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← British Dressage

2024-12-31-accounts

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 2-10
Trustees’ responsibilities 11
Independent Auditor’s report to the Trustees 12-15
Consolidated Statement of Financial Activities 16
Consolidated and Charity Balance Sheets 17
Consolidated Cash Flow Statement 18
Accounting Policies 19-21
Notes to the Financial Statements 22-33

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024

President: Charity registered number: David Hunt 1155352 Vice President: Stephen Clarke Company registered number: 3443026 Chairman: Registered Office: Jill Day Meriden Business Park Copse Drive Meriden West Midlands Other Trustees: CV5 9RG Caroline Godfrey Derek Pullem Auditors: Hannah Moody Forvis Mazars LLP Harry Payne First Floor Judy Harvey Two Chamberlain Square Peter Storr Birmingham Richard Lane B3 3AX Suzanne Homewood Tracy Ormrod

Board of British Dressage Trading Limited: Bankers: Suzanne Homewood Jill Day Jason Brautigam CV32 4NT

91-93 Regent Street Leamington Spa CV32 4NT

Company Secretary: Jason Brautigam

Solicitors: Wright Hassall LLP Olympus Avenue Key Management personnel: Leamington Spa Chief Executive - Jason Brautigam CV34 6BF Chief Operating Officer- Ben Waterhouse (to 17 April 2025)

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BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Board of Trustees present their annual report together with the audited financial statements of British Dressage for the year ended 31 December 2024.

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, and 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 Principal 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: -

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BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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, open and transparent approach to the running of the organisation and strives to communicate effectively with all members and stakeholders, while delivering the highest standards of service for the sport’s participants. Acting with integrity, we promote equality, diversity and inclusivity, to ensure that dressage is accessible to all, with the welfare of our equine and human athletes at the heart of everything we do.

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 National 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 promotes the amateur sport of dressage.

Training & Education:

By providing regional training, including training specifically for young or disabled persons, by administering apprenticeship schemes, by developing equestrian and dressage specific coaching certificates, by maintaining a coaches database and offering CPD activity, by providing an education and assessment framework for all officials, by organising national and regional training events open to all, and by showcasing the best talent and expertise at our championship shows, British Dressage provides 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 maintain the highest standards of equine welfare and horse care, by supporting breeding of suitable horses, by carrying out anti-doping testing at events, and by putting the safety and wellbeing of the horse at the heart of everything we do, British Dressage contributes to animal welfare.

Health & Well-being:

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, gender or level of ability, British Dressage contributes to public health and fitness.

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BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENTS AND REVIEW OF 2024

British Dressage has enjoyed a significant period of success post-pandemic, with three years of continual growth in both membership and horse registration numbers, peaking at 19,150 and 17,350 respectively in 2024. We ended the year with 18,950 members and 17,250 horses, cementing dressage’s position as the most popular equestrian sporting discipline.

These record numbers are in spite of a challenging economic backdrop, where the cost of living continues to have an impact on participation, with some choosing to stay closer to home and focus on their training, rather than travelling to compete as frequently. Nevertheless, BD members continue to enjoy competing at all levels, with 17,666 qualifications achieved for our Regionals and Area Festivals in 2024, and over 21,500 starters across our various championships and major fixtures.

This includes an incredible 1,379 competitors going down the centre line at the Cavago Associated Championships at Onley Grounds Equestrian Centre in October, setting a new record for a single championship event. Those who have experienced this show will know that there’s no better demonstration of how dressage is truly for all, showcasing the talents of all types of breeds, horses of all sizes, and riders of all ages. We warmly congratulate every member who achieved their personal goals and aspirations with BD in 2024.

The anticipation and excitement of an Olympic and Paralympic year is always a special occasion for everyone involved in dressage and this year was no exception, despite the sport being in the spotlight for all the wrong reasons on the eve of Paris 2024, when an historic incident involving one of our top riders came to light. While this underlined that equine welfare must remain an absolute priority for us as a National Governing Body, it did not overshadow what was another record-breaking year for British Dressage on the international stage.

Not only did BD riders representing Great Britain bring home a record 15 medals in total across all championships in 2024, but they were won in five different FEI categories for the first time ever. The strength and depth in our international squads was tested and proven, which gives us real confidence and hope for the future. There were some ground-breaking achievements for BD Youth riders, who were shining lights for our sport, and our three gold medallists are worthy of individual mentions.

Ella Grace-Dovey became Britain’s first ever Children on Horses medallist, bringing home Individual Gold at the European Championships in July with a British-bred horse. Abigail Gray achieved two medals at the FEI Pony European Championships, Individual Silver and Freestyle Gold, as she became only the second British rider in BD history to achieve the Pony European Champion title. Annabella Pidgley was also crowned European Champion for the second time in her career, this time in the Under 25 category, winning Individual Silver and Freestyle Gold.

In Paris every single member of the Olympic and Paralympic team came home with at least one medal. Our Senior riders showed true grit, resolve and determination to win team Bronze under the most challenging of circumstances – and special mention must go to Becky Moody, who stepped up to the plate at short notice and delivered when it mattered most.

Plenty of BD members made the trip over to the Palace of Versailles and it was fantastic to see their support rewarded when Lottie Fry, Carl Hester and Becky Moody took their place on the podium to collect their team medals. After a turbulent build up, it was a very rewarding and emotional occasion for everyone involved.

Lottie Fry then added Bronze in the Freestyle – her first solo Olympic success and only the third British dressage rider in history to win an individual medal at the Games. Great Britain has now won nine dressage medals at four consecutive Olympic Games – London, Rio, Tokyo and Paris – quite a remarkable feat, underlining how far we have come as a nation.

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BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Of course, Great Britain has dominated the Paralympics since the sport was introduced in Atlanta 1996 and remained undefeated as a team right through to Tokyo 2020. The standard of Para competition continues to get higher with each passing year and this year’s Games was a perfect illustration of how much the sport has developed over the past three decades. In the face of stiff competition from other nations, our four riders did incredibly well to bring home seven medals in total. Georgia Wilson’s Freestyle success was the highlight, winning our sole Silver medal of the Games, while Natasha Baker and Sophie Wells each added two Bronze medals to their collection, and Mari Durward-Akhurst also won Individual Bronze on her Paralympic debut.

There were also plenty of milestone moments achieved on home soil this year too through our Designated Funds initiatives. In 2022 we made a commitment to reinvest a minimum of £250,000 of our Reserves into special projects and significant progress has been achieved over the last calendar year. Many BD members will have already experienced the benefits of this investment, whether by using the new live scoring and music systems at our venues, or by taking part in our many regional community events focusing on the health, care and well-being of both horse and rider.

We remain committed to ensuring that every member not only has access to a full range of training and competition opportunities, but also receives the necessary advice, support, and guidance to help them on their dressage journey, whether as a rider, coach or official. A significant portion of our Designated Funds have therefore been invested in our education programmes, including the development of an on-line training hub that has a range of resources that are accessible to all.

In the spring we announced a partnership with Virtus and SportExcel UK to expand access to dressage competition for those with hidden disabilities and non-classifiable conditions, as well as launching the Sunflower scheme across BD venues. As part of our drive to make the sport as inclusive as possible we also piloted our Urban Equestrian Programme to offer young riders from differing socio-economic backgrounds in underprivileged areas the opportunity to experience BD training and competition for the first time.

At the end of last year we published our sustainability strategy, and over the course of 2024 a great deal of work went into implementing the first phase, starting with the roll-out of training and education modules for staff, volunteers and stakeholder groups. At BD head office, a number of eco-friendly initiatives have now been put in place, including switching to a new green energy tariff and improving our waste management and recycling processes.

Promoting and upholding the highest standards of equine welfare remains at the heart of our strategy and we are fully committed to building on the Charter for the Horse and updated Equine Welfare policies that we launched in December 2023. At the AGM in October we presented our Equine Welfare Action Plan, which focuses on three key areas: governance and regulation, training and education, and sport development.

This work, in partnership with our colleagues at the BEF and FEI, will be vital in securing a long-term and sustainable future for dressage, but it is just the starting point. Everyone in the sport has a role to play, by actively demonstrating the love and care our horses receive, whether they are at home, in training or in the competition arena. Only by proving that we are empathetic, ethical and responsible guardians for the horse will we collectively be able to build public trust and confidence in our sport.

From a financial perspective, the Trustees are satisfied with the out-turn for 2024 of a surplus of just over £100k. Whilst the Charity as a standalone entity incurred a deficit for 2024, this was less than budgeted for and was more than compensated for by the performance of the trading company. The latter was boosted by high demand for the new test plans, resulting in a surplus in the trading company in excess of £200k. Whilst membership numbers and horse registrations dipped slightly from the record levels seen in the first half of 2024, they remained strong to the end of the year.

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BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Once more costs have continued to increase significantly (including the insurance cover provided to members) and BD has maintained its commitment to provide high standards of service, supported by quality resources and staffing levels. Following a price freeze from 2021-2023, subscription prices and horse registration fees were increased from 1 January 2024 but at less than inflation. Costs for 2025 will increase further and so the Trustees remain committed to careful financial planning, budgetary prudence and the strict management of cashflow.

At the British Dressage AGM in October Hannah Moody was elected as BD Youth Director following her year as an interim appointment. There were no other changes to the Board in the year.

There is no doubt that the strong performance of British Dressage is due to the outstanding work and commitment of staff, volunteers, and officials, in so many different capacities. In 2024, The Linda Whetstone Memorial Trophy was presented to Jane Kidd at the National Championships, celebrating her outstanding contribution to dressage over a long and distinguished career. We were also delighted to award BD Medals of Honour to Nereide Goodman and Phillip Cheetham, in recognition of their significant dedication and support for British Dressage, both as event organisers and experienced officials.

Once again, the Trustees record their sincere thanks to all those who work so hard, many behind the scenes, to make BD such a success, enabling members of all ages to enjoy dressage, whilst promoting the highest standards of human and equine welfare.

Full details of membership figures, competition activity and notable results will be presented in the report of the Chief Executive at the 2025 Annual General Meeting.

Looking ahead to 2025

The Board of BD remains very aware of continued financial pressures on all its members and stakeholders. Subscription and horse registration fees were raised at the beginning of 2025, but these increases were kept as low as possible to reduce the impact on members. However, with our operational costs still increasing, such as the substantial rise in Employer’s National Insurance contributions from April 2025, price increases were necessary to safeguard the Charity’s financial position.

As part of our charitable objectives, we remain committed to investing in training and education activity, building on the foundations of recent projects, through our regular operations, as well as new initiatives funded from our Designated Funds reserves.

Equine welfare, sustainability, and equality, diversity and inclusion remain vitally important social impact topics, both within and outside of the equestrian community. The BD Board is fully committed to providing the resources required to support coherent strategies and policies in each of these areas, to uphold the organisation’s stated values and deliver meaningful, tangible change.

The following summarises the priorities for British Dressage in 2025:

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BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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 £211,104 which was gift aided to the charity (2023: £95,684).

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. If a current Trustee is nominated and elected to the position of Chairman by the members they may serve a maximum of twelve consecutive years in all roles in total. After the twelfth year, the individual must still wait at least four years before they can be appointed to the Board again.

The Board of Trustees have the discretionary power to co-opt up to five 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 any 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 setting the remuneration of the charity’s senior management team. Remuneration levels are reviewed annually using appropriate benchmarking for 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 £3,701 for the year ended 31 December 2024 (2023 - £3,365).

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

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BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

by the Board, to ensure all risks are highlighted and mitigation remains suitable to protect the charity’s interests and activities.

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.

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 2021-22 Coronavirus pandemic proving the need for this. During 2021 the reserves policy of the charity was updated, and this included consideration of both the level of operational reserves required and any investment required for the future to support the initiatives of the current strategic plan. In addition, in 2023 the trustees allocated an initial sum of £250,000 to a Designated Fund, which will fund a programme of specific additional projects, and the Trustees recognise that a deficit may occur in any one year as these reserves are fully utilised.

The Trustees have again reviewed the policy and still consider it to be appropriate.

Reserves are required by the Charity to:

The Charity’s policy is to maintain free reserves in the range of six to twelve months defined operating expenditure. Defined operating expenditure includes staff salaries, fixed overhead costs and other operational costs that would continue in a force majeure situation. Whilst this is a wide range, the Charity believes that the period of six to twelve months gives the Charity appropriate flexibility in the short to medium term and enables any longer-term decisions to be made in the best interests of its members and staff.

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BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The financial outcome for 2024 was a surplus. The Group ended the year with general financial reserves of £2.676 million; this includes £30,307 which has been allocated as designated funds by the Board but excludes Restricted Funds of £13,688. This level of reserves represents circa 9 months of defined operating costs. The charity holds cash and cash equivalents of £3.4 million. Given this strong closing financial position, the resilience 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.

Investment Policy:

The charity aims to promote the sport of dressage and provide opportunities and training for its members as a priority. In 2020 the Board introduced 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. This policy is reviewed on a regular basis in conjunction with the Charity’s Investment Managers.

In 2024 a review of Investment Managers was conducted, with four investment companies interviewed by a panel appointed by the Board. After this process the board approved the continuing appointment of Brewin Dolphin as the Charity’s Investment Managers but also authorised the investment of deposit funds with CCLA, a specialist charity investment company. All decisions relating to investment are made with expert advice and with appropriate risk management in place.

Financial Overview:

Overall, British Dressage achieved total income of £5.58 million which after expenditure delivered a net surplus of £104,681 in the year, increasing total reserves to £2.689 million.

Funds held as Custodian Trustee on behalf of others:

Neither the Charity nor any of its Trustees acted as custodian trustees or held funds or property on behalf of another charity during the year.

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.

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.

This report has been prepared in accordance with the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS102)) and in accordance with the provisions applicable to companies entitled to smaller companies’ exemption.

Signed on behalf of the board of Trustees

Ms J Day Director

Date: 29.07.25

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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.

The Trustees who held office at the date of approval of this annual report, as set out above, each confirm that:

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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 31 December 2024 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 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.

Other information

The other information comprises the information included in the Trustees 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.

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.

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

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 parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within 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 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 group or parent charity or to cease operations, or have no realistic alternative but to do so.

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.

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

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.

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

Based on our understanding of the group and parent charity and its activities, we considered non-compliance with the following laws and regulations might have a material effect on the financial statements: Charities Act 2011, the Charities Statement of Recommended Practice, employment regulation and health and safety regulation, antimoney laundering regulations.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.

In addition, 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, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to income recognition (which we pinpointed to the cut off assertion) and the use of restricted funds, significant one-off or unusual transactions.

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.

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.

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

Use of the audit report

This report is made solely to the group and parent 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 group and parent 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 group and parent charity and the group and parent charity’s members as a body for our audit work, for this report, or for the opinions we have formed.

David Hoose (Aug 1, 2025 15:23:22 GMT+1)

David Hoose

(Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor Two Chamberlain Square Birmingham B3 3AX

Date: 01/08/2025

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BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE Registered in England & Wales No. 3443026) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATION AN INCOME AND EXPENDITURE ACCOUNT) AS AT 31 DECEMBER 2024

Notes
INCOME
Income from:
Other trading activities
Investments
1
Charitable activities:
Membership Subscriptions
Horse Registrations
Training & Education
Affiliated Competitions
Championships (including U21
International Championships)
Other Sponsorship
Other Participant
Gift Aid
Total income
Expenditure on:
Raising funds
Charitable Activities
Total expenditure
2
Net movement in funds before
gains

Gains /(Losses) on investments
(realised & unrealised)
Net movement in funds after
gains
Transfer between funds
3
Net movement in funds after
transfers
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Funds
Total
Total
General
Designated
2024
2024
2024
2024
2023
615,998
-
-
615,998
404,861
132,544
-
-
132,544
122,835
-
-
-
-
1,571,423
-
-
1,571,423
1,500,432
1,201,516
-
-
1,201,516
1,147,224
910,652
-
57,045
967,697
994,915
201,847
-
-
201,847
171,209
642,120
-
-
642,120
610,495
31,628
-
-
31,628
25,400
11,465
-
-
11,465
9,695
202,758
-
-
202,758
174,240
5,521,951
-
57,045
5,578,996
5,161,306
352,209
-
-
352,209
198,638
4,965,809
150,137
54,456
5,170,402
5,103,824
5,318,018
150,137
54,456
5,522,611
5,302,462
203,933
(150,137)
2,589
56,385
(141,156)
48,296
-
-
48,296
43,755
252,229
(150,137)
2,589
104,681
(97,401)
-
-
-
-
252,229
(150,137)
2,589
104,681
(97,401)
2,393,129
180,444
11,099
2,584,672
2,682,073
2,645,358
30,307
13,688
2,689,353
2,584,672

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

The notes on pages 22 to 33 form part of these financial statements.

16

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED AND CHARITY BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024

Group Charity
2024 2023 2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 5 32,477 31,829 32,477 31,829
Intangible assets 6 100,012 119,864 100,012 119,864
Investments 7 796,026 728,548 796,126 728,648
928,515 880,241 928,615 880,341
Current assets
Stock 8 16,473 6,599 - -
Debtors 9 241,418 189,878 195,038 196,895
Cash at Bank and in
hand		 191,829 211,189 99,173 82,639
Term deposits 10 2,576,854 2,509,916 2,576,854 2,509,916
3,026,574 2,917,582 2,871,065 2,789,450
Current liabilities
Creditors due within one 11 (1,265,736) (1,213,151) (1,321,430)
(1,180,800)		 (1,180,800)
year
NET CURRENT ASSETS 1,760,838 1,704,431 1,549,635 1,608,650
TOTAL ASSETS LESS 2,689,353 2,584,672 2,478,250 2,488,991
CURRENT LIABILITIES
NET ASSETS 2,689,353 2,584,672 2,478,250 2,488,991
REPRESENTED BY 12
Restricted funds 13,688 11,099 13,688 11,099
Unrestricted funds – 2,645,358 2,393,129 2,434,255 2,297,448
General
Unrestricted funds – 30,307 180,444 30,307 180,444
Designated Funds
Total funds 2,689,353 2,584,672 2,478,250 2,488,991

The individual charity incurred a deficit of £106,424 during the year ended 31 December 2024 (2023: deficit £193,081).

The financial statements have been prepared in accordance with the provisions applicable to companies' subject to the small companies' regime under the Companies Act 2006 and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS102)). The financial statements were approved by the board and authorised for issue on ……………. and are signed on its behalf by:

Ms J DAY Date: 29.07.25

Mrs C M GODFREY

17

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

GROUP CASH FLOW
Cash flows from operating activities:
Net income for the reporting period (as per the statement of
financial activities)
Adjustments for:
Depreciation charges
Gains on fixed asset investments
Amortisation of intangible fixed assets
Loss on the sale of fixed assets
Increase in stocks
Increase in debtors
Increase in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Purchase of fixed assets
Purchase of intangible fixed assets
Purchase of fixed asset investments
Proceeds from disposal of fixed asset
Proceeds from disposal of fixed asset investments
Investment in short term deposits

Net cash used in investing activities:
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Analysis of changes in net debt
As at 1 Jan
2024
£
Cash and cash equivalents
211,189
211,189		 2024
£
104,681
9,872
(48,987)
83,794
-
(9,874)
(51,540)
52,585
140,531
(10,520)
(63,942)
(161,898)
-
143,407
(66,938)
(159,891)
(19,360)
211,189
191,829
Cashflows
£
(19,360)
(19,360)		 2023
£
(97,401)
11,291
(39,820)
79,697
206
5,775
133,850
(27,984)
65,616
(22,924)
(86,690)
(92,065)
1,248
76,860
124,171
600
66,216
144,973
211,189
As at 31
Dec 2024
£
191,829
191,829		 2023
£
(97,401)
11,291
(39,820)
79,697
206
5,775
133,850
(27,984)
65,616
(22,924)
(86,690)
(92,065)
1,248
76,860
124,171
600
66,216
144,973
211,189

18

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 2020, 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 current economic uncertainty, including inflationary pressures, and the current geopolitical situation in Ukraine and Russia, 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

Investments are a form of basic financial instrument. Fixed asset investments are initially recognised at their transaction value and are subsequently measured at their fair value (market value) as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year Quoted stocks and shares are included in the Balance Sheet at the current market value quoted by the investment analyst, excluding dividend.

Investments in subsidiaries are stated at cost, less any provision for impairment.

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

19

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) ACCOUNTING POLICIES

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.

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.

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.

20

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.

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.

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.

21

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1
INVESTMENT INCOME
Bank interest receivable
Dividends receivable
2
EXPENDITURE
DIRECT COSTS
Trading activities
Member and Horse
Training and Education
Affiliated competitions
Championships (including U21 International 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
Donations
Bank and other charges
GOVERNANCE COSTS
Directors’ costs
Fees payable to the company’s auditor
Board meeting costs
Total expenditure		 2024
£
111,602
20,942
132,544
352,209
311,656
1,042,209
73,898
1,225,910
1,360,146
78,289
79,199
4,523,516
228,544
1,180
69,297
3,652
196,008
17,100
18,393
18,237
8,785
(2,579)
50,194
93,665
-
114,370

127,065
943,911
23,615
22,000
9,569
55,184
5,522,611		 2023
£
112,356
10,479
122,835
233,876
372,998
1,024,668
68,588
1,309,066
1,203,181
85,454
79,460
4,377,291
204,060
1,842
72,758
1,514
162,387
17,131
13,243
14,103
9,122
6,370
25,586
90,989
206
144,564
1,250
108,337
873,462
24,981
18,184
8,544
51,709
5,302,462

22

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Direct costs and support overheads are split based on actual expenditure. Governance costs are split based on the income ratio.

Governance costs are split based on the income ratio.
2024 2023
£ £
Trading & publications 11.04% 5.34%
Charitable activities 88.96% 94.66%
31 December 2024 Direct costs Support Governance Total
Overheads
£ £ £ £
Trading & publications 352,209 -
6,092		 358,301
Charitable activities 4,171,307 943,911
49,092		 5,164,310
4,523,516 943,911
55,184		 5,522,611
31 December 2023 Direct costs Support Governance Total
Overheads
£ £ £ £
Trading & publications 233,876 -
2,761		 236,637
Charitable activities 4,143,415 873,462
48,948		 5,065,825
4,377,291 873,462
51,709		 5,302,462
3 RESULT FOR THE YEAR 2024
 2023
£
 £
The result for the year is stated after charging:
Auditors’ remuneration:
Fees payable to the company’s auditor for the audit of 22,000 20,000
British Dressage accounts
Fees payable to the company’s auditor for services - -
relating to taxation
Employer’s Pension Costs: 113,103 106,891
Operating lease rentals:
Land and buildings:
Office rental 36,708 36,708
Office service charge 18,553 18,553
Storeroom rental 2,550 2,050
Plant and machinery:
Photocopier 996 996
Pool cars -
Depreciation of tangible fixed assets:
Owned assets 9,872 11,291
Profit on disposal of fixed assets - 206
Amortisation of intangible fixed assets:
Owned assets 83,794 79,697

23

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5 TANGIBLE FIXED ASSETS

GROUP AND CHARITY

COST
1 January 2024
Additions
Disposals
31 December 2024
DEPRECIATION
1 January 2024
Charge for the year
Disposals
31 December 2024
NET BOOK VALUE
31 December 2024
31 December 2023		 Office
Refurbish-
ment
Office
Equipment
Furniture
and Fixtures
Total
£
£
£
£
26,837
90,236
45,663
162,736
10,175
345
10,520
26,837
100,411
46,008
173,256
26,837
64,957
39,113
130,907
-
8,162
1,710
9,872
-
26,837
73,119
40,823
140,779
-
27,292
5,185
32,477
- 25,279
6,550
31,829

All tangible fixed assets owned by the charity are used 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 2024

6
INTANGIBLE FIXED ASSETS
GROUP AND CHARITY
COST
1 January 2024
Additions
Disposals
31 December 2024
AMORTISATION
1 January 2024
Charge for the year
Disposals
31 December 2024
NET BOOK VALUE
31 December 2024
31 December 2023		 Software
£
826,688
63,942
890,630
706,824
83,794
790,618
100,012
119,864		 Total
£
826,688
63,942
890,630
706,824
83,794
790,618
100,012
119,864

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

25

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7 FIXED ASSETS INVESTMENTS

FIXED ASSETS INVESTMENTS
Brought forward at 1 January 2024
Additions in the year
Disposals in year
Realised (loss) during year
Unrealised gain during year
Valuation at 31 December 2024
Cost at 31 December 2024
Breakdown of portfolio of investments held with Brewin Dolphin
UK Bonds
Overseas Bonds
UK Equities
Overseas Equities
Global Investments
Absolute Return
Property
Commodities
Other investments
Cash Product
Total
British Dressage Trading Limited (wholly owned subsidiary) (see note 17)
H & C TV Ltd
Total valuation at 31 December 2024		 Group
£
728,548
161,898
(143,407)
-
48,987
796,026
753,198
129,242
67,449
77,265
317,414
50,590
63,117
8,794
44,061
18,078
20,000
796,010
-
16
796,026		 Charity
£
728,648
161,898
(143,407)
-
48,987
796,126
753,198
129,242
67,449
77,265
317,414
50,590
63,117
8,794
44,061
18,078
20,000
796,010
100
16
796,126

The charity’s investment portfolio is managed by Brewin Dolphin.

26

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8
STOCKS
Goods for resale
9
DEBTORS: amounts falling due within one year
Trade debtors
Amount due from subsidiary
Prepayments
Accrued income and other debtors
10
CURRENT ASSET INVESTMENTS
Fixed Term Deposits
11
CREDITORS: amounts falling due within one year
Trade creditors
Other creditors
Taxation and social security
Accruals
Deferred membership, sponsorship and other
income
Amounts due to subsidiary
Deferred income reconciliation
Brought forward at 1 January 2024
Deferred income released in year
Deferred income received in year
Carried forward at 31 December 2024		 Group
Charity
2024
2023
2024
2023
£
£
£
£
16,473
6,599
-
-
Group
Charity
2024
2023 2024
2023
£
£
£
£
169,229
99,473
129,149
57,078
-
-
-
58,132
30,497
42,127
30,497
37,007
41,692
48,278
35,392
44,678
241,418
189,878
195,038
196,895
Group
Charity
2024
2023
2024
2023
£
£
£
£
2,576,854
2,509,916
2,576,854
2,509,916
Group
Charity
2024
2023 2024
2023
£
£
£
£
232,354
101,641
212,696
95,966
-
17,829
-
17,829
44,976
57,665
45,561
51,778
98,744
150,383
93,639
148,850
889,661
-
885,633
883,462
86,072
866,377
-
1,265,735
1,213,151
1,321,430
1,180,800
885,633
928,160
866,377
914,086
(871,248)
(916,687)
(851,992)
(902,613)
875,276
874,160
869,077
854,904
889,661
885,633
883,462
866,377

27

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12
FUND BALANCES 2024
Tangible and Intangible fixed assets
Investments
Cash at bank and in hand
Term deposits
Other current assets
Creditors
31 December 2024
MOVEMENT of FUNDS 2024
1 January
Income
Expenditure
Gains on investments
31 December 2024
RESTRICTED FUNDS 2024
Excel Talent Fund
Sport England
Saddlers Grant
Donation
Total		 Unrestricted –
General -
2024
Unrestricted –
Designated
Funds –2024
Restricted
2024
Total Fund
2024
£
£
£
132,489
132,489
796,026
796,026
178,141
13,688
191,829
2,546,547
30,307
2,576,854
257,890
257,890
(1,265,735)
(1,265,735)		 Unrestricted –
General -
2024
Unrestricted –
Designated
Funds –2024
Restricted
2024
Total Fund
2024
£
£
£
132,489
132,489
796,026
796,026
178,141
13,688
191,829
2,546,547
30,307
2,576,854
257,890
257,890
(1,265,735)
(1,265,735)
2,645,358
30,307
13,688
2,689,353


2,393,129
180,444
11,099
2,584,672
5,521,951
57,045
5,578,996
(5,318,018)
(150,137)
(54,456)
(5,522,611)
48,296
48,296
2,645,358
30,307
13,688
2,689,353
1 Jan 2024
Income
Expenditure
31 Dec 2024
£
£
£
£
968
16,840
(15,976)
1,832
10,131
-
-
2,205
3,000
35,000
(480)
(3,000)
(35,000)
11,856
-
-
11,099
57,045
(54,456)
13,688

A summary of the fund is further explained in the Accounting policies on page 19. The purposes of the 2024 restricted funds are as follows: -

Excel Talent fund and Sport England – Dressage Academies

28

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FUND BALANCES 2023 Unrestricted Unrestricted
– General - – Designated Restricted Total Fund
2023 Funds – 2023 2023 2023
£ £ £ £
Tangible and Intangible fixed 151,693 - - 151,693
assets
Investments 728,548 - - 728,548
Cash at bank and in hand 200,090 - 11,099 211,189
Term deposits 2,329,472 180,444 - 2,509,916
Other current assets 196,477 - - 196,477
Creditors (1,213,151) - - (1,213,151)
31 December 2023 2,393,129 180,444 11,099 2,584,672
MOVEMENT of FUNDS 2023
1 January 2023 2,413,617 250,000 18,456 2,682,073
Income 5,144,456 - 16,850 5,161,306
Expenditure (5,208,699) (69,556) (24,207) (5,302,462)
Gains on investments 43,755 - - 43,755
31 December 2023 2,393,129 180,444 11,099 2,584,672
RESTRICTED FUNDS 2023
1 Jan 2023 Income Expenditure
31		 Dec 2023
£ £ £ £
Excel Talent Fund 5,024 16,850 (20,906) 968
Sport England 13,432 - (3,301) 10,131
Total 18,456 16,850 (24,207) 11,099

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 2024 there were 18,950 members. (2023: 19,019)

29

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14 FINANCIAL COMMITMENTS

At 31 December 2024 the group and the charity had future minimum lease payments under non-cancellable operating leases as follows:

operating leases as follows:
2024 2023
£ £
Land and buildings: Rent
Not later than one year 36,708 36,708
Between two to five years 110,124 146,832
Later than five years - -
Land and buildings: Service charge
Not later than one year 18,553 18,553
Between two to five years 55,659 74,212
Later than five years - -
Plant and machinery
Not later than one year 747 996
Between two to five years - 747
Later than five years - -

The group and the charity had no future capital commitments at 31 December 2024 (2023: £ nil).

30

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. RELATED PARTY TRANSACTIONS

During the year ended 31 December 2024 the following fees and expenses were paid to the trustees: -

Trustees Professional Fees Total Amount due
Expenses (at arm’s length) to trustees as
Mileage, at 31
flights, December
subsistence 2024
£ £ £ £
J Day 1,452 3,095 4,547 -
C M Godfrey 1,543 6,000 7,543 -
J Harvey 1,439 473 1,912 -
S Homewood 139 - 139 -
P Storr 1,338 25,205 26,543 -
H Payne 647 23,075 23,722 650
T Ormrod 1,800 - 1,800 723
R Lane - - - -
H Moody 389 5,017 5,406 -
D Pullem 1,385 - 1,385 -

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.

During the year, British Dressage Trading Limited received £16,900 (2023: £17,600) for commission on the sale of Dressage Test Pro from Lion Dog Apps Limited, a company in which T Ormrod has significant control. These transactions have been done on an arm’s length basis.

During the year, British Dressage paid £5,737 (2023: £340) in consultancy fees to Lucehann Limited, a company in which R Lane has significant control. These transactions have been done on an arms length basis.

There are no donations or restricted donations from related parties.

Trustee Indemnity Insurance

Trustee Indemnity Insurance cover amounted to a limit of £2million in 2024 at a cost of £3,701 (2023: £2 million at a cost of £3,365).

31

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16
STAFF COSTS
Wages and salaries
Recruitment costs
Social Security costs
Pension costs
Other costs and employee benefits		 2024
£
1,441,569
31,124
131,976
113,103
12,802
1,730,574		 2023
£
1,330,786
2,020
122,372
106,891
11,994
1,574,063

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 outstanding contributions of £13,553 due to the fund at 31 December 2024 (2023: £nil).

Other costs and employee benefits include health and insurance benefits.

The total remuneration paid to Key Management personnel (made up of Chief Executive Officer and Chief Operating Officer), including benefits, employer pension contributions and employer national insurance, amounted to £241,192 in 2024 (2023: £224,278).

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

2024 2023
Number Number
£120,001 - £130,000 1
 1
£110,001 - £120,000 - -
£100,001 - £110,000 - -
£70,001 - £80,000 1 1
£60,001 - £70,000 - -

Pension contributions for the above amounted to £16,211 (2023: £9,192)

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

Charitable activities
Cost of raising funds
Total		 2024
2023
Number
Number
39
37
2
2
41
39

32

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17 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		 2024
£
613,435
(343,090)
270,345
(59,241)
211,104
-
211,104
211,104
242,166
(30,962)
211,204		 2023
£
287,984
(147,857)
140,127
(44,443)
95,684
-
95,684
95,684
186,268
(90,484)
95,784

33

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

INCOMING RESOURCES
Trading and Publications
Membership Subscriptions
Horse Registrations
Other Participant Income
Affiliated Competitions
Championships
Other Sponsorship
Judge Training and Testing
Regional and National Rider Training
International Senior and Para
Dressage Rider Training and Travel
Under 21s International
Championships, Training and Travel
Funding and Donations
Other Income- gift aid and furlough
RESOURCES EXPENDED
Trading and Publications
Members and Horses
Insurance
Shows, rules, and Organisers
Championships
Marketing and Promotion
Judge Training 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
Music Licence
Salaries and Wages
Staff expenses
Carried forward to page 34		 2024
£
£
615,998
1,571,423
1,201,516
11,465
201,847
642,120
31,628
159,916
690,368
43,345
73,318
750
202,758
5,446,452
352,209
132,776
178,880
60,286
858,421
79,199
94,930
459,604
390,501
97,173
367,488
78,289
13,612
1,247,297
112,851
(4,523,516)
922,936		 2024
£
£
615,998
1,571,423
1,201,516
11,465
201,847
642,120
31,628
159,916
690,368
43,345
73,318
750
202,758
5,446,452
352,209
132,776
178,880
60,286
858,421
79,199
94,930
459,604
390,501
97,173
367,488
78,289
13,612
1,247,297
112,851
(4,523,516)
922,936		 2023
£
£
299,274
1,500,433
1,147,224
9,695
171,209
610,547
25,400
162,431
809,066
57,594
66,246
5,165
174,240
5,038,524
147,163
85,203
175,653
62,547
919,252
78,866
167,734
755,185
293,123
103,501
292,598
85,454
6,041
1,113,664
91,359
(4,377,343)
661,181		 2023
£
£
299,274
1,500,433
1,147,224
9,695
171,209
610,547
25,400
162,431
809,066
57,594
66,246
5,165
174,240
5,038,524
147,163
85,203
175,653
62,547
919,252
78,866
167,734
755,185
293,123
103,501
292,598
85,454
6,041
1,113,664
91,359
(4,377,343)
661,181
352,209
132,776
178,880
60,286
858,421
79,199
94,930
459,604
390,501
97,173
367,488
78,289
13,612
1,247,297
112,851		 147,163
85,203
175,653
62,547
919,252
78,866
167,734
755,185
293,123
103,501
292,598
85,454
6,041
1,113,664
91,359
922,936 661,181

This page does not form part of the statutory financial statements.

34

BRITISH DRESSAGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Brought forward from page 33
SUPPORT OVERHEADS
Salaries and Wages
Staff Expenses
Rent Rates Service & Maintenance
Office Sundries
Loss incurred due to fraud
Computer and Machine maintenance
and support
Telephone
Printing and Stationery
Postage
Meetings
Bad debts
Legal and Professional
Depreciation
Asset Disposal
Irrecoverable VAT
Donations
Bank and other charges
GOVERNANCE COSTS
Directors’ costs
Fees payable to company’s auditor
Salaries and Wages
OPERATING PROFIT
Bank Interest Receivable
Dividends receivable
Gains on investments
SURPLUS/(LOSS) FOR THE YEAR		 2024
£
£
922,936
228,546
1,180
69,297
3,652
-
196,008
17,100
18,393
18,237
8,785
(2,579)
50,194
93,665
-
114,370

-
127,064
(943,912)
(20,976)
23,615
22,000
9,569
(55,184)
(76,160)
111,602
20,943
48,296
104,681		 2024
£
£
922,936
228,546
1,180
69,297
3,652
-
196,008
17,100
18,393
18,237
8,785
(2,579)
50,194
93,665
-
114,370

-
127,064
(943,912)
(20,976)
23,615
22,000
9,569
(55,184)
(76,160)
111,602
20,943
48,296
104,681		 2023
£
£
661,181
205,902
72,758
1,514
162,388
17,131
13,243
14,103
4,879
6,370
25,586
90,989
206
144,564
1,250
108,337
(869,220)
(208,039)
29,224
18,184
8,544
(55,952)
(263,991)
112,356
10,479
43,755
(97,401)		 2023
£
£
661,181
205,902
72,758
1,514
162,388
17,131
13,243
14,103
4,879
6,370
25,586
90,989
206
144,564
1,250
108,337
(869,220)
(208,039)
29,224
18,184
8,544
(55,952)
(263,991)
112,356
10,479
43,755
(97,401)
23,615
22,000
9,569		 29,224
18,184
8,544
(20,976)
(55,184)		 (208,039)
(55,952)
(76,160)
111,602
20,943
48,296		 (263,991)
112,356
10,479
43,755
104,681 (97,401)

This page does not form part of the statutory financial statements.

35