RDAII ANNUAL REPORT 2024/25 Enriching Lives Through Horses Iniiiiiiiii *AEDT99R4* 2311012025 COMPANIES HOUSE A16 #41 Bryony began horse riding at eight to help with her cerebral patsy, but it was her mental health that saw the greatest benefiL Diagnosed at 14 with depression. anxiety. PTSD, and dissociative seizures. she struggled wtth school and bullyin9. which left her feeling suicidal. Riding became a lifeline. J ￿ It helped calm me down. I had to focus on the moment, not on what had happened at schooL Everyone has their own difficulties. but when you're on a horse, you can just be you. Contents RDA Trustees. Annual Report Chair's Report CEO Report About Us Disabled People Need Us More Than Ever RDA'S Impact in Numbers Our Programmes in Action 10 The Year in Review Empowering Our Groups Championing ROA'S Mission PartneriThJ Fcr thnqe Championing Our Horses Developing Our Organisation for the Future 12 14 Jr 16 18 20 Powered By A Community of Support 21 Structure, Governance & Management 22 Our Finances Financial Performance for the year (ended 31" March 2025) 26 Statement of Responsibilities Independent Auditor's Report Consolidated Statement of Financial Activities 31 33 37 Balance sheet 38 Consolidated statement of cash flows 39 Notes to the financial statements 40 Chair's Report A Year of Growing Impact Welcome to this year's RDA UK Annual ReporL Rising costs and volunteer recruitment p￿SSureS Reflecting on the past year. I feel immer)se pride have Sparked innovation - frcm new volunteer and purpose. Our work has never been more enqaqement approaches to expanded partnerships vital. Nearly one in four people in the UK live in health. education and the equestrian world. with a disability or condition that affects their daily life, and too many still face barriers to inclusion, wellbeing. and physical activity. At RDA. we harness the unique bond between people and horses to help overcome those barriers. Through therapeutic riding, carriage driving. inclusive sport. and equine-aSSiSted acti4ities. we support physical health, mental wellbeing. and confidence and connection. For many, that first moment of freedom in the saddle or carriage is transformationaL Our groups are diversifying to meet a wider range of needs. Over 60% of groups now offer Horse Care sessions through Equine Assisted Learning. and our fia9ship Tea with A Pony programme continues to grow - especially supporting those with dementia or mental health challenges. We're not just responding to chanoe - we're helping to lead it. RDA UK. the national charity is also adaptinq. We welcome(l Michael Bishop as CEO. and appointed new trustees Paul Maynard. Rosie Scott-ward and Kelly Bames, br1r￿ing valuable experience of disability and additional expertise to the board. We've taken steps to listen to our RDA member Groups and acL through our governance review- strengthening the federation by empowering regional teams. creating new A(fvisory Boards to draw on expertise from within and beyond our volunteer base. and bring the grassroots and national charity closertoqether. We are also reviewing our charitable objects to ensure they remain fit for the future. I'm delighted that this year. participation grew again by 9%. RDA member groups supported 27.000 people. with a further 12.000 reached through RDA Approved Centres - commercial ridinq schools trained and approved by RDA to deliver sessions to a high standard. Nearly 80% of our participants are under 25. and almost 70% of groups work directly with schools, reflectinq the strength of our impact to children and young people. This impact is powered by a stable community of 1.700 coaches. 13.700 volunteers, 2,800 equines. and loyal supporters. whose oassion and dedication ensures RDA continues to be a lifeline for tens of thousands. To all who make this work possible - thank you. Together, we will continue to build a stronoer, more inclusive RDA community. and enrich even more Our sector is evolving fast. The changing face of lives through horses. disability, increasing public scrutiny of horse sporL and growing ￿COgnItion of the social value of equine-assisted services bring both challenges and opportunitie& Heleno Veg0-Lozono Choir of Tn￿tee5. RDA UK . CEO'S fft@porf Bullding a Solid Foundation At RDA UK, we've focused on building stron9. programmes and partnerships in Equine Assisted stable foundations that give our network the Services. and strenqthening our group support confidence to grow. adapt. and respond to the teams. We must ￿rna1n focussed on sustainable diverse and evolvino needs of disabled people. impact growth that keeps participant needs at the We're here to empower RDA Groups and Approved heart. Centres by listening. supportinq, and growinq alongside them. Like many charities. vle face challenges in a tough fundraising climate. That'5 why we're investing in This year we delivered specialist traininq for projects that support lono-terrn financial coaches - equipping them to work confidently with sustainability and build relationships to increase a wide range of disabilities. We strengthened our reach and impact. This has only been possible safeguarding, provided enhanced insurance at a thanks to some exceptional. unforeseen legacies. fraction of market cost, and expanded our support These most special oifts have allowed us to lay with more tall0￿d assistance. We also created stronger foundations for the future. Thank you to space to celebrate participant achievement all those who remember us in their Will. throuqh our National and Virtual Championships. and raised national awareness through our involvement in the People's Postc¢xle Lottery Christmas advertisino campaign. To all those who make our work possible, whether you're a volunteer. supporter, partner, or riding centre- thank you. Your commitment qives me huge optimism for the futu￿. Beyond support, ourjob is also to steer the federation and prepare for what's ahead. We are investinq in impact measurements, including through our three-year research partnership with Hartpury University & College. developing new Mlchael Bishop CEO. RDA UK INS Enriching Lives Through Horses disabled per,sor) valued, inc.luded to experience freedom live fulfilling c.onnec.tion. MISSION lJVe harness to enhance unique connec-tion between health wellbeing humans disabled horses people. IMPACT 11Wiir Mental Jvèllbei ng EOuc.alion Enqagement Soc-ial Cionr)ec.Iion physic.allv Ac.tive c.onfidence Esieem BELIEFS Ability drives us Every voice matters ljve celebrate progFes5 Excellence promise Horses are central to we fl What We Do RDA UK RDA is a nationwide federation of nearly 4CM) member groups and over 50 approved riding schools delivering liffrchanqing equine services across the UIL 6oèrd of Trusteos 14ember Our grassroots groups are at the heart of delivery, providing hands-on. participant- focused equine attivities. ove Centre CoatThe5 39,000 Participants RDA UK provides essential leadership and governance., specialist trainino for trustees. volunteers and coaches: and seivices and support that equip our groups to thrive. suppported by our regional and county volunteer network, so they can deliver an excellent. participant focused experience. Equ1nes Volunteer Advisor RDA Regions l. South West 2. Mid West 15 3. South 4. South East 14 5. Greater London 6. West Mercia 13 7. North Midlands 18 12 8. East 9. North West io/ii 10/1 l. Yorkshire 12. North 13. Edinburqh & Borders 14. West & Central Scotland 17 15. Grampian & Highland 16. South Wales 16 17. North Wales 18. Northern Ireland Wfvo W@ Sofjppo At RDA. our participants are at the heart of everything V￿ do. We support people of all ages and abilities - from children as young as fourto older adults. including those dementia and age related conditions. We welcome people with physical and leamin9 disabilities. sensory impairments. long-term health conditions, and neurodiverqence. Each person comes with their own goaLs- whether for therapeutic benefit, social connection. or inclusive leaming. Participants come through schools. care homes, health professionals or directly. Accessing RDA Services Participant Age •lher 2.616 7•rarnor COrn￿￿￿kY6r•U￿S I3.￿ I Undtr 16 se￿￿tEr1ed iprt¥*• Cuthts Disabled People Need Us More Than Ever lin4 people are disabled, 39.5010 of disabled adults do under 30 minutes of physical activity a week almost twice the rate of non- disabled adults.. 24% port frequent loneliness. compared to just 7% of non-disabled adults 25010 .97010 more disabled people cite mental health as their main disability since 2014- now 1.2 million Only 25% of disabled students fully participate in school lo more pupils entered state run alternative provision education setting in 2023124.. 5x more,, Children with learning disabilities are much more likely to be excluded frorn school.. In a world of rising isolation and inequality, RDA offers a vital and proven response. CF@atllTrg Opporftofjffnuty. R@doJcotrng OTr@qoJaLoty yt RDA combines physical activity. nature. emotional connection. and purpose - in ways that respond directly to the needs of disabled people. Our participants also experience freedom. self-worth and a sense of belonging too often denied elsewhere. We provide: Access to meaninijful activity for people excluded from sport or therapy elsewhere A safe space for emotional regulati(￿. connection and growth Inclusive, adaptable enwronments for all ages and abilities Regular equine contact. offering trusL calm. and connection We work with families. schools, care homes and health professionals to reach people who might otherwise be left out. helping them access support. achievement and joy. The Unlque Power of Horses Non-judoemental connection: Horses restx)nd with calm presence. without bia5, inspiring trust Therapeutic movement: Their gait mirrors walking. improving strength and balance Fully adaptable- Riding and carriage driving suit complex needs Calming and grounding- fime with horses supports mental wellbeing and ernotional regulation Social growth: Participants build confidence and C￿lMunication throuqh equine interaction Why it Matters Only 4496 of disabled people have easy acce5S to nature (vs 7896 of non-di5abled people).. Two-thirds say being active helps reduce loneliness Disabled people report life lower satisfaction. happine55. and purpose. io Post-pandemic referrals to RDA have doubled - but many groups are full. with long walting lists. RDA'S work has never been m•re needed. Behind every statistic is a person waltlng for support - and the life-changing ¢xperien¢e of a horse. With more investment. rnore volunteers. and more awareness. we can reach them. Together. we Can Create a more incluslve future. ,OWPFthtyP*styJ￿e5￿r￿Q022￿23? 'SportEryWO*£tlvE bvosknvrf(202Z-231 'QNSQi54¥ilrtyatwJ L￿￿￿ess￿￿tI2Ol2j 'kiffty D￿rty& kt1yrtygjr￿2023.E4 Reach Impact Volunteers oac.hes 380,000 Session5 Equines Groups Approved entres 'Ac.ross Groups & Approved C.entres Our Programmes In Action ROA'S proqrammes are desioned around participants, needs, offering a diverse, fully inclusive ranoe of equestrian and equine-assisted activities. Each activity delivers unique physical. mental, and emotional benefits. ensuring people of all abilities can engage meaningfully with horses. Our three core proijramffle areas reflect our rich heritage and evolving offer. Therapeutic Ridinq & Carriaqe Driving Ridino remains central to the RDA experience. with proven therapeutic benefits. The horse's rhythmic movement relaxes tight muscles. improves postu￿, strengthens core stability, and enhances coordination. In 2025. 9196 of RDA Groups offered riding. up from 87% in 2022-hiqhliqhting its enduring value. Carriage Driving provides a powerful alternative for those unable to ride or seekino a new challenoe. It delivers all the benefits of riding plus the rush of speed and open-air freedom. About 1496 of groups consistently offer this exciting altemative. io Equine-Assisted Proqrammes Our non-ridden activities are expandinq. opening doors to those vtho are unable or don't want to ride. These include: Ouiet Comers: a calm. lOw-pressu￿ space to connect with horses. Horse Care and Groundwork: handS￿n groominq. leading. and learning that boost confidence and wellbeing. Tea with a Pony- a caring programme supporting people with dementia and long-term conditions, now offered by nearly 25% of group5. Education Awards & Activities: Proficiency tests and creatiV￿based activities celebrate learninq. support proqression. and encouraoe reflection through awards, competitions. and accredited certification. From 2022 to 2025. Horse ca￿ grew by 20%. while Groundwork jumped to 24% of groups - a clear sion of expanding impact. Equestrian Sport & Competition Sport iqnites passion and progress. ROA'S disciplines - from Dressage and Vaulting to Showjumping and Endurance - build skills. confidence. and pride. Our National Championship5 are a standout. featurino more equine disciplines than the Paralympics or Special Olympics. Plus. our Wirtual Championships brinq the thrill of competition to those who can't be there in person. Looking Ahead We're pushing fOn￿ard - investing in every programme. widening access. and evolving to meet the changing needs of our community. Riding and competition remain strong, but We'￿ also growing our innovative equine- assisted programmes to reach even more lives. li Éfflpow@tRllffbg OQJF GtBoofjt)s Our qrassroots network is the beatinq heart of RDA. This year. we focused on deepefling relationships. improving supp)rt in key areas. and recognisinq the vital contribution of the volunteers, trustees. and coaches deliver lif*changing experiences every day. With the arrival of CEO Michael Bishop came a renewed commitment to connection. His visits to groups across the UK- alonqside outreach by trustees. staff. and regional volunteers - helped rebuild trust and deepen our understandinq of what groups need on the ground. These conversations continue to shape our direttion. Training & Development Trainlnq remains a comerstone of our support. Safeguarding was a major focus. with 1,073 people completing 79 courses to keep participants safe and well cared for. We welcomed new trustees and volunteers at our National Induttion Day. and delivered targeted governance training to equip group leaders with the tools to lead confidently and meet their ￿sPonSibl11t1es. Coaching support evolved to meet inC￿aS1ng complexity in participants, needs. Tailored training was delivered on cerebral palsy (with Action CP) and Patholoqical Demand Avoidance (with the PDA Society). Additional CPD covered bumout prevention. stress management. and conflict resolution to support coach wellbeing. Recognising the pressure on group finances, we expanded fvndraisinq support. Webinars like "Sourcing Donations for Capital Projects" and "Unlocking the Power of Leqacy Gifts" helped groups explo￿ new and sustainable income streams. Celebratin9 Community ROA'S 55th anniversary gave us a powerful opportunity to celebrate the people at the heart of our work We launched new recognition resources to mark the occasion. including commemorative certificates thankinq volunteers for their dedication. President's Awards, Annual Awards. and Coaching Awards honoured outstandino contributions. with HRH The Princess Royal presenting these at the National Championships. During Volunteer Week, we shone a spotlight on the tireless commitment of our grassroots community - whose energy continues to power our mission. Looking Ahead We are building on this momentum. A new Quality and Standards Advisory Board will help drive continuous improvement. Investment in our Coaching Programme will strengthen support for volunteers in an increasingly complex landscape. And the new 'My RDA, web platform will make training and resources more accessible and user-friendly than ever. 12 After finishing my A-levels in JULY 2023. 1 took a gap year and started volunteering with RDA. I quickly fell in love with the horses, the people, and the sense of purpose. Watchin9 riders qrow in confidence was amazing, but I wanted to do more. I completed my coach training and spent the summer coachinq, learning how to support both riders and volunteers. The pride and joy on my riders, faces is like nothing else. RDA has made me stronger, more independent, and full of self-belief. I'm now at university, but my journey's not over - I want to coach showjumping next! Championing RDA'S Mission To grow our impact. we must gmw our reach. Raising aWa￿nesS of RDA is essential to attract new volunteers, funding, and partnerships - ensuring more people understand the life-changiTro power of equine-assisted activities. This year, we focused on amplifying our voice, deepening public understandinq. and creatino powerful opportunities for participants and volunteers to share their stories. Connecting with Wider Audiences HRH The Princess Royal attended the RDA National Championships. drawing natiorFal and intemational media coverage that celebrated our community. Collaborations with British Equestrian and ITV showcased RDA riders ahead of the Paralympic Games. We were featured in Ama20n Prime's Dare to Defy. hosted by Paralympian Richard Whitehead arHI Adele Roberts, spotlighting organisations breaking down sporting barriers. Hiqh-Profile Campaigns and Events In October. RDA featured in People's Postcode Lottery's national campaign What the World Needs Now Is Love. alongside Ellie Goulding and participant Maddie with her pony Aimee. The campaign ran across TV. radio. billboards, and social media - hiohlightino our impact and thanking players who have raised over £1.4 billion for qood causes, including vital support for RD Watch the PPL advert here! RDA was named Official Charity Partner of the London Intemational Horse Show 2024 at ExCeL London. With over 1 80,OCQ visitors. the event offered an unmatched platform. Our stand and the Talk Horse Live Zone featured voices from our community- includin9 Paralympians Natasha Baker. Mari Dufward-AkhursL Olympian Tom McEwen, and our volunteers and I participants. These moments boosted visibility, built support and reinforced our leadership in equine-assisted activities. Demonstratln9 RDA'S Social Value RDA UK champions the positive impact of equine activities on health. wellbeing, and inclusion. CEO Michael Bishop has been a key voice, featvrino in Horse & Hound. on national radio, and deliverinq a keynote at the Racing Foundation Conference highlighting RDA'S contribution to society and the equestrian community's wider value. In Horse & Hound. we challenqed myihs about horses suited for RDA and promoted rehoming opportunities to support owners facing financial pressure. This highlights the uroent need for suitable RDA horses to meet growing demand and enable more participants to benefiL Looking Ahead We're excited to build on this momentum as charity partner at the Agria Blenheim Intemational Horse Trials in 2025- an opportunity to celebrate the bond between people and horses and highlight our impact. We'll continue showcasing how RDA programmes transform lives, and focus on putting participants, voices at the heart of the RDA movemenL and influencing decision- makers and public opinion to improve inclusion. 14 As a parent of a child with additTonal needs. finding places that simply accept your child is rare. As Maddy grew up, we wanted her to enjoy the Same activities as other children - from swimming to Brownies. She could do these things, but they came with challenges that we had to overcome. At RDA, those challenges simply didn't exist. From the moment Maddy met her first pony. she was happy, relaxed, and proud. Teft years on. it's still the highlight of her week. Meet Maddie! 14 Part,neri hange Ai RDA we believe we Over the past partnerships to expand acce55, standards, better evidence impact, ensurin(J we evolve stayir)g true to mission of inc.lusion empowerment. are stronger tooether. we Supporting Approved C.entres Developed ' partnership British Equesirian, RDA Approved C*entres programme recognises commercial ridinfj schools collaborate to deliver ac.tivities disabled people. meeting rioorous standards. 50 centres approved, this growing r)etwork flexible. hiqh-quality alternatives 10 traditional RDA Groups - broadening access easing pressLJre on grassroots delivery. working group developed new strengthen programme throu(Jh clearer communication. better support. specialist stronger local integration. RDA to traininq. Evidencing Impact we laid vital groundwork national research agenda. Partnering Insley Cionsultino, gathered insight underpin new nat￿onaL Impact Report, published lacer in help us clearly demonstrate RDA'S co funders, policymakers, partners health and education. Alongside this. research partnershi p Hartpury University College is exploring the benefits of equine-assisted services people horses, strenqthening the evidence base thai supporns our work. impac.t we across Developing Equine Learnin9 meet growing are expanding support for Equine Pony Club ' co-creating inc.lusive badges resources volunteerinfj. Collaboration Makaton communication barriers, free symbol accessible sessi ons across our ￿eti￿ork. Assisted we Assisted Learninij. new partnership to support learning, progression, helping to trainir)g Charity access enabling more i r)clusive, Looking developing resources - new delivery models nd training equipping Ljroups to support people, more effec.tively. national Irnpact Report and research findinos step-change ability to demonstrate life-changing power of locally nationally. BritishnÈ Equestrian more PONY CLUB MAATPUAY 16 Meet Leonard! NAI, )1 RDA has had a huge impart on my life after a hiqh-speed biking accident. helping me grow in confidence and ability withirb a safe environment. It's a chance to improve and push myself - physically and mentally - an opportunity I never thought I'd have. I call it my much- needed horse therapy. When I'm on the horse, the world's worries disappear - it's just the horse and me. It helps me feel relaxed and qives me a real sense of achievement and purpose. Being able to compete again in something I love is an incredible honour and privilege. Leonord, ROA Porticipont Ch]afflpoofi]o￿g OOJF NoFs@5 RDA's life-changing work wouldn't be possible without our horses. With 2.800 equines across our federation, they are more than partners in our mission - they a￿ at its heart. Their welfare underpins everything we do. and across the UK, we are united in upholding the hi for the year ended 31 March 2025. 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 sionificant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. includino 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 2025 and of the qroup's incoming resources and application of resources, including its income and expenditure. for the year then ended Have been properly Q￿pared in accordance ￿￿th United Kingdom Generally Accepted Accounting Practice Have been prepared in accordance with the requi￿rnents of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2¢X)5 and regulations 6 and 8 of the Charities Accounts Iscotland) Regulation 2C%)6 las amended) Basis for opinion We conducted our audit in accordance with Ir)temational Standards on Auditing (UK) IISAS (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 relaiino to ooing concern In auditing the financial statements. we have concluded that the Trustees, use of the qoing concern basis of accountinq 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 thaL individually or collectively. may cast significant doubt on Riding for the Disabled Association incorporating Carriage Driving's ability to continue as a goinq concern for a period of at least t￿￿1ve months from when the financial statements are authorised for issue. Our responsibilities and the ￿Sponsibl11t1es of the Trustees with respect to qoing concem are described in the relevant sectior)s of this report. 33 Other Information The other information comprises the information included in the Trustees, annual report other than the financial statements and our auditor's ￿port 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 inforTnation and, except to the extent otherwise explicitly stated in our report. we do r)ot express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so. consider thether 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. 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 nothinq 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 qiven in the tru5tees' annual report for the financial year for which the financial statements a￿ 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 knowledqe 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 ￿Port. We have nothing to report in respect of the foll0v￿ng matters in relation to which the Companies Act 2006 and Charities Accounts (Scotland) ReguLitions 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 aqreement with the accounting records and ￿turns." 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 dlrectors were not entitled to prepare the financial statements in accordance with the small companies. regime and take advantage of the Small companies. exemptions in p￿parIng the trustees. annual report and from the requirement to prepare a strategic report. 34 Responsibilities of trustees As explained more fijlly in the statement of trustees. ￿SpOnSIbl11t1es set OLrt in the trustees, annual report, the tnJstees (who are also the directors of the parent charitable company for the purposes of company law) a￿ 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 misstatemenL whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the qroup's and the parent charitable company's ability to continue as a qoing concern, disclosing. as applicable. matters related to going concern and usino 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'5 responsibilities for the audit of the financial statements We have been appointed as auditor under settion 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 a￿ to obtain reasonable assurance about vthether 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 ouarantee 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 a￿ considered material if, individually or in the agoregate, they could reasonably be expetted to influence the economic decisions of users taken or) the basis of these financial statemen 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 irreqularities. inclLKling fraud. The extent to wthich our procedures a￿ capable of detectinq irreqularities. including fraud a￿ set out belo Capability of the audit in detecting irregularities In identifying and asse5sino risks of material misstatement in respect of irregularities. including fraud and non-compliance with lavts and wulations. our procedures included the following- We enquired of manaqement. and the finance committee. which included obtaining and reviewing supporting documentation. conceming the charity's and group's policies and procedures ￿latIng to: Identifying, evaluating. and complying with Laws and regulations and whether they were aware of any instances of non-compliance: Detecting and responding to the ris￿ of fraud and whether they have knowledge of any actual. suspected, or alleqed fraud". The internal controls established to mitigate risks related to fraud or non-compliance with lav and regulations. 35 We inspected the minutes of meetings of those charged with governance. We obtained an understanding of the leqal and regulatory framework that the charity and group operates in, f¢xusing on those laws and regulations that had a material effett on the financial statements or that had a fundamental effect on the operations of the charity and qroup from our professional and sector experience. We communicated applicable laws and regulations throughout the audit team and ￿rna1ned alert to any indications of non-compliance throughout the audit. We reviewed any reports made to wuLators. We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We perfomed 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 overTide of controls, we tested the appropriateness of journal entries and other adjustments. assessed whether the judgements made in making accounting estimates a￿ indicative of a potential bias and tested significant transactions that are unusual or those outside the norTnal 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 InC￿aSe5 the rn0￿ 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 fraLKJ rather than error. as fraud involves intentional concealment, forgery, collusion. omission or mis￿PresentatIon. A further description of our ￿s￿onSIbl11tieS is available on the Financial Reporting Council's webslte at: This description forms part of our auditor's report. 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(IXc) 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 rnembers 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 sponsibility to anyone other than the charitable company and the charitable company'5 members as a body. for our audit work. for this report. or for the opinions we have formed. Fleur Holden (Senior statutory auditor) 9 October 2025 for and on behalf of Sayer Wincent LLP. Statutory Auditor 110 Golden Lane, LONDON. ECIY OTG Sayer Vincent LLP is eliqible to act as auditor in terTns of Section 1212 of the Companies Act 2006 36 Financial Statements Coftsolldated statement of flrtanclal a(rI￿deS CintyrkYJTrtfin9 kn incorne and exptmditure x¢ounr) rthe ended 31 14¥ch 2025 2025 T￿11 Unre51riCted 2024 Total Unre51Fi(ted RE51viaed Re5trined NDie Incorne from" Donation5 and legacie5 3.320.351 134.120 3,454.471 1.415.921 546.946 1,962,867 SupporT for Groups Support lor Volunteers Supporr lor Participan15 National Training CeDiie Other trad)n9 acfiviiies Inve5tmenr5 Orher incorDÈ 83.055 127 78.259 83,055 127 78,259 71.940 71.940 76.012 18.363 125.338 88.950 50.930 76,012 l B,363 125,338 99,193 124.398 134.671 26.414 124.398 146.467 26.431 l O,l43 197 TOMI ITrKome 3.77&591 145.932 3,924.523 1.647.585 557.386 2.404.971 EMpendiiur¢ on". Rai51ng funds Chaniable actl￿ri¢S Support for Croups Support for Voluntttrs Support for Participants Naii(bnal Trainin9 Centre TO1￿ expendlwr 584.154 613 584.767 470.043 3.055 473.098 696.593 644.734 376.969 517.418 32.252 Z6.886 44.916 20.051 728.845 671.620 421.885 537,469 591.898 486.526 252.526 556.065 108.966 74.345 700.864 660.871 3 17.643 569.634 11.569 2.819,861 124.718 Z.944,S86 2.359.058 363,052 2.722.110 Net Incofflellexpendlturel before net g￿￿$/¢10sseSI In¥e$tm*nis 958.723 21.214 979,937 (517.473) 194.334 Ner galn5111osses) on inve51rntnrs {141.719) (16.1481 1157.86T) 84.484 9.771 94.255 Net ltycoMtl(eyptndityJrtl for the year 817.004 822.070 14l6,989) 204.105 {232,8841 Transfers ￿t￿￿En fvnds 27 60.026 (60.026) (6.414) 6.414 N¢1 rn4)vement In funds 877.030 154.9601 822.070 1433.403) 210.519 1222.8841 Reconclllatlon ol funds: Toial fvnds brought foThYard 5.888.420 1.086.328 6.974.748 6.321.823 875.809 7.197.632 TO￿1 fvTrds arrted forwd 6,765.450 1.031.361 7.796.818. 5.868.420 1.086.328 6.974.7482 All of the ab(w resulis are Irorn ConD￿uln9 •rtMIiE5. There we no rrther recognised gains (Y 10$5e5 than th)5e suied abgve. Movements in funds are disdosed Sn Note 27 to the *D4nciaS statemwis. 37 Rldlng for the Dlsabled Ass¢xlation incorporatlng Carriage Drmng IRDA) Balance sheers Company no. 5010395 The gn)up 2025 The charlty 2025 2024 2024 Note Flxed asseis= Tangible assets Intangible asset5 Investments 3.168.452 24,445 3.077.001 3.232.455 3.168.452 24.445 3.077.004 3,232.455 3.237.710 3.237,713 6.269.898 6.470, 165 6.269.901 6.470.168 Current assets: Srock Debtors Cash at bank and in hand 5.900 646.087 1.521.516 7.349 552.203 567.5 38 S.249 689.511 ,472.331 6.807 577,004 497.731 20 2.173.503 1.127.090 2.167.091 1.081.542 Llabllltle5: Crediiors.. amounts falling due within one year 629.083 535.007 622.674 527.697 Nei current a55ets 1.544.420 592.083 .544.417 553.845 Total assets less current Ilabllltles Creditors." amounts fallin9 due after one year Totafnet assets 7.814.318 17.500 7.062.248 87,500 7.814.318 17.500 7,024.013 87.500 23 7.796.818 - 6,974.748 7.796.818 6,936,513 Funds.. Restricted income funds Unrestricted income fund5'. Designated funds General funds Non-charitable trading fund5 Total unrestrlcted funds 27 1.031.368 1.086.328 1.031.368 1.086.328 5.072.005 1.693.445 4.450.118 1.400.067 38.235 5.072.005 1.693.445 4.450.118 1,400.067 6.765.4SO 5,888.420 6.765.450 5,850.185 TOt￿-fvnds . 7.796.818 6.974.7_48 7.796.818 6,936.513 Approved by the trustees 17 September 2025 and signed on their behalf by Helena Vega-Lozano Chair Simon Bragg Treasurer 38 Rldlng for the Dlsabled Associatlon inctyporatyng Carrlage l)rb¥ing IRDA) Consolidated Statement of cash flows Reconuliailon of net Income I lexpendiDJrel to net cash fr(•n operatlng actlvlties Noie 2025 2024 Cash flows from operatlng actlvTrtles ei incomel(expenditure) for the reporting period las per ihe siaiement of financial acti*iiie5) Depreciation charges LossesllGain51 on investment5 Dividends and Inrerest from Inve51fflent5 Profil on the disposal of f4xed a5seis Decrease In stocks Increase In debrors Increase In creditors 822.070 107.506 1 $7.867 {146.467) (222.884) 101.216 194.2SS) 199.193) 18.610) 9SO 169,1421 8.490 1,449 193.8841 94.076 Net cash wovdled by (used Inl operailng m1¥l￿e5 942.617 1383,4281 Cash flws frorn In¥esiing atti￿¢1¢$.. Dividend5 and interesr from Investments Pr¢Keeds from the sale of fixed assets Purchase of fixed assets Pr¢Keeds frtsm sale of investments Purchase of investmefirs 146.467 99.193 14.210 (49.3241 647.282 (631.749) (67.9481 623.763 1621.3781 Net Cash provldtd by Invesilng actmyes 80.904 79.612 Cash fl(MTS from fiTrandn9 all1￿11¢%= Cash outho*-. repayrnent of ltsans 170.000) 170.0001 Net cash vsed financln9 a£ii¥ltles 170.0001 170,0001 Change in cash and cash equivalents In the year 953.521 1373,8161 Cash and cash equivalents at the beginning of the year Change in cash held by invesrment broker pendin9 reinvestment at the of the year Cash and cash equlwdlents at the end of the year 567.538 947.431 457 16,0771 1.521.516 567.5381 Analysis of cash and cash equi¥71enrs and of net debt At l April 2024 Cash flows Non-coh movemenis At 31 March 2025 Cash ai bank and in hdfid 567.538 953.978 1,521,516 Total cash and rash equivalenis 567.538 953.978 1.521,516 loans falling due within one year Loan5 falling due after fflwe than one year 170.OiXII 187.5001 70.000 170.000) 70,000 170,0001 117,5001 Total 410.038 7.023.978 1.434.016 39 Rldlng for th* Dlsabled A5Jacialitin Incorwatln9 Cvriaye Drhn9 (ROA) Notts to the financial siarefflEnls I k¢tyJminq poliligation to make a Pa￿reDI to a third party. it ss probablE that serttèmènt 4wll be requirod and arntyjnt of ihe oWiytiOD Can be measured reliably. Expenditure Is cla55ified under ihe folknin9 actitrity headings. C05r5 of ¥ai5ing lun45 relare ro the c05r5 incurred ihe [￿￿table campaw in induan9 third parties tLTr make ¥oluntary coniiibuiion5 to ii. as as the cosi of ary a{￿￿TIeS ￿th a fvndraisiry purpo** and ihei¥ a550ciated 5UPPtsrt cosis." Expenditwe on charita1￿￿ acti¥itJe5 indudes the c05ts of delib￿n9 seTrice5 underraken 10 fvrther the pu￿05¢5 of the charity and their asso ch•ryed as • (951 atti¥ity fpr *thich ihE eXper￿lIU￿ ¥vas incurTtd. Either dirtctly N indire5rs of the ceDiral function. IS ￿lDe￿ied In proportion io the dirtti t￿t% irtvolved. ¢overnance c05rs are the cost5 asswaied with the go¥¢rn￿re yr•n9erneniS of lh* th￿lty. These ¢osis art aSSOCiated with ¢onsiiiuiiMal and 5tatutuy vequiremenrs and includE any costs a551Xlated ￿Trh strategi( rnanagernent of IhE thènty's acti￿tIes reallocated a5 k) Grants payablt Grab)ts payable are mado io thi￿ parties in Further4nr¢ oFthe charirf5 c*ie05. Single or rnulti-year grw15 are accoiinted for when either the iecipient has a rÈasonabl¢ eYpecrafr(￿ that they1￿11 recei￿ a grant and the IrusEees have agreed 19 pay the grant without Condit￿Th. w the reCipief+t has a reasona￿e exptttati¢ln that tw V•ill rKeive a grant arKI that any condition attaching ro the 9rant IS tyJtSide OF ih* con¢rd of the financial 455er5 and financial liabiliTits of a kind thai qU￿lfy as basic financial in5trurnents. &asiC finahclal Instrurnenls are Illi￿allY recogni5od al transatlion valut and 5ubsequ*fiifyf mÈasured ai iheif selll*mèni value *iih the exception or bank l¢Mns whith are subsequent￿T rneagured ai amortiSQ(S ¢osE usirwj the tffttti%* Ihierest rnethDd. v) Ptths*•hs The charity operaie5 defined contribuThon ptn5ion scheTrbes ft>r rhe knefit of its stalf. The penslQn Cg5t charged in tht starernenr gi acti%•rie5 ts lhe In￿￿nI 17f Jpwtfty S4pkwfot S¥pport tot 2025 T¢¢ (05¢$ C¢5t% Stsff CD5ts 111 frint5 togfDup5 kegiofts support YT￿AP5 Ni[loNIChimp*ftships £¢a(hin4 a￿d qualifKitk>lS 544.159 31.460 74.OSO 401.J6B 94Z 132.445 74,OSO 715 bI￿rty. FUr￿T*s￿9 & Oe¥¢10￿*￿t &x(Essknlrty rna Hor3•Catt *155 44259 64,525 16.656 57.295 119.5gD REITuitment Costs 4.696 It9V4tdi Dtpre(iaTion VAT 7.491 441.177 419.9)5 212.599 )60.M 302.499 669,490 2.944.546 Su￿rt(D51saNJ*1i￿n 165.699 95.9J8 1669.4 Co¥ernaft(t (05¢5 6D.OIÉ 69.UOO 55.10$ (102.4 Tolal•xyndttuK Z025 511.767 728.845 5J7.45Y .YM.516 Tofal ¢XPEnditu￿ IDI4 ?W.864 66D.811 317.613 -'All¢th*tcDsts-ir Cwt al 5uppJrt for S￿￿>￿ &JFVOrt fcr NAt￿Nal rii5iry fvnds P5 ParyKiPWllS Trtinin9CÈnirÈ SUp￿rt 2024 Toul CQ51S 159.976 133.935 103.267 80.717 264.874 51.054 225.711 153.310 1,16Z,448 103.267 88,717 Giant5 to group5 (t4ott 91 Rt9iOnS SuPPOn lor gr0￿p5 NaI￿nal Champ￿￿?hi￿s Coachifig and 9ualilKAtI￿5 Irfvestment managernenl Le9al and Yofess￿ Icify. FundiaiSIffl9 & Ebtrts Trainin9 & Tr4¥el Cosis Horse Cait 154.505 91.375 98.375 23,040 115.797 58.609 46.664 57.311 48.336 23.040 148.384 67.413 58.609 24.2 10.041 12.333 57.302 10.835 In5Utan(t Itthatyed RecNitrnEnt C05t5 70.042 71.309 tO.6B3 5afeguardiry AGM 555 13.077 11.077 Dpweciai IrreC0¥era￿ VAT l othercosts 15ee bel￿￿) 46.324 48.938 69.426 95.Z62 69.426 16.966 239 3.924 361.$80 Jis.os> 241.897 J44.213 2JS,$83 919,238 SuppDrt toSiS IB9.DB7 67.682 179.435 (919.2381 Co￿rnIn(￿ costs 68,f4)Z 58,3D7 14.229 5.916 Tot•1 ¢xpendltiirn 2024 473.091 660.871 $69.614 '￿1 other cost5- IncludE5 dep￿CHIl0￿. office expEn5E5. IP¢cv5l5oF5LthwJ￿ Underta￿￿￿5. tr. yofe55w¥ t¢(. 45 PJdlh4 A510(l*lwln¢wp•r*ir4 f*Tr4*wJ14r NOTES to Ihe I￿n(l¥j 51aremtntJ Fwt ended 31 Pkn ¥¢l tht JtaiEffleirti For ibe artnded 31 20Z5 11 Stallnumbois Th¢ Trtvag¢ Ofenwa￿S Ifvm oqwAltni) tho V*¥wa$ 370024". 311. 12 R¢laled pmy Eravila(Vons AyEgate ¢bJNDOns from reknttd IZ024. 135.2SOI. T¥¥￿￿￿)￿$ betswn gr0upertrt￿9￿e disc￿$e0 In note 17. 13 Taxailon The ¢h￿l[¥ is fiom asall *5 ch¥itabbEand is aPF4iod forilw*ablE purpo￿￿. Tr [￿rAv,$ Iradl Subsidiarits. RDAITr>J*W LwY¥ltd ahd Lty4wd5Eqw5trwTrCeMre knffli¢ed.gft wofit5to the went ¢hulty. yioup ¢har9è io corpw*w in vearw•S' ZOZ5 2024 UK corwrlt￿I￿ * 25%12024_" 25X) 14 ffxed a$5ets Giw and Charmy Ewe and Frethyd l￿d Freewd rix¢ure5 4nd nttln9 T¢rt41 eqwipment Cost At the s¢art of tht vear Alditions In ytir 5.f 1.713.149 194,41) 29,559 36.$32 13.944 ),749.￿4 43.SOJ Al Ihe ih¢fftr s.w) 2.713.U9 223,972 SO.476 1.793.297 Oepre¢latla At rhe start of tht yo•r Ch¥9È for ¢tho ¥oJr 370.911 69,326 24.255 8.788 517,359 107.St16 29,392 At rho ond ofiheyt Net ty4okv￿Ut ihE end olthi yev 440.267 33.043 624.845 805.wb 2.2PI.S82 72.4J7 17.43J 3.16&4S2 At sLvt ofthoye¥ 805.0 2.342.K8 F2.270 ),232,455 Fvooh&d lir￿ *ilh I￿Ye ol (105.QQD12024." IIOS.I¥X)l 15 Ibx depre(ialed. l oftht assets￿¥St￿ftsr ch¥iEth pwotsst 47 Plthng the Olsabled IMarptsmlWJc￿ 11 Forihe ear ended 31 I￿r¢￿ 202S 15 INaDglWo nxed a5$4ts Cr¢JUP and ch￿ Tor Addilion5 in Ve¥ 24.445 24.445 Ai th* *nd of Ihe ve¥ 24.445 Z4,445 14rt book￿ At iho oltho ¥0¥ 24.445 Z4.445 l Ihe 51art of th¢yur All of t￿lb￿e ass￿% are vsed lor 1647.2821 94,255 fl $1,167) 3.040,J16 3.200.638 3.040.389 3.200.641 Cash im*Strn¢rrt tffl¢kerp￿Iry r01Th￿trne1ir J6.615 37.072 36.615 37.072 F￿r¥￿u• at eTrJ olih*y*•r 3.077,OQl 3.237.710 3.0?7.004 The gro 2025 2024 2025 2024 Common inwe5trnent funds Sh¥es lisred on the Lwdon stock Exthan 1th115tod Shales ul LK rt9IMered i*ritEd Equestr￿￿ Ctntre Lirniled. bllth coMpa￿leS rtgi51Ered in EryL4nd and W¥ès eoth 160.OZ61 1.031.361 Re91ons and countios- Ta furthwthtobN(15of ihE 85.596 1.693.445 Tmal Mrtstrk¢ed fvnds 5.188.420 4.057.990 13.240.986) 60,026 6,765.450 Tot4 fvnds 6.974.748 4.203.923 13.381.853 -IA&JOtd 1£20￿0}f￿Ed 155tt5. 52 N¢ltes ¢0 rhe finandal SEaltrnEntJ Fw the derf 31 mtrch 2QZ5 14vMents ¢pikryw) *1 l Z023 offle and EXI￿dil￿re and losses At 30 Maych 2024 Restrfcted fw•¢s pwpose5)'. . Fixed Asseis findwjity oui¢hase ofety4r*es 70S.412 236.075 11.3n 92&5ZZ Re9iots1I ènd reS¢rided lundin9- to bontfit t Xli￿71es ¢Wr¥Èred xioss RDA UK'S 17 iogmj eTrsurt t SIr￿e91¢ objectivos tsf ihE o￿nIsat￿ ¥¢dEknved. ThE