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 cur￿n1 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..
InCoM￿ng
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