2022-03-31-accounts

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Company number: 5010395 Charity Number: 244108 (England and Wales), SC039473 (Scotland)

Riding for the Disabled Association incorporating Carriage Driving

Report and financial statements For the year ended 31 March 2022

Riding for the Disabled Association incorporating Carriage Driving

For the year ended 31 March 2022

Chair’s introduction ....................................................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Reference and administrative information ...................................................................................... 4 Independent auditor’s report ....................................................................................................... 21 Consolidated statement of financial activities .............................................................................. 26 Balance sheets .............................................................................................................................. 27 Consolidated statement of cash flows .......................................................................................... 28 Notes to the financial statements ................................................................................................. 29

Riding for the Disabled Association incorporating Carriage Driving

Chair’s introduction

For the year ended 31 March 2022

CHAIR’S INTRODUCTION

Welcome to our report for the year 2021/2022. Having spent the previous 11 years running a charity which uses horses to transform the lives of disadvantaged children I joined the board in June 2021. It has been an extraordinary and wonderful period in which I have immersed myself in many aspects of RDA and discovered an organisation that is quite remarkable for the positive impact it has on people, day in day out, and for its resilience in the face of the challenges posed by Covid. The task as I joined was to see how well we could emerge from the pandemic and also to look to the future - to imagine what we will be doing in 3 years’ time and beyond. It has been a time of challenge and change but I believe that we have put in place the foundations for a strong and thriving future.

The year to end of March 2022 has been a year of two parts. For the first three months of the period all our dedicated RDA groups - and the commercial riding centres that carry our Accessibility Mark - were closed due to lockdown and many were under huge financial pressure as they had to look after their horses and pay staff while not being able to run fundraising activities or rely on other normal income streams. Being unable to operate was particularly hard as we were aware of the disproportionate impact of the pandemic on our participants, many of whose disabilities and health issues put them at high risk from the virus.

The need for our groups to reopen as soon as possible was therefore imperative and it was our “Road to Restart” programme that dominated the remainder of the period. At national office our role has been to support groups with funding, advice and support.

While the year has been a challenge it has brought out the very best of RDA – it showed us to be resilient and tenacious in the face of challenges and doggedly determined to restart as soon as possible in order to help the people who rely on us. As I write in mid June over 85% of our groups are open and we hope to be close to 100% at the beginning of the new school year.

Adversity has also resulted in enormous creativity and innovative solutions to problems. RDA’s annual National Championships is the biggest annual equestrian competition for people with disabilities in the world. It was cancelled in 2020 due to COVID and in 2021 once again it was simply impossible to hold the event as usual. Instead, we ran a Virtual Championships where competitors could do tests at home and upload their videos. While no substitute for getting everyone together in person it was a huge success with hundreds of entries. It provided a focus for people who had been isolated for a long time and above all it enabled so many people to compete who - for reasons of travel, other logistics or because it was too much of a physical or mental challenge - had been unable to take part in the Championships before. As a result, we have added this to our calendar as a standing annual fixture.

Riding for the Disabled Association incorporating Carriage Driving

Chair’s introduction

For the year ended 31 March 2022

Another innovation was an increase in non-ridden work. During periods when restrictions on proximity and physical contact were still in place, we found ways to enable people to interact with our horses and ponies which didn’t involve riding. “Tea with a Pony” enables people with dementia and those suffering severe anxiety to spend quiet time with horses. Another group found ways for young people to use tiny ponies which was fun and provided physical and mental stimulation without riding. These new activities enable us to benefit more people with low impact on the horses and we are encouraging the adoption of these types of programme widely throughout the network.

The end of the period was marked by the departure of our longstanding Chief Executive, Ed Bracher. He had been at the helm for 17 years and after seeing RDA safely through the pandemic he wanted to move on to a new challenge. We are enormously grateful to him for his dedication and for steering RDA to bigger and better things including the building and development of our National Training Centre in Warwickshire. We wish him well for the future and know that any organisation he’s involved with will benefit from his enormous experience and unwavering commitment.

In March we welcomed Paul Ringer who joined us at relatively short notice from a large children’s charity, Spurgeons, bringing with him a wealth of experience of the charity sector. He has made excellent progress getting to know RDA and he has been warmly welcomed by our staff and a wide range of other stakeholders who have found his open, enquiring approach energising. In March this year we said farewell to Julianne Fernandez after many years as a trustee. She brought enormous experience in marketing and communications and we’ll miss her contribution.

The pandemic was also a time for the board to take stock of the organisation and to think about the future. It was clear that there is huge demand for our services and therefore we should endeavour to increase the number of people we help. This required a new strategy that first concentrates on building the strength of the organisation and the groups before we look at plans for growth.

In a challenging external environment, with inflationary pressures affecting so many of the costs that we incur, the next year will be almost entirely focussed on building our groups’ strength, resilience and capacity. This will include addressing the barriers and obstacles and providing better support in a range of areas. Namely,

we will develop a long-term solution to the acute shortage of appropriate horses – a UK wide phenomenon;
we will support our network of volunteers and encourage others to join us and
we will review our internal structure and look at creating regional hubs. These will provide the key to supporting our groups more effectively and reaching more participants.

Riding for the Disabled Association incorporating Carriage Driving

Chair’s introduction

For the year ended 31 March 2022

The pandemic has made us even more aware that the work we do is vital. We play a crucial part in supporting people’s health and happiness - for many of our participants, coming to RDA is the only activity that they do outside their home. We provide physical exercise, enjoyment and hope to them - and in many cases to their families as well.

Despite the external challenges we face, I am confident about the future of this extraordinarily strong organisation. It is strong because, in every one of our groups are people who are passionate about helping others. As soon as one walks into an RDA group one is struck by warmth, care, camaraderie and sense of inclusion - it is priceless. With that at our heart we will continue to look for ways to help more people more of the time and carry on the work that makes a profound, positive difference to so many lives.

Rachel Medill MBE

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2022

RIDING FOR THE DISABLED ASSOCIATION INCORPORATING CARRIAGE

DRIVING

TRUSTEES’ ANNUAL REPORT 2022

The Trustees present their report and the audited financial statements for the year ended 31 March 2022.

Reference and administrative information set out on page 16 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The trustees review the aims, objectives and activities of the charitable group regularly. This report looks at the work of the charity in the reporting period (April 2021 – March 2022). This was a year of rebuilding, encouraging our RDA member groups to restart, and of expanding our range of horse-centred programmes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Our Vision To enrich the lives of all disabled people through horses.

Our Purpose To ensure that all our participants get an excellent experience with RDA, according to their specific needs.

Our Values 1. RDA is a community of people who believe that it’s what you can do that counts and who enable participants and volunteers to achieve their goals;
RDA values the input of all people who are involved – participants, volunteers and paid staff;
RDA ensures that development and achievement is recognised and celebrated across the organisation;
RDA aims to deliver an excellent service and experience for all participants and volunteers;
RDA recognises the central part that horses and ponies play in everything we do.

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2022

Achievements and performance

About RDA

At Riding for the Disabled Association (RDA), our horses benefit the lives of disabled children and adults. With fun activities like riding and carriage driving, we provide therapy, fitness, skills development and opportunities for achievement – all supported by teams of volunteers and qualified coaches at RDA groups and commercial centres all over the UK.

Before Covid-19, our 450 RDA groups and 50 Accessibility Mark centres were working with 25,000 beneficiaries each year, supported by 18,000 volunteers and volunteer coaches. The pandemic and subsequent lockdowns resulted in the complete closure of our groups in 2020, followed by ongoing efforts across the organisation to adapt our services, reopen groups, rebuild confidence among beneficiaries and volunteers and restart activities as much as possible during 2021.

COVID had a disproportionate impact on disabled people and we know many of our riders and carriage drivers have experienced a loss of physical condition and confidence that continues to impact their ability to return to RDA. As at March 2022, our research shows that we are back to about 68% of our pre-Covid participant levels (supporting approximately 17,000 disabled children and adults). While there is still more to be done, we are encouraged by our success in helping beneficiaries return to RDA activity, particularly in light of recent research by Activity Alliance (launched 8 June 2022) which revealed that, in general, fewer than 3 in 10 disabled people feel encouraged to return to physical activity after the pandemic.

In addition to some beneficiaries not feeling able to return to RDA, there are several key other reasons for our activity levels remaining lower than pre-Covid (all of which we aim to overcome in time): volunteer numbers are lower than before (from 18,000 to approximately 14,000), our member groups are experiencing problems sourcing and affording new horses and many schools that bring riders to RDA sessions each week have yet to return to off-site activities. In addition,18 RDA groups have either closed or merged with others, reducing our overall number from 450 to 432.

Our impact

RDA is an inclusive and diverse organisation. We welcome clients with physical and learning disabilities and autism, and there are no age restrictions. Through our network of member groups, RDA is at work in every corner of the UK, in our cities and remote rural areas, bringing the therapy, achievement and fun of horses to as many people as we can.

Our activities are recommended by Physiotherapists and Occupational Therapists, and the majority of our participants are referred to RDA by a health professional. Regular riding improves core strength, balance and coordination and our welcoming groups help to combat isolation and loneliness and boost wellbeing and happiness. From research tracking the difference we make, we know that typically 68% of beneficiaries experience improvements in their communication, 76% experience more enjoyment, 77% demonstrate greater confidence, 76% show physical

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2022

improvement and 82% improve the ability to build relationships. Those numbers give us confidence, although it is the countless stories of immeasurable benefit for individual participants that drive us on.

Our activities

Strengthening our network of national volunteers

RDA UK has a network of 300 national volunteers supporting the work of RDA member groups within their local area. This year we have worked to strengthen this network, recruiting 93 new volunteers into vacant or new roles and supporting this recruitment with the roll out of a new induction programme. Addressing the changing demands experienced by our senior volunteers, we delivered leadership training to multiple key volunteers in each of our 18 RDA regions.

In January, as part of our drive to provide more local support we began a pilot initiative in the Yorkshire and Cleveland region in which a paid member of staff is focussed on funding for groups and increasing beneficiary numbers. The pilot continues until end of March 2023 when we will assess the impact of this regional activity.

Strengthening our groups

221 groups were provided with direct support to restart and rebuild after Covid. Supporting both those groups who had restarted, and those needing more confidence, our ‘Come Back Stronger’ workshops were delivered to representatives from 20 groups around the UK for the sharing of good ideas and lessons learned from the past 18 months. Our fundraising team delivered training to groups needing guidance and new routes to funding to help them restart.

For some groups, the last year brought a return to something closer to normal. 10 groups even enjoyed visits from our President, Her Royal Highness The Princess Royal, who was quick to get back to face-to-face visits and show her support in person as soon as restrictions allowed. 3 new RDA groups were formed and 5 commercial riding schools signed up to our Accessibility Mark scheme. 25 groups started delivering our newest wellbeing activity, Tea With a Pony, which supports people living with Dementia and similar long term conditions.

Building confidence for RDA group volunteers

We know from our research that confidence levels fell for around 63% of our volunteers during lockdown. With this in mind, we have redoubled our efforts to reach as many group volunteers as possible with training or support to help them come back to RDA skilled and feeling prepared.

Over the course of this year, 3,307 RDA-specific e-learning courses were completed in subjects ranging from disability awareness to horse welfare. 7,000 volunteers viewed our series of weekly webinars either ‘live’ or on our dedicated YouTube channel. Over 900 attended our safeguarding training and we recruited a new volunteer panel to lead on Equality, Diversity & Inclusion throughout RDA.

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2022

Recognising and celebrating our volunteers remains a priority and this year was no exception. We rewarded 16 volunteers with our prestigious President’s Award – presented by Her Royal Highness in person. We also presented Volunteer and Young Volunteer of the Year awards.

Training and continuous professional development (CPD) for RDA coaches

Our coaching year began, fresh out of another lockdown, with an open forum for coaches around the UK to share their hopes and concerns about restarting activity and getting back to strength. With many feeling a dip in confidence, we continued - and expanded - our online programme of CPD and training, delivering Zoom workshops on a wide range of topics including creative session planning, showjumping, groundwork, using a mechanical horse and vaulting. With leadership from our senior physiotherapists and coaches, we have developed an e-learning version of the Therapy and Medical elements of our Coaching Pathway.

Despite the ongoing restrictions on much of our face-to-face activity, we have been able to qualify 130 new coaches (including 10 Carriage Driving Coaches) and started a further 176 trainees on our coaching pathway.

In November we launched The Princess Royal Coaching Academy - in recognition of Her Royal Highness’ 50 years association with RDA. The Academy is a mentorship programme that draws on the skills and experience of senior RDA Coaches to inspire and develop the next generation. The first cohort of ‘mentees’ have been recruited and have already taken part in several Academy days working through the Advanced Coaching Pathway.

Participant engagement, recognition and education

Lockdown taught us so much about the need for RDA and the vital part we play in communities all over the UK – even when ‘normal’ RDA activity isn’t possible. With a better understanding of the importance of the RDA family in supporting our beneficiaries, not just during their weekly RDA sessions but at home too, this year saw a renewed commitment to participant engagement, feedback and consultation.

RDA ‘All Stars’ – a name chosen by one of our riders – is a growing community of participants taking an active role in improving the way we communicate and consult with our beneficiaries. This group has already proved invaluable in consultation over the new RDA strategy, the experience for new riders and the re-framing of our Regional Participant Rep role.

We have continued to adapt our activities and introduce new initiatives to increase participation, even during the ongoing restrictions of last year. In September we held the first ‘Virtual National Championships’, which allowed competitors to take part by submitting video entries rather than travelling to our usual weekend event. Broadcast ‘live’ on YouTube, Facebook and our website, the event enabled over 300 competitors to take part, from 96 RDA groups all over the UK and was watched by over 16,000 viewers.

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2022

Our evaluation of the event revealed that 28% of competitors had not been able to take part in the face-to-face Championships before. The obvious success and associated benefits of the Virtual Championships have secured its ongoing place in the RDA calendar – even when the face-to-face Championships returns in 2022.

We continue to support, recognise and celebrate the achievements and progress of our participants. Our popular Proficiency Tests have been updated and made available as e-learning courses so that more people can take part at home and continue their learning outside of their weekly group sessions. For those riders looking to take their riding to the very top, we collaborated with British Equestrian and British Dressage on several Para Entry Programme training days. As ever, we celebrated our Participant of the Year, who this year received her award from HRH The Princess Royal.

Raising awareness – and funds

The efforts of our fundraising team secured £1,787,490 income for this financial year. Wasting no time to get out and about once restrictions allowed, we were present at 9 external fundraising events around the UK and hosted 4 successful corporate volunteering days at our National Training Centre in Warwickshire. We hosted our first ‘Sports Dinner’, which raised £25,000.

Keeping RDA in the news, we ran a series of successful media campaigns including the Paralympic team announcement, the launch of the Princess Royal Coaching Academy and the celebration of 50 years of Her Royal Highness’ involvement with RDA. With 25 news stories during the year plus a rejuvenated presence on social media, we have managed to retain a good level of public awareness about our work.

Activity in Scotland

Scotland (where the charity is subject to regulation by the Office of the Scottish Charity Regulator – OSCR) is an integral part of RDA, forming 3 of the 18 Regions. Activities within Scotland were broadly the same as for all other parts of the UK, as described within this report. We continue to work closely with HorseScotland, Sport Scotland and Scottish Disability Sport.

Activity in other parts of the UK

In Northern Ireland, Wales and England the charity operates as described in this report. In England and Wales the only geographical specific activity has been to continue to support RDA groups to convert to Charitable Incorporated Organisations, as per the system we have negotiated for RDA groups with the Charity Commission. Similarly in Northern Ireland, we have worked with the Charity Commission of Northern Ireland to ensure that all RDA groups are properly registered and we have regularised the governing documents, so that all Northern Ireland groups have the same constitution.

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2022

Strategy for the future - The Journey to March 2025

RDA today is a national network of 432 local groups and 57 Accessibility Mark Centres (commercial riding centres accredited by RDA), supporting approximately 17,000 participants. In our strategy document “RDA: transforming lives across the UK”, we present our plans to support an additional 10,000 children and adults by 2025.

We will do this by:

supporting our existing groups with resources they need to grow;
introducing new and adapted activities;
developing new centres and regional hubs and
building partnerships with other organisations.

Post-pandemic, our participant numbers are down, so our first priority will be to rebuild confidence and bring people back to their previous levels of activity. At the same time, we need to build the strength and capacity of our network. Our groups will need localised, tailored support to build the strong foundations from which they can thrive and grow. We will also need the commitment of new volunteers and coaches and a strong supply of horses and ponies.

Our plan will deliver on these needs, tackling barriers to growth and creating opportunities for more people to benefit - more of the time.

1. Rebuild and strengthen

Getting our existing participants back

We are now in a phase of recovery and confidence building, supporting our groups to get back to their usual levels of activity and ensuring our participants feel safe and comfortable to continue with their sessions.

Our aim is that we will be back to 25,000 participants by March 2023

Strengthening the RDA network

We know that demand for RDA services varies across the UK and depends on many factors, but a significant number of our groups have more demand than they can meet - half describe themselves as ‘full’.

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2022

There are challenges we need to overcome in order to meet this demand:

A. Providing critical resources to our groups

To support more participants in a sustainable way we must address the need for more volunteers, coaches, and horses.

We are developing wide ranging long-term plans to address each of these three areas.

Our target is that by March 2023, the majority of groups will feel confident about the future of their group, initially a return to strength and then improvement on pre-pandemic levels.

B. Connecting with our people

Beyond our own experience at RDA, recent changes to volunteering across society will continue to pose a significant challenge. During the pandemic, levels of formal volunteering (through an organisation such as a charity) declined, the biggest decline was older people and disabled people, whereas a higher proportion of younger people volunteered for the first time.

Being better connected with our participants and volunteers via feedback, research, surveys and consultation is a priority in the year ahead. Ensuring good / open communication and empathy on all sides will be vtal. Not avoiding difficult topics is especially important in a federated charity, in order that we are aligned, stay focused on what works, and journey towards our common purpose.

2. Growth

A. New and adapted activities

We will unlock the potential of new and adapted activities, harnessing the benefits of spending meaningful time with horses. There is great scope in the delivery of non-ridden activities through our existing network, and we will support the development of these opportunities.

New or expanded services will include:

the expansion and development of non-ridden activities;
expansion of our dementia programme;
development of programmes to support mental health and
development of all forms of formal therapy (in partnership with qualified professionals).

B. Reaching new people

We will develop services for people with a wider range of disabilities through:

working more closely with large care home and day care centre providers;
licensing and delivering smaller local services through the RDA network;
expanding the number of schools we work with;
new partnerships with impairment-specific organisations and

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2022

partnerships with other human/equine interaction practitioners.

Our targets by March 2025:

40 new RDA groups
30 new AM centres
15% more participants at RDA groups
50% more participants at AM centres

3. Structure

To meet the long-term challenges of our operating environment we know that we need to have a robust organisational structure which supports groups and provides a framework for growth. During 2022/23 we will define, pilot and deliver regional structure change to begin creating proactive teams and increase our capacity for local support with clear roles for regional teams delivering the organisation’s strategic objectives.

This will be supported by a thorough review of our governance arrangements to ensure that they enable us to meet our long term objectives.

As set out above, we are in a period of unprecedented challenge and change for RDA, with much to do in the next few years. Despite which, this is a very exciting time for RDA and we take great confidence from the strength and depth of the passion that the RDA family feels for what we do, from our hard earned reputation and evident positive impact on the participants and volunteers of our services.

Financial review

The Financial Statements for the year ended 31 March 2022 are attached and should be read in conjunction with this review. Comparable figures for the previous financial year (2020/2021) are shown alongside.

The Consolidated Statement of Financial Activities on page 26 shows net income for the year of £438,082 (2021: £1,086,647) after net realised and unrealised investment gains of £138,000 (2021: £467,174).

Income

Total income remained broadly the same at £2,266,750 (2021: £2,273,118). As in 2021, we have classed as Exceptional income the Covid-related grants from Government which totalled £19,975 (2021: £100,723).

Income from legacies for the year was £538,664 (2021: £555,741). Legacy income is by its nature variable and difficult to predict but legacies comprise a major source of income and the generosity of those who choose to remember RDA in their wills remains of long-term importance to the charity.

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2022

We are always grateful for all the financial support we receive, without which we would not be able to undertake our charitable activities.

Expenditure

Expenditure totalled £1,966,668 (2021: £1,653,645) as activity started to return to pre-pandemic levels, with over 79% of expenditure spent on our charitable activities, supporting RDA groups, volunteers and participants.

We awarded £169,676 in direct grants to groups.

Balance Sheet at 31 March 2022

The value of the charitable group’s net assets amounted to £7,847,539, an increase of £438,082 from the total of £7,409,457 at 31 March 2021. A significant proportion of RDA’s net assets are held in fixed assets, including the National Training Centre and other illiquid assets. As at 31 March 2022, these were valued at £2,938,832 net of associated liabilities, representing 37 per cent of RDA’s total net assets.

The value of investments held at 31 March 2022 was £3,596,191, an increase of £212,049 from the value of £3,384,142 at 31 March 2021.

Investments

The Trustees seek to maintain the real value of RDA’s investment portfolio, while at the same time generating a balanced return from income and capital growth. JM Finn & Co is engaged to advise the Trustees on investment matters. The Investment Committee meets regularly with the investment advisers to review performance and to review the investment policy. This policy accepts that there is a need to encourage best practice in socially responsible investment “SRI”. Stocks are not specifically excluded from the portfolio, but assurances on SRI issues are sought where necessary.

The investment policy is to have a diversified portfolio of bonds and fixed interest funds, UK and overseas equities and a proportion of infrastructure and property funds. The proportion held in equities was slightly under 60% and the balance was held in bonds, infrastructure and property funds. The Trustees monitor these proportions and the portfolio performance on the advice of the Investment Advisers. Investment income increased to £96,433 (2021: £86,630).

At the time of writing, markets are facing unprecedented levels of uncertainty due to a range of factors both economic and geopolitical. In the light of global upward pressure on interest rates, the Investment Committee at its recent meeting in May, on the advice of the fund manager, took the decision to reduce the investment portfolio's exposure to the bond market.

Investment returns have exceeded the benchmark (70% Charifund, 30% Charibond) on an annualised basis over the 16 years that the portfolio has been managed by JM Finn & Co. The portfolio annualised return over this period has been +6.3%, compared with a benchmark of

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2022

+4.1%. For the year to 31 March 2022, the portfolio underperformed against the benchmark, returning +5.9% compared with a benchmark for the year of +8.0%.

Principal risks and uncertainties

The Trustees continue to monitor the major risks to which the Charity is exposed. A risk register is in place and systems and procedures have been established to mitigate the risks faced. The key risks were reviewed during the year as part of a cycle of periodic review to ensure that mitigations continue to meet the needs of the Charity. The key risks the Charity faces are significant incidents that affect its reputation and cause a consequent drop in support from key donors. The Risk Register defines six principal areas of risk that might lead to such a drop in income; these are:

Area	Risks	Mitigations (summary)
Operational	Issues relating to how RDA UK and member groups deliver our service	Comprehensive training and advice to Groups
Organisational	Issues relating to the structure and management of the organisation	Succession planning and training for volunteers
Financial	Issues relating to income and financial management	Fundraising strategy, robust financial procedures
Governance	Issues relating to the governance of RDA UK	Focused strategy, use of professional advisers
Failure to have impact	Ensuring that we are able to show that what we do has an impact	Rolling programme of impact research
Safeguarding	Although possibly in other categories, we judge this to be significantly important and therefore worthy of a specific section	Comprehensive training, robust crisis management plan, member body of BEF for support

For each of these areas we have identified potential risks and for those which are more serious we have defined a mitigation plan. These mitigation plans are detailed in the risk register, which is reviewed monthly by the executive team. Risk overall and the register is considered formally in the Finance, Audit and Risk Committee, a subcommittee of the board which meets four times a year.

Reserves policy and going concern

RDA’s responsibility is to provide long-term support to member groups, volunteers and participants. In the light of the financial risks set out above, the Trustees aim to ensure that the charity holds sufficient reserves to provide a high degree of financial resilience in the event of a period of financial difficulty.

The Trustees consider that a general reserve representing between 6 and 12 months of total expenditure is appropriate.

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2022

RDA’s unrestricted General Funds amounted to £2,172,779 (2021: £2,004,448), representing approximately 13 months (2021: 11 months) of normal expenditure. The Trustees have launched an ambitious strategy during the year and the strong reserves position will allow increased investment in key areas and accelerate progress towards our objectives.

Our unrestricted Designated Funds were £4,670,010 (2021: £4,529,363) of which £682,564 (2021: £687,414) was held by Regions and Counties.

The Trustees keep the purposes for which the major designated funds were set up under review, to ensure that they remain relevant to the current needs of RDA. The funds held by the 18 Regions are designated to be spent in the regions where the money was raised. We are working with the regional teams to develop plans specific to each region which will allow us to provide riders, drivers, volunteers and groups with an excellent service and support within each region.

Restricted Funds amounted to £989,790 (2021: £915,595).

Going Concern

The charity has budgeted for an excess of expenditure over income for the year to 31 March 2023, but this represents a planned, considered investment in key areas, including our strategic plan. We have sufficient reserves to more than absorb the planned deficit. In the longer term, the Fundraising Strategy aims to diversify and increase total income.

The Trustees consider that preparing these financial statements on a going concern basis is appropriate and that there are no material uncertainties that impact upon the Charity’s ability to continue operating.

Fundraising Practices

RDA UK takes it responsibilities as a fundraiser very seriously and we are acutely aware that the work of the organisation is reliant on the goodwill and financial support of the many individuals and organisations who generously donate money to the Charity. The major forms of fundraised income are grants, major gifts and legacies. In each case we take care to manage the expectations, requirements and wishes of the donor.

The Charity is registered with the Fundraising Regulator and we make every effort to meet their standards; during the year to March 2022 we received no (2021: nil) complaints about our fundraising practices or those of anyone fundraising on our behalf. Alongside this we also ensure our fundraising practices comply with current GDPR practice.

We are supported by many generous and committed individuals who raise money for RDA by taking part in a variety of activities, and in these cases we provide guidance, where possible, to ensure that they also meet the standards that we define. During the year to 31 March 2022 the Charity employed four members of staff who were responsible for generating income. We did not use the services of any external professional fundraisers, however we work with several payroll

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2022

giving agencies to recruit regular donors to gift directly from their salaries. We also work with several companies who support us by donating a percentage of profits on specific items that are sold for our charitable activities – in these cases we have agreements in place on the delivery of the partnership.

It should be noted that RDA UK raises funds to support the work described in this annual report. As a federation, our member groups raise their own funds and therefore their fundraising practices fall outside the scope of this report. However, we work hard to support our member groups’ fundraising and to ensure that they also act reasonably and in line with the Association’s values.

As part of our commitment to equality, diversity and inclusion (ED&I) within RDA, we have joined all British Equestrian member bodies in a pledge: to make equestrianism representative of the diverse communities around us; to grow a welcoming community for all who are united by a passion and respect for the horse and to promote the benefits of equestrianism on mental and physical health and wellbeing. To that end we now have a dedicated working group supporting our ED&I policy.

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2021

REFERENCE AND ADMINISTRATIVE INFORMATION

Company number 5010395 Country of incorporation United Kingdom Charity number 244108 (England and Wales), SC039473 (Scotland) Country of registration England & Wales, Scotland Registered office and Lowlands Equestrian Centre operational address Old Warwick Road Shrewley Warwickshire CV35 7AX

Within the Trustees’ annual report, “RDA” and “RDA UK” are used to refer to Riding for the Disabled Association incorporating Carriage Driving.

Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Rachel Medill MBE Chair (appointed 17 June 2021) Frances Lochrane Deputy Chair (and Acting Chair, to 17 June 2021) Neil Goldie-Scot Honorary Treasurer Lincoln Clarke Jess Cook Lindsay Correa Claire Jenkins Julianne Jessup (resigned 31 March 2022) Sally-Anne O’Neill Emma Wells Lynda Whittaker (resigned 8 April 2022) Company Secretary Christian Fleischmann (appointed 22 March 2022) Key management Ed Bracher Chief Executive (resigned 1 April 2022) personnel Paul Ringer Interim Chief Executive (appointed 4 March 2022) Peter Dean Director of Finance Anna Hall Director of Operations (resigned 4 February 2022) Jude Palmer Director of Operations (appointed 7 February 2022) Randip Thompson Director of Fundraising (resigned 1 April 2022) Caroline Ward Director of Communication & Insight

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2021

Bankers NatWest Bank plc 59 The Parade, Leamington Spa, CV32 4ZX Solicitors Veale Wasbrough Vizards LLP 3 Brindley Place, Birmingham B1 2JB Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House, 108-114 Golden Lane, London, EC1Y 0TL

Structure, governance and management

The organisation is a charitable company limited by guarantee, registered as a charity in October 1969 and incorporated in January 2004. With the approval of the Charity Commission the registered charity number was transferred to the new company and the charity’s name remained unchanged.

The company is governed by its Memorandum & Articles of Association, which set out the charitable purposes for public benefit, last updated in November 2020.

The RDA family operates as a federation of member groups. Each RDA member group is a separate registered charity that is a member of the company, operates in accordance with a standard group constitution and has entered into a Membership Agreement with the company. RDA operates through 18 regions. Each region is divided into counties. Support, advice and training is delivered through the regional and county structure and directly by national office.

Trustee appointments

The Board of Trustees comprises both appointed and elected trustees. Elected trustees serve a three-year term after which they are eligible for re-election for two further three-year terms. Appointed trustees serve a three-year term after which they are eligible for re-appointment annually.

It is RDA’s policy to recruit new trustees openly and, for appointed posts, a variety of applicants is sought through appropriate advertisements. New trustees are provided with a briefing, an induction, and other information to enable them to understand and carry out their role effectively.

The Board of Trustees keeps under review the balance of skills, experience and diversity on the Board. This supports succession planning and helps to ensure the Board can perform effectively. In September 2021 the Board carried out a Skills Audit during which it identified several skill-sets that would be desirable additions to the Board in future years.

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2021

Governance arrangements

The Trustees started a review of the Charity’s governance arrangements to ensure they are fit for purpose, capable of supporting the Strategic Plan, and comply with the Charity Governance Code. This led to changes to the remit of its sub-committees. The Board’s committees are as follows:

Finance, Audit & Risk Committee
Remuneration & Nominations Committee
Investment Committee
Lowlands Management Committee
Operational Planning Committee

There is also a Regional Chairs’ Committee which acts as a forum for our most senior volunteers to share information and best practice, and implement decisions of the Board of Trustees in the regions.

Trustee expenses

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 11 to the accounts.

Third Party Indemnity Provision for Trustees

Qualifying third party indemnity provision is in place for the benefit of all trustees of the charitable company.

Arrangements for setting remuneration

The pay and remuneration of all staff, including key management personnel, is recommended by the Board’s Remuneration & Nominations Committee and set by the Board of Trustees. Reference is made to market rates of pay within comparable charities when these arrangements are made.

Related parties and relationships with other organisations

RDA is a member of the British Equestrian Federation (BEF) and co-operates with other member bodies to achieve the objectives of both RDA and the BEF.

RDA is a full member of the Horses in Education and Therapy International (HETI) organisation.

RDA also works closely with the Activity Alliance, Scottish Disability Sport, Disability Sport Wales and Sport NI and uses these connections to engage more closely with other organisations working in disability sport and activity.

The charitable company owns the whole of the issued ordinary share capital of both RDA (Trading) Limited and Lowlands Equestrian Centre Limited, both companies registered in England and Wales. Both companies are used for non-primary purpose trading activities. A summary of the results of RDA (Trading) Limited and Lowlands Equestrian Centre Limited is shown in Note 17.

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2021

Statement of responsibilities of the Trustees

The Trustees (who are also directors of Riding for the Disabled Association incorporating Carriage Driving for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company or group for that period.

In preparing these financial statements, the trustees are 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 and statements of recommended practice 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 trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company’s auditor is unaware and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

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

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2022 was 444 (2021: 458). The trustees have no beneficial interest in the charity.

Riding for the Disabled Association incorporating Carriage Driving

Trustees’ annual report

For the year ended 31 March 2021

Auditor

Sayer Vincent LLP has acted as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

The trustees’ annual report has been approved by the trustees on 29 June 2022 and signed on their behalf by

Rachel Medill MBE Chair

Neil Goldie-Scot Honorary Treasurer

Independent auditor’s report

To the members of

Riding for the Disabled Association incorporating Carriage Driving

INDEPENDENT AUDITOR’S REPORT

Opinion

We have audited the financial statements of Riding for the Disabled Association incorporating Carriage Driving (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2022 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 March 2022 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
Have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulation 2006 (as amended)

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Riding for the Disabled Association incorporating Carriage Driving's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Independent auditor’s report

To the members of

Riding for the Disabled Association incorporating Carriage Driving

Other Information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

The information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements
The trustees’ annual report has been prepared in accordance with applicable legal requirements

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
The parent charitable company financial statements are not in agreement with the accounting records and returns; or
Certain disclosures of trustees’ remuneration specified by law are not made; or
We have not received all the information and explanations we require for our audit; or
The directors were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report.

Independent auditor’s report

To the members of

Riding for the Disabled Association incorporating Carriage Driving

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We enquired of management, and the finance committee, which included obtaining and reviewing supporting documentation, concerning the charity’s and group’s policies and procedures relating to:

Independent auditor’s report

To the members of

Riding for the Disabled Association incorporating Carriage Driving

Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
We inspected the minutes of meetings of those charged with governance.
We obtained an understanding of the legal and regulatory framework that the charity and group operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity and group from our professional and sector experience.
We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
We reviewed any reports made to regulators.
We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Independent auditor’s report

To the members of

Riding for the Disabled Association incorporating Carriage Driving

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Fleur Holden (Senior statutory auditor)

27 July 2022

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

Riding for the Disabled Association incorporating Carriage Driving

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2022

Unrestricted £ 1,474,042 98,445 133 10,746 15,243 168,680 87,108 69,605 19,975	Restricted £ 313,448 - - - - - 9,325 - -	2022 Total £ 1,787,490 98,445 133 10,746 15,243 168,680 96,433 69,605 19,975	Unrestricted £ 1,558,290 103,150 - 333 2,767 91,107 76,141 8,078 100,723	Restricted £ 322,040 - - - - - 10,489 - -	2021 Total £ 1,880,330 103,150 - 333 2,767 91,107 86,630 8,078 100,723
1,943,977	322,773	2,266,750	1,940,589	332,529	2,273,118
383,097 437,846 466,604 37,544 378,912 -	21,405 134,881 20,107 81,272 5,000 -	404,502 572,727 486,711 118,816 383,912 -	365,462 281,496 194,512 78,846 287,859 48,997	- 337,599 6,826 41,577 10,471 -	365,462 619,095 201,338 120,423 298,330 48,997
1,704,003	262,665	1,966,668	1,257,172	396,473	1,653,645
5,637 118,276 239,974	- 14,087 60,108	5,637 132,363 300,082	18,577 385,846 683,417	- 62,751 (63,944)	18,577 448,597 619,473
363,887 -	74,195 -	438,082 -	1,087,840 (55,000)	(1,193) 55,000	1,086,647 -
363,887 6,493,862	74,195 915,595	438,082 7,409,457	1,032,840 5,461,022	53,807 861,788	1,086,647 6,322,810

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 27 to the financial statements.

Riding for the Disabled Association incorporating Carriage Driving

Company no. 5010395

Balance sheets

As at 31 March 2022

2022 2021 £ £ 3,855,718 3,937,572 3,596,191 3,384,142 7,451,909 7,321,714 10,348 12,099 514,105 352,951 1,193,177 959,150 1,717,630 1,324,200 496,788 336,021 1,220,842 988,179 8,672,751 8,309,893 825,212 900,436 7,847,539 7,409,457 989,790 915,595 4,670,010 4,529,363 981,754 880,342 1,191,025 1,124,106 14,960 (39,949) 6,857,749 6,493,862 7,847,539 7,409,457 The group	2022 2021 £ £ 3,855,718 3,937,572 3,596,191 3,384,142 7,451,909 7,321,714 10,348 12,099 514,105 352,951 1,193,177 959,150 1,717,630 1,324,200 496,788 336,021 1,220,842 988,179 8,672,751 8,309,893 825,212 900,436 7,847,539 7,409,457 989,790 915,595 4,670,010 4,529,363 981,754 880,342 1,191,025 1,124,106 14,960 (39,949) 6,857,749 6,493,862 7,847,539 7,409,457 The group	2022 2021 £ £ 3,855,718 3,937,572 3,596,194 3,384,145 7,451,912 7,321,717 9,370 9,619 521,599 405,356 1,158,642 942,751 1,689,611 1,357,726 483,732 329,601 1,205,879 1,028,125 8,657,791 8,349,842 825,212 900,436 7,832,579 7,449,406 989,790 915,595 4,670,010 4,529,363 981,754 880,342 1,191,025 1,124,106 - - 6,842,789 6,533,811 7,832,579 7,449,406 The charity	2022 2021 £ £ 3,855,718 3,937,572 3,596,194 3,384,145 7,451,912 7,321,717 9,370 9,619 521,599 405,356 1,158,642 942,751 1,689,611 1,357,726 483,732 329,601 1,205,879 1,028,125 8,657,791 8,349,842 825,212 900,436 7,832,579 7,449,406 989,790 915,595 4,670,010 4,529,363 981,754 880,342 1,191,025 1,124,106 - - 6,842,789 6,533,811 7,832,579 7,449,406 The charity
7,451,909 10,348 514,105 1,193,177	7,321,714 12,099 352,951 959,150	7,451,912 9,370 521,599 1,158,642	7,321,717 9,619 405,356 942,751
1,717,630 496,788	1,324,200 336,021	1,689,611 483,732	1,357,726 329,601
1,220,842	988,179	1,205,879	1,028,125
8,672,751 825,212	8,309,893 900,436	8,657,791 825,212	8,349,842 900,436
7,847,539	7,409,457	7,832,579	7,449,406
989,790 4,670,010 981,754 1,191,025 14,960	915,595 4,529,363 880,342 1,124,106 (39,949)	989,790 4,670,010 981,754 1,191,025 -	915,595 4,529,363 880,342 1,124,106 -
6,857,749	6,493,862	6,842,789	6,533,811
7,847,539	7,409,457	7,832,579	7,449,406

Approved by the trustees 29 June 2022 and signed on their behalf by

Rachel Medill MBE Chair

Neil Goldie-Scot Honorary Treasurer

Riding for the Disabled Association incorporating Carriage Driving

Consolidated statement of cash flows

For the year ended 31 March 2022

Reconciliation of net income / (expenditure) to net cash flow from operating activities

Note £ £ Net income / (expenditure) for the reporting period (as per the statement of financial activities) 438,082 Depreciation charges 98,177 (Gains) / losses on investments (138,000) Dividends and interest from investments (96,433) (Profit) / loss on the disposal of fixed assets - Increase / (decrease) in stocks 1,751 (Increase) / decrease in debtors (161,154) Increase / (decrease) in creditors 159,717 302,140 96,433 - (16,323) 130,395 (377,326) (166,821) - (74,174) (74,174) 61,145 959,150 172,882 1,193,177 At 1 April 2021 £ Cash at bank and in hand 959,150 Total cash and cash equivalents 959,150 Loans falling due within one year (90,624) Loans falling due after more than one year (900,436) Total (31,910) Cash flows from operating activities 2022 Cash inflows from new borrowing Cash outflow: repayment of loans Cash flows from financing activities: Net cash (used in) / provided by investing activities Net cash provided by / (used in) operating activities Cash flows from investing activities: Dividends and interest from investments Proceeds from the sale of fixed assets Purchase of fixed assets Proceeds from sale of investments Purchase of investments Analysis of cash and cash equivalents and of net debt Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Net cash provided by / (used in) financing activities Change in cash and cash equivalents in the year Change in cash held by investment broker pending reinvestment at the end of the year	Note £ £ Net income / (expenditure) for the reporting period (as per the statement of financial activities) 438,082 Depreciation charges 98,177 (Gains) / losses on investments (138,000) Dividends and interest from investments (96,433) (Profit) / loss on the disposal of fixed assets - Increase / (decrease) in stocks 1,751 (Increase) / decrease in debtors (161,154) Increase / (decrease) in creditors 159,717 302,140 96,433 - (16,323) 130,395 (377,326) (166,821) - (74,174) (74,174) 61,145 959,150 172,882 1,193,177 At 1 April 2021 £ Cash at bank and in hand 959,150 Total cash and cash equivalents 959,150 Loans falling due within one year (90,624) Loans falling due after more than one year (900,436) Total (31,910) Cash flows from operating activities 2022 Cash inflows from new borrowing Cash outflow: repayment of loans Cash flows from financing activities: Net cash (used in) / provided by investing activities Net cash provided by / (used in) operating activities Cash flows from investing activities: Dividends and interest from investments Proceeds from the sale of fixed assets Purchase of fixed assets Proceeds from sale of investments Purchase of investments Analysis of cash and cash equivalents and of net debt Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Net cash provided by / (used in) financing activities Change in cash and cash equivalents in the year Change in cash held by investment broker pending reinvestment at the end of the year	£ £ 1,086,647 96,638 (467,174) (86,630) (64) (923) (103,061) 40,291 565,724 86,630 620 (9,811) 637,165 (826,063) (111,459) 350,000 - 350,000 804,265 421,786 (266,901) 959,150 Cash flows At 31 March 2022 £ £ 234,027 1,193,177 234,027 1,193,177 (1,050) (91,674) 75,224 (825,212) 308,201 276,291 2021	£ £ 1,086,647 96,638 (467,174) (86,630) (64) (923) (103,061) 40,291 565,724 86,630 620 (9,811) 637,165 (826,063) (111,459) 350,000 - 350,000 804,265 421,786 (266,901) 959,150 Cash flows At 31 March 2022 £ £ 234,027 1,193,177 234,027 1,193,177 (1,050) (91,674) 75,224 (825,212) 308,201 276,291 2021
96,433 - (16,323) 130,395 (377,326)		86,630 620 (9,811) 637,165 (826,063)
- (74,174)		350,000 -
		Cash flows £ 234,027
	61,145 959,150 172,882		804,265 421,786 (266,901)
	1,193,177		959,150
	At 1 April 2021 £ 959,150		At 31 March 2022 £ 1,193,177
	959,150	234,027	1,193,177
	(90,624) (900,436)	(1,050) 75,224	(91,674) (825,212)
	(31,910)	308,201	276,291

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

1 Accounting policies

a) Statutory information

Riding for the Disabled Association incorporating Carriage Driving is a charitable company limited by guarantee and is incorporated in the United Kingdom.

The registered office address and principal place of business is Lowlands Equestrian Centre, Old Warwick Road, Shrewley, Warwick, CV35 7AX.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

These financial statements consolidate the results of the charitable company and its wholly-owned subsidiaries RDA (Trading) Limited and Lowlands Equestrian Centre Limited on a line by line basis. Transactions and balances between the charitable company and its subsidiaries have been eliminated from the consolidated financial statements. Balances between the charitable company and its subsidiaries are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern, due to the level of reserves held and the resilience shown during the Coronavirus pandemic.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

1 Accounting policies (continued)

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose and their associated support costs;
Expenditure on charitable activities includes the costs of delivering services undertaken to further the purposes of the charity and their associated support costs.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred, either directly or indirectly by the allocation of support costs.

j) Allocation of support and governance costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is allocated in proportion to the direct costs involved.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

k) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

l) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

m) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Freehold and leasehold property 50 years
Leasehold improvements 5 years  Equine and Riding Equipment 1 to 10 years  Fixtures, Fittings and Office Equipment Up to 5 years

n) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses are shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Investments in subsidiaries

Investments in subsidiaries are at cost.

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

1 Accounting policies (continued)

o) Stocks

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving and defective stocks.

p) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

q) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

r) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

s) Pensions

The charity operates two defined contribution pension schemes for the benefit of its staff. The pension cost charged in the statement of financial activities is the amount of the contributions payable for the year. Differences between contributions payable for the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

t) Exceptional income

The charity has received government grants that are deemed to be exceptional in nature as they do not relate to the underlying operations of the charity. Rather, they have arisen as a result of the Covid-19 coronavirus pandemic.

2 Income from donations and legacies

Income from donations and legacies
Gifts and grants Legacies Fundraising and sponsorship	Unrestricted £ 719,952 541,179 212,911	£ 315,963 (2,515) - Restricted	2022 Total £ 1,035,915 538,664 212,911	Unrestricted £ 962,227 529,741 66,322	£ 296,040 26,000 - Restricted	2021 Total £ 1,258,267 555,741 66,322
	1,474,042	313,448	1,787,490	1,558,290	322,040	1,880,330

The negative restricted legacy income noted above, in 2022, relates to an Estate which was overstated in an earlier period, the adjustment being required as further information came to light during the administration of the Estate.

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

3 Income from charitable activities

3 Income from charitable activities
4 5 6 Member groups' subscriptions Sub-total for Support for Groups Dressage income Profit on disposal of fixed assets Other income Education income Accessibility Mark Sub-total for Support for Volunteers Horse and venue hire National Championships Income from listed investments Interest receivable Sale of gifts and Christmas cards Commercial equestrian activities Total income from charitable activities Sub-total for National Training Centre Other income Entry fees income - regional events Income from investments Sub-total for Support for Participants Income from other trading activities Rental income	Unrestricted £ 87,108 -	£ 9,325 - Restricted	Unrestricted £ 98,445	2022 Total £ 98,445	Unrestricted £ 103,150	2021 Total £ 103,150
			98,445 133	98,445 133	103,150 -	103,150 -
			133 5,892 1,314 3,540	133 5,892 1,314 3,540	- - 333 -	- - 333 -
			10,746 15,243	10,746 15,243	333 2,767	333 2,767
			15,243	15,243	2,767	2,767
			124,567	124,567	106,250	106,250
			Unrestricted £ 20,604 31,341 116,735	2022 Total £ 20,604 31,341 116,735	£ 13,938 35,818 41,351 Unrestricted	2021 Total £ 13,938 35,818 41,351
			168,680	168,680	91,107	91,107
			2022 Total £ 96,433 -	Unrestricted £ 76,141 -	£ 10,489 - Restricted	2021 Total £ 86,630 -
	87,108	9,325	96,433	76,141	10,489	86,630
			£ 31,097 - 38,508 Unrestricted	2022 Total £ 31,097 - 38,508	Unrestricted £ 4,018 64 3,996	2021 Total £ 4,018 64 3,996
			69,605	69,605	8,078	8,078

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

7 Exceptional income

Exceptional income
Coronavirus Job Retention Scheme Coronavirus Local Restrictions Support	£ 1,975 18,000 Unrestricted	2022 Total £ 1,975 18,000	Unrestricted £ 78,973 21,750	2021 Total £ 78,973 21,750
	19,975	19,975	100,723	100,723

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

8a Analysis of expenditure (current year)

Charitable activities

Cost of raising funds £ 217,536 - - - - - - 62,677	Support for Groups £ 148,066 169,676 49,394 - - - - 29,613	Support for Volunteers £ 256,903 - - - 28,343 - - 51,916	Support for Participants £ 41,851 - - 15,200 - - - 25,257	National Training Centre £ 174,202 - - - - - - 91,747	Development £ - - - - - - - -	Governance costs £ 59,878 - - - - - 27,469 8,579	Support costs £ 73,061 - - - - 26,987 - 408,313	2022 Total £ 971,497 169,676 49,394 15,200 28,343 26,987 27,469 678,102	2021 Total £ 860,664 296,564 25,021 2,784 1,688 20,691 53,720 392,513
280,213 104,559 19,730	396,749 148,043 27,935	337,162 125,809 23,740	82,308 30,713 5,795	265,949 99,237 18,726	- - -	95,926 - (95,926)	508,361 (508,361) -	1,966,668 - -	1,653,645 - -
404,502	572,727	486,711	118,816	383,912	-	-	-	1,966,668	1,653,645
365,462	619,095	201,338	120,423	298,330	48,997	-	-

"All other costs" includes depreciation, publicity and fundraising costs, office expenses, the costs of subsidiary undertakings, etc.

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

8b Analysis of expenditure (prior year)

Charitable activities

Staff costs (Note 11) Grants to groups (Note 9) Regions support for groups National Championships Coaching and qualifications Investment management Legal and professional All other costs (see below) Support costs allocation Governance costs allocation Total expenditure 2021	Cost of raising funds £ 200,610 - - - - - - 61,147	Support for Groups £ 110,541 296,564 25,021 - - - - 11,291	Support for Volunteers £ 133,933 - - - 1,688 - - 8,584	Support for Participants £ 81,764 - - 2,784 - - - 1,703	National Training Centre £ 130,087 - - - - - - 83,587	Development £ 32,470 - - - - - - 2,623	Governance costs £ 46,036 - - - - - 53,720 1,563	Support costs £ 125,223 - - - - 20,691 - 222,015	2021 Total £ 860,664 296,564 25,021 2,784 1,688 20,691 53,720 392,513
	261,757 81,313 22,392	443,417 137,746 37,932	144,205 44,797 12,336	86,251 26,794 7,378	213,674 66,377 18,279	35,093 10,902 3,002	101,319 - (101,319)	367,929 (367,929) -	1,653,645 - -
	365,462	619,095	201,338	120,423	298,330	48,997	-	-	1,653,645

"All other costs" includes depreciation, publicity and fundraising costs, office expenses, the costs of subsidiary undertakings, etc.

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

9 Grant making

9 Grant making	9 Grant making	9 Grant making
2022 2021 £ £ 169,676 296,564 169,676 296,564 10,496 - 9,600 - 8,500 - 8,000 - 7,500 21,700 7,445 - 6,118 - 6,000 - 6,000 - 6,000 - 5,940 - 5,712 - 5,000 5,000 5,000 - 5,000 10,000 5,000 - - 28,600 - 16,416 - 13,015 - 10,000 - 9,925 - 7,185 - 7,000 - 5,268 - 5,000 - 5,000 62,365 152,455 169,676 296,564 10 2022 2021 £ £ 98,177 96,638 (20,604) (12,000) 13,244 16,046 13,250 15,400 1,980 2,342 Coleraine RDA group Papplewick RDA group Total of all other grants, up to £5,000 each, to RDA groups Middleton Park RDA group Beechley Stables RDA group Abingdon RDA group Penniwells RDA group Gareloch RDA group Park Lane RDA group Omagh RDA group Scropton RDA group New Lodge RDA group East Liverpool RDA group Net income / expenditure for the year Operating lease rentals payable: Auditor's remuneration (excluding VAT): This is stated after charging / (crediting): Depreciation Audit Grants to RDA member groups Operating lease rentals receivable: All of the grants to institutions are made to RDA member groups. Grants were made as follows: Property Charlton Park RDA group Other services Cost Other Gartmore RDA group Avon Riding Centre RDA group The Cavalier Centre RDA group Grants to institutions Alkham Valley RDA group Angus RDA group Highland RDA group Reach RDA group Unicorn RDA group Wakefield RDA group Wellington and Dummer RDA group Grants are part of overall support for groups - see note 8. Bank Farm RDA group Equipower RDA group Gordon RDA group
	169,676	296,564
		- - - - 21,700 - - - - - - - 5,000 - 10,000 - 28,600 16,416 13,015 10,000 9,925 7,185 7,000 5,268 5,000 5,000 152,455
	169,676	296,564
	2022 £ 98,177 (20,604) 13,244 13,250 1,980	2021 £ 96,638 (12,000) 16,046 15,400 2,342

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

11 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows: Employer’s contribution to defined contribution pension schemes Salaries and wages Redundancy and termination costs Social security costs Other forms of employee benefits	2022 838,258 73,592 - 35,672 23,975	2021 746,638 57,743 4,752 31,439 20,092
	971,497	860,664

The redundancy and termination costs were settled and paid at the balance sheet date.

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

employer's national insurance) during the year between:
	2022	2021
	No.	No.
£100,000 - £109,999	1	-
£90,000 - £99,999	-	1
£70,000 - £79,999	1	-
£60,000 - £69,999	-	1

The total employee benefits, (including employer pension contributions and employer's national insurance), of the key management personnel were £375,011: 5 roles (2021: £353,009: 5 roles).

The charity trustees were not paid nor did they receive any other benefits from employment with the charity in the year (2021: £nil). Three charity trustees (2021: one trustee) received payment for services supplied to the charity in the normal course of the charity's business totalling £2,880 (2021: £250). Mrs Lynda Whittaker received £450 payment for services supplied to the charity (2021: £250), Mrs Sally-Anne O'Neill received £2,390 (2021: £nil) and Mrs Frances Lochrane received £40 (2021: £Nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £11,681 incurred by 10 trustees (2021: £331 incurred by 2 trustees) relating to attendance at meetings of the trustees and other events.

12 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 33 (2021: 32).

The average number of employees (full time equivalent) during the year was 27 (2021: 26).

13 Related party transactions

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. Transactions between group entities are disclosed in note 17.

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

14 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiaries, RDA (Trading) Limited and Lowlands Equestrian Centre Limited, gift aid available profits to the parent charity. The group charge to corporation tax in the year was:

		2022	2021
		£	£
UK corporation tax at	19%	-	-

Freehold land £ 805,000 - -	Freehold and leasehold property £ 3,295,345 - -	Equine and riding equipment £ 97,826 16,323 -	Fixtures and fittings £ 43,496 - -	Total £ 4,241,667 16,323 -
805,000	3,295,345	114,149	43,496	4,257,990
- - -	193,162 62,514 -	74,416 20,792 -	36,517 14,871 -	304,095 98,177 -
-	255,676	95,208	51,388	402,272
805,000	3,039,669	18,941	(7,892)	3,855,718
805,000	3,102,183	23,410	6,979	3,937,572

Freehold land with a value of £805,000 (2021: £805,000) is not depreciated.

All of the above assets are used for charitable purposes.

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

16 Shares listed on the London Stock Exchange Unlisted shares in UK registered companies Cash UK Common investment funds Fair value at the start of the year Investments comprise: Additions at cost Disposal proceeds Net gain / (loss) on change in fair value Fair value at the end of the year Cash held by investment broker pending reinvestment Listed investments	2022 2021 £ £ 3,050,199 2,394,127 377,326 826,063 (130,395) (637,165) 138,000 467,174 3,435,130 3,050,199 161,061 333,943 3,596,191 3,384,142 2022 2021 £ £ 52,520 38,028 3,382,610 3,012,171 - - 161,061 333,943 3,596,191 3,384,142 The group The group	2022 2021 £ £ 3,050,199 2,394,127 377,326 826,063 (130,395) (637,165) 138,000 467,174 3,435,130 3,050,199 161,061 333,943 3,596,191 3,384,142 2022 2021 £ £ 52,520 38,028 3,382,610 3,012,171 - - 161,061 333,943 3,596,191 3,384,142 The group The group	2022 2021 £ £ 3,050,202 2,394,130 377,326 826,063 (130,395) (637,165) 138,000 467,174 3,435,133 3,050,202 161,061 333,943 3,596,194 3,384,145 2022 2021 £ £ 52,520 38,028 3,382,610 3,012,171 3 3 161,061 333,943 3,596,194 3,384,145 The charity The charity	2022 2021 £ £ 3,050,202 2,394,130 377,326 826,063 (130,395) (637,165) 138,000 467,174 3,435,133 3,050,202 161,061 333,943 3,596,194 3,384,145 2022 2021 £ £ 52,520 38,028 3,382,610 3,012,171 3 3 161,061 333,943 3,596,194 3,384,145 The charity The charity
	3,596,191	3,384,142	3,596,194	3,384,145

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

17 Subsidiary undertakings

The charitable company owns the whole of the issued ordinary share capital of RDA (Trading) Limited and Lowlands Equestrian Centre Limited, both companies registered in England and Wales. Both companies are used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are distributed under gift aid to the charitable company. A summary of the results of both subsidiary companies is shown below:

The registered office address and principal place of business for RDA (Trading) Limited and Lowlands Equestrian Centre Limited is Lowlands Equestrian Centre, Old Warwick Road, Shrewley, Warwick, CV35 7AX.

2022 2021 £ £ 116,735 41,351 (39,957) (13,983) 76,778 27,368 (21,870) (22,158) 54,908 5,210 - - 54,908 5,210 31,593 15,602 (16,632) (55,550) 14,961 (39,948) Lowlands Equestrian Centre Limited	2022 2021 £ £ 116,735 41,351 (39,957) (13,983) 76,778 27,368 (21,870) (22,158) 54,908 5,210 - - 54,908 5,210 31,593 15,602 (16,632) (55,550) 14,961 (39,948) Lowlands Equestrian Centre Limited	2022 2021 £ £ 31,341 35,818 (16,212) (18,278) 15,129 17,540 (14,698) (15,216) 431 2,324 (431) (1,465) - 859 6,926 5,150 (6,924) (5,148) 2 2 RDA (Trading) Limited	2022 2021 £ £ 31,341 35,818 (16,212) (18,278) 15,129 17,540 (14,698) (15,216) 431 2,324 (431) (1,465) - 859 6,926 5,150 (6,924) (5,148) 2 2 RDA (Trading) Limited
76,778 (21,870)	27,368 (22,158)	15,129 (14,698)	17,540 (15,216)
54,908 -	5,210 -	431 (431)	2,324 (1,465)
54,908	5,210	-	859
31,593 (16,632)	15,602 (55,550)	6,926 (6,924)	5,150 (5,148)
14,961	(39,948)	2	2

Amounts owed to/from the parent undertaking are shown in note 20.

Included within administrative expenses of RDA (Trading) Limited above is a management charge of £6,000 (2021: £6,000) from the parent entity. Included within administrative expenses of Lowlands Equestrian Centre Limited above is a management charge of £12,650 (2021: £13,200) from the parent entity. Included within cost of sales of Lowlands Equestrian Centre Limited is a horse hire charge of £28,125 (2021: £10,860) from the parent entity.

18 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

	2022	2021
	£	£
Gross income	2,326,333	2,223,464
Result for the year	313,173	1,080,578

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

19 2022 2021 £ £ 10,348 12,099 10,348 12,099 20 2022 2021 £ £ - - 15,000 55,000 15,000 55,000 38,853 20,626 - - 1,398 6,496 119,450 14,450 27,780 19,379 311,624 237,000 514,105 352,951 21 2022 2021 £ £ 91,674 90,624 169,627 107,998 1,421 - 802 802 30,828 67,825 202,436 68,772 496,788 336,021 22 Trade debtors Prepayments Accrued income (legacies) Debtors The group The group Amounts owed by trading subsidiaries Other debtors Creditors: amounts falling due within one year The group VAT debtor Bank loans Deferred income (Note 22) Deferred income comprises income received in advance of events. Deferred income Amounts due after more than one year: Finished goods Accruals Other debtors Other creditors Trade creditors Taxation and social security Stock Amounts owed by trading subsidiaries Amounts due within one year:	19 2022 2021 £ £ 10,348 12,099 10,348 12,099 20 2022 2021 £ £ - - 15,000 55,000 15,000 55,000 38,853 20,626 - - 1,398 6,496 119,450 14,450 27,780 19,379 311,624 237,000 514,105 352,951 21 2022 2021 £ £ 91,674 90,624 169,627 107,998 1,421 - 802 802 30,828 67,825 202,436 68,772 496,788 336,021 22 Trade debtors Prepayments Accrued income (legacies) Debtors The group The group Amounts owed by trading subsidiaries Other debtors Creditors: amounts falling due within one year The group VAT debtor Bank loans Deferred income (Note 22) Deferred income comprises income received in advance of events. Deferred income Amounts due after more than one year: Finished goods Accruals Other debtors Other creditors Trade creditors Taxation and social security Stock Amounts owed by trading subsidiaries Amounts due within one year:	19 2022 2021 £ £ 10,348 12,099 10,348 12,099 20 2022 2021 £ £ - - 15,000 55,000 15,000 55,000 38,853 20,626 - - 1,398 6,496 119,450 14,450 27,780 19,379 311,624 237,000 514,105 352,951 21 2022 2021 £ £ 91,674 90,624 169,627 107,998 1,421 - 802 802 30,828 67,825 202,436 68,772 496,788 336,021 22 Trade debtors Prepayments Accrued income (legacies) Debtors The group The group Amounts owed by trading subsidiaries Other debtors Creditors: amounts falling due within one year The group VAT debtor Bank loans Deferred income (Note 22) Deferred income comprises income received in advance of events. Deferred income Amounts due after more than one year: Finished goods Accruals Other debtors Other creditors Trade creditors Taxation and social security Stock Amounts owed by trading subsidiaries Amounts due within one year:	2022 2021 £ £ 9,370 9,619 9,370 9,619 2022 2021 £ £ 10,000 50,000 15,000 55,000 25,000 105,000 37,263 20,626 557 4,765 1,340 6,010 119,450 14,450 26,365 17,505 311,624 237,000 521,599 405,356 2022 2021 £ £ 91,674 90,624 158,057 103,778 - - 802 802 30,763 65,625 202,436 68,772 483,732 329,601 The charity The charity The charity	2022 2021 £ £ 9,370 9,619 9,370 9,619 2022 2021 £ £ 10,000 50,000 15,000 55,000 25,000 105,000 37,263 20,626 557 4,765 1,340 6,010 119,450 14,450 26,365 17,505 311,624 237,000 521,599 405,356 2022 2021 £ £ 91,674 90,624 158,057 103,778 - - 802 802 30,763 65,625 202,436 68,772 483,732 329,601 The charity The charity The charity
	496,788	336,021	483,732	329,601

Balance at the beginning of the year Amount released to income in the year Amount deferred in the year Balance at the end of the year	2022 2021 £ £ 68,772 75,648 (51,991) (55,648) 185,655 48,772 202,436 68,772 The group	2022 2021 £ £ 68,772 75,648 (51,991) (55,648) 185,655 48,772 202,436 68,772 The group	2022 2021 £ £ 68,772 75,648 (51,991) (55,648) 185,655 48,772 202,436 68,772 The charity	2022 2021 £ £ 68,772 75,648 (51,991) (55,648) 185,655 48,772 202,436 68,772 The charity
	202,436	68,772	202,436	68,772

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

23 Creditors: amounts falling due after one year

Creditors: amounts falling due after one year
Bank loans	2022 2021 £ £ 825,212 900,436 825,212 900,436 The group		2022 2021 £ £ 825,212 900,436 825,212 900,436 The charity
	825,212	900,436	825,212	900,436

Bank loans totalling £916,886 (2021: £991,060) are secured against Lowlands Equestrian Centre. The initial loan, with balance outstanding of £619,386, is due to be repaid by August 2023 and has a variable interest rate of 2% above the base rate.

In June 2020, the charity agreed with NatWest Bank a £350,000 loan under the Coronavirus Business Interruption Loan Scheme (CBILS). The loan was for a 6 year term at an interest rate of 2.25% over base rate, although under the terms of CBILS the interest rate for the first 12 months was, in effect, 0%. During the year, the interest rate was fixed at a rate of 2.59%. There was no capital repayment requirement during the first 12 months of this loan.

24 Pension scheme

The Charity operates two defined contribution pension schemes. In each case, the assets of the scheme are held separately from those of the charitable company, in an independently administered fund.

25 Investments Loans Financial instruments Financial assets measured at fair value through profit and loss Financial liabilities measured at fair value through profit or loss	2022 £ 3,435,130	2021 £ 3,050,199
	916,886	991,060

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

26a Analysis of group net assets between funds (current year)

Tangible fixed assets Net current assets Net assets at 31 March 2022 Investments Long term liabilities	General unrestricted £ - 1,604,327 583,412 -	£ 3,795,718 1,287,487 412,017 (825,212) Designated funds	Restricted funds £ 60,000 704,377 225,413 -	Total funds £ 3,855,718 3,596,191 1,220,842 (825,212)
	2,187,739	4,670,010	989,790	7,847,539

26b Analysis of group net assets between funds (prior year)

Tangible fixed assets Investments Net current assets Net assets at 31 March 2021 Long term liabilities	General unrestricted £ - 1,520,507 443,992 -	£ 3,877,572 1,201,411 350,816 (900,436) Designated funds	Restricted funds £ 60,000 662,224 193,371 -	Total funds £ 3,937,572 3,384,142 988,179 (900,436)
	1,964,499	4,529,363	915,595	7,409,457

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

27a Movements in funds (current year)

At 1 April 2021 £ 136,818 19,352 318,125 60,000 11,834 1,676 4,080 - 1,154 429 - 565 - 10,000 - 25,000 - 33,720 - 35,652 1,206 110 5,654 624 14,304 15,000 15,350 - 140,023 9,540 21,473 15,408 15,000 3,498 -	Income and gains £ 46,468 300 22,574 - 838 - - 21,730 - - 2,500 - 52,965 - 18,000 15,000 6,000 - 60,500 - 40,000 47,000 - - - (4,515) - 2,500 - - - - - - 5,000	Expenditure and losses £ (23,132) (19,652) (8,800) - (3,500) - - - - - (2,500) - (29,905) (10,000) (14,000) (30,416) (6,000) (7,500) (20,107) - (41,206) (22,993) - - (14,304) - - (2,500) - (1,150) - - - - (5,000)	Transfers £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	At 31 March 2022 £ 160,154 - 331,899 60,000 9,172 1,676 4,080 21,730 1,154 429 - 565 23,060 - 4,000 9,584 - 26,220 40,393 35,652 - 24,117 5,654 624 - 10,485 15,350 - 140,023 8,390 21,473 15,408 15,000 3,498 -
915,595	336,860	(262,665)	-	989,790
687,414 152,496 2,886,512 350,000 - 209,291 72,526 171,124	118,185 10,819 - - - 13,942 768 4,837	(123,035) (54,310) - - - (1,439) - (18,940)	- - (7,680) (52,500) 250,000 - - -	682,564 109,005 2,878,832 297,500 250,000 221,794 73,294 157,021
4,529,363	148,551	(197,724)	189,820	4,670,010

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

27a Movements in funds (current year) continued

Fair value reserve General funds Non-charitable trading funds Total unrestricted funds Total funds	At 1 April 2021 £ 880,342 1,124,106 (39,949)	Income and gains £ 101,412 1,669,851 148,076	Expenditure and losses £ - (1,413,112) (93,167)	Transfers £ - (189,820) -	At 31 March 2022 £ 981,754 1,191,025 14,960
	6,493,862	2,067,890	(1,704,003)	-	6,857,749
	7,409,457	2,404,750	(1,966,668)	-	7,847,539

27b Movements in funds (prior year)

Total restricted funds Restricted funds: Regions and counties Coronavirus fund Bayes legacy fund Fixed asset fund Leatherbarrow fund Tendring district fund FH Edwards fund Carriage driving fund International driving fund Bovey Tracey holiday fund Alborada equine welfare fund Susan Dudley-Smith fund Godolphin Education fund Elizabeth Phillips Linda Seale Brockenhurst fund Holiday fund Topsy dressage fund I Brown fund Lady Tebbit Suffolk fund Stanley Bellamy Sport England Accessibility Mark Sport England volunteer leadership Ladbrooke Topsy fund Frost Foundation Dorothy Jones Other donations David Whigham Sheila Shaw BT Supporters Club via Comic Relief Deborah Stevenson JH Chrimes West Yorkshire fund The Worshipful Company of Loriners Childwick Trust Sir Peter O'Sullevan George Goodsir Charitable Trust	At 1 April 2020 £ 154,716 - 248,512 60,000 9,207 4,176 4,080 513 1,154 429 - 565 - - - - - 33,720 - 35,652 - 53,775 5,654 624 14,304 - 20,000 - 140,023 9,540 21,473 19,023 15,000 9,648 -	Income and gains £ 16,959 73,675 70,613 - 2,627 - - - - - 12,500 - 15,000 10,000 20,000 25,000 25,000 - 6,386 - 52,000 47,000 - - - 15,000 - 2,000 - - - - - - 1,520	Expenditure and losses £ (34,857) (252,912) (1,000) - - (2,500) - (513) - - (12,500) - (15,000) - (20,000) - (25,000) - (6,386) - (1,577) (6,293) - - - - (4,650) (2,000) - - - (3,615) - (6,150) (1,520)	Transfers £ - 198,589 - - - - - - - - - - - - - - - - - - (49,217) (94,372) - - - - - - - - - - - - -	At 31 March 2021 £ 136,818 19,352 318,125 60,000 11,834 1,676 4,080 - 1,154 429 - 565 - 10,000 - 25,000 - 33,720 - 35,652 1,206 110 5,654 624 14,304 15,000 15,350 - 140,023 9,540 21,473 15,408 15,000 3,498 -
	861,788	395,280	(396,473)	55,000	915,595

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

27b Movements in funds (prior year) continued

At 1 April 2020 £ 702,457 162,827 3,323,895 - 169,619 70,748 164,432	Income and gains £ 148,587 46,294 - - 42,446 2,074 6,692	Expenditure and losses £ (88,630) (56,625) - - (2,774) (296) -	Transfers £ (75,000) - (437,383) 350,000 - - -	At 31 March 2021 £ 687,414 152,496 2,886,512 350,000 209,291 72,526 171,124
4,593,978	246,093	(148,325)	(162,383)	4,529,363
487,596 425,466 (46,018)	392,746 1,629,004 77,169	- (1,037,747) (71,100)	- 107,383 -	880,342 1,124,106 (39,949)
5,461,022	2,345,012	(1,257,172)	(55,000)	6,493,862
6,322,810	2,740,292	(1,653,645)	-	7,409,457

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

27 Movements in funds - purposes of funds

Purposes of restricted funds

Regions and counties Coronavirus fund Bayes legacy fund Fixed asset fund Leatherbarrow fund Tendring district fund FH Edwards fund NTC hydraulic lift fund Carriage driving fund International driving fund Bovey Tracey holiday fund Alborada equine welfare fund Susan Dudley-Smith fund National Training Centre Godolphin Education fund Elizabeth Phillips Wooden Spoon Childwick Trust Sir Peter O'Sullevan George Goodsir Charitable Trust National Championships I Brown fund Princess Royal Coaching Academy Lady Tebbit Suffolk fund Stanley Bellamy Sport England Accessibility Mark

Sport England volunteer leadership

David Whigham Sheila Shaw BT Supporters Club via Comic Relief Deborah Stevenson JH Chrimes West Yorkshire fund The Worshipful Company of Loriners Linda Seale Brockenhurst fund Holiday fund Topsy dressage fund Ladbrooke Topsy fund Frost Foundation Dorothy Jones

To further the objects of the charity within their geographical area. To fund relief and recovery from the pandemic. For the benefit of the East region. Representing the value of tangible fixed assets. To provide grants to groups within Warwickshire. To provide grants to groups within Essex. To purchase equipment for regions. To purchase a mounting lift at the National Training Centre. For carriage driving. To fund RDA drivers' training for international competition. To establish a new holiday within the South West region. For horse welfare.

To provide an annual award for a carriage driving volunteer. To develop the National Training Centre facilities. For the Education programme. To support RDA activities across Forth Valley, Scotland. To purchase horses. For group support in the South and South East. To establish a human equine interaction register. For the development of the National Championships. For the development of the National Championships. For travel expenses of any Scottish group or region. For the development of a coaching Academy project. For RDA activity within Suffolk.

For travel by carriage driving groups to the National Championships. To fund the Accessibility Mark project. During the year to March 2021 it was agreed that some of this funding could be repurposed to provide support to RDA groups via the Coronavirus fund.

To fund the volunteer leadership project. During the year to March 2021 it was agreed that some of this funding could be repurposed to provide support to RDA groups via the Coronavirus fund. To provide training bursaries. For support of a Dressage conference. For horses and equipment grants and new groups training. To support RDA activities across the North West region. To support RDA activity in West Yorkshire. To support Insight research. To support RDA activity in Brockenhurst. To support holidays. For dressage and National Championships travel from South Wales. To provide grants to groups within South Wales. To support groups in Cambridgeshire. For the Horsforth and Menston areas of Leeds.

Riding for the Disabled Association incorporating Carriage Driving

Notes to the financial statements

For the year ended 31 March 2022

27 Movements in funds - purposes of funds (continued)

Purposes of designated funds

Regions and counties To further the objects of the charity within their geographical area. The Worshipful Company of Farriers For group support. Fixed assets fund Representing the value of tangible fixed assets less the property-secured bank loans. CBILS loan repayment fund To fund the repayment of the Coronavirus Business Interruption Loan Scheme (CBILS) loan. Strategy fund To fund an expansion of activities as a result of the national RDA strategy: "Transforming Lives Across the UK". Activities funds To support specific activities, incorporating the Elisabeth Curtis, Stella Hancock, A Petch, Dance memorial and Verona Kitson funds. Geographical funds To support specific geographical areas, incorporating the G Meighan and Gilbert Price funds. Grant fund To fund grants to groups.

28 Operating lease commitments

The group's total future minimum lease payments under non-cancellable operating leases are as follows for each of the following periods:

of the following periods:
Within one year One to five years	2022 2021 £ £ 2,117 12,978 6,885 5,565 9,002 18,543 Equipment
	9,002	18,543

29 Operating lease commitments receivable as a lessor

Amounts receivable by the group under non-cancellable operating leases are as follows for each of the following periods:

periods:
Less than one year One to five years	2022 2021 £ £ 34,500 12,000 46,708 5,000 81,208 17,000 Property
	81,208	17,000

30 Post balance sheet event

Since 31 March 2022, the markets have continued to be relatively volatile. As at the date of approving the accounts, the value of investments had fallen by £276,614 compared with the 31 March value.

31 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

Riding for the Disabled Association incorporating Carriage Driving

Contents

Chair’s introduction

CHAIR’S INTRODUCTION

Chair’s introduction

For the year ended 31 March 2022

Chair’s introduction

RIDING FOR THE DISABLED ASSOCIATION INCORPORATING CARRIAGE

DRIVING

TRUSTEES’ ANNUAL REPORT 2022

Objectives and activities

Purposes and aims

Trustees’ annual report

Achievements and performance

About RDA

Our impact

Trustees’ annual report

Our activities

Strengthening our network of national volunteers

Strengthening our groups

Building confidence for RDA group volunteers

Trustees’ annual report

For the year ended 31 March 2022

Training and continuous professional development (CPD) for RDA coaches

Participant engagement, recognition and education

Trustees’ annual report

For the year ended 31 March 2022

Raising awareness – and funds

Activity in Scotland

Activity in other parts of the UK

Strategy for the future - The Journey to March 2025

1. Rebuild and strengthen

Getting our existing participants back

Strengthening the RDA network

A. Providing critical resources to our groups

B. Connecting with our people

2. Growth

A. New and adapted activities

B. Reaching new people

3. Structure

Financial review

Income

Trustees’ annual report

Expenditure

Balance Sheet at 31 March 2022

Investments

Trustees’ annual report

For the year ended 31 March 2022

Principal risks and uncertainties

Reserves policy and going concern

Trustees’ annual report

For the year ended 31 March 2022

Going Concern

Fundraising Practices

Trustees’ annual report

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees’ annual report

Structure, governance and management

Trustee appointments

Trustees’ annual report

For the year ended 31 March 2021

Governance arrangements

Trustee expenses

Third Party Indemnity Provision for Trustees

Arrangements for setting remuneration

Trustees’ annual report

Auditor

Riding for the Disabled Association incorporating Carriage Driving

INDEPENDENT AUDITOR’S REPORT

Opinion

Basis for opinion

Conclusions relating to going concern

Riding for the Disabled Association incorporating Carriage Driving

Other Information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

To the members of

Riding for the Disabled Association incorporating Carriage Driving

Responsibilities of trustees