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2023-02-28-accounts

Charity registration number: 1163302

ROYAL ARMOURED CORPS SADDLE CLUB

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

Chartered Accountants

ROYAL ARMOURED CORPS SADDLE CLUB

CONTENTS

Reference and Administrative Details 1
Trustees' Report 2 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Financial Statements 10 to 19

ROYAL ARMOURED CORPS SADDLE CLUB

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees Ms Emma Theunissen MA FCA, (Treasurer) Lt Col (Retd) Richard James, (Deputy Chair) Lt Col Anthony Edward Sharman Mr Jonathan Philips, (Secretary) Lt Col Terry Warburton, (Chair) Principal Office Allenby Barracks Bovington Wareham Dorset BH20 6JA Independent Examiner Edwards & Keeping Chartered Accountants Unity Chambers 34 High East Street DORCHESTER Dorset DT1 1HA Charity Registration Number 1163302

ROYAL ARMOURED CORPS SADDLE CLUB

TRUSTEES' REPORT

The trustees present their report and financial statements for the year ended 28 February 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing documents, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland published in October 2019.

Trustees

The trustees, as at 28 February 2023, were:

Lt Col Anthony Edward Sharman Lt Col (Retd) Richard James, (Deputy Chair) Ms Emma Theunissen MA FCA (Treasurer) Mr Jonathan Philips (Secretary) Lt Col Terry Warburton (Chair) (Appointed 2 December 2022)

Objectives and activities

The objectives of the charity for the public benefit:

1) The efficiency of the armed forces and in particular but not exclusively the regiments of the Household Cavalry and Royal Armoured Corps, in order to increase their fitness, better prepare them for active service and the performance of their duties, by providing a recreational facility for them and their dependants, and by promoting Esprit de Corps and fostering a close relationship between serving and former serving members of the armed forces; and

2) Subject thereto, community participation in amateur sport and recreation for all members of the community including children and young people, the elderly and the disabled.

The club provides a full range of services to our beneficiaries. These include recreational equitation for Service Personnel and their families, along with therapeutic activities in support of Warrior Equine, Riding for the Disabled and BHS's Changing Lives through Horses programme.

Public benefit

The trustees are confident they have complied with their duty to have due regard to the commissions public benefit guidance when exercising any powers or duties to which the guidance is relevant.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Use of volunteers

We rely heavily on our volunteers to support our therapeutic and outreach activities and to support our events and competitions. The contribution made by these volunteers is a key aspect to how we support integration of service families into the local community.

ROYAL ARMOURED CORPS SADDLE CLUB

TRUSTEES' REPORT

Achievements and performance

The charity's activities continued successfully through the year, providing facilities to both military and civilians as club members and liveries, enjoying recreational riding tuition and competition, and generating revenues to support the continued availability of our facilities to support charitable objectives.

Our pony club in particular has been busy, with 60 children, the majority of whom are from military families. This represents a significant increase year on year.

We provided regular support to soldiers from the garrison and beyond. This notably includes our Troop Leaders courses, which provide basic equitation training to Second Lieutenants with no former equestrian experience, teaching them to ride in just 3 months. The charity also hosted courses for visiting teams from the Intelligence Corps and the Army Air corps.

Beyond the military the club provided facilities to support the provision of equine therapy to teenagers from 5 schools in the Area, as well as individual private participants. This is an area of growth for the club, and for which there is increasing demand given the wide recognition of the therapeutic benefits of horses to those with mental health needs. It is well aligned with the strength of our teams given the support provided in these areas to military participants, and also our charitable objectives.

We are proud to have an established reputation and be recognised as one of the leading equine therapy providers in Dorset, and delighted that the achievements in this context of our yard manager and head coach Stephanie Buchanan was recognised as British Horse Society (“BHS”) Changing Lives Through Horses Lead Coach of the Year. The charity’s profile in this area is growing, with our MP Richard Drax and ITV News Meridian both attending to observe BHS Changing Lives Through Horses sessions.

In addition, the charity has continued to provide facilities for Riding for the Disabled, enjoyed weekly throughout termtime by up to 10 children. We have provided these services for over 30 years, and we stand ready and able to expand this should the demand arise.

The Club hosted a full programme of British Eventing and unaffiliated one day events, a hunter trial as well as the regular calendar of smaller competitions throughout the year. In addition to raising the profile of the Club, these activities generate revenues to support our charitable activities and objectives. However, difficult weather conditions particularly during the early part of the 2023 season led to a small decrease in events revenue in the period (including the unfortunate cancellation of the British Eventing competition immediately following our yearend).

Financial review

The year saw a small reduction in reserves of £26,361, which reversed a trend during the previous two years of increases which were considered prudent during the last two financial periods given the COVID-19 pandemic. Total funds at the year end stood at £205,245 (2022 - £231,606), of which £0 was restricted (2022 - £5,534).

In terms of income, the charity experienced a small a drop in revenue from events (in part caused by inclement weather leading to the cancellation of our April British Eventing fixture). Donations and legacies reduced in comparison to the previous period, where funds had been raised for specific projects.

In terms of expenditure, we experienced a significant increase to staff costs, driven by changes to the national minimum wage, with other costs also rising in accordance with inflation present more generally in the economy. Maintenance and repair costs also increased in comparison with our relatively conservative spending during the COVID-19 pandemic. As a result of these increasing pressures, we increased our livery rate card by 7% with effect from 1 September 2022.

These factors account for most of the movement from a surplus of £88,717 in the prior year to a deficit of £26,361 on its activities in the period.

ROYAL ARMOURED CORPS SADDLE CLUB

TRUSTEES' REPORT

This moderate reduction of funds is not considered cause for concern, given historic performance, and strong revenues in 23/24 financial year to date. The club continues to hold substantial cash reserves in accordance with its usual policies, being typically enough to support 3 months of operations (although this is subject to some seasonal variation given the majority of income is generated in the summer).

Policy on reserves

The fund has the following functions:

a) To accumulate, in one account, charitable donations, grants or levies from non-public sources, subscriptions and any profits from the Club.

b) To provide financial support in order to finance the general running, maintenance, and care of livestock within the clubs real estate. To ensure all staff are paid in accordance with legislation and that feed and appropriate medical cover is available at all times. The fund must ensure that sufficient funds are available to cover unforeseen issues and crises and to allow for maintenance of care for the staff and livestock of The Saddle Club in pursuance of extra-mural group activities or the activities of individuals where it can be substantiated that such expenditure will be to the good and benefit of the majority of the members of The Club.

c) To cover all necessary insurance and indemnity requirements at a suitable level. Special purpose funds may be used where deemed necessary in order to impose tighter control measures.

Principal funding sources

The charity's principal sources of funds are the generation of revenue by providing livery services and by hosting competitions.

Investment policy and objectives

The trustees of the charity have the power to raise funds to further the objects of the charity but must not undertake any substantial permanent trading activity. The trustees can operate bank accounts considered necessary and to invest funds and to delegate the management of the funds in the same manner and subject to the same conditions as the trustees of the trust are permitted to do by the Trustee Act 2000.

Plans for future periods

Aims and key objectives for future periods

Looking to the medium term, we note that as with other equestrian establishments we will continue to need to adapt to the upward cost pressures. These notably include changes (in amount and age boundaries) to the National Minimum Wage and insurance costs. This, coupled with the need to fund further capital expenditure (notably regarding a key asset, the all-weather arena) will drive a need to continue monitor both our income sources and our cost base carefully.

Structure, governance and management

The charity is a standalone organisation, which manages a Saddle Club and Stable Yard geographically situated within Bovington Garrison. The Yard is managed on a daily basis by the Chief Instructor, supported by 2 office staff. This management staff is supported by the Bovington Garrison Stables Officer (a military appointee) and a committee of volunteers, who meet monthly. The trustees provide advice and support to this team of staff and volunteers and retain oversight of material investment and expenditure decisions.

Recruitment and appointment of trustees

Officers and trustees are elected by the charity in general meeting though the trustees may appoint further trustees. All retire unless re-elected at each Annual General Meeting.

ROYAL ARMOURED CORPS SADDLE CLUB

TRUSTEES' REPORT

Induction and training of trustees

Trustees are provided with training through an informal discussion with existing Trustees about duties upon appointment.

Remuneration policies

In terms of our governance around remuneration decisions, the main driver of our salary boundaries, in line with other equestrian training establishments, is the legislation around national minimum wage. Our senior staff members have salaries which are set in alignment with prevailing rates in the equestrian employment. The trustees are not remunerated for their services.

Relationships with related parties

The charity enjoys a close relationship with Bovington Garrison, on whose site we work and whose personnel (and their families) are our headline beneficiaries.

Major risks and management of those risks

The charity enjoys the support and co-operation of the military in the form of the Bovington garrison and of the Defence Infrastructure Organisation. Its ability to function depends upon their continued support, and in particular the use of the land and premises at Bovington leased on affordable terms reflecting the value provided by the charity to the military.

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees of the charity on 22 December 2023 and signed on its behalf by:

Mr Jonathan Philips Trustee

ROYAL ARMOURED CORPS SADDLE CLUB

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ROYAL ARMOURED CORPS SADDLE CLUB

I report to the trustees on my examination of the accounts of Royal Armoured Corps Saddle Club for the year ended 28 February 2023.

Responsibilities and basis of report

As the charity trustees of Royal Armoured Corps Saddle Club 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 Royal Armoured Corps Saddle Club'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 Royal Armoured Corps Saddle Club'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 Edwards & Keeping, which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of Royal Armoured Corps Saddle Club as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.

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.

H E Jones BA (Hons) FCCA Chartered Accountants Edwards & Keeping

Unity Chambers 34 High East Street DORCHESTER Dorset DT1 1HA

22 December 2023

ROYAL ARMOURED CORPS SADDLE CLUB

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2023

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Investment income
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net (expenditure)/income
Gross transfers between
funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
15		 Unrestricted
£
9,451
495,836
1,666
506,953
(534,747)
(534,747)
(27,794)
6,967
(20,827)
226,072
205,245		 Restricted
£
1,433
-
-
1,433
-
-
1,433
(6,967)
(5,534)
5,534
-		 Total
2023
£
10,884
495,836
1,666
508,386
(534,747)
(534,747)
(26,361)
-
(26,361)
231,606
205,245		 Total
2022
£
56,070
530,534
119
586,723
(498,006)
(498,006)
88,717
-
88,717
142,889
231,606

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 15.

ROYAL ARMOURED CORPS SADDLE CLUB

(REGISTRATION NUMBER: 1163302) BALANCE SHEET AS AT 28 FEBRUARY 2023

Note
Fixed assets
Tangible assets
9
Current assets
Debtors
10
Cash at bank and in hand
11
Creditors: Amounts falling due within one year
12
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
13
Net assets
Funds of the charity:
Restricted
Unrestricted income funds
Unrestricted
Total funds
15		 2023
£
133,582
16,645
86,460
103,105
(26,363)
76,742
210,324
(5,079)
205,245
-
205,245
205,245		 2022
£
117,603
17,748
130,515
148,263
(26,342)
121,921
239,524
(7,918)
231,606
5,534
226,072
231,606

The financial statements on pages 7 to 19 were approved by the trustees, and authorised for issue on 22 December 2023 and signed on their behalf by:

Mr Jonathan Philips Trustee

ROYAL ARMOURED CORPS SADDLE CLUB

CASH FLOW STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2023

Note
Cash flows from operating activities
Net cash (expenditure)/income
Adjustments to cash flows from non-cash items
Depreciation
Investment income
4
Working capital adjustments
Decrease/(increase) in debtors
10
(Decrease)/increase in creditors
12
Increase in deferred income
13
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
4
Purchase of tangible fixed assets
9
Net cash flows from investing activities
Cash flows from financing activities
Repayment of capital element of finance leases and HP
contracts
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 March
Cash and cash equivalents at 28 February		 2023
£
(26,361)
20,133
(1,666)
(7,894)
1,103
(2,673)
2,550
(6,914)
1,666
(36,112)
(34,446)
(2,695)
(44,055)
130,515
86,460		 2022
£
88,717
14,023
(119)
102,621
(6,921)
7,522
-
103,222
119
(38,773)
(38,654)
(2,557)
62,011
68,504
130,515

All of the cash flows are derived from continuing operations during the above two periods.

ROYAL ARMOURED CORPS SADDLE CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

1 Accounting policies Basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the notes to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) published October 2019 and the Charities Act 2011.

Going concern

The financial statements have been prepared on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be reliably measured.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Charitable activities

The charity operates one charitable activity - the provision of equestrian facilities and training and all income from charitable activities derive from this activity.

Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Expenditure included vat which cannot be recovered, and is reported as part of the expenditure to which it relates. Expenditure is classified under the following activity headings.

Charitable activities

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

The charity operates one charitable activity - the provision of equestrian facilities and training and all expenditure on charitable activities relates from this activity.

ROYAL ARMOURED CORPS SADDLE CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tangible fixed assets

Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Heritage assets

In the course of the unit's history, the charity may have acquired gifts, memorabilia, regalia, silverware, antiques and other historical artefacts in the course of distinguished military service in service of the Crown. The value of these pieces is in large part derived from their close association with Regimental history which precludes the use of conventional valuation techniques being applied. Whilst the objects of the charity do not specifically mention preservation and conservation, the pieces represent an essential element of celebrating the unit's history and foster espirit-de-corps. Consequently the Managing Trustee considers the charity to hold heritage assets both for functional use and as an element of natural history on behalf of the nation. Heritage assets acquired after 1 April 2006 where the purchase price is known and which exceed £500 are included in the balance sheet at acquisition value but are not depreciated.

No items are included in the Fixed Assets at 28 February 2023.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Plant and machinery including motor vehicles Straight line over a period of 2-10
years
Land and buildings Straight line over a period of 25 years
Computer Equipment Straight line over a period of 4 years
Horse Straight line over a period of 4 years

Debtors

Debtors are recognised at the settlement amount due after any discount offered. Prepayment are valued at the amount prepaid taking account of any discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 discounts due.

ROYAL ARMOURED CORPS SADDLE CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

Fund accounting

Unrestricted funds are funds that can be used in accordance with the charitable objects at the discretion of the Managing Trustee. Designated funds are unrestricted funds which have been allocated/earmarked for a particular purpose by the Managing Trustee and are to be declared in the Managing Trustees comments stating what they are intended to be used for and when.

Restricted funds are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Endowment funds are those investments and other gifts accepted by the unit, the capital sum or property being held in perpetuity and the income only being available for charitable use.

Further details of each fund are disclosed in note 13.

Hire purchase and finance leases

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the Charity, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the Statement of Financial Activities over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme.

2 Income from donations and legacies

Donations and legacies;
Donations from individuals
Government grants
Grants from other charities		 Unrestricted
General
£
3,000
6,171
280
9,451		 Restricted
£
-
1,433
-
1,433		 Total
2023
£
3,000
7,604
280
10,884		 Total
2022
£
4,850
48,220
3,000
56,070

ROYAL ARMOURED CORPS SADDLE CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

3 Income from charitable activities

Sponsorship (General)
Camp
British eventing
Pony club fees
Instruction and tuition
Events
Hire of equipment, facilities and horses
Livery services for the period
Sponsorship (Show Jumps)
Other income
Auction income
4
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits		 Unrestricted
funds
General
£
750
20,265
41,740
54,461
51,209
53,228
2,045
271,783
-
355
-
495,836
Unrestricted
funds
General
£
1,666		 Total
2023
£
750
20,265
41,740
54,461
51,209
53,228
2,045
271,783
-
355
-
495,836
Total
2023
£
1,666		 Total
2022
£
-
13,732
67,443
37,991
64,264
59,566
1,720
268,881
6,185
2,715
8,037
530,534
Total
2022
£
119

ROYAL ARMOURED CORPS SADDLE CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

5 Expenditure on charitable activities

Direct costs
Horse feed
British eventing
Veterinary and medical fees
Farrier fees
Horse bedding and mucking out
Wages and salaries
Staff NIC (Employers)
Staff pensions
Staff training
Grazing licence
Freelance instruction costs
Repairs and maintenance
Field maintenance
Property repairs and maintenance
Fencing repairs-designated fund
Equipment repairs and renewals
Subscriptions
Fuel for vehicles and equipment
Event costs
Refreshments
Adult Christmas Party
Hire purchase interest
Support costs
Light, heat and power
Insurance
Telephone
Computer costs
Printing, postage and stationery
Sundry expenses
Motor expenses
Advertising
Accountancy fees
Independent examiner's fee
Consultancy fees
Legal and professional fees
Bad debts written off
Bank charges
Depreciation		 Unrestricted
£
64,848
33,400
8,989
9,777
22,486
251,339
8,416
3,774
4,335
1,751
7,057
10,509
9,828
5,091
-
5,250
4,915
5,413
26,454
232
70
476
484,410
1,504
3,446
719
710
1,460
4,683
8,970
174
5,020
720
-
392
1,674
732
20,133
50,337
534,747		 Total
2023
£
64,848
33,400
8,989
9,777
22,486
251,339
8,416
3,774
4,335
1,751
7,057
10,509
9,828
5,091
-
5,250
4,915
5,413
26,454
232
70
476
484,410
1,504
3,446
719
710
1,460
4,683
8,970
174
5,020
720
-
392
1,674
732
20,133
50,337
534,747		 Total
2022
£
52,477
45,975
10,565
6,859
19,335
217,802
5,973
3,548
4,831
1,751
6,193
4,039
13,322
6,867
20,000
5,206
1,985
3,242
26,085
516
1,619
613
458,803
1,481
3,945
423
375
1,085
3,928
5,573
132
4,149
660
2,411
390
-
628
14,023
39,203
498,006

ROYAL ARMOURED CORPS SADDLE CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

6 Net incoming/outgoing resources

Net income/(expenditure) is stated after charging:

Depreciation of fixed assets

2022 2021
£ £
20,133 10,151

7 Trustees remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

8 Staff costs

The aggregate payroll costs were as follows:

Wages and salaries
Social security
Other pension costs		 2023
£
251,339
8,416
3,774
263,529		 2022
£
217,802
5,973
3,548
227,323

The monthly average number of persons employed by the charity during the year was as follows:

2023 2022
No No
Charitable activities 17 16

The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the charity to the scheme and amounted to £3,774 (2022: £3,548).

There was £142 (2022:£142) outstanding contributions at 28 February 2023.

No employee received emoluments of more than £60,000 during the year

ROYAL ARMOURED CORPS SADDLE CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

9 Tangible fixed assets

Cost
At 1 March 2022
Additions
At 28 February
2023
Depreciation
At 1 March 2022
Charge for the
year
At 28 February
2023
Net book value
At 28 February
2023
At 28 February
2022		 Land and
buildings
£
43,305
-
43,305
12,070
1,732
13,802
29,503
31,235		 Plant and
machinery
£
137,447
31,612
169,059
51,887
17,006
68,893
100,166
85,560		 Computer
equipment
£
1,077
-
1,077
269
270
539
538
808		 Horse
£
-
4,500		 Total
£
181,829
36,112
217,941
64,226
20,133
84,359
133,582
117,603
4,500
-
1,125
1,125
3,375
-

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

Plant and machinery
10 Debtors
Trade debtors
Prepayments
11 Cash and cash equivalents
Cash at bank		 2023
£
14,696
2023
£
13,632
3,013
16,645
2023
£
86,460		 2022
£
16,795
2022
£
14,505
3,243
17,748
2022
£
130,515

ROYAL ARMOURED CORPS SADDLE CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

12 Creditors: amounts falling due within one year

12 Creditors: amounts falling due within one year
Trade creditors
Hire purchase and finance leases
Other taxation and social security
Other creditors
Pension scheme creditor
Accruals
Deferred income		 2023
£
9,887
2,838
1,224
-
142
9,722
2,550
26,363		 2022
£
11,527
2,694
1,785
1,651
142
8,543
-
26,342

Other borrowings

Hire purchase with a carrying amount of £7,918 (2022 - £10,612) is denominated in Sterling with a nominal interest rate of 5.02 (2022 - 5.02). The final instalment is due on 1 October 2025.

The hire purchase asset is itself security for the hire purchase agreement.

13 Creditors: amounts falling due after one year

Hire purchase and finance leases 2023
£
5,079		 2022
£
7,918

14 Related party transactions

There were no related party transactions in the year.

ROYAL ARMOURED CORPS SADDLE CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

15 Funds

Unrestricted funds
General
General Funds
Restricted funds
Shower blocks
Cabins
Total funds
Unrestricted funds
General
General Funds
Designated
Designated Funds A
Total unrestricted funds
Restricted funds
Improvement Fund
Shower blocks
Show Jumps
Cabins
Total funds		 Balance at
1 March
2022
£
226,072
2,416
3,118
5,534
231,606
Balance at
1 March
2021
£
115,853
20,000
135,853
7,036
-
-
-
7,036
142,889		 Incoming
resources
£
506,953
1,433
-
1,433
508,386
Incoming
resources
£
543,766
-
543,766
-
27,235
6,185
9,537
42,957
586,723		 Resources
expended
£
(534,747)
-
-
-
(534,747)
Resources
expended
£
(478,006)
(20,000)
(498,006)
-
-
-
-
-
(498,006)		 Transfers
£
6,967
(3,849)
(3,118)
(6,967)
-
Transfers
£
44,459
-
44,459
(7,036)
(24,819)
(6,185)
(6,419)
(44,459)
-		 Balance at
28
February
2023
£
205,245
-
-
-
205,245
Balance at
28
February
2022
£
226,072
-
226,072
-
2,416
-
3,118
5,534
231,606

ROYAL ARMOURED CORPS SADDLE CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

16 Analysis of net assets between funds

16 Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
General
£
117,603
142,729
(26,342)
(7,918)
226,072		 Unrestricted
funds
General
£
133,582
103,105
(26,363)
(5,079)
205,245
Restricted
funds
£
-
5,534
-
-
5,534		 Total funds
at 28
February
2023
£
133,582
103,105
(26,363)
(5,079)
205,245
Total funds
at 28
February
2021
£
117,603
148,263
(26,342)
(7,918)
231,606

Restricted funds are funds which have been specifically allocated for a specific purpose, the restricted funds relate to maintenance and capital expenditure.

£2,416 was brought forward and £1,433 received and allocated towards this year's capital purchase of new showers and disabled toilets of £14,354 leaving no monies unspent. The capital asset is for use in the charity's general charitable activities and has therefore been transferred to unrestricted funds.

£3,118 was brought forward in relation to the cabin project, and monies were spent in the year on steps to the cabin, carpets and various small items leaving a balance of £Nil carried forward.