1 ## **PENNIWELLS RIDING CENTRE FOR DISABLED** ## **A company limited by Guarantee** ## **DIRECTORS AND TRUSTEES REPORT FOR THE YEAR ENDING** ## **31[ST] MARCH 2021** Penniwells RDA Centre 1120263 updated Nov 2021 2 ## **PENNIWELLS RIDING FOR DISABLED CENTRE** ## **31[ST] MARCH 2021** ## **Registered name of the Charity and any other name the Charity may be known by:** Penniwells Riding for Disabled Centre Penniwells Riding Centre Penniwells RDA **Charity Registered Number** 1120263 **Business Registered Number** 6237059 ## **Principle and Registered Office Address:** Penniwells RDA Centre Penniwells Farm Edgwarebury Lane Elstree Herts WD6 3RG ## **Names of Charities Trustees & Directors on the date of approval of this report:** Mrs P Sumerfield Mr S Clements Mrs Tina Kelly Mrs J Shere Mr M Wise Mrs E McGuire Penniwells RDA Centre 1120263 updated Nov 2021 3 ## **Penniwells RDA Centre Objectives and activities** ## **Summary of the objectives of the charity set out in governing document:** The objectives for which Penniwells RDA Centre is established are to promote the objects of the Riding for the Disabled Association, a charity registered under 1120263 and company Limited by Guarantee 6237069 by providing disabled people with the opportunity to ride to benefit their health and well being in the Greater London Region. Riding horses and ponies is an excellent way of giving people with physical and mental disabilities a sense of independence and freedom. The horses’ movements stimulate the mind and muscle responses from all riders. Riding demands both physical and mental concentration and the horse responds to direct and clear body language. Thus, the rider experiences a range of movement sensations form jerky, bouncy, lazy or smooth feelings. The horse also evokes the sensory experiences of smell, warmth and touch. Huge benefits have been demonstrated from all riders form all ages and abilities. Horse riding can really enrich their lives. We have also referred to the guidance contained in the charity commission’s general guidance on public benefit when reviewing our objectives and activities and in planning future aims. In particular, the Trustees consider how planned activities will contribute to the objectives the have set. ## **Details of the contribution of volunteers in the activities undertaken by the charity:** Volunteers carry out a variety of tasks around the centre, including first and foremost, extra support to the staff and coaches during sessions - Usually by leading the horses/ponies or side helping the riders. On top of this they will groom ponies, muck out stables, sweep yards, clean tack, mend fencing and help manage the general maintenance and upkeep of the centre. On a typical day there may be an average of 6 volunteers aiding 5 staff members. All the trustees are volunteers who freely give up their time to carry out a variety of administrative tasks, strategic planning and make decisions regarding the overall running of Penniwells RDA to include staffing, finance and fundraising. Penniwells RDA Centre 1120263 updated Nov 2021 4 ## **Penniwells RDA Centre Structure, Governance & Management** ## **Nature of governing document and how it is constituted:** Penniwells is a Company Ltd by Guarantee not having a share capital in accordance with the Companies Act 1985 – 89. Memorandum and Articles of Association of Penniwells RDA Centre – Incorporated on 3[rd] May 2007 – Company reg no 6237059 ## **Method of, not just appointment, but also recruitment of new trustees including processes covered within your constitution:** The directors of the company are also charity trustees for the purpose of charity law and under the company’s articles are known as members of the management committee. In this report, a reference to a trustee or a committee member is also a reference to a Director. The Committee members shall consist of the Chairman, Honorary Secretary, Company Secretary and not more than 8 other elected committee members. The Committee members may be paid all reasonable expenses properly incurred by them attending and returning from committee meetings or general meetings of the company or in connection with the business or company. The first committee member shall be the subscribers to the memorandum of Association. Subsequent committee members shall be elected from amongst the membership of the company. All the committee members shall retire from office at the end of the AGM next after the date they came into office, but they may be re-elected. No member, other than an elected committee member retiring at the end of the meeting shall be eligible for election as a committee member at any General Meeting unless with the prescribed time before the day appointed for the meeting there shall have been delivered to the secretary at the office, a) notice in writing, by some member duly qualified to be present and vote at the meeting for which such notice is given of his intention to propose such member of the company for election as a committee member, and b) will notice in writing signed by the person proposed of their willingness to be elected. The prescribed time above mentioned shall be such that between the data when the notice is served or deemed to be served, and the day appointed for the meeting, there shall not be less than 4 and not more than 28 intervening days. The committee may from time to time and at any time appoint and member of the committee as a member to fill a casual vacancy in their number. Any person so appointed shall become a committee member and retain his office only until the next AGM but he shall then be eligible for re- election. Penniwells RDA Centre 1120263 updated Nov 2021 5 ## **Charities that are part of an umbrella group. The relationships should be explained where it has an impact on the way the charity operates:** Penniwells is a full member group of RDA UK and is therefore guided by the RDA on Safe guarding, HSE, Accounts and Insurance. By virtue of the centre’s membership Penniwells has a good relationship with: RDA UK British Equestrian The Fortune Centre for Riding Therapy British Horse Society National Welfare Council British Paralympic Association British Dressage British Para Show Jumping British Carriage Driving Just Giving Penniwells RDA Centre 1120263 updated Nov 2021 6 ## **Financial Review:** ## **This contains the financial position of the charity and any policies that effect that position:** All trustees continue to give up a vast amount of their time to ensure the successful functioning of the centre and this time is hard to quantify. This is also true of volunteer hours. If it were possible to put a value on goodwill it would be extremely high and the centre could not survive without this help. Everyone involved should be proud to be a part of a charity and to accept Penniwells’ thanks for their efforts. As always, a big thankyou should go to all organisations and individuals who have supported Penniwells during this financial year. Running costs continue to rise and rider numbers are close to capacity level. The trustees still wish to establish an emergency fund equivalent to one years running costs. This figure has risen to over £179,000.00. We do not have that amount left in the unrestricted funds so some serious fundraising will be needed in the coming year. The income and Expenditure account for the last financial year shows a profit of £376.00. However, this is due the number of successful grants and fundraising activities taking place while no actual riding income has come in due to the Covid 19 closures. ## **Policy on reserves now requires details of designated funds in quantifying and explaining** **the purpose if the designation.** Where the funds are set aside for future expenditure in designated funds, details of timescales must be given. The Harrow Weald Fund is now fully spent. The Maintenance Fund is set aside for any major work needed to be carried out on the site. This can include anything from fencing to stable repairs, arena maintenance etc.. The Pony fund remains to cover the cost of buying new ponies. Penniwells RDA Centre 1120263 updated Nov 2021 ## **PENNIWELLS RIDING CENTRE FOR THE DISABLED** **Registered Charity Number: 1120263 Company Registered Number: 6237059** **ACCOUNTS FOR THE YEAR ENDING 31st MARCH 2021** |**Penniwells Riding Centre**|**Penniwells Riding Centre**|**Penniwells Riding Centre**|**Penniwells Riding Centre**| |---|---|---|---| |**Profit and Loss**|||| |**April 2020 - March 2021**|||| ||||| ||**2021**||**2020**| |**Income**|||| |**membership**|||| |**Donations**|92,744.60||43,081.13| |**Donations and legacies**|1,032.00||16,542.00| |**Grants received**|61,600.00||| |**Fundraising**|||1,740.00| |**HMRC JRS**|7,595.41||| |**Riding fees**|21,199.15||118,998.17| |**Uncategorised Income**|575.00||| |**Total Income**|**£ 184,746.16**||**£ 180,361.30**| |**Gross Profit**|**£ 184,746.16**||**£ 180,361.30**| |**Expenses**|||| |**Establishment Costs**|||| |**Insurances**|3,727.42||5,274.63| |**maintenance**|31,295.53||13,357.03| |**Phone Costs**|1,172.92||1,090.21| |**Property Cost**|6,402.27||6,790.36| |**Rent**|222.30||| |**Total Establishment Costs**|**£ 42,820.44**||**£ 26,512.23**| |**General Expenses**|||| |**Accountancy**|3,255.00||2,550.00| |**Advertising/Promotional**|||32.12| |**clothing**|||336.33| |**Fundraising**|||855.76| |**Office/General Administrative Expenses**|5,056.72||5,807.00| |**Printing, Postage and Stationery**|86.60||128.55| |**Travel**|||19.20| |**Vehicles**|3,378.23||4,584.39| |**Total General Expenses**|**£ 11,776.55**||**£ 14,313.35**| |**Interest Payable**|||1.86| |**Payroll Expenses**|||| |**Pension**|1,567.69||1,599.97| |**Taxes**|2,475.63||4,025.88| |**Wages**|84,619.46||98,012.49| |**Total Payroll Expenses**|**£ 88,662.78**||**£ 103,638.34**| |**Pony Upkeep**|35,799.44||30,970.29| |**Total Expenses**|**£ 179,059.21**||**£ 175,436.07**| |**Net Operating Income**|**£ 5,686.95**||**£ 4,925.23**| |**Other Income**|||| |**Interest Earned**|48.42||143.53| |**Rent Income**|2,262.00||4,176.00| |**Total Other Income**|**£ 2,310.42**||**£ 4,319.53**| |**Other Expenses**|||| |**Depreciation expense**|7,621.00||10,162.00| |**Total Other Expenses**|**£ 7,621.00**||**£ 10,162.00**| |**Net Other Income**|**-£ 5,310.58**||**(5,842.47)**| |**Net Income**|**£ 376.37**||**(917.24)**| ||||| ||||| ||||| ||||| ## **Penniwells Riding Centre Balance Sheet** ## **As of March 31, 2021** |notes
**Fixed Asset**
**Tangible assets**
**Fixtures and Fittings Cost**
**Fixtures and Fittings Depreciation**
**Tack**
**Tack Depreciation**
**Total Tangible assets**
**Total Fixed Asset**
**4**
**Cash at bank and in hand**
**Bank**
**Cash on hand**
**Savings**
**5**
**Total Cash at bank and in hand**
**Debtors**
**Debtors**
**Total Debtors**
**Current Assets**
**Prepayment- insurance**
**6**
**Stock Asset**
**Total Current Assets**
**Net current assets**
**Creditors: amounts falling due within one year**
**Trade Creditors**
**Creditors**
**Total Trade Creditors**
**Current Liabilities**
**HMRC**
**VAT Control**
**Total Current Liabilities**
**7**
**Total Creditors: amounts falling due within one year**
**Net current assets (liabilities)**
**Total assets less current liabilities**
**Total net assets (liabilities)**
**Capital and Reserves**
**Restricted Funds**
**Equipment Funds**
**Competition Funds**
**Pony Funds**
**Total Restricted Funds**
**8**
**Retained Earnings**
**Unrestricted Funds**
**Profit for the year**
**Total Capital and Reserves**|**As of Mar 31, 2021**
39,604.00
-17,326.00
1,044.00
-457.00|**As of Mar 31, 2020**| |---|---|---| |||39,604.00
-9,901.00
1,044.00
-261.00| ||**£ 22,865.00**|**£ 30,486.00**| ||**£ 22,865.00**
29,413.37
20.00
43,087.92|**£ 30,486.00**
5,894.85
20.00
48,039.50| ||**£ 72,521.29**
973.80|**£ 53,954.35**
14,527.00| ||**£ 973.80**
1,377.27
2,000.00|**£ 14,527.00**
1,346.00
2,000.00| ||**£ 3,377.27**|**£ 3,346.00**| ||**£ 76,872.36**
0.00|**£ 71,827.35**
0.00| ||**£ 0.00**
1,187.80
-1,119.57|**£ 0.00**
2,904.22
116.37| ||**£ 68.23**|**£ 3,020.59**| ||**£ 68.23**|**£ 3,020.59**| ||**£ 76,804.13**|**£ 68,806.76**| ||**£ 99,669.13**|**£ 99,292.76**| ||**£ 99,669.13**
17,310.00
901.00
28,986.00|**£ 99,292.76**
17,310.00
901.00
28,986.00| ||**£ 47,197.00**
52,095.76
376.37|**£ 47,197.00**
53,013.00
-917.24| ||**£ 99,669.13**|**£ 99,292.76**| The directors confirm that: 1. For the financial year ending 31 March 2021 the company was entitled to exemption under section 477(2) of the Companies Act 2006, 2. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006, The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting periods and preparation of the accounts. Approved by the Board of Directors on Signed on behalf of the Board of Directors on Patricia Summerfield Chairman Matthew Wise Director and Company Secre etary |**Penniwells Year End 31/03/21**|**Penniwells Year End 31/03/21**|**Penniwells Year End 31/03/21**||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |**Fixed Assets Schedule 3**||||||||||||||| |||||||||||||||| |||||||||||||||| |||||||||||||||| ||||b/f 31/03/19|Additions|Transfers|Depreciation||c/f 31/03/2|
Additions|Transfers|Depreciation||c/f 31/03/2021|| |**Fixture & Fittings**||||||||||||||| |Equipment|||244|||61||183|||46||137|| |Merc Horse|||27,095|||6,774||20,321|||5,080||15,241|| |New Trailer|||4,272|||1,068||3,204|||801||2,403|| |MasseyTractor|||620|||155||465|||116||349|| |Horse Box|||5,809|||1,452||4,357|||1,089||3,268|| |Field(Road)|||1,564|||391||1,173|||293||880|| |||||||||||||||| |||||||||||||||| ||||39,604|||9,901||29,703|||7,426||22,277|| |||||||||||||||| |Tack|||1,044|||261||783|||196||587|| |Ponies|||1|||-||1|||-||1|| |||||||||||||||| |||||||||||||||| ||||40,649|||10,162||30,487|||7,622||22,866|| |||||||||||||||| |||||||||||||||| |||||||||||||||| |||||||||||||||| |Tack|Nominal value|||||||||||||| |Ponies|nominal value|||||||||||||| |||||||||||||||| |Others|25% reducingvlaue|||||||||||||| ## PENNIWELLS RIDING CENTRE FOR THE DISABLED **Notes to the Accounts** ## **Note 1. Basis of preparation** ## **1.1 Basis of accounting** These accounts have been prepared on the basis of historic cost in accordance with Accounting and Reporting by Charities-SORP 2005 and with Accounting Standards and with the Charities Act 1993. ## **1.2 Change in basis of accounting** There has been no change to the accounting policies since last year. ## **1.3 Changes to previous accounts** No changes have been made to accounts for the previous years. ## **Note 2. Accounting policies** This standard list of accounting policies has been applied by the charity. ## **2.1 INCOMING RESOURCES** ## **Recognition of incoming resources** These are included in the accounts when: � the charity becomes entitled to the resources; � the trustees are virtually certain they will receive the resources; and � the monetary value can be measured with sufficient reliability. ## **Grants and donations** Grants and donations are only included when the charity has unconditional entitlement to the resources. **Contractual income and performance related grants** This is only included in the accounts once the related goods or services have been delivered. ## **Volunteer help** The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual repo **Investment income** This is included in the accounts when receivable. ## **2.2 EXPENDITURE AND LIABILITIES** ## **Liability recognition** Liabilities are recognised when there is a legal or constructive obligation committing the charity to pay out resources. **2.3 ASSETS** ## **Tangible fixed assets for use by charity** These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost o reasonable value on receipt. Some assets are retained as a nominal sum. ## **Penniwells Building** The Penniwells building was completed in November 2007 at a cost of £264,349 from monies donated from the Harr Weald Fund. Given the use of this special fund, the Trustees have decided not to capitalise the costs of the buildin therefore no depreciation is charged. ## **Note 3 Staff and Trustees.** ## **Trustees** **3.1** During the year no Trustees of the charity received remuneration in respect of their duties. **3.2** No Trustees of Penniwells asked for payment of expenses incurred. ## **Staff** ## **3.3 Staff costs** Staff Remuneration was £ 88,663. **3.4** The staff numbers have reduced this year from 6 to 4. **3.5** All staff employed work on charitable activities providing the service which covers the charitie's objectives. ## PENNIWELLS RIDING CENTRE FOR THE DISABLED **Notes to the Accounts (continued)** ## **Note 4. Tangible fixed assets.** ## **4.1 Cost or valuation** These assets are shown on Schedule 3 in the accounts. ## **4.2 Accumulated depreciation and impairment provisions** The depreciation provisions, disposals and additions are shown on Schedule 3 in the accounts. ## **Note 5. Investment income** The Charity has an investment account at the Metro bank where its funds are held. ## **Note 6. Prepayments** This figure of £1,377 is made up of prepaid insurance the policies run from August. ## **Note 7. Creditors and accruals** HMRC is a creditor £1187.8 as is VAT £-1119.57 ## **Note 8. Endowment and restricted income funds** ## **Funds held and Fund movements** Restricted funds are shown on in the accounts. ## **8.1 Pony Fund-money given with the specific purpose of purchasing ponies and their tack etc for use by Penniwells. It was requested that money donated be For the electric Horse** **8.2 Competition Funds- this is money raised specifically for Para Equestrian competition. There was a shortfall which was met from general donations.** ## **8.3 Equipment-money allocated for equipment for the charity.** ## **Note 9. Unrestricted funds** ## **Reserves policy** Under present and foreseeable circumstances the Trustees believe it is prudent to seek to hold an Emergency Fund (unrestricted and undesignated) for Penniwells, derived from accumulated income sufficient to meet up to 12 months expenditure. 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