Interim Results

 2011 half year Financial Results to 30th June 2011

The results for the half year to 30th June 2011 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)

1. The Balance Sheet shows a continued improvement in net current assets and investments compared to December 2010. The cash flow continued to be positive throughout the half year as expenditure has been tightly controlled and there has been minimum capital expenditure.
 

2. Amounts held as long term investment increased from £1.8 million to £2.0 million with a market value of £2.3 million. Continued success in collecting amounts due to the Association and the favourable cash flow for the six months also generated an improvement in Net Current Assets of £132,891.
 

3. Overall reserves of the association increased to £1.95 million from £1.83 million at the end of last year.
 

Income Statement (click here)

Overall the surplus for the half year of £123,704 was a significant improvement on last year’s £30,957 as a drop in income was more than offset by a significant cut back in expenditure and by exceptional items.
 

1. Total Operating Income for the period was £1,735,801. This year the British Showjumping ball will be held in October and after taking this into account to give a like for like comparison, income fell by £61,563 compared to the first 6 months of last year. The main cause of this fall is partly due to the very cold weather at the start of the year but also ongoing high fuel costs and a continued weak economy.
 

2. Costs relating to Turnover of £1,181,846 for the six months were down on a like for like basis of £12,649, achieved by tight controls in expenditure.
 

3. General & Administrative Expenses of £477,060 for the six months were down on a like for like basis of £12,508, again achieved by tight controls in expenditure.
 

4. An Exceptional Gain of £45,687 was realised on the transfer of a long held Old Mutual Investment Fund. In contrast the 2010 result was brought down by the exceptional legal costs of £82,835 incurred in winning the appeal against the FEI.