**REGISTERED COMPANY NUMBER: 07363597 (England and Wales) REGISTERED CHARITY NUMBER: 1138260**
## **TRUSTEES' REPORT AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **FOR**
**RIDE HIGH LIMITED (A COMPANY LIMITED BY GUARANTEE)**
Ad Valorem Accountancy Services Limited Chartered Certified Accountants 2 Manor Farm Court Old Wolverton Road Old Wolverton Buckinghamshire MK12 5NN
**RIDE HIGH LIMITED**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1|
|**Trustees' Report**|2 to 5|
|**Impact Report**|6 to 17|
|**Independent Examiner's Report**|18|
|**Statement of Financial Activities**|19|
|**Balance Sheet**|20 to 21|
|**Cash Flow Statement**|22|
|**Notes to the Financial Statements**|23 to 32|
**RIDE HIGH LIMITED**
**REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **TRUSTEES**
Dr K Ali Mr J H Geary Mrs M E T McColl Mr A J Oddie Mr S J Piper Mr G J Sandmann Mrs L S Styles Mr P D B Zeidler Mr R Harper (appointed 25/9/2023)
**COMPANY SECRETARY** Mr M Gala-Shah **REGISTERED OFFICE** Ride High Equestrian Centre Redland Drive Loughton Milton Keynes Buckinghamshire MK5 8EJ **REGISTERED COMPANY** 07363597 (England and Wales) **NUMBER REGISTERED CHARITY** 1138260 **NUMBER INDEPENDENT EXAMINER** Ad Valorem Accountancy Services Limited Chartered Certified Accountants 2 Manor Farm Court Old Wolverton Road Old Wolverton Buckinghamshire MK12 5NN
Page 1
**RIDE HIGH LIMITED**
**TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
The Trustees, (who are also Directors of the Charity for the purposes of the Companies Act), present their Annual Report together with the Financial Statements of Ride High Limited for the year ended 31 December 2023. The Trustees confirm that the Annual Report and Financial Statements of the Company comply with the current statutory requirements, the requirements of the Company's governing document and the provisions of the Charities Statement of Recommended Practice (Charities SORP (FRS102))
Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directors' report) Regulations 2013 is not required.
## **OBJECTIVES AND ACTIVITIES**
## **Summary of the Objectives of the Charity set out in its Governing Document**
To act as a resource for young people aged between five and twenty-five who are experiencing difficulties in their daily lives by organising programmes of physical, educational and other activities as a means of:
(a) advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals;
## (b) advancing education;
(c) providing recreational and leisure-time activity in the interest of social welfare for people living in the area of benefit who have need by reason of poverty or social and economic circumstances and/or mental health problems arising from medical conditions with a view to improving the conditions of life of such children and young persons.
Page 2
**RIDE HIGH LIMITED**
**TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **OBJECTIVES AND ACTIVITIES**
## **Summary of the main activities undertaken for the public benefit**
In planning our activities for the period we kept in mind the Charity Commission's guidance on public benefit at our Trustee Board meetings.
All children and young people [C&YP] are referred to Ride High by professionals or agencies that work with disadvantaged C&YP who are struggling with daily life. The C&YP may be in foster care, a young carer, grieving after the death of a family member, suicidal or self-harming, a victim of abuse or neglect, NEET (Not in Education, Employment or Training), or living in an environment dominated by ill health, drugs or poverty. Referrals are generally made when intervention by agencies such as Milton Keynes Children and Adolescent Mental Health Service, MK Council's social workers, special schools, primary or secondary schools are not providing sufficient support or obtaining positive outcomes. Our goal is to effect a long-term transformation in the lives of severely disadvantaged C&YP using horses and associated clubroom based educational activities.
The C&YP work in small groups with the same teachers and volunteers each week. In this way we aim to provide them with a safe and happy environment where they can make friends, develop self-confidence and learn a range of social, practical and life skills. We work with many of the C&YP over the medium to long term and for those who are old enough we try to facilitate work experience placements or routes to further education.
Using horses is an effective means of connecting with C&YP. Time spent riding and caring for horses provides them with a challenge and something to look forward to each week. As they learn new skills their confidence and self-esteem increases. They learn to feel calmer, to manage negative feelings and anxieties, and to feel much happier in themselves. At Ride High we work with C&YP for between three and twelve months. We provide consistency, safety, support and friendship. We give C&YP the opportunity to engage in activities beyond riding to help them develop their skills, confidence and aspirations for the future. By the time they leave Ride High the vast majority are fully engaged in an active, positive life again.
We accept all disadvantaged C&YP, regardless of religion, ethnicity, gender and social or economic background.
Further details regarding the activities, achievements and outcomes of the Charity are included in the 2023 Impact Report, on pages 6-17.
## **Additional details of objectives and activities**
All our activities are free to the C&YP. However, all those who have attended Ride High for more than twelve weeks are expected to contribute by helping other groups or in fundraising activities.
We have five full-time members of staff, three part-time members, and four part-time minibus drivers, but rely heavily on volunteers to help the C&YP within our clubroom. The dedication and reliability of our volunteers has a highly beneficial impact on the quality of the service we offer. Our volunteers report that they enjoy a huge sense of achievement working with the C&YP and that they feel real "ownership" and commitment to the future success of Ride High.
We transport all C&YP between their schools/homes and our clubroom. Without this service the C&YP would not be able to attend as their parents do not usually have the facilities to transport them.
## **STRATEGIC REPORT**
## **Financial position**
The results for the period are set out in the Financial Statements. There has been an excess of expenditure over income resulting in net deficit for the period of £20,388.
Page 3
**RIDE HIGH LIMITED**
**TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **STRATEGIC REPORT Financial review**
## **Reserves policy**
Ride High's policy is to hold cash and cash equivalents of at least £100,000. Cash and cash equivalents exclude funds that are restricted to capital projects and other ventures that are outside the scope of standard operating expenditure. This is to ensure that, in the event of a significant loss in funding, the charity has sufficient financial resources to deliver all planned programmes, and provide the necessary time lo secure additional funding and ensure the charity remains financially sustainable thereafter.
## **Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of no less than one year from the date of signing the Trustees' Report. For this reason they continue to adopt the going concern basis in preparing the Financial Statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
## **Funds in deficit**
There are no funds in deficit.
## **Further financial review details**
The financial performance of the charity has been strong in 2023, with total income up significantly on the prior year. Our revenue streams include donations, profits from fundraising events, income from successful grant applications, and referral income from educational institutions that connect children and young people to our programmes.
A significant highlight of the year was the continued success of our flagship fundraising event, the Winter Ball, which raised over £110,000. This event not only provided an opportunity to showcase the charity and its work but also generated substantial returns. Additionally, our quarterly fundraising events, including the Golf Day, have continued to perform well, ensuring a steady flow of income throughout the year.
Our grant income has seen significant growth. In 2023, we benefited from substantial grants, most notably £125,000 from the National Lottery as part of a multi-year award, and over £54,000 from the Henry Smith Foundation, of which half was received in-year. This increase in grant income, alongside other sources, has strengthened our financial position and enabled us to expand our programmes.
Ride High has also improved its balance sheet by proactively paying off over £50,000 in long-term debts, achieving a debt-free status. This was possible, in part, due to the receipt of principal and interest on an intercompany loan to our trading subsidiary, The Ride High Equestrian Centre (RHEC). In 2023, we received a principal repayment of £50,000, with further repayments anticipated in the coming years, ensuring the full repayment of the initial £383,082 loan by the end of 2026.
As we look ahead, the financial outlook remains strong, as Ride High will continue to benefit from significant multi-year funding from National Lottery, and the Henry Smith foundation. Through this, and our comprehensive calendar of fundraising events and other sources of income, we are confident that we can continue to deliver on the objectives of the charity for the year ahead.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Page 4
**RIDE HIGH LIMITED**
**TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Recruitment and appointment of new trustees**
The Company operates selection criteria for recruitment of Trustee Directors so as to ensure that their skills and experience reflect the governance and operational needs of the Company. Prospective Trustee Directors are interviewed by all the existing Trustee Directors. New Trustee Directors are not appointed until satisfactory Disclosure and Barring Service checks have been completed.
## **Organisational structure**
The Company has a Trustee Board that meets regularly to provide leadership, strategic direction and financial control. A sub-committee of the Trustee Board meets as necessary to manage key issues relating to the provision of children's services at our Centre.
The Chief Executive of the Company, Ms O F Sugdon attends meetings of the Trustee Board.
## **Internal Controls and Mitigation of Major Risks**
The Trustee Board has an established risk management policy, and carries out regular risk identification exercises including review by the Trustee Board of major risks and the adequacy of the systems in place to mitigate them.
## **Disabled Employees**
It is the company's policy to give employment to disabled persons wherever practicable.
## **Staff and Volunteers**
We have five full time members of staff, three part-time members, four part-time minibus drivers and around 25 volunteers to help with a range of activities and services. These include driving the C&YP to and from the club, fundraising, clubroom sessions, administration, graphic design, website design, legal services and maintenance.
## **Political and charitable donations**
No charitable donations were made during the year. No contributions to political organisations were made during the year.
Trustees' report, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on X July 2024 and signed on the board's behalf by:
Mr S J Piper - Trustee
Page 5
rv
1A
IMPACT
REPORT c
RIDE HIGH
## **WELCOME**
## **We are delighted to present Ride High’s 2023 Impact Report.**
Given the challenging times in which we are operating we are thrilled that we have continued to succeed in our mission to transform vulnerable young lives in Milton Keynes and surrounding areas. This annual report captures some of our greatest achievements.
As the demand for our unique service continues to increase year-on-year, it has long been our ambition to expand our programme to more children. Following a significant award from the National Lottery Community Fund, we were finally able to increase the number of children we support on a weekly basis by 50%. This resulted in our working with 337 children in need in 2023 – the most we’ve ever helped in any one year.
Such an expansion required a tremendous amount of preparation, including the recruitment of new staff and volunteers, training and development for our growing team, not-to-mention considerable logistical and operational planning. Our team is now all the stronger and the benefits of our efforts are reflected in the progress the children have made.
We take great pride in how we meticulously measure our impact and adapt our programme to meet the needs of our community. You will see how our outcomes data and feedback from members, their carers and referrers highlights how Ride High has increased the confidence, resilience, happiness and the health and wellbeing of our beneficiaries.
In 2023 we enjoyed greater engagement within the local community, working closely with a variety of businesses, and forging new collaborations with organisations including the Thames Valley Violence Reduction Unit.
**----- Start of picture text -----**
IN 2023 WE WE’VE WE WERE
WORKED WITH SUPPORTED ESTABLISHED
120 2,000+ 15
CHILDREN EACH CHILDREN IN YEARS AGO
WEEK TOTAL
**----- End of picture text -----**
Our focus has always been local, but having now demonstrated our value over 15 years, confidence in our service is rapidly growing regionally and nationally. Awards from prestigious funders including the Henry Smith Foundation and the Masonic Charitable Foundation are a testament to the quality of our service, and are allowing us to strengthen our presence in Milton Keynes whilst developing plans to expand geographically and establish sites in additional locations where there is a need.
So, whilst this report looks back on the highlights of 2023 and aims to acknowledge those who have helped us get this far, we are also looking forward and invite existing and new supporters to join us on our journey. Together we are making a difference.
We hope you enjoy reading our report.
Thank you.
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Olivia Sugdon Phil Zeidler
CEO Chair of Trustees
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## **OUR STRATEGY**
## **VALUES**
## **VISION**
To transform the lives of vulnerable and disadvantaged children and young people.
Encouraging Achieving Belonging Inspiring
## **OBJECTIVES**
## **MISSION**
Ride High will provide To support a minimum bespoke programmes using of 300 children and horses as a critical enabler to young people per year in improve the mental health, Milton Keynes and to wellbeing, and long-term expand our offering outcomes of vulnerable and within the next five years disadvantaged children and by opening at least one young people. more site.
We were chosen to meet His Majesty the King on his celebratory visit to Milton Keynes to mark its new status as a city. Ride High was proud to be included in the bid for city status.
## **RISING TO THE CHALLENGE**
Milton Keynes is a vibrant new city within which we are very proud to play an important role. But many young people face huge challenges as a result of poverty, neglect and abuse, isolation and poor mental health, which make them vulnerable to a number of risks and can have a detrimental impact on their futures.
At Ride High we address these challenges by offering them a fun and educational programme that promotes physical activity in the great outdoors, that encourages the creation of positive relationships with people and animals, that develops skills and knowledge which drives self-confidence and self-worth and helps to enforce a healthy lifestyle.
By attending Ride High every week for up to a year, we provide young people with stability and consistency, and the transformations we witness are quite incredible.
We helped the MK Food Bank to break the Guinness World Record for the number of food cans lined up in a row.
_**
We transformed our run-down With food donations from
orchard into a beautiful Greencore and The Grumpy
community sensory garden for Cook we’re able to provide our
our members and beneficiaries members with a healthy lunch
of other community groups to every day.
enjoy.
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*Vital Signs MK 2024. **Thames Valley Police.***Vital Signs MK 2023.
Ride High was very proud to carry the Baton Of Hope on part of its journey through Milton Keynes. The Baton of Hope UK Tour has become the UK's biggest ever suicide prevention initiative. We stand with all those involved across the whole country to raise awareness and more support of suicide prevention and mental health challenges.
_**
1% OTHER
58%
FEMALE
41%
GENDER MALE
8%
LIVED IN TOP 10%
17% 20% MOST DEPRIVED
14+YRS 5-7 YRS AREAS 30%
337 30% QUALIFIED
AGE FOR
CHILDREN & YOUNG ETHNICALLY 22%
FREE
PEOPLE DIVERSE LIVED IN TOP 30% SCHOOL
BACKGROUNDS 23%11-13 YRS 40% MOST DEPRIVED MEALS
8-10 YRS AREAS
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1%
SINGLE AGENCY
GROUPS
50%
SCHOOL
49%
GROUPS
MIXED
GROUPS
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Children are referred individually by professionals and are allocated a group when a place becomes available.
Schools and agencies also refer groups of children they identify as needing additional support.
## **REFERRALS WERE RECEIVED FROM**
**REFERRALS WERE RECEIVED FROM 12 SCHOOLS 47** TOOK PART IN OUR **SCHOOLS** AGENCIES **PROGRAMME**
## **REASONS FOR REFERRAL**
**26%** YOUNG CARER **29%** ABUSE & NEGLECT **58%** SELF HARMING OR AT RISK OF **59%** NEET OR LOW ATTENDANCE * **37%** DOMESTIC VIOLENCE **71%** SOCIALLY ISOLATED
**80%**
HAVE
**MENTAL HEALTH CHALLENGES**
AND SEVERAL OTHER MOUNTAINS TO OVERCOME...
*Not in Education, Employment or Training.
## **OUR OUTCOMES**
**ATTENDANCE**
**94%** OF MEMBERS ACHIEVED THE **RIDE HIGH AWARD**
**85%**
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CHILDREN
72%
PARTICIPATED IN
136 ATTAINED A
FUN AND
POSITIVE
EDUCATIONAL DESTINATION
TRIPS ON LEAVING
RIDE HIGH
LOOK FEEL THEY
FORWARD HAVE CAN TALK TO
91% TO COMINGTO RIDE 79% FRIENDS ATRIDE HIGH 90% ABOUTSTAFF
HIGH THEIR
TROUBLES
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## **OUR OUTCOMES**
We use a combination of methods to measure the impact Ride High has on children and young people. One such method is our Wellbeing Measure which allows our members to reflect on their own progress helping them to recognise their achievements. An initial assessment identifies areas of particular need for each individual to focus on and we support them to meet their goals - regularly repeating the measure to track their progress.
The Wellbeing Measure focuses on six key areas. Experience shows us that the most commonly shared areas where members require support are Self-esteem and confidence and Emotional resilience. Strong progress in these areas often leads to higher achievements in others.
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EMOTIONAL
RESILIENCE COMMUNICATION
SELF-ESTEEM
CONTRIBUTION WELLBEING &
MEASURE CONFIDENCE
SELF-
AWARENESS RELATIONSHIPS
& CONTROL
**----- End of picture text -----**
Our data shows us that those with the highest needs achieve a higher level of progress, and often, that younger members make the most progress. This supports our early intervention programmes, but also our desire to expand our programmes specifically for teenagers.
## **MIXED GROUPS**
## **SCHOOL GROUPS**
**90%** MADE PROGRESS IN ONE OR MORE OF THEIR **TARGET AREAS**
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96%
MADE PROGRESS IN
ONE OR MORE OF
THEIR
TARGET AREAS
**----- End of picture text -----**
## **WHERE CHILDREN MADE PROGRESS**
**86% COMMUNICATION 71% SELF-ESTEEM & CONFIDENCE 72% RELATIONSHIPS 71% SELF-AWARENESS & CONTROL 80% CONTRIBUTION 75% EMOTIONAL RESILIENCE**
**70% 67% 71% 67% 74% 78%**
## **LEVEL OF PROGRESS ACHIEVED**
BY THOSE WITH THE HIGHEST NEED
**53% 28% SELF-ESTEEM &** MADE GOOD MADE **CONFIDENCE** TO VERY EXCELLENT GOOD PROGRESS PROGRESS **50% 35% EMOTIONAL RESILIENCE**
**50% 35%** MADE GOOD MADE TO VERY EXCELLENT GOOD PROGRESS PROGRESS
**29%**
MADE GOOD MADE TO VERY EXCELLENT GOOD PROGRESS PROGRESS
**35% 61%** MADE GOOD MADE TO VERY EXCELLENT GOOD PROGRESS PROGRESS
**44%**
## **OUR STORIES**
Poppy was referred to Ride High with severe anxiety and a fear of leaving the house, which resulted in her missing four years of school. When Poppy joined us she was unsurprisingly quiet and awkward in a new setting. However, it was clear early on that she found great comfort in being with the horses, and she progressed quickly with her riding and groundwork. Within just a few months you’d find Poppy grooming on the yard with a beaming smile on her face. She began to talk openly to visitors about how she loved the responsibility of looking after the horses, and how being trusted to care for the horses boosted her confidence. Armed with her newfound skills and confidence she’s now looking to the future. She attended an interview at Moulton College, and was offered a place on their Equine Management course.
_**
POPPY, 17
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_**
MARTINA, 16
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**----- Start of picture text -----**
MARTINA, 16
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Martina was referred to Ride High by her social worker. Her first weeks at secondary school coincided with a family breakdown and she had to move house. It was a very challenging time which knocked her confidence. She spent most of her time alone and became severely isolated and depressed.
It took a little while to settle at Ride High but with the support of Mark, her Club Leader and in a safe environment she made new friends and started to speak out. Initially Martina was quite intimidated by the horses, but learning to look after them and to ride gave her a huge confidence boost. _**
£665K
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£692K
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Grants 43.1% Fundraising events 18.9% Donations 12.5% Rent & Investments 13.2% Referrals 9.9% Other 2.4%
Direct charitable activities (including horse sessions) 78% Raising funds 21% Ensuring good governance 1%
Fundraising in 2023 was unsurprisingly challenging with donations and events accounting for 14% less of our income than in the previous year. Fortunately success with our grant applications helped to fill the shortfall.
Our services remain free to children and young people. For every £1 donated, 78p goes directly on charitable activities. To help maintain financial stability during the cost-of-living crisis, we have increased investment in our fundraising efforts.
## **GRANT FUNDERS**
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MARGARET GIFFEN
CHARITABLE TRUST
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## **FUNDRAISING**
Our fundraising events throughout the year included a Quiz at the Marshall Amplification Studio, Golf Day at Woburn Golf Club, and of course our famous Ride High Ball with a Roaring Twenties theme started the year in true style. We9re grateful to everyone who supported these events and also to those who took on their own challenges and organised events to raise vital funds for Ride High.
In May we once again enjoyed watching our runners participate in the Milton Keynes Marathon Weekend - a fantastic community event.
Participation in the Big Give match funding campaigns gave our donors the opportunity to have their donations doubled for free.
We were also delighted to launch our new fundraising programme 8Hobby the Horse9 .
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HOBBY
THE
HORSE
**----- End of picture text -----**
Hobby the Horse is a fun and educational programme where school children design and make their own Hobby Horse using recycled materials and hold an event to fundraise for Ride High. We've created fantastic resources for teachers to make the programme fun and easy to implement and it also complements the Key Stage 1 Curriculum. Several schools across Milton Keynes participated in the launch in 2023 and the feedback has been excellent. Our aim is to expand the programme in 2024.
## **www.ridehigh.org/hobbythehorse**
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MATCH FUNDING SPONSORED
CAMPAIGNS CHALLENGES
Doubled donations enabled us to Digby and Max climbed to the top of
purchase 8Custard9 a new pony Scafell Pike with their legs tied together
for the children. and raised over £1000.
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RIDE HIGH
EVENTS
**----- End of picture text -----**
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CORPORATE TEAM EVENTS
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## **OUR CORPORATE SUPPORTERS**
We are fortunate to have received support from many businesses and organisations across Milton Keynes who are just as passionate about making a difference to young lives as we are.
Together we have worked in a variety of ways that extend beyond purely financial input. Businesses have offered their time, expertise, skills and the commitment of their employees, and we have built strong partnerships that are beneficial to both parties.
Many organisations now offer their employees one or more volunteering days throughout the year, allowing them to select a charity to 8help out9. Several teams used their time to help onsite at Ride High, others organised a fundraising initiative or arranged a special event or visit to their workplace to educate our members about what they do. Some businesses offered their employees more flexibility and allowed them to use their time to volunteer at Ride High on a weekly basis for an hour or two for a term (twelve weeks). Volunteering in this way allowed individuals to have an even greater impact and a more rewarding personal experience.
**----- Start of picture text -----**
Fun and educational visits are an important
part of our programme. We were fortunate
to visit Red Bull Racing for a behind-the-
scenes tour.
**----- End of picture text -----**
Teams from longstanding supporter SIS volunteered for the day in our community garden and donated Christmas gifts for our members.
**“** _**Ride High aligns with our Stop Hunger Foundation goals by empowering those in our local community to gain new skills they can use for their future. We provide skills based and hands on volunteering opportunities for our employees with local charities.**_
_****fund**
**Notes**
**£**
**INCOME AND ENDOWMENTS FROM**
Voluntary income
2
148,043
Other trading activities
3
128,407
Investment income
4
83,810
Other income
4,000
**Total**
364,260
**EXPENDITURE ON**
Raising funds
137,595
**Charitable activities**
5
Charitable activities
241,254
**Total**
378,849
**NET INCOME/(EXPENDITURE)**
(14,589)
**RECONCILIATION OF FUNDS**
Total funds brought forward
427,156
**TOTAL FUNDS CARRIED FORWARD**
412,567|**Restricted**
**fund**
**£**
309,889
-
-
-
309,889
-
315,688
315,688
(5,799)
15,947
10,148|**2023**
**Total**
**funds**
**£**
457,932
128,407
83,810
4,000
674,149
137,595
556,942
694,537
(20,388)
443,103
422,715|**2022**
**Total**
**funds**
**£**
351,383
139,240
82,480
-
573,103
108,618
523,396
632,014
(58,911)
502,014
443,103|
|---|---|---|---|
The notes form part of these financial statements
Page 19
**RIDE HIGH LIMITED**
## **BALANCE SHEET 31 DECEMBER 2023**
|**Notes**
**FIXED ASSETS**
Intangible assets
10
Tangible assets
11
Investments
12
**CURRENT ASSETS**
Debtors: amounts falling due within one year 13
Debtors: amounts falling due after more than
one year
13
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
14
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year 15
**NET ASSETS**
**FUNDS**
18
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|**2023**
**£**
6,071
41,021
100
47,192
162,450
208,092
171,641
542,183
(166,660)
375,523
422,715
-
422,715
412,567
10,148
422,715|**2022**
**£**
7,125
17,655
100
24,880
144,163
283,092
210,760
638,015
(168,214)
469,801
494,681
(51,578)
443,103
427,156
15,947
443,103|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 20
continued...
**RIDE HIGH LIMITED**
**BALANCE SHEET - continued 31 DECEMBER 2023**
The financial statements were approved by the Board of Trustees and authorised for issue on 21 June 2024 and were signed on its behalf by:
Mr S J Piper - Trustee
The notes form part of these financial statements
Page 21
**RIDE HIGH LIMITED**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Notes**
**Cash flows from operating activities**
Cash generated from operations
20
Finance costs paid
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash (used in)/provided by investing activities
**Change in cash and cash equivalents**
**in the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end**
**of the reporting period**|**2023**
**£**
(29,604)
1,470
(28,134)
-
(33,629)
4,000
18,644
(10,985)
(39,119)
210,760
171,641|**2022**
**£**
(145,574)
(1,578)
(147,152)
(7,500)
(1,971)
-
19,013
9,542
(137,610)
348,370
210,760|
|---|---|---|
The notes form part of these financial statements
Page 22
**RIDE HIGH LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. ACCOUNTING POLICIES**
## **BASIS OF PREPARING THE FINANCIAL STATEMENTS**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
## **INCOME**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' Report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market, a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised when it is received.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **EXPENDITURE**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
## **INTANGIBLE ASSETS**
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer software
- Evenly over 7 years
## **TANGIBLE FIXED ASSETS**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Page 23
continued...
**RIDE HIGH LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. ACCOUNTING POLICIES - continued**
## **TANGIBLE FIXED ASSETS**
|Fixtures and fittings|- 20% on cost|
|---|---|
|Motor vehicles|- 20% on cost|
|Computer equipment|- 20% on cost|
## **FUND ACCOUNTING**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **HIRE PURCHASE AND LEASING COMMITMENTS**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **2. VOLUNTARY INCOME**
|**Unrestricted**
**funds**
**£**
Donations
83,031
Similar incoming resources
13,984
Grants
51,028
148,043
**OTHER TRADING ACTIVITIES**
**Unrestricted**
**funds**
**£**
Fundraising events
128,407|**Restricted**
**funds**
**£**
-
65,704
244,185
309,889
**Restricted**
**funds**
**£**
-|**2023**
**Total**
**funds**
**£**
83,031
79,688
295,213
457,932
**2023**
**Total**
**funds**
**£**
128,407|**2022**
**Total**
**funds**
**£**
121,679
80,232
149,472
351,383
**2022**
**Total**
**funds**
**£**
139,240|
|---|---|---|---|
## **3. OTHER TRADING ACTIVITIES**
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continued...
**RIDE HIGH LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **4. INVESTMENT INCOME**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**£**
**£**
Rents received
65,166
-
Deposit account interest
1,328
-
Interest receivable - trading
17,316
-
83,810
-|**2023**
**Total**
**funds**
**£**
65,166
1,328
17,316
83,810|**2022**
**Total**
**funds**
**£**
63,467
1,499
17,514
82,480|
|---|---|---|
## **5. CHARITABLE ACTIVITIES COSTS**
|Direct charitable activity
Support costs
Property costs
Total charitable activities
Total 2022|**Restricted**
**funds 2023**
**£**
235,655
5,599
-
241,254
187,285|**Unrestricted**
**funds 2023**
**£**
110,518
122,709
82,461
315,688
336,111|**Total**
**funds 2023**
**£**
346,173
128,308
82,461
556,942
523,396|**Total**
**funds 2022**
**£**
335,017
100,266
88,113
523,396|
|---|---|---|---|---|
## **6. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
|Depreciation - owned assets
Other operating leases
Surplus on disposal of fixed assets
Computer software amortisation|**2023**
**£**
10,263
69,759
(4,000)
1,054|**2022**
**£**
6,201
112,113
-
375|
|---|---|---|
## **7. AUDITORS' REMUNERATION**
The Independent Examiner's remuneration amounts to an Independent Examination fee of £850 (2022 - £750).
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continued...
**RIDE HIGH LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **TRUSTEES' EXPENSES**
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **9. STAFF COSTS**
|Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Staff
No employees received emoluments in excess of £60,000.|**2023**
**£**
343,133
14,104
357,237
**2023**
13|**2022**
**£**
295,875
5,867
301,742
**2022**
13|
|---|---|---|
||||
## **10. INTANGIBLE FIXED ASSETS**
|**INTANGIBLE FIXED ASSETS**||
|---|---|
||**Computer**|
||**software**|
||**£**|
|**COST**||
|At 1 January 2023 and||
|31 December 2023|7,500|
|**AMORTISATION**||
|At 1 January 2023|375|
|Charge for year|1,054|
|At 31 December 2023|1,429|
|**NET BOOK VALUE**||
|At 31 December 2023|6,071|
|At 31 December 2022|7,125|
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continued...
**RIDE HIGH LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **11. TANGIBLE FIXED ASSETS**
|**Livestock**
**£**
**COST**
At 1 January 2023
-
Additions
5,000
At 31 December 2023
5,000
**DEPRECIATION**
At 1 January 2023
-
Charge for year
250
At 31 December 2023
250
**NET BOOK VALUE**
At 31 December 2023
4,750
At 31 December 2022
-|**Fixtures**
**and**
**fittings**
**£**
8,253
28,629
36,882
6,545
4,214
10,759
26,123
1,708|**Motor**
**Computer**
**vehicles**
**equipment**
**£**
**£**
46,935
2,977
-
-
46,935
2,977
30,988
2,977
5,799
-
36,787
2,977
10,148
-
15,947
-|**Totals**
**£**
58,165
33,629
91,794
40,510
10,263
50,773
41,021
17,655|
|---|---|---|---|
## **12. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
||**Shares in**|
||**group**|
||**undertakings**|
||**£**|
|**MARKET VALUE**||
|At 1 January 2023 and||
|31 December 2023|100|
|**NET BOOK VALUE**||
|At 31 December 2023|100|
|At 31 December 2022|100|
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
## **PegasusforRideHigh Limited**
Registered office: Ride High Equestrian Centre, Milton Keynes MK5 8EJ
|**%**
**Class of share:**
**holding**
Ordinary
100
Aggregate capital and reserves
Profit for the year|**2023**
**£**
100
91,975|**2022**
**£**
100
105,772|
|---|---|---|
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continued...
**RIDE HIGH LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
|**13.**
**DEBTORS**
Amounts falling due within one year:
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Amounts falling due after more than one year:
Other debtors
Aggregate amounts|**2023**
**£**
26,356
21,077
93,538
21,479
162,450
208,092
370,542|**2022**
**£**
20,701
40,180
69,036
14,246
144,163
283,092
427,255|
|---|---|---|
Other debtors includes £208,092 due after more than one year and £75,000 due within one year from PegasusforRideHigh Limited.
|**14.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2023**
**£**
Trade creditors
28,059
Social security and other taxes
10,225
VAT
6,136
Other creditors
4,441
Accruals and deferred income
117,799
166,660
**15.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
**2023**
**£**
Other loans (see note 16)
-
**16.**
**LOANS**
An analysis of the maturity of loans is given below:
**2023**
**£**
Amounts falling between one and two years:
Other loans - 1-2 years
-|**2022**
**£**
17,884
8,787
6,846
1,478
133,219
168,214
**2022**
**£**
51,578
**2022**
**£**
51,578|
|---|---|
|||
The Charity repaid the remainder of the outstanding loan to the total of £50,000 on 15th March 2023 with £1,578 interest written off.
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continued...
**RIDE HIGH LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Unrestricted**
**fund**
**£**
Fixed assets
36,944
Investments
100
Current assets
442,227
Current liabilities
(66,704)
Long term liabilities
-
412,567|**Restricted**
**fund**
**£**
10,148
-
99,956
(99,956)
-
10,148|**2023**
**Total**
**funds**
**£**
47,092
100
542,183
(166,660)
-
422,715|**2022**
**Total**
**funds**
**£**
24,780
100
638,015
(168,214)
(51,578)
443,103|
|---|---|---|---|
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continued...
**RIDE HIGH LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **18. MOVEMENT IN FUNDS**
|Unrestricted funds
Restricted funds
Total of funds|**Balance at 1**
**January 2023**
**£**
427,156
15,947
443,103|**Income**
**£**
364,260
309,889
674,149|**Expenditure**
**£**
(378,849)
(315,688)
(694,537)|**Balance at 31**
**December**
**2023**
**£**
412,567
10,148
422,715|
|---|---|---|---|---|
## **Analysis of movement in restricted funds**
|The Mills Equus Trust
Referral Income
Jim Marshall
Marshall Trust
Postcode Society
The Parks Trust
Rotary Club
MK Rotary
MK Community Grant
D'oyly Charitable Trust
Margaret Giffen Trust
Carrington Charitable Trust
Nineveh Trust
CLA Charitable Trust
Street Games
On Track Education Services
S Rivvett Carnac
L&Q Place Makers
Shanly Foundation
Masonic Grant
BBC Children in Need
The Holt Trust
National Lottery Grant
Hargreaves Foundation
Henry Smith Charity
Duke of Westminster Foundation|**Balance at 1**
**January 2023**
**£**
2,371
12,171
-
-
-
1,405
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,947|**Income**
**£**
9,151
45,373
1,518
6,381
9,917
-
1,000
756
20,000
5,000
5,000
500
2,000
2,000
16,000
1,212
1,000
5,000
2,500
5,000
27,976
150
104,835
23,920
13,700
10,000
309,889|**Expenditure**
**£**
(11,522)
(48,801)
(1,518)
(6,381)
(9,917)
-
(1,000)
(756)
(20,000)
(5,000)
(5,000)
(500)
(2,000)
(2,000)
(16,000)
(1,212)
(1,000)
(5,000)
(2,500)
(5,000)
(27,976)
(150)
(104,835)
23,920
(13,700)
(10,000)
(315,688)|**Balance at 31**
**December**
**2023**
**£**
-
8,743
-
-
-
1,405
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,148|
|---|---|---|---|---|
**Description, nature and purpose of restricted funds Name of restricted fund Description, nature and purposes of the fund**
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**RIDE HIGH LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **18. MOVEMENT IN FUNDS - continued**
The Mills Equus Trust To provide funding for the lease obligations at the Ride High Equestrian Centre MK Community Foundation To provide funding for staff salaries as part of the Red Cross programme Bernard Sunley Foundation To repair the roof at Ride High Equestrian Centre Referral Income Received from schools to fund the fixed term group lessons provided to them Jim Marshall To repair the onsite heating Marshall Trust To repair the roof at Ride High Equestrian Centre Postcode Society To provide riding lessons for members The Parks Trust To repair the fencing at Ride High Equestrian Centre Rotary Club To fund the Mosaic Project MK Rotary To fund the Mosaic Project MK Community Grant To fund the Sensory Garden project D'oyly Charitable Trust To provide riding lessons for members Margaret Giffen Trust To provide riding lessons for members Carrington Charitable Trust To provide funding for the salary of the Centre Manager Nineveh Trust To provide riding lessons for members CLA Charitable Trust To provide riding lessons for members Street Games To fund the Sensory Garden project On Track Education Services To provide supported learner assistance for 12 weeks S Rivvett Carnac To fund the Sensory Garden project L&Q Place Makers To provide funding for the salary of the Club Leader Shanly Foundation To provide riding lessons for members Masonic Grant To provide funding for the salary of the Development Manager BBC Children in Need To provide funding for the salary of the Club Leader The Holt Trust To fund the Sensory Garden project National Lottery Grant To provide riding lessons for members Hargreaves Foundation To provide riding lessons for members Henry Smith Charity To provide funding for the salary of the Centre Manager Duke of Westminster Foundation To repair the roof at Ride High Equestrian Centre
## **19. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2023.
## **20. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net expenditure for the reporting period (as per the Statement**
**of Financial Activities)**
**Adjustments for:**
Depreciation charges
Profit on disposal of fixed assets
Interest received
Finance costs
Decrease in debtors
Decrease in creditors
**Net cash used in operations**|**2023**
**£**
(20,388)
11,335
(4,000)
(18,644)
(1,470)
31,303
(27,740)
(29,604)|**2022**
**£**
(58,911)
6,576
-
(19,013)
1,578
106,749
(182,553)
(145,574)|
|---|---|---|
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continued...
**RIDE HIGH LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **21. ANALYSIS OF CHANGES IN NET FUNDS**
|**Net cash**
Cash at bank and in hand
**Debt**
Debts falling due after 1 year
**Total**|**At 1/1/23**
**£**
210,760
210,760
(51,578)
(51,578)
159,182|**Cash flow**
**At 31/12/23**
**£**
**£**
(39,119)
171,641
(39,119)
171,641
51,578
-
51,578
-
12,459
171,641|**Cash flow**
**At 31/12/23**
**£**
**£**
(39,119)
171,641
(39,119)
171,641
51,578
-
51,578
-
12,459
171,641|
|---|---|---|---|
||||171,641|
||||-|
||||-|
||||171,641|
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