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2022-03-31-accounts

Company number 5298320

(A company limited by guarantee)

Report and Financial Statements

Year ended

31 March 2022

THE INJURED JOCKEYS FUND Annual report and financial statements for the year ended 31 March 2022

Contents

Page

Legal and administrative information

Patron HRH The Princess 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 J B Scott MBE
Directors and Trustees W Norris QC (Chairman) S Durcan
G Henderson - retired 27 April 2021 E Chamberlin (Vice Chairman)
S Waley-Cohen
retired 20 July 2021		 M Caulfield
H Peplinski
retired 1 Dec 2021		 M Foy
D Burke A Thornton
G Baker C Fairley
J Redfern
appointed 27 April 2021		 N Rust OBE
 appointed 27 April 2021
Chief Executive and Company L Hancock
Secretary
Finance Director L S Watson
Trading Manager P Taplin
Registered and principal office Road, Newmarket, Suffolk, CB8 7NU
Registered Charity Number 1107395
Company Number 5298320
Auditor PEM, Salisbury House, Station Road, Cambridge, CB1 2LA
Investment Advisor Schroder & Co Ltd (Trading as Cazenove Capital Management), 1 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, CB8 8AR
Hewitsons, Shakespear House, 42 Newmarket Road, Cambridge, CB5 8EP

1

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2022

Governing Document

The Injured Jockeys Fund ( IJF ) was first established in 1964. On 26 November 2004, it became a charitable company, with a Memorandum of Association which formally established its objects and powers. On 5 March 2015, the Memorandum of Association was amended to withdraw the wording restricting the ability to raise funds by means of taxable trading.

Administrative details

The administration details of IJF are shown on page 1.

Trustee recruitment and induction

The Trustees are also the Directors of the Charitable Company for the purposes of company law and under the company articles. Under the requirements of the Memorandum and Articles of Association the members of the Board are elected to serve for a period of three years after which they must stand down and be re-elected at the next Annual General Meeting. Trustees can stand for a maximum of three terms with the exception of the Chairman who may remain in office after the maximum term until retirement as Chairman. In addition, in exceptional circumstances a Trustee retiring after nine years of service may be appointed for further terms provided the other Trustees unanimously agree that is in the best interests of the Charitable Company and provided that no more than four Trustees or one third of the total number of Trustees, whichever is greater, shall have served more than nine years.

The Board appoint all new Trustees based on selection criteria which ensure that collectively it maintains a broad range of relevant skills and experience. Currently the twelve Trustees in post cover all the relevant skills.

An induction programme is offered to all new Trustees to ensure that they are briefed on the Charitable Company objects, strategy and activities. This involves:

attendance at a Trustee training course,

a briefing from the Chairman and Chief Executive, the provision of a copy of the Memorandum and Articles of Association, the provision of a copy of the latest accounts, the provision of information on the IJF structure and decision-making process.

On-going training is provided as necessary.

Organisational Structure

At the year end the Board consisted of eleven Trustees, who meet four times a year. There are currently four subcommittees, Cases Committee, Finance Committee, Clinical Strategy Committee and Trading Committee. All these committees have at least two Trustee members. The Cases Committee are deputed by the Board to consider all applications for assistance to beneficiaries within set guidelines and financial limits. This committee meets quarterly. The Memorandum and Articles of Association allow for a minimum of three Trustees and a maximum of fifteen. The Trustees have the responsibility for the strategic direction of the IJF, ensuring it is solvent, operating in a professional manner and delivering the outcomes for which it has been set up. An additional trustee was appointed after the year end.

The Chief Executive is appointed by the Trustees with delegated authority for operational matters including finance, employment, services at Oaksey House, Jack Berry House and beneficiary cases between meetings within agreed financial limits. The Chief Executive is responsible for ensuring we deliver our services and achieve our aims.

2

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2022

The Finance Committee meet annually to discuss the annual pay review (typically March) and benchmarking is carried out with other comparable charities to ensure that pay levels are set appropriately. They also meet in July to review the accounts and meet with the Auditors to review their findings.

Public Benefit Statement

The Trustees confirm that they complied with section 4 of the Charities Act 2011, to have due regard to the Charity general guidance on public benefit when reviewing the Charitable Company on planning future activities and setting the grant making policy.

The charitable purpose in the objects is to provide help financial or otherwise to those jockeys past or present who are injured, unable to ride or generally in need. These beneficiaries, their families and dependants receive pastoral care as well as financial assistance. The Trustees ensure that this purpose is carried out for the public benefit by offering a range of support to injured jockeys and their dependants mainly for free. Small charges are made for the use of the facilities at the rehabilitation centres in line with an agreed policy and needs assessment. Access to support is based solely on assessed need without reference to race, religion or gender.

Objectives and Activities

The main objective of the IJF is to continue to provide and enhance the pastoral care and financial help to past and present injured jockeys and their dependants who are in need and to ensure they have a decent quality of life.

The main objectives for the coming year to achieve this are:

3

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2022

Achievements and Performance

What the IJF does:

4

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2022

Volunteers

During the year over 35 volunteers supported the work of the IJF providing an invaluable contribution to the work of the Charitable Company. These volunteers include the Trustees as well as our visitors. All volunteers have been through the process of completing their safeguarding training and Disclosure Barring Service checks.

Future direction of the charity

The strategic plan remains live and together with our agreed vision and mission statement this now underpins the activities of the team. Our vision is to improve the lives of injured jockeys and their families and our mission is to provide appropriate support, financial or otherwise, in a prompt and sympathetic manner to those jockeys past or present who are injured, unable to ride or generally in need. This will be achieved as follows:

Financial Review

The financial statements have been prepared in line with the accounting policies set out in note 1 to the financial statements and comply with the charitable company the requirements of applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Applicable in the UK and Republic of The Charitable Company is a public benefit entity and also complies with the charities statement of recommended practice for entities applying FRS 102 (SORP).

5

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2022

During the year the IJF paid out in grants to injured jockeys over £575k (2021: £550k). £3.3m now remains outstanding on index-linked mortgages whose ultimate repayment is linked to the house price index to 50 injured jockeys and their families (2021: 55 outstanding, £3.4m). No new loans are now being awarded and support is given using other methods.

In addition to grants the IJF has applied over £649k (2021: £684k) in pay and expenses to assist the Almoners and their helpers in their charitable work and in our support for JETS.

£1.5m has been received in donations during the period. £640k comes from 8 donations exceeding £20,000 (2021 : £1.4m from 5 donations exceeding £20,000) and the balance consists of a large number of smaller donations from the functions, events as well as those given in memory. We are enormously grateful. The donations over the last five years continue to be remarkable given the economic climate.

This year £1.7m has been received in legacies and this income stream has provided us with a steady income over the last four years. In total, we received payments from 63 legacies compared to 42 last year. This total includes three amounts from three estates totalling £801k.

Donations and legacies combined are our largest source of income, followed by our investment income.

Overall, the IJF had net movement in funds of £2.65m with Total funds as at 31 March 2022 standing at £57.7m. The surplus is due in part to an increase in the value of the investment portfolio of £2.2m.

over £236k, including ancillary donations, through its sales of our Christmas cards, calendars, diaries and other items.

The trading company saw continued healthy engagement from our loyal supporter base and maintained strong demand for IJF branded products and items. Trading was quieter than 2020-21 when increased demand arose from COVID-19 restrictions leading to people shopping from home as the high street was closed and Christmas limited to one day of mixing households. Whilst seeing a decrease of 20% against the previous years trading, this was still a healthy increase of 12% and 16% when compared to 2019-20 and 2018-19. The Company continues to try to source good quality and value products that are ideally sourced in the UK and sustainable and eco-friendly where possible.

Supporter Club numbers have continued to rise and this initiative has become a very positive vehicle by which to engage with our most loyal supporters. After a quiet period due to COVID-19, a number of trips to trainers around the country were arranged in 2021-22, these were well supported and enjoyed by all who attended. We are very grateful to all the trainers and their staff for being so generous with their time and hospitality.

Risks

A full evaluation of the major risks to which the Charitable Company is exposed has been carried out by the Executive and this has been considered by the Trustees.

Risks have been categorised into finance, governance & general management. The area of greatest impact is that of increased financial demand generated by the ongoing requirements of the now three rehabilitation centres.

The Trustees are committed to ensuring that these centres provide the best possible treatment to as many beneficiaries as possible and as such it is acknowledged that costs of staffing, equipment and training will continue to be a significant figure.

6

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2022

Cost control across the three sites remain tight and as the number of employees increases strict adherence to policies and procedures is paramount.

The Trustees are satisfied that the Charitable Company is well able to support the costs of these centres and that the expenditure of a large proportion of the Charitable Company directed there.

Statistical evaluation highlights that the dependence of beneficiaries upon the Charitable Company long-term grants is declining as alternative support such as retraining via JETS enables them to become more self sufficient. As such a reprioritisation of where charitable funds are expended has evolved.

Income to the Charitable Company continues to be received from a number of different sources and the Trustees are content that there is no one particular area of exposure. However, the importance of ensuring that our supporters know reinforce these key messages.

Safeguarding and Data security have also been highlighted as areas of high risk. Policies relating to these areas are regularly reviewed and updated as necessary. On-going training of employees and use of third party consultants to provide additional expertise are important parts of the strategy to mitigate against these risks.

Fundraising Policy

The Charitable Company believes in maintaining the highest principles when fundraising and to that end registered voluntarily with the Fundraising Regulator when it was established in 2016. The Charitable Company does not use the services of any professional fundraisers or commercial participators to carry out fundraising activities. The Charitable Company is committed to a review of its fundraising to ensure it complies with all relevant rules and regulations and ensure our supporters get the best possible experience.

The main fundraising activity is the Christmas selling and Supporter Club through the trading company. The main communication with customers is an annual Christmas brochure and triannual Newsletter to those who have opted to receive them. The aim of this is to update supporters on developments in the Charitable Company and provide details of up and coming events they may be interested in.

Less than five complaints have been received when a thank you letter has not been sent in a prompt fashion. These complaints are addressed at the time to ensure an improved future experience.

The Charitable Company was only able to hold a limited number of fundraising events during the year and COVID-19 similarly hit events that would often have been arranged by our supporters, however the events that took place were well supported and we remain extremely grateful to all our supporters who both arrange and attend these events. With the further lifting of restrictions activities are now in the planning stage and the support is provided to organisers via a fundraising pack and free merchandise where appropriate.

The Charitable Company tries to dissuade individuals from using the name and reputation of the Organisation for their own commercial gain. This is becoming increasingly difficult due to the proliferation of social media activity and is an area that is monitored closely.

The IJF aims to make sure the privacy of supporters is fully protected, particularly in relation to vulnerable people. The fundraising is passive with limited infrequent direct marketing to those who want it.

7

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2022

Reserves Policy

The Charitable Company needs funds to achieve its charitable purpose and to plan for the longer term to preserve continuity.

The Trustees regularly review the Charitable Company designated funds have been established as follows: -

The policy is to maintain free reserves equivalent to approximately 12 months expenditure, or £4.9m, growing in line with planned increases. At 31 March 2022, free reserves of £5.9m equate to approximately 14 months of planned expenditure.

The small positive reserves of the trading subsidiary represent a minimal holding of funds to provide for the working capital requirements of the Company. The company directors have agreed to gift aid all of its taxable surplus to the IJF annually.

Investment Policy and Performance

The Trustees have the power to invest in such assets as the Articles of Association allow. The Investment objective is to maximise total return with due regard to risk. Investment management was delegated to Schroders who managed an investment portfolio of approximately £35m on the Trustees behalf.

Investment performance is monitored by the Chief Executive and the Trustees through regular reports and presentations from Schroders. In addition, the Finance Committee meets annually with Schroders to review investment performance and strategy. The performance of the portfolio is measured against a long term target of CPI + 3%. The latest performance report shows that this was achieved over a one and three year time frame, with a small shortfall when a five year time frame is considered.

The portfolio is invested mainly in UK and overseas equities, fixed interest securities, alternatives and cash deposits.

Grant-making Policy

In making grants the Trustees comply with the objects of the Charitable Company in awarding grants for the relief of hardship to any injured jockey or his or her related family, relations or dependents.

An applicant must:

Grants are also awarded to support other charities or institutions whose objects further our own.

8

THE INJURED JOCKEYS FUND

Report of the trustees for the year ended 31 March 2022

Funds held as Custodian Trustee on behalf of others

The IJF holds no funds as a custodian trustee on behalf of other charities. It did however act as agent, holding funds on behalf of the Freddy Tylicki Trust Fund. These funds were part paid over as £56,200 on 2 June 2017 and the balance of £5 remains to be transferred.

Going concern

The Charitable C affect its future development, performance and position are set out in the Trustees report.

In March 2020 the arrival of COVID-19 into the UK necessitated the cessation of face to face contact with clients and the restriction of some activities. Fortunately all key computer systems are available remotely to staff and most were able to continue to provide support and work from home. The IJF has provided support to current and former jockeys and their families throughout this period,. The IJF has worked closely with both the Professional Jockeys Association and Racing Welfare as part of a co-ordinated response to the pandemic. The IJF has considerable reserves and the Trustees are confident that the Charitable Company will have no difficulty in continuing its charitable activities for the foreseeable future.

The Charitable Company is expected to continue to generate positive cash flows for the foreseeable future. The Charitable Company has reviewed its marketing strategy to include a TV ad campaign aimed at reaching a wider audience and generated additional sources of revenue. As a consequence, the Trustees believe the Charitable Company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

The Trustees have a reasonable expectation that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Statement of

The Charitable Company's Trustees are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006, Charities Act 2022 and the Charities SORP FRS102.

In particular, the Companies Act 2006 and charity law require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and the Group as at the end of the financial year and of the surplus or deficit of the Charitable Company and the Group. In preparing those financial statements the Board is required to: -

9

THE INJUREDJOCKEYS FUND Report of the trustees for the year ended Jl March 2022 The law reouires that the tTUStees musi not approve the accounts unless they are satisfied thai they give a true and fair view of tlie state of affairs of the Charitable Company and the Group and of the Surp1￿ or deficit of the Charitable Compan). and th¢ Group for the year. The Trustees are also responsible for rnaintaining adequate accoiinting records which disclose with reasonable accuracy at any time the financial posirion of ihe charitable compan) and the group and which are sufficient to sho￿. and explain the Charitable Company and the Group transaction5 and enable them to ensure that the financial statemenTS complj with the Companies Act 2006 and compl) ￿1th regTulations made under tlie Charities Act. They are also responsible for safeguarding the assets of the Charitable Company and the Group and hence for taking ]Yasonable steps for the prevention and detection of fraud and other irregularities. Statement as to disc105ure of information to auditors Tl)e trust￿ state ihat so far as each of the trusltts ai tlie tiine ihis report M'as approved are am'are.. a} There is no relevant audit infortnation las defined by seciion 41813) of the Comyanie5 Act 2006) of which the auditot are unam'arc. and bl The Inisiees have taken all steps that thev ought to have iaken to make themselves am'are of any relevant audit inforniaiion and ¢stablish that the auditors are awar¢ of that information. Auditor PEM have indicaied their'willingness to be re8ppointed for another temi and appropriate arrangements have been put iji ylil¥¥ fvr IIIVTII iu bv ￿t￿T￿ed reappointed as audiiors in The absence of an Annual fjeneral Meeiing. Tliis report been prepared in accordan¢¢ with the provisions applicable to companies entitl￿ tothe small eompanies, exemption. This report was approved by the trustees on 26 July 2022 and signed on their behalf William Norris Chairman

THE INJURED JOCKEYS FUND Independent auditor s report to the members of The Injured Jockeys Fund

Opinion

We have audited the financial statements of Injured Jockeys Fund (the 'parent charitable company') and its subsidiary (the 'group') for the year ended 31 March 2022 which comprise the Consolidated Statement of Financial Activities (incorporating the income and expenditure account), the Consolidated Balance Sheet, the Foundation Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting 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 Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating 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, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when 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 other information comprises the information included in the Annual Report other than the financial statements and Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise 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 doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 in this regard.

11

THE INJURED JOCKEYS FUND Independent

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the company law, for the financial year for which the financial statements are prepared is consistent with the financial statements

legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, 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 internal control as the Trustees 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 Group's and the parent 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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 A 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including

12

THE INJURED JOCKEYS FUND

fraud and non-compliance with laws and regulations, was as follows:

understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

13

THE INJURED JOCKEYS FUND

Use of our report

This report is made solely to the charitable company's members, 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 extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed

Nikki Loan (Senior Statutory Auditor)

for and on behalf of

Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

14

THE INJURED JOCKEYS FUND

Consolidated statement of financial activities (incorporating the income and expenditure account) for the year ended 31 March 2022

Note
Unrestricted
Funds
Restricted
Funds
Non-Charitable
Trading Funds
£
£
£
Income from:
Legacies, donations and grants:
- Legacies
1,707,119
-
-
- Donations
1,232,434
344,480
-
- Grants
-
5,911
-
Charitable activities:
- Oaksey house income
54,809
-
-
- Jack Berry house income
29,927
-
-
-
67,751
-
-
Other trading activities:
- Commercial trading operations
2
-
-
923,275
Investments
3
645,385
-
-
Total income
3,737,425
350,391
923,275

Expenditure on:
Raising funds:
- Fundraising costs
89,319
18,209
-
- Commercial trading operations
2
135,000
-
689,652
- Investment costs
157,459
-
-
Charitable activities:
- Oaksey House costs
872,466
98,311
-
- Jack Berry House costs
574,809
141,669
-
- Peter
668,727
99,765
-
- Almoner and other pastoral care costs
545,930
-
-
- Grants and amounts paid on behalf of
Beneficiaries
787,489
-
-
- Jockeys Employment Training Scheme
102,867
-
-
- Grants to other charities
-
-
-

Total expenditure
5
3,934,066
357,974
689,652
Gains on Charitable Mortgage Advances
46,916
-
-
Profit on sale of Fixed Assets
378,035
-
-
Net gains on investments for the year
12
2,198,333
-
-

Net income/(expenditure) for the year
2,426,643
(7,583)
233,623
management charge and interest
426,311
-
(426,311)

Net movement in funds
2,852,954
(7,583)
(192,688)
Reconciliation of funds
Total funds brought forward
54,654,301
98,568
338,552


Total funds carried forward
17
57,507,255
90,985
145,864
 Total
2022
£
1,707,119
1,576,914
5,911
54,809
29,927
67,751
923,275
645,385
5,011,091
107,528
824,652
157,459
970,797
716,478
768,492
545,930
787,489
102,867
-

4,981,692
46,916
378,035
2,198,333

2,652,683
-
2,652,683
55,091,421


57,744,104
 Total
2021
(note 26)
£
1,398,744
2,119,703
122,720
49,394
16,687
33,415
1,132,068
868,661
5,741,392
157,687
840,899
134,936
858,845
619,771
695,961
583,803
749,436
100,767
-
4,742,105
128,689
-
4,056,714
5,056,001
-
5,184,690
49,906,731
55,091,421

The notes on pages 17 to 38 form part of these financial statements.

15

THE INJURED JOCKEYS Fuf4D Consolld8ted Charlty Balance sheets at 31 Mirth 2022 Cornp#Dy reglstrAtloD numjxr 5298320 Note Croup Charfty 2022 2021 2022 2021 Flxed ¥s$et5 In¢au8iblt awts Tangible &%sets Investm¢nts Charitsbk mortV8e Adv4nces 10 324161 ISJ91146 3&414263 3281980 245,426 16,331.047 32,423313 3.395,104 32Q161 245.426 15192,146 16,331.047 35.414365 32,423.315 328&950 3J95,104 12 13 Total fixed sts $4,921,5SO 52,394,890 $4921 J52 52.394,892 Currtnt uaets Stocks Dcbwr5 C&th aibaDk aDd inh•Da 14 15 155A74 847,4184 2,154J45 88,487 747.134 2.073.939 795215 1,742,f28 1.991Jii Totsl ¢llrreDt Is￿tI 3.IS7J03 2.909.560 4982,422 2.538.043 Credltots: falllllE d￿¢￿1th1￿ one 16 13J4.?491 1213.029) POS,734} {180.066) Net ¢urrent assets 2021554 2.69&531 1676,688 2.357.977 Totsl aysets leJs CUTrent libllldes Creditors: fthg due afterone year 57.74104 55.091,421 57A98J40 54,752.869 Net 45$¢ts 57,744104 55,091.421 57,598340 54,752,869 Fundi Resrriclvdfyrt(ts 17 98568 90J85 98,568 Avoilable ]ncome FuDd Desi8Dal¢J Futtds Nopj-chariiable iradingfyndt 10568,884 44.085.417 338,S52 11.687,795 45019,460 10.568.884 44,085,417 45I19.460 J45,864 Tvtsl flllldi 57.744.104 55,091,421 57598J40 54.752,869 A sep8Jats ofFitiaDciaJ Ariivity is llot pre%rLl¢d b¢cEuse the Charity bas thktn advatttsge ofthe¢x¢mptiolls afforded by Se¢tiott 408 of the Compani¢5Aci and parAwph 397 of the SORP. Th¢ w mov¢ntti ID fill￿$ forthc Charity for the year ¢nding 31 May¢h 2¢)22 WAS £2J45J71. The fman¢ial stAtettw￿ OD pas¢5 14 to 38 were by the Tntsi r issue uly 2022. ify n/lVJ W Norris- Chairman and Trustee D J Burke Trustee 16

THE INJURED JOCKEYS FUND Consolidated Statement of Cash Flows for year ending 31 March 2022

Note
Net cash (used in)/provided by operating
activities
23
Cash flows from investing activities
Dividends, interest and rents from investments
Proceeds from sale of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash (used in) investing activities
Cash flows from financing activities
Repayments of finance leases
Repayments of charitable mortgage advances
Net cash provided by financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period
Relating to:
Cash at bank and in hand
Cash held with investment manager		 Group
2022
2021
£
£
(193,915)
863,698
645,385
868,661
414,502
-
(145,990)
(90,809)
6,846,067
15,670,075
(8,401,812)
(16,135,016)

(641,848)
312,911

-
-
153,041
230,699
153,041
230,699

(682,722)
1,407,308
3,443,531
2,036,223
2,760,809
3,443,531
2,154,345
2,073,939
606,464
1,369,592

2,760,809
3,443,531

17

THE INJURED JOCKEYS FUND Notes forming part of the financial statements for the year ended 31 March 2022

1. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS102) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

The Injured Jockeys Fund is a Charitable Company domiciled & registered in England. It meets the definition of a public benefit entity under FRS102. The principal accounting policies adopted in the preparation of the Financial Statements are set out below.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. Monetary amounts in these financial statements are rounded to the next whole pound except where otherwise indicated.

Going concern

The group has net current assets of £2.82m and further cash deposits within the investment portfolio of £606k at 31 March 2022. The investment portfolio additionally holds significant assets that could be realised should additional funds be required. The Trustees have considered the financial position of the Group, the level of free reserves and the 2022/23 budget and accompanying cash flow forecast, together with the long term strategic plan. As a consequence, the Trustees believe the group is well-placed to manage its business risks successfully and there are no material uncertainties in applying the going concern basis of preparation.

The outbreak of Covid-19 in 2020 followed by the invasion of Ukraine by Russia in 2022 has caused severe disruption to the global economy. IJF have updated their forecasts to consider the impact of both these events on the financial performance of the charitable company and keep these under regular review. No issues have been identified that would give rise to a going concern risk and the given the level of reserves the trustees have a reasonable expectation that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of preparation in the financial statements.

Group financial statements

The consolidated financial statements incorporate the accounts of the Charitable Company and those of its trading subsidiary the Injured Jockeys Company Limited for the year ended 31 March 2022 on a line by line basis.

Company Status

The Charitable Company is a company limited by guarantee. The members of the company are the Trustees who are also the ordinary members and named in the legal and administrative information page. In the event of the Charitable Company being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charitable Company.

18

THE INJURED JOCKEYS FUND Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

Accounting policies ( Continued )

Income

Income is recognised in the period in which the Charitable Group is entitled to receipt and the amount can be measured with reasonable probability. In accordance with this policy legacies are included when the Charitable Company is advised by the personal representative of an estate that payment is likely to be made, will be made or property transferred and the amount can be quantified. Donations are usually, as a result of this policy, accounted for when received as the amount can typically only be quantified at that point.

Oaksey House, Jack Berry House income represents charges for services provided to outside customers at invoiced amounts less value added tax and is recognised on a receivable basis.

Commercial trading income, generated through the Injured Jockeys Company, represents sales to outside customers at invoiced amounts less value added tax, is recognised on a receivable basis.

Investment income is accounted for when due together with any relevant recoverable taxation.

Income is deferred only when the Charitable Company has yet to fulfil conditions before becoming entitled to it.

Grants where entitlement is not conditional on the delivery of a specific service by the Charitable Company are recognised when the Charitable Company becomes unconditionally entitled to the grant.

Expenditure

Expenditure is included when incurred and all liabilities are recognised in full as soon as the obligations arise.

Costs of raising funds are those costs incurred in trading activities that raise funds and the costs of managing the investment portfolio.

Grants payable are included in the Statement of Financial Activity (SOFA) when they become due for payment with accrual of unpaid grants at the year end. Grants where a beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued for but where material are noted as financial commitments.

Expenditure on other charitable support is recognised in the period in which it is incurred.

Support costs are those functions that assist the work of the Charitable Company but do not directly relate to charitable activities. Support costs include office costs, personnel, payroll, property costs and governance costs which support the IJF

All costs are allocated between the expenditure categories on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly and other costs are apportioned according to the time spent by staff supporting the activities.

19

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

Accounting policies ( Continued )

Depreciation and capitalisation of tangible and intangible fixed assets

Fixed assets costing more than £500 are capitalised.

Depreciation is not provided in respect of freehold property and long leasehold property and improvements with the exception of long leasehold buildings in a continual state of sound repair. Accordingly, the Trustees consider that the lives of these assets and their residual values are such that depreciation would not be material. Provision will be made should any impairment in the value of these properties occur. Oaksey House, Jack Berry House are different types of properties and the Trustees consider that these should be depreciated on straight line basis at 2% per annum.

Depreciation is provided on a straight-line basis at 25% per annum on office equipment in order to write off the cost of the assets over their estimated useful lives.

Intangible fixed assets are depreciated at 2% per annum in order to write off the nomination rights over the term of the relevant agreements and software at 25% per annum for software in order to write off the cost over the period of expected use.

Investments

Fixed asset investments are stated at market value using quoted bid price. Investment gains and losses are allocated to the designated capital fund. The SOFA includes gains and losses arising on revaluations and disposals during the year.

The investment in the subsidiary is included in the balance sheet at cost, less any provision for impairment in value.

Stocks

Stocks are stated at the lower of cost or net realisable value after making due allowance for any obsolete or slowmoving items.

Financial Instruments

The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash and cash equivalents include cash within the investment portfolio.

20

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

Accounting policies ( Continued )

Creditors

Creditors are recognised where the Charitable Company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on the general fund and designated funds. They are available for use at the discretion of the Trustees in furtherance of the objectives. Designated funds are those funds designated for particular purposes or projects at the discretion of the Trustees.

Restricted funds are those funds subject to specific restrictions declared by the donors and are unavailable for the general purposes of the Charitable Company.

Further explanation of the nature and purposes of each fund is included in note 17 to these accounts.

Mortgage advances

Mortgage advances are programme related concessionary loans. They are comprised of amounts loaned to beneficiaries, secured on their properties, and are provided interest free and for an indefinite term. Any gains or losses arising on redemption are recognised in the SOFA. Provisions for impairment are made where necessary.

Pension costs

The Charitable Company contributes to a Group Personal Pension Plan operated by AEGON Scottish Equitable. The plan is open to all employees. The assets are held separately from those of the Charitable Company. The amount charged to the Consolidated SOFA in respect of pension costs is the contributions payable in the period.

Leasing commitments

Rentals paid under operating leases are charged against in the SOFA on a straight-line basis over the lease term.

Taxation

The Charitable Company is a registered charity and as such its income and gains are exempt from corporation tax to the extent that they are applied to its charitable objectives.

21

THE INJURED JOCKEYS FUND Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

Accounting policies (Continued)

Critical accounting estimates and assumptions

The Charitable Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. In the Trustee there are no estimates or judgements which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

2. Commercial trading operations: Activities of trading subsidiary

The Charitable Company has a wholly owned trading subsidiary, the Injured Jockeys Company Limited, incorporated in the United Kingdom (registered number: 1008228), of which some of the Trustees are directors. The Company sells Christmas cards, calendars and other merchandise, and gifts all of its taxable profits to The Injured Jockeys Fund. Audited accounts of the Company are filed with the Registrar of Companies. A summary of the C for the year ended 31 March 2022 is shown below:

31 March 31 March
2022 2021
£ £
Turnover 923,250 1,131,885
Cost of sales (299,282) (333,578)
Gross profit 623,968 798,307
Distribution costs (377,431) (399,410)
Administrative expenses (147,939) (107,911)
98,598 290,986
Interest receivable 25 183
Profit on ordinary activities 98,623 291,169
Amount payable under gift aid donation (291,311) (82,664)
338,552 130,047
forward 145,864 338,552
Total assets 322,031 433,660
Total liabilities (176,165) (95,106)
Aggregate capital and reserves 145,866 338,554
Summary
Trading income 923,300 1,132,068
Trading costs (689,677) (740,899)
Net income from trading 233,623 391,169
Cost recharge from Charitable Company eliminated on consolidation (426,311) (182,664)
Retained profit for year (192,688) 208,505

22

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

3. Investment income and interest

Interest receivable
Investment income
Other income		 2022
£
109
534,257
111,019

645,385		 2021
£
615
782,957
85,089
868,661

4. Grants to injured jockeys

Injured jockeys

During the year grants including medical expenses were paid to 378 (2021: 281) injured jockeys amounting to £575,965 (2021: £550,971).

23

THE INJURED JOCKEYS FUND Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

5. Total expenditure

.
Total expenditure
Oaksey House costs
Jack Berry House costs
Almoner and other pastoral care costs
Grants and payments for Beneficiaries
Jockeys Employment Training Scheme
Grants to other charities
Fundraising costs
Commercial trading operations
Investment costs		 Grants
£
-
-
-
-
575,965
-
-
-
-
-
575,965		 Other
Direct
costs
£
773,861
571,131
612,593
435,182
45,632
82,000
-
85,715
701,366
125,516
3,432,996		 Total
Direct
costs
£
773,861
571,131
612,593
435,182
621,597
82,000
-
85,715
701,366
125,516
4,008,961		 Support
costs
£
196,936
145,347
155,899
110,748
165,892
20,867
-
21,813
123,286
31,943
972,731		 Total
2022
£
970,797
716,478
768,492
545,930
787,489
102,867
-
107,528
824,652
157,459
4,981,692		 Total
2021
£
858,845
619,771
695,961
583,803
749,436
100,767
-
157,687
840,899
134,936
4,742,105

Expenditure includes: -

2022 2021
£ £
Auditor
s remuneration: -
Statutory audit of parent and consolidated accounts 15,500 12,675
Statutory audit of subsidiary 7,500 6,650
Tax advisory services - -
Tax compliance services 3,700 3,815
Other services - -
Depreciation 448,923 448,879
Amortisation 18,764 9,384
Gain/(Loss) on sale of fixed assets 378,035 (4,825)
Operating leases - land and buildings 25,000 25,000
Gain on charitable mortgages 46,916 128,689

24

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

6. Support costs allocation


Oaksey House costs
Jack Berry House
costs
House costs
Almoner and other
pastoral care costs
Grants and
payments for
Beneficiaries
Jockeys
Employment
Training Scheme
Grants to other
charities
Fundraising costs
Commercial trading
operations
Investment costs		 Office
Staff
Costs
£
102,135
75,379
80,850
57,436
82,039
10,822
-
11,313
120,413
16,566
556,953		 IT
£
10,734
7,922
8,497
6,036
8,622
1,137
-
1,189
6,744
1,741
52,622		 Legal
£
8,878
6,553
7,027
4,993
7,133
941
-
983
-
1,440
37,883		 Property
£
8,863
6,541
7,014
4,984
7,122
939
-
982
-
1,438
37,883		 Other
central
Depreciation
and
amortisation
£
£
61,548
4,778
45,424
3,528
48,724
3,787
34,612
2,687
49,437
11,539
6,522
506
-
-
6,817
529
(3,871)
-
9,983
775
259,196
28,129		 Total
2022
£
196,936
145,347
155,899
110,748
165,892
20,867
-
21,813
123,286
31,943

972,731		 Total
2021
£
159,955
115,429
129,625
108,730
145,843
18,767
-
29,368
98,514
25,130
831,361

Support costs have been allocated based on time spent by the staff supporting the various activities.

7. Employment costs

Salaries and benefits
Social security costs
Other pension costs		 2022
£
1,397,474
144,276
76,375
1,618,125		 2021
£
1,444,173
132,240
81,117
1,657,530

Termination payments of £nil (2021: £83,714) were paid in the year.

25

THE INJURED JOCKEYS FUND Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

7. Employment costs (Continued)

During the year the average number of staff employed by the Charitable Company was forty five (2021: forty three), of which seven were Welfare Liaisons (2021: eight), twenty six Rehabilitation Centre Staff (2021: twenty four) and the remainder support staff. The emoluments of one employee including benefits in kind are within the range £130,000 to £139,999, one employee in the range £70,000 to £79,999 and two employees in the range £60,000 to £70,000. (2021: one employee within the range £120,000 to £129,999 and one employee in the range £60,000 to £70,000).

The key management personnel of the Charitable Company and Group comprise the President, the Vice President, the Trustees, the Chief Executive, the Finance Director, the Head of Operations and the Trading Manager. The total employee benefits of the key management personnel (including for the year ended 31 March 2022 was £392,847 (2021: £343,678)

8. Trustees remuneration and expenses

No trustees received any remuneration during the year.

During the year two trustees (2021: two) received reimbursement of travel expenses totalling £165 (2021: £381). All other Trustees waived their entitlement to reimbursement of travel expenses.

9. Transactions with related parties

A mortgage advance of £171,000 (2021: £171,000) is in place to Sam Berry (and his wife Carol Berry), the son of Jack Berry, both qualifying as beneficiaries under the objects of the charitable company. In addition, Sam Berry and Carol Berry received grants totalling £nil (2021: £6,199) in the year.

During the year donations of £nil (2021: £1,000) were received from Trustees with no attached conditions.

During the year a payment was made to Newbury Racecourse Plc for £2,850, this represented a deposit for the hospitality cost of the raceday in celebration of HM The Queen s Platinum Jubilee to be in held in May 2022, Dominic Burke who is a Trustee is the Chair of Newbury Racecourse Plc. No amounts were outstanding at the year end. In the previous year there were no transactions with companies which were connected to Trustees.

26

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

9. Transactions with related parties (C ontinued )

The following transactions took place between the IJF and its wholly owned subsidiary the Injured Jockeys Company Limited, whose regis , Newmarket, CB8 7NU: -

Nature of transaction Transactions in the
year
2022 2021
£ £
Provision of staff, insurance and computer services
via a cost recharge 135,000 100,000
The transfer under gift aid of the trading profits of the
Injured Jockeys Company Limited 291,311 82,664
Balance outstanding at 31 March 147,939 62,143

27

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

10. Intangible fixed assets (group and charity)
Software Property Total
Nomination Intangible
rights assets
Cost £ £ £
At 1 April 2021 and31 March 2022 28,896 385,000 413,896
Additions 99,499 - 99,499
Disposals (23,396) - (23,396)
104,999 385,000 489,999
Amortisation
At 1 April 2021 24,370 144,100 168,470
Provided for year 11,064 7,700 18,764
Disposals (23,396) - (23,396)
At 31 March 2022 12,038 151,800 163,838
Net written down value
At 31 March 2022 92,961 233,200 326,161
At 31 March 2021 4,526 240,900 245,426

The intangible nomination rights are held for charitable purposes.

28

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

11. Tangible fixed assets

Cost
At 1 April 2021

Additions
Disposals
At 31 March 2022

Depreciation
At 1 April 2021
Provided for the year
Disposals
At 31 March 2022
Net written down
value
At 31 March 2022
At 31 March 2021
 Freehold
property
Long
leasehold
property and
improvements
Fixtures,
fittings and
equipment
£
£
£
11,681,576
6,174,698
1,379,843
2,054
6,500
37,937
(35,848)
-
(51,515)



11,647,782
6,181,198
1,366,265



1,634,226
170,244
1,100,600
192,403
108,605
147,915
-
-
(50,894)
1,826,629
278,849
1,197,621
9,821,153
5,902,349
168,644
10,047,350
6,004,454
279,243		 Total
charity
tangible
assets
Trading
subsidiary
office
equipment
Total group
tangible
assets
£
£
£
19,236,117
3,504
19,239,621
46,491
-
46,491
(87,363)
-
(87,363)



19,195,245
3,504
19,198,749



2,905,070
3,504
2,908,574
448,923
-
448,923
(50,894)
-
(50,894)
3,303,099
3,504
3,306,603
15,892,146
-
15,892,146
16,331,047
-
16,331,047

The freehold properties are held for charitable purposes. Office equipment is used for both administrative and charitable support purposes.

Freehold property includes land amounting to £898,644 (2021: £898,644) that is not depreciated.

The cost and depreciation relating to the bui reclassified from freehold property to long leasehold property as this more fairly represents the nature of the asset.

29

THE INJURED JOCKEYS FUND Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

12.
Investments
Market value
At 1 April 2021
Additions
Disposal proceeds
Net unrealised investment gains
Net realised investment gains
Cash on deposit with investment manager
At 31 March 2022
Cost of listed investments at 31 March
2022
Investments at market value comprised:
Equities
Fixed interest securities
Commodities
Property
Multi-Asset Funds
Alternatives
Deposits		 Listed
2022
Shares in
Subsidiary
undertaking
£
£
31,053,721
2
7,751,812
-
(6,196,067)
-
1,646,024
-
552,309
-

34,807,799
2
606,464
-

35,414,263
2
29,533,164
-
 Charity
2022
£
31,053,723
7,751,812
(6,196,067)

1,646,024
552,309

34,807,801
606,464

35,414,265
29,533,164

2022
£
25,067,437

2,535,477
1,027,247
3,071,010
818,772
2,287,856
606,464


35,414,263
 Charity
2021
£
26,532,067
16,135,017
(15,670,075)
1,556,497
2,500,217

31,053,723
1,369,592

32,423,315
20,042,658
2021
£
22,849,494
2,382,108
504,420
3,076,327
909,024
1,332,348
1,369,592

32,423,313

At 31 March 2022, the Fund has commitments of £11,367 (2021: £17,303) for outstanding balances due on the purchase of investments.

The IJF holds the two £1 ordinary shares in its wholly owned subsidiary the Injured Jockeys Company Limited. The subsidiary is registered in England and Wales and the investment is held at cost. The activities and results of this company are summarised in note 2.

30

THE INJURED JOCKEYS FUND Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

13. Charitable mortgage advances

Charitable mortgage advances are stated at historic cost less impairment, in line with the FRS102 rules on concessionary loans in public benefit entities.

As these loans are only repayable upon the sale of the underlying property, an event which cannot be predicted in advance, the total amount is classed within fixed assets. The indexed value of outstanding mortgage advances at 31 March 2022 was £7,649,545 (2021: £7,048,163).

At 1 April 2021
Redemptions
At 31 March 2022
Stocks
Goods for resale		 Group
2022
2021
£
£
3,395,104
3,497,114
(106,124)
(102,010)
3,288,980
3,395,104
Group
2022
2021
£
£
155,474
88,487		 Charity
2022
2021
£
£
3,395,104
3,497,114
(106,124)
(102,010)

3,288,980
3,395,104
Charity
2022
2021
£
£
-
-

14. Stocks

There was no material difference between the replacement cost of stocks and the amounts stated above.

15. Debtors

Trade debtors
Other debtors
Income tax recoverable
Amount owed from trading subsidiary
Prepayments and accrued income		 Group
2022
2021
£
£
257
2,445
76,380
91,291
18,000
25,000
-
-
752,547
628,398
847,484
747,134		 Charity
2022
2021
£
£
-
-
73,414
87,683
18,000
25,000
147,150
62,143
752,547
620,389

991,111
795,215

31

THE INJURED JOCKEYS FUND Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

16. Creditors: amounts falling due within one year

Other creditors
Taxation and social security
Accruals and deferred income		 Group
2022
2021
£
£
159,087
9,250
39,135
37,910
136,527
165,869
334,749
213,029		 Charity
2022
2021
£
£
141,115
4,945
39,135
37,910
125,484
137,211
305,734
180,066

32

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

17. Analysis of charitable funds and reconciliation to net assets

Restricted funds:
Available Income Fund
Clinical Services Fund
Charitable Fixed Assets
Balance at 31 March 2022
Unrestricted funds:
Designated Funds
Fixed Assets
Mortgage Advances
Capital Fund
R & E Hitchin Holiday Fund
Balance at 31 March 2021
General Funds
Total Unrestricted Funds

Total Group funds
Relating to Subsidiary
Total Charity Funds
Represented by:
GROUP
Fixed Assets
Investments
Mortgage Advances
Net Current Assets

CHARITY
Fixed Assets
Investments
Mortgage Advances
Net Current Assets		 At 1 April 21
£
4,645
93,923
-
98,568
At 1 April 21
£
16,576,473
3,395,104
23,113,840
1,000,000

44,085,417
10,907,436
54,992,853

55,091,421

338,552
54,752,869


Restricted
U
-
-
-
90,985

90,985

-
-
-
90,985
90,985
 Income
Expenditure
I
£
£
74,416
(74,416)
275,975
(283,558)
-
-
350,391
(357,974)
Income
Expenditure
I
£
£
378,035
(613,679)
-
-
-
-
16,500
-


394,535
(613,679)
4,644,200
(4,010,039)
5,038,735
(4,623,718)


5,389126
(4,981,692)


923,275
(689,652)
4,465,851
(4,292,040)


nrestricted
Designated
-
16,218,307
9,102,090
26,312,173
-
3,288,980
2,731,569
-


11,833,659
45,819,460
-
16,218,307
9,102,090
26,312,173
-
3,288,980
2,585,705
-
11,687,795
45,819,460		 nvestment
Gains
Fi
£
-
-
-
-
nvestment
Gains
Fi
£
-
-
2,198,333
-

2,198,333
-
2,198,333

2,198,333

-
2,198,333







 n
n

33

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

17. Funds (Continued)

The Restricted Available Income Fund consists of grants, donations and legacies. These amounts were contributions to the running costs of the rehabilitation centres. These funds have been fully expended in the year. The Clinical Services Fund includes donations towards the cost of employing specific members of the Clinical Team.

All unrestricted income is credited to the Unrestricted General Fund. The Designated funds are those funds designated at the discretion of the Trustees for particular purposes. Amounts reflecting the funds spent from restricted funds have been transferred to the relevant designated fund, thus the amount at the year end shown within the restricted funds represents solely the unexpended balance.

The including the rehabilitation centres.

The Mortgage Advances Fund previously represented a designated ceiling on the allocation of funds available for Mortgage Advances. Since such advances are no longer provided the balance represents the advances outstanding at the year end.

The Capital Fund represents funds designated by the Trustees to be held as a Fund, the income from which will, in the future, enable The Injured Jockeys Fund to provide continued support to its beneficiaries, without the dependence on uncertain income from grants, donations and legacies. Gains and losses on investments are allocated to this fund.

by the trustees

representing an original £1m donation. It is the intention that the income generated from the investment represented by that £1m it is used to contribute to the cost of the annual IJF overseas holiday.

18. Indemnity insurance

With the consent of the Charity Commission, insurance has been purchased to protect the Fund from loss arising from the neglect or defaults of its trustees, officers and employees at a cost of £2,994 (2021: £2,665).

34

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

19. Pensions

A defined contribution Group Personal Pension Plan is operated for all employees by AEGON Scottish Equitable. From the 1 December 2016, this became the auto enrolment scheme. The assets are held separately to those of the fund. Existing employees contribute 3% and after one years service the fund contributes an additional 10%. New employees after the 1 December 2016 contribute the statutory minimum amount of 5% and the fund contributes the statutory minimum of 3%. The pension cost in the period amounted to £76,375 (2021: £81,217). Contributions totalling £10,436 (2021: £nil) were payable at the year end and are included in creditors.

20. Commitments under operating leases

At 31 March 2021 and 2022, the Group and Charitable Company had annual commitments under non-cancellable operating leases as follows:

In less than one year
In more than one year but less than 2 years
In more than 2 years		 Group
2022
2021
£
£
16,789
16,243
16,789
16,243
46,106
59,281
79,684
91,767		 Charity
2022
2021
£
£
16,789
16,243
16,789
16,243
46,106
59,281
79,684
91,767

21. Legacy income

Legacy income is only included in income where receipt is probable and the amount is known with certainty, or the legacy has been received. As at the 31 March 2022 the Charitable Company had been notified of legacies with a total estimated value of £3m (2021: £1.5m) which have not been accrued as the conditions have not been met.

22. Capital Commitments

At the end of the year the Group and Charitable Company had capital commitments contracted but not provided of £nil (2021: £nil).

35

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

23. Reconciliation of net income to net cash flow from operating activities

Group
Net income for the reporting period
Depreciation charge
Amortisation charge
Net gain on investments
Gains on financial assets
Dividends, interest and rents from investments
Profit on sale of fixed assets
(Increase) in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash (used)/provided by operating activities
Analysis of changes in net debt
Cash at bank and in hand
Cash on deposit within Investments
Total cash		 2022
2021
£
£
2,652,683
5,184,690
448,923
448,879
18,764
9,384
(2,198,333)
(4,056,714)
(46,916)
(128,689)
(645,385)
(868,661)
(378,035)
4,825
(66,987)
(372)
(100,350)
310,411
121,720
(40,055)
(193,915)
863,698
1 April
31 March
2021
Cash flow
2022
£
£
£
2,073,939
80,406
2,154,345
1,369,592
(763,128)
606,464
3,443,431
(682,622)
2,760,809		 2022
2021
£
£
2,652,683
5,184,690
448,923
448,879
18,764
9,384
(2,198,333)
(4,056,714)
(46,916)
(128,689)
(645,385)
(868,661)
(378,035)
4,825
(66,987)
(372)
(100,350)
310,411
121,720
(40,055)
(193,915)
863,698
1 April
31 March
2021
Cash flow
2022
£
£
£
2,073,939
80,406
2,154,345
1,369,592
(763,128)
606,464
3,443,431
(682,622)
2,760,809		 2022
2021
£
£
2,652,683
5,184,690
448,923
448,879
18,764
9,384
(2,198,333)
(4,056,714)
(46,916)
(128,689)
(645,385)
(868,661)
(378,035)
4,825
(66,987)
(372)
(100,350)
310,411
121,720
(40,055)
(193,915)
863,698
1 April
31 March
2021
Cash flow
2022
£
£
£
2,073,939
80,406
2,154,345
1,369,592
(763,128)
606,464
3,443,431
(682,622)
2,760,809
2,760,809

23b. Analysis of changes in net debt

36

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

24. Comparative consolidated SOFA by fund

Unrestricted
Funds
Restricted
Funds
Non-Charitable
Trading Funds
£
£
£
Income from:
Legacies, donations and grants:
- Legacies
1,356,647
42,097
-
- Donations
1,912,585
207,118
-
- Grants
-
122,720
Charitable activities:
- Oaksey house income
49,394
-
-
- Jack Berry house income
-
16,687
33,415
-
-
-
-
Other trading activities:
- Commercial trading operations
-
-
1,132,068
Investments
868,661
-
-
Total income
4,237,389
371,935
1,132,068
Expenditure on:
Raising funds:
- Fundraising costs
145,254
12,433
-
- Commercial trading operations
100,000
-
740,899
- Investment costs
134,936
-
-
Charitable activities:
- Oaksey House costs
765,058
93,787
-
- Jack Berry House costs
-
489,132
609,328
130,639
86,633
-
-
- Almoner and other pastoral care costs
578,135
5,668
-
- Grants and amounts paid on behalf of
Beneficiaries
749,436
-
-
- Jockeys Employment Training Scheme
100,767
-
-
- Grants to other charities
-
-
-

Total expenditure
3,672,046
329,160
740,899
Gains on Charitable Mortgage Advances
128,689
-
-
Net gains on investments for the year
4,056,714
-
-


Net income for the year
4,750,746
42,775
391,169
and interest
182,664
-
(182,664)
Transfers between funds
37,500
(37,500)
-

Net movement in funds
4,970,910
5,275
208,505
Reconciliation of funds
Total funds brought forward
49,683,391
93,293
130,047

Total funds carried forward
54,654,301
98,568
338,552
 Total
2021
£
1,398,744
2,119,703
122,720
49,394
16,687
33,415
1,132,068
868,661
5,741,392
157,687
840,899
134,936
858,845
619,771
695,961
583,803
749,436
100,767
-

4,742,105
128,689
4,056,714

5,184,690
-
~~-~~
5,184,690
49,906,731
55,091,421

37

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2022 (Continued)

25. Comparative analysis of charitable funds and reconciliation to net assets

Restricted funds:
Available Income Fund
Charitable Fixed Assets
Balance at 31 March 2020

Unrestricted funds:
Designated Funds
Fixed Assets
POSH
Mortgages
Capital
R & E Hitchin Holiday Fund
General Funds
Total Unrestricted Funds

Total Group Funds
Relating to Subsidiary
Total Charity Funds
Represented by:
GROUP
Fixed Assets
nvestments
Mortgage Advances
Net Current Assets

CHARITY
Fixed Assets
nvestments
Mortgage Advances
Net Current Assets		 At 1 April
2020
£
5,793
50,000
37,500
93,293
At 1 April 20
£
16,948,523
-
3,497,114
19,057,126
1,000,000

40,502,763
9,310,675

49,813,438

49,813,438

130,047

49,776,684

Restricted
U
-
-
-
98,568

98,568
-
-
-
98,568
98,568		 Income
Expenditure
I
£
£
201,535
(202,683)
170,400
(126,477)
-
(37,500)
371,935
(366,660)
Income
Expenditure
I
£
-
(548,373)
-
-
-
-
-
-
30,700
-


30,700
(548,373)
5,338,757
(3,827,072)


5,369,437
(4,375,445)


5,741,392
(4,742,105)


1,132,068
(740,899)


4,609,324
(4,001,206)


nrestricted
Designated
-
16,576,473
9,309,473
23,113,840
-
3,395,104
1,597,963
1,000,000


10,907,436
44,085,417
-
16,576,473
9,309,473
23,113,840
-
3,395,104
1,259,411
1,000,000
10,568,884
44,085,417		 nvestment
Gains
A
£
-
-
-
-
nvestment
Losses
A
£
-
-
-
4,056,714
-

4,056,714
-

4,056,714

4,056,714

-

4,056,714





 F
s
F
s

38