Racing to School (a company limited by guarantee) Annual report Registered charity number 1040590 Registered number 02958174 31 December 2023
Racing to School la conipany limitEdbTr giiL7fL7nlgg) Annual Teport RegigteTed nurnbei." 02958174 Contents Page Slruclure, governance and management Report of the Trustees Statement of Trustees, responsibilities 15 Report of the independent auditors to the members of Racing lo School 18 Statement of financial activities 14 19 Balan sheet 20 Notes
Rrtcing to School (a Cr)Mp IipNiIEd l)y guayantee) Annual report Regisicrcd numbcr.. 02958174 Structure. governance and management Racing to School is a company limited by guarantee under a Memorandum of Association dated 12 August 1994 (Registered company no: 029581741. Racing to School is also a registered charity (Registered charity no.. 10405901. All Trustees as at 31S1 December 2023, who are members of the company, have undertaken to contribute a sum not exceeding £1 each lo meet the liabilities of the company in the event that il is wound up. Members The Membership of the Company allows for up to len persons in total, appointed in accordance with the following provisions.. al One person shall be appointed by each of the bodies noted below (provided that the persons appointed shall not be an employee of the body which appoints them) (Article 5al'. the British Horseracing Authority the Racecourse Association the Thoroughbred Group bl Up to seven co-opted members shall be appointed by the board IArticle 5bl c) Members shall be appointed for a period of up lo three years, and upon expiry of such period shall be eligible for re-appointment upon the same tem)s by the body which appointed them lin the case of members appointed under Article Sal or by the Board lin the case of members appointed under Article 5bl. Members who are not so re-appointed, or who are disqualified as members under Article 8, shall be replaced by the respective appointing body. Members who are also directors shall not be entitled lo vole at Board meetings in relation to their own re-appointment under Article 5b. All newly appointed Trustees undergo an induction programme and receive a Trustee Handbook. Trustees and dlrectors The Trustees of the charitable company are also the Directors of the company for the purpose of the Companies Act 2006. The Memorandum of Association slates that rtain organisalions musl be represented on the Board. These organisalions pul fonNard possible candidates lo the Chairman of the board who are then elected, if appropriate.
Rrtcing to School (a Cr)Mp IipNiIEd l)y guayantee) Annual report Regisicrcd numbcr.. 02958174 The Trustees of Racing lo School between 1 January 2023 and 31 December 2023 were as follows.. Organisalion Independent Trustee Independent Trustee Independent Trustee Independent Trustee Independent Trustee Racecourse Association Date of appointment 30 May 2017 21 September 2020 2 December 2020 Dale of resignation Michael Andrews (Chairl John Baker Anna Lisa Balding Paul Brewster 25 March 2019 Camilla Dutlon 16 August 2023 2 December 2020 British Horseracing Authority 22 February 2017 Independent Trustee 16 August 2023 Thoroughbred Group Iformedy Horsemen's Group) 26 June 2018 Independent Trustee 30 May 2017 Jacqueline Greet Andrew Merriam Andrea O'Keeffe Kevin Parsons Clive Wisby Day lo day management of the charity is delegated to the Chief Executive, John Blake. Registered address 7th Floor Holborn Gate 26 Southampton Buildings London WC2A 1AN Professlonal advlsers Bankers Wealherbys Bank Sanders Road Wellingborough Northamplonshire NN84BX Sollcltors Royds Withy King Cross Keys House 27 The Parade Marlborough SN8 1NE Auditors James Cowper Kreslon Audit 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG196AB
Rrtcing to School (a Cr)Mp IipNiIEd l)y guayantee) Annual report Regisicrcd numbcr.. 02958174 Report of the Trustees forthg year 31 Decernbgr 2023 The Trustees present their report and the audited financial statements for the year ended 31 December 2023. The annual report and financial stslemenls of the company comply with current slatulory requirements, the requirements of the company's goveming document and the provisions of the Statement of Recommended Practi ISORP} applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. Organisational structure Chair Trustee Board Chief Executive Senior Finance Business Partner Racing Together Subcommittee Nomlnated Trustee Chair Education Programme Manager Fundraising & Communications Manager Community Engagement Manager Regional Education Officer Fundraising & Q)mmunications Executiv Education Prograrnme Sessional Staff Objectives and activities for the public benefit Objectives The objectives for which the charitable company is established are.. To advance the education of the public in the subject of horseracing and thoroughbred breeding including by way of designing, developing and delivering education and training courses, promoting and advancing vocational education, training, volunteering, well-being, employability and community engagement programmes lin each such case for charitsble purposes). The Trustees confirm that they have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charitable company's aims and objectives and in planning future activities. To help Racing to School achieve its mission the following strategic objectives were determined as the main targets in 2023..
Rrtcing to School (a Cr)Mp IipNiIEd l)y guayantee) Annual report Regisicrcd numbcr.. 02958174 To continually develop, implement and evaluate- intemally and externally - education programmes for the benefit of an increasing number of young people in association with the racing and thoroughbred breeding sector. To financially support existing and new programmes in line with its charitable objectives. To further embed and progress the Racing Together partnership and provide a central resource for the sport of horser8cing in support of its community engagement. To maximise resources and operate as a quality employer and encourage best practice. The priorities identified to achieve these objectives included.. To deliver Racing lo School Programmes that give a wide cross-seclion of young people nationwide an opportunity lo enhance their school and college studies and improve their knowledge about the sport as a potential employer_ This is achieved through active, outdoor learning engaging many facets of the racing and breeding industries. To work with Trustees, internal and exlemal stskeholders to review the design and delivery of the programmes. To further invest in a small fundraising function to help secure funds within and outside the industry in support of the delivery of Education, Career and Community-focussed Programmes. To work alongside stakeholders and other relevant bodies lo develop Racing Togelher's contribution lo the sport and ils leadership in enabling and showcasing community activity. To improve and innovate communication channels lo raise awareness of the charity's work and impact, and ils case for support. To ensure the Trustee Board remains effective with a balance of relevant skills and are fully infomied despite the need for adaptation lo a hybrid meeting schedule. To build capacity lo allow for Trustee support of delegated committees and additional Board activity as required. To maintain professional and experienced financial, HR and, as applicable, legal support through an agreed Memorandum of Understanding with the British Horseracing Authority. Principal activities The Charity delivered two national Programmes in 2023, the Core education activity days - the Schools, Programme- and the Riders, Programme, which is focused more on the sport's training and career opportunities, and that is fundamental to the Pony Racing Pathway partnership. The 2023 programme delivered another record year of participation.. A total of 400 Racing to School evenl$ for 16.274 young people were delivered against a target of 410 events and 16,000 participants. 276 S¢hool$' Programme events were Stsged engaging 11,716 young people. nine events short of the plan of 285 but engagement exceeded the target of 11,250 participants. Riders, Programme activities totalled 103 events benefitting 3,838 participants, which was aight more than planned and engagement was ahead of the set target of 3,750. The charity delivered a mix of 21 additional learning and community events for a total of 720 participants, slightly below the planned 30 and engagement target of 1,000. These events are largely dependent on partnerships and the yearly target provides headroom in the planning to accommodate requests for support that may be made during the year. The Racing Together programme for the year was shaped by the sport's continued efforts to support ils communities, alongside the ongoing delivery of strategic pilot programmes, such as the planning and delivery of
Rrtcing to School (a Cr)Mp IipNiIEd l)y guayantee) Annual report Regisicrcd numbcr.. 02958174 the Autism-friendly racedays and the Yorkshire Beacon. Expanded details of the 2023 activity are contained later in this report. Alignment with other industry strategies and workstreams ensured that Racing Together contributed to and was a valuable asset lo wider industry needs, including the initial strategic work undertaken in the industry people space by the British Horseracing Authority IBHAI. Strengthening the communication channels and activity of Racing Together was prioritised, with the website providing the central information hub for the sport's Diversity & Inclusion Steering Group, and the portal for the stakeholder Directory of Community Engagement and Education Activity, as well as news, features and a range of other resources aimed at supporting industry partners. Public Benefit Access lo participation in the national Racing to School education programme is unreslricled within the budgeted resources of the charity, though for most of the activity, the locations of beneficiaries and their proximity to suitable racing-related venues is an identified barrier lo participation in the main programmes. Targets are set for unique educational and careers-focused interventions for schools in inner city, deprived and disadvantaged areas, including provision for pupils with special education81 needs andlor disabilities within mainstream and special schools. Benefits arising from participation are many and diverse, including specific help with relevant curriculum subjects, increased motivation and raised levels of understanding through enriched studies. The programmes aim to support young people's social and emotional education, combined with physical wellbeing intrinsic lo the settings and construction of mainly outdoor activity learning. Appropriate to participants, age, informed access lo the range, associated training routes and guidance lo career opportunities within the thoroughbred racing and breeding industries are embedded across the programmes. Of the 195 individual schools and colleges the charity partnered with throughout the year, 290/0 of those who participated are located in inner city, rurally isolated or deprived areas. Representative data shows that 120/0 of young people engaged are from ethnic minorities,. 1001. have Special Educational Needs andlor Disabilities ISENDI,. 110/. have English as an Additional Language IEALI, and 270/0 are eligible for Free School Meals IFSM). The charity leads Racing Together's work, consisting of a partnership of varied organisations active in community engagement across British racing. The mission is to instigate, enable, support, measure and communicate the sport's varied and positive impact on the communities in which il operates, through partnerships and alignment with relevant industry strategies. Strategic report Trustee Board and Stsfflng Al the end of 2023, the Trustee Board numbered 10 members, the maximum allowed in the Board's governing documents, with two new independent Trustees - Andrea O'Keeffe and Camilla Dutlon appointed in August. Michael Andrews continued in his role as Chair throughout the year. Appropriate guidance and updates were given lo the Trustees concerning their duties and the expectations upon them in their role in support of the charity s objectives, and more generally from the Charity Commission. Most full-lime and part-lime stsff roles remained as in previous years and the charity's programme delivery was supported by a team of trained 'sessional' employees. The charity welcomed Jen Gales into the Fundraising and Communications Manager role on a full-lime basis. The charity moved ils office during the year, maintaining an agreement to take up rented desk Spa with the BHA, at a reduced cost year-on year., Racing to School continues lo benefit from an agreement to access specific on-going support from the BHA'S Finance and HR teams.
Rrtcing to School (a Cr)Mp IipNiIEd l)y guayantee) Annual report Regisicrcd numbcr.. 02958174 Racing to School is grateful to its team of Ambassadors from across the racing industry who offer support in a number of ways, both through enhancing the impact of our delivery days and in raising awareness of the charity s mission. Communlcatlons and Donor Management The charity's work and impact We supported through a range of internal and exlemal communications, and it received media coverage throughout the year through TV and radio coverage, and in print and on-line. Presence on social media platforms is constantly adapted to reach a range of audiences around awareness and fundraising goals, and to share impact and extend educational and community outreach work. The media footprint is logged and reported alongside specific benefit-in-kind received, such as horse race titles being assigned to the charity by racecourses and the provision of private rooms free of charge to beneficiary groups. The CRM system tracks event activity and supports donor management pro$Se8 across a range of Grant givers. Trusts, racecourses, schools and other donors and industry partners. Education Programmes The free and unique Racing to School Education Programme is made possible through generous voluntary donations. The aims of the charity's education programme in 2023 were to.. Deliver a positive impact on young people's learning, helping them to develop their knowledge, skills, confidence and interest Increase young people's enthusiasm for and understanding of the racing and breeding industries Improve young people's awareness of and interest in employment opportunities available within both industries Support the industry's role in driving social benefits within local communities and with opinion-formers and influencers across Britain. All the primary aims and objectives that were sel out for the Education Programmes in 2023 were achieved. The charity was able lo exceed ils participant largel and each of key participant measurements was met, so loo the expectations of teachers in terms of organisalion, conlenl and delivery of the programme. 11 Can be reported that 1000/0 of the polled teachers and teachers, assistants agreed that they would be interested in future events provided by Racing to School. The charity maintained the Learning Outside the Classroom ILOICI Quality Badge, a national accreditslion by the Council for Learning Outside the Classroom ICLOtCI. for a further two years. Its renewal demonstrates that the charity offers young people a high-qualily, outdoor learning experience, bringing the curriculum to life using racing's unique venues. As highlighted earlier in the Report, the charity exceeded ils overall target of 16,000 beneficiaries, posting a record year in terms of participation. The team delivered 97.5'/01400 of 4101 planned events and reached 11,716 Ifrom a target of 11,2501 young people through 276 Itargel of 285) inclusive outdoor learning days hosted across a diverse range of racing and educational venues. Regular evaluation is undertaken lo ensure that activities complement the developing school curricula and wider education priorities from school to national level. Cross-culling themes are woven into programme activities where appropriate (such as health and wellbeing, the environment, elcl. Of those teachers suNeyed in 2023, 100 /0 agreed (with 94 /0 agreeing slronglyl that the programme had enriched pupils, learning, and 99 /0 agreed that their event will improve pupils, perceptions of their school subjects. These figures are consistent with the previous year.
Rrtcing to School (a Cr)Mp IipNiIEd l)y guayantee) Annual report Regisicrcd numbcr.. 02958174 The charity's programmes are attuned lo the needs and priorities of the wider horseracing industry and its commitments lo staff recruitment and retention, safeguarding, and diversity and inclusion. Highlighting potential career opportunities available within the industry was regarded as successful by 980/0 of leacherslleclurers who confirmed that their students were better informed following engagement with a Racing to School activity. The Riders, Programme worked with a growing number of eqLJine college partners across the country. During the year, 37 Equine College days were held that benefitted 1,357 students. These events included 12 college visits, 20 racedays, three studlstable visits, and two careers, fairs. The charity is very grateful to the studs and stables that allowed the students to go behind the scenes and leam about life within 8 busy racing, training or breeding facility. The evaluation supports the growth of this programme in recent years. Of the young people who took part in events, 580/0 had not previously considered a career in racing. After their event, 950/0 agreed that they now have more knowledge about the industry and 920/0 knew more about the potential careers within horseracing. From this, 81°/o now have a beller lor the same positivel opinion of horseracing, and 71°/o confirmed that they would now consider a career in the industry. This data is broadly consistent with past years when less activity was delivered. The inslruclorsltulors involved in the programme in 2023 fell that their students had received a positive experien, and all agreed that their own knowledge had increased about the horseracing industry and the potential Career opportunities. Engaging with the college organisers helps extend the impact and reach of the charity's activity through their knowledge transfer to students unable to attend and preliminary work with other year groups in the future. All college leaders confirmed that they are now able lo support their students and would actively encourage them to pursue a ¢areer pathway in the sport. The charity formed a Teachers Advisory Group ITAGI in 2023, with representatives from primary, secondary and special edu¢8tional needs schools, so loo some Board Trustees with specialist experience in this area. The objective of the group is to provide professional insight from the sector, as il relates to the applicability of the charity's programmes and materials, evaluation, and the changing needs of young people in educational settings. Beacon Programmes The charity works in partnership with all racecourses in Great Britain and they are considered beacons for the various groups of young people in their community who attend activity days, and when they may return lo enjoy a day s racing independently of their schools or colleges. Two specific and long-standing Beacon Programmes engaging schools focus on providing an enriched mulli- activity programme that involves outdoor and in-school learning, in collaboration with a range of partners. The eighth academic year of Ainlree Beacon Programme was supported by funding from the Horserace Betting Levy Board and a grant from Anne Duchess Westminster's Fund. Global breeding and horseracing operation, Godolphin has kindly funded the Newmarket Beacon since il cOmmend al the start of the 2016 academic term. The Ainlree Beacon engaged around 1,200 pupils across one High School and three associated Primary Schools near the racecourse. The programme reached 930/0 of ils annual engagement larget1240 primary pupils and 880 in secondary). There were 13 inclusive educational events held across the year, with three visits to primary schools, two event days at Maricourt High School, plus eight non-raceday artivity days at Aintree Racecourse, including the very popular Pony Education Days. The Newmarket Academy Godolphin Beacon Project continues to engage all year groups al the school in various aclivilies, ranging from careers speed dating to a sculpture masterclass, and a visit to Newmarket Racecourse for pupils lo enhance their understanding of the hospitality and leisure industry.
Rrtcing to School (a Cr)Mp IipNiIEd l)y guayantee) Annual report Regisicrcd numbcr.. 02958174 The popular Dubai Future Champions Education Week, involving many inter-related racing organisations based in Newmarket was delivered as usual in October for the full Year 8 cohort. with part of the event covered by ITV Racing. The charity is also supporting a wider community and education project involving Go Racing in Yorkshire and its member ra¢e¢ourses and other industry assets in the region. Racing to School activity has contributed lo the outreach work of Epsom racecourse with some local education partners and developed a tailored multi-event programme for a secondary school with easy access to Newmarket racecourses and The National Slud. Additional Projects Racing lo School was pleased to partner with Jockey Club Racecourses lo deliver the inaugural 'Feslival Monday, event, a special behind-the-scenes experience engaging 75 Primary school pupils from five Ial schools and 20 College students. The day aimed lo connect the local community with Chellenham racecourse and lo foster a positive relationship wilh the Chellenham Festival. The success of this event inspired 'Leger Wednesday, in September, run in wllaboralion with Arena Racing Company to share the Importan and history of the St Leger race meeting lo Doncaster with 58 local Year 6 pupils. Both these events will run in 2024 to engage a new cohort of young people. The charity manages the delivery of the Newmarket Primary School Programme- Under Starter's Orders- which engages 13 schools across different learning opportunities al industry venues, exploring the impact and history of the sport on the town. The programme is kindly supported by Newmarket Racecourse, Jockey Club Eslales and Godolphin. Tho Pony Racing Pathway Project is a collaborative five-year programme with the Pony Racing Authority, The Pony Club, BHA'S Careers in Racing team and Racing lo School. The Programme offers a formal pathway into the horseracing indLJStry for young people through pony racing. In 2023, ils third year of operation, Racing to School delivered a total of 45 events134 Horse and Pony Racing Introductory Sessions and 11 Pony Club Careers R8cedaysl and supported a further 19 events112 Taster Days and 7 Tmining Days) within this project. Supported by the Racing Foundation, the Pathway provides an inclusive opportunity for young people to get involved, welcoming those without any previous connection to the sport, as well as compelenl riders. The main objective of the programme is lo develop riding skills,. however the partners agree that the exposure of all participants to the wider industry contributes to a new lev81 of understanding for young people, which in lum supports the sustainability of the sport. The third year of a partnership with the Racing League team compelrf(ion involved attendance at each of the six fixtures run al racecourses nationwide, offering riding tuition on the popular racehorse simulators. As a key conlribulor to the third National Racehorse Week, school trips were delivered lo training yards throughout September as part of the industry's efforts lo bring the sport closer to the public. The charity is regularly asked lo support complementary events for partners, such as racecourse family days, county fairs and open days lo offer a fun insight and educational experience for allendees. The Chief Executive was invited to showcase the charity's work and ils partnership with National Racehorse Week by the ELJropean and Mediterranean Horseracing Federation IEMHFI at their annual conference, held in Warsaw. Raclng Together Racing Together is the racing industry's collective Community engagement and education inilialive, comprising a range of activity carried out by charitsble and commercial organisations- within and outside the sport- that use their resour$ to benefit others through racing. Racing lo School look over the strategic and executive leadership of the Racing Together partnership in 2017. with initial Ihree-year funding from the BHA. The charity s work in this area has been supported in recent years by the HBLB on an annual Grant basis. Additional projecl-focussed funding has been secured from other partners.
Rrtcing to School (a Cr)Mp IipNiIEd l)y guayantee) Annual report Regisicrcd numbcr.. 02958174 The Racing Together initiative is an important focal point for the sport's multifaceted interactions with ils communities, which forms part of its social licence. Providing a unique platform for community engagement and working as an enabler for new programmes, sit alongside ils role as a central resource to the industry in this area. Racing Together is also the official communications hub for the British Horseracing Authority's Diversity in Racing Steering Group. Staffing and Sub¢ommittg9 The role of the dedicated Community Engagement Manager reports to the charity's Chief Executive and is responsible for day-to-day aclivily, including the secretarial function of the Racing Together Subcommittee. The delegated Subcommittee reports to the Board and is chaired by a Racing lo School Trustee and consists of a skills-based and diverse team of industry professionals passionate about community engagement and education activity across the sport. The Group was chaired during the year by Trustee, John Baker, as nominated by the Board. Other Subcommillee members are Jacqui Greet (Trusteel,. Morag Gray., Tim Williams., Grant Rowley., Rory Palmer,. Maddy Playle,. Paul Swain, Kale Freeman, John Blake ICEOI and Lucy Gumey ICE Manager). Deborah Hay stood down from the role in November 2023 and Georgia Dingle from GBR joined in the same month. Lucy Gurney started her malemity leave from December 2023 and Alex Shaw, formerfy of the Greatwood charity was recruited lo the Community Engagement Manager as cover. Overvlew of Raclng Together's purpose: Measure and communicate the scale, benefits, and importance of community engagement lo beneficiaries, and in support of racing's long-lerm sustainability Pilot, support and develop emerging programmes across the sport Improve and showcase best practice, utilising relationships with other sports and their relevant experiences Invest in key events lo support and inspire the related efforts of partners working across community engagement Through a delegated subcommittee, assess the value and effectiveness of Racing Together, and collate data and evaluation to inform and support wider industry strategy. Strategic Objectives in 2023 included a focus on raising the profile of Racing Together, strengthening its position as the industry's hub and lead communicator of community engagement and education activity, and ils alignment with and support of relevant aclivilies. Growing the independent website, which houses the Directory of Community Engagement and Education Activity, and other communication channels was also a key aim. Racing Together also seeks lo showcase similar activity delivered by international partners. Overview of Racing Together activity in 2023: The first Racing Together Industry Day took place in February 2023, hosted by Ascot Racecourse. Over 120 guests, speakers and hosts both from within and outside of racing met lo discuss 'Why community engagement is al the heart of racing's future strategy. BHA chairman Joe Saumarez Smith gave the keynote address. The event originated lo expand upon the successful biennial 'Maslerclass' events that were more focused on racecourse partners. Racing Together Community Day.. racing's national day of employee volunteering returned in May 2023, maintaining ils growth Irajeclory, with 75 racing organisalions offering over 700 hours of lime through a range of volunteering activity nationwide. The second half of the Aulism-friendly racedays pilot partnership, led by Racing Together was delivered in early 2023, although the industry steering group disbanded in the spring owing to indications that a separate charitable entity was being considered to offer a service. Racing Together applied for a small continuity grant from the Racing Foundation at that lime in order to allow the established structure lo
Rrtcing to School (a Cr)Mp IipNiIEd l)y guayantee) Annual report Regisicrcd numbcr.. 02958174 continue lo meet beneficiary demand and expectations from the sport, and in turn delivered an additional 13 aulism-friendly racedays and one stud visit between June and December 2023. Racing Together continued working alongside Go Racing in Yorkshire lo support the Yorkshire Beacon programme, which was taken forward by the nine member racecourses. As a partner with National Racehorse Week, the charity helped lo widen the focus of its community engagement in its third year. As in previous years, Racing Together supported the RCA'S annual Showcase Awards event, held this year at Ainlree in November, which highlighted and celebrated racecourse activity. The established Racing Together Community Award was won by Ayr Racecourse for their long-standing partnership with Ayrshire Cancer Support. A strong partnership has been developed with the Thoroughbred Industry Employee Awards, sponsored by Godolphin. Racing Together has a strong partnership with the BHA'S Diversity in Racing Group and supported them lo deliver campaigns around Pride Month, International Women's Day, and Black History Month. The popular Racing Together Webinar series engaged a range of voices on topics across and outside of racing relating to community engagement and education aclivily. The second series, consisting of four episodes. look place between November 2022 and April 2023, and three episodes of the third series were aired between October and December 2023, with a fourth episode scheduled lo lake place in Spring 2024. Further investment in the website Iwww.racingtogelher.co.ukl and other platforms offered the growing partnership of charities and other organisations a shop window lo raise awareness and lo evidence social impact lo racing's customers, business partners, political leaders and the media. The dynamic news and information hub is a resource for the sport to pool its activities, upcoming events and ambition to help others. The Racing Together newsletter was printed in the Spring and made available in digital formal: shorter updates are provided to a growing online subscriber base. Racing Together works closely with a range of organisations and looks to align with relevant industry slralegies. Key partners remain the Racecourse Association IRCAI, BHA public affairs team, Great British Racing IGBRI and stakeholders and charities working across the sport in support of local and national communities. Beyond the sport of horseracing, the Sport for Development Coalition, the Sport and Recreation Alliance and other large sports bodies, such as the Premier League, EFL (English Football League) Trust are valued partners. Future Plans New projects and initiatives in 2024 will include.. Working alongside industry partners lo define, implement and sustain a wider CSR industry strategy on behalf of the sport Assessing resource with possible expansion of the delivery team and maintain appropriate training for existing staff Assimilating the guidance of the Teachers, Advisory Group to seek areas of improvement across the charity's work Working with industry partners to explore opportunities for beneficiaries to interact with retired racehorses through a new Beacon project Maintaining current Racing lo School participation numbers as a minimum, with a focus on growth, through largeling new partnerships and supporting other organisations and their complementary programmes Developing and growing the work of the Pony Pathway stakeholder group in ils fourth year Contributing lo the Racing Charities, Group, designed to improve the effectiveness and communication within the sector and as a strategic ally to the wider industry Working with the charity's Ambassador team to meet shared objectives Maintaining the delegated Racing Together subcommittee lo build a growing support base; to target resources lo maximise impact of a range of programmes and their beneficiaries,. and expand communication channels lo showcase the breadth of related work and impact Seeking new collaborations lo pilot, which meet the needs of community beneficiaries, objectives of funders and the sport 10
Rrtcing to School (a Cr)Mp IipNiIEd l)y guayantee) Annual report Regisicrcd numbcr.. 02958174 Delivery of the second Racing Together Industy Day building on the experience and feedback of the inaugural event and with the support of a first commercial partner Supporting the employee volunteering for Racing Together Community Day in May Concluding the latest webinar series and Ljsing outputs lo inform actions lo support industry needs,. and plan future topics and new panels lo inspire discussion and action Growing audiences across communication platforms, including the Directory of community activity Supporting other relevant indLJStry strategies, including Diversity and Inclusion,. Horse Welfare,. the Horseracing Industry People Board and as a partner with the BHA as il assesses how it can support the sport's multi-faceted community engagement work Sharing support and insight with international partners aligned to the charity's work. Fundraising Outlook For Racing lo School's programmes to maximise their impact for beneficiaries, the charity relies on the collaboration, goodwill and enlhusiaslic participation of industry partners, in particular our funders. Throughout 2023, there was a focus on seeking new funds lo diversify income sources as much as possible. Investments were reviewed to maximise income al a lime of increasing interest rates, which helped offset some of the operational challenges caused by rises in inflation. A new full-lime Fundraising and Communications Executive role was added to support work in this area. Racing to School was grateful lo receive payments from the Horserace Levy Betting Board IHBLBI again in 2023 across its activities, with new funding now agreed to March 2025. The Racing Foundation kindly provided conlinuily funding for some of the costs of 20 Schools, Education Programme events for schools from inner city and disadvantaged areas. It was very heartening lo receive an increase in donations from beneficiary schools and colleges,. similarly, many racecourse partners, including The Jockey Club, Arena Racing Company and independent racecourses continued both financial support alongside indispensable benefil-in-kind for the days they hosted the charity's groups of young people. One aclivily-based grant awarded in 2022 was not fully used and was carried forward to be used against activity in 2023. Other funders that supported the ¢harf£y, include Sir Peter O'sullevan Charitable Trust: the Gerald Leigh Charitable Trust- John Pearce Racing,. The Tote,. Racing League., The Childwick Trust,. Jock and Mary Elliot Memorial Trust. Environmental Reporting Effective from 1 April 2019, The Companies (Directors, Report) and Limited Liability Partnerships (Energy and Carbon Report} Regulations 2018 introduced the requirement for annual energy and carbon reporting. There is no mandatory requirement for the charity to comply with the environmental reporting regulations and these have been voluntarily adopted. We have applied the financial control method. Greenhouse Gas emissions are set out below. 2023 2022 Units tC02e Units IC02e Company cars and non company car mileage Flights Total Miles 80,942 916 21.21 79,544 20.91 Miles 0.15 81,858 21.36 79,544 20.91 Intenslty ratlo ItC02e per £000 of income) 0.02 0.02
Rrtcing to School (a Cr)Mp IipNiIEd l)y guayantee) Annual report Regisicrcd numbcr.. 02958174 Methodology The following methodology for converting raw data to the above have been applied consistently year on year. Car mileage is converted using a petrol and diesel conversion fa¢lors for medium sized cars. Air journeys are calculated in miles and converted to C02 emissions through an online calculator. The charity considers environmental efficiency when making travel arrangements with staff frequently car sharing to reduce mileage and C02e. There is also a maximum limit plad on C02 emissions for company cars, with a range of electric and hybrid cars included on the list offered. Covid-19 Pandemic The Covid-19 pandemic created a significant amount of uncertainly and disruption across the charity sector and beyond and continues lo impact activity days often al short notice. The Trustees and Executive wish lo record their thanks for the staffs adaptability and flexibility in addressing the changing needs and challenges of keeping the charity progressing and in meeting the expectations of varied beneficiary groups and partners. Flnanclal revlew In 2023 Racing lo School made an overall operating surplus in the year of £152,565 {2022.- surplus £108,522) which comprises a defi¢il of £48,315 (2022.. £64,860) on the General ftjnd, a surplus of £179,937 (2022.. £158,912) on the Racing lo School Education Programme, a deficit of £5,118 on Racing lo School Education Programme virtual reality IVRI fund, and a surplus of £26,061 (2022.. £5,895) on the Racing Together community engagement programme. With the benefit of increases in interest rates and the use offixed lemi deposits, interest income increased to £43,203 for the year (2022.. £8,625). During the year, Racing lo School continued lo support its charitable objectives with 8XP8ndilure in th8 year of £722,37412022.- £754,386). Racing to School Education Programme The charity was fortunate to maintain the support of ils key funders in what was another challenging year. In addition lo the invaluable support provided by HBLB by way of a grant payment of £288,50512022'. £274,994), the Education Programme also generated fundraising income of £188,137 in the year12022.' £250,901) which included grant funding from the Racing Foundation, Godolphin, the Peter O'sullevan Trust, John Pear Racing Ltd, Gerald Leigh Charitable Trust, Childwick Trust and the Anne Duchess of Weslminsler Fund. RacOurseS donations and income totalled £35,550 (2022.. £30, 770) and friends of Racing lo School and other generous individuals, schools and organisalions donated £63,241 12022.. £59,432). There was donated services income of £83,74412022.. £77,540). Racing Together The HBLB provided grant income tol811ing £127,497 (2022.. £115,003) lo support the Racing Together community engagement programme. The Racing Foundation, The Sir Peter O'sullevan Charitable Trust and some Racecourses provided grant income lotalling £37,273 12022.. £42.4091 to support the Autism in Racing programme. Additional donations of £7,789 (2022.. £212) were also received which included donations for allending the Racing Together Industry Day event. 12
Rrtcing to School (a Cr)Mp IipNiIEd l)y guayantee) Annual report Regisicrcd numbcr.. 02958174 Reserves The Charity's reserves as a131 Dernber 2023.. General Fund 148,160 Reslricled Funds Racing lo School Education Programme Racing lo School JPR virtual reality Racing Together 1,187,256 3,457 42,705 1,381.578 Total The General fund balance of £148,160 represents free reserves that are approximately 6 months, Racing to School programme expenditure. The Reslricled Racing to School Education Programme fund is the surplus of all grants and donations specifically made for the activities of the programme and provides for future expansion and sustsinability of the programme. Grants and donations are recognised in the accounts when they are received and where funds have been raised for aclivily that is planned for a future year this can give rise to a surplus on the fund for use to support future activities. The Restricted Racing Together fund relates to surplus grant funding which will be used to further develop the programme in future years. The Trustees, policy with regard lo reserves is to ensure that there are sufficient reserves to cover the charity's core annual activity costs in any period of unpredictable fluctuations in income sources so that the long-lerm future of the charity is assured. 13
Rrtcing to School (a Cr)Mp IipNiIEd l)y guayantee) Annual report Regisicrcd numbcr.. 02958174 Statement of Trustees. Responsibilities The Trustees (who are also directors of Racing to School for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company and charity law requires the Trustees to prepare financial slalemenls for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consislenuy., observe the methods and principles in the Charilies SORP., make judgments and eslimales that are reasonable and prudent- prepare the financial statements on the going conrn basis unless it is inappropriate lo presume that the charitable Company will continue in operation., stale whether the policies adopted are in accordance with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements. 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 lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable 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 Each of the persons who are Trustees al the time when this Trustees. report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the company's auditor is unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of any information needed by the company's auditor in connection with preparing its reF)Ort and to establish that the company's auditor is aware of that information. Audltor The auditor, James Cowper Kreston, was appointed as the charitable company's auditors during the year and has indicated its willingness to continue in office. The designated Trustees will propose a motion re-appointing the auditor at a meeting of the Trustees. This report was approved by the Trustees on 26 June 2024 and signed on their behalf by.. Michael Andrews Chairman of the Trustees 14
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 Independent Auditor's Report to the Tru$tg0$ of Racing to School Limitod Opinion We have audited the financial statements of Racing to School Ithe 'charitable company'l for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet and notes to the financial stalemenls, 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 Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements.. give a true and fair view of the slate of the charitable company s affairs as at 31 December 2023, and of its incoming resources and application of resources, including its income and expenditure, 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 conducled our audit in accordan with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo 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 reqLJirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going ¢on¢ern 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 lo events or conditions that, individually or collectively, may cast significant doubt on the charitable companvs ability to continue as a going concem 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. Other Snfom)atlon The trustees are responsible for the other information. The other information comprises the information included in the Iruslees, annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except to the exlenl olhetwise explicitly stsled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial stalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the audit or otherwise appears lo be materially misstsled. If we identify such material inconsistencies or apparent material misstslemenls, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other 15
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 information. 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 fart. We have nothing to report in this regard. Opinion 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 Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with appIlble legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the TrLJStees' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report lo 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 retums,. or certain disclosures of Trustees. remuneration specified by law are not made- or we have not reiVed all the information and explanations we require for our audit., or the Trustees were not entitled lo prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, Report and from the requirement lo prepare a Strategic Report. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement, the Trustees Iwho are also the directors of the charitable company for the purposes of company lawl 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 misstalemenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but lo do so. Audltor's responslblllty for the audlt of the flnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial ststemenls as a whole are free from material misstalemenl, whether due lo fraud or error, and lo issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when it exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. 16
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 Because of the inherent limitations of an audit, there is a risk that we will not dete¢t all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows.. Enquiry of management and those charged with governance around actual and potential liligalion and claims- Reviewing minutes of meetings of those charged with governance.. Reviewing financial slalement disclosures and testing to supporting documenlats'on lo assess compliance with applicable laws and regulations. Perfomiing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting eslimales for bias. 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.uklauditorsresponsibilities. This description forms part of our Auditorfs Report. Use of our report This report is made solely to the charitable 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 stsle lo the charitable company's members those matters we are required lo slate lo them in an Auditorts report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Fiona Hawkins Bsc {Honsl Msc FCA Senior Statutory ALJdilor For and on behalf of James Cowper Kreston Audit Chartered Accounlanls and Slatulory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG196AB Date..17 !uly.2024 17
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 Statement of Financial Activities (including the Income and Expenditure Account) for the year ended 31 Dernber 2023 Note G•naral funds Rèstrietèd funds Total 2023 Total 2022 Incom8 Donations and legacies Income frorn charitable actimties Fundraising grants and olher Investment income Bank interest 8.285 417,764 426,049 389,859 405,687 405,687 464,424 6,906 36,297 43,203 8,625 Total Income 15,191 859,748 874,939 862,908 Expenditure Expenditure on charitable activities.. Granis and educational activitie5 Cost ol generating voluntary contributions 14,671 48,83S 658,868 673,539 48,835 696.344 58,042 Totsl expenditure 63,506 658,868 722,374 754.386 Net incotne I lexpenditurel 148.3151 200.880 152,565 108,522 Net income I lexpenditurel and net movement in funds for the year T(>tal funds brought forward 13 148,3151 200,880 152,565 108,522 13 196.475 1.032.538 1.229,013 1,120,491 Total funds carrfed forward 13 148,160 1,233,418 1,381,$78 1,229,013 The Company has no recognised gains and losses other than those included in the results above and therefore no separate statement of the total recognised gains and losses has been presented. There is no difference between the surplus for the year stated above and the historical cost equivalent. 18
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 Balance sheet at 31 December 2023 Year ended 31 December 2023 Year ended 31 Dember 2022 Note Flxed assets Tangible fixed assets 6,524 8.397 Current assets Debtors Cash and cash equivalents Investments io 72,075 175.119 1,360.700 34.270 620,496 836,506 11 Total Current Assets 1,607,894 1,491.272 Liabilities Creditors falling due within one year 12 1232.8401 1270,6561 Net current a$5ets 1,375,054 1,220.616 Net assets 1,381.578 1,229,013 Funds Unrestricted income funds Restricted income funds 15 148,160 1,233,418 196,475 1,032,538 Total charlty funds 1,381,578 1,229,013 The financial statements have been prepared in accordance with the Charities SORP FRS 102. These financial statements were approved by the board of Trustees on 26 June 2024 and signed on ils behalf by.. Mlchael Andrews Chairman of the Tmslees 19
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 Notes (forming part of the financial stat8menlsJ Basis of accounting and statement of financial activities The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- {Charilies SORP IFRS 10211, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021, the Companies Act 2006 and applicable charity law. Racing to School meets the definition of a public benefit entity under FRS 102. Going concern The Trustees believe that the charity is well placed to manage its business risks successfully and are confident that the charity has adequate reSoUrS lo continue in operational existence for the foreseeable future. Thus they conb'nue lo adopt the going COnM basis of accounting in preparing the annual financial statements. TangiTble fixed assets The cost of tangible fixed assets is their purchase cost, together with any incident81 costs of 8CqUlSltion. Depreciation is calculated so as lo write off the cost of the tangible fixed assets, less their estimated residual values, on a straight line basis over the expected useful economic lives of the assets concemed. The rates used for this purpose are.. Computers and other equipment 10-20% Operating leases Costs in respect of operating leases are charged to the Statement of Financial Activities in the period in which they are incurred. Debtors Trade and other debtors are recognised at the transaction amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Cash Cash at bank and cash in hand includes current account balances and cash held in instant access and 90 day notice accounts. Creditors and provisions 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 lo sellle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any trade discounts due. Investments and Investment Income Current asset investments are long-tem) cash deposits requiring notice of 90 days or longer. Interest is accounted for on an accruals basis. Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments include cash investments and are initially recognised at transaction value and subsequently measured al their settlement value. 20
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 Notes (continued) Accounting policies Iconlinuedl Taxation The Trustees believe that no charge to UK corporation lax will arise in respect of the year to 31 December 2023 (2022.. £nilJ as all activities of the company during this year were of a charitable nature. The company has charitable ststus, and a general exemption from taxation has been granted under Section 506 of the Income and Corporation Taxes Act 1998. Judgements in applying accounting policies and key sources of infom7ation uncertainty In determining if leases entered into by the charity are finance or operating leases, the lease has been assessed to determine whether the risks and rewards of ownership have been transferred lo the lessor by the lessee on a lease by lease basis. Pension costs The charity does not, itself, operate a pension scheme. All employees of the charity now belong lo the defined contribution scheme, operated by the BHA. Allocation of overheads A review of the overhead allocation is conducted annually to ensure it accurately reflects the level of support costs used by each activity. Income and Expendlture Incoming resources are derived from industry grants and self-generaling sources and are recognised when receivable. Income is only deferred where the donor has spectfied that the amounts received are for use in future accounting periods. Services provided at zero cost lo the charity are recognised as voluntary donated income and costs on an estimated market value basis. Grants paid represent charitable grants paid. These are accounted for on an accruals basis. Other direct charitable expenditure payable in the period represents costs directly related lo furthering the objectives of the charity. Governance and support costs comprise costs payable for the running of the charity in compliance with conslitulional and statutory requirements for the period. The charity is not VAT registered and irrecoverable VAT is included with the item of expense lo which it relates. Fund Accounting Funds held by the charity are either- Unrestricted general funds - these are funds that can be used in accordance with the charitsble objectives at the discretion of the Trustees. Restricted funds- these are funds that must be used in accordance with the conditions set by the donor. 21
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 Notes (continued) Trustees, emoluments The Trustees received no emoluments and expenses of £982 were incurred for travel and staff entertainment for 10 Trustees (2022.. £36010 9Trustees) in respect of their services lo the company during the year. Indemnity insurance is provided for the Trustees under a policy held by the British Horseracing Authority Employees The average weekly number of persons {excluding Trusleesl employed by the Racing to School during the period was 9 (2022.- 9). 2023 2022 Staff costs (for the above peisonsl Wages and salaries Social security costs Other pension costs 374,543 33,194 29,030 385,349 36,184 29,677 436.767 451,210 The number of employees who received emoluments between £90,001 and £100,000 was 1 (2022.- l employee between £90,0018nd £fOO,000). The key management personnel of the charity comprise Trustees and the CEO. The total employee salary, pension and benefits in kind of the key management personnel were £103,013 (2022.. £103,090) Analysis of income 2023 2022 Donations and lègaeiès= HBLB 288,505 53,800 83,744 274,994 37,324 77,540 Donations Voluntary donated income Income from charitable actlvltl•s Fundraising and grants Other incoming resourtss Investment Incom• Bank interest 3S4,057 51,630 408,313 56,112 43,203 8,625 Total 874,939 862.908 Income includes a total of £859,748 for specific restricted artivilies (2022.. £857,010). 22
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 Notes (continued) Analysis of costs of charitable activities and generating voluntary contributions Actlvltles Support Total Total undertaken Costs 2023 2022 dlrectly Note 6 Actlvlty Note 7 Racing to Sch1 education prograrnme Racing Together Community eng8gement 447.696 112,925 560,621 589.799 106.129 40,953 147,082 151,871 Total 553,825 153,878 707,703 741,670 Governance costs Note 8 14,671 14,671 12,716 Total 553.825 168,549 722,374 754,386 Analysis of activities undertaken directly Racing Racing to School Togeth8r education programma General fund Total 2023 Total 2022 Staff costs Printingldevelopment Vehicle costs Programme delivery Costs Other costs Fundraising IPR 78,487 222,272 14,988 22,136 133,520 300,759 14,988 22,136 161,162 301,759 15,464 22,535 168,293 27,642 5,945 5,945 48,835 6,528 58,042 48,835 Total 106,129 398,861 48,835 SS3,825 572,621 23
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 Notes (continued) Allocation of support costs and overheads 2023 Racing Together Racing to School Education programme 2022 Total Total Staff Costs Property costs 32,918 1,996 456 528 3,562 66.834 4,052 925 1,072 7,231 655 2,561 4fj4 4,204 471 99,752 113,949 8,640 1,340 1,185 11,628 1,073 1,839 893 4,176 749 1,381 1,600 10.793 655 3,822 464 4,204 703 Office costs Vehide costs Staff development Travel ProrMotion81 rnateri81 Database Depreciation 1,261 232 Don8t8d $8rvic8S 24,456 24,45fj 23,577 40,953 112,925 1 S3.878 169,049 In 2023 support cost have been allocated between the charity's two activities, the Racing to School Programme and the Racing Together communty engagement programme. Where possible costs have been specifically attributed. whe this is not possible costs have been apportioned on the basis of 330/. (2022.. 330/.) to Racing Together and 670/. (2022.. 670/.) Racing to School which represents an approximation based on time. Govemance costs Year ended 31 December 2023 Year 8nd8d 31 Decetnber 2022 Net incomingl{outyoingJ resources is ststed èfterchèrging." Auditor's remuneiats"on'. Statutory audit Other lees Legal advice and insuran Consultancy services Trustee expenses and meeting costs 10,560 9,600 729 2,400 982 63 2,400 653 14.671 12,716 24
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 Notes (continued) Tangible fixed assets Computers and other equipment Total Cost At 1 January 2023 Additions Disposals 29.676 1,156 29.676 1,156 At 31 December 2023 30,832 30,832 Depreciation At 1 January 2023 Charge for the year Disposals 21,279 3,029 21,279 3,029 At 31 December 2023 24,308 24,308 Net book value At 310ecember 2023 6,524 6,524 At 31 December 2022 8,397 8,397 Fixed assets held during the year consist of Offi furniture and equipment that are both for direct charitable and related adminislralive purposes. The depreciation charged on these items has been included within support costs. 10 Debtors 2023 2022 Trade debtors Other debtors Pr8payrn8nt5 and accrued incotn8 27,070 39.011 5.994 15,480 12,710 6,080 72.075 34.270 25
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 Notes (continued) 11 Investments 2023 2022 95 day notice aceount 120 day notice account 1 year fixed tem deposit 2 yearfixed term deposit 459,179 451,603 384.903 200,000 701,521 1,360,700 836,506 12 Creditors.. amounts falling due within one year 2023 2022 Olher creditors Aecruals and deferred income 133,871 98,969 130.655 140,001 232.840 270,656 2023 2022 Deferred income at the start of the year Resources deferr8d during the y8ar Amounts released from previous pgriods 96,645 69.203 185,2261 146,681 68,805 1118,8411 80,622 96.645 Deferred income relates the income that is received for the provision of services that is released as the activity occurs. 13 Reconciliation of movement in accumulated funds 2023 Fund balances brought forward Fund balancè carried fornard Gains and loss•s Incoming Outgolng resources r•soureas Fund Name General Funds General Restricted Funds Racing to School Education Programme Education Programme VR grant Racing Together Transfèrs 196.475 15,191 163,5061 148,160 1,007.319 686,605 1506,6681 1,187,256 8,575 16.644 15,1181 173,143 1147,0821 3,457 42,705 1,229,013 874,939 1722,3741 1,381,578 26
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 Notes (continued) 2022 Fund balances brought forward Fund balance carried forward Galns and losses Incoming Outgolng resources $0rGe$ Fund Name General Funds Gen8ral Transfers 261,335 5,898 170,7581 196,475 Restricted Funds Racing to School Education Programme Educab"ori Piogramme VR grant Racing Together 848,407 686,996 1528,0841 1,007,319 12,248 13,6731 157,766 1151,8711 8,575 16,644 10,749 1,120.491 862,908 1754,3861 1,229,013 In addition to Racing lo School's Education Programme, the charity is responsible for Racing's community engagement programme Racing Together. Income reiVed by the charity specifically for the Racing lo School Education Programme days has been rewgnised as restricted income. This includes grant funding from HBLB. Income received by the charity for non-specific activity has been Irealed as general fund income. The reslricled Education Programme fund of £1,187,256 relates lo donations given specifically to support the on-going work of the Racing lo School programme. The Racing Together restricted fund of £42,705 relates lo donations, self-generated income and grant funding spectfically for community engagement programmes which are held in a reslricled reserve to fund future activity. The Education Programme VR fund relates to a donation provided for the provision of virtual realtty equipment for use as part of the schools, programme. 14 Pension Scheme The Charity does not, itself, operate a pension scheme. Employees of the Charity belong lo the British Horseracing Authority Pension Fund {'The Scheme'} defined contribution scheme. During the year, the Charity and employees are paying contributions to The Scheme at the rates recommended. The charity's contributions lo The Scheme in 2023 was £29,03012022.. £29,67n. £648 was also paid in respect of life assumnce12022.. £9341. 15 Analysi5 of net assets between funds As at 31 Dernber 2023 General Funds 2023 Restricted Funds 2023 Total 2023 Fixed assets Gash 8t bank and investments Other current assets Current liabilities 6,524 6,524 1,377,099 1,535,819 72,075 72,075 1222,2801 1232,8401 158,720 110,5601 148,160 1,233,418 1,381,578 27
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 Notes (continued) As at 31 Dernber 2022 General funds 2022 Restricted funds 2022 Total 2022 Fixed assets Cash at bank and investments Other current assets Current liabilit18S 8,397 8,397 1,250,927 1,457,002 34,270 34,270 1261,0561 (270,6561 206,075 19,6001 196,475 1,032,538 1,229.013 16 Financial commitments At 31 December 2023 Racing to School had total commitments under non-cancellable operating leases as follows.. 2023 Motor vehlcles 2022 Motor Vehicles Expiring within one year Expiring beiween one and five years 28,425 59,668 15,355 15,998 88.093 31,353 17 Liability of members The members of the company have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the company in the event that it is wound up. 18 Rglatgd party transactions The company has transacted with the following related parties, all of which are related by virtue of one of their employees, appointments, or directors being a director of the company. Details of sales and recharges to and administrative expenses incurred from related parties are detailed below Sales & Recharges to Administrative expenses incurred from 2023 2023 2022 2022 British Horseracing Authority 8,448 11,040 515,215 505,816 28
Racing tn.Scliaf)I (o limited b},guUn7teEj Annudl N}rt Regigiered number. 02958174 Notes (continued) Related party transactions included in year end debtors and creditors were as follows., Re1Vable$ outstanding 2023 2022 Creditors outstanding 2023 2022 British Horseracing Authority 132,133 128,340 During the year the charity received £nil in donations from no Trustees and their families (2022.. 1 trustee £50). 19 Ultimate controlling party Racing lo School is controlled by its Board of Trustees. Accordingly, there is no single individual that can, or does, exert control over the charity. 29