VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 1131 Racing to School (a company limited by guarantee) Annual report Registered charity number 1040590 Registered number 02958174 31 December 2024
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 2131 Racing to School (a Company limited by guaiaiilee) Annual report Registered number- 02958174 Contents Page Structure, governan and management Report of the Trustees 14 Statement of Trustees. responsibilities 15 Report of the independent auditors to the members of Racing to School 18 Statement of financial activities 19 Balan sheet 20 Notes
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 3131 Racing to School (a Lornpuny lirniled by &UrtE<) Annual report Registered number.. 02958174 Structure, governance and management Racing to School is a company limited by guarantee under a Memorandum of Association dated 12 August 1994 (Registered in England and Wales under company no.. 02958174). Racing to School is also a registered charity (Registered charity no.. 1040590). All Trustees as at 31 December 2024. who are 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. Members The Membership of the Company allows for up to ten persons in total, appointed in accordance with the following provisions.. a) 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 5a)- the British Horseracing Authority the Racecourse Association the Thoroughbred Group b) Up to seven co-opted members shall be appointed by the board (Article 5b) c) Members shall be appointed for a period of up to three years, and upon expiry of such period shall be eligible for re-appointment upon the same terms by the body which appointed them (in the case of members appointed under Article 5a) or by the Board (in the case of members appointed under Article 5b}. 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 to vote at Board meetings in relation to their own re-appointment under Article 5b. All newly appointed Trustees undergo an induction programme and re1ve a Trustee Handbook. Trustees and directors 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 states that certain organisations must be represented on the Board. These organisations put forward possible candidates to the Chairman of the board who are then elected, if appropriate.
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 4131 Racing to School (a Lornpuny lirniled by &UrtE<) Annual report Registered number.. 02958174 The Trustees of Racing to School between 1 January 2024 and 31 December 2024 were as follows: Organisation Independent Trustee Independent Trustee Independent Trustee Independent Trustee Independent Trustee Racecourse Association Date of appointment 30 May 2017 21 September 2020 2 December 2020 Date of resignation Michael Andrews (Chair) John Baker Anna Lisa Balding Paul Brewster 25 March 2019 Camilla Dutton 16 August 2023 2 December 2020 British Horseracing Authority 22 February 2017 Independent Trustee 16 August 2023 Thoroughbred Group (fonnerly Horsemen's Group) 26 June 2018 Independent Trustee 30 May 2017 Day to day management of the charity is delegated to the Chief Executive, John Blake. Jacqueline Greet Andrew Merriam Andrea O'Keeffe Kevin Parsons Clive Wisby Registered address 7th Floor Holborn Gate 26 Southampton Buildings London WC2A 1AN Professional advisers Bankers Weatherbys Bank Sanders Road Wellingborough Northamptonshire NN8 4BX Solicitors Royds Withy King Cross Keys House 27 The Parade Marlborough SN8 1NE Auditors James Cowper Kreston Audit 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 5131 Racing to School (a Lornpuny lirniled by &UrtE<) Annual report Registered number.. 02958174 Report of the Trustees for the year ended 31 December 2024 The Trustees present their report and the audited financial statements for the year ended 31 December 2024. The annual report and financial statements of the company comply with current statutory requirements, the requirements of the company's goveming document and the provisions of the Statement of Recommended Practice (SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Organisational structure Chair Trustee Board Chief Executive Senior Finance Business Partner Racing Together Subcommittee Nominated Trustee Chair Education Programrne Manager Fundraising & Communications Manager Community Engagement Manager Regional Education OffIr Communitations & Events Executive Education Programme Facilitstor IPT) xl 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 (in each such case for charitable purposes)- The Trustees confirm that they have referred to 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 2024..
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 6131 Racing to School (a Lornpuny lirniled by &UrtE<) Annual report Registered number.. 02958174 To continually develop. implement and evaluate- intemally and extemally- 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 ntral resource for the sport of horseracing 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 to School Programmes that give a wide cross-section of young people nationwide an opportunity to enhance their school and college studies and improve their knowledge about the sport as a potential employer. This is achieved through active. outdoor leaming engaging many facets of the racing and breeding industries. To work with Trustees, intemal and extemal stakeholders to review the design and delivery of the programmes. To develop and train 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 to ensure Racing Together's contribution to the sport and its leadership in enables and showcases community activity. To improve and innovate across communication channels to raise awareness of the charity's work and impact, and its case for support. To ensure the Trustee Board remains effective with a balan of relevant skills and access to timely and relevant information. To offer training and build capacity to support Trustees and engage them as required through delegated committees and any additional Board activity that may be needed. To maintain professional and eXperIend 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 2024.. the core education activity days - the Schools, Programme - and the Riders, Programme. which is focused more on the sport's training and career opportunities, which is fundamental to the Pony Racing Pathway partnership. The combined 2024 programme delivered another record year of participation: A total of 456 Racing to School events for 17,038 young people was delivered against a target of 415 events and 16,500 participants. 311 Schools, Programme events were staged, engaging 12,576 young people, 26 events ahead of the plan of 285 with engagement exceeding the target of 12,100 participants. Riders. Programme activities totalled 119 events benefitting 3,547 participants. which was 19 more than planned and ahead of the set participation target of 3,400. The charity delivered a mix of 25 additional learning and community events for a total of 915 participants, slIghY below the plan for 30 events and an engagement target of 1,000. These events are largely dependent on partnerships, and the yearfy target provides headroom in the planning to accommodate organic events and requests from stakeholders and other partners for support that may be made during the year.
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 7131 Racing to School (a Lornpuny lirniled by &UrtE<) Annual report Registered number.. 02958174 The Racing Together programme for the year was shaped to offer leadership and support to the sport's continued efforts to help its communities. Expanded details of the 2024 activity are included later in this report. Alignment with other industry strategies and workstreams ensured that Racing Together contributed to. and was a valuable asset to wider industry needs. including the strategic work undertaken by the Horseracing Industry People Board and the developing work of a Social Impact Strategy, both led by the British Horseracing Authority (BHA). Strengthening the communication channels and activity of Racing Together was prioritised. with the website providing the central information hub for the sport's Diversity in Racing Advisory Group, and the portal for the stakeholder Directory of Community Engagement and Education Activity. The website carries a unique mix oftimely news. features and a range of other reSoUrS aimed at supporting industry partners and as a public- facing overview of work and impact in this area. Public Benefit Access to participation in the national Racing to School education programme is unrestricted 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 to 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 educational 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 to the settings and construction of mainly outdoor activity leaming. Appropriate to participants. age, informed access to the range, associated training routes and guidance to 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, 230/0 of those that participated are located in inner city. rurally isolated or deprived areas. Representative data shows that 14 % of young people engaged are from ethnic minorities- 60/0 have Special Educational Needs andlor Disabilities (SEND)- 100/0 have English as an Additional Language (EAL), and 260/0 are eligible for Free School Meals (FSM). The charity leads Racing Together's work. consisting of an open partnership of varied organisations- charitable and commercial - active in community engagement within and outside the sport. The mission is to instigate, enable, support, measure and communicate the sport's varied and positive impact on the communities in which it operates, through partnerships and alignment with relevant industry strategies. Strategic report Trustee Board and Staffing At the end of 2024, the Trustee Board numbered 10 members. the maximum allowed in the Board's governing documents. Michael Andrews continued in his role as Chair throughout the year. The Trustees are appointed to a three-year term, capped at a total of nine years. Appropriate guidance and updates were given to the Trustees conceming their duties and the expectations upon them in their role in support of the charity's objectives. and more generally from the Charity Commission. All full-time and part-time permanent staff roles remained as in previous years and the charity's programme delivery was supported by a team of trained 'sessional' employees. Racing to School is grateful to its Ambassadors from across the racing industrywho offersupport in several ways, such as enhancing the impact of our delivery days and in raising awareness of the charity's mission through various communication platforms. In 2024, leading Irish jockey Rachael Blackmore agreed to be the first recognised Intemational Supporter of the charity.
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 8131 Racing to School (a Lornpuny lirniled by &UrtE<) Annual report Registered number.. 02958174 Communications and Donor Management The charity's work and impact were supported through a range of internal and external communications. and it received media coverage throughout the year - through TV, radio and podcast coverage, and in print and on- line. A growing 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 donations 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 attending activity days. which the charity is very grateful to receive. The CRM system tracks event activity and supports donor management processes 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 2024 were to: Deliver a positive impact on young people's leaming, 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 set out for the Education Programmes in 2024 were achieved. The charity was able to exceed its participant target and each of the key participant measurements was met. so too the expectations of teachers in terms of planning, organisation, content and delivery of the programme. It can be reported that 100 % of the polled teachers and teachers, assistants agreed that they would be interested in future events provided by Racing to School. Regular evaluation is undertaken to ensure that activities complement the developing school Cu1cUla and wider education priorities from school to national level. Cross-cutting themes are woven into programme activities where appropriate (such as health and wellbeing, the environment etc). Of those teachers surveyed in 2024, 1000/0 agreed (with 980/0 agreeing strongly) that the programme had enriched pupils. learning, and 88010 agreed that their event will improve pupils, perceptions of their school subjects. The charity's programmes are attuned to the needs and priorities of the wider horseracing industry and its commitments to staff recruitment and retention, safeguarding, and diversity and inclusion. Highlighting potential career opportunities available within the industry was regarded as successful by 98 % of teachersllecturers 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 equine college partners across the country. During the year. 48 Equine College days were held that benefitted 1.650 students. These events included 16 college visits, 29 racedays and five studlstable visits. The charity is very grateful to the studs and stsbles that allowed the students to go behind the scenes and learn about life within a 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. 88 % had not previously considered a
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 9131 Racing to School (a Lornpuny lirniled by &UrtE<) Annual report Registered number.. 02958174 career in racing. After their event, 96 % agreed that they now have more knowledge about the industry and 86 / knew more about the potential careers within horseracing. From this, 100 % now have a better (or the same positive) opinion of horseracing. and 76 % confinned that they would now consider a career in the industry. This data is broadly consistent with past years when less activity was delivered. The instructorsltutors involved in the programme in 2024 felt that their students had received a positive experience, 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 confimied that they are now able to support their students and would actively encourage them to pursue a career pathway in the sport. The charity is aligned with the BHA'S Careers in Racing team to present updated training and careers, advi and provide signposting to the main training providers. The charity fomed a Teachers Advisory Group (TAG) in 2023, with representatives from primary, secondary and special educational needs schools, so too representatives from the Board Trustees with specialist experience in this area. The objective of the group is to provide professional insight from the sector, as it relates to the applicability and accessibility 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 racOurseS 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 to 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 multi- activity programme that involves outdoor and in-school learning, in collaboration with a range of partners. The ninth academic year of Aintree Beacon Programme was supported by funding from the Horserace Betting Levy Board. Global breeding and horseracing operation, Godolphin has kindly funded the Newmarket Beacon since it commenced at the start of the 2016 academic term. Both Programmes will celebrate their 10th anniversaries in 2025. The Aintree Beacon engaged around 1.000 pupils across one High School and three associated Primary Schools local to the racecourse. The programme reached 930/0 of its annual engagement target (240 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 activity days at Aintree Racecourse, including the very popular Pony Education Days. The Newmarket Academy Godolphin Beacon Project continues to engage all year groups at the school in various activities, ranging from careers speed dating to a sculpture masterclass, and a visit to Newmarket Racecourse for pupils to enhance their understanding of the hospitality and leisure industry and its career opportunities within the sport. 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 multi-activity event covered by ITV Racing and BBC Look East. The charity continued to support a wider community and education project involving Go Racing in Yorkshire and its member racecourses and other industry assets in the region. Additional Projects Racing to School was pleased to partner with Jockey Club Racecourses to deliver the second 'Festival Monday, event. a special beh1nd-the-SneS experience engaging 75 Primary school pupils from five local
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 10131 Racing to School (a Lornpuny lirniled by &UrtE<) Annual report Registered number.. 02958174 schools. The day aims to connect the local community with Cheltenham racecourse and to foster a positive relationship with the Cheltenham Festival. The second 'Leger Wednesday,, inspired by the success of the Cheltenham event, ran again in September. delivered in collaboration with Arena Racing Company. Its purpose is to share the importance and history of the St Leger ra meeting to the town of Doncaster, with 60 local Year 6 pupils in attendance. These two events are now established within their host racecourses to showcase to young people in their communities how they prepare for critical annual race meetings. Both these events were scheduled in 2025 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 at industry venues, exploring the impact and history of the sport on the town. The programme is kindly supported by Newmarket Racecourse, Jockey Club Estates and Godolphin. The 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 to School. The Programme offers a formal pathway into the horseracing induslry for young people through pony racing. In 2024, its fourth year of operation, Racing to School delivered a total of 38 events (30 Horse and Pony Racing Introductory Sessions and 8 Pony Club Careers Racedays) and supported a further 15 events (2 Taster Days and 13 Training Days) within this project. Supported by the funder, 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 competent riders. The main objective of the programme is to develop riding skills. The partners agree that the exposure of all participants to the wider industry contributes to a new level of understanding for young people. which in turn supports the sustainability and relevance of the sport. The fourth year of a partnership with the Racing League team competition involved attendance by the charity at each of the six unique fixtures run at racecourses nationwide. The team offered riding tuition on the popular racehorse simulators to many family groups. An in-school maths event at Trevelyan Middle took place to help launch the 2024 version of the competition and included a Q&A with jockey Elisha Whittington. As a key contributor to the fourth National Racehorse Week.a record 10 school trips were delivered throughout September by our team to training yards as part of the industry's efforts to increase understanding around horse welfare and bring the sport closer to the public. The charity is asked on a regular basis to support complementary events for partners. such as racecourse family days, county fairs and open days to offer a fijn. memorable insight and educational experien for attendees. Racing Together Racing Together is the racing industry s collective community engagement and education initiative, comprising a range of activity carried out by charitable and commercial organisations- within and outside the sport- that use their resources to benefit others. Racing to School took over the strategic and executive leadership of the Racing Together partnership in 2017. The charity's work in this area has been supported in recent years by the HBLB on an annual Grant basis. Additional project-focussed funding has been secured from other partners. The Racing Together initiative is an important focal point for the sport's multifaceted interactions with its communities, which forms part of its social licen. Providing a unique platfonn for community engagement and working as an enablerfor new programmes. sit alongside its role as a central resource to the industry in this area. Racing Together is also the official communications hub forthe British Horseracing Authority's Diversity in Racing Advisory Group. Staffing and Subcommittee The role of the dedicated Community Engagement Manager reports to the charity's Chief Executive and is responsible for day-to-day activity, including the secretariat function of the Racing Together Subcommittee. The delegated Subcommittee reports to the Board and is chaired by a Racing to School Trustee and consists of a skills-based and diverse team of industry professionals who are passionate about community engagement and education activity across the sport. The Group was chaired during the year by Trustee, John Baker. as nominated
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 11131 Racing to School (a Lornpuny lirniled by &UrtE<) Annual report Registered number.. 02958174 by the Board. Other Subcommittee members are Jacqui Greet (Trustee). Georgia Dingle. Tim Williams. Grant Rowley. Rory Palmer; Maddy Playle. Paul Swain, Kate Freeman. John Blake (CE) and Lucy Gumey (CE Manager). Morag Gray stood down from the role in 2024 and Kate Freeman left her role at British Horseracing Authority so also stepped down. Lucy Gurney ended her matemity leave in November 2024 and Alex Shaw concluded his maternity cover role at the end of Dember 2024. Overview of Racing Together's purpose: Measure and communicate the scale. benefits, and importance of community engagement to beneficiaries, and in support of racing's long-tenn sustsinability Pilot. support and develop emerging programmes across the sport Improve and showcase best practi. utilising relationships with other sports and their relevant experiences Invest in key events to 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 infomi and support wider industry strategy. Strategic Objectives in 2024 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 its alignment with and support of relevant activities and emerging industry strategies. Growing the independent website, and other communication channels was also a key aim. Racing Together also seeks to showcase similar activity delivered by international partners. Overview of Racing Together activity in 2024: The second Racing Together Industry Day took place in February 2024, hosted by Chester Racecourse. Over 120 guests, speakers and hosts both from within and outside of racing met to discuss the day's theme: "New Routes, New Solutions. why community engagement can no longer play it safe". Former Labour MP Conor McGinn gave the keynote address. The event originated to expand upon the successful biennial 'Masterclass' events that were more focused on racecourse partners. Racing Together Community Day: racing's national day of employee volunteering was held in May 2024, maintaining its growth trajectory. with 80 racing organisations offering over 700 hours of time through a range of volunteering activity nationwide. Racing Together continued working alongside Go Racing in Yorkshire to support the Yorkshire Beacon programme. which was taken forward by the nine member racecourses. Go Racing in Yorkshire won a Racecourse Association Showcase Award. the independently-judged Racing Together Community Award for its work as part of the Beacon, specifically combining to expand Bowel Cancer screening across the nine Yorkshire racecourses in partnership with local NHS Trusts. As a partner with National Racehorse Week. the charity helped to widen the focus of its community engagement in its fourth year. A strong partnership has been developed with the Thoroughbred Industry Employee Awards. sponsored by Godolphin with the charity supporting nominations and showcasing finalists. Racing Together is allied to the BHA'S Diversity in Racing Advisory Group and supported them to 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 activity. The third series, consisting of three episodes. took place beeen October 2023 and April 2024. Series four began in November 2024. Further investment in the website {www.racingtogether.co.uk) and other platfonns offered the growing partnership ofcharities and other organisations a shop window to raise awareness and to evidence social impact to racing's customers, business partners, political leaders and the media. The dynamic news and
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 12131 Racing to School (a Lornpuny lirniled by &UrtE<) Annual report Registered number.. 02958174 information hub is a resource for the sport to pool its activities. upcoming events and ambition to help others. Regular email 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 strategies. Key partners remain the Racecourse Association (RCA), BHA public affairs team, Great British Racing (GBR) 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. The charity is a key member of the Racing Charities. Group that comprises the sport's main people and horse- focussed not-for-profits. The Group met at intervals throughout the year to discuss relevant industry issues and developments. while sharing insight and resources. The Racing Together website carries information about the Group's aims and membership. Future Plans Workstreams and priorities in 2025 shall include= Working alongside the BHA and other industry partners to define, implement and sustain a wider and targeted Social Impact strategy on behalf of the sport Supporting the relevanl recommendations of the Horseracing Industry People Board strategy Ongoing assessment of resource with possible expansion of the delivery team and appropriate training for existing staff Assimilating the guidance of the Teachers, Advisory Group to seek areas of improvement across the charity's Education Programme Working with charity partner New Beginnings to explore combining resources to create opportunities for beneficiaries to interact with retired rahOrseS through a new Beacon project Maintaining current Racing to School participation numbers as a minimum, with a focus on growth, through targeting new partnerships and supporting other organisations and their complementary programmes Supporting the work of the Pony Pathway stskeholder group in its frfth year and undertaking planning for the future funding of this important programme Contributing to 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 refreshed Ambassador team to meet shared objectives Reviewing the membership of the delegated Racing Together subcommittee to maintain its effectiveness and diversity of input; target resources to maximise impact of a range of programmes and their beneficiaries. and expand communication channels to showcase the breadth of related work and impact Seeking new collaborations to pilot. which meet the needs of community beneficiaries, objectives of funders and the sport Delivery of the third Racing Together Industry Day building on the experience and feedback of previous events and with the support of the current commercial partner Supporting the employee volunteering for Racing Together Community Day in May Concluding the latest webinar series and using outputs to inform actions to support industry needs., and plan future topics and new panels to inspire discussion and action Growing audiences across communication platforms. with a particular focus on social media Working with the RCA to evaluate and promote a new racecourse survey of community activity Sharing support and insight with intemational partners aligned to the charity's work Recognising significant milestones for the charity, namely Racing to School's 250,OOOth participant sin the programme's inception in 2001, so too the 10th anniversaries of both the Newmarket and Aintree Beacons. The charity will also look ahead to its 25° anniversary in 2026. 10
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 13131 Racing to School (a Lornpuny lirniled by &UrtE<) Annual report Registered number.. 02958174 Fundraising Outlook For Racing to School's programmes to maximise their impact for beneficiaries, the charity relies on the collaboration, goodwill and enthusiastic participation of industry partners, in particular funders both financial and benefit in kind. Throughout 2024, there was a focus on seeking new funds to diversify income sources as wherever possible and this strategy, including new recruitment, has strengthened the charity's financial position and outlook. Investments were reviewed to maximise income at a time of increasing interest rates, which helped offset some of the operational challenges caused by rises in inflation. Racing to School was grateful to receive payments from the Horsera Levy Betting Board (HBLB) again in 2024 across its activities, with new funding now agreed to December 2025. The Racing Foundation kindly provided continuity funding for some ofthe costs of 10 Schools, Education Programme events for schools from inner city and disadvantaged areas" so too organisational development and equipment for programme delivery. The Sir Peter O'sullevan Charitable Trust kindly supported the charity's Schools. Programme for a sixth consecutive year. The charity has seen a steady growth 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 benefit-in-kind, and additional commitment through race titles and other activity in support of the charity's groups of young people. Otherfunders that supported the charity, include the Gerald Leigh Charitable Trust" John pear Racing., The Tote; Racing League; The Childwick Trust" Jock and Mary Elliot Memorial Trust, Venatour and The Good Racing Company. 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. 2024 2023 Units tC02e Units tC02e Company cars and non company car mileage Flights Total Miles 84.669 23.54 80,942 21.21 Miles 400 0.11 916 0.15 85.069 23.65 81,858 21.36 Intensity ratio (tC02e per £000 of income) 0.03 0.02 Methodology The following methodology for converting raw data to ihe above have been applied consistently year on year. Car mileage is converted using a petrol and diesel conversion factors for medium sized cars. Airjourneys are calculated in miles and converted to C02 emissions through an online calculator.
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 14131 Racing to School (a Lornpuny lirniled by &UrtE<) Annual report Registered number.. 02958174 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. Financial review In 2024 Racing to School made an overall operating surplus in the year of £113.091 (2023.. sury)lus £152,565) which comprises a deficit of £62,052 (2023.. £48,315) on the General fund, a surplus of £152,847 (2023.. £179,937) on the Racing to School Education Programme, a deficit of £3.457 on Racing to School Education Programme virtual reality (VR} fund, and a surplus of£25.753 (2023."£26,061) on the Racing Together community engagement programme. With the benefit of increases in interest rates and the use of fixed term deposits, interest income increased to £59,728 for the year (2023.. 43,203). During the year, Racing to School continued to support its charitable objectives with expenditure in the year of £768,821 (2023." £722,374). Racing to School Education Programme The charity was fortunate to maintain the support of its key funders in what was another challenging year. In addition to the invaluable support provided by HBLB by way of a grant payment of £297,828 (2023: £288,505). the Education Programme also generated fundraising income of £167,984 in the year (2023.. £188,137) which included grant funding from the Racing Foundation. Godolphin, the Peter O'sullevan Trust. John Pearce Racing Ltd, Gerald Leigh Charitable Trust, and the Childwick Trust. Racecourses donations and income totalled £40,450 (2023.- 35,550) and friends of Racing to School and other generous individuals, schools and organisations donated £70,204 {2023.' £63,241). There was donated services income of £79,920 (2023.. £83,744). Racing Together The HBLB provided grant income totalling £156,912 (2023.. £127.497) to support the Racing Together community engagement programme. The Racing Foundation provided grant income totalling £1,000 (2023.. £37,273) to support the Racing Together Industry Day event. Additional donations of £7,885 (2023.. £7,789) were also received which included donations for attending the Racing Together Industry Day event. Reserves The Charity's reserves as at 31 December 2024: General Fund 86,108 Restricted Funds Racing to School Education Programme Racing to School - JPR virtual reality Racing Together 1.340.103 68,458 1,494,669 Total The General Fund balance of £86,108 represents free reserves that will be used for the charity's ongoing govemance and fundraising costs The Restricted 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 sustainability of the programme. Grants and donations are recognised in the accounts when they are received and where funds have been raised for activity that is planned for a future year this can give rise to a surplus on the fund for use to support future activities. 12
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 15131 Racing to School (a Lornpuny lirniled by &UrtE<) Annual report Registered number.. 02958174 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 to 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-term future of the charity is assured. 13
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 16131 Racing to School (a Lornpuny lirniled by &UrtE<) Annual report Registered number.. 02958174 Statement of Trustees, Responsibilities The Trustees (who are also directors of Racing to School for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable lawand United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company and charity law requires the Trustees to prepare financial statements for each financial yearwhich give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company forthat period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP- make judgments and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation- state 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 to 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 inforniation to auditors Each of the persons who are Trustees at the time when ihis 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 to 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 report and to establish that the company's auditor is aware of that infonnation. Auditor 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 and signed on their behalf by: M ApLdr&ws MIGh3BIAY10FJ2505."I526 BST[LG +11 Michael Andrews Chairman of the Trustees Date.. 07 July 2025 14
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 17131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 Independent Auditor's Report to the Trustees of Racing to School Limited Opinion We have audited the financial statements of Racing to School (the 'charitable company,) for the year ended 31 December 2024 which comprise the statement of financial activities, balan 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 ACpted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the charitable company's affairs as at 31 December 2024, and of its incoming resources and application of resources. including its income and expenditure, for the year then ended; have been property prepared in accordan with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 relevantto ouraudit 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 obtsined 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 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 to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least iwelve months from when the financial siatements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Other infomiation The trustees are responsible for the other infonnation. The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otheiSe 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 detemiine whether there is a material misstatement in the financial statements or a material misstatement of the other 15
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 18131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 information. If, based on the work we have perfonned, 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. 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 infomation 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 accordan with applicable 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 obtsined in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or retums 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 Trustees, remuneration specified by law are not made. or we have not received all the infomiation and explanations we require for our audit- or the Trustees were not entitled to 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 to prepare a Strategic Report. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 detennine is 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 Trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing. as applicable, matters related to going concem and using the going cOnM basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Auditor's responsibility 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 an Auditor's Report 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. 16
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 19131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 Because of the inherent limitstions of an audit. there is a risk that we will not detect 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 ststements. as we will be less likely to 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 g0Veman around actual and potential litigation and claims. Reviewing minutes of meetings of those charged with govemance., Reviewing financial statement disclosures and testing to supporting documentation to assess Complian with applicable laws and regulations. Performing audit work over the risk of management oveIde 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 estimates 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 Auditor's 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 state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body. for our audit work. for this report. or for e opinions we have fonned. IP. Alexander Peal Bsc FCA DChA Senior Statutory Auditor For and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB 14 July 2025 Date....................... 17
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 20131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 Statement of Financial Activities (including the Income and Expenditure Account) for the year ended 31 December 2024 Note General funds Restricted funds Total 2024 Total 2023 Income Donations and legacies Income from charitable activities Fundraising granls and olher Investment income Bank Inte$t 11,080 424,106 435,186 426,049 386,998 386,998 405,687 6.405 53.323 59.728 43.203 Total income 17.485 864.427 881.912 874.939 Expenditure Expenditure on charitable activities.. Grants and educational activities Cost of generating voluntary contributions 14,256 65,281 689,284 703,540 65,281 673,539 48,835 Total expenditure 79,537 689,284 768,821 722,374 Net income l (expenditure) (62,052) 175,143 113,091 152,565 Net income l (expenditure) and net movement in funds for the year Total funds brought forward 13 (62.052) 175.143 113.091 152.565 13 148,160 1,233,418 1,381,578 1,229,013 Total funds carrfed forward 13 86,108 1.408,561 1,494,669 1,381,578 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 differen between the surplus for the year stated above and the historical cost equivalent. 18
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 21131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 Balance sheet at 31 December 2024 Year ended 31 December 2024 Year ended 31 December 2023 Note Fixed assets Tangible fixed assets 16.852 6,524 Currenl assets Debtors Cash and cash equivalents Investments 10 50,690 304,547 1,421,455 72,075 175,119 1.360,700 11 Total Current Assets 1,776,692 1.607,894 Llabilitles Creditors falling due within one year 12 {298,875) 1232,8401 Net current assets 1.477.817 1,375,054 Net assets 1,494,669 1,381,578 Funds Unrestricted income funds Restricled income funds 15 133.904 1,360,765 148,160 1.233,418 Total charity funds 1.494.669 1.381,578 The financial statements have been prepared in accordance with the Charities SORP FRS 102. These financial statements were approved by the board of Trustees and signed on its behalf by: M Athrew) thae1AndrwoFJ)259 1528BST[LC+ll Michael Andrews Chairman of the Trustees Date.. 07 July 2025 19
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 22131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 Notes (forming part of the financial statements) 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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), 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 resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going conrn basis of accounting in preparing the annual financial statements. Tangible fixed assets The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost of the tangible fixed assets, less their estimated residual values, on a straight line basis over the expecled useful economic lives of the assets concemed. The rates used for this purpose are: Computers and other equipment 10-20 /0 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 at the amount prepaid net 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 pmvisions Credilors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in Ihe transfer of funds to a third party and the amounl due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at 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 instruments. Basic financial instruments include cash investments and are initially recognised at transaction value and subsequently measured at their settlement value. 20
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 23131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 Notes (continued) Accounting policies (continued) Taxation The Trustees believe that no charge to UK corporation tax will arise in respect of the year to 31 December 2024 (2023.. £nil) as all activities of the company during this year were of a charitable nature. The company has charitable status. 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 inforn?ation 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 to 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 to 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 Expenditure Incoming resources are derived from industry grants and self-generating sources and are recognised when receivable. Income is only deferred where the donor has specified that the amounts received are for use in future accounting periods. Services provided at zero cost to 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 to furthering the objectives of the charity. Governance and support costs comprise costs payable for the running of the charity in compliance with constitutional and statutory requirements for the period. The charity is not VAT registered and irrecoverable VAT is included with the item of expense to 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 charitable 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
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 24131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 N otes (continued) Trustees, emoluments The Trustees received no emoluments and expenses of £1.934 were incurred for travel and subsistence for 10 Trustees (2023." £982 to 10 Trustees) in respect of their services to 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 Trustees) permanently employed by the Racing to School during the period was 7 (2023.. 7). The average weekly number of sessionals employed by the Racing to School during the period was 9 {2023.' 8). 2024 2023 Staff costs (for the above persons) Wages and salaries Social security CA)Sts Other pension costs 412.303 38,525 33.575 374,543 33,194 29,030 484,403 436,767 The number of employees who reiVed emoluments between £90,001 and £100,000 was 1 (2023." 1 employee between £90,001 and £100,000). The key management personnel of the charity comprise Trustees and the CE. The total employee salary, pension and benefits in kind of the key management personnel were £105,870 (2023.. £103,013) Analysis of income 2024 2023 Donations and legacies: - HBLB Donations - Voluntary donated income Income from charitable activities Fundraising and grants Other incoming resources Investment Income Bank inlerest 297,828 57,438 79.920 288,505 53,800 83,744 325.896 61,102 354,057 51,630 59,728 43,203 Total 881,912 874,939 Income includes a total of £864,427 for specific restricted activities (2023.. £859,748). 22
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 25131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 N otes (continued) Analysis of costs of charitable activities and generating voluntary contributions Activities Support Total Total undertaken costs 2024 2023 directly Note 6 Activity Note 7 Racing to School Education Programme Racing Together Community Engagement 485,569 127,106 612.675 560,621 95,888 46,002 141.890 147.082 Total 581.457 173,108 754.565 707.703 Govemance costs (note 81 14.256 14,256 14,671 Total 581,457 187,364 768,821 722,374 Analysis of activities undertaken directly Racing Racing to School Together Education Programme General fund Total 2024 Total 2023 Staff costs Printingldevelopment Vehicle costs Programme delivery costs 82.423 237.242 13.773 24,727 136,061 319,665 13,773 24,727 149.526 300,759 14,988 22,136 161,162 13,465 Other costs Fundraising IPR 8,485 8,485 65,281 5,945 48,835 65.281 Total 95.888 420.288 65.281 581,457 553,825 23
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 26131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 N otes (continued) Allocation of support costs and overheads 2024 Racing Together Racing to S¢hool Education Programme 2023 Total Total Staff costs Propety costs IT Office costs Vehicle costs Staff development Travel Promotional material Database Depreciation 37,798 1.711 562 486 4.123 76,741 3,473 1,141 987 8,372 1,757 114.539 5.184 1.703 1,473 12,495 1,757 2,902 99,752 6.048 1.381 1.600 10,793 655 3.822 464 4,204 703 958 4,361 740 4,361 1.104 Donated seNices 27,590 27.590 24,456 46,002 127,106 173.108 153,878 In 2024 support cost have been allocated between the charity's two activities, the Racing to School Programme and the Racing Together community engagement programme. Where possible costs have been specifically attributed. Where this is not possible costs have been apportioned on the basis of 33°/0 (2023." 33/0) to Racing Together and 67 /0 (2023.. 67/0) Racing to School which represents an approximation based on time. Governance costs Year ended 31 December 2024 Year ended 31 December 2023 Net incoming/(outyoing) resources is ststedafter charying." Auditor's remuneration- Statutory audit Legal advice and insurance Consultancy services Trustee expenses and meeting costs 11,088 10,560 729 2,400 982 1.200 1,934 14.256 14,671 24
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 27131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 Notes (continued) Tangible fixed assets Computers and other equipment Total Cost Al 1 January 2024 Additions Disposals 30,832 16.153 (6,377) 30,832 16,153 16,377) At 31 December 2024 40,608 40.608 Depreciation At 1 January 2024 Charge for the year Disposals 24.308 5,824 (6.3761 24,308 5.824 (6,376) At 31 December 2024 23,756 23.756 Net book value At 31 December 2024 16.852 16,852 At 31 December 2023 6,524 6,524 Fixed assets held during the year consist of office fumiture and equipment that are both for direct charitable and related administrative purposes. The depreciation charged on these items has been included within support costs. 10 Debtors 2024 2023 Trade debtors Other debtors Prepayments and accrued income 6,400 34,047 10.243 27,070 39,011 5,994 50,690 72,075 25
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 28131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 N otes (conLinued) 11 Investments 2024 2023 95 day noti account 250 day notice account 1 year fixed term deposit 2 year fixed term deposit 475,293 215,819 459,179 200,000 701,521 730,343 1,421,455 1,360,700 12 Creditors: amounts falling due within one year 2024 2023 Other creditors Accruals and deferred income 158,679 140,196 133,871 98,969 298,875 232,840 2024 2023 Deferred inrne at the start of the year Resources defeed during the year Amounts released from previous periods 80.622 115,413 178.607) 96,645 69,203 (85,226} 117,428 80,622 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 As at 31 December 2024 Fund balances brought forniard Fund balance carried forward Gains and losses Incoming Outgoing resources resources Transfers General Funds General Restricted Funds Racing to School Educalion Programme Education Programme VR grant Racing Together 148.160 17.485 {79.537) 86,108 1.187.256 696.784 (543.937) 1,340,103 3,457 42,705 (3.457) 167,643 (141,8901 68.458 1.381.578 881.912 (768.821) 1.494,669 26
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 29131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 Notes (Gontinued) As at 31 December 2023 Fund balances brought forward Fund balance Carried forward Gains and losses Incoming Outgoing resources resources Transfers General Funds General 196.475 15.191 {63.506) 148,160 Restricted Funds Racing to School Educalion Programme Education Programme VR grant Racing Together 1.007.319 686.605 (506.668) 1.187,256 8,575 16,644 (5.118) 173,143 (147,082) 3,457 42.705 1,229,013 874,939 (722,374) 1.381.578 In addition to Racing to School's Education Programme. the charity is responsible for Racing's community engagement programme Racing Together. Income received by the charity specifically for the Racing to School Education Programme days has been recognised as restricted income. This includes grant funding from HBLB. Income received by the charity for non-specific activity has been treated as general fund income. The restricted Education Programme fund of £1.340,103 relates to donations given specifically to support the on-going work of the Racing to School programme. The Racing Together restricted fund of £68.458 relates to donations, self-generated income and grant funding specifically for community engagement programmes which are held in a restricted reserve to fund future activity. The Education Programme VR fund relates to a donation provided for the provision of virtual reality equipment for use as part of the schools, programme, and was fully used in 2024. 14 Pension Scheme The Charity does not. itself, operate a pension scheme. Employees of the Charity belong to 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 to The Scheme in 2024 was £33,575 (2023.. £29,030). £1,638 was also paid in respect of life assurance {2023.' £648). 15 Analysis of net assets between funds As at 31 Dember 2024 General Funds 2024 Restricted Funds 2024 Total 2024 Fixed assels Cash at bank and investments Other current assets Cuent liabilities 16.852 16,852 1.628.806 1.726,002 50.690 50,690 (287.787) {298,875) 97.196 (11.088) 86.108 1.408.561 1.494.669 27
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 30131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 Notes (continued) As at 31 December 2023 General funds 2023 Restricted funds 2023 Total 2023 Fixed assets Cash at bank and inveslmenls Olher current assets Cuent liabilities 6,524 6.524 1,377,099 1.535.819 72.075 72.075 (222.280) {232.840) 158,720 (10.560) 148,160 1,233,418 1,381,578 16 Financial commitments At 31 December 2024 Racing to School had total commitments under non-cancellable operating leases as follows: 2024 Motor vehicles 2023 Motor Vehicles Expiring within one year Expiring between one and five years 28,620 32,804 28,425 59,668 61.424 88,093 17 Liability of members The members of the company have undertaken lo contribute a sum not exceeding £1 each to meet the liabilities of the company in the event that it is wound up. 18 Related 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 2024 2023 2024 2023 British Horseracing Authority 6,384 8,448 545,270 515,215 28
VithalSignatur8 Transaction Ref. R7ZW-2WM8-T4KL 07 Jul 2025 09..15..28 BST (UTC +11 D 2Y2 P 31131 Racing to School (a Lornpuny lirniled b}, &UrtE<) Annual report Registered nurnber.. 02958174 N otes (conLinued) Related party transactions induded in year end debtors and creditors were as follows" Receivables outstanding 2024 2023 Creditors outstanding 2024 2023 British Horseracing Authority 154.019 132,133 During 2024. the donated services from British Horseracing Authority were £27,590 (2023." £24,456). During the year the charity reiVed £160 for 1 event from 2 Trustees and their families (2023." nil trustee £0). 19 Ultimate controlling party Racing to School is controlled by its Board of Trustees. Accordingly. there is no single individual that can, or does, exert control over the charity. 29