Godolphin International Thoroughbred Leadership Programme Limited Annual report for the year ended 31 December 2024 Registered number: 04720461 Registered Charity number: 1102074 Godolphin International Thoroughbred Leadership Programme Limited Annual report for the year ended 31 December 2024 Contents Directors, Trustees, officers and advisors...........-.....-.-... Directors and Trustees. report for theyear ended 31 December 2024..-..... Independent auditors, report to the members of Godolphin International Thoroughbred Leadership Pro8ramme Limited................................ . Statement of financial activities for theyear ended 31 December 2024........-..-..-.-................-..... Balance Sheet as at 31 December 2024.........................-................................ Cash flow statement for the year ended 31 December 2024...................-....-....-............................... Notes to the financial statements for the year ended 31 December 2024..............-.................................... 14-21 .7-10 .11 -12 .13 Godolphin International Thoroughbred Leadership Programme Limited Directors, Trustees, officers and advlsors Directors and Trustees E Mahony J M Osborne H A Anderson L-J Graffard T M HetheringtDn G King lvl l Al Shaibani G R Nemer Company Secretary J Hall Registered offlce th 6 Floor St Vincent House I Cutler Street Ipswich Suffolk Ipi iuo Independent auditors BDO LLP 55 Baker Street London WIU 7EU Solicitors Prettys Solicitors 6th fioor St Vincent House I Cutler Street Ipswich Suffolk Ipi iuo Bankers Barclays Bank PLC PO Box 885 Mortlock House Histon Cambridge CB24 9DE Godolphin International Thoroughbred Leadership Programme Limited Dlrectors and Trustees. report for the year ended 31 December 2024 The Trustees, who are also directors of the companyfor the purpose of the Companies Act 2006, present their annual report and the audited financial statement5 for the year ended 31 December 2024 for Godolphin International Thoroughbred Leadership Programme Limited {the"chariV. orthe "charitable companf) which are also prepared to meet the requirements for a directors, report and financial statements for Companies Att purposes. The financial Statements comply with the Charities (Accounts and Reports) Regulations 2008, the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reportin8 by Charities- Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reportine Standard applicable in the UK and Republic of Ireland IFRS 1021 {second edition effective l January 2020) Ithe "Charities SORP ). The Trustees have taken advantage of the small companies exemption from preparing a Strategic Report. Status and adminlstratlon The charity is a charitable company limited by guarantee (company registration number 047204611 registered with the Charity Commission as a charity on 12 February 2004 (charity re815tration number 11020741. Objectives The primary objective of the charity. asstated in itsgovernin8 document, isto advancestandards and knowledge in the management of thoroughbred horses by the establishment of a programme to train and develop students who wish to pursue a senior management and leadership level career in the thoroughbred horse business and to award successful students with a qualification recogni5ing their achievement. Overvlew The piogramme is a two year full-time management trainingcourse that combines a dynamic range of lectures. visits and hands-on experience. Practical horse management take5 place in Ireland, England, USA, Australia and the UAE. Trainees 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 assessments in the area5 of horse care and handlin& veterinary and farriery as well as a continual assessment which includes appraisals and a challenginE series of projects, assi8nments and examinations on the theoretical and practical material covered. In addition, three individual externships are organised for trainees during the course and there is a significant element of self-study of prescribed course materials. Relationships have been developed with established universities and trainin8 provider5 worldwide who deliver and certify business and equine modules. Trainees who reach the standard required are awarded the Godolphin Flying Start Diploma and the Graduate Certificate in Management IThoroughbred Industry) accredited by University College Dublin on completion of the course. Strategles and activities The strategies adopted to further benefit the public and achieve the charitys goals include the following.. glob81 recruitment and marketing in order to attract the best candidates for the course maintenance of an enBaged alumni network to support trainees and graduates achievement of the highest academic standards including atcreditation by University College Dublin as a Graduate Certificate in Mana8ement (Thoroughbred Industry) alignment of training with thoroughbred industry best practice and current issues building 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 Decernber 2024 (continued) Strategies and artivities (contlnued) The activities 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 trainees and graduates through visits, externship5, meetings conferences, the annual graduation ceremony and employment, once the trainees havegraduated statistical analysis of the perforrnance ofthe programme and its graduates from 2005 to 2024 continuous improvement through feedback from course participants. lecturers and thoroughbred industry leaders Achievement5 and performance The year ended 31 December 2024 saw thesuccessful graduation of twelve trainees in June 2024 {2023- 121. AII twelve graduates are now pursuing careers within varying aspects of the thoroughbred industry. Graduates of the programme are currently employed in Australia, Brazil, Canada, China, Czech Republic, UAE, Fran￿, Germany, Hong Kong, India. Ireland. Japan, Malaysia. New Zealand, Singapore, South Africa, Sweden. United Arab Emirates, United Kingdom. and United States of America. The twenty-second intake of trainees was selected in May 2024. During the first four months of the course from August to December 2024 the trainees completed modules in Equine Anatomy, Physiology and Reproduction, Microsoft Office 365, Communications. the Irish and UK Thoroughbred Industries, Multimedia. Insurance and Legal. They also commenced their prartical horse skills experience. They attended race meeting5 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 tharitys purposes for the benefit of the public are set out above. The Trustees have noted that the programme has to date achieved a graduation rate of 99%12023.' 99%) and that 87%12023: 87Yol of graduates continue to be employed within the thoroughbred industry. The p13n for the future of the charity Is to remain current and relevant to the thoroughbred industry, and to deliver the highest quality education and trainin8 to the successful scholarship recipients. The programme will be delivered by blended learning using on-line and virtual platforms as well as in person trainin& workshops and meetings. Prlncipal funding sources The charitls donations and gifts in kind were £1,257,75612023.- £1,269,154) for the year. The programme is wholly financially supported and administratively managed by Godolphin Managernent Co. Limited, and related organisations, 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 describes how almost all expenditure is incurred to further the charitable aims of the charitable company. Investment pollcy Investment power5 are governed by the Memorandum of Association of the charity. The charity does not hold investments other than cash on a short term basis. The Trustees consider the rate of return received on these cash balances in the year to be acceptable given the level of funds held. Godolphin International Thoroughbred Leadership Programme Limited Directors and Truste￿ report for the year ended 31 December 2024 {continued) Reserves pollcy All reserves are unre5trirted. Although the Tru5tees' policy on reserves is to expend all its free reserves on its Charitable objectives. this policy has been set after taking into account the annual undertakings of financial support received from Godolphin Management Co. Limited. As at 31 December 2024 £nil reserves were held by the charitable company12023: rese￿eS held £nil). It is the Trustees belief that no reserves need to be held bv the charitable company due to the fact it maintains the financial support from Godolphin Management Co. Limited. fjuarantors The charitable company. which has no share capital. is limited by guarantee. In the event of the charitable company being wound up, the liability of each guarantor, being the Trustee5 of the charitable company, is limited to £10. Trustees The Trustees who served during the year and up to the date of signing these financial statements {unless otherwise indicated) were: E Mahony (appointed 9 May 2003) J M Osborne {appointed 30 April 2003) G King (appointed 13 December 20231 M l Al Shaibani (appointed 23 Ottober 202S) H AAnder50n {appointed 2 January 2015) L-J Graffard (appointed 2 January 2015) T M Hetherin8ton (appointed 20 April 20221 G R Nemer (appointed 23 October 2025) Director< indemnities The Trustees (who are also dirertors of Godolphin International Thoroughbred Leadership Programme Limited for the purposes of company law) have the benefit of a directors. and officers. liability insurance policy which has been maintained throughout the financial year and up to the date of signing these financial statements. structure, governance and management During the year ended 31 December 2024 the Trustees Met three times. As part of the ongoing governance of the charity the Trustees review charitable objectives, strategic direction and financial performance against pre- determined budgets and the charivsgoverning document. Management is delegated with decisions principally with regards to the selection and retention of trainees and to the content and operation of the pro8ramme, subject to Trustee review. The Executive Director of the programme is Ms C Kavanagh. The selection of new Trustees is a unanimous decision by the remaining Trustees with their invitation being based on experience, skills, character and affiliation with the thoroughbred horse business. New Trustees are provided with the Godolphin International Thorou8hbred Leadership Programme ferms of Reference and inducted at thé next Trustees meeting with a review of the charitys objectives and the relevant performance measures. Risk management As part of the risk review pr¢xess the Trustees di5CU55ed the following key risks facin8 the charity- l) That suff5cient fundin8 is available to support the training programme. 2) That the m05t suitable required number of candidates are admitted to the course to ensure its long term success. 31 The continuing success of visa applications so that all trainees are able to attend all parts of the course. 41 That there is adequate management support to the programme. 51 That the teaching material appropriately and comprehensively meets the specified requirements of the course in order to retain accreditation of the University College Dublin. 61 Compliance with General Data Protection Regulations. 71 The growing challenge and threat presented by cyber attack events. 81 Concerns about global political disruption. Godolphin International Thoroughbred Leadership Programme Limited Directors and Trustees, report for the year ended 31 December 20241continued) Risk management (continued) The Trustee5 confirm that the risk areas identified above have been satisfactorily addressed. A risk register has been developed which highlights the risksi Potential impart and the mitigation in place. This is reviewed and discussed in the Trustees meetings to ensure that proper procedures are in place to minimise the negative impact upon the charitls objectives from any risks. Financial risk management Thè charitable company utili5e5 the systems of internal financial controls that have been established by Godolphin Management Co. Limited and its related organi5ations and the Trustees periodically review the reliability of those systems. Bank balances held are generally low as receipt of funding is sought to coincide with the timing of expenditure. The Trustees regularly review expenditure against budget and confirm that expenditure is under control and 15 generally within budget. The Trustees believe that the charitrfs financial support will continue to be provided to enable the most recent intake of trainees to complete the two year course. Statement of Trustees. responslbllities in respect of the financial statements The Trustees (who are also directors of Godolphin International Thoroughbred Leadership Programme Limited for the purposes of company lawl are responsible for preparing the Annual report and the financial Statements in accordance with applicable law and regulation. Company law requires theTrustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom AccountinB Standards, comprising FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and applicable law (United Kingdom Generally Accepted Accounting Pratticel. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resource5 and application of resources. including the income and expenditure. of the charitable company for that period. In preparing these financial Statements, the Trustees are required to: select su itable accounting policies and then apply thern consistently: observe the methods and principles in the Statement of Recommended Practice: Accounting and Reportin8 by Charitie5 (Second Edition - 2020). makejudgments and estimates that are reasonable and prudent; state whether app5icable UK Accounting Standards, comprising FRS 102. have been followed. subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transartions and disclose with reasonable accurary at any time the financial position of the charitable company and enable them to ensure that rhe financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ofthe charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Trustees, confirmations In the case of each Trustee in office at the date the Directors and Trustees. report is approved: so far as each Trustee is aware. there 15 no relevant audit information of which the charitable compan(s auditors are unaware- and Godolphin International Thoroughbred Leadership Programme Limited Directors and Trustees, report for the year ended 31 December 2024 (continued) Dlsclosure of Information to auditors (continued) each Trustee has taken all the steps that they ought to have taken a5 a Trustee in order to make themselves aware of any relevant audit inforrnation and to establish that the charitable companvs auditors are aware of that information. Independent AuditOf5 The charitable company has appointed BDO LLP a5 Wt5 auditors. By order of the ard: J M Osborne Trustee 2025 Godolphin International Thoroughbred Leadership Programme Limited INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF GODOLPHIN INTERNATIONAL THOROUGHBRED LEADERSHIP PROGRAMME LIMITED Opinion on the financial statements In our opinion, the financial statements: give a true and fair view of the state of the Charitable Company's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordance with the requirements of the Cornpanies Act 2(J)6. We have audited the financial statements of Godolphin International Thoroughbred Leadership Programme Limited {"the Charitable Company") for the year ended 31 December Z024 which comprise the Statement of financial activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accountins policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financiol Reporting 5tandord opplicoble in the UK and Republic of Irelond (United Kingdom Generally Accepted Accounting Practice). Basls for opinion We conducted our audit in accordance WTth Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those 5tandard5 are further described in the Auditor's respcnsibilities for the audit of the finanaal 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 remain independent of the CharitabLe Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fuLfilled our other ethical responsibilities in accordance with these requirements. Conclusions related to going concern 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. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, indiwdually or collectively, may cast significant doubt on the Charitable Companls ability to continue as a going concern for a period of at least tweLve months from ￿en the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other infonnation. The other information comprises the infomiation included in the Annual Report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infomation and, except to the extent otheThvise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in Godolphin International Thoroughbred Leadership Programme Limited INDEPENDENT AUDITOR'S REpoirr TO THE MEMBERS OF GODOLPHIN INTERNATIONAL THOROUGHBRED LEADERSHIP PROGRAWAE LIMITED {CONTINUED) doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent tnaterTal misstatements, we are required to determine whether there is a material misstatement in the financial statements themselve5. If, based on the work we have performed, we c￿clUde that there is a materiaL misstaternent of this other information, we are required to report that fact. We have nothing to report in this regard. Other Companies Act 2006 reporting In our opinion, based on the work undertaken in the course of the audit: the Tnformation given in the Trustees, Rewrt, ￿lCh includes the Directors. prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Directors, Report, which is included in the Trustees. Report. has been prepared in accordance with applicable legal requirernents. In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Trustees, report. We have nothing to report in respect of the followtng matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns. or certain disclosure5 of Directors. remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit" or the trustees were not entitled to prepare the financial statements in accordance wth the small companTes regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responsibilitie5 of Trustees 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 and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to f raud or error. In preparing the financiaL statements, the Tr￿tee5 are responsible for assessing the Charitable Company's ability to continue as a going concern. discLoslng, as applicable, matters reLated to going concem and using the going concern basis of accounting unless the Trustee5 either intend to liquidate the Charitable Company or to cease operations, or have no realistic altemative but to do 50. Godolphin International Thoroughbred Leadership Programme Limited INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GODOLPHIN INTERNATIONAL THOROUGHBRED LEADERSHIP PROGRAMME LIMITED (CONTINUED) Audltor's responsibilities for the audit of the financial 5tatementS We have been appointed as auditor under the Companies Art 2CK16 and report in accordance wtth the Act and relevant regulations made or having effect thereunder. Our objective5 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance w?th 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 asgregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financiaL statements. Extent to which the oudit was capable of detecting irreguloritfes, includlng fraud Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wth our responsibilitles, outlined above, to detect material misstatements fn respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Non-compliance with Iow5 and regulations Based on". Our understanding of the Charitable Company and the sector in which it operates. Discussion wTth management and those charged with govemance: and Obtaining and understanding of the Charitable Company's policies and procedures regarding compliance Wbth lav￿ and regulations; we considered the significant laws and regulations to be FRS 102 and the Charities SORP 2019, UK tax legislation, Charities Act 2011, and the Companies Act 2(MJ6. The Charitable Company is also subject to law5 and regulations where the consequence of non- compliance could have a material effect on the amount or discLosures in the financial statement5, for example through the irnposition of fines or litigations. We identified such laws and regulations to be the health and safety legislation. Our procedures in respect of the above included: Review of minutes of meeting of those charged with govemance for any instances of non- compliance with Laws and regulations; Review of correspondence with regulatory and tax autl)orities for any instances of non- compliance with laws and regulations; and Review of finandal statement disclosures and agreeing to supporting documentation. Fraud We assessed the susceptibility of the financiaL statements to material misstatement, including fraud. Our risk assessment procedures included= Enquiry with management and those charged with governance regarding any known or suspected instances of fraud; Obtaining an understanding of the Charitable Company's policies and procedures relating to: o Detecting and responding to the risks of fraud" and Internal controls established to mitigate risks related to fraud. Godolphin International Thoroughbred Leadership Programme Limited INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GODOLPHIN INTERNATIONAL THOROUGHBRED LEADERSHIP PROGRAMME LIMITED (CONTINUED) Review of minutes of meeting of those charged wth govemance for any known or suspected instances of fraud; Discussion amongst the engagement team as to how and there fraud might occur in the financial statements. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; Based on our risk assessment. we considered the area5 most susceptible to fraud to be management override of journals and misappropriation of funds through recognition of fraudulent expenditure. Our procedures in respett of the alKJve included: Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation: Obtaining independent confirmations of cash balances at the year end and testing management's year end bank reconciliations- and Testing a sample of operating expenditure to appropriate supporting documentation. We also communicated relevant identified laws and regulations and potentiaL fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material mi55tatement in the financial statements, recognising that 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, misrepresentations or through colLusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with law5 and regulations 15 from the events and transactions reflected in the financial statements, the less likeLy we are to become aware of it. A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council's ("FRC's") website at: htt s:Ilwww.frc.or .uklauditor5res onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the Charitable Company's mernbers, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company's members tkK)se matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company's members as a body, for our audit worf(, for this report, or for the opinTons we have formed. Docusigned by.. 436E6DD 43A Kathenne Venderson {Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor BDO LLP 55 Baker Street London W1 U 7EU UNITED KINGDOM 30 October 2025 BDO LLP is a Limited liability partne￿Ip registered in England and Wales (with registered number OC305127). io Godolphin International Thoroughbred Leadership Prograrnme Limited Statement of financial artivities for the year ended 31 December 2024 Note Z024 2023 As restated Incomlng resources.. Incoming resources from generated lunds Donation5 and gift5 in kind 1,257,756 1.269,154 Total Incomlng resources 1.257.756 1.269.154 Resources expended: Charitable activities (1.226,8431 11,237,855) Governance costs (30,9131 131,2991 Total re50urce5 expended (1.257.756) 11,269.154) Net result for the year All income and expenditure relates to continuing activities. The results above relate entirely to unrestricted funds. The statement of financial activities was restated following a revision of the calculation of gifts in kind, See note 18. The note5 on pages 13 to 20 form an integral part of these financial statement5. li Godolphin International Thoroughbred Leadership Programme Limited Balance sheet as at 31 December 2024 Note 2024 2023 Current a55ets Debtors 267,305 244.508 Cash at bank and in hand 1,086 Total current assets 268391 244,514 Creditors: amounts falling due within one year io (268,391) 1244,5141 Net current liabilities Totsl a55et5 less current liabilities Net assets The funds of the tharity: Unrestricted income funds li Total charity fund5 li The notes on pages 14 to 21 form an integral part of these financial statements. The financial s page5 11 to 21 were approved and authorised for issue bythe Board of the Trustees on 2025 and were signed on its behalf by- tern nts on rustee M Osborne Godolphin International Thoroughbred Leadership Programrne Limited Registered number: 04720461 Re8lStered Charty number: 1102074 12 Godolphin International Thoroughbred Leadership Programrne Limited Cash flow statement for the year ended 31 De￿mber 2024 2024 2023 Note Net cash inflow I loufflow) from operatlng activities 13 1,080 17751 Increase / (decrease) in cash in the year 14 1.080 17751 2024 2023 Cash balance as at l January 781 Increase / Idecreasel in cash in the year I.OBO 17751 Cash balance asat 31 December 1,086 13 Godolphin International Thoroughbred Leadership Programme Limited Notes to the financial statements for the year ended 31 December 2024 Principal accounting pollcles The principal accounting policies adopted in the preparation of the financial statements are as follows.. Basls of preparatlon The financial statements comply with the Charitie5 Act 2011. the Companies Art 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charitie5'. Statement of Recommended Practice applicable to charities preparing their financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) Isecond edition effective l January 20201 (the Charities SORPI. The financial Statements have been prepared on a going concern basis, which assumes that the charitable company will continue in operational existence for the foreseeable furure, reflecting the backing of financial support from Godolphin Management Co. Limited. Golng Concern The financial statements have been prepared on a goin8 concern basis which the Direttors consider to be appropriate for the following rea50n5. The Directors have prepared cash flow forecasts for a period to 31 July 2027, being the date at which the 2025 cohort graduate from their two-year programme. These forecasts demonstrate that the charitable company shall continue to operate as a going concern and will have sufficient funds to continue to meet its liabilities as they fall due throughout this period. The Directors note that the charitable company is dependent on the continued support of related party entities who provide financial support in the form of donation income, and donated goods and services required in order to deliver the charitable companvs programme. The Direttor5 have received a letter of support from Godolphin Management Co. Ltd, which is not legally binding. committing financial and other support to the charitable tompany such that the charitable company can continue to operate as a going concern and meet its liabilities and obligations as they fall due. for a period until at least 31 July 2027. Godolphin Management Co. Ltd is acting as an agent for an undisclosed principal. The Dirertors of the charitable company have been advised by the directors of Godolphin Management Co. Ltd that. in their opinion. the ultimate controlling party of Godolphin Management Co. Ltd is The Rulef s Office, H.H. The Rulerfs Court, Dubai. United Arab Emirates. The Directors note that Godolphin Management Co. Ltd, has provided support to the chaiitable company since its incorporation in April 20Q3 and continues to provide support to the charitable company. As such the Directors have a reasonable expectation that the necessary support shall continue to be provided. Consequently, the Directors are confident that the charitable company wll have sufficient funds to continue to meet its liabilities as they fall due for a period to at least 31 July 2027 and therefore have prepared the financial statements on a going concem basis. In the opinion of the Directors, there are no material uncertaintie5 that may cast doubt on the charitable companvs ability to continue as a going concern. Incoming reSoUr￿S Donations are recognised when there is entitlement. probability of receipt and the amount can be measured with sufficient reliability, for example an agreement forfundin8 15 in place. Gifts in kind arevalued attheirgrossvalue to the charity and included as income atcurrentmarket value. Wherea market value is not available, appropriate estimates are made. In the current period the value of 8ifts in kind wa5 ascertained from the entities that dc￿ated the gift. 14 Godolphin International Thoroughbred Leadership Programme Limited Notes to the financial statements for the year ended 31 December 2024 (contlnued) Principal accounting poficie51c(mtinued) Incoming resource5 {continued) The gifts in kind relate to services delivered to the charity, such as a team providing management. administration and pastoral support for the training programme, accommodation for trainees. trainee lecture 5Uite5, accountancy support and company secretarial support. The entwties which provide these gifts in kind and their values are outlined further below under related party transactions. Resources expended All expenditure is accounted for on an accruals basi5 and has been classified under headings that agBregate all C05t5 related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Support Costs Support costs relate to the delivery of the programme of the charitable company. This has been wholly included within costs of charitable activities. Governance costs Governance costs indude the costs incurred by the charitiible company for the compliance with constitutional and statutory requirements. Taxation The company is a charity within the meaningof Para I Schedule 6 Finance Act 2010. Accordingly, the company is entitled to certain exemptions from taxation in respect of income or capital gain5 Wlthin categorie5 covered by Chapter 3 of Part 11 ofthe Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable G2ins Art 1992, to the extent that such incomé or Bains are applied exclusively to chaiitable purposes. The charitable company is not registered for VAT and accordingly. all expenditure is recorded inclusive of any VAT incurred. Irrecoverable VAT Any irrecoverable VAT is tharged to the statement of financial activities. Foreign currencies The charitable companls functional and presentation currenry is the pound sterling. Transactions 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 statement of financial activities. Recognition of liabilities Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events. Fund 5trurture policy General funds are unrestricted funds which are available for use at the discretion of the dirertors in furtherance of the general objectives of the charitable company and which have not been designated for other purposes. Financlal Instruments The charitable company doe5 not have any financial instruments other than debtors, creditors and cash at the year end. Due to the short-term natu￿ of these balance5, the charitable company considers the carrying value of these items to equal their fair value. 15 Godolphin International Thoroughbred Leadership Programme Limited Notes to the financial statements for the year ended 31 December 2024 {contlnued) Princlpal accountlng polbcies Icontinued) Flnancial instruments (continued) The charitable company has ch05en to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. Financiol assets Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price. Financial liobilities Basic financial liabilities, including trade and other payables are initially recognised at transaction price. Trade payables are obligations to pay for goods or service5 that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non