OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Injured Jockeys Fund

2024-03-31-accounts

Company number 5298320

The Injured Jockeys’ Fund THE INJURED JOCKEYS FUND (A company limited by guarantee)

Report and Financial Statements

Year ended

31 March 2024

THE INJURED JOCKEYS FUND Annual report and financial statements for the year ended 31 March 2024

Contents

Page

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 B Scott MBE
Directors and Trustees W Norris KC (Chairman) S Durcan
E Chamberlin (Vice Chairman) C Fairley
D Burke N Rust OBE
A Thornton C Trotter
M Foy P Walker
G Baker T Scudamore – appointed 25 April 2023
J Redfern
Chief Executive and Company L Hancock
Secretary
Finance Director L S Watson
Trading Manager P Taplin
Registered and principal office Peter O’Sullevan House, 7A Newmarket 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 2024

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 thirteen 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’s objects, strategy and activities. This involves:

Organisational Structure

At the year end the Board consisted of thirteen 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, Peter O’Sullevan 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 2024

The Finance Committee meet bi-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 Commission’s general guidance on public benefit when reviewing the Charitable Company’s aims and objectives and on planning future activities and setting the grant making policy.

The charitable purpose in the IJF’s 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 2024

Achievements and Performance

What the IJF does:

4

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2024

Volunteers

During the year over 80 volunteers supported the work of the IJF providing an invaluable contribution to the work of the Charitable Company. These volunteers include the trustees, visitors and people manning IJF stalls selling goods and providing information at racecourses and point to points around the country. 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’s Memorandum and Articles of Association, applicable Law and the requirements of applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 “The Financial Reporting Standard Applicable in the UK and Republic of Ireland”. The Charitable Company is a public benefit entity and also complies with the charities statement of recommended practice for entities applying FRS 102 (SORP).

During the year the IJF paid out in grants to injured jockeys over £1,138k (2023: £691k). Much of the increase is attributable to one off grants made to a severely injured jockey and whilst support will continue for as long as is needed, it is likely to be at a lower financial level in the future. £3.1m now remains outstanding on index-linked mortgages whose ultimate repayment is linked to the regional house price indices to 48 injured jockeys and their families (2023: 50 outstanding, £3.3m). No new loans are now being awarded and support is given using other methods.

5

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2024

In addition to grants the IJF has applied over £740k (2023: £740k) in pay and expenses to assist the Welfare Team and their helpers in their charitable work and in our support for JETS.

£2.87m (2023: £1.58m) has been received in donations during the period. £2,017k comes from 17 donations exceeding £20,000 (2023 : £765k from 13 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. A significant donation was received from the estate of a supporter based in Scotland, this will be used to expand our work in this area. As a result, a hub will shortly open in Galashiels initially offering physiotherapy with services expanded as demand is assessed. The response to a serious accident suffered by a current jockey before Christmas resulted in a remarkable number of donations to be directed towards his needs and those who may find themselves in a similar position, We are enormously grateful to all donors and fundraisers. The donations over the last five years continue to be remarkable particularly given the economic climate.

This year £2.85m (2023: £2.68m) 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 73 legacies compared to 66 last year. This total includes seven amounts in excess of £100k totalling £2.015m

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

Overall, the IJF had net movement in funds of £4.38m (2023: £(677k)) with total funds as at 31 March 2024 standing at over £61m (2023: £57m). The surplus includes an increase in the value of the investment portfolio of £2.59m (2023: decrease £(1.5m)).

The IJF’s trading company has raised £151k (2023: £195k), 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. Whilst seeing a decrease of 3% against the previous years trading, this still represents a significant level of interest from supporters. It should be noted that the number of Christmas cards sold reduced by 8% or £31,000, this has been largely attributed to the increased cost of postage leading to people sending many fewer cards. 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 remain strong and this initiative remains a very positive vehicle by which to engage with our most loyal supporters. A number of trips to trainers around the country were arranged in 2023-24, 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 three rehabilitation centres and the ever increasing wait times in the NHS prompting the need for more private operations to give beneficiaries an acceptable quality of life.

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 2024

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’s annual expenditure is appropriately directed there.

Statistical evaluation highlights that the dependence of beneficiaries upon the Charitable Company’s 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 exactly “Who We Help” and “What We Do” has been highlighted and a number of campaigns continue to 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 communications with customers are an annual Christmas brochure, monthly eNewsletters and triannual printed Newsletters 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.

As in previous years, 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.

2023-24 saw numerous charitable activities and initiatives come to fruition. Our focus & investment in concussion management and the production of industry specific concussion guidelines culminated in a highly successful Conference held at Cheltenham Racecourse in October and attended by all sectors of the racing & wider equine industry.

Beneficiary events included a popular holiday to the Potters resort in Norfolk as well as several raceday events including to York Racecourse in July. The new post of Clinical Operations Director which was filled by Mark Oxley successfully bringing a further strand of expertise to our team and coordinating Welfare and Clinial support for long term beneficiaries and currently licensed jockeys .

Activities at the three rehab centres plus the hub at Taunton RC gained in popularity also with regular podiatry sessions at Peter O’Sullevan House proving to be in great demand. Ice baths were installed at each of the three centres to assist with injury rehab.

A very successful event supporting Autism in Racing was held at Peter O’Sullevan House where our relationship with the British Racing School and the Jockey Coaching Programme in particular continues to show multiple benefits.

7

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2024

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.

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’s reserve policy. Four designated funds have been established as follows: -

The policy is to maintain free reserves equivalent to approximately 12 months expenditure, or £6.2m, growing in line with planned increases. At 31 March 2024, free reserves of £8m equate to approximately 15 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 £37.9m 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.

8

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2024

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.

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 transferred during the year.

Going concern

The Charitable Company’s activities, together with the factors likely to affect its future development, performance and position are set out in the Trustees report. The Charitable Company celebrates its 60[th] anniversary in 2024 and the Trustees recognise the importance of prudent stewardship of the assets in their care to ensure that it remains in a strong position to continue to help jockeys and their families well into the future.

The IJF considers that the global economic situation is unlikely to cause any future material difficulty to the workings of the Charitable Company and as such is not relevant in considering its’ ability to operate in the short or long term. 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. As a result, 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 Directors’ and Trustees’ Responsibilities

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 INJURED JOCKEYS FUND

Report of the trustees for the year ended 31 March 2024

________________

The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and the Group and of the surplus or deficit of the Charitable Company and the Group for the year.

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and the group and which are sufficient to show and explain the Charitable Company and the Group transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the Charitable Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

The trustees state that so far as each of the trustees at the time this report was approved are aware: a) There is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the auditors are unaware, and

b) The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and establish that the auditors are aware of that information.

Auditor

PEM have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.

This report was approved by the trustees on 23 July 2024 and signed on their behalf

..............................……………. William Norris Chairman

.

10

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 2024 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. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the 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 our Auditor’s Report thereon. The Trustees are responsible for the other information contained within the Annual 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 auditor’s report to the members of The Injured Jockeys Fund

Opinions on other matters prescribed by the Companies Act 2006

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

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 not identified material misstatements in the Report of the Trustees’.

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.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance 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 fraud and non-compliance with laws and regulations, was as follows:

12

THE INJURED JOCKEYS FUND

Independent auditor’s report to the members of The Injured Jockeys Fund

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an 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 Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s Report.

13

THE INJURED JOCKEYS FUND

Independent auditor’s report to the members of 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 members those matters we are required to state to them in an Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and 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

24 July 2024

14

THE INJURED JOCKEYS FUND Consolidated statement of financial activities (incorporating the income and expenditure account) for the year ended 31 March 2024

Note
Unrestricted
Funds
Restricted
Funds
Non-Charitable
Trading Funds
£
£
£
Income from:
Legacies, donations and grants:
- Legacies
2,661,229
191,993
-

- Donations
1,198,705
1,672,731
-

- Grants
-
-
-
Charitable activities:
- Oaksey house income
76,317
-
-

- Jack Berry house income
38,851
-
-

- Peter O’Sullevan House
78,057
-
-

Other trading activities:
- Commercial trading operations
2
-
-
852,292

Investments
3
1,050,262
-
-



Total income
5,103,421
1,864,724
852,292


Expenditure on:
Raising funds:
- Fundraising costs
115,263
-
-
- Commercial trading operations
2
130,450
-
660,556
- Investment costs
161,054
-
-
Charitable activities:
- Oaksey House costs
1,056,111
109,718
-
- Jack Berry House costs
412,817
414,212
-
- Peter O’Sullevan House costs
684,035
107,922
-
- South West Hub costs
29,112
6,606
-
- Welfare and other pastoral care costs
641,865
-
-
- Grants and amounts paid on behalf of
Beneficiaries
1,421,639
142,246
-
- Jockeys Employment Training Scheme
101,480
-
-
- R and E Hitchins Holiday
-
-
-


Total expenditure
5
4,753,826
780,704
660,556


Gains on Charitable Mortgage Advances
164,835
-
-
(Loss)/profit on sale of Fixed Assets
(337)
-
-
Net gains/(losses) on investments for the year
12
2,590,246
-
-


Net income/(expenditure) for the year
3,104,339
1,084,020
191,736
Transfer in respect of trading subsidiary’s donation,
management charge and interest
236,355
-
(236,355)


Net movement in funds
3,340,694
1,084,020
(44,619)
Reconciliation of funds
Total funds brought forward
56,873,082
50,685
152,937
Transfer between funds
36,000
(36,000)
-

Total funds carried forward
17
60,249,776
1,098,705
108,318		 Total
2024

£
2,853,222
2,871,436
76,317
38,851
78,057
852,292
1,050,262
7,820,437
115,263
791,006
161,054
1,165,829
827,029
791,957
35,718
641,865
1,563,885
101,480
-
6,195,086
164,835
(337)
2,590,246

4,380,095
-
4,380,095
57,076,704

-
~~----~~
61,456,799

~~==~~		 Total
2023
(note 24)
£
2,677,091
1,579,032
-
69,191
35,710
73,603
875,282
887,402
6,197,311
75,193
769,728
157,945
991,267
783,145
863,172
35,236
636,531
981,575
103,280
205,269
5,602,341
-
265,979
(1,528,349)
(667,400)
-
(667,400)
57,744,104
-
57,076,704

The notes on pages 18 to 37 form part of these financial statements.

15

THE INJURED JOCKEYS FUND Consolidated and Charity Balance sheets at 31 March 2024

Company registration number 5298320

Note Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Fixed assets
Intangible assets 10 258,262 292,212 258,262 292,212
Tangible assets 11 15,336,683 15,664,813 15,336,683 15,664,813
Investments 12 37,855,609 34,436,510 37,855,611 34,436,512
Charitable mortgage advances 13 3,101,080 3,263,980 3,101,080 3,263,980
Total fixed assets 56,551,634 53,657,515 56,551,636 53,657,517
Current assets
Stocks 14 112,628 127,343 - -
Debtors 15 1,926,986 840,736 1,968,749 1,110,054
Cash at bank and in hand 3,263,843 2,849,576 3,200,136 2,447,061
Total current assets 5,303,457 3,817,655 5,168,885 3,557,115
Creditors: amounts falling due within one
year 16 (398,292) (398,466) (372,040) (290,865)
Net current assets 4,905,165 3,419,189 4,796,845 3,266,250
Total assets less current liabilities 61,456,799 57,076,704 61,348,481 56,923,767
Creditors: amounts falling due after one
year - - - -
Net assets 61,456,799 57,076,704 61,348,481 56,923,767
Funds 17
Restricted funds 1,098,705 50,685 1,098,705 50,685
Unrestricted funds:
Available Income Fund 14,179,681 12,868,253 14,179,681 12,868,253
Designated Funds 46,070,095 44,004,829 46,070,095 44,004,829
Non-charitable trading funds 108,318 152,937 - -
Total funds 61,456,799 57,076,704 61,348,481 56,923,767

A separate Statement of Financial Activity is not presented because the Charity has taken advantage of the exemptions afforded by Section 408 of the Companies Act and paragraph 397 of the SORP. The net movement in funds for the Charity for the year ending 31 March 2024 was £4,424,714.

W Norris – Chair and Trustee

D J Burke Trustee

16

THE INJURED JOCKEYS FUND

Consolidated Statement of Cash Flows for year ending 31 March 2024

Note
Net cash provided by / (used in) 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) / provided by investing
activities
Cash flows from financing activities
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
2024
2023
£
£
10,461
276,607


1,050,262
887,402
-
367,832
(200,805)
(286,014)
8,345,775
7,194,703
(9,547,116)
(7,040,410)


(351,884)
1,123,513


253,200
-


253,200
-


(88,223)
1,400,120
4,160,929
2,760,809


4,072,706
4,160,929


3,263,843
2,849,576
808,863
1,311,353


4,072,706
4,160,929

17

THE INJURED JOCKEYS FUND Notes forming part of the financial statements for the year ended 31 March 2024

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 £4.91m and further cash deposits within the investment portfolio of £809k at 31 March 2024. 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 2024/25 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 global economy has been subjected to a number of challenges in recent years. IJF have updated their forecasts to consider the impact of these events on the financial performance of the charitable company and continue to keep their effect 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 2024 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.

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.

18

THE INJURED JOCKEYS FUND Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

Accounting policies ( Continued )

Oaksey House, Jack Berry House and Peter O’Sullevan 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’s charitable activities.

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.

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 Oaksey, Jack Berry and Peter O’Sullevan Houses. It is the Fund’s practice to maintain freehold and 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 and Peter O’Sullevan House are different types of properties and the Trustees consider that these should be depreciated on straight line basis at 2% per annum.

19

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

Accounting policies ( Continued )

Depreciation is provided on a straight-line basis at 25% or 10% 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. Website development is fully written off in the year that it is incurred to reflect the fact that refreshments and changes may occur at short intervals.

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.

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.

20

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

Accounting policies ( Continued )

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 Charitable Company’s charitable 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 and secured on their properties, no repayments are required during the lifetime of the beneficiary or whilst the property is needed by their dependents. The ultimate redemption amount is calculated with reference to the regional house price index. Any gains or losses arising on redemption are recognised in the SOFA. Provisions for impairment are made where necessary. Beneficiaries are able to make repayments at any time should they so wish. Due to regulatory requirements, new loans are no longer offered and alternative methods of offering support are provided.

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.

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 Trustees’ opinion, there are no estimates or judgements which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

21

THE INJURED JOCKEYS FUND Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

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 Company’s trading results for the year ended 31 March 2024 is shown below:

31 March 31 March
2024 2023
£ £
Turnover 849,118 874,467
Cost of sales (267,817) (268,117)
Gross profit 581,301 606,350
Distribution costs (367,371) (371,512)
Administrative expenses (155,818) (130,099)
58,112 104,739
Interest receivable 3,174 815
Profit on ordinary activities 61,286 105,554
Amount payable under gift aid donation (105,905) (98,481)
Shareholder’s funds brought forward 152,937 145,864
Shareholder’s funds carried forward 108,318 152,937
Total assets 180,662 534,419
Total liabilities (72,342) (381,480)
Aggregate capital and reserves 108,320 152,939
Summary
Trading income 852,292 875,282
Trading costs (660,556) (648,728)
Net income from trading 191,736 226,554
Cost recharge from Charitable Company eliminated on consolidation (236,355) (219,481)
Retained (loss)/profit for year (44,619) 7,073

22

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

3. Investment income and interest

Interest receivable
Investment income
Other income		 2024
£
9,188
936,431
104,643

1,050,262		 2023
£
4,624
769,503
113,275
887,402

4. Grants to injured jockeys

Injured jockeys

During the year grants including medical expenses were paid to 484 (2023: 402) injured jockeys amounting to £1,138,213 (2023: £691,093).

5. Total expenditure

Oaksey House costs
Jack Berry House costs
Peter O’Sullevan House
South West Hub costs
Almoner and other pastoral care costs
Grants and payments for Beneficiaries
R and E Hitchins Holiday
Jockeys Employment Training Scheme
Fundraising costs
Commercial trading operations
Investment costs		 Grants
£
-
-
-
-
-
1,138,211
-
-
-
-
-
1,138,211		 Other
Direct
costs
£
942,312
668,275
639,934
28,862
518,655
119,251
-
82,000
93,138
667,677
130,139
3,890,243		 Total
Direct
costs
£
942,312
668,275
639,934
28,862
518,655
1,257,462
-
82,000
93,138
667,677
130,139
5,028,454		 Support
costs
£
223,517
158,754
152,023
6,856
123,210
306,423
-
19,480
22,125
123,329
30,915

1,166,632		 Total
2024
£
1,165,829
827,029
791,957
35,718
641,865
1,563,885
-
101,480
115,263
791,006
161,054
6,195,086		 Total
2023
£
991,267
783,145
863,172
35,236
636,531
981,575
205,269
103,280
75,193
769,728
157,945
5,602,341

Expenditure includes: -

2024
£
Auditor’s remuneration: -
Statutory audit of parent and consolidated accounts
20,630
Statutory audit of subsidiary
10,510
Tax compliance services
4,100
Depreciation
398,597
Amortisation
33,950
Gain on sale of fixed assets
-
Operating leases - land and buildings
25,000
Gain on charitable mortgages
164,835		 2023
£
19,100
8,500
4,400
419,207
33,949
265,979
25,000
-

23

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

6. Support costs allocation

Oaksey House costs
Jack Berry House
costs
Peter O’Sullevan
House costs
South West Hub
costs
Almoner and other
pastoral care costs
Grants and
payments for
Beneficiaries
Jockeys
Employment
Training Scheme
R and E Hitchins
holiday costs
Fundraising costs
Commercial trading
operations
Investment costs		 Office
Staff
Costs
£
128,051
90,812
86,962
3,922
70,480
170,878
11,143
-
12,657
116,639
17,685

709,229		 IT
£
14,411
10,220
9,787
441
7,932
19,229
1,254
-
1,424
-
1,990

66,688		 Legal
£
6,267
4,444
4,256
192
3,449
8,363
545
-
619
-
865

29,000		 Property
£
9,155
6,493
6,217
280
5,039
12,218
797
-
905
-
1,264

42,368		 Other
central
Depreciation
and
amortisation
£
£
57,845
8,125
41,023
5,762
39,283
5,518
1,772
249
31,838
4,472
77,192
18,543
5,034
707
-
-
5,717
803
6,690
-
7,989
1,122

274,383
45,301		 Total
2024
Total
2023
£
£
223,854
204,242
158,754
161,362
152,023
177,854
6,856
7,260
123,210
131,152
306,423
208,360
101,480
21,280
-
42,294
22,125
15,493
123,329
112,916
30,915
32,543
1,166,969
1,114,756		 Total
2023
£
204,242
161,362
177,854
7,260
131,152
208,360
21,280
42,294
15,493
112,916
32,543

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		 2024
£
1,667,843
174,026
106,263

1,948,132		 2023
£
1,545,305
161,881
79,248
1,786,434

Termination payments of £nil (2023: £5,000) were paid in the year.

24

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

7. Employment costs (Continued)

During the year the average number of staff employed by the Charitable Company was forty seven (2023: forty nine), of which eight were Welfare Liaisons (2023: eight), twenty five Rehabilitation Centre Staff (2023: twenty eight) and the remainder support staff. The number of higher paid employees in the following ranges including benefits in kind are as follows:

Range 2024 2023
£140,000 to £149,999 1 -
£130,000 to £139,999 - 1
£70,000 to £79,999 1 1
£60,000 to £69,999 1 2

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 Clinical Operations Director and the Trading Manager. The total employee benefits of the key management personnel (including employer’s NI and pension costs) for the year ended 31 March 2024 was £412,552 (2023: £376,690)

8. Trustees’ remuneration and expenses

No trustees received any remuneration during the year.

During the year five trustees (2023: three) received reimbursement of travel and overnight expenses totalling £1,721 (2023: £586). All other Trustees waived their entitlement to reimbursement of travel expenses.

9. Transactions with related parties

A mortgage advance of £171,000 (2023: £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 £3,659 (2023: £3,199) in the year.

Dominic Burke is a Trustee, is the Chair of Newbury Racecourse Plc and during the year payments totalling £950 were made to Newbury Racecourse Plc for two adverts placed in the racecards. In the previous year, £24,918 was paid to Newbury Racecourse Plc for hospitality for a conference and a charity raceday that were held there. No amounts were outstanding at the year end.

25

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2023 (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 registered office is Peter O’Sullevan House, 7A Newmarket Road, Newmarket, CB8 7NU: -

Nature of transaction Transactions in the
year
2024 2023
£ £
Provision of staff, insurance and computer services
via a cost recharge 130,450 121,000
The transfer under gift aid of the trading profits of the
Injured Jockeys Company Limited 105,905 98,481
Balance outstanding at 31 March
46,090		 273,879

26

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

10. Intangible fixed assets

ntangible fixed assets
Software Property Charity Trading Total group
Nomination Intangible subsidiary intangible
rights assets Software assets
Cost £ £ £ £ £
At 1 April 2023 104,999 385,000 489,999 - 489,999
Additions - - - 12,000 12,000
Disposals - - - - -
104,999 385,000 489,999 12,000 501,999
Amortisation
At 1 April 2023 38,287 159,500 197,787 - 197,787
Provided for year 26,250 7,700 33,950 12,000 45,950
Disposals - - - -
At 31 March 2024 64,537 167,200 231,737 12,000 243,737
Net written down value
At 31 March 2024 40,462 217,800 258,262 - 258,262
At 31 March 2023 66,712 225,500 292,212 - 292,212

The intangible nomination rights are held for charitable purposes.

27

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

11. Tangible fixed assets

Cost
At 1 April 2023
Additions
Disposals
Transfer to
Investments
At 31 March 2024
Depreciation
At 1 April 2023
Provided for the year
Disposals
At 31 March 2024
Net written down
value
At 31 March 2024
At 31 March 2023		 Freehold
property
Long
leasehold
property and
improvements
Fixtures,
fittings and
equipment
£
£
£
11,721,882
6,181,198
1,463,368
44,754
7,140
136,910
-
-
(25,038)
(130,000)
-
-

11,636,636
6,188,338
1,575,240
2,019,418
387,454
1,294,763
193,737
108,605
84,255
-
-
(24,701)

2,213,155
496,059
1,354,317

9,423,481
5,692,279
220,923

9,702,464
5,793,744
168,605		 Total
charity
tangible
assets
Trading
subsidiary
office
equipment
Total group
tangible
assets
£
£
£
19,366,448
3,504
19,369,952
188,804
-
188,804
(25,038)
-
(25,038)
(130,000)
(130,000)


19,400,214
3,504
19,403,718


3,701,635
3,504
3,705,139
386,597
-
386,597
(24,701)
-
(24,701)


4,063,531
3,504
4,067,035


15,336,683
-
15,336,683


15,664,813
-
15,664,813

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 (2023: £1,028,644) that is not depreciated. Freehold property land which was bequeathed to the IJF jointly with another charity, has been transferred to Investments. It is being held in the hope that it has development potential. The IJF has a minority interest and as such is unable to act without the support of the majority partner.

28

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

12. Investments

Market value
At 1 April 2023
Additions
Disposal proceeds
Net unrealised investment gains
Net realised investment gains
Cash on deposit with investment manager
Land (transferred from fixed assets)
At 31 March 2024
Cost of listed investments at 31 March
2024
Investments at market value comprised:
Equities
Fixed interest securities
Commodities
Property
Multi-Asset Funds
Alternatives
Deposits
Land (transferred from tangible fixed
assets)		 Listed
2024
Shares in
Subsidiary
undertaking
£
£
33,125,156
2
9,547,117
-
(8,344,775)
-
2,141,278
-
448,968
-
36,916,744
2
808,865
-
37,725,609
2
130,000
-


37,855,609
2
31,994,246
-
 Charity
2024
£
33,125,158
9,547,117
(8,344,775)
2,141,278
448,968

36,916,746
808,865
37,725,611
130,000

37,855,611
31,994,246
2024
£
27,068,823
3,711,828
1,556,506
2,414,580
-
2,162,621
811,251
130,000

37,855,609		 Charity
2023
£
34,807,801
7,040,410
(7,194,703)
(2,480,806)
952,457
33,125,158
1,311,353
34,436,512
-
34,436,512
30,335,025
2023
£
22,913,674
3,375,433
1,487,927
2,618,980
419,880
2,309,263
1,311,353
-
34,436,510

At 31 March 2024, the Fund has commitments of £7,397 (2023: £9,689) 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.

29

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (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 2024 was £7,219,659 (2023: £7,548,366).

At 1 April 2023
Redemptions
Impairment Provision
At 31 March 2024
Stocks
Goods for resale		 Group
2024
2023
£
£
3,263,980
3,288,980
(162,900)
-
-
(25,000)
3,101,080
3,263,980
Group
2024
2023
£
£
112,628
127,343		 Charity
2024
2023
£
£
3,263,980
3,288,980
(162,900)
-
-
(25,000)

3,101,080
3,263,980

Charity
2024
2023
£
£
-
-

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
2024
2023
£
£
4,094
3,337
34,245
57,743
11,000
40,000
-
-
1,877,647
739,656
1,926,986
840,736		 Charity
2024
2023
£
£
-
-
34,012
56,519
11,000
40,000
46,090
273,879
1,877,647
739,656

1,968,749
1,110,054

30

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

16. Creditors: amounts falling due within one year

Other creditors
Taxation and social security
Accruals and deferred income		 Group
2024
2023
£
£
245,625
254,023
46,593
40,286
106,074
104,157

398,292
398,466		 Charity
2024
2023
£
£
232,798
156,150
46,593
40,286
92,649
94,429

372,040
290,865

31

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

17. Analysis of charitable funds and reconciliation to net assets

Restricted funds:
Operations Fund
Clinical Services Fund
Charitable Fixed Assets
Total Restricted Funds
Unrestricted funds:
Designated Funds
Fixed Assets
Mortgage Advances
Capital Fund
R & E Hitchin Holiday Fund
Total Designated Funds
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 23
£
4,645
46,040
-
50,685

At 1 April 23
£
15,957,025
3,263,980
23,783,824
1,000,000

44,004,829
13,021,190
57,026,019

57,076,704

152,937

56,923,767

Restricted
U
-
-
-
1,098,705

1,098,705

-
-
-
1,098,705
1,098,705		 Income
Expenditure
I
£
£
1,553,724
(463,850)
275,000
(316,854)
36,000
-
1,864,724
(780,704)
Income
Expenditure
I
£
£
-
(432,883)
-
-
-
-
27,200
-


27,200
(432,883)
6,093,011
(4,981,499)
6,120,211
(5,414,382)


7,984,935
(6,195,086)


852,292
(660,556)
7,132,643
(5,534,530)



nrestricted
Designated
-
15,594,945
10,481,539
27,374,070
-
3,101,080
3,806,460
-


14,287,999
46,070,095
-
15,594,945
10,481,541
27,374,070
-
3,101,080
3,698,140
-
14,179,681
46,070,095		 nvestment
Gains
Fi
£
-
-
-
-
nvestment
Gains
Fi
£
-
-
2,590,246
-

2,590,246
-
2,590,246

2,590,246

-
2,590,246








 n


n

32

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2023 (Continued)

17. Funds (Continued)

The Operations Fund (previously the Restricted Available Income Fund) consists of grants, donations and legacies. These amounts are contributions to the general running costs of the rehabilitation centres and hubs along with other specific projects as specified by the donor. A significant donation was received from the Estate of a Scottish supporter and this will be used to expand the operations in Scotland and the North of England in the future. 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 Fixed Assets Fund represents tangible and intangible assets held for the Fund’s charitable use 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.

The Robert and Elizabeth Hitchins’ Holiday Fund represents a designated fund, established 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 bi-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 £500 (2023: £375).

33

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (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 contribution has increased to 5%. The pension cost in the period amounted to £106,263 (2023: £79,214). Contributions totalling £13,896 (2023: £10,735) were payable at the year end and are included in creditors.

20. Commitments under operating leases

At 31 March 2024 and 2023, 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
2024
2023
£
£
19,783
18,322
19,465
18,095
14,598
31,111

53,846
67,528		 Charity
2024
2023
£
£
19,783
18,322
19,465
18,095
14,598
31,111

53,846
67,528

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 2024 the Charitable Company had been notified of legacies with a total estimated value of £2m (2023: £2m) 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 £13,544 (2023: £11,100).

34

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

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

Group
Net income/(expenditure) for the reporting period
Depreciation charge
Amortisation charge
Net (gain)/loss on investments
(Gains)/loss on financial assets
Dividends, interest and rents from investments
Loss/(profit) on sale of fixed assets
Decrease in stock
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash provided by operating activities
Analysis of changes in net debt
Cash at bank and in hand
Cash on deposit within Investments
Total cash
1 April
2023
£
2,849,576
1,311,353
4,160,929		 2024
£
4,380,095
386,597
45,949
(2,590,246)
(90,300)
(1,050,262)
337
14,715
(1,086,250)
(174)
~~----~~
10,461
Cash flow
£
414,267
(502,490)

(88,223)		 2023
£
(667,400)
419,207
33,949
1,528,349
25,000
(887,402)
(273,692)
28,131
6,748
63,717
276,607
31 March
2024
£
3,263,843
808,863
4,072,706

23b. Analysis of changes in net debt

35

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

24. Comparative consolidated SOFA by fund

Comparative consolidated SOFA by fund
Income from:
Legacies, donations and grants:
- Legacies
- Donations
- Grants
Charitable activities:
- Oaksey house income
- Jack Berry house income
- Peter O’Sullevan House
Other trading activities:
- Commercial trading operations
Investments
Total income
Expenditure on:
Raising funds:
- Fundraising costs
- Commercial trading operations
- Investment costs
Charitable activities:
- Oaksey House costs
- Jack Berry House costs
- Peter O’Sullevan House costs
- South West Hub costs
- Almoner and other pastoral care costs
- Grants and amounts paid on behalf of
Beneficiaries
- Jockeys Employment Training Scheme
- R and E Hitchins Holiday
Total expenditure
Gains on Charitable Mortgage Advances
Profit on sale of Fixed Assets
Net gains on investments for the year
Net income for the year
Transfer in respect of trading subsidiary’s donation, management charge
and interest
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
2,667,091
1,152,872
-
69,191
35,710
73,603
-
887,402

4,885,869

75,193
121,000
157,945
883,317
563,370
755,897
34,276
596,531
981,075
103,280
205,269

4,477,153

-
265,979
(1,528,349)

(853,654)
219,481

(634,173)
57,507,255
56,873,082		 Restricted
Funds
£
10,000
426,160
-
-
-
-
-
-

436,160

-
-
-
107,950
219,775
107,275
960
40,000
500
-
-

476,460

-
-
-

(40,300)
-

(40,300)
90,985

50,685		 Non-Charitable
Trading Funds
£
-
-
-
-
-
-
875,282
-
875,282
-
648,728
-
-
-
-
-
-
-
-
-
648,728
-
-
-
226,554
(219,481)
7,073
145,864
152,937		 Total
2023
£
2,677,091
1,579,032
-
69,191
35,710
73,603
875,282
887,402
6,197,311
75,193
769,728
157,945
991,267
783,145
863,172
35,236
636,531
981,575
103,280
205,269
5,602,341
-
265,979
(1,528,349)
(667,400)
-

(667,400)
7,744,104
7,076,704

5
5

36

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

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

Restricted funds:
Available Income Fund
IJF Peter O’Sullevan House
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
Investments
Mortgage Advances
Net Current Assets


CHARITY
Fixed Assets
Investments
Mortgage Advances
Net Current Assets		 At 1 April
2022
£
4,645
86,340
-

90,985
At 1 April 22
£
16,218,307
3,288,980
25,312,173
1,000,000

45,819,460
11,833,659

57,653,119

57,744,104

145,864

57,598,240
Restricted
U
-
-
-
50,685

50,685

-
-
-
50,685

50,685		 Income
Expenditure
I
£
£
120,660
(120,660)
315,500
(355,800)
-
-
436,160
(476,460)
Income
Expenditure
I
£
266,312
(739,170)
-
(25,000)
-
-
21,700
(203,140)


288,012
(967,310)
5,739,118
(4,158,571)


6,027,130
(5,125,881)


6,463,290
(5,602,341)


875,282
(648,728)


5,588,008
(4,953,613)
nrestricted
Designated
-
15,957,025
9,652,686
24,783,824
-
3,263,980
3,368,504
-


13,021,190
44,004,829


-
15,957,025
9,652,688
24,783,824
-
3,263,980
3,215,565
-


12,868,253
44,004,829		 nvestment
Gains
A
£
-
-
-
-
nvestment
Losses
A
£
-
-
(1,528,349)
-

(1,528,349)
-

(1,528,349)

(1,528,349)

-

(1,528,349)





 F
s


F
s

37