British -iq Dressage1% ININIIIuThII TfyDSCLGLII* 1510E12024 COMPANIES HOUSE #124 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2023 Registered Charity in England & Wales No. 1155352 Company Registered in England & Wales No. 3443026 BRITISH DRESSAGE IA COMPANY LIMITED BY GUARANTEE) CONTENTS Page RÈfÈrentÈ and Administrative Detsils Board of TrvsteesAnnual Report 2-10 Tru5teè5' re5P0115ibilities li Independent Auditorfs report to the Twustees 12-15 Con501idated Statement of Financial Artivitres 16 Consolidated and Charty Balance Sheets 17 Consolidated Cash How Statement Accounting Policies 19-21 Notes to the Financial Statements 22.35 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE D￿AlL5 FOR TH£ YEAR ENDED 31 DECEMBER 2023 President: Dawd Hunt Charity registered number- 1155352 ice President= Stephen Clarke Company registered number= 3443026 Chaim)an: Reglstered Office- Meriden 8u51ness Park Copse Drive Meriden West Midlands Cvs 9RG Other Trustees: Simon Bate5 (to 18 October 20231 Chroline Godfrey Judy HaNey Svzanne Hovnewood Richard Lane Claire Moir (to 18 October 20231 Hannah Moody (from 18 Ortober 30231 Tracy Ormrod Harry Payne Derek Pvllem Ifrml 18 October 2023) Peter Storr A￿litors- Forvis Ma23rs LLP First Floor Two Chamberfain Square Birmingham B3 3AX Board of British Dressage Tradin9 Limrted: Caroline Gtsdfrey Sv2anne Homewood Bankers: Royal Bank of Scotland 91-93 Regent Street Leèmington Spa CV32 4NT Jason 8ravtigam Company Secretary: Jason Bra￿lgarn Solicitors: Wright Hassall LLP Olympus Avenue Leamington Spa CV34 68F Key Management personnel: Chief Executive- jason 8rautigam Chief Operatin9 offi'cer- Ben Waterhouse BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Board of Trustees present their annual ￿pOrt tO9ether with the audited financia5 statements of British Dressage forthe year ended 31 December 2023. The chèrity is governed by its Board of Trustees. Member5 of the Board are the Director5 of the company and the Trustees of the charity. The Board consists of member5 elerted by the membership of Bnt15h Dressage, and as othe￿1$e appointed in accordance wrth the Articles of Association. The financial statements comply with the Challties Art 2011 the Companies Act 2006. the Memorandum and Articles of As50Clation and Accountin9 and Reporting by Charities.. Statement of Recommended Practice pplicable to charities preparing their acc￿nts in accordance wth the Financial Reporting Standard applicable in the UK and republic of Ireland IFR51021. Objertive5 and Principle Activitiesof the Charity: The principal obiertives and activities of the charity are to a￿an£t education and participation in the sport of dressage forthe public bentfit by'.- The promotion, asthe governing body of thesport of dressage in Great 8ritain, of participation by persons in Great Britain (both able-bodied and with any fom of disability) in healthy recreation in dressage." The improvernent of the standards of lil riding, lill training and breeding of horses and liiil horsemanship. all to foster better the enjoyment by participants in dressage, the welfare rif horses thilised in dressage, and the safety of both participants and horses,- The fostering of the provision of a￿lCe, educats.on and guidance to dressa9e participants las owners of horses, rider5, coache5 and competition officials) and. in particular to encourage and facilitate the development of young and disabled persons as participants in such ways and to improve their 5elf- confidence and self-esteem lincludin9 the fostering of apprenticeship schemes foryoung people),. The developmnent of faircomF*￿10n between dressage participants and the improvement of the welfare of rider5 and horses by the banishment of the use of damaging or performarKe-enhancing drugs and the provision of an effertI￿ drug testing regime." The fostering of social interattion between participants- The improvement of the developmentof participantsandtheir levelsof aspiiation in d￿ssage in fostering representative ¢ompetitton at both national and internatignal level by team repre5entstive selection (including the provision of advice to the British Equestrian Federation on dressage matters generally and as they affectthe Fédération Equestre Internationale). BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Value5 British Dressage is committedto work forthe benefit of all in the 5pory participating in any capacity. at any level. British Dressage adopts a collaborative. consultative. indusive, open and transparent approach to the running of the organisation and strive5 to communicate effectively wtth all members and 5takeholder5, while delivering the hi9hest standards of semce forthe sport's participants. Arting with integrity. we promote eqvalty, diversity and inclusivity, to ensure that dressage is accessible to all, with the welfare of ovr equine and human athletes at the heart Ofever￿h1n9 we do. Brit15h Oressage endeavoursto be acctyJntable to members at all times. Major decisions affecting the membership re open to consukation, while the performance of the staff and volunteer5 is closely monitored and managed on an ongoing basis. Public Benefits In setting our objectives and planning ovr artivities, the Trvstees have given due consideration to the general guidance published by the Charities Commission relatin9 to public benefit5. Amateur sport: By acting a5 the National Governing Body in Great Britain for the sport of dressage, by providing a fair and accessible competition strurture and a safe environment for competr(ions. bytraining and listing dressage Judges and officials, by composing and making available a series of constructive dressage test5, by encouragin9 partitipation at all levels by all, offering equal opportunttie5forridersof all ageswith specific activitiestoencovrage the participation of Y(￿n9 and disabled persons. and by offering advice and guidance relating to all dressage matters, Biitish Dressage pwomotes the amateursPOrt of dressage. Training & Education: By providing regional training, including training $￿ifical￿ for yovng or disabled persons. by administering apprenticeship schernes, by developing equestrian and dressage specific coaching certthcaies, by maintaining coaches database and offe¥ing CPD artivity. by providing an edvcation and assessment framewoik forall officials, by organising national and regional training e¥ent5 open to all, and by showcasing the btst talent and expertise at r championship shows. British Diessa9e provides extensive education and training opportunities. Animal Welfare: Bypromoting good horsemanship, by providing competitionopportunttiesforall types of horses. bygvidingjudges and stewards at competitions to maintsin the highest standards of equine weware and horse care, by supporting breeding of suitable horses, by carrying Out anti-doping testing at event5, and by putting the safety and wellbeing of the horse at the heart of eVer￿Ing we do, Brit15h Dres￿ge contriimrtes to animal welfa￿. Health & Well-being: By promoting the sport of dressage to all, by providing a safe environment to participate in dressage. by encouraging participaiion in equestrian swt regardless of age, gender or level of ability, British Dressage contriLMJtes to public healrh and fftness. BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUALREPORT FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND REVIEWOF2023 What a year it has been for British Dressa9e, where we have enjoyed record-breaking membership figures and historic meda15 on the international stage. making it a perfertway to markthe organisation's 25 anniversary. We are delighted to rep¢)rtthèt once again we saw record levels of membership and horse iegistrations in 2023. y the end tsf the year membership totalled 19,019, with 17.366 horse iegistrations. Members ale not only enjoying competing at all levels bLrt are making extensive use of the many training and coaching opptsrtunities offered at both regional and national leve15. We are Committed to ensvring that every member not only has acce55 to a full range of training and competition Oppor￿n•t1e5, bvt also has the advice, support, and guidance to help them on their dressagejourney, whether as a rider. coach orofficvdl. As well as reaching new membership highs. 2023 a150 Saw BD achieve record medal svccess-with internation31 honours achieved in four different FEI age group5 orcategones in the same yearforthe first time in our history. There were outstanding rÈsults ourteam5 at the FEI Under 21 European Champion5hipsi includin9 several personal bests. Annabella Pidgley won Britain'5 first ever Young Rider gdd medals, whilst Myles Graham added individval bronze at Junior level. Both the Youn9 Rider and Junior teèms also brought home bronze medals, contributing to our impressive talWforthe yearand tlemon5trating the Strength and depth of talented riders who will be the futvre of Brit15h Dressage. The standard of Para competition continues to get higher every year. so the relatively inexperienced Para team ex£eeded expertations to brin9 home another five medals across the grades. A hard-won team bronze was accompanied by silver and bronze for Georgia Wilson. Individual bronze for Gabby Blake and Freestyle silver for Sophie We115. whilst Chartotte Cundall also made an ovtstsnding det¥Jt. And our Senioi riders conttnued to lead the way in flying the llag for Great 8ritain... The team achieved a team gold medal for the first time since London 2012, posting some seriously impressive results in the proce55. Individual succe55 followed, with three of our rider5 scoring over8046 in the Gland Prix Special and two over 90 in the Freestyle. 80th Lottie Fryand Charlotte Dujardin thoroughty deserved theirspots on the podium. Atotal of 14 medalswere won byGreat Britain across èll FEI championships-three gdd. three sifver and eight bronze medals- provmling the perfert precursorto Pari5 2024. The intemational calendar was rounded off in style at the London International Horse Show in December. where Great Britain filled all three podium placesfor the fir5ttime. At the National Championships at Stsmerford rt was celebrations all round, as we lavnched our 25th anniversary activity and marked io years of Lemievx as tille sponsors of the event. The Lemieux Welcome Party perfectly captured this spirit, and we were delighted that Robert Lemieux wa5 able tojoin u5to raise a glass to our European medallists and announce an extension to his generous sponsorship of the Nationals for a fvrther three years. Ovr sport couldntt operate without the invaluable contribution from ovr sponsors and partnets that underpin our championships, and We'￿ immensely gfatefvl fw their loyal support. The action Inthe arena wa50nce again topcla55. Wrth a t￿lI1n9 showground treatedtothe bestof British dressage on home soil. BD'S honorary patron Carl Hester secured his iith National Champion title with his Tokyo 2020 partner En Vog￿e, while we also saw some up-and-coming stars of the future, inclvding Charlotte Dujardin and Times Kismet, who won the Inter I titles, and Becky Moody with James Bond, the PSG Supreme Champion. Now in it5third year at Somerford Park, the Nationals have settled in well at their new home and we were pleased to hear plenty of positive feedback following the event. BRITISH DRESSAGE (A COMPANY LIMITED BYGUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Our Regionals and PetPlan Area Festivals continue to be very popular and a total of &291 Regional qvalifications were earned across the year, wtth an incredi￿e 4493 qualifications recorded for the Petplan Aiea Festivals. We were delighted to see 1&369 memberstake up their place at eitherthe Regiona15 or Area Festivals in 2023 and we congratulate everycompetitor who has taken the timeto plan, qualify and compete dvring our winterand summer seasons in 2023. The ongoing popularity of the Area Festwab, as well as the growth of our Ouest Championships and Cavago Associated Championship5, which form oui 9ra55 root5 cownpetition series, demonstrates how the 5POrt of dressage is more accessible than ever and continues to be enjoyed by rider5 at all levels. In 2023 Biitish Dre55age celebrated 25 years a5 an independent National Governing Btsdy forthe sport, whTrch provided an opportunity for vs to look back on how affiliated dreS￿ge hasgrown and flourished since the organisation wasfounded in 1998. Alongside the AGM in Ortober. we recogni5ed the contribution and commitrnent of our network of regional volunteers, presenting ten special awards as partof ouranniversary celebrations, while we also thanked those who made such a huge contributitrn to the foundation and development of British Dressage by h05ting a dinner for past and present Board Directors. The sell-out National Convention was the pinnacle of ovr anniversary celebrations, headlined by douwe Olympic Champion Chadotte Dujardin, alongside fellow G8 teammates Gareth Hughes and Laura Tomlinson_ Those who attended were treated to a world class display of training from Britain's top riders, with some special guests- inclvding none other than equine superstar Valegrol The National Convention also enabled v5to showcase the very best training methods that have the welfare of the hof5e at heart. Equine health and well-being continue to be our prime focus, as we aim to fulfil ovrvision to'bring people and horses together in harmony.. To 5UPPOrt this. we were delighted to release ovr first Charterfor the Horse, alongside fully revised eqvine welfare policies. produced in consLFltation with World Horse Welfare. Thefirst edition of the Charter included ten commitments to our equine partners, each integral to good horsemanship- not just in the arena, but in the other 23 hovrs out of competition too. Equine Welfa￿ mvst remain the highest priority for everyone that owns, trains. or competes horses, fiom grassroot5 to Grand Prix. We have to collectively demonstrate that not only do we love Ixji equine partne¥5. but we provide them with the best care throughout their lives- before, during and aftertheirsporting career. 2023 also saw the launch of ourioint sustain3￿1￿Y strategy. in partneryhip with British Showjumping. The strategy Outlines how we will aim totake a respon￿ble approach tothe environmenL which Wbll see both organisations working collaboratively towards achieving a sustainable f￿ure for our sports. Supported by leading environmental sustainability consultants Whtte Griffin, who have ertensive knowledge of the equestrian landscape, we will create a road map toguide us overthe next 5ixyears through to 2030. The aim of thisstrategy isto make clear commitments and develop a unified action plan for tK)th organi58tions. s well as pfovide further guidance and 5UPPOrt to member5 and 5tskeholders on howwe can all work togetherto deliver meaningful and tan9ible change. Equestrian sport heavily relies on the landscape around vs and it's our dLty to protect and preserve the natuval environment. By making a net positive impaffj we will be able to better safeguard the Ion9evity of eque5triani5m and continue to enjoytraining and comptting horses for generations to come. Our eqvine welfare, 5UStainability. eqvality, diversity and inclvsivn. at)d community project5 all form part of the Designated Fund5 programme, which commenced in 202& Wlth just under E7ok invested on a ran9e of new initiatives. A minimum of £25ok from BD'5 Reserve5 is being invested back into the sport overa three-year period to benefit members and furthef develop ihe sport of dressage. O￿alled plans are in place for continuing and further work in 2024. BRITISH DRESSAGE (ACOMPANY LIMITED BYGUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Finances continued to be managed prudently throughout the year, but BD dTd record a small deficr( in 2023. Prior to the Designated Funds projerts this deficit amounted to IU5t over É20k, which was Still vnder budget. Whilst membership numbers were at recofd levels, costs have continued to increase significantly and BD hès maintained its commitment to provide high standards of service, supported by quality resources and stsffing levels. Subscription prices and horse registration fees were frozen in 2023to ensvrethat member5 were still offered value fgr money during the cost-of-living crisis. while startei levies continued to be 5ub51dised throughout 2023 to support BD venues. The Trustees are aware of the need for careful financial planning, reviewing budgets and cashflows on a regular basis, and in the light of overall ￿SeNeS levels3￿ satisfied with the out-turn for 2023. At the AGM in October Derek Pullem was elected as Sports Operations Dirertor and ￿1rthankS go to Simon Bates the tyjtgoing director, for his term work on the Board. In addition, Hannah Moody was appointed as interim Youth Director, with Claire Moirstepping down from that role to Join the Brrtish Equestrian Federation Board. Our thanks a150 go to Claire for her long service and loyal support to BO. Suzanne Homewood and Caroline Godfrey wefe re- apptinted for second terms as 8usiness Development Director and Finance Director respectively. There is nodoubtthatthe strong perf0￿￿nCe0f British Dressage isduetothe outstsnding work and commitment of staff, volunteer5, and oflicia15. in so mèny different capacities. In 2023, we weie delighted to award BD Medals of Honour to Andrew Gardner, Trish Gardiner, Clive Hè15311 and Lotte Olsen. The Linda Whetstone Memorial Trophy was presented to Jennie Loriston-clarke at the National Championship5. recognising the outstanding contr1E￿tIOn she has madeto ovr wrt. Once again the Trustees record theii sincere thanks to all those who work so hard, many behind the Scenes, to make BD svch a success, enabling membeis of all ages to enjoy dressage. whilst promoting the highest standards of human and equine welfaie. Full detai15 gf membership figures, competition artivty and notable results in 2023 will be presented in the report of the Chief Executive at the Annval General Meeting. Looking ahead to 1024 Whilst inflation has begun to fall. BD remains very aware of continved financial preSsU￿S on its members and stakehdders. Svbscription and horse registration fees were raised at the beginning of 2024. Lmrt these increases wère keptas low35 P055ible to reduce the imparton members. However, wilh operational costs, svch a5 insurance piovision, again rising substsntially in 2024. thiswill require careful financial management and planning. As part of our charitable objectives, we remain committed to investing in training and education activity, building on the f￿ndationS of recent projec￿ throvgh our regular operations. a5 well as new initiative5 funded from ovr Designated Fvnds reserves. Equine welfare, sustainabilrty and ewality, diverstty and incluston remain vitally important Social impart topics. both within and outside of the equestrian commvnity. The BD Board is fijlly committed io providing the resources required to 5UPPOrt coherent Strategies and policie5 in each of these areas, to uphold the or9anisation's stated values and deliver meaningfvl. tangible change. The following 5ummarises the priorities for British Dressage in 3024.. Implementthe new BD test stWCLure. operational from xjuly 2024 Vrith full svpwt [￿VIded for members. ofFicials and venues. Support our international teams at all leve15, Particularly forthe Olympics and Paralympics in Paris 2024, as well as the U21 & U25 European Championshipsforouryouth riders. BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Invest in a range of Designated Funds projectsto stjpport the devek•pment of the sport in key areas. Participate in 4 5ector-wide market research study on public perception of the use of horses in sport. in partnership w((h WoAd Horse Weffare andthe Racin9 Fwndats'on. Develop a detailed su5tainatx.lity action plan with environmentsl c¢)nsultants White Griffin to work towards a net-zero fvtu￿ for equestrianism. Work with organisations such as the RD& VirtU5. 5portExcel UK and Activity Alliance to develop access todressage forth05e who ale neurodivergent or have hidden disabilrties. Develop a Diversity Inclvsion Action Plan to provide a basi5for attivity that will help to remove baffiers to participation and ensure thatdressage is accessible toall. Launch the vrban eqvestrian centre programme toenable yourwj riders from less privilèged backgrounds totake part in training and development artivities. supported by an accredited BD coach. Expand the BD apprenticeship programme to provide accessible route5 into industryi develop employability skills and support SLKial mobility through professional edwation pro9rammes. Provide mentoring programmes to the 8D workforce to ensure they arewell supported in their roles. Develop wide ranging continuous professi￿al development opportunitie5 for all coaches, officials and members in sooal impact tOPlCs. svch as equine welfare, sustainalj'lity and EDI. as well a5 wider a￿3$. Supportthetraining and educatim requirements of BO staff by investing in an employee development programme. wth activrtytailored to specific need5. to aid suttession planning. Provide access to svpport and resources, in partnersh4P With Riders, Mind5. to help members with any mental health issues. Host reyional seminars and community events for member5. covering topics that are relevantto the health and well-bein9 of athletes, and will help estsblish a harmonitsjs horse and human partnership. Condurta review of regional attivities through a consultation survey with member5 and volunteers. Invest in IT systems. including improved membercommunications. further digitalisation of BD artivity, evolution of the 8D website. aThJ furtherdevelopment of online content. BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT British Dressage (the -cha¥tVI was incorporèted on i October 1997 as British Dressa9e Limited and obtained approval on 20 Novemberi997to dispense withthe word'Limited'. British Dressage 15 a registered charityi having gained charitable status on 15 January 2014. and a company limited by guarantee. The charity has a wholly owned subsidiary, British Diessage Tradin9 Limited, which carnes out trading artivitie5 to raise funds for the charty. During the year it made an operètin9 profit of £9&684 which was gift aided to the charity12022 £127,438). Trustees The majority of the Board of Trustees are elertedvia a membership voting process. Candidates are reqvired to be nominated by two other members of British Dressage. The board consists of a minimum of three trustees and a maximvm of twelve, with up to nine being elected by the membership. Applicants are considered by an impartial Nominations Committee (including an extemal independent adviser) and then suttable applicants are put forward to the membership vote. Trvstees can hold office for a peri¢)d of fovr year5 and be nominated again for a further fouf-year period, allowing them to serye a maximum of eight years. If a current Trustee is nominated and elected to the ptssrtion of Chairman bythe members they may serve a maximvm of twelve consecutive years in all roles in total. After the twelfth year, the individual must still wait at leastfour years before they can be appointed tts the Board again. The Board of Twstees have the discretyonary power to co-opt vp to five extra tru5tee5 Wlth additional expertise or cwpetencies. The Board shall determine the skill-based criteria for each required extra trustee and once the criteria are determined and the role advertised, the Nominaiions Commttteeshall interview candidates. The Board Shall appoint each extra trustee as recommended by the Nominations Committee. Induction of Trustees Trustees receive a full in(kJction piogramme through the CEO and Chairman. The indvctKJn include5 a briefing on the term50f referencefor any committeesthey may chair, their roles and responsibilitiesastrustees and fvll details of the strategic aim5 Of the charity- The Trustees have acce55 to profe55ional and legal advisers and receive briefings and training on any legislètive ènd good practice iswes in respectof the charity's affairs. Remuneration and Expenses In accordance with the charity's Memorandum and Articles of Assotiatron, no remuneration is paid to trustees for their role of office. Trustees a￿ entttled to be reimbursed reasonable expen5e5 properly incurred when acting on behalf of the chartty. The details of expenses and transactions relating to Trustees are di5c105ed in note 15 tothe accounts. The Trustees a￿ responsible for setting the remvnerètion of the charivs senior management tearn. Remuneration levels are reviewed annually using appropriate benchmarking for individual roles. Decision Making In accordance wtth the charity's Memorandum and Articles of Association, all recommendations are received by the trustee5 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 ratthed. Third Party Indemnity Provision forTTU5tees Oualifyingthird party indemnity provision of £2m isin placeforthe benefitof alltrustees of the charitable company at a cost of £ 31365 forthe yearended 31 December 202312022- É3t3651. Principal Risks ènd Uncertainties The Trustees continue to monitor the majw risks to which the Charity 15 exposed. A risk register ha5 been 5tablished and. where appropriate. system5 and procedures have been established to mitigate the risks faced. The risk register is ieviewed regularly by the Finance and Business Development Committee and at least annually BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 by the 8oard, to ensure all risks are hryhlighted and mitlgation iemain5 5Ultable to protect the charitys interests and activities. The key risks the charity faces are deemed to be significant matter5 that would affect its reputation and abilityto operate in accordance with its defined objectives. The Risk Register defines the principal areas of risk a5.. Operational155ue5 relatin9to the delNery of artivitie5 to members and including safe9uarding matters Organisational Issues relating to the 5trvcture and managementof the or9ani5ation Financial Issues relating to income and financial management Govemance Issues relatrng to the governance of British Diessage Reputational Issues that might impact on the Charity's abilityto deliver 5eNice5 External Issve5 such as a global pandemiG which would impart on all area5 gf a(tivity Key administrative centrols ificlude formèl agendas and minutes for all meetings. detailed tems of ￿ference for all sub-committee5. clear auth0ri5atyon and approval proce55es and full oversight bythe Chair tsf all matters. REFERENCEANDADMINISTRATIVE DETAILS Please referto page ifor details of tnjstees and key service oigani5ation5. FINANCIAL REVIEWAND POLICIES Reserves policy and Going Concem: The Trustees aim to see that the charity holds sufficient reserves to provide a high dègree of financial resilience in the event of a period of financial difFiculty, with the 2021-22 Coronavirus pandemic proving the need for this. Durin9 1021 the re5erve5 policy of the charity w35 vpdated, and this included consideration of both the level of operational reserve5 reqv¢red and any investment requireij for the future to 5UPPOrt the initiatives of the cuwrent strategic plan. In addition, in 2023 the trustees allo￿ted an initial sum of £250,000 to a Designated Fund, whith will fvnd a programme of specific additional projects, and the TrL6tees recognise that a defiot may occur in any one year a5 these reseNes are fully utilised. The TnJstee5 have a9ain reviewed the policyand still considerit to be appropriate. Reserves are required bythe Charityto-. protert the ong¢ing viabilrty gf the charity. particularly at a time of severe adver51ty, such a5 3 force majeure event le.g. the 0￿break of serious infectiovs disease that affects equines or a global pandemic). These events may iesult in 3 tempornry suspension of BD'S normal aaivities with an immediate loss of membership and horse reg15tration income,. starter levies, sponsorship and other income, t￿t with the need to continue to meet some of its ongoing and committed operational costs. These costs differ from full operational costs due tothe presumed cessation of activityand BO haschosen to usethe term'defined operational costs'to reflect costs which would continue in a forte mèjeure situation. to have sufficient resources and flexibility to renew all normal activity and to recover ils membership and income generating p051tiori as rapidly a5 P055ible aftei svch circumstances detailed above. to provide adequate fundin9 for current and futu¥e projects, such as detailed in the Strète9ic Plan.. From Tokyo 2021 to Paris 202￿ assuming that such initiative5 cannot be fully fvnded through annual income. This would include any capitsl expendiivre projects. suth as investment in new technology, system support and further IT development. to ensure that liquid reserves are sufFicient to cover certain specific risks as detailed in the Chèritys risk register. The Charity's policy isto maintain free reserves in the range of six to Iwelve monthsdefined operating expenditure. Defined operating expenditure Includes stsff salaries, fixed overhead costs and other operational costs that would continue in aforce majeure situation. Whilstthis isa wderanges the Charitybelievesthatthe period of sixto twelve BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 months givesthe Charity appropriatefiexibiltyin the shortto medium terni and enablesany longer-term decisions to be made in the best interests of tts members and staff. The financial tyJtcome for 2023 Was a deficiL twA the Group still ended the year with general financial reseryes of É2.574 million,. this includes £iBo,444 which has been allocated as designated funds by the Board but excludes Restrirted Funds of £iik. Thi5 level of reserves represents circa 9 month5 of defined operatirbg costs. The chèrity hold5 cash and cash equivalents of £2.7 million_ So. despite the 2023 deficit, given thi5 Strong c1051ng financial position, the resilience of major income streams and the prudent approach to future financial planning the Board considers that it 15 appropnate forthe financial statements to be p￿pared using the going concern basis. Investment Policy: The charrty aims to promote the sport of dressage and provide opportunities and training for its members as a priority. In 2010 the Board introduced an investment policy to ensure that the best choices for its lon9-term reserve5 were made whilst Still maintaining the overall objertive of achieving the maximum retums p0551ble, but with appropriate secvrity and liquidity. Brewin Dolphin were appointed in 2021 a5 the Charity5 Investment Managers, and appropriate investment has begvn in conjunction with expertadvice and in linewiththe Charitysagreed investment poliry. A5a matterof good practice an Investment Manager review will be conducted in late 2024. Financial Overview: Overall. British Dressage achieved total income of É5.16 million whKh after expenditvre delivered a net deficit of £97,401 in the year, reducing total reseNesto É2.585 million. Funds held as Custodian Tvvstee on behalf of others". Neitherthe Charity noranyof itsTru5teesacied as custodiantrusteesorheldfvnd50r property onbehalf of another charity during the year. Financial Statement5: Thefinancial statements have been prepared in accordance with the accounting policies set out in the notesto the financial statements and comply with the charity's governing documenL the Charttie5 Art ioii and Accounting and reporting by Charitie5.. Statement of Recommended Practice (October 20191 applicable to Iharitie5 preparing their accovnts in accordance with the Financial Reporting Standard applicable in the VK and Republic of Ireland. Each of the trustees and directors have confirmed thatthey have taken all the steps that they oughtto have taken as direttors in orderto make themselves aware gf any relevant audit information and to establish thèt it ha5 been ¢gmmunicatedtothe avditor. This rewt has been wepared in accordance ￿th the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standaid applicable in the UK and Republic of Ireland (Charities SORP IFR510311 and in accordan￿ with the provisions applicable to companie5 entitled to smaller companies. exemption. Sigfted on behèlf of the board of Trustees ID•y1J￿tt LI.￿￿41149Gl1T+ MsJDay Director Oate.. Jun 12, 2024 io BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF RESPONSIBILITIES OFTHE TRUSTEES IN RESPECT OF THE TRUSTEES'ANNUAL REPORT ANDTHE FINANCIAL STATEMENTS The tiustees are responsible forpreparing the Trustees'Annual Report and the financial staternents in accordance with applrcable law and regulations. Company law require5 the trustees to prepare financial statementsforèach financial year. Vnderthat law they are required to prepare the group and parent company finantial statements in accordance with UK Accounting Standards and applicable law IUK Generally Accepted Accounting Piactice), including FRS 102 The Financiol Reportin9 Standardoppb"coble in the UKandRepvblicoflreland. Undercompany lawthe tnjstees must notapprovethe financial ststements unle5S theYa￿ sat15fied thatthey give a true and fair viewof the state of affairs of the group and charitable company and of the group's extess of income over expendittfyre for that period. In preparing each of the group and charttable company financial statements, the trustees are re¢wired to.. observe the methods and principles in the Charities SORP,- 5elett suitable accounting policies and then applythem consisrently,. makejudgements and estimatesthat are reasonable and WLthni" stste whether applicable UK Accountin9 Standards have been followed. subject to any material departures discltised and explained in the financial statements- and assess the group's and the charIta￿e company's ability to continue as a going concern, disc1051ng, a5 applicable, matters related to going concein- and use the going concern basis of accounting unless they either intend to liwidate the grovp or the charitable company, or to cease operations. or have no realistic akernative buttodo so. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable companys trar15attions and disclose with reasonable accvracy at any time the financial position of the charitable companyandenable them to ensurethatthe financial statementscomply with the CompaniesAct 2006. They are iesponsible for such internal control a5they determine is necessaryto enable the preparation of financial statements that are free from material misstaiemen¢ whether dve to fraud or error, and have general responsibility for taking such Steps as ale rea50nabJy open to them to safeguard the assets of the group and to prevent and detect fraud and other irregularities. The trustees are responsible forthe maintenance and integrityof thecorporate and financial information included on the charitable cornpanvs website. Legislation in the UK goveming the preparation and dissemination of financial statements may differfrom legislation rn otherjurisdictions. The Twstees who held office at the date of approval of this annLpal rep(rt as set above, each confimi that.. so far as they are aware, there is no relevant audit infoimation linfom)ation required by the Charity's auditor in connection with preparing their report) of which the Charity's avdito¥s are vnaware", and as the directOf5 of the Charitythe Trustees havetakeftall the stepstheyought to have taken rn orderto make themselves aware of any relevant avdit information and to establish that the Charity's auditors are aware of that information," and these financial statements have been drawn up in accordance with current ststutory requirements and the "Statement of Recommended Practice.. Accwnting and Reporting by Charities't putlished by the Charity Coiniiii55iDn for England and Wales in 2019. li BRITISH DRESSAGE IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERS OF BRITISH DRESSAGE Opinion We hève audiied the financial statements of Britlsh Dressage {the'parertt charity'l and its subsidiary Ithe'group'l for the year ended 31 Decembèr 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheet, the Consolidated 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 5tandard5. including FRS 102 'The Financial Reporting Standard applKable in the UK and Republic of Ireland" {United Kingdom Generally Accepted Accovnting Practice). In our opinion. the financial statements.. give a true and fairview of the state of the grovp's and of the parentcharity's affairs as at 31 December 2023 and of the group's income and expenditure forthe yearthen ended,. have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice." and have been pfepared in accordance with the requirements of the Companies Act 2006. Ba515 foropinion We conducted our audit in accordance with Intemational Standards on Avd((ing IUKI IISAS IUKII and applicable law. Our responsibilities underthose standards are fvrther des(ribed in the Auditorf5 responsibilities for the audit of the financial statements section of ovr 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, includingthe FRC'S Ethicèl Standard andwe havefulfilled ourotherethbcal responsibiltties in èccordance wilh these requirements. We believe thatthe audit evidence we have obtained is sU￿lentand appropriate to provide a basis foF our opinion. Conclugon5 relating to going concem In auditing the financial statements, we have concluded that the twstee5' Use of the going concern basis of accounting in the preparat*on of the financial Statements is appropriate. 8ased on the work we have performed, we have not identified any material uncertainties relatbn9 to events or conditionsthaL individuallyorcolleciively+ maycèstsignificèntdoubt on the group'sèndthe parent£harity'S ability to continue as a going concem for a period of at least twelve months from when the financial statements are authori5ed fgr i55ve. Our responsibilities and the responsibilities of the tnJstees with ¥espett to going concem are described in the rèlevant sertions of this report. Other information The other information compnses the information Included in the Trustèes Repoo other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infom)ation and, except to the extent otherwise explicitly ststed in report, we do not exwess any fomi of assvrance conclusion thereon. Our responsibility is to read the other informatson and. in doing so. consider whether the other information is materially inconsistent with the finanoal statements, or wr knowled9e obtained in the course of the audil or otherwise appears to be materially misstated. If we Identify such matefial incon515tencie5 or apparent material m155tatemènts, we are required to determine whetherthere 15 a material misstatementin the finèncial statements or a material misstatement of the other infom)ation. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to reportthatfact. We have nothing to report In this re￿rd. 12 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERS OF BRITISH DRESSAGE Opinions on other matters wescribed by thè Companies Art 2006 In our opinion, based on the work undertaken In the course of the audit-. the information gwen in the Twstees. Report which include5 the Directors. Report prepared lor the purpose5 01 company law, for the financjal year for which financial statements are prepaied 15 cons15tent with the financial stattrments," and the Directors. Report included wthin the Trvstees, Report ha5 been prepared in accordance with applicable legal requirements. Mattefs on whith we are required to report byexception In light of the knowledge and vnderstanding of the group and parent charrty and its environment obtèined in the course of the audit, we have not identified material misstaternents in the Directors. Report included within the Trustees, Report. We have nothing to report in respect of thefdlowing matters in relation to which the CompaniesAct 2006 requirès ustts reporttoyou if, in our opinion.. adequate and proper accountin9 records have not been kepL or ￿tUM5 adequate our audit have not been received from branches not visr(ed by us,. or the financial statements are not in a9reement with the accwntin9 recofd5 gnd return5," or certain disc105vres of trustees. remuneration speclfied by laware not made.. or we have not received all the information and explanations we require forouraudit,. or thetru5tees were notentitled to preparethe finanoal statements in accordance wth the small compantes. regime and take advantage of the small compan*s' exemption from the rewirement to prepare a Strategic Report. Responsibilities of Trvstees As explained more fvlly in the trustees, responsibilitie5 rtatementsetOLrton page io. the trv5teeslwho are alsothe directors of the charitable company for the puiposes of company lawl are responsible for the preparation of the finaricial statements and for being Satisfied thatthey give a true and fair view, and for such intemal control a5 the trustees determine 15 necessary to enable the preparation of financial statements that are free from material misstatemen¢ whether due tofraud or error. In prepaling the financial Statements, the trustees ale responsible for assessing the groL*P'S and parent charitys ability to continue as a going concem. disclo￿n9, as applicable. matters related to going concern and using the going concern ba515 of accotsnting unless the trustees either intend to liquidate the grovp or parent charity or to cease operations, or have no realistic altemative bvttodo so. Auditorfs reSponsi￿l[￿eSfOrthe audit of the financial statements Ourobjectives aretoobtain reasonable assurdnce abovtwhetherthe financial statements as a whole are f￿&fr¢>M material mi55tatement, whether due to fraud or error. and to issue an auditorfs repor( that includes ovr opinion. Reasonable assurance ￿5 a high level of assurance is nota guaranteethat an audit conducted in accordance with ISAS IUKI will always detett a material misstatement when it exists. Misstatements can anse from fraud or error nd are considered material if, individually or in the a99regate, they could reasonably be expected to influencethe economic decisTons of users taken on the basi5 of the finanoal statements. The extent to which wr procedvre5 are capable of deterting irregularities, including fraud isdetailed below. lffegularities, including fraud. are instancesof non-compliante with laws and re9ulation5. We design procedures in line with wr responsibilitie5, Outlined above, todetertmaterial misstatefflents In respect of irregvlarities, including fraud. 13 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF BRITISH DRESSAGE Based on our understanding of the group and parent charity and its acttvities, we considered non-compliance with the following laws and regulatitsns might have a material effert onthe financial statements.. Chaiities Act 2014 the Charities Statement of Recommended Prartice. employment regulation and health and safety regulation, anti- money laundering regulations. To help us identify instsnces of non-compliance with these laws aThJ ￿￿latiOns, and in identi￿.n9 and assessing the risks of material misstatement in respectto non-compliance. ourprocedures included, butwere not limited to.. Inquiring of managementand. where appropriate, th05echargedwith govemance, a5towhetherthecompany is in compliance with laws and regulations. and discussing their policies procedu￿5 regarding compliance with laws and regulations,. Inspecting corresporndenc¢ if any. with relevant litensing orrÈgulatory authtsrities,. Communicating identified laws and regvlations to the engagement team and remaining alert to any indications of non-compliance throughovt ouraudrf(," and Considering the risk of acts by the company whichwere contrarytoapplicable laws and ￿gUlatiOns, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, svch astax legislati(Int pension legislation. the CompaniesAtt 2006. In addition, we evalvated the Trustees. and managemenys incentives and opportvnities for fraudulent manipulation of the financial staiements linclvding the risk of override of c(M)trols1 and detemiined that the pfincipal risks were ielated to posting manual joumal entries to manipulate financial performance, mana9ement bias through judgements ènd assumptitsns in signthcant atcountr"n9 estimates. in particular in rtlation to Income recognition (which we pinpointed to the C￿ off 35sertion} and the of Testricted fund5. significant one-off or unusval transactions. Our audit procedure5 in relation to fraLtd included but were not limited to.. Making enquirie5 of the Tru5tee5 and management on whet￿r they had knowledge of any artval, susperted oralleged fraud.. Gaining an understandin9 of the inteinal controls established to mitigate wisks related to fiaud,. Discussing amongst the engagement tearn the ri5k5 of fraud,. and Addressing the risks of fraud throu9h mana9ementoverride of controls by performin9 journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests wrth management. As with any audrt, there remained a risk of non-detection of irre9ularities, as these may invo￿￿ collusion. ftsrgÈry. ifitentitsnal omissions. misrepresentations orthe override of internal controls. A fvrther description of (Mjr responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website atwww.frc.org.uklavditorsresponsibilities. This description fomis part of our auditorfs report. 14 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF BRITISH DRESSAGE Use of the audit report This report is made 501ely to the group and parent charitys members as a body in accordance with Chapter 3 of Part 16 of the Companies Art 2006. Our audit woth has been vndertaken so that we might state to the group and parent charity's members those matters we are required to rtate to them in an audito755 4>755 171,S341 Net movement in fundsafter gains Trall5fer betweenfunds {20w4881 169.5561 tr.3S71 (97.4011 158,920 Net movement in funds •fter tran5fer5 {2014BB) 169*5561 1713571 19714011 Rtconciliotioftof funds.. Total fiJnd5 LKoughtforwardl•s preV￿U$￿ ￿ated) 250.000 2.682.073 15231153 Total fvnds broughtfcrtV4ard las restaiedl Totalfufids carniedfor*ard 2.413.617 SO.OOD 1.681,073 2.52&153 439&129 14099 3x584.673 1,682.073 All results ￿late to continuin9 artivitie5 and Knclude all gains and losses re(0gnised. The notes on pages 21tO 35 form part ofthese financial statements. 16 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATEDAND CHARITY BALANCE SHEET FOR THE YEAR ENDED31 DECEMBER 2023 Group Charity ZQ33 2022 3Q23 2022 Notes Fixed assets Tangible assets Intangible assets Investments 31,829 119.864 21,652 113,871 22 8081045 34829 1194864 728,648 880,341 21,652 112,871 680.241 8084145 Current assets Stock Debtors Cash at Bank and in hand Term deposits 6.599 189.878 14375 32>728 196,895 82,639 15&761 214189 144.973 66,553 4Jo87 Jll5,163 916 2.789,450 4,087 2,956.401 2,917.582 Current liabilities Creditors due within one year 11.21&1511 {4241.135) 14180.8001 1¥20949101 NET CURRENT ASSETS 4704,434 4608,650 1,746,491 TOTAL ASSETS LESS CURRENT LIABILfrTIES I58￿672 2.682,OTJ 2.488,991 2t554t636 NET ASSETS 2158￿672 2,681.073 2,488,991 2,554,636 REPRESENTED BY Re5trirted fvnds Unrestricted funds- General Unrestricted fvnd5- Designated Funds 18.456 44JJ617 11,099 2,2971448 18$456 2.286,180 *39&129 180.444 250.000 250,000 Total fvnd5 31584672 2.682,073 s5￿636 The individual charity generated a loss of £191081 during the yearended 31 Decembe¥ 202312022.. 5vrplus 1É31,3621. The financial statements have been prepaied in accordance wilh the provision5 applicable to companies. subjert to the small cofflpanies, regime under the Companies Act 2006 and with the Financial Reporting Standard pplicable tn the LIK and Republic of Ireland ICharitieJ SORP{FRS10211. The financial SLaternent5 were approved bythe board and authorised for i55ue on Jun 12. 2024 and are signed on its behalf by.. JIllDTJI￿rt￿¥JI1[7..￿￿￿￿ IknII.ION JTr57GkiT+l MSJDAY Mrscm GODFREY 17 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENTOF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2923 2022 GROUPCA5H FLOW Cash flowsfrom operating activttiek" Net income forthe reporting period las perthestatemertof financial artivitiesl 197.401) 158,920 Adjustmentsfor: Depreciation chaiges Gains I IL055e51 on fixed asset investments Amortisation of intangible fixed assets L055llprofitl on the sale of fixed assets De crease I Ilncreasel in stocks Decrease in debtor5 (Decreasel in ueditors 11,291 8t949 68,438 127,070 139,8201 79,697 206 &775 13J850 127.9841 1249651 190,261 115t9TJI Net cash provided byoperating activities 65,616 53&700 Cash flows from investing arti¥ities: Purchase of fixed assets Purchase of intangible fixed assets Purchase of fixed asset investments 122,924) 186,6901 {92,0651 1,250 76,860 124.171 115,8021 177,8551 1376.os71 ProceEd5 from disposal of fixed asset invesbments lfive5tment in short term deposits 120,000 118411311 Net cash used in invèsting artivities-. 603 1533,8451 ChaNJe in cash and cash eqvivalerts in the reporting period 66,216 855 Cash and cash equi¥alent5 atthe beginning of the reporting period 14&973 I4￿119 Cash and cash eqvivalerrtsat the end of the reportin9 period 211,189 144,974 Analysi5 of changes in net debt Asatijan 2023 Cashfiows A5at31 Dec 2023 Cash and cash equivalents I4￿9 1441973 66.216 66,216 214189 211 189 18 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ACCOUNTING POLICIES ACCOUNTING POUCIES The principal accounting politiès ad￿t￿. jud￿Mentsand key soJrces of estimation vncertatnty in the preparation ofthe financial statements are as follow5.' BASIS OF PREPARATION These accounts have been prepared in accordance with ktovnting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their 3tcounts in atcordance ￿th the Financial Reporting Standard 102 applicable inthe UK and Republic of Iieland IFRS 1021-ICharities SORP IFRS 10211. the Financial Reportin9 Stsndard applicable in the UK and ReputAic of Ireland IFRS 1021. effertivefor periLyJscommencing ijanuary 2020, andthe CompaniesAct 10061. The polioes applied under the entity's previovs acc PUBLIC BENEFIT ENTITY The charitsble compèny meets the definrtion ofa public benefft entity vnder FRS w2. GOINGCONCERN ThetrusteesconsIderthattherea￿ nomaterial LA)certsinties ab0utthecharitabletompanvsa￿"Irtyt0(￿tinue asa going conterh. Ftnancrdl foretasts and tyJdgets are prepèred and reviewed regulady bythe Finance and Business Development Committee and by the 8oard, and In the light of the CLvrent economic uncertainty, including inflationary pressures, and the cUr￿￿t geopolitical srtuation in Ukraine and Russia. all income stream5 and costs are subjéctto ongthng miew. The tnjstees do not consider that there are any wJrces of estimation uncertainty at the reporting date that have a significant risk of causing a materia1 adjustment tothe carrying amounts of a55ets and liabilitie5 Wlthin the next reporting period. GROUP FINANCIAL STATEMENTS These financial statements consolidate the fesults of the charrty and itswholly owned5ubsidiary British Dressage Trading Limited on a line-by-line basis. A separate statement of financial artivities forthe charitable company ha5 notbeen presented a5 permitted by Section 408 of the Companies Aci 2006. INVESTMENTS Investments are a form of basic financial instrument. Fixed a55et investments are initially recognised at their transaction value and are subsequently measured at theirfairvalue Imarketvaluel as at the balarn￿ sheet date. The Staternentof Financial Artivities includesthe netgain5 and Ios5e5arising on revaluation and disposalsthrou9houtthe yearQuoted stocksand shares are included inthe Balance SFwtatthe cutrentmarketvatvequoted bythe investment nalyst, excluding dividend. Investments in svbsidiarie5 are 5tsted JtCOSt. lessany forimpairment. DEPRECIATION Depreaation 15 provided on all tangib1efiX￿ assets * rates cakulated to write each asset down to its estimated residual value eventy over its experted wfvl life. asfollow5'. officè refijrbishments office equipment Fu¥niture, fixtures and fittings - 16 percent perannffti - 35 ￿r(ent ￿ra￿￿uM - 35 PÈrtent￿r3ftrnjm AIAORTISATION Amorrisation is providedon all Intangl￿e fixedassets at rates calcvlatedtowrite eachasset down to it5e5timated residual value eventy over its experted useful life. asfollows". Computer software andwebsite devek)pment costs -33-50 percent perannum 19 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ACCOUNTING POLICIES STOCKS Stocks a￿ valued at the lower of cost and net realisable vahje. Cost rs computed on a first in firstout basis. Net realisablevalue is based on estimated selling price lessthe estimated c05t of di5P05al. INCOME Income represents the amounts derived from the Pro￿￿On of goods and services which fall withinthe Charitys ordinary actiwties stated net of value addedtsx. 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 incomereceivaNe can be measured reliabty. Income tsx in relation to donations ￿￿￿ed ￿lder gift aid or deed of covenant is rtcognised at the time of the dgnatign. Lifetime membership5 r￿e1ved are allocated over a io-year period. Annual membetship income is allocated to twelve-month peri¢)d based onthetiming of receipt of membershjp in the month. EXPENDITURE ANO IRRECOVERABLE VAT Expenditure is recognised oncethere 15 a legal orcon5twuctive obli9ationtotransfereconomic benefittoa third paty. Is probable that a transferof economic ￿nefit will be re¢wired in settlementand the amount of settlement can be measured reliably. Costs of raising funds are ¢osts incurred in attractlng income and those incurred in trading attivities that raise funds. charitab￿ activities arnd governance t05ts are tOSt5 incurred in the Charitys CO￿ operations including costs ￿lating togovernance of thecharty. b￿co¥erabIeVAT is chargedas a c05t againsttheacrivityforwhichthe expenditure was incurred, eitherdirecttyor indiiecitybythe allocation of support costs. FUNDS General fijnds are unrestrictedfvndswhich are available for use at thedistretI￿ of the trusteÈs in fiJrthÈrance of the general objectives of the company and which have not be￿ de5ignèted for other pvrposes. Restrirted funds are fvnd5 which are to be used in accordance with spectfic restriction by donors or which have been raised by the tompanyfor particular purpose5. The c05t of raising and administering such funds are charged against the specificfLW)ds. The aim and useof eath restrittedfund issetwtinthe notes tothe financialststements. GRANTS All grants are C￿ditedto income in the periodtowhich they relate. LEASES Operating lease rentsls are tharged tothestatement of financial artivities on a straight-line basis overthe pwiod of the lease. CASH ca$￿ forthe pvrposesofthestatementofcashflows. compri5escash inhand anddeposits repayable on demand, less overdrafts rep3yable on demand. LIABILITIES Liabilities are amounts due to credttor5 and any provision made as a resvtt of an obligation to transfer economic benefits. usually intheform of a cash paymenL to a third party. Liabilitie5 are measured at the settlement amount. A liability Is recognised for the amc*Jnt that the charity anticipates it wll pay to set￿e the debt or the amount it hhs received as an advanced paymentfor goods or5ervices it must provide. 20 BRITISH DRESSAGE IA COMPANY LIMITED BY GUARANTEE) ACCOUNTING POLICIES DEFINEDCONTRIBUTION PENSION SCHEME Contributions are charged to the Statement of financial attivrties as they bècome payable in accordancè with the rules of the scheme. Both the charity and the employee make contributionsto the ewnployee'5 individual pension. All svch contributions are held in separate fvnd5 which are independentto the charity's financès. TAXAMON Brr(ish Dressage is a registered Charity and is thus exempt from taxation of its income and gains falling Wlthin Section 505 of the Income and Corpofation Taxes Act 1988 Of Settion 256 of the Taxation of Chargeable Gains Att 1991 tothe ertent that they are applied to its charitsble objectives. No tax charges have arisen in the year. No tax charge has arisen in the trading subsidiary, British Dressage Trading Limrf(ed, dve to their policy of giftin9 all their taxable profits to British Dressa9e each year. HNANCIAL INSTRUMENTS Basic financial instruments are initially recogni5ed at tran5artion value and subseqL*ntly measured at amortised cost_ Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtor5. A 5pecifii 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 acce55 bank accounts and used as working capital. Financial liabilities held at amorti5ed cost comprise all creditors except Social security and othertsxe5 and Pr￿ls1On$. CRITICAL ACCOUNT]NG ESTIMATES AND AREAS OFJUDGEMENT The preparation of the financial statements requires management to make significant judgements and estimates. The areas where thesejudgements 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 dovbtful debt will be maintained forany estimated1055e5 iesultln9 from the viability of these external organisations and individuals to make the required payments. Any allowance is based on the group's re9ular assessment of the credrt worthiness and financial conditions for those external parties included within trade debtor balances. Depreciation, amortisation and residual values The director5 have ieviewed the asset live5and a55ociated re5idval values of all fixed tangible a55et5 and intangible assets, and in particular, the vsefvl economic lives and residual values of office refurbishment assets, office equipmen( furnr(ure, fixturesandfrttings and software, and have concludedthatthe asset lives and residual values are appropriate. zi BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2023 2013 2022 INVESTMENTINCOME Bank interest receivable Dividend5 rKeivable 112,356 10,47 122,835 13,477 20,925 4,402 EXPENDITURE OIRECTCOSTS Trading activitie5 Memberand Horse Training and Education Affiliated competttions Championships (including U21 Intemational chaM￿.0nSh1psI Staff costs BEF Funding Marketing and promotion 233,876 372,998 1.024,668 68.588 &309to66 1,2031181 8&454 ,460 77,2 170,023 246,645 541181 4247,724 1,035,290 81,063 61,471 3,717,053 SUPPORT OVERHEADS Salaries and wages Staff e¥penses Rent, rates, service & maintenance Office 5undries Computer and machine maintenance and svpport Telephone Printing and stationery 2C+4$060 1.842 72.758 1,514 161387 17,131 13,243 178,293 5,440 691784 5,963 154,978 4,553 101740 Fll Postage Meetings Bad debts Le9al an¢J professional Depreciation Asset di5P05al Irrecoverable VAT Donations Bank and othercharges 1&103 9,122 61370 25.586 90.989 206 $64 4250 108,337 13,125 4,188 {2,9571 28,868 136,019 {1501 138,711 961334 843,88 GOVERNANCE COSTS Directors. costs Fee5 payable tothe companfs auditor Board meeting costs 24,981 I8.￿4 44 1,70 12,703 I￿568 7,465 Total expendtture 5302,462 $95t678 22 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2023 Direct Costs and support ovetheads are split based on artval expenditure. Governance costs are split based on the income ratio. 2023 2022 Trading & publications Charitsble activitie5 5.3496 94.66% 7.479t 92.5396 31 December 2023 Direct costs Support Overheads Govemance Total Trading & publications Charitable activities 233,876 2761 236,637 462 871462 77,1 02 31 December 2Q21 Direct Costs Jpport {￿erhead$ Governance Total Trading & publications Charitsble activities 170,023 2.595 172,6 060 4,595,678 3,7171 84 88 4,736 RESULT FOR THE YEAR 2023 2022 The ￿5vItforthe year is ststed aftercharging- Avditors. remuneiation= Fees payable to the compan¥s auditor forthe auditof British Dressage accounts 20.000 I￿250 Fees payable to the companys avditorfor services relating to taxation 318 Employerfs Pension Costs.. 106.891 94036 Operatin9 lease rentals.. Land and building5'. Office rentsl Office service charge Stoieroom rental 36.708 ,553 2.050 36,708 18.553 4050 Plant and machinery.. Photocopier Pool cars 996 996 2.435 Depreciation of tangsble fixed assets.. Owned assets Profiton disposal of fixed a55ets 14291 206 81949 150 Amortisation of intangibltfixed assets= Owned assets 79,697 1271070 23 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENT5 FOR THEYEAR ENDED31 DECEMBER 2023 DESIGNATED FUNDS The Board of Brit15h Dre$5age ha5 committed to re-investin9 back into the 5POrt overthe coming years. At 31 Decembei 2022, É250,000 wa$transfer￿d from the general Unrestricted Fvnds into Oesignated Funds. These fvnds are bein9 invested into additional projects, including Competition & Venues, Training & Education, Youth Developmen¢ Para dressa9e & Inclusion, Community Initiatives and Analysis & Evaluation. At 31 December 2023 £69iss6 had been expended, leaving a balance of £1801444 in Designated Fund5. TANGIBLE FIXED ASSET5 GROUPANO CHARITY Office Refvrbish- ment Office Equipment Fvrniture and Fixtures Total COST i January 2023 26,837 107.889 37.601 1721328 Addittons I￿663 8,061 22,924 Oisp05als 13215161 132,5161 31 December 2013 ,66 162,7 DEPRECIATION i January 2023 26.837 86.237 37.602 150.676 Charge forthe year 91780 14511 X4291 Disposals 1340601 131,0601 31 December 2023 26.8 64 39,113 130,907 NETBOOKVALUE 31 December 2023 31 December 2022 2&6 All tangible fixed assets owned bythe charity are used for direct charitable purposes. Depreoation is charged against charitable activtties. 24 BRITISH DRESSAGE {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 INTANGIBLE FIXED ASSETS GROVPAND CHARITY Software Total COST i JanLFary 2023 7391998 7391998 Addrtions 86,690 86,690 Disposals 31 December 2023 AMORTISATION i January 2023 627$127 627.127 Charge for the year 79.697 79,697 Disposals 31 Decembei 2023 706,824 706.824 NET BOOK VALUE 31 December 2023 li 86 86 31 Oecember 2021 112.871 112,8 All intangible r￿ed assets are specifically developed for the charity and are used or intended for use for direct charitable purposes. Amortisatron is charged against charr(able activities 25 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2023 FIXED ASSETS INVESTMENTS Group Charity Brwhtfornard at i Janvary 2023 67>522 673,622 Add¢(ions in the year 92,065 92,065 Disposals in year 180.7951 18ot7951 Realised11055}during year 13,9351 1>9351 Unrealised gain durin9 year 47.693 471691 Valuation at 31 Oecember 2023 728,648 Cost at31 December 2023 762,511 ￿￿11 Breakdown of pottFolio of investments held wth Brewin Dolphin UK Bonds Overseas Bonds UK Equitie5 Overseas Equities Global Investments Ab501ute Retvm Property Commodities Other investments Cash Produtt 58,481 142,974 72,085 232,2S2 45,036 78,479 s8,481 142,974 72,085 232,152 45,036 8,965 19,148 21,112 50,000 19148 so.000 Total 728,532 Britlsh Dre55age Trading Limited Ivtholty owned subsidiary) Isee note 171 H&CTVLtd loo T(rto1 valuation at31 December 2013 728,648 The charit*5 investment portfolio is managed by Brewin Dolphin. 26 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER2023 STOCK5 Group Charity 2023 2012 2022 Goods for iesale 12 DEBTORS.. amounts fallin9due ¥￿th1fi ¢)ne year Group 2023 Charity 2023 2022 2022 Trade debtors Amount due from svbsidiary Prepayment5 Accrued tncome Taxation & social security 99.4rJ 110.682 57,078 30,183 54,389 90,650 2,657 42,127 48.278 60,408 148,453 185 37,007 44,678 ,878 28 ,761 CURRENTASSET INVESTMENTS Group Charity 2013 2022 2023 2022 Fixed Term Deposits 2.509,916 CREDITORS.. amount5falling due within ijneyear Group 2023 Charty 2023 2022 2021 Trade cred((ors Other creditors Taxation and 50(ial securty Accruèls Deferred membership. sponsorship and other income 101641 17,829 57,665 150,383 120,880 24519 59.104 114472 918,160 9&966 1171919 21,519 59,104 97,281 914086 54778 V+8,850 866.377 421JlSI 4244135 4180,800 1,2Q9,910 Deferred income reconciliation Broughtforward at i Janvary Deferred income released in year Deferred income received in year 928,160 92&778 94,086 914ti84 1916,6871 190214241 1902,6131 1891,8301 87&160 905,806 8544904 8911732 Carriedforward at 31 December 866 4,086 27 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER2023 12 FUND BALANCES 2023 Unrestricted- Unrestrirted- General - Designated 1013 Funds- 2023 Rtstncted 2013 Total Fund 2023 Tangible and Intangible fixed assets Investments Cash at bank and in hand Term deposits Other current assets Creditors 154693 728,556 154693 728.556 214191 2,509,916 196,478 11,213tls11 200,093 4329.472 196.478 1&113,1511 14099 180,444 31 December li MOVEMENTofFUNDS 1023 ijanuary Income 2.4iJ617 &144456 250.000 18,456 16.850 2,682,Q73 %161,306 Expendituie Gains on investments 15.208,6991 4>755 {69,556} I2￿101) 15,302,462) 43,755 31 December 12 RESTRICTED FUNDS 2023 i Jan 2023 Income Expenditure 31 Dec 2023 Excel Talent Fund Sport England %024 1>432 16,850 120,906) 13,301} 968 10,131 Total y8,4 16,8 124,2071 14099 A summary of the fund is further explained in the AcctyJnting policies on page 18. The purposes of the 2023 restrirted funds are as follows".- Excel Talent fvnd and sport England- Dressage Academies 28 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2023 FUND BALANCES 2022 Unrestricted Genewal 2022 Unrestricted Designated 2022 Restricted Total Fund 2022 2022 Tangible and Intangible fixed a55ets Investments Cash at bank and in hand Term depo51ts Other current assets Creditors 134.523 134,523 673.522 126,517 2.38￿08/ 336,102 14241.1341 67￿522 144,973 2,6341087 336,102 11,241,134) 18,456 250.000 31 December 2.41 .617 0.000 184456 2,682,073 MOVEMENTofFUNDS 2022 ijanuary Income Expenditu Unreali5ed Ilossl on investments Transfer between funds 4487.570 4tr804,605 14556.0241 172,5341 35,583 21523,153 22,527 827,132 ts9,6541 141595,6781 (7215341 Iiso,000) 250,000 31 DKern￿r 2,413,617 RESTRICTED FUNDS 2022 i Jan 2022 Income Expenditure 31 Dec 2022 Saddler's grant Oonation Excel Talent Fund Sport England 2t950 14929 209 495 000 1%9501 I1￿929? 1150151 1317501 16.840 4687 &024 11432 Total 22.527 139,6541 181456 LEGAL STATUS OF THE CHARrrY Brit15h Dre55age 15 a company limtted by guarantee, not having share capital. In the event of the company being wound up, the liability of each member 15 limited to £1. At 31 December 2023 there were 19,019 members.12022 18,2781 29 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2023 FINANCIALCOMMITMENTS At 31 December 2023 the group and the charrty had fu￿re minimum lease payments under non-cancellable operaty.ng leases asfoll¢)w5". 3013 2012 Land and twildings.. Rent Not later than one yeai Betwèen two to five yeais Laterthan five years 36,708 146$832 36.71)8 46,832 Land and buildings.. Servr(e charge Not laterthan one year etween two tofive years Laterthan five yea 18,5S3 74,212 18,553 74,212 184553 Plant and machinery Not later than one year Between two tofve year5 Laterthan five years 996 747 996 1,743 The group and the charity had no fvture capitsl commitments at 31 December 1923 {2022.' £ nil). BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15 RELATED PARTY TRANSAcfioNS Dltring theyear ended 31 December 2023 the following fee5 and expenses We￿ paid tothe trustees.'_ Trustees Expenses Mileage. flights, sub*"stente Professional Fee5 lat arm's len9thl Total Amount due to trustees as at31 December 2023 JDay 826 2.389 215 C M Godfrey 6,000 7.211 6.900 J Harvey 758 100 4.B58 S Homewood Cmthr &836 &880 7.n6 P Storr 30,860 30,860 H Payne 957 25.700 26,657 T Ormrod 831 1.831 R Lane 125 H Moody 100 2.881 D Pullem 7B5 785 No trustee Teceived anyother remuneration, including pension benefits, from the chafltydvring the yeai. The charity considers the trustees to be key managernent personnel as disclosed on the reference and administration page. Dvring the year, 8ritish Dressage Trading Limited received £i7,60012022 £20,167) for commission on the sale of Dressage Test Pro from Lion Dog Apps knmbted, a company in whichT Ormrod has significant control. These transactions have been done on an arm's length basis. During the year, Bntish D￿sSage paid £340 12022 Nil) in tonsultan£y fee5 to Lucehann Limited, a company tn which R Lane has significant contrtsl. This amount is still outstanding at the year end. These transactions have been done on an arms length basis. There are no donation5 or restrirted donationsfrom related parties. Tiustee Indemnity Inswance Trustee Indemnity Insurance cover amounted to a limit of E2million in 2023 ata cost of £3,365 {2022." £2 million at a £05t of £>3651. 31 BRITISH DRESSAGE (ACOMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2023 16 STAFF COSTS 2023 2022 Wages and salaries Recruitment costs Social Security costs Pension costs Other c05t5 ènd Èmployee benethts 330.786 2,020 122,372 106,891 11,994 I.57￿063 41791198 I￿751 10%973 9&036 10,455 1,399,413 The charity contributes to a defined contribution pension scheme. The Scheme assets are held separately from those of the charity in an independently administered fvnd. The pension cost charge above represent5 contributions payable by the grtyJp and the charity to the fvnd. There were (Mjtstanding contribrtions of EO due to the fvnd at 31 December 202312022.. £14921). Other costs and employee beneffts include heahh and insurance benefits and recruitment expen5e5. The total remuneration paid to Key Management personnel (made up of Chief ExecLrtive Oflicer and Chief Operating Officer), including benefr(s, employer pension contritrwtions and employer national insurance. amounted to £224,278 in 2023 {2022'. £217.2911. The numberof employees whose emoluments as definedfortaxation purposes amwnted to more than £60,000 in the year were as follows- 2023 Jmber 2022 Number E120.001- £130,0¢)O 130,001- £120,000 Éioo ooi- £110 000 E70,001- £80.000 £60,001. £70,000 Pension contritryAions forthe above amounted to E%l9212022= El41970} The average number of employees calcLrfated on an average basis anatysed by fvnction was.. 2023 Number 2022 Number 36 Charitable activ¢(ies Cost of raisin9 funds Total 37 32 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17 SUBSIDIARYCOMPANY 8ritish Drèssage Trading Limited, company registered in England & Wales nvmbei 08712159, 15 a wholly owned subsidiary of British Dressage. British Dressage Trading Ljndertakes the trading activities of the charity and gift aids rtstèxable profits to the chanty. Thetradin9 results of the svbsidiary are included in the consolidated account5. The audited results for the subsidiary are asfollows-. 2023 2022 TURNOVER 264,501 Direct cost5 147.8571 195,6861 GROSS RESULT 140,127 168,815 Administrativè expenses 1444431 141,3771 RESULT ON ORDINARY ACTIVITIES BEFORE TAXATION 95684 127,438 Taxation forthe year RESULT ON ORDINARY ACTIVITIES AFTER TAXATION 9%684 127,438 PROFIT FOR THE FINANCIAL YEAR 95684 127,438 The aggregate of assets. liabilities andfvnd- Assets 186,168 IB81947 Liabilities 190,4841 161,4091 Funds 9&184 127,538 33 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2023 2Q33 2022 INCOMING RESOURCES Trading and Publications Membeiship Subscfiptions Horse Registrations Other Participant Income Affiliated Competitions Championships Other Sponsorship Judge Training and Testing Regional and National Rider Training Intemational Senior and Para Dressage Rider Training and Travel Under iu International Championships, Trainin9 and Travel Funding and Donations Other Income- gift aid and fvrlough 299,274 45001433 4147,224 9.695 171,209 610,547 2S,400 162.431 809,066 51.594 359,832 11440,838 1,0851488 101999 117,064 727,060 1&476 128,743 521106 64079 66.246 64203 165 174.240 501 158 SO38,524 792,729 RESOURCES EXPENDED Tradin9 and Publications Members and Horses Insurance Shows, rules, and Organi5ers Championships Marketing and Prcimotion Judge Tfaining and Testing Regional and National Rider Training Regional Development Expenditure International Senior and Para Dressage Rider Training and Travel Under 21 International Championships. Training and Travel Funding BEF Mvsit Licence Salarie5 and Wages Staff expenses 147,163 85,203 17%653 62,547 919,252 78.866 167.734 75&185 29>123 10&501 170,013 106,436 138,209 48,606 854,601 6it471 3&158 339,876 38K403 67,219 292.598 39>123 &454 6.041 1.11>664 82,063 51575 97>038 I￿377,343) 13,717,053) Cè¥iied forward to page 34 661,181 ItO75.676 This page does notform part of the statutory financial statements. 34 BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER 2023 2Q23 2022 Brought fo￿ard from pa9e 33 661,181 1,07&676 SUPPORTOVERHEADS Salaries and Wages Staff Expenses 20&902 178,293 440 Rent Rates Service & Maintenance Office 5undries Loss incurred duetofraud C0ft7PUter and Machrne maintenatKe and support Telephone Printing and Stationery Postage Meetings Bad debts Legal ènd Professional Depreciation Asset Disposal Irrec0verat￿e VAT Donatsons Bank and other chèrges 73$758 69,784 271 162.388 154t978 17,131 1&243 14,203 4,879 6.370 25,586 90,989 06 144,564 4250 Jo8.337 553 10,740 13,125 4,￿8 (3,9￿) 28,868 136,019 11501 138,7lJ 96,334 1896,2201 1843t889} 1208,039) 234787 GOVERNANCE COSTS DirectOWS' Costs Fees pèyable to companVs auditor Salaries and Wages 29,224 18,184 J2é703 14,568 7.46 15&952) 134,7361 OPERATING PROFIT 197,051 Bank Interest Receivable Dividends receivable {LossesllGains on investments 112,356 JO*479 43.755 231223 lJ,179 172,534 SURPLUSI{LOSSI FOR THE Y&4R 197.4011 158,919 This page does notform part of the statvtory financial statements. 35