2021-03-31-accounts - The Injured Jockeys Fund

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		Report		ofthe		trustees
		Independent				auditor's report
14		Consolidated				statement offinancial			activities
		Balance sheets
16		Consolidated				statement ofcash		flows
17		Notes		forming			part ofthe financial		statements
Legal and		administrative			information
Patron							HRH The Pnncess	Royal
Vice Patrons							C Balding OBE							P M Scudamore MBE
							J Francome MBE							L Dettori MBE
							Rachel Lady Oaksey
President							AP McCoy OBE
Vice Presidents							J Berry MBE							JBScott MBE
Directors	and Trustees						W Norris QC (Chairman)							S Durkin
							G Henderson (Vice-Chairman)							EChamberlin
							SWaley-Cohen							M Caulfield
							H Peplinski							M Foy
							D Burke							A Thornton
							G Baker							C Fairley
Chief Executive and			Company				L Hancock
Secretary
Head ofFinance							L S Watson
Trading Manager							P Taplin
Registered	and principal			oflice			Peter O'Sullevan	House,		7A Newmarket		Road,	Newmarket, Suffolk, CB87NU
Registered	Charity		Number				1107395
Company	Number						5298320
Auditor							RSM UK Audit LLP,		Blenheim		House,	Newmarket		Road Road, Bury St Edmunds,		IP333SB
Investment		Advisor					Schroder &Co Ltd (Tradmg as				Cazenove Capital Management),				I London Wall Pl,	London EC2Y 5AU
Bankers							Barclays Bank Plc, 58		High Street, Newmarket,				Suffolk, CB8 8GL
Solicitors							Farrer &Co, 66 Lincoln's			Inn Fields, London,			WC2A 3LH
							Edmondson Hall,	25 Exeter Road, Newmarket,					Suffolk, CB88AR
							Hewitsons, Shakespear		House.		42 Newmarket		Road, Cambridge,		CB5 8EP

									Total
				Unrestricted	Restricted	Non-Charitable		Total	2020
			Note	Funds	Funds	Trading	Funds	2021	(note 26)
				5		5
Income from:
Lrgacas, Iioininoisi and gl'ailis
Legacies				1,356,647	42,097			1,398,744	1,377,402
- Donations				1,912,585	207,118			2,119,703	1,528,079
—Grants					122,720			122,720
Ciinriinhir vcnvinrs
-Oaksey house mcome				49,394				49,394	117,199
-Jack Berry house income				16,687				16,687	41,G2G
- Peter O'Sullevsn House				33,415				33,415	Itl,36tl
0(/Iri nod/ag ncnvii/ri
-Conmiercial trading operations						1,132,068		1,132,068	817,739
/III rsialrols			3	868,661				868,661	1,082,089
Total income				4,237,389	37(935	1,132,068		5,741,392	4.982.502
Expenditure on:
suisi iigfunds
- Fundraising costs				145,254	I2,433			157,687	107,395
-Commercial trading operations			2	100,000		740,899		840,899	735,821
- Investment costs				134,936				134,936	146,097
Ciraninhie scii viiiri
-Oaksey House cost~				765,058	93,787			858,845	1,028,353
-Jack Berry House costs				489,132	130,639			619,771	747,612
~ Pctcr O'Suncvan ilousc costs				609,328	86,633			695,961	475,290
Almoner and other pastoral care	costs			578,135	5,668			583,803	521,273
—Grants and amounts paid on behalf of
Benefimaries				749.436				749,436	1,054,521
~ Jockeys Eniployment Training Scheme				100.767				100,767	103,297
-Grants to other chanues									2,117
Total expenditure			5	3,672,046	329,160	740,899		4,742,105	4,921,776
Net (losses)/gains on investments	for Ihe	year	12	4,056,714				4,056,714	(3,971,291)
iVet (expenditure)/income				4,522,057	~2475	391,169		5,056,001	(3,910,565)
Transl'er in respect oftrading subsidiary's		donation,
management charge and mterest				182,664		(182,664)
Gains on financial assets				128,689				I28,689	180,098
Transfers beiween funds				37,500	(37,500)
Net movement in funds				4,970,910	5,275	208,505		5,184,690	(3,730,467)
Reconciliation offunds
Total funds brought forward				49,G83,391	93,293	130,047		49,90G,731	53,G37,198
Total funds carried forward			19	54,654,301	98,568	338,552		55,091,421	49,90G,731

					Note	20)1	( loup 020	( loup 020	Charit )0)]
						8
Fixed assets
Intan ible assets					10	245 426		2-19.310	245,426	219.3)0
Tan ible assets					Il	16,331,047		1(h699.14!	16,331)047	16.6')9.2 I )
Investmcnts					12	32,423,313		2S.275.368	32,423,315	28 275 )70
Charitable mort& age	ad(ances				l3	3,395,101		3.197.111	3,395.104	3.197.111
Tots I f(xed assets						52.3')4.890		18.7) I )35	.2,391.892	48 7!I 007
Current assets
Stocks					)1	88,487		88.1)5
Debtors Cash at bank and in	hand				15	')47,]34 2,073,939		l.057.51& ')9') 920	795,215 1,742,828	I.)86.211 )01.819
]otal current assets						2,909,560		1.13S.s80	2,538,043	).2')I.090)
Creditors: amounts	falling		due ))ithin onc
) (al'					16	(213.029)		(253.08-) i	(180,066)	(235.-113)
Net current assets						2 696,53]		I.I85.-)96	2,357.977	l.0)).677
Total assets less current		liabilities				55,091,421		1')3)06.731	5-1,752,86')	49.776.684
Creditors: amounts	falling		due after one
)&(tl'					)7
Net assets						55 091 421		1&).906.731	54,752,869	-19.776.684
Funds
R(')II'l«I«rl /II II&I'&'						98,568		9) 93	')8,568	93293
C'nr «III IIIed limd(r
Available Income Fund						10.568,884		'I 180628	10,568,884	9.)80.6 8
Designated Fund)						44.085,117		-10.502.763	44,085,4]7	10.502.763
3)on-(lrariiahfe Ir(mliag firn(lx						338,552		130.047
Total funds						55,091,421		-19.&)06.7.) I	54,752,869	49.77(i.olt1
A separate Statement o)'financial				Acti(it( is not	presented	because the Charit)		has tal en ad) m)ta «ot'the exemptions		at'I'ord«d b)
Section 108ofthe Companies '			Acr	and para raph	39 ) ofthe SORP. I'he net mo) «ment in funds				for (h«Charit) tbr tl)e )enr em)in
I hlarch 2021 («as 81.976.185.
Th. tinancial )(stem& nts on pa			e)	)1to 37 ocr&	appro(«d	b) the I ru tees	an&I	authorised t'or '.)u«on 20 )ul) 202I.
]VNorris —Chairntan		an&I	Trustee		DJ Burke frustee

						Note	Group	Group
							2021	2020
							8	f.
Net cash	(used in)/provided		by operating
activities						25	863,698	(378,021)
Cash Aows from investing			activities
Dividends,	interest and rents		from investments				868,661	1,082,089
Proceeds	from sale oftangible fixed assets							5,385
Purchase	oftangible fixed assets						(90,809)	(2,517,811)
Proceeds	from sale ofinvestments						15,670,075	5,311,979
Purchase	ofinvestments						(16,135,016)	(6,342,857)
Net cash	(used in) investing		activities				312,911	(2,461,215)
Cash flows from financing			activities
Repayments offinance leases								(3,928)
Repayments ofcharitable		mortgage		advances			230,699	225,319
Net cash	provided by financing activities						230,699	221,319
Change in cash and cash equivalents					in the
reporting	period						1,407,308	(2,617,917)
Cash and	cash equivalents		at the beginning
ofthe reporting period							2,036,223	4,654,140
Cash and	cash equivalents		at the end		ofthe
reporting	period						3,443,531	2,036,223
Relating	to:
Cash at bank and in hand							2,073,939	292,920
Cash held	with investment	manager					1,369,592	1,743,303
							3,443,531	2,036,223

						31 March	31 March
						2021f	2020 f
Turnover						1,131,885	816,888
Cost ofsales						(333,578)	(252,131)
Gross profit						798,307	564,757
Distribution costs						(399,410)	(348,771)
Administrative	expenses					(107,911)	(134,919)
						290,986	81,067
Interest receivable						183	851
Profit on ordinary		activities				291,169	81,918
Amount payable	under gift aid donation					(82,664)	(105,260)
Shareholder's funds		brought	forward			130,047	153,389
Shareholder's	funds carried		forward			338,552	130,047
Total assets						433,660	291,674
Total liabilities						(95,106)	(161,625)
Aggregate capital and reserves						338,554	130,049
Summary
Trading income						1,132,068	817,739
Trading costs						(740,899)	(610,821)
Net income from trading						391,169	206,918
Cost recharge from		Charitable	Company	eliminated	on consolidation	(182,664)	(230,260)
Retained profit	for year					208,505	(23,342)

		2021	2020
			f
Interest receivable		615	4,438
Investment	income	782,957	1,036,194
Other income		85,089	41,457
		868,661	1,082,089

uring t 550,971	e year grants including medical expenses w (2020:f664,671).	ere paid to (2020; )injured jo	ckeys amou
		2021	2020
			f
Other charities
Northern	Racing College		1,680
			1,680
Support	costs		437
			2,117

				Other	Total
				Direct	Direct	Support	Total	Total
			Grants 6	costs 5	costsf	costsf	2021	2020 f
Oak sey House costs				698,890	698,890	159,955	$58,845	1,028,353
Jack Berry House costs				504,342	504,342	115,429	619,771	747,612
Peter O'Sullevan House				566,336	566,336	129,625	695,961	475,290
Almoner and other pastoral	care costs			475,073	475,073	108,730	583,803	521,273
Grants and payments for Benefiaaries			550,971	52,622	603,593	145,$43	749,436	1.054,521
Jockeys Employment Trammg		Scheme		82,000	82,000	18,767	100,767	103,297
Grants to other charities								2,117
Fundraising costs				128,319	128,319	29,368	157,687	107,395
Commensal tradmg operations				742,385	742,3$5	98,514	840,899	735,$21
Investment costs				109,806	109,806	25,130	134,936	146,097
			550,971	3,359,773	3,910,744	831,361	4,742,105	4,921,776
Expenditure includes:
							2021	2020
Auditor's remuneration:-
Statutory audit of		parent and	consolidated	accounts			12,675	11,825
Statutory audit of		subsidiary					6,650	6,450
Tax advisory services								2,034
Tax compliance	services						3,815	3,602
Other services
Depreciation							448,879	392,268
Amortisation							9,384	9,747
Loss on sale offixed assets							4,825	6, 100
Operating leases	-	land and buildings					25,000	21,227
Cost ofinventory		expensed					333,578	252,131

		Office					Depreciation
		Staff				Other	alttl	Total	Total
		Costs 8	IT f	Legal 8	Property 8	central	amortisationf	2021 8	2020 8
Oaksey House costs		92,253	7,251	8,918	2,458	46,707	2,368	159,955	212,026
Jack Berry House
rosie		66,573	5,232	6,436	1,773	33,705	1,710	115,429	154,143
Peter O'Sullevan
House costs		74,757	5,876	7,230	1,992	37,847	1,923	129,625	97,997
Almoner and	other
pastoral care	costs	62,709	4,929	6,062	1,671	31,749	1,610	108,730	107,476
Grants and
payments for
Beneficianes		79,674	6,261	7,701	2,122	40,338	9,747	145,843	223,534
Jockeys
Employment
Training Scheme		10,824	851	1,046	288	5,480	278	18,767	21,297
Grants to other
chanties									437
fundraising costs		16,938	1,331	1,637	451	8,576	435	29,368	22,142
Commercial	tradmg
operations		92,457	4,057			2,000		98,514	99,462
Investment costs		14,494	1,139	1,401	386	7,338	372	25,130	30,122
		510,679	36,927	40,431	11,141	213,740	18,443	831,361	968,636

Employment costs
	2021	2020
		f
Salaries and benefits	1,444,173	1,290,241
Social security costs	132,240	125,226
Other pension costs	81,117	87,059
	1,657,530	1,502,526

Nature oftransaction					Transactions	in the
					year
					2021	2020
					f	f
Provision ofstaff, insurance	and	computer		services
via a cost recharge					100,000	125,000
The transfer under gift aid ofthe		trading	profits ofthe
Injured Jockeys Company Limited					82,664	105,260
Purchases were made by the	Fund during			the year for
equipment, postage and general		supplies	using the
Funds credit facilities					1,768	1,960
Balance outstanding at 31 March					62,143	143,954

Intangible		fixed assets (group and charity)
			Software	Property	Total
				Nomination	Intangible
				rights	assets
Cost
At 1 April		2020 and 31March 2021	44,535	385,000	429,535
Additions			5,500		5,500
Disposals			(21,139)		(21,139)
			2$,$96	385,000	413,896
Amortisati		on
At 1 Apri!2020			43,826	136,399	180,225
Provided	for year		1,683	7,701	9,384
Disposals			(21,139)		(21,139)
At 31March 2021			24,370	144,100	168,470
Net written		down value
At 31March 2021			4,526	240,900	245,426
At 31 March 2020			709	248,601	249,310

			Long		Total	Trading
			leasehold	Fixtures,	charity	subsidiary	Total group
		Freehold	property and	tlttings and	tangible	office	tangible
		propertyf	improvements f	equipment f	assets f	equipment f	assets
Cost
At I April	2020	17,052,597	752,493	1,541,123	19,346,214	3,504	19,349,718
Additions		59,249		26,060	85,309		85,309
Disposals			(8,065)	(187,340)	(195,405)	(3,504)	(198,909)
At 31March 2021		17,111,846	744,428	1,379,843	19,236,117		19,236,117
Depreciation
At I April	2020	1,504,046	4,032	1,138,923	2,647,001	3,274	2,650,275
Provided	for the year	300,424		148,455	448,879		448,879
Disposals			(4,032)	(186,778)	(190,810)	(3,274)	(194,084)
At 31March 2021		1,804,470		1,100,600	2,905,070		2,905,070
Net untten dtnrn
taine
At 31March 2021		15,307,376	744,428	279,243	16,331,047		16,331,047
At 31 March 2020		15,548,551	748,461	402,201	16,699,213	230	16,699,443

Investments
						Listed	Shares in		Charity	Charity
						2021	Subsidiary		2021	2020
							undertaking	f
Market value
At I April 2020						26,532,065			26,532,067	29,472,480
Additions						16,135,017			16,135,017	6,342,857
Disposal proceeds						(15,670,075)			(15,670,075)	(5,311,979)
Net unrealised		investment		(lossesygains		1,556,497			1,556,497	(4,084,060)
Net realised	investment		gains			2,500,217			2,500,217	112,769
						31,053,721			31,053,723	26,532,067
Cash on deposit with investment					manager	1,369,592			1,369,592	1,743,303
At 31March 2021						32,423,313		2	32,423,315	28,275,370
Cost oflisted investments				at 31	March
2021						20,042,658			20,042,658	23,882,978
									2021	2020
									f
Investments	at	market	value comprised:
Equities									22,849,494	14,940,671
Fixed interest	securities								7,699,807	11,591,394
Commodities									504,420
Deposits									1,369,592	1,743,303
									32,423,313	28,275,368

Stocks
				Group		Charity
				2021	2020 f	2021 f.	2020f
Goods for resale				88,487	88,115
There was no	material	difference between		the replacement	cost ofstocks and the amounts		stated above
Debtors
				Group		Charity
				2021 8	2020 f	2021	2020f
Trade debtors				2,445	732
Other debtors				91,291	56,550	87,683	42,024
Income tax recoverable				25,000	23,660	25,000	23,660
Amount owed	from trading		subsidiary			62,143	143,954
Prepayments	and accrued income			628,398	976,603	620,389	976,603
				747,134	1,057,545	795,215	1,186,241

Creditors:	amounts	falling due within one yea	r
			Group		Charity
			2021	2020	2021	2020
			f		f	f
Other creditors			9,250	142,661	4,945	132,690
Taxation and social security			37,910	33,862	37,910	33,862
Obligations	under finance leases (secured)			778		778
Accruals and deferred		income	165,869	75,783	137,211	68,083
			213,029	253,084	180,066	235,413
Obligations	under finance leases are secured on		the assets to which they relate.
Creditors:	amounts	falling due after one year
			Group		Charity
			2021	2020	2021	2020
						6
Obligations	under finance leases (secured)
Obligations	under finance leases are secured on		thc assets to which they relate.
Obligations	under finance leases are due as follows:-
					2021	2020
					g	6
In one year	or less					778
In more than one year but less than two years
						778

inancial	Instruments
				Group		Charity
				2021	2020	2021	2020
						g	f
Carrying	Amount of	Financial Assets
Instruments	measured	at fair value through	SOFA	32,423,313	28,275,368	32,423,313	28,275,368

							In estmenl	Financial Amet
				At I April 20 5	Inennl ~ 8	Expenditure 5	Gains 5	Gains 5	Trans(eref	Total 5
Resirl credfi ndii
Avuilable Income Fund				5,793	201,535	(202,6ll3)				4,645
Chnical Scrviccs Fund				50,000	170,4IIO	(126,477)				93.923
Chanmble Fixed Amati				37,500		(37.500)
Balance at 3l blarch		2021		~3,295	371,'PM	(366.66ID				98,568
							Invcslmcnt	Finsoclal Assct
				Al I April 28	lncoenc 5	Expendaure 5	Gains 2	Gainsf	Trans(eraf	Total 5
Vnmsrri rred fun de I
Dcsignalcd Funds
Fixed Asscls				16,948.523		(74$.)731			176.323	16.576,413
IIF Peter O'Sugevan		House
Morlgagc Ad anccs				3.497,114					(102.010)	3.395.104
Capital Fund R0E Hitchin Holuay			Fund	19.057,126 1.000.000			42)56.714		(30,700)	23,113,840 IJ100,000
Balance at 31starch		2021		40.502,763	30,700	(548J73)	~aph714		4)a13	44,085,417
Gcncral Funds				9310.675	M38,151	(3,821,012)		128,689	(43SI3)	10,907,436
Total Unrcstnmcd	Funds			J9,813,J38	Sd69,437	(4J75,445)	4056,714	128,689		54,992,853
Total Group (unde				49.905 791	5.741a92	(R742,105)	4RS6,714			SSP91,42I
Relating to Sub. Idiaiy				130,047	1.132.068	(740.899)			(182,664 i	338.552
Total Charity Funds				49,776,684	4,609,324	(4,001,206)	4056.714	1283u9	(182,664)	54,752,869
Represented by:
GROUF				Restricted	Unrestricted	Designated		Total
Fixed Assets						16.576.473		16,576.473
1mestinenls					9.309,473	23,113.840		32,423.313
Mortgage Advances						3,395.104		3,395,104
Het Current Assets				98I68	1,597,963	1,000,000		2.696.531
					10,907,436	44,ui5,417		55,091,421
CHARITY
Fixed Assets						16,576,473		16,576,413
Invesunenls					9,309,473	23,113,8JO		32,423,313
Mongage Advance.						3,395,104		3,395.104
Hct Current Assets					1.259,411	1.000,000		2,357.979
					10J68,884	44,0$5rs17		54,752,869

25.	Reconciliation ofnet income to net cash	Reconciliation ofnet income to net cash	flow from operating	activities
	Group				2021f	2020 f
	Net (outgoings)/income for the reporting		period		5,184,690	(3,730,467)
	Depreciation charge				448,879	392,268
	Amortisation charge				9,384	9,747
	Net loss/(gain) on investments				(4,056,714)	3,971,291
	Gains on financial assets				(128,689)	(180,098)
	Dividends, interest and rents from investments				(86$,661)	(1,082,089)
	Loss/(profit) on sale	offixed assets			4,825	6,100
	Decrease/(increase)	in stock			(372)	15,317
	Decrease/(increase)	in debtors			310,411	230,873
	Decrease in creditors				(40,055)	(10,963)
	Net cash provided	by operating activities			863,69$	(378,021)
25b.	Analysis ofchanges	in net debt
				1 April		31March
				2020	Cash flow	2021
					f.
	Cash at bank and in	hand		2,036,223	i,407,308	3,443,431

Comparative	consolid	at	e	d SO	FA by	fund
								Unrestricted	Restricted	Non-Charitable		Total
								Funds	Funds	Trading	Funds	2020
Income from:
Lrgoclrsc dollellvlls	ollil g/allis
-Legacies								1,374,452	2,950			1,377,402
- Oonauons								1,019,739	508,340			1,528,079
-Grants
Chorirohte ocrncoes
~ Oakscy house income								117,199				117,199
-lack Berry house	niconie							41,626				41,626
- Peter O'Sullevan	tlouse							18,368				18,368
Other irodmg ocitrinec
-Coniniercial trading operations										817,739		817,739
lllvrsilllrllfl'								1,082,089				1,082,089
Total income								3,653,473	581,290	887.730		4,962,502
Expenditure on:
Rossing firads
- Fundraismg costs								100,395	7.000			107,395
- Commercial trading operations								125,000		610,821		735,621
- Investmeat costs								146,097				146,097
Clierirehle octr vnics
- Oaksey House costs								992,820	35,533			1,028J53
-lack Berry House	costs							674,880	72,732			747,612
- Peter O'Suacvan	House costs							475,290				475,290
- Almoner and other pastoral		care		costs				472,445	48,826			521,273
-Grants and amounts paid on		behalf of
Benefimanes								1,054,521				1,054,521
Jockeys Employment Training			Scheme					103,297				103,297
Grant» to otlier chantics								2.117				2,117
Total expenditure								4,146,862		610,821		4,921,776
Net (losses)lgains	on investments			for the	year			(3,971,291)				(3,971,291)
Net (expenditure)/income								(4,464,680)	347,197	206,918		(3,910,565)
Transfer in respect	oi'irading	subsidiary's			donauon.	management	charge
and mtercat								230,260		(230,260)
Gains on linancial	ascetc							180,098				180,098
Transfers between	funds							346,025	(346,025)
Valet movement in	funds							(3,706,297)	1,172	(23,342)		(3,730,467)
Reconciliation offunds
Total funds brought	forward							53391diss	92,121	153,389		53,637.I96
Total funds carried forivard								49,683J91	93,293	130,047		49,906,731

						In estment	Financial			Al 31Starch
			At I April 19 8	Incomef	Expenditure 5	Gainsf	Amet Gains 5	Translcrs	5	2020 8
Restri redfnadhr
Available Income Fund I)FPeter O' Suacvan House			54.(21	461.290 50,000	(16431931			(346025)		5.793 50.000
Chantable Fmnl Amets			37,500							37,500
Balance at 31 hlarch 2020			92,1'l l	5IIR90	(166095)			1346dn5)		93,293
						investment	Financial
			At I April 19 5	genome 8	Expenditure	Losses	Amet Gainsf	Transfersf		Total 5
Unrcrrricred funds:
Designated Funds
Fixed Amets			15,209,444		13929681			2,131,347		16.948,523
POSH			4,671.236					(4,671.236)
Mongages			3,542,335					(45,221)		3,497, 114
Capital			23.028,417			13.971a911				19.057,126
RR E Hilcl»n Holiday		Fund	1,000,000					(34,138)		1,000.000
			47,451,432	34,808	(392,28PI	(3,971,291)		(2,619.248)		40.50L763
General Fund			6,093,64 5	4,437,112	14,365,4531		180,090	2,965273		9,310,675
Total Unrcstnctcd	Funds		53.545,077	J,471,212	(4,757,683)	(3.971,291)	180,098	346,025		49.813,438
Total Group Funds			53.637,198	J,982,502	(4.92 1,776)	(3,97),291)	180,098			49.906,731
Relating to Subsidiary			153,389	817,739	(610.821)			(2)0RJPI		130.047
Total Chanity Funds			53,483.1109	4R64,763	(4J10,955)	(3,971,291)	0gad)g			49,776,684
Rcprmcnlcd by:
GROUP
			Restricted	Unrestricted	Designated		Yeas)
Fmnl Assets				230	16,948,523		16,948,753
Investment.				'1,218,24	19,057, 1 6		28,275,368
Morlgagc Advances					3,497,114		3,J97,114
Nct Current Assets			9)RM	92,203	1,000,000		1.185.496
				9A)0675	40,502,763
CHARITY
Fmcd Assets					16,948,523		16.948.523
In eslmenls				9,218,244	19,057,126		28,275,370
Mortgage Advances					3,497.114		3,497,114
Na Current Assets			93.293	(37,616)	1,000,000		1,055.677
			93,293	9,180,628	40,502,763		49,776,684