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← The Daimler Foundation Limited

2025-03-31-accounts

REGISTERED COMPANY NUMBER: SC599377 (Scotland) REGISTERED CHARITY NUMBER: SC049034

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

THE DAIMLER FOUNDATION LTD

Bannerman Johnstone Maclay Limited Chartered Accountants and Statutory Auditor 213 St Vincent Street Glasgow G2 5QY

THE DAIMLER FOUNDATION LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 24

THE DAIMLER FOUNDATION LTD (REGISTERED NUMBER: SC599377)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The trustees present their report for the year ending 31 March 2025, reflecting a period of substantial development and achievement for the organisation. This year has been marked by significant infrastructure improvements, the expansion of community programs, and enhanced inclusivity, all in line with our charitable objectives of promoting equestrian activities, educational opportunities, and accessible recreational services for the local community.

Since the company qualifies as small, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 is not required.

OBJECTIVES AND ACTIVITIES Objectives and aims

The objectives of the charity are:

The organisation exists to provide safe, engaging, and educational experiences for people of all ages and abilities. We achieve these aims by:

Throughout the year, all developments and programs have been planned to meet these objectives, with careful attention to long-term sustainability and accessibility.

Page 1

THE DAIMLER FOUNDATION LTD (REGISTERED NUMBER: SC599377)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

Significant activities

The Daimler Foundation was established in February 2019 and our purpose is to provide opportunities for individuals from all walks of life to participate in equestrian activities and make equestrian-based therapies and sports accessible to any individual regardless of ability or wealth. We use our ponies and horses to raise the educational attainments, life skills, well-being, and aspirations of people of all ages who are disadvantaged. Our primary focus is supporting individuals from disadvantaged communities in Glasgow and Ayrshire.

We work with children and young people to grow in confidence, independence and reach their fullest potential by accessing our services. Our young people have complex and multiple diagnoses, such as learning disabilities, Autism, Spectrum Disorder, Down's Syndrome, Asperger's Syndrome, deaf and blindness. We work with many schools and groups around Glasgow and Ayrshire. Our Equine Therapy Programme currently offers group and individual sessions, which can be highly targeted, and which provide a pathway for progress. Our programme can be accessed through community groups or via self-directed support.

Changing Lives through Horses aims to improve the lives of disengaged young people, regardless of their background, and give them the opportunity to develop skills that enable them to return to education and/or employment.

ACHIEVEMENTS AND PERFORMANCE Charitable activities

During the year, the Foundation continued to operate its established equestrian and community-based activities, maintaining a steady level of participation and engagement.

The centre has remained an important local resource, supporting a wide range of users including individuals, families, schools, and organised groups. Partnerships with external organisations have continued to develop, including regular use of the facilities by Horse Scotland, British Showjumping, British Dressage and grassroots clubs. These relationships contribute to the long-term sustainability of the organisation while supporting wider access to equestrian sport and training.

In addition, the Foundation has continued to provide informal and structured educational opportunities through interaction with animals, contributing to the personal development, confidence, and well-being of participants. While no large-scale capital projects were completed during the financial year, significant progress has been made in planning and preparing for future developments.

The trustees are pleased to report that participation levels have remained stable, with consistently positive feedback demonstrating the value of the services provided to the community.

The Foundation has continued to deliver its Equine Therapy Programme, which offers both group and individual sessions and provides a structured pathway for personal development. The programme can be accessed through community groups or via self-directed support. It supports individuals with a wide range of needs, including those with learning disabilities and complex additional support requirements.

Throughout the year, the Foundation continued to work in partnership with a number of organisations, including Willow bank School, St Andrew's Scholl, Isobel Mair School, Deaf Society, Hazelwood School, Lancashire Deaf School, Carlibar School and Glasgow Caledonian University equestrian team.

Page 2

THE DAIMLER FOUNDATION LTD (REGISTERED NUMBER: SC599377)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Recreational riding lessons continue to be delivered across a range of abilities, from complete beginners to advanced riders, typically structured in two ten-week blocks. These sessions promote skill development, confidence, and physical activity within a supportive environment.

The Foundation has experienced a significant increase in demand for its services, particularly from vulnerable children and young people with learning disabilities and complex needs. Many of these individuals face challenges within mainstream education or other care settings, and the Foundation provides a valuable alternative pathway for engagement and development.

The organisation currently supports over 100 children and young people, helping them to grow in confidence, improve independence, and reach their full potential. In addition to equine therapy sessions, participants benefit from hands-on experience in yard work and stable management, providing meaningful opportunities to develop responsibility and practical skills.

Physical health benefits associated with participation include improved respiration, circulation, balance, coordination, and muscle strength, alongside enhanced emotional well-being and social interaction.

The Foundation currently utilises a safe, enclosed outdoor arena for these sessions. However, due to the unpredictable weather conditions and reduced daylight hours, particularly during winter months, sessions are frequently disrupted or cancelled at short notice. This has a direct impact on service users, many of whom rely on the consistency of these sessions for their well-being.

Feedback from participants highlights the importance of regular interaction with horses and ponies, while carers and support workers have noted the disappointment experienced when sessions are cancelled due to weather conditions. Given the vulnerabilities of many service users, ensuring they are warm, dry, and safe is a key priority.

To address these challenges and expand service provision, the Foundation has secured funding from Sportscotland, supported by additional fundraising activities including a Country and Western Festival and a Gala Night. This funding will enable the development of a new indoor arena, with construction scheduled to begin in the next financial year. This facility will allow year-round delivery of services, reduce cancellations, and increase the number of individuals who can be supported.

Horse Scotland continues to use the centre on a regular basis as part of its performance programmes, including athlete development supported by Sportscotland funding. The facilities contribute to the training of riders progressing towards World Class programmes and Team GB representation. The Foundation supports these athletes through access to arena time and confidence-building sessions.

Grassroots participation also remains a key focus. Pony Clubs and Riding Clubs use the centre weekly for training, camps, and competitions at both national and international levels. The Foundation also hosts monthly taster sessions and fitness days, encouraging participation from individuals of all ages and abilities and supporting wider engagement in equestrian sport.

The Pony Club, in particular, plays a vital role in developing future riders, offering opportunities for young people up to the age of 25 to progress within the sport regardless of background or experience. Members are encouraged to fulfil their potential and achieve personal goals in a supportive and inclusive environment.

The Foundation provides opportunities for coaching, volunteering, and workforce development. Plans are in place to provide training pathways into a variety of equestrian careers, including coaching, course building, and horse care. These initiatives aim to equip individuals with the skills needed for employment within the sector, including opportunities for travel and long-term career development.

Page 3

THE DAIMLER FOUNDATION LTD (REGISTERED NUMBER: SC599377)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Although no major capital projects were completed within the financial year, the trustees have made significant progress in developing plans for future improvements to the site and its facilities.

The organisation has continued to strengthen its role within the community, maintaining relationships with local groups, schools, and equestrian organisations. The groundwork undertaken during the year places the Foundation in a strong position to deliver enhanced services in the future.

Disabled employees

It is the charity's policy to give employment to disabled persons wherever practicable.

FINANCIAL REVIEW

Financial position

The Statement of Financial Activities shows a surplus for the year to 31 March 2025 of £12,864 (2024: deficit of £13,542) and, as of that date, the charity had a deficit of funds totalling £100,073. The Trustees note that this position has arisen mainly due to the effects that the Covid-19 pandemic had on the operations of the charity in prior years, along with the impact of rising costs and high inflation in the current year.

This surplus comes after a deficit last year. with an outbreak of strangles at the centre leading to the cancellation of events and services in January and February 2024. The income generated during that time fell sharply and this was a contributing factor for that year's deficit. With no such exceptional circumstances this year, the charity has generated a surplus and the trustees remain committed to returning the charity to an overall surplus position as soon as possible. They hope to achieve this by securing further funding and hosting more events next year.

Income

The principal sources of income which support the charitable objectives are derived from equestrian income, such as show-jumping and dressage competition revenue, stables and livery services, instruction and tuition and facilities hire, and restaurant income. Fewer shows were hosted last year, with the charity hindered by the strangles outbreak. With a full schedule of events this year, the equestrian income grew by £62,346.

Expenditure

More shows in the year was the main driver of the increase in charitable expenditure. The majority of these costs are related to the hosting of equestrian events, such as the Morris Elite Showjumping Grand Prix. The proceeds from these events are channelled towards the charitable aims of The Daimler Foundation, which is why this expenditure is allocated under the accessibility to horse-riding activity in the Statement of Financial Activities.

Investment policy and objectives

General funds are held in bank accounts so that the funds are held in a risk free and liquid form.

Reserves policy

The Daimler Foundation aims to maintain sufficient funds in our bank account to meet both planned and unplanned expenditures, but to also demonstrate to potential funders that we also have the ability to raise funds through our ongoing fundraising and equestrian events activities and by developing positive and long-term relationships with individuals, user groups and other interested parties.

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THE DAIMLER FOUNDATION LTD (REGISTERED NUMBER: SC599377)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW

Going concern

A significant amount of time and effort has gone into seeking additional funding so that the charity can operate as a going concern on its own. As noted above, the impact of the Covid-19 pandemic has resulted in a deficit of funds. As such, the trustees have sought the continued financial support of H. Morris & Company Limited and The Equestrian Centre Ltd and have assurances that funding will be made available, where required, to allow the charity to continue to operate. This includes specific assurances in relation to funding for a period of 12 months from the approval date of these accounts.

The trustees are also committed to an ongoing review of the current activities and to identify opportunities to ensure that the charity has sufficient funds to allow it to continue without external support.

On the basis of this information, the trustees consider it appropriate to prepare the financial statements on the going concern basis.

Funds in deficit

The charity currently only holds unrestricted funds, which are in a deficit position. The Covid-19 pandemic presented a significant challenge in previous financial periods, which severely restricted the charity's ability to generate funds. The efforts being made to increase the income generated has resulted in a surplus being posted for the year, thereby reducing the overall deficit position. The trustees are continuing to seek external funding to fully reverse this position.

FUTURE PLANS

Looking ahead, the trustees are progressing several key developments which will significantly enhance the Foundation's facilities and community impact.

Following the year end, the Foundation has secured funding from the National Lottery Sports Fund to support the development of new stables and a riding school. This project will provide improved facilities for equestrian training, enabling increased participation and ensuring high standards of horse welfare and rider safety.

In addition, funding has been awarded through Changing Rooms to install new disabled-access toilets and improve accessibility across the site. These developments will enable the Foundation to expand its services to include structured riding programmes for individuals with disabilities, further strengthening its commitment to inclusivity.

The Foundation is also progressing plans to develop a petting zoo, which will support educational visits from schools and provide interactive learning opportunities for the wider community. This initiative will enhance the organisation's educational offering and broaden its appeal to families and young people.

The disabled riding programme is expected to be supported by professional instruction, including involvement from Scott McLellen, recognised as British Trainer of the Year 2025, ensuring a high standard of delivery.

These developments represent a significant step forward for the organisation and are expected to have a lasting positive impact on participation, accessibility, and community engagement in future years.

Page 5

THE DAIMLER FOUNDATION LTD (REGISTERED NUMBER: SC599377)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Long-Term Development Plans

The Foundation's long-term vision includes the development of "The Forest", a ten-acre site designed to provide an open, accessible natural environment for a wide range of users. This project aims to create a welcoming space offering educational, recreational, and therapeutic opportunities for the community, with a particular focus on supporting individuals with disabilities and those from disadvantaged backgrounds.

The Forest will be developed to facilitate outdoor learning, wellbeing activities, and nature-based experiences, complementing the Foundation's existing equestrian and educational programmes. It is intended to serve as a safe and inclusive space that promotes mental health, environmental awareness, and community engagement.

Supporting this development will be the creation of lodges within, and adjacent to, The Forest. These lodges will provide opportunities for respite stays and affordable short breaks, particularly for individuals, families, and carers who may benefit from time in a supportive and restorative environment.

In addition, the Foundation intends to generate sustainable income through the expansion of local, national, and international equestrian events, as well as other community-based activities. This income will support the ongoing maintenance and development of the facilities, ensuring the long-term viability and impact of the organisation's work.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

The appointment of any new trustees and the re-election of existing trustees shall be in accordance with the constitution of The Daimler Foundation.

Organisational structure

The trustees control and supervise the day to day activities of the charity. The trustees shall convene an Annual General Meeting under the terms of the Memorandum and Articles of Association.

Induction and training of new trustees

New trustees are made aware of any essential information required for their role with the charity by the existing trustees, including their rights and responsibilities under the Scottish Charity Regulator's Guidance: Guidance and good practice for charity trustees.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The principal risk, and plan for mitigating this, is around the areas of loss of income. There is a risk that income could fall below the level required to cover the charity's running costs. This is mitigated by the continuing search for external sources of funding, communication of the charity's vision and financial needs to the equestrian community and the close monitoring of the financial health of the charity by the trustees.

Appointment of auditor

Following the year-end, the trustees appointed Bannerman Johnstone Maclay Limited as the charity's auditor in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). The appointment was made to ensure compliance with the statutory audit requirement based on the charity's income, which had exceeded the statutory audit threshold for the financial year.

Page 6

THE DAIMLER FOUNDATION LTD (REGISTERED NUMBER: SC599377)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

SC599377 (Scotland)

Registered Charity number

SC049034

Registered office

Morris Equestrian Centre Meikle Mosside Fenwick Ayrshire KA3 6AY

Trustees

P Dines J M Steel (resigned 18.4.24) S McLellan (resigned 18.4.24) E C M Lawrence (appointed 18.4.24) C Tarvit (appointed 9.9.25)

Auditors

Bannerman Johnstone Maclay Limited Chartered Accountants and Statutory Auditor 213 St Vincent Street Glasgow G2 5QY

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Daimler Foundation Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees 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. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

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 the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

Page 7

THE DAIMLER FOUNDATION LTD (REGISTERED NUMBER: SC599377)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

In so far as the trustees are aware:

AUDITORS

The auditors, Bannerman Johnstone Maclay Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 27 March 2026 and signed on its behalf by:

enelope CED IWMe/) P Dines - Trustee

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES AND MEMBERS OF THE DAIMLER FOUNDATION LTD

Opinion

We have audited the financial statements of The Daimler Foundation Ltd (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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

We draw attention to Note 1 in the financial statements, which indicates that the charitable company's total funds are in deficit. The cumulative deficit indicates that a material uncertainty exists that may cause doubt on the charitable company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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:

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES AND MEMBERS OF THE DAIMLER FOUNDATION LTD

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES AND MEMBERS OF THE DAIMLER FOUNDATION LTD

Our responsibilities for the audit of the financial statements

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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 to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and the trustees those matters we are required to state to them in an auditors' 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.

Douglas Paton BSc CA (Senior Statutory Auditor) for and on behalf of Bannerman Johnstone Maclay Limited Chartered Accountants and Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 213 St Vincent Street Glasgow G2 5QY

27 March 2026

Page 11

THE DAIMLER FOUNDATION LTD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

2025
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
108,675
Charitable activities
3
Accessibility to horse-riding
724,242
Total
832,917
EXPENDITURE ON
Charitable activities
4
Accessibility to horse-riding
820,053
NET INCOME/(EXPENDITURE)
12,864
RECONCILIATION OF FUNDS
Total funds brought forward
(112,937)
TOTAL FUNDS CARRIED FORWARD
(100,073)		 2024
Total
funds
£
83,710
658,495
742,205
755,747
(13,542)
(99,395)
(112,937)

The notes form part of these financial statements

Page 12

THE DAIMLER FOUNDATION LTD (REGISTERED NUMBER: SC599377)

BALANCE SHEET 31 MARCH 2025

2025 2024
Unrestricted Total
fund funds
Notes £ £
FIXED ASSETS
Tangible assets 10 5,554 12,600
CURRENT ASSETS
Debtors 11 82,138 85,361
Cash at bank and in hand 8,119 1,953
90,257 87,314
CREDITORS
Amounts falling due within one year 12 (193,349) (201,184)
NET CURRENT ASSETS/(LIABILITIES) (103,092) (113,870)
TOTAL ASSETS LESS CURRENT
LIABILITIES (97,538) (101,270)
CREDITORS
Amounts falling due after more than one year 13 (2,535) (11,667)
NET ASSETS/(LIABILITIES) (100,073) (112,937)
FUNDS 15
Unrestricted funds (100,073) (112,937)
TOTAL FUNDS (100,073) (112,937)

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 27 March 2026 and were signed on its behalf by: enelove UD ined P Dines - Trustee

The notes form part of these financial statements

Page 13

THE DAIMLER FOUNDATION LTD

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 2025
£
15,298
15,298
-
-
(9,132)
(9,132)
6,166
1,953
8,119		 2024
£
13,024
13,024
(2,329)
(2,329)
(10,000)
(10,000)
695
1,258
1,953

The notes form part of these financial statements

Page 14

THE DAIMLER FOUNDATION LTD

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Depreciation charges
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by operations		 2025
£
12,864
7,046
3,223
(7,835)
15,298		 2024
£
(13,542)
7,680
(30,290)
49,176
13,024

2. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24
Cash flow
At
£
£
Net cash
Cash at bank and in hand
1,953
6,166
1,953
6,166
Debt
Debts falling due within 1 year
(10,000)
-
Debts falling due after 1 year
(11,667)
9,132
(21,667)
9,132
Total
(19,714)
15,298		 31.3.25
£
8,119
8,119
(10,000)
(2,535)
(12,535)
(4,416)

The notes form part of these financial statements

Page 15

THE DAIMLER FOUNDATION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared on the going concern basis, as the Trustees are confident with the assumption that the charity will continue in operational existence for a minimum period of 12 months from the date of signing the audited financial statements. This is despite the charity, as of 31 March 2025, having a deficit of funds totalling £100,073 (2024: £112,937). The Trustees note that this position has arisen mainly due to the effects that the Covid-19 pandemic had on the operations of the charity in previous years. The charity also has a Time to pay agreement with HM Revenue & Customs over certain debts.

The Trustees note the continued financial support of H. Morris & Company Limited and The Equestrian Centre Ltd and have assurances that funding will be made available, where required, to allow the charity to continue to operate. This includes specific assurances in relation to funding for a period of 12 months from the approval date of these audited financial statements. Other sources of external funding are also being explored.

The financial statements are prepared in Sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The Trustees are satisfied that the accounting policies are appropriate and applied consistently. Key sources of estimation have been applied as follows:

Estimate Basis of estimation Fixed assets are depreciated over the useful life of the asset. The useful lives of fixed assets are based on the knowledge of the Depreciation of fixed assets Trustees, with reference to assets expected life cycle.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Income from government and other grants, whether capital 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.

continued...

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THE DAIMLER FOUNDATION LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES - continued

Income

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

Expenditure

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 accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category, net of VAT.

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, those costs of an indirect nature necessary to support them.

Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. These costs include those related to the external audit engagement. Governance costs have been apportioned to the cost of charitable activities.

Cash and cash equivalents

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amount of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds are funds which have not been designated for any other purpose and can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for the particular restricted purpose imposed by the donor within the objects of the charity. None were received in the year.

continued...

Page 17

THE DAIMLER FOUNDATION LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and deposits held at call with banks, 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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including certain creditors and balances from related undertakings, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

continued...

Page 18

THE DAIMLER FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

2.
DONATIONS AND LEGACIES
Donations
Gift aid
3.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Equestrian income
Accessibility to horse-riding
Restaurant income
Accessibility to horse-riding
Miscellaneous income
Accessibility to horse-riding
4.
CHARITABLE ACTIVITIES COSTS
Accessibility to horse-riding
5.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Motor and travelling expenses
Equipment hire
Consultancy fees
Software licences
Repairs and renewals
Bank charges
Bad debts
Equestrian expenses
Restaurant expenses
Bank interest
Donations
Depreciation		 Direct
Costs (see
note 5)
£
816,903		 2025
£
104,508
4,167
108,675
2025
£
546,576
165,233
12,433
724,242
Support
costs (see
note 6)
£
3,150
2025
£
340,793
25,204
-
5,615
1,551
17,876
7,721
7,622
27,066
2,799
60,844
13,352
(6,202)
241,599
61,588
429
2,000
7,046
816,903		 2024
£
72,897
10,813
83,710
2024
£
484,230
167,117
7,148
658,495
Totals
£
820,053
2024
£
328,783
20,643
131
5,758
3,551
20,987
11,607
5,824
9,938
1,965
42,217
10,715
2,661
204,642
70,863
682
4,100
7,680
752,747

continued...

Page 19

THE DAIMLER FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

6. SUPPORT COSTS

6. SUPPORT COSTS
Governance
costs
£
Accessibility to horse-riding 3,150
Support costs, included in the above, are as follows:
Governance costs
2025 2024
Accessibility
to Total
horse-riding activities
£ £
Auditors' remuneration 3,150 3,000
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2025 2024
£ £
Auditors' remuneration 3,150 3,000
Depreciation - owned assets 7,046 7,680
8. TRUSTEES' REMUNERATION AND BENEFITS

Penelope Dines received remuneration during the year totalling £15,836 (2024: £24,720), due to her direct involvement in the daily activities carried out by the charity. This has been permitted with the agreement of the other trustees.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

continued...

Page 20

THE DAIMLER FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

9.
STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Equestrian and restaurant staff
No employees received emoluments in excess of £60,000.
10.
TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 April 2024 and 31 March 2025
32,777
DEPRECIATION
At 1 April 2024
21,302
Charge for year
5,921
At 31 March 2025
27,223
NET BOOK VALUE
At 31 March 2025
5,554
At 31 March 2024
11,475		 2025
£
317,049
17,958
5,786
340,793
2025
14
Motor
vehicles
£
4,500
3,375
1,125
4,500
-
1,125		 2024
£
306,421
17,173
5,189
328,783
2024
14
Totals
£
37,277
24,677
7,046
31,723
5,554
12,600

At 31 March 2025 all assets were used for charitable purposes.

continued...

Page 21

THE DAIMLER FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Amounts owed by related parties
Other debtors
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 14)
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
13.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 14)
14.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans
Amounts falling due between two and five years:
Bank loans

The bank loan is a Bounce Back loan with Bank of Scotland, repayable over 60 monthly instalments of £833.33 from May 2021. Interest is charged at a rate of 2.5% per annum.

continued...

Page 22

THE DAIMLER FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

15. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.24
£
(112,937)
(112,937)
Incoming
resources
£
832,917
832,917		 Net
movement
At
in funds
31.3.25
£
£
12,864
(100,073)
12,864
(100,073)
Resources
Movement
expended
in funds
£
£
(820,053)
12,864
(820,053)
12,864

Comparatives for movement in funds

At 1.4.23
£
Unrestricted funds
General fund
(99,395)
TOTAL FUNDS
(99,395)
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
742,205
TOTAL FUNDS
742,205		 Net
movement
At
in funds
31.3.24
£
£
(13,542)
(112,937)
(13,542)
(112,937)
Resources
Movement
expended
in funds
£
£
(755,747)
(13,542)
(755,747)
(13,542)

continued...

Page 23

THE DAIMLER FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.23
£
(99,395)
(99,395)		 Net
movement
in funds
£
(678)
(678)		 At
31.3.25
£
(100,073)
(100,073)

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
Resources		 Movement
resources
expended		 in funds
£ £ £
Unrestricted funds
General fund 1,575,122 (1,575,800) (678)
TOTAL FUNDS 1,575,122 (1,575,800) (678)

16. EMPLOYEE BENEFIT OBLIGATIONS

Defined contribution schemes

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently operated fund.

The charge to the statement of financial activities in respect of defined contribution schemes was £5,786 (2024: £5,189).

17. RELATED PARTY DISCLOSURES

The charity has been provided with use of a site and premises on a rent free basis to carry out its charitable activities by The Equestrian Centre Limited. Included within debtors are amounts owed by this company for £46,058 (2024: £34,774). This amount is unsecured, interest free and has no fixed terms of repayment.

This party is related due to their connections with the trustees.

Page 24