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← Strength & Learning Through Horses

2025-08-31-accounts

Annual Report and Unaudited Accounts 2024/25 — «a 2024/25

Annual Report 2024/25

Contents

Charity status summary 3
Message from the Chair 4
Financial Review and reserves 5
Summary of missions and activities 6
Structure, governance and management 7
Our impact and results 9
Media and publicity 28
Research 29
Planning forward 30
Finance (detail) 32

Note: Throughout this report ,we refer to SLTH Equine Therapy (short for Strength & Learning Through Horses) as SLTH

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Annual Report 2024/25

Charity status summary

Trustees' Annual Report for the period 1st September 2024 – 31st August 2025

Charity Name: Strength & Learning Through Horses Charity Number: 1159326 Charity Address: Greengate Stables, Mays Lane, Barnet, London. EN5 2AQ

Type of governing document: Constitution

How the charity is constituted: Charitable Incorporated Organisation

Names of the charity trustees:

Chair: Karen Turner Treasurer: Hinrich Christian Testorf Vice Chair: Roxane Caplan Trustees: Eva Klute Helen Mills Olivia Dix Niva Thiruchelvam

Chief Executives and Founders: Rosie Bensley & Dr Jemma Hockley

Trustee Appointment: Apart from the first charity trustees, every trustee is appointed for a term of 3 years by a resolution passed at a properly convened meeting of the charity trustees.

Strength & Learning Through Horses trustees have had regard to the Charity Commission’s guidance on public benefit.

Bankers:

Metro Bank PLC, Borehamwood, Herts, WD6 4PR

NatWest Bank PLC 127 Kilburn High Rd, London, NW6 6JL

The Charity Bank Ltd, Fosse House, 182 High Street, Tonbridge, TN9 1BE

Independent examiners:

Godfrey Wilson Limited, 5th Floor Mariner House, 62 Prince Street, Bristol BS1 4QD

.

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Annual Report 2024/25

Message from the Chair

I am delighted to be opening our 2025 Annual Report, describing some of our highlights.

This past year we grew our services significantly, with 42% more young people benefitting from equine education, therapy or both. Reaching this level of growth in such a short time is a tremendous achievement, and I must start by thanking all of those involved – our joint CEOs/founders, staff, volunteers, trustees and funders – who made this possible. We did this because of the need that exists in our local community.

Funding continues to be difficult, with schools struggling with their budgets and more charities fundraising. We continue to be indebted to those who fund us, who understand what we do, provide helpful challenge and encourage us to do more. The financial summary sets out our position at year end, and emphasises the need for us to continue to be successful in our fundraising if we are to realise our aims to raise in excess of £800k in capital to make our site really fit for purpose as well as expanding our service offer further.

The report describes in more detail what we do, why and what impact we have. We are working hard to improve the data we collect from all our young people, to help us quantify our impact more rigorously. Our new data management system is helping here, and allowing us to understand our demographic better – this is set out in our report. Our services have contributed to three important research papers this year, all helping evidence our impact.

We are proud of our young people – their bravery, their ability to find strength to come to our services and for the third who received important awards or certifiates, evidencing their achievements.

Finally, this year we say a warm thank you and farewell to three of our trustees who are stepping down. The Trustee Board gives of its time and expertise most generously and the organisation has benefited from this. I wish them well, and welcome the new trustees who will be joining in Spring 2026.

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Karen Turner Chair

Annual Report 2024/25

Financial Review

and reserves

We are so thankful to all the organisations and individuals who donated to SLTH in 2024-25.

The total income this year was £867,434 which enabled us to expand our delivery to reach 42% more beneficiaries and deliver 37% more sessions.

Income for the prior year 2023-24 was £689,246. The 2024 figures have been restated to alter how bursary income is accounted for in the accounts to make the accounts simpler to read. See note 2 in the accounts. Although unrestricted funds carried forward in the accounts (Note 17) amount to £550,493; £320,649 of this relates to fixed assets, namely the buildings we invested in on our site in 2021-23.

Reserves

At the end of the financial year, the charity’s free reserves totalled £176,439, equivalent to approximately 2.6 months of operating costs, based on average monthly expenditure of £65,102. The charity aims to hold 3.5 months of reserves.

Free reserves are calculated as General Funds of £183,295 less £6,856 represented by fixed assets held within General Funds. The General Funds figure is shown in Note 17 to the accounts.

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Annual Report 2024/25

Summary of mission and activities

At SLTH, 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 comprises 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 15year track record of achieving positive outcomes, even where traditional approaches fail.

We provide therapeutic work (1-1 and group therapy) & alternative education programmes for young people aged 6 – 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. They are an experiential way for young people to reflect on their challenges and learn coping mechanisms.

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Annual Report 2024/25

Summary of mission and activities

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 & numeracy, presentation and interview skills.

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

Structure, governance and management

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.

The CEOs are supported by 13 employees, 20 freelance colleagues and 20 Volunteers.

Independent Examiner

Godfrey Wilson were re-appointed as independent examiners for the year ended 31 August 2025 and have expressed their willingness to continue.

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Annual Report 2024/25

Our results

In 2024/25, we supported vulnerable young peopleaged 6 – 25 years and delivered sessions. 648982

That’s a 42% increase in beneficiaries and 37% increase in sessions compared to the prior year. accessed short-term support ( 6 sessions and/or 399 holiday provision)

249 accessed medium/long-term support (8+ sessions) 81% of young people reported improvement in all three personal development goals set*.

We use the Goal Based Outcomes model, which is the mental health outcomes model of choice for the NHS and CAMHS. Young people set 3 personal goals for the programme they attend and rate themselves at the start and end of the programme on scale of 0-10. Personal goals are categorised under these three areas: Life Skills, Mental Health and Further training and employment.

Annual Report 2024/25

Our young people: demographics

AGE

GENDER

==> picture [502 x 200] intentionally omitted <==

----- Start of picture text -----
Non-binary
19 - 25 years old
3%
12%
6 - 11 years old
31%
Female
48%
Male
49%
12 - 18 years old
57%
----- End of picture text -----

==> picture [374 x 222] intentionally omitted <==

----- Start of picture text -----
Black, Black British,
Caribbean or African
ethnicity
12%
Asian or
Asian British
13%
White British
46%
ETHNICITY
Other Ethnic Groups
16%
Mixed or multiple
ethnic groups
13%
----- End of picture text -----

Note: data in this section comes from 577 completed forms of the 648 young people we supported.

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Annual Report 2024/25

Our young people: challenges profile

Live in Greater London

Belong to at least 1 vulnerable group, putting them at risk of greater harm & disadvantage

An education, health & care plan in place/in progress, indicating special education needs & disabilities

Eligible for free school meals

Had an autism diagnosis

Not currently attending mainstream education

Had a learning disability

Experienced adverse childhood experiences resulting in safeguarding involvement to protect them from harm

Registered disability other than a learning disability

Looked after child, the subject of a care order

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Annual Report 2024/25

Warwick Edinburgh Mental-Wellbeing Scale Data

Low Wellbeing Moderate Wellbeing

High Wellbeing

==> picture [584 x 270] intentionally omitted <==

----- Start of picture text -----
Before 48 45 7
After 34 50 16
0 20 40 60 80 100
----- End of picture text -----

180 young people reported pre and post programme between 2024/25

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Annual Report 2024/25

65% report improved mental wellbeing

Change in mental wellbeing

25 20 15 10 5 0 Before After

The mean change in wellbeing across all groups was an increase of 2.1 points.

This is a statistically significant improvement and comparable with the improvements observed in the NHS Mental Health Services Data Set (MHSD).

We are proud to deliver a service Mean achieving outcomes comparable change = 2.1 to NHS services, while successfully engaging young people who often struggle to access or benefit from traditional NHS support.

Of 180 young people who reported twice (pre- and post-programme during 2024/25.

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I have learnt more about horses and . an improvement in my mental health or anger too. Remember when I arrived, I was ALWAYS angry? Notice the difference!

==> picture [47 x 32] intentionally omitted <==

----- Start of picture text -----
S EM
Sot ES
14
Sea hieede eR
----- End of picture text -----

Annual Report 2024/25

Young people report improvement across the board

overall, the help they received at SLTH was good

more confidence in their abilities

agreed that the people here know how to help me reported improved teamwork skills

reported improved communication skills

said their mental health had improved

said their physical health had improved

said they understood their own feelings better said they understood the feelings of others better

said they were less likely to give up when tasks got difficult

said they would be more likely to ask for help from an adult professional

99 93 93 93 88 84 84 83 81 76 76

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215 young people completed a post-programme questionnaire during 2024/25

What referrers and

parents say

During 2024/25, 155 referring staff and 52 parents completed our quantitative questionnaire, reporting changes in the young people they support as a result of their attendance at SLTH.

ability for young people to manage relationships improved

attendance at school increased

the need for staff intervention & support in school decreased

frequency of challenging behaviour from young people decreased

engagement in lessons increased

==> picture [319 x 61] intentionally omitted <==

----- Start of picture text -----
100
----- End of picture text -----

==> picture [211 x 325] intentionally omitted <==

----- Start of picture text -----
66
54
53
49
----- End of picture text -----

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Annual Report 2024/25

213 young people received awards

In 2024/25, one-third of the young people who attended an SLTH programme achieved an award or certificate.

85 25 103 cay AQA (ay Questions matter KingsTrust Young people Young people Young people achieved AQA achieved achieved SLTH Unit Awards King’s Trust Horsemanship & Personal Employability Development & Skills Employability Certificates Skills Award Qualifications

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Annual Report 2024/25

Programmes & outcomes

Confidence Teamwork Resilience Time management Problem solving Independent Living & Functional Skills

LIFE SKILLS

MENTAL HEALTH SKILLS

Engagement in enjoyable activities Engagement in therapy - trusting and accessing mental health professionals and expressing feelings Nervous system regulation Observation skills Reflection skills Mentalising (putting yourself in others’ shoes Understanding contextual impact on feelings and behaviours Improving relationships

EMPLOYABILITY SKILLS

Equestrian Industry Accredited Qualifications (BHS) AQA Awards King’s Trust Certificates Communication Skills Leadership Numeracy and Literacy 18 Presentation Skills

Annual Report 2024/25

Programmes & Impact

==> picture [558 x 418] intentionally omitted <==

----- Start of picture text -----
I feel like I deserve to be employed
now, I have the skills to recognise
My
safe relationships and cope when
Life
things get tricky
I am able to take part in,
and contribute via
community groups, clubs
Community and social opportunities
I can engage in
education and I
work towards Engagement
achievement and
aspirations
Relationships
----- End of picture text -----

My relationships with family, professionals improve and I am making friendships

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Qualitative feedback: young people

“I would say I have learnt to manage frustrations better than before. Less “swearing” and stuff. My experience at SLTH was a learning curve to say the least. From learning to communicate and work better with my peers to managing my anger and improving my mental overall health. I would say these all fall under the category of “skills,” particularly important life skills. Especially for a professional career and work life.”

“SLTH is about facing your fears and horses helping me to do that.”

“SLTH has given me access to horses that I spent a lifetime thinking I would never have”

“It’s a good way to leave your head for the day.”

“The certificates matter, the shift in my mindset matters more: I have learnt to judge my choices by the benefit or harm they bring, not by what I have to personally gain.”

“As someone who suffers from PTSD and Depression, I found the sessions therapeutic and noticed the positive impact they had on my mental health. As an additional bonus, I gained a plethora of qualifications (accredited by AQA) that I can add to my CV.”

“My daughter loves coming to SLTH. It has helped her so much to reduce her anxiety and increase her confidence. She looks forward to working with the horses each week. She is less anxious.”

“An acquaintance suggested this place for my son a couple of years ago and i thought ‘are you mad? He would rather be on his PlayStation. I was so wrong – he loves it enough to walk in the rain, in the dark to get here. It has been transformational for his mood, mental health & social connections.”

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“This really has been a lifesaver and has helped in a way nothing else has. Given my child a reason to look forward & have hope for the future.”

“My son has been attending sessions for 2½ years. This place has provided a lifeline. He was struggling and had dropped out of education. He was lost and lonely. Through SLTH he has made friends, learned skills, matured and enjoyed an environment that accepted him, without judgement, and carried him out of a very difficult stage of his life and into a new happier, more socially integrated phase. Watching him handle one of the horses on his last day was impressive – he displayed a calmness, confidence and maturity that truly surprised me!”

“I just wanted to say a huge thank you for the care, thought and sensitivity you put into working with X, When he first joined SLTH he was very low and struggling both mentally and physically. These sessions gave him a reason to leave his bedroom, a sense of structure to his week and an additional purpose. I have seen him gain in social confidence and also self-esteem as a result of what he has managed to achieve with the horses - it has been a tangible change in him and given him a space to be himself that is not school or home.”

“You've been so accommodating of his needs and considerate of his social and emotional development. It was the right intervention at the right time and I cannot recommend this approach enough, especially for young people who are reluctant to open up in traditional forms of talk therapy.”

What the staff that referred young people said:

“I observed Brandon laughing with joy here – that’s something I’ve never seen before”

“The experience that young people get is incredible and unique and helps them to make connections and memories that last a lifetime.”

“100% recommend. We noticed that the children are improving their communication skills here.”

all names have been changed for confidentiality

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Summary of measures

The full potential dataset is 249 young people for the year. Number of fully completed measures in 2024-25:

180 Short Warwick-Edinburgh Mental Wellbeing Scale (start and end)

ABOUT OUR MEASURES:

In order to measure the efficacy of our programmes in improving the life chances of young people, we collect the following data:

1. Personal Goals

We measure the efficacy of our programmes using the Goal-Based Outcomes model, which is the mental health outcomes model of choice for the NHS and CAMHS. Young people set three personal goals for the programme they're attending and rate themselves at the start and end of the programme on a scale of 0-10.

Personal goals are categorised under the following areas:

2. W arwick Edinburgh Mental Wellbeing Scale (SHORT)

This is a standardised measure of young people’s Mental Health and Wellbeing which enables us to assess the efficacy of our programmes in improving mental wellbeing. This allows us to compare the efficacy of our intervention with other interventions that also use this outcome measure.

3. Outcomes Monitoring Questionnaire

This questionnaire collects quantitative data for standardised areas of personal development, including improvements in confidence, self-belief & resilience.

  1. Data on the number of young people to achieve an accredited qualification

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  1. Qualitative Feedback

Indirect beneficiaries and partnerships

In addition to expanding our direct beneficiaries our work has indirectly benefitted even more young people through partnership working and training:

Wild About Our Woods Forest School Partnership

As part of a community partnership agreement, Wild About Our Woods Forest School is rewilding 5 acres of our land and running therapeutic forest school sessions for young people. In 2024-25 172 children and young people and 118 adults benefitted from support on the land.

Programmes include three eco therapy groups with young people of secondary age, a nature connection group for young asylum seekers and refugees, a summer holiday Homestart family group and a weekend family session to develop community based engagement with the site as well as two community tree planting sessions, 3 adult nature connection training sessions.

Somerset Strengthened by SLTH Practitioner:

2024-25 was the second pilot year of a practitioner trained to deliver sessions in the SLTH model delivering services in Somerset. In this 12 month period 7 young people benefitted from mental health support with this practitioner.

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Service development

We have developed new offers to diversify our service offering further potential to increase income:

Educational offer:

This year, we welcomed a new Education Service Lead who came from a local secondary school, having spent many years in senior leadership as Deputy Headteacher. She has brought a thorough understanding of the local school community and challenges faced by local schools, which has helped us tailor our educational offer with the needs of the community in mind.

As a result of this post, we have expanded the qualifications we offer from two to five, and are piloting a full-day education offering for key stage 3 and key stage 4. Over the next 12 months, we will further develop the offer in response to feedback from service users and the local community.

Community reach:

As a result of improving our profile within the local community, we are receiving more referrals directly from parents and young people. The number of referrals for individually referred young people more than doubled this year, rising from 55 to 131. This has resulted in more bursary applications. 42 individual clients received bursary funding last year and 19 group referrals were in receipt of bursary funding. Thanks to this funding, we were able to triage referrals based solely on need rather than considering financial grounds.

School partnerships:

We delivered projects in partnership with 17 new schools from the local community, 11 of these were primary schools, marking a shift to earlier intervention.

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Community outreach projects:

In response to feedback from some local organisations that bringing young people to us isn’t always feasible we have been developing our outreach offer to take the horses and staff out into the community when it is a challenge for young people to come to us directly. In the past 12 months we ran two 8 week therapy projects within Thameside Prison supporting young men aged 18 – 25 to improve wellbeing and reflect on the challenges that have lead to their incarceration as well as a pilot partnership project with Grow and Live Unlimited where we took horses into a partnership community farming project deliver equine assisted therapy sessions to support care experienced children to make friends and improve wellbeing. We are discussing further partnership outreach projects to take horses and staff into other local organisations, including a hospice and an inpatient eating disorder unit.

Volunteers

We are grateful to the 28 volunteers that worked with us this year. We have introduced a Volunteer Manager position within the team to maximise the impact volunteers can make through training, supervision, and development. This is what one of our volunteers said about their experience volunteering with us this year:

“As a busy child psychotherapist working in inner London schools, my week can feel very demanding and often exhausting. I really look forward to my time volunteering at SLTH. As I drive through the gates, I feel I totally switch off and connect with both the wonderful equine and human team alike. It is an honour and a joy to work with the young people who come with their struggles and to watch their transformation as they connect with the horses in such a profound way. This is a very special place, and I am so happy to have it in my life.”

Systems and Processes:

To ensure we can continue increasing the number of beneficiaries without compromising service delivery quality, we have reviewed all our processes and staffing and implemented new processes and improvements where required. We have particularly focused on streamlining the referrals process to ensure we are ready to handle increased referrals in the coming years. In August, we launched an online client management system to centralise all our client data, making it much easier to manage quality assurance and data.

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Awards

Finalist for Charity of the Year in the Equestrian Business Awards in May (which we subsequently won in December 2025)

BBC Make A Difference Awards finalist in the Animal Award Category (Therapy Horse Thomas)

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Research

In 2024 a doctoral level study was done by Dr Tia Posner at The University of Hertfordshire; The Impact of Equine Assisted Learning on Young People at Risk of Educational Disengagement. The study looked 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 on how successful learning can occur for young people, based on their intrinsic needs that, if unfulfilled, will inhibit their learning. It is hoped that this will challenge unhelpful and harmful beliefs about young people who are disengaged from school, and highlight the struggles they face when away from educational and social environments, and the struggles their families face. This paper is due to be published in 2026.

Dr Rosalie Jones McVey has published two further research papers from her Postdoctoral Study, of which we were the primary fieldwork site.

Medicine Anthropology Theory journal: “Young People’s Voices: Mitigating the Risks of Disarticulation’”.

This paper highlights that supporting young people isn’t just about “giving them a voice”, but ensuring their needs are truly heard and responded to. Her research shows the importance of approaches (like equine-assisted work) that allow young people to express themselves safely beyond words.

‘Current Anthropology’: “Learning from the Herd?: Intercorporeality as Ethics in Equine-Assisted Therapy”.

This research paper shows that equine-assisted therapy supports change through embodied, relational learning rather than instruction or correction. By engaging with horses as responsive, social beings within a herd, young people develop emotional regulation, empathy and ethical awareness through lived, non-verbal experience — learning with the horse, not being taught about themselves.

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Plans for 2025-26

In 2025- 2026 we will be fundraising to secure the £813,000 required to complete the building works required to upgrade our facilities and build a purpose built Equine Therapy Centre. Watch this space!

Approved by the Board of Trustees on 16 March 2026 and signed its behalf by

H. C. Testorf

Hinrich Christian Testorf - Treasurer

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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 2025, which are set out on pages 32 to 52.

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: 16 March 2026 Dougal Howard ACA Member of the ICAEW Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

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Strength & Learning Through Horses

Statement of financial activities

For the year ended 31 August 2025

Restricted
Note
£
Income from:
Donations
3
-
Charitable activities
4
346,407
Other trading activities
5
-
Investments
-
Total income
346,407
Expenditure on:
Raising funds
-
Charitable activities
368,093
Total expenditure
7
368,093
8
(21,686)
Reconciliation of funds:
Total funds brought forward
54,448
Total funds carried forward
32,762
Net income / (expenditure) and
net movement in funds		 Unrestricted
£
61,255
434,442
21,733
3,597
521,027
34,625
388,145
422,770
98,257
452,236
550,493		 2025
Total
£
61,255
780,849
21,733
3,597
867,434
34,625
756,238
790,863
76,571
506,684
583,255		 Restated
2024
Total
£
115,390
552,721
18,744
2,391
689,246
29,286
605,475
634,761
54,485
452,199
506,684

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.

The prior period SOFA has been restated as detailed in note 2 to the accounts. There is no impact on net income or net movement in funds arising from this restatement.

32

Strength & Learning Through Horses

Balance sheet

As at 31 August 2025

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
13
Net current assets
Creditors: amounts falling due after 1 year
14
Net assets
16
Funds
17
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
45,418
316,988
362,406
(99,800)		 2025
£
320,649
262,606
-
583,255
32,762
367,198
183,295
583,255		 2024
£
373,641
62,834
234,622
297,456
(120,626)
176,830
(43,787)
506,684
54,448
399,896
52,340
506,684

Approved by the trustees on 16 March 2026 and signed on their behalf by

H. C. Testorf

Hinrich Christian Testorf - Treasurer

33

Strength & Learning Through Horses

Statement of cash flows

As at 31 August 2025

Cash flows from operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Interest and rents from investments
Decrease / (increase) in debtors
(Decrease) / increase 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:
Repayment of borrowing
Net cash used in 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		 2025
£
76,571
49,465
18,741
(3,597)
17,416
(16,939)
141,657
3,597
(15,214)
(11,617)
(47,674)
(47,674)
82,366
234,622
316,988		 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

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

34

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

1. Accounting policies

a) Basis of preparation and general information

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) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity 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.

35

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

1. Accounting policies (continued)

e) Interest receivable

f) 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.

g) 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.

h) 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:

2025 2024
Raising funds 4% 4%
Charitable activities 96% 96%

i) Tangible fixed assets

Tangible fixed assets 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

j) 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.

k) 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.

36

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

1. Accounting policies (continued)

l) 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.

m) 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.

n) 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.

o) 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.

p) 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 1i 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.

37

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

2. Prior period comparatives: statement of financial activities

Income from:
Donations
Charitable activities
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure)
Transfers
Net movement in funds		 Restricted
£
58,462
309,539
-
-
368,001
-
310,334
310,334
57,667
(43,931)
13,736		 £
56,928
243,182
18,744
2,391
321,245
29,286
295,141
324,427
(3,182)
43,931
40,749
Unrestricted		 Restated
2024
Total
£
115,390
552,721
18,744
2,391
689,246
29,286
605,475
634,761
54,485
-
54,485

In the prior year, bursaries offered to allow greater access to the charity's courses had been included in both course fee income and bursary expenditure. This had the effect of overstating both income and expenditure in the period. The prior year has been restated in order to correct as follows:

Per original accounts
As restated
Adjustment to remove double counted
income and expenditure.		 Course fees
£
215,230
(49,621)
165,609		 Bursaries
£
49,621
(49,621)
-		 Net income
£
165,609
-
165,609

The above restatement has no impact on net income, or the closing funds position as at 31 August 2024.

38

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

3. Income from donations

Donations
Gift aid
Gifts in kind
Grants > £10k
Hakluyt and Company
The Swire Charitable Trust
Grants < £10k
Total income from donations
Prior period comparative
Donations
Gift aid
Gifts in kind
Grants > £10k
The Chimo Trust
Axis Foundation
The Swire Charitable Trust
Grants < £10k
Total income from donations		 Restricted
£
-
-
-
-
-
-
-
Restricted
£
-
-
-
20,000
12,000
-
26,462
58,462		 £
21,198
6,457
3,500
10,000
10,000
10,100
61,255
£
18,049
3,441
2,199
-
-
10,000
23,239
56,928
Unrestricted
Unrestricted		 2025
Total
£
21,198
6,457
3,500
10,000
10,000
10,100
61,255
2024
Total
£
18,049
3,441
2,199
20,000
12,000
10,000
49,701
115,390

39

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

4. Income from charitable activities

Course fees
Camden Council
Grants > £10k
National Lottery
City Of London
The Henry Smith Charity
The Chimo Trust
The Desmond Foundation
Pets at Home Foundation
William Wates Memorial Trust
The Childwick Trust
Hargreaves Foundation
Grants < £10k
Total income from charitable activities
Prior period comparative
Course fees
Camden Council
Grants > £10k
The Henry Smith Charity
The National Lottery Community Fund
The Chimo Trust
John Lyon's Charity
Baltic Charitable Foundation
Compass Wellbeing CIC
Pets at Home Foundation
The Peter O'Sullevan Charitable Trust
City Bridge Foundation
The Desmond Foundation
Grants < £10k
Total income from charitable activities		 Restricted
£
-
-
-
80,500
64,200
50,000
49,470
39,437
20,000
13,500
10,000
19,300
346,407
Restricted
£
-
-
64,250
-
50,000
44,000
25,270
21,180
15,600
15,000
19,975
17,544
36,720
309,539		 £
240,669
65,803
125,001
-
-
-
-
-
-
-
-
2,969
434,442
£
165,609
15,072
-
62,501
-
-
-
-
-
-
-
-
-
243,182
Unrestricted
Unrestricted		 2025
Total
£
240,669
65,803
125,001
80,500
64,200
50,000
49,470
39,437
20,000
13,500
10,000
22,269
780,849
Restated
2024
Total
£
165,609
15,072
64,250
62,501
50,000
44,000
25,270
21,180
15,600
15,000
19,975
17,544
36,720
552,721

40

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

5. Income from other trading activities

Horse sale
Livery
Total income from other trading activities		 2025
£
-
21,733
21,733
Total		 2024
Total
£
4,000
14,744
18,744

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 2025 was £125,001 (2024: £62,501 from the National Lottery). There are no unfulfilled conditions or contingencies attaching to these grants in the year.

41

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

7. Total expenditure

Staff costs (note 9)
Staff training
Facilities hire and costs
Equine costs
Fundraising
Other direct costs
Accountancy
Depreciation
Loss on disposal
IT costs
Insurance
Office costs
Sub-total
Total expenditure
Allocation of support and
governance costs
Advertising and marketing		 Raising funds
£
16,230
8,820
-
-
-
5,441
-
-
-
-
-
-
-
30,491
4,134
34,625		 Charitable
activities
£
480,788
-
15,441
52,718
38,570
-
10,230
-
49,465
18,741
-
-
-
665,953
90,285
756,238		 Support and
governance
costs
£
58,723
-
-
-
-
-
-
14,275
-
-
8,987
10,967
1,467
94,419
(94,419)
-		 2025 Total
£
555,741
8,820
15,441
52,718
38,570
5,441
10,230
14,275
49,465
18,741
8,987
10,967
1,467
790,863
-
790,863

Total governance costs were £4,212 (2024: £2,460).

42

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

7. Total expenditure (continued)

Prior period comparative
Staff costs (note 9)
Staff training
Facilities hire and costs
Equine costs
Fundraising
Other direct costs
Accountancy
Depreciation
Loss on disposal
IT costs
Insurance
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
-
-
-
-
-
-
433,267
172,208
605,475		 Support and
governance
costs
£
73,622
-
-
-
-
-
-
13,055
50,896
223
1,832
14,902
25,385
179,915
(179,915)
-		 Restated
2024 Total
£
444,700
2,409
8,807
13,700
50,776
3,387
4,689
13,055
50,896
223
1,832
14,902
25,385
634,761
-
634,761

43

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

8. Net movement in funds

This is stated after charging:

Depreciation
Operating lease payments
Trustees' remuneration
Trustees' reimbursed expenses
Independent examiners' remuneration (excluding VAT):
Independent examination
Other services		 2025
£
49,465
12,000
Nil
Nil
2,500
1,035		 2024
£
50,896
12,000
Nil
85
2,050
645

In the prior year 1 trustee was reimbursed for training and meeting expenses.

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

9. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Freelance staff		 2025
£
394,377
32,195
8,242
120,927
555,741		 2024
£
333,505
28,104
7,441
75,650
444,700

Two employees (2024: one employee) earned between £60,000 and £70,000 during the current 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 £146,656 (2024: £134,732).

Average head count 2025
No.
13		 2024
No.
10

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.

44

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

11. Tangible fixed assets

£
Cost
At 1 September 2024
429,591
Additions in year
10,808
Disposals
-
At 31 August 2025
440,399
Depreciation
At 1 September 2024
81,779
Charge for the year
44,827
Disposals
-
At 31 August 2025
126,606
Net book value
At 31 August 2025
313,793
At 31 August 2024
347,812
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
Leasehold
improvements		 Computer
equipment
£
17,207
1,200
(16,365)
2,042
2,213
1,424
(2,648)
989
1,053
14,994		 Motor
vehicles
£
16,440
-
-
16,440
15,989
120
-
16,109
331
451		 Plant and
machinery
£
19,838
3,206
(7,576)
15,468
9,454
3,094
(2,552)
9,996
5,472
10,384
2025
£
37,476
7,942
45,418
2025
£
9,220
2,800
75,963
-
11,817
99,800		 Total
£
483,076
15,214
(23,941)
474,349
109,435
49,465
(5,200)
153,700
320,649
373,641
2024
£
62,251
583
62,834
2024
£
6,018
2,568
99,185
3,887
8,968
120,626

12. Debtors

13. Creditors: amounts due within 1 year

45

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

14. Creditors: amounts due after 1 year

Bank loan 2025
£
-
-		 2024
£
43,787
43,787

The bank loan was an unsecured loan with an interest rate of 9% per annum. The term of the loan was six years from January 2023. The outstanding balance was paid during the year ended 31 August 2025.

15. Deferred income

At 1 September 2024
Deferred during the year
Released during the year
At 31 August 2025		 2025
£
99,185
75,963
(99,185)
75,963		 2024
£
8,698
99,185
(8,698)
99,185

Deferred income relates to courses invoiced in advance of delivery.

16. Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 August 2025
Prior year comparative
Tangible fixed assets
Current assets
Current liabilities
Liabilities > 1 year
Net assets at 31 August 2024		 Restricted
funds
£
-
32,762
-
32,762
Restricted
funds
£
-
54,448
-
-
54,448		 Designated
funds
£
313,793
53,405
-
367,198
Designated
funds
£
347,812
52,084
-
-
399,896		 £
6,856
276,239
(99,800)
183,295
£
25,829
190,924
(120,626)
(43,787)
52,340
General
funds
General
funds		 Total
funds
£
320,649
362,406
(99,800)
583,255
Total
funds
£
373,641
297,456
(120,626)
(43,787)
506,684

46

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

17. Movements in funds

Restricted funds
Revenue funds
The Chimo Trust
Warburtons
City Bridge
The Henry Smith Charity
The Desmond
Pets at Home Foundation
The Childwick Trust
Shanly Foundation
John Lyon's Charity
Jesus Hospital
Souter Charitable Trust
The British Horse Society
Alex Timpson Trust
Total revenue funds
Capital funds
Axis Foundation
The Chimo Trust
Total restricted funds
The Sir Peter O'Sullevan
Charitable Trust
The Hargreaves
Foundation
The Beer Harris
Memorial Trust
Skipton Building Society
Charitable Foundation
William Wates Memorial
Trust
Worshipful Company of
Loriners
Arnold Clark Community
Fund		 £
22,917
15,000
1,600
400
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
39,917
5,872
8,659
54,448
At 1
September
2024		 £
50,000
-
-
-
80,500
64,200
49,470
39,437
20,000
13,500
10,000
5,000
3,000
2,500
2,000
2,000
2,000
1,600
1,000
200
346,407
-
-
346,407
Income		 £
(61,581)
-
(1,600)
(400)
(80,500)
(64,200)
(49,470)
(39,437)
(20,000)
(13,500)
(10,000)
(5,000)
(3,000)
(2,500)
(2,000)
(2,000)
(2,000)
(1,600)
(1,000)
(200)
(359,988)
(5,872)
(2,233)
(368,093)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers
between
funds		 £
11,336
15,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
26,336
-
6,426
32,762
At 31
August
2025

47

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

17. Movements in funds (continued)
Restricted funds (continued)
54,448
Designated funds
Capital fund
347,812
52,084
Camden Council
-
Total designated funds
399,896
General funds
52,340
Total unrestricted funds
452,236
Total funds
506,684
Unrestricted funds
The National Lottery
Community Fund
Total restricted funds
b/fwd		 346,407
-
125,001
65,803
190,804
330,223
521,027
867,434		 (368,093)
(44,827)
(125,001)
(64,482)
(234,310)
(188,460)
(422,770)
(790,863)		 -
10,808
-
-
10,808
(10,808)
-
-		 32,762
313,793
52,084
1,321
367,198
183,295
550,493
583,255

Purposes of restricted funds

Revenue

The Chimo Trust

Funding to cover office manager's salary for 3 years.

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.

Skipton Building Society

Funding to provide hats and gloves.

City Bridge Foundation

Funding for 3 months of two staff members' salary.

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 Desmond Foundation

Funding to cover group bursaries.

Pets at Home Foundation

Funding to support 2 staff members delivering equine therapy.

William Wates Memorial Trust

Year 1 Grant Funding for Therapeutic and Vocational sessions for vulnerable young Londoners aged 16-25.

The Childwick Trust

Funding for young people with learning disabilities to access our services

48

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

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

The Hargreaves Foundation

Funding for our Employability and Horsemanship Skills Programme.

Shanly Foundation Funding for equine assisted learning and therapy in the summer holidays. John Lyon's Charity Funding for holiday camp. Souter Charitable Trust Bursary for Therapuetic Education Group. Anne Duchess of Westminster fund Funding towards providing group equine assisted therapy. The Beer Harris Memorial Trust Bursary for Therapy Groups. The British Horse Society Bursary for Therapy Groups. Worshipful Company of Loriners Funding towards education and employability skills programme. Alex Timpson Trust Bursary for LAC project. Arnold Clark Community Foundation Bursary for Therapeutic Ed group. Capital Axis Foundation Capital funding towards new therapy room. The Chimo Trust Capital funding towards new CRM system.

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 2025, therefore 5 months is carried forward to 2025/26. Camden Council Contract income to provide equine therapy sessions.

49

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

17. Movements in funds (continued)
Prior year comparative
At 1
September
2023
£
Restricted funds
Revenue funds
-
-
British Equestrian
-
Camden Council
12,876
-
City Bridge
-
Compass Wellbeing CIC
-
Crowdfunder
2,305
Hays Travel Foundation
-
Hedley Foundation
-
John Lyon's Charity
-
London Marathon
5,000
Pets at Home Foundation
-
-
The Chimo Trust
20,531
The Desmond Foundation
-
The Henry Smith Charity
-
-
-
Vintners' Foundation
-
Warburtons
-
-
-
-
Total revenue funds
40,712
Baltic Charitable
Foundation
Chartered Accountants
Livery Charity
Young Barnet Foundation
- Space 2 Grow Fund
Skipton Building Society
Charitable Foundation
The Sir Peter O'Sullevan
Charitable Trust
The Worshipful Company
of Basketmakers’ 2011
Charitable Trust
Worshipful Company of
Innholders
Worshipful Company of
Loriners
Anne Duchess of
Westminster fund		 Income
£
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		 £
(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		 At 31
August
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
1,600
22,917
-
-
15,000
-
-
400
-
-
-
39,917

50

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

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

Total revenue funds b/f
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
The National Lottery
Community Fund
Unrestricted funds		 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

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		 2025
£
12,000
60,000
16,500
88,500		 Restated
2024
£
12,000
60,000
28,500
100,500

51

Strength & Learning Through Horses

Notes to the financial statements

For the year ended 31 August 2025

19. Analysis of changes in net debt

Cash
Loans falling due within 1 year
Loans falling due after 1 year
Total		 At 1
September
2024
234,622
(3,887)
(43,787)
186,948		 82,366
3,887
43,787
130,040
Cash flows		 316,988
-
-
316,988
At 31
August
2025

20. Related party transactions

There were no related party transactions in the current or prior period.

52