REGISTERED CHARITY NUMBER: 212644
Report of the Trustee and Unaudited Financial Statements for the Year Ended 31st March 2022 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 2022
| 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 2022
The trustee presents their report with the financial statements of the charity for the year ended 31st March 2022. 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 2021/2022
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 2022
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 nil (2021 - £619) 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 2022
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 2022.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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 2022
| Unrestricted fund Notes £ Income and endowments from Donations and legacies 2 218,773 Charitable activities Charitable Other trading activities 3 - 89,502 Investment income 4 62,402 Total 370,677 Expenditure on Raising funds 35,761 Charitable activities Charitable 179,938 Other 103,781 Total expenditure 319,480 Net income/(expenditure) 51,197 Net gains/(losses) on investments 111,231 Net movement in funds 162,428 Reconciliation of funds Total funds brought forward 2,909,444 Total funds carried forward 3,071,872 |
Restricted fund £ 2,200 - - - 2,200 - - 2,819 2,819 (619) - (619) 619 - |
2022 Total funds £ 220,973 - 89,502 62,402 372,877 35,761 179,938 106,600 322,299 50,578 111,231 161,809 2,910,063 3,071,872 |
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 |
|---|---|---|---|
The notes form part of these financial statements
Page 5
Chigwell Riding Trust for Special Needs
Balance Sheet At 31st March 2022
| 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 £ 528,825 19,750 16,938 2,188,470 339,390 2,564,548 (21,501) 2,543,047 3,071,872 3,071,872 |
Restricted fund £ - - - - - - - - - - |
2022 Total funds £ 528,825 19,750 16,938 2,188,470 339,390 2,564,548 (21,501) 2,543,047 3,071,872 3,071,872 3,071,872 - 3,071,872 |
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 |
|---|---|---|---|---|
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 2022
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 2022
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 |
2022 £ 6,572 56,922 157,479 220,973 2022 £ 368 62,678 19,248 7,052 156 89,502 |
2021 £ 14,066 117,158 3,809 135,033 2021 £ - 20,721 - 7,052 174 |
|
|---|---|---|---|
| 27,947 |
3. Other trading activities
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Chigwell Riding Trust for Special Needs
Notes to the Financial Statements - continued for the Year Ended 31st March 2022
4. Investment income
| Investment’s income Deposit account interest |
2022 £ 62,385 17 62,402 |
2021 £ 51,634 102 |
|---|---|---|
| 51,736 |
5. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31st March 2022 nor for the year ended 31st March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st March 2022 nor for the year ended 31st March 2021.
6. Staff costs
The average monthly number of employees during the year was as follows:
| 2022 | 2021 |
|---|---|
| 6 | 7 |
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 2022
7. Tangible fixed assets
| Tangible fixed assets | |||
|---|---|---|---|
| Long | Plant and | Fixtures | |
| leasehold | machinery | and fittings | |
| £ | £ | £ | |
| Cost | |||
| At 1st April 2021 | 501,829 | 38,079 | 126,138 |
| Disposal | - | - | - |
| At 31st March 2022 | 501,829 | 38,079 | 126,138 |
| Depreciation | |||
| At 1st April 2021 | 42,413 | 33,790 | 66,842 |
| Charge for year | - | 644 | 8,894 |
| At 31st March 2022 | 42,413 | 34,434 | 75,736 |
| Net book value | |||
| At 31st March 2022 | 459,416 | 3,645 | 50,402 |
| At 31st March 2021 | 459,416 | 4,289 | 59,296 |
| Motor | Computer | ||
| vehicles | equipment | Totals | |
| £ | £ | £ | |
| Cost | |||
| At 1st April 2021 | 67,794 | 14,940 | 748,780 |
| Disposal | (17,953) | - | (17,953) |
| At 31st March 2022 | 49,841 | 14,940 | 730,827 |
| Depreciation | |||
| At 1st April 2021 | 46,325 | 12,118 | 201,488 |
| Charge for year | 4,502 | 966 | 15,006 |
| Eliminated on disposal | (14,492) | - | (14,492) |
| At 31st March 2022 | 36,335 | 13,084 | 202,002 |
| Net book value | |||
| At 31st March 2022 | 13,506 | 1,856 | 528,825 |
| At 31st March 2021 | 21,469 | 2,822 | 547,292 |
Page 10
Chigwell Riding Trust for Special Needs
| Notes to the Financial Statements - continued for the Year Ended 31st March 2022 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 At 1/4/21 £ Unrestricted funds General fund 2,909,444 Restricted funds General fund 619 TOTAL FUNDS 2,910,063 |
2022 £ 19,750 2022 £ 10,898 6,040 16,938 2022 £ 2,188,470 2022 £ 21,501 Net movement in funds £ 162,428 (619) 161,809 |
2021 £ 21,350 2021 £ - 6,202 6,202 2021 £ 2,119,580 2021 £ 7,699 At 31/3/22 £ 3,071,872 - 3,071,872 |
|---|---|---|
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Chigwell Riding Trust for Special Needs
Notes to the Financial Statements - continued for the Year Ended 31st March 2022
12. Movement in funds – continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 370,677 Restricted funds General fund 2,200 TOTAL FUNDS 372,877 |
Resources expended Gains and losses Movement in funds £ £ £ (319,480) 111,231 162,428 (2,819) - (619) (322,299) 111,231 161,809 |
|---|---|
Comparatives for movement in funds
| At 1/4/20 £ Unrestricted funds General fund Restricted funds General fund 2,522,294 - TOTAL FUNDS 2,522,294 |
Net movement in funds £ 387,150 619 387,769 |
At 31/3/21 £ 2,909,444 619 2,910,063 |
|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds General fund TOTAL FUNDS |
Incoming resources £ 213,261 5,000 218,261 |
Resources expended £ (281,056) (4,381) (285,437) |
Gains and Movement losses in funds £ £ 454,945 387,150 - 619 454,945 387,769 |
|---|---|---|---|
13. Related party disclosures
There were no related party transactions for the year ended 31st March 2022.
Page 12
Chigwell Riding Trust for Special Needs
Detailed Statement of Financial Activities for the Year Ended 31st March 2022
| 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 Government grants Total incoming resources Expenditure Other trading activities Purchases Licensing & permits Staff training Staff welfare Charitable activities Wages Pensions Rates and water Carried forward |
2022 £ 6,572 56,922 157,479 220,973 368 62,678 19,248 7,052 156 89,502 62,385 17 62,402 - ____ 372,877 33,969 554 920 318 35,761 135,335 4,205 5,456 144,996 |
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 |
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This page does not form part of the statutory financial statements
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Chigwell Riding Trust for Special Needs
Detailed Statement of Financial Activities for the Year Ended 31st March 2022
| 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 Computer expenses Depreciation on: Plant and machinery Fixtures and fittings Motor vehicles Computer equipment Profit 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 |
2022 £ 144,996 11,420 2,124 1,945 687 - - 161,172 3,958 95,646 3,284 196 643 8,894 4,502 966 (11,489) 106,600 400 3,648 14,718 18,366 322,299 50,578 |
2021 £ 139,594 10,585 4,151 2,246 6,762 1,365 880 165,583 3,251 42,482 1,959 - 1,720 7,643 7,156 - - 64,211 511 3,792 12,780 16,572 285,437 (67,176) |
|---|---|---|
This page does not form part of the statutory financial statements
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