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2020-12-31-accounts

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Registered Charity in England & Wales No. 1155352

Company Registered in England & Wales No. 3443026

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page
Reference and Administrative Details 1
Board of Trustees Annual Report 2-9
Trustees’ responsibilities 10
Independent Auditor’s report to the Trustees 11-14
Consolidated Statement of Financial Activities 15
Consolidated and Charity Balance Sheets 16
Consolidated Cash Flow Statement 17
Accounting Policies 18-20
Notes to the Financial Statements 21-32

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2020

President: Jennie Loriston-Clarke Vice President: Desi Dillingham Chairman: Linda Whetstone

Other Trustees: Simon Bates Julie Frizzell Caroline Godfrey Judy Harvey Paul Hayler Claire Moir Peter Storr

Charity registered number: 1155352

Company registered number: 3443026

Registered Office: Meriden Business Park Copse Drive Meriden West Midlands CV5 9RG

Auditors: Mazars LLP Two Chamberlain Square Birmingham B3 3AX

Suzanne Homewood Linda Whetstone Jason Brautigam

91-93 Regent Street Leamington Spa CV32 4NT

Jason Brautigam

Jason Brautigam Wright Hassall LLP Olympus Avenue Key Management personnel: Leamington Spa Chief Executive - Jason Brautigam CV34 6BF Chief Operating Officer- Ben Waterhouse Chief Financial Officer – Steve Phillips (appointed 22 February 2021 Resigned 25 June 2021)

1

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The board of Trustees present their annual report together with the audited financial statements of British Dressage for the year ended 31 December 2020.

The charity is governed by its Board of Trustees. Members of the Board are the Directors of the company and the Trustees of the charity. The Board consists of members elected by the membership of British Dressage, or as otherwise appointed in accordance with the Articles of Association.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and 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 (FRS102).

Objectives and Principle Activities of the Charity:

The principal objectives and activities of the charity are to advance education and participation in the sport of dressage for the public benefit by:-

2

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Values

British Dressage is committed to work for the benefit of all in the sport, participating in any capacity, at any level.

British Dressage adopts a collaborative, consultative, inclusive, transparent and open approach to the running of the organisation and strives to communicate effectively at all times. Acting with respect, integrity, inclusivity and promoting teamwork and human and equine welfare, while delivering the highest standards of service for all members, is at the heart of everything that British Dressage does.

British Dressage endeavours to be accountable to members at all times. Major decisions affecting the membership are open to consultation, while the performance of the staff and volunteers is closely monitored and managed on an ongoing basis.

Public Benefits

In setting our objectives and planning our activities, the trustees have given due consideration to the general guidance published by the Charities Commission relating to public benefits.

Amateur sport:

By acting as the governing body in Great Britain for the sport of dressage, by providing a fair and accessible competition structure and a safe environment for competitions, by training and listing dressage judges and officials, by composing and making available a series of constructive dressage tests, by encouraging participation at all levels by all, offering equal opportunities for riders of all ages with specific activities to encourage the participation of young and disabled persons, and by offering advice and guidance relating to all dressage matters, British Dressage promote the amateur sport of dressage.

Education:

By providing regional training, including training specifically for young or disabled persons, by administering apprenticeship schemes, by developing equestrian and dressage specific UK Coaching Certificates, by maintaining a trainers' database, by organising National and Judges Conventions open to all, and by showcasing the best talent and expertise at our Championship shows, British Dressage provide extensive education and training opportunities.

Animal Welfare:

By promoting good horsemanship, by providing competition opportunities for all types of horses, by guiding judges and stewards at competitions to prevent abuse of horses, by supporting breeding of suitable horses, by carrying out dope testing at events, and by putting the safety and wellbeing of the horse at the heart of everything we do, British Dressage contribute to animal welfare.

Health:

By promoting the sport of dressage to all, by providing a safe environment to participate in dressage, by encouraging participation in equestrian sport regardless of age or disability, British Dressage contribute to public health and fitness.

3

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements in 2020

2020 was inevitably dominated and defined by the pandemic. Having started the year with great optimism and a number of exciting new initiatives in the pipeline, the focus quickly shifted to minimising the impact of COVID on the organisation and protecting the future of our sport. This continued to be the case for the remainder of the year.

Truncated competition seasons and ever-changing restrictions, at regional, national and international level, led amongst other things to the postponement of Tokyo 2020 Olympics and Paralympics and the cancellation of our planned first National Championships at Somerford. However, the loyalty and support of BD members and stakeholders, who displayed their resilience when faced with unprecedented challenges, was arguably the greatest achievement of 2020. Whilst membership numbers and horse registrations did fall during each lockdown period, there was always a strong recovery once competitions restarted, including record starter numbers in August and September.

Throughout the year British Dressage continued to deliver valued benefits for members, such as insurance cover and the BD magazine, as well as a whole host of digital content to keep members active and engaged during lockdown. As a new way of working emerged, the number of on-line opportunities for training and education expanded, which proved to be particularly popular with our judges.

Our youth academies did much of their delivery online and the live streaming of the National Convention and Young Horse Forums was just as successful as ‘in person’ events. In the background work continued on further enhancements to our IT systems and to further develop the new judge education framework. Investment in BD online, cloud-based technology and digital systems made the transition to remote working relatively seamless, enabling the BD team to continue working effectively and efficiently during the crisis.

Initially, around half of employees were furloughed during the first lockdown, with the remainder adapting very quickly to working from home. There was a phased return to the office on a rota basis during the summer season, before further lockdowns enforced another period of home working. Part time furlough was introduced again during periods when there was no physical competition and training activity, to mitigate the financial impact, but the service provided to members was uninterrupted throughout. We are very grateful to our staff for their flexibility, understanding and hard work under difficult circumstances.

We also took this opportunity to assess staff workloads, organisation structure and the changing needs of the business. Decisions affecting people’s livelihoods are never taken without thorough review and consultation, but the ultimate outcome was three redundancies at our head office in Meriden and one redundancy at regional level, as well as moving two members of staff to a job share arrangement. As of the end of 2020, the total number of staff employed by BD had therefore reduced to 34.

Inevitably there was a delay in launching the new strategic plan for British Dressage, covering the next five-year cycle from Tokyo to Paris, but further details can be found in the next section. Nevertheless, planning for a number of the initiatives outlined in the document continued throughout 2020 and several of these projects are already in the process of being implemented in 2021.

Overall BD came out of 2020 in much better financial shape than we had initially expected. A surplus of £85,166 was achieved, but the result for 2020 does need to be taken in a two-year context with an expected deficit for 2021. BD was able to offer horse registration extensions of between seven and nine months for all members, based on their location within the UK, and much of the substantial cost associated with these concessions has been spread into 2021.

4

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Equally all costs relating to postponed international competitions will be incurred in 2021 – and these have increased significantly due to the required COVID protocols and post-Brexit implications. Cost savings in 2020 were much higher than anticipated, as our ability to undertake usual activities was restricted for so long, but it is expected that this will be counter-balanced by the increased level of activity in 2021, including a higher number of championships than usual.

BD maintained COVID-19 specific risk assessments from the outset of the pandemic and prudent forecasting was undertaken to manage cash flow and maintain a firm control on costs. A Coronavirus Operational Plan was formulated and reviewed on a regular basis, providing an effective framework for communicating to members throughout the year. This enabled British Dressage to respond to the announcements from the devolved governments at each stage and keep members informed of the guidelines and protocols in place once activity was able to resume.

Full details of membership figures, competition activity and notable results in 2020 will be presented in the report of the Chief Executive at the Annual General Meeting.

Looking ahead to 2021

As the global pandemic continued into 2021, with lockdown again preventing competition and training activity for virtually all of the first quarter, the eventual return of dressage was greatly welcomed by all. The enthusiasm of new and lapsed members to get back in the saddle has provided huge encouragement, with membership and horse registrations returning to pre-pandemic levels within ten weeks of the sport resuming.

All stakeholders have worked together to rearrange as many competitions as possible, leading to a packed fixture list from the end of April 2021 onwards and record numbers of starters throughout April, May and June. The NAF Five Star Winter Championships and Petplan Winter Area Festival Championships were held at the end of June at Hartpury with over 1,000 combinations competing. Although spectators were not able to return, due the restrictions still in place, the CDI at Wellington, Premier Leagues and Winter Championships were all live streamed on H&C+ to members could still follow all of the action from our top events.

Tokyo 2020 is finally set to take place in summer 2021, albeit behind closed doors, and strong teams have been selected to represent BD in both the Olympics and Paralympics. Teams are also being sent to the European Championships across all age groups, including Under 21s, Under 25s and Seniors.

After a year’s absence, the LeMieux National Championships will return at its new home Somerford Park in September, promising to be bigger and better than ever before. Three arenas will be in action over the four days for the first time, with new classes introduced and over 700 combinations taking part. We are planning ahead on the assumption that this will be a full spectator experience and looking forward to welcoming back dressage fans and enthusiasts to our flagship event.

From a business perspective 2021 is expected to be a financially difficult year, with substantial costs deferred from 2020 (particularly the unwinding of the deferred horse registration concessions, as noted above) impacting on the bottom line. However, the strong membership recovery is encouraging, and BD is being proactive in looking at reserves management and investment policies, to maximise returns while still ensuring that funds are used effectively to support the newly published strategic plan.

5

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

At the end of June 2021 British Dressage launched the strategic plan to take the sport from Tokyo to Paris 2024. The vision was restated as: British Dressage aims to be universally respected as an inclusive and successful sporting organisation, bringing people and horses together in harmon y, with a mission to provide, training, education and competition opportunities for all who enjoy dressage, whatever their aspiration and ability .

The following summarises the priorities for 2021 in the post-COVID recovery period:

6

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

British Dressage (the “charity”) was incorporated on 1 October 1997 as British Dressage Limited and obtained approval on 20 November 1997 to dispense with the word ‘Limited’. British Dressage is a registered charity, having gained charitable status on 15 January 2014, and a company limited by guarantee. The charity has a wholly owned subsidiary, British Dressage Trading Limited, which carries out trading activities to raise funds for the charity. During the year it made an operating profit of £88,369 which it gift aided to the charity (2019 £142,458).

Trustees

The majority of the Board of Trustees are elected via a membership voting process. Candidates are required to be nominated by two other members of British Dressage. The board consists of a minimum of three trustees and a maximum of twelve, with up to nine being elected by the membership. Applicants are considered by an impartial Nominations Committee (including an external independent adviser) and then suitable applicants are put forward to the membership vote. Trustees can hold office for a period of four years and be nominated again for a further four year period, allowing them to serve a maximum of eight years.

The Board of Trustees have the discretionary power to co-opt up to three extra trustees with additional expertise or competencies. The Board shall determine the skill-based criteria for each required extra trustee and once the criteria are determined and the role advertised, the Nominations Committee shall interview candidates. The Board shall appoint each extra trustee as recommended by the Nominations Committee.

Induction of Trustees

Trustees receive a full induction programme through the CEO and Chairman. The induction includes a briefing on the terms of reference for the committees they may chair, their roles and responsibilities as trustees and full details of the strategic aims of the charity. The Trustees have access to professional and legal advisers and receive briefings and training on any legislative and good practice issues in respect of the charity’s affairs.

Remuneration and Expenses

In accordance with the charity’s Memorandum and Articles of Association, no remuneration is paid to trustees for their role of office. Trustees are entitled to be reimbursed reasonable expenses properly incurred when acting on behalf of the charity.

The details of expenses and transactions relating to Trustees are disclosed in note 15 to the accounts. The Trustees are responsible for the remuneration of the charity’s senior management team. Remuneration levels are reviewed annually using appropriate benchmarking for the individual roles.

Decision Making

In accordance with the charity’s Memorandum and Articles of Association, all recommendations are received by the trustees to discuss at a minimum of five meetings held during the year. All meetings must hold a quorum of three trustees before a decision can be made and ratified.

Third Party Indemnity Provision for Trustees

Qualifying third party indemnity provision of £2m is in place for the benefit of all trustees of the charitable company at a cost of £1,980.

Principal Risks and Uncertainties

The Trustees continue to monitor the major risks to which the Charity is exposed. A risk register has been established and, where appropriate, systems and procedures have been established to mitigate the risks faced. The risk register is reviewed regularly by the Finance and Business Development Committee and at least annually by the Board, to ensure all risks are highlighted and mitigation remains suitable to protect the charity’s interests and activities. In addition a COVID-19 specific risk register has been established and is reviewed regularly.

7

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The key risks the charity faces are deemed to be significant matters that would affect its reputation and ability to operate in accordance with its defined objectives. The Risk Register defines the principal areas of risk as:

Key administrative controls include formal agendas and minutes for all meetings, detailed terms of reference for all sub-committees, clear authorisation and approval processes and full oversight by the Chair of all matters.

Further details are included in the section above ‘Looking ahead to 2021’ noting in particular the impact of the coronavirus pandemic which has affected the charity from March 2020 onwards.

REFERENCE AND ADMINISTRATIVE DETAILS

Please refer to page 1 for details of trustees and key service organisations.

FINANCIAL REVIEW AND POLICIES

Reserves policy and Going Concern:

The Trustees aim to see that the charity holds sufficient reserves to provide a high degree of financial resilience in the event of a period of financial difficulty, with the 2020 Coronavirus pandemic proving the need for this. Whilst the level of reserves at 31 December 2019 was sufficient to support costs for approximately nine months, the unforeseen pandemic has had a major impact on the charity , with the main effect expected to impact the Charity in 2021 as deferred costs are released. The Trustees have set up a review group to look in depth at the reserves policy, considering both the level of operational reserves required (currently a target of 9 to 12 months) and what is required to support investment in the initiatives of the current four year strategic plan.

The Board has reviewed the Charity’s activities, financial position and risk management policies together with factors likely to affect future development, including the impact of economic uncertainty on membership and horse registration income. The financial impact of COVID-19 was central to these assessments and whist financial modelling for 2021 to 2022 indicates that a proportion of these reserves will be utilised in 2021 and potentially beyond during a period of recovery, the Charity will still remain able to operate effectively. Consequently, the Board consider it appropriate for the financial statements to be prepared using the going concern basis of accounting.

Whilst the financial impact of COVID-19 has been considerable, the Charity has responded by reviewing all operations and has secured additional financial support through the UK Government’s Job Retention Scheme. The financial outcome for 2020 was strong, closing with free financial reserves of £2.3million, representing about 8 months of operating costs, and cash and cash equivalents of £2.8 million. Given this strong closing financial position, the resilience in recovery of major income streams and the prudent approach to future financial planning, the Board considers that it is appropriate for the financial statements to be prepared using the going concern basis.

8

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Investment Policy:

The charity aims to promote the sport of dressage and provide opportunities and training for its members as a priority. In 2019 the Board had begun to introduce an investment policy to ensure that the best choices for its long term reserves were made whilst still maintaining the overall objective of achieving the maximum returns possible, but with appropriate security and liquidity. A tender process had identified suitable Investment Managers to advise on the portfolio. In the light of the 2020 Coronavirus pandemic, however, the decision was made to hold all funds in cash deposits and on the short term money market until the Charity has more medium to long term visibility on its changed cash requirements. It is hoped that investment will now commence in late 2021.

Financial Overview:

Overall, British Dressage achieved total income of £3.4 million which after expenditure delivered a net income of £85,166 in the year, bringing its total reserves to £2.3 million.

Financial Statements:

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity’s governing document, the Charities Act 2011 and Accounting and reporting by Charities: Statement of Recommended Practice (October 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

The trustees and directors who were in the office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the trustees and directors have confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

The Trustees’ report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption provided by section 408 and section 414B (b) of the Companies Act 2006.

Signed on behalf of the board of Trustees

Mrs C M Godfrey Director

Date: xx August 2021

9

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES IN RESPECT OF THE TRUSTEES’ ANNUAL REPORT AND THE FINANCIAL STATEMENTS

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law they are required to prepare the group and parent company financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland .

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 group and charitable company and of the group’s excess of income over expenditure for that period. In preparing each of the group and charitable company financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and 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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the group and to prevent and detect fraud and other irregularities.

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

10

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRITISH DRESSAGE

Opinion

We have audited the financial statements of British Dressage (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 31st December 2020 which comprise the Group Statement of Financial Activities, the Group and Company Balance Sheets, the Group Statement of Cash Flows 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, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and the parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

11

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRITISH DRESSAGE

Other information

The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charity’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 charity or to cease operations, or have no realistic alternative but to do so.

12

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRITISH DRESSAGE

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the group and the parent charity and its activities, we identified that the principal risks of non-compliance with laws and regulations related to employment regulation, fraud and noncompliance with implementation of government support schemes relating to COVID-19, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, inappropriately shifting the timing and basis of revenue recognition, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to fund accounting, and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRITISH DRESSAGE

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 auditor’s report.

Use of the audit report

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

Ian Holder (Senior Statutory Auditor)

for and on behalf of Mazars LLP

Chartered Accountants and Statutory Auditor

First Floor Two Chamberlain Square Birmingham B3 3AX

Date: 31 August 2021

14

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Unrestricted
Fund
2020
Restricted
Fund
2020
Total
2020
INCOME
Income from:
Other trading activities
268,322
268,322
Investments
1
8,059
8,059
Other including Government
Furlough Grants
155,322
155,322
Charitable activities:
Membership Subscriptions
1,151,444
1,151,444
Horse Registrations
684,275
684,275
Training & Education
664,860
12,312
677,173
Affiliated Competitions
136,463
136,463
Championships
225,572
225,572
Other Sponsorship
9,964
9,964
Other Participant
12,102
12,102
Gift Aid
91,037
91,037




Total income
3,407,420
12,312
3,419,732




Expenditure on:
Raising funds
164,087
164,087
Charitable Activities
3,115,689
30,831
3,146,520
Other (governance costs)
23,959
23,959




Total expenditure
2
3,303,735
30,831
3,334,566








Net movement in funds
3
103,685
(18,519)
85,166




Reconciliation of funds:
Total funds brought forward
2,193,014
30,552
2,223,566
_

_
Total funds carried forward
2,296,699
12,033
2,308,732

 Total
2019
326,180
22,736
251
1,220,431
910,050
1,246,472
263,535
738,752
-
11,471
102,005
4,841.883
180,177
4,414,103
37,173

4,631,453


210.430

2,013,136
2,223,566

All of the results relate to continuing activities and include all gains and losses recognised.

The notes on pages 18 to 32 form part of these financial statements.

15

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE Registered in England & Wales No. 3443026) CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 DECEMBER 2020

Group
2020

Notes
£
Fixed assets
Tangible assets
4
14,134
Intangible assets
5
316,510
Investments
18
-


330,644
Current assets
Stock
6
10,135
Debtors
7
343,483
Cash at Bank and in hand
107,827
Term deposits
8
2,688,882


3,150,328
Current liabilities
Creditors due within one
year
9
(1,172,239)


NET CURRENT ASSETS
1,978,088
TOTAL ASSETS LESS
CURRENT LIABILITIES
2,308,732
PROVISIONS FOR
LIABILITIES AND
CHARGES
10
-


NET ASSETS
2,308,732


REPRESENTED BY
11
Restricted funds
12,033
Unrestricted funds
2,296,699


Total funds
2,308,732



Charity
2019
2020
£
£
17,627
14,134
356,800
316,510

-
100

___

374,427
330,744
10,195
-
196,192
361,656
306,495
21,386
2,559,102
2,688,882



3,071,984
3,071,924
(1,222,845)
(1,182,304)




1,849,139
1,889,620
2,223,566
2,220,364
-
-


2,223,566
2,220,364



30,552
12,033
2,193,014
2,208,331



2,223,566
2,220,364		 Charity
2019
2020
£
£
17,627
14,134
356,800
316,510

-
100

___

374,427
330,744
10,195
-
196,192
361,656
306,495
21,386
2,559,102
2,688,882



3,071,984
3,071,924
(1,222,845)
(1,182,304)




1,849,139
1,889,620
2,223,566
2,220,364
-
-


2,223,566
2,220,364



30,552
12,033
2,193,014
2,208,331



2,223,566
2,220,364





2019
£
17,627
356,800
100






The individual charity generated a deficit of £3,203 during the year ended 31 December 2020 (2019: surplus£67,972).

The financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within CA 2006, Pt 15, were approved by the board and authorised for issue on xx August 2021 and are signed on its behalf by:

Mrs L WHETSTONE } } Directors

Mrs C M GODFREY }

16

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

GROUP CASH FLOW 2020 2019
£ £
Cash flows from operating activities:
Net income for the reporting period (as per the
statement of financial activities)		 85,166 210,430
Adjustments for:
Depreciation charges 7,494 13,431
Loss/(profit) on the disposal of fixed assets 110
Amortisation of intangible fixed assets 161,098 94,719
Decrease/(Increase) in stocks 60 9,998
Decrease in debtors (147,291) 98,713
(Decrease)/Increase in creditors (50,606) (116,506)
(Decrease) in music licence provision
 -

 (30,000)
Net cash provided by operating activities 55,921 280,895
Cash flows from investing activities:
Purchase of fixed assets (4,001) (13,967)
Purchase of intangible fixed assets (120,808) (254,653)
Investment in short term deposits
 (129,780)

 (325,447)
Net cash used in investing activities: (254,589) (594,067)
Change in cash and cash equivalents in the reporting (198,668) (313,172)
period
Cash and cash equivalents at the beginning of the 306,495 619,667
reporting period
__ __
Cash and cash equivalents at the end of the reporting 107,827
 306,495
period

17

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ACCOUNTING POLICIES

ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

BASIS OF PREPARATION

These accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective for periods commencing 1 January 2019, and the Companies Act 2006).

The policies applied under the entity's previous accounting framework are not materially different to the triennial review of FRS 102 and have not impacted on the net movement in funds and total funds.

PUBLIC BENEFIT ENTITY

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

GOING CONCERN

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. Financial forecasts and budgets are prepared and reviewed regularly by the Finance and Business Development Committee and by the Board, and in the light of the COVID-19 pandemic all income streams and costs are subject to ongoing review.

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

GROUP FINANCIAL STATEMENTS

These financial statements consolidate the results of the charity and its wholly owned subsidiary British Dressage Trading Limited on a line-by-line basis. A separate statement of financial activities for the charitable company has not been presented as permitted by Section 408 of the Companies Act 2006.

INVESTMENTS

Long term investments are described as participating interests and are classed as fixed assets. Participating interests are stated at cost in the company balance sheet.

DEPRECIATION

Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:

Office refurbishments - 16 percent per annum Office equipment - 25 percent per annum Furniture, fixtures and fittings - 25 percent per annum

AMORTISATION

Amortisation is provided on all intangible fixed assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:

Computer software and website development costs - 33 – 50 percent per annum

STOCKS

Stocks are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis. Net realisable value is based on estimated selling price less the estimated cost of disposal.

18

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ACCOUNTING POLICIES

INCOME

Income represents the amounts derived from the provision of goods and services which fall within the Charity’s ordinary activities stated net of value added tax.

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax in relation to donations received under gift aid or deed of covenant is recognised at the time of the donation.

Lifetime memberships received are allocated over a 10 year period. Annual membership income is allocated to a twelve month period based on the timing of receipt of membership in the month.

EXPENDITURE AND IRRECOVERABLE VAT

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. It is probable that a transfer of economic benefit will be required in settlement and the amount of settlement can be measured reliably.

Costs of raising funds are costs incurred in attracting income and those incurred in trading activities that raise funds. Charitable activities and governance costs are costs incurred in the Charity’s core operations including costs relating to governance of the Charity. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred, either directly or indirectly by the allocation of support costs.

FUNDS

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restriction by donors or which have been raised by the company for particular purposes. The cost of raising and administering such funds are charged against the specific funds. The aim and use of each restricted fund is set out in the notes to the financial statements.

GRANTS

All grants are credited to income in the period to which they relate. In the year ended 31 December 2020 grants from the UK Government’s Job Retention Scheme, (instigated due to the coronavirus pandemic), were received and disclosed as other income.

LEASES

Operating lease rentals are charged to the statement of financial activities on a straight line basis over the period of the lease.

CASH

Cash, for the purposes of the statement of cash flows, comprises cash in hand and deposits repayable on demand, less overdrafts repayable on demand.

LIABILITIES

Liabilities are amounts due to creditors and any provision made as a result of an obligation to transfer economic benefits, usually in the form of a cash payment, to a third party. Liabilities are measured at the settlement amount. A liability is recognised for the amount that the charity anticipates it will pay to settle the debt or the amount it has received as an advanced payment for goods or services it must provide.

19

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ACCOUNTING POLICIES

DEFINED CONTRIBUTION PENSION SCHEME

Contributions are charged to the statement of financial activities as they become payable in accordance with the rules of the scheme. Both the charity and the employee make contributions to the employee’s individual pension. All such contributions are held in separate funds which are independent to the charity’s finances.

TAXATION

British Dressage is a registered Charity and is thus exempt from taxation of its income and gains falling within Section 505 of the Income and Corporation Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charges have arisen in the year. No tax charge has arisen in the trading subsidiary, British Dressage Trading Limited, due to their policy of gifting all their taxable profits to British Dressage each year.

CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

The preparation of the financial statements requires management to make significant judgements and estimates. The areas where these judgements and estimates have been made include:

Trade debtors and other debtors

Trade debtors and other debtors consists of amounts due from external organisations and individuals including customers. An allowance for doubtful debt will be maintained for any estimated losses resulting from the viability of these external organisations and individuals to make the required payments. Any allowance is based on the group's regular assessment of the credit worthiness and financial conditions for those external parties included within trade debtor balances.

Depreciation, amortisation and residual values

The directors have reviewed the asset lives and associated residual values of all fixed tangible assets and intangible assets, and in particular, the useful economic lives and residual values of office refurbishment assets, office equipment, furniture, fixtures and fittings and software, and have concluded that the asset lives and residual values are appropriate.

FINANCIAL INSTRUMENTS

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

20

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1
INVESTMENT INCOME
Bank interest receivable

2
EXPENDITURE
DIRECT COSTS
Trading activities
Member and Horse
Training and Education
Affiliated competitions
Championships
Staff costs
BEF Funding
Marketing and promotion



SUPPORT OVERHEADS
Salaries and wages
Staff expenses
Rent, rates, service & maintenance
Office sundries
Computer and machine maintenance and support
Telephone
Printing and stationery
Postage
Meetings
Bad debts
Legal and professional
Depreciation
Asset disposal
Irrecoverable VAT
Bank and other charges



GOVERNANCE COSTS
Directors costs
Fees payable to the company’s auditor
CEO and COO board meeting costs




Total expenditure

21

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3 RESULT FOR THE YEAR
 2020
 2019
£
 £
The result for the year is stated after charging:
Auditors remuneration:
Fees payable to the company’s auditor for the audit of
British Dressage accounts		 10,500 9,000
Fees payable to the company’s auditor for the audit of 2,000
British Dressage Trading Limited accounts -
Fees payable to the company’s auditor for services
relating to taxation		 3,455 3,190
Employer’s Pension Costs: 94,125
 87,303
Operating lease rentals:
Land and buildings:
Office rental 38,384 36,708
Office service charge 17,028 19,215
Storeroom rental 2,050 2,050
Plant and machinery:
Photocopier 994 1,171
Pool cars 5,218 3,479
Depreciation of tangible fixed assets:
Owned assets 7,494 13,431
Loss on disposal of fixed assets 0 110
Amortisation of intangible fixed assets:
Owned assets 161,098
 94,719

22

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

4 TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
GROUP AND CHARITY
Office
Office
Furniture
Refurbishment
Equipment
and
Fixtures
£
£
£
1 January 2020
26,837
80,868
37,602
Additions
-
4,001
-
Disposals
-
-
-



31 December 2020
26,837
84,869
37,602



Depreciation
1 January 2020
26,837
63,335
37,508
Charge for the year
-
7,405
89
Disposals
-
-
-



31 December 2020
26,837
70,740
37,597



Net book amount
31 December 2020
-
14,129
5



31 December 2019
-
17,533
94


 Total
£
145,307
4,001
-
149,308
127,680
7,494
-
135,174
14,134
17,627

All tangible fixed assets owned by the charity are used for direct charitable purposes. Depreciation is charged against charitable activities.

23

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5
INTANGIBLE FIXED ASSETS
GROUP AND CHARITY


1 January 2020

Additions
Disposals

31 December 2020

Amortisation
1 January 2020

Charge for the year
Disposals

31 December 2020

Net book amount
31 December 2020

31 December 2019

 Software

£

510,902

120,808


631,710


154,102
161,098
-


315,200


316,510


356,800

 Total
£
510,902
120,808
631,710
154,102
161,098
-
315,200
316,510

356,800

All intangible fixed assets are specifically developed for the charity and are used or intended for use for direct charitable purposes. Depreciation is charged against charitable activities

24

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020


6
STOCKS
Goods for resale

7
DEBTORS: amounts falling due within one year

Trade debtors
Other debtors
Amount due from subsidiary
Prepayments


8
CURRENT ASSET INVESTMENTS
Fixed Term Deposits


9
CREDITORS: amounts falling due within one year

Trade creditors
Other creditors
Amount due to subsidiary
Taxation and social security
Accruals
Deferred membership, sponsorship and other
income


All deferred income arose in the year under
review.		 Group
2020
2019
£
£
10,135
10,195


2020
2019
169,024
67,979
108,222
52,631
-
-
66,237
75,582


343,483
196,192


2,688,882
2,559,102


2020
2019
86,643
154,907
5,504
5,767
-
-
52,722
38,730
98,142
51,572
929,228
971,869


1,172,239
1,222,845

 Charity
2020
2019
£
£
-
-


2020
2019
166,898
32,885
107,624
49,654
20,896
64,047
66,238
74,482


361,656
221,068


2,688,882
2,559,102


2020
2019
101,711
148,215
501
5,767
6,246
52,722
38,730
98,142
46,302
929,228
960,869


1,182,304
1,206,129

 Charity
2020
2019
£
£
-
-


2020
2019
166,898
32,885
107,624
49,654
20,896
64,047
66,238
74,482


361,656
221,068


2,688,882
2,559,102


2020
2019
101,711
148,215
501
5,767
6,246
52,722
38,730
98,142
46,302
929,228
960,869


1,182,304
1,206,129

 2019
£
-

2019
32,885
49,654
64,047
74,482
 2019
£
-


2019
148,215
5,767
6,246
38,730
46,302
960,869

1,206,129

25

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10
PROVISION FOR LIABILITIES & CHARGES


LICENSING AGREEMENT
1 January
Movement for the year
31 December
 Group
2020
2019

£
£

-
30,000
-
(30,000)
-
-


 Charity
2020
2019
£
£
-
30,000
-
(30,000)
-
-

The provision in respect of licensing agreements related to obligations which were under negotiation and were concluded in 2019.

11
FUND BALANCES 2020
Tangible and Intangible fixed assets
Investments
Cash at bank and in hand
Term deposits
Other current assets
Creditors
31 December
MOVEMENT of FUNDS 2020
1 January
Movement for the year
31 December
RESTRICTED FUNDS 2020
1
Saddlers grant
Donation
Excel Talent fund
Sport England

 Unrestricted
2020
Restricted
2020
Total Fund
2020
£
£
£
330,644
-
330,644
-
-
-
95,794
12,033
107,827
2,688,882
-
2,688,882
353,618
-
353,618
(1,172,239)
-
(1,172,239)
_
_
2,296,699
12,033
2,308,732



2,193,014
30,552
2,223,566
103,685
(18,519)
85,166



2,296,699
12,033
2,308,732



Jan 2020
Income
Expenditure 31 Dec 2020
2,000
1.000
(50) 2,950
19,083
-
(10,000) 9,083
9,469
(9,469) -
-
11,312
(11,312) -		 Unrestricted
2020
Restricted
2020
Total Fund
2020
£
£
£
330,644
-
330,644
-
-
-
95,794
12,033
107,827
2,688,882
-
2,688,882
353,618
-
353,618
(1,172,239)
-
(1,172,239)
_
_
2,296,699
12,033
2,308,732



2,193,014
30,552
2,223,566
103,685
(18,519)
85,166



2,296,699
12,033
2,308,732



Jan 2020
Income
Expenditure 31 Dec 2020
2,000
1.000
(50) 2,950
19,083
-
(10,000) 9,083
9,469
(9,469) -
-
11,312
(11,312) -		 Unrestricted
2020
Restricted
2020
Total Fund
2020
£
£
£
330,644
-
330,644
-
-
-
95,794
12,033
107,827
2,688,882
-
2,688,882
353,618
-
353,618
(1,172,239)
-
(1,172,239)
_
_
2,296,699
12,033
2,308,732



2,193,014
30,552
2,223,566
103,685
(18,519)
85,166



2,296,699
12,033
2,308,732



Jan 2020
Income
Expenditure 31 Dec 2020
2,000
1.000
(50) 2,950
19,083
-
(10,000) 9,083
9,469
(9,469) -
-
11,312
(11,312) -
30,552
 12,312
(30,831) 12,033

26

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

A summary of the fund is further explained in the Accounting policies on page 19. The purposes of the 2020 restricted funds are as follows:-

Saddlers grant – Contribution to the Young Professionals Programme and support for Dressage Academies

Donation – Dressage Academies

Excel Talent fund, Sport England – Dressage Academies

FUNDS 2019
1 January
Movement for the year
31 December
RESTRICTED FUNDS 2019
Saddlers grant
Donation

Excel Talent fund
Sport England

 Unrestricted
2019
£
2,005,436
187,578

2,193,014
Restricted
Total Fund
2019
2019
£
£
7,700
2,013,136
22,852
210,430


30,552
2,223,566



1 Jan 2019
Income
Expenditure 31 Dec 2019
-
3,000
1,000
2,000
-
30,000
10,917
19,083
-
16,840
7,371
9,469
7,700
7,500
15,200
-
_
_
_
__
7,700
57,340
34,488
30,552
 Unrestricted
2019
£
2,005,436
187,578

2,193,014
Restricted
Total Fund
2019
2019
£
£
7,700
2,013,136
22,852
210,430


30,552
2,223,566



1 Jan 2019
Income
Expenditure 31 Dec 2019
-
3,000
1,000
2,000
-
30,000
10,917
19,083
-
16,840
7,371
9,469
7,700
7,500
15,200
-
_
_
_
__
7,700
57,340
34,488
30,552
2,223,566
Dec 2019
2,000
19,083
9,469
-
__
30,552

27

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12 LEGAL STATUS OF THE CHARITY

British Dressage is a company limited by guarantee, not having share capital. In the event of the company being wound up, the liability of each member is limited to £1. At 31 December 2020 there were 15,273 members. (2019 15,728)

13 FINANCIAL COMMITMENTS

At 31 December 2020 the group and the charity had minimum lease payments under non-cancellable operating leases as follows:

operating leases as follows:
2020 2019
£ £
Land and buildings
Expiring within one year 36,708 36,708
Expiring within one to five years 146,832 146,832
Expiring over five years 110,124 146,832
Plant and machinery
Expiring within one year 5,219
 5,219
Expiring within two to five years 1,740
 6,959

The group and the charity had no future capital commitments at 31 December 2020 (2019: £ nil).

28

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14 RELATED PARTY TRANSACTIONS

During the year ended 31 December 2020 the following fees and expenses were paid to the trustees:-

Trustees Judge/Training Total Amount due to
Expenses Fees trustees as at
Mileage, flights, 31 December
subsistence 2020
£ £ £ £
S Bates 259
259
J Frizzell 1,766 1,766
C M Godfrey 280 280
J Harvey 270 270
P Hayler 758 1,000 1,758
-
S Homewood -
C Moir 2,398 3,983 6,381
P Storr 221 7,593 7,814 208
L Whetstone 63 63

No trustee received any other remuneration including pension benefits from the charity during the year.

The charity considers the trustees to be key management personnel as disclosed on the reference and administration page

There are no donations or restricted donations from related parties.

Trustee Indemnity Insurance

Trustee Indemnity Insurance cover amounted to a limit of £2million in 2020 at a cost of £1,980 (2019: £2 million)

29

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15
STAFF COSTS
Wages and salaries
Termination payments (ex gratia)
Social Security costs
Pension costs
Other costs and employee benefits
 2020
£
1,166,631
-
102,689
94,125
12,371


1,375,816		 2019
£
1,079,106
4,906
95,413
87,303
21,498
1,288,226

The charity contributes to a defined contribution pension scheme. The scheme assets are held separately from those of the charity in an independently administered fund. The pension cost charge above represents contributions payable by the group and the charity to the fund. There were no outstanding contributions due to the fund at 31 December 2020 (2019: nil).

Other costs and employee benefits include health and insurance benefits and recruitment expenses.

The total paid to employees as ex gratia termination costs in the period was £nil (2019: £4,906)

The total remuneration paid to Key Management personnel, including benefits and employer pension contributions amounted to £173,319 in 2020 (2019: £171,105)

The number of employees whose emoluments as defined for taxation purposes amounted to more than £60,000 in the year were as follows:

2020 2019
Number Number
£100,001 - £110,000 1 1
£ 60,001 - £70,000 1 -

Pension contributions for the above amounted to 2020 £13,981 (2019: £8,505)

The average number of employees calculated on an average basis analysed by function was:

2020 2019
Number Number
Charitable activities 37 35
Cost of raising funds 2 2

30

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

16 FINANCIAL INSTRUMENTS 2020
 2019
£
 £
Financial assets measured at fair value -


 -
Financial assets at amortised cost 3,140,193


 3,061,789
Financial liabilities at amortised cost 1,172,239


 1,222,845

Financial assets measured at fair value comprise investments.

Financial assets measured at amortised cost comprise cash, trade debtors, other debtors and receivables.

Financial liabilities measured at amortised cost comprise trade creditors and other creditors.

17 POST BALANCE SHEET EVENTS

The global pandemic from the outbreak of COVID-19 is still considered to be a non-adjusting event. The impact of COVID-19 became significant in March 2020 and continues to cause widespread disruption to normal patterns of business activity across the world, including the United Kingdom.

31

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

18 SUBSIDIARY COMPANY

British Dressage Trading Limited, company registered in England & Wales number 08712159, is a wholly owned subsidiary of British Dressage. British Dressage Trading undertakes the trading activities of the charity and gift aids its taxable profits to the charity. The trading results of the subsidiary are included in the consolidated accounts. The audited results for the subsidiary are as follows:

TURNOVER
Direct costs

GROSS RESULT
Administrative expenses

RESULT ON ORDINARY ACTIVITIES BEFORE
TAXATION
Taxation for the year

RESULT ON ORDINARY ACTIVITIES AFTER
TAXATION

PROFIT FOR THE FINANCIAL YEAR

The aggregate of assets, liabilities and fund:
Assets
Liabilities

Funds
 2020
£
207,215
(78,868)

128,347
(39,978)

88,369
-


88,369


88,369


162,788
(74,319)


88,469

 2019
£
326,180
(117,665)
208,515
(66,057)
142,458
-
142,458

142,458

229,566
(87,008)

142,558
 2019
£
326,180
(117,665)
208,515
(66,057)
142,458
-
142,458

142,458

229,566
(87,008)

142,558

229,566
(87,008)
142,558

32