pye￿￿* known asTedTAWrth Equestrfan Annual Report and Consolidated stsiements For the perlod l January 2023to 31 Marth 2024 Ch•rity wmber. 11849n Company rnmber. 11843nz (Eryland and Walesl The *rned Ewh)e Charrty For tht Per#MI Ended 31 M•r2024 Our Equine Assisted Services IEASI primarify offer therapeutic benefits. focusing on 5pecrfic health and educational outcome5 fa¢ilrtated by professionals. Ow Equine Sport and Recreation IESRI. on the other hand, focuses ( physical activity and enjoyment. with secondary I￿rapeUt￿ benefits. Both approaches support and mental health through dlfferent methods aThJ go*s. 80th improve Ir¥e5 in some cases in 2024, have been shown to save lives. Improved Cardiovascular Heath. We sou8ht volunteers from those currently ser¥in8, military veterans. and the local community. who would be happyfor us to monitorany demonstrable improvements in their 5tsmina and endurance during physical activities. Fifty-four i1￿1vIdualS who regularly participated in equine sport and re¢￿atIon sessi(￿$ at our centres throughout 2024 were measwed and assessed. 7￿￿ rep(￿ted an improved akmllty to conduct rigorous activities for I(￿ger peri(xJs with less fatigue and attributed thls to their re8uLir participation in ESR a¢tp4rties. Many recorded a wei8ht105s of yeater than 7 Ibs. All had their V02 Max measured using both the tradit•onal bleep test and the 12-minute Cooper r￿. Better Postt¥e and 8oknre. Our centres supp)rt serving pers￿n￿ are on Recovery Duty IPRDI on a weekly basis. We no lon8er use the term Wounded. Injured, and SKk {WISI asthw in ￿¢0Very do not like the association of WIS with themselves, as it implies a pemianent stste. Am¢J¥ those PRDS who re8LAarly attended for a period of ten weeks or more, we recorded si8nificant improvements in their posture and balance. Individuals wlth lower b ESR ￿1p$ those with musdes. especially those with spastt¢ity 131. to 5tTetth ond relax. We tracked and re￿rded a veteran th spasticity challenges who reported reduced musde 118htness and increased comfort In daity rrrf)NEry*nts for 2448 hours aftereach of his ESR sessions. As a res￿1. he now attends weekty Sessi￿5. Intreased Range ol Mokn In Key Jolnts. Elderty ind￿1￿UalS supwrted through our Get Out and Get Active (G￿8] pro8famme have experienced greater fiexibility and range of motion in their joints. Several regular attendees Iweekty se55ionsI attributed their ESR SeS￿on$ to enabling them to reach and bend more easilv. hlgNighting how this positivety impacted both how￿ life and. in theirworkplace. and or on volunteerin8 iasks. Improved Resplratlon and CIKdatlon. All sp(ffts enhance respir4t(wy fvncticm and blLX)d ur¢ulation,' however. the advanta8e of human and equine intèrackn is that the indivKlual effort required Can be re8ulatedlshared with the horse. We have supported %veral irbdividuals diagnosed with respiratory issues, indudin8 Long COVIO. As result of the ability to dial up and dcwn energy requirements durng ESR actNlties, many felt that their bodies h•J adapted, and after ten regular Sessions. they reported better tweathing and less shortness of breath dur1￿ physical exertion. Stlmulated Sthuory Inte8fatlon. The mulfi-senscry experience of ESR ¢an help improve sensory pr￿esSing. A schod that supports m•nyywng peop￿ with 5en5ory pr￿ess1r￿d1ffiCY1ties attend5 one of our cent￿5 weekly Mi . They reN)rted ihat the youn8 people we support were finding it eas￿ to harnlle sensory input and many had proB￿SSed sufli¢ientty to do so in cr¢)wded Of noisy envronments. forthe Perlod I 2023to 31 Marth 2024 Enhan¢ed Vlsuakspatial Perceptlon. Pi¢twine and na¥vaating ihrough a showjumping cow5e or a dressage routine reqLMres excellent spatial awareress. A ser¥in8 youre so1￿￿er who regularly participated in our unaffiliated showjumping ceirvx. From our hubs. we organise nonoquine events and trips, such as the Tedworth Park Runs ar0￿d our Heritage Tra￿. fo11tr4ved by brews. banter. and bacon buttles. They also provlde a safe and wami spaces for membersof the I￿1 comrrwnities. Adapdve Sport& Wè havè ensured that there arè nctr barriers to partiupatiw We provide winches to help individuals mount our htyses. and we ha￿ tra¥*d our horses not to fear the winth and to remain Steady whlle individua15 are lowered onto their bKk& We are the onty UK pr¢y•der of para polo. and all our centres either Tun Riding for the Disabled activities or support individuals where adaptations a￿ reqUI￿d to participate. In 2024, we made si8nificant strides by purchasin8 additional large and powerful horses to support those whose welght would prec&Jde arti¥ity on a standard-sized horse. This has been partialarly helplul for servlng, larger Polynesians who have discovered the benefits of ESR. quallty. One of the siBnificant a(1¥￿t48e$ we h)¥e is that equine ¢crfnpElitions are non*ernler specific. makin8 them highly ir￿￿$￿e. Everyone compete5 on an equal footin& and the 5pertade and experience for those supportin8 events are the same. Our competition schedule includes Inonthly affiliated showjumpin8 competitions fty advanced riders and very best irh the United Kingdom. inC￿ding Olympiar￿. We also faalitate monthly unaffiliated showiumping and dressage wograms where nv4Komers tothe sport, at the grassroots kvel. can particpate and compete at various kyels that fit their atilities. Additionally. we run a year•round p￿0 series of events and activit*s. offsetting the costs so that financial positi(•) or st￿n8th (bes not preclude anyone in the Armed Forces CommubNty participating. Research Into EAS and PTSD. A systen)atic review and meta.anafy%s by the University of Birmingham found that EAS signifi￿11¥ reduces PTSD severity scores, a mean reducthin of 22.6%. A￿ther study high&8hted by PTSD UK showed significant improvements in PTSD symptoms after just three weeks. with dinically signiflcant imwovements after six weeks. Beycthd redwing PTSO ymiptoms. EAS offers these athlttlonal benefits.. •Petr Supp(xt: OLW residential EAS courses for ser¥in8 fi*M￿r5 and ¥èterans Ir)¢1￿Je one-on￿ne and group sessions that reklndle tnist WMI camaraderie. We have been told by over one hjndred individuals that our support to theirtherat)y. ￿¢0Very, rehabiltation work5 best because of this trust and comradeship. These re*dential c￿r$e$ f(wm partof an integrated Idinical and non-dinicall and ¢omprehensi¥ejoumey {from pcint of crisisto point of recijveryl. Unlike SOTh￿, we do not offer fire-and- forget interyentlN15. sUp￿rting that purney, ak)n8side oursebves and the tharitieslorganisation5 we partner with. are fellow individuats who have bonded throughout the p)urney. Our residential courses all in¥olve shared living ar¥J are sell￿terin& which helps create the supportive bonds we need •Sodal Rfrlnte8¥allon". Many of those we support have completely isobted themselves ffom society. They are often hoLtsebound and fearful of explorlryd their community due to leeling harshly judged. We Invest tlmÈ in preparlng these Indi?￿dualS io attend our Coufses. Once they ￿cOgnise that a horse És entirèly non-judgmental and t￿rap&￿tle, reactin8 only to what tt sèès, hears. feels, and senses in the person it connects with, some of their barrws begin to fall away. They first leam to trust the horse, then their fellow indivi￿al5 Underw￿ EAS. and finally the or8anisations that delr¥er EAS and the prescribed other organisations that help address issues raised. This Process helps break the cycle of social isolation. reconnecting many in¢li¥iduas with a ccrfnmunity tlw trust and feel ac￿pted bv. Rem of the TfUStee5 fw the Perood l January 2023 to 31 Marth 2024 •5elf Esteem and Accomplshment: Our Equine Assisted Services {EASI piovision is not 501ely about horse riding: in fart. for most ol the rectY4ery iovmey. the ￿fjrk is non-ridden. We cover basic hors handling skills, and for most of the time. the horses are untethered. We assisi irNlividuals in de- stressin& rernoving negatove energy, and becoming less of a perceived threat to the horses. The horses, in turn, sense this char*e. and ￿￿thin a fÈw days. we witness what we (all the 'turnaround pO￿t." This Is a powerful moment where the hwe. of its own accord. apprOac￿S the indwidual with its head lowered, sEnifwng acceptance and trust. This mutual recognition arnl a¢￿pIan￿ are often highlighted by parti¢ipants as one of the most empowering and self-affirming moments in their joumey. marking 8nifKant progre55 in their personal development and emotional healing. Hollstk ￿proaCh. We take • holistleapproach to health aNI well.b￿￿ Involvi￿ a range of 5UPWrtinB partners. Through their interventions alowidÈours. indivKluals rebuikl iheir self-esteem gain a true 5en5e of progress and accomplishment. We partner with many or8￿1$ationS b35ed on the following envirC￿ments1 contexts: •CHnkal Envlronment. We collaborate with MIND, C(vnbat5t￿SS. PTSD Resdution. and other mental health charitses. and engage regularly with the NHS Op ftesto￿ arKI Op Courage Teams. •Green Environment. Creating being bn green ¥Rce5 offers srgnificant beneffts. We encourage those in recovery and rehab51itatlon to get active. incfvJding volvnteerin8 for Conservation projett5. We have had great success With referrals to HiÉhGround and the Defence Gardening Scheme. •Blue En¥ironmert. Harnessir* the POVA*r ol water Can 8reatly improve heaEth and well-bein8. We encourage actNities in and on the water. both seas arKI rivers. We have Stro￿ relationships with Flshirva for Forces. Tum to Starboard Isailingl. and Surf Artion. •Conslry¢tlon En%lronmenL In construction environments. we wJv*Je sw)port and opportunities for individuals to en84e in meaningfvl w(*k that promotes physcal artivity. skill development. and a sense of accomplishment. This integrated method ensures comwehensive support for individuals, addressing both their physical and mental health needs ihrough hands-on construction Projects and related actNities. •Sportln8 En¥lronment. We fully fecognise the power of sport to enhance both physlcal and mental fitne55. We encoway eVery￿e to-Get out aTrJ Get ActNe" IGoGa}. We are fortunaie to collaborate with variou5 SkK)rtin8 and event provklers as part of the Veterans People. Places, Partnerships initiative funded under the INctus Games Foundation Portlolio. Through thi5 collaboration, we have made many valuableconnections and recep4ed ÈxtèllÈnt feedback from participants. •Anknal En¥lronment. Human-animal interactiffis offer profound benefits. enhancing both physical and mental wel-beibvd. This is core to our tharity's mission. It is not just horses.. we also 5Sgnpost to others, suth as thosè who use do8S to help comecl and improve well-bein8. •Arts and Cukure. The p051tive impact of art. music. drama. and other cultural arti￿lIeS on well- being is Increasi￿ty acknovled8ed. We 8uide and support kndividuals in variou5 activities, from drawing and art to drama grc￿ps. Notabty. BraND 22 Company and Recovery Through Art have achieved significant success. •Charlty EnvlronmenL We understand C(￿(￿sing and c¢ynFAex the Armed Forces Charity Sector can seem to those sèÈWn8 support. It can bediffKult to see the wood for the tree51 We help indivith•1s untangle s¢)mÈ of that comp￿xIty. Rep￿1 of the TfUStees ftythe Pwlod I 2023 to JI Marth 2024 2025 PLAt45 The following highlights sryne of the pro8rammes and projects for 2025 •The Ragtlme E￿￿e Sport and Reueation Proy•nme. We will continue to ensure that equestrian attivities remain affordable. accessible. and a¥ailable to ALL in the AnY*d Forces Community. Our poliry ensures that all equine actmties we deliver are priced at ￿3st 25% below the Icol market rate. Additionally. we provide extra financial SUp￿rt on a means-tested basis when needed. We will faolitate a fvll ran8e of equestrian competitlons and events, Includlngthe Army versus Nawi Pclo maith over the secoNI weekend In July 2025. •The Warrlw Equlne Asslsted Srtes Progrnmme. We continue developing and growing EAS at all our sites. We remaln tommltted to ￿￿klY sessions for the Wounded, Inju￿, and Sick from tjoth the Personnel Rècovery CÈntres Northèast and wa￿S/S0y1hWe$l. We will also ttsntinue SUPFOrtln8 be￿eeN 50-100 highly vulnerable Veterans per annum through our Veterans Actr4e Recovery initiatrves. workir% alon85ide the NHS Op Courage and Op Restore. •Op Cofflnwnity. OUT SUPPOrt for the Neurcdr¥ewse and the Elderty through the Get Out Get Active IGoGal ogramme on a routine basis will continue. •OP N￿a. In 2024, we ran a pifot course at HMP Guys Marrth Sukwtire the health and well-being of veterans in the Criminal Justice System. This invd¥es wortingwith Forces Employment Chwity a￿1 Care After Combat, who lead the NHS supp)rt for veterans in the Criminal Justic* System under Oper*ion Nova. Thrl¥lni To8ethEr Prn8ramme. Workin8 Wlthin the TrNin¥ Together p)rtfolTro we wlll deyelq) further our Active Reccwery acli¥it*s to veterans. •NHS 5odal PreKrlbknÉ. We will ¢￿tinue Supming NHS Social p￿￿ribing initiative, aimingto secure statutory funding for a service ddivery ¢ontracL as the NHS intendsto outsowce up to 38% of their Mental Health case5 to charities like ours over the next ten yÈ¥s. •The P￿4$uS Equine Assisted ie¥rnw¥ Proyam. Thi5 pr￿rarnme support5 yOUh8 people throu8h Equine Assisted Learni￿ IEALI. particularty those tho are Neuro Dtverse. have been exclL*Jed. or have disen8a8ed from school. This is espedally supportiveof service families. We wll continue supporting ServKe Schools with SEND Childrw through weekly sessions. We extended our RidiThg for Disabled support to indude Shrivenham in 2024 and will open thls capabllity in T1(￿￿ in 2025 for RDA acllvities. We are also lookirvd at Street Based Youth Work. reachlng out to tFx)se who do ￿t atteThJ schoc4. are often In sodal care. and are at hlgh risk of Involvement In County Unes activity or Childnouth eNploitation. •8ulldlry Inteirated comm￿[tI•L Our centres will be $I￿ported as ¢ommunity hubs. embra¢n8 military and l¢xal civilian inte8ration. fo5terin8 a Sense of "one communit¢ that Supports a better-11￿￿ experience for all. We will continue focusing on iacklingthe Challenges of loneline55 and Social isolation through our Get Out and Get Active initiative IGoGal. Our huwcafes and Herita8e Trails will remain havens for Social interartion, continuing to organise wider welfafe Inon-equinel activities. •Enablln8 and A￿11￿ our Equlne firm 8ase IEFBI. Due to underinvestment by MOO in their equine estate, we are making consideiable efforts to ensure our equestrian centres are sale. well-maintained. and developed or have nèw capabifities intrL¥luced when OFPCVt￿It1es arise. We ￿re lor just over 200 horses across all our sites. with eath horse costing approximatety £EiIC(I per annum for feedin& veterinary care. farrier seThices. and stablin& We now IKa¥e 54 staff work1￿ across our six sites. In 2025. a￿ l¢)oking at brlThki￿th¢ HAC L*ht Cavalry In Wind50r io for the Perlod ljanuary 2023 to 31 Mar¢h 2024 srRUCTURE ANO GOVERNANCE 6overnln8 Oo¢yments. The Armed Forces Equine Charity is a charitable ccthpany limited by guarantee and wa5 Sel up on 25 Feb 2019. The governing documents are the Artides of Association were agreed on establishment ol the charity In August 2019. It has two trading subsidiarie5 that ¥e wthdly owned by the tharity. These are Tedworth Ewestrian Tradin Lirnited arKI Tedworth Park PCAO Limited. Each of these ha5 their own Art￿e$ of Association, Directors. and Mana8en*nt Boards. Trustse 8oard. All trustet appointments are appro¥ed formally by the Boafd of Trustees. Applications for trusteeship are encoura8ed from am 5ects.ons of soaety. The board of Trustees rnet Six times in 20234 and the board delegates certain functions to the following committees.. Finance and Audit; R15K Strate8y and Nomination and Renumeration. The Charity Is SILVER level signatory to the Arnied Force5 Covenant. Veterans Mental Health Awarn￿$S Standard IVMHAS). The Charity has the COBSEO assured VMHAS. Prlde In Veterans Standard {PiVSI- The Charity has the PIVS assLwed by Fighting with Pride Charity Th• Confederatiun of Servlre Ctwltles- COBSEO. The Charity is a member of the Confe(kration of Armed FLYces Charities. Armed Forces Mentsl Health ch￿ter.contart Grn4P. The Charity Is an associate member of ihe COBSEO Mental Health Cluster known as the Contact Group. Fundralskng Rellster. The Charity is re8iStered with the FurxlraIy￿ Register. The P4•tknnal Coundl for Vol￿tary0rZ3n1Sat1on$. The charity is a member of NCVO that prtwides trainin& e¥ents. ¢onsultary. help and guidan￿. policy, and researth to its third se¢tor membership in UK and alyoad. li forthe Period ljanuary 2023to 31 Marth 2024 STRUCTVRE AND GOVER14ANCE con1lrm￿d Brlt15h Horse Sodety. JI our centres are members of BHS vlhose misst¢)n Isto". . Promote and advan¢e the eduotion, trainiw aTrJ safety of the public in all matters relatiThx to the hor5e.' . Promote the use, 1xeed1￿ Well-bei￿ safety. environment. health and management of the horse for the public benefit- . Promote community participation in healthy recreation In¥C￿ng the horse; . Promote and facilitate the ￿￿entIOn of cruelty. negle￿ or harm to horses . Promote the relief. safety. sanduary. rescué and weware of horses in nèed of care. attention and assista￿¢. wPromote and secure the provision. protertiw and preservation of r¥ht5 of way and of Kcess for rldden and driven hlyses over pubk n)ads. hi8hway5. footpaths. lJfKlleways, carriageways, public paths nd other l•d. A55ociatlon of Brilith Rldlni Sthools IARBSI. The charity and its centres have cofporate ff*mbership of the ABRS. Federation of HLvses kn Eduallon and TheraMI Internalknal IHEni. The charity is a member of ihe Federaiion of Horses In EdLKath)n and Therapy International whose mission is to facilitate the worfdwide collaboration between orEanisations and individuals whose objectives are philanthropic. scientific, and edLtstitinal in the field of Èquinè as￿sted artpiitid and therapies. Asw¢late Membewship of the Equine A55iSted SeThI￿$ Partnership IEASP). This aim5 to ensure service providers and training organisations adhereTr￿ to minimum staThJards In the equlne assisted seThites sector for the benefit of servKe users. It supports the athtance Sn edu&itlon of the publlc regarding the benef￿ of equine assisted servKes to thysKal a￿1 mental heath and rt malntalns an ￿￿sSIble register of 0[8￿1$atIonS who have meei the standards required. It also.. PronN)tes colLiboration and leamin8 in the furtherance of deveh)ping best pra¢ti¢e and evldence. based researth. lor • Provides the names. ¢ontaet details and ]￿t￿)n$ of indi¥iduals and or8anisations who provide equlne asslsted ty fati￿18ted therapies includin8 physical ther¥*ie5- P5ychotherapy,' education,. learnin& ttsathing and arti¥itiÈS WIKJ have demonstrated that they have tioth human equine welfare at the heart of what tlw do. •Provide trust and confidence in the sector in (￿der to: oProtect and promote pr￿lders. oProtect the participants of the service. oprotect equines. Hur11￿ham Pdo Assodatlon {H￿A Our Tedworth Park Polo Club ts a mernber of the Hurli1￿•M Pob AsSotsati￿. Thts is the 8ovemin8 body fcf polo in the UK, I￿land, and manyother ¢￿￿t￿$ thrOu8h0￿ the workl. As such, it 15 responsible for the ￿gulationS and njles under which the 8ame 15 played. TTrus irKludes the handicaprAr* of anyone playing in the U.K. or Ireland. and the fixtures list. The objett of the HPA is to further the interests of polo general￿ and support by all possible means the common interests of its affiliate(I clubs and assocrations. 12 Rep¢xt ofthe Tn￿tee5 fwthe Perlod l J•uary 2023 to 31 Marth 2024 local Authoiity Registratlon and Inspecti All our centres are reÉistered wtth thwr ￿al authorities who conduct annual in5pection5 of them io certify that they are safe, secure facilities. Key Si￿d8￿d% that must bè met for certification are Horse Welfare; Safe8uardin8'. Customer Care.. Faciif(ies and Facilities Management; Quality TeaChIn￿(9aChin& Grassland and estate management and legislative compliance. that F4ace people at the heart of whal they deliver and have a high starKlard of animal welfare. All our Centres are at the Gddl5' Standard. RISK MAP4AGEMENT Overall Rlsk Maha8en*nt Proce￿Ie% The Trustees have the overall respon5ibilrty for ensvrinB the charity has apw>priate systems of control Of8anisationally. They are responsible for: *Assyring thal the charity is operating thIent￿ and effectively. •En5urin8 the assets a￿ safeguarded against unauthorised use ordlsFQSitI￿. Making sure that proper records are maintained. •Assurin8 that the financial lnf0miatf￿ used within ihe charity or for pUbl￿a￿On is reliable. •Ensurin8 that the charity compl*s with rÈlèvani laws and re8uLations. The systèms of internal conirol are cothfied into charity polKy and procedure5 and are designed to provide reasonablÈ but not absolute asslTrra￿È against misstatement or loss. Some of the key internal control measures include.. •Oelivery of a StrJtewc Plan and an annual budget apwoved by Trustees before the St￿ of the financlal vear. •Regular Considerati￿ bythe Twstees of financial results. variance to budgets. non.financial perfon￿an￿ indicators and benchmarkir* reviews. •Deleg3tion of authority and segregation ol duties. •IdentificatiC￿ and management of risks. 13 the Perlod lJ•wry 2023 to JJ Marth 2024 RISK MAP4AGEM£NT contlnwd Key rlsks OBJECTIVE RISK HOW WE MANAGE THE RISK Re9￿ar Pwformance Revws against budget. wnisè est*. remain #gile arKI be prepared to (hversrfy by uts"lising irr•Jwble sparè cap• for irKome gan8rating a￿l￿ty. Ensure oper￿ng as a group generates the nanaal effic*nrxes it shouhl. The resbjual iiiwaca crf the Pandemic the ￿r[ertt cost Suffhxnt DonLY. FIwKler. Purchaser CuSt￿ler, aThJ Investment irKomé ¥trean$ to Sustain and gthv the ¢h•rty 80 that it w deliver its effèets to th• Arm8d Forces Comnyjruty. Ch￿l￿1ng for incA Tlys is fwther cx)mp￿ed by I￿ in¢rnasry demand for our services WKI therefore the need to grcv4 at M￿￿*ble pace. Ddivery of 5->** Business Devob)pmenl Plans (BDPsl Annual Busines$ Action (ABAP$) Plans that set out the (th'verse TaThJe ofopportunit*s and inth'ab'ves, bonthmart(ing #nd secLrring new cpporluniti"e$. Pto¥ide centr￿1$¢d I￿sinesS 8UPPOrt seThfiC8S man8d indNiduals wth apprcyrrate KSE for fvIan￿ & tax, facilities arhj ccffltract management. in¢t•ne rations, medla, insur￿￿$. IT support. le9al, estale m￿agement marketing, leadership ￿￿tOri￿g and siVPOrt. n annual sta training needs anatysis's ading lo a costed $talement of Irainlng requirement that 1$ used to H2A Staff OUW SLWS rn￿98 growth in coJrd*w ¥*ith Indivi￿al Staff ¢￿ty and staff rwmb8rs. Effectiv•. •fffia8nt. and conwiant ddivery of the Charty Trading subsidiaries Lad( of Wa￿f￿d and experienc8d staff wab18 rylh the capacity to rw smal medium ertwprises Hav1￿ the correct staff with the capaaty. o)mpetences, Mob"v4t￿. reqLl￿d prc•85SiLnal Kn(p•Aedge. Sklls. aThJ Expwler￿e {KSEI. Reviw# pay *KI rtrrtds annually. members to deli4w requrnn￿ts leathTh3 to board b(wntxrt I lack of volurlteer sutv(xt. ual 8c4rd Smi•y Gr¢￿n9 thè s¥z•. sklls sets and dibE￿ty ol the c*wity bowd. the b8nefi¢wy grouFB it 1$ 8et Lp to $uFp)rL Thè t￿d l¥ks fr*$h persFeclib*s frcrfn organisabonsfindivHlual$ ￿tside the nu1rt￿ charity seG*or. Company Sec ¢oThJucls traring needs analysi$ ￿th board mgn*ers and implements awjropriate b)ard training Memterships of organisation such as COBSEO, NCVO. BHS, HPA. HETI wrfh #cttss to membership are8$ vthere leaming shared orKI whère iifomution is eas¢ad*d a email to key th¥ity staff. Ait¢rtdar4x on ¢hanty ¢onferenw and meetwig$. wet#nars by charity $taff on a quarterty basis. H¢xizon scarniNJ by CEO and Cps Direthr be¢c4nes art of r￿ttin0 busines$. Mwrt3#1ing pace *ith Iw'slalion statuttyy complian(* requirements con¥thant or faiL8 to meat its 14 The ATrned Ewkne Chxlty Repwt ofthe Trustees f¢r the Perlod l January 21)23to 31 March 2024 RISK MANAGEMENT continued Key rlsks D*iied discussion between Charity. MOD, Charity Legal {Wl￿n￿l and Estate ISavill$} ams tr) Secwe appropri* lea$esllicences at the correct market vahje for the CO￿eCt pwods wryth appropriate liabililies and reSp￿SIbilbtieS aitributed. The th¥ity is cMstraW￿d from inveslment into infrastructure due En5LYe appropriats swity cl tenure- Le•se and Liwces. atikty to trade for thwity in¢¢the *Jpwi c*aritsble a¢b¥*y 1$ rtailed Chanty LèaSelL￿enCes Wcfking Group made up of key board members with rdevanl KSE, legal and esL* leamg. The w￿l11ty to gen￿ate WKI a￿1￿late t￿Oad rarwJe of(knor W¢bsito and swal media presence 1$ kept up ¢0 dale to wsh infomiati¢)n ts) charity activty to 4Jpropriate Sour￿$. Raising the profile and uThJer¥tandiTrJ of the dMrty Perceptions of the c*aTity rts PLxpose coukj have detrwnentsl impact cm dphvwy cl PtyKKtsO. Charity attÈndancg al high proffle equestrian evwts bolh internally (Rundle Cup and Te¢knrth Cups) ag well as others. Effective ccmmunication to staff and 8UPWt•rs via face lo face, and online ieffirwJs. thange. Eff•ctNe Change Marwment up cohesion. of • Op8ralM)ns Dreckn to faclrtate ¢hanp management and culture wthstrws ts staff at chanty and ¥ub3idiwy vel. is thsrus*ed. strategic *3nmenl (*ffivJlt to idenbfy and beo)mes fraduTed. IntrodLKb'cm d O￿lne 8eminars and cwrses. Ex￿oiti￿a te￿[￿logy to our athantsgè. We do r¥Jt reaise the I￿1 p(kn￿l￿ to SUPF*NI our The design and creats'on of a Virtual Equestrian Centre that outreaches to tho vtho mwjht not ttherwse be abla to to our facilib.es and xb"wties. Fknandal R15k Mana8emenL Prlce Risk. The Charity 15 exposed to price risk the to normal innati(w)ary increase5 in the purchase Fxice of the goods and se1￿ceS purchased in the UK. Credit Risk. The amount of exposure io any indp4xlual counterparty is rn)t ¢urrently subject to a limit. Llquldlty Risk. The Charity activdy mavbtsin5 a mixture of ￿sh and l(fft8-tenn debt finantÈ that Is desvdned to ensure that the charity has suffioent available funds to meet its charitable purpose and thèrity 8rowthlexpansions. InteTest Rate Rls The charity has interest-based liabiltie5 whth are ai a fixed raie under the Coronavirus Business Bounce Back Loan Scheme. We confirm that the major risks which the charity 15 exposed, as identi￿d by the Trustees. have been reviewed and systems or procedures are established lo manage those risks. 15 Report of the Truslees Iw the Perlod 2023 to 31 March 2024 202>24 FIl￿NcIAL REVIEW Flnandal and Reser¥es ft￿t￿. The charity plans to build and maintain the level of Iree reseNes to bt at ￿3st three months operatin8 expenditure. PrOg￿5S against this was rfyrtinefy re¥iewed by Trustees throu8h the Charity Finance and Audit Commlttee and at Maln Board meetings. As of 31 March 2024. the Charity total reserves Irestrirted and unrestricted) of £573,82512022.. £699,868) which represents a decrease of £124.315 {2022: £27.5￿} from ihe pri￿ year. Of this total the reserve £567,87912022- £641,040) 15 unrestrirted and £5.94612022.' £57.1(Kil is restricted. Of the unrestricted reserves figure 773.471 is represented by ￿ed assets. Thls left a le¥el of free reseNes as of 31 March 2024 as negative £205.592 wthich is below the target level of free reser￿ set. The restricted reserves figure of £S.946 k a result of fundus makin8 grants in advance of 202>4 and are l&ely to be fully expendèd in 2024-5. Future Re¥onue Plan The Charity saw a8ain an increasin8 demand its services in 20234 and c￿t￿￿e$ to do so in 2024-5. The Charity remains agile and dynamic in its income generation ￿tiVity. It aims to reduce its dependency on funder Income and 8row its donor. purthaser, and customer income streams. In ternis of ourfinanclal position. the first two quartws of 2024 have continued to be challen8ln8. We have seen an Increase in funder and (*)ncrf support h)weverthe ¢￿tt￿ner i￿Orne remains challen8in8 because of the cost-of- lfving uises. Complalnt& We have received no complaints about fundr3i%n8 actrwties. All other complaints were dealt wth thrwgh the Charitl5 complaints proce55. Trustees Re5ponsllJllitles. Company Law re(wires the Trustees Isome of whom who are also 01￿clor5 of Tedworth Equestrian Limited and Tedworth Park Polo Limited for the purposes of coryany lawl to prepare financial statements for each financial vear that give a true and fair View of the situation of the Charity at theend of the incomlng and out801r￿￿ resources for the year then ended. In preparingthose finantial statements, the Trustees are required to select suitable accwnting pollcies and then apply them ¢onsistentty. makin8jud8ements and estimates that are reasonable and prndent. The Trustees also must prepare the financial ststernents on the cOr￿M basis unless it is inapwopriate to presume that the charity will continue its activities. The Trustees are reSports￿le for keeping prcyer acccw•)ting ￿OrdS. Trtthich disc195e with reasonable accuracy at any time the finanaal positron of the tharity and to enable them to ensure thai the financial ststements ccrfnply wlth the Companies Aa 2¢X16. The trustees are also responsible f(* sale8uardiftE the assets of the Charity and hence taklne reasonable stèps for the WLwention and deletb￿ of fraud and other irre8ulaTities. 16 TheAnned Furces Equine CharKy for the Perfod ljanuary 2023to31 Mavth 2024 5tstement of Dlsdosures to the Authtor Each Trustee of the Company has confirmed in fulfilling hi5iherduties as a Trustee: So far as each Trustee is aware, there is rto relevant atsdit information of whith the compan￿5 auditors are unaware. Eath TrustÈe has taken all the steps that helshe ought to have taken as a Trustee to make himselflherself aware of ary relevant audit informaticffi and to establish that the cOmpan￿S auditors are aware ol that information. The financial statements We￿ approved and authorised for issue by the 8oard of Trustees on were signed on its behalf iy.. 1911212024 -and Major General IRetd) RobertTalbot-Ri¢e CBE Ch•lr of TrusleeslDlrectors 17 Report ol the hM1*￿dert to the Trusteesof Opinlan We have audited the cons(Aidated finanoal ststements of The Armed Fortès Equine Charfty Iihe'charitable parent company, and its tradiryd subsidiaries. to8ether'thÈ 8fow)'I for thè year ènded 31 Dècèmbèr 2022 whlth tompdse the ron501idated statement of finarKial xtivttie5. the 8roup and parent charitable company balance sheets and the ¢ons01idated 5tatementof ca5hflow5 and the ￿te5 to the finanual statements. The financial reporti￿ framework that has been ap￿led in their preparation is aprAicaFAe law afxl United Kingdom Accountin8 Standard5 (United Kingdom Generally Accepted Accounti￿ PractKel. In our opinion the financial statements.. give a true and fair view ol the state of the charttable Broup's and the parent charltable companvs affairs as at 31 December 2022 and of the group's I￿OmIng resources and application of resowces. incbjding its income and expendituye. forthe year then ended- have been propth prep•red in accordance wtth United K￿B{knn Generalty Accepted Accounting Practicè.. and have been prepared in ac¢c￿￿3n¢e with the reqU1￿ments of the C￿panIeS Art 2(N)6. 515 for opinion We conducted our aLbJit in accordan￿ with Inlemational Standards on A￿litIng IVKI IISAS IUKII and applicable law. l)Jr responsibilities uThJer tknse standards are further described in the Auditors responsitilitles for the ￿dIt of the flnancial sLitements sect￿￿ of our rey￿rt. We are iThJependent of the group and the charltable company Sn accordance with the ethKal requirements that are relevant to our audlt of thè finandal staiemènts In the UK, includin8 thè FRC'S Eihical Standard, and we have fulfilled tsJr othèr Èthical rèsponsibiltties in xtordance wlth these requirements. WE believe thai ihe audlt evKlence we have obtained 15 Sufficient and appropriate to [fov￿e a tsa515 for our opinK)n. con￿51￿$ relathÈ to golnz ¢ObKern We have nothing to report in respect of the fonowing matter5 in relation to which the ISAS IUKI require us t report to you where.. the trustees, use of the &￿TrE concern basis of accounknrvx in the Preparati￿ of the financ471 statements is r￿t appropriate.. or the trustees have not disclosed in the finanoal statew*nts any identified material Lmcertainties that may cast significant doubt about the group and parent charitable company's ability to continue to adopt the Boing con￿rn basis of accounting for a period of at least twefve months from the date when the financial statements are autl¥)rised for issue. 18 Report of th• Inthpffident Auditors to the Trustees of The Arnwd Forces Equlne Charity PreviL¥u* known a$Tedwrth Ewestrlan other Informallon The trustees and dirertQTS are responsible fry the other infomMtion. The other information comprises the information induded in the annual rem ￿htrthan the financial sLitements and OUT Report of the Independent Auditor5 thereon. Our qjinion on the financial statements does not c￿leT the other infomiatw and we do not express any form of assurance Conc￿s1on thereon. In ¢onnectlon with our audit of the finardal ststements. our responsibility is to read the other information aNI, in doing $0, consider whether ihe other information is materialty inconsistent wtth the financial statements or our knowled8e obtalnèd in theauditorotherwise awjears to be Material￿ misstated. If, based on the work we have perfornied, we ¢on¢lude that lhe￿ is a matefial misstatement of thi5 other infomiation, we are required to report that fact. We have nothin8 to report in this regard. Matters w whkh we are wuired to rewt ￿ excepdon Wè have noihing to reFKJrt in respert of the following matters where the Charit*s Act 2011 requlres us to report to you if, in our opinion.. the inforniation £￿en in the Rem of the Trustees is ittonsistènt in any material fespect with the financial ststements- or the group and parènt chariiable companyha¥e not kept adequate accounling records,. or the finarhcial ststements a￿ Th)t in agreement with the accounti￿ records and returns,. or we have not recewed all the Informati￿ and explanations we require for our audit. Re5pon51bllltle5 of trustees A5 explained more fully in the 5tstement of Tfustees Respcmsibililies. the trustees (who are also the dlrectors of the charitable company for the p￿r￿SeS of company lawl aTe responsible for the prEparation ol the fina￿la1 statements and for bein8 Satisfted that they 8Ne a tnje and fair ￿ew, and for s￿h internal control as the trustees determine is necessary to enatAe the preparation of ￿4￿cIal ststements that are free from material misstatement, wheiher due io fraud or error. In preparing the financial *atements. the trustees are reswrsible for assèssin8 the 8￿p and parent charitable company's ability to continue as a golng concem, disd0s1￿ as applicable, matters related to goin8 C￿cern and USI￿ the going concem basisol ac¢ountin8 unless ihe trustees either intend to liquidate the 8r¢)up an¢J parent charltable company or to cease operations. or have no ￿4￿$11¢ aftemative but to do 50. r responslbllltSes forthe amlit of the financial rtaten￿ts We have been 3PPOirtted as auditors underSections 144 and 152 of the Charities Act 2011 and report in accordance with the Act and relevani regulations made or hawn8 effect thereunder. Our objectNes are to obtain reasortab￿ assurance at*)ut whether the financial 5tatement5 as a whole are free from material misstatement, whether due to fraud or errty. and to issue a Report of the Independent Auditors that Includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that art audlt conducted in accordan￿ with ISAS IUKI vlill always detect a material misstatement when it exists. Misstatements can arise from fraud or errLv and a￿ considered material if. indiwdually or in thÈ ageregate, Ihey could reasonably be expected to inffluence the economic decisb)ns of Lt5ers taken on the basis of these financial 5t?tements. 19 Repr*t of tl* hthpendebrt Aud1￿ to tl* Tvusteesof The Pjmed Forw E(* Charlty We obtained an underStand￿g ol the legal and regulat¢￿ frameworks applicable to the ch￿tsbIe group and the sector in which th￿ operate. We obtained an untlerstandingol how the tharitable group are C￿￿￿'n8 with those legal and regulatory frameworks by making enqui￿ of management We assessed the suscewd)ility ol the charitable grijup's financial sl•tements to m*erlal mlsstatement, (ncludifig how fraud might oc¢ur. A￿lt procedures perf0m￿l bythe engagèment team Included.. Identifying •d assessiry the d￿8n effectiven￿$ of ccrtrols management has kn place io prevent and detect fraud Understanding how those tharged with gorrfernan￿ considered and addressed the potential for override of contrds or other inappropriate influence over the financial reporting process Challenging assumptions and judBmerts made ￿ management in its accounti￿ estimates Identifying and testin8 pumal entries in particthar anyjoumal entries posted with unusual account combinations- and Asses%ng the extent of Complian￿with the re￿￿￿t law and regulatSons. A furtherdescription of our respffisiknlities for the audtt of the financi￿ staiements is l(Kated on the Financial Reporting Council's website at www.frLo￿.vVa￿d1torsfe5ponS￿)lIItIe5. Thi5 de5CriPtion fomis part of our RepNt of the Independent Auditors. Useofourrnport Thls report is made solely to the charitable group's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 2CM)8. Our audr( work has been undertaken so that we mitht state to the charitable group's trustees those matterswe are required to state to them irt an auditorfs report and for no other purpose. To the fullest extertt permitted by law. we do not accept or assune responslbillty to anyone other ihan the charlty and the charitable group's trusiees as a t¢dy. for our audii work. for this ￿Port. or for the opinions we have formed. l M Rodd 8Sc FCA FCCA For and on behalf of Ward Goodman Audit st￿e$ Limited Re8lStered Auditor 4 Cedar Park Cobham Road Femdown Industrial Estate Wimbome Dorset BH217SF Ilncorporatinl an In¢(Ane and Expendlture AccO￿tI lor the Pefiod I January 2023to 31 Marth 2024 Period 1.1.23 Year ended 31.12.2022 (As re5tatedl Trfal funds 31.32024 funds Total fvnd5 Ploies INCOME AND ENDOWMENTS FROM t)onations and legacies 208.803 208,803 3,453 CharltalAe artivitles Charitable activity 98.702 150.711 249.413 155,975 Subskliary tTadin8 incon Other tradin8 activitie5 Investment income other income L243,192 18.611 393 1.243.192 35.494 393 891.283 27,924 146 16.883 Totsl 1,569.701 167,594 1,737.295 1,078,781 EXPENDITURE ON Raisin8 funds aritsble artlvStie5 Ch8riiable actSvlties 16.161 16,161 770 i.Isi.(KK) 218,748 1369,748 752,708 subs￿lIary tradln8 expenditu 475.701 475,701 352,863 T*)t•l 1.642,862 218,748 1.861,610 1.106,341 NET INCOME 173.1611 151.1541 1124,315) 127,5601 Transfers betw••n lund5 Nel movement In funds 173.161 151,1541 1124,3151 127.%01 REcONc￿lATION OF FUM>S Total funds brn41rt fon¥ard TOTAI FUNDS CARRIED FORWARD 641,040 567.879 57.1 5.946 698.140 573 825 727,428 699.868 All acti¥itie5 relate lo continuiry operati(ms. The noles ¢)n pages 27 to 41 form part of thesefina￿lal strtÈments 21 At 31 March 2024 Company number.. 11843722 Charity number.. 1184971 2022 As Restated Iloles FIXED ASSETS Intangible as5etS Tangible assets Investments 14 15 16 23,186 750,285 25,486 716,887 773.471 742,373 CURRENT ASSETS Stock Debtors Cash at bank and in hand 17 1.915 36,963 44.810 83,688 1,916 14,507 70,580 87,C(13 CREoiroRs Amounts fallin8 due withln (th year 19 1255.6171 165.1221 NETCURIIENT ASSETS 1171,9291 21.881 TOTAL ASSETS LESS CURRENTU4BimES 601,542 764,254 CREDITORS Amounts falling due after MO￿ than ty)eyear 20 127.7171 164.3861 NET ASSETS 573.825 699,868 FUNDS Unrestricted fvnds Restricted fund5 TOTAL FUNDS 21 21 567.879 5.946 S73.825 642,768 57,100 699,868 The notes on pages 27 to41 form part of these financial statements continued... 22 The Anned Force5 Equine Charity Con%Aj(l*ed Bal•v Sheet (Contknuedl At 31 2024 Company nurnber.. 11843722 Charity number: 1184971 The charftable group is entitled to exemptKffi from a￿111 under SÈcth)n 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not deposited noticè. pursuant tosection 476 of the Conyanies Act 20rffj requiring an audit ofthese financial statemen The trustees ackn¢)wled8e their respOnsi￿li11es for lal en5urin8 that the charit•ble group keeps accounting records that comFty with SectitiA% 386 and 387 of the Companies Act 2rx16 and Ibl preparlng financial statements whsch give a true and fairV￿V of thè state of affairs ol the charltable Broup as at the eNI of each financial year and of its surplus and defiat for each financial year in accordance wlth the quirèments of Sections 394 and 39S and which otherwise comply with the requirements of the Companles Act 2006 relating to fin￿(1￿1 statement& so far as aw>kcable to the charitable 8roup. These flnanclal statements have been authted urththe requirements of Section 144 of the Charities Act 2011. These financial statements have been prepared in xc¢xdan¢e with the special wo¥1$￿)n5 of Part 15 of the Companies Act 2W6 relating to tharltable small groups. These financial statements were approved by ihe 8oard of Trusteeson.. behalf by. 19112r2024 . and were signed on tts Maj Gen R H Talbot Rice CBE . Trustee The notes on pages 27 to 41 form part of thesefiThincial sLitements Charity Bahn￿ Sheet At 31 Mar£h 2024 Company number.. 11843722 Charlty numbw: 1184971 2024 2022 As restatèd FIXED ASSETS Intangible assets Tanglble assets Investh*nts 14 23.186 gJ3,675 25,486 455.136 I,ooi 481.623 16 527.862 CURREP4T ASSETS DebtcKs Cash at bank and in haTrJ 4,876 11,629 16,505 11,268 51,241 62.509 CREDITORS Amounts falling due wthin one ￿ar 19 147,4331 112.2181 NET CURRENT ASSETS 130,9281 50,291 TOTALASSETS LESS CURRENT LIABKl￿s 496.933 531,914 CREDITORS Amounts falling due after more than one year 20 116,7201 140,1981 NET ASSETS 480.215 491.716 FUNDS Unrestrlcte(I funds Restrktèd funds 21 21 474,269 5.946 480,215 434,616 57.IC(I 491,716 TOTAL FUNDS These accounts have been prepared in acCOrda￿e with the provisions appli(able to with the wovisions applicable to companies subject to small Compan￿$. regime. 1911212024 These financial siatements were approved by the eoaftl of Tru51ees on.................................. behalf by. . and were signed on its Maj Gen R H Talbot Rice C8E- Trustee The notes on pages 27 to 41 forni part of these financial statements 24 The kned Forces Equlne Charlty for the Pfflod ljanuary 1023 to 31 Marth 2024 Perfod l.L23 to 31.3.2024 Yeaw ended 31.12.2022 Cash flows from opentln8 artivlties: Cash ge￿rated from operations Net cash wovkled by (used In) operat1￿ artivikn¢S 145.625 145.625 63,402 63,402 Cash flows from In¥estlng a¢tl¥lUts" Purchase of tanBible fixed assets Purchase of fixed asset investments Sale of tanglble fixed assets Sale of fixed asset Investments Interest received Dividends recewed 1132,7491 140.2891 393 146 Net¢*sh pr¢¥lded by {used Inl kn¥esikn8 aCt￿llIeS 1132,3561 140.1431 Cash flows flnancln8 actlvhles: New loans in year Loan repayments in year 139.0441 131,8081 N•t ¢￿h provided by Iu5ed In) fina￿InG3￿1¥l￿ 139,0441 131*081 Chan8e ITh cash and cash eqthalents ￿ the weportth8 pwlod 125.77SI 18.5491 Cash and cash eqUNalents atthe be8knnln8 olthe reporth4t peiiod 70.585 79,134 Cash and cash equivalents itthe end ofthe peiiod 44.810 70,585 The notes on pages 27 to 41 forTll part of these fina￿181 statements Note5 to the Consolidated Cath Flow Statement forthe kniod l January 2023 to 31 Marth 2024 Perk>d l.L13 to 31.3.2024 I. RECONCIUATION OF NET INCOMETO NET CASH FLOW FRCIM OPERATING XTIVITIES Year ended 31.12.2022 Net loTihe r¢wtin8 peri¢xl l•$ per thes1•tem￿ of fin•nci actIV￿$1 Adjustments for: Oepreciation charges Amortisation Loss on disposal of flxed assets Interest fecèlved OivK4ends rec¥ved Revaluation of listed livestn￿t 1124.3151 127,5601 92.344 39,803 2.3 41,344 11461 41.344 13931 Cashfknws before mu4ement in Worki￿ cawtal 11.280 55.741 Decrease I liicreasel in stock Decrease I lintrèasel in debtors Increase I Idecrea5el in crediiors 11.916 1,316 8,261 122,456) 156,8 Netca5h pro¥￿ed by lused In) operatlr*acllvltles 145.625 63,402 The nole5 on pages 27 to 41 form part of these financial statements 26 The Armed Forces Equlne Charity for the Perlod l Jany•ry 2023 to 31 Marth 2014 I. IEGAI FORM The Armed Forces Equine Charity is a wivate company. Limited by Guarantee, registered in England and Wales. The company's registered number an(J registered address can be lound on the Company Information Page. 2. ACCOUNTING POUOES Basis of preparlng the finandal st*ements The financial statements ofthe charitable compary. Twhi¢h is a publK benefr¢ entlty under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Accountin8 and Reportin8 by Charit*s.. Statement of RÈtommèndèd Practice applKat4e to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of I￿land IFRS 1021 leffective l January 20191,, Financial Reportin8 Standard 102'The Financial Reportin8 Standard appkable in the UK and Republic of IreLind' and the Companies Act 2(L)6. The financial statement5 have been wepared urKler the historkal cost conventKN). with the exception of investments whlch are included at market value. Basls of Consolidatlon The 8roup financial statements consolidate the financial statements of The Armed Forces Equine Charity and its wholly owned subs￿l#nes- Tedworth Equestrian Trading timf(ed and Tedworth Park Polo Ltd as if they fomed a single entity. Intercompany transacti(￿S and balances have therefore been eliminated in full. The Group ha5 taken advantage of section 408 of the Companies Aet 2C#)6 by not providit¥ a separate statement of financial activf(ies for the subsidiary. Income All income Is recognised in the Statement of FinarKial Acti¥itie5 once the Cfrority has erttrdement to the funds. it is probable that the income wlll be received and the amount can be measured reliably. Government grants shall be re¢f4nised in the SOFA on a systLNnatic basis over the periods in which the entity recognises as expenses the related costs for wthith the 8rants are intended to ¢ompensate. Trade debtoys Trade debtor5 are amounts due from customers for merchandise sc4d or services perfomied in ordinary course of ￿lsIr1e55. Trade debtors are reco8ni5ed inttially at the transxtlon price. They are wbsequertly measured at amortised cost sjsing the effective interest method, less prouision for impairnient. A pr¢wision for the impairment of trade debtors Is established when there is objective ewidence that the charity ¥AI not be at4e io¢ollert all due accordin8 to the 0ri8inal tern￿ of the debt. ExpeThliture Liabilities are recc¥dni5ed as expenditwe a5 s(￿ as there is a legal or ConstrUctTr￿ obltgation committing the charity to that expenditure, it is probable that a transfer of econcMni¢ benefits will be required in settlement and the amount of the obligation can be measured reliably. ExpendÈture is atttsuntÈd for on an atcruals basis and has been classifhed under headings that aggregate all cost rdated to the category. Where c05t5 cannot bp directty ttributed to partIC￿ar headin8S they hawe been allocated lo actNitses on a basis consistent with the use of resources. 27 riotes to the FIna￿la1 Statements forthe Perlod l January 2023 to 31 Marth 2024 2. ACCOUNTING POUCIES {COn￿nUed) Trade ¢redbtor5 Trade creditors are obh8ations to pay for good5 (>r 5ervKe5 have been acquired in the orthnary cowse of business from suppliers. Accounts payable are dasstfied as Current lialy'lit*s if the charlty does not have an unconditional right at the end of the reportirvd period to defer settlemetht of the ¢￿ditOr for at least twefve months after the reporting date. If there is an uncon(litional right to defer settlement for at least twel￿ months after the reportlng dale. they are presented as nond 1.1.23 to 31.324 Year ended 31.12.2022 Ralslng donatlons and lryades Fundralsing 16,161 16,161 770 770 CHARITABiE ACTMTIE5 COSTS Tmrect Support Totals Charitable actviities 1.302.609 67.139 1.369.748 AThed Forces Equlne (hrlty P4rtes tothe FhwKlal Statements for the Period l January ZOZ3 to 31 March 2024 9 SUPPORT COSTS Fknance Governan(e Totals Charitable actr¥lties 11,917 55.222 67.139 10 NET INCOME/(EXPEP4DITURE) Net incomellexpenditurel is stated after chargwigllcrediting)= Peri¢Jd Ll.23 to 31.3.24 Year ended 31.IL2022 Depreciation. olffted assets Amortisation Surplu51 Idefiotl on disposal of fixed asset Auditors remuneration 92,344 2,300 15.8081 ii.(J 39A03 2,300 141.3441 11,332 11 TRU5TEES' REMVNERATK)N AND BENEFITS There were no trustees. remuneratlon or other benefits for the perM)d ended 31 Marth 2024 nor for ihe year ended 31 December 2022. Trustees. expenses There were no trustees. expenses paid for the wv)d ended 31 Marth 2024 norfc* the year ended 31 December 2022. Perlod 1.1.23 to 313.24 Yeaw ended 3L12.2022 12 STAFF COSTS Wages and salaries Soclal security costs Other pension tosts 695,078 43.266 11.459 ?49.￿)3 427,280 21.489 6.541 455.310 The average n￿n￿r of enwloyee5 d￿ngthe yearwas as folk)ws: Peviod 1.1.23 10 31324 Year erKIEd 31.12.2022 Employees 29 23 No employees received emoluments in excess of Ef￿1.(1x1. The totsl remuneration and benefits for key rnan4ement personrwl in the period t¢ 31 March 2024 amounted to £nll 12022: £56.9231. 31 Na¢e5 to the Flnancial Stalements forthe Perlod l January 2013to al Marth 2014 13 COMPARATIVES FOR THE STATEMENT OF HNANCk4L ACTMTIES UMestrI￿ fvnd5 Re5tyi(ted funds Totsl funds INCOME A140 ENDOWMENTS FROM Oonations and legacies 3.453 3.453 Charltaljle artl¥6tles Charitable activity 7.256 148,719 155,975 SubsKliary traLthng inc¢)me Other trading activities Investment in¢ome Other income 891.283 2.397 146 891.283 27.924 146 25.527 Total 9)4.535 174.246 1.078,781 EXPENDrruRE ON Raising fvnds Charltabie activStles tharitable activtties 770 572.995 179.713 752,708 Subsidiary trading expenditure 352,863 352.863 Total 926.628 179,713 1,106,341 NET INCOME {22,093} 15,4671 127,5eoi Transfe￿ betwvn funds 566 Net m0￿Ment In fund5 {22.659) 14.9011 (27,5￿> RECONCILIATION OF Ful￿5 Total funds brought fon¥wd TOTAL FUNDSCARRIED FORWPJID 106.939 84,2 62.￿1 168,940 141,380 32 for the Perlo¢l Ijan￿ry 2023 to 31 M¥¢h 2024 14 INTANG18LE FIXED ASSETS Goodwill COST At l January 2023 and 31 March 2024 32.386 AMORTISATION At l January 2023 Charge lor period 6.9CKI 2,31X) 9,200 NET BOOK VALUE At 31 March 2024 At l January 2023 23.186 25,486 IS TANG18LE FIXED ASSETS- Group Areros & Fendng Motor CompLrter Equestrian Fuwniture & ¥ehitles equipment Equipment Equipment Totsls COST At l January 2023 Additions Disposals Reclassification At 31 March 2024 795.139 86,560 20,(￿) 14,283 1,629 42.870 30.740 67,826 1,093,478 26,732 132,749 116,0ty)) s2.7￿) 116,((Q) 14.4341 11,478 4.434 7&044 796.(*7 123,5(fJ i(kS.560 94.558 1,210.227 DEPRECIAT At l January 2023 Charge lor year Ellm on disposal Re¢lassification At 31 March 2024 283,384 49,702 33,873 16.950 {8.9921 42,134 14.113 6.114 4.599 4,356 6.486 7.173 376.590 92.344 18,Y921 11.330) 1,330 10,285 333,086 41.831 56.247 13,659 459.942 NET BOOKVALUE At 31 Mar¢h 2024 At l January 2023 463,￿1 511.755 81,669 52,927 SO.313 44,426 67,759 38,271 80,899 61.340 750,285 716.888 8.169 The balances at l January 2023 have been restated. Oetails of the prior year adjustment are included in note 22. 33 Notes to the ￿TrIn¢la1 SL*ments for the Perfod l January 2023 to 31 2024 IS TANGI8LE RXED A55ET5. Armed ChKIty nas and Fend lotor Comimlter Équestrfan Fwnltvre & vehldes ewlwent Equlpment Eq￿pmefit Totsls COST At l January 2023 Additions Disposals Reclassification At 31 March 2024 684.139 41.(KX) 47.348 14.cffi 6.674 1.629 13,5C 26.732 792fi61 110,749 30.740 15.1)Xll 14.434) 3,869 685,C67 72,7 61,348 35,174 40,232 898,410 DEPREOAfioN At l January 2023 Charge for year Elwn on di$￿$al Redassification At 31 March 2024 266.734 42.764 25,186 38.683 8.rA9 4,823 11.3151 2,ICQ 675 337,525 fJO,ZBI 13,071) 1.109 13,0711 11,3301 2.177 1.330 1439 309.498 31.114 46.732 2,775 394.735 NET BOOK VALUE At 31 March 2024 At l January 2023 375,589 417,405 41,586 J5,814 14.617 8,665 1.69Z 1,851 JZ,735 J7A57 11,4tK) 503,675 455,136 The balances at l January 2023 above have been restated. Detsils of the prts year adiustment are included in note 22. 16 FIXED ASSET INVESTMEPITS. Armed Fowces (h Unllsted westments Totsls MARK￿VALUE At l January 2023 and 31 March 2024 i.ooi I,LKJi t4ET 800K VALVE At JI Matth 2024 At 31 December 2022 I,Th)i I,ooi I,ooi 17 STOCKS tharlty 2024 2022 Finished G&Jds 1.915 1,916 Anned Fowces Equlrn Ch• P4otes lo the finandal Statements for Perlod ljanuary 2023 to 31 Marth 2024 18 DEBTOR5: AMOUNTS FALUNG DUE WIThIN ONE YEAR Gr(￿P 2024 Charlty 2024 2022 Trade debtors Amounts owed from group undertakings Other debtors VAT Prepayments and accrued irKcffie 14.295 4,867 1,174 13511 4.395 13511 5.227 4.395 23,019 36,963 5.245 4.795 4.876 19 CREDITORS: AMOUNTS FALUNG OUE WITHIN ONE YEAR Group 2024 Charlty 2024 2022 2022 8ank loan5 and overdrafts Trade creditors Social security and other ta¥es Other creditors VAT Accrued expense5 44346 116.254 57,603 13.154 6,813 17.447 255,617 10.648 22.746 12.355 2.699 4,724 11,950 65,122 34,674 8,409 6,265 1,089 514 4,350 4.350 12.218 20 CREI>ITORS: AMOUNTS FALUNG AFTER MORE THAN ONE YEAR G￿P 2024 Ctharlty 2024 2022 2022 Bank loans 16.720 35 Moteslo the Flvwcial Statements forthe Perlod l January 2023 to 31 2024 21 MOVEMENT114 FUNDS Group At Ll.13 Resour¢es sourtes expended Tran5f•r5 At 31.03.24 Unrestricted funds General fund (As restated) 641.040 1.569,701 641.040 1,569.701 11,642.8621 11,642.862) 567.879 567.879 Restrkted funds Af8han Pro8ramme Army Central Fund Equine Therapy HorsePower dinner Invictus Games Loo Block- Tidworth Area Board Saddlers Dinner Fundraiser SJP Grant for Equine Therapi Ccwrse Team Forces Veterans F(KJThJation Wiltshire Counchl . Arena LiBhts Wiltshire Coun¢ll- TEC 5.1r24 15.0241 125.(￿) 118,1171 17,2921 (51,2361 11&5331 {15.1771 11.9291 {24.0271 {41.0261 IiOLTh)I 19,387 {21&7481 25.C 18,117 1.706 51,236 1.971 15,177 5.586 16.562 25.0 20.OC(I 973 4973 9.387 167.594 57,ItX) 5,946 TOTAi FUNDS 698.140 1.737.295 {1.861.6101 573,825 Anned For(e5 Equi￿ Owrlty N¢thsto the FlnarKial Statevnents fortt* Perknd l J¥buary 2023to 31 M¥¢h 2024 21 MOVEMENT IN FUNDS- contlnued Inwmln8 Resources Tra￿few$ At 31.032024 thaTIty At LL23 UnrestrSrted funds General fund (As re5tstedl 434.616 434.616 221.367 221.367 1181.7141 1181,7141 474.269 474,269 Restrlrted funds Afghan Programme Amiy Central Fund Equine Therapv Horsepower dinner InvictU5 Games Loo Block- fidworth Area Board Saddlers Dinner Fundraiser SJP Grant for Equine Therapy Couise Team Forces Veter￿S Foundation Wiltshire Council - Arena Lqhts Wiltshire Council- TEC 5.024 15.0241 I25.0￿) 118.1171 17,2921 151,2361 118.5331 115.1771 11,9291 {24.02n {41.026) 12.OCX)I 19.3871 25,CQO 18,117 1.7C 51.236 1.971 15,177 16.562 1.929 25.ClXI 20.OCiI 973 4,973 25.999 9,387 57.1 167,594 1218,7481 TOTAL FUNDS 491.716 388.961 {41KI,462) 480.215 All restrirted funds ab￿e are included in the cash at bank. 37 Nrtesta the Flnan¢ial Slatrments forthe Perfod lJanu•ry 2023 to 31 Marth 20Z4 21 MOVEMÉNT IN FUNDS- contlnued Grnup. Crynparntl¥es At Ll.2Z Incomln8 Resources Transfers Al 31.12.22 Umestrkted funds GènÈral fund 665,427 665.427 M,535 YM,535 1926,6281 1926,6281 15661 15661 642.768 642,768 Restrkted lunds A8F Solithers Chariiy. Equine Assisted Recovery Afghan Programme Aviva Crowdfunding Bernard Sunley Draper's Charitable FLmd Get Get Adive Horsepower dinner Inviclus Game5 LcKal Youth Grant 81ock- fidworth Area Board Positive Pathways Positive Pathways . Horseback UK Grant SJP Grant for Equine Therapy C￿r5e Tack￿ne Inequalities ridworth Area Board Veterans FouNlatlon Wiltshirè Countll-Arena L*hts 33.ICi) 17.5CiI 133.1(N)I 129.9761 19)91 12.5cKII 114,208} 14.5(Dl 133,341} 128,gM} 14,5(X)} 15,3061 14,3741 IS,0771 18.0711 11.3461 17, 5.024 2.500 6,315 7,893 31927 28.9r 5,586 12,307 14,574 77 12,667 110,21xII 5.0 io.(wxi I￿19 {3.7541 3.895 5.1 3,895 25,999 2,01)0 57.lfyj 30.oc 14.O)11 62,001 174,246 1179,7131 566 TOTAL FUND5 n7.428 1.07&781 11,106,341) Arnied Forces Equim Charity Notesto the ￿n•￿131 Statements for the Perlod ljanuary 2023 to31 M#¢h ZOZ4 ZI MOVEMENT IN FL•IDS- coThtiNed Ati.Ui In¢omln8 Resources TransfeTS At 31.12.21 Vnrestrlcted fwds General fund 473.835 473.835 24023 2&023 166.6761 166,6761 15661 15661 434.616 434.616 Restricted fimds ABF Soldiers Charity- Equine AssistÈd Recovery Afghan Programme Aviva crowdfu￿11￿1 Bernard Sunley Draperfs Charitable Fund Get Out Get Active Horsepower dinner Invktus Games Local Youth Grant Loo Blo¢k- fidworth Area Board Positive Pathways Positive Pathways- Horseback UK Grant SJP Grant for Equine TherapyCour5e Tackllng Inequalities Tidworth Area Board Vètèrans FouThJation Wltshve Council- Arena Li8hts 33.ILXI 17.5CO 133,IixII 129.9761 15091 I2,5￿) 114,2081 14,5001 133.3411 128.9041 I4,5￿) (5,3061 {4,3741 15.07n 18.071} 11.3461 17,9X> S,OZ4 7.893 6.315 38.927 2&904 1586 11307 14.574 77 5,666 110.2(A)I 11667 10.0 1,929 13,754} 3,895 5,100 3,895 2S,999 2mO 57,100 30,CKQ 14,0011 62.1101 174.246 1179.7131 566 TOTAL FUNOS S35,836 202.269 1246J89) 491.716 Armed Forces Co¥enant Fund Trust. Posltl¥e Pathways kngramm* - This grant supported a Veterans Polo Project for Veterans to promote positive Mental Health through participaiion and interaction with polo events and activities. Arn7￿ Forces co￿nant FWKI For￿ for Cha￿2 Proyjme -. This Brant supp(rted the Health and Wellbeing of the SeNin8 Soldiers and their FanNlies seThing in and arowd Tidworth. NetherAvon and Bullord Garrison during the height of the COVID Pandemi Avlva Crowlfundkn8 - This was a tharity le(1 uowdlunding aCtr￿ty that supported the purchase of a wfin¢h that supports the mountin8 onto hor5eslwnies those who as a result of disalx'lity need thi5 assistance. Tldworth Area Boarf Local Youth ¢kant . This was a Wilishire Local Area 8oar(18rJnt aimed at provlding Equine asslstèd Learnirt8 for children and young people of the Tidworth Area Board who had become (Jisengaged from schoolleducation. No¢esto the F￿￿141 Statements forthe Period l 2023 to 31 Mavch 2024 21 MOVEMENT IN FUNDS- conllwed Army C￿￿31 Fund- Loo Blodt PmJe¢t - Thi$ 8rarf supported the refurbishment of the Ttyltt fa¢iliiies and workshop at the Tedworth Equestrian Cenlre. Arrned Forces Co¥enart Fund Trust- Forces For Change Prnyamme- Local Youth &an t. This 8rant 5VPPOrted our delivery of Equine Assisted Leaning to Welington Academy for those who had become disenBa8ed from school. WASP- Ta(&llY¥ Ine(walltles- Thhswas a 8r•ni fr(Nn Wltshire and swind￿ Sports Part￿rshIp IWASPI that helped delNer a virtual equestrian witre that provided free a¢￿$5 to indpiiduals who otherwise woukl not be able to get physically to an eouestrian Centre to learn atrmt eouine matters. It also inthded health and well)eing ltitnessl sesslons aimed at Improvi￿ the strewh and ¢trditionith8 of individuals in COVID period. Arni•d Forc•sCov•naDt Trust- Veter￿ and famlies inpKted by the Af8hani5taD confllrt pro8ramrne. This was a Grant that supported our work toassist those whoweTe imparted by the events of Af8hani5tsn drawdown through the prowsion of an Arn￿ Forces Community Hub/Café that acts as a Welfare centre. Drapers. Char5table Fund - This was a grant from the DTapers livery Company that sup￿rts the delivery of equlne aslsled servi￿5 to Veterans challenge by PTSD. WASP. Get Out Gèt ACt￿e . Thls is a grnnt from the Wittshire and Swlndon Sports Partnership IWASPI that supports equi￿ asslsted servlces to the In Wihshifè. Veterans Foundatlon. The Veterans. Foundation helps fuNI charities and other dvritsbk organisations that are helping seThing and former members of the Amied Forces, and their dependants. who are in need. This grant supported the errv1o￿nent of a Charity Operaticns Man4er and a char￿ Relationship Manager. InvktusGames Foundatlon. The IGF are the Portfolio Lead fcrf a n Arnied For￿ Covenant Trust funded programme known as the Veterans Pe￿e. Places and Pathways Ivpppi. AJongsKle 8 other proiects in the Southwest of England thi$ 8rant enabled us to dellver an ec¢FSyStem of events and actl¥lties that sukworted the heahh and wdlbelng Iboth physical arKI mentall of mllitary Veterans. ABF Soldltrs Cha￿Y - Equine Assisted Services Project. This yant supported the delplery of Equine Asslsted Seryices to serying personnel who we seriou5ty wounded, injured and sick and ￿der the care of the MOD5 PErmanent recovery centres in Yorkshire and Wiltshire. SIP Grant-veterans Equlne Asslsted Servkes ProAert. This grant ￿pp￿ted the delp￿ry of Equine A$￿Sted Services to 10 mllitsry Veterans at high risk through a one•week residential recovery course. Morye Power dlmer . Thi$ wa$ a f4N)draising dinner h* at Drapefs Hall in London where ticket sales. audi¢)n lotsand raffle prize5 8enerate income to $upm our Equine Assisted sem￿ Programme. Tldworth Area 8oarf- AoodlORhtknÉ Prded. This grant supponÈd the fk)odliÉhtingof our outdoor arÈna at Tldwt)rth Equestrian Centre. Anned Fol￿5 Equine (tharity Notes to the Financial Statements lorll* Perlod ljanuary 1023 to31 Marth 2024 Z2 Prlor yeaf adhjstment The prloryear balances have been restaied to refied the wior year adjustment in Trade Creditors, in relation toan invoice omitted from the prior yearfs financial statements. Thi5 resulted in a cha)&e In overall funds, decreasing retained eamings by £1.728. The prior year balanos have Iso beÈn réstated to reflect thè wior year adjustrnent Fixed Assets. in relation to assets owned for several years previousty unaccounted for. TIN5 resulied in a chary8e in overall funds. increasing retained eamiws by £558.493. 41