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← Strength & Learning Through Horses

2024-08-31-accounts

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Charity no. 1159326
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Strength & Learning Through Horses Report and Unaudited Financial Statements 31 August 2024

Strength & Learning Through Horses

Reference and administrative details

Reference and administrative details Reference and administrative details
For theyear ended 31 August 2024
Charity number 1159326
Registered office and Greengate Stables
operational address Mays Lane
Barnet
EN5 2AQ
Trustees The trustees who served during the year and up to the date of this report
were as follows:
Karen Turner Chair
Hinrich Christian Testorf Treasurer
Roxane Caplan Vice Chair
Olivia Dix
Eva Katharina Klute
Helen Palmer
Niva Thiruchelvam
Chief executive officers Jemma Hockley
Rosie Bensley
Principal bank Metro Bank PLC
Borehamwood
Herts
WD6 4PR
Independent examiners Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Strength & Learning Through Horses

Chair's report

For the year ended 31 August 2024

Introduction from The Chair

I am delighted to be opening our Annual Report this year which showcases some of the charity’s work in 2024. We are aware of a growing interest in equine therapy as the impact of it on young people’s lives becomes better understood – we are proud of the work we do and our contribution to the evidence of its effectiveness.

In 2024 we offered our services to more than 455 young people – up from 360 the previous year. This included taking our horses and therapy into prisons and residential support services. It was immensely gratifying to be invited back into prisons for a 4th year as our services are so well received.

Importantly last year we also improved our financial resilience through grants and service income and in doing so were able to increase our reserves. This has put us on a stronger footing as we look forward to the year ahead to both further strengthen our finances whilst at the same time fundraising for capital for the last substantial phase of our rebuilding programme.

We have grown our staff team to strengthen our operation, including a significant new clinical resource. We are proud to be recognised by the NHS for our training of clinical psychologists, learning from them as well as supporting them in their training. Having taken on an apprentice in 2020 successfully and having invested heavily in their training we are delighted now to have two apprentices. The training we offer provides young people – who may never have been near a horse – with good skills in the care and management of horses alongside a strong work ethic.

Our strategic intention is to expand our service offer. We are a small but highly ambitious charity with a Board who believe that equine therapy, done well, is life changing and should be available to young people wherever they are in the UK. Our first ‘experiment’ in growth is through supporting an old colleague in Somerset in using our SLTH model. We will be watching how this develops.

The strong and continuing relationship we have with local schools is important to us and it is clear from the feedback we receive from them that they recognise the often life changing benefits equine education and therapy bring. Our plan this year is to extend that offer to older young people from 16 – 25 to support this group build their resilience and skill set to prepare for work. The Board is committed to rolling out our highly effective services to as many as possible who can benefit from it.

On behalf of the Board I would like to thank our many generous donors, dedicated staff, volunteers and trustees. So many people give their time freely to make our organisation a success. Please continue to do so to help us achieve the impact on young people’s lives.

Karen Turner - Chair

2

Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

The trustees present their annual report and financial statements for year ended 31 August 2024. Reference and administrative information set out on page 1 forms part of this report. The financial statements have been prepared in accordance with the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and they and the annual report comply with Strength & Learning Through Horses governing documentation and applicable law.

Objectives and activities

The objects of the CIO are:

The trustees have paid due regard to the Charity Commission guidance on public benefit in deciding activities the charity should undertake.

Financial review

We are so thankful to all the organisations and individuals who donated to SLTH in 2023-24.

This year our income was comparable to the previous year. This year expenditure has been on staffing to build capacity and expand our service.

Although funds carried forwards in the accounts are £506,684, £373,641 of this relates to fixed assets, which are the buildings we invested in on our site in 2021-2023.

This leaves total free reserves of £133,043, of which £78,595 is unrestricted.

We now have planning permission to complete our building project, the estimated cost of this is £700,000 - £800,000 so we will be launching a Capital Fundraising campaign in 2025 and will look at designating any free reserves over our 3.5 month policy to this project at the end of the 2024-25 financial year, should we have a surplus.

Reserves

Our free reserves level at 31 August 2024 is £78,595. This equates to 1.8 months' reserves at £42,000 per month operational costs.

Our aim is to hold free reserves equivalent of covering 3.5 months' operational costs (£147,000). As of 1 March 2025 our reserves are now back up to this level, as per our reserves policy. This is due to unrestricted income secured since 1 September 2024 from contracts with Local Authorities and schools, as well as 5 years' multi-year unrestricted funding from The National Lottery Community Fund of £125,000 per year.

3

Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

General funds
Designated funds (NLCF)
Less tangible fixed assets
NB: we define our free reserves as:		 52,340
52,084
- 25,829
78,595

This can be found in Note 16 of the accounts.

Aim and purpose

At SLTH Equine Therapy (short for Strength & Learning Through Horses), we empower young people through transformative equine-assisted therapy and education programs. As prey animals, horses are highly attuned to picking up emotional changes in others, and we utilise that ability to help young people reflect on their own emotions. Our human staff team is made up of professionals who understand the human experience (our mental health team) and specialists who understand horse psychology (our equine specialists). The team work together to create tailored programmes for our young people which improve wellbeing, educational attainment and life chances.

The combination of our expertise, backed by scientific evidence and research, delivered in a nurturing outdoor environment has resulted in a 15 year track record of achieving positive outcomes, even where traditional approaches fail.

We provide therapeutic work (1-1 therapy and group therapy) and alternative education programmes for young people aged 4 – 25 years old who are struggling with social, emotional or learning challenges, leaving them excluded from mainstream education, or at risk of exclusion.

Equine Therapy sessions are led by a Clinical Psychologist or Psychotherapist alongside Equine Specialists and are an experiential way for young people to reflect on their challenges and learn coping mechanisms.

Our Education Services equip young people with the skills, confidence and qualifications required to successfully re-engage with education and/or employment, improving their life chances. Young people learn how to look after and train horses, with each session focusing on developing a specific “employability skill”. Skills gained include communication, teamwork, confidence, leadership, resilience, time management, literacy and numeracy, presentation and interview skills.

The services above are adapted to the needs of individual young people and many young people benefit from a combination of the two services. Service delivery is from our carefully managed stables in North London, as well as remote delivery by taking our horses and staff team into prisons and residential support services.

Structure, governance and management

The charity is constituted as a Charitable Incorporated Organisation (CIO), registered with the Charity Commission in England and Wales under registration number 1159326 and governed by its constitution dated 24 November 2014 and as most recently amended on 5 October 2020.

Trustees are responsible for overseeing the governance of the organisation which includes: oversight of the charity’s finances and leadership; HR policies; strategic direction; monitoring outcomes; and quality of service delivery. Trustees are recruited when needed to ensure a broad range of expertise across the board, and new trustees given sufficient induction so as to understand the operations and activities of the charity in full.

4

Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

The CEOs are supported by 10 contracted members of staff; 18 freelance sessional staff members and 15 volunteers. CEO remuneration is determined by the board.

Achievements and performance

Building Organisational Resilience

The focus for 2023-24 has been on building organisational resilience and sustainability after a year of emergency conditions in 2022-23. In 2022-23 we lost the lease on our previous site and managed to secure a new permanent base in the form of a 25 year lease from Barnet Council on dilapidated stables. This emergency year involved raising £370,000 to make the dilapidated site fit for use and it took a significant amount of management resource and focus to manage the building project. We finished the 2022-23 financial year having successfully completed Phase 1 of the project to get our site fully suitable and usable for our clients but with a drop in reserves of £81,542, down to £48,267 at the end of August 2023. This equated to 1.2 months' reserves at £40,000 per month operational costs.

Given the above context the focus this year has been on building organisational resilience in order to open our doors to more young people and expand our capacity. We have done this by reviewing our staff structure and creating a Management Team comprising of Service Managers to create a staff structure that is able to implement and quality assure expansion in capacity across the individual services we offer and employed additional operational and sessional staff.

We expanded our capacity for taking on NHS Trainee Clinical Psychologist placements. In 2022-23 we trained 2 Trainee Clinical Psychologists on 9-12 month placements from the NHS; training them in our model of therapy and supporting them to complete their clinical training (Doctorates in Clinical Psychology).

We expanded our apprenticeship programme from 1 apprentice to 2 apprentices.

Expanding Capacity

Direct Beneficiaries

In 2023-24 we expanded the number of young people who access our support by 26%. 455 young people accessed our service, compared to 360 the previous year. And we delivered 12% more sessions, delivering 719 sessions over the year (643 sessions delivered in 2022-23).

Indirect Beneficiaries

We began implementing our strategy to increase the number of young people who indirectly benefit from our work via: 1 – training other providers and 2 – collaborative working offering access to our site to other community based organisations.

First “Strengthened by SLTH” Centre Launched in Somerset

We are excited to have piloted our first “Strengthened by SLTH” partner centre; supporting Serena Urquhart to set up a service in Somerset utilising the SLTH Model. Serena is a HCPC registered Psychotherapist with 7 years' experience training with Strength and Learning Through Horses.

Woodland School Partnership

In 2023 we entered a community partnership with Wild About Our Woods Forest School. We granted the organisation use of 5 acres of our land in order to manage a rewilding project and to open the land to the community, running therapeutic forest school sessions which get young people out in nature.

5

Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

Service Delivery

Bursary Scheme

Thanks to our funders we were able to formally introduce a bursary scheme in 2023 which 32 individuals and 9 schools accessed. Demand for bursary funding far outstripped demand, we were only able to grant bursaries to 1 in 4 applications so there is work still to do to raise funds to make our service accessible to all, regardless of finances. The success of this bursary scheme has meant we have been able to triage referrals to prioritise those with the highest need without turning people away on financial grounds.

Expansion of Therapeutic Education Offer for 14 – 25s

Our main service offer has historically been our 12 week Equine Assisted Education and Therapy Programmes which are hugely successful at supporting young people to achieve qualifications (150 qualifications achieved last year) and positive life changes. However there has been increasing demand for long term support from young people who struggle with the format of traditional education.

In 2023-24 we further increased the capacity of our long-term therapeutic education service to 3 weekly groups. This project has been an enormous success in supporting beneficiaries to reduce their isolation and re-integrate into their communities; our young people tell us this has been a ‘life changing service’. We have expanded the scope of the educational offer available within this long term service by offering The British Horse Society’s Changing Lives Through Horses Programme. This is a curriculum linked vocational training programme with a route to achieving professional equestrian qualifications. In this service model we can support young people from crisis point all the way to securing a professional equestrian qualification and/or applying for work. We are now recruiting for a 14-25 Service Lead to further expand this service.

“Being around the horses makes me feel calm, content, and brings me confidence, and I look forward to seeing them every week. When I help them accomplish things themselves, I feel like I’ve accomplished something too, which is something I didn’t feel at all regularly before SLTH.”

”I’m learning things, forming meaningful bonds with other young people and horses, and gaining more confidence than I’ve had in years”.

Family Work

After a hugely successful 3 Year pilot we successfully secured continuation funding for our Parent and Young People Project (funded by The Henry Smith Charity) and expanded the project from our partnership with Barnet Council to run pilot projects in partnership with Harrow Council and a plan for Camden parents in 2025. These programmes support parents to develop awareness of their child’s emotional needs and their own helpful and unhelpful responses and is particularly successfully in engaging hard to reach families and young people who had refused family work offered by other services.

“The programme was the best help we’ve ever had. It brought my partner and I closer together – it brought the whole family closer together. We want our son to be able to come back as much as possible.”

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Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

Award Winning Prison Work

We completed the 4th year of our twice-yearly outreach projects working with 25 young male prisoners in HMP Thameside to provide equine therapy and education. This project involves taking our horses and staff into the services once a week, enabling young, incarcerated men struggling with mental health challenges to start the process of making positive life changes in preparation for further work within the prison service and reintegration with their communities.

The young men we supported felt they achieved some the following goals:

"I have learnt skills to stay calm and use them in difficult situations."

"I have worked on understanding others better and taking peoples different points of view."

"Being respectful and assertive when talking to someone even if I think they are being disrespectful towards me."

"Learning to be responsible for myself and letting others be responsible for themselves."

Media & Publicity

The charity received some great publicity in 2023-24. London’s Mayor Sadiq Khan came to visit and the esteemed Equestrian Management Agency made Strength & Learning Through their official charity partner.

Some media articles featuring Strength & Learning Through Horses in 2023-24:

Your Horse Magazine;

Horse & Hound Magazine; The Jewish Chronicle; The Barnet Society; Beach Media Publications; Barnet Times; and Daily Mail.

Who did we help?

All the young people we worked with were considered at risk of exclusion from mainstream education, many having already demonstrated significant school avoidance.

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Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

Of the young people we supported:

Age

We have seen an increase in the younger age range of 5-11 service users this year, up from 26% last year:

Ethnicity Breakdown

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Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

About our young people:

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Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

Impact

The Outcomes Data for each measure in 2023-24 is summarised below: 1) PERSONAL GOALS DATA

This Goal Based Outcomes model, is the mental health outcomes model of choice for the NHS and CAMHS. Young people set 3 personal goals for the programme they're attending and rate themselves at the start and end of the programme on scale of 0-10. Personal goals are categorised under: Life Skills; Mental Health; Further training and employment.

153 service users completed this measure in 2023-24. Of these 43.1% demonstrated a meaningful (statistically significant) positive change in mental wellbeing overall.

10

Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

In 2023-24, as a result of attending a Strength & Learning Through Horses Therapy or Education Programme, our young people showed the following improvements:

11

Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

In 2023-24, 74 referring staff completed our quantitative questionnaire reporting changes seen in the young people they support as a result of them attending a group service. Of these:

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Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

For those young people who came on an individual basis (60), 38 parents/carers completed a quantitative questionnaire:

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Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

4) EDUCATIONAL QUALIFICATIONS ACHIEVED

What the young people said:

“The horses have made a change to my life that nothing else has come close to for years.”

“Before going to SLTH, I was totally lost on how to help myself anymore. We were going to try out equine therapy as a last resort, but could never have anticipated how much it would help.”

“When you struggle to leave the house, it can be difficult to find a way to spend time in an environment in which you’re surrounded by happy, friendly and caring people, but SLTH consistently provides that for me.”

“I have found that my communication is better with others, I have more confidence and have better teamwork skills to help lead the team.”

“It has helped me improve my health mentally and physically and it has given me a clear state of mind.”

“This is the only thing that keeps me sane.”

“I get to be a different part of myself here – my crazy, autistic self.”

What the staff and parents who referred young people to the service said:

“SLTH has been part of a chapter that both Joshua* and I will use to develop in the future – the foundations have been rebuilt.”

“The progress Farah* has made is amazing. In the 6 months she has been coming to SLTH she has become a different child. She will often talk about the sessions and uses them to make sense of her feelings. She is now confident enough to join a group, which 6 months ago she would not even have considered doing.”

“It was like a lightbulb moment when she realised she was able to articulate her emotions.”

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Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

“The service is beautiful in both its intention and its delivery. The staff are warm and caring and the provision is an extremely valuable and unique intervention that supports and nurtures my son as he learns transferable skills through his work with the horses. Thank you, I'm so glad we found you.”

all names have been changed for confidentiality

Research

In 2024 a doctoral level study was done by Dr Tia Posner at The University of Hertfordshire looking at the longitudinal impact of our service on young people’s engagement with education. This research highlighted not only the successful impact equine assisted learning had for these young people, but also the importance of alternative education, through witnessing the impact that this ‘one size fits all’ system has on young people who are breaking the mould.

The research provided key findings around how successful learning can happen for young people, based upon their intrinsic needs that, if not fulfilled, will inhibit their chances of learning. It is hoped that this will challenge unhelpful and harmful held beliefs around young people who are disengaged from school, and highlight the struggles being away from educational and social environments have for them and their families.

“I don’t think I would have thought about the future before cause like I don’t think I knew what I would even say I could do. Now I guess I do, like I’m good at teaching horses, I guess I could be good at teaching…”

Dr Rosalie Jones McVey’s Postdoctoral Research, of which we were the primary site for fieldwork, has led to the following 3 papers being published:

Expertise Sharing

In 2023-24 we began the process of “looking outwards” to share our learnings with others in order to expand the impact of our knowledge further afield than North London. Activities include:

Plans for 2025 & beyond

In 2024-25 the big project is to begin fundraising in order to complete the building works required to finish the build of our Equine Therapy Centre.

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Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

We have full planning permission in place for this project and are recruiting for a Capital Fundraising Manager to lead a fundraising campaign to raise the estimated £700,000 - £800,000 required to complete the build.

Alongside the capital fundraising campaign and building project we will continue to strengthen the operational capacity of the organisation to enable us to further expand capacity and help more young people. We will do this:

Directly

In 2024-2025 we will expand our capacity to reach 500 young people and 60 parents. By 2030 we will expand capacity at our London site to 700 young people.

Through training

In 2025 we plan to pilot a professional training pathway to train other professionals in the SLTH model of working to support providers to set up similar services across the country. We will also be offering focused CPD training with professionals that work with young people in other settings to share training in how to take some of the most powerful elements of our approach and apply them to their work with young people.

Through partnership working

In 2025 we will develop further exciting partnerships with other community organisations in order to develop our own service and allow more young people to experience the power of nature and the outdoors on our beautiful site.

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees 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.

16

Strength & Learning Through Horses

Report of the trustees

For the year ended 31 August 2024

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity have no liability to contribute anything to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Independent examiners

Godfrey Wilson Limited were re-appointed as independent examiners to the charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 27 March 2025 and signed on their behalf by

Hinrich Christian Testorf - Trustee

17

Independent examiner's report

To the trustees of

Strength & Learning Through Horses

I report to the trustees on my examination of the accounts of Strength & Learning Through Horses (the CIO) for the year ended 31 August 2024, which are set out on pages 19-39.

Responsibilities and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Since the CIO’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

Godfrey Wilson Limited also provides payroll services to the CIO. I confirm that as a member of the ICAEW I am subject to the FRC’s Revised Ethical Standard 2024, which I have applied with respect to this engagement.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Dougal Howard

Date: 27 March 2025 Dougal Howard ACA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

18

Strength & Learning Through Horses

Statement of financial activities

For the year ended 31 August 2024

Restricted
Note
£
Income from:
Donations
3
58,462
Charitable activities
4
309,539
Other trading activities
5
-
Investments
-
Total income
368,001
Expenditure on:
Raising funds
-
Charitable activities
310,334
Total expenditure
7
310,334
Net income / (expenditure)
57,667
Transfers between funds
(43,931)
Net movement in funds
8
13,736
Reconciliation of funds:
Total funds brought forward
40,712
Total funds carried forward
54,448		 Unrestricted
£
56,928
292,803
18,744
2,391
370,866
29,286
344,762
374,048
(3,182)
43,931
40,749
411,487
452,236		 2024
Total
£
115,390
602,342
18,744
2,391
738,867
29,286
655,096
684,382
54,485
-
54,485
452,199
506,684		 2023
Total
£
335,686
403,863
-
1,172
740,721
38,804
515,513
554,317
186,404
-
186,404
265,795
452,199

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 17 to the accounts.

19

Strength & Learning Through Horses

Balance sheet

As at 31 August 2024

As at 31 August 2024gust 2024ust 2024
2024 2023
Note £ £ £
Fixed assets
Tangible assets 11 373,641 363,220
Current assets
Debtors 12 62,834 4,727
Cash at bank and in hand 234,622 175,982
297,456 180,709
Liabilities
Creditors: amounts falling due within 1 year 13 (120,626) (28,104)
Net current assets 176,830 152,605
Creditors: amounts falling due after 1 year 14 (43,787) (63,626)
Net assets 16 506,684 452,199
Funds 17
Restricted funds 54,448 40,712
Unrestricted funds
Designated funds 399,896 344,721
General funds 52,340 66,766
Total charity funds 506,684 452,199

Approved by the trustees on 27 March 2025 and signed on their behalf by

Hinrich Christian Testorf - Trustee

20

Strength & Learning Through Horses

Statement of cash flows

As at 31 August 2024

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Interest and rents from investments
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Interest and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities:
Inflow from new borrowings
Repayment of borrowing
Net cash (used in) / provided by financing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
54,485
50,896
223
(2,391)
(58,107)
95,009
140,115
2,391
(61,540)
(59,149)
-
(22,326)
(22,326)
58,640
175,982
234,622		 2023
£
186,404
46,398
1,330
(1,172)
19,668
(23,321)
229,307
1,172
(283,101)
(281,929)
70,000
-
70,000
17,378
158,604
175,982

Analysis of net changes in debt are given in note 19.

21

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

1. Accounting policies

a) Basis of preparation and general information

Strength & Learning Through Horses is a Charitable Incorporated Organisation (CIO) registered in England and Wales. The registered office address is (Greengate Stables, Mays Lane, Barnet, EN5 2AQ).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Strength & Learning Through Horses meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of courses is deferred until criteria for income recognition are met.

d) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

e) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

22

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

1. Accounting policies (continued)

f) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis:

2024 2023
Raising funds 4.3% 7.0%
Charitable activities 95.7% 93.0%

h) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Leasehold improvements 10 years straight line
Computer equipment 5 years straight line
Motor vehicles 5 years straight line
Plant and machinery 5 years straight line

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

k) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

23

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

1. Accounting policies (continued)

m) Pension costs

The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

n) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

o) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Depreciation

As described in note 1h to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

24

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

2. Prior period comparatives: statement of financial activities

Income from:
Donations
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure)
Transfers
Net movement in funds		 Restricted
£
214,345
182,094
-
396,439
-
189,878
189,878
206,561
(190,899)
15,662		 £
121,341
221,769
1,172
344,282
38,804
325,635
364,439
(20,157)
190,899
170,742
Unrestricted		 2023
Total
£
335,686
403,863
1,172
740,721
38,804
515,513
554,317
186,404
-
186,404

25

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

3. Income from donations

Donations
Gift aid
Gifts in kind
Grants > £10k
The Chimo Trust
Axis Foundation
The Swire Charitable Trust
Grants < £10k
Total income from donations
Prior period comparative
Donations
Gift in kind
Grants > £10k
Camden Council
Ascot Racecourse Ltd
Bernard Sunley Foundation
London Borough of Barnet
The Desmond Foundation
The Sir Peter O'Sullevan Charitable Trust
Edward Gostlin
The Swire Charitable Trust
Lord Barnaby's Foundation
The Desmond Foundation
Garfield Weston
Grants < £10k
Total income from donations		 Restricted
£
-
-
-
20,000
12,000
-
26,462
58,462
Restricted
£
2,446
-
21,000
50,300
15,000
56,429
30,670
20,000
-
-
-
-
-
18,500
214,345		 £
18,049
3,441
2,199
-
-
10,000
23,239
56,928
£
29,311
500
-
-
-
-
-
-
10,000
15,000
10,000
18,150
25,000
13,380
121,341
Unrestricted
Unrestricted		 2024
Total
£
18,049
3,441
2,199
20,000
12,000
10,000
49,701
115,390
2023
Total
£
31,757
500
21,000
50,300
15,000
56,429
30,670
20,000
10,000
15,000
10,000
18,150
25,000
31,880
335,686

26

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

4. Income from charitable activities

Course fees
Camden Council
Grants > £10k
Pets at Home Foundation
The Henry Smith Charity
The Chimo Trust
Baltic Charitable Foundation
John Lyon's Charity
The Peter O'Sullevan Charitable Trust
Compass Wellbeing CIC
City Bridge Foundation
The National Lottery Community Fund
The Desmond Foundation
Grants < £10k
Total income from charitable activities
Prior period comparative
Course fees
Grants > £10k
Camden Council
John Lyon's Charity
London Marathon Foundation
Pets at Home Foundation
The Childwick Trust
The Chimo Trust
The Hargreaves Foundation
The Henry Smith Charity
Grants < £10k
Total income from charitable activities		 Restricted
£
-
-
15,600
64,250
50,000
25,270
44,000
15,000
21,180
19,975
-
17,544
36,720
309,539
Restricted
£
-
11,844
48,000
10,000
15,600
10,000
25,000
10,000
32,150
19,500
182,094		 £
215,230
15,072
-
-
-
-
-
-
-
-
62,501
-
-
292,803
£
221,769
-
-
-
-
-
-
-
-
-
221,769
Unrestricted
Unrestricted		 2024
Total
£
215,230
15,072
15,600
64,250
50,000
25,270
44,000
15,000
21,180
19,975
62,501
17,544
36,720
602,342
2023
Total
£
221,769
11,844
48,000
10,000
15,600
10,000
25,000
10,000
32,150
19,500
403,863

27

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

5. Income from other trading activities

Income from other trading activities
Horse sale
Livery
Total income from other trading activities		 2024
£
4,000
14,744
18,744
Total		 2023
Total
£
-
-
-

All income from other trading activities was unrestricted in the current and prior year.

6. Government grants

The charity receives government grants, defined as funding from the National Lottery Community Fund to fund charitable activities. The total value of such grants in the period ending 31 August 2024 was £62,501 (2023: £89,273 from various funders). There are no unfulfilled conditions or contingencies attaching to these grants in the year.

28

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

7. Total expenditure

Total expenditure
Staff costs (note 9)
Fundraising
Staff training
Facilities hire and costs
Equine costs
Other direct costs
Bursaries
Accountancy
Depreciation
Loss on disposal
IT costs
Office costs
Sub-total
Total expenditure
Allocation of support and
governance costs
Advertising and marketing		 Raising funds
£
15,783
2,409
3,387
-
-
-
-
-
-
-
-
-
-
21,579
7,707
29,286		 Charitable
activities
£
355,295
-
-
8,807
13,700
50,776
4,689
49,621
-
-
-
-
-
482,888
172,208
655,096		 Support and
governance
costs
£
73,622
-
-
-
-
-
-
-
13,055
50,896
223
1,832
40,287
179,915
(179,915)
-		 2024 Total
£
444,700
2,409
3,387
8,807
13,700
50,776
4,689
49,621
13,055
50,896
223
1,832
40,287
684,382
-
684,382

Total governance costs were £2,460 (2023: £2,340).

29

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

For the year ended 31 August 2024
7. Total expenditure (continued)
Prior period comparative
Staff costs (note 9)
Advertising and marketing
Fundraising
Staff training
Facilities hire and costs
Equine costs
Other direct costs
Accountancy
Depreciation
Loss on disposal
IT costs
Office costs
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising funds
£
29,407
442
1,350
-
-
-
-
-
-
-
-
-
31,199
7,605
38,804		 Charitable
activities
£
317,336
-
-
8,524
26,581
58,446
3,603
-
-
-
-
-
414,490
101,023
515,513		 Support and
governance
costs
£
9,038
-
-
-
-
-
-
10,795
46,398
731
5,352
36,314
108,628
(108,628)
-		 2023 Total
£
355,781
442
1,350
8,524
26,581
58,446
3,603
10,795
46,398
731
5,352
36,314
554,317
-
554,317

30

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

8. Net movement in funds

This is stated after charging:

Depreciation
Operating lease payments
Trustees' remuneration
Trustees' reimbursed expenses
Independent examiners' remuneration:
Independent examination (ex VAT)		 2024
£
50,896
12,000
Nil
85
2,050		 2023
£
46,398
12,000
1,040
Nil
1,950

See note 20 for details of Trustees' remuneration and Trustees' reimbursed expenses.

In common with other charities of our size, our independent examiners also assist in the preparation of our financial statements.

9. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Freelance staff		 2024
£
333,505
28,104
7,441
75,650
444,700		 2023
£
258,096
21,269
6,160
70,256
355,781

One employee earned more than £60,000 during the current and prior year.

The key management personnel of the CIO comprise the Trustees, CEO/Clinical Lead and CEO/Education Lead. The total remuneration of the key management personnel was £134,732 (2023: £134,681).

Average head count 2024
No.
10		 2023
No.
8

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

The charity is not registered for VAT as it has not yet reached the threshold for registration.

31

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

11. Tangible fixed assets

£
Cost
At 1 September 2023
383,023
Additions in year
46,568
Disposals
-
At 31 August 2024
429,591
Depreciation
At 1 September 2023
38,302
Charge for the year
43,477
Disposals
-
At 31 August 2024
81,779
Net book value
At 31 August 2024
347,812
At 31 August 2023
344,721
Leasehold
improvements		 Computer
equipment
£
4,569
12,751
(113)
17,207
1,150
1,096
(33)
2,213
14,994
3,419		 Motor
vehicles
£
16,440
-
-
16,440
13,229
2,760
-
15,989
451
3,211		 Plant and
machinery
£
17,762
2,221
(145)
19,838
5,893
3,563
(2)
9,454
10,384
11,869		 Total
£
421,794
61,540
(258)
483,076
58,574
50,896
(35)
109,435
373,641
363,220

12. Debtors

Debtors
Trade debtors
Prepayments
Creditors: amounts due within 1 year
Trade creditors
Accruals
Deferred income (see note 15)
Bank loan
Other taxation and social security		 2024
£
62,251
583
62,834
2024
£
6,018
2,568
99,185
3,887
8,968
120,626		 2023
£
1,761
2,966
4,727
2023
£
10,762
2,270
8,698
6,374
-
28,104

13. Creditors: amounts due within 1 year

32

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

14. Creditors: amounts due after 1 year

Bank loan 2024
£
43,787
43,787		 2023
£
63,626
63,626

The bank loan is an unsecured loan with an interest rate of 9% per annum. The term of the loan is six years from January 2023. There was a capital holiday for the first year, with monthly repayments over the remainder of the term.

15. Deferred income

At 1 September 2023
Deferred during the year
Released during the year
At 31 August 2024		 2024
£
8,698
99,185
(8,698)
99,185		 2023
£
19,544
8,698
(19,544)
8,698

Deferred income relates to courses invoiced in advance of delivery.

16. Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Liabilities > 1 year
Net assets at 31 August 2024
Prior year comparative
Tangible fixed assets
Current assets
Current liabilities
Liabilities > 1 year
Net assets at 31 August 2023		 Restricted
funds
£
-
54,448
-
-
54,448
Restricted
funds
£
-
40,712
-
-
40,712		 Designated
funds
£
347,812
52,084
-
-
399,896
Designated
funds
£
344,721
-
-
-
344,721		 £
25,829
190,924
(120,626)
(43,787)
52,340
£
18,499
139,997
(28,104)
(63,626)
66,766
General
funds
General
funds		 Total
funds
£
373,641
297,456
(120,626)
(43,787)
506,684
Total funds
£
363,220
180,709
(28,104)
(63,626)
452,199

33

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

17. Movements in funds

Movements in funds
Restricted funds
Revenue funds
British Equestrian
Federation
Camden Council
City Bridge
Compass Wellbeing CIC
Crowdfunder
Hays Travel Foundation
Hedley Foundation
John Lyon's Charity
London Marathon
Pets at Home Foundation
The Chimo Trust
The Desmond Foundation
The Henry Smith Charity
Vintners' Foundation
Warburtons
Total revenue funds
Anne Duchess of
Westminster fund
Chartered Accountants
Livery Charity
The Sir Peter O'Sullevan
Charitable Trust
Worshipful Company of
Loriners
Baltic Charitable
Foundation
Skipton Building Society
Charitable Foundation
Young Barnet Foundation
- Space 2 Grow Fund
The Worshipful Company
of Basketmakers’ 2011
Charitable Trust
Worshipful Company of
Innholders		 £
-
-
-
12,876
-
-
-
2,305
-
-
-
5,000
-
-
20,531
-
-
-
-
-
-
-
-
-
40,712
At 1
September
2023		 £
9,600
25,270
1,500
-
2,500
19,975
21,180
220
3,800
4,000
44,000
-
15,600
1,600
50,000
17,544
64,250
15,000
1,000
5,000
400
1,000
1,600
4,500
309,539
Income		 £
(9,600)
(25,270)
(1,500)
(12,876)
(2,500)
(19,975)
(21,180)
(2,525)
(3,800)
(4,000)
(44,000)
(5,000)
(15,600)
-
(47,614)
(17,544)
(64,250)
-
(1,000)
(5,000)
-
(1,000)
(1,600)
(4,500)
(310,334)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers
between
funds		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
1,600
22,917
-
-
15,000
-
-
400
-
-
-
At 31
August
2024
39,917

34

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

17. Movements in funds (continued) Restricted funds (continued)

Revenue funds b/fwd
Capital funds
Axis Foundation
Hobson Charity
Screwfix Foundation
The Chimo Trust
The Desmond Foundation
Total restricted funds
Designated funds
Capital fund
General funds
Total unrestricted funds
Total funds
The Geoff & Fiona Squire
Foundation
Unrestricted funds
The National Lottery
Community Fund		 40,712
-
-
-
-
-
-
40,712
344,721
-
66,766
411,487
452,199		 309,539
12,000
2,982
5,000
20,000
13,480
5,000
368,001
-
62,501
308,365
370,866
738,867		 (310,334)
-
-
-
-
-
(310,334)
(43,477)
(10,417)
(320,154)
(374,048)
(684,382)		 -
(6,128)
(2,982)
(5,000)
(11,341)
(13,480)
(5,000)
(43,931)
46,568
-
(2,637)
43,931
-		 39,917
5,872
-
-
8,659
-
-
54,448
347,812
52,084
52,340
452,236
506,684

Purposes of restricted funds Revenue

Anne Duchess of Westminster fund

Funding towards providing group equine assisted therapy.

Baltic Charitable Foundation

Funding to cover 36 sessions for 18 young people.

British Equestrian Federation

Funding towards the Therapeutic Education Programme.

Camden Council

Funding towards therapy sessions.

Chartered Accountants Livery Charity Funding towards education and employability skills programme.

City Bridge Foundation

Funding for 3 months of two staff members' salary.

35

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

17. Movements in funds (continued) Purposes of restricted funds (continued)

Compass Wellbeing CIC

Funding towards staffing costs for sessions and the operational costs of stables.

Funding towards new build site.

Crowdfunder Funding towards new build site. Hays Travel Foundation Funding towards education and employability skills programme.

Hedley Foundation Funding to cover 12-week training programme for 16 disadvantaged young people. John Lyon's Charity Funding for holiday camp. London Marathon Funding towards the Therapeutic Education Programme. Pets at Home Foundation Funding to support 2 staff members delivering equine therapy. Skipton Building Society Funding to provide hats and gloves. The Chimo Trust Funding to cover office manager's salary for 3 years. The Desmond Foundation Funding to cover group bursaries for 2023/24. The Henry Smith Charity Funding towards three years' running costs of a project providing equine assisted therapy and education programmes for parents and young people from North London. The Peter O'Sullevan Charitable Trust Funding for a one year education project to support six young people from disadvantaged backgrounds into employment in the equestrian and racing industry as well as a further 6 young people to gain qualifications. Worshipful Company of Basketmakers’ Funding towards education and employability skills 2011 Charitable Trust programme. Vintners Foundation Funding towards education and employability skills programme. Worshipful Company of Innholders Funding towards education and employability skills programme.

36

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

17. Movements in funds (continued) Purposes of restricted funds (continued)

Worshipful Company of Loriners Funding towards education and employability skills programme.

Young Barnet Foundation's Space 2 Funding towards education and employability skills Grow Fund programme.

Capital Axis Foundation Capital funding towards new therapy room. Hobson Charity Capital funding towards new sensory garden. Screwfix Foundation Capital funding towards new therapy room. The Chimo Trust Capital funding towards new CRM system. The Desmond Foundation Capital funding towards new electric gates.

The Geoff & Fiona Squire Foundation Capital funding towards building new site.

Purposes of designated funds

Capital fund Represents capital projects funded by restricted funds, transferred to designated funds once the restriction has been discharged. The fund is reduced by the depreciation charge on these assets.

The National Lottery Funding towards 'Changing Young Londoners' Lives Through Community Fund Horses' project. 6 months' funding was received in August 2024, therefore 5 months is carried forward to 2024/25.

37

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

17. Movements in funds (continued)
Prior year comparative
At 1
September
2022
£
Restricted funds
Revenue funds
1,000
-
Camden Council
-
Crowdfunder
-
24,050
-
John Lyon's Charity
-
London Marathon
-
Pets at Home Foundation
-
-
The Childwick Trust
-
The Chimo Trust
-
The Hargreaves Foundation
-
The Henry Smith Charity
-
Total revenue funds
25,050
Capital funds
Ascot Racecourse Ltd
-
Bernard Sunley Foundation
-
Digital Cinema Media
-
London Borough of Barnet
-
RS Integrated Supply UK
-
-
Shanly Foundation
-
-
The Desmond Foundation
-
-
-
Total restricted funds
25,050
British Equestrian
Federation
GLA Young Londoners
Fund
Arnold Clark Community
Fund
Groundwork UK - One Stop
Community Partnership
The Beer Harris Memorial
Trust
Sylvia Waddilove
Foundation UK
Worshipful Company of
Loriners
The Sir Peter O'Sullevan
Charitable Trust
Royal Warrant Holders
Association		 Income
£
-
8,500
32,844
2,446
7,500
1,000
48,000
10,000
15,600
2,500
10,000
25,000
10,000
32,150
205,540
50,300
15,000
5,000
56,429
5,000
1,000
2,000
5,000
30,670
20,000
500
396,439		 £
(1,000)
(8,500)
(19,968)
(141)
(31,550)
(1,000)
(48,000)
(5,000)
(15,600)
(2,500)
(10,000)
(4,469)
(10,000)
(32,150)
(189,878)
-
-
-
-
-
-
-
-
-
-
-
(189,878)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(50,300)
(15,000)
(5,000)
(56,429)
(5,000)
(1,000)
(2,000)
(5,000)
(30,670)
(20,000)
(500)
(190,899)
Transfers
between
funds		 At 31
August
2023
-
-
12,876
2,305
-
-
-
5,000
-
-
-
20,531
-
-
40,712
-
-
-
-
-
-
-
-
-
-
-
40,712

38

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2024

For the year ended 31 August 2024
17. Movements in funds (continued)
Restricted funds (continued)
25,050
Designated funds
Capital fund
110,936
General funds
129,809
Total unrestricted funds
240,745
Total funds
265,795
Total restricted funds
b/fwd
Unrestricted funds		 396,439
-
344,282
344,282
740,721		 (189,878)
(38,302)
(326,137)
(364,439)
(554,317)		 (190,899)
272,087
(81,188)
190,899
-		 40,712
344,721
66,766
411,487
452,199

18. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years
More than 5 years		 2024
£
12,000
60,000
16,500
88,500		 Restated
2023
£
12,000
60,000
28,500
100,500

19. Analysis of changes in net debt

Cash
Loans falling due within 1 year
Loans falling due after 1 year
Total		 At 1
September
2023
175,982
(6,374)
(63,626)
105,982		 58,640
2,487
19,839
80,966
Cash flows		 234,622
(3,887)
(43,787)
At 31
August
2024
186,948

20. Related party transactions

In 2023, Roxane Caplan, a trustee, was paid £1,040 (2024: £nil) for assisting with the delivery of the education programme, and paid £203 (2024: £nil) for livery and horse shares. These payments were unconnected from her role as a trustee and were permitted under the charity's constitution. In 2024, she was reimbursed £85 (2023: £nil) for staff training and meeting expenses. All transactions were carried out at arm's length.

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