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Registered number: 08903538
Charity number: 1161555
BRS EDUCATION LIMITED
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

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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

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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
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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
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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
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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
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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
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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.
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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.
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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).
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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.
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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.
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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
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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
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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.
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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
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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.
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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.
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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
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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
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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
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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
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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).
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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.
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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
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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
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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
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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
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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.
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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
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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
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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.
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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.
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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
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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
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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
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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