2023-03-31-accounts - The Injured Jockeys Fund

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	Report		ofthe		trustees
	Independent			auditor's report
	Consolidated				statement offinancial	activities
16	Balance sheets
17	Consolidated				statement ofcash flows
18	Notes		forming		part ofthe financial	statements
Legal and administrative				information
Patron					HRH The Princess Royal
Vice Patrons					C Balding CBE				P M Scudamore MBE
					J Francome MBE				L Dettori MBE
					Rachel Lady Oaksey
President					Sir AP McCoy OBE
Vice Presidents					J Berry MBE				J BScott MBE
Directors	and Trustees				W Norris KC (Chairman)				S Durcan
					EChamberlin (Vice Chairman)				C Fairley
					D Burke				M Caulfield		- resigned	25	October 2023
					A Thornton				N Rust OBE
					M Foy				CTrotter-	appointed		25 April 2022
					G Baker				P Walker-	appointed		24 January 2023
					J Redfern				T Scudamore		—appointed		25 April 2023
Chief Executive and		Company			L Hancock
Secretary
Finance Director					L S Watson
Trading Manager					P Tap(in
Registered	and principal		oflice		Peter O'Sul leven House,		7A Newmarket	Road. Newmarket, Suffolk, CB8				7NU
Registered	Charity	Number			l(07395
Company	Number				5298320
Auditor					PEM, Salisbury House,	Station Road, Cambridge, CBI 2LA
Investment	Advisor				Schroder &Co Ltd (Trading as Cazenove			Capital Management),			I London	Wall Pl, London EC2Y 5AU
Bankers					Barclays Bank Pic, 58	High Street, Newmarket,			Suffolk, CB88GL
Solicitors					Farrer &Co, 66 Lincoln's		lnn Fields, London,		WC2A 3LH
					Edmondson l-lail, 25 Exeter Road, Newmarket,				Suffolk, CB88AR
					Hewitsons, Shakespear	House, 42 Newmarket			Road, Cambridge,		CB58EP

												Total
							Itnrestricted	Restricted	Non-Charitable		Total	2022
						Note	Funds	Funds	Trading	Funds	2023	(note 24)
								5				5
income from:
Lrgoc/es, doaonons ond grouts
- Legacies							2,667,091	10,000			2,677,091	1,707,119
- Donations							1,152a72	426,160			IJ79,032	1,576,914
- Grants												5,911
Cirordobieoarwnes;
-Oakseyhouse income							69,191				69,191	54,809
-Jack Berry house mcome							35,710				35,710	29,927
-Peter O'Sullevan House							73,603				73,603	67,751
Caber/rcd/ug odrvriiesr
- Commerctal tradtngoperatrons									$75382		87R282	923,275
/nvesnnevis						3	887,402				8$7,402	645,385
Total income							4,885J69	436,160	875382		6,197JI I	5,011,091
Expenditure on:
Rotsrng funds'
- Fundraising costs							7R193				TRI93	107,528
- Commercial trading operauons						2	121,000		64$,728		769,728	824,652
- Investment costs							157,945				157,945	157,459
Cirawrobie ociivrrres.
- Oaksey House costs							883J17	107,950			991367	970.797
-Jack Berry House costs							563370	219,775			783,145	716,478
- Peter O'Sullevan House costs							7fr5,$97	107375			863,172	768,492
.South West Hub costs							34,276	960			3R236
- Ahnoner and other pastoral	care			cosls			596,%31	40,000			636,531	545930
- Grants and amounts paid on		behalf of
Bcncficiaries							9S1,075	500			981575	787.4$9
.Jockeys Employment Training			Scheme				103380				103,280	102,867
- R and E Hitchins Holiday							205369				205,269
Total expenditure						5	4,477,153	476,460	648,728		R602J41	4,981,692
Gains on Charitable hlortgage				Advances								46,916
Profit on sale ofFixed Assets							265,979				265,979	378,035
Net (losses)/gains on investments				for the	year	12	(I,528349)				(1,52$J49)	2,198,333
Net income/(expenditure)	for		the year				($53,654)	(40JOO)	226854		(667,400)	2,652,683
Transfer in respect oftrading		subsidiary's			donauon,
management charge and interest							219,481		(219,481)
Net movemcnt in funds							(634,173)	(40JOO)	7,073		(667,400)	2,652,6$3
Reconciliation offunds
Total funds brought forward							57,507,255	90,985	145,864		57,744,104	55,091,421
Total funds carried forward						17	56,873,082	50,685	152,937		57,076,704	57,744,104

			Note		Group	Charity	Charity
				2023	2022	2023	2022
				8			6
Fixed assets
Intangible assets			10	292812	326,161	292,212	326,161
Tangible assets			I I	15,664,813	15,892,146	15,664,813	15,892,146
Investments			12	34,436810	35,414,263	34,436412	35,414,265
Charitable mortgage	advances		13	3463,980	3,288,980	3,263,980	3,288,980
Total fixed assets				53,657,515	54,921,550	53,657,517	54,921,552
Current assets
Stocks			14	127343	155,474
Debtors			15	840,736	847,484	1,110,054	991,111
Cash at bank and in	hand			2,849,576	2,154,345	2,447,061	1,991,311
Total current assets				3,817,655	3,I57,303	3,557,115	2,982,422
Creditors: amounts	falling due within	one
year			16	(398,466)	(334,749)	(290,865)	(305,734)
Net current assets				3,419,189	2,822,554	3,266,250	2,676,688
Total assets less current liabilities				57,076,704	57,744,104	56,923,767	57,598,240
Creditors: amounts	falling due after	one
year
Net assets				57,076,704	57,744,104	56,923,767	57,598,240
Funds			l7
Restricted funds				50,685	90,985	50,685	90,985
Unrestricted fitnds:
Available Income Fund				12,868453	11,687,795	12,868453	11,687,795
Designated Funds				44,004,829	45,819,460	44,004JI29	45,819,460
Non-cltaritabie trading funds				152,937	145,864
Total funds				57,076,704	57,744,104	56,923,767	57,598,240

				Note	Group	Group
					2023	2022
					f	f
Net cash provided by /(used in) activities		operating		23	276,607	(193,915)
Cash flows from investing	activities
Dividends, interest and rents from		investments			887,402	645,385
Proceeds from sale oftangible fixed assets					367,832	414,502
Purchase oftangible fixed assets					(286,014)	(145,990)
Proceeds from sale ofinvestments					7,194,703	6,846,067
Purchase ofinvestments					(7,040,410)	(8,401,812)
Net cash provided by /(used in)		investing
activities					1,123,513	(641,848)
Cash flows from financing	activities
Repayments ofcharitable	mortgage		advances			153,041
Net cash provided by financing		activities				153,041
Change in cash and cash equivalents			in the
reporting period					1,400,120	(682,722)
Cash and cash equivalents	at the	beginning
ofthe reporting period					2,760,809	3,443,531
Cash and cash equivalents	at the end ofthe
reporting period					4,160,929	2,760,809
Relating to:
Cash at bank and in hand					2,849,576	2,154,345
Cash held with investment	manager				1411453	606,464
					4,160,929	2,760,809

						31March	31 March
						2023	2022
Turnover						874,467	923,250
Cost ofsales						(268,117)	(299,282)
Gross profit						606,350	623,968
Distribution costs						(371,512)	(377,431)
Administrative	expenses					(130,099)	(147,939)
						104,739	98,598
Interest receivable						815	25
Profit on ordinary		activities				105,554	98,623
Amount payable	under gift aid donation					(98,481)	(291,311)
Shareholder's funds		brought	forward			145,864	338,552
Shareholder's	funds carried		forward			152,937	145,864
Total assets						534,419	322,031
Total liabilities						(381,480)	(176,165)
Aggregate capital and reserves						151,939	145,866
Summary
Trading income						875,282	923,300
Trading costs						(648,728)	(689,677)
Net income from trading						226,554	233,623
Cost recharge from		Charitable	Company	eliminated	on consolidation	(219,481)	(426,311)
Retained profit	for year					7,073	(192,688)

					Other	Total
					Direct	Direct	Support	Total	Total
				Grants 5	costsf	costs 6	costsf	2023	2022 f
Oaksey House costs					787,025	787,025	204,242	991,267	970,797
Jack Berry	House costs				621,783	621,783	161,362	783,145	716,478
Peter O'Suilevan House					685,318	685,318	177,854	863,172	768,492
South West	Hub costs				27,976	27,976	7,260	35,236
Almoner and other pastoral			care costs		505,379	505,379	131,152	636,531	545,930
Grants and	payments	for Beneficiaries		691,093	82,122	773,215	208,360	981,575	787,489
R and E Ilitchins Iloliday					162,974	162,974	42,295	205,269
Jockeys Employment fundraising costs		Training Scheme			82,000 59,700	82,000 59,700	21,280 15,493	103,280 75,193	102,867 107,528
Commercial	trading operations				656,813	656,813	112,915	769,728	824,652
Investment	costs				125,402	125,402	32,543	157,945	157,459
				691,093	3,796,492	4,487,585	1,114,756	5,602341	4,981,692

	Office					Depreciation
	Staff				Other	and	Total	Total
	Costs f	IT 6	Legal f	Property f	central	amortisationf	2023f	2022f
Oaksey I-louse costs	97,194	15,981	8,639	8,854	65,423	8,151	204,242	196,936
Jack Berry House
costs	76,788	12,626	6,825	6,995	51,687	6,441	161,362	145,347
Peter O'Sullevan
House costs	84,634	13,918	7,524	7,710	56,968	7,100	177,854	155,899
South West I-lub
costs	3,454	568	306	313	2,326	293	7,260
Almoner and other
pastoral care costs	62,412	10,262	5,547	5,686	42,011	5,234	131,152	110,748
Grants and
payments for
Beneficiaries	95,487	15,699	8,488	8,700	64,276	15,710	208,360	165,892
Jockeys
Employment
Training Scheme	10,127	1,665	900	923	6,816	849	21,280	20,867
R and E Hitchins
holiday costs	20,127	3,309	1,789	1,833	13,548	1,688	42,294
Fundraising costs	7,373	1,212	655	672	4,963	618	15,493	21,813
Commercial trading
operations	106,749				6,167		112,916	123,286
Investment costs	15,487	2,546	1,376	1,411	10,424	1,299	32,543	3 1,943
	579,833	77,786	42,049	43,097	324,609	47,383	1,114,756	972,73 I

Nature oftransaction	Nature oftransaction			Transactions	in the
				year
				2023	2022
Provision ofstaff,	insurance and computer services
via a cost recharge				121,000	135,000
The transfer under	gift aid	ofthe trading	profits ofthe
Injured Jockeys Company		Limited		98,481	291,311
Balance outstanding	at 31	March		273,879	147,939

ntangible	fixed assets (group and charity)
		Software	Property	Total
			Nomination	Intangible
			rights	assets
Cost			8
At I April	2022	104,999	385,000	489,999
Additions
Disposals
		104,999	385,000	489,999
Amarrisari	on
At I April	2022	12,038	151,800	163,838
Provided for year		26,249	7,700	33,949
Disposals
At 31March 2023		38,287	159,500	197,787
Net wriaen	down value
At 31March 2023		66,712	225,500	292,212
At 31 March 2022		92,961	233,200	326,161

				Long		Total	Trading
				leasehold	Fixtures,	charity	subsidiary	Total group
			Freehold	property and	fittings and	tangible	office	tangible
			property	improvements	equipment	assets	equipment	assets
			8
Cost
At I April		2022	11,647,782	6,181,198	1,366,265	19,195,245	3,504	19,198,749
Additions			168,240		117,774	286,014		286,014
Disposals			(94,140)		(20,671)	(114,811)		(114,811)
At 31 March 2023			11,721,882	6,181,198	1,463,368	19,366,448	3,504	19,369,952
Depreciation
At I April		2022	1,826,629	278,849	1,197,621	3,303,099	3,504	3,306,603
Provided	for the year		192,789	108,605	117,813	419,207		419,207
Disposals				~	(20,671)	(20,671)		(20,671)
At 31 March 2023			2,019,418	387,454	1,294,763	3,701,635	3,504	3,705,139
Net wrinen		down
value
At 31 March 2023			9,702,464	5,793,744	168,605	15,664,813		15,664,813
At 31 March 2022			9,821,153	5,902,349	168,644	15,892,146		15,892,146

Investments
						Listed	Shares in		Charity	Charity
						2023	Subsidiary		2023	2022
							undertaking
Market value
At I April 2022						34,807,799			34,807,801	31,053,723
Additions						7,040,410			7,040,410	7,751,812
Disposal proceeds						(7,194,703)			(7,194,703)	(6,196,067)
Net unrealised		investment		gains		(2,480,806)			(2,480,806)	1,646,024
Net realised	investment		gains			952,457			952,457	552,309
Cash on deposit with investment					manager	33,125,156 1,311453			33,125,158 I/I I/53	34,807,801 606,464
At 31March		2023				34,436,510		2	34,436,512	35,414,265
Cost oflisted		investments		at 31	March
2023						30435,025			30,335,025	29,533,164
									2023	2022
Investments	at market		value comprised:
Equities									22,913,674	25,067,437
Fixed interest		securities							3,375,433	2,535,477
Commodities									1,487,927	1,027,247
Property									2,618,980	3,071,010
Multi-Asset	Funds								419,880	818,772
Alternatives									2,309,263	2,287,856
Deposits									1411,353	606,464
									34,436,510	35,414,263

at 31 March	2	023 was	f7,	548,366 (2022:	f7,649,545).	f7,649,545).
					Group		Charity
					2023	2022	2023	2022
At I April 2022					3,288,9$0	3,395,104	3,288,980	3,395,104
Redemptions						(106,124)		(106,124)
Impairment	Provision				(25,000)		(25,000)
At 31March		2023			3,263,980	3,288,980	3,263,980	3,288,980
Stocks
					Group		Charity
					2023	2022f	2023	2022f
Goods for resale					127,343	155,474
There was no		material	difference between		the replacement	cost ofstocks	and the amounts	stated above.
Debtors
					Group		Charity
					2023	2022	2023	2022
Trade debtors					3337	557
Other debtors					57,743	76,380	56,519	73,414
Income tax	recoverable				40,000	18,000	40,000	18,000
Amount owed from trading				subsidiary			273,$79	147,150
Prepayments		and accrued		income	739,656	752,547	739,656	752,547
					840,736	847,484	1,110,054	991,111

		Group		Charity
		2023	2022	2023	2022
		g
Other creditors		254,023	159,087	156,150	141,115
Taxation and social security		40486	39,135	40,286	39,135
Accruals and deferred	income	104,157	136,527	94,429	125,484
		398,466	334,749	290,865	305,734

						investment	financial	Asset		A131
			At I April 22	Income	Expenditure	Losses	Gains		Transfers	A)arch 23
			6	8		6				8
RestricredItt dsi
Available Incoine	Fund		4,645	120,660	(120,660)					4,645
Chnical Services	Fund		80.140	315,500	(355,800)					46,040
Chantable Fixed	Assets
Tolal Restricte	Funds				(476,J60)
						Investmenl	Financial	Asset		At 31
			Al I Apnl 22	income	Expenditure	Losses	Gains		Transfers	hfarch 23
			8	8	6	8		6		6
Unrestricted firn dsi
Designated Funds
Fmed Assets			16,218,307	266,312	(739,170)				211,5'76	15.957,025
Mongage Advaaces			3,288,980		(25,000)					3,263,980
Capital Fund			25.312.173			(1,528,349)				23.783,824
R A EHitchin Hohday		Fund	1,000,000	21,700	(203,140)				181,440	1,000,000
Total Designated	Funds		4C,819,460	288,012	(967,310)	(1,528,349)			393,016	44,004,829
Gen«ral Funds			H,833,6n9	5,739,118	(4, 158,571)				(393,016)	13,021,190
Total Unrestncted	Funds		57,653,119	6,027,130	(5,125,881)	(1,528,349)				57,026,019
Total Group funds			57,7JJ,IOJ	drug/98	(C,682,3JI)	(1,528,3J9)				57,076,70J
R«lating lo Subsidiar)			145,8M	875,282	(648,728)				(219,481)	152,937
Total Charity Funds			57,598,240	5,588,008	(4,953,613)	(1,528,349)			219,481	56,923,767
Represented byi
GROUP			Restricted	Unrestricted	Designated		Total
Fixed Assets					15,957,025		15.957.025
investments				9,652,686	24,783,824		34.436.510
Mortgage Admnces					3,263,980		3,263,980
Net Ciiirenl Assets			50,685	3,368,504			3N19.180
			50,685	13,021,190	44,004,829		47076	704
CHARITT
Fmed Assets					15,957,025		15.957.025
investments				9,652,tigg	24,783,824		34 436,512
Mongage Advances					3,263,980		3,263,980
Net Current Assen			50,085	3,215,565			3.266,250
				12,868,253	44,00J,829		Ssb923,767

		Group		Charity
		2023	2022	2023	2022
		g
In	less than one year	18,322	16,789	18422	16,789
In	more than one year but less than 2 years	18,095	16,789	18,095	16,789
In	more than 2 years	31,111	46,106	31,111	46,106
		67,528	79,684	67,528	79,684

Group					2023	2022
Net (expenditure)/income	for the reporting		period		(667,400)	2,652,683
Depreciation charge					419,207	448,923
Amortisation charge					33,949	18,764
Net gain on investments					1,528,349	(2,198,333)
Gains on financial assets					25,000	(46,916)
Dividends, interest and rents from investments					(887,402)	(645,385)
Profit on sale offixed assets					(273,692)	(378,035)
Decrease/(increase) in stock					28,131	(66,987)
Decrease'(increase) in debtors					6,748	(100,350)
Increase in creditors					63,717	121,720
Net cash provided/(used)	by operating	activities			276,607	(193,915)
Analysis ofchanges in net debt
				I April		31March
				2022	Cash flow	2023
Cash at bank and in hand				2,154,345	695,231	2,849,576
Cash on deposit within	Investments			606,464	704,889	1,311,353
Total cash				2,760,809	1,400,120	4,160,929

						Linrestricted	Restricted	Non Charitable	Non Charitable	Total
						Funds	Funds	Trading	Funds	2022
							8	8		5
Income from:
hegames, donations and grants-
- Legacies						1,707,119				1,71)7,119
- Donauons						1,232,434	344.480			I 576,914
-Grants							«,911			«,911
Chars(able aciimnes
-Oaksey house mcome						54,809				54,809
-Jack Berry house income						29,927				29,927
- Peter O'Sullevan House						67,751				67,751
Oi)ier trading aciivriies'
-Commermal trading operauons								923,275		923,275
Javesirrieais						645485				645J85
Total income
						3,737,425	350391	923,275		«,011,091
Expenditure on:
Raising funds'
- Fundraising costs						89319	18209			107«28
- Commercial trading operations						135,000		689,652		824,652
- Investment costs						157,459				157,459
C)ianiable acirv) ries
-Oaksey House costs						872,466	98331			970,797
-Jack Berry House costs						574,809	141,669			716,478
- Peter O'Sullevan House	costs					668,727	99,765			76$,492
- Almoner and olher pastoral		care costs				54«,930				54«,930
- Grants and amounts paid	on	behalf of
Benelimaries						7$7,489				787,489
-Jockeys Employment Traming Scheme						102,867				102,867
- Grants to other chanues
Total expenditure						3.934,066	35'7,974	6$9,6«2		4,981,692
Gains on Charitable ihlortgage Advances						46,916				46,916
Prolit on sale ofFi~ed Assets						378,035				378,035
net gains on investments	for the )'ear					2,198333				2,19$J33
net income for the )ear Transfer in respect oftrading and interest		subsidiary's	donation,	management	charge	2,426,643 426311		233,623 (426JII)		2,652,683
net movement in I'unde						2,852,954	(7,«83)	(192,688)		2,652,683
Reconciliation of I'unds						54,654,301	98,56$	338,552		55,091,421
Total funds brought fonvard
Total funds carried lorn	ard					57,507,255	90,9$5	145,864		57,744,104

					At I April			Investment	Financial		At 31 ltlarch
					2021	Income	Expenditure	Gains	Asset Gains	Transfem	2022
								6		6	8
Restricted funds i
Available Income Fund					4,645	74,416	(74,416)				4,645
I)F Peter O'Sullevan			House		93,923	275,975	(283,558)				86,3411
Chantable Fmed Assels
Balance nt 31 ttlarch			2020		98„468	350,391	(307,074)				90,985
								Investment	Financial
					Al I April 21		Expenditure	Losses	Asset Gains	Transfers	Total
					8			5	6
Unrestricted	fiiadsi
Designated	Funds
Fixed Assels					16,576,473	378,035	(613,679)			(122,522)	16,218,307
POSH					3,395,104					(106,124)	3,288,980
Mongages					23,113,840			2,198,333			25,312,173
Capital					1,000,000	16,500				(16,500)	1,000,000
R dt E Hachm Hohday				Fund
					4J,084,417	394,535	(613,679)	S.guL333		(244,146)	45,SI9,460
General Funds					10,907,436	J,644,200	(4,010,039)		46,916	245,146	11,833,659
Tolal Unreslncled		Funds			54,992,853	5,038,735	(4,623,718)	2,198,333	46,916		57,653,H9
Total Group Funds					n5 091 421	5,389126	(4,981,692)	2,198D33	46,916		57,74J,ISJ
Relaling lo Subsidiary					338,552	923,275	(689,652)			(426,311)	145,864
Tolal Charily Funds					54,752,869	4,465,851	(4,292,040)	2,198,333	46,916	426,311	57,598,240
Represented	bl:
GROUP
					Restricted	Unrestricted	Designated		Total
Fixed Assels							16,218,307		16,218,307
Investinenls						9,102,090	26,312,173		35,414,263
Mongagc Advances							3,288,980		3,288,980
Nel Cunenl	Assets				90,985	2,731,569			2,822,554
					90,985	11,833,659	45,819,460		57,744,104
CHARITV
Fmed Assets							16,218,307		16,218,307
Inveslmenls						9,102,090	26,312,173		35,414,263
Mongage Advances							3.2S8,980		3,288,980
Nel Current	Assets				90,985	2,585,705			2,676,690
					90,985	11,687,795	45,819,460		57,498,240