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← The Injured Jockeys Fund

2025-03-31-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 2025

THE INJURED JOCKEYS FUND Annual report and financial statements for the year ended 31 March 2025

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 – resigned 22 January 2025 C Trotter M Foy – resigned 22 April 2025 P Walker G Baker T Scudamore J Redfern Dr A Goodwin – appointed 22 April 2025 G Henderson – appointed 22 April 2025 Chief Executive and Company L Hancock Secretary Finance Director L S Watson Clinical Operations Director M Oxley Trading Manager P Taplin Registered and principal office Peter O’Sullevan House, 7A Newmarket Road, Newmarket, Suffolk, CB8 7NU Registered Charity Numbers 1107395 (England and Wales) SC054048 (Scotland) Company Number 5298320 Auditor PEM, Salisbury House, Station Road, Cambridge, CB1 2LA Investment Advisors Schroder & Co Ltd (Trading as Cazenove Capital Management), 1 London Wall Pl, London EC2Y 5AU Brown Advisory Ltd, 18 Hanover Sq, 1[st] Floor, London, W1S 1JY Troy Asset Management Limited, 33 Davies Street, London W1K 4BP 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 2025

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:

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 twelve 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. Two additional trustees were appointed after the year end and one has resigned.

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 2025

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 may receive pastoral care, rehabilitation services and 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:

To complete a strategic review of the charity’s operations.

3

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2025

Achievements and Performance

What the IJF does:

Contributes towards Private Medical Insurance cover and provision of body protectors for current jockeys on a scale of varying amounts dependent on their grade with the Professional Riders Insurance Scheme. No contributions for jockeys grade 7 and above are made.

Arranges Race Days for retired and disabled beneficiaries.

Part funds racing industry concussion practitioner.

4

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2025

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 £1,072k (2024: £1,138k). £3.0m now remains outstanding on index-linked mortgages whose ultimate repayment is linked to the regional house price indices to 45 injured jockeys and their families (2024: 48 outstanding, £3.1m). 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 2025

In addition to grants the IJF has applied over £1,302k (2024: £743k) in pay and expenses to assist the Welfare Team and their helpers in their charitable work, this includes the cost of taking groups of beneficiaries on holidays and our support for JETS.

£2.62m (2024: £2.87m) has been received in donations during the period. £1,548k comes from 12 donations exceeding £20,000 (2024: £2,017k from 17 donations exceeding £20,000) and the balance consists of a large number of smaller donations including those from functions and events as well as those given in memory. 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 £3.27m (2024: £2.85m) has been received in legacies and this income stream has provided us with a steady income over the years. In total, we received payments from 118 legacies compared to 73 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 £2.90m (2024: £4.38m) with total funds as at 31 March 2025 standing at over £64m (2024: £61m). The surplus includes an increase in the value of the investment portfolio of £1.47m (2024: increase £2.59m).

The IJF’s trading company has raised £197k (2024: £151k), including ancillary donations, through its sales of our Christmas cards, calendars, diaries and other items.

The trading company continues to see healthy engagement from our supporter base and maintained strong demand for IJF branded products. Sales of the core items of Christmas cards, calendars and diaries remained strong but ‘other’ items mirrored the mainstream retail consumer demand in the run up to Christmas with a decrease in sales.

The Supporter Club continues to be popular with loyal supporters willing to pay to attend events and visits to stables each year. 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 cyber security and the associated data security risk. An Information Governance Group has been formed which meets quarterly to consider areas of risk and how these can be mitigated, the senior leadership team are joined by third party data protection and IT specialists to aid their knowledge and understanding. This group reports to the Trustees on a regular basis.

The Trustees are committed to ensuring that the 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 2025

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.

Reputational Risk and Clinical Malpractice 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 with third party support 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.

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.

Activities

2024 marked 60 years since the formation of the IJF. A number of events took place around the country to include as many people involved with the charity as possible. A summer party at Oaksey House was kindly attended by Zara Tindall in her mother’s absence due to ill health. Many volunteers and visitors gathered on a sunny afternoon to enjoy both each other’s company and an opportunity to listen to the reminisces of four IJF presidents and vice presidents.

Beneficiary events included holidays to Spain and the Potters resort in Norfolk as well as several raceday events.

7

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2025

Activities at the three rehab centres plus the hub at Taunton RC gained in popularity. Monthly mobility classes lead by a member of the clinical team at Jack Berry House, followed by a lunch have started in Middleham, it is hoped to include former jockeys and their partners in a similar way that has proved so beneficial in the centres.

A conference considering approaches to mitigating problems associated with addiction within the bloodstock industry was held at Peter O’Sullevan House where our relationship with the British Racing School and the wider Newmarket racing community in particular continues to show multiple benefits.

The Charity has long held a desire to purchase Collingridge House, a property that is adjacent to Oaksey House in Lambourn. This came to fruition in March 2025, it is hoped that the additional land will provide some much needed space at Oaksey House on what is a very busy site. The house is listed and in a poor state of repair, the charity is in the initial stages of gathering information to determine the best approach as to the house’s future.

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 £6.7m, growing in line with planned increases. At 31 March 2025, free reserves of £7.2m equate to approximately 13 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. During the year a review of the Investment Managers took place and as a result it was decided to move the portfolio from Schroders to be split between Brown Advisory Limited and Troy Asset Management Limited.

Investment performance is monitored by the Finance Director and the Trustees through regular reports and presentations from the investment managers. The performance of the portfolios is measured against a long term target of either CPI + 3% or CPI +4% reflecting a two pronged strategy to balance risk and performance.

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 2025

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:

have been injured whilst a licensed jockey or injured riding a race,

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.

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 celebrated 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 (who are also the directors of The Injured Jockeys Fund for the purposes of company law) are responsible for the preparation of the accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice), including FRS102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’..

Company law requires 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 incoming resources and application of resources, including the income and expenditure of the Charitable Company and the Group for that period.

In preparing those financial statements the Board is required to: -

make judgements and estimates that are reasonable and prudent;

9

THE INJURED JOCKEYS FUND Report of the trustees for the year ended 31 March 2025

________________

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, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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 22 July 2025 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 2025 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.

11

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

We have nothing to report in this regard.

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 and the Charities Accounts (Scotland) Regulations 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

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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

12

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

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:

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.

13

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

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.

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, and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 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

23 July 2025

14

THE INJURED JOCKEYS FUND

Consolidated statement of financial activities (incorporating the income and expenditure account) for the year ended 31 March 2025

Note
Unrestricted
Funds
Restricted
Funds
Non-Charitable
Trading Funds
£
£
£
Income from:
Legacies, donations and grants:
- Legacies
3,113,374
159,131
-
- Donations
2,419,622
195,697
-
Charitable activities:
- Oaksey house income
66,723
-
-
- Jack Berry house income
49,390
-
-
- Peter O’Sullevan House
93,316
-
-
Other trading activities:
- Commercial trading operations
2
-
-
776,657
Investments
3
1,134,776
-
-
Total income
6,877,201
354,828
776,657
Expenditure on:
Raising funds:
- Fundraising costs
83,901
-
-
- Commercial trading operations
2
134,000
-
568,756
- Investment costs
179,964
-
-
Charitable activities:
- Oaksey House costs
1,108,911
55,850
-
- Jack Berry House costs
638,685
268,929
-
- Peter O’Sullevan House costs
843,176
22,801
-
- Scottish and South West Hub costs
39,130
9,922
-
- Welfare and other pastoral care costs
891,580
-
-
- Grants and amounts paid on behalf of
Beneficiaries
1,423,656
25,433
-
- Jockeys Employment Training Scheme
101,415
-
-
- R and E Hitchins Holiday
309,242
-
-
Total expenditure
5
5,753,660
382,935
568,756
Gains on Charitable Mortgage Advances
125,550
-
-
(Loss) on sale of Fixed Assets
-
-
-
Net gains on investments for the year
12
1,472,039
-
-
Net income/(expenditure) for the year
2,721,130
(28,107)
207,901
Transfer in respect of trading subsidiary’s donation,
management charge and interest
195,286
-
(195,286)
Net movement in funds
2,916,416
(28,107)
12,615
Reconciliation of funds
Total funds brought forward
60,249,776
1,098,705
108,318
Transfer between funds
24,019
(24,019)
-
Total funds carried forward
17
63,190,211
1,046,579
120,933		 Total
2025
£
3,272,505
2,615,319
66,723
49,390
93,316
776,657
1,134,776
8,008,686
83,901
702,756
179,964
1,164,761
907,614
865,977
49,052
891,580
1,449,089
101,415
309,242
6,705,351
125,550
-
1,472,039
2,900,924
-
2,900,924
61,456,799
-
~~----~~
64,357,723
==		 Total
2024
(note 24)
£
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

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

15

Company registration number 5298320

THE INJURED JOCKEYS FUND

Consolidated and Charity Balance sheets at 31 March 2025

Note Group Group Charity Charity
2025 2025 2024 2025 2024
£ £ £ £ £
Fixed assets
Intangible assets 10 225,286 258,262 225,286 258,262
Tangible assets 11 16,000,041 15,336,683 16,000,041 15,336,683
Investments 12 40,018,769 37,855,609 40,018,771 37,855,611
Charitable mortgage advances 13 3,026,080 3,101,080 3,026,080 3,101,080
Total fixed assets 59,270,176 56,551,634 59,270,178 56,551,636
Current assets
Stocks 14 95,697 112,628 - -
Debtors 15 602,837 1,926,986 793,282 1,968,749
Cash at bank and in hand 4,815,012 3,263,843 4,572,202 3,200,136
Total current assets 5,513,546 5,513,546 5,303,457 5,365,484 5,168,885
Creditors: amounts falling due within one
year 16 (425,999) (398,292) (398,872) (372,040)
Net current assets 5,087,547 5,087,547 4,905,165 4,966,612 4,796,845
Total assets less current liabilities 64,357,723 64,357,723 61,456,799 64,236,790 61,348,481
Net assets 64,357,723 64,357,723 61,456,799 64,236,790 61,348,481
Funds 17
Restricted funds 1,046,579 1,046,579 1,098,705 1,046,579 1,098,705
Unrestricted funds:
Available Income Fund 7,192,695 7,192,695 14,179,681 7,192,695 14,179,681
Designated Funds 55,997,516 55,997,516 46,070,095 55,997,516 46,070,095
Non-charitable trading funds 120,933 120,933 108,318 - -
Total funds 64,357,723 64,357,723 61,456,799 64,236,790 61,348,481

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 2025 was £2,888,309.

The financial statements on pages 18 to 37 were approved by the Trustees and authorised for issue on 22 July 2025.

W Norris – Chair and Trustee

D J Burke – Trustee

16

THE INJURED JOCKEYS FUND

Consolidated Statement of Cash Flows for year ending 31 March 2025

Note Group Group
2025 2024
£ £
Net cash provided by operating activities 23 2,026,213 10,461
Cash flows from investing activities
Dividends, interest and rents from investments 1,143,191 1,050,262
Proceeds from sale of tangible fixed assets - -
Purchase of tangible fixed assets (1,038,360) (200,805)
Proceeds from sale of investments 43,082,213 8,345,775
Purchase of investments (43,818,477) (9,547,116)
Net cash used in investing activities (631,433) (351,884)
Cash flows from financing activities
Repayments of charitable mortgage advances 118,725 253,200
Net cash provided by financing activities 118,725 253,200
Change in cash and cash equivalents in the
reporting period 1,513,505 (88,223)
Cash and cash equivalents at the beginning
of the reporting period 4,072,706 4,160,929
Cash and cash equivalents at the end of the
reporting period 5,586,211 4,072,706
Relating to:
Cash at bank and in hand 4,815,012 3,263,843
Cash held with investment manager 771,199 808,863
5,586,211 4,072,706

17

THE INJURED JOCKEYS FUND Notes forming part of the financial statements for the year ended 31 March 2025

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. The function and presentational currency is UK pound sterling. 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 £5.1m and further cash deposits within the investment portfolio of £771k at 31 March 2025. 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 2025/26 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 2025 on a line by line basis. The parent Charitable Company has taken advantage of exemptions available under FRS 102 not to prepare a parent only cash flow statement.

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

Notes forming part of the financial statements for the year ended 31 March 2025 (Continued)

THE INJURED JOCKEYS FUND

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

Notes forming part of the financial statements for the year ended 31 March 2025 (Continued)

THE INJURED JOCKEYS FUND

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 2025 (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

Notes forming part of the financial statements for the year ended 31 March 2025 (Continued)

THE INJURED JOCKEYS FUND

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 2025 is shown below:

31 March 31 March
2025 2024
£ £
Turnover 773,341 849,118
Cost of sales (229,105) (267,817)
Gross profit 544,236 581,301
Distribution costs (325,532) (367,371)
Administrative expenses (148,119) (155,818)
70,585 58,112
Interest receivable 3,316 3,174
Profit on ordinary activities 73,901 61,286
Amount payable under gift aid donation (61,286) (105,905)
Shareholder’s funds brought forward 108,318 152,937
Shareholder’s funds carried forward 120,933 108,318
Total assets 343,496 180,662
Total liabilities (222,561) (72,342)
Aggregate capital and reserves 120,935 108,320
Summary
Trading income 776,657 852,292
Trading costs (568,756) (660,556)
Net income from trading 207,901 191,736
Cost recharge from Charitable Company eliminated on consolidation (195,286) (236,355)
Retained profit/(loss) for year 12,615 (44,619)

22

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2025 (Continued)

3. Investment income and interest

Interest receivable
Investment income
Other income		 2025
£
9,687
980,092
144,997
1,134,776		 2024
£
9,188
936,431
104,643
1,050,262

4. Grants to injured jockeys

During the year grants including medical expenses were paid to 495 (2024: 484) injured jockeys amounting to £1,072,194 (2024: £1,138,213).

5. Total expenditure

Oaksey House costs
Jack Berry House costs
Peter O’Sullevan House
Scottish and South West Hub costs
Welfare 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
£
-
-
-
-
-
1,072,194
-
-
-
-
-
1,072,194		 Other
Direct
costs
£
941,782
733,861
700,195
39,661
720,898
93,258
250,041
82,000
67,839
573,961
145,512
4,349,008		 Total
Direct
costs
£
941,782
733,861
700,195
39,661
720,898
1,165,452
250,041
82,000
67,839
573,961
145,512
5,421,202		 Support
costs
£
222,979
173,753
165,782
9,391
170,682
283,637
59,201
19,415
16,062
128,795
34,452
1,284,149		 Total
2025
£
1,164,761
907,614
865,977
49,052
891,580
1,449,089
309,242
101,415
83,901
702,756
179,964
6,705,351		 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

Expenditure includes: -

2025 2024
£ £
Auditor’s remuneration: -
Statutory audit of parent and consolidated accounts 21,970 20,630
Statutory audit of subsidiary 11,200 10,510
Tax compliance services 3,840 4,100
Depreciation 365,707 398,597
Amortisation 32,976 33,950
Operating leases - land and buildings 25,000 25,000
Gain on charitable mortgages 125,550 164,835

23

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2025 (Continued)

6. Support costs allocation

Oaksey House costs
Jack Berry House
costs
Peter O’Sullevan
House costs
Scottish & 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
£
124,508
97,020
92,570
5,243
95,306
154,078
10,841
33,057
8,969
122,144
19,237		 IT
£
14,006
10,914
10,413
590
10,721
17,333
1,220
3,719
1,009
-
2,164		 Legal
£
13,409
10,449
9,969
565
10,264
16,594
1,167
3,560
966
-
2,072		 Property
£
9,583
7,468
7,125
404
7,336
11,859
834
2,544
690
-
1,481
49,324		 Other
central
Depreciation
and
amortisation
£
£
54,805
6,668
42,706
5,196
40,747
4,958
2,308
281
41,951
5,104
67,821
15,952
4,772
581
14,551
1,770
3,948
480
6,651
-
8,468
1,030
288,728
42,020		 Total
2025
Total
2024
£
£
222,979
223,854
173,753
158,754
165,782
152,023
9,391
6,856
170,682
123,210
283,637
306,423
19,415
101,480
59,201
-
16,062
22,125
128,795
123,329
34,452
30,915
1,284,149
1,166,969
762,973 72,089 69,015

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

7. Employment costs

Employment costs
Salaries and benefits
Social security costs
Other pension costs		 2025
£
1,814,199
190,894
111,572
2,116,665		 2024
£
1,667,843
174,026
106,263
1,948,132

Termination payments of £nil (2024: £nil) were paid in the year.

24

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2025 (Continued)

7. Employment costs (Continued)

During the year the average number of staff employed by the Charitable Company was forty seven (2024: forty seven), of which nine were Welfare Liaisons (2024: eight), twenty four Rehabilitation Centre Staff (2024: twenty five) and the remainder support staff. The number of higher paid employees in the following ranges including benefits in kind are as follows:

Range 2025 2024
£140,000 to £149,999 1 1
£80,000 to £89,999 1 -
£70,000 to £79,999 1 1
£60,000 to £69,999 1 1

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 2025 was £437,251 (2024: £412,552)

8. Trustees’ remuneration and expenses

No trustees received any remuneration during the year.

During the year two trustees (2024: five) received reimbursement of travel and overnight expenses totalling £381 (2024: £1,721). All other Trustees waived their entitlement to reimbursement of travel expenses.

9. Transactions with related parties

A mortgage advance of £171,000 (2024: £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 £1,483 (2024: £3,659) in the year.

Dominic Burke is a Trustee, is the Chair of Newbury Racecourse Plc and during the year no payments were made to Newbury Racecourse Plc. In the previous year, amounts totalling £950 were made to Newbury Racecourse Plc for two adverts placed in the racecards. No amounts were outstanding at the year end.

During the year a holiday was organised for beneficiaries. Six trustees, the president and a vice patron each attended for part of the week, paid for by the charity, to support beneficiaries and charity staff (2024: none).

25

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2025 (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
2025 2024
£ £
Provision of staff, insurance and computer services
via a cost recharge 134,000 130,450
The transfer under gift aid of the trading profits of the
Injured Jockeys Company Limited 61,286 105,905
Balance outstanding at 31 March 195,434 46,090

26

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2025 (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 2024 104,999 385,000 489,999 12,000 501,999
Additions - - - - -
Disposals - - - - -
104,999 385,000 489,999 12,000 501,999
Amortisation
At 1 April 2024 64,537 167,200 231,737 12,000 243,737
Provided for year 25,276
7,700		 32,976 - 32,976
Disposals
At 31 March 2025 89,813 174,900 264,713 - 264,713
Net written down value
At 31 March 2025 15,186 210,100 225,286 - 225,286
At 31 March 2024 40,462 217,800 258,262 - 258,262

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 2025 (Continued)

11. Tangible fixed assets

Cost
At 1 April 2024

Additions
Disposals
At 31 March 2025

Depreciation
At 1 April 2024
Provided for the year
Disposals
At 31 March 2025
Net written down
value
At 31 March 2025

At 31 March 2024		 Freehold
property
Long
leasehold
property and
improvements
Fixtures,
fittings and
equipment
£
£
£
11,636,636
6,188,338
1,575,240
938,801
14,360
85,199
-
-
(44,371)
12,575,437
6,202,698
1,616,068
2,213,155
496,059
1,354,317
194,094
108,605
63,008
-
-
(35,076)
2,407,249
604,664
1,382,249
10,168,188
5,598,034
233,819
9,423,481
5,692,279
220,923		 Total
charity
tangible
assets
Trading
subsidiary
office
equipment
Total group
tangible
assets
£
£
£
19,400,214
3,504
19,403,718
1,038,360
-
1,038,360
(44,371)
-
(44,371)
20,524,203
3,504
20,507,707
4,063,531
3,504
4,067,035
365,707
-
365,707
(35,076)
-
(35,076)
4,394,162
3,504
4,397,666
16,000,041
-
16,000,041
15,336,683
-
15,336,683

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 (2024: £898,644) that is not depreciated.

28

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2025 (Continued)

12. Investments

Listed
2025
Shares in
Subsidiary
undertaking
£
£
Market value
At 1 April 2024
36,916,744
2
Additions
43,818,477
-
Disposal proceeds
(43,082,213)
-
Net unrealised investment gains
(4,590,815)
-
Net realised investment gains
6,055,376
-
39,117,570
2
Cash on deposit with investment manager
771,199
-
39,888,769
2
Land
130,000
-
At 31 March 2025
40,018,769
2
Cost of listed investments at 31 March
2025
38,706,102
-
Investments at market value comprised:
Equities
Fixed interest securities
Commodities
Property
Multi-Asset Funds
Alternatives
Deposits
Land		 Charity
2025
£
36,916,746
43,818,477
(43,082,213)
(4,590,815)
6,055,376
39,117,572
771,199
39,888,771
130,000
40,018,771
38,706,102
2025
£
16,260,530
3,770,480
-
2,432,360
15,646,143
1,010,347
768,909
130,000
40,018,769		 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
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

At 31 March 2025, the Fund has commitments of £nil (2024: £7,397) for outstanding balances due on the purchase of investments.

Freehold property land which was bequeathed to the IJF jointly with another charity, was transferred to Investments in 2024. 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.

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

Notes forming part of the financial statements for the year ended 31 March 2025 (Continued)

THE INJURED JOCKEYS FUND

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 2025 was estimated between £7,280,728 to £7,472,000 (2024: £7,219,659).

At 1 April 2024
Redemptions
At 31 March 2025
Stocks
Goods for resale		 Group
2025
2024
£
£
3,101,080
3,263,980
(75,000)
(162,900)
3,026,080
3,101,080
Group
2025
2024
£
£
95,697
112,628		 Charity
2025
2024
£
£
3,101,080
3,263,980
(75,000)
(162,900)
3,026,080
3,101,080
Charity
2025
2024
£
£
-
-

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
2025
2024
£
£
4,989
4,094
72,243
34,245
38,319
11,000
-
-
487,286
1,877,647
602,837
1,926,986		 Charity
2025
2024
£
£
-
-
72,243
34,012
38,319
11,000
195,434
46,090
487,286
1,877,647
793,282
1,968,749		 Charity
2025
2024
£
£
-
-
72,243
34,012
38,319
11,000
195,434
46,090
487,286
1,877,647
793,282
1,968,749
1,968,749

30

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2025 (Continued)

16. Creditors: amounts falling due within one year

Other creditors
Taxation and social security
Accruals and deferred income		 Group
2025
2024
£
£
239,439
245,625
62,533
46,593
124,027
106,074
425,999
398,292		 Charity
2025
2024
£
£
228,260
232,798
62,533
46,593
108,079
92,649
398,872
372,040		 Charity
2025
2024
£
£
228,260
232,798
62,533
46,593
108,079
92,649
398,872
372,040
372,040

31

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2025 (Continued)

17. Analysis of charitable funds and reconciliation to net assets

Restricted funds:
Operations Fund
Clinical Services Fund
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 24
£
1,094,519
4,186
1,098,705
At 1 April 24
£
15,594,945
3,101,080
26,374,070
1,000,000
46,070,095
14,287,999
60,358,094
61,456,799		 Income
Expenditure
I
£
£
304,828
(318,684)
50,000
(64,251)
354,828
(382,935)
Income
Expenditure
I
£
£
-
(407,978)
-
-
-
-
25,900
(309,242)
25,900
(717,220)
7,753,508
(5,605,196)
7,779,408
(6,322,416)
8,134,236
(6,705,351)		 Income
Expenditure
I
£
£
304,828
(318,684)
50,000
(64,251)
354,828
(382,935)
Income
Expenditure
I
£
£
-
(407,978)
-
-
-
-
25,900
(309,242)
25,900
(717,220)
7,753,508
(5,605,196)
7,779,408
(6,322,416)
8,134,236
(6,705,351)		 nvestment
Gains
Fi
£
-
-
-
nvestment
Gains
Fi
£
-
-
1,472,039
-
1,472,039
-
1,472,039
1,472,039		 n ancial Asset
Gains
£
-
-
-
ancial Asset
Gains
£
-
125,550
-
-
125,550
(125,550)
-
-

At 31
March 25
£
1,040,663
5,916
1,046,579
At 31
March 25
£
16,225,327
3,026,080
35,746,109
1,000,000
55,997,516
7,313,628
63,311,144
64,357,723
120,933
64,236,790
n





108,318
61,348,481		 776,657
7,357,579		 (568,756)
(6,136,595)		 -
1,472,039		 -
-		 (195,286)
195,286
Restricted
U
-
-
-
1,046,579
1,046,579
-
-
-
1,046,579
1,046,579		 nrestricted

-
3,272,660
-
4,040,968
7,313,628
-
3,272,662
-
3,920,033
7,192,695		 Designated
16,225,327
36,746,109
3,026,080
-
55,997,516
16,225,327
36,746,109
3,026,080
-
55,997,516		 Total
16,225,327
40,018,769
3,026,080
5,087,547
64,357,723
16,225,327
40,018,771
3,026,080
4,966,612
64,236,790

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 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, additional transfers are made as needed to ensure that the fund is able to generate sufficient investment returns, on average, to maintain the financial stability of the Charity given the uncertain nature of the Charity’s main income streams.

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. A transfer is made to/from the General Fund to ensure that the Fund is maintained at £1m at the end of each financial year.

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 £550 (2024: £500).

33

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2025 (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 £111,572 (2024: £106,263). Contributions totalling £14,824 (2024: £13,896) were payable at the year end and are included in creditors.

20. Commitments under operating leases

At 31 March 2025 and 2024, 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
2025
2024
£
£
21,321
19,783
15,991
19,465
-
14,598
37,312
53,846		 Charity
2025
2024
£
£
21,321
19,783
15,991
19,465
-
14,598
37,312
53,846		 Charity
2025
2024
£
£
21,321
19,783
15,991
19,465
-
14,598
37,312
53,846
53,846

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 2025 the Charitable Company had been notified of legacies with a total estimated value of £2.6m (2024: £2m) which have not been accrued as the conditions have not been met.

22. Commitments

At the end of the year the Group and Charitable Company had capital commitments contracted but not provided of £8,224 (2024: £13,544).

Additionally £200,000 in funding commitments remained to be approved for spinal cord research.

34

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2025 (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
Loss on sale of fixed assets
Decrease in stock
Decrease/(increase) in debtors
Increase/(decrease) 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
2024
£
3,263,843
808,863
4,072,706		 2025
£
2,900,924
365,707
32,976
(1,464,562)
(43,725)
(1,134,776)
9,295
16,931
1,315,736
27,707
~~----~~
2,026,213
Cash flow
£
1,551,169
(37,664)
1,513,505		 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
31 March
2025
£
4,815,012
771,199
5,586,211		 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
31 March
2025
£
4,815,012
771,199
5,586,211		 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
31 March
2025
£
4,815,012
771,199
5,586,211
~~--~~ ~~-~~
5,586,211

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 2025 (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
£
2,661,229
1,198,705
-
76,317
38,851
78,057
-
1,050,262
5,103,421
115,263
130,450
161,054
1,056,111
412,817
684,035
29,112
641,865
1,421,639
101,480
-
4,753,826
164,835
(337)
2,590,246
3,104,339
236,355		 Restricted
Funds
£
191,993
1,672,731
-
-
-
-
-
-
1,864,724
-
-
-
109,718
414,212
107,922
6,606
-
142,246
-
-
780,704
-
-
-
1,084,020
-		 Non-Charitable
Trading Funds
£
-
-
-
-
-
-
852,292
-
852,292
-
660,556
-
-
-
-
-
-
-
-
-
660,556
-
-
-
191,736
(236,355)
3,340,694
56,873,082
60,249,776		 1,084,020
50,685
1,098,705		 (44,619)
152,937
108,318

36

THE INJURED JOCKEYS FUND

Notes forming part of the financial statements for the year ended 31 March 2025 (Continued)

25. Comparative 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
Mortgages
Capital
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
2023
£
4,645
46,040
-
50,685
At 1 April
2023
£
15,957,025
3,263,980
23,783,824
1,000,000
44,004,829
13,021,190
57,026,019		 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)		 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)		 nvestment
Gains
A
£
-
-
-
-
nvestment
Losses
A
£
-
-
2,590,246
-
2,590,246
-
2,590,246		 F
s		 inancial
set Gains

£
-
-
-
-
inancial
set Gains
£
-
164,835
-
-
164,835
(164,835)
-		 T ransfers

£

-
-
(36,000)
(36,000)
ransfers

£

70,803

(327,735)
-

(27,200)
(284,132)

320,132

36,000
 At 31 March
2024
£
1,094,519
4,186
-
1,098,705
At
31 March
2024
£
15,594,945
3,101,080
26,374,070
1,000,000
46,070,095
14,287,999
60,358,094
61,456,799
108,318
61,348,481
F
s		 T
57,076,704 7,984,935 (6,195,086) 2,590,246 - -
152,937
56,923,767
Restricted
U
-
-

-
1,098,705
1,098,705

-
-

-
1,098,705
1,098,705
 852,292
7,132,643
nrestricted

-

10,481,539

-
3,806,460
14,287,999

-

10,481,541

-
3,698,140
14,179,681
 (660,556)
(5,534,530)
Designated
15,594,945
27,374,070
3,101,080
-
46,070,095
15,594,945
27,374,070
3,101,080
-
46,070,095		 -
2,590,246





 (236,355)
236,355

37