# **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 2 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 . 3 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. 4 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. 5 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. 6 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. 7 ’ **get out of my house when I** SOP «4 **hadn’t for years.** 4 ' ‘A bt Lh er 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** **----- 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 -----**
**----- 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. 10 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 11 Annual Report 2024/25 ## **Warwick Edinburgh Mental-Wellbeing Scale Data** Low Wellbeing Moderate Wellbeing ## High Wellbeing **----- 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 12 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. 13 # **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!** **----- 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 15 215 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 **----- Start of picture text -----**
100
**----- End of picture text -----**
**----- Start of picture text -----**
66
54
53
49
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16 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 17 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** **----- 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 19 **think, it is calm and** ee ## **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.” 21 “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* 22 > a (Ext u| > oth Pee art = Soe Y ae ter) WT rn ar ghee 5S ae 3 CPOE ee., priee = =aq Weleaeena =eig “9ee ae Poe > ¥enBP CorieeermhNe sor nom Feeoe es cens iarS.se bis yay igeeee Pa got Sa Ao ae ee, EY Acts [gBe, R **matter, the shift in** oe pte ae: a ee - oi! eeRONepee:Aa ere)Se Pepa; . Bee ore eased BRE CFOS oN Cs ene ie ee aan EWE LeedBEET h e **a** Re5Fiesgaae PSSaa SesReeThies, S **a** ot athe IES Pe2 Toe ye)ahd 5 tne: ae SAN 2 aps ber L egese: SegeT ASA, > 4 Styeeae Ns Segx . | ’ te Bie ¥(ty Ne EeOr > 3-2 —Ss ; Nekbseere fig ae atpo) as < bal Seis ar d et) ay Pla ee aN te ; a Sool taseOIG,=[ie][=)] ilVFoy "[a] **judge my choices** AEROS — Ieeee fenet To POS ew (oa are 7; it ee ee‘ $e ASRops—ee **by the benefit or** e Seatanea Rs ES | > ae Ve aay Peels, ra Ext estOpto SeBe gor SS‘eh me, gesATee agv~+ eeyeSoaa ~ = ugva teyw?ne | et aig See af **harm they bring,** wt | ‘ By: Ses pees."4 ‘ Wi xe a , ats oe Bane. pa iN Seat a Ree am 12a al S te Tene aia Be es 32,2 SEENeRe RGSante =e Jisy &‘vx; 4 iner fiePyare!oSferSik[=] hg[ ard] Aieteett > aa Tse)[ =] iter eg7 =eoab.araSaSRSAT LOS A—%eePare eiae,ae. Boe SORLeesPs hefepe, See **not by what I have** how.UaePdi yey AYala tatty SF%Sy tieSautere+SSWesENRaam= ee ooaemeeRAY ae ieSeNiNebeastsily si eS iNwir.od© eat~hogy ot acinivee:x bidSy oh» 4 a> re hae -S Apt —_ mw ei a: > AgePpertl ee \ absi aefOr7. Las iveA if i Prgit2, Vs ey sy Few!2po!orae SHVRIESiiaLh IsageLEY,f*%Es fsoer hs Ake)itoO A WeeaePes aete: ae te:ueVenere **to personally gain.”** > a Le4 é/ si ee nla a . we ASS‘ ~.SeSaoMiva.‘WOanoeyPere.mais Pat tiSsineEeoswkTeesSonman OeSat IedNey,)“4 > Ff aa y ERK: pee a eS Peat Ss eReRaysace te hice ; “ry~ ay r= ae o a MEL. > th i¢ = ‘ » Pees $ Syrtione car 2 era ‘ sn ix. he AF * 1 re . pa) Va oa oN es a *4 arate as J 4 a aust. re yi: a, eos Or eat tN Sacre heN : > ‘met pan , ei ee ‘a, OS Cog Pe # it ( Mg < ik Of 2 ate Siy! vp ig , Ae y VY Lite ie y, 1 omoyfac 4 sorry gh 5 Wi ae ere | Age See. ee sera (eeS ay We f inten zs rs) eh : beetoeHw a wa hei Cry 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** - 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) 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** - 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. ## **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