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2024-02-29-accounts

Charity registration number: 1163302

ROYAL ARMOURED CORPS SADDLE CLUB

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

Chartered Accountants

ROYAL ARMOURED CORPS SADDLE CLUB

CONTENTS

Reference and Administrative Details 1
Trustees' Report 2 to 6
Statement of Trustees' Responsibilities 5
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Cash Flow Statement 10
Notes to the Financial Statements 11 to 20

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 Mark Philips, (Secretary) Lt Col Terry Warburton, (Chair) Mr Terence Timms Principal Office Allenby Barracks Bovington Wareham Dorset BH20 6JA Independent Examiner Edwards and Keeping Limited 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 29 February 2024.

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 29 February 2024, were:

Lt Col Terry Warburton (Chair) Lt Col (Retd) Richard James (Deputy Chair) Mr Jonathan Mark Philips (Secretary) Ms Emma Theunissen MA FCA (Treasurer) Lt Col Anthony Edward Sharman Mr Terence Timms (Appointed 26 January 2024)

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.

Achievements and performance

Perhaps the highlight of the year for the Charity was that our Yard Manager, Stephanie Buchanan, was awarded a British Empire Medal for her 32 years of support to young people in the Dorset Community. This is a fantastic achievement for Steph, and an honour which is thoroughly deserved. As Trustees we are enormously proud of all that Steph has done, and continues to do, in supporting the wellbeing of both people and horses through her work at the Charity.

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 our charitable objectives.

ROYAL ARMOURED CORPS SADDLE CLUB

TRUSTEES' REPORT (CONTINUED)

Progress against our Military objectives:

During the year the Charity continued to provide regular support to soldiers from the garrison and beyond. Notable achievements in the period include:

• 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 course this year was well supported, with Col. Paddy Williams, Colonel Royal Armoured Corps, and previous Commanding Officer of the Household Cavalry Mounted Regiment (“HCMR”) taking the assessment and presenting the young officers with their spurs. Many of the troop leaders continue to take advantage of our discounted training rates to continue their equine education.

• Working with the HCMR we have assisted Phase 2 recruits to complete their basic training in horse care, prior to moving on with their equine education in Knightsbridge.

• We organised and successfully hosted three military training courses, including the Army Air Corps and Royal Navy Grassroots courses. These events broaden our support aross the military community, which increases the understanding within the military of the support that we can provide.

• We have seen a significant increase in families from the Royal Marines who have taken advantage of our saddle club ponies for children’s activities, including leasing ponies, pony club tuition and camps.

Supporting the community:

Beyond the military, the club provided facilities to support the provision of equine therapy to teenagers from three schools in the Area, as well as to individual private participants. This is an area of growth, and one for which there is increasing demand given the wide recognition of the therapeutic benefits of horses to those with mental health needs. We served 30% more young people than in the previous year. This activity is well aligned with the strength of our teams given the support provided in these areas to military participants, as well as our charitable objectives.

In June we were invited by our governing body, the British Horse Society (“the BHS”), to host an initiative called “Lead Up”. The course, originally developed in Guatemala for prisoners, focuses on the use of the horse to encourage reflection through understanding how human actions impact horses. The Charity provided 20 horses for 20 participants from the changing lives programme, whose ages range from 11-17 years. This was supported by a team of our staff and volunteers and was observed by BHS ambassador actor Martin Clunes.

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.

Income generating activities:

The Club hosted a full programme of British Eventing and unaffiliated one day events, 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 2023 season, led to a small decrease in events revenue in the period (including the unfortunate cancellation of the British Eventing competition in April and a day less of competition in October). The impact of a number of years in which our events have been disrupted has led us to work with the sport’s governing body to look at where our events sit in the calendar, as well as to ensure that we maximise our revenues from camps and competitions in the summer months.

ROYAL ARMOURED CORPS SADDLE CLUB

TRUSTEES' REPORT (CONTINUED)

Financial review

The year saw a return to the generation of surplus in the period of £39,706, which reversed the prior year deficit of £26k.

Our Income from charitable activities increased pleasingly across all categories except for events revenue (which was badly impacted by the weather conditions). We were successful in diversifying our sources of income for grants and donations to support required infrastructure improvements (£30k in the current period vs 11k last year).

While we continue to monitor expenses carefully, we experienced a further increase in our most significant cost category, staff costs, with other costs also rising in accordance with inflation present more generally in the economy. Overall, our cost base therefore rose from £535k in the prior year £546k in the current period.

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 most of the income is generated in the summer).

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 continued changes 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 pricing and our cost base carefully.

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.

ROYAL ARMOURED CORPS SADDLE CLUB

TRUSTEES' REPORT (CONTINUED)

Structure, governance and management

The charity is an unincorporated club 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.

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.

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.

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:

ROYAL ARMOURED CORPS SADDLE CLUB

TRUSTEES' REPORT (CONTINUED)

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 Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Approved by the trustees of the charity on 5 December 2024 and signed on its behalf by:

Lt Col Terry Warburton Chairman and 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 29 February 2024.

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

5 December 2024

ROYAL ARMOURED CORPS SADDLE CLUB

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 FEBRUARY 2024

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 movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
15		 Unrestricted
£
30,243
550,819
6,323
587,385
(547,679)
(547,679)
39,706
205,245
244,951		 Total
2024
£
30,243
550,819
6,323
587,385
(547,679)
(547,679)
39,706
205,245
244,951		 Total
2023
£
10,884
495,836
1,666
508,386
(534,747)
(534,747)
(26,361)
231,606
205,245

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 15.

ROYAL ARMOURED CORPS SADDLE CLUB

(REGISTRATION NUMBER: 1163302) BALANCE SHEET AS AT 29 FEBRUARY 2024

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:
Unrestricted income funds
Unrestricted
Total funds
15		 2024
£
120,830
15,079
138,842
153,921
(27,710)
126,211
247,041
(2,090)
244,951
244,951
244,951		 2023
£
133,582
16,645
86,460
103,105
(26,363)
76,742
210,324
(5,079)
205,245
205,245
205,245

The financial statements on pages 8 to 20 were approved by the trustees, and authorised for issue on 5 December 2024 and signed on their behalf by:

Lt Col Terry Warburton Chairman and Trustee

ROYAL ARMOURED CORPS SADDLE CLUB

CASH FLOW STATEMENT FOR THE YEAR ENDED 29 FEBRUARY 2024

Note
Cash flows from operating activities
Net cash income/(expenditure)
Adjustments to cash flows from non-cash items
Depreciation
Investment income
4
Working capital adjustments
Decrease in debtors
10
Increase/(decrease) in creditors
12
(Decrease)/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 increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 March
Cash and cash equivalents at 29 February		 2024
£
39,706
21,892
(6,323)
55,275
1,566
3,545
(2,350)
58,036
6,323
(9,140)
(2,817)
(2,837)
52,382
86,460
138,842		 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

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 29 FEBRUARY 2024

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 29 FEBRUARY 2024 (CONTINUED)

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 2024.

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
Computer Equipment Straight line over a period of 4 years
Land and buildings Straight line over a period of 25 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 29 FEBRUARY 2024 (CONTINUED)

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

2
Income from donations and legacies
Donations and legacies;
Donations from individuals
Government grants
Grants from other charities		 Unrestricted
General
£
1,000
8,491
20,752
30,243		 Total
2024
£
1,000
8,491
20,752
30,243		 Total
2023
£
3,000
7,604
280
10,884

ROYAL ARMOURED CORPS SADDLE CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 (CONTINUED)

3 Income from charitable activities

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
Other income
4
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits		 Unrestricted
funds
General
£
3,250
28,641
50,692
74,770
52,504
49,532
4,363
286,261
806
550,819
Unrestricted
funds
General
£
6,323		 Total
2024
£
3,250
28,641
50,692
74,770
52,504
49,532
4,363
286,261
806
550,819
Total
2024
£
6,323		 Total
2023
£
750
20,265
41,740
54,461
51,209
53,228
2,045
271,783
355
495,836
Total
2023
£
1,666

ROYAL ARMOURED CORPS SADDLE CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 (CONTINUED)

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
Equipment repairs and renewals
Subscriptions
Fuel for vehicles and equipment
Event costs
Refreshments
Adult Christmas Party
Hire purchase interest
Support costs
Bad debts written off
Light, heat and power
Insurance
Telephone
Computer costs
Printing, postage and stationery
Sundry expenses
Motor expenses
Advertising
Accountancy fees
Independent examiner's fee
Legal and professional fees
Bad debts written off
Bank charges
Depreciation		 Unrestricted
£
52,925
31,113
14,350
13,930
22,574
259,858
10,030
4,412
4,343
1,751
19,634
3,885
12,918
8,016
5,704
4,502
3,187
25,082
149
112
332
498,807
1,099
1,180
5,431
946
160
1,802
5,190
5,287
-
3,330
790
390
504
871
21,892
48,872
547,679		 Total
2024
£
52,925
31,113
14,350
13,930
22,574
259,858
10,030
4,412
4,343
1,751
19,634
3,885
12,918
8,016
5,704
4,502
3,187
25,082
149
112
332
498,807
1,099
1,180
5,431
946
160
1,802
5,190
5,287
-
3,330
790
390
504
871
21,892
48,872
547,679		 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

ROYAL ARMOURED CORPS SADDLE CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 (CONTINUED)

6 Net incoming/outgoing resources

Net income/(expenditure) is stated after charging:

Depreciation of fixed assets

2024 2023
£ £
21,892 20,133

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		 2024
£
259,858
10,030
4,412
274,300		 2023
£
251,339
8,416
3,774
263,529

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

Charitable activities 2024
No
19		 2023
No
17

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 £4,412 (2023: £3,774).

There was £Nil (2023:£142) outstanding contributions at 28 February 2024.

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 29 FEBRUARY 2024 (CONTINUED)

9 Tangible fixed assets

Cost
At 1 March 2023
Additions
At 29 February
2024
Depreciation
At 1 March 2023
Charge for the
year
At 29 February
2024
Net book value
At 29 February
2024
At 28 February
2023		 Land and
buildings
£
43,305
-
43,305
13,802
1,732
15,534
27,771
29,503		 Plant and
machinery
£
169,059
2,831
171,890
68,893
17,189
86,082
85,808
100,166		 Computer
equipment
£
1,077
309
1,386
539
346
885
501
538		 Horse
£
4,500
6,000		 Total
£
217,941
9,140
227,081
84,359
21,892
106,251
120,830
133,582
10,500
1,125
2,625
3,750
6,750
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		 2024
£
12,596
2024
£
7,614
7,465
15,079
2024
£
138,842		 2023
£
14,696
2023
£
13,632
3,013
16,645
2023
£
86,460

ROYAL ARMOURED CORPS SADDLE CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 (CONTINUED)

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
Pension scheme creditor
Accruals
Deferred income		 2024
£
8,242
2,990
1,888
-
14,390
200
27,710		 2023
£
9,887
2,838
1,224
142
9,722
2,550
26,363

Other borrowings

Hire purchase with a carrying amount of £5,080 (2023 - £7,918) is denominated in Sterling with a nominal interest rate of (2023 - 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 2024
£
2,090		 2023
£
5,079

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 29 FEBRUARY 2024 (CONTINUED)

15 Funds
Unrestricted funds
General
General Funds
Unrestricted funds
General
General Funds
Restricted funds
Shower blocks
Cabins
Total funds		 Balance at 1
March 2023
£
Incoming
resources
£
Resources
expended
£
Balance at 29
February
2024
£
205,245
587,385
(547,679)
244,951
Balance at
1 March
2022
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Balance at
28
February
2023
£
226,072
506,953
(534,747)
6,967
205,245
2,416
1,433
-
(3,849)
-
3,118
-
-
(3,118)
-
5,534
1,433
-
(6,967)
-
231,606
508,386
(534,747)
-
205,245		 Balance at 29
February
2024
£
244,951		 Balance at 29
February
2024
£
244,951
Balance at
28
February
2023
£
205,245
-
-
-
205,245

ROYAL ARMOURED CORPS SADDLE CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 (CONTINUED)

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
£
120,830
153,921
(27,710)
(2,090)
244,951
Unrestricted
funds
General
£
133,582
103,105
(26,363)
(5,079)
205,245		 Total funds
at 29
February
2024
£
120,830
153,921
(27,710)
(2,090)
244,951
Total funds
at 28
February
2023
£
133,582
103,105
(26,363)
(5,079)
205,245