Company registration number.. N1041520 Charity registration number.. 102497 Raleagh Equine Rescue Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 September 2024
Raleagh Equine Rescue Limited Contents Reference and Administrative Details Trustees, Report 2to5 Independent Examiner's Report Statement of Financial Activities Balance Sheet 8t09 Notes to the Financial Statements 10t018
Raleagh Equine Rescue Limited Reference and Administrative Details Trustees Mr Kenneth Leslie Irwin Stewart Mr Richard George Riddall Miss Lynda Catherine Stewart Mrs Aex Hughes Mrs Doreen Alexandra Riddall Secretary Mrs Alex Hughes Charity Registration Number 102497 Company Registration Number N1041520 Registered Office 110 Drumnaconagher Road Crossgar, Downpatrick Down BT30 9JJ Independent Examiner RBCA Limited Chartered accountants 26 Linenhall Street Belfast BT2 8BG Solicitors: Fisher & Fisher 165 Sandy Row Belfast BT125ET Bankers Ulster Bank 140 - 142 Great Victoria Street Belfast BT2 7BU Page 1
Raleagh Equine Rescue Limited Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 September 2024. Trustees and officers The trustees and officers serving during the year and Sin the year end were as follows.. Trustees.. Mr Kenneth Leslie Imin Stewart Mr Richard George Riddall Miss Lynda Catherine Stewart Mrs Alex Hughes Mrs Doreen Alexandra Riddall Secretary.. Mrs Alex Hughes Objectives and activities The company's objectives and principal activities are to- Prevent and relieve cruelty to horses, to protect them from unnecessary suffering, and by making arrangements for the adoption of such animals and to promote knowledge of their proper care and treatment among the public. Ameliorate the pain and suffering of horses which are for any reason unfit for work or in need of care by the provision, maintenance and management of a home of rest or homes of rest or by the provision of suitable work under the supervision of the Company or by arranging for their painless destruction or by any combination of such means as aforesaid. The company continues to develop the farmyard by updating the outhouses and sheds and other accommodation for the equines. Plant and machinery was also renewed, repaired or replad as necessary. Page 2
Raleagh Equine Rescue Limited Trustees. Report Public benefit The public benefit of the charity as follows= To organise educational meetings at the sanctuary for both children and adults. These horses will help children to grow in a positive healthy environment. To educate the public on all matters concerning the welfare of these animals enabling the community to interact more positively with others. The directors believe that all the charity's donations etc. should be put to the maximum use and so no director receives any payment. fess nor any benefit in kind from the charity, 100 /0 of what is received by the charity is used for the equines care and upkeep. Our purpose is to prevent and relieve cruelty to horses etc. and to protect them from unnecessary suffering and encourage a knowledge and love for horses and of their proper care and treatment among the people of Northern Ireland. We wish to prevent the pain and suffering of horses. The sanctuary has been looking after equines since 2001 and we find homes for unwanted horses etc. throughout Northern Ireland. Most of our horses are elderly and some suffer from the human equivalent of arthritis and so they must be treated for this. Their teeth must also be treated by an equine dentist, this is very important, because if they have bad teeth, they will not be eating correctly. We have approximately 35 equines at the sanctuary at any time, we would like to have more but unfortunately the amount of land we have restricts the number of horses etc. that we can look after. We also have upwards of 68 out on loan to members. If any one wishes to take a horse out please contact us. The charity provided a suitable environment for the equines to live in.. we ensure that they have a healthy diet including supplements were neSsary, have the appropriate company as horses are sociable animals and are protected from pain, suffering, injury and disease. All the equines are wormed on a regular basis and the farrier visits the sanctuary on a regular basis's. The equines are inspected at least once a day to ensure that they are as healthy as possible considering their age. To ensure that we operate a best practice approach in the sanctuary we have arranged for a British Horse Society Approved Yard Owner to review the sanctuary every three of four months. We will not put a horse down unless a Veterinary Surgeon has advised this final course of action and this will be carried out by the Veterinary Surgeon in a very humane manner. Achievements and perfomiance Raleagh Equine Rescue Limited is a 89 acre farm devoted to their upkeep and well being of horses and donkeys. We currently have 26 residents. with several new additions coming in this year. Sadly, due to the death of our administrator. as a charity we have had to spend sometime stabilising the day to day running & long term objectives. To date we are focussed on maintaining strong community links with local pony clubs and are aiming to generate fund raising through awareness days. we also hope now that schools have settled after lockdown to reintrodu educational days to encourage positive learning about animal welfare & to enhance the mental health through equine therapy of groups visiting the sanctuary. As part of uor ongoing welfare programme, the equines receive constant vet, foot & teeth care, we also have a bi-annual inspections from the BHS. Financial review The charity's incoming reSoUrS have increased over the year, increasing from £85,434 to £93,947. In addition, the charity has experienced an increase in its resources expended from £86.973 to £89,104. The surplus in the year {excluding revaluation gains was £4,843 12023.. Deficit of £1,539). Revaluation gain on investments in the year was £95,426 resulting in an overall gain in the year of £100,269. Page 3
Raleagh Equine Rescue Limited Trustees. Report Structure, governance and management Nature of goveming document Raleagh Equine Rescue Limited is a company limited by guarantee, incorporated on 13 September 2011. and was formally granted charitable status on 18 May 2015. The company was established under a Memorandum and Articles of Association which established the objects and powers of the charitable company and is governed by these articles. In the event of the company being wound up, members are required to contribute an amount not exceeding £1. Recruitment and appointment of trustees The make-up of the board is reviewed on a regular basis to ensure skills, knowledge and experience meets the needs of the charitable company. Directors are appointed by election of the members of the company in accordance with the memorandum and articles of association. Statement of trustees. responsibilities The trustees (who are also the directors of Raleagh Equine Rescue Limited for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including its income and expenditure, of the charitable company for that period. In preparing these financial statements. the trustees are required to- select suitable accounting policies and apply them consistently- observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards, comprising FRS 102 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 charitsble company will continue in business. The trustees are responsible for keeping proper accounting records that can 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Small companies provision statement This report has been prepared in accordan with the provisions applicable to companies entitled to the small companies exemption. Page 4
Raleagh Equine Rescue Limited Trustees. Report 26 Jun 2025 The annual report was approved by the trustees of the charity on behalf by= and signed on its S4 ¥y&r Mr Kenneth Leslie Irwin Stewart Trustee Mrs Alex Hughes Company secretary and trustee Page 5
Raleagh Equine Rescue Limited Independent Examiner's Report to the trustees of Raleagh Equine Rescue Limited ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2024. Responsibilities and basis of report As the charity's trustees of Raleagh Equine Rescue Limited (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan with the requirements of the Companies Act 2006 ('the 2006 Act.). Having satisfied myself that the accounts of Raleagh Equine Rescue Limited are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 65 of the Charities Act (Northern Ireland) 2008 {'the 2008 Act'}. In carrying out my examination I have followed the Directions given by the Charity Commission for Northem Ireland under section 65{9)(b) of the 2008 Act. Basis of independent examiner's report My examination was carried out in accordance with the general directions given by the Charity Commission for Northem Ireland under section 65(9}(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as charity trustees conMIng any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe.. 1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006" 2. That the accounts do not accord with those accounting records" 3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland., and 4. That there is further information needed for a proper understanding of the accounts to be reached. Independent examiner's statement I have completed my examination and have no conM5 in respect of the matters {1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northem Ireland, I have found no matters that require drawing to your attention. Mr Brian Stewart RBCA Limited Chartered accountants 26 Linenhall Street Belfast BT2 8BG 27 Jun 2025 Date:............................. Page 6
Raleagh Equine Rescue Limited Statement of Financial Activities for the Year Ended 30 September 2024 {Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2024 Total 2023 Note Income and Endowments from: Charitable activities Investment income 9.098 84.849 9,098 84,849 8,131 77,303 Total income 93.947 93,947 85,434 Expenditure on: Charitable activities {89,104) (89,104) (86,973) Total expenditure {89,104) (89,104) (86,973) Net incomel{expenditure) Other recognised gains and losses Other gainsllosses 4.843 4,843 {1,539) 95,426 95,426 86,929 95,426 95,426 86,929 Net movement in funds 100,269 100,269 85,390 Reconciliation of funds Total funds brought forward 2,690,574 2,690,574 2,605,184 Total funds carried forward 16 2,790,843 2,790,843 2,690,574 All of the charity's activities derive from continuing operations during the above periods. The funds breakdown for 2023 is shown in note 16. The notes on pages 10 to 18 fomi an integral part of these financial statements. Page 7
Raleagh Equine Rescue Limited (Registration number: N1041520) Balance Sheet as at 30 September 2024 2024 2023 Note Fixed assets Tangible assets Investments 10 638,885 2,055,386 633,255 1,932,578 2,694,271 2,565,833 Current assets Stocks Debtors Cash at bank and in hand 12 13 14 1,268 9,254 93,548 1,268 9,184 124,166 104,070 134,618 Creditors: Amounts falling due within one year 15 (7,498) {9,877) Net current assets 96,572 124,741 Net assets 2,790,843 2,690,574 Funds of the charity". Unrestricted income funds Unrestricted funds 2,790,843 2,690,574 Total funds 16 2,790,843 2,690,574 For the financial year ending 30 September 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities= The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476.. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The notes on pages 10 to 18 fomi an integral part of these financial statements. Page 8
Raleagh Equine Rescue Limited (Registration number: N1041520) Balance Sheet as at 30 September 2024 The financial statements on pages 7 to 18 were approved by the trustees, and authorised for issue on 26.Jun.2025.. and signed on their behalf by: &.S4 Mr Kenneth Leslie Irwin Stewart Trustee Mrs Alex Hughes Company secretary and trustee The notes on pages 10 to 18 fomi an integral part of these financial statements. Page 9
Raleagh Equine Rescue Limited Notes to the Financial Statements for the Year Ended 30 September 2024 1 Charity status The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 110 Drumnaconnagher Road, Crossgar, County Down, BT30 9JJ. 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otheiSe stated. Statement of compliance The financial statements have been prepared in accordan with Accounting and Reporting by Charities- Statement of Recommended practi (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)} (issued in October 20191 (Charities SORP {FRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation Raleagh Equine Rescue Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othewise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of UnrtaInty that affect the carrying value of assets held by the charity. Income and endowments All incoming resources are included in the Statement of Financial Activities (SOFA} when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be reived. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this required a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. No amount is included in the financial statements for volunteer time in line with the SORP. Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established. Page 10
Raleagh Equine Rescue Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. for example, allocating propety costs by floor areas, or per capits, staff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets are initially recorded at cost. less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows= Asset class Building improvements Equipment Depreciation method and rate 20 % straight line 20 % Straight line Page11
Raleagh Equine Rescue Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Fixed asset investments Fixed asset investments are induded at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year. or their subsequent cost. and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. Stock Stock is valued at the lower of cost and estimated selling pri less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO). Trade debtors Trade debtors are amounts due from customers for merchandise sold or SeNiS performed in the ordinary course of business. Trade debtors are recognised initially at the transaction pri. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction pri and subsequently measured at amortised cost using the effective interest method. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtheran of the objectives of the charity. Page 12
Raleagh Equine Rescue Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Financial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the Substan of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognition and measurement All financial assets and liabilities are initially measured at transaction pri (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction pri excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settie on a net basis, or to realise the asset and setue the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another paty substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership. has transferred control of the asset to another paty. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, Canlled or expires. 3 Income from charitable activities Unrestricted funds General Total 2024 Total 2023 Income from charitable activities 9,098 9,098 8,131 4 Investment income Unrestricted funds General Total 2024 Total 2023 Bank interest receivable Rental income Income from listed investments 27 3,699 73,577 8,050 76,799 8,050 76,799 84,849 84,849 77,303 Page 13
Raleagh Equine Rescue Limited Notes to the Financial Statements for the Year Ended 30 September 2024 S Expenditure on charitable activities Unrestricted funds General Total 2024 Total 2023 Note Charitable activities 89,104 89,104 86,973 6 Net gainsl(losses) on investments Unrestricted Funds Total Funds 2024 Total Funds 2023 Gainsl{losses) on revaluation of investment assets 95,426 95,426 86,929 7 Trustees remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during the year (2023 = £nil). 8 Staff costs The monthly average number of persons employed by the charity during the year expressed as full time equivalents was as follows.. 2024 No 2023 No Employees No employee received emoluments of more than £60,000 during the year (2023: £nil). Page 14
Raleagh Equine Rescue Limited Notes to the Financial Statements for the Year Ended 30 September 2024 9 Taxation The charity is a registered charity and is therefore exempt from taxation. 10 Tangible fixed assets Land and buildings Furniture and equipment Total Cost At 1 October 2023 Additions 682,454 139,160 12,750 821,614 12,750 At 30 September 2024 682,454 151,910 834,364 Depreciation At 1 October 2023 Charge for the year 60,309 128,050 7,120 188,359 7,120 At 30 September 2024 60,309 135,170 195,479 Net book value At 30 September 2024 622,145 16,740 638,885 At 30 September 2023 622,145 11,110 633,255 Included within the net book value of land and buildings above is £407,940 {2023 £407,940) in respect of freehold land and buildings and £214,205 (2023 - £214,205) in respect of leaseholds. 11 Fixed asset investments 2024 2023 Listed investments 2,055,386 1,932,578 Page 15
Raleagh Equine Rescue Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Investments Listed Investments Total At 1 October 2023 Revaluation Additions Disposals 1,932,578 1,932,578 95,426 95,426 166,343 166,343 (138,961) (138,961) At 30 September 2024 2,055,386 2,055,386 12 Stock 2024 2023 Stocks 1,268 1,268 13 Debtors 2024 2023 Trade debtors Prepayments other debtors 4,314 2,621 2,319 5,023 4,039 122 9,254 9,184 14 Cash and cash equivalents 2024 2023 Cash at bank 93,548 124,166 Page 16
Raleagh Equine Rescue Limited Notes to the Financial Statements for the Year Ended 30 September 2024 15 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals 3,097 1,512 109 2,780 9,494 382 7,498 9,877 16 Funds Balance at Other 30 Resources recognised September expended gainsl(losses) 2024 Balance at 1 October 2023 Incoming resources Unrestricted funds General General 2,690,574 103,097 (98,254) 95,426 2,790,843 Balance at Other 30 Resources recognised September expended gainsl(losses) 2023 Balance at 1 October 2022 Incoming resources Unrestricted funds General General 2,605,184 85,434 (86,973) 86,929 2,690,574 17 Analysis of net assets between funds Total funds at30 September 2024 Unrestricted funds General Tangible fixed assets Fixed asset investments Current assets Current liabilities 638,885 2.055,386 104,070 (7,498) 638,885 2,055,386 104,070 {7,498) Total net assets 2,790,843 2,790,843 Page 17
Raleagh Equine Rescue Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Total funds at30 September 2023 Unrestricted funds General Tangible fixed assets Fixed asset investments Current assets Current liabilities 633,255 1,932,578 134,618 (9,877 633,255 1,932,578 134,618 9,877) Total net assets 2,690,574 2,690,574 Page 18