Charity Registratlon No. 1089564 Company Registration No. 04104341 (England and Wales) The British Thoroughbred Retraining Centre Limited Trustees, Report and Unaudlted Financial Statements For The Year Ended 31 December 2023 The Brit15h BT An independent member of Thoroughbied Reiiaining Cen¢re INTERNATIONAL
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED CONTENTS Page Charity reference and administrative details Trustees. annual report (including th8 directors, report) Independent Examiner's report to the trustees 11 Slatament of financial activities 12 Balance sheet 13 Statement of cashflows 15 Notes to the accounts 16
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED CHARITY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 Registered charlty name The British Thoroughbred Relraining Centre Limited Charlty reglstratlon number 1089564 Company number 04104341 Prlnclpal and reglstered offlce address Whinney Hill Aughton Road Hallon Lancashire LA2 6PQ Trustaes Ms B Bell Ms M Metz Mrs S Scott Mr J Sexton Mr K Thomas Mr P Woodcock-Jones Mr S Haley (Appointed 9 February 2024) Mrs S Harbord {Appoinled 9 February 2024) Independent Examlner MHA Chartered Accountants 14 Mannin Way Lancaster Business Park Lancasler Lancashire LA13SW
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees have pleasure in presenting their report and the financial statements of the charity for the year ended 31 December 2023. This report includes the requirements of a directors, report as required by company law. The finar)cial 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). Object¢ves and Aims The British Thoroughbred Retraining Centre (BTRC) established in 1991 is Britain's original Charity supporting the welfare of retired racehorses throL4gh rehabilitation, retraining ana suitable r2-hoYning. Furthermore, BTRC aims to iynprove education and raise awareness amongst racing stakeholders, and the general public regarding the need to ensure provision for Thoroughbreds when they can no longer be used for racing. Over thirty years from being estdblished BTRC has developed to offer many services to support the care of retirea and injured Thoroughbreds that are bred, produced and trained for the Horseracing industry. It is hoped that by doing so more racehorses will have the opportunity to learn new skills and easily transition into a second career, so that less retired racehorses struggle upon retirement as this could lead to them becoming vulnerable or having to be needlessly euthanised. BTRC'S main activity since 1991 is to provide a safety-net to care for retired racehorses that are found in a vulnerable state and require charitable intervention. BTRC assists the Majority of vulnerable Thoroughbreds in the UK. BTRC never sell any of their horses but instead offers them on a life-lon9 loaning programme, and all loaners undergo a robust suitability process. Furthermore, all BTRC horses on loan are regularly visited by BTRC volunteers field officers who cover the whole of the UK, as well as the loaners receiving ongoing support from our rehoming co-ordinator who is always on hand to give advice or assist the loaners. Other services include. providing a 2417 helpline to Thoroughbred owners supporting racehorse owners and trainers by providing a rehabilitation and retraining spelli ng unit for injured or retired racehorses straight off-track providing a robust post-racing assessment and monitoring process that can track progression of Thoroughbreds through their individual rehabilitation and retraining programme under the supervision of qualified professional staff at the Centre Thoroughbred Assessment Days, allowing owners the opportunity to have their horses professionally assessed for clinical and retraining suitability supporting education on Thoroughbred Aftercare by collaborating with national and international Universities and Colleges to facilitate work placement opportunities for veterinary and equine students sharing best practices on rehabilitation and retraining with other agencies and organisations collaborating on research projects to provide clinical material that May improve the welfare for Thoroughbreds whilst racing or in retirement
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED TRUSTEES, ANNUAL REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 providing community engagement projects to highlight the work that is beirjg completed in Aftercare. BTRC also uses retired racehorses to promote the positive health benefits that can be achieved by interacting with horses. BTRC work together with groups and individuals that may be from disadvantaged or minority groups ana that many not have access to horses and the countryside. Objectives specifi¢ to 2023 to ensure BTRC has enough funds to continue providing a safety-net for vulnerable retired racehorses. This includes cost of the care for the horses at the Centre to undergo their rehabilitation and retraining programme, and all associated costs such as veterinary and farrier expenses continue to develop and implement the Charity's strategy that focuses ov) generating additional revenue opportunities that will aid cashflow and sustainability of the charity to advocate dnd educate regarding the needs of racehorses upon retirement, including appropriate assessment, rehabilitation, retraining and suitable re-homing to strengthen working relationships between the racing industry, in particular working with the Horse Welfare Board and the ROR so that they are aware and understand the challenges facing retrainers, and the Aftercare sector to continue to collaborate and support e4uestrians, and the equestrian industry on the pros and cons of Thoroughbred ownership and share best retraining practiC2S to help as many horses as possible have a positive retraining experience and transition into the equestrian sector to continue to expand the formal education programmes on offer at BTRC through partnerships with educdtiondl providers such as The British Horse Society and The Scottish Racing Academy. Signiflcdnt Actlvities In 2023. Supporting Retired Racehorse Welfare Durin9 the period, BTRC provided cared for forty-five Thoroughbreds at the Centre and ontinLJed to monitor the Charity's Hundred and Twenty-Four horses on permanent Iodn around the United Kingdorn. BTRC never sell any of their horses but instead offers them on a life-long loan contract to safeguard their future. The year began with twenty-six horses at the Centre and a further seventeen horses entered to be supported on the Vulnerable Horse Programme (VHP). An additional horse that had previously been on loan for over 3 years was returned due to a change in the loaner's personal circumstances. This was the lowest number of horses to be cared for at the Centre since 2015 and was a direct result of the VHP being suspended in June 2022 for six months. The horses that entered the Centre as part of BTRC'S VHP had been deemed at risk, due to the owners not being able to provide them with the care that they required, or in some cases the horses had been abandoned. 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 the normal rehoming channels. Furthermore, a significant number of these horses had reported clinical or behavioural issues, some having caused injury to their owners and required immediate intervention. BTRC provides a safety-net for these horses that would otherwise have had no other option other than to be destroyed.
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The remaining horse was straight off-track from race owners who relinquished their ownership and gave the Charity a dondtion to support the post-racing equestrian training and the re-homin9 of their horse. All horses entering BTRC received a thorough initidl veterinary assessment before embarking on a bespoke rehabilitation (if required) and retraining programme. These horses then undergo a regular monthly assessment (documented with reports videos) to evaluate the progress of the horse and determine the suitability for future sustainable equestrian use, if successful the horse will be approved to join BTRC'S rehoming programrne. During 2023, twenty-two horses completed the BTRC programme dnd fifteen were successfL411y rehomed through the BTRC loan programme and seven horses were sadly required to be put to sleep at the Centre on welfare grounds. As previously mentioned, the number of horses completing the programme during 2023 was significantly lower than previous years as a direct result of the suspension of new horse arrival between June 2022- January 2023. Funding Activit(es Durihg 2023, BTRC focused on increasin9 the Charity's funding by developing new income streams, these included reconnecting and partnering once again with the Retraining of Racehorses (ROR) to provide care for Thoroughbreds found in need of charitable intervention. An agreement was signed in August that enabled BTRC to receive a contribution (approx.40%) from the ROR towards the care of individual horses that ROR re4uested to join the Centre as part of the BTRC'S VHP. During the period BTRC also expanded the equine services available to racehorse owners by opening a spelling unit for active, injured, recently retired racehorses, or those struggling in retraining and can accommodate up to 10 horses at a time, for a maximum of 6 months. BTRC also introduced the 'Thoroughbred Assessment, Service. This pilot initiative offers owners of active racehorses who are considering retirement options for their horse, and owners with horses already in equestrian (but are perhaps struggling with rideability or trairiing issues) the opportur)ity of a full assessment just as BTRC undertake on all their own horses at admission. The assessments are completed by BTRC'S team of expert retrainers along with Consultant Vet, Gordon Sidlow BVMS MRCVS. The assessment provides owners an opportunity to discuss concerns they may have about their horse with knowledgeable team that understand and appreciate the environmental, clinical and retraining difficulties that some racehorses May face in the transition from racing to equestrian. Throughout 2023 fourteen owners accessed this service and as a result were able to make more infortrned decisions regarding their horse's future.
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED TRUSTEES. AhJNUAL REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The introduction of both the spelling unit ana the Thoroughbrea Assesstrnents have generated vital income for the Charity. Further support came from a local syndicate, Mills Racing who very kindly choge BTRC, along with Racing Welfare, as a charity partner. Mills Racing have pledged IO% of their profits each year will be distributed to BTRC. BTRC are delighted to be involved with a syndicate who care so much for their horses and recognise the importance of Aftercare and the commitment that coFY)es with owning a racehorse. MILLS RACING In November BTRC once again held their ahnual fundraising event at Aintree Racecourse with support of the Jockey Club. Over 50 9uests enjoyed a champagne reception courtesy of The Jockey Club followed by a delicious lunch in the ex4UlSlte 1750 Suite. Guests enjoyed watching the races from the private viewing terrace that overlooks the finish post, The guests generously took part in a charity auction that raised £1,940. Prior to the event, BTRC had been selling sweepstake tickets for the Grand Sefton Chase across different racecourses as a fundraiser for the day. Overall, around £8,000 was raised, all of which will go towards the BTRC'S Vulnerable Horse Prografftme, li During 2023, Whinney Hill Farm CIC (established in 2022 as part of the BTRC'S diversification plan) continued to grow. The focus of Whinney Hill Farm remains on helping the community by providing a safe outdoor environment for projects related to promoting positive well-being through nature and horses. These activities in collaboration with BTRC are providing additional income for the Charity. Cashflow: Although, the new funding strategy has been introduced to enable BTRC to generate new income streams the Board recognised that some of these initiatives would take time to establish. To assist with cashflow during 2023, BTRC consulted with the Charity's Financial Advisor and Barclays Bank to take out a loan (note 16) that would pay off the remaining mortgage on the property and provide funding to invest in new projects.
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED TRUSTEES, ANINUAL REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Activities supporting horseracihg ahd education BTRC once again supported the Association of Racecourse Veterinary Surgeons Casualty Management Seminar at Aintree with foL4r retired racehorses to assist over one hundred racecourse vets with training. This annual seminar is organised by the ARVS dnd aims to deliver training upddtes and new practices to all racecourse vets in the UK. The use of BTRC'S retired rdcehorses to support the younger generation of active racehorses is an excellent resource to aid this vital training that will benefit the eMer9ehcy care of racehorses on track in the future. During this period, a new partnership be9an betwee the BTRC and the Scotttsh Racing Academy (SRA), BTRC are committed to developing their education programme and can now assist with the expansion of the SRA'S Schools Academy through the delivery of their SQA approved short courses and qualifications, such as the National Progression Award in Horse Care and Racehorse Care respectively (Level 415 which is e4uivalent to Level 112 in England). In June 2023 BTRC held the first SRA Short Course in England, with a Riding Improvement Course. SRA brought students that had been studyiY)g with them for a while and were already working in race yards but were looking to brush up on their riding skills to ensure they get the best possible chance at a career in the racing industry. The course consistea of ridden sessions, fitness training, loading practice and technical sessions on 'Betty' the Ynechanical horse. BTRC are proud to support SRA and their mission to encourage more people to consider a career in the racing industry. Riding Improvement Course To support the industry's campaign, National Racehorse Week in September, BTRC visited a local primary school with former racehorse BTRC Drifting star and Shetland pony Washbear. Over 220 children came out to meet the horses and learn about the work of BTRC and the British Racing Industry. All the children thoroughly enjoyed this and many children who had not had a sensory experience with a horse before, really benefitted. 4F= KIy.i Jl 'iiii
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Horses Helping the Community Programme Throughout 2023 BTRC continued their project, Horses Helping the Community by visiting a number of nursing homes and community groups. These visits help to improve the Mental health and wellbeing of residents in the Community who do not have access to spendirjg time with horses. Following a visit in September, Hartland House Activity Manager said "The residents respond really well to animals, and they bring them so much joy. The horses were Magnificent, we learnt things about our residents that we did not know. Some of them worked with horses during the war or in childhooa dnd some residents were proficient riders in the past and their passion and love for horses was immediately apparent. The importance of physical interaction cannot be underestimated residents appeared to relax and take great pleasure from their contact with the horses. This was indeed a truly wonderful and special afternoon." Saturday 5th August saw several hundred people turn out for the Family Fun Open Day at BTRC. It was due to be a wet day but with all activities and demonstrdtions inside the day went ahead in true British style and everyone had a great day. With dog shows, educatior)al horse demonstrations, farm animals to meet and crafts to enjoy, there was something for everyone. With all monies donated and received on the day, BTRC were incredibly grateful to have raised over £4,500. Illli 1.1
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR EhlDED 31 DECEMBER 2023 Key Performance Indicators Rehabilitation, Retraining and rehoming of former racehorses and Thoroughbreds, the main key performance indicator for the charity is the number of horses that complete the BTRC rehabilitdtion and retraining programme and are either successfully rehomed or euthanised at the Centre on welfare grounds. The Charity ensures that every opportunity is taken to promote its work by: holding open days and yard vi£its to allow the public to visit the Centre. Including, holding clinics and other training sessions arranging outreach projects in the coMmun(ty and collaborating with other institutlons dnd organisations utilising a variety of social Media channels to connect with supporters and publish regular updates and newsletters about the work of the charity. collaborating with orgahisdtions 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. Future Property Development opportunity Planning permission is in place for three large barns to be converted to provide an education centre comprising of classroom, lecture theatre and accommodation for visiting students and their teachers to stay at BTRC. This planning permission also includes extending the e4uine facilities to increase stabling for an additional forty horses and a large outdoor rehabilitation and retraining arena. Public beneflt BTRC has referred to the guidance contained in the Charlty Commission's general guidance when reviewing the Charity's aims and objectives and in planning our future activities. Trustees believes that BTRC contributes to public benefit by supporting those who do not have the resources to deliver against their responsibilities to support former racehorses. As well as the mdln task of retraining and re-homing retired racehorses, a significant amount of time is spent talking with the public and giving advice and guidance to Thoroughbred owners. The Charity is committed to being open and supportive 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. Rtsk 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. Cashflow is constantly monitored, and plans are in place to ensure the charity is able to rneet the annual running costs through a comprehensive diversification strategy. Trustees meet regularly to work on strategic planning and to review the 3-year strategic plan.
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Risks associated with working for the charity in handling horses are continuously reviewed by BTRC'S appointed Health and Safety Officer. Comprehensive risks assessments on all the Charity's activities are documented in the staff handbook. In addition, all Safeguarding polices are reviewed in line with government recommendations by BTRC'S Safeguarding Lead, Gillian Carlisle (CEO). The Charity also has several first aiders and Lauren Vickerson (Communication & Engagement Manager) is BTRC'S qualified mental health first alder. Reserves policy The charity aims to have the e4uivalent of 12 months, running costs in free reserves. The Trustees define free reserves as total unrestricted reserves less reserves represented by capital assets owned (net of the associated Mort9age/loan finance on these assets), At the end of the year, the Trustees noted that free reserves amounted to £107,715 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. Finarjcial review At the period end, the total reserves of the Charity were £722,048 of this the unrestricted reserves were £685,484. Capital assets owned had a net book value of £1,127,769 and the associated finance amounted to £550,000. structure, governance and Management The Thoroughbred Rehabilitation Centre (TRC) is a company limited by guarantee incorporated on 8 November 2000 dnd 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. The TRC was the first charity in the UK to advocate for Thoroughbred welfare and the core of the Charity's work has always been the rehabilitation, retraining and suitable rehoming of retired racehorses. th In 2016 to celebrate the 25 anniversary, the Charity was rebranded to become the British Thoroughbred Retraining Centre (BTRC). The TRC'S values remain at the heart of BTRC'S work and BTRC is recognised as the leader in the field of Thoroughbred Aftercare and is thankful for the dedicated supporters from both the racing and equestrian sectors. There is a governing body of 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 Officer who holds professionally recognised qualifications in animal welfare, equestrian, horseracing and business Management.
THE BRITISH THOROUGHBRED RETRAINING CENTRE UMJTED TRUSTeES' ANNUAL REPORT (IbJCLUDIfvJG DIRECTORS, REPORT) FOR THE YEAR EMoeD 31 DECEMBER 2023 RÈ4rultm¢nt an4 rtppolntmont of A6w Tru6= Re4rultm¢nt The BofArd Df Trust84s appoints new Trustges. Vacancies are advertised In the Charlty's newelettar, social média and on the webslté. In Lidditlon. retiring and exlrtlng Trustees t7Te aske4 to norninAt8 Candldates wlth appropriate rkllls for conslderation. New Trustoer meet the Board of Trurtees and are glven a tour of the Centre. The work of the charlty is discussed fn detall and the new Trustee Is Issued with an information pack containing the following: Charlty Coym misslon leaflet CC3 Responsibilttle: of Charlty Trustee:, Memorandum and Artlcles of Athsoclatlon, Annual Reports, including the Year- to-date flnanclal Information, Biographles of other Trurtees. The Trustees, who are also th8 dlrectors for the PL4rpose of company law, and who served during the perlod were: Ms B Bell Tax speciallst Mr M Davls - V8terlnarlan Ms M Met2 - Delay Analyst Mrs s Scott - Dlrector, Lunesdale Equlne LTD. exton Retl red Horareracing Journallst Mr K Thornas - R8tlr8d Barrlster Mr P Woodcock-jones - R4tlred Sales Manager Trust8e delegate the day-to-day manag4M4nt of th4 charlty to the Chief Executive Officer, Gillian Carllsle. stJt6ffl•nt of Trusta•#' R•sponslblll¢l•% company law requlres the Trusteee4 to prepare financial statements ft¥r each flnanclal, yaar. Under that law the trustees havq elected to prepar8 the flnanclal statemqnts In accordance wlth United Kengdom Generally Accepted Accountlng Practice (Unlted Kln9dom Accountlng standards and applicable law). Under company law the Trustg8S rt not approve the flnancial rtatementr unleds they are satl=fied that th8y gIv8 a true and fvlr vléw of th8 thetate of affalrs of the charltable company and the group and the. Income and expenditure of the charitable Company for that period. In4$p¢ndent ¢xamln•r MHA were appointed as independent examlners to the charltable comp'any durlng the, perlod and have indlcot84 their wlllingn6SS to accopt re-appointmént for the ensuin9 year. The trustees, report was Approved by the Board of Trustees. 19.09.2024 Mr J £¢xton BTRC Chalrmon •t6 -1(k
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 2023 I report to the charity truslees on my examination of the accounts of the company for the year ended 31 December 2023, which are set out on pages 12 to 31. Responslbllltles and basls of report As the charity trustees ofthe company (and also ils directors for the purposes of company law) you are responsible for the preparalion of the accounts in accordance wilh the requirements of the Companies Aci 20061.the 2006 Act'i. 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 reporl in respecl 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 hav8 followed th6 Dir8Ctions given by the Charity Commisslon under section 145(5)(b) of the 2011 Act. Independent examlnerfs statement Since the company's gross income exceeded £250.000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examinalion because l am a member of 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 caus6 to believe that in any material respect- accounting records were not kept in respect of the company as required by section 386 of the Act; or the accounts do not accord with those records: or Ihe accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement thal the accounts give a 'true and fair view, which Is not a matter considered as part of an Independent examination,. or the accounts have not been prepared In accordanc& with the methods and principles of the Slatement of Recommended Practice for accounting and reporting by charities. I have no concerns and have come across no other mallers in connection wilh the examination to whiGh attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Jack Steer (BA Hons) ACA Independent Examiner MHA 14 Mannin Way Lancaster Business Park Lancaster LanGashire LA13SW
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Restrlcted funds funds Total 2023 Total 2022 Income from: Donations. legacies and grants Investments Charitable actiwties 270,812 89 78,333 2,500 273,312 89 78,333 394,439 112 52,913 Total 349,234 2,500 351,734 447,464 Expenditure on: Raising funds Charitable actiMlies- rehabililating, retraining and rehoming fOrnr racehorses 4,390 2,075 6,465 6,903 391,801 3,340 395,141 456,150 Total 396,191 5,415 401,606 463,053 Net (expenditure>lincome before transfers {46,957) <2.915) {49,872) (15,589) Transfer betmeen funds Net movement in funds (46,957) (2,915) {49,872) (15,589) Reconciliation of funds: Total funds brougm fowdrd 732,441 39,479 771,920 787.509 Total funds carried forward 685,484 36.564 722,048 771,920 The Slatemenl 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 incom& and expenditura account under the Companies Act 2006. The notes on pages 16 to 31 form part of these financial statements. -12-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Fixed assets Tangible assets 12 1,127,769 1,127,698 Current assets Stock Debtors Cash at bank and in hand 13 14 6,500 6,206 167,855 1,500 3,989 55,367 180,561 60,856 Creditors: amounts falling due V&ithin one year 15 (43,731) (92,753) Net current assets 136,830 (31,8g7) Total assets less current Ilabilltles 1,264,599 1,095,801 Credltors: amounts falling due after more than one year 16 (542,551) (323,881) Net assets 722,048 771,920 Funds: Restricted funds Unrestricled funds 19 20 36,564 685,484 39,479 732,441 Total funds 722,048 771,920 For the financial year ended 31 December 2023, the company was entitled to exemption from audit under secllon 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 fin2ncial 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 olheMis8 comply with the requirements ofthe 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 accordanco with section 476. -13-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023 These financial staternents have been prepared In accordance with the provislons applicable to companie8 subject to the Small companles. regime. 19,09.2024 These financial statements were approved by the trustees and authorised for issue .......................... and are sned on thelr behalf by- Mr J Sexton Chalrman Coinpany Reglstration No. 04104341 The notes on poge8 16 to 31 lomi part ol Ihe8e financial 8tatements. -1
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash generated in operating activities 119.314 {8.834) Cashflows from Investing actlvltles I nvestment income Purchase of tangible fixed assets 89 (6,915) 112 (4,730) Cash provlded byl{used In) Investlng actlvltles 112,488 (13,452) Increasel(Decrease) in cash and cash equivalents In the year 112,488 (13.452) Cash and cash equivalents brought fowrd 55,367 68,819 Cash and cash equlvalents carrled forward 167,855 55,367 Reconclllatlon of net movement In funds to net cashflow from operaling activities Net nvement in funds Instment income recelved Depreciation and amortisation Loss on disposal of fixed assets (Increase)IDecrease in slock {Increase)IDecrease in debtors Increasel(Decrease) in creditors {49,872) (89) 5,037 1,807 (5,000) (2,217) 169,648 {15.589) (112) 6,244 3,531 (2.908) Net cash generated In operatlng actfvitles 119,314 (8.834) Components of cash and cash equlvalents Cash at bank and Sn hand 167,855 55,367 167,855 55,367 The notes on pages 16 to 31 form part of these financial statements. -1&
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies Legal form The British Thoroughbred Retraining Centre Limited is a registered charity and a limited company, limited by guarantee, as defin&d by the Companies Act 2006, incorporated in England and Wales. In the event of the charity being wound up. the liability in respect of tho guarantee is limited to £10 per memb8r of the charity. The registered office of Ihe charity, the nature of its operalions and its principal activities are all detailed in the charity administrative details and the trustees report of these financial statements. Basis of accounting The charily constitutes a public benefit ents'ty as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charit18s'. Statemenl of Recommended Practice applicable to charities pr6paring their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 (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 h8ve 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 811 years presented unless otheNise slated. Preparatlon of the accounts on a golng concem basls At the time ofapproving the financial statements. the Trustees have a reasonable expectallon that the Charity has adequate resources to continue in operaling exlstence for the for8S88able future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial slalements. Income Income is recognised when the Charity is legally entitled lo it after any perfomiance conditions have been mel, the amounts can be measured reliably, and it is probable Ihat inrne will be reived. 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 ceIVed under Gift Aid or deeds of Covenant is recognised at the time of Ihe donation. Legacies are r8cognised on receipt to otheIs8 if th8 charlty has been notified of an impending distrlbutlon. the amount is known and the receipt is exp8Ct8d. If the amount Is not known, the legacy is Irealed as a contingent asset. No income is shown net of expenditure. -16-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles (contlnued) Expendlture Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure has been Glasslfled under headings that aggregate all cosls related to the category. Expenditure is recognised where there Is a legal or constructive obligation to make payments to third parties. il 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 activily. Flxed assets All fixed assets are initially recorded at cost. and subsequently measured at cost nat 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 Property improvements Plant and equipmenl Motor vehicles Not depreciated140A slraighl line on buildings Not depreciated140/0 straight line on buildings 20Yo reducing balance 25Yo reducing balance At each reporting date the charity reviews the carrying amounts of its tangible assets to determine whether Ihere is any indication that those assets have suff8r8d an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extenl of the impairment loss (if any). Stocks Stocks are stated al the lower of cost and net realisable value. Cash and cash equlvalents Cash balances represenl cash in hand and deposits held at banks and building societies. Debtors and cr8dllors Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at Iransaclion 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 furtheran of the general objectives of the charity. Restricled funds Restricted funds arise where the 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. -17-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (contlnued) Flnancial Instruments The charity has alected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognlsed in the charity's balance sheet when the chariiy becomes party to contractual provisions of the inslrument. Financial assets and liabilities are offset, with the net amounts presented in Ihe financial statements, when Ihere is a legally enforceable righl to offsel the recognised amounts and Ihere is an intention to setlle on a net basis or to realise the asset and settle the liability simultaneously. Basic fin8nci818ssets Basic financial assets. whlch include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequenlly carried at amortised cosl using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. Impairment of financi818ssets 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 occurrad after the nilial recognition of the financial asset, the estimated future cash flows have been affecled. If an asset is Impalred, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's orlginal eff8Ctiv8 interest rate. Th8 impalment loss Is recognised in the statement of financial activily. 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 Ihat the current carrying amount does not exceed what the carrying amountwould have been, had the impairment not previously been recognised. The impaimient reversal is recognised in the slatemenl of financial activity. D8-recognition ol financial assets Financial assets are derecognised only when the Contractual rights to the cash flows from the asset explre or are seltled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership lo another entity, or if some significant risks and rewards of ownership are retained bul control of the asset has transferred to anolher party that is able to sell the assel in its entirety to an unrelated third party. Classification of financial liabilitS Flnancial liabilities and equity instruments are classified according to the substance of Ihe conlraclual arrangements entered into. An equity instrument is any contract thal evidences a residual interest in the assets of the charity after deducting all of its liabilities. Basic financi81 liabilities Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured al the present value of the future receipts discounted at a market rale of interest. -18-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies (contlnued) Financial liabilities classified as payable within one year are not amortls8d. Debt instruments are subsequenlly carried at amortised cost. using the effective interest rate method. De-recognition of financial liabililies Financial liabililies are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Operatlng lease agreements Rentals applicable to operating leases where substantially all of the benefits and risks of ownershlp remain with the lessor are charged against profits on a slraighl-line basis over the perlod of the lease. Pensions The charity operates a defined conlribution pension scheme for employees. The assets of the scheme are held separately from those of the charily. The annual contributions payable are charged to Ihe statement of financial activities. Taxatlon HM Revenue & Customs considers The British Thoroughbred Retaining Centre to be a charity and therefore they are entitlad to exemption from tax afforded by Seclions 478-489 of the Corporation Taxes Acl 2010 to the extent that income is applied exclusively for charitable purposes. Government grants Govemment grants are recognised at the fair value of the asset received or receivable when there Is reasonable assurance thal the grant conditions will b& met and Ihe grants will be received. Judgements and key sources of estlmatlon uncertalnty In the application of th8 charity's accounting policles. the Trustees are required to make ludgements, 8stimates and assumptions about the carrying amount of assets and liabilities that are not readily apparant from other sources. The estimates and associated assumptions are based on historical experience and olher factors that are considered to be relevant. Actual results may differ from these eslimales. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accountlng 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 vIsion affects both currenl and future periods. Key assumptions, Judgements and estlmates There have been no key assumptions concerning fijture and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a materlal adjustment to the carrylng amounts of assets and liabilities within the next financial year. -19-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations, legacies and grants Unrestricted Restricted funds funds Total 2023 Total 2022 Donations, legacies and grants Donations Incoming Horse Donations Gift Aid Legacles recelwdble 111.737 10,71X) 13,611 118.561 2.500 114,237 10,700 13,611 118,561 162,038 16,320 15,316 150,765 254,609 2,500 257.109 344,439 Donatlon receivable for core activities Retraining of Racehorses (ROR) 16,203 16.203 50,000 270,812 2,500 273,312 394,439 Total 2022 393.862 577 394,439 The Retraining of Racehorses {RoR) grant of £50,000 in Ihe comparative period was the conversion of a previous loan to the Charity to a donation to support the retraining of fomier racehorses. Investmenl Income Unrestrlcted Restrlcted funds funds Total 2023 Total 2022 Bank interest receivable 89 112 89 89 112 Tolal 2022 112 112 -20-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charilable activities Unrestricted Restricted funds funds Total 2023 Total 2022 Fundraising Sale of merchandise Rent from land Compensation and easements Single farm payEnt Spelling of retired racehorses Other incorr 25,639 5.148 5.776 6,970 13.131 17,939 3,730 25,639 5,148 5,776 6,970 13,131 17,939 3,730 20,508 9,610 6,300 513 14.691 1,291 78,333 78,333 52,913 Total 2022 52,913 52,913 Expendlture on ralslng funds Unrestricted Restrlded funds funds Total 2023 Tolal 2022 Fundraising and marketing costs 4.390 2,075 6,465 6,903 4,390 2,075 6,465 6,903 Total 2022 6,903 6, 903 -21-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on Charltable Activities Total 2023 Total 2022 Restated Rehabilitating, retraining and rehoning of former racehorses 308,371 383.424 Support costs {note 8) Governance costs (note 8) 82,867 3,903 68.788 3,938 395,141 456,150 Analysis by fund Unrestricted funds Restricted funds 391,801 3,340 452,324 3,826 395,141 456,150 -22-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Governance costs costs Total 2023 Total 2022 Restated Prenises Legal and professional Finance costs Office costs Repairs Insurance Motor Licences Subscriptions Accountancy 14,879 9,558 24,263 6,132 2,636 11,445 11.180 2.064 710 14,879 9,558 24,263 6,132 2,636 11,445 11,180 2,064 710 3,903 12,909 1,859 10,557 9,092 3.072 13.021 15,172 2,433 673 3,938 3,903 82,867 3,903 86,770 72,726 Net incom8lexpendlture 2023 2022 Net Income Is stated aft8r charglng: Stsff pension contributions Independent EY£iner'S fees Depreciation of tangible assets - 0ed by the charity 6,039 3,903 4,225 3,938 5,037 6,244 10 Trustee's remuneratlon None of the Trustees (or any persons connected to them) received any remuneratlon or expenses from the charity during the year. -23-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Staff costs and emoluments Total staff costs were as follows: 2023 2022 Wages and salaries Social security costs Pension costs 225,870 14,769 6,039 271,770 12,616 4,225 246,678 288,611 2023 2022 No The average monthty nurTI)er of effployees during this year as folloS 13 19 The number of enyk)yees 0$e annual renwnerakn'on £60,0 or rre re. 2023 No 2022 No £60,000 - £69,999 -24-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Tarigible fixed assets Freehold Plant & Property equipment Totals Cost At 1 January 2023 Additions Disposals 1.458.212 6,915 6.760 99,540 1.557,752 6,915 34,018 27.258 At 31 December 2023 1,458,367 72,282 1,530,649 At 1 January 2023 Charge for the year Elininated on disposal 347.749 812 6,474 82,305 4,225 25,737 430.054 5,037 32,211 At 31 December 2023 342,087 60,793 402,880 Net book value At 31 Decémber 2023 1.116,280 11,489 1,127,769 Al 31 Decen*)er 2022 1.110,463 17,235 1.127,698 Based on the Freehold Property held by the Charlty at Vvhlnney Hlll valued in 2005. 13 Stock 2023 2022 Finished goods 6,500 1,500 6,500 1,500 -25-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Debtors 2023 2022 Trade debtors Prepayments and accrued incorr Gift aid recoverable her debtors 4,122 167 1,903 14 47 3,940 6,206 3,989 15 Credltors: amounts falling due within one year Note 2023 2022 Bank loans her laxalion and social security Trade creditors Ckher creditors Accruals Racing Foundation loan Cxher hjan 17 2,449 6,148 210 22,056 7,868 5,000 18,442 2,480 11,728 484 27,019 32.600 43,731 92.753 16 Credltors: amounts falllng due after more than one year Note 2023 2022 Bank loans Racing Foundation loan 17 447,551 95,000 223,881 100,000 542,551 323,881 -26-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 17 Bank loans 2023 2022 Bank loans 450,000 242,323 Payable wthin one year Payabl8 afier re than one year 2,449 447,551 18,442 223,881 Amounts included above lch fall due after nK)re than five years: Payable by InstalEntS 440.204 144.360 The loans are secured by a legal charge over Whinney Hill Farm. Halton, Lancaster. Both bank loans are belng repaid by monthly instalments and are dua to mature on 14 September 2043. One loan is a variable rale loan with interest being charged at 2.1 0/0, the second loan is a fixed rate loan with interest belng charged at 2.30 18 Retlrement beneflt 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 £6,039 (2022: £4,225). Pension commitments outstanding at the year end were £1.282 {2022: £423). -27-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Restrlcted funds: current year At31 December 2023 January 2023 Income Expenditure Transfers Horsewdlker Racing Foundation Capital Grant Petplan Grant for Horse Traller Thompson family trust Hedging grant Jockey Club .' Christmas card sponsorship D Canning erial fund Jockey Club Sweepstake Sponsorship 1,624 7,580 2,090 24.541 931 994 (325) (1,895) (395) 1,299 5.685 1.695 24,541 206 994 {725) 1,719 1,719 2,500 {2.075) 425 Restrlcted incom8 funds 39,479 2,500 (5.4151 36,564 Prior year: At1 January 2022 At31 December 2022 Income Expendlture Transférs Horsevdlker Racing Foundation Capital Grant Peiplan Grant for Horse Trailer Thompson family trust Hedging grant Jockey Club . ChristrTh9s card sponsors r reach boots appeal D Canning Manrial fund Ian Milne 2,030 10,107 2,616 24,541 1,124 (406) (2,527) (526) 1,624 7,580 2,090 24,541 931 994 (193) 174 1,142 (174) 577 1,719 (100) Restrlcted Income funds 42,828 577 (3,8261 {100) 39,479 -28-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Restricted funds: current year (conlinued) 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 restricled funds. The capital grant from The Racing Foundation was for the purchase of a new horse lorry included in plant and equlpment. The fund will decrease in line with depreciation charged on the asset. The P8t 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 recelved in 2020 from The Jockey Club In respect of sponsorlng the Charity's Christmas Cards. It was agreed with The Jockey Club that outstanding monies can be utS1ised against future years Christmas cards. The D Canning memorial fund is to be spent on a memorial at the retraining centre. Jockey Club Sweepstake Sponsorship - received from The Jockey Club as sponsorship for sweepstakes fundraising event. 20 Unrastrlcted funds: current year At31 December 2023 January 2023 Inco Expendlture Transfers General Funds 732,441 349,234 {396,191) 685,484 Unrestricted funds 732,441 349,234 (396,191) 685,484 -29-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Unrestricted funds: prlor year {contlnued) At31 December 2022 January 2022 Income Expenditure Transfers neral Funds 744.681 446,887 (459,227) 100 732,441 Unrestricted funds 744,681 446,887 (459,227) 100 732,441 21 Analysls of net assets between funds: current year Tanglble Net current Long term fixed assets assets Ilabllltles Total Restricted Funds (*neral Funds 8,679 1,119,09) 27,885 108,945 36,564 685,484 (542.551) Total funds 1,127,769 136,830 (542,551) 722,048 Analysls of net assets between funds: prlor year Tanglble Net current Long term fixed assets assets liabllitlas Total Restricted Income Funds General Funds 11,802 1,115,896 27,677 (59,574) (323,881) 39,479 732,441 Total funds 1,127,698 (31,897) (323,881) 771,920 -30-
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 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. 2023 2022 Amounts payable: Within 1 year Bekneen l and 5 years 4,941 3,526 4,941 8.226 8,467 13,167 23 Related party transa¢tlons Remuneratlon of Key management personnel The remuneration of key management personnel is as follovts: 2023 2022 Aggregate compensation 76,410 104,104 76,410 104,104 Loan from Trustee 32,600 The loan from the Trustee in the prior period was fully repaid wilhin the 2023 financial year. No further dlsclosable related party transactions occurred during Ihe current or prior period. 24 Company Ilmlted by guarantee The company is limited by guarantee. In the event of the company being wound up each member will be required lo contribute an amunt not exceeding £10. -31-