+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 *,-:;

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||||||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<br>Report on the Financial Statements||||14-16|
|Consolidated|Statement of|Financial Activities|||17|
|Consolidated|Balance Sheet||||16|
|Company<br>Balance Sheet|||||19|
|Consolidated|Statement of|Cash Flows|||20|
|Notes to the|Financial Statements||||21-44|





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|||||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<br>and legacies|||||211,788|123,750|335,538|421,396|
|Charitable<br>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<br>on:|||||||||
|Raising funds:|||||||||
|Costs ofBRSTraining||Ltd|||121,036||121,036|238,909|
|Investment<br>management|||||11,347|4,672|16,019|16,518|
|Charitable<br>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<br>before||net|||||||
|gains/(losses)<br>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<br>between|funds|||20|56,205|(56,205)|||
|Net movement<br>in|funds||||(192,310)|(39,155)|(231,465)|(451,371)|
|Reconciliation<br>of|funds:||||||||
|Total funds brought|forward||||3/98,152|2,594,554|6,092,706|6,544,077|
|Net movement<br>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|





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||||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|





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||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,<br>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<br>of investments|||||(2,671)|43,850|
|Net cash used in investing|activities||||(87,611)|(891)|
|Change<br>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|||||||





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|||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||



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||||||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||



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|||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||





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|||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||



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|||||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<br>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||



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|||||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||



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|||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||





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||||||||Stable staff|Other|Total|Total|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||training|courses|funds|funds|
||||||||2021f|2021f|2021f|2020<br>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<br>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|





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|||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.|



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||Freehold|Plant and|Motor|Fixtures and||
|---|---|---|---|---|---|
||property<br>E|machinery<br>6|vehicles<br>5|fittings<br>5|Total<br>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|





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||Company<br>(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<br>f|Harris Fund<br>6|Mellon Fund<br>E|Total<br>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<br>fee|||(11,479)|(490)|(4,050)|(16,019)|
||Investment<br>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|





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|Investments|representing|individu|ally<br>over 5'Yo ofth|e portfolio valuation<br>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|





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||Investments||Rory|||
|---|---|---|---|---|---|
||in||MacDonald|||
||subsidiary|Investment|and James|||
|Company|companiesf|Funds<br>E|Harris Fund<br>6|Mellon Fund<br>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<br>fee||(11,479)|(490)|(4,050)|(16,019)|
|Investment<br>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|



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||||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|





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|||||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|





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||Balance at 1||||||
|---|---|---|---|---|---|---|
||August|||Transfers|Gains/|Balance at|
||2020<br>6|Income<br>E|Expenditure<br>6|in/out<br>6|(Losses)|31July 2021<br>6|
|Unrestricted|||||||
|funds|||||||
|Charitable|||||||
|company<br>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<br>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<br>Fund|9,600||(7,200)|||2,400|
|Gym conversion|120,000|||||120,000|
|Recreation<br>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|





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|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<br>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<br>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<br>Fund|16,800||(7,200)|||9,600|
|Gym conversion||120,000||||120,000|
|Recreation<br>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|





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|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|



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|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<br>ofnet movement|||in funds|to net cash flow from operating||activities||
||||||||Group|Group|
||||||||2021|2020|
||||||||6||
||Net expenditure<br>for the year (as per Statement ofFinancial|||||Activities)|(231,465)|(451,371)|
||Adjustments<br>for:||||||||
||Depreciation<br>charges||||||463,411|460,053|
||(Gains)/losses<br>on investments||||||(320,257)|47,815|
||Investment<br>income||||||(40,469)|(45,842)|
||Loss/(profit)<br>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||