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2023-12-31-accounts

THE BRITISH HORSE SOCIETY

(Company Registration Number 00444742) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

CONTENTS

Vice-Patron’sIntroduction 1
Chair’s Statement 2 and 3
Trustees’Report 4 to 7
Strategic Report 8 to 20
Officers and Directors 21
Administrative details, advisers and company information 22
Report of the Auditors 23 to 26
Consolidated Statement of Financial Activities 27
Society Statement of Financial Activities 28
Balance Sheets 29
Consolidated Statement of Cash Flows 30
Society Statement of Cash Flows 31
Notes to the Financial Statements 32 to 52

THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 VICE-PATRON’S INTRODUCTION

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 CHAIR’S STATEMENT

The Board of Trustees, which also acts at the Board of Directors for the purposes of the Companies Act, presents The British Horse Society’s Annual Report and Financial Statements for the year ended 31 December 2023. In doing so the trustees have adopted the provisions and guidance of all relevant legislation and standards.

Everyone involved in the Society’s work is striving as hard as ever to deliver the charitable objectives of the Society and bring to the fore the special experience of the unique horse/human bond. Our focus remains to generate impact where it is most needed and as you read through our Strategic Report you will certainly be impressed by the sheer breadth and complexity of our range of activities.

During 2023 our Access Team reached the notable landmark of registering its 3,000th definitive map modification order application. Whatever deadline is decided by government for the extinction of recognised routes our determination to identify and preserve ancient routes and rights of way on the definitive map is bearing fruit with another 500km saved in 2023.

The Safety Team remains the very model of partnership working and collaboration. The strength of our multi-agency work in this area is evidenced by the local impact of Close Pass operations and increased signage in accident hotspots - while also having a very clear and consistent voice in national discussions and debates. All this while working hard to embed awareness of the Highway Code changes for vulnerable road users agreed in 2022.

The Horse Care and Welfare Team has increased its level of direct support, guidance and advice and continues to deliver on the spot treatment and care through its clinics and health days. With two – significant equine campaigns - awareness weeks for Strangles and Dental issues plus supporting vital work into Equine Grass Sickness their programme of work in 2023 is comprehensive and mind boggling.

In terms of participation, British Riding Clubs has carried out a comprehensive review of its operations and implemented positive changes to both the administrative and competitive elements of its activities, all geared towards an improved service for competitors.

Assistance and support are the key words regarding our Approved Centre Scheme. Post pandemic recovery has been vital and we continue to gradually increase the number of BHS approved establishments and offer advice and business support through our network of dedicated managers. There is a clear connection between education, qualifications, the provision of training and coaching and the needs of the industry. The Career Transition Fund, assisting learners through equine career pathways, has gone from strength to strength in 2023, and continues to grow its impact in 2024.

Alongside this initiative the Education Team, in liaison with our awarding organisation, BHSQ, continues to strike the balance between innovation, qualification development and the requirements of quality control and the discipline required in offering regulated qualifications.

Perhaps the personal highlight of the year for so many who attended was the showcasing of the impact of our Changing Lives Through Horses programme at Saddlers Hall in June. The assembled audience were impressed, and moved, by the stories of those young people who had faced and overcome challenges in their lives by their interaction with horses. The numbers of participants continue to rise and we are constantly approving new centres and accrediting new coaches to deliver this literally, life changing initiative.

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 CHAIR’S STATEMENT

However, the organisation cannot keep moving forward at such a pace without commensurate improvement to its systems, business information and infrastructure. 2023 saw the commencement of fundamental strands of work around digital transformation, customer insight and brand development, Diversity, Equity, and Inclusion and developing and supporting our amazing volunteer network. These, together with formulating our overall Strategic Plan for 2025 to 2027, will aim to future proof the Society and enable it to have greater capacity and capability to grow, influence, and make an even greater impact.

I am delighted that we can report so positively on our financial position. The Society has been able, in each of the last five years, to make the decision to earmark funds out of in-year surpluses and create designated funds to support projects to maximise charitable impact and to improve our infrastructure. And though our membership numbers continue to grow steadily, and revenue from membership and the associated gift aid remains the current bedrock of our finances, we are always seeking ways to diversify and increase other sources of revenue.

We have keenly awaited the results of this year’s trustee election which were announced in July 2024. We are very pleased to retain Karen Silcock as Generalist Trustee with Financial Knowledge for a second term of three years and to welcome Samantha Gregory as our newly elected Generalist Trustee. In so doing we extend our sincere thanks to Kerryn Haynes for her knowledge, experience and immense contribution during her three-year term as a Generalist Trustee. Many thanks to all our candidates for their support of the Society and for their participation in the trustee election, which remains one of the cornerstones of our governance structure.

We were delighted and greatly honoured to be recently informed that The British Horse Society has received the Royal Patronage of His Majesty King Charles III. His Majesty becomes the second monarch to be Patron of The BHS, with the Royal Patronage first awarded by Her Majesty Queen Elizabeth II in 1952. We continue to be extremely grateful for the support and engagement of our Vice-Patron, Her Royal Highness The Princess Royal. The heartfelt connection both His Majesty and Her Royal Highness demonstrate for their horses and the wider equestrian community clearly communicates and confirms how important horses are in society.

I hope you enjoy reading the following pages and join me in thanking our trustees, volunteers, members, supporters, sponsors, partners and the whole executive team for their collective efforts in delivering another successful year.

Sally McCarthy Chair of the Board of Trustees

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 TRUSTEES’ REPORT

Status

The British Horse Society is a charitable company incorporated in England. It does not have a share capital and is limited by guarantee. The company is registered as a charity with the Charity Commission and the Office of the Scottish Charity Regulator.

Objectives

The Society’s charitable objectives are outlined in Article 2 of the Society’s Articles of Association:

For the purpose of the Society’s objectives and activities, horse means any member of the family Equidae.

Our Vision

Every horse is respected, protected and enjoyed by knowledgeable, caring people.

Our Mission

We are the charity dedicated to knowledge and encouraging people and horses to enjoy life together.

Our Values

H orses First The horse is at the heart of all we do. O ne Team We collaborate with and value our employees, members, supporters and partners.

R espect We are inclusive and deliver with respect, integrity, dedication and passion. S upportive We support horses and people to enjoy life together safely. E xcellence We strive for excellence in everything we do.

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 TRUSTEES’ REPORT (continued)

Board of Trustees

The Board of Trustees governs the Society and is responsible for the management of the charity’s affairs. The Board consists of:

Elected members serve a term of office of three years, co-opted members serve a term of office until the next trustee election. Elections are held annually and are structured to elect members to the board with appropriate and complementary skills and expertise.

Legal Status of Trustees

The Board of Trustees are registered as trustees with the Charity Commission. They are also the statutory directors of the company and as such are registered with Companies House. Throughout this report the term trustee is used to mean a trustee and statutory director of The British Horse Society. The term d irector is used to mean a senior member of staff in charge of a directorate.

Qualifying third party indemnity provision is in place for all trustees and directors.

Induction of Trustees

Newly elected trustees take part in a comprehensive induction which sets out their duties and responsibilities as trustees, together with a programme setting out the aims and operations of the Society and its strategic objectives. The trustees have access to professional and legal advisers and receive briefings and training on any legislative or good practice issues in respect of the Society's affairs.

Board Activity

The Board of Trustees meets a minimum of six times each year, and in addition, meets with the Society's senior staff to set the direction and strategy of the charity. This cycle of meetings establishes, monitors and evaluates the Society's plans; develops strategies for the delivery of the Society's objects; and identifies the resources, financial and human, required to deliver them.

Board Committees

The Society’s Articles make provision for three committees with specific rules for their composition, remit and the frequency of meetings:

The Board may also appoint such other Board or Advisory Committees as shall be considered beneficial to the Society and delegate to them such powers and functions for them to perform their purpose.

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 TRUSTEES’ REPORT (continued)

Disclosure of Information to Auditor

The Board of Trustees engages an independent firm of auditors and so far as the trustees are aware there is no relevant audit information of which the charitable company’s auditor is unaware, and they have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Trustees’ Responsibilities in Respect of the Trustees’ Annual Report and Accounts

The Board of Trustees is responsible for preparing the Trustees Annual Report and Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare accounts for each financial year, which give a true and fair view of the state of affairs of the charitable company and the group, and of the income and expenditure of the group for that period. In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose, with reasonable accuracy at any time, the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Going Concern

The trustees confirm that they consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements, and do not consider that there are any material uncertainties to the group's ability to continue to do so over a period of at least 12 months from the date of approval of the financial statements. Further detail is provided in the Going Concern accounting policy on page 34.

Public Benefit

The trustees confirm, that in their opinion they have complied with the duty in Section 17(5) of the Charities Act 2011, to have due regard to public benefit guidance issued by the Charity Commissioner. The objectives of the Society benefit every horse and rider and the public at large.

The Society contributes to the safety and growth of the equestrian industry by encouraging people of all ages and from all sections of society to participate in equestrian activities, by promoting a range of horse-related activities, by working to maximise the opportunities for people to ride in safe environments, and by supporting those people and businesses who provide equestrian facilities.

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 TRUSTEES’ REPORT (continued)

Investment Policy

The trustees reviewed the Investment Policy during the year and the key components of the policy are as follows:

Website and Other Media Channels

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Society's website and other media channels. The trustees are mindful that legislation in the United Kingdom, particularly governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

Reserves

The management of the Society's reserves is an integral part of the trustees' overall approach to planning and risk management, and the framing of an appropriate reserves policy is essential to the ongoing delivery of the Society’s charitable objectives. In determining a Reserves Policy, the following factors have been considered:

Reserves Policy

Ultimately, the trustees wish to maintain freely available reserves at a level that enables the charity to withstand a significant loss in revenue. The trustees have identified that the exposure from such a significant loss would be within an operating range of £5.0 million to £6.5 million. The trustees require that cash or assets easily convertible to cash are maintained at that operating range.

The trustees have also identified that the level of non-refundable income deferred into future periods is sufficient to sustain 6 months' worth of staff resource.

In addition, the trustees seek to earmark funds generated in year for programmes and projects to:

The level of unrestricted, undesignated consolidated reserves at 31 December 2023 is £5,905,000 (2022: £5,628,000) which is within the acceptable range identified by the trustees.

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 STRATEGIC REPORT

The Society makes an impact in each of its areas of work and across each of its territories. The Strategic Report outlines that impact, by department, by activity, and identifies the beneficiary or stakeholder group where possible.

Access

The Society continues to raise the profile of equestrian access across the country, with our UK-wide team of Access Field Officers responding to over 400 consultations in 2023, all involving the provision of increased equestrian access.

We have collaborated with other user organisations to produce the Outdoors for All manifesto. There – are three main tenets to the document: More People, More Active, More Often; Nature Rich Spaces that Everyone, Everywhere, Can Access; A Commitment to Respect, Protect and Enjoy Our Special Spaces.

During 2023 our Project 2026 registered its landmark 3000th definitive map modification order application. This was submitted by our Regional Access and Bridleways Officer for Yorkshire seeking to upgrade 1.91km of footpath to bridleway status. In all, 491 applications were submitted in 2023 saving approximately 500km of equestrian routes from extinguishment in 2031.

We still aim to lobby for the 2031 cut-off date for the recognition of routes and rights of way on the definitive map to be repealed. The Society considers that there should be many more classes of routes that should be recognised and submitted a list of 16 classes of routes that should be excepted from the cut-off date to the Secretary of State. In addition, we have made representations to the Prime Minister, Kim Leadbeater MP and Chair of the APPG and the APPG for the Horse in respect of equestrian access issues.

2023 saw the first full programme of in-person Restoring the Record training courses delivered by access volunteers, Sarah Bucks and Phil Wadey, since before the pandemic in 2019. Well attended and well received sessions were held in London, Cambridge, Birmingham and Nottingham.

The Society’s Ride Out and Rideathon campaign raised £31,000 for the Society’s Ride Out Fund which enabled 10 access schemes to come to fruition in 2023 as part of our wider Paths for Communities initiative.

With many local authorities refusing to commit funds to the improvement of the public rights of way network the Society has found it necessary to have to resort to legal action to ensure that equestrian rights of way are kept open for equestrians to use. Our Access Fighting Fund is tactically utilised to ensure that obstructions are removed, or undertakings are made to remove obstructions, from many equestrian routes and recent successes include routes in Surrey, Somerset and Yorkshire.

Again, using the Fighting Fund, the Society issued judicial review proceedings against Cornwall Council following its refusal to register the Society’s definitive map modification order applications - and we were ultimately successful in achieving registrations.

Our team of over 300 volunteer Access and Bridleways Officers continue to resolve local equestrian access issues for the 1.8 million people who ride UK-wide. The vast majority of our volunteers were able to attend specially provided training or one of our conferences in England and Scotland.

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 STRATEGIC REPORT (continued)

Our conference in England was a combined virtual access and safety conference with our best ever attendance. Our conference in Scotland celebrated the 20th anniversary of the Land Reform (Scotland) Act 2003, which gave equestrians an equal right of responsible access to the outdoors in Scotland, alongside walkers, cyclists and non-motorised users.

Through the Society’s continued membership of the Scottish Outdoor Recreation Alliance (SORA) this year we collaborated Nature Scotland, Police Scotland, Cairngorms National Park Authority, Loch Lomond and the Trossachs National Park Authority, Forestry and Land Scotland and Scottish Forestry to advocate for multi-use access. This partnership working gives rise to all manner of positive impacts – one example of which is Scottish Forestry issuing guidance to their staff emphasising that it is a condition of all grants issued by them that woodland managers must allow the public to exercise their right of responsible access to woodlands and forests.

In Wales, the Society played an instrumental role in bringing the Great Glamorgan Way, a magnificent network of linked horse and cycle trails, to fruition. We also supported the historical trekking class, which was under threat of closure, at the Royal Welsh Show and this gave the Society the perfect opportunity to promote its access and safety work. The Society continued to lobby the Senedd concerning active travel to try to ensure that equestrians are not adversely affected by active travel routes.

In Northern Ireland, the Society continues to feed into the development of the Future of Green Spaces in Northern Ireland 2030 Vision and Action Plan.

Education

Education Development

In 2023 we started an extensive review of our syllabuses to ensure our qualifications were continuing to meet the needs of the equine industry. The review has identified the need for an additional route and there will now be four options: General, Dressage, Eventing and Showjumping. We have also engaged with Skills Development Scotland to agree a route to review the Scottish Apprenticeship. These numbers are currently very low and we are working to develop a revised apprenticeship which will suit the needs of the industry and individuals alike.

In 2023 we completed our review of Education Policies. Always uppermost in our minds are the interests and wellbeing of the learner. We work independently, but very much in liaison with BHSQ to ensure our activities are relevant, appropriate, compliant with legislation and well delivered across all of our regions. As a result of this review the following policies involved the most significant changes;

Education Operations

The Operations Team have seen steady growth in the number of BHS Qualifications being taken. This is best measured in the number of educational units which have increased by 4% from 5078 units in 2022 to 5267 in 2023. This represents a continued improvement since the devastating effect of the

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 STRATEGIC REPORT (continued)

pandemic. One of the major improvements to our customer focus is the development of an online facility which enables candidates to book onto assessments at any time.

Career Transition Fund

The Labour Market Assessment we carried out in 2022 very much framed and informed the creation of our Career Transition Fund which aims to facilitate and support people entering and progressing through the equine industry. It has continued the essential support for candidates towards their training and assessment fees to encourage more people to gain those qualifications needed by employers.

In 2023 we refined our processes and with dedicated resource we increased the number of partner colleges offering equine education from 21 to 29. This has boosted the number of students within the scheme and the number of personal vouchers issued has increased year on year by in excess of 10% to 443. The focus has continued to be on Stages 2 and 3:

We also piloted a scheme to provided support for coaches in our Approved Centres with 22 vouchers given at Stages 2 and 3 towards assessment fees. This will continue in 2024.

The Career Transition Fund has also been utilised to support Insight and Training Days. We have run 7 career conferences at colleges throughout the UK. This has given students a first-hand experience of the importance of BHS qualifications and what they can expect to experience at assessments. An impressive 936 students have attended these days, and this has helped to increase the engagement and participation in the BHS Career Pathway.

One of the key areas of focus moving forward is the need to see greater uptake in our coaching qualifications. It is a constant challenge for Riding Schools to recruit coaches in sufficient numbers to meet demand. We have run three pilot taster days for 70 people to promote a career as an equine coach. These have been very well received and we are creating the appropriate pathway working towards a pilot in 2024.

We aim to promote the development of individuals throughout their career and have run 13 Stage 4 training days with 320 attendees and 3 BHSI days with 61 attendees. We have also piloted theory training for level 3, we will look to expand this provision in 2024 as the demand has been so great.

BHS Education and Qualifications have benefited from the hard work of its teams and well and truly weathered the COVID storm. The last 18 months has seen encouraging progress and we have been able to guide resources towards trying to solve the bigger industry issues.

Fundraising and Associated Initiatives

In 2023 we continued to grow the contribution from charitable trusts, granting bodies, individual donors and legacies. The note to the financial statements, by necessity, can only outline the more significant contributions made - but it certainly demonstrates growth in this area year on year.

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 STRATEGIC REPORT (continued)

An immensely popular feature of our fundraising calendar are our charity race days. Despite uncertainties regarding the weather, we again staged charity races at Newbury and Wetherby in November. The real heroes of these days are our amateur jockeys who dedicate themselves to training and preparing for the race itself, together with vital support from family, friends, owners and trainers. In 2023 the race days raised £65,000 with the majority of that coming from the jockeys’ own supporters.

To further promote support of our charitable activities we were delighted to be a charity partner at the Blenheim Palace International Horse Trials in 2023. Though it is beneficial to be associated with these major events, much of our fundraising is attached to specific projects contained within our restricted funds.

The Changing Lives Through Horses Programme relies on external and specific support and during 2023 continued its collaboration with the University of Buckingham regarding research into the longterm benefits of horse and human interaction. We continue to jointly fund the Equine Grass Sickness research project being conducted by the Moredun Foundation based in Midlothian and are proud of our support of their pioneering efforts to alleviate the effects of this devastating disease.

The British Horse Society is registered with the Fundraising Regulator. We monitor our fundraising activities to ensure we follow the Code of Fundraising Practice and Fundraising Promise. We are pleased to report that we received no complaints in 2023 regarding our fundraising activities.

Horse Care and Welfare

All manner of enquiries from members, horse owners and supporters continue to keep our highly qualified and knowledgeable Horse Care and Welfare Helpline Coordinators busy. In 2023 they responded to over 12,600 enquiries, an increase of 22% over 2022, providing advice and support on a wide range of care and welfare topics.

The Horse Care and Welfare team plus our volunteer network of over 170 Horse Care and Welfare Advisers provided UK-wide coverage and in 2023 handled 935 new welfare concerns involving over 2,300 horses. We continued to collaborate and coordinate effectively with our fellow national equine welfare charities (World Horse Welfare, Redwings, Blue Cross, Bransby, The Donkey Sanctuary and the RSPCA) on a variety of projects to support successful outcomes for many welfare concerns, including two successful multi-agency lifts. We will continue to build on these strong working relationships with our fellow equine welfare charities, uniting to support more welfare concerns across a wider geographical area.

We have been able to provide a significant amount of training for our volunteer Horse Care and Welfare Advisers throughout 2023 with 26 sessions on a range of topics including GDPR, the Strangles Awareness Week campaign, the Dental Awareness Week campaign, Welfare Campaigns update, and Dealing with Welfare Concerns. The total attendees at these sessions were 198. As a result, we have increased our number of fully trained volunteers to 172 this year an increase of 11% on 155 in 2022.

This year 78 owners have been supported through our Friends at the End (FATE) scheme which is the BHS initiative created to ensure that no horse owner must face the loss of their equine companion alone. A new training platform has been developed and launched to enable more people to deliver the FATE scheme, with 20 new FATE volunteers trained during 2023. We also continue to provide fellow national equine welfare charities with FATE training.

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 STRATEGIC REPORT (continued)

We have held 109 proactive events and activities through our Horse Health Days and Stable Mate Days, supporting, advising, and educating 1915 owners and involving 2,093 horses, right across the UK including relatively new audiences in the Channel Islands, Isle of Man and Northern Ireland. We have taken the weighbridge to livery yards, riding schools, Ride Out UK Events, colleges, British Riding Club Championships, and organised multi agency link days. Throughout the year there has been a focus on holding horse health day visits to monitor and record general health and fitness.

As an Identification Only Passport Issuing Organisation (PIO) our passport team have been available to answer any queries relating to horse passports and current passport legislation within the UK alongside processing new passports and producing change of ownership requests, this year saw 2,101 passports successfully processed though the BHS PIO function. We have also collaborated with the Blue Cross through the ‘Direct Home Scheme’ to provide free passports to those most in need which is part of a wider initiative of fellow national equine welfare charities who are also providing other services free of charge including transport costs and rehoming arrangements.

Our presence across social media platforms continues to allow us to engage successfully with horse owners and the public particularly through our targeted campaigns. Our ‘Strangles Awareness Week’ campaign drew the highest engagement figures through our social media platforms during the month of May with an increased reach of 264% and increased engagement of 191% comparative to 2022, an Interview with FEI Senior Vet Advisor Caterina Termine hosted on the BHS stand at Badminton Horse Trials gained over 38,000 views online and engaged 273 horse owners at the Badminton Horse Trials.

The ‘Moment of Tooth’ webinar created the highest attended BHS online event with over 300 participants whilst the three February Foot Focus webinars held in partnership with BHS Scotland and the British Farriers and Blacksmiths Association received an attendance figure of 2,200. We received 201 pieces of media coverage to include Countryfile, Horse & Hound, and the Telegraph. Our first ‘BHS Conversations’ has been produced starting a new stream of online content for equestrians.

This spring we supported the launch of the new pan-industry group CANTER, formed to tackle the increasing threat that wormer resistance poses to horse health and the equine industry. Termed CANTER to communicate the urgency of its crusade, controlling antiparasitic resistance in equines responsibly brings together voluntary representation from the widest reaches of the sector. These include leading experts in the field across prescribers, diagnostic providers, pharmaceutical companies, trade organisations, technical experts, horse owners, charities, and policy makers. We have also spread further awareness on our ‘Think Before You Worm’ campaign, delivering an educational presentation at 4 Approved centre conferences to 77 attendees.

We continue to work together with the BHS Scotland team in reviewing the reasons into the lack of suitably qualified farriers available to horse owners and veterinary surgeons to service more remote regions.

The ‘Dental Awareness Week’ campaign was a key highlight of 2023 with 470 people engaged at the ‘Your Horse Live’ event; through press and social content, reached 609,552 people across 6 countries, UK, USA, Australia, Greece, Belgium and Sweden, the campaign was supported by 112 equine vets and dental technicians, the Dental Awareness pack had 590 downloads and our webpage was the eighth most visited page during the week. The webinar is now on the BHS YouTube channel with viewing figures set to increase.

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 STRATEGIC REPORT (continued)

Our partnership with the Society of Master Saddlers has been further established this year with multiple new pieces of content produced for the website. This work has helped to develop the strong educational message of prioritising horse welfare when considering the use of tack and equipment. We continue to support the BHS work in relation to Social License to Operate with a variety of project meetings taking place internally and effective collaboration with wider equestrian organisations taking place externally, we also continue to collaborate in partnership with the National Equine Welfare Council (NEWC) on the Impact of the Cost-of-Living survey report.

Our impact through all our education and awareness work remains extremely strong and is well evidenced by the very positive engagement statistics across social media platforms. We continue to update our website content regularly with researched scientific evidence-based information and have added topics to include ‘Feeding Planning’ updated advice on ‘Ragwort’, ‘Teeth, and Equine Dentistry’, ‘Strangles’ to reflect further research with the latest recommendations around the strangles incubation period, and in total 14 new horse care and welfare website advisory webpages have been created along with 140 pieces of educational resources.

We have recently joined the ‘Suitably Mounted Group’ committee run by Dr Tamzin Furtado and Amanda Stoddart West a working group that aims to help tackle the issue of incompatible horse-rider combinations, across the equine industry and we are currently developing a new training programme in relation to ‘Body Condition Scoring’ that we will be delivering to external ‘Volunteer Show Stewards an initiative that is being welcomed across the equestrian sector.

Membership

Despite the challenges to individuals’ disposable income and the comparatively gloomy economic outlook throughout most of 2023 we successfully grew our membership. We started the year with 118,687 members and ended the year with 122,223, an encouraging net growth of 3,536 members equating to a 3% increase.

We continue to strive for a high value proposition within our membership offer, reviewing and benchmarking our range of benefits available to members. As our membership attracts gift aid, we encourage every UK tax paying member to sign up for gift aid both when a member joins and by subsequent direct contact. In 2023 our recovery rate against fees was consistent with previous years at 16%.

Participation

British Riding Clubs

2023 was a year full of change for British Riding Clubs (BRC). We ended the year with 351 Clubs and 26,665 members. The main focus was on running a successful project looking at our processes and introducing a new online membership platform for clubs and members.

We also transitioned to a new live scoring and results system. This change is transformative for BRC and brings us to a place where we can move forwards with confidence that we have a robust and fit for purpose system behind us. Members now have a standard joining journey and can manage their own details and preferences. Clubs can also manage their own details, pay invoices, and view their championship qualifications online.

The Christmas Cracker virtual dressage competition once again proved to be a huge success with increase in participation of BHS Approved Centres, and the addition of a BHS members section.

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 STRATEGIC REPORT (continued)

The Official Stewards weekend was revamped in 2023 to include online learning for the first time. Stewards were required to complete a number of sessions prior to attending the course and an assessment after the day. We were delighted with our winter online training series in 2023, it was the largest number of sessions we have run in any given year. We covered a wide variety of topics, to suit all interests and made sure to collaborate with our colleagues in other BHS departments. All our National Championships were a great success., with the Dressage to Music seeing the largest number of entries at the Championships since its inception.

We continued our many positive commercial relationships with our sponsors and thank them for their continued support.

Changing Lives Through Horses

Changing Lives Through Horses (CLTH), our equine facilitated personal development programme, continued to thrive and grow in 2023 supporting 1,000 children and young people within the year, an increase of 63% on 2022. Interest from BHS Approved Centres to train and deliver the programme remained strong in 2023 with 33 centres completing their training, bringing the total number of centres able to deliver CLTH to 103 (an increase of 47%). This not only allows centres to work inclusively within their community with a diverse range of young people on alternative provision pathways but is also enables businesses to diversify and find new streams of income in what remains a difficult business climate.

In November 2023 we were delighted to welcome an additional programme manager to the team, allowing us to maintain and sustain the high quality of support we offer to CLTH centres, and plan – strategically for the year ahead plans which include developing further quality assurance and evaluative methods, forging new pathways for long term participants that may support them to enter our equestrian workforce and supporting centres and coaches to offer our accredited Personal – Development Qualification the first of its kind in equine facilitated learning programmes.

CLTH highlights for 2023 included:

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 STRATEGIC REPORT (continued)

Approved Centres

2023 saw equestrian businesses facing yet another challenging year, with many Centres struggling to recruit qualified staff as well as facing continuing pressures from increasing costs of living. Despite this, we are delighted to report a 150% increase in new Centres joining the Approval Scheme compared to 2022.

Feedback from the Bi-Annual Approved Centre Survey showed that Centres’ main reason for joining the scheme was because they felt it provided the mark of quality assurance of a well-run Centre. The survey also showed that a visit from the Centres regional Business Support Manager was the benefit of most importance. 98.7% gave a positive reason as to why they would recommend becoming approved to another Centre. Here are a sample of answers given:

“The support to the business in difficult times is second to none. The prestige that comes with being BHS approved is recognised by many. And its super high importance that proprietors have a shoulder to reach out to when it is needed.”

“The support received and the number of courses we can offer for a diverse range of customers. There really is something for everyone.”

“Support from BHS has been exceptional, certainly in the previous years over Covid as well as general day to day communication and advise, they are always there to assist.”

“The BHS provide reassurance and I can contact them if I require any assistance or advice on certain topics.”

With the aim to increase engagement, inclusivity and to build and broaden our Approved Centres scheme community, 2023 also saw the creation and release of three new Approved Centre Membership streams.

Other highlights from 2023 included:

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 STRATEGIC REPORT (continued)

Regions and Nations

Our Regional and National managers, working closely with Local Committees, held 574 Education, Fundraising, Safety and Participation events across the UK, engaging over 15,000 members and supporters. This represents a 46% increase compared with 2022. The Regional team created a full programme of virtual, in-person and hybrid events.

The 32 Ride Out UK pleasure rides were a highlight, raising significant funds as well as promoting Participation and Access. Camps, clinics, talks and continual professional development events continue to be well-received. In all, our national, regional and county committees generated £250,000, – an impressive increase of 16% year on year with every penny either being invested back into local events, devoted to delivering our charitable activities or remitted to headquarters to support national campaigns and initiatives.

The Regional and National Managers represented the BHS at 34 career-focussed events, promoting the Career Transition Fund and engaging at careers fairs with a Higher and Further Education audience encourage uptake of our education offer.

Our National Managers in Scotland, Ireland and Wales worked closely with devolved governments to represent the interests of horse riders and owners on issues such as Access, licencing of equestrian businesses and Equine ID.

Safety

The Safety Team has been determined to build on the partnerships that have been fostered over recent years, working with key stakeholders in all their departmental strands. The Dead Slow campaign once again occupied most of our time and resources, but we had continuing significant impact in many areas. This vitally important campaign for equestrians is aimed at improving the safety of horses, riders, and carriage drivers on our roads. It educates drivers in how to pass horses safely, but also gives safety advice and information to riders. It has three strands, Safer Drivers, Safer Riders and Safer Horses.

Following on from the final publication of the review of the Highway Code for vulnerable road users in 2022, we have been working with local authorities, the police, road safety partnerships and driving instructors to increase awareness amongst drivers of the changes. Unfortunately, the changes specific for equestrians are not widely known. The Safety Team have been attending many motoring and town centre events to increase the awareness of these significant changes. We have received support from Project Edward (Every Day Without A Road Death), Road Safety GB and police forces across the UK.

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 STRATEGIC REPORT (continued)

The Horse Incident Reporting System and the Horse-i App have been a vital part of the data that we supply to road safety partnerships and local authorities, highlighting hot spots for local action together with the Safety Team. This information obtained from local riders cannot be underestimated.

Following another grant from the Road Safety Trust, we are working with Nottingham Trent University to produce a mindfulness film for drivers. This film will give techniques to reduce stress and enable the safe passing of horses when drivers are unsure of how to pass safely. We are looking forward to the finished project which will be another resource available to road safety partners.

The Safety Team has continued its involvement with Road Safety Partnerships, Road Safety GB, the Police, Fire and Rescue Services and Driving Instructors. We have been part of many Road Safety Webinars and been asked to speak and present to road safety professionals, particularly the 2023 Road Safety GB Conference.

A vital element of our partnership approach has been to work with local authorities to place Dead Slow signs at locations where there have been a number of near misses, as reported to the BHS on our Horse Incident website. These signs have been well received by riders and have had a positive impact to the safety of equestrians.

We have held Road and Rider Awareness events, and training for commercial driving companies, on the Dead Slow campaign. These events are held to inform drivers, riders and other vulnerable road users of responsibilities and advice on how to stay safe on the roads when passing horses.

We have continued the ‘Henry the Horse’ initiative. This interactive project is to inform 9- and 10year-old children how to walk or cycle safely past horses. It also gives the Dead Slow messages to parents. This initiative has been evaluated by ROSPA and has had superb reviews from parents, headteachers and school children.

The Safety Team has been instrumental in significant forums, the APPG for Towing, Highways England Towing Group, PACTS (Parliamentary Advisory Council for Transport Safety) and the ROSPA Road Safety Committee. The BHS are an important voice in this community.

The BHS has also been consulted by the Governmental Office of Product Safety and Standards regarding firework safety and equestrians. There was a parliamentary event in November where the BHS were a major partner in lobbying MPs to review firework legislation.

Our Volunteers

Our volunteer community remains strong and continued to increase in 2023 and has now reached 1,500 in number, an increase of 100 new volunteers. Volunteers are essential to the delivery of all our work across Access, Welfare, Safety, Education and Participation and all our teams thank them for their invaluable contribution. During 2023 we focused on developing our transformational Volunteer Strategy through researching best practice and a wide consultation exercise encompassing all stakeholder groups, but especially our volunteers themselves. In December, the Board of Trustees approved the strategy and our vision for volunteering. Our aim is that:

“We are recognised for making our volunteers feel valued as an integral part of our diverse team. Their contribution to delivering our charitable objectives is celebrated and rewarded.”

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 STRATEGIC REPORT (continued)

A key element of the strategy is to test new ways of working to modernise our volunteer offer, thereby increasing our relevance, and attracting a new and more diverse group of people. Delivery of the strategy began in January 2024.

We are very grateful for our volunteers’ support and were able to thank many of them in person. In addition to our annual awards ceremony at Newbury we presented 82 awards at a number of regional shows, making them accessible to those unable to travel to the dedicated event held in Newbury. This was very well received.

We have continued to prioritise the introduction of volunteer email addresses in order to meet GDPR requirements. Use of the volunteer email system became mandatory for new volunteers in 2023. This has involved significant collaboration between the Technology and Volunteer Support Teams. Our introduction of a risk assessed prioritisation approach has made a significant impact, following an initially slow adoption. Work will continue throughout 2024 to support subsequent groups.

Operations and Infrastructure

During 2023, the focus for Marketing and Communications has been the establishment of a new team structure, ways of working, and performance. This focus has seen a marked improvement in staff survey scores, as well as marketing performance, particularly in membership with 3% growth versus a target of 1%.

Projects have been the other priority areas for 2023, with designated funds being used to support the revenue programme, including audience insight and brand proposition development. The audience insight work is complete and is now feeding into the brand project, as well as being used to inform our future organisational strategy.

The ‘Driving Force Project’ was completed in 2023 with the delivery of two new bespoke Show Vehicle Units which have already attended a number of events delivering brand awareness and highlighting all the work of the BHS, including Hickstead, Blenheim Palace Horse trials, Bramham, BHS Coaches Convention, Checkendon Proprietors Conference and a number of horse health days and clinics, it is anticipated that the number of events attended will increase in 2024.

The Society’s digital transformation has made steady progress in 2023. Most importantly, we selected a supplier partner for our Dynamics 365 environment which will form the backbone of what we wish to achieve and provide the tools to help us achieve our strategic objectives. We also delivered a suite of integrated systems to improve the efficiency of British Riding Clubs activities and enhance the experience for clubs and members. Additionally, we engaged a solution provider for our HR department and completed discovery and preparation to enable its initial launch and subsequent implementation in early 2024.

A further designation was made by the Board to support the next stages of the digital transformation, notably the delivery phases for our Dynamics 365 environment and the provision of secure audiencefocused tools integrated into our website.

Risk

In order to fulfil their responsibility to identify and manage the risks that the Society faces, the Trustees require a risk register to be maintained. The risks documented therein are reviewed at an enterprise risk level by the Finance Committee and Audit Committee as part of their programme of work.

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 STRATEGIC REPORT (continued)

The register is updated and revised at least six-monthly, and where appropriate, the trustees, a specific director, or group of directors is assigned to each risk. The register is made available for inspection to the Society's auditors. During 2023 the Trustees recognised the following principal risks:

Financial Report for the Year

The trustees are pleased to present a surplus on unrestricted funds of £760,000, which enabled the trustees to designate net funds of £665,000 in year in support of future initiatives to encourage participation, engagement, career progression in the equine industry and to enhance the Society’s infrastructure, thus increasing our capability to deliver charitable impact and member services.

Investment gains, though unrealised, totalled £182,000, and adjusting for this movement in funds our unrestricted, undesignated reserves total £5,905,000 at 31 December 2023, and this is in keeping with the Society’s reserves policy.

In 2023 the Group returned to a more normal pattern of activity and total income increased by 5.9% from £15,202,000 to £16,106,000 with membership revenue, gift aid and education activities being the main contributors to that increase. There was an increase in total expenditure of from £14,262,000 to £16,209,000. A significant proportion of that increase is due to increased activity within designated funds. Total expenditure is analysed and presented in detail in note 7 to the financial statements. Staff costs and numbers are outlined in detail in Note 8 to the financial statements.

Expenditure on designated funds of £939,000 represents planned investment in the Society’s charitable objectives and infrastructure and is presented in detail in note 16 to the financial statements.

During the year the Society received revenue for specific purposes of £554,000 and made associated expenditure of £478,000. These amounts are accounted for within Restricted Funds and are presented in detail in Note 15 to the financial statements.

Despite turbulence due to world events and pressures within the UK economy, investment performance for the Society’s managed fund exceeded appropriate benchmarks and outperformed market indices. The result is an unrealised gain on investments of £182,000. Investments are reported more fully in Note 11 to the Financial Statements.

Future Plans

Our most recently published Strategic Plan was for the period 2019 to 2024. Although the social and economic upheaval experienced as a result of the global pandemic meant we had to significantly flex and reassess many elements of that Strategic Plan, the fundamental principles and strategic priorities have remained the same:

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 STRATEGIC REPORT (continued)

And it is anticipated that as we plan and finalise our new Strategic Plan that much of those fundamental strands which align so closely with our charitable objectives will continue to flow through into the next period, 2025 to 2027. Alongside this we will continue to invest in impact and infrastructure to ensure improved engagement and effectiveness.

The Trustees’ Report, Strategic Report and the Financial Statements we approved by the Board of Trustees on 11 July 2024.

Sally McCarthy Chair of Trustees

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 PATRONS, OFFICERS AND DIRECTORS

PATRON:

His Majesty King Charles III

VICE-PATRON:

Her Royal Highness the Princess Royal

PRESIDENT: Martin Clunes OBE TRUSTEES: Chair: Sally McCarthy Vice-Chair: Karen Silcock Other Elected Trustees: Gillian Clark (elected June 2023) Nicola Greenwood Samantha Gregory (elected July 2024) Sandra Harris (re-elected June 2023) Kerryn Haynes (term of office expired July 2024) Ken Law (term of office expired June 2023) Tim Lord Gillian Longhurst Sarah Simpson

Co-opted Trustees:

Professor Tim Morris Rt. Hon. Dame Caroline Spelman DBE PC Beverley Simms (all co-opted trustees re-appointed July 2024)

SENIOR MANAGEMENT TEAM:

Chief Executive James Hick Chief Operating Officer Sarah Phillips Director of Access Mark Weston Director of Development Emma Stone Director of Education Tracy Casstles Director of Finance Duncan Snook Director of Horse Care and Welfare Gemma Stanford Alycia Pritchard (maternity cover until April 2024) Director of Marketing and Communications Rebecca Cogswell (to May 2024) Director of Membership Emma Day Director of Participation Laura Sanger Director of Programme Georgina Walters (to April 2024) Director of Safety Alan Hiscox Director of Technology Nikki Greenway

Director of Marketing and Communications Director of Membership Director of Participation Director of Programme Director of Safety Director of Technology

COMPANY SECRETARY:

Duncan Snook

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THE BRITISH HORSE SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 31 December 2023

ADMINISTRATIVE DETAILS, ADVISERS AND COMPANY INFORMATION

Registered Office and Principal Address

The British Horse Society, Abbey Park, Stareton, Kenilworth, Warwickshire CV8 2XZ

Legal and Charitable Status

The Society was incorporated on 5th November 1947 as a company limited by guarantee and is governed by its Articles of Association. The company number is 444742. The Society's charity registration numbers are 210504 in England and Wales, and SCO38516 in Scotland.

Subsidiaries

The British Horse Society (Trading Company) Limited was incorporated on 11 September 1991 as a wholly owned subsidiary of the Society. The company's registration number is 2644832.

The British Horse Society Qualifications Limited (formerly Equestrian Qualifications GB Limited) was incorporated on 18 January 2006 as a wholly owned subsidiary of the Society. The company's registration number is 5679140.

The results of the two subsidiaries above have been consolidated within the accounts of the Society.

Auditors

RSM UK Audit LLP 103 Colmore Row, Birmingham B3 3AG

Bankers

Lloyds Bank plc 125 Colmore Row, Birmingham B3 3SF

Taxation Advisers

RSM UK Tax and Accounting Limited 103 Colmore Row, Birmingham B3 3AG

Investment Managers

McInroy & Wood 53 Davies Street, London W1K 5JH

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INDEPENDENT AUDITORS REPORT TO THE TRUSTEES AND MEMBERS OF THE BRITISH HORSE SOCIETY

Opinion

We have audited the financial statements of The British Horse Society (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2023 which comprise the Consolidated and Society Statements of Financial Activities, the Group and Society Balance Sheets, the Group and Society Statements of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We have been appointed auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with 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 concluded that the trustees’ use of the going concern 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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INDEPENDENT AUDITORS REPORT TO THE TRUSTEES AND MEMBERS OF THE BRITISH HORSE SOCIETY

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except 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 information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine 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 information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report or the strategic report, included within the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out on page 6 the trustees (who are also the directors of the charitable 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 internal 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 error.

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INDEPENDENT AUDITORS REPORT TO THE TRUSTEES AND MEMBERS OF THE BRITISH HORSE SOCIETY

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

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 auditor’s report that includes our opinion. Reasonable assurance 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 influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006,

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INDEPENDENT AUDITORS REPORT TO THE TRUSTEES AND MEMBERS OF THE BRITISH HORSE SOCIETY

Charities Act 2011, Charities and Trustee Investment (Scotland) Act 2005, the parent charitable - company’s governing document and tax legislation. We performed audit procedures to detect non compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from internal/external advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to General Data Protection Regulation (GDPR). We performed audit procedures to inquire of management and those charged with governance whether the group/parent charity is in compliance with these laws and regulations and read minutes of trustee meetings.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions, recognition date and transactions entered into outside the normal course of business, challenging judgments, estimates and timing applied to the recognition of income streams.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made exclusively to the members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the members and the charitable company’s trustees those matters we are required to state to them in an auditor’s 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, its members as a body, and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

PAUL OXTOBY (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor

Chartered Accountants 103 Colmore Row

Birmingham B3 3AG

Date: 5 August 2024

RSM UK AUDIT LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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THE BRITISH HORSE SOCIETY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) For the year ended 31 December 2023

2
3
4
5
7
7
15,16
Fund balances carried forward
Net gain/(loss) on investments
Designations and fund transfers
Net movement in funds
Fund balances brought forward
Other income
Trading income
Income and endowments from:
Donations, legacies and grants
Charitable activities:
Other trading activities:
Membership subscriptions
Advertising
Examinations and other fees
Net income/(expenditure)
Total expenditure
Events
Expenditure on
Raising funds
Commission received
Investment income
Total income
Charitable activities		 Unrestricted
£000
290
12,552
1,221
761
191
295
6
143
93
15,552
646
14,146
14,792
760
182
942
( 665 )
277
5,628
5,905		 Designated
£000
-
-
-
-
-
-
-
-
-
-
-
939
939
( 939 )
-
( 939 )
667
( 272 )
2,592
2,320		 Restricted
£000
529
-
10
10
-
-
-
5
-
554
17
461
478
76
-
76
( 2 )
74
1,135
1,209		 2023
2022
Total
Total
£000
£000
819
709
12,552
11,909
1,231
963
771
905
191
263
295
311
6
6
148
126
93
10
16,106
15,202
663
725
15,546
13,537
16,209
14,262
( 103 )
940
182
( 129 )
79
811
-
-
79
811
9,355
8,545
9,434
9,356

A separate statement of income and expenditure has not been prepared on the basis that there is no significant difference from the group statement of financial activities.

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THE BRITISH HORSE SOCIETY SOCIETY STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) For the year ended 31 December 2023

2
3
4
5
7
7
15,16
Total income
Net income/(expenditure)
Expenditure on
Fund balances carried forward
Fund balances brought forward
Raising funds
Charitable activities
Net gain/(loss) on investments
Designations and fund transfers
Net movement in funds
Commission received
Total expenditure
Other income
Other trading activities:
Income and endowments from:
Donations, legacies and grants
Charitable activities:
Membership subscriptions
Examinations and other fees
Events
Trading income
Investment income		 Unrestricted
£000
295
12,552
1,221
761
89
6
161
93
15,178
277
14,153
14,430
748
182
930
( 665 )
265
5,752
6,017		 Designated
£000
-
-
-
-
-
-
-
-
-
-
939
939
( 939 )
-
( 939 )
667
( 272 )
2,592
2,320		 Restricted
£000
529
-
10
10
-
-
5
-
554
17
461
478
76
-
76
( 2 )
74
1,135
1,209		 2023
2022
Total
Total
£000
£000
824
785
12,552
11,909
1,231
963
771
905
89
133
6
6
166
144
93
10
15,732
14,855
294
310
15,553
13,553
15,847
13,863
( 115 )
992
182
( 129 )
67
863
-
-
67
863
9,479
8,616
9,546
9,479

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THE BRITISH HORSE SOCIETY BALANCE SHEETS Company Registration Number: 00444742 At 31 December 2023

Notes
9
10
11
12
13
13
15
16
17
17
Investments
FIXED ASSETS
Intangible fixed assets
Tangible fixed assets
Creditors due within one year
CURRENT ASSETS
Stock
Debtors
Term deposits
Cash at bank and in hand
CURRENT LIABILITIES
NET CURRENT ASSETS
Creditors due after more than one year
REPRESENTED BY
Restricted funds
Designated funds
Other charitable funds
Non-charitable trading funds		 2023
2022
£000
£000
285
246
2,652
2,709
3,365
3,183
6,302
6,138
65
100
3,523
2,977
3,048
2,507
2,155
2,151
8,791
7,735
5,353
4,243
3,438
3,492
306
274
9,434
9,356
1,209
1,135
2,320
2,592
6,012
5,747
( 107 )
( 118 )
9,434
9,356
Group		 2023
2022
£000
£000
285
246
2,652
2,709
3,370
3,188
6,307
6,143
4
28
3,682
3,135
3,048
2,507
2,134
2,149
8,868
7,819
5,323
4,209
3,545
3,610
306
274
9,546
9,479
1,209
1,135
2,320
2,592
6,017
5,752
-
-
9,546
9,479
Society		 2023
2022
£000
£000
285
246
2,652
2,709
3,370
3,188
6,307
6,143
4
28
3,682
3,135
3,048
2,507
2,134
2,149
8,868
7,819
5,323
4,209
3,545
3,610
306
274
9,546
9,479
1,209
1,135
2,320
2,592
6,017
5,752
-
-
9,546
9,479
Society
6,143
28
3,135
2,507
2,149
7,819
4,209
3,610
274
9,479
1,135
2,592
5,752
-
9,479

The financial statements were approved and authorised for issue by the Board on 11[th] July 2024 and signed on its behalf by:

Sally McCarthy Chair of Trustees

Karen Silcock Vice Chair of Trustees

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THE BRITISH HORSE SOCIETY CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December 2023

Cash flows from operating activities:
Net cash provided by operating activities
Cash and cash equivalents at the end of the year
Cash flows from investing activities:
Interest from investments
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Purchase of investments
Net cash (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Disposal of investments
Disposal of tangible fixed assets
Analysis of changes in cash and cash equivalents
Investment (gains)/losses
Movement in stocks
Movement in debtors
Movement in creditors
Net cash provided by operating activities
Short term deposits
Cash at bank
Reconciliation of net income to net cash flow from
operating activities:
Net income for the year
Depreciation and amortisation
Investment income
Profit on disposal of tangible fixed asset		 2023
£000
761
93
( 127 )
( 182 )
-
( 66 )
66
( 216 )
545
4,658
5,203
79
327
-
( 93 )
( 183 )
35
( 546 )
1,142
761
2,507
2,151
4,658
At 1st
January
2023		 541
4
545
Cash flows		 2022
£000
297
10
( 44 )
( 50 )
75
( 53 )
53
( 9 )
288
4,370
4,658
811
276
( 24 )
( 10 )
129
( 6 )
( 850 )
( 29 )
297
3,048
2,155
At 31st
December
2023
5,203

30 | P a g e

THE BRITISH HORSE SOCIETY SOCIETY STATEMENT OF CASH FLOWS For the year ended 31 December 2023

Analysis of changes in cash and cash equivalents
Cash at bank
Short term deposits
Net cash provided by operating activities
Depreciation and amortisation
Investment income
Investment (gains)/losses
Movement in debtors
Movement in creditors
Movement in stocks
Profit on disposal of tangible fixed asset
Disposal of investments
Reconciliation of net income to net cash flow from
operating activities:
Net income for the year
Net cash (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Cash flows from investing activities:
Interest from investments
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Purchase of investments
Disposal of tangible fixed assets
Cash flows from operating activities:
Net cash provided by operating activities		 2023
£000
742
93
( 127 )
( 182 )
-
( 66 )
66
( 216 )
526
4,656
5,182
67
327
-
( 93 )
( 183 )
24
( 547 )
1,147
742
2,507
2,149
4,656
At 1st
January
2023		 541
( 15 )
526
Cash flows		 2022
£000
300
10
( 44 )
( 50 )
75
( 53 )
53
( 9 )
291
4,365
4,656
863
276
( 24 )
( 10 )
129
( 28 )
( 905 )
( 1 )
300
3,048
2,134
At 31st
December
2023
5,182

31 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

1. Accounting Policies

Basis of Accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The British Horse Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are set out below:

Basis of Consolidation

The group accounts consolidate the financial statements of the Society and its trading subsidiary undertakings. Intra-group transactions are eliminated on the consolidation. Surpluses and deficits of organisations entering or leaving the group are included from the date of acquisition or up to the date of disposal.

Income

Income is stated net of VAT, where VAT is chargeable. There have been no significant changes in operations during the year. Income received for training courses, examinations and events is included in the statement of financial activities on the date on which the course, examination, or event occurs. Income received in advance, inclusive of membership income, is included within creditors. Gift aid income resulting from membership is accounted for on a receivable basis. Other income, including affiliation fees, is recognised when it is receivable.

Subscriptions

Annual subscriptions are recognised and time apportioned on a monthly basis. A proportion of life memberships are deferred. This deferral is calculated with reference to estimated remaining years to expiry.

Legacies and Donations

Credit for income arising under these headings is taken in the year in which the amount can be assessed with reasonable probability. Donations and legacies received for the general purposes of the Society are credited to ‘other charitable funds’. Donations and legacies, subject to specific wishes of the donors are recognised as restricted funds.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a 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 classified under the following activity headings:

32 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

1. Accounting Policies (continued)

Costs of raising funds comprise the costs of commercial trading and assessment of examiners. Expenditure on charitable activities includes the costs of exams, events and providing membership services. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Support costs are those costs incurred directly in support of expenditure on the objectives of the charity and are allocated on the basis of headcount attributable by department.

Intangible and Tangible Fixed Assets

Tangible fixed assets costing more than £500 are capitalised and included at cost including any incidental expenses of acquisition. Tangible fixed assets are depreciated from the date of acquisition on straight line basis to write off their cost over their expected useful lives. Intangible fixed assets are capitalised in respect of project related software and development costs and are written off once commissioned over their expected useful lives. The annual rates applied to the principal items are:

Freehold buildings 25 years
Fixtures and fittings 3–5 years
Motor vehicles 4 years
Commercial vehicles 5 years
Computer equipment 3 years
Database and technology assets 3 years

Freehold land is not depreciated.

Operating Leases

Rentals paid under operating leases are charged in the period to which they relate.

Taxation

The Society is a Registered Charity and undertakes activities which, under present legislation, are not subject to Corporation Tax. The Society’s subsidiaries undertake trading activities within the meaning of the Taxes Acts and are liable to Corporation Tax. However, the subsidiaries donate all their taxable profits to the Society and as a consequence no provision is made for the payment of Corporation Tax either current or deferred.

Defined Contribution Pension Scheme

The Society operates money purchase pension schemes which all employees may join after having served for a qualifying period. Both the Society and the employee make defined contributions to purchase the employee's individual pension. All such contributions are held in separate trust funds which are independent of the Society’s finances. The pension costs charged against the Society’s results represent the amount of the Society’s contributions payable to the schemes in respect of the accounting period. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

33 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

1. Accounting Policies (continued)

Stocks

Stocks on hand of consumables and items for resale are stated at the lower of cost and estimated net realisable value. Net realisable value is based upon estimated selling prices less cost of disposal. Provision is made for obsolete and slow-moving items.

Investments

Current asset investments include short term deposits held at UK banks. Listed investments are included at fair value; the movement in listed investments is shown through the statement of financial activities. Investments in subsidiary companies are included at cost.

Trade Debtors

Trade and other debtors which are receivable within one year are initially recognised at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Cash and Bank Balances

Cash and bank balances includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition.

Trade Creditors and Liabilities

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Liabilities are recognised when either a constructive or legal obligation exists.

Funds

Other charitable funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds 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 accounts. Restricted funds are the funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the accounts.

Going Concern

The Trustees have reviewed the Society’s position and the appropriate basis on which to prepare the financial statements. The Trustees anticipate that there may continue to be an adverse impact on the Society’s income streams. However, the Trustees have assessed this impact by considering projections to the end of December 2025 which have been prepared to stress test the financial resilience of the Society. Whilst the Trustees recognise that 2024 may be a challenging year and it is possible that it will be necessary to draw on some of the Society’s reserves, which have been established to provide financial resilience, they consider that it remains appropriate to prepare the financial statements on a going concern basis. The stress testing of the Society’s financial position has satisfied the Trustees that it has adequate reserves and mitigation strategies available to continue to manage the affairs of the Society.

34 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

1. Accounting Policies (continued)

Financial Instruments

The group and charity only have financial assets of a kind which qualify as basic financial instruments. These are initially recognised at transaction value and subsequently measured at their settlement value.

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 circumstances. There are appropriate critical accounting estimates and assumptions made in determining the deferred proportion of life memberships.

2. Donations, Legacies and Grants

M Buxton
P Hodgson
M Kirton
A Scallon
Hampshire County Council
National Lottery Community Fund
The Bernard Sunley Foundation
The Charities Trust
The Sir Peter O'Sullevan Trust
Other donations, legacies and grants
(all less than £10,000)
The Worshipful Company of Saddlers
C S Heber-Percy Charitable Trust
The Kaye's and Labourne's Charity
Pets at Home
Pony Tales
Leicestershire and Rutland Bridleways
The Derbyshire Environmental Trust
The Thompson Family Trust
British Equestrian Federation
Anne Duchess of Westminster Fund
K Friar
G Pearson
Qualifying donations from subsidiaries
Donations received include:
Grants received include:
The Road Safety Trust
Legacies received include:
P Hurst
M Greaves
G Pritchard
J M Byrne
M Baker		 2023
2022
£000
£000
-
-
14
-
-
10
64
-
-
-
69
-
-
46
-
13
17
39
-
20
48
-
14
112
-
10
63
53
30
60
32
20
12
-
-
10
30
-
13
-
10
-
-
10
69
-
20
20
15
41
15
17
17
-
20
29
247
199
819
709

Group		 2023
2022
£000
£000
5
76
14
-
-
10
64
-
-
-
69
-
-
46
-
13
17
39
-
20
48
-
14
112
-
10
63
53
30
60
32
20
12
-
-
10
30
-
13
-
10
-
-
10
69
-
20
20
15
41
15
17
17
-
20
29
247
199
824
785
Society

35 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

3. Membership Income

During the year ended 31 December
membership subscriptions after provision for
deferred life membership income were:
In the same period, gift aid was claimed
amounting to:		 2023
2022
2023
2022
£000
£000
£000
£000
10,841
10,194
10,841
10,194
1,711
1,715
1,711
1,715
12,552
11,909
12,552
11,909

Group
Society		 2023
2022
2023
2022
£000
£000
£000
£000
10,841
10,194
10,841
10,194
1,711
1,715
1,711
1,715
12,552
11,909
12,552
11,909

Group
Society
11,909

4. Other Income

Other (includes consultancy, service charges
and miscellaneous items)
Rental income		 2023
2022
£000
£000
114
92
34
34
148
126
Group		 2023
2022
£000
£000
127
105
39
39
166
144
Society

5. Income from Investments

ncome from Investments
Group Society
2023 2022 2023 2022
£000 £000 £000 £000
Interest receivable 93 10 93 10

36 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

6. Subsidiary Companies

The Society has two wholly owned trading subsidiaries, which are incorporated in England. The British Horse Society (Trading Company) Limited (company registration 02644832) undertakes the trading activities of the Society and The British Horse Society Qualifications Limited (company registration 5679140) undertakes accreditation of equine qualifications. Each company donates any taxable profits to the Society.

The trading results of each subsidiary are included within the consolidated accounts. Each individual entity files audited accounts with the Registrar of Companies. A summary of the results of each subsidiary is shown below:

Assets
Liabilities
Net funds
Turnover
Less: Cost of sales
Result for the year
Result for the year
Qualifying donation to parent charity
Assets
The British Horse Society (Trading Company) Limited
The British Horse Society Qualifications Limited
Turnover
Liabilities
Net funds
Less: Cost of sales		 2023
£000
386
381
5
5
321
301
20
132
119
13
5
132
( 127)		 2022
£000
433
427
6
76
356
335
21
119
101
18
3
142
( 139)

The board of trustees do not envisage any circumstances that may lead to any material uncertainties related to events or conditions that may cast significant doubt about the ability of either subsidiary to continue as a going concern.

The charity will continue to support each subsidiary for the benefit to the parent in terms of raising funds and regulatory compliance.

37 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

7. Analysis of Total Expenditure

Group
Society
Events
Total charitable activities
Safety, Access and Welfare
Membership services
Training, examinations and
approvals
Total expenditure
Membership services
Safety, Access and Welfare
Events
Expenditure on raising funds in
2023
Fundraising, trading, cost of
goods and other costs
Expenditure on charitable
activities in 2023
Training, examinations and
approvals
Total charitable activities
Total expenditure
Expenditure on raising funds in
2023
Fundraising, trading, cost of
goods and other costs
Expenditure on charitable
activities in 2023		 £000
497
4,633
2,282
1,515
959
9,389
9,886
£000
128
4,633
2,289
1,515
959
9,396
9,524

Activities
undertaken
directly
Activities
undertaken
directly
 £000
149
1,369
1,400
1,751
237
4,757
4,906
£000
149
1,369
1,400
1,751
237
4,757
4,906
Support costs
Support costs		 £000
-
226
375
281
57
939
939
£000
-
226
375
281
57
939
939
Designated
funds
Designated
funds		 £000
17
7
262
191
1
461
478
£000
17
7
262
191
1
461
478
Restricted
funds
Restricted
funds		 £000
663
6,235
4,319
3,738
1,254
2023
15,546
16,209
£000
294
6,235
4,326
3,738
1,254
2023
15,553
15,847

38 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

7. Analysis of total expenditure (continued)

Group
Society
Total charitable activities
Total expenditure
Membership services
Training, examinations and
approvals
Safety, Access and Welfare
Events
Expenditure on raising funds in
2022
Fundraising, trading, cost of
goods and other costs
Expenditure on charitable
activities in 2022
Membership services
Training, examinations and
approvals
Total expenditure
Expenditure on raising funds in
2022
Fundraising, trading, cost of
goods and other costs
Expenditure on charitable
activities in 2022
Total charitable activities
Safety, Access and Welfare
Events		 £000
581
3,882
2,010
1,548
972
8,412
8,993
£000
166
3,882
2,026
1,548
972
8,428
8,594
Activities
undetaken
directly

Activities
undertaken
directly
 £000
144
1,358
1,198
1,477
278
4,311
4,455
£000
144
1,358
1,198
1,477
278
4,311
4,455
Support costs
Support costs		 £000
-
70
151
111
18
350
350
£000
-
70
151
111
18
350
350
Designated
funds
Designated
funds		 £000
-
6
208
249
1
464
464
£000
-
6
208
249
1
464
464
Restricted
funds
Restricted
funds		 £000
725
5,316
3,567
3,385
1,269
2022
13,537
14,262
£000
310
5,316
3,583
3,385
1,269
2022
13,553
13,863

39 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

7. Analysis of Total Expenditure (continued)

Support Cost Breakdown by Activity

Group and Society
Marketing and
communications
2023
Management
Finance
Facilities
Human Resources
Technology and
infrastructure
Group and Society
2022
Human Resources
Marketing and
communications
Management
Finance
Facilities
Technology and
infrastructure		 £000
22
10
42
20
13
42
149
21
11
41
20
14
37
144
Fundraising		 £000
199
93
385
184
123
385
1,369
195
100
384
193
135
351
1,358
Membership
services		 £000
203
95
394
188
126
394
1,400
172
88
339
171
119
309
1,198
Exams,
training and
approvals		 £000
254
119
493
235
158
492
1,751
212
109
418
210
147
381
1,477
Safety, Access
and Welfare		 £000
34
16
67
32
21
67
237
40
20
78
40
28
72
278
Events		 £000
712
333
1,381
659
441
1,380
Total
4,906
640
328
1,260
634
443
1,150
4,455

Included in total costs above are Governance Costs of £65,839 (2022: £73,176) which include Chairman, Trustee and CEO expenses of £7,720 (2022: £7,360) and Legal, professional and audit fees of £58,119 (2022: £65,816).

Group Society
2023 2022 2023 2022
Total expenditure includes: £000 £000 £000 £000
Auditors remuneration
for audit work 36 32 33 29
for non-audit work 9 8 9 8
Operating leases
for land and buildings 19 19 19 19
for plant and machinery 177 205 177 205

40 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

8. Trustees and Employees

No remuneration is paid to any trustee by virtue of their position on the board with the exception of the Chairman. The Chairman's remuneration was approved by the Charity Commission and a resolution of the trustees in June 2006. The trustees who held office during the year are listed in the Directors and Officers section of this report.

2023 2022
£ £
Group and Society
The cost of travel and subsistence reimbursed to 7
(2022:7) trustees during the year amounted to: 5,834 4,675
Chairman's remuneration:

T Lord		 - 5,310
Trustees were paid fees for examinations and other
services as follows:

N Greenwood		 - 2,200
S Simpson 6,984 4,222

Following consultation with the Charity Commission payments to trustees for other services unrelated to their duties as trustees have been included with payments for examinations and other services as wholly permitted by the Society's articles.

The total remuneration including employer's national insurance and pension contributions payable to key management personnel, which is defined as the Chief Executive and the Senior Management Team, was £1,213,953 (2022: £1,191,283).

Staff Costs

Social security costs
Pension costs
Other employee costs and benefits
Group
Salaries and wages		 2023
2022
£000
£000
6,271
5,631
664
612
309
277
124
141
7,368
6,661

41 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

8. Trustees and Employees (continued)

The Society operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Society in an independently audited and administered fund. The pension cost charge represents the contributions payable by the Society to the fund. Other employee costs and benefits include medical benefits and engagement costs. In the year there were redundancy or termination payments to leavers totalling £36,240 (2022: £56,442).

The number of employees whose emoluments as defined for taxation purposes amounted to more than £60,000 in the year was as follows:

2023 2022
£130,001 to £140,000 1 1
£90,001 to £100,000 1 1
£80,001 to £90,000 3 2
£70,001 to £80,000 4
 -
£60,001 to £70,000 7 6

The items used to determine the above values are the gross salary, employer's contribution for life cover, and the taxable value of benefits in kind. An amount of £78,242 (2022: £68,101) was contributed to a defined contribution pension scheme for the 16 (2022: 10) employees whose emoluments exceeded £60,000.

The average number of employees calculated on a full-time basis analysed by function was:

Charitable activities
Raising funds		 2023
2022
171
157
3
3
174
160

42 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

9. Intangible Fixed Assets

Cost
Additions
Amortisation
Charge for the year
Net Book Values
As at 31 December 2022
Group and Society
At 31 December 2022
At 31 December 2023
At 31 December 2022
At 31 December 2023
As at 31 December 2023		 £000
607
-
607
607
-
607
-
-
Education
Software		 £000
407
-
407
407
-
407
-
-
Membership
Software		 £000
725
127
852
479
88
567
285
246
Other IT
related
Projects		 Total
£000
1,739
127
1,866
1,493
88
1,581
285
246

All intangible fixed assets developed and owned by the Society are used or intended for use for direct charitable purposes. All categories and classifications of intangible fixed assets were reviewed in the year in order to best reflect the assets use and nature. Amortisation of intangible fixed assets is charged against charitable activities.

43 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

10. Tangible Fixed Assets

Group and Society
Cost
At 31 December 2022
Additions
At 31 December 2023
Depreciation
At 31 December 2022
Charge for the year
At 31 December 2023
Net Book Values
As at 31 December 2023
As at 31 December 2022		 £000
88
134
222
40
24
64
158
48
Motor
Vehicles		 £000
4,707
-
4,707
2,094
179
2,273
2,434
2,613
Freehold
Property		 £000
1,494
-
1,494
1,450
26
1,476
18
44
Computer
Equipment		 £000
394
48
442
390
10
400
42
4
Fixtures &
Fittings		 Total
£000
6,683
182
6,865
3,974
239
4,213
2,652
2,709

All fixed assets owned by the Society are used for direct charitable purposes. Included in Freehold Property is £300,000 of land which is not depreciated. The Society also owns Royal International Horse Show trophies, the values of which are not included in the fixed asset values above.

All categories and classifications of tangible fixed assets were reviewed in the year in order to best reflect the assets use and nature.

44 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

11. Fixed Asset Investments

Listed investments
Shares in subsidiary undertakings
Listed investments
Brought
forward
£000
Group and Society
McInroy & Wood HG Investment
3,183
Total listed investments
3,183
Listed investments at cost
Shares in subsidiary undertakings
Society
Shares in subsidiary undertakings as 31 December at		 2023
2022
£000
£000
3,365
3,183
-
-
3,365
3,183
Additions
Disposals
£000
£000
66
( 66 )
66
( 66)
cost
Group		 2023
2022
£000
£000
3,365
3,183
5
5
3,370
3,188
Gains
Carried
forward
£000
£000
182
3,365
182
3,365
2023
2022
£000
£000
2,711
2,645
2023
2022
£000
£000
5
5
Society		 2023
2022
£000
£000
3,365
3,183
5
5
3,370
3,188
Gains
Carried
forward
£000
£000
182
3,365
182
3,365
2023
2022
£000
£000
2,711
2,645
2023
2022
£000
£000
5
5
Society
3,188
Carried
forward
£000
3,365
3,365
2022
£000
2,645
2022
£000
5

The Society owns the entire ordinary share capital of The British Horse Society (Trading Company) Limited and The British Horse Society Qualifications Limited which are both incorporated in England and Wales, are both trading subsidiaries and are disclosed in more detail in Note 6 on page 37.

In addition, the Society owns the entire share capital of the following dormant companies both incorporated in England and Wales which are held at a valuation of £nil (2022: £nil):

The College of the Horse Limited (incorporated 1999 - company number 3750680) – Equestrian Education Limited (incorporated 2016 company number 10196718)

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THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

12. Debtors

Trade debtors
Amounts due from subsidiaries
VAT
Other debtors
Prepayments and accrued income		 2023
2022
2023
2022
£000
£000
£000
£000
239
251
76
62
-
-
404
443
21
3
21
3
6
4
6
4
3,257
2,719
3,175
2,623
3,523
2,977
3,682
3,135
Society
Group

Amounts due from subsidiaries are not expected to be settled within 12 months.

13. Creditors

Deferred income
Creditors due within one year:
Trade creditors
Deferred income
in 2 to 5 years:
In over 5 years:
Taxation and social security
Accrued expenditure
Of the above the following will fall due:
Other creditors
Creditors due after more than 1 year:		 2023
2022
£000
£000
2,174
1,240
2,852
2,716
180
158
97
87
50
42
5,353
4,243
306
274
50
45
256
229
Group		 2023
2022
£000
£000
2,153
1,221
2,852
2,716
180
158
88
72
50
42
5,323
4,209
306
274
50
45
256
229
Society		 2023
2022
£000
£000
2,153
1,221
2,852
2,716
180
158
88
72
50
42
5,323
4,209
306
274
50
45
256
229
Society
4,209
274
45
229

In accordance with the accounting policy on subscriptions, income is recognised and time apportioned on a monthly basis giving rise to a provision for deferred income. Movements on deferred income are as follows:

Balance at 31st December
Balance at 1st January
Released from previous accounting year
Income deferred in current year		 2023
2022
£000
£000
2,990
3,033
( 2,684 )
( 2,759 )
2,852
2,716
3,158
2,990
Group		 2023
2022
£000
£000
2,990
3,033
( 2,684 )
( 2,759 )
2,852
2,716
3,158
2,990
Society

46 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

14. Share Capital

The Society is a company limited by guarantee and as a result has no share capital. In the event of the Society being wound up, each person, who is a member at the time, or has ceased to be a member within one year of that date, is liable to contribute to the Society such amount as the Society may require, not exceeding two pounds sterling.

15. Restricted Funds

Group and Society
Binsted Bridleway
Welfare
2026 Sport England
Bodynfoel Award
Access Fighting
Access Projects
Second Chance
Other funds:
All balances of £10,000 or less
or less than £10,000 income
Changing Lives Through Horses
Responsible Breeding
Road Safety
Faith Hope and Charity
Hurst Legacy
Paths for Communities
Helping Horses
Healthcare Clinics
Saddlers Training		 £000
22
31
-
20
11
247
15
9
34
435
93
20
23
10
72
-
93
1,135
At 1st
January 2023		 Income
£000
62
1
11
102
-
166
-
11
2
-
76
-
15
20
4
34
50
554		 Expenditure
£000
( 22 )
( 7 )
-
( 112 )
-
( 203 )
( 1 )
( 20 )
( 11 )
( 10 )
( 35 )
-
( 3 )
-
( 1 )
( 1 )
( 52 )
( 478)		 £000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
( 2 )
( 2)
Transfers
between
reserves		 £000
62
25
11
10
11
210
14
-
25
425
134
20
35
30
75
33
89
1,209
At 31st
December
2023

2026 Sport England Fund is a grant aided programme to achieve the mapping and preservation of historic routes and the safeguarding of bridleways for the benefit of equestrians and the general public.

Access Fighting Fund was set up to engage in legal proceedings on behalf of all equestrians. Access Projects Fund comprises specific access project related donations.

Binsted Bridleway Fund is a grant aided project for improvements to Binsted Bridleway in Hampshire.

Bodynfoel Award Fund finances the annual award to an individual who has done the most in the previous 12 months to forward the Society’s objectives.

47 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

15. Restricted Funds (continued)

Changing Lives through Horses Fund aims to improve the lives of young people who are disengaged and at risk of becoming excluded, using horses as the inspiration for change. Faith, Hope and Charity Fund supports Faith, Hope and Charity and 'other ponies like them’ Healthcare Clinics Fund supports clinics as part of the BHS welfare programme. Helping Horses Fund is designed to change the behaviour, through education, of people who do not look after their horses properly.

Hurst Legacy is a specific legacy for bridleway improvement in the Storrington area. Paths for Communities Fund is for bringing equestrian routes into use.

Responsible Breeding Fund is designed to tackle overbreeding through education. Road Safety Fund facilitates research of safety for the ridden or driven horse.

Saddlers Training Fund provides the annual grant for specific training activities held by the British Horse Society and other riding disciplines.

Second Chance Fund was established to rehome horses who have suffered an unhappy past giving them a second chance to rest, recover and rediscover a better life. Welfare Fund comprises donations made in support of general welfare issues.

16.

Designated Funds
Group and Society
Access Field Officer Wales
Access Fighting Fund
BRC Transformation
Career Transition
Changing Lives Through Horses
Digital Transformation
Fundraising Development
International Development
DEI Strategy
Bursaries
Customer Insight
Access 2026
Driving Force
Government Action
Horse Accident
Ride By Your Side
Forever for the Horse
Paths for Communities
Hardship Fund		 £000
2
5
50
40
106
433
100
250
50
876
200
70
-
22
22
5
83
25
253
2,592
At 1st
January 2023		 Expenditure
£000
( 1 )
( 1 )
( 3 )
( 9 )
( 3 )
( 135 )
( 4 )
( 188 )
( 25 )
( 468 )
( 36 )
-
-
-
-
-
( 2 )
-
( 64 )
( 939)		 £000
-
-
-
-
-
-
-
-
-
-
-
2
-
-
-
-
-
-
-
2
Transfers
between
reserves		 Designations
£000
£000
-
1
( 4 )
-
-
47
-
31
-
103
-
298
-
96
250
312
50
75
400
808
-
164
-
72
55
55
-
22
-
22
( 5 )
-
( 81 )
-
-
25
-
189
665
2,320
At 31st
December
2023

48 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

16. Designated Funds (continued)

Access 2026 Fund facilitates the obtaining and digitising of historical map evidence, the research of historic equestrian routes and the submission of definitive map modification orders.

Access Field Officer Wales Fund supported the role in Wales for the first year of operation. Access Fighting Fund was set up to engage in legal proceedings on behalf of all equestrians. BRC Transformation Fund supports the review and implementation of enhancements in British Riding Clubs operations.

Bursaries Fund is earmarked for the support of education and training bursary activity. Career Transition Fund is aimed specifically to support those who have completed their BHS Stage 1 or Stage 2 and want to progress to Stage 3 and to develop the equine industry workforce.

Changing Lives Through Horses Fund aims to improve the lives of young people who are disengaged and at risk of becoming excluded, using horses as the inspiration for change, and supports the activity of the restricted fund of the same name.

Customer Insight and Brand Development Fund supports research to develop audience insight and to review and embed brand development.

DEI Strategy Fund supports advice and content to progress and embed the Society’s Diversity, Equity and Inclusion strategy.

Digital Transformation Fund is designed to finance and support the improvement of the BHS digital infrastructure to enhance engagement and communication with stakeholders. Driving Force Fund supports the provision of two bespoke, multi-function agile vehicles for welfare, educational and promotional purposes.

Forever for the Horse Fund is to support tackling specific equine welfare, education and access issues as they arise.

Fundraising Development Fund is designed to access expertise to expand our range and depth pf fundraising activity.

Government Action Fund provides for lobbying at national level.

Hardship Fund was established to support the wellbeing and welfare of horses and ponies in BHS Approved Centres during, and as a consequence of the global pandemic.

Horse Accident Fund was for the improvement of information and functionality of the Horse Accident reporting structure.

International Development Fund supported the development of centres and assessment resources overseas.

Paths for Communities Fund is for bringing equestrian routes into use.

Ride By Your Side Fund supports the promotion of the Society as a friendly, caring, supportive presence for its members and stakeholders.

Transfers between reserves

The unrestricted, designated and restricted funds are reviewed regularly by senior management and trustees. This exercise identifies where there is a relationship either within or between funds, for example where designated funds are made available to support activities already existing within restricted funds. Designated funds are subject to reclassification and review as to ongoing suitability and purpose.

49 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

17. Other Unrestricted Funds

18.
Analysis of Group Net Assets between Funds
2023
2022
£000
£000
5,747
5,764
930
1,201
( 665 )
( 1,218 )
6,012
5,747
( 118 )
( 66 )
11
( 52 )
( 107)
( 118 )
At 31 December 2023
Transfers to and from designated and
restricted funds
Group
Charitable funds:
At 31 December 2022
Net income and expenditure
Non-charitable trading funds:
At 31 December 2022
Result for the year
At 31 December 2023
£000
285
2,652
3,365
3,048
946
3,588
( 5,659 )
8,225
Intangible fixed assets
Tangible fixed assets
Fund balances at 31 December 2023 are
represented by:
Total net assets
Unrestricted
funds
Fixed asset investments
Cash at bank and in hand
Other current assets
Creditors
Term deposits and current asset investments		 2023
2022
£000
£000
5,752
5,769
930
1,201
( 665 )
( 1,218 )
6,017
5,752
-
-
-
-
-
-
Society
£000
£000
-
285
-
2,652
-
3,365
-
3,048
1,209
2,155
-
3,588
-
( 5,659 )
1,209
9,434
Total
funds
Restricted
funds		 2023
2022
£000
£000
5,752
5,769
930
1,201
( 665 )
( 1,218 )
6,017
5,752
-
-
-
-
-
-
Society
£000
£000
-
285
-
2,652
-
3,365
-
3,048
1,209
2,155
-
3,588
-
( 5,659 )
1,209
9,434
Total
funds
Restricted
funds
5,752
-
-
-
£000
285
2,652
3,365
3,048
2,155
3,588
( 5,659 )
Total
funds
9,434

50 | P a g e

THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

19. Financial Commitments

Operating Lease Commitments

2023 2022
£000 £000
Land and buildings
Land and buildings
The total future minimum lease payments under non-cancellable
operating leases are as follows:
Group and Society
Payments within one year:
Plant and machinery
Plant and machinery
Payments within two to five years:
Payments after more than five years:
Land and buildings		 19
152
171
78
114
192
45
 19
217
236
78
261
339
84

Capital Commitments

In June 2023, the Society committed to a contract to install and deliver enhancements to a Microsoft Dynamics platform, with the aim of transforming the digital and data capability of the charity. Work commenced in September 2023, with the first phase, planned for completion in the second half of 2024, including the areas of core data, communications, membership administration, marketing activity, fundraising, donations, gift aid and associated financial automation and integration. The contract is for a fixed cost of £460,000 and the sum will be capitalised on go live in 2024. The commitment at 31 December 2023 is £368,000.

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THE BRITISH HORSE SOCIETY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

20. Related Party Transactions

Subsidiaries

The British Horse Society owns 100% of the share capital of The British Horse Society (Trading Company) Limited and The British Horse Society Qualifications Limited. The registered office of both subsidiaries is Abbey Park, Stareton, Kenilworth, Warwickshire CV8 2XZ. During the year the transactions with these companies were as follows:

2023 2023 2022
£000 £000
The British Horse Society (Trading Company) Limited:
Qualifying donation 6 76
Intercompany trade and recharges 22 43
Amounts due from subsidiary 280 304
The British Horse Society Qualifications Limited:
Intercompany trade and recharges ( 59 ) ( 50 )
Amounts due from subsidiary 124 139
Other related parties
T Lord is a director and shareholder of Berkshire
Riding Centre Limited (company number 03193741)
and S McCarthy is a director of Aberdeen Riding Club
Limited (company number SC159535). During the year
transactions with these companies were as follows:
2023 2022
Berkshire Riding Centre Limited £000 £000
Equestrian Education and Facility Services 5 8
Aberdeen Riding Club Limited
Equestrian Education and Facility Services - 1

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