ASHFIELDS UESTRIAN TRUST FINANCIAL STATEMENTS FOR THE YEI AR ENDED 31 JULY 2024
ASHFIELDS E UESTRIAN TRUST TRUSTEES.. Ms Z E Morgan- Chair Mrs B Kenealy Mi. C C Easter Ms C R Cliambers REGISTERED ADDRESS: Ashfi¢lds Carriage aiid Polo Club Great Caiifield Dunmow Essex CM6 IJU CHAIUTY REGISTRATION NUMBER.. 1143284 INDEPENDENT EXAMtNER', C Pardo¢ FCA 37 fras¢r Close Chelmsford Essex CM2 OTD ooooooo CONTENTS PAGES Trustses, Report Independent Examiners Report Statement of Financial Activities Balance Sl)eet 6- 11 Notes to the Accounts
Page I ASHFIELDS E UESTRIAN TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 The trustees present their r¢port along with the finaiicial statements of ihe charity for the p¢i'iod ended 31 July 2024. The financial statements have been prepared in accordance with the accounting policies set out on pa8es 6 and 7 and comply with the charity's trust deed attd applicable law. Constitution and objects The Charity's objects are for the promotion for th¢ benefit of tli¢ young or disabled people of th¢ amateur sport of carriage driving, by providing facilities and equipmei)t. Organisatlon Tlie trustees who have s¢rv¢d during tli¢ period are set out on page I, Trustees were initially appointed from volui)ieers from amoiigst interested sectors of tlie coinmuiiity and all serve on the committee. Half of the members ot tl)e Committee are subject to election or re-ele¢tion al the Annual General Meetiiig for a period of years. The Commillee meets regularly to discuss the running of tlie Qharity, aiid various sub-committees are formed to addres5 spocific issues, sueh as fund raising. Flnanelal Review Incoining resour¢¢s for tlie yeEtr amounted to £131,979 (2023.. £128.415), Total resources expended for th¢ year werc £130,673 (2023.. £142,950). Th¢ net movement in funds was £1,306 (2023.. (£14,535)) 'riie nct a8set5 of the cliarity 011 31 July 2024 were £5,248 (2023.. £3,942). Th¢ n¢t book value of fixed assets on 31 July 2024 was £3,292 (2023.. £4,984). Review of achi¢vements during the year This year we hav¢ continued our work witli young drivers. as well as adults who now regularly atteiid also coming up &iid driviiig Il)e ponies oiil on drives around the tracks. k-lay has been doing his usually driviiig lessons. We liave some non-drivii)8 ponics tl)Rt have been of therapeutic comfort to people Ih&t just love lo groom them. We liave had Another fantastic suininer Gamp with Barrow farin Riding and Driving for the disablcd group, tlicy lov¢ the v¢iiu¢ for their now oversubscrtbed camp. Flay Continues to drive alongside tlieir ponies aiid is a 511per Star. The support continues from tlie East Anglia Carriage driving group, holding junior camps and training days. Ashfield's works very closely with the East Anglia driving group as tlieir objectives and view5 to encourigiiig p¢ople of all ages and disabilities into driving and other lite skills, such as communication, organisation ai)d working with oihers. Unfortunately* tlie nuinber of competitors coming to evcnts lias seen a decline. Going forward we are offering try driving opportunities to encourage people into thi5 wonderful sport. The carriage museuin is of great interest to people with regular group viewings. With growing costs and tough times al)ead we are pushing forward with new id¢as to rais¢ money to enable us to k¢¢p providing carriage driving to our atnazing carriage drivers.
Page 2 ASHFIELDS E UESTRIAN TRUST TRUSTEES, REI PORT FOR THE YEAR ENDED 31 JULY 2024 Reserves Policy The charity's policy is to maintaiii sulTicient reserves to cover its op¢ralional costs for at least the following 3 months. At the year end, thc cliai'ity had sufficient res¢rve5 to inPlY with this policy. The level of reserv¢s is kept under scrutiny by thc trustees. Public Benefit Tlie Trustees l)ave complied witli the duty in Section 17 of tlie Ch&rities Act 2011 to have due regard to public benefit gLiidance publislied by the Charities Coinmission. Thcy have referred to th¢ uidance in the Charity Commission's general 8uidaiice on Public Benefit when reviewing the Trust's aims glnd objectives and li) planiiing future activities as d¢monstrated above Risk Management Tli¢ ti'ust¢¢s liav¢ ¢xamined tlie iiiajor operatioiial, strategic aiid business risks wl)icli the cliarity fa¢¢s aiid confirm tl)at appropriate systems are in place to mili8ate the effects of these risks. Trustee's responslbilities in relation to the flnAnclAI 8¢atements Law applicable to charities in England and Wales reqiiires th¢ trustees to prepare financial statsments foi. each financial period, which give a true and tair viow of the eharity's financial activitie5 durin8 tlie period and of ILS financial position at tlie end of the riod. Jn preparing tl)oye financial stateiiient5, the Iriiste¢5 are required to: Select suitable accounting policies and then apply them consislently. Mak¢ judgements and estimates tliat are reasonabl¢ #nd prudent. State wliether applicable acoouiiting 5tsndards aiid stsl¢ments of recommeiided practice liav¢ been followed subject to any departures disclosed and explained in tlie financial stalem¢nts' and Prepare tl)e fiiiancial ststements oil the going coi)¢¢m basis unless it is inappropriate to presume that the Gharity will continue in business. The trnstees Are responsibl¢ for keeping accounting records which disclose witli reasonable accuracy at any titne tl)e financial position of tlie charity and enable tliem to cnsure thal the financial statements coinply witli tlie Chai'ities Act 2011. They are also responsible for safeguarding the assets of the charity and lieiice for taking reasonable steps for th# prev¢nti0i1 and dct¢olion of fraud and otlier irregularities, Ms Z E Morgan Date: 22 /u 12.'-
Page 3 INDEPENDENT EXAMINFR'S REPORT TO THE TRUSTEES OF ASHFIELDS E UESTRIAN TRUST Independent FJxaminer's Report to the Trust¢es of ITrust Namel I r¢port to tlie trustees on my examinatioii of tlie financial statemeiits of Ashfields Equestrian Trust for the y¢ar ended 31 July 2024. Responslbllities and Basis of Report As the charity's Iru5tecs, you are responsible for the prepat7tion of the financial statements. You consider that an audit is not required for this year under s¢ction 144 of the Cliarities Act 201 l and that ai) independent examination is appropriate, I liave been FLppointed as an ii)dependenl ¢xaTnin¢r and report in accordance with the applicable Directions given by the Charity Coinmi.%siun under section 145 of the Charit1¢5 Act 2011. My examination includcs a review of th¢ accountii)g re¢ords, aiid a comparisoii ot the accounts presented witli tliose records. It also includes consideratioii of any unusual iteins or disclosures in the accounts and explanations from the trustees conceriiing such matters. The proc¢diires undertak¢n do not provide all tl)e evid¢nce that would be required in an audit and, consequently, I do not expr¢ss ai) audit opinion on Ili¢ financial statements. Independent ExAminer'8 Statement In connectioii witli my exeinination, no matters hav¢ come lo my att¢ntion wliich give me reasonable cause to believe tliat, in aiiy material respeot.. accouiiting records liave not b¢en kept in accordance with section 130 of the Ch8ritie5 A¢t 2011.or tlie financial statements do not accord with those records and comply witl) the appli¢abl¢ accounting requirements. How¢v¢r, I draw attention to the following matter5'. l. Reserve S PoliLy- The Trust's slat¢d reserves policy is to maintaii) funds eqliivalenl to thre¢ moiiths, operating expenses. As al Il)e year-end, this targ¢t lias not beei) met. Th¢ Irust¢¢s may wish lo VIeW the reservtts position to ei)sure th¢ financial resilience of the Tru%t. 2. Botskkeeplng Serviees- Bookk¢eping services for the TrLlSt are und¢rtaken by Clielmer Coinpany Services Litnited ( CCSL"). While I, as the Priiicipal of CCSL and tlie Jndependeiit Examiner, do not p¢rsoiially perform these servio¢s. they are carried out by an einployee of CCSL. Appropriate safeguards have been Considered to ensure the independence and objeLtivity of this examinati0l1. C Pardo¢ FCA Chartered Accountant 37 Fraser Close Chelmsford Essex CM2 OTD Date.. 1,1
Page 4 ASHFIELDS E UESTRL4N TRUST STATEMENT OF FINANCIAL ACTIVITIES r(OR THE ENDED 31 JULY 2024 Unreslricted Restricted Funds Funds TOTAL TOTAL FUI¥4DS FUNDS 2024 2023 Note8 INCOMING RESOURCES Voluntary income 21,951 21,951 36,749 Activities for generating funds 110,028 110,028 91,666 TOTAL INCOMfNG RESOURCES 131.979 131,979 128,415 RESOURCES EXPENDED Cost of generating funds 26,686 26,686 31,521 Costs of activiti¢s undertaken directly 100,619 100,619 107,415 Goveriiance costs 3,368 3,368 4,014 TOTAL RESOURCES EXPENDED 130,673 130,673 142,950 NET MOVEMENT IN FUNDS FOR THE YEAR 1,306 1.306 (14,535) BALANCES BROUGHT FORWAR At l August 2023 3,767 175 3,942 18,477 BALAN'CES CARRIED FORWARD At 31 July 2024 5,073 175 5,248 3,942
Pag¢ 5 ASHFIELDS E UESTRIAN TRUS'r BALANCE SHEET- 31 JULY 2024 Notes 2024 2023 TANGIBLE FIXED ASSETS 3,292 4,984 CURRENT ASSETS Debtors Cash at bank and in hand 5,937 2,749 7.621 TOTAL CURRENT ASSETS 8,686 LIABILITIES Amounts fallii)g du¢ in l year 5.665 9,728 NET CURRENT ASSETS (LIABILITIES) (1,042) TOTAL ASSETS 5,248 3.942 FUNDS Uiire5ti'icted Restricted 175 5,073 175 3,767 5,248 3,942 Approvcd by the Committee of Trustees and sign¢d on ils b¢half by.. Ms Z E Moi'gan Dat¢ of Approval.. g2/& /zs
Page 6 ASHFIELDS E UESTRIAN TRUST NOTES TO THE FINANCIAL STATEMEwfs- 31 JULY 2024 PRINCIPAL ACCOUNTING POLICIES OF ASHFIELDS EQUESTRL4N TRUST The financial statements have been prepared Under the historical cost convention and in accordaiice with th¢ Financial Reporiing Standard applicllble in ihe UK aiid Republic of Ireland (FRS 102), Section l A for small entities, the Stat¢ment ot Rvcoininended Practice "Accounting and Reporting by Charities" (Cl)arilies SORP (FRS 102)), and the Cliarities Act 2011 The principal accounting policies of the Trust are set out below. Fund accoulltlng Th¢ Trust's general reserves Consisi of funds whicli the Trust may use for its purpose at its own discretion. Income General income relates lo transactions, whicli are unallocated to departmental activities. Interest, rental and divid¢iid incom¢ is credited when receivable to iiicom¢ aiid expenditiire account. All voluntary income is iiicluded ii) the financial statements oil receipt, Donations under gift aid plus the associated in¢oine tax re¢overy ar¢ reao8nised as income when received. L¢gacies to wliich the eharity is entitled are included in th¢ stateinent of financial activities unless they are incapabl¢ of measurem¢nt. Jntan8ible income is valued and iiicluded in incoine to the exteiit that it represent% goods or services, which would otherwise be purcl)as¢d. An ¢quivalent amount is charged As expeiiditiii'e. Voluntsiy h¢lp is not in¢luded as ineom¢. Flxed assets And depreciation Fixed assets are included in financial statements at historical c05t l¢ss depreciation. Donated assets ar¢ recognised in finanoial stat¢m¢nts on receipt. Depreciation is calculated to write down the cost of all tsngible fix¢d assets (other than freehold property) over tlieir expected useful economic lives. The periods or rat¢s g¢n¢rally applicable are.. Plaiit aiid macliinery Leascliold property 25O/0 reducing balance IOl/) ¢ of cost Stock Stock is stated at the lower of cost and net realisable value.
Page 7 ASHFIELDS E UESTRIAN TRUST TES TO THE FANCIAL STATEME (Continued) - 31 JULY 2024 Taration The Trust has charitable st&tus and is entitled to tax exeinptions available to charitie5 under the Corporation Tax Act 2010 and the Income Tax Aet 2007, as well as other applicable Icgi51atiuii. Foreign Currencies Income received from overseas in foreign currencies is translated at the rate of exchange ruling at tlie transaction date. Similarly for payments made.
Page 8 ASHFIELDS E UESTRIAN TRUST NOTES TO THE FINANCIAL STATEMENT (Continued) - 31 JLfLY 2024 INCOMING RESOURCES l. Voluntary Income Unrestricted RtrIcted Funds Fund TOTAL 2024 TOTAL 2023 Donalions & Spoi)sorsliip 21,951 21,951 36,749 20,851 20,851 36,749 2. Activities for The G¢n¢raticin of Funds., Funds 8¢neraled by.. Urestricted Re8trieted Funds Fundy TOTAL 2024 TOTAL 2023 Livery Flat reiital Hire of preinises 84.997 6,300 18,731 84,997 6,300 18,731 85,366 6,300 110,028 110,028 91,666 RESOURCES EXPENDED: 3. Cost of generating funds Unrestricted Restricted Funds Funds TOTAL 2024 TOTAL 2023 Horse expenses Hire of Equipinent V¢ts/Medical 26,686 26,686 31,521 26.686 26,686 31,521
Page 9 ASHFIELD UESTRIAN TRUST NOTES TO THE FINANCIAL STATEMENT (Continued) - 31 JULY 2024 4. Costs of activities in furtherance of the charity's objeots: Unrestricted Restrleted Funds Funds TOTAL 2024 TOTAL 2023 Gross Wages Pension cuntribulions Sub-contract Wat¢r Rates General Rates Oil Electricity Repaii's & Servicing Telephone Bai)k Charges Vehicle expenses Iiisurance Websit¥1i08tiiig Gci)cral expeiises Premises exp¢nses Depreciation 43,750 934 11,807 698 479 872 21,566 539 620 205 3,285 6,212 180 43,750 934 11,807 698 479 872 21.566 539 620 205 3,285 6,212 180 40,558 682 10,836 1,804 1.063 478 19,374 342 675 147 4,043 7,746 558 423 16,826 1,860 7,780 1,692 7,780 1,692 100,619 100,619 107,415
Page 10 ASHFIELDS E UESTRIAN TRUST NOTES TO THE FINANCIAL STA TEMENTS- 31 JULY 2024 (Continued) 5. TANGIBLE FIXED ASSETS Plant & Leasehold Machinery Property Total COST At l August 2023 Additions 11,891 11,889 23.780 At 31 July 2024 11,891 11,889 23,780 DEPRECIATION At l August 2023 Charge foi. year 9,879 504 8,917 1,188 18,796 1,692 At 31 July 2024 10.383 10,105 20,488 NET BOOK VALU At 31 July 2024 1,508 1,784 3,292 At 31 July 2023 2,012 2,972 4,984 6. DEBTORS 023 Debtors & prepaym¢i)ts 5,937 5,937 CREDITORS Amounts falling due within l year 2024 2023 ()ther creditot Accruals 2,852 2,813 6,685 3,043 5,665 9,728
Page 11 ASHFIELDS E UESTRIAN TRUST NOTES TO THE FtNANCIAL STATEMENTS- 31 JULY 2024 (Continu¢d} Employees The average nuinb¢r of employees during the year was 2 (2023.. 2). No employee received more than £50,000 in etnolum¢nts during the year (2023.. Nil) During tlie year, no trustees received @ny reinuneration (2023 Nil) nor reiinbursement of expenses (2022 Nil). The total resources expeiided on managing and administering tli¢ charity of £3,368 {2023: £4,014) includes tlie oost of th¢ indepcndent review of the financial statements of £1,100 (2023.. £1,080). Related Party Transaetlons Duriiig the year, tlie charity received r¢iital income froin a trustee, Zoe Morgan. who occupies flat owned by the trust. The terms of the rentsl a8r¢ement ar¢ as follows.. Monthly Rent: £525 Annual Rent: £6,300 Rent Ba¥is; 'fhe relit is s¢t at the market rate, as detemiiiied by an ind¢pend¢nt valuation. At tlie rcportiiig date. tli¢re were no OLltstanding balaii¢cs related to this transaction. Tlie trusteo was not. involved iii any decisions re8arding the rental agreement to avoid any conflict of intcrest.