Training/ Vet/ Entries/ Riding/ transport

Gift pack/ Marketing/ Advertising

Insurance/ Lease fee

Accounting/ admin/ updates/website

Hospitality/extra tickets/tours/events

Profit

VAT

Total per Share

Denman

£14.50

£17.00

£2.75

£7.00

£3.00

£4.00

£9.65

£57.90

SYNDICATE

COSTS