and the Equine, Finance and Staff Committees. The Board and Management Committee meet on a monthly basis together with an Annual General Meeting. The Board maintains regular vigilance over its policies and procedures to ensure the fulfilment of all necessary legal requirements.
Achievements and performance
Significant activities and achievements against objectives
The Centre has continued to recover from the closure during the pandemic, but the number of riders has not yet climbed back to 2019 levels. This means that additional fundraising activities 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 from education or are disadvantaged in some way.
Financial review
The overall deficit for the year was £67,103 (last year a deficit of £23,935) but this was after charging depreciation of £45,244 (last year £42,338). Thus, adding back the depreciation there was a deficit of £21,859 (last year a surplus of £18,403).
Income for the year from donations and legacies decreased 24% in the year to £169,940 (last year £224,795). 2023's income figure was unusually high as a result of two major one-off donations in the year, which accounted for £100,679 of the total.
The expenditure levels, while constantly monitored, have grown in excess of 12% in the year due to higher than usual inflation levels and increases to national minimum wage. The total costs amounted to £431,302 (last year £386,446). The main expense of the centre is the staff wages and salaries, which amounted to £238,158 in the year (last year £221,755).
Reserves policy
The strategy is to build back up the financial reserves from the current levels to an amount approximately equivalent to one year’s operating costs. This will be achieved over a number of years with the support of many organisations and individuals who consider the Centre’s role is of paramount importance. However this is a slow process as funding is harder to come by under current economic conditions.
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CLWYD SPECIAL RIDING CENTRE LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Structure, governance and management
Clwyd Special Riding Centre Limited is constituted through its Memorandum and Articles of Association as an independent charity managed by a company limited by guarantee. The Board of Trustees currently comprises 3 members.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guaranteed to contribute 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 statements on pages 7 to 21 which comply with current statutory requirements.
The training of our staff has been an essential component underpinning our development. This has been made possible by the astute management of our resources and by assessing the many opportunities to invest in workforce development now offered by the Wales Council for Voluntary Action.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
V A Everall
K L Hill-Trevor J D Walton K H Thompson (Resigned 31 July 2025) N H Shaw (Resigned 5 April 2024) A S Roberts (Resigned 14 March 2025) Professor J M Reynolds (Resigned 18 September 2024) S Greenwell (Resigned 2 September 2024) M L Cottle (Resigned 2 August 2024)
Recruitment and appointment of trustees
Trustees are appointed by a resolution of at least three trustees. Trustees retire 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 documentation about its work. This documentation is constantly updated as the charity develops. Trustees receive appropriate Charity Commission publications during the year and are offered a number of development opportunities via the efforts of the centre manager and also through the support of the Riding for the Disabled Association.
Organisational structure
The staff of the charity are organised in a formal management structure. The centre operations manager reports monthly to the Board who authorise any relevant management decisions. The charity is a member of the Riding for the Disabled Association, British Horse Society and the Wales Council for Voluntary Action.
Auditor
In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the company will be put at a General Meeting.
The Trustees report was approved by the Board of Trustees.
Trustee
24 October 2025
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CLWYD SPECIAL RIDING CENTRE LIMITED
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees, who are also the directors of Clwyd Special Riding Centre Limited for the purpose 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 year which give a true and fair view of the state of affairs of the and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the 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 and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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CLWYD SPECIAL RIDING CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF CLWYD SPECIAL RIDING CENTRE LIMITED
Opinion
We have audited the financial statements of Clwyd Special Riding Centre Limited (the ‘’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements 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 ’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Trustees report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
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CLWYD SPECIAL RIDING CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CLWYD SPECIAL RIDING CENTRE LIMITED
Responsibilities of trustees
As explained more fully in the statement of Trustees responsibilities, the trustees, who are also the directors of the for the purpose of company law, are responsible 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 financial statements, the trustees are responsible for assessing the ’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the Company that were contrary to these laws and regulations, including fraud.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, UK tax legislation and equivalent local laws and regulations.
We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of meetings and correspondence with relevant authorities.
We completed a sample of audit reviews with a focus on the income, expenditure and cash balances throughout the period to ensure that activities were supported and in line with current applicable legislation. Any unusual findings were raised with the finance department for further investigation.
Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.
We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the board of directors that represented a risk of material misstatement due to fraud.
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CLWYD SPECIAL RIDING CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CLWYD SPECIAL RIDING CENTRE LIMITED
Our audit procedures 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, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and 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 is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
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. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Timothy Mitchell BSc FCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor Chartered Accountants St Andrews House Yale Business Village Ellice Way Wrexham LL13 7YL 24 October 2025
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CLWYD SPECIAL RIDING CENTRE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income and endowments from: Donations and legacies 3 95,522 74,418 Charitable activities 6 94,933 - Other trading activities 4 96,461 - Investments 5 1,960 - Other income - - Total income 288,876 74,418 Expenditure on: Charitable activities 7 354,362 73,912 Other expenditure 12 3,028 - Total expenditure 357,390 73,912 Net gains/(losses) on investments 13 905 - Net income/(expenditure) (67,609) 506 Transfers between funds 37,030 (37,030) Net movement in funds 9 (30,579) (36,524) Reconciliation of funds: Fund balances at 1 January 2024 858,525 36,524 Fund balances at 31 December 2024 827,946 - |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 169,940 183,661 41,134 94,933 85,630 - 96,461 41,998 - 1,960 4,940 - - 6,100 - 363,294 322,329 41,134 428,274 338,542 47,904 3,028 - - 431,302 338,542 47,904 905 (1,809) 857 (67,103) (18,022) (5,913) - - - (67,103) (18,022) (5,913) 895,049 876,547 42,437 827,946 858,525 36,524 |
Total 2023 £ 224,795 85,630 41,998 4,940 6,100 363,463 386,446 - 386,446 (952) (23,935) - (23,935) 918,984 895,049 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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CLWYD SPECIAL RIDING CENTRE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Fixed assets Tangible assets 14 Investments 15 Current assets Stocks 16 Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets/(liabilities) Total assets less current liabilities The funds of the Restricted income funds 21 Unrestricted funds 22 |
2024 £ 3,310 8,206 70,534 82,050 (76,122) |
2023 £ £ 822,018 - 822,018 3,600 3,620 82,657 89,877 (116,670) 5,928 827,946 - 827,946 827,946 |
£ 843,686 78,156 921,842 (26,793) 895,049 36,524 858,525 895,049 |
|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on 24 October 2025
Trustee
Company registration number 06033558 (England and Wales)
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CLWYD SPECIAL RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
Clwyd Special Riding Centre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Llanfynydd, Wrexham, LL11 5HN.
1.1 Accounting convention
The financial statements have been prepared in accordance with the 's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The is a Public Benefit Entity as defined by FRS 102.
The has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the . Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Donation and legacy income is received by way of grants, donations, sponsorship and gifts and is included in full in the Statement of Financial Activities.
Donated services 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.
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 unconditionally entitled to the grant.
Investment income is included when receivable.
Incoming resources from charitable activities are accounted for when earned.
1.5 Expenditure
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 which it relates.
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CLWYD SPECIAL RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
Costs of generating funds comprise the costs associated with attracting donations and legacies and the costs of trading for fundraising purposes including the charity's provision of services.
Charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fee and costs linked to the management of the charity.
All costs are allocated between the expenditure categories on the Statement of Financial Activities on a basis designed to reflect the use of resources. Costs relating to particular activities are allocated directly; others are apportioned on an appropriate basis.
1.6 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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings 2% straight line Horses and equipment 15% reducing balance and 4% straight line Tack 20% straight line
Freehold land included 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 asset, and is recognised in the statement of financial activities.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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CLWYD SPECIAL RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.11 Financial instruments
The has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the 's balance sheet when the becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled.
1.12 Taxation
Clwyd Special Riding Centre Limited is a registered charity and is thus exempt from tax on income and gains falling within section 466 to 493 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to charitable objectives.
1.13 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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CLWYD SPECIAL RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
2 Critical accounting estimates and judgements
In the application of the ’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted Restricted funds funds 2024 2024 £ £ Donations 88,336 5,106 Grants 5,000 58,992 Sponsorship 2,186 10,320 Gift Aid - - 95,522 74,418 Grants Grants 5,000 58,992 Government Grants - - 5,000 58,992 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 93,442 123,698 41,134 63,992 32,922 - 12,506 10,388 - - 16,653 - 169,940 183,661 41,134 63,992 31,422 - - 1,500 - 63,992 32,922 - |
Total 2023 £ 164,832 32,922 10,388 16,653 |
|---|---|---|
| 224,795 | ||
| 31,422 1,500 |
||
| 32,922 |
4 Income from other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Fundraising events | 47,095 | 23,609 |
| Activities for generating funds | 49,366 | 18,389 |
| Other trading activities | 96,461 | 41,998 |
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CLWYD SPECIAL RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
5 Income from investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Investment income | 1,960 | 4,940 | |
| 6 | Income from charitable activities | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Charitable activities | |||
| Holiday / course fees | 12,289 | 13,930 | |
| Riding fees | 43,222 | 43,369 | |
| Use of facilities | 33,508 | 26,457 | |
| Shop sales, net of purchases | 585 | 1,874 | |
| Hippotherapy | 4,810 | - | |
| Promotional income | 519 | - | |
| 94,933 | 85,630 |
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CLWYD SPECIAL RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
7 Expenditure on charitable activities
| Charitable | Charitable | |
|---|---|---|
| activities | activities | |
| 2024 | 2023 | |
| £ | £ | |
| Direct costs | ||
| Staff costs | 238,158 | 221,755 |
| Depreciation and impairment | 45,244 | 42,338 |
| Hay, feed and bedding | 13,756 | 8,532 |
| Blacksmith costs | 10,441 | 10,913 |
| Tack, equipment and horse care | 10,844 | 2,042 |
| Veterinary fees | 10,831 | 16,479 |
| Heat, light, water and rates | 20,002 | 16,474 |
| Repairs and maintenance | 31,012 | 25,353 |
| Insurances | 15,580 | 12,158 |
| Office costs | 11,764 | 10,126 |
| Vehicle running costs | 4,170 | 2,767 |
| Training | 656 | 957 |
| Promotion and advertising costs | 489 | 757 |
| Sundry costs | 6,174 | 9,106 |
| Recruitment charges | - | 176 |
| Establishments costs | 2,800 | 2,000 |
| 421,921 | 381,933 | |
| Share of support and governance costs (see note 8) | ||
| Governance | 6,353 | 4,513 |
| 428,274 | 386,446 | |
| Analysis by fund | ||
| Unrestricted funds | 354,362 | 338,542 |
| Restricted funds | 73,912 | 47,904 |
| 428,274 | 386,446 | |
| Support costs allocated to activities | ||
| 2024 | 2023 | |
| £ | £ | |
| Governance costs | 6,353 | 4,513 |
| Analysed between: | ||
| Charitable activities | 6,353 | 4,513 |
8 Support costs allocated to activities
- 14 -
CLWYD SPECIAL RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 8 Support costs allocated to activities Governance costs comprise: Audit fees Accountancy Legal and professional Bank charges 9 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable to the charity's auditor: - for the audit of the charity's financial statements - for accountany services Depreciation of owned tangible fixed assets Loss/(profit) on disposal of tangible fixed assets |
(Continued) 2024 2023 £ £ 2,880 2,780 1,396 843 1,003 - 1,074 890 6,353 4,513 2024 2023 £ £ 2,880 2,780 1,396 843 45,244 42,338 3,028 (6,100) |
(Continued) 2024 2023 £ £ 2,880 2,780 1,396 843 1,003 - 1,074 890 6,353 4,513 2024 2023 £ £ 2,880 2,780 1,396 843 45,244 42,338 3,028 (6,100) |
|---|---|---|
| 4,513 | ||
| 2023 £ 2,780 843 42,338 (6,100) |
10 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
There were no trustees' expenses paid for the year ended 31 December 2024, or for the year ended 31 December 2023.
11 Employees
The average monthly number of employees during the year was:
| Horsecare, projects and administration Employment costs Wages and salaries |
2024 Number 18 2024 £ 238,158 |
2023 Number 13 |
|---|---|---|
| 2023 £ 221,755 |
There were no employees whose annual remuneration was more than £60,000.
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CLWYD SPECIAL RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
12 Other expenditure
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Net loss on disposal of tangible fixed assets | 3,028 | - |
13 Gains and losses on investments
| Unrestricted Restricted funds funds 2024 2024 Gains/(losses) arising on: £ £ Revaluation of investments 2,340 - Sale of investments (1,435) - 905 - 14 Tangible fixed assets Cost At 1 January 2024 Additions Disposals At 31 December 2024 Depreciation and impairment At 1 January 2024 Depreciation charged in the year Eliminated in respect of disposals At 31 December 2024 Carrying amount At 31 December 2024 At 31 December 2023 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 2,340 174 - (1,435) (1,983) 857 905 (1,809) 857 Land and buildings Horses and equipment Tack £ £ £ 1,125,133 300,172 98,613 9,468 26,586 - - (15,500) - 1,134,601 311,258 98,613 416,347 165,272 98,613 22,742 22,502 - - (3,022) - 439,089 184,752 98,613 695,512 126,506 - 708,786 134,900 - |
Total 2023 £ 174 (1,126) |
|
|---|---|---|---|
| (952) | |||
| Total £ 1,523,918 36,054 (15,500) |
|||
| 1,544,472 | |||
| 680,232 45,244 (3,022) |
|||
| 722,454 | |||
| 822,018 | |||
| 843,686 |
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CLWYD SPECIAL RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
15 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 January 2024 | 78,156 |
| Disposals | (78,156) |
| At 31 December 2024 | - |
| Carrying amount | |
| At 31 December 2024 | - |
| At 31 December 2023 | 78,156 |
There were no investment assets outside the UK.
The investments were solely represented by Charibond and Charifund units held with M & G Securities Limited.
These investments are held by the charitable company to ensure its longer term financial stability in accordance with the reserves policy. The charitable company receives professional advice on its investment portfolio which has included advice on the sale and reinvestment of funds.
16 Stocks
| Stocks 17 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income |
2024 £ 3,310 2024 £ 6,898 1,308 8,206 |
2023 £ 3,600 |
|---|---|---|
| 2023 £ 2,341 1,279 |
||
| 3,620 |
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CLWYD SPECIAL RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
18 Creditors: amounts falling due within one year
| Other loans Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2024 £ 15,000 2,291 406 4,968 53,457 76,122 |
2023 £ 15,000 3,631 730 4,263 93,046 |
|---|---|---|
| 116,670 |
19 Loans and overdrafts
| Other loans Payable within one year |
2024 £ 15,000 15,000 |
2023 £ 15,000 |
|---|---|---|
| 15,000 |
The Loan is from the Riding For The Disabled Incorporating Carriage Driving, a charity who provided an unsecured loan facility of £40,000, to run for 2 years. The Agreement was dated 25[th] July 2018 and the loan is interest free. 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 is now repayable as funds are available, as agreed with the lender.
20 Operating lease commitments
Lessee
At the reporting end date the had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Within one year | - | 264 |
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CLWYD SPECIAL RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
21 Restricted funds
| At 1 Hippotherapy Fund Endowment Fund Other Funds Previous year: At 1 Hippotherapy Fund Endowment Fund Other Restricted Funds |
January 2024 Incoming resources Resources expended Transfers Gains and losses At 31 December 2024 £ £ £ £ £ £ 5,667 5,106 (4,600) (6,173) - - 30,857 - - (30,857) - - - 69,312 (69,312) - - - 36,524 74,418 (73,912) (37,030) - - January 2023 Incoming resources Resources expended Transfers Gains and losses At 31 December 2023 £ £ £ £ £ £ 4,117 6,400 (4,850) - - 5,667 30,000 - - - 857 30,857 8,320 34,734 (43,054) - - - 42,437 41,134 (47,904) - 857 36,524 |
|---|---|
Hippotherapy Fund
These funds were set aside by the trustees to provide ongoing funding for the hippotherapy courses run by the charity. Any surplus funds that may exist at the end of the project will be utilised as unrestricted funds. It is now supported by public donations specifically given for the project. Incoming resources includes payments for services in advance during closure and may be repayable.
Other Restricted Funds
This is the balance remaining at the year end of grants received to fund specific projects or operating costs.
22 Unrestricted funds
| At 1 General Fund Revaluation Reserve General funds |
January 2024 Incoming resources Resources expended Transfers Gains and losses At 31 December 2024 £ £ £ £ £ £ 860,865 285,848 (354,362) 37,030 (1,435) 827,946 (2,340) - - - 2,340 - - 3,028 (3,028) - - - 858,525 288,876 (357,390) 37,030 905 827,946 |
|---|---|
- 19 -
CLWYD SPECIAL RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
| 22 | Unrestricted funds | Unrestricted funds | (Continued) | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Previous year: | At 1 January | Incoming | Resources | Transfers | Gains and | At 31 | |||
| 2023 | resources | expended | losses | December | |||||
| 2023 | |||||||||
| £ | £ | £ | £ | £ | £ | ||||
| General Fund | 878,204 | 322,329 | (338,542) | - | (1,126) | 860,865 | |||
| Revaluation | |||||||||
| Reserve | (1,657) | - | - | - | (683) | (2,340) | |||
| 876,547 | 322,329 | (338,542) | - | (1,809) | 858,525 | ||||
| 23 | Analysis of net assets | between | funds | ||||||
| Unrestricted | Restricted | Total | |||||||
| funds | funds | ||||||||
| 2024 | 2024 | 2024 | |||||||
| £ | £ | £ | |||||||
| At 31 December 2024: | |||||||||
| Tangible assets | 822,018 | - | 822,018 | ||||||
| Current assets/(liabilities) | (39,170) | 45,098 | 5,928 | ||||||
| Provisions | 45,098 | (45,098) | - | ||||||
| 827,946 | - | 827,946 | |||||||
| Unrestricted | Restricted | Total | |||||||
| funds | funds | ||||||||
| 2023 | 2023 | 2023 | |||||||
| £ | £ | £ | |||||||
| At 31 December 2023: | |||||||||
| Tangible assets | 843,686 | - | 843,686 | ||||||
| Investments | 47,299 | 30,857 | 78,156 | ||||||
| Current assets/(liabilities) | (111,870) | 85,077 | (26,793) | ||||||
| Provisions | 79,410 | (79,410) | - | ||||||
| 858,525 | 36,524 | 895,049 |
24 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
- 20 -
CLWYD SPECIAL RIDING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
25 Events after the reporting date
There were no capital commitments in place as at 31 December 2024 (2023: None).
In May of 2025, the centre arranged an online crowdfunding campaign designed to safeguard the medium term future of the centre and enable it to carry on providing it's valuable service to the community.
Between the period of 11 May and 3 June 2025 the charity received £229,375 directly from Crowdfunder Limited as a result of the campaign. In this period they also received numerous donations direct, including a £60,000 donation from Cariad Investments.
- 21 -