ASHFIELDS EQUESTRIAN TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
ASHFIELDS EQUESTRIAN TRUST
Ms Z E Morgan - Chair Mrs B Kenealy Mr C C Easter Ms C R Chambers
TRUSTEES: Ms Z E Morgan - Chair Mrs B Kenealy Mr C C Easter Ms C R Chambers REGISTERED ADDRESS: Ashfields Carriage and Polo Club Great Canfield Dunmow Essex CM6 1JU
CHARITY REGISTRATION NUMBER: 1143284
INDEPENDENT EXAMINER: P Kittle FFA FIPA FFTA 37 Fraser Close Chelmsford Essex CM2 OTD
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CONTENTS
PAGES 1 – 2 Trustees’ Report 3 Independent Examiners Report 4 Statement of Financial Activities 5 Balance Sheet 6- 11 Notes to the Accounts
Page 1
ASHFIELDS EQUESTRIAN TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2021
The trustees present their report along with the financial statements of the charity for the period ended 31 July 2021. The financial statements have been prepared in accordance with the accounting policies set out on pages 6 and 7 and comply with the charity’s trust deed and applicable law.
Constitution and objects
The Charity’s objects are for the promotion for the benefit of the young or disabled people of the amateur sport of carriage driving, by providing facilities and equipment.
Organisation
The trustees who have served during the period are set out on page 1. Trustees were initially appointed from volunteers from amongst interested sectors of the community and all serve on the committee. Half of the members of the Committee are subject to election or re-election at the Annual General Meeting for a period of two years. The Committee meets regularly to discuss the running of the charity, and various sub-committees are formed to address specific issues, such as fund raising.
Financial Review
Incoming resources for the year amounted to £118,789 (2020: £123,868). Total resources expended for the year were £125,274 (2020: £104,612).
The net movement in funds was £(6,485) (2020: £19,256).
The net assets of the charity as at 31 July 2021 were £23,293 (2020: £29,778). The net book value of fixed assets as at 31 July 2021 was £8,927 (2021: £7,519).
Since the year end the Trustees have been reviewing the charity’s overheads including the payroll. One member of staff has left and not been replaced.
Review of achievements during the year
This year has been an extremely tough and a sad year for everyone involved at Ashfields, Terry Chambers passed away on January 12[th] from Covid. Terry the owner of Ashfields enabled all the amazing opportunities to try driving, Terry’s passion was carriage driving and sharing it with people, he just loved to see people visiting Ashfields and getting so much pleasure from the facilities here, Terry put everything into Ashfields and was a huge support of the trust and all the work and equestrian activities here at Ashfields. He is very sadly missed.
Jasper had the spring and summer of 2020 off due to Covid and really didn’t come back to work well so we felt this was the time to retire him, we were very fortunate to have found Flay the new driving pony. Flay is now doing a fantastic job and has slotted into Jasper’s place like a true pro Jasper then unfortunately had to be put to sleep due to illness. Jasper was an amazing pony and gave so many opportunities and pleasure to everyone around him.
The carriage museum has been open throughout the year, with many visitors viewing the museums historic carriage collection. Talks are given to explain the history of each of the carriages on display and other historic equestrian artefacts.
The support continues from the East Anglia carriage driving group, holding junior camps and training days. Ashfield’s works very closely with the East Anglia driving group as their objectives and views to encouraging people of all ages and disabilities into driving.
This year we have had to have our electrical safety checks done throughout the site which has come at a cost again we have received some government grants to support us through these times of caution when we are not getting so many people visiting us.
Page 2
ASHFIELDS EQUESTRIAN TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2021
Reserves Policy
The charity’s policy is to maintain sufficient reserves to cover its operational costs for at least the following 3 months. At the year end, the charity had sufficient reserves to comply with this policy. The level of reserves is kept under close scrutiny by the trustees.
Public Benefit
The Trustees have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission. They have referred to the guidance in the Charity Commission’s general guidance on Public Benefit when reviewing the Trust’s aims and objectives and in planning future activities as demonstrated above
Risk Management
The trustees have examined the major operational, strategic and business risks which the charity faces and confirm that appropriate systems are in place to mitigate the effects of these risks.
Trustee’s responsibilities in relation to the financial statements
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial period, which give a true and fair view of the charity’s financial activities during the period and of its financial position at the end of the period. In preparing those financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards and statements of recommended practice have been followed subject to any 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 charity will continue in business.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Ms Z E Morgan
Date: 17 February 2022
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ASHFIELDS EQUESTRIAN TRUST
This report on the accounts of the trustees for the year ended 31 July 2021, which are set out on pages 4 to 11, is in respect of an examination carried out under Section 145 of the Charities Act 2011.
Respective responsibilities of the trustees and examiner
As the members of the trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 144 of the Charities Act 2011 (The 2011 Act) does not apply.
It is my responsibility to:
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Examine the accounts under section 145 of the Charities Act.
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To follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)9(b) of the Charities Act); and
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To state whether in particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts are a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in, any material respect, the requirements;
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to keep accounting records in accordance with Section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
P Kittle FFA FIPA FFTA Financial Accountant 37 Fraser Close Chelmsford Essex CM2 OTD Date: 17 February 2022
Page 4
ASHFIELDS EQUESTRIAN TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021
| Unrestricted | Restricted | TOTAL | TOTAL | ||
|---|---|---|---|---|---|
| Funds | Funds | FUNDS | FUNDS | ||
| Notes | £ | £ | 2021 | 2020 | |
| INCOMING RESOURCES | |||||
| Voluntary income | 1 | ||||
| Activities in furtherance of the charity’s | 14,264 | - | 14,264 | 12,085 | |
| objectives | |||||
| Activities for generating funds | 2 | 104,525 | - | 104,525 | 111,783 |
| ______ | ______ | ______ | |||
| TOTAL INCOMING RESOURCES | 118,789 | - | 118,789 | 123,868 | |
| ______ | ______ | ______ | |||
| RESOURCES EXPENDED | |||||
| Cost of generating funds | 3 | 33,898 | - | 33,898 | 26,691 |
| Costs of activities undertaken directly | 4 | 88,805 | - | 88,805 | 75,921 |
| Governance costs | 2,571 | - | 2,571 | 2,000 | |
| ______ | ______ | ______ | |||
| TOTAL RESOURCES EXPENDED | 125,274 | - | 125,274 | 104,612 | |
| ______ | ______ | ______ | |||
| NET MOVEMENT IN FUNDS FOR THE | |||||
| YEAR | (6,485) | - | (6,485) | 19,256 | |
| BALANCES BROUGHT FORWARD | |||||
| At 1 August 2020 | 29,603 | 175 | 29,778 | 10,522 | |
| BALANCES CARRIED FORWARD | |||||
| _____ | _____ | _____ | |||
| At 31 July 2021 | 23,118 | 175 | 23,293 | 29,778 | |
| _____ | _____ | _____ |
Page 5
ASHFIELDS EQUESTRIAN TRUST
BALANCE SHEET – 31 JULY 2021
| Notes | 2021 | 2020 | |||||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| TANGIBLE FIXED ASSETS | 5 | 8,927 | 7,519 | ||||
| CURRENT ASSETS | |||||||
| Debtors | 6 | 388 | 1,448 | ||||
| Cash at bank and in hand | 18,302 | 23,614 | |||||
| _____ | _____ | ||||||
| TOTAL CURRENT ASSETS | 18,690 | 25,062 | |||||
| LIABILITIES | |||||||
| Amounts falling due in 1 year | 7 | 4,323 | 2,803 | ||||
| ____ | ____ | ||||||
| NET CURRENT ASSETS (LIABILITIES) | 14,367 | 22,259 | |||||
| _____ | _____ | ||||||
| TOTAL ASSETS | 23,294 | 29,778 | |||||
| _____ | _____ | ||||||
| FUNDS | |||||||
| Unrestricted | 175 | 175 | |||||
| Restricted | 23,118 | 29,603 | |||||
| _____ | _____ | ||||||
| 23,293 | 29,778 | ||||||
| _____ | _____ |
Approved by the Committee of Trustees and signed on its behalf by:
Ms Z E Morgan
Date of Approval: 17 February 2022
Page 6
ASHFIELDS EQUESTRIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS – 31 JULY 2021
PRINCIPAL ACCOUNTING POLICIES OF ASHFIELDS EQUESTRIAN TRUST
The financial statements have been prepared under historical cost convention and in accordance with the Financial Reporting Standard for Small Entities (effective January 2007), the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ issued in March 2005 (SORP 2005) and the Charities Act 1993.
The principal accounting policies of the Trust are set out below.
Fund accounting
The Trust’s general reserves consist of funds which the Trust may use for its purpose at its own discretion.
Income
General income relates to transactions, which are unallocated to departmental activities.
Interest, rental and dividend income is credited when receivable to income and expenditure account.
All voluntary income is included in the financial statements on receipt.
Donations under gift aid plus the associated income tax recovery are recognised as income when received.
Legacies to which the charity is entitled are included in the statement of financial activities unless they are incapable of measurement.
Intangible income is valued and included in income to the extent that it represents goods or services, which would otherwise be purchased. An equivalent amount is charged as expenditure. Voluntary help is not included as income.
Fixed assets and depreciation
Fixed assets are included in financial statements at historical cost less depreciation.
Donated assets are recognised in financial statements on receipt.
Depreciation is calculated to write down the cost of all tangible fixed assets (other than freehold property) over their expected useful economic lives. The periods or rates generally applicable are:
Plant and machinery - 25% reducing balance Leasehold property - 10% of cost
Stock
Stock is stated at the lower of cost and net realisable value.
Page 7
ASHFIELDS EQUESTRIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS – 31 JULY 2021
(Continued)
Taxation
The Trust has charitable status and is afforded the tax exemptions set out in the Income and Corporation Taxes Act 1988.
Foreign currencies
Income received from overseas in foreign currencies is translated at the rate of exchange ruling at the transaction date. Similarly for payments made.
Page 8
ASHFIELDS EQUESTRIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS – 31 JULY 2021
(Continued)
INCOMING RESOURCES
1. Voluntary Income
| Unrestricted | Restricted | TOTAL | TOTAL | |
|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Donations | 14,264 | - | 14,264 | 2,085 |
| ______ | _____ | _____ | ||
| 14,264 | - | 14,264 | 12,085 | |
| ______ | _____ | _____ |
- Activities for The Generation of Funds:
| Funds generated by: | Unrestricted | Restricted | TOTAL | TOTAL |
|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Livery | 76,146 | - | 76,146 | 70,777 |
| Functions | - | - | - | 1,070 |
| Flat rental | 13,450 | - | 13,450 | 14,100 |
| Grants | 14,929 | - | 14,929 | 25,836 |
| ______ | ______ | ______ | ||
| 104,525 | - | 104,525 | 111,783 | |
| ______ | ______ | ______ | ||
| RESOURCES EXPENDED: | ||||
| 3. Cost of generating funds | ||||
| Unrestricted | Restricted | TOTAL | TOTAL | |
| Funds | Funds | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Materials Purchased | 33,196 | - | 33,196 | 25,182 |
| Hire of Equipment | - | - | - | - |
| Vets/Medical | 702 | - | 702 | 1,509 |
| ______ | _____ | _____ | ||
| 33,898 | - | 33,898 | 26,691 | |
| ______ | _____ | _____ |
Page 9
ASHFIELDS EQUESTRIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS – 31 JULY 2021
(Continued)
4. Costs of activities in furtherance of the charity's objects:
| Unrestricted | Restricted | TOTAL | TOTAL | |
|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Gross Wages | 37,825 | - | 37,825 | 36,579 |
| Pension contributions | 760 | - | 760 | 646 |
| Sub-Contract | 6,298 | - | 6,298 | 5,778 |
| Water Rates | 478 | - | 478 | 820 |
| General Rates | (205) | - | (205) | 2,696 |
| Oil | 1,402 | - | 1,402 | 1,402 |
| Electricity | 12,840 | - | 12,840 | 8,702 |
| Repairs & Servicing | 1,583 | - | 1,583 | 216 |
| Telephone | 468 | - | 468 | 578 |
| Flat and caravan expenses | - | - | - | 444 |
| Vehicle expenses | 1,693 | - | 1,693 | - |
| Insurance | 7,526 | - | 7,526 | 6,074 |
| Website hosting | 150 | - | 150 | 150 |
| General expenses | 830 | - | 830 | - |
| Premises expenses | 15,074 | - | 15,074 | 10,320 |
| Depreciation | 2,083 | - | 2,083 | 1,516 |
| _____ | _____ | _____ | ||
| 88,805 | - | 88,805 | 75,921 | |
| _____ | _____ | _____ |
Page 10
ASHFIELDS EQUESTRIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS – 31 JULY 2021
(Continued)
| 5. TANGIBLE FIXED ASSETS Plant & Leasehold Machinery Property £ £ COST At 1 August 2020 8,400 11,889 Additions 3,491 - _ At 31 July 2021 11,891 11,889 _ DEPRECIATION At 1 August 2020 7,420 5,350 Charge for year 894 1,189 _ At 31 July 2021 8,314 6,539 _ NET BOOK VALUE At 31 July 2021 3,577 5,350 _ At 31 July 2020 980 6,539 _ 6. DEBTORS 2021 Prepayments 388 388 7. CREDITORS Amounts falling due within 1 year 2021 £ Other creditors 2,665 Accruals 1,658 4,323 ____ |
Total £ 20,289 3,491 _ 23,780 12,770 2,083 14,853 _ 8,927 7,519 2020 1,448 _ 1,448 2020 £ 1,177 1,626 _ 2,803 |
|---|---|
Page 11
ASHFIELDS EQUESTRIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS – 31 JULY 2021
(Continued)
The average number of employees during the year was 2 (2020: 2). No employee received more than £50,000 in emoluments during the year (2020: Nil) During the year, no trustees received any remuneration (2020 Nil) nor reimbursement of expenses (2020 Nil).
The total resources expended on managing and administering the charity of £2,571 (2020: £2,000) includes the cost of the independent review of the financial statements of £937 (2020: £630).