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← Godolphin International Thoroughbred Leadership Programme Limited

2023-12-31-accounts

Godolphln International Thoroughbred Leadership Programme Limited Annual report for the year ended 31 December 2023 Registered number.. 04720461 Registered Charity number.. 1102074

Godolphin International Thoroughbred Leadership Programme Limited Annual report for the year ended 31 December 2023 Contents Pagelsl Director5, Trustee5, officers and advisors. Directors and Trust9é5' rgport for tho yoar onded 31 December 2013............................................................ Independent auditors, report to the members of Godolphin International ThorouEhbred Leadership Proerèmme Limited................................................................................................................................. Statement of financlal actlvltles for the year ended 31 December 2023........................................................... 10 Balance sheet as at 31 December 2023.................................................................. .11 Cash flow statement for the vear ended 31 December 2023 ...................................................................-.. Note5 to the financial statements for the year ended 31 December 2023............................. -12 . 13-19

Godolphin International Thoroughbred Leadership Programme Limited Directors, Trustees, offlcers and advlsors Dlreclors and Trustee5 E Mahonv J M Q%br)rnp H A Anderson L-J Graffard T M Hetherin8ton G King Company Secretary Registered office 6 Floor st Vincent House I Cutler Street Ipswich England Ipi iuo Independent auditors Pricewaterhousecoopers LLP Chartered Accountants and Statutory Auditors The Maurice Wilkes Building st John's Innovatlon Park Cowley Road Cambridge CB4 ODS Sollcltors Prettys Elm Hoiise 25 Elm Street Ipswich Suffolk IPI 2AD Bankers Barclays Bank PLC PO Box 885 Mortlock House Hi5ton Carnbridge C824 9DE

Godolphin International Thoroughbred Leadership Programme Limited Directors and Trustees, report for the year ended 31 December 2023 The Trustees, who are also directors of the company for the purpose of the Companies Act 2006, present their annual report and the audited financial statement5 for the year ended 31 Oecember 2023 for Godolphin Intgrn2tinnAI Thnrnijghhrpd I gadgrEhip Prner2mmp l imitpd Ithp"charity'. or the"ch3rit3blé company") which are also prepared to meet the requirements for a directors, report and financial 5taternent5 for Companie5 Act purposes. The financial 5tatem@nts comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and AccountirTrg and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial ReportinR Standard applicable in the UK and Republic of Ireland IFRS 1021 (second edition effective l January 20201 Ithe 'Charities SORP"). The Trustee5 have taken advantage of the small companie5 exernption from preparing a Strategic Report. Status and admlnistration The charity is 3 ch3rit8ble company limited by guarantee (company reÈlstration number 047204611 registered with the Charity Commissioners as a charity on 12 February 2004 (charity registration number 11020741. Oblectlves The primary objective of the charity, a5 Stated in its governing document, is to advance standards and knowledge in the manaEement of thoroughbred horses by the establishment of a piogramme to train and develop students who wlsh to pursue a senlor Fnanagement and leadership level career in the thoroughbred horse busines5 and to award successful students with a qualification recognisln8 their achievement. Overview The programme is a two year full-time management training course that combines a dynamic range of lectures, visits and hands-on experience. Practical horse management takes place In Ireland, England, USA, Australia and the UAE. Trainee5 are involved in the running of the thoroughbred breeding and racing operations at each location, which includes daily care of horses along with some exposure to the administration and management aspects involved. There are skills a55e55rnents in the areas of horse care and handling, veterinary and farriery as well as a continual a55e5srnent which includes appraisals and a challenging 5eTie5 of projects, assignments and examination5 on the theoretical and praetical material covered. In addition, three individual externships are organised for trainees during the course and there is a Significant element of self-study of prescrlbed course materi31s Relationships h3V@ b@8n dgveloped with establlshed unlver51ties and tr3ining providorg worldwide who deliver and certify business and equine modules. Trainee5 who reach the standard required are awarded the Godolphin Flying Start Diploma and the Graduate Certificate in Management (Thoroughbred Industryl accredited by Univer51ty College Dublin on completion of the course. Strategles and artlvltlès The 5trateRies 3dopted to further benefit the public and achleve the charSty's goals include the following.. global recruitment and marketing in order to attract the best candidates for the course maintenance of an engaged alumni network to support trainees and graduates achievement of the hlghe5t acadernic standards includinE accreditation by University College Dublin a5 a Graduate Certificate in Management IThorouBhbred Industryl alignment of training with thoroughbred industry best practice and current issues buildlng relationships with thoroughbred industry leaders awareness of, and appropriate use of, current technologies and research

Godolphin International Thoroughbred Leadership Programme Limited Directors and Trustees, report for the year ended 31 December 2023 Icontinuedl Strategles and activltles Icontinuedl The activitie5 undertaken Include the following.. maintenance of a dynamic, informative website and the use of social media as a marketing tool industry leaders frequently interact with the trainee5 and graduates through vi5it5 externships, meetin85 conferences. the annual graduation ceremony and emplc>yment, once the trainees have graduated statistical analysis of the performance of the programme and it5 graduate5 from 2005 to 2023 continuous improvement through feedback from course participants. lecturers and thoroughbred industry leaders Achievements and performance The year ended 31 December 2023 saw the successful graduation of twelve trainees in June 202312022.. 111. AII twelve graduates are now pursuing careers within vaiying 3spect5 of the thoioughbred industry. Graduates of the programme are currently employed in Australia, 8razil. Canada, china, UAE. France, Germany. Hong Kong, India, Ireland, Japan, Malaysla, New Zealand, South Africa, United Kingdom, and USA. The twenty-first intakg of tr2ine.p.£ wa.% .%plp.ttgd in May 2a2_4. During thp fir£t fnijr mnnth.% nf thp r.rJur£p. from August to December 2023 the trainees completed modules in Equine Anatomy, Physiology and Reproduction. Microsoft Office 365, Communications, the Irish and UK Thoroughbred Indu5trie5, Multimedia, Insurance and Legal. They also commenced their practical horse skills experience. They attended race meetings and thoroughbred horse sales in Ireland and the UK. The Trustees have considered the Charity Commission's guidance on public benefit in section 4 of the Charities Act 2011. Those activities undertaken to further the charity's purposes for the benefit of the public are set out above. The Trustees have noted that the proeramme has to date achieved a Eraduation rate of 99%12022'. 99%1 and that 87%12022.. 88%) of graduates tontlnue to be employed withln the thoroughbred industry. The plan for the future of the charity 15 to remain current and relevant to the thoroughbred industry, and to deliver the highest quality education and training to the 5ucce55ful scholarship iecipients. The programme will be dellvered by blended learning using on-line and virtual platforms as well a5 in person trainin8, work5hop5 and meetings. Principal funding source5 The charitws donations and gifts in kind were £1,030,36312022.' £1,099,965) for the year. The programmè is wholly finantially supported and administratively managed by Godolphln Management Co. Limited, and related organisation5, which are also considered to be responsible for the day to day management of the charitable company. The key components of donations and gifts are highlighted in Note 3 to the financial statements whilst Note 4 descrlbes how alm05t all expenditure 15 incurred to further the charitable aims of the charitable companv. Investment pollcy Investment powers are governed by the Memorandum of Association of the charity. The charity doe5 not hold Investments other than cash on a short terrn ba515. The Trustee5 consider the rate of retUTn ieceived on these cash balances in the year to be acceptable glven the level of funds held.

Godolphln International Thoroughbred Leadership Programme Llmited Dirertor5 and Trustees, report for the year ended 31 December 2023 {continued) Reserves pollcy All reserves are unrestricted. Although the Tru5tees' pollcy on re5ewve5 IS to expend all Its free reserve5 on it5 charitable objectives, this pollcy ha5 been set after taking into account the annual undertakings of financial support r￿1Ved from Godolphin Management Co. Llmlled. As at 31 December 2023 £nil reserves were held bv the chafltable company12022'. rese¥ves held £nill. It Is the Trustees belief thal no reserves need to be held by the charitable COrnPBny due to the fact It rnainlains the financial support from Godolphin Management Co. Llmited. Guarantors The charitable company, which has no share Capital, 15 limited by guar3nlee. In the event of the charitable company beingwound up, the liabllity oleachguarantor, being theTrusteesof the charll4ble¢ompany, Is limited toflo. Trustees The Trustees who served durlng the year and up to the date of slgnln8 these financial statements lunles5 otherw15e Indlcatedl wère-. E Mahony J M Osborne L D Prlde (resigned 12 Aprll 20231 G Kin8 lappolnted 13 De￿mber 20231 H A Anderson L-J Graff3rd T M Hetherington Dlrectors. Indèrnnltles The Trustee5 (who are also dlre¢tor5 of Godolphin International Thorou8hbred Leadership Prowamme Llmited for the purposes ol company lawl have the benefit of a directors. and offi￿r5, liability insurance policy which has been maintalned throughout the financlal year and up to the date of signing these financlal 51atements. Structurei governance and management Durlng the year ended 31 December 2023 the Trustees met four tlmes. As part of the ongoing governance of the charlty the Trustees review charitable objectlves, 5trateBlc dlrectlon and financial performance agalnst pre- deteimined budget5 and the charity's governlng document. Management 15 delegated with declslons princlpally wlth regards to the selection and retefttlon of tralnees and to the content and operatlon of the programme. subject to Trustee review. The Executlve Director of the programme 15 Ms C Kavanagh. The selectlon of new Trustee5 is a unanimous de¢lslon by the remalnlng Trustees with thelr Invltallon belng based on experience, skills, character and afflllaiion with the thoioughbred horse business. New Trustees are provided wlth the Godolphin Internatlonal Thoroughbred Leadershrp Programme Terms of Reference and Inducted at the next Trustees meeting with a review of the chariVs objectives and Ihe relevant performan measures. Risk management As part of the T15k review process the Trustee5 d15cussed the following key risks faclnB the charily: il That Sufficient fundlng Is avallable to support the tralnln8 programme. 21 That the most sultable requlred number of candidates are admllled lo the course to ensure Its lonB term success. 31 The continuing success of vlsa appllcation5 SO that all tralnees ale able to attend all parts of the course. 41 That ihere is adequate managernent support to the programme. 51 That the teachlng material appropriatety and comprehensively meets the specified requirements of the couise In order to retain accreditation of the University College Dublin. 61 Compllance wilh General Data Proiectlon Regulatlons.

Godolphin Internatlonal Thoroughbred Leadership Programme Limited Dlrettors and Trustees. report for the year ended 31 December 2023 Icontlnuedl Risk management Icontlnuedl The Trustees confirm that the risk areas Identlfied above have been sat151actorily addressed. A risk re815ter has been developed which highlights the rlsk5, Potential impa¢t and the mltlgation in placÈ. This 15 Teviewed and discussed in the Trustee5 meetlnEs to ensure that proper procedure5 are in place to mlnimise the negatTrve impact upon the charity's objective5 fTom any rSsks. Flnonclal rlsk management The charitable company ut1115es the system5 of internal flnanclal controls that have been establlshed by Godolphln Management Co. Limited and its related organlsatlons and the Trustees periodically revlew the reliability of those systems. Bank balances held are gènerally low as receipt of fundlng is sought to coinclde wbth the 1Smln8 of expenditure. The Trustees regvlarly review expenditure agalnst budget and confirm that expendlture Is under control and is generally within budget. The Trustees believe that the tharity's financlal support wlll continue to be provided to enable the most recent Intake of trainees to complete the two year course. Statement of Trustèe5' responslbllltle5 In respect of the financlal statements The Trustees (who are also directors of Godolphln International Thoroughbred LeadeTship Programme Llmited for ihe purposes of company lawl are responsible for preparing the Annual report and the financlal statements in accordance with applicable law and regulation. Company law requlres the Trustee5 to prepare flnanclal statements for each financial year. Under that law the Trustees have prepared the financial statèments in accordance with Unlted Kingdorn AccountinÈ Standards, comprising FRS 102 Yhe Flnanclal Reporting Standard applicable in the UK and Republic of Ireland" and applicèble law Iunited Kln8dorn Generally Accepted Accountrn8 Practice). Under company law the Trustees must not approve the financlal staterrents unless they are satlsfied that they give a true and fair vlew of the state of the affalrs of the charitable company and of the incomlng iesources and appllcalion of resources, Including the In¢ome and expenditure, of the charitable company for that perlod. In preparing these finandal statements, the frustees are required to.. select sultable accounting policies and thèn apply them con515tentlv,' observe the methods and piinciples In the Statement of Recommended Pra¢tlce.' AccoLsntlng and Reporiin8 by Charitie5 Isecond Edltion - 20201- make judgments and estimates that are reasonable and prudent.. state whether applicable UK Accounting standards, comprising FRS 102, have been followed, subjert to any materlal departures disclosed and explalned in the financial 5tatements- and prepare the financial statements on the golng concern basls unless It Is Inappropriate to presume that the ¢harltable company will contlnue In business. The Trustees are responsible for keeplng adequate accountln8 records that are Sufficient to show and explain the chèiitable compan*5 transactlons and disclose wlth reasonable atcuracy at any tlme the financial position of the charltable Company and enable them to ensure that the financlal statements comply with the Companles Act 2Th)6. They are a150 responsible for safeEuardln8 the assets of the charitable company and hence for laking reasonable Steps for the pievention and detection of fraud and other irreBularities. The Trustees are responsible for the maintenance and Integrity of the charrtable compan￿$ website. Legislation In the United KlnBdorn governing the preparatlon and dissemination of finandal ststements may differ from le8lslatlon in other jurisdlction5. Trusteeg conflrmatlons In the fdse of each Trustee In office at the date the Directors and Tru5tees' report Is approved.. so far as èath Trustee 15 aware. there Is no relevant audlt information of whlch the charitable company's auditor5 are unaware.. and

Godolphin International Thoroughbred Leadership Programme Limited Directors and Trustees, report for the year ended 31 December 2023 Icontlhuedl Dlstlosure ol Informatlon to audltors lcontlnuedl each Trustee has takeTr all the Steps that rhey ought to have taken as a Trustee In orderto makethom5elves aware Of any relevant Budlt information and to establish that the charltable companrfs auditors are aware of that informatlon. Independent Audltors An electlve resolutlon has been passed to dispense wlth the annual obllg8tlon to appoint auditors. y order of the Board: mpanysecreiary 13 Wk2024

Independent auditors’ report to the members of Godolphin International Thoroughbred Leadership Programme Limited

Report on the audit of the financial statements

Opinion

In our opinion, Godolphin International Thoroughbred Leadership Programme Limited’s financial statements (the “financial statements”):

We have audited the financial statements, included within the Annual Report (the “Annual Report”), which comprise: the balance sheet as at 31 December 2023; the statement of financial activities ,and the cash flow statement for the year then ended; and the notes to the financial statements, which include a description of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

7

With respect to the Directors ’ and Trustees' Report, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Directors’ and Trustees’ Report

In our opinion, based on the work undertaken in the course of the audit the information given in the Directors’ and Trustees’ Report for the period ended 31 December 2023 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Directors’ and Trustees’ Report.

Responsibilities for the financial statements and the audit

Responsibilities of the trustees for the financial statements

As explained more fully in the Statement of Trustees’ responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the charitable company and its industry , we identified that the principal risks of noncompliance with laws and regulations related to breaches of the UK Charity Commission regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and the Charities SORP. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

8

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the charitable company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the trustees were not entitled to take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility.

Andy Grimbly (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Cambridge 13 September 2024

9

Godolphin Internatlonal Thoroughbred Leadership Programme Limited Statement of financlal actlvltles for the year ended 31 December 2023 Note 20Z3 2022 Incomlng resources.. It7comlng resources from generated funds Donatbons and gift5 in kind 1,030.363 1,099,965 Total Incomlng resource5 Resources expended: 1,030,363 1,099,965 Charltable activitles 11,013,284) 11.082,0041 Governance costs 117.0791 117,961} Total resources expended 11,030,363) 11,099.9651 Net result for the year Ail actlvltles are contlnuln8. The Te5ults above relate entlrèly to unrestrlcted funds. All gairts and losses reco8nlsed In the year are Induded In the Statement of financlal actlvltles. io

Godolphin International Thoroughbred Leadership Programme Limited Balance sheet as at 31 December 2023 Noto 2023 2022 Flxed assets Tanglble assets Total flxed assets 45 cUr￿￿ta$sets Piepayments and accrued ineorne Cash at bank ènLI in hand 244,508 659,684 781 Total ¢uircnt assets 244,514 titiU,4b5 Creditors: amount5 falllng due wlthln one year Nèt current Ilabllitles P44,5141 1661),5101 1451 Total asset5 less CUrre￿t Ilabllitre5 Net assets The fun¢ts of the ¢hartty'. Un￿striCted Income funds li Total charlty fund5 li The note5 on page5 13 to J9 forrn an Inte8ral partof thèse Ilnandal statements. The flnanclal stètement5 on page5 10 to 19 were appr<>ved and auth¢)rised for Issue by the Trustees on 73 Seoerfber 2024 and were 516ned on It5 half by. ru5tee J M Osborne 6odolphln Internatlonal Thorolrghbrtd Leadershlp Pro8ramme Llmlled Reglstered nurnber: 04721)461 Re8iStered Charlty W4urnber.' 1102074 li

Godolphin International Thoroughbred Leadership Programme Limited Cash flow statement for the year ended 31 December 2023 2023 2022 Note Net cash outllow from operatlng atlivitlès 13 17751 13861 Decrease in cash In the year 14 17751 13861 2023 2022 Cash balance as at l January 781 1,167 Docreaso in cash in the year Iii>l Iyiibl Cash balance as at 31 December 781 12

Godolphin International Thoroughbred Leadership Programme Limited Notes to the financial statements for the year ended 31 December 2023 Principal accountSng policies The principal accounting policies adopted in the preparation of the financial statements are as follows= Basis of preparatlon The financial statements comply with the Charitie5 Act 2011, the Companies Act 2006, the Memorandum and Articles of Association. and Accounting and Reporting by Charities.. Statement of Recommended Practice pplicable to charitie5 preparing their financial statements In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (second edition effective l January 20201 Ithe Charitie5 SORPI. The financlal statements have been prepared on 3 going concern basis, which assumes that the charitable company will continue in operatlonal existence for the foreseeable future, reflecting the backing of financial Support from Godolphin Management Co. Limited. Intoming re50urce5 Donations are credited to revenue on a receNable basis. Gifts In klnd are valued at their gr055 value to the charity. Resources expended All expenditure 15 accounted for on an accruals basis and has been cla55ified under headings that aggregate all costs related to the category. Where costs cannot be directly attribut&d to particular headin65 they have been allocated to attivitie5 on a basis consistent wlth use of the resource5. Support costs Support costs relate to the delivery of the programme of the charltable company. This ha5 been wholly Included within costs of charltable activities. Governance costs Governance costs include the costs incurred bythe charitable company for the Compliance with constitutional and statutory requlrements. Irrecoverable VAT Any irreeoverable VAT is charRed to the statement of financial activities. or capitalised as part of the cost of the related asset, where appropriate. Forelgn currenc1è5 The chaiitable company's functional and presentation currency is the pound sterling. Transactlon5 in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance Sheet date. All differences are taken to the staternent of financial activities. Recognltlon of Ilabillties Liabilitie5 are recognised when an obllgatlon arlse5 to transfer economic benefits as a result of past transactions or events. Fund structure pollcy General funds are unrestricted funds which are available for use at the discretlon of the directors in furtherance of the general objectives of the charitable company and whSch have not been designated for other purposes. 13

Godolphin International Thoroughbred Leadership Programme Limited Notes to the financial statements for the year ended 310ecember 2023 Icontinuedl Principal accountlng policlès Icontinuedl Tangible assets All tangible a55et5 purchased are included at their purchase price toeether wlth any incidental expenses of acquisition except that as5et5 Wlth a cost below £500 are not capitali5ed. Impairment reviews are undertaken when there is an impairrrent indicator. The useful economic Ilves and residual value of tènglble a55ets are reviewed at the end of the accounting pei-iod. Depreciation of tangible assets 15 calculated so as to write off the c05t of tangible assets. less their estlmated residual value5, over the expected useful etonomic lives of the assets concerned. The principal annual rate used for this purpose is.. Computer equiprnent- straight Ilne 33.3% Financial instruments The charitable cornpany does not have any flnancial instruments other than debtor5, creditor5 and cash at the year end. Due to the short-terrn nature of these balances. the charltèble company considers the carrying value of these items to equal their fair value. The eharitable company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. Fint7nciul ussets Basic financial assets, including trade and other receSvable5 and cash and bank balances are initially recogni5ed at transaction price. Financial lif3bilities Basic financial liabilities, including trade and other payables are inltially recognised at transaction price. Trade payables are obligations to pay for goods or Services that have been acquired In the ordinèry COUTse of busine55 from suppliers. Accounts payable are classified as current liabilitie5 if payment 15 due within one year or less. If not, they are presented as non-current liabilities. Cash at bank 2nd In hand Cash at L¥ank and in hand includes cash in hand and deposits held at call with bank5. Crltlcal accounting judgements and estimation uncertalnty The charitable company make5 estimates and assumptions concerning the future.The resulting accounting estlmates will, by definition, seldom equal the related actual results. There are n(> estimates or a55UrnPtions that have a significant risk of causin£ a material adjustment to the finaNcial statements. Legal stat4ts of the charltable company The charitable company 15 a private company limited by guarantee and ha5 no share capital, the charitablè company is incorporated and registered in England, the United Kingdom. In the event of the charitable company being wound up the liability in respect of the guarantee is Ilmited to £10 per member of the charitable company. 14

Godolphin International Thoroughbred Leadership Programme Limited Notes to the flnancial statements for the year ended 31 December 2023 Icontinuedl Donations and glfts In klnd 2023 2022 Donations and gifts in kind.. Non-charitable organisations 946,363 1.015.965 Gifts in kind 84,000 84,000 1,030,363 1,099,965 Donations and gifts in kind were made by r@lated party organisations ak disc105ed in Note 16. Gifts in kind have been recorded at their gr05s value to the charity. RÈsourcp..4 pjrppndpd Support costs Other costs Depreclatlon Support costs Other Costs 2023 Depreciation 2022 Charitable 929,239 84.000 45 1.013.284 997,818 84,000 186 1,082,004 Governance costs 17,079 17,079 17,961 17,961 929,239 101,079 45 1,030,363 997,818 101,961 186 1.099,965 Net Incoming resources 2023 2022 Net incoming resources is stated after charging/lcredltlnEI.' Depreciation of tangible assets IProfitl / loss on exchange Auditors, remuneration for.. 45 186 119,6301 16,297 Fees payable for the audit 9,708 8,988 Tax compliance services 4,200 4,000 15

Godolphin International Thoroughbred Leadership Programme Limited Notes to the financial statements for the year ended 31 December 2023 (continued) Employee Information The charitable cornpany had no employees during this or the prevlou5 yeai. Operational duties are fulfilled through provision of gifted services in kind alld director involvement. No Trustee received remuneration or expenses Irom the charitable company during the year12022'. £nill. Trustees did receive remuneration and expenses from @mployrnent with a related party and such costs ale borne by the related party and duties fulfilled as outlined above. Tamailon The charity is a registered chaiity, and as such 15 entitled to certaln tax exemptlons on Income and profits from investment5, and surpluses on any trading activities carried on in furtheran￿ of the charitable company's prlmary objectives, if these profits and surpluses are applied solely for charitable purposes. Thc charitablc company 15 t)ot re615tered for VAT 8nd accordinglyi all expenditure is recorded incluslve of any VAT incurred. Tangible assets Computer equlpment 2023 2022 Cost At l January 3,294 3,294 Dlsposals At 31 December 3,Z94 3,294 Accumulated depreciatlon At l January 13,2491 1451 13,0631 It861 Ch¥rye In thg ygar Disposals At 31 December 13.2941 13,2491 Net book amount At 31 December Prepayments and actrued Incomè 2023 2022 Amounts falllng due within one year Prepayments 53.318 24,408 Acclued donations 191,190 635,276 Prepayment5 and accrued income 244.508 659,684 16

Godolphin International Thoroughbred Leadership Programme Limited Notes to the financial statements forthe year ended 31 December 2023 (continued) io Credltors.. amounts falling due within one year 2023 2022 Related party creditors Accruals and deferred income 218.532 625,629 25.982 34,881 244,514 660,510 li Charlty funds Incoming Resources resources expended Incoming Resource5 2023 resources expended 2022 Unrestricted Income funds General reserve 1,030,363 11,030,363) 1,099,965 11,099,965) Total charit funds 1,030,363 11,030,363) 1.099.965 11.099.965) 12 Analysls of the net assèts between funds All assets relate to unrestricted funds. 13 Reconclllatlon of net Incomlng resources to net cash outflow from operating activities 2023 2022 Continuing activities Net result for the year Depreciation of tangible assets Decrease I lincreasel in debtors (Decrease) l increase in creditors Net cash outflow from operating actlvltles 45 186 388,741 1317,7241 389,5611 317,152 17751 13861 17

Godolphin International Thoroughbred Leadership Programme Limited Note5 to the financial statements for the year ended 31 December 2023 {continued) 14 Analysis of changes In net funds durlng the year 2023 2022 Cash at bank and in hand at l JanuaTV 781 1,167 17751 13861 Net funds at 31 December 781 15 Capital The charity is a cornpany limited by guarantee. Each member has undertaken to contrlbute £10 to the assets of the charitable company to meet its liabilities if called on to do so. The total amount guaranteed by Tru5tee5 at 31 December 2023 Is £6012022.. £601. 16 Related partytransactlons Parties whlch the directors eon5ider to be ielated to Godolphln International Thoroughbred Leadershlp ProÉramme Limited. and the transactions undertaken with each party, are summarised below, The nature of the relationship with each party is common directorship and operational management in relation to the reporting entity. In each case the purchases disclosed relate to the reimbursèment of expense5 incurred on behalf of the reporting entity. Godolphln Management Co. Umlted 2023 2022 Balance as at 31 December Credit(>r 180,9041 1253,1431 Summary of transattions for the year ended 31 December Purchase5 388,061 281,696 Donations 946,363 1,022,015 18

Godolphin International Thoroughbred Leadership Programme Limited Note5 to the financial statements for the year ended 31 December 2023 (continued) 16 Related party transaction5 Icontlnued} Godolphin LLC 2023 2022 Balance as at 31 December Creditor 124,3901 1163,8311 Summary of iransactlons for the year ended 31 December Purchases 162,839 189,897 Godolphin Ireland Llmited 2023 2022 Balance as at 31 December Creditor 17,6651 147,2171 Summary of transactions for the year ended Purchases 61,176 55,937 Gifts in kind 84,000 84,000 Godolphin Australia Pty Llmlted (previously Darley Australla Pty Limited) 2023 2022 Balance as at 31 December Creditor 1105.5731 1161,4381 Summary of tran5actlons forthe year ended 31 December Purchases 176,065 171,682 17 Ultlmate parent undertaklng and controlling party The charitable company has no share capital. The charitable company 15 limited by Euarantee and in the event of the charitable company being wound up the113bility of each euarantor, being the directors of the charitable company. is Ilmited to £10. In the opinion of the directors, there is no sSngle individual or entity that can or does exercise ultimate control, over the charitable company. 19