2021-07-31-accounts - Brs Education Limited

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+lf- BRS Education Limited Yt 4 . (A company limited by guar:antee)"I Annual Report and Financial Statements Year ended 31 July 2021 Registered numb"er: 08903538 -, Charity number: 1161555 *,-:;

					Page
Our Trustees
Chair ofTrustees Statement
Chief Executive's Report					3-5
Trustees' Report including		Reference and Administrative	Details ofthe Company,	its	6-13
Trustees and	Advisers
Independent	Auditor's Report on the Financial Statements				14-16
Consolidated	Statement of	Financial Activities			17
Consolidated	Balance Sheet				16
Company Balance Sheet					19
Consolidated	Statement of	Cash Flows			20
Notes to the	Financial Statements				21-44

				FOR THE	YEAR ENDED 31	JULY 2021
					Unrestricted	Restricted	Total	Total
					funds	funds	funds	funds
					2021	2021	2021	2020
				Note	6	6	6	E
Income from:
Donations and legacies					211,788	123,750	335,538	421,396
Charitable acttvi8es					2,813,396		2,813,396	2,674,363
Income from BRSTraining			Ltd		75,366		75,366	158,558
Investments					26+27	14,042	40,469	45,842
Other income					215,479		215,479	159,987
Total income					3,342,456	137,792	3,480,248	3,460,146
Expenditure on:
Raising funds:
Costs ofBRSTraining		Ltd			121,036		121,036	238,909
Investment management					11,347	4,672	16,019	16,518
Charitable activities					3,650,529	220,120	3,870,649	3,604,390
Other expenditure					24,266		24,266	3,885
Total expenditure					3,807,178	224,792	4,031,970	3,863,702
Net expenditure before		net
gains/(losses) on	investments				(464,722)	(87,000)	(551,722)	(403,556)
Net gains/(losses)	on investments				216,207	104,050	320,257	(47,815)
Net (expenditure)/income					(248,515)	17,050	(231,465)	(451,371)
Transfers between	funds			20	56,205	(56,205)
Net movement in	funds				(192,310)	(39,155)	(231,465)	(451,371)
Reconciliation of	funds:
Total funds brought	forward				3/98,152	2,594,554	6,092,706	6,544,077
Net movement in funds					(192,310)	(39,155)	(231,465)	(451,371)
Total funds carried forward					3,305,842	2,555,399	5,861,241	6,092,706

			CONSOLIDATED BALANCE SHEET	CONSOLIDATED BALANCE SHEET
			AS AT 31JULY 2021
				2021		2020
			Note			6
Fixed assets
Tangible assets			14	3,135,321		3,472,721
Investments			15	2,707,385		2,384,457
				5,842,706		5,857,178
Current assets
Stocks			16	21,294	22,625
Debtors			17	305,082	190,951
Investments			18	166,939	201,432
Cash at bank	and in hand			158,260	228,505
				651,575	643,513
Creditors: amounts		falling due within	one
year			19	(633,040)	(407,985)
Net current	assets			18,535		235,528
Total assets	less current liabilities			5,861,241		6,092,706
Total net assets				5,861,241		6,092,706
Charity funds
Restricted funds			20	2,555,399		2,594,554
Unrestricted	funds		20	3,305,842		3,498,152
Total funds				5,861,241		6,092,706

	FO	R T	HE YEAR ENDED 31JULY	2021
					2021	2020
				Note	5	5
Cash flows from operating	activities
Net cash used in operating	activities			24	(17,127)	24,667
Cash flows from investing	activities
Dividends, interests and rents from investments					40,469	45,842
Proceeds from the sale oftangible fixed		assets			10,000
Purchase oftangible fixed assets					(135,409)	(90,583)
Movement of investments					(2,671)	43,850
Net cash used in investing	activities				(87,611)	(891)
Change in cash and cash	equivalents	in	the year		(104,738)	23,776
Cash and cash equivalents	atthe beginning		ofthe year		429,937	406,161
Cash and cash equivalents	at the end of		the year	25	325,199	429,937
The notes on pages 21 to 44 form part ofthese financial statements

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		2021	2021	2021	2020
		6	5	6	6
Donations		43,218	60,000	103,218	238,880
Grants		154,210	63,750	217,960	124,966
Government	grants	14,360		14,360	57,550
Total 2021		211,788	123,750	335,538	421,396
Total2020		213,096	208,300	421,396

					Unrestricted	Total	Total
					funds	funds	funds
					2021	2021	2020
					5	6	F
Income	from the Education		and Skills Funding	Agency	1,048,258	1,048,258	1,153,502
Industry	contribution	towards stable staff training			1,053,631	1,053,631	1,022,373
Course	fees received				711,507	711,507	498,488
Total 2021					2,813,396	2,813,396	2,674,363
Total2020					2,674,363	2,674,363

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
		6	E
Income from BRSTraining	Ltd	75,366	75,366	158,558
Total 2020		158,558	158,558

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		2021	2021	2021	2020
		6	6	E	5
Investment	income	26,427	14,042	40,469	45,842
Total 2020		31,408	14,434	45,842

				Unrestricted	Total	Total
				funds	funds	funds
				2021	2021	2020
					E	E
Miscellaneous	income			69,357	69,357	29,434
Rental income				70,849	70,849	85,179
Accommodation	charge income			74,671	74,671	44,854
Profit on disposal offixed		assets		602	602	520
Total 2021				215,479	215,479	159,987
Total 2020				159,987	159,987
Analysis ofexpenditure		on charitable	activities
Summary by fund type
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
			2021	2021	2021	2020
			6	E	E	F
Stable staff training			2,992,519	220,120	3,212,639	2,995,983
Other courses			658,010		658,010	608,407
Total 2021			3,650,529	220,120	3,870,649	3,604,390
Total2020			3,406,892	197,498	3,604,390

				Total	Total
	Staff costs	Depreciation	Other costs	funds	funds
	2021	2021	2021	2021	2020
	6	6		E
Stable staff training	1,447,615	361,285	1,403,739	3,212,639	2,995,983
Other courses	296,499	73,998	287,513	658,010	608,407
Total 2021	1,744,114	435,283	1,691,252	3,870,649	3,604,390
Tolal2020	1,647,797	433,104	1,523,489	3,604,390

		Support	Total	Total
	Direct costs	costs	funds	funds
	2021	2021	2021	2020
	6	6	6	6
Stable staff training	2,562,621	650,018	3,212,639	2,995,983
Other courses	525,283	132,727	658,010	608,407
Total 2021	3,087,904	782,745	3,870,649	3,604,390
Total2020	2,818,104	786,286	3,604,390

							Stable staff	Other	Total	Total
							training	courses	funds	funds
							2021f	2021f	2021f	2020 6
	Staff costs						1,447,615	296,499	1,744,114	1,647,797
	Direct costs						798,280	228,784	1,027,064	857,874
	Horse costs						291,124		291,124	288,371
	Governance costs						25,602		25,602	24,062
	Total2021						2,562,621	525.283	3,087,904	2,818,104
	Total 2020						2,348,729	469,375	2,818,104
	Analysis ofsupport		costs
							Stable staff	Other	Total	Total
							training	courses	funds	funds
							2021	2021	2021	2020
							6	6	K	6
	Depreciation						361,285	73,998	435,283	433,104
	Support costs						288.733	58,729	347,462	353,182
	Total 2021						650,018	132,727	782,745	786,286
	Total 2020						647,254	139,032	786,286
11.	Auditor's remuneration
									2021	2020
										F
	Fees payable	to the	auditor	in respect of;
	Audit and preparation		ofthe	BRS	Education		Limited annual accounts		8/60	7,580
	Fees payable	to the	auditor	in respect of;
	Audit and preparation		ofthe	BRS	Trairing	Limited annual accounts			5,000	4,500
	BRSTraining	Limited	corporation		tax fee				640	630

		Group	Group	Company	Company
		2021	2020	2021	2020
		6	6	6	6
Wages	and salaries	1,465,438	1,368,459	1,463,438	1,368,459
Social	security costs	125,319	127,001	125,319	127,001
Other	pension costs	153,357	152,337	153,357	152,337
		1,744,114	1,647,797	1,742,114	1,647,797

			Group	Group
			2021	2020
			No.	No.
Chief executive			1	1
Training	staff		29	23
Administrative		staff	16	18
Facilities	management		8	11
				53

Group	Group
2021	2020
No.	No.

	Freehold	Plant and	Motor	Fixtures and
	property E	machinery 6	vehicles 5	fittings 5	Total 6
Cost orvaluation
At 1 August 2020	7,929898	418,849	234,905	810,143	9,393,395
Additions	84,774		28,500	22,135	135,409
Disposals			(17,734)		(17,734)
At 31 July 2021	8,014,272	418,849	245,671	832,278	9,511,070
Depreciation
At 1 August 2020	4,572,339	379,733	183,234	785,368	5,920,674
Charge for the year	397,445	14,031	23,958	27,977	463,411
On disposals			(8,336)		(8,336)
At 31 July 2021	4,969,784	393,764	198,856	813,345	6,375,749
Net book value
At 31 July 2021	3,044,488	25,085	46,815	18,933	3,135,321
At 31 July 2020	3,357,159	39,116	51,671	24,775	3,472,721

	Company (continu	ed)
			Freehold	Plant and	Motor	Fixtures and
			property	machinery	vehicles	fittings	Total
			6	6	E	6	E
	Net book value
	At 31July 2021		2,910,041	18,203	46,815	22,417	2,997,476
	At 31July 2020		3,199,852	32,234	51,671	22,991	3,306,748
15.	Fixed asset investments
					Rory
					MacDonald
				Investment	and James
	Group			Funds f	Harris Fund 6	Mellon Fund E	Total 6
	Cost or valuation
	At 1August 2020			1,642,342	150,253	591,862	2,384,457
	Cash movement			32,582	(319)	2,163	34,426
	Management fee			(11,479)	(490)	(4,050)	(16,019)
	Investment income			27,614	6,474	6,381	40,469
	Unrealised/realised	gains/(losses)		216,340	16,366	87,551	320,257
	Drawdown				(20,000)	(36,205)	(56,205)
	At 31 July 2021			1,907,399	152,284	647,702	2,707,385
	Net book value
	At 31 July 2021			1,907,399	152,284	647,702	2,707,385
	At 31 July 2020			1,642,342	150,253	591,862	2,384,457

Investments	representing	individu	ally over 5'Yo ofth	e portfolio valuation at	the year end we
				31July	Portfolio 'I
				2021	2021
				6
UK Based	Equities			240,921	8.90
Non-UK Equities				1,190,455	43.97
UK Bonds				238,317	8.80
Non-UK Bonds				327,746	12.11
Alternatives	-structured	products	and other	709,946	26.22

	Investments		Rory
	in		MacDonald
	subsidiary	Investment	and James
Company	companiesf	Funds E	Harris Fund 6	Mellon Fund f	Totalf
Cost or valuation
At 1August 2020	150,000	1,642,342	150,253	591,862	2,534,457
Cash movement		32,582	(319)	2,163	34,426
Management fee		(11,479)	(490)	(4,050)	(16,019)
Investment income		27,614	6,474	6,381	40,469
Unrealised/realised
gains/(losses)		216,340	16,366	87,551	320,257
Drawdown			(20,000)	(36,205)	(56,205)
At 31July 2021	150,000	1,907,399	152,284	647,702	2,857,385
Net book value
At 31 July 2021	150,000	1,907,399	152,284	647,702	2,857,385
At 31 July 2020	150,000	1,642,342	150,253	591,862	2,534,457

			Group	Group	Company	Company
			2021	2020	2021	2020
			6	E	E	E
Due within one year
Trade debtors			139,019	108,246	112,763	71,499
Amounts	owed by group undertakings				82,476	69,310
Other debtors			5,693	4,757
Prepayments		and accrued income	160,370	77,136	136,234	72,707
Tax recoverable				612
			305,082	190,951	331,473	213,516
Current	asset investments
			Group	Group	Company	Company
			2021	2020	2021	2020
			K	F	6	F
Cash for	investment		166,939	201,432	166,939	201,432

				Group	Group	Company	Company
				2021	2020	2021	2020
				6	6	E	6
Bank overdraRs				1,459	1,441	1,459	1,441
Trade creditors				53,267	43,349	51,640	41,748
Other taxation and		social security		45,994	43,421	45,994	43,421
Other creditors				64,877	38,441	64,877	38,441
Accruals	and deferred income			467,443	281,333	451,306	267,550
				633,040	407,985	615,276	392,601
				Group	Group	Company	Company
				2021	2020	2021	2020
				6	6	E	F
Deferred	income at 1 August 2020			200,715	326,426	197,497	324,670
Resources deferred		during the year		264,652	200,715	262,107	197,497
Amounts	released	from previous	periods	(200,715)	(326,426)	(197,497)	(324,670)
				264,652	200,715	262,107	197,497

	Balance at 1
	August			Transfers	Gains/	Balance at
	2020 6	Income E	Expenditure 6	in/out 6	(Losses)	31July 2021 6
Unrestricted
funds
Charitable
company and
subsidiary	3,392,508	3,342,456	(3,716,954)	56,205	216,207	3,290,422
Development
fund	105,644		(90,224)			15,420
	3,498,152	3,342,456	(3,807,178)	56,205	216,207	3,305,842
Restricted
funds
Building Fund	1,456,787		(140,183)			1,316,604
Mellon Fund	634,294	6,313	(4,182)	(36,205)	87,684	687,904
New Barn Fund	98,558		(39,439)			59,119
Rory MacDonald
and James
Harris Fund	149,508	7,729	(490)	(20,000)	16,366	153,113
Mo8er Wing
conversion	37,720		(2,453)			35,267
Simulator Fund	9,600		(7,200)			2,400
Gym conversion	120,000					120,000
Recreation room	78,700					78,700
Front loader
(Godolphin)	8,787		(2,556)			6,231
The Newmarket
Pony Academy	600	108,750	(28,289)			81,061
ITsuite		15,000				15,000
	2,594,554	137,792	(224,792)	(56,205)	104,050	2,555,399
Total offunds	6,092,706	3,480,248	(4,031,970)		320,257	5,861,241

Statement offunds	(continued)
Statement offunds	- prior year
	Balance at
	1August			Transfers	Gains/	Balance at
	2019	Income	Expenditure	in/out	(Losses)	31 July 2020
	6	6	6	6	6	6
Unrestricted
funds
Charitable
company and
subsidiary	3,718,607	3,237,412	(3,570,402)	53,384	(46,493)	3,392,508
Development
fund	194,448		(88,804)			105,644
	3,913,055	3,237,412	(3,659,206)	53,384	(46,493)	3,498,152
Restricted
funds
Bugding Fund	1,600,153		(143,366)			1,456,787
Mellon Fund	658,048	7,524	(5,233)	(33,384)	7,339	634,294
New Bam Fund	137,997		(39,439)			98,558
Rory MacDonald
and James
Harris Fund	173,024	6,910	(1,765)	(20,000)	(8,661)	149,508
Moiler Wing
conversion	45,000		(7,280)			37,720
Simulator Fund	16,800		(7,200)			9,600
Gym conversion		120,000				120,000
Recreation room		78,700				78,700
Front loader
(Godolphin)		9,000	(213)			8,787
The Newmarket
Pony Academy		600				600
	2,631,022	222,734	(204,496)	(53,384)	(1,322)	2,594,554
Total offunds	6,544,077	3,460,146	(3,863,702)		(47,815)	6,092,706

Summary	offun	ds - current yea	r
		Balance at 1
		August			Transfers	Gains/	Balance at
		2020	Income	Expenditure	in/out	(Losses)	31July 2021
				6	6	6	6
General funds		3,498,152	3,342,456	(3,807,178)	56,205	216,207	3,305,842
Restricted	funds	2,594,554	137,792	(224,792)	(56,205)	104,050	2,555,399
		6,092,706	3,480,248	(4,031,970)		320,257	5,861,241
Summary	offunds - prior year
		Balance at
		1 August			Transfers	Gains/	Balance at
		2019	Income	Expenditure	in/out	(Losses)	31 July 2020
		6	F	6	6	5	5
General funds		3,913,055	3,237,412	(3,659,206)	53,384	(46,493)	3,498,152
Restricted	funds	2,631,022	222,734	(204,496)	(53,384)	(1,322)	2,594,554
		6,544,077	3,460,146	(3,863,702)		(47,815)	6,092,706

Analysis ofnet assets between funds - curr	ent year
	Unrestrlcte	Restricted	Total
	d funds	funds	funds
	2021	2021	2021
	6	6
Tangible fixed assets	1,721,931	1,413,390	3,135,321
Fixed asset investments	1,866,368	841,017	2,707,385
Current assets	350,583	300,992	651,575
Creditors due within one year	(633,040)		(633,040)
Total	3,305,842	2,555,399	5,861,241

						Unrestricted	Restricted	Total
						funds	funds	funds
						2020	2020	2020
						6	E	6
	Tangible fixed assets					1,870,056	1,602,665	3,472,721
	Fixed asset investments					1,600,655	783,802	2,384,457
	Current assets					435,426	208,087	643,513
	Creditors due within	one year				(407,985)		(407,985)
	Total					3,498,152	2,594,554	6,092,706
24.	Reconciliation ofnet movement			in funds	to net cash flow from operating		activities
							Group	Group
							2021	2020
							6
	Net expenditure for the year (as per Statement ofFinancial					Activities)	(231,465)	(451,371)
	Adjustments for:
	Depreciation charges						463,411	460,053
	(Gains)/losses on investments						(320,257)	47,815
	Investment income						(40,469)	(45,842)
	Loss/(profit) on the	sale offixed assets					(602)
	Decrease in stocks						1 331	577
	Decrease/(increase)	in debtors					(114,131)	225,363
	Increase/(decrease)	in creditors					225,055	(211,928)
	Net cash provided	by/(used	in)	operating	activities		(17,127)	24,667
25.	Analysis ofcash and cash equivalents
							Group	Group
							2021	2020
							6	F
	Cash in hand						158,260	228,505
	Cash for investment						166,939	201,432
	Total cash and cash equivalents						325,199	429,937

				At 1August		At 31July
				2020	Cash flows	2021
				5	5	5
Cash	at bank and in hand			228,505	(70,245)	158,260
Bank	overdraits	repayable	on demand	(1,441)	(18)	(1,459)
Liquid	investments			201,432	(34,493)	166,939
				428,496	(104,756)	323,740

					Group	Group	Company	Company
					2021	2020	2021	2020
					6	5	5	5
Not	later	than	1	year	3,189	1,500	3,189	1,500

Name		Company	Class of	Holding	Included	in
		number	shares		consolidation
BRSTraining	Limited	03501079	Ordinary	100'/o	Yes
The financial	results ofthe subsidiary	for the year were:
Name		Income	Expenditure	Loss for the	Net	assets
		5	5	year
				5
BRSTraining	Limited	116,270	(135,238)	(18,968)	125,152