Endurance GB - Limited company accounts 20.1

REGISTERED NUMBER: 04179719 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

ENDURANCE GB

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Profit and Loss Account

6

Balance Sheet

7

Notes to the Financial Statements

8

DIRECTORS:

E Young

R Henderson

K Dawson

E R Attfield

A Milner-Matthews

P H Nunnerley

A Woolcombe

C G A Wray

A L Seggie

C M Barry

SECRETARY:

M L Golledge

REGISTERED OFFICE:

Abbey Park

Stareton

Kenilworth

Warwickshire

CV8 2RP

REGISTERED NUMBER:

04179719 (England and Wales)

AUDITORS:

Magma Audit LLP

Chartered Accountants

Statutory Auditor

Magma House, 16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

The directors present their report with the financial statements of the company for the year ended 31 December 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of promoting and regulating the sport of horse endurance riding in Great Britain.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report.

E Young

R Henderson

K Dawson

E R Attfield

A Milner-Matthews

P H Nunnerley

C G A Wray

Other changes in directors holding office are as follows:

C Newbould - resigned 2 December 2020

S Walsh - appointed 14 February 2020 - resigned 12 October 2020

A Woolcombe - appointed 14 February 2020

A L Seggie - appointed 1 December 2020

C M Barry was appointed as a director after 31 December 2020 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Magma Audit LLP has expressed its willingness to remain in office as auditor.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

P H Nunnerley - Director

29 September 2021

Opinion

We have audited the financial statements of Endurance GB (the 'company') for the year ended 31 December 2020 which comprise the Profit and Loss Account, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its surplus for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors 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 directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and the industry, we identified the principal risks of non-compliance with laws and regulations, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation, and fraud;

-

Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, or with unusual descriptions;

-

Challenging assumptions made by management in their significant estimates, such as the recoverable value of debtors.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Victoria Craig (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

Chartered Accountants

Statutory Auditor

Magma House, 16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

29 September 2021

TURNOVER

222,721

559,812

Cost of sales

(141,912

)

(449,877

)

GROSS SURPLUS

80,809

109,935

Administrative expenses

(125,100

)

(263,254

)

(44,291

)

(153,319

)

Other operating income

3

91,237

172,986

OPERATING SURPLUS

5

46,946

19,667

Interest receivable and similar income

66

153

SURPLUS BEFORE TAXATION

47,012

19,820

Tax on surplus

6

(11,016

)

(35,228

)

SURPLUS/(DEFICIT) FOR THE FINANCIAL YEAR

35,996

(15,408

)

FIXED ASSETS

Intangible assets

7

73,157

42,536

Tangible assets

8

4,091

2,688

77,248

45,224

CURRENT ASSETS

Debtors

9

16,895

29,817

Cash at bank

169,347

268,933

186,242

298,750

CREDITORS

Amounts falling due within one year

10

(43,581

)

(161,306

)

NET CURRENT ASSETS

142,661

137,444

TOTAL ASSETS LESS CURRENT LIABILITIES

219,909

182,668

RESERVES

Profit and loss account

219,909

182,668

219,909

182,668

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2021 and were signed on its behalf by:

P H Nunnerley - Director

1.	GENERAL INFORMATION

Endurance GB is a private company limited by guarantee, incorporated in England and Wales, registration number 04179719. The address of the registered office is Abbey Park, Stareton, Kenilworth, Warwickshire, CV8 2RP.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The presentational currency of the financial statements is Sterling.

Turnover

Turnover is measured as the fair value of consideration received or receivable, exclusive of value added tax. Revenue is recognised when significant risks and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs can be estimated reliably and the amount of revenue can be measured reliably.

Life membership subscriptions are taken to turnover on a straight line basis over a period of 10 years.

Sponsorship Income

Sponsorship income is accounted for in the same period in which the related expenses have been incurred.

Government Grants

Grant funding receivable, relating to the Coronavirus Job Retention Scheme (CJRS) and local authority grants, have been recognised in the year. The grant funding is recognised in the profit and loss account in the period in which the conditions of the grant funding are met. Grant funding is recognised within other operating income.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of seven years.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Office Equipment

- 33% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes as financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Pension costs and other post-retirement benefits

The company contributes to a defined contribution plan for the benefit of its employees. Contributions are recognised in profit or loss as they become payable.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating lease agreements

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	OTHER OPERATING INCOME

2020

2019

£

£

Sponsorship income

70,001

172,986

Government grants

21,236

-

91,237

172,986

4.	EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was 1 (2019: 2).

5.	OPERATING SURPLUS

The operating surplus is stated after charging:

2020

2019

£

£

Depreciation - owned assets

2,687

1,352

Computer software amortisation

10,588

2,560

Operating lease charges: Land and Buildings

3,688

4,994

6.

TAXATION

Analysis of the tax charge

The tax charge on the surplus for the year was as follows:

2020

2019

£

£

Current tax:

UK corporation tax

13,313

35,228

Adjustment to prior years

(2,297

)

-

Tax on surplus

11,016

35,228

Under the mutual trading provisions of the Income and Corporation Taxes Act 1988, the company is exempt from tax in respect of its dealings with members. In the current and prior year the company has paid tax on the sponsorship income received.

7.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2020

120,007

Additions

41,209

At 31 December 2020

161,216

AMORTISATION

At 1 January 2020

77,471

Charge for year

10,588

At 31 December 2020

88,059

NET BOOK VALUE

At 31 December 2020

73,157

At 31 December 2019

42,536

8.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1 January 2020

23,846

Additions

4,090

At 31 December 2020

27,936

DEPRECIATION

At 1 January 2020

21,158

Charge for year

2,687

At 31 December 2020

23,845

NET BOOK VALUE

At 31 December 2020

4,091

At 31 December 2019

2,688

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

2,116

3,278

VAT

-

2,674

Prepayments and accrued income

14,779

23,865

16,895

29,817

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

906

39,583

Tax

13,313

35,193

VAT

293

-

Other creditors

2,240

-

Accruals and deferred income

26,829

86,530

43,581

161,306

Included with accruals and deferred income is an amount of £Nil (2019: £66,691) of sponsorship income which has been held to cover future associated costs.

11.	LEASING AGREEMENTS

Operating lease commitments not included in the balance sheet amount to £4,820 (2019: £15,178).

12.

RESERVES

Included within the Profit and loss account are the following funds which have been allocated for various purposes:

2020

2019

£

£

Training and Travel fund reserves

3,789

3,789

Young Riders fund

1,338

1,338

Saddlers reserves

8,909

8,909

Life members reserve

1,245

-

Total

15,281

14,036

Although these funds have been identified by the directors to use for the above purposes, if circumstances change the funds could be re-assigned for other causes.

13.	COMPANY LIMITED BY GUARANTEE

Endurance GB is a company limited by guarantee. This guarantee extends to all members of the company. Each member's liability is limited to a maximum of £1.