**REGISTERED CHARITY NUMBER: 212644**
**Report of the Trustee and Unaudited Financial Statements for the Year Ended 31st March 2021 for Chigwell Riding Trust for Special Needs**
Cooper Paul Abacus House 14-18 Forest Road Loughton Essex IG10 1DX
**Chigwell Riding Trust for Special Needs**
**Contents of the Financial Statements for the Year Ended 31st March 2021**
||Page|
|---|---|
|Report of the trustee|1 to 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 to 12|
|Detailed statement of financial activities|13 to 14|
## **Chigwell Riding Trust for Special Needs**
## **Report of the Trustee for the Year Ended 31st March 2021**
The trustee presents their report with the financial statements of the charity for the year ended 31st March 2021. The trustee has adopted the provisions of 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 (FRS 102) (effective 1 January 2019).
## **Objectives and activities**
## **Charitable objectives**
The objects of the charity are to offer opportunities for therapy, achievement and enjoyment to its community of riders and volunteers through working with horses and ponies.
## **Reserve’s policy**
The charity depends upon investment income in addition to donations to meet annual expenditure. Consequently, a high level of funds is invested in equities and treasury stocks to provide regular income streams to assist with short-term provision of service and to provide capital growth to guarantee security in the longer term.
## **Public benefit during 2020/2021**
In setting the objectives and planning the activities, the Trustee's Directors have given careful consideration to the Charity Commission's general guidance on public benefit. As one of the leading specialised riding centres in the country, Chigwell Riding Trust not only benefits people with special needs but also the entire community, giving opportunities for volunteering, school participation and practical experience for children and adults working with people and animals. To raise both funds and public awareness, events were held throughout the year. The manager, Deborah Hall MBE, visited many local schools and organisations. A great contribution was made by our volunteers. Without this contribution of time, energy and expertise, Chigwell Riding Trust would not have been able to achieve so much.
## **Social investments**
The trustee is responsible for preparing the Trustee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Standards. Law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements the trustee is required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the Charities Act 2011.
It is 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.
Page 1
## **Chigwell Riding Trust for Special Needs**
## **Report of the Trustee**
## **for the Year Ended 31st March 2021**
## **Objectives and activities**
## **Investment powers, policy and performance**
The investment powers are governed by the Trust Deed, which permits the charity's funds to be applied at absolute discretion of the Trustee. As at the date of the Balance Sheet, there were £619 (2020 - nil) restricted funds held by the charity.
## **Structure, governance and management**
## **Status**
The Trust was founded in 1958 and the governing document is the scheme of commissioners dated 29th January 1993, as amended on 9th February 2000. The Trust is a charity and is registered with the Charity Commission under charity number 212644.
## **Reference and administrative details**
## **Registered Charity number**
212644
## **Principal address**
Grange Farm Lane Chigwell Essex IG7 6FB
**Trustee’s directors**
Dr. J Thomas Mrs F Maskell M Richards J Woodcock S Lingfield R Pohl E J Padfield
## **Independent examiner**
Colin Corrigan Institute of Chartered Accountants in England and Wales Cooper Paul Abacus House 14-18 Forest Road Loughton Essex IG10 1DX
## **Investment managers**
Brewin Dolphin Securities Ltd 12 Smithfield Street London EC1A 9BD
Page 2
## **Chigwell Riding Trust for Special Needs**
## **Report of the Trustee for the Year Ended 31st March 2021**
## **Reference and administrative details**
**Banker**
HSBC Bank Plc 191 High Road Loughton Essex IG10 4LN Approved by order of the board of trustees on ............................................. and signed on its behalf by:
............................................. Mrs F Maskell - Trustee
Page 3
## **Independent Examiner's Report to the Trustee of Chigwell Riding Trust for Special Needs**
## **Independent examiner's report to the trustee of Chigwell Riding Trust for Special Needs**
I report to the charity’s trustee on my examination of the accounts of the Chigwell Riding Trust for Special Needs (the Trust) for the year ended 31st March 2021.
## **Responsibilities and basis of report**
As the charity’s trustee of the Trust, 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
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 the Trust 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 applicable 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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Colin Corrigan Institute of Chartered Accountants in England and Wales Cooper Paul Abacus House 14-18 Forest Road Loughton Essex IG10 1DX
Date:
Page 4
## **Chigwell Riding Trust for Special Needs**
## **Statement of Financial Activities**
## **for the Year Ended 31st March 2021**
|**Unrestricted**
**fund**
**Notes**
**£**
**Income and endowments from**
Donations and legacies
2
130,033
**Charitable activities**
Charitable
Other trading activities
3
3,545
27,947
Investment income
4
51,736
**Total**
213,261
**Expenditure on**
Raising funds
38,560
**Charitable activities**
Charitable
182,666
Other
59,830
**Total expenditure**
281,056
**Net income/(expenditure)**
(67,795)
Net gains/(losses) on investments
454,945
**Net movement in funds**
387,150
**Reconciliation of funds**
**Total funds brought forward**
2,522,294
**Total funds carried forward**
2,909,444|**Restricted**
**fund**
**£**
5,000
-
-
-
5,000
-
-
4,381
4,381
619
-
619
-
619|**2021**
**Total**
**funds**
**£**
135,033
3,545
27,947
51,736
218,261
38,560
182,666
64,211
285,437
(67,176)
454,945
387,769
2,522,294
2,910,063|**2020**
**Total**
**funds**
**£**
66,526
-
162,033
63,340
291,899
39,459
212,563
40,041
292,063
(164)
(208,754)
(208,918)
2,731,212
2,522,294|
|---|---|---|---|
The notes form part of these financial statements
Page 5
## **Chigwell Riding Trust for Special Needs**
## **Balance Sheet At 31st March 2021**
|Notes
**Fixed assets**
Tangible assets
7
**Current assets**
Stocks
8
Debtors
9
Investments
10
Cash at bank and in hand
**Creditors**
Amounts falling due within one year
11
**Net current assets**
**Total assets less current liabilities**
**Net assets**
**Funds**
12
Unrestricted funds
Restricted funds
**Total funds**|**Unrestricted**
**fund**
**£**
547,292
21,350
6,202
2,119,580
222,719
2,369,851
(7,699)
2,362,152
2,909,444
2,909,444|
**Restricted**
**fund**
**£**
-
-
-
-
619
619
-
619
619
619|**2021**
**Total**
**funds**
**£**
547,292
21,350
6,202
2,119,580
223,338
2,370,470
(7,699)
2,362,771
2,910,063
2,910,063
2,909,444
619
2,910,063|**2020**
**Total**
**funds**
**£**
499,888
24,550
16,142
1,696,192
290,926
2,027,810
(5,404)
2,022,406
2,522,294
2,522,294
2,522,294
-
2,522,294|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J Woodcock -Trustee
The notes form part of these financial statements
Page 6
## **Chigwell Riding Trust for Special Needs**
**Notes to the Financial Statements for the Year Ended 31st March 2021**
## **1. Accounting policies**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - Not to be provided until last 50 yrs lease Plant and machinery - 15% on reducing balance Fixtures and fittings - 15% on reducing balance Motor vehicles - 25% on reducing balance Computer equipment - 25% on cost
## **Stocks**
Stocks, comprising of horses, hay, bedding and feed, is valued at the lowest of cost or net realisable value.
## **Taxation**
The charity is exempt from tax on its charitable activities.
Page 7
## **Chigwell Riding Trust for Special Needs**
## **Notes to the Financial Statements - continued for the Year Ended 31st March 2021**
## **1. Accounting policies – continued**
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds 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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Pension costs and other post-retirement benefits**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **2. Donations and legacies**
|Gifts
Donations
Legacies
**Other trading activities**
Fundraising events
Riding fees – individuals
Riding fees – school
Rental income
Other income|**2021**
**£**
14,066
117,158
3,809
135,033
**2021**
**£**
-
20,721
-
7,052
174
27,947||**2020**
**£**
6,438
60,088
66,526
**2020**
**£**
6,707
100,594
45,372
7,052
2,308|
|---|---|---|---|
|||||
|||||
||||162,033|
## **3. Other trading activities**
Page 8
## **Chigwell Riding Trust for Special Needs**
## **Notes to the Financial Statements - continued for the Year Ended 31st March 2021**
## **4. Investment income**
|Investment’s income
Deposit account interest|**2021**
**£**
51,634
102
51,736|**2020**
**£**
62,806
534|
|---|---|---|
|||63,340|
## **5. Trustees' remuneration and benefits**
There were no trustees' remuneration or other benefits for the year ended 31st March 2021 nor for the year ended 31st March 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31st March 2021 nor for the year ended 31st March 2020.
## **6. Staff costs**
The average monthly number of employees during the year was as follows:
|**2021**|**2020**|
|---|---|
|7|8|
No employees received emoluments in excess of £60,000.
Page 9
## **Chigwell Riding Trust for Special Needs**
## **Notes to the Financial Statements - continued for the Year Ended 31st March 2021**
**7. Tangible fixed assets**
|**Tangible fixed assets**||||
|---|---|---|---|
||**Long**|**Plant and**|**Fixtures**|
||**leasehold**|**machinery**|**and fittings**|
||**£**|**£**|**£**|
|**Cost**||||
|At 1st April 2020|501,829|38,079|62,215|
|Additions|-|-|63,923|
|At 31st March 2021|501,829|38,079|126,138|
|**Depreciation**||||
|At 1st April 2020|42,413|33,034|59,199|
|Charge for year|-|756|7,643|
|At 31st March 2021|42,413|33,790|66,842|
|**Net book value**||||
|At 31st March 2021|459,416|4,289|59,296|
|At 31st March 2020|459,416|5,045|3,016|
||**Motor**|**Computer**||
||**vehicles**|**equipment**|**Totals**|
||**£**|**£**|**£**|
|**Cost**||||
|At 1st April 2020|67,794|14,940|684,857|
|Additions|-|-|63,923|
|At 31st March 2021|67,794|14,940|748,780|
|**Depreciation**||||
|At 1st April 2020|39,169|11,154|184,969|
|Charge for year|7,156|964|16,519|
|At 31st March 2021|46,325|12,118|201,488|
|**Net book value**||||
|At 31st March 2021|21,469|2,822|547,292|
|At 31st March 2020|28,625|3,786|499,888|
Page 10
**Chigwell Riding Trust for Special Needs**
## **Notes to the Financial Statements - continued for the Year Ended 31st March 2021**
|**8.**
**Stocks**
Stocks
**9.**
**Debtors: amounts falling due within one year**
Other debtors
Prepayments
**10.**
**Current asset investments**
Unlisted investments
**11.**
**Creditors: amounts falling due within one year**
Other creditors
**12.**
**Movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
GEN
**TOTAL FUNDS**|**At 1/4/20**
**£**
2,522,294
-
2,522,294|**2021**
**£**
21,350
**2021**
**£**
-
6,202
6,202
**2021**
**£**
2,119,580
**2021**
**£**
7,699
**Net**
**movement**
**in funds**
**£**
387,150
619
387,769|**2020**
**£**
24,550
**2020**
**£**
11,150
4,992
16,142
**2020**
**£**
1,696,192
**2020**
**£**
5,404
**At 31/3/21**
**£**
2,909,444
619
2,910,063|
|---|---|---|---|
Page 11
## **Chigwell Riding Trust for Special Needs**
## **Notes to the Financial Statements - continued for the Year Ended 31st March 2021**
## **12. Movement in funds – continued**
Net movement in funds, included in the above are as follows:
|**Incoming**
**resources**
**£**
**Unrestricted funds**
General fund
213,261
**Restricted funds**
General fund
5,000
**TOTAL FUNDS**
218,261|**Resources**
**expended**
**Gains and**
**losses**
**Movement**
**in funds**
**£**
**£**
**£**
(281,056)
454,945
387,150
(4,381)
-
619
(285,437)
454,945
387,769
|
|---|---|
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|**At 1/4/19**
**£**
2,731,212
2,731,212|**Net**
**movement**
**in funds**
**£**
(208,918)
(208,918)|
**At**
**31/3/20**
**£**
2,522,294
2,522,294|
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
GEN
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
285,679
6,220
291,899|**Resources**
**expended**
**£**
(285,843)
(6,220)
(292,063)
|**Gains and Movement**
**losses**
**in funds**
**£**
**£**
(208,754)
(208,918)
-
-
(208,754)
(208,918)|
|---|---|---|---|
## **13. Related party disclosures**
There were no related party transactions for the year ended 31st March 2021.
Page 12
**Chigwell Riding Trust for Special Needs**
## **Detailed Statement of Financial Activities for the Year Ended 31st March 2021**
|**Income and endowments**
**Donations and legacies**
Gifts
Donations
Legacies
**Other trading activities**
Fundraising events
Riding fees - individuals
Riding fees - school
Rental income
Other income
**Investment income**
Investment’s income
Deposit account interest
**Charitable activities**
Grants
**Total incoming resources**
**Expenditure**
**Other trading activities**
Purchases
Licensing & permits
Staff training
Staff welfare
Fundraising events cost
**Charitable activities**
Wages
Pensions
Rates and water
Carried forward|**2021**
**£**
14,066
117,158
3,809
135,033
-
20,721
-
7,052
174
27,947
51,634
102
51,736
3,545
____
218,261
35,974
866
1,211
509
-
38,560
130,036
4,067
5,491
139,594||**2020**
**£**
6,438
60,088
-
66,526
6,707
100,594
45,372
7,052
2,308
162,033
62,806
534
63,340
-
_______|
|---|---|---|---|
||||
291,899
37,990
533
167
309
460
39,459
156,937
3,562
5,499
165,998|
|||||
This page does not form part of the statutory financial statements
Page 13
## **Chigwell Riding Trust for Special Needs**
## **Detailed Statement of Financial Activities for the Year Ended 31st March 2021**
|**Charitable activities**
Brought forward
Insurance
Light and heat
Telephone
Postage and stationery
Cleaning and garden
Teaching services
**Other**
Miscellaneous expenses
Building & maintenance
Motor and travelling
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Loss on sale of tangible fixed assets
**Support costs**
**Finance**
Bank charges
**Governance costs**
Accountancy and legal fees
Investment management fees
**Total resources expended**
**Net (expenditure)/income**|**2021**
**£**
139,594
10,585
4,151
2,246
6,762
1,365
880
165,583
3,251
42,482
1,959
756
7,643
7,156
964
-
64,211
511
3,792
12,780
16,572
285,437
(67,176)|**2020**
**£**
165,998
9,525
7,392
3,563
4,033
712
1,520
192,743
5,671
22,968
2,182
890
532
7,688
80
30
40,041
1,049
4,239
14,532
18,771
292,063
(164)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 14