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 Tru￿6=
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 fOrn￿r
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 s￿ned 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 n￿vement in funds
In￿stment 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 in￿rne will be re￿ived.
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 othe￿Is8 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 liabilit￿S
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 pay￿Ent
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
- 0￿ed 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 follo￿S
13
19
The number of enyk)yees ￿0$e annual renwnerakn'on £60,0￿ or
r￿re ￿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 Instal￿EntS
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 ￿e￿rial 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 Man￿rial 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-