REGISTERED COMPANY NUMBER: 04104341 {England and Wales) REGISTERED CHARITY NUMBER: 1089564 Report of the Trustees and Flnanelal Statements for the Year Ended 31st DèGember 2024 for The British Thoroughbred Retrainlng Centre Limited Towers + Gornall Ltd Chartgr8d Certified Accounlanls River View 96 High Street Garslang Preston Lanca5hire PR3 1WZ
The British Thoroughbred Retraining Centre Limited Contents of the Financial Statements for the Year Ended 31st December 2024 Page Tru3tg0s' Annual Report Ilncluding Dire¢tors' Report} Indopondent Exarnlner's Roport Statement of Flnanclal Actlvltles Balance Sheet 9 to 10 Cash Flow Statement Notes to the Cash Flow Statement 12 Notss to the Flnanclal Statomonts 13 10 21 Detalled Statement of Financlal Activltle5 22 10 23
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED TRUSTEES, ANNUAL REPORT (INCLUDINfj DIRECTORS. REPORT) FOR THE YEAR ENIDED 31 DECEMBER 2024 The Trustees have pleasure in presenting their report and the financial statements of the charity for the year ended 31 December 2024. This report includes the requirements of a directors, report as required by company law. The financial statements comply with the Charities Act 2011. the Companies Act 2006. the Memorandum and Articles of Association, and Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021. Objectives and Aims The British Thoroughbrod Retraining Centre (BTRC) established in 1991 is Britain's original Charity supporting the welfare of retired racehorses through rehabilitation, retraining and suitable r8-homing. Furthermore. B TRC aims to improve education and raise awareness amongst racing stakeholders, and the g8neral public regarding the need to ensure provision for Thoroughbreds when they can no longer be used for racing. Over thirty years after being established BTRC has developed to offer many services to support the care of retired 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 lo18arn new skills and easily transition into a second career, so that less retired racehorses struggle upon retir8menl as this could lead to them becoming vulnerable or having to be needlessly euthanised. BTRC'S main activity since 1991 is to provide a safely-net to care for retired racehorses that are found in a vulnerable stale and require charitable intervention. BTRC assists th8 majority of vulnerable Thoroughbreds in Ihe UK. BTRC never sell any of their horses but instead offers them on a life-long loaning programme, and all loaners undergo a thorough suitability process, Furthermore, all BTRC horses on loan are regularly visited by BTRC volunteer 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 spelling unil 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 al the Centre Thoroughbred Assessment Days, allowing owners the opportunity to have their horses professionally assessed for clinical and retraining suilabilily 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 Wlth other agencies and organisations collaborating on research projects to provide clinical material that may improve the welfare for Thoroughbreds whilst racing or in retirement providing community engagement projects lo highlight the work that is being completed in Aftercare. BTRC also uses retired racehorses lo 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 and that many not have access to horses and the countryside. Objectives Specific to 2024 to ensure BTRC has enough funds to continue providing a safety-net for vulnerable Thoroughbreds and former racehorses. This inclLJdes 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 on generating additional revenue Pagc I
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENJDED 31 DECEMBER 2024 opportunities that will aid cashflow and sustainability of the charity to advocate and educate regarding the needs of racehorses upon retirement, including appropriate assessment. rehabilitation, retraining and suitable re-homing lo strengihen working relationships between the racing industry, in particular working with the Horse Welfare Board and the Retraining of Racehorses {RoRI so that they are aware and understand the challenges thal retainers face in the Aftercare sector to Continue to collaborate and support equestfians, and the equestrian indusiry on the pros and cons of Thoroughbred ownership and share best retraining practices 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 educational providers such as The British Horse Society and The Scottish Racing Academy. Slgnlflcant Activities in 2024. Supportlng Retired Racehorse Welfare Vulnerable Horse Programme {VHPI The Vulnerable Horse Programme is part funded (approx. 40 /0 of direct cost) by the Retraining of Racehorses, together the tNo organisations ensure that there is a safely-net available for any Thoroughbreds that are in need of charitable assistance. During the period, BTRC provided care for fifty Thoroughbreds at the Centre and continued to monitor over one hundred BTRC horses that are on permanent loan around the United Kingdom. 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-0 horses at the Centre and a further twenty-six horses entered during the year to be supported on the Vulnerable Horse Programme. 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 Ihal they required, or in some cases the horses had been abandoned. The majorily 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 signifi¢ant number of these horses had reported clinical or behavioural issues, some having caused injury to their owners and required immediate Intervgnlion. B TRC provides a safety-net for these horses that would otherwise have had no other option than to be destroyed. The remaining two horses were straight off-track from race owners who relinquished their ownership and gave the Charity a donation to support the post-racing equeslrian training and the re-homing of their horse. All hors8s entering BTRC receiv8d a thorough initial veterinary assessment before embarking on a bespoke rehabilitation lif required) and retraining programme. These horses then underwent a regular monthly assessment (documented with reports videos) lo evaluate the progress of the horse and determine the suitability for future sustainable equestrian use, if successful the horse will be approved lo join BTRC'S rehoming programme. During 2023, twenty-two horses Completed the BTRC programme and fifteen were successfully rehomed through the BTRC loan programme and twelve horses were sadly required lo be put to sleep al the Centre on welfare grounds. First step out of racing I spelling. The spelling station at the BTRC is for active, injured, recently retired racehorses, or those struggling in retraining and equestrian careers. The unit can accommodate up to 10 horse5 at a time. This facility is intended to provide horses with a break from the normal training routine, rest and recovery purposes or an opportunity to be rehabilitated and retrained. The ownership of the horse is NOT transferred to the BTRC. During 2024, this unit remained at maximum capacity and generated significant additional revenue for the Charity that was used to support the BTRC'S vulnerable horse programme. (iii) (iii} Thoroughbred Assessment Serrfice. BTRC established a ThoroLfghbred Assessment Service for both owners of active racehorses considering the retirement options for their horse, and those with horses that are retired and in equestrian but are perhaps struggling with rideability or training issues. These horses undergo a full assessment, similar to that undertaken on all of BTRC horses at Pagc 2
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 admission. The evaluation is completed by BTRC'S team of expert retrainers along with Consultant Vet, Gordon Sidlow BVMS MRCVS Gordon Sidlow is widely recognised (nationally and internationally) as a leading vet in assessing Thoroughbreds for suitability and sustainability in the equestrian sector, and the objective of the session is to provide a clearer understanding of the potential opportunities and challenges for your retired racehorse. Furthermore, il will permit the owner an opportunity to discuss any concerns they may have about their horse with a knowledgeable team thal understand and appreciate the environmental, clinical and retraining difficulties that some racehorses may face in the transition from racing to equestrian. This has proven to be an extremely popular service amongst owners, and all addilional revenue supports the BTRC'S vulnerable horse programme. In order to support these aGtlvitles BTRC employs a dedicated team of eighteen indivlduals who all have professional qualifications in either equestrian, or racing. This includes the CEO, operations manager, office manager, yard manager, rehoming and equine coordinator, racing work rider, equestrian work rider, two rider grooms, three stable staff and an apprentlce. and an addltlonal flve part tlme stable staff. Activities supporting horseracing and education. BTRC are committed to developing their education programmes and now off8rs four differ8nl 8ducational opportunities al the Centre with edu¢ation partners.. Myerscough College.. BTRC offers level 2 equine groom apprenticeships a 15-month course where the apprentice is based at the Centre and includes an additional option of a Racing module. Scottish Racing Academy SRA'S Schools Academy through the delivery of thelr SQA approved short courses and qualifications, such as the Nalional Progression Award in Horse Care and Racehorse Care respectively (Level 415 which is equivalent to Level 112 in England). British Horse Society {8HS)- BTRC introduced the Changing Lives Through Horses Programme ICLTH)- To deliver this programme, BTRC is proud to have secured a Riding School Licence from Lancaster City Council and have been quality assured as an Approved Provider for Alternative Provision for Lancashire County Council. The CLTH Programm& had regular students participating in the programme each week using horses as the inspiration for change, the programme provides an alternative and complementary learning environment lo mainstream education. 11 aims lo improve the lives of young people who may need additional support, are disengaged, or disadvantaged, or at risk of becoming &xcluded from education. Leading the CLTH programme is local teacher Seona Williams, who brings extensive experience in both the equestrian field and leaching young people from diverse backgrounds. Seona's expertise ensures that the programme is delivered to the highest standard, providing students with meaningful and impactful learning experiences. To further support the programme, BTRC has welcomed Fell Pony Floyd on loan from a local family. With his calm and steady temperament, Floyd is the perfect partner for inlroducing first-time riders to the joys of horseback riding. liv} The Association of Racecourse Veterinary Surgeons (ARVS). BTRC once again supported the ARVS Casualty Management Seminar at Aintree with four retired racehorses to assist over one hundred racecourse vets with training. This annual seminar is organised by the ARVS and aims to deliver training updates and new practices to all racecourse vets in the UK. The use of BTRC'S retired racehorses to support the younger generation of active racehorses is an excellent resource to aid this vital training that will benefit the emergency care of racehorses on track in the future. Pagc 3
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Horses Helping the Community Programme. During 2024 BTRC continued their 'Horses Helping the Community Programme, that offers visits to nursing homes, hospices, schools and community groups. These visits help to improve the mental health and wellbeing of residents in the community who do not have a¢¢ess to spending lime with horses. Several groups also visited the Centre and enjoyed all that Whinney Hill ¥ i I. Farm has lo offer, including meeting the BTRC'S horses and enjoy peaceful forest r. walks around Ihe farm. Cartmel Raceday.. Once again, BTRC was the Charity for bank holiday race day at Cartm81 Racecourse. Thousands of people enjoyed the racing and BTRC'S mascot Washbear was on hand to meet and greet the hlldren. BTRC'S Ambassador & Jockey Charlotle Jones was also on hand riding and supporting BTRC'S work. This was a super opportunity lo conn8Ct. 11 BTRC Open Day & Natlonal Racehorse Week In September BTRC'S Open Day was part of the National Racehorse Week in September, sev8ral hundred people came to Whinney Hill to learn more about BTRC 's work and to meet the Racehorses at the Centre that were currently their rehabilitation and retraining programme. It was a fun filled family day out with all ages enjoying the demonstrations that explained more about the lives of racehorses and their versalilily to have a second Gareer in equestrian - also to sample some of the yummy goodies supplied by our wonderful volunteers. Page 4
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Funding Activities.. BTRC has strived to increase revenue opportunities and the introduction of both the Spelling unil. and the Thoroughbred Assessments have generated vital income for the Charity. Furthermore, Whinney Hill Farm CIC {established in 2022 as part ofthe BTRC'S diversification plan) continues lo grow. The focus ofwhinney 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: The new funding strategy that was established in 2023 has enabled BTRC to generate new income streams and the Charity has a steady cashflow each month that is greater than operational cosls. Key Performance Indicators: Rehabililation, 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 rehabilitation and retraining programme and are either successfully rehomed or euthanised at the Centre on welfare grounds. Tha Charity ensures that every opportunity is taken to promote it$ work by: holding open days and yard visits to allow the public to visit the Centre. Including, holding clinics and other training sessions arranging outreach projects in the Community and collaborating with other institutions and 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 organisations both within the racing and 8questrian industries attending racecourses and other events to promote aftercare. ensuring the BTRC website remains up to dale 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 lo provide an education centre Comprising of a classroom. lecture theatre and accommodation allowing visiting students and their teachers lo stay al B TRC. This planning permission also include5 extending the equine facilities to increase stabling for an additional forty horses and a large outdoor rehabilitation and retraining arena. Public benefit: BTRC has referred to the guidance contained in the Charity Commission's general guidance when reviewing the Charity's aims and objectives and in planning our future activities. The Trustees believe that BTRC ¢onlributes 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 main 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 loo busy to deal with these often very time consuming and emotionally exhausting phone calls. Rlsk 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 lo 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 lo ensure the charity can meet 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. Risks associated with working for the Charity in handling horses are continuously reviewed by BTRC'S appointed Health and Safety Officer. Comprehensive risk 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}, and the Charity also has several qualified first aiders. Reserves policy: The charity aims to have the equivalent of 12 months, running costs in free reserves. The Trustees define free reserves as total reserves less reserves represented by capital assets owned (net of the associated mortgagelloan finance on these assets)- At the end of the year, the Trustees noted that free reserves amounted lo £175,994 which falls short of the largel figure and therefore it is a priority for the TrL¢Stees to build the free reserves and this has been factored into the financial plan and diversification strategy. Page 5
THE BRITISH THOROUGHBRED RETRAINING CENTRE LIMITED TRUSTEES. ANNUAL REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review: At the period end, the total reserves of the Charity were £805,334 of this the unrestricted reserves were £768,505. Capital assets owned had a net book value of £1,124,207 and the associated finance amounted to £531,696 Structure, governance and management: The Thoroughbred Rehabilitation Centre ITRC) is a company limited by guarantee incorporated on 8 November 2000 and a regislered 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 Ihe UK to advocate for Thoroughbred welfare and the core of the Charity's work has always been Ihe rehabilitation, retraining and suitable rehoming of retired racehorses. In 2016 to celebrate the 25th 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 15 responsible for making strategic decisions. These people are both Trustees of the registered charity and non-execulive 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. Recrultment and appolntment of new Trustees The Board of Trustees appoints new Trustees. Vacancies are advertised in the Charity s newsletter, social media and on the website. In addition, retiring and existing Trustees are asked to nominate candidates with appropriate skills for consideration. New Trustees meet the Board of Trustees and are given a lour of the Cenlre. The work of the charity is discussed in detail and the new Trustee is issued with an information pack containing the following.. Charity Commission leaflet CC3 Responsibilities of Charity Trustees, Memorandum and Articles of Association, Annual Reports, including the Year-to-dale financial information, Biographies of other Trustees. The Trustees, who are also the dlre¢tors for the purpose of company law, and who served during the period were.. Ms B Bell - Tax Specialist Ms M Metz- Delay Analyst Mrs S Scott- Director, Lunesdale Equine LTD. Mr J Sexton - Retired Horseracing Journalist Mr K Thomas- Retired Barrister Mr P Woodcock-Jones - Retired Sales Manager Mrs Sarah Harbord - Solicitor Trustees delegate the day-to-day management of the charity to the Chief Executive Officer, Gillian Carlisle. Statement of Trustees, Responsibilities: Company law requires the Trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Truslees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and the income and expenditure of the charitable company for that period. Independent examlner: Towers + Gornall were appointed as independent examiners to the charitable company during the period and have indicated their willingness to accèpt re-appointment for the ensuing year. The trustees, report was approved by the Board of Trustees. 24.09.2025 MrJ Sexton BTRC Chaimian Date Pag¢ 6
Independent Examiner's Report to the Trustees of The British Thoroughbred Retraining Centre Limited Independent examiner's report to the trustees of The British Thoroughbred Retraining Centre Limited I'the Company'l report lo the charity trustees on my examination of the accounts of the Company for the year erFded 31st December 2024. Responsibilities and ba515 of report As the charity's trustees of the Company land also ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061.lhe 2006 Act'l. Having satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 1.the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145151 Ibl of the 2011 Act. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner musl be a member of a listed body. I can confirm that l am qualified to undertake the examination bÈcaus& l am a member of the Association of Chartered Certified Accounlanls, which is one of the listed tsodies. I have completed my examination. I confirm that no matters have come to my attention in connection with th8 examination giving me cause lo believe.. accounting records were not kept in respect of the Company as required by Section 386 of th8 2006 Act., or the accounts do not accord with those records.. or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a Inje and fair view which is not a matter considered a5 part of an independent examination., or Ihe accounts have not been prepared in accordance with the methods arid principles ol the Slalemenl of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in connection with the examination lo which 8ttention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Mr M Gornall Towers + Gornall Ltd Chartered Certified Accounlanls River View 96 High Street Garslang Preston Lanc35hir8 PR3 1WZ 20th September 2025 Page 7
The British Thoroughbred Retraining Centre Limited Statement of Financial Activities for the Year Ended 31st December 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations, legacies and grants 438.776 4,800 443,576 273,312 Other trading activities Investment income 106,632 649 106.632 649 78,333 89 Total 546,057 550.857 351,734 EXPENDITURE ON Raising fund5 2,112 2,558 4.670 6,465 Charltable actlvltlgs Support costs Charitable aclivilies.. Tehabililaling, retraining and rehoming former racehorses. Governance costs 78,104 78,104 82,867 380,372 2,448 380,372 4,425 308,371 3,903 1,977 Total 463 036 467 571 401,606 NET INCOMEIIEXPENDITURE) 83,021 265 83,286 149.872) RECONCILIATION OF FUNDS Total funds brought forward 685,484 36,564 722.048 771,920 TOTAL FUNDS CARRIED FORWARD 768,505 36,829 805,334 722,048 The notes fomi part of these financial slalemenls Page 8
The British Thoroughbred Retraining Centre Limited Balance Sheet 31 st December 2024 2024 Total funds 2023 Total funds Unreslricled fund Restricted funds Notes FIXED ASSETS Tan9ible assets 1,124.207 1,124,207 1,127,769 CURRENT ASSETS Stocks Debtors Cash al bank 12 13 14 6,500 11,013 172,665 6,500 11,013 209,494 6,500 6,206 167,855 36,829 190,178 36,829 227,007 180,561 CREDITORS Amounts falling due Wlthin one year 15 {16,6331 116,633} 138,7311 NET CURRENT ASSETS 173,545 36,829 210,374 141,830 TOTAL ASSETS LESS CURRENT LIABILITIES 1,297,752 36,829 1,334,581 1,269,599 CREDITORS Amounts falling due after rn0 than one year 16 1529,2471 {529.2471 1547.5511 NET ASSETS 768,505 36,829 805,334 722,048 FUNDS Unre5trictgd funds.. Gener81 fund Restricted funds: Horsewalker Racing Foundation Capital Grant Pelplan Grant For Horse Trailer Thompson Family Fund Hedging grant Jockey Club - Christmas Card Sponsorship 19 768,505 685,484 1,039 4,264 1,399 22,237 101 845 1,299 5,685 1,695 24,541 206 994 D Canning Memorial Fund Jockey Club Sweepstake Sponsorship Grant for community visits 1.719 425 4,800 1,719 425 36,829 36,564 TOTAL FUNDS 805,334 722,048 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024. The members have not required the company lo obtain an audit of its financial statements for the ye2r ended 31 st December 2024 in accordance with Section 476 of the Companies Act 2006. The notes form part of these financial statements Page 9 continued...
The British Thoroughbred Retraining Centre Limited Balance Sheet - continued 31st December 2024 The tru5te05 acknowledge their responsibilities for lal ensuring that the charitsble company keeps accotsnling records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the slate of affairs of the charitable company as al the end of each financial year and of its surplus or delicil for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of Ihg Companies Act 2006 relating lo financial slalemenls, so far as applicable lo the charitable company. Ibl The financial statement5 were approved by the Board of Trustees and authorised for issue on 20th September 2025 and W8r8 signed on its behalf by.. Mr J S Sexton- Chairman The notes form part of these financial statements Page 10
The British Thoroughbred Retraining Centre Limited Cash Flow Statement for the Year Ended 31st December 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations Interest paid Finance costs paid 82,021 (22.7271 174,370 {24,2631 32,6001 Nel cash provided by operating activities 59,294 117,507 Cash flows from investing activities Purchase of tangible fixed assets Sale of tangible fixed assets Interest received {6,9151 1,807 89 649 Nel cash provided byllused inl investing activities 649 Cash flows from financlng activltles Loan repaymènts in year 18,304 N81 cash (used inllprovided by financing activities Change in cash and cash equlvalents In the reporting period Cash and cash èquivalents at tho boginning of the reporting period 41,639 112,488 167,855 55,367 Cash and ¢a5h gqulvalonts at the ond of thè reporting poriod 209,494 167,855 The notes fom) part of these financial slaternenls Page 11
The British Thoroughbred Retraining Centre Limited Notes to the Cash Flow Statement for the Year Ended 31 st December 2024 RECONCILIATION OF NET INCOMEIIEXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net incomellexpenditurel for the reportlng perlod (as per the Statement of Financial Activities) Adjustmonts for: Depreciation charges Interest received Interest paid Finance costs Increase in stocks Increase in debtors IDecrease}lincrease in creditors 83,286 149,8721 3,562 16491 22,727 5.037 1891 24,263 32,600 15.0001 12,2171 169,648 (4,8071 22,0981 Ngt Gash provlded by operatlons 82,021 174,370 ANALYSIS OF CHANGES IN NET DEBT Al 111124 Cash flow Al 31112124 N¢t ¢ash Cash at bank 167,855 41,639 209,494 167.855 41,639 209,494 D9bt Debts falling due within 1 year Dgbls falling du8 after 1 year 12.4491 547,5511 12,4491 529 2471 18,304 550,0001 18,304 531,6961 Total 382.145} 59,943 322.2021 The notes form part of these financial slalemenls Page 12
The British Thoroughbred Retraining Centre Limited Notes to the Financlal Statements for the Year Ended 31st December 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial slalemenls of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial slalemenls have been prepared under the historical cost convention. The financial slalemenls are prepared in sterling, which is the functional currency of the charity. Monetary arllounls are rounded lo the nearest £. The financial slalemenls have been prepared on a going concern basis under the historical cost Convention. The particular accounting policies adopted by the trustees are described below. These policies have been consislentSy applied lo all years presented unless otherwise slated. Critical aceountlng judgements and key sources of estlmatlon uncertalnty In the application of the charity's accounting policies, the Iruslees are required lo make judgements, estimate5 and assumptions about the carrying amount of assets and liabilities Ihal are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results rray differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both curn1 and future period5. Ther8 have been no key assumptions concerning future and other key sources of esllmallon uncertainly at the reporting dale that have a significant risk causing a material adjustment lo the carrying amounts of tassels and liabilities within the next financial year. Income All income is recognised in the Slalemenl of Financial Activities once the charity has enliilement to the funds, it is probable that the income will be received and the amount can be measured reliably. Cash donations are recognised upon receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds of Covenant is recognised al the lime of the donation. Legacies are recognised on receipt unles5 the charity has been notified of an impending distribution, the amount is known and the receipt is expected. If the amount is not known, the legacy is Irealed as a contingent asset. No income is shown nel of expenditure. Government grants are recognlsed al the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be mel and the grants will be received. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation committing the charity lo that expenditure, il is probable that a transfer of economic benefits will be required in selllement and the amount of the obligation can be measured reliably, Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. It 15 the opinion of the Iruslees that all costs are attributable to the care of thoroughbreds, and all direct and support costs are therefore allocaled lo this activity. Tangible fixed assets Depreciation is provided al the following annual rates in order to write off each asset ovef its esliFnated useful life. Page 13 continued...
The British Thoroughbred Retraining Centre Limited Notes to the Financial Statements - continued for the Year Ended 31 st December 2024 ACCOUNTING POLICIES- ¢ontinued Tanglblo fixed assets Land and buildings Plant & equipment 200/u on reducing balance and not provided 33'/a on cost and 250/0 on reducing balance Sto¢ks Stocks are valued at the lower of cost and nel realisable value, after making due allowance for obsolete and slow moving items. Taxation HM Revenue & Customs considers The British Thoroughbred Retraining Centre Limited lo be a charity and therefore il is enlilled lo exemption from lax afforded by Sections 478489 of the Corporation Taxes Act 2010 10 the extent that incorne is applied exclusively for charitable purposes. Fund accountlng Unreslricled funds can be used in accordance with th8 charitable objectives al the discretion of the Iruslees. Reslricled funds can only be used for p8rticu13r reslricled purposes within the objects of the charity. Reslri¢lions arise when specified by the donor or when funds are raised for particular reslricled purposes. Further explanallon of thg nature and purpose of each fund is included in the notes lo the financial slalemenls. Legal form The British Thoroughbred Retraining Centre Limited is 8 registered charity and a limited company, limited by guarantee, as defined by the Companies Act 2006, incorporated in England and Wales. In the event of the charity being wound up, the liabllily in rèspèct of the guarante8 is limited to £10 per member of the charity. The registered office of the charity, the nature of ils opgralions and ils principal activities are all detailed in the charity administrative details and the Iruslees, report of these financial slalemenls. DONATIONS, LEGACIES AND GRANTS 2024 2023 Donation5 Gift aid Legacies Granl for community visits Incoming Horse Donations Retraining of Racehorses IROR Vulnerable Horse Scheme) 98,773 13,486 216,045 4,800 15,675 94.797 114,237 13,611 118,561 10,700 16,203 443,576 273,312 Gr8nl8 received, included within incorne, comprises a grant of £4,800 for community visits and a grant of £94,797 for Retraining of Racehorses IROR Vulnerable Horse Scheme). OTHER TRADING ACTIVITIES 2024 2023 Fundraising Sale of merchandise Rent from land Compensations and easements Other income Single farm payment Spelling of retired racehorses 28,172 5,189 4.813 420 3,811 8,666 55,561 25,639 5,148 5,776 6,970 3,730 13,131 17,939 106,632 78,333 Page 14 continued...
The British Thoroughbred Retraining Centre Limited Notes to the Financial Statements - continued for the Year Ended 31st December 2024 INVESTMENT INCOME 2024 2023 Deposit account interest 649 89 RAISING FUNDS Other tradlng activities 2024 2023 Fundraising and marketing costs 4,670 CHARITABLE ACTIVITIES COSTS Support costs Isee note 71 Direct Costs Totals Support costs Charitable aclivilies.. rehabilitating, retraining and rehorning former racehorses. Governance costs 78,104 78,104 380,372 380,372 4,425 4,425 380.372 82,529 462,901 SUPPORT COSTS Governance costs Management Finance Other Total$ Support costs Governance costs 21,188 22,727 34,189 78,104 4,425 4.425 21,188 22,727 34,189 4,425 82,529 It is the opinion of the trustees that all costs are attributable lo the care of thoroughbreds, and all direct and support costs are therefore alloc81ed lo this aclivily. NET INCOMEIIEXPENDITURE) Nel incomellexpendilurel is slated after chargingllcredilingl: 2024 2023 Staff pension contributions Independent Examiner's Fees Depreciation owned assets 6,462 2,860 6,039 3,903 3,562 5,037 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 sl December 2024 nor for the year ended 31st December 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31st D8cember2024 nor for the year ended 31 sl December 2023. Page 15 continu6d...
The British Thoroughbred Retraining Centre Limited Notes to the Financial Statements - continued for the Year Ended 31st December 2024 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unre5tricled fund Reslricled fund5 Total funds INCOME AND ENDOWMENTS FROM Don81ions and legacies 270,812 2,500 273,312 Other trading aclivilie5 Investment income 78,333 89 78,333 89 Total 349,234 2.500 351,734 EXPENDITURE ON Raisin9 funds 4,390 2,075 6,465 Charltable a¢tlvltlo$ Support costs Charitable aclivilies.. rehabililaling, relralning and rehoming former racehorses. Governance costs 82,867 82.867 308,371 563 308,371 3.903 3,340 Total 396,191 401,606 NET INCOMEIIEXPENDITUREI 146,957) 12,9151 149,8721 RECONCILIATION OF FUNDS Total funds brought forward 732,441 39,479 771,920 TOTAL FUNDS CARRIED FORWARD 685,484 36,564 722,048 11. TANGIBLE FIXED ASSETS Land and buildings Plant & equipment Totals COST Al 1st January 2024 and 315t December 2024 1,458,367 72,282 1.530,649 DEPRECIATION At 1st January 2024 Charge for year 348,561 594 54,319 2,988 402,880 3,562 At 31 sl December 2024 349,155 57,287 406,442 NET BOOK VALUE At 31 sl December 2024 1,109,212 14,995 1,124,207 Al 31st December 2023 1,109.806 17,963 1,127,769 At each reporting date the charity reviews the carying amounts of its tangible assets lo determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order lo determine the extent of the impairment loss lif any). Page 16 continued...
The British Thoroughbred Retraining Centre Limited Notes to the Financial Statements - continued for the Year Ended 31 st December 2024 12. STOCKS 2024 2023 Stocks 6.500 6,500 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Gift aid recoverable Amounts owed from staff Owed from Whinney Hill Farm cic Prepayments and accrued income 9,062 1.020 4,122 1.903 14 931 167 11,013 6,206 14. CASH AT BANK Cash balances represent cash in hand and deposits held at bank and building societies. 15. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and ov8rdrafts Isee note 17) Trade creditors Social security and other laxe5 Other creditors Accrued expenses 2,449 249 7,657 1,032 5.246 2,449 210 6,148 22,056 7.868 16,633 38,731 16. CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans Isee note 171 529 247 547,551 17. LOANS An analysis of the malurily of loans is given below.. 2024 2023 Amoun15 falling due within one year on demand.. Bank loans 2,449 2.449 Amounts falling between one and two years.. Bank loans - 1-2 years 429,247 447,551 Amounts falling due between two and five years.. Racing foundation loan 100,000 100,000 The loans are secured by a legal charge over Whinney Hill Farrn, Halton, Lancaster. Both bank loans are being repaid by monthly instalments and are due lo rnalure on 14 September 2043. One loan is a variable rale loan with interest being charged al 2.1 010, the second loan is a fixed rale loan with interest being charged at 2.3'/.. Page 17 continued...
The British Thoroughbred Retraining Centre Limited Notes to the Financial Statements - continued for the Year Ended 31st December 2024 18. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows.. 2024 2023 Within one year Between one and five years 3,935 4.941 3,526 3,935 8,467 19. MOVEMENT IN FUNDS Nel movement in funds Al 31112124 Al 111124 Unrestricted funds General fund 685,484 83,021 768.505 Restrl¢t¢d fund$ Horsewalker Racing Foundation Capital Grant Pelplan Grant For Horse Trailer Thompson Family Fund Hedging grant Jockey Club - Christmas Card Sponsorship 1,299 5,685 1,695 24.541 206 1260} 11,4211 12961 12,3041 1105) 1,039 4.264 1.399 22,237 101 994 1,719 425 1149} 845 1,719 425 4,800 D Canning Memorial Fund Jockey Club Sw88PStake Sponsorship Grant for community visits 4,800 36,584 265 36,829 TOTAL FUNDS 722.048 83.286 805,334 Nel movement in funds, included in the above are as follows.. InCoMng resources Resources expended Movement in funds Unrestricted funds General fund 546,057 1463,0361 83,021 Restricted fund5 Hor5ewalker Racing Foundation Capital Grant Petplan Grant For Horse Trailer Thompson Family Fund Hedging grant Jockey Club - Christmas Card Sponsorship 12601 11,4211 12961 12.3041 11051 1260} 11,421) 12961 12,3041 (1051 11491 11491 4,800 Grant for community visits 4,800 4,800 4.5351 265 TOTAL FUNDS 550,857 467,5711 83,286 Page 18 continued...
The British Thoroughbred Retraining Centre Limited Notes to the Financial Statements - continued for the Year Ended 31st December 2024 19. MOVEMENT IN FUNDS - continued Comparatives for movement In funds Nel movement in funds At 31112123 Al 111123 Unrestricted funds General fund 732,441 (46,9571 685,484 Restricted funds Horsewalker Racing Foundation Capital Grant Petplan Grant For Horse Trailer Thompson Family Fund Hedging grant Jockey Club - Christmas Card Sponsorship 1,624 7,580 2,090 24,541 931 13251 {1.8951 13951 1,299 5,685 1,695 24,541 206 17251 994 1,719 994 1,719 425 D Canning Memorial Fund Jockey Club Sweepstake Sponsorship 425 39,479 2,9151 36,564 TOTAL FUNDS 771,920 49,8721 722.048 Comparative nel movement in funds, includèd in the above are as follows.. Incoming resources Resourcès expended Movement in funds Unrestricted funds General fund 349,234 1396,1911 (46,9571 Restrlcted funds Horsewalker Racing Foundation Capital Grant Pelplan Grant For Horse Trailer Hedging grant Jockey Club Sweepstake Sponsorship 13251 11,8951 {3951 17251 2,0751 13251 11,8951 13951 {7251 425 2,500 2,500 5,4151 TOTAL FUNDS 351,734 401,8061 49,8721 Page 19 continued...
The British Thoroughbred Retraining Centre Limited Notes to the Financial Statements - continued for the Year Ended 31st December 2024 19. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows.. Nel movement in funds Al 31112124 At 111123 Unrestrlcted funds General fund 732.441 36,064 768,505 R•strlcted funds Horsewalker Racing Foundation Capital Grant Pelplan Grant For Horse Trailer Thompson Family Fund Hedging grant Jockey Club - Christmas Card Sponsorship 1,624 7,580 2,090 24.541 931 15851 13,3161 (6911 12.3041 18301 1,039 4,264 1.399 22,237 101 994 1,719 11491 845 1,719 425 4,800 D Canning Memorial Fund Jockey Club Sweepstake Sponsorship Grant for community visits 425 4,800 39,479 36,82 TOTAL FUNDS 771,920 33,414 805.334 A current year 12 months and prior year 12 months combined nel movem8nl in funds, included in the above are as follows.. Incomlng resources Resources expended Movement in funds Unrestrlcted funds General fund 895,291 1859,2271 36,064 Restrlcted funds Horsewalker Racing Foundation Capital Grant Pelplan Grant For Horse Trailer Thompson Family Fund Hedging grant Jockey Club - Christmas Card Sponsorship 15851 13,3161 {6911 12,3041 18301 {5851 {3,3161 16911 12,3041 18301 11491 12,0751 1149) 425 4,800 Jockey Club Sweep51ake Sponsorship Grant for community visits 2,500 4,800 7,3DO 9,9501 2,6501 TOTAL FUNDS 902,591 869,1771 33,414 Page 20 continued...
The British Thoroughbred Retraining Centre Limited Notes to the Financial Statements - continued for the Year Ended 31st December 2024 20. EMPLOYEE BENEFIT OBLIGATIONS The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the slalemenl of financial aclivilies. The charge to profil and loss in respect of defined contribution schemes was £6,46212023'. £6,039). Pension commilrnents oulslanding at the year-end were £1.201 {2023.' £1.2871. 21. RELATED PARTY DISCLOSURES Aggregate compensation paid to koy manag8m8nl personnel in the year was £66,30012023'. £66,300). Page 21
The British Thoroughbred Retraining Centre Limited Detailed Statement of Financial Activities for the Year Ended 31st December 2024 2024 2023 INCOME AND ENDOWMENTS Donations andlogacies Donations Gifl aid Legacies Grant for community visits Incoming Horse Donations Retraining of Racehorses IROR Vulnerable Horse Scheme) 98.773 13,486 216,045 4,800 15,675 114,237 13,611 118,561 10.700 94,797 16,203 443,576 273,312 Other tradlng a¢tlvltloS Fundraising Sale of merchandise Rent from land Compensations and eas8ments Other in¢ome Single farm paym8nl Spelling of retired racehorses 28,172 5.189 4.813 420 3.811 8,666 55,561 25,639 5,148 5,776 6,970 3,730 13,131 17,939 106.632 78,333 Investment Incom? Deposit account interest 649 89 Total Incomlng resour¢•s 550,857 351,734 EXPENDITURE Other tradlng actlvitles Fundraising and marketing costs 4,670 6,465 Charltable a¢tivitia$ Rehabilitating, retraining and rehoming of former racehorses 380,372 308,371 Support costs Management Premises costs Office costs Logal and professional fees 15,890 5,215 83 14,879 6,132 9,558 21,188 30,569 Finance Bank loan interest and bank charges 22,727 24,263 Other Insurance Motor expenses Licences Carried forward 15,705 12,103 3,091 30,899 11,445 11,180 2,064 24,689 This page does not form part of the statutory financial statements Page 22
The British Thoroughbred Retraining Centre Limited Detailed Statement of Financial Activities for the Year Ended 31 st December 2024 2024 2023 Other Brought forward Subscriptions Repairs 30,899 414 2,876 24,689 710 2,636 34,189 28.035 Governance ¢osts Accountancy and legal fees 4,425 3,903 Total resources expended 467.571 401,606 Net incomellexpendlture) 49,8721 This page does not form part of the slalulory financial slalements Page 23