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|||||Page|
|---|---|---|---|---|
|Reference and Administrative||Details ofthe Company,|its Trustees and Advisers|1-2|
|Chairman's|Statement||||
|Trustees'<br>Report||||4-10|
|Independent|Auditor's<br>Report|on the Financial Statements||11-14|
|Consolidated|Statement ofFinancial Activities|||15|
|Consolidated|Balance Sheet|||16|
|Company<br>Balance Sheet||||17|
|Consolidated|Statement ofCash Flows|||18|
|Notes to the|Financial Statements|||19-42|





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||||FO|R THE|YEAR ENDED 31|JULY 2022|||
|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted|Total|Total|
||||||funds|funds|funds|funds|
||||||2022|2022|2022|2021|
|||||Note|||||
|Income from:|||||||||
|Donations and legacies|||||191,295|374,105|565,400|335,538|
|Charitable<br>activities|||||3,462,781||3,462,781|2,813,396|
|Income from BRSTraining|||Ltd||99,962||99,962|75,366|
|Investments|||||26,208|13,733|39,941|40,469|
|Other income|||||270,366||270,366|215,479|
|Total income|||||4,050,612|387,838|4,438,450|3,480,248|
|Expenditure<br>on:|||||||||
|Raising funds:|||||||||
|Costs ofBRSTraining||Ltd|||106,608||106,608|121,036|
|Investment<br>management|||||11,504|4,705|16,209|16,019|
|Charitable<br>activities||||9|4,263,205|256,989|4,520,194|3,870,649|
|Other expenditure|||||22,141||22,141|24,266|
||||||||'||
|Total expenditure|||||4,403,458|261,694|4,665,152|4,031,970|
|Net (expenditure)/income|||before net||||||
|(losses)/gains<br>on|investments||||(352,846)|126,144|(226,702)|(551,722)|
|Net (losses)/gains|on investments||||(102,400)|(23,350)|(125,750)|320,257|
|Net (expenditure)/income|||||(455,246)|102,794|(352,452)|(231,465)|
|Transfers<br>between|funds|||20|53,659|(53,659)|||
|Net movement<br>in|funds||||(401,587)|49,135|(352,452)|(231,465)|
|Reconciliation<br>of|funds:||||||||
|Total funds brought|forward||||3,305,842|2,555,399|5,861,241|6,092,706|
|Net movement<br>in funds|||||(401,587)|49,135|(352,452)|(231,465)|
|Total funds carried forward|||||2,904,255|2,604,534|5,508,789|5,861,241|





## 

## 

||||AS AT 31|JULY 2022||||
|---|---|---|---|---|---|---|---|
||||Note||2022||2021f|
|Fixed assets||||||||
|Tangible assets|||14||2,984,659||3,135,321|
|Investments|||15||2,382,652||2,707,385|
||||||5,367,311||5,842,706|
|Current assets||||||||
|Stocks|||16|12,032||21,294||
|Debtors|||17|405,576||305,082||
|Investments|||18|235,995||166,939||
|Cash at bank|and|in hand||163,380||158,260||
|||||816,983||651,575||
|Creditors: amounts||falling due within one||||||
|year|||19|(675,505)||(633,040)||
|Net current assets|||||141,478||18,535|
|Total assets|less|current liabilities|||5,508,789||5,861,241|
|Total net assets|||||5,508,789||5,861,241|
|Charity funds||||||||
|Restricted funds|||20||2,604,534||2,555,399|
|Unrestricted|funds||20||2,904,255||3,305,842|
|Total funds|||||5,508,789||5,861,241|





## 

|||||COMPANY|BALANCE SHEET||||
|---|---|---|---|---|---|---|---|---|
|||||AS AT|31 JULY 2022||||
|||||||2022||2021|
|||||Note||||F|
|Fixed assets|||||||||
|Tangible assets||||14||2,871,877||2,997,476|
|Investments||||15||2,532,652||2,857,385|
|||||||5,404,529||5,854,861|
|Current assets|||||||||
|Stocks||||16|7,990||13,493||
|Debtors||||17|427,064||331,473||
|Investments||||18|235,995||166,939||
|Cash at bank|and in hand||||93,265||134,597||
||||||764,314||646,502||
|Creditors: amounts||falling|due within one||||||
|year||||19|(659,320)||(615,276)||
|Net current|assets|||||104,994||31,226|
|Total assets|less current||liabilities|||5,509,523||5,886,087|
|Total net assets||||||5,509,523||5,886,087|
|Charity funds|||||||||
|Restricted funds||||20||2,604,534||2,555,399|
|Unrestricted|funds|||20||2,904,989||3,330,688|
|Total funds||||||5,509,523||5,886,087|





## 

||CONSOLIDATED STATEMENT OF CASH FLOWS|CONSOLIDATED STATEMENT OF CASH FLOWS|CONSOLIDATED STATEMENT OF CASH FLOWS|||
|---|---|---|---|---|---|
||FOR THE YEAR ENDED 31JULY 2022|||||
|||||2022|2021|
||||Note||F|
|Cash flows from operating|activities|||||
|Net cash used<br>in operating|activities||24|154,226|(17,127)|
|Cash flows from investing|activities|||||
|Dividends,<br>interests<br>and rents from investments||||39,941|40,469|
|Proceeds from the sale oftangible fixed assets||||11,800|10,000|
|Purchase oftangible fixed assets||||(330,774)|(135,409)|
|Movement<br>of investments||||198,983'|(2,671)|
|Net cash used in investing|activities|||(80,050)|(87,611)|
|Change<br>in cash and cash|equivalents<br>in|the year||74,176|(104,738)|
|Cash and cash equivalents|at the beginning|ofthe year||325,199|429,937|
|Cash and cash equivalents|at the end of|the year|25|399,375|325,199|
|The notes on pages 19to 42 form part ofthese financial statements||||||





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|||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2022|2022|2022|2021|
|||f.|f'.|||
|Donations||130,656|124,105|254,761|103,218|
|Grants||60,639|250,000|310,639|217,960|
|Government|grants||||14,360|
|Total 2022||191,295|374,105|565,400|335,538|
|Total 2021||211,788|123,750|335,538||



## 

||||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|
||||||funds|funds|funds|
||||||2022f|2022<br>F|2021<br>F|
|Income|from the Education||and Skills Funding|Agency|1,259,795|1,259,795|1,048,258|
|Industry|contribution|towards stable staff training|||1,098,912|1,098,912|1,053,631|
|Course|fees received||||1,104,074|1,104,074|711,507|
|Total 2022|||||3,462,781|3,462,781|2,813,396|
|Total 2021|||||2,813,396|2,813,396||



## 

|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022|2022|2021|
|Income from BRSTraining|Ltd|99,962|99,962|75,366|
|Total 2021||75,366|75,366||





## 

## 

## 

|||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2022|2022|2022|2021|
|Investment|income|26,208|13,733|39,941|40,469|
|Total 2021||26,427|14,042|40,469||



|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022|2022|2021|
||||E|F|
|Miscellaneous|income|56,616|56,616|40,481|
|Lease income||45,968|45,968|28,876|
|Rental income||77,860|77,860|70,849|
|Accommodation|charge income|78,122|78,122|74,671|
|Profit on disposal offixed assets||11,800|11,800|602|
|Total 2022||270,366|270,366|215,479|
|Total 2021||215,479|215,479||



||Unrestricted|Restricted|||
|---|---|---|---|---|
||funds|funds|Total|Total|
||2022|2022|2022|2021|
|Stable staff training|3,527,646|181,842|3,709,488|3,212,639|
|Other courses|735,559|75,147|810,706|658,010|
|Total 2022|4,263,205|256,989|4,520,194|3,870,649|
|Total 2021|3,650,529|220,120|3,870,649||





## 

## 

||Staff costs|Depreciation|Other costs|Total|Total|
|---|---|---|---|---|---|
||2022|2022|2022|2022|2021|
|||||F||
|Stable staff training|1,745,839|378,790|1,584,859|3,709,488|3,212,639|
|Other courses|357,582|77,583|375,541|810,706|658,010|
|Total 2022|2,103,421|456,373|1,960,400|4,520,194|3,870,649|
|Total 2021|1,744,114|435,283|1,691,252|3,870,649||



## 

|||Support|Total|Total|
|---|---|---|---|---|
||- Direct costs|costs|funds|funds|
||2022|2022|2022|2021|
|Stable staff training|2,975,456|734,032|3,709,488|3,212,639|
|Other courses|665,826|144,880|810,706|658,010|
|Tota I 2022|3,641,282|878,912|4,520,194|3,870,649|
|Total 2021|3,087,904|782,745|3,870,649||



## 

|||Stable staff|Other|Total|Total|
|---|---|---|---|---|---|
|||training|courses|funds|funds|
|||2022|2022|2022|2021|
|||E||||
|Staff costs||1,745,839|357,582|2,103,421|1,744,114|
|Direct costs||937,473|308,244|1,245,717|1,027,064|
|Horse costs||267,879||267,879|291,124|
|Governance|costs|24,265||24,265|25,602|
|Total 2022||2,975,456|665,826|3,641,282|3,087,904|
|Total 2021||2,562,621|525,283|3,087,904||





## 

## 

## 

||||||||Stable staff|Other|Total|Total|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||training|courses|funds|funds|
||||||||2022|2022|2022|2021|
||||||||E|E|E|E|
||Depreciation||||||378,790|77,583|456,373|435,283|
||Support costs||||||355,242|67,297|422,539|347,462|
||Total 2022||||||734,032|144,880|878,912|782,745|
||Total 2021||||||650,018|132,727|782,745||
|11.|Auditor's<br>remuneration||||||||||
||||||||||' 2022|2021|
||||||||||E||
||Fees payable|to the auditor||in respect of:|||||||
||Audit and preparation||ofthe|BRS|Education||Limited annual accounts||14,000|8,560|
||Fees payable|to the auditor||in respect of:|||||||
||Audit and preparation||ofthe|BRS|Training|Limited annual<br>accounts|||5,200|5,000|
||BRSTraining|I imited|corporation||tax fee||||800|640|
|12.|Staffcosts||||||||||
||||||||Group|Group|Company|Company|
||||||||2022|2021|2022|2021|
||||||||E|E|E|E|
||Wages and salaries||||||1,756,195|1,465,438|1,754,195|1,463,438|
||Social security|costs|||||162,843|125,319|162,843|125,319|
||Other pension|costs|||||184,383|153,357|184,383|153,357|
||||||||2,103,421|1,744,114|2,101,421|1,742,114|





## 

## 

## 

||||Group|Group|
|---|---|---|---|---|
||||2022|2021|
||||No.|No.|
|Chief executive|||1|1|
|Training|staff||39|29|
|Administrative||staff|16|16|
|Facilities|management||9|8|
||||65||



|Group|Group|
|---|---|
|2022|2021|
|No.|No.|



## 



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## 

## 

## 

## 

||Freehold|Plant and|Motor|Fixtures and||
|---|---|---|---|---|---|
||property|machinery|vehicles|fittings|Total|
||E|E|K|||
|Cost or valuation||||||
|At 1 August 2021|7,592,842|318,721|245,671|773,884|8,931,118|
|Additions|258,290|13,933|33,897|24,654|330,774|
|Disposals|||(20,000)||(20,000)|
|At 31 July 2022|7,851,132|332,654|259,568|798,538|9,241,892|
|Depreciation||||||
|At 1 August 2021|4,682,801|300,518|198,856|751,467|5,933,642|
|Charge for the year|399,132|14,227|22,951|20,063|456,373|
|On disposals|||(20,000)||(20,000)|
|At 31 July 2022|5,081,933|314,745|201,807|771,530|6,370,015|
|Net book value||||||
|At 31 July 2022|2,769,199|17,909|57,761|27,008|2,871,877|
|At 31 July 2021|2,910,041|18,203|46,815|22,417|2,997,476|





## 

## 

## 

||||Rory|||
|---|---|---|---|---|---|
||||MacDonald|||
|||Investment|and James|||
|Group||Funds|Harris Fund|Mellon Fundf|Total<br>F|
|Cost or valuation||||||
|At 1 August 2021||1,907,399|152,284|647,702|2,707,385|
|Cash movement||(34,713)|(19,830)|(14,513)|(69,056)|
|Management<br>fee||(11,504)|(470)|(4,235)|(16,209)|
|Investment<br>income||26,208|6,085|7,648|39,941|
|Unrealised/realised|(losses)|(102,400)|(5,848)|(17,502)|(125,750)|
|Drawdown||(100,000)|(20,000)|(33,659)|(153,659)|
|At 31 July 2022||1,684,990|112,221|585,441|2,382,652|
|Net book value||||||
|At 31 July 2022||1,684,990|112,221|585,441|2,382,652|
|At 31 July 2021||1,907,399|152,284|647,702|2,707,385|
|Group Material Investments||||||



|||||31July|Porffolio %|
|---|---|---|---|---|---|
|||||2022|2022|
|UK Based|Equities|||179,604|7.38|
|Non-UK Equities||||1,009,473|41.48|
|UK Bonds||||388,867|15.98|
|Non-UK Bonds||||183,608|7.55|
|Alternatives|- structured|products|and other|671,881|27.61|





## 

|||Investments||Rory|||
|---|---|---|---|---|---|---|
|||in||MacDonald|||
|||subsidiary|Investment|and James|||
|Company||companies|Funds|Harris Fund<br>f|Mellon Fund<br>f|Totalf|
|Cost or valuation|||||||
|At 1 August 2021||150,000|1,907,399|152,284|647,702|2,857,385|
|Cash movement|||(34,713)|(19,830)|(14,513)|(69,056)|
|Management<br>fee|||(11,504)|(470)|(4,235)|(16,209)|
|Investment<br>income|||26,208|6,085|7,648|39,941|
|Unrealisedirealised|(losses)||(102,400)|(5,848)|(17,502)|(125,750)|
|Drawdown|||(100,000)|(20,000)|(33,659)|(153,659)|
|At 31 July 2022||150,000|1,684,990|112,221|585,441|2,532,652|
|Net book value|||||||
|At 31 July 2022||150,000|1,684,990|112,221|585,441|2,532,652|
|At 31 July 2021||150,000|1,907,399|152,284|647,702|2,857,385|



## 

|||Group|Group|Company|Company|
|---|---|---|---|---|---|
|||2022f|2021f|2022f|2021|
|Merchandise|and bar stock|4,042|7,801|||
|Animal feed|and bedding|7,990|13,493|7,990|13,493|
|||12,032|21,294|7,990|13,493|





## 

## 

## 

|||Group|Group|Company|Company|
|---|---|---|---|---|---|
|||2022|2021|2022|2021|
||||F||F|
|Due within one year||||||
|Trade debtors||217,065|139,019|195,700|112,763|
|Amounts<br>owed by group undertakings||||72,686|82,476|
|Other debtors||7,356|5,693|568||
|Prepayments|and accrued income|181,155|160,370|158,110|136,234|
|||405,576|305,082|427,064|331,473|



## 

||||Group|Group|Company|Company|
|---|---|---|---|---|---|---|
||||2022|2021|2022|2021|
|||||||F|
|Cash|for|investment|235,995|166,939|235,995|166,939|





## 

## 

## 

|||||||Group|Group|Company|Company|
|---|---|---|---|---|---|---|---|---|---|
|||||||2022|2021|2022f|2021|
|Bank overdrafts||||||1,459|1,459|1,459|1,459|
|Trade creditors||||||118,497|53,267|114,536|51,640|
|Other taxation and|||social security|||44,984|45,994|44,984|45,994|
|Other creditors||||||68,495|64,877|68,495|64,877|
|Accruals|and deferred|||income||442,070|467,443|429,846|451,306|
|||||||675,505|633,040|659,320|615,276|
|||||||Group|Group|Company|Company|
|||||||2022|2021|2022|2021|
|||||||E||||
|Deferred|income at||1 August 2021|||264,652|200,715|262,107|197,497|
|Resources deferred|||during the year|||281,958|264,652|370,659|262,107|
|Amounts|released|from previous|||periods|(264,652)|(200,715)|(262,107)|(197,497)|
|||||||281,958|264,652|370,659|262,107|





## 

## 

||Balance at 1|||Transfers|Gains/|Balance at|
|---|---|---|---|---|---|---|
||August 2021f|Income|Expenditure|in/out|(Losses)|31July 2022|
|Unrestricted|||||||
|funds|||||||
|Charitable|||||||
|company<br>and|||||||
|subsidiary|3,290,422|4,050,612|(4,388,038)|53,659|(102,400)|2,904,255|
|Development|||||||
|fund|15,420||(15,420)||||
||3,305,842|4,050,612|(4,403,458)|53,659|(102,400)|2,904,255|
|Restricted|||||||
|funds|||||||
|Building<br>Fund|1,316,604||(133,586)|||1,183,018|
|Mellon Fund|687,904|7,648|(4,235)|(33,659)|(17,502)|640,156|
|New Barn Fund|59,119||(8,294)|||50,825|
|Rory MacDonald|||||||
|and James|||||||
|Harris Fund|153,113|6,085|(470)|(20,000)|(5,848)|132,880|
|Moiler Wing|||||||
|conversion|35,267||(2,453)|||32,814|
|Simulator<br>Fund|2,400||(2,400)||||
|Gym conversion|120,000|||||120,000|
|Recreation<br>room|78,700|||||78,700|
|Front loader|||||||
|(Godolphin)|6,231||(2,556)|||3,675|
|The Newmarket|||||||
|Pony Academy|81,061|124,105|(79,143)|||126,023|
|ITsuite|15,000|||||15,000|
|Electric car|||||||
|project||25,000|(2,160)|||22,840|
|American<br>barn|||||||
|project||150,000|(6,775)|||143,225|
|Childwick<br>Trust||75,000|(19,622)|||55,378|
||, 2,555,399|387,838|(261,694)|(53,659)|(23,350)|2,604,534|
|Total offunds|5,861,241|4,438,450|(4,665,152)||(125,750)|5,508,789|





## 

## 

|Statement offunds|(continued)|||||||
|---|---|---|---|---|---|---|---|
|Statement offunds|- prior year|||||||
||Balance at|||||||
||1 August||||Transfers|Gains/|Balance at|
||2020|Income|Expenditure||in/out|(Losses)|31 July 2021|
|||E|||E|f.||
|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|
|Moiler 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|





## 

## 



## 

## 

## 

## 

||Balance at 1|Balance at 1|||Transfers|Gains/|Balance at|
|---|---|---|---|---|---|---|---|
||August 2021f||Income<br>f|Expenditure<br>f|in/outf|(Losses) <br>f|31July 2022<br>f|
|General funds||3,305,842|4,050,612|(4,403,458)|53,659|(102,400)|2,904,255|
|Restricted|funds|2,555,399|387,838|(261,694)|(53,659)|(23,350)|2,604,534|
|||5,861,241|4,438,450|(4,665,152)||(125,750)|5,508,789|
|Summary|offunds|- prior year||||||
|||Balance at||||||
|||1 August|||Transfers|Gains/|Balance at|
|||2020|Income|Expenditure|in/outf|(Losses)|31July 2021|
|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|





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|Analysis<br>Analysis|FOR THE YEAR ENDED 31<br>ofnet assets between<br>funds<br> ofnet assets between funds - current year|JULY 2022|||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||funds|funds|funds|
|||2022|2022|2022|
|||E|||
|Tangible|fixed assets|1,533,257|1,451,402|2,984,659|
|Fixed asset investments||1,609,616|773,036|2,382,652|
|Current|assets|436,887|380,096|816,983|
|Creditors|due within one year|(675,505)||(675,505)|
|Total||2,904,255|2,604,534|5,508,789|
|Analysis|ofnet assets between funds - prior year||||
|||Unrestricted|Restricted|Total|
|||funds|funds|funds|
|||2021|2021|2021|
|||F|E|F|
|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)|
|||3,305,842|2,555,399|5,861,241|



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||||||||Group|Group|
|---|---|---|---|---|---|---|---|---|
||||||||2022f|2021|
||Net expenditure<br>for|the year (as per Statement ofFinancial||||Activities)|(352,452)|(231,465)|
||Adjustments<br>for:||||||||
||Depreciation<br>charges||||||481,436|463,411|
||(Gains)/losses<br>on investments||||||125,750|(320,257)|
||Investment<br>income||||||(39,941)|(40,469)|
||Profit on the sale of|fixed|assets||||(11,800)|(602)|
||Decrease<br>in stocks||||||9,262|1.331|
||Increase<br>in debtors||||||(100,494)|(114,131)|
||Increase<br>in creditors||||||42,465|225,055|
||Net cash provided|by/(used||in) operating|activities||154,226|(17,127)|
|25.|Analysis ofcash and cash|||equivalents|||||
||||||||Group|Group|
||||||||2022f|2021|
||Cash<br>in hand||||||163,380|158,260|
||Cash for investment||||||235,995|166,939|
||Total cash and cash equivalents||||||399,375|325,199|
|26.|Analysis ofchanges<br>in||net|debt|||||
|||||||At 1 August||At 31July|
|||||||2021|Cash flowsf|2022f|
||Cash at bank and in|hand||||158,260|5,120|163,380|
||Bank overdraRS repayable||on demand|||(1,459)||(1,459)|
||Liquid investments|||||166,939|69,056|235,995|
|||||||323,740|74,176|397,916|



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|The following|was a subsidiary<br>undert|aking<br>ofthe Company|:||||
|---|---|---|---|---|---|---|
|Name||Company|Class of|Holding|Included|in|
|||number|shares||consolidation||
|BRSTraining|Limited|03501079|Ordinary|100%|Yes||
|The financial|results ofthe subsidiary|for the year were:|||||
|Name||Income|Expenditure|Profit for|Net|assets|
||||K|the year|||
|BRSTraining|Limited|145,599|(121,486)|24,113|149,266||