2012 Half year Financial Results to 30th June 2012
The results for the half year to 30th June 2012 show a continued improvement in British Showjumping’s financial position as shown on the unaudited Balance Sheet and summary Income Statement.
Balance Sheet (click here)
Fixed Assets show a marked difference from last year as at the beginning of April BS bought an office building in Meriden which British Showjumping and British Dressage will part occupy from 2014. The remaining part of the building will be rented to a commercial tenant. The new building lifts total tangible assets to £2.8 million. Investments remain at cost of just over £2.0 million (current market value £2.1 million).
Current Assets are higher than last year as from this year we are allowing show organisers to defer paying their show booking fees on direct debit until immediately before the start of the season, rather than when the booking is confirmed. There is also a significant amount of VAT recoverable in regard to the PV panels recently installed on the roof of the new office building.
Under creditors the long term Mortgage borrowing on the new building is shown together with the short term debt of £500,000. These loans are at very competitive rates.
Reserves have increased by £292,505 being the net surplus made since the end of last year and now stand at £2,175,489.
Income Statement (click here)
Turnover for the six months is up by £179,974 at £1.916 million, due in part to £95,386 of income on the new building, increased income from sponsors of National classes, and also from timing differences on funding from the World Class programmes. Overall despite the continued recession income from members and participation at shows has held up well.
Costs relating to turnover at £1.134 million were £48,173 less than the first half last year. Costs were increased by £74,325 related to the new office building, (offset by the £95,386 of income covered above), but otherwise costs relating to turnover were generally down on 2011. International costs have been reduced as only one additional selector was required to choose the teams rather than two, and more of the Junior and Young Rider team competitions are being held in the second half of the year.
Administration costs at £457,621 were £19,439 less than last year, the main reductions being on legal costs and facilities cost. The increased revenue coupled with reduced costs means that the operating surplus increased to £324,481.
Exceptional costs were incurred when the jump store was moved earlier in the year from Aldershot to a new facility near Stoneleigh. Total costs of demolition, transferring the stock and other costs were in line with budget at £33,689. The new facility has been extremely busy creating the high quality jumps required for the Olympics.Although the net surplus at £292,505 is significantly higher than last year’s half year result, a number of costs will come through in the second half of the year that will tend to reduce the year end surplus