2024-07-31-accounts

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 1144 Registered number: 08903538 Charity number: 1161555 BRS EDUCATION LIMITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 2144 BRS EDUCATION LIMITED CONTENTS Page Reference and Administrative Details of the Company, its Trustees and Advisers Chaimian's Ststement Trustees. Report 6-12 Independent Auditorfs Report on the Financial Statements 13-16 Consolidated Statement of Financial Activities 17 Consolidated Balance Sheet 18 Company Balance Sheet 19 Consolidated Statement of Cash Flows 20 Notes to the Financial Statements 21-43

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 3144 BRS EDUCATION LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trustees Julia Budd, Chair of Trustees Edward Creasy Simon Eliot (resigned 13 De￿mber 2023) Glen Fendley (resigned 11 December 2024) Lydia Hislop Stephen Johnson (resigned 13 December 2023) Claire Kubler (resigned 31 December 2023) Lee Moulson (resigned 4 September 2024) Henrietta Harris (resigned 17 April 2024) Justin Wadham Michael Bishop (appointed 13 December 2023) Sarah Drabwell (appointed 13 De￿mber 2023) Stuart Small (appointed 13 December 2023) James Passam (appointed 20 March 2024) Harry Derham (appointed 4 September 2024) Company registered number 08903538 Charity registered number 1161555 Registered office British Racing School Snailwell Road Newmarket Suffolk CB8 7NU Chief executive officei Andrew Braithwaite Independent auditor James Cowper Kreston Audit Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Page 1

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P4J44 BRS EDUCATION LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Bankers Barclays Bank plc 58 High Street Newmarket Suffolk CB8 8NH Solicitors Edmondson Hall 25 Exeter Road Newmarket Suffolk CB8 8AR Investment Manager Cazenove Capital Management 1 London Wall Place London EC2Y SAU Page 2

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 5144 BRS EDUCATION LIMITED CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 The Chair of Tnjstees. presents her statement for the year. 2024 has been both a successful and a challenging year for the British racing schcrf)I" challenging given an environment where funding for our specialist services is under scrutiny from all sides" successful in that demand for our training continues at a high level. We have had the privilege of seeing 144 young people graduate from our foundation course this year and of helping 189 apPrentI￿S who have been trained by us and are now working in the racing industry. This year has been one of transition wth the Horse Racing Industry People board recently publishing its strategy for the recruitment, training, and development of all those who work in racing. We have established a strong working relationship with the People Board as we have done with the Levy Board and the BHA and look forward to continuing to work with them to optimise the provision of leaming and education in our sport. We also continue to play our part within the local community" most recently working with many local trainers and Jockey Club Estates to provide housing in Newmarket for young people at the start of their careers in racing. We have been actively involved with many stakeholders locally to identify and reduce the use of illegal substances in NewTharket. Our strategy is clear. We are committed to developing world class riders wth a deep understanding of the horse. This principle is fundamental to everything we do. Our primary objectives are therefore to continue to improve the quality of our trainees, to seek every opportunty to make our courses more flexible and tailored to their needs and those of racehorse trainers. Funding for the British Racing School comes from three principal sOur￿s. The Govemment. through the Department of Education, The Levy Board and charitable organisations. Each have their own agenda and objectives- the promotion of education for all young people, creating and maintaining a committed and motivated workforce wthin racing, and helping young people to secure a bright future for themselves. We are very grateful to all our funders, and we remain very aware of our responsibility in helping them achieve their goals. Particular thanks go to those charities and foundations who have been unswerving in their support of everything we do. Without them, we would have been unable to develop our facilities, which are a vital part of what we offer to all of those we train. During 2024, the Riding a Dream Academy fomially became part of the school, and we are delighted by the achievements of our first scholars, who have benefited from this wondertul initiative. It allows us to demonstrate that there should be no social or economic barriers to prevent any young person from following their vocation to learn to be a top-quality rider. The Newmarket Pony Academy has again achieved its objectives,. to inspire children to fonn bonds with ponies, to allow them to develop both self*St￿M and their riding skills and to use the environment to focus and improve their desire to leam. Again, we offer sincere thanks to the charitable organisations that have enabled us to develop these initiatives. to the benefit of so many young people. Turning to the schc()l itself" 2024 has been a year when we have been able to reorganise and strengthen the ex￿lIent management team. without whom our Suc￿sS would not have been possible. l am very grateful to everyone at the school, both for their hard work throughout the year and for the sense of enjoyment they inspire amongst our students Page 4

VirhJaL8bJnaturg Transaction Ref. 4HGJ-JMX2-Y7BP 09 Apr 2￿25 1520..44 BST (UTC +11 D P 6144 BRS EDUCATION LIMITED CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 There have also been changes to the Board of Trustees. I would like to thank both Lee Moulson and Glen Fendley for the time, energy, skill and commitment they have provided to the board and wish them well for the future. We welcomed several new Trustees to the Board: most recently Hary Derham, well known racing trainer, Stuart Small and James Passam, both seasoned educators. and Sarah Drabwell the General Manager of Sandown Park racecourse and a qualrried accountant. This has allowed us to maintain the necessary level of expertise, experience, and skill to ensure that our school can flourish. Lastly, I would like to congratulate all those students who have successfully completed their courses at the school and their apprenticeships in the workplace. 09￿￿￿￿50¥￿.y￿*A$TlU[C+1I Julia Budd Chair of Trustees Date: 09 April 2025 Page 5

VirhJaL8bJnaturg Transaction Ref. 4HGJ-JMX2-Y7BP 09 Apr 2￿25 1520..44 BST (UTC +11 D P 7144 BRS EDUCATION LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 CHIEF EXECUTIVE'S REPORT As Julia has noted. we are in a period of transition, both wtth the formation of the Horseracing Industry People Board and other changes to the political and economic landscape. which has had an impact on our cost base and may potentially affect our Govemment funding. Whilst this presents challenges, it also provides opportunities to continue to develop our offer and tailor our courses to the needs of young people and to employers. Our aim is to play our part in developing worfd dass riders with a deep understanding of the horse, such that racehorse trainers in Britain continue to have access to the world dass staff that underpin the success of the sport in this country. We know we do this already: and there are many examples of BRS graduates playing key roles in racing yards at home and abroad. the challenge is to achieve this aim consistently. now and into the future. Given our aim, it is hugely encouraging that 'Our People, Racing's Future,, the workforce strategy for the British Horseracing Industry. has made horse facing roles its priority. We worked closely with the Board and Executive members of the People Board team as they produced the strategy and look forward to continuing to work with them as we move. collectively. into the implementation phase. Trainee recruitment remains a key part of our success, and to ensure that we continue to attract those with most potential we have increased our marketing budget, made improvements to our pony racing offer. developed a new, non-residential foundation course. and welcomed The Riding A Deam Academy as a formal part of the BRS. We know the positive impact our courses have on the lives of those who attend them and the wonderful careers the sport of horse raang offers" we remain committed to making the sport accessible to anyone with an interest in leaming more. Our work with ra￿cOurseS is particularly important in this regard" I would like to thank both Epsom and Ascot for welcoming our horses and ponies, enabling us to run taster weeks from their stables. and look forward to working with Yamiouth and Chelmsford City later in 2025. We continue to evolve the training delivered at the BRS and my personal thanks go in particular to the instructors for their commitment to improving and updating the way we coach, with a continuing emphasis on developing good horse people. We very much enjoy delivering the Jockey Coaching Programme on behalf of the sport whilst recognising that the vast majority of our graduates wll not ra￿ ride professionally. We have also improved our facilities through a full refurbishment of our indoor arena and we look forward to refurbishing and improving our main yard this summer. Thanks go to the John Pear￿ Foundation, the Gerald Leigh Charitable Trust and the Childwck Trust for making these improvements possible. The People Board are rightly focusing on the training and coaching that is provided to those working in racing in their workplace and on iniiiatives to support staff retention. In support of this aim, we look forward to further developing our support to employers through the apprenticeship programmes and the Jockey Coaching Programme and are excited to be part of the plans of the newly fomied Newmarket Housing Trust and the Stable Start Supported Lodgings scheme. Both these projects promise to have a huge impact on the housing provision available to young people entering the sport. Finally I would like to thank all those we have trained over the past ￿e1ve months; their passion for horses and horseracing combined with resilience. determination and a sense of fun is an inspiration to us all. Andrew Braithwaite Chief Executive Date: 09 April 2025 Page 6

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 8144 BRS EDUCATION LIMITED TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report together with the audited financial statements of BRS Education Limited and its subsidiaries for the period 1 August 2023 to 31 July 2024. The Annual Report serves the purposes of both a Trustees. report and a directors. report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's goveming document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordan with the Financial Reporbng Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Financial Review The financial performance for the year ending 31 July 2024 demonstrates positive momentum across several key areas. Our core training programs have maintained steady demand and the intemational training courses remain popular. Demand for cOnferen￿S and events has grown over the year. We have felt the ongoing impact of rising prices in operational costs. We are pleased to report a rise in the value of our investments, which has improved our financial position. As a result. the Charitys net surplus for the period, before depreciation, was £593,522 (2023: £226.005). The Trustees are mindful of the requirement to balance the needs of the Charity's current beneficiaries with the needs of future generations over the long term and therefore aim to balance income and costs accordingly. As result we are forecasting a breakeven position for the year end 31 July 2025. The operation of the Charity is funded from three main sources as well as significant charitable donations. The Education and Skills Funding Agency for the delivery of Study Programs and Apprenticeships" £1.300,102 was received in the year ended 31 July 2024 (2023.. £1,172.607). Industry funding via The British Horseracing Authorty 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 £1,400,845 (2023: £1.295,019). Course fees from various training activities, including courses for jockeys, trainers and other participants within the horseracing industry. A total of £1.135.617 {2023: £988.642) of course fees was generated in the year. The vast majority of expenditure in the year relate to the costs of delivering Apprenticeships and courses for the racing industry, and thus supporting the key objectives of the Charity. Costs are closely monitored and controlled wth savings being made where possible. The apportionment of all costs relating to charitable activities be￿een the delivery of traineeships, study programs and apprenticeships and other courses highlights the mutual reliance 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 cu￿ent level of activity can be sustained for the foreseeable fLrture. Fundraising The Charity is registered with the Fundraising Regulator and all fundraising activities undertaken are carried out wth reference to the Code of Fundraising Practice and best practice recommendations. The Charity does not use the services of any external fundraising companies. During the year no complaints were received in relation to the Charity's fundraising practices. Page 7

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 9144 BRS EDUCATION LIMITED TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Trading Performance Tumover of BRS Training Limited has continued to grow. with the conferences and events business continuing to recover. Costs of BRS Training Limited have been redU￿d to the minimum. while income has increased compared to the prior year, resulting in a profit of £64,110 (2023.. profit £57.686). Conference and events bookings remain strong, and the Trustees have approved the 2024-25 budget. which forecasts another year of profit. Investment Powers and Policy The Trustees intend that the real value of the fund's invesbnents be maintained and enhanced over the long temi through investment in a balanced. diversified portfolio of assets. Investment 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 permit the fijnds to be invested in the manner shown in note 21 to the financial statements. other than those relating to the Mellon Fund, there are no material restrictions on the operations and investment powers of the Charity in pursuance of its charitable obligations. The Charity's investment management is delegated to Cazenove Capital Management and managed on a balanced mandate. Performance is measured regularly against a range of ￿SE Indi￿S, the ARC Sterling Balan￿d Private Client Index (PCI) and CPI +3%. Reserves Policy and Going Con￿rn The Trustees have considered the expected future income and expenditure of the Charity and the likely impact of high inflation and our current intention is to maintain Yree reserves, equivalent to 3 months running costs" this amount will be held in cash or Index Linked Gilts. The Board have approved a breakeven budget for 2024- 25 and it is our intention that a surplus will be generated in future years. This will be achieved via a combination of cost control and increases in income generation. The Charity had unrestricted reserves of £2.624.171 (2023: £2,485,013). The level of reserves held in restricted fvnds is dictated by the speafic restrictions imposed by the donors as detailed in note 21 to the financial statements. All funds are held in furtherance of the Charity's principal activities. We continue to see strong demand for our training, both from young people and employers, indicating a strong need for our services. This level of demand combined with our contracts with the Education and Skills Funding Agency and Horseracing Betting Levy Board, and the cuThent quantum of our reserves, allows the Trustees to be confident that the Charity can continue to operate for the foreseeable fijture. STRUCTURE, GOVERNANCE & MANAGEMENT Governing Instrument The Apprentice School Charitable Trust was firsl established in 1980. On the 1 April 2016 the assets and liabilities of The Apprentice School Charitable Trust were transferred to BRS Education Limited (BRS). BRS Education Limited is a company registered in England and Wales under company number 08903538 and is governed by its memorandum and articles of association. It does not have share capital and the liability of members is limited by guarantee. BRS Education Limited is a charity under the tems of the Charities Act 2011 and its registration number is 1161555. Page 8

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 10144 BRS EDUCATION LIMITED TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Recruitment and Training of Trustees The Trustees of the BRS have specialist experien￿ and expertise in a range of areas that are of benefit to the activities of the Charity. Tnjstees serve for a temi of 3 years afteT which they may stand for further terms of 3 years. In order to ensure that we continue to recruit high-calibre Trustees from diverse backgrounds, the Trustee Board has agreed that for all future board vacancies, an appointments committee made up of Trustees and Senior Managers will be formed to advertise for, interview and select new Trustees. Increasing the diversity of the Board is a strategic aim of the Charity. 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 Service 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 Charity. Quarterty meetings are held to make strategic and policy decisions, as well as consideration of major capttal expenditure and significant operational decisions. in addition to formal meetings, the Chair and Trustees are also consulted at any time when it is deemed appropriate to do so. There are separate Safeguarding. Training & Education and Finan￿, Audit and Risk Committees which report to the main board. The implementation of policies and decisions 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 wholly owned trading subsidiary. BRS Training Limited (Company number 03501079). BRS Training Limited was incorporated in 1998 in order to allow the Charity to 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 Charity. Connected Charities and Organisations 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 wth the ne￿Y fonned Raang Industry People Board, a group that is tasked with setting the strategy for training in the racing industry. It also works closely with the National Horseracing College, Racing Welfare, the Injured Jockeys Fund and other charitable and representative organisations within racing. The Charity holds contracts with the Education and Skills Funding Agency for the delivery of Govemment funded Apprenticeships. 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, Operations Director, HR Director, Finance Director and Director of Education. The total employee benefits of the key management personnel in the period were £340.395 (2023: £323,984). Page 9

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 11144 BRS EDUCATION LIMITED TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Risk Management and Intemal 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 organisations and through their working knowledge of the Charity. and other charitable and commercial organisats'ons. Appropriate strategies are in pla￿ to mitigate these risks and risk management is an ongoing process which is embedded in the day-to-day operations of the Charity. The Trustees have overall responsibility for ensuring the Charity has appropriate systems of internal control. These systems are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include: an annual budget approved by the Trustees regular consideration by the Trustees of financial results. variance from budgets and non-financial performance indicators delegation of authority and segregation of duties established organisational structure and lines of reporting fomial written policies a risk register clear authorisation and approval levels fomial agendas for all Board activity During the year the Board of Trustees reviewed and amended the Charity's processes for classifying, assessing and mitigating risks. The principal risks that may impact the Chartty are ouuined below. Health & Safety and Safeguarding The health & safety and safeguarding of all those who are involved with the Charity, and in particular trainees and vulnerable people is taken very seriously at the Charity: 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. This risk is mitigated in a number of ways Given the inherent risks of working wth racehorses, considerable emphasis is placed on health and safety. We have comprehensive procedures in pla￿ to ensure that, where possible, we reduce any potential health and safety risk to the greatest extent possible. To provide this, health and safety requirements are 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 quarterly basis. The Charity consistently consults with specialists in health & Safety, including those on the Horse Welfare Board and within other equine disciplines. Additionally, an external health and safety expert periodically reviews our policies and provides additional guidance, ensuring that our practices remain robust and best practice. The Charity operates a Safeguarding Committee made up of Trustees. the Charity's Designated Safeguarding Lead and the Deputy Designated Safeguarding Lead's. The committee is chaired by a Trustee with safeguarding experience in an educational environment. The Safeguarding Committee reviews the Charity's safeguarding policies quarterfy to ensure the Charity meets best practice standards. The Safeguarding Committee conducts a Safeguarding review annually: this review includes interviewing 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 Recruitment Procedures when recruiting Trustees and staff. All staff receive Safeguarding training during the annual staff training week and at quarterly staff meetings. Page 10

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 12144 BRS EDUCATION LIMITED TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Govemment & Industry Funding The Charity is heavily reliant on continued Govemment and horseracing industry funding. In the year ended 31 July 2024 Government and horseracing industry fvnding amounted to 70% (2023 710A) of income from charitable activities. This level of dependency is expected to continue in the future. This risk is mitigated in a number of ways A dedicated Govemment Contracts Manager is employed to ensure regular contact wtth the relevant Government departments and to ensure continued compliance with the tenns of the Charity's contracts. The Charity is a member of the Association of Education and Leaming Providers and senior members of staff regulady attend seminars to ensure the Charity is aware of planned changes to Govemment funding. The Charity maintains a strong relationship with local MPS and the Minister for Skills. Trustees and senior members of staff meet regularly with representatives of the British Horseracing Authority. IPB and other trade bodies to ensure the Charity continues to meet the education and training needs of the industry: The Charity continues to broaden the scope of the training it delivers to reduce the dependence on Govemment and Industry funding. Statement of Trustees, responsibilities The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the .Company and of their incoming resources and application of resources, induding their income and expenditure. for that period. In preparing these financial statements. the Trustees are required to: elect suitable accounting policies and then apply them consistently" observe the methods and principles of the Charities SORP (FRS 102)" make judgements and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements" prepare the finanaal statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose wtth reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with 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 information to auditor Each of the persons who are Trustees at the time when this Trustees. Report is approved has confirmed that: so far as that Trustee is aware. there is no relevant audit infonnation of which the charitable group's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomation and to establish that the charitable group's auditor is aware of that informakn'on. Page11

Virtijalsunature Transaction Rel. 4HGMMX2-Y7BP 09Apr 2W25 152tr.44 BST (UTC +110 213 P 1&44 BRS EDUCATION LIMITED TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Auditor The auditor, James Cowper Kreston Audit. has indicated its willingness to continue in office. The designated Trustees will propose a motion re-appointing the auditor at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by: J B￿a￿ UST&rrc+l1 Julia Budd Chair of Trustees Date.. 09 April 2025 Page 12

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 14144 BRS EDUCATION LIMITED INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF BRS EDUCATION LIMITED Opinion We have audited the financial statements of BRS Education Limited (the 'parent charitable companv) and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balan￿ Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting 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 Finan￿al Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 July 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended; have been properly prepared in accordan￿ with United lQngdom 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 accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audFt of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan￿ wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have conduded that the Trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material Un￿rtaIntieS relating to events or conditions that, individually or collectively, may cast signfficant doubt on the Group's or the parent charitable company's ability to continue as a going concem for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Page 13

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 1944 BRS EDUCATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRS EDUCATION LIMITED (CONTINUED) Other information The other infonnation comprises the infomiation included in the Annual Report other than the financial statements and our Auditorfs Report thereon. The Trustees are responsible for the other infonnation contained within the Annual Report. Our opinion on the financial statements does not cover the other information and. ex￿pt to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be matertally misstated. If we identrfy such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters piescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audtt= the infonnation given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees. Report has been prepared in accordan￿ with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course 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 to which Companies Act 2006 requires us to report to you rf. in our opinion- the parent charitable company has not kept adequate and sufficient accounting records, or retums adequate for our audit have not been received from branches not visited by us" or the parent charitable company financtal statements are not in agreement with the accounting records and returns- or rtain disclosures of Trustees. remuneration specified by law are not made" or we have not received all the infonnation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees. Responsibilities Statement, the Trustees (￿0 are also the directors of the chantable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or e￿Or. In preparing the finanryal statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concem. disclosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operats'ons. or have no realistic alternative but to do so. Page 14

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 1f444 BRS EDUCATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRS EDUCATION LIMITED (CONTINUED) Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an Auditorfs Report that includes our opinion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always 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 Influen￿ 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 material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance wth a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than e￿Or, 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 with governan￿ around actual and potential litigation and claims- Enquiry of management and those charged with govemance to identify any material instances of noncomplian￿ with laws and regulations" Reviewing financial statement disclosures and testing to supporting documentation to assess complian with applicable laws and regulations., Perfonning audit work to address the risk of irregularib'es due to management override of controls. including testing of joumal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nomial course of business and reviewing accounting estimates for evidence of bias." A further description of our responsibilities for the audii of the financial statements is located on the Financial Reporting Council's website at: www.frc.or -uldauditorsres nsibilities. This description forms part of our Auditorfs Report. Page 15

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 17144 BRS EDUCATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRS EDUCATION LIMITED (CONTINUED) Use of our report This report is made solely to the charitable company's members. as a body, in accordan￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditorfs Report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and its members, as a bcmjy. for our audit work. for this report, or for the opinions we have formed. Fiona Hawkins Bsc (Hons) Msc FCA (Senior statutory 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: 1410412025 Page 16

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 18144 BRS EDUCATION LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legaaes Charitable activities 189.741 3.836.564 167.342 37.504 269.923 785.252 974,993 3,836,564 167,342 52,753 269,923 536,335 3,456,268 144,601 52,496 294,405 Income from BRS Training Ltd Investments 15.249 other income Total income 4.501.074 800,501 5,301,575 4.484,105 Expenditure on: Raising funds: Costs of BRS Training Ltd Investment management Charitable activities 93.337 9.042 4.418.228 6.961 93,337 13,157 5,184,443 6.961 97,910 14,982 4.958,385 5,221 4.115 766.215 Other expenditure Total expenditure 4.527.568 770,330 5,297,898 5,076,498 Net {expenditure)lincome before net gainsl(losses) on investments Net gainsl(losses) on investments (26.494) 114.597 30.171 55.874 3.677 170,471 (592,393) (111,097) Net incomel{expenditure) Transfers be￿een funds 88,103 51.055 86,045 (51.055) 174,148 (703,490) 20 Net movement in funds 139.158 34,990 174,148 {703,490) Reconciliation of funds: Total funds brought forward Net movement in funds 2.485.013 139.158 2,320.286 34.990 4,805,299 174,148 5.508,789 (703,490) Total funds carried forward 2,624,171 2,355.276 4,979,447 4,805,299 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 21 to 43 fonn part of these financial statements. Page 17

Virtijalsunature Transaction Rel. 4HGMMX2-Y7BP 09Apr 2W25 152tr.44 BST (UTC +110 213 P IW44 BRS EDUCATION LIMITED REGISTERED NUMBER: 08903538 CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Note Fixed assets Tangible assets Investments 14 2,972,776 1,835,449 2.799,841 2,152,411 15 4,808,225 4,952,252 Current assets stocks 16 40,550 312,641 73,626 639,390 22.700 487.305 72,668 214.214 Debtors 17 Investments 18 Cash at bank and in hand 1.066,207 796.887 Creditors: amounts falling due within one year 19 (894,985) (943.840) Net current assetsl(liabilities) 171,222 (146,953) Total assets less current liabilities 4,979,447 4,805,299 Total net assets 4,979,447 4,805,299 Charity funds Restricted funds 20 2,355,276 2,624,171 2,320,286 2,485,013 Unrestricted funds 20 Total funds 4,979,447 4,805,299 The Trustees acknowledge their responsibilities for complying 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: J BLLdd wN¥r¢￿) Julia Budd Chair of Trustees Date.. 09 April 2025 The notes on pages 21 to 43 fom part of these financial statements. Page 18

Virtijalsunature Transaction Rel. 4HGMMX2-Y7BP 09Apr 2W25 152tr.44 BST (UTC +110 213 P 20144 BRS EDUCATION LIMITED REGISTERED NUMBER: 08903538 COMPANY BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Note Fixed assets Tangible assets Investments 14 2,876,397 1,985,449 2.703,806 2,302,411 15 4,861,846 5,006,217 Current assets stocks 16 40,550 247,126 73,626 596,478 22.291 413.779 72,668 158.243 Debtors 17 Investments 18 Cash at bank and in hand 957,780 666.981 Creditors: amounts falling due within one year 19 (961,251) (924.851) Net current liabilities (3,471) (257,870) Total assets less current liabilities 4,858,375 4,748,347 Net assets excluding pension asset 4,858,375 4.748,347 Total net assets 4,858,375 4,748,347 Charity funds Restricted funds 20 2,335,276 2,523,099 2,320,286 2.428,061 Unrestricted funds 20 Total funds 4,858,375 4.748,347 The Company's net movement in funds for the year was £110.028 (2023 - £(761.176)). The Trustees acknowledge their responsibilities for complying 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.. Julia Budd Chair of Trustees Date.. 09 April 2025 The notes on pages 21 to 43 fom part of these financial statements. Page 19

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 21144 BRS EDUCATION LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activities 24 473,039 8,034 Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of fixed assets 52,753 6,202 (593,293) 487,433 52,496 500 Purchase of tangible fixed assets Movement of investments (292,667) 119,144 Net cash used in investing activities {46,905) (120,527) Change in cash and cash equivalents in the year 426,134 (112,493) Cash and cash equivalents at the beginning of the year 286,882 399,375 Cash and cash equivalents at the end of the year 25 713,016 286,882 The notes on pages 21 to 43 form part of these financial statements Page 20

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 22144 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 General infomiation BRS Education Limited 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. Its registered office and principal place of business is British Racing School. Snailwell Road. Newmarket. Suffolk, CB8 7NU. Accounting policies 2.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. BRS Education Limited meets the definib'on of a public benefit entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheTWtse stated in the relevant accounting policy. The Consolidated Statement of Financial Activiiies (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. 2.2 Income All income is recognised once the Group has entitlement to the income, tt is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entl￿ement to a legacy exists when the Group has sufficient evidence that a gift has been left to them (through knowledge of the existen￿ of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be 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 which the service is provided. Fees received in advance are held as liabilities and taken to income in the period in which the service is given. Donations Donations receivable for the general purposes of the Group are credited to unrestricted funds. Donations for purposes restricted by the wishes of the donor are taken to restricted funds where these wishes are legally binding on the Trustees. Other income 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 21

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 2S44 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (continued) 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party. it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis. All expenses including support costs and governan￿ costs are allixated to the applicable expenditure headings. Overheads and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates 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, external audit, any legal advice for the Trustees and all the costs of complying with constitutional and statutory requirements. such as the costs of preparing financial statements and satisfying public accountability. Support costs are those costs inCu￿ed directly in support of expenditure on the objects of the charity. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Expenditure on charitable activities is inCu￿ed on directly undertaking the activities which further the Group's objectives. as well as any associated support costs. 2.4 Basis of consolidation The financial statements consolidate the accounts of BRS Education Limited and all of its subsidiary undertaknngs ('subsidiaries'). 2.5 Interest receivable Interest on fvnds held on deposit is included when receivable and the amount can be measured reliably by the Group- this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initialty recognised at cost. After recognition. under the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred 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 straight-line method. Depreciation is provided on the following bases: Freehold buildings Training equipment Motor vehicles Fixtures and fittings All weather gallops 2-200/0 10-33% 250 330 &150 Page 22

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 24144 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (continued) 2.7 Investments Fixed asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date. unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised. are combined and presented as 'Gainsl(Losses) on investments, in the Consolidated Statement of Financial Activities. The Group does not acquire put options. derivatives or other complex financial instruments. A risk faced by the Group is volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk. and changes in sentiment concerning equities and within particular sectors or sub sectors. Current assets are those which have a maturity date of less than one year held for short-term investment purposes rather than cashftow. Cu￿ent asset investments are valued at fair value unless they qualify as 'basic' financial assets. Investments in subsidiaries are valued at cost less provision for impairment. 2.8 Stocks and work in progress Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes 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. Prepayments are valued at 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 short-temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation at 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 reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 2.12 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 2.13 Operating leases Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease temi. Page 23

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 2944 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (continued) 2.14 Pensions The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. The cost of these contributions is charged in the SOFA as incurred. The Group has no liability beyond making its contributions and paying across the deductions for the employees. contributions. 2.15 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated fvnds comprise unrestricted funds that have been set aside by the Trustees 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 which are to be used in accordance wth specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specitic fvnd. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circuMstan￿s. Critical accounting estimates and assumptions: The Company makes estimates and assumptions conceming the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a signrricant risk of causing a material adjustment to the carying amounts of assets and liabilities wthin the next financial year are discussed below. Critical areas of judgement: Tangible fixed assets (see note 14) Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. Page 24

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P W44 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Income from donations and grants Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations 114,019 75.722 15,765 769,487 129,784 845,209 169,653 366,682 Grants Total 2024 189,741 785,252 974,993 536,335 Total 2023 104,027 432,308 536.335 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total fijnds 2023 Income from the Education and Sknlls Funding Agency Industry contribution towards stable staff training Course fees received 1.300,102 1.400,845 1.135,617 1,300,102 1,400,845 1,135,617 1.172,607 1.295,019 988,642 Total 2024 3.836,564 3,836,564 3.456,268 Total 2023 3,456,268 3.456,268 Income from other trading activities Income from non charitable trading activities Unrestricted funds 2024 Total funds 2024 Total fijnds 2023 Income from BRS Training Ltd 167,342 167,342 144,601 Total 2023 144,601 144,601 Page 25

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 27144 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Investment income Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Investment income 37,504 15.249 52,753 52,496 Total 2023 36,471 16.025 52,496 Other incoming resources Unrestricted funds 2024 Total funds 2024 Total funds 2023 Miscellaneous income 50.709 36.782 81,375 95.843 5.214 50,709 36,782 81,375 95,843 5,214 108,703 28,611 82,891 73,700 500 Lease income Rental income Accommodation charge income Profit on disposal of fixed assets Total 2024 269,923 269,923 294,405 Total 2023 294,405 294,405 Analysis of expenditure on charitable activities Summary by fund type Uniestricted Restricted funds funds 2024 2024 Total 2024 Total 2023 Stsble staff training Other courses 3.365,112 1.053.116 263,998 502,217 3,629,110 1.555,333 4.161,278 797.107 4,418,228 766,215 5,184,443 4,958,385 Total 2023 4,281,250 677,135 4,958,385 Page 26

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 28144 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of expenditure on charitable activities (continued) Summary by expenditure type Stsff costs Depreciation Other costs 2024 2024 2024 Total 2024 Total 2023 Stable staff training Other courses 1.743.452 747.194 288,592 123,682 1,597,066 684,457 3,629,110 1,555,333 4,161,278 797.107 Total 2024 2,490,646 412,274 2,281,523 5,184,443 4,958,385 Total 2023 2,212.795 459,147 2,286,443 4,958.385 10. Analysis of expenditure by activities Support costs 2024 Total funds 2024 Total funds 2023 Direct costs 2024 Stable staff training other courses 2.903,288 1.244,266 725,822 311,067 3,629,110 1,555,333 4.161,278 797,107 Total 2024 4.147,554 1,036,889 5,184,443 4,958,385 Total 2023 3.975,381 983,004 4,958.385 Page 27

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 29144 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 10. Analysis of expenditure by activities (continued) Analysis of direct costs Stable staff training 2024 Other courses 2024 Total funds 2024 Total funds 2023 Staff costs 1,743,452 468.667 302.118 360,267 28.784 747,194 413,938 26,271 44,527 12,336 2,490,646 882,605 328,389 404,794 41,120 2,212,795 958,359 301,584 463,311 39,332 Direct costs Horse costs Catering Governance costs Total 2024 2,903,288 1,244,266 4,147,554 3,975,381 Total 2023 3,336,300 639,081 3,975,381 Analysis of support costs Stable staff training 2024 Other courses 2024 Total funds 2024 Total funds 2023 Depreciation Support costs 288.592 437.230 123,682 187,385 412,274 624,615 459,147 523,857 Total 2024 725,822 311,067 1,036,889 983,004 Total 2023 824.978 158,026 983,004 11. Auditorfs remuneration 2024 2023 Fees payable to the auditor in respect of: Audit and preparation of the BRS Education Limited annual accounts 16,940 15,400 Fees payable to the auditor in respect of: Audit and preparation of the BRS Training Limited annual accounts BRS Training Limited corporation tax fee 6,270 950 5,700 880 Page 28

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P W44 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 12. Staff costs Group 2024 Group 2023 Company 2024 Company 2023 Wages and salaries Social security costs other pension costs 2.069.238 200.517 220.891 1,828,680 177.443 206,672 2.054,238 200,517 220,891 1.823,680 177,443 206,672 2.490,646 2,212,795 2,475,646 2,207,795 The average number of persons employed by the Company during the year was as follows: Group 2024 Group 2023 Company 2024 Company 2023 Chief executive Training staff Administrative staff 37 41 37 41 16 13 16 13 Facilities management Catering 11 10 11 10 65 65 The number of employees whose employee benefits (exduding employer pension costs) exceeded £60,000 was: Group 2024 Group 2023 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 benefits of the key management personnel were £340,395 for the year (2023: £323,984). 13. Trustees. remuneration and expenses Ouring the year, no Trustees received any remuneration or other benefrts (2023: £NIL). During the year, one Trustee received remuneration for lecturing services totalling £9.794 (2023.. one Trustee £2,461). During the year, four Trustees were reimbursed travel expenses totalling £1,848 (2023: six Trustees £2,430). Page 29

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 31144 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 14. Tangible fixed assets Group Freehold property Plant and machinery Motor Fixtures and vehicles fittings Total Cost or valuation At 1 August 2023 Additions 8,538.492 552.592 (55.284) 435.533 10.039 (1.339) 245,275 21,670 {17,630) 850,838 8,994 (52,244) 10,070,138 593,295 (126,497) Disposals At 31 July 2024 9,035.800 4H233 249,315 807,588 10,536,936 Depreciation At 1 August 2023 Charge for the year On disposals 5,826.818 374.172 (55.285) 416.874 5,958 (1.339) 205,620 21,303 (16,643) 820,985 17,941 (52,244) 7.270,297 419,374 (125,511) At 31 July 2024 6,145.705 421.493 210,280 786,682 7.564,160 Net book value At 31 July 2024 2,890.095 22,740 39,035 20,906 2,972,776 At 31 July 2023 2,711,674 18,659 39,655 29,853 2,799,841 Included in land and buildings is freehold land at valuation of £250.000, wth a historical cost of £250,000 which is not depreciated. On 16 August 1996 the freehold property comprising The British Racing School together with 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 property's existing use and also its potential for other uses wthin the racing and bloodstock industry. This valuation was adopted in the financial statements for the year ended 31 March 1996 and all subsequent expenditure on freehold land and buildings has been induded 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 Assets.. and in implementing FRS 102, the Trustees decided to retsin the land and buildings at the current carying amount of £2.890,095 which comprises the valuation of £990,000 at 31 March 1996 augmented by expenditure since that date. In adopting this policy the Trustees are satisfied that the current carrying amounts have not been subject to impaimient and the valuation has not therefore been formally updated. Had the valuation at 31 March 1996 not been adopted the carying amount of the freehold land and buildings would have been a cost of £8,989,676 accumulated depreciation of £6,726,766 resulting in net book value of £2,262.910. Page 30

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 32144 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 14. Tangible fixed assets (continued) Company Freehold property Plant and machinery Motor Fixtures and vehicles fittings Total Cost or valuation At 1 August 2023 Additions 8,117.062 552.592 (55.284) 335,405 4,042 (1.339) 245,275 21,670 (17,630) 790,853 7,547 (52,244) 9,488,595 585,851 (126,497) Disposals At 31 July 2024 8,614.370 338,108 249,315 746,156 9,947,949 Depreciation At 1 August 2023 Charge for the year On disposals 5,499.832 368.635 (55.285) 317,840 4,031 (1.339) 205,620 21,303 {16,643) 761,497 18,305 (52,244) 6,784,789 412,274 (125,511) At 31 July 2024 5,813.182 320.532 210,280 727,558 7,071,552 Net book value At 31 July 2024 2,801.188 17.576 39,035 18,598 2,876,397 At 31 July 2023 2.617,230 17.565 39,655 29,356 2,703,806 Page 31

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 3S44 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 15. Fixed asset investments Rory MacDonald Investment and James Funds Harris Fund Mellon Fund Total Group Cost or valuation At 1 August 2023 Cash movement 1.449,989 6,995 (9,043) 37,504 114,597 (475,000) 110.357 (2.071) (353) 4.847 6.168 (20.000) 592,065 (5,897) (3,762) 10,402 49,706 (31,055) 2,152,411 (973) (13,158) 52,753 170,471 (526,055) Management fee Investment income Unrealisedlrealised gain Drawdown At 31 July 2024 1.125,042 98,948 611,459 1,835,449 Net book value At 31 July 2024 1.125,042 98.948 611,459 1,835,449 At 31 Juty 2023 1,449,989 110,357 592,065 2,152,411 Group Material Investments Investments representing individually over 5% of the portfolio valuation at the year end were: 31 July 2024 Portfolio O 2024 Non-UK Equities Non-UK Bonds UK Bonds Alternatives - structured products and other 996,627 124,487 258,452 414,184 06.79 14.09 22.58 Page 32

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 34144 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 15. Fixed asset investments (continued) Investments Rory in MacDonald subsidiary Investment and James companies Funds Harris Fund Mellon Fund Total Company Cost or valuation At 1 August 2023 Cash movement 150.000 1.449,989 6,995 (9,043) 37,504 114,597 (475,000) 110.357 (2.071) (353) 4.847 6.168 (20.000) 592,065 (5,897) (3,762) 10,402 49,706 (31,055) 2,302,411 (973) (13,158) 52,753 170,471 (526,055) Management fee Investment income Unrealisedlrealised gain Drawdown At 31 July 2024 150,000 1.125,042 98,948 611,459 1,985,449 Net book value At 31 July 2024 150.000 1.125,042 98.948 611,459 1,985,449 At 31 Juty 2023 150,000 1,449,989 110,357 592,065 2,302,411 On 29 January 1998 BRS Education Limited acquired the whole of the issued share capital 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 services. including room hire and catering. A summary of rts trading activity is disclosed in note 31. 16. Stocks Group 2024 Group 2023 Company 2024 Company 2023 Merchandise and student clothing Animal feed and bedding Catering stock 17.937 13.500 9.113 11.549 11.151 17.937 13,500 9,113 11,140 11,151 40,550 22,700 40,550 22,291 Page 33

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 3944 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 17. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Due within one year Trade debtors 140.476 16.281 155.884 331.545 7.367 148.393 108,399 4,001 134,726 280,586 1,759 131,434 other debtors Prepayments and accrued income 312,641 487,305 247,126 413,779 18. Current asset investments Group 2024 Group 2023 Company 2024 Company 2023 Cash for invesbnent 73.626 72.668 73,626 72,668 Page 34

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P W44 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 19. Creditors: Amounts falling due within one year Group 2024 Group 2023 Company 2024 Company 2023 Trade creditors 142.991 296,892 140,565 102,009 268,615 38,360 Amounts owed to group undertakings Corporation tax other taxation and social security other creditors 20.311 76.115 50.500 605.068 9.857 51.106 68.771 517.214 76,115 50,500 592,062 51,106 68,771 497,999 Accruals and defe￿ed income 894,985 943,840 961,251 924,851 Group 2024 Group 2023 Company 2024 Company 2023 Deferred income at 1 August 2023 Resources defe￿ed during the year Amounts released from previous periods 352,878 376,192 (352.878) 281.958 352,878 (281.958) 351,123 374,712 (351,123) 370,659 351,123 (370,659) 376.192 352.878 374,712 351,123 Defe￿ed income relates to amounts received in advance for courses that have yet taken place and advan￿ receipts for services to be performed under contractual agreements. Page 35

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 37144 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 20. Statement of funds Statement of funds - current year Balance at 1 August 2023 Transfers inlout Gainsl Balance at (Losses) 31 July 2024 Income Expenditure Unrestricted funds Charitable company and subsidiary 2,485,013 4.501,074 (4,527,568) 51,055 114,597 2,624,171 Restricted funds Building Fund Mellon Fund 1,050,024 621,102 42,684 (132.900) {3.762) (8.141) 917,124 646,393 34,543 10.402 (31,055) 49,706 New Bam Fund Rory MacDonald and James Harris Fund 112,514 4.847 (353) {20,000) 6,168 103,176 Moller Wing conversion 30,361 (2.453) 27,908 Front loader (Godolphin) The Newmarket Pony Academy Riding a dream Gallops Fund IT suite 1.119 149,257 28,976 76,740 15,000 183.158 173.442 (192,942) (201.347) (37.277) 139,473 1,071 39,463 15,000 Electric car project John Pearce bam 16,360 {6.476) 9,884 142,767 30,382 48.000 (68,458) (24.996) 122,309 5,386 Childwick Trust Environmental Education Fund 3.000 11.300 (8.580) 5,720 Flexible Learning Fund Gerald Leigh accessibilty fund John Pearce Indoor school JRA room Outdoor arena fencing 44,728 (44.728) 36.457 (29.624) 6,833 257.867 10,000 {2,157) (172) 255,710 9,828 16.860 (1,405) 15,455 Page 36

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 3PJ44 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 20. Statement of funds (continued) Statement of funds - current year (continued) Balance at 1 August 2023 Transfers inlout Gainsl Balance at (Losses) 31 July 2024 Income Expenditure Horse health fund 3.440 (3.440) 2,320,286 800,501 (770.330) (51,055) 55,874 2,355,276 Total of funds 4,805,299 5.301,575 (5,297,898) 170,471 4,979,447 Statement of funds - prior year Balance at 1 August 2022 Transfers Gainsl Balance at inlout (Losses) 31 July 2023 Income Expenditure Unrestricted funds Charitable company and subsidiary 2.904,255 4,035,772 (4.395,151) 20.000 (79,863) 2.485,013 Restricted funds Building FurKI Mellon Fund 1.183.018 640.156 50.825 (132,994) {3.812) {8.141) 1.050,024 621.102 42,684 10,412 (25,654) New Bam Fund Rory MacDonald and James Harris Fund 132.880 5.613 (399) (20.000) (5,580) 112.514 Moller Wing Conversion 32.814 120.000 78.700 {2.453) 30,361 Gym conversion Recreation room {120.000) (78.700) Front loader (Godolphin) The Newmarkey Pony Academy Gallops fund IT Suite Electric car project American bam project Childwick Trust 3.675 {2,556) 1.119 126.023 127,000 (182,466) (43,260) 78.700 120.000 149,257 76,740 15,000 16,360 15,000 22,840 {6,480) 143,225 55.378 48,000 (48,458) (24.996) 142,767 30.382 Page 37

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P 39144 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 20. Statement of funds (continued) Statement of funds - prior year (continued) Balance at 1 August 2022 Transfers inlout Gainsl Balance at (Losses) 31 July 2023 Income Expenditure Riding a dream Environmental Education fund 193,298 (164.322) 28,976 19.280 (16.280) 3,000 Flexible Learning fund 44,730 (44,730) 2.604.534 448,333 (681,347) (20.000) (31,234) 2.320,286 Total of funds 5.508,789 4,484.105 (5.076,498) (111,097) 4,805,299 21. Statement of funds - notes The Building Fund comprises net incoming resources for which the uses are expressly restricted to the construction and development of the facilities at The British Raang School in pursuance of the charity's stated objectives. The Mellon Fund comprises an initial donation of £349,005 in 2001 and a further donation of £49,162 in 2002 from the Executors of the Estate of the late Paul Mellon and its use is restricted to expenditure 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 50kn 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 within the prescribed use. as described 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 Racing School in pursuance of the charitys stated objectives. The James Harris 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 School from 1992 - 2014. The Rory MacDonald and James Harris Fund has been invested with Cazenove and is managed collectively. The Fund will be held to provide funding for young people wshing to attend courses at The British Racing School for whom there is no Govemment support. The Fund will 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. but who could benefit from the training provided and go on to successful careers in the racing industry. Page 38

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P40144 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Transfers from the Mellon Fund and the Rory MacDonald and James Harris Fund relate to the annual drawdowns in line with the temis of the Funds as described above. The Moller Wing conversion comprises a donation of £45.000 in 2019 which is restricted towards the conversion of the Moller Wing at the British Racing School. the expenditure relates to depreciation. The Front Loader fund relates to a donation of £9,OtMJ in 2020 which was used to fund the purchase of a front loader, the expenditure relates to depreciation. The Newmarket Pony Academy (NPA) is a community project run by The British Racing School to provide free riding and horse care lessons to local young people aged 8-14. The aims of the project are to improve mental wellbeing. increase educational engagement and provide access to horses and ponies to young people who would otherwise not have the opportunity. The Riding a Dream Academy (RADA) was established in 2021. inspired by the achievements of Khadijah Mellah. the first British Muslim to win a horse ra￿. The Academy supports young people aged 14-18 from diverse ethnic, disadvantaged or otherwise under-represented backgrounds to access pathways into racing careers and make equestrianism more accessible. Donations during the year total £173.442. During the prior year we were given permission by respective funders to reallocate both the Gym Conversion and Recreation Room refurbishment projects which were put on hold due to the COVID-19 pandemic. The Gym Conversion fund was reallocated to the Gallops Fund. to be used for future repairs to the surface of our straight gallop. The Recreation Room fund was reallocated to provide a new classroom in the Newmarket Pony Academy. The IT Suite relates to a donation of £15.000 to redevelop our IT classroom, including upgrading our computers and purchasing new fumiture. The Electric Car relates to a donation of £25,000 by the Gerald Leigh Charitable Trust in 2022 to fund a school car and charging point onsite. The John Pearce Bam project relates to a donation of £150,000 in 2022 to fund a refvrbishment of an American Bam, referenced in previous notes to accounts as 'American Bam project,. The £48,000 donation in the year relates to the same project" providing an annual donation to support the 16 equine residents in the John Pearce Bam. The Childwick Trust relates to a donation of £75.LXJO in 2021 to fund the post of a Fundraising Manager at The British Racing School for three years. The Environmental Education Fund relates to donation(s) from The Racing Foundation for the development and continuation of the Environmental Sustainability in Racing educational programme. This programme is delivered extemally to racing industry stakeholders and intemally to BRS Foundation Course students. The Flexible Leaming Programme relates to donations from The Hargreaves Foundation and the Worshipful Company of Saddlers. A weekly Level 2 Diploma offered to year 10 & 11 pupils from local schools to increase educational engagement and gain skills and qualifications which lead to careers in British horseracing. The Gerald Leigh Accessibility Fund relates to donations in year totalling £36,457 to support the costs of 3x Gerald Leigh Racing Experience Weeks, lx Duke of Edinburgh Gold Award Residential and the Gerald Leigh Accessibility Fund. a discretionary fund to support the cost of equipment for students where finance is a barrier to participation in our courses. John Pearce Indoor School relates to a donation in year of £257.867 for the refurbishment of the School's indoor riding arena. Page 39

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P41144 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 JRA Room relates to a donation in year of £10.000 by the Japan Racing Association to refurbish their ne￿Y sponsored meeting room at The British Racing School. now called the 'JRA Room., Outdoor Arena Fencing relates to a donation in year of £16.860 from The Thompson Family Charitable Trust to fund new fencing around the menage. Horse Health Fund relates to a donation in year of £3.440 towards the cost of some dental treatment required on one of our resident thoroughbreds. 22. Summary of funds Summary of funds - current year Balance at 1 August 2023 Transfers inlout Gainsl Balance at (Losses) 31 July 2024 Income Expenditure General fvnds 2,485,013 4.501.074 (4,527.568) 51,055 114,597 2,624,171 Restricted funds 2,320,286 800.501 (770.330) (51,055) 55,874 2,355,276 4,805,299 5.301,575 (5,297,898) 170,471 4,979,447 Summary of funds - prior year Balance at 1 August 2022 Transfers inlout Gainsl Balance at (Losses) 31 July 2023 Income Expenditure General fvnds 2.904.255 4.035.772 (4.395.151) 20.000 (79,863) 2.485.013 Restricted funds 2.604.534 448,333 (681.347) (20.000) (31,234) 2.320,286 5.508.789 4,484,105 (5.076.498) (111,097) 4.805,299 23. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due wthin one year 1,485,235 1,085,880 948,041 (894,985) 1,487.541 749,569 118,166 2,972,776 1,835,449 1,066,207 (894,985) Total 2,624,171 2,355,276 4,979,447 Page 40

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P42144 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 23. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments 1,525,517 1,418,796 484,540 (943,840) 1,274.324 733.615 312.347 2.799,841 2,152.411 796.887 (943,840) Current assets Creditors due wthin one year Total 2,485,013 2,320.286 4,805.299 24. Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Group 2023 Net Incomel(experKliture) for the period (as per Statement of Financial Activities) 174,148 (703,490) Adjustments for: Depre￿atIOn charges (Gains)llosses on investments Investment income 419,374 (170,471) (52,753) (5,214) {17,850) 174,665 {48,860) 477,485 111,097 (52,496) (500) (10,668) (81,729) 268,335 Profit on the sale of fixed assets Increase in stocks Decreasel(Increase} in debtors (Decrease)Ilncrease in creditors Net cash provided by operating activities 473,039 8,034 Page 41

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P4S44 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 25. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 639,390 73,626 214,214 72,668 Cash for invesbnent Total cash and cash equivalents 713,016 286,882 26. Analysis of changes in net debt At 1 August 2023 Cash flows At 31 July 2024 Cash at bank and in hand 214,214 72,668 425,176 958 639,390 73,626 Liquid investments 286,882 426,134 713,016 27. Pension commitments During the year ended 31 March 2007 the Charity set up a Group Personal Pension Scheme for those of its employees who wished to partiapate. The pension cost charge for the year represents contributions payable by the Charity into this pension scheme. The Charity was required to comply with the automatic enrolment workplace pensions regulations from 1 August 2015. The Charity has amended the Group Personal Pension Scheme to ensure that it is compliant with the Workpla￿ pension regulations. During the year pension contributions charged to the Statement of Financial Activities amount to £220.891 (2023: £206,672). At the balan￿ sheet date. outstanding contribub'ons amounted to £17,683 (2023: £18,868) and are included in creditors. 28. Operating lease commitments At 31 July 2024 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows: Group 2024 Group 2023 Company 2024 Company 2023 Not later than 1 year 1,373 5.492 1,373 5,492 Page 42

VirlualSbJnaiure Transaction R8f. 4HGJ-JMX2.Y7BP 09 Apr 2025 1520..44 BST IIThC +1) D 2r3 P44144 BRS EDUCATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 29. Related party transactions other than the transactions disdosed in note 13, the Trustees consider that no other related party transactions occurred during the year. 30. Controlling party BRS Education Limtted is controlled by rts Board of Trustees. Accordingly, there is no single individual that can. or does. exert control over the Charity. 31. Principal subsidiaries The following was a subsidiary undertaking of the Company= Name Company number Class of shares Holding Included in consolidation BRS Training Limited 03501079 Ordinary 100% Yes The financial results of the subsidiary for the year were: Name Income Expenditure Profit for the year Net assets BRS Training Limited 205,130 (141,020) 64,110 271,063 Page 43