VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p 1143 Registered number: 08903538 Charity number: 1161555 BRS EDUCATION LIMITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p2143 BRS EDUCATION LIMITED CONTENTS Page Reference and Administrative Details of the Company, it5 Trustees and Advisers Chairman's Statement Trustees. Report Independent Auditorfs Report on the Financial Statements Consolidated Statement of Financial Activities 4-10 15 Consolidatod Balance Shoot 16 Company Balance Sheet Consolidated Statement of Cash Flows 17 18 Notes to the Financial Ststements 19-41
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p BRS EDUCATION LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023 Trustees Julia Budd. Chair of Trnstees Edward Creasy (appointed 7 September 20221 Simon Eliot (resigned 13 December 20231 Glen Fendley Lydia Hislop stephen Johnson (resigned 13 Dember 2023) Claire Kubler (resigned 31 Dernber 20231 Andrew Merriam Iresigned 7 December 2022) Lee Moulson lappointed 7 September 20221 Henrietta Harris Justin Wadham Michael Bishop lappointed 13 December 2023) Sarah Drabwell lappointed 13 December 2023) Stuart Small lappointed 13 December 20231 Company registered number 08903538 Charity registered nurnber 1161555 Registered office British Racing School Snaipwell Road Newmarket SLrffolk CB8 7NU Chief executive officer Grant Harris {resigned 14110120221 Andrew Brailhwaile (appointed 1411012022) Independent auditor James Cowper Kreston Al1t Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Page 1
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p4143 BRS EDUCATION LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 BankeTS Barclays Bank plc 58 High Street Newmarket Suffolk CB8 8NH Solicitors Edmondson Hall 25 Exeter Road Newmad(el Suffolk CB8 8AR Investmenl Manager Cazenove Capital Management 1 London Wall Place London EC2Y SAU Page 2
VkiuaBunatLYeTrarffjxlv)n Ref. 7TB2-ReHQ-R6YN 04 Mar2024 14..W.42 GMT (UTC +0) D 1r2 PS143 BRS EDUCATION LIMITED CHAIRMA14'S STATEMENT FOR THE YEAR ENDED 31 JULY 2023 The Chair of Trustees. presents her statement for the year. 2023 was an important year in the British Racing School's history, as we celebrated our 40th anniversary. During the school's existence, we have trained over 5,500 yDung people lo a standard where they can begin a career in raang,. many of our alumni had not ridden a horse before they arrived, and some achieve spectacular success. The celebrations culminated in a visit from Queen Camilla in September. wlh which the whole team were delighted- and which represented a wonderful endorsement for us and for our purpose- lo ensure that there is a steady flow of mots'vated, trained young people who want to enter the racing industry. Our anniversary year was another challenging one. The persistenl and malign impact of inffation remained with both the BRS and the racing industry, and our costs consequently increased by some 9% during the year. In these circumstances, it is a struggle to generate the additional income necessary to match such an increase. In particular. there remains uncertainty around an increase in support from the industry we seNe. We are working osely wqth the new People Board as it develops ilg overall strategy to promote grass roots recruitment across all sectors of rang - an objective where we believe the British Racing School has and will continue lo play a central role. In addition. all aspecls of charitable giving and volunteering remain under pressure in the post pandemic world. The school is a charity, and it would not survive without the benefit of the generosity of all our supporters. The Board remains enormously grateful for the wholehearted generosity, support and encouragement we receive from all our donors- wherever it may be focused. l am immensely proud of the progres5 we have Tnade on embracing diversity acros5 the 5chool- diversity of activib'es with the Newmarket Pony Academy; diversty of Students, in particular those who are supported by the Riding A Dream Academy,. and diversity of 5UPPOrt from all our engaged charities and foundations. The diver511y, skills and expertise within the Board of Trustees very much reflect our ambition lo be as inclusive as possible as an educational establishment. Andrew Merriam has retired as Treasurer after 11 years of committed and valuable service to the school,. we are hugely grateful for his contribution to the organisation's success. l am confident that the management team who have demonstrated commitment, expertise and dedication lo our work throughout the year Mqll rise to the short-term challenges we fa. I believe that the British Raang School has an exciting future role to play, both In education and in support of the racing industry, of which we are a part. l am deeply grateful for the energy, commitment and hard work given by our management team, our professional staff, our volunteers and our Iruslees, which makes the British Racing School such a vibrant organisalion., and for all those who support us so generously as a charity. It is these qualities that allow us to be such a force for good for the young people who benefit from our aclimlies. Julia Budd Chair of Trustees Dale= 04 March 2024 Page 3
VkiuaBunatLYeTrarffjxlv)n Ref. 7TB2-ReHQ-R6YN 04 Mar2024 14..W.42 GMT (UTC +0) D 1r2 P6143 BRS EDUCATION LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2023 CHIEF EXECUTIVE'S REPORT As Julia has noted, 2023 marks 40 years of the BRS in Nemarket and the positive impact the School has had on so many lives during this lime is not lost on those of us charged wth ensuring the next 40 years are even more productive. It is a huge privilege and a great responsibility lo work in an organisation that can do so much lo change lives ft)r the better and the whole team show a passion and commitment lo building on the past, whilst looking forward lo ensure we continue lo improve. I wrote last year that I was looking forward to strengthening our relationships with the many excellent racehorse trainers we work with across the country, and I hope that I have made a good start with this aim. Time away from the desk is always valuable and I conb'nue to be inspired by the visits I make to rang yards. There will always be improvements to be made bul the trainers we work wth provide fantastic opportunities for the young people we educate and it is a real pleasure to see our graduates progressing through their apprenticeships and going on to hav• variod and fvlfilling earoors in our sport. Back at base, we continue lo work on improving standards., we have restructured the yard team this year, to ensure that our instNctors can focus on developing young people into good riders with a solid foundation of horse knoedge as well as developing themselves as coaches. It is my belief that good riding underpins the success of the racing industry and is an area in which the UK continues lo lead the world. We are determined to keep improving how we do things., to ensure that we remain a leader in training and education for the horseracing industry, both in the UK and Internationally. The international aspect is of growing importance as the horseracing world becomes ever more connected and we wel¢x)med more delegates from overseas onto COUf5es in 2023 than ever before- we hope to continue this growth in 2024. The financial picture remain5 challenging, with rising prices putting the school under pressure and increasing the pressure fell by the team in their personal lives. These challenges look set to remain, but we are confident that the BRS wll thrive and continue to grow over the medium to long term. We are working closely w7th the Horseracing Industry People Board IIPBI. We very much welcome the Chan the fomiation of the IPB provides for the industry to come together and build a recruitment and training model for the sport that is fil for purpose and financially secure in the long temi. Aligned lo this work is our continued focus on increasing the accessibility of our courses to all lo ensure that the chance to interact with horses and the sport of horseracing is open lo the largest range of people. Particularly thanks must go to the Sir Peter O'sullevan Charitable Trust, The Gerald Leigh Charitable Trust, Godolphin, The Childwck Trust, John Pearce Foundation, the whole team at the Riding A Dream Academy, and the Olive Academies Group fcf their support of these programmes. Environmental sustainability has now become central lo all that we do and, as well as a raft of small-scale changes, we have installed a borehole to provide water for our horses, we are also on track lo install a solar panel array, in the spring of 2024, that wll provide a significant proportion of our electricity needs. Whilst these internal improvements are important, we believe our biggest impact wll aNvays be through educating others.. I am delighted to report that the launch of our Environmentsl Sustainability course in 2023 was a great success. Our thanks go to the Racing Foundation and Ruth Dancer of White Grrffen for their unwavering support and we Icok fotward lo delivering at least three courses in 2024. Finally I would like to thank all those we have trained over the past tN¢elve months. The world has not been an easy place in which to grow up for the generations coming to the School now and the impact of the Covid pandemic remains clear. Our trainees however prove time and tsme again that young people remain posits've, resilient and determined to make a success of their lives, they are an inspiration to us all. Andrew Brailhwaile Chief Executive Dale= 04 March 2024 Page 4
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p7143 BRS EDUCATION LIMITED TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 The Trustees present their annual report together wilh the audited financial statements of BRS Education Limited for the period 1 August 2022 to 31 July 2023. The Annual Report setves the purposes of both a Trustees. report and a directors. report under company law. The Trustees confirm that the Annual Rep and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable companls goveming document and the provisions of the Statement of Recommended Practice {SORP) applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 {effeclive 1 January 2019). Financial Review Activity levels in the year to 31 July 2023 have retumed lo pre-covid levels in terms of our core training but the impact of the pandemic remained a headwind fof intematsonal training Courses and the demand for conferences and events has grown over the year. We continued to feel the impact of rFsing prices and have been impacted by fall in the value of our investments. As a result, the Charitys nel deficit for the period, before depreciation, was £226,00512022: surplus of £128.9841. The Trustees are mindful of the requirement lo balance the needs of the Charitys current benefiaaries with the needs of fure generations over the long temi and therefore aim to balance income and costs accordingly. In the short temi, however, the priority is to continue to provide a high*uality service, in the fa of rapidly rising costs. Plans are in place both to mitigate the increases in costs Mtherever possible and lo increase income with a view lo retuming to a surplus in Ihe short lo medium tenn. The operation of the Charity is funded from three main sources as well as signfficanl charitable donalions. The largest source is funding from the Education and Skills Funding Agency for the delivery of Study Programs and Apprenticeships." £1.172,607 was received in the year ended 31 July 202312022= £1,259,795). Secondly. the Charity receives industry funding via The British Horsera(xng Authority which originates from the Horserace Betting Levy Board and from a deduction from prize money under rule F119. The amount received in the year was £1.295,01912022= £1.098.912). Thirdly. the Charity generates income from various training activities. induding courses for jockeys, trainers and other participants within the hor5eracing industry. A total of £988.642 12022= £1.104.0741 of ojurse fees was generated in the year. The vast majority of expenditure in the year relate to the costs of delivering APPrentishIpS and courses for the racing industry, and thus supporting the key objectives of the Chanty. Costs are closely monitored and controlled with savings being made where possible. The apportionment of all costs relating to charitable activities between the delivery of traineeships. study programs and apprentishIpS and other courses highlights the mutual relian these activities have upon each other. The Charity is only able to break even if income from all activities remain at their current level or increase.. no single activity could support the high operating costs on its own. The Trustees expect that the current level of activity can be sustained for the foreseeable future. Fundraising The Charity 15 registered wqth the Fundraising Regulator and all fundraising activities undertaken are carried out with reference to the Code of Fundraising Practi and best practice recommendations. The CharÉty does not use the services of any extemal fundraising companies. During the year no complaints were received in relation to the CharitYs fundraising practices. Trading Perfomance Tumover of BRS Training Limited has been slowly increasing since the removal of COVID-19 restrictions and we are seeing the conferences and events business recover. The fixed costs of BRS Training Limited were reduced as far as possible and income increased on the prior year leading lo a profit of £57,686 12022.. £24,113}. Conference and events bookings are continuing lo increase. and the Trustees have approved the 2023124 budget which forecasts another year growth. Page 5
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p BRS EDUCATION LIMITED TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Investsnent Powers and Policy The Trustees intend thal Ihe real value of the fund's investments be maintained and enhanced over the long tem through investment in a balanced. diversrfied potffolio of assets. Investsnent powers relating to the Paul Mellon Fund are govemed by the restrictions imposed by the Executors of the Estate of the late Paul Mellon. which pemiit the funds to be invested in the manner shown in note 21 to the rinanual staLeinents. Other than those relating to the Mellon Fund, there are no material restrictions on the operations and investment powers of the Charily in pursuance of its charitable obligations. The Charity's inve5tmenl management is delegated lo Cazenove Capital Management and managed on balanced mandate. Perfomiance is measured regularly again51 a range of FTSE indices, the ARC Sterling Balanced Private Client Index IPCII and CPI +30A. Reserves Policy and Going Concern The Trustees have considered the expected fvture income and expenditure of the Charity and the likely impact of high inflation and our current intention is lo maintain Yree reseNes' equivalent to 3 months running costs. The Board have approved a breakeven budget for 2023-24 and it is our inlention that a surplus wll be generated in fvture years. This wll be achieved via a combination of cost control and increases in income generation. The Charity had unrestricted reseNes of £2.485,01312022.' £2.904,2551. The level of reseNes held in restricted funds is dictated by the specific restrictions imposed by the donors as detailed in note 21 to the financial statements. All funds are held in furtherance of the Chariws prinapal activities. We continue to see strong demand for our training. bolh from young people and employers, indicating a strong need for our seNices. This level of demand combinèd wth our contracts with the Education and Skills FLtnding Agency and Horseracing Betting Levy Board, and the current quantum of our reserves. allows the Twstees to be confident that the Charity can continLEe to operate forthe foreseeable future. STRUCTURE, GOVERNANCE & MANAGEMENT Governing Instrument The Apprents'ce School Charitable TTUSI was first established in 1980. On the 1 April 2016 the assets and liabilities of The Apprenti School Charitable TNst were transferred to BRS Education Limited IBRSI. BRS Education Limf(ed is a company registered in England and Wales under company number 08903538 and is governed by its memorandum and articles of assoaation. It dces not have share capital and the liability of members is limited by guarantee. BRS Education Limited is a charity under the terrns of the Charities Act 2011 and its registration number is 1161555. Recruitment and Training of Trustees The Trustees of the BRS have specialist experience and expertise in a range of areas that are of benefit lo the actwib.es of the Charity. Trustees serve for a temi of 3 years after which they may stand for further temis of 3 years. In order to ensure that we continue to recruit high-cdibre TNstees from diverse backgrounds. the Trustee Board has agreed that for all fvture board vacancies, an appointments committee made up of Trustees and Senior Managers will be fomied to advertise for, interview and select new Trustees. Increasing the diversity of the Board is a strategic aim of the Charity. Page 6
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p9143 BRS EDUCATION LIMITED TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 New Trustees attend a briefing session on the aims, objectives and strategy of the Charity and are briefed on recent and pending decisions made by the Board. In addition, new Trustees spend one day observing the day-tO- day operations of the Charity. are provided with a Trustee handbook and attend an external Trustee Training Course. All Trustees undergo Disclosure and Barring SeNice and Section 128 checks. Organisational Structure The Board of Trustees maintains full and effective control over the Charity and has ultimate responsibility for the activities and financial stability of the Chanty. Quartedy meetings are held to make strategic and policy decisions. as well as consideration of major capital expenditUTe and significant operational decisions. in addition lo fomial meetings. The Chair and tru5tee5 are also consulted at any time when it 15 deemed appropriate to do 50. There are separate Safeguarding, Equality & Diversity, Training & Education and Finance. Audit and Risk Committees which report to the main board. The implementation of policies and dectsions and the day to day running of the charity are delegated to the Chief Executive, along wth the Senior Management Team. The Charity has a Mtholly owned trading subsidiary, BRS Training Limited {Company number 035010791. BRS Training Limf(ed was incorporated in 1998 in order lo allow the Charity lo generate income from non-charitable activities. The income generated by the trading subsidiary is used to support the charitable activities of the Charity. BRS Training Limited is controlled and managed in parallel with the Chatity. Connected CharFties and Organi&itions The Charity works closely with charities and other organisations within the horseracing industry. the education sector and with charities and groups involved in increasing opportunities for young people. It is engaging pr actively with the newly fomied Racing Industry PeoFAe Board, a group that is tasked with setting the strategy for training in the racing industry. It also Works dosely'Nith the National Horseracing College. Racing Welfare. the Injured Jockey5 Fund and other charitable and representative organisalions wthin racing. The Charity holds contracts wth the Education and Skills Funding Agency for the delivery of Govemmenl funded Apprenkn"ceships, Traineeships and Study Programmes. Pay Policy for Senior Staff The key management personnel of the Charity have changed during the year and currently comprise the Chief Executive, the Operations Director and the HR Director. The total employee benefrts of the key management personnel in the period were £323,98412022-. £309,592). Risk Management and Internal Control The Board of Trustees and Management are aware of the types of risk the charity faces through their knowledge of the horseracing industry, experience of training organisalions and through their working knowledge of the Charity. Appropriate strategies are in place to mitigate these risks and risk management is an ongoing process which is embedded in the day-tc*day operations of the Charity. The Trustees have overall responsibility for ensuring the Charity has appropriate systems of intemal control. These systems are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. Page 7
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p 10149 BRS EDUCATION LIMITED TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 They include: an annual budget approved by the Trustees regular consideration by the Trustees of financial results. variance from budgets and non-financial perfomiance indicators delegation of authority and segregation of duties estsblished organisational structure and lines of reporting fomial written policies a risk register clear authorisalion and approval levels forn1 agendas for all Board activity The principal risks that may impact the Charity are outlined below. Government Funding The Charity is heavily reliant on continued Governmertt funding. In the year ended 31 July 2023 Govemment funding amounted to 34Qh12022 36%) of income from charitable activities. This level of dependency is expected to continue in the fvture. The Trustees are aware that Government policy and funding is subject to continual change and that this may result in a reduction in the Charity's Govemment funding in the future. This risk is mitigated in a number of ways A dedicated Government Contracts Manager is employed to ensure regular contact with the relevant Government departments and lo ensure continued compliance with the temis of the Charity's contracts. The Charity is a member of the Association of Education and Learning Providers and senior members of staff regulady attend seminars to ensure the Charity 15 aware of planned change5 to Government funding. The Charity maintains a strong relationship with local MPS and the Minister for Skills. The Charity continues to diversify the training il delivers to reduce the dependence on Govemment funding. Industry Funding The Charity is reliant on funding provided by the hor5eracing industry and any reduction in the level of fiJnding received would have an impact on the abilty of the Charity to meet the needs of its beneficiaries. There is currenUy uncertainty over the level of industry support in the medium to long terni as we await the strategy as set out by the Racrng Industry Pecple Board IIBP}. This risk is mits'gated in a number of ways. Trustees and senior members of staff meet regularly with representatives of the British H0rSerang Authority, IPB and other trade trx)dies to ensure the Charity continues lo meet the education and training needs of the industry. The Charity continues to diversify the training il delivers to reduce the dependence on Induslry funding. Safeguarding The safeguarding of trainees and vulnerable people is taken very seriously at the Charity and the Trustees are aware of the potentially serious implications of any incident at the Charity, both for the individuals affected and for the Charity itself. Page 8
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p 11149 BRS EDUCATION LIMITED TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 This risk is mitigated in a number of ways The Charity operates a Safeguarding Committèe made up of trKo Trustees. the Charty's Designated Safeguarding Lead and the trNo Deputy Designated Safeguarding Lead's. The committee is chaired by a Trustee wlh safeguarding experience in an educational environment. The Safeguarding Committee reviews the Charity's safeguarding policies quarterly lo ensure the Charity continually meets best practice standards. The Safeguarding Committee wnducLs a Safeguarding review annually," this review includes inteNiewing staff and trainees. The Charity follows best practice in maintaining DBS and Section 128 checks for Trustees and Staff. The Charity follows the NSPCC'S Safer Recruffment Procedures when recruiting Trustees and staff. Given the inherent risks of wothing with racehorses. considerable emphasis is plad on health and safely. We have comprehensive procedures in place to ensure that where possible we eliminate any potential health and safety risk. To provide this. health and safety 15 integrated into all our activities and the Charity employs a dedicated Health and Safety Consultant. The Charity's Health & Safety Consultant reports to the Trustees on a quarterty basis. All staff receive Safeguarding training during the annual staff training week and al quarterty staff meetings. statement of Trustees. responsibilits'es The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom GerallY Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each finanaal year. Under company law, the Trustees Inust not approve the finan(¥al statements unless they are satlsfied that they give a true arKI fair view of the slate of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that peric&l. In preparing these financial statements. the Trustees are required to.. select suitable accounting policie5 and then apply them consi51ently', observe the methods and principle5 of the Charities SORP {FRS 1021.. make judgements and accounting estimates that are reasonable and prudent.. stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disdosed and explained in the finanaal statements- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Group wll continue in business. The TTUStees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Compan$ transactions and disclose wilh reasonable accuracy at any time the financial position of the Group and the Company and enable Ihem to ensure that the financial statemenls comply Mqth the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of infomiation to auditor Each of the persons who are Trustees at the time when thi5 Truslees, Report 15 approved ha5 confirmed that.. so far as that Trustee is aware. there is no relevant audit information of Mthich the charitable group's auditor is unaware, and that Trustee has taken all the steps that oughtto have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charbtable group's auditor is aware of that infomialion. Page 9
VkiuaBunatLYeTrarffjxlv)n Ref. 7TB2-ReHQ-R6YN 04 Mar2024 14..W.42 GMT (UTC +0) D 1r2 P 12143 BRS EDUCATION LIMITED TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Auditor The auditor, James Cowper Kreston Audit, has indicated its wlliNJness lo continue in office. The designated Trustee5 Mll propose a motion re-appointing the audrtor at a meeting of the Trustees. Approved by order of the member5 of the board of Trustees and signed on their behalf by.. J BLLd6L Jillia Biidd Chair of Trustees Dale= 04 March 2024 Page 10
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p 13149 BRS EDUCATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRS EDUCATION LIMITED Opinion We have audited the financial statements of BRS Education Limited Ithe 'parent charitable companVI and its subsidiaries (the 'group'l for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial Acts"vities, the Consolidated Balance Sheet. the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accountsng policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practicel- In our opinion the financial statements= give a true and fair view of the slate of the Group's and of the parent charitable compan9 affairs as at 31 July 2023 and of the Group's incoming resources and application of resources, induding its income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan w7th IntematiDnal Standards on Audib'ng {UKI IISAS IUKI) and applicable law. Our responsibilities under those standards are fvrther described in the Auditorfs responsibilities for the audit of the finaficial statements section of our report. Vve ale independerrt of the Group in acwrdance with the ethical requirements that are relevant to our audit of the financial statement5 in the United Kingdom, including the Financial Reporting Council's Ethical Standard, we have fulfilled our other ethical responsibilib.es in accordance wslh these requirements. We believe that the audit evidence we have obtained is sufficient and appmpriate 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 ffinanal statements is appropriate. Based on the work we have perfomied. we have not identified any material unrtaInlieS relating to events or conditions that, individually or collectively. may cast significant doubt on the Group's or the parent charitable companls ability to continue as a going concem for a period of at least trNelve months from Mthen the financial statements are authorised for issue. Our re$kY)nsibililies and the responsibilities of the Trustees wth respect to g)ing COnM are described in the relevant sections of this rewt Page 11
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p 14149 BRS EDUCATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRS EDUCATION LIMITED {CONTINUEDI Other information The other infomialion comprises the infomiation included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other infomiation contained within the Annual Report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly staled in our report, we do not express any forni of assurance conclusion thereon Our responsibility is to read other iThformation and. in doing so, Consider whether the other infomialion is materially inconsistent wth 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 Mthether this gNes rise lo a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information. we are required lo report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the infomiation gNen in the Trustees, Report for the finanal year for which the financial statements are prepared is consistent with the financial statements. the Trustees. Rewrt has been prepared in accordance with applicable legal requirements. Matters on which we are requir8d to roport by exceptioii In the light of our knoedge and understanding of the charitsble company and its environment obtained in the COUTse of the audit. we have not identified material misstatements in the Trustees. Report. We have nothing to report in respect of the following matters in relation lo which Companies Act 2006 requires us to report to you if. in our opinion- the parent charitable company has not kept adequate and sufficient accounting record5, or returns adequate for our audit have not been received from branches not visited by us.. or the parent chafitable company financial slatements are not in agreement with the accounting records and retums., or certain disclosures of Trustees, remuneration speafied by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibiliiies of trustees As explained more fully in the Trustees, Responsibilties Statement, the Trustees (who are also the directors of the chantable company for the purpose5 of company lawl are respxJn51ble for the preparalion of the financial statements and for being satisfied that they give a true and fair view, arKI for such intemal control as the Trustees determine is nesSary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the finanaal statements, the Trustees are responsible for assessing the Group's and the parent charitable companys abilty to continue as a going concem, disclosing, as applicable. matters related to going concem and using the going concem basis of accounting unless the Trustees either intend to liquidate the Group or the parent chaiitable company or to cease operations, or have no realistic altemative birt to do so. Page 12
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p 15149 BRS EDUCATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRS EDUCATION LIMITED {CONTINUEDI Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reaSonae assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or eOr, and to issue an Auditorfs Report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordance wqth ISAS IUKI wl1 ahYay3 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 these financial statements. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a malerÈal misstatement in the financial statements or non-compliance wth regulation. This risk increases the more that compliance wth a law or regulats'on is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error. as fraud involves intentional concealment. forgery. collusion. omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud. were as follows.. Enquiry of management and those charged govemance around actual and potential litigation and Enquiry of management and those charged wth govemance to identfy any material instances of noneomplianeè with laws and regulations". Reviewing financial statement disclosures and lesting to supporting documentation to assess compliance th applicable laws and Tegulation5', Performing audit work lo address the risk of irregularities due lo management override of controls, in(4uding testing of joumal entries and other adjustments for appropriateness, evaluating the business rationale of 5ignrficant transactions outside the nomial course of business and reviewing accounting estimates for evidence of bias.. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. This description foms part of our Auditorfs Report. Page 13
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p 16149 BRS EDUCATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRS EDUCATION LIMITED {CONTINUEDI Use of our report This report is made solely to the charitable companls members, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companls members those matters we are required to slate to them in an Auditorfs Report and for no other purpose. To the fijllest extent permitted by law, we do not accept or assume responsibilty to anyone other than the charitable company and its members, as a body. for our audit work. for this report. or for the opinions we have formed. Fiona Hawkins Bse (Hons) Msc FCA {Sonior siatutory auditor) for and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Date: 4 March 2024 Page 14
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p 17149 BRS EDUCATION LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED 31 JULY 2023 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donatlons and legacles Charitable activities 104,027 3,456,268 144.601 36.471 294.405 432,308 530,335 3,456,268 144,601 52,496 294,405 565,400 3,462,781 99,962 39.941 270.366 Income from BRS Training Ltd Investments 16.025 Other incc*ne Total income 4.035,772 448.333 4,484,105 4,438,450 Expenditure on: Raising funds". Costs of BRS Training Ltd Investment management Charitable activities 97.910 10.770 4.281.250 5,221 97.910 14,982 4.958,385 5,221 106.608 16.209 4.520.194 22,141 4.212 677.135 other expenditure Total expenditure 4.395.151 681.347 5,076,498 4,665.152 Nei expendiiura before net loss65 on investments 1359.3791 179.8631 (233,014) (31.234) 1592,3931 1111,09n 1226.702) 1125.750) Net losses on investrments Nel expenditure Transfers between funds 1439,2421 20,000 (264.248) 120,000) 1703A90) 1352.452) 20 Net rnovement in funds 1419.2421 (284,248) 1703,4901 1352,452) Reconciliation of funds: Total funds brought forward Net movement in fijnds 2.904,255 1419,2421 2,604.534 (284.248) 5,508,789 1703,4901 5,861,241 1352,452) Total funds carried for4vard 2.485.013 2,320.286 4.805,299 5,508.789 The Consolidated Statement of Finanaal Activities indudes all gains and losses recognised in the year. The notes on pages 19 to 41 fomi part of these ffinanaI statements. Page 15
VkiuaBunatLYeTrarffjxlv)n Ref. 7TB2-ReHQ-R6YN 04 Mar2024 14..W.42 GMT (UTC +0) D 1r2 P 18143 BRS EDUCATION LIMITED REGISTERED NUMBER: 08903538 CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2023 2023 2022 Note Fixed assets Tangible assets Investments 14 2,799.841 2,152.411 2.984,659 2,382,652 15 4952,252 5,367,311 Current assets Stocks 16 22,700 48T,305 72,668 214,214 12.032 405,570 235,995 163.380 Debtors 17 Investments 18 Cash at bank and in hand 796,887 816.983 Creditors.. amounts falling due wthin one year 19 1943,8401 1675,5051 Net current liabilities l assets (146,9531 141,478 Total asset518ss current liabilities 4,805,299 5,508,789 Total net assats 4,805.299 5,508,789 Charity funds Restricted funds Unrestricted funds 20 20 2,320.286 2,485.013 2.604,534 2.904,255 Total funds 4,805,299 5,508,789 The Trustees acknovledge their responsibilities for complyng with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. J6L4 Julia Budd Chair of Trustees Dale= 04 March 2024 The notes on pages 19 to 41 fomi part of these ffinanal statements. Page 16
VkiuaBunatLYeTrarffjxlv)n Ref. 7TB2-ReHQ-R6YN 04 Mar2024 14..W.42 GMT (UTC +0) D 1r2 P 19143 BRS EDUCATION LIMITED REGISTERED NUMBER: 08903538 COMPANY BALANCE SHEET AS AT 31 JULY 2023 2023 2022 Note Fixed assets Tangible assets Investments 14 2,703.806 2,302.411 2.871,877 2,532,652 15 5,006.217 5,404,529 Current assets Stocks 16 22,291 413,7T9 72,668 158,243 7.990 427,064 235,995 93.265 Debtors 17 Investments 18 Cash at bank and in hand 666,981 764.314 Creditors.. amounts falling due wthin one year 19 1924,8511 1659,3201 Net current liabilities l assets (257,8701 104,994 Total asset518ss current liabilities 4,748,347 5,509,523 Not assets excluding pension asset 4,748.347 5,509,523 Total net assets 4,748.347 5,509,523 Charity funds Restricted funds 20 2,320.286 2,428,061 2,604,534 2,904,989 Unrestricted fvjnds 20 Total funds 4,748.347 5,509,523 The Companls net movement in funds for the year was £1761,176112022 - £1376,564)1. The Trustees acknovAedge their responsibilitses for complwng wth the requirements of the Act wth respect to accounting records and preparation of financial statements. The finanaal statements were approved and authorised for issue by the Trustees and signed on their behalf by.. J 66Ld4 wth.1{Urcty Julia Budd Chair of Trustees Dale= 04 March 2024 The notes on pages 19 to 41 fonn part of these financial statements. Page 17
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p20149 BRS EDUCATION LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Note Cash flows from operaiing aciiviiies Nel cash used in operating activities 24 8,034 154,226 Cash flows from inv•sting activiti•s Dividends, interests and rents from investments Proceeds from the sale of fixed assets 52.496 soo 39,941 11,800 1330,774) 198.983 Purchase of tangible fixed assets Movement of investrnenls (292.667) 119.144 Net cash used in invesling aetiviti8s (120.527} 180,0501 Change in cash and cash equivalants in the yaar (112.493) 74.176 Cash and cash equivalents at the beginning of the year 399.375 325.199 Cash and cash equivalents at the end of the year 25 286,882 399,375 The nole5 on pages 19 10 41 form part of these financial statement5 Page 18
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p21149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 General inforrnation BRS Education Limlted is a company limited by guarantee incorporated in England and Wales. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. Ils registered offi and principal place of business is British Racing School, Snailwejl Road. Newmarket, Suffolk, CB8 7NU. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporbng by Charities: Statement of Recommended Practice applicable lo chartlies preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 2019}, the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. BRS Education Limited meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise slated in the relevant accwnting policy. The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Company and it5 subsidiary undertaking. The results of the svb5idiary are consolidated on a line by line basis_ The Company has laken advantage of the exemption allowed under section 408 or the Companies Act 2006 and has not presented ils own Statement of Finanual Activities in these financial sLitemenls. 2.2 Income l income is recognised once the Group has entitlement to the income, it is probable that the income ill be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing enliuemenl. the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of enlitlement to a legacy exists when the &oup has suffiaenl evidence that a gift has been left to them (through knowledge of the existence of a valid wyll and the death of the benefactor) and the executor is satisfied that the property in question will not be required lo satisfy claims in the estate. Receipt of a legacy must be recognised when il is probable that it will be received and the fair value of the amount receivable. which will generally te the expected cash amount to be distributed to the Group. can be reliably measured. Course fees Fees receivable, charges for services and use of premises are accounted for in the period in thich the serwce is provided. Fees received in advan are held as liabilities and taken to income in the period in which the service is given. Donations Donations receivable for the general puryx>ses of the Group are credited lo unrestricted funds. Donations for purposes restricted by the wishes of the donor are taken lo restricted funds where these wishes are legally binding on the Twstees. Other incomo Other incoming resources are included in the SOFA when the Group is legally entitled to the income and the amount can be quantified with reasonable accuracy. Page 19
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 PL149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies {continuedl 2.3 Expenditure Expendrture is recognised On there is a legal or constructive obligation to make payment to a third paty, il is probable that settlement will be required and the amount of the obligation can be measured reliably ExpeTrdrture is accounted for on an accruals basis. All expenses induding support costs and g0Veman costs are allocated to the applicable expendrture headings. Overheads and other costs not diredy attributable lo particular functional activity categories are apportioned over the relevant categories on the basis of management eslimales of the amount attributable to that activity in the period. Govemance costs comprise the costs of running the charity, including strategic planning for its future development. extemal audit. any legal advice for the Trustees and all the costs of complying with conslitulional and statutory requirements. such as the costs of preparing financial statements and sati5fwng public accountsbility. Support costs are those costs incurred directly in 5UPPOrt of expenditure on the objects of the charity. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Expenditure on charitable actiwties is Inrred on directly undertaking the activities further the Group's oblectlves, as well as ar¢y assoclated support costs. 2.4 Basis of consolidation The financial statements consolidate the accounts of BRS Education Limited and all of its subsidiary undertakings I'subsidiaries'}. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group- this is nonnally upon notification of the interest paid or payable by the institution with 0M the funds are deposited. 2.6 Tangible fixed a558ts and depreciation Tangible fixed assets costing £1.000 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible xed assets are measured at cost less accumulated depreclatlon and any accumulated Impalrment losses. All costs incUed to bring a tangible fixed asset into its intended working condition should be induded in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight4ine method. Depreciation is provided on the following bases= Freehold buildings Training equipment Motor vehicles Fixtures and fittrngs Al weather gallops 2-20% 1(33% 250 33% 5-15% Page 20
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p23149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies {continuedl 2.7 Investments Fixed asset investments are a form ol financial instrument and are inilialty recognised al their transaction cost and subsequently measured at fair value al the Balance Sheet dale, unless the value tannot be measured reliably in which case it is measured at cost less impaimient Investment gains and losses. whether realised or unrealysed, are combined and presented as 'GainsllLossesl on investments, in the Consolidated Statement of Finanaal Activities. The Group does not acquire put options, derivatives or other complex finanal instruments. A risk faced by the Group is volatility in equity markets and investsment markets due to wider economic conditions. the attitude of investofs lo investment risk, and changes in sentiment conceming equities and within particular sectors or sub sectors. Current assets are those Md)ich have a maturity date of less than one year held for short-tem investment purposes rather than cashfloiv. Cunenl asset investments are valued at fair value unless they qualify as 'ba5ic' financial assets. Investments in subsidiaries are valued at cost less provision for impaimient. 2.8 Stocks and work in progress stocKs and wort( In progress are valued at Ihe lower 01 cost and nel reallsable value after maklng due allow3neÈ for obsolete and slow-moving stocks. Cost includès all direct costs and an appropriate proportion of fixed and variable overheads. 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayrnents are valued al the amount prepaid net of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand indudes cash and sl)ort-temi highty liquid investments wtth a short maturity of three nY)nlhs or less from the date of acquisition or opening of the dewsit or similar account. 2.11 Liabilities and provisions Liabilities are recognised Mthen there is an obligation al the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliabw. Liabilities are recognised at the amount that the Company anticipates il wll pay to settle the debt or the amount it has received as advanced payments for the goods or services rt must provide. 2.12 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualfy as basic financial instruments. Basic financial instruments are initially recconised al transaction value and subsequently measured at their settiement value. 2.13 Operating lease5 Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease temi. Page 21
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p24149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies {continuedl 2.14 Pensions The Group operates a defined contributFon pension scheme and the pension charge represents the amounts payable by the Group lo the fund in respect of the year. The c051 of these corrtributions is charged in the SOFA as incurred. The Group has no liability beyond making its contributions and paying across the deductFons for the employees. contributions. 2.15 Fund accounting General fvnds are unrestricted funds whch are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and Nthid) have not been designated for other purposes. Designated funds comprise unrestricted fund5 that have been Sel aside by the Trustee5 for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds whtch are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and admlnlsterlng such funds are charged agalnsi the $c1C fund. The alm and use 01 each restrlcted fund is sét out in the notès to the financial statemènts. Investment income, gains and losses are allocated to the appropriate fund. Critical accounting estimates and areas of judgement Estimates and judgements are conlinualty evaluated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Company makes estimate5 and assumptions concerning the future. The resulting accounting estimates and assumptions wll, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities wqthin the next financial year are discussed below. Crltlcal areas of judgement= Tangible fixed assets (see note 14} Tangible fixed assets are depreciated over their usefvl lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual va5ue assessmenls consider issues such as the remaining life of the asset and projected disposal values. Page 22
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p25149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Income frorn donations and grants Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Donations 42,653 61,374 127,000 305,308 169,653 366.682 254,761 310.639 Grants Total 2023 104,027 432,308 536.335 565.400 Total 2022 191,295 374,105 565,400 Income frorn charitable activities Unrestricted funds 2023 Total funds 2023 Total funds 2022 Income from the Education and Skills Funding Agency Industry contribution towards stable staff training Course fees received 1.172.607 1,295,019 988,642 1,172.607 1,295.019 988.642 1.259.795 1,098.912 1,104.074 Total 2023 3,456,268 3,456.268 3,462,781 Total 2022 3,462,781 3,462,781 Income from othor trading activities Income from non ehariiable trading activiti8S Unrastrictad funds 2023 Tthal funds 2023 Total funds 2022 Income from BRS Training Ltd 144.601 144,601 99,962 Total 2022 99,962 99,962 Page 23
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p26149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Investment income Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Investment income 36.471 16.025 52,496 39,941 Total 2022 26,208 13,733 39,941 Other incorning resources Unrestricted funds 2023 Total funds 2023 Total funds 2022 Miscellaneous income 108,703 28.611 82.891 73,7 108.703 28,611 82,891 73.700 500 56.616 45.968 77,860 78,122 11,800 Lease income Rental income Accommodation charge income Profit on disposal of fixed assets Total 2023 294,405 294,405 270,366 Total 2022 270,366 270,366 Analysis of expenditure on charilable aclivities Summary by fund type Unrestricted Restricted funds funds 2023 2023 Total 2023 Total 2022 Stsble staff training Other courses 3,689.649 591,601 471.629 205,506 4.161.278 T97.107 3.709.488 810.706 4,281,250 677,135 4,958,385 4,520,194 Total 2022 4,263,205 256,989 4,520,194 Page 24
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p27149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Analysis of expenditure on charitable activities (continued) Summary by expenditure type Staff costs Depreciation Other costs 2023 202J 2023 Total 2023 Total 2022 Stable staff training Other courses 1.857.(7 355.728 385,335 73,812 1,918,876 367,567 4.161.278 797.107 3,709.488 810.706 Total 2023 2.212,795 459,147 2,286,443 4,958.385 4,520,194 Total 2022 2.103,421 456,373 1,960,400 4,520,194 10. Analysis of expenditure by activities Support Total funds Total funds Direct costs costs 2023 2023 2023 2022 Stable staff training Other courses 3,336.300 639.081 824,978 158,026 4.161.278 797.107 3.709.488 810.706 Total 2023 3,975,381 983,004 4,958,385 4,520,194 Total 2022 3,641,282 878,912 4,520,194 Analysis of direct costs Stable staff traiiiing Other courses Total fuiids 2023 Total fuiids 2022 2023 2023 Staff costs 1,857.067 1,138,317 301,584 39,332 355.728 283.353 2,212.795 1.421.670 301.584 39,332 2.103.421 1.245.717 267,879 24,265 Direct costs Horse costs Governance costs Total 2023 3,336,300 639,081 3.975.381 3,641.282 Total 2022 2,975,456 665,826 3.641.282 Page 25
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p28149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 10. Analysis of expenditure by activities (continued) Analysis of direct costs (continued) Anatysis of support costs Stable staff training 2023 Other courses 2023 Total funds 2023 Total funds 2022 Depreciation Support costs 385,335 439,643 73,812 84,214 459,147 523,857 4,373 422,539 Total 2023 824,978 158,026 983.004 878,912 Total 2022 734.032 144,880 878.912 Auditorfs r•mun•ration 2023 2022 Fees payable to the auditor in respect of.. Audrt and preparation of the BRS EducatFon Limited annual accounts Fees payable to the auditor in respect of.. Audit and preparation of the BRS Training Lirrmted annual a¢UnIS BRS Training Limited corporation tax fee 15.400 14,000 5.700 880 5,200 800 12. Staff costs Group 2023 Group 2022 Company 2023 Company 2022 Wages and salaries Soual security costs other pension costs 1.828,680 177,443 206,672 1,756,195 162,843 184,383 1,823.680 177.443 206.672 1,754,195 162.843 184,383 2,212,795 2,103,421 2,207,795 2,101,421 Page 26
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p29149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 12. Staff costs (continued) The average number of persons employed by the Company during the year was as follows: Group 2023 No. Group 2022 Company 2023 No. C(panY 2022 Chief executive Training staff Administrative staff Factlities management 41 39 41 39 13 10 16 13 10 16 65 65 65 65 The number of employee5 whose employee benefits (excluding employer pension costs} exeded £60.000 was.. Group 2023 Group 2022 In the band £60.001- £70.000 In the band £80.001- £90,000 In the band £100.001- £110.000 The key management personnel of the parent charity and the group comprise Trustees and the Senior Management Team. The total employee benefrts of the key management personnel were £323,984 for the year12022'. £309,592}. 13. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits {2022= £NIL}. During the year. one Trustee received remuneration for lecturing seNices totalling £2,461 {2022.' one Trustee £11,839). Durtng the year, Six Trustees were reimbursed travel expense5 totalling £2,430 12022: five Trustees £1,142). Page 27
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p30149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 14. Tangible fixed assets Group Freehold property Plant and machinory Motor Fixtures and vehicles fittings Total Cost or valuation At 1 August 2022 Additions Disposals 8.272.562 265,930 432.782 2.751 259.568 4,300 {18,5931 856.932 19.686 (25.780) 9.821.844 292.667 {44,3731 At 31 July 2023 8.538,492 435.533 245,275 850.838 10.070,138 Depreciation At 1 August 2022 Charge for the year On disposals 5.391,776 435,042 413.779 3,095 201.807 22,406 {18,5931 829.823 16,942 125.7801 6.83T.185 477,485 144,3731 At 31 July 2023 5.826,818 416,874 205,620 820,98S 7,270,297 Not book value At 31 July 2023 2.711,674 1B,659 39,655 29,853 2.799,841 At 31 July 2022 2.880,786 19.003 57.761 27.109 2.984.659 Included in land and buildings is freehdd land at valuation of £250,000, with a historical cost of £250,000 which is not depreciated. On 16 August 1996 the freehold propety comprising The British Racing School together wrth an associated cottage was valued at £990,000 by J A Gibson FNAEA of Black Horse Agencies Januarys. The valuation was prepared on the basis of open market value for the propews existing use and also its potential for olher uses within the racing and t4oodstock industry. This valuation was adoptod in tho financial statomonts for tho yoar endod 31 March 1996 and all subsequenl expenditure on freehold land and buildings has been included at cost. Depreciation has been provided on such amounts in accordance with the accounting policy disclosed in note 2 to the financial statements. In implementing FRS 15 Tangible Fixed A55et5'. and in implementing FRS 102, the Trustees decided to retain the land and buildings at the current carrying amount of £2,880,786 which comprises the valuation of £990.000 at 31 March 1996 augmented by expenditure since that date. In adopb.ng this policy the Trustees are satisfied that the current carwng amounts have not been subject to impaimient and the valuation has not therefore been fomially updated. Had the valuation al 31 March 1996 not been adopted the can9 amount of the freehold land and buildings would have been a cost of £8.989.676 accumulaled depreciation of £6,546,973 resulting in a net book value of £2.442.703. Page 28
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p31149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 14. Tangible fixed assets {continued} Company Freehold property Plant and machinery Motor Fixtures and vehicles fittings Total Cost or valuation At 1 August 2022 Additions Disposals 7.851,132 265,930 332.654 2.751 259,568 4,300 {18,5931 798,538 18,095 125.7801 9.241,892 291,076 144,3731 At 31 July 2023 8.117.062 335.405 245.275 790.853 9.488.595 Depreciation At 1 August 2022 Charge for the year On disposals 5.081,933 417.899 314.745 3.095 201,807 22.406 {18,5931 771.530 15.747 (25.7801 6,370.015 459.147 144,3731 At 31 July 2023 5.499,832 317.840 205,620 761.497 6.784.789 Net book value At 31 July 2023 2.617.230 17.565 39.655 29.356 2.703.806 At 31 July 2022 2,769,199 17,909 57,761 27,008 2,871,877 Page 29
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p32149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 15. Fixed asset investments Rory MacDonald Investment and James Funds Harris Fund Mollon Fund Total Group Cost or valuation At 1 August 2022 Cash movemenl Management fee Investment income 1,684.990 119.161 110.770) 36,471 179,863) {300.000) 112.221 18,502 {3991 5,613 15,5801 {20,0001 585.441 25.679 {3.813) 10,412 125,6541 2.382.652 163.342 {14,9821 52,496 1111,0971 1320.0001 Unrealisedlrealised {lossesl Drawdown At 31 July 2023 1,449,989 110.357 592,065 2,152.411 Net book value At 31 July 2023 1,449.989 110.357 592.065 2.152.411 At 31 July 2022 1,684,990 112,221 585,441 2,382,652 Group Material Investments Investments representing individually over 5% of the p)rttolio valuation at the year end We.. 31 July 2023 Portfolio % 2023 Non-UK Equities UK Bonds AeMatives- structured products and other 1,035,695 369,906 598,275 48.24 17.23 27.86 Page 30
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p33149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 15. Fixed asset investments {continued} Investments Rory in MacDonald subsidiary Investment and James companios Funds Harris Fund Mollon Fund Total Company Cost or valuation At 1 August 2022 Cash movemenl Management fee Investment income 150.000 1,684.990 119.161 110.770) 36,471 179,863) {300.000) 112.221 18,502 {3991 5,613 15,5801 {20,0001 585.441 25.679 {3.813) 10,412 125,6541 2.532.652 163.342 {14,9821 52,496 1111,0971 1320.0001 Unrealisedlrealised {lossesl Drawdown At 31 July 2023 150,000 1,449,989 110.357 592,065 2,302.411 Net book value At 31 July 2023 150.000 1,449.989 110.357 592.065 2.302.411 At 31 July 2022 150,C4JO 1,684,990 112,221 585,441 2,532,652 On 29 January 1998 BRS Education Limited acquired the whole of the issued share caprtal of BRS Training Limited, a company incorporated on that date and registered in England and Wales. BRS Training Limited commenced trading on 1 April 1998 and its principal activities are the provision of conference and event seNices, including rrn hire and catering. A summary of its trading activity is disclosed in note 31. 16. Stocks Group 2023 Group 2022 Company 2023 Company 2022 Merchandise and bar stoek 409 4,042 7.990 Animal feed and bedding 22,291 22.291 7.990 22,700 12,032 22.291 7,990 Page 31
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p34149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 17. Debtors Group 2023 Group 2022 Company 2023 CnpanY 2022 Due within one year Trade debtors 331,545 217.065 280,586 195,700 72,686 568 Amounts owed by group undertakings Other debtors 7,367 148,393 7,356 181.155 1.759 131.434 Prepayments and accrued income 158.110 487,305 405,576 413.779 427,064 18. Current assel investments Group 2023 Group 2022 Company 2023 Company 2022 Cash for investment 72,668 235,995 72,668 235,995 Page 32
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p35149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 19. Creditors: Amounts falling due within one year Group 2023 Group 2022 Company 2023 CnpanY 2022 Bank overdrafts Trade creditors 1,459 118.497 1,459 114,536 296,892 268,615 38.360 Amounts owed to group undertakings cooration tax Other laxalion and social secur other creditors 9,857 51,106 68,771 517,214 44,984 68,495 442,070 51.106 68.771 497,999 44.984 68.495 429,846 Accruals and deferred income 943,840 675,505 924,851 659,320 Group 2023 Group 2022 Company 2023 Cc*npany 2022 Deferred income at 1 August 2022 Resources def@ed during the year Amounts released from Previous periods 281,958 35?,878 1281,9581 264,652 281.958 (264.6521 370.659 351.123 (370.6591 262,107 370.659 1262.107) 352,878 281,958 351.123 370.659 Deferred incorne relate5 to amounts received in advance for course5 that have yet taken place and advance receipt5 for services to be perfomied under contractual agreement5. Page 33
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p36149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Statement of funds Statement of funds - current year Balance at 1 August 2022 Transfers inlout Gainsl Balance at (Losses) 31 July 2023 Income Expenditure Unrestricted funds Charitable company and subsidiary 2,904.255 4.035,772 14,395,151) 20.000 179,863) 2.485.013 Restricted funds Building Fund Mellon Fund 1,183,018 640.156 50.825 {132,9941 13.8121 18.141) 1.050.024 621.102 42.684 10.412 125.654) New Bam Fund Rory MacDonald and James Harris Fund Moller Wing conversion 132.880 5.613 1399) (20.000) 15.5801 112.514 32,814 120,000 78.700 12,4531 30,361 Gym conversion Recreation room (120.000) (78.700) Front loader {Godolphin) The Newmarket Pony Academy Gallops Fund IT suite 3.675 12.556) 1.119 126.023 127.(M)O {182,466) (43,260) 78.700 120.000 149.257 76.740 15,000 15.000 Electric car project American bam project Childwick Trust 22.840 16.4801 16,360 143.225 55.378 48,000 {48,4581 {24,9961 1164,3221 142,767 30,382 28.976 Riding a dream Environmental Education Fund 193.298 19.280 {16,280) 3.000 Flexible Leaming Fund 44.730 (44,730) 2,604.534 448,333 {681,3471 120,000) 131,234) 2.320,286 Total of funds 5,508.789 4.484.105 (5.076,498) (111.097) 4.805.299 Statement of funds - prior year Page 34
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p37149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Statement of funds {continued) Balance at 1 August 2021 Transfers Gainsl Balance at inlout {Lossesl 31 July 2022 Income Expenditure Unrestricted funds Charitable company and subsidiary Development fund 3,2SY),422 15,420 4,050,612 14,388,038) 115,4201 53,659 1102,4001 2,904,255 3.305.842 4.050.612 14.403.458) 53,659 1102,4001 2.904.255 Restricted funds Building Fund Mellon Fund 1.316.604 687.904 59.119 {133.586) 14,235) (8,294) 1,183.018 640,156 50.825 7,648 133.659) {17,5021 New Barn Fund Rory MacDonald and James Harris Fund 153.113 6.085 (470) 120.000) 15,8481 132.880 Moller Wing conversion 35.267 2,400 120,000 78.700 (2,453) {2,400) 32,814 Simulator Fund Gym conversion Recreation room 120,000 78.700 Front loader {Godolphin) The Newmarket Pony Academy IT suite 6.231 {2,556} 3,675 81.061 15,000 124,105 (79,143) 126,023 15,000 22,840 Electric car project American bam project Childwick Trust 25,000 {2,160) 150,000 75,000 (6,775) {19,622) 143,225 55,378 2,555.399 387,838 {261,694) 153,659} {23,3501 2.604.534 Total of funds 5.861.241 4,438,450 14,665,152} 1125,7501 5,508,789 Page 35
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p38149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 21. Statement of funds - note5 The Development Fund was created as a designated fiJnd to promde for fiJture capital expenditure on the facilities to enable the School to cary out training in line wqth industry demand. The Building Fund comprises net incoming resources for which the uses are expressly restricted to the construction and development of the faalrties at The Brib"sh Racing School in pursuance of the chantys stated objectives. The Mellon Fund comprises an inib.al donation of £349,005 in 2001 and a further donab.on of £49,162 in 2002 from the Executors of the Estate of the late Paul Mellon and ils use is restricted to expendrture on the welfare of the horses at The British Racing School_ The maximum amount which may be drawn down annually for this purpose is limited to 5% of the fair market value of the assets of the fund. The income of the fund is required to accumulate and add to the principal. subject to amounts spent Mqthin the prescribed use, as desuilxd above. The New Bam Fund comprises net incoming resources for which the uses are expressly restricted to the construction and development of the new American bam at The British Rang School in pursuance of the charitrfs stated objectives. The James Harri5 Legacy was received in 2016 and was restricted to the provision of support to young people wishing to access the training provided by The British Racing School. The Rory MacDonald Memorial Fund was created as a result of a fundraising campaign in 2017, in memory of Rory MacDonald, who served as the Chief Executive of The British Racing Schod from 1992 - 2014. The Rory MacDonald and James Harrts Fund has been invested Mqth Cazenove and is managed collectively. The fund will be held to provide funding for young people wshing to attend courses at The BTitish Racing School for whom there is no Govemment support. The funds Mqll also be used to market the courses offered by The British Racing School to potential trainees from groups for whom there is limited Government funding, bul could benefit from the training provided and go on to successful careers in the racing industy. Transfers from the MelIc Fund and the Rory MacDonald and James Harris Fund relate to the annual drawdowns in line wth the restrictions of the funds. The Moller Wing conversion comprises a donation of £45.000 in 2019 which is restricled towards the conversion of the Moller Wing al the British Racing Schwl. the expenditure relates to depreation. During the year we have been given permission to repurpose trNo of our restricted funds, both the Gym Conversion and the Recreation room project5 were put on hold due to the COVID-19 pandemic. The Gym Conversion fund has been repurposed lo a Gallop fund and is to be used for future repairs to the surface. The original donation was towards the conversion of the old gym lo additional accommodation now that we have access lo the Injured Jockeys Fund gym in Peter O'sullevan House_ The Recreation Room fund has been repurposed towards providiThJ a new classroom for use by the Newmarket Pony Academy. The original donation was restiicted towards the constnjction of a recfealion rwm to seNe the additional accommryjation which will result from Ihe gym conversion. The Front Loader fund relales to a donation in the year which was used to fund the purchase of a front loader. the expenditure relates lo the depreciation. The Newmarket Pony Academy INPAI works'Nith local primary Schools to provide one-week programmes that introduce the children to horses and ponie5 and the NPA Fund relates to donations made through the year towards the project, donation5 received in the year and subsequently will allow the project to run for an initial three-year period, during which time we wll work to create a sustainable funding model for the project over the long term. Page 36
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p39149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 IT suite donation was received in the year to fund the redevelopment of our IT suite, induding upgrading the computers and purchasing new classroom fumiture, the redevelopment has now been completed. The electric car project has been funded by the Gerald Leigh Charitable Trust to fijnd an electric car and charging point onsite. The American bam project has been funded by the John Pearce Foundab"on during the year to fund the running costs of the American Bam which refLwbishment was funded in previous years. The restricted fund from the Childwick Trust during the year is to provide funding for a post of a fundraiser within the charity in order to generate further fundraising income. The Riding a Dream Academy has been estsblished to carry on Khadijah Mellajh's legacy by supporting young riders aged 14-18 from underrepreserted communities, disadvantaged backgrounds and diverse ethnic backgrounds get into racing. Donations during the year comprise £164,498 from the Racing Foundation and £28.800 from the Peter O'sullevan Trust. The Environmental Education fund relates to a donation from the Racing Foundation for the development of an environmental su51ainability education too15 for the wider racing industry and a leamillg module for the Foundation Course student5. The Flexible Leaming Programme relates to donations from The Hargreaves Foundation and the Worshipful Company of Saddlers. A weekly allemative leaming provision offered to year 10&11 pupils from local schools to increase educational engagement and gain skills and qual[rliOnS which lead to careers in British horseracing. Summary of funds Summary of funds - current year Balance at 1 August 2022 Transfers inlout Gainsl Balance at (Losses) 31 July 2023 Income Expenditure General fijnds 2,904,255 2,604,534 4.035,772 448,333 14,395,151) 1681,3471 20,000 120,000) 179,863) 2.485,013 131,234) 2,320,286 Reslricled funds 5,508.789 4.484.105 15.076,4981 (111.097} 4.805.299 Summary of funds - prior year Balance at 1 August 2021 Transfers inlout Gainsl Balance at (Losses) 31 July 2022 Income Expenditure General funds 3,305.842 2,555.399 4.050,612 14,403,458} 387.838 1261,694) 53,659 153.6591 1102.4001 2,904,255 123,3501 2,604.534 Restricted fund5 5,861.241 4.438,450 14,665,152} 1125,7501 5,508.789 Page 37
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p40149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 23. Analysis of net assets between funds Analysis of net assets between funds- current year Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets 1,525,517 1.418,796 484,540 1943.840) 1,274,324 733,615 312,347 2,799,841 2,152,411 796,887 {943.840) Creditors due within one year Total 2.485,013 2,320,286 4,805,299 Analysis of net assats betwaan funds - prior year Unre51ricted funds 2022 Restricted funds 2022 Total funds 2022 Tangible fixed assets Fixed asset investments 1,533,257 1,609,616 436,887 (675,5051 1.451.402 773.036 380.096 2,984,659 2,382,652 816.983 1675.505) Current assets Creditors due wthin one year Total 2,904,255 2,604,534 5,508,789 Page 38
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p41149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 24. Reconciliation of net movernent in funds to net cash flow frorn operating activities Group 2023 Group 2022 Not oxpondituro for tho ar {as por Statomont of Financial Activitiasl (703.490) 1352.452) Adjustments for: Depreciation charges {Gain5ylosses on inve5tment5 Investment income Profit on the sale of fixed assels 477.485 111.097 152.496} 1500} 110.668} 181,729) 268,335 481,436 125,750 139,941) 111,800) 9,262 1100,494) 42,465 DecTeasel{increase} in stocks {Increasel in debtors Increase in creditors Net cash provided by operating activities ,034 154,226 25. Analysis of cash and cash equivalents Group 2023 Group 2022 Cash in hand 214,214 72.668 163,380 235.995 Cash for investment Total cash and cash equivalents 286.882 399,375 Anatysis of changes in net debt At 1 August 2022 Cash flows At 31 July 2023 Cash at bank and in hand 163,380 11.459) 235,995 50.834 1.459 (163.327) 214.214 Bank overdrafts repayable on demand Liquid investments 72.668 397,916 (111,034) 286,882 Page 39
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 p42149 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 27. Pension comrnitments During the year ended 31 March 2)7 the Charity sel up a Group Personal Pension Scheme for those of ils employees who wshed to participate. The pension cost charge for the year represents contributions payable by the Charity into this pension scheme. The Charity was required to comply wth the automatic enrolmenl workplace pensions regulations from 1 August 2015. The Charity has amended the Group Personal Pension Scheme to ensure that it is compliant wth the workplace pension regulations. During the year pension contributions charged to the Statement of Financial Activities amount to £206,672 {2022'. £184,383}- At the balance sheet date, outstanding contributions amounted to £18,868 12022- £32,382} and are included in creditors. 28. Operatingloase commitments At 31 July 2023 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operatbng leases as follow5= Group 2023 Group 2022 Company 2023 Company 2022 Not later than 1 year 5,492 5.492 Related party transactions Other than the transactions disclosed in note 13. the Trustees consider that no other related party transaclions occurred during the year. Controlling party BRS Education Limited is controlled by it5 Board of Trustees. Accordingly. there is no single individual that can. or does, exert control over the Charity. Page 40
VrbJJkgunurvTrarwoCbc Ref. 7TB2thQ48YN 04 Mar2024 14..3.42 Gkff (UTC +0) D 1r2 P45 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 31. Principal subsidiaries The fotlowng was a subsidiary undertaking of the Company.. Name Company number Class of shares Holding Included in consolidation BRS Training Limited 03501079 Ordinary 100.10 Yes The financial results of the subsidiary for the year were: Name Inrne Expenditure Profit for the year Net assets BRS Training Limited 184,060 (126.374) 57.686 206,952 Page 41