**Charity Registration No. 1089564** 

**Company Registration No. 04104341 (England and Wales)** 

## **The British Thoroughbred Retraining Centre Limited** 

**Trustees’ Report and Unaudited Financial Statements** 

**For The Year Ended 31 December 2022** 





## **THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **CONTENTS** 

||**Page**|
|---|---|
|Charity reference and administrative details|1|
|Trustees’ annual report (including the directors’ report)|2|
|Independent Examiner’s report to the trustees|13|
|Statement of financial activities|14|
|Balance sheet|15|
|Statement of cashflows|17|
|Notes to the accounts|18|





**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**CHARITY REFERENCE AND ADMINISTRATIVE DETAILS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

**Registered charity name** The British Thoroughbred Retraining Centre Limited **Charity registration number** 1089564 **Company number** 04104341 **Principal and registered office address** Whinney Hill Aughton Road Halton Lancashire LA2 6PQ **Trustees** Ms B Bell Mr M Davis Ms M Metz Mrs S Scott Mr J Sexton Mr K Thomas Mr P Woodcock-Jones **Independent Examiner** MHA Moore and Smalley Chartered Accountants Priory Close St Mary’s Gate Lancaster Lancashire LA1 1XB 

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**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT)** 


## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

The Trustees have pleasure in presenting their report and the financial statements of the charity for the year ended 31 December 2022. This report includes the requirements of a directors’ report as required by company law. 

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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 (FRS102). 

## **The trustees** 

The Trustees, who are also the directors for the purpose of company law, and who served during the period were: 

Ms B Bell 

Mr M Davis Ms M Metz Mrs S Scott Mr J Sexton Mr K Thomas Mr P Woodcock-Jones 

## **Structure, governance and management** 

The Charity is a company limited by guarantee incorporated on 8 November 2000 and a registered charity constituted under a trust deed dated 15 September 2001. The company was established under a Memorandum of Association which establishes the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up the members are required to contribute an amount not exceeding £10. 

There is a governing body of currently seven directors, which meets at least four times a year and is responsible for making strategic decisions. These people are both trustees of the registered charity and non-executive directors of the company. Authority for the day to day running of the Charity is delegated to the Chief Executive. 

The charity was the first charity in the UK to concern itself with the welfare, retraining and rehoming of retired racehorses and is recognised as the leader in the field by its founders, the media and the horse loving public. 

The Trustees balance the benefits of maintaining strong partnerships with key suppliers alongside the need to obtain value for money for the charity. 

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**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT)** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 


## **Recruitment** 

The Board of Trustees appoints new Trustees. Vacancies are advertised in the Charity’s newsletter, social media and on the website. In addition, retiring and existing trustees are asked to nominate candidates with appropriate skills for consideration. 

New Trustees meet the existing trustees and are given a tour of the centre. The work of the charity us discussed in detail and the new Trustee is issued with an information pack containing the following: 

- Charity Commission leaflet CC3 Responsibilities of Charity Trustees 

- Memorandum and Articles of Association 

- Annual Reports and Accounts, including the Year-to-date financial information 

- • Five-year plan 

- Minutes of the last board meeting, including last newsletter and the schedule of board meetings 

- Biographies of other trustees 

## **Objectives and activities** 

**The Charity’s objectives are:** 

- to rehabilitate and retrain all Thoroughbreds that are bred for racing 

- to protect and care for Vulnerable Thoroughbreds via the BTRC’s Vulnerable Horse Programme (VHP) 

- to re-home Thoroughbreds who have been bred for racing to appropriate loaners 

- to educate the racing industry and the general public’s awareness of the need for a provision for Thoroughbreds when they can no longer be used for racing 

- to use Thoroughbreds to help the community and those in need including disadvantaged and minority groups. 

## **To achieve these objectives the Charity campaigns for better consideration for Thoroughbreds from breeders, owners and the racing, equestrian and veterinary sectors through:** 

- education 

- encouraging key individuals to become advocates of Thoroughbred welfare and aftercare 

- publicising need for appropriate retraining and re-homing of horses within the industry. 

## **The Charity is recognised as Britain’s foremost Centre for the rehabilitation, retraining and rehoming of retired racehorses by:** 

- providing a 24/7 helpline to Thoroughbred owners 

- caring for Thoroughbreds found to be in a vulnerable state via the BTRC’s Vulnerable Horse Programme 

- providing a retraining and rehabilitation programme for injured or retired racehorses straight off-track 

- providing a robust assessment process and to monitor the progression of Thoroughbreds through their individual rehabilitation and retraining programme 

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**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT)** 


## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

- safeguarding the Thoroughbred’s future by having a planned programme to identify suitable individuals to care for these horses via the BTRC loan programme to ensure the animal has a secure and suitable environment in which it can thrive 

- providing an extensive work placement programme to UK & International veterinary and equine students 

- using new and innovative ways of rehabilitating and retraining thoroughbreds and passing on this information to other agencies and organisations as examples of best practice 

- recruiting and continual development of staff. 

- providing community engagement projects to highlight the Thoroughbred and the work that is being completed in aftercare. 

The Charity ensures that every opportunity is taken to promote its work by: 

- holding open days, yard visits and coffee mornings to allow the public to visit the Centre. 

- Arranging outreach projects in the community and collaborating with other institutions. 

- utilising a variety of social media channels to connect with supporters and publish regular updates about the work of the charity. 

- collaborating with organisations both within the racing and equestrian industries 

- attending racecourses and other events to promote aftercare. 

- ensuring the BTRC website remains up to date with information on all aspects of the charity’s work. 

- producing an annual newsletter which is widely distributed via email and online. 

- ensuring local and national press and media outlets receive information about the work of the charity. 

- supporting and working with race owners and trainers to ensure they are aware of BTRC’s service when retiring their Thoroughbreds. 

- welcoming national & international students and visitors through the charity’s work placement programme 

- holding clinics and other training opportunities for thoroughbred owners. 

As well as the main task of retraining and re-homing retired racehorses, a significant amount of time is spent giving advice and guidance to Thoroughbred owners. The charity is committed to being open and helpful to people in distress with their horses and aims to never be too busy to deal with these often very time consuming and emotionally exhausting phone calls. 

## **Public benefit** 

We have referred to the guidance contained in the Charity Commission’s general guidance when reviewing our aims and objectives and in planning our future activities. 

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**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT)** 


**FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **Key Performance Indicators** 

## **Rehabilitation and Retraining of Thoroughbreds** 

The main key performance indicator for the charity is the number of horses that complete the BTRC rehabilitation and retraining programme and are either successfully rehomed or put to sleep at the Centre on equine welfare grounds. 

## **Risk Management** 

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The largest of these is deemed to be meeting the daily operational costs of caring for the Thoroughbreds in the Charity’s care. Similarly, income and expenditure are constantly monitored and plans are in place to ensure the charity is able to meet the annual running costs through a comprehensive fundraising and diversification strategy. Trustees meet regularly to work on strategic planning and to update the 3-year strategic plan. 

## **Reserves policy** 

The charity aims to have the equivalent of 12 months’ running costs in free reserves. The trustees define free reserves as total reserves less reserves represented by capital assets owned (net of the associated mortgage/loan finance on these assets). At the end of the year, the Trustees noted that free reserves amounted to a deficit of £52,934 which falls short of the target figure and therefore it is a priority for the trustees to build the free reserves and this has been factored into the financial plan and diversification strategy. 

## **Financial review** 

At the period end, the total reserves of the Charity were £771,920 of this the unrestricted reserves were £732,441. Capital assets owned had a net book value of £1,127,698 and the associated finance amounted to £342,323. 

**During 2022,** the Charity cared for 48 Thoroughbreds at the Centre and continued to provide support and annual field visits for over one hundred horses on permanent loan around the United Kingdom. **BTRC never sells any of their** horses but instead offers them on a lifetime loan contract to safeguard their future for life. 

The year began with 31 horses at the Centre and a further 13 horses entered between January and July **whereupon the Vulnerable Horse Programme (VHP) had to be suspended – see more information in Funding.** An additional 4 horses that had previously been on loan were returned. 

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**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT)** 


## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

Of the new horses entering the Centre, 4 horses were straight off track from race owners and trainers who gave the Charity a donation to support the post-racing equestrian training and the re-homing of their horse. The remaining horses were gifted from the preequestrian trained sector and entered the Centre as part of BTRC’s Vulnerable Horse Programme as they were deemed at risk, due to the owners not being able to give them the care that they required. The majority of these VHP horses had noted rideability or behavioural issues disclosed on their application meaning the owners were unable to sell or rehome them through normal rehoming channels. Furthermore, a significant number of these horses had reported clinical or behavioural issues, some resulting in injury to their owners. BTRC provides a safety net for these horses that would otherwise have had no other option other than to be destroyed. 

All horses entering BTRC receive a thorough veterinary assessment before embarking on a rehabilitation and retraining programme, as well as undergoing regular monthly monitoring (documented by veterinary reports and videos) to evaluate the progress of the horse and determine suitability for future sustainable equestrian use to be approved to join BTRC’s rehoming programme. 

During 2022, 31 horses completed the BTRC programme and 20 were successfully rehomed through the BTRC loan programme and 11 horses were sadly required to be put to sleep at the Centre on welfare grounds. 

## **Funding** 

2022 has been a difficult year for the Centre as the funding situation became critical in Summer and the BTRC Vulnerable Horse Programme (VHP) had to be suspended for the first time in the Centre's history - more than 31 years. This crisis was in part due to the legacy of Covid-19 and the ongoing rise in inflation of goods and services. However, the fundamental problem, which has been an ongoing issue since 2017, was the lack of direction and strategy from the racing industry regarding how to fund racehorse aftercare in the United Kingdom. Many reviews have taken place, but still a clear, concise, and constructive way forward is not forthcoming. BTRC followers showed their support for the charity’s work with over 48,000 signing a petition calling on the racing to support aftercare funding. BTRC hopes that details and implementation of the new aftercare funding strategy will be released in the near future. Nevertheless, due to the hard work and dedication of BTRC’s team and with the continued help from our loyal supporters, BTRC were pleased to reopen the VHP at the end of 2022 to support horses in need. 

BTRC were able to reopen the programme due to the charity completing a 360 review on the current operation and analysing where there were possible areas of opportunities that could lead to new income streams and would ensure the charity could remain sustainable for future years. The new strategy therefore focused on diversifying BTRC’s activities to offer new services to racehorse owners including opening a racehorse spelling station and a Thoroughbred Assessment service for owners who have bought retired racehorses but would like advice on veterinary or retraining issues. 

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**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT)** 


## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

During the review BTRC assessed all charity’s assets, and the main asset is the wonderful property where the Centre is based, Whinney Hill. The sustainability strategy soon highlighted the huge opportunities available to utilise the land, 180 acres inclusive of 20 acres of woodland, all of which is situated the Forest of Bowland, an area of outstanding natural beauty. As the work of BTRC is limited to supporting the welfare of Thoroughbreds and aftercare in order to deliver the charity’s strategy and aims, a new Community Interest Company was established in December 2022 called ‘Whinney Hill Farm C.I.C’ company number: 14483528. Whinney Hill Farm is asset locked to BTRC, therefore any net profit at the end of each financial year will revert to BTRC. This new community interest company will be able to deliver a range of activities focusing on the community, education and positive wellbeing by using the natural environment. 


It is hoped that with the development and implementation of this new strategy, fresh income sources will be generated both by the BTRC and Whinney Hill Farm C.I.C which will lead the Charity to become financially sustainable whilst also caring for both the horses and environment that BTRC own. 

## **Property Development Plans** 

Planning permission is in place for three barns to be converted to accommodation and educational purposes as well as planning permission for a new outdoor arena incorporating a wide range of exercising facilities and for a second stable block of 40 boxes everything is in place. 

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**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT)** 


**FOR THE YEAR ENDED 31 DECEMBER 2022** 

**Events in 2022 supporting the community, education, racing industry and horse welfare.** 

## **1. Community - Horses Helping the Community Programme** 



In 2022 BTRC began the project, Horses Helping the Community with the aim of spreading positivity and happiness in the local community through the use of horses. The BTRC visited several care homes/schools and community groups with suitable retired racehorses that were undergoing their retraining and the BTRC Shetland pony mascot (Washbear). These visits help to improve the mental health and wellbeing of those people in the community who do not have access to spending time with horses. Hartland House Care Home Manager Leanne said “The BTRC visit gave us something special to give to our residents which meant meeting new friends on a glorious day. This is priceless and we want to thank them for giving us this wonderful opportunity of bringing sparkle to the residents at Hartland House in Cumbria.” 




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**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT)** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 


## **2. Supporting Education.** 

BTRC is committed to education and improving good horsemanship and therefore were delighted in March to host and deliver 'Between the Lines - Lunging & Longlining Clinic & Demo' in collaboration with The British Horse Society for local equestrians and CPD for BHS qualified coaches, the event was a sell out! A lot of BTRC’s work rehabilitating and retraining thoroughbreds involves longlining and some lunging, they are both very effective training methods when used correctly. The event covered techniques and equipment and how to lunge and longline for rehab, maintenance and production. Several BTRC horses in various 


stages of training and rehabilitation were used in the demo and they all behaved brilliantly. It was also great to coach a few participants and give advice and help to some of the audience members who brought their own horses along. 

Throughout the year the BTRC also visited several Colleges & Universities to deliver presentations on the charity’s work and Thoroughbred aftercare. BTRC also attend many 


careers events, providing information for students on careers in both racing and equestrian. Many of the students attending these days had never considered a job in the racing industry therefore it is beneficial to explain the opportunities available. 

As part of #NationalCareersWeek in March BTRC visited Underley Garden School in Kirkby Lonsdale, Cumbria to talk to their amazing SEND students about the different careers they could embark on in both the equestrian and racing industries. 

The students also got to meet BTRC Washbear and learn all about the work of BTRC. As a result of the visit one of the students applied to carry out a work placement at BTRC. 

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**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT)** 

**FOR THE YEAR ENDED 31 DECEMBER 2022** 


## **3. Supporting Horseracing and Equine welfare** 

## **Helping the Next Generation of Racehorses at the ARVS Casualty Management Seminar** 

In 2022 BTRC supported the Association of Racecourse Veterinary Surgeons (ARVS) to deliver two training sessions by supplying retired racehorses to their Casualty Management Seminars at Aintree Racecourse, with over 100 vets attending each event. 

The annual seminar is organised by the ARVS and aims to deliver training updates and new practices to all racecourse vets in the UK to ensure the welfare of Thoroughbreds on and off track. 


## **Supporting Racing Together Community Day** 

In May, BTRC took part in the Racing Together Community Day by volunteering at the local community centre, The Centre @ Halton. The BTRC team offered their time to help paint the original children's play area that was in desperate need of a fresh lick of paint. The equipment looked fantastic once the team had finished and the community were so grateful for the time and effort donated by BTRC. 


## **Annual Raceday at Cartmel Racecourse** 

The last weekend in August saw BTRC as the chosen charity at Cartmel Racecourse for the Cartmel Cup Day. 

The sun was shining and BTRC Washbear enjoyed meeting and greeting so many racegoers whilst we educated them about Thoroughbred Aftercare. It was fantastic to see the course so busy, it was near to record attendance, a great atmosphere and many people generously donated some of their winnings. The team met so many new and old supporters and received over £1,500 in donations! 


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**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT)** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 


## **National Racehorse week** 

In September, BTRC supported the racing industry’s campaign National Racehorse Week by opening the Centre to the community to help support and educate the public on the care that racehorses receive throughout their lives and the safety net BTRC provides. 


**Finally, throughout 2022** BTRC welcomed many visitors and groups to the Centre to learn about our work with vulnerable Thoroughbreds. As well as holding several fundraising events such as coffee mornings, tack shop sales and clear-round jumping, all of which were very well supported by the local community. 





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THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED
TRUSTEES. ANNUAL REPORT (INCLUDINfj DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2022
Statement of Trustees. Responsibilities
iompany law re4uires the trL4Stees to prepare financial statements for each financial
year. (Ander that law the trijstees have elected to prepare the financial statements in
accordance with United Kingdom Generally Accepted Accounting Practice (United
Kingdom Acco(Jhting Standards and applicable law). Under company law the trustees mL45t
not approve the financial statements unless they are satisfied that they give a true and
fair view of the state of affairs of the charitable compap)y and the group arld the income
and eKpenaiture of the charltable company for chat period.
In preparing these financial statements, the tr(AStees are requi red to..
select suitable accounting policies dnd then apply them consistently
observe tlie methods aiid pi"iiiGiple5 iri LFie CliariLies SLaLerri¥riL vf R¥iumm¥nded
Practice (SORP)
make judgements and accounting estimates tht2t dre ret2sohable and prudent
state whether applicable UK Accounting Standards have been followed, SL4bject to
any material departL4res disclosed ana explained in the fi nL2ncial statements
prepare the financial statements on the goi ng concern basis unless it is inappropriate
to presume that the group will continue in operation
The trustees are responsible for keeping adequate accounting records that are sufficier)t
to show and explain the charitable company's and group's transactions and disclose with
reasonable accuracy dt time the financial
position of the groL4P 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 group and hence for taking reasonable steps for the prevention and aetection of fraud
And other trregi4ldritiɣ.
Independent examiner
MHA Moore and Smalley have indicated their willingness to accept re-appointment for
the ensLiing year.
The trustees, report was approved by the Board of Trustees.
Mr J Sexton
BTRC Chairman
Dated..
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**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2022, which are set out on pages 14 to 33. 

## **Responsibilities and basis of report** 

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). 

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent examiner's statement** 

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies 

I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies. 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

- 1 accounting records were not kept in respect of the company as required by section 386 of the Act; or 

- 2 the accounts do not accord with those records; or 

- 3 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 

- 4 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 


**Jenny McCabe FCA** Independent Examiner Priory Close St Mary’s Gate Lancaster Lancashire LA1 1XB 

07/06/2023 

………………………. 

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**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

|**Income from:**<br>Donations, legacies and grants<br>**3**<br>Investments<br>**4**<br>Charitable activities<br>**5**<br>**Total**<br>**Expenditure on:**<br>Raising funds<br>**6**<br>Charitable activities<br>**7**<br>**Total**<br>**Net (expenditure)/income before**<br>**transfers**<br>Transfer between funds<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**|**Unrestricted**<br>**Restricted**<br>**Total**<br>Total<br>**funds**<br>**funds**<br>**2022**<br>2021<br>**£**<br>**£**<br>**£**<br>£<br>**393,862**<br>**577**<br>**394,439**<br>319,901<br>**112**<br>**-**<br>**112**<br>88<br>**52,913**<br>**-**<br>**52,913**<br>47,211|
|---|---|
||**446,887**<br>**577**<br>**447,464**<br>367,200|
||**6,903**<br>**-**<br>**6,903**<br>6,397<br>**452,324**<br>**3,826**<br>**456,150**<br>512,724|
||**459,227**<br>**3,826**<br>**463,053**<br>519,121|
||**(12,340)**<br>**(3,249)**<br>**(15,589)**<br>(151,921)<br>**100**<br>**(100)**<br>**-**<br>-|
||**(12,240)**<br>**(3,349)**<br>**(15,589)**<br>(151,921)<br>**744,681**<br>**42,828**<br>**787,509**<br>939,430|
||**732,441**<br>**39,479**<br>**771,920**<br>787,509|
|||



The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. 

All of the above amounts relate to continuing activities. 

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 

The notes on pages 18 to 33 form part of these financial statements. 

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**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **BALANCE SHEET** 

## **AS AT 31 DECEMBER 2022** 

|**Fixed assets**|**£**<br>**£**<br>£<br>£<br>**2022**<br>2021|**£**<br>**£**<br>£<br>£<br>**2022**<br>2021|
|---|---|---|
|Tangible assets<br>**12**||**1,127,698**<br>1,129,212|
|**Current assets**<br>Stock<br>**13**<br>Debtors<br>**14**<br>Cash at bank and in hand<br>**Creditors:**amounts falling due within<br>one year<br>**15**<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Creditors:**amounts falling due after<br>more than one year<br>**16**<br>**Net assets**<br>**Funds:**<br>Restricted funds<br>**19**<br>Unrestricted funds<br>**20**<br>**Total funds**|**1,500**<br>**3,989**<br>**55,367**|1,500<br>7,520<br>68,819<br>77,839<br><br>(180,080)<br>**(31,897)**<br>(102,241)<br>**1,095,801**<br>1,026,971<br>**(323,881)**<br>(239,462)<br>**771,920**<br>787,509<br>**39,479**<br>42,828<br>**732,441**<br>744,681<br>**771,920**<br>787,509|
||**60,856**<br>**(92,753)**||
||||



For the financial year ended 31 December 2022, the company was entitled to exemption from audit under section 477 of the Companies Act 2006. 

The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. 

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. 

-15- 



THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED
BALANCE SHEET ICONTINUEDI
AS AT 31 DECEMBER 2022
These financial slalemenls have been prepared in accordan￿ with the provisions applicable to companies
subject to the small companigs, rp.aim@.
These linancial slalemenls were approved by the trustees and aulhorised for issue on
and are signed on their beha5f by..
1 June 2023
exton
Chairman
Company Registration No. 04104341
The notes on pages 18 to 33 form part of these financial slalemenls.
-16-

**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **STATEMENT OF CASHFLOWS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

||**2022**|2021|
|---|---|---|
||**£**|£|
|**Cash generated in operating activities**|**(8,834)**|(1,938)|
|**Cashflows from investing activities**|||
|Investment income|**112**|88|
|Purchase of tangible fixed assets|**(4,730)**|(13,326)|
|**Cash provided by/(used in) investing activities**|**(13,452)**|(15,176)|
|**Increase/(Decrease) in cash and cash equivalents in the**|||
|**year**|**(13,452)**|(15,176)|
|Cash and cash equivalents brought forward|**68,819**|83,995|
|**Cash and cash equivalents carried forward**|**55,367**|68,819|
|**Reconciliation of net movement in funds to net cashflow**|**from operating**|**activities**|
|Net movement in funds|**(15,589)**|(151,921)|
|Investment income received|**(112)**|(88)|
|Depreciation and amortisation|**6,244**|6,945|
|(Increase)/Decrease in debtors|**3,531**|10,584|
|Increase/(Decrease) in creditors|**(2,908)**|132,542|
|**Net cash generated in operating activities**|**(8,834)**|(1,938)|
|**Components of cash and cash equivalents**|||
|Cash at bank and in hand|**55,367**|68,819|
||**55,367**|68,819|
||||



The notes on pages 18 to 33 form part of these financial statements. 

-17- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **NOTES TO THE ACCOUNTS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **1 Accounting policies** 

## **Legal form** 

The British Thoroughbred Retraining Centre Limited is a registered charity and a limited company, limited by guarantee, as defined by the Companies Act 2006, incorporated in England and Wales.  In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. 

The registered office of the charity, the nature of its operations and its principal activities are all detailed in the charity administrative details and the trustees report of these financial statements. 

## **Basis of accounting** 

The charity constitutes a public benefit entity as defined by FRS102. 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 (FRS102) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006. 

The financial statements are prepared in sterling, which is the functional currency of the charity.  Monetary amounts are rounded to the nearest £. 

The financial statements have been prepared on a going concern basis under the historical cost convention. The particular accounting policies adopted by the trustees are described below. These policies have been consistently applied to all years presented unless otherwise stated. 

## **Preparation of the accounts on a going concern basis** 

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operating existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 

## **Income** 

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. 

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 

Legacies are recognised on receipt to otherwise if the charity has been notified of an impending distribution, the amount is known and the receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 

No income is shown net of expenditure. 

-18- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **1 Accounting policies (continued)** 

## **Expenditure** 

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. 

It is the opinion of the Trustees that all costs are attributable to the care of Thoroughbreds, and all direct and support costs are therefore allocated to this activity. 

## **Fixed assets** 

All fixed assets are initially recorded at cost, and subsequently measured at cost net of depreciation and any impairment losses. 

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their residual value, over their expected useful lives on the following bases: 

|Land and building|-|Not depreciated/4% straight line on buildings|
|---|---|---|
|Property improvements|-|Not depreciated/4% straight line on buildings|
|Plant and equipment|-|20% reducing balance|
|Motor vehicles|-|25% reducing balance|



At each reporting date the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 

## **Stocks** 

Stocks are stated at the lower of cost and net realisable value. 

## **Cash and cash equivalents** 

Cash balances represent cash in hand and deposits held at banks and building societies. 

## **Debtors and creditors** 

Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 

## **Fund accounting** 

## _Unrestricted funds_ 

General funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. 

## _Restricted funds_ 

Restricted funds arise where there is a donor-imposed restriction on the use of the funds, or the funds have arisen in response to an appeal for a specified purpose. 

-19- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **1 Accounting policies (continued)** 

## **Financial instruments** 

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. 

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to contractual provisions of the instrument. 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

## _Basic financial assets_ 

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 

## _Impairment of financial assets_ 

Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of financial activity. 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of financial activity. 

## _De-recognition of financial assets_ 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. 

## _Classification of financial liabilities_ 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. 

## _Basic financial liabilities_ 

Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. 

-20- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**NOTES TO THE ACCOUNTS (CONTINUED)** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **1 Accounting policies (continued)** 

Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 

_De-recognition of financial liabilities_ 

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. 

## **Operating lease agreements** 

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease. 

## **Pensions** 

The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the statement of financial activities. 

## **Taxation** 

HM Revenue & Customs considers The British Thoroughbred Retaining Centre to be a charity and therefore they are entitled to exemption from tax afforded by Sections 478-489 of the Corporation Taxes Act 2010 to the extent that income is applied exclusively for charitable purposes. 

## **Government grants** 

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. 

## **2 Judgements and key sources of estimation uncertainty** 

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

## **Key assumptions, judgements and estimates** 

There have been no key assumptions concerning future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 

-21- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **NOTES TO THE ACCOUNTS (CONTINUED)** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **3 Income from donations, legacies and grants** 

|**Donations, legacies and grants**|**Unrestricted**<br>**Restricted**<br>**Total**<br>Total<br>**funds**<br>**funds**<br>**2022**<br>2021<br>**£**<br>**£**<br>**£**<br>£|
|---|---|
|Donations<br>Gift Aid<br>Legacies receivable|177,781<br>577<br>**178,358**<br>143,939<br>15,316<br>-<br>**15,316**<br>18,761<br>150,765<br>-<br>**150,765**<br>25,200|
|**Grants receivable for core activities**||
||**343,862**<br>**577**<br>**344,439**<br>187,900|
|Retraining of Racehorses (ROR)<br>Covid-19 Emergency Grant (RF)<br>Coronavirus Job Retention Scheme (CJRS)|50,000<br>-<br>**50,000**<br>14,745<br>-<br>-<br>**-**<br>105,000<br>-<br>-<br>**-**<br>12,256|
|_Total 2021_||
||**393,862**<br>**577**<br>**394,439**<br>**319,901**|
||_303,607_<br>_16,294_<br>_319,901_|



The Retraining of Racehorses (RoR) grant of £50,000 was the conversion of a previous loan to the Charity to a non-refundable grant. In the prior year, the grant of £14,745 was for the erection of temporary stables. 

## **4 Investment income** 

|**Investment income**||
|---|---|
|Bank interest receivable<br>_Total 2021_|**Unrestricted**<br>**Restricted**<br>**Total**<br>Total<br>**funds**<br>**funds**<br>**2022**<br>2021<br>**£**<br>**£**<br>**£**<br>£<br>112<br>-<br>**112**<br>88|
||**112**<br>**-**<br>**112**<br>88|
||_88_<br>_-_<br>_88_|



-22- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **5 Income from charitable activities** 

|**Income from charitable activities**||
|---|---|
|Fundraising<br>Sale of merchandise<br>Rent from land<br>Compensation and easements<br>Single farm payment<br>Other income<br>_Total 2021_|**Unrestricted**<br>**Restricted**<br>**Total**<br>Total<br>**funds**<br>**funds**<br>**2022**<br>2021<br>**£**<br>**£**<br>**£**<br>£<br>20,508<br>-<br>**20,508**<br>20,028<br>9,610<br>-<br>**9,610**<br>2,125<br>6,300<br>-<br>**6,300**<br>6,300<br>513<br>-<br>**513**<br>538<br>14,691<br>-<br>**14,691**<br>15,939<br>1,291<br>-<br>**1,291**<br>2,281|
||**52,913**<br>**-**<br>**52,913**<br>47,211|
||_47,211_<br>_-_<br>_47,211_|



## **6 Expenditure on raising funds** 

||**Unrestricted**<br>**Restricted**<br>**Total**<br>Total<br>**funds**<br>**funds**<br>**2022**<br>2021<br>**£**<br>**£**<br>**£**<br>£|
|---|---|
|Fundraising and marketing costs|6,903<br>-<br>**6,903**<br>6,397|
|_Total 2021_||
||**6,903**<br>**-**<br>**6,903**<br>6,397|
||_6,397_<br>_-_<br>_6,397_|



-23- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **7 Expenditure on Charitable Activities** 


**----- Start of picture text -----**<br>
Total Total<br>2022  2021<br>£ £<br>Care of Thoroughbreds 88,569  161,002<br>Depreciation 6,244  6,945<br>Staff costs 186,637  179,118<br>281,450  347,065<br>Support costs ( note 8 ) 170,762  163,159<br>Governance costs ( note 8 ) 3,938 2,500<br>456,150  512,724<br>Analysis by fund<br>Unrestricted funds 452,324  480,515<br>Restricted funds 3,826 32,209<br>456,150  512,724<br>**----- End of picture text -----**<br>


‘Care of Thoroughbreds’ relates to all direct costs for the care and management of thoroughbreds including but not limited to; veterinary, farriery, feeding and bedding etc. The decrease in 2022 is due to a reduction in horse numbers, as explained in the Trustees Annual Report. 

-24- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **8 Support costs** 


**----- Start of picture text -----**<br>
Support Governance Total Total<br>costs costs 2022  2021<br>£ £ £ £<br>Staff costs 101,974  -  101,974  102,058<br>Premises 12,909  -  12,909  11,224<br>Legal and professional 1,859  -  1,859  1,578<br>Finance costs 10,557  -  10,557  5,424<br>Office costs 9,092  -  9,092  8,427<br>Repairs 3,072  -  3,072  8,092<br>Insurance 13,021  -  13,021  10,563<br>Motor 15,172  -  15,172  13,028<br>Licences 2,433  -  2,433  2,163<br>Subscriptions 673  -  673  602<br>Accountancy -  3,938  3,938  2,500<br>170,762  3,938  174,700  165,659<br>**----- End of picture text -----**<br>


Staff costs are gross of £nil (2021: £12,256) CJRS income used to offset these costs. 

## **9 Net income/expenditure** 

|**Net income/expenditure**||
|---|---|
|**Net income is stated after charging:**<br>Staff pension contributions<br>Independent Examiner's fees<br>Depreciation of tangible assets<br>- owned by the charity|**2022**<br>2021<br>**£**<br>£<br>**4,225**<br>4,501<br>**3,938**<br>2,500<br>**6,244**<br>6,945|
|||



## **10 Trustee’s remuneration** 

None of the Trustees (or any persons connected to them) received any remuneration or expenses from the charity during the year. 

-25- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **NOTES TO THE ACCOUNTS (CONTINUED)** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **11 Staff costs and emoluments** 

|**Total staff costs were as follows:**<br>Wages and salaries<br>Social security costs<br>Pension costs<br>Administrative staff<br>Stable staff<br>The number of employees whose annual remuneration was £60,000 or<br>more were:<br>£60,000 - £69,999|**2022**<br>2021<br>**£**<br>£<br>**271,770**<br>264,633<br>**12,616**<br>12,042<br>**4,225**<br>4,501|
|---|---|
||**288,611**<br>281,176|
||**2022**<br>2021<br>**No**<br>No<br>**2**<br>2<br>**17**<br>16|
||**19**<br>18|
||**2022**<br>2021<br>**No**<br>No<br>**1**<br>1|
|||



-26- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **12 Tangible fixed assets** 

|**Cost**<br>At 1 January 2022<br>Additions<br>Disposals<br>**At 31 December 2022**<br>At 1 January 2022<br>Charge for the year<br>Eliminated on disposal<br>**At 31 December 2022**<br>**Net book value**<br>**At 31 December 2022**<br>At 31 December 2021|**Freehold**<br>**Plant &**<br>**Property  equipment**<br>**Totals**<br>**£**<br>**£**<br>**£**<br>1,458,212<br>94,810<br>1,553,022<br>-<br>4,730<br>4,730<br>-<br>-<br>-|
|---|---|
||**1,458,212**<br>**99,540**<br>**1,557,752**|
||346,731<br>77,079<br>423,810<br>1,018<br>5,226<br>6,244<br>-<br>-<br>-|
||**347,749**<br>**82,305**<br>**430,054**|
||**1,110,463**<br>**17,235**<br>**1,127,698**<br>1,111,481<br>17,731<br>1,129,212|



## **13 Stock** 

|Finished goods|**2022**<br>2021<br>**£**<br>£<br>**1,500**<br>1,500|
|---|---|
||**1,500**<br>1,500|
|||



-27- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **NOTES TO THE ACCOUNTS (CONTINUED)** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **14 Debtors** 

|**Debtors**||
|---|---|
|Trade debtors<br>VAT<br>Gift aid recoverable<br>Other debtors|**2022**<br>2021<br>**£**<br>£<br>**47**<br>808<br>**-**<br>2,726<br>**3,940**<br>3,695<br>**2**<br>291|
||**3,989**<br>7,520|
|||



## **15 Creditors: amounts falling due within one year** 

|**Note**<br>Bank loans<br>**17**<br>Other taxation and social security<br>Trade creditors<br>Other creditors<br>RoR loan<br>Racing Foundation loan<br>Accruals<br>Other loan|**2022**<br>2021<br>**£**<br>£<br>**18,442**<br>18,442<br>**2,480**<br>3,985<br>**11,728**<br>3,135<br>**484**<br>976<br>**-**<br>50,000<br>**-**<br>100,000<br>**27,019**<br>3,542<br>**32,600**<br>-|
|---|---|
||**92,753**<br>180,080|
|||



## **16 Creditors: amounts falling due after more than one year** 

|**Note**<br>Bank loans<br>**17**<br>Racing Foundation loan|**2022**<br>2021<br>**£**<br>£<br>**223,881**<br>239,462<br>**100,000**<br>-|
|---|---|
||**323,881**<br>239,462|
|||



-28- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **NOTES TO THE ACCOUNTS (CONTINUED)** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **17 Bank loans** 

|**Bank loans**||
|---|---|
|Bank loans<br>Payable within one year<br>Payable after more than one year<br>Amounts included above which fall due after more than five years:<br>Payable by instalments|**2022**<br>2021<br>**£**<br>£<br>**242,323**<br>257,904|
||**18,442**<br>18,442<br>**223,881**<br>239,462|
||**144,360**<br>160,909|
|||



The loans are secured by first legal charge over Whinney Hill Farm, Halton, Lancaster. Both bank loans are being repaid by monthly instalments and are due to mature on 1 April 2035. One loan is a variable rate loan with interest being charged at 1.5% over base and the second loan is a fixed rate loan with interest being charged at 1.45% over base rate. 

## **18 Retirement benefit schemes** 

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund. 

The charge to profit or loss in respect of defined contribution schemes was £4,225 (2021: £4,501). 

Pension commitments outstanding at the year end were £423 (2021: £914). 

-29- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **19 Restricted funds: current year** 

||**At 1**<br>**At 31**<br>**January**<br>**December**<br>**2022**<br>**Income Expenditure Transfers**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|
|---|---|
|Horsewalker<br>Racing Foundation Capital Grant<br>Petplan Grant for Horse Trailer<br>Thompson family trust<br>Hedging grant<br>Over reach boots appeal<br>D Canning memorial fund<br>Iain Milne<br>Jockey Club : Christmas card<br>sponsorship|2,030<br>-<br>(406)<br>-<br>1,624<br>10,107<br>-<br>(2,527)<br>-<br>7,580<br>2,616<br>-<br>(526)<br>-<br>2,090<br>24,541<br>-<br>-<br>-<br>24,541<br>1,124<br>-<br>(193)<br>-<br>931<br>994<br>-<br>-<br>-<br>994<br>174<br>-<br>(174)<br>-<br>-<br>1,142<br>577<br>-<br>-<br>1,719<br>100<br>-<br>-<br>(100)<br>-|
|||
|**Restricted income funds**|**42,828**<br>**577**<br>**(3,826)**<br>**(100)**<br>**39,479**|
|||



## **Restricted funds: prior year** 

||**At 1**<br>**At 31**<br>**January**<br>**December**<br>**2021**<br>**Income Expenditure Transfers**<br>**2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|
|---|---|
|Horsewalker<br>Project Grant<br>Ride for Retraining<br>Racing Foundation Capital Grant<br>EPT Grant for Lunge Pen<br>Petplan Grant for Horse Trailer<br>Thompson family trust<br>Hedging grant<br>Retraining of Racehorses<br>Over reach boots appeal<br>D Canning memorial fund<br>Iain Milne<br>Jockey Club : Christmas card<br>sponsorship|2,538<br>-<br>-<br>(508)<br>2,030<br>-<br>-<br>-<br>-<br>-<br>7,870<br>-<br>-<br>(7,870)<br>-<br>13,476<br>-<br>-<br>(3,369)<br>10,107<br>-<br>-<br>-<br>-<br>-<br>3,318<br>-<br>-<br>(702)<br>2,616<br>41,382<br>-<br>(16,841)<br>-<br>24,541<br>1,124<br>-<br>-<br>-<br>1,124<br>1,484<br>-<br>(490)<br>-<br>994<br>-<br>-<br>14,745<br>(14,745)<br>-<br>-<br>-<br>307<br>(133)<br>-<br>174<br>-<br>1,142<br>-<br>-<br>1,142<br>-<br>100<br>-<br>-<br>100|
|||
|**Restricted income funds**|**71,192**<br>**16,294**<br>**(32,209)**<br>**(12,449)**<br>**42,828**|
|||



-30- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**NOTES TO THE ACCOUNTS (CONTINUED)** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **19 Restricted funds: current year (continued)** 

The Horse walker fund will decrease in line with the future depreciation of a horse walker included within plant and machinery which was originally purchased with restricted funds. 

The capital grant from The Racing Foundation was for the purchase of a new horse lorry included in plant and equipment. The fund will decrease in line with depreciation charged on the asset. 

The Pet Plan grant was in respect of a horsebox trailer. This fund will decrease in line with the depreciation charged on the asset. 

£50,000 was received in the year 2020 from the Thompson Family Charitable Trust to be used towards the masterplan development. 

The Hedging grant was for the purchase of hedging, some of which has been purchased during the year. 

£2,000 was received in 2020 from The Jockey Club in respect of sponsoring the Charity’s Christmas Cards. It was agreed with The Jockey Club that outstanding monies can be utilised against future years Christmas cards. 

The over-reach boots appeal has been spent on overreach boots. 

The D Canning memorial fund is to be spent on a memorial at the retraining centre. 

The Ian Milne fund was an unrestricted donation that has been released to general funds. 

## **20 Unrestricted funds: current year** 

|**Unrestricted funds: current year**||
|---|---|
||**At 1**<br>**At 31**<br>**January**<br>**December**<br>**2022**<br>**Income Expenditure Transfers**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|
|General Funds|744,681<br>446,887<br>(459,227)<br>100<br>**732,441**|
|**Unrestricted funds**|**744,681**<br>**446,887**<br>**(459,227)**<br>**100**<br>**732,441**|
|||



-31- 



**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

## **NOTES TO THE ACCOUNTS (CONTINUED)** 

## **FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **20 Unrestricted funds: prior year (continued)** 

||**At 1**<br>**At 31**<br>**January**<br>**December**<br>**2021**<br>**Income Expenditure Transfers**<br>**2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|
|---|---|
|General Funds|868,238<br>350,906<br>(486,912)<br>12,449<br>**744,681**|
|**Unrestricted funds**|**868,238**<br>**350,906**<br>**(486,912)**<br>**12,449**<br>**744,681**|
|||



## **21 Analysis of net assets between funds: current year** 

|Restricted Funds<br>General Funds<br>**Total funds**|**Tangible Net current**<br>**Long term**<br>**fixed assets**<br>**assets**<br>**liabilities**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>11,802<br>27,677<br>-<br>39,479<br>1,115,896<br>(59,574)<br>(323,881)<br>732,441|
|---|---|
||**1,127,698**<br>**(31,897)**<br>**(323,881)**<br>**771,920**|
|||



## **Analysis of net assets between funds: prior year** 

|Restricted Income Funds<br>General Funds<br>**Total funds**|**Tangible**<br>**Net current**<br>**Long term**<br>**fixed assets**<br>**assets**<br>**liabilities**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>15,261<br>27,567<br>-<br>42,828<br>1,113,951<br>(129,808)<br>(239,462)<br>744,681|
|---|---|
||**1,129,212**<br>**(102,241)**<br>**(239,462)**<br>**787,509**|
|||



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**THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED** 

**NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **22 Operating leases - lessee** 

At the reporting date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows; 

|non-cancellable operating leases which fall due as follows;||
|---|---|
|**Amounts payable:**<br>Within 1 year<br>Between 1 and 5 years|**2022**<br>2021<br>**£**<br>£<br>**4,941**<br>4,372<br>**8,226**<br>-|
||**13,167**<br>4,372|
|||



## **23 Related party transactions** 

## **Remuneration of Key management personnel** 

The remuneration of key management personnel is as follows: 

||**2022**<br>2021<br>**£**<br>£|
|---|---|
|Aggregate compensation|**98,595**<br>96,948|
|Loan from Trustee||
||**98,595**<br>96,948|
||**32,600**<br>-|



No further disclosable related party transactions occurred during the current or prior period. 

## **24 Company limited by guarantee** 

The company is limited by guarantee. In the event of the company being wound up each member will be required to contribute an amount not exceeding £10. 

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