VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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 De￿mber 2023)
Claire Kubler (resigned 31 De￿rnber 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 Al￿1t
Chartered Accountants and Statutory Auditor
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB
Page 1

VrbJJkgun*urvTrarwoCbc￿ 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 ra￿ng - 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 Ne￿market 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 ra￿ng 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 kno￿edge 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

VrbJJkgun*urvTrarwoCbc￿ 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 fu￿re 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 APPrenti￿shIpS 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 apprenti￿shIpS 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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
forn￿1 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 H0rSera￿ng
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

VrbJJkgun*urvTrarwoCbc￿ 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 pla￿d 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 G￿erallY 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

VrbJJkgun*urvTrarwoCbc￿ 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 compan￿9 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 ffinan￿al statements is appropriate.
Based on the work we have perfomied. we have not identified any material un￿rtaInlieS 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 COn￿M are described in the
relevant sections of this rewt
Page 11

VrbJJkgun*urvTrarwoCbc￿ 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 finan￿al 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 kno￿edge 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 ne￿sSary 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

VrbJJkgun*urvTrarwoCbc￿ 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 reaSona￿e assurance about whether the financial statements as a whole are free
from material misslatemenl, whether due to fraud or e￿Or, 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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 ffinan￿aI 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 ffinan￿al 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￿￿{Urc￿ty
Julia Budd
Chair of Trustees
Dale=
04 March 2024
The notes on pages 19 to 41 fonn part of these financial statements.
Page 17

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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 In￿rred 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 incU￿ed 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

VrbJJkgun*urvTrarwoCbc￿ 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 finan￿al 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

VrbJJkgun*urvTrarwoCbc￿ 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 wh￿ch 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 $￿c1￿C 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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} ex￿eded
£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

VrbJJkgun*urvTrarwoCbc￿ 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 ca￿￿n9 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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
A￿eMatives- structured products and other
1,035,695
369,906
598,275
48.24
17.23
27.86
Page 30

VrbJJkgun*urvTrarwoCbc￿ 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 r￿rn 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

VrbJJkgun*urvTrarwoCbc￿ 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
C￿npanY
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

VrbJJkgun*urvTrarwoCbc￿ 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
C￿npanY
2022
Bank overdrafts
Trade creditors
1,459
118.497
1,459
114,536
296,892
268,615
38.360
Amounts owed to group undertakings
co￿oration 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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 Ra￿ng 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 depre￿ation.
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

VrbJJkgun*urvTrarwoCbc￿ 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[r￿liOnS 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ 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

VrbJJkgun*urvTrarwoCbc￿ Ref. 7TB2thQ48YN 04 Mar2024 14..3*.42 Gkff (UTC +0) D 1r2 P￿45
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
In￿rne
Expenditure
Profit for
the year
Net assets
BRS Training Limited
184,060
(126.374)
57.686
206,952
Page 41