The RviDg Centre Lt 31 March 2023 "AcIzvtIFF* 2311212023 cOANIEs HOUSE Registered Number. 05283686
Report aAd unaud¢ted fuba#oal st¢eAnepts for the yr emded 31 M4r¢h 21123 Conltats RqM)rt of the tn Consolidated statement of fin•n¢1 activilies Charity balance sheets Charity of cash flows Notes forniing part ofthe fuwicial stat¢m¢nts io ThTJttts and membtr4 George McGJxth (Chaimw) The Honourabl¢ Peter Stsnley Andrew Braithwait¢ (Treer) Ed Dunlop R¢ver¢nd Simon Bail¢y Nik Chapman Simone Sear Sharon lamb James Beazley Amanda Prior (Resigned 3010812023) (Resigned 1911012022) (Appointed 2810312023) (Appointed I6110023) compa Se¢retsry John Gilbut Ad registered office Fred Archer Way. N¢%8[ke( SuffolL CB8 8NT Centre Manager John Gilb¢rt Operations Manager T*ra-tKe Oatl¢y Ch4rity 1107833 Compthy ttumbtr 05283686 lttdepettdent examiner Lovewell Blak¢ Ll2. FRrst Floor Suit¢. FIN Fl(w Suit¢ 2 Ilillsid¢ Business Pth Bury St FAlmun(ts tVJ2 7EA BaAktn Barclays Bank PK 58 High StrL Newmarkel SuffoiL CB8 8NH Iwl advwrs FAltnoDdson Hall Soli¢il(Th 25 Exctrr R(4 14ewnJark¢L SuffolK CB8 8AR
THE RACllYG CENlliE LTD. Report of Ihe truslee8 for the year e•tsl 31 Marck 2923 Th¢ trustees are pleased to Psent their T¢FOrt together with thc unaudited financial statements of the charity and its subsidiary for the year ended 31 March 2023 which we als) prqwol to meet the requirnnents for a directors, report and accounts for Companies Act puryw. The financial stat¢ments comply with the ChaTÉties Act 2011, the Companies Ad 2006, the Manorandum and Articles of Associatioo and Accounting and R¢wting by Chariti¢s: Ststunent of Recommended Practice appli¢abl¢ to charities preparing th¢ir accounts in a¢¢ordance with the Financial RertIng Stsnd8rd applicable in the UK and Republic of It¢]and (FRS I02) (effective l January 20151 Sirueture. Governallct SDd MngemeDt The Racing Centre is a company limit¢d by guara govern by its Memorandum and Article5 of Association dated I l November 2004. It is registered as a charity with the Cbarity Commission. knyone over the age of 18 can bewme a member of the charitsble company subje¢f TO th¢ approval of the bwstees. At 3 l March 2023 there were ten memlKr4 exh of whom agrees to contribute £10 in the event of the charitable company winding up. Th¢ charttable compaoy was tablished to unde the activilies of the previously Unincor)T2ted charity. The New Astley Institute (charty numixr 67087) wlth eff¢ct from l April 2005. wh¢0 the &ssets and liabilities of that charity were trnnsferred The New Astley Club. whicb chan8ed its nam¢ to The Racing Ltd. on 19 May 2014. Appoinlnientoftrustees As set out in the Articks of Association the trustees are appointed by the members (of the dwitable company) subject to the specific rules governing such ap]ntinu at m¢dings and the notT¢¢ period5 applicable. The directors of th¢ charitable company (the charity) are its trusts¢s fLYthe Pur5¢ of charity law Jnd throughout this report ar collectiv¢ly ref¢ffed to as the trustees. All trustees retTred gt the first Annual General Meeting. Thereafter one third of trustees retire at each Annual Generdl Meeting. The trnstees have the power 10 app)int tru5te£s between Annual General Meetings subjert to the retirement and po&sibl¢ reapInent ofthat trustee ai the Ixt Anntsal Genernj Meeting. There is a minimum number ofthree trustees. and no MlmuM numttt. The In are mindful to the need to provide a mix of skills within their bfyjy when considuing apN)inthien Trustee Indudion ondtr4inthg There are no fornial induction and trStee tsaining pT¥[eS tn plxe. How¢ver. oew trustees are given copies of appropriate background inforni10ti regarding the charity. its ¥tivitie4 SInth. 51aff, and fman¢ial circumstances. All trustees are made aware of th¢ir le8al obligalions under chlty and company law. Trus*es ate thxwn from areas that have particular knowledge of the charitable company's activities. The charitable company also The trUe¢S meet n0d1¢allY to strategy ar areas of activity for the Cetth. Day to day management is und¢rtaken by the Centr¢ Mana8¢r in u)nsultation with the Chairn
Report of the trustee8 for the year e•ded 31 Mar¢h 2023 (Continued) Oryallifalion (Continued) and OthertrSteeS as apprnwiate. The Centre Managtt is assi#ed by a nwnber of full and parttime employtts. Thctru&ees andthe Centremanagere$id¢r1tobcthe key management Perso¢1 ofth¢ Centre. All tnthes give their time fTtely and Te1Ve rnuo¢ralion or ¢xwses in the year. The trustees review the pay of th¢ Centr Manag¢r periodically. and this IS iDcr¢ased ID accordance with their assessment of appropriate remun¢ration for their duties in relation to the parti¢ularcircumstance5 of the Centre. Detsils of those in offi( during the year are gi ott the contents page of this The charity lths no fortDal links to other charilits but lkns re¢eiveuJnsiderable supFK)rt by way of doDatiotL8 from Racing Welfare. the Simoo Gibson Charitabl¢ Trus( Godolphin. Childwick TrusL The EBM Clwitabl¢ Trus¢ The Racing Foundation. and other organisations. The Charity undertakes initiatives in wociation with Ra¢ing Welfatfy The Injured JkeyS Fun4 BTitish Racing Sdy)oL and National ASsoci10n of Racing Staff (NARS). The charity a wholly owned trading subsidiary. Th¢ New Astley Cafe Limited. The company's principal activty is the handlTng of bar activities at the Centre. The company gifts any rwfKts to the C¢ntr¢ ¢ach year by gift ai(L subj1 to th¢ retartioo of profits where appropTiat¢. ObiettÉVe3 8nd ac¢ivikne Th¢ Charity's sthted objective& as stared in its Memorgndum and Articks of As71t10n are: -To establish an organisalion forth¢ beoefit of ¢mployed in at#)ut the ables 8nd ]ng andtraining establishments in Newmthet and elsewhere by the 0VisI( of a club and youth rzntsr and oth¢r f2ciliti¢s in the inteTests of social Welfa for recreation and a letsure till 0upatiOn with the object of improving the condition of life for such In$ persons WI by reason of their EK)vety or 5(KiaJ and economic circumstances have need of such facilities and subject thereto for the use of such other SIdents of th¢ town of Newma¢1 who for like reasons have ttegd of such facililics.- A new Mission Statement and statement of Strategic Vision wcre by the Trustees in 2022. missi{ StknDent The Mission of the Racing Centre is to improve th¢ quality of life for people working in the horserncing industy, and in our town, by providing a range of services and wmmuntty d¢velopmenL through exercise, Jwati0 and wial activittes that support ¥pk to reach their full Imkntial. Str•egic Vision "To create a community hub in the of Newmarkerfv ihe lts)rseraewg ipttlusty wider coinTrufflity,
THE RACING CENfRE LTD. Reprt of lh¢ trusteu for the year ¢llded 31 Mxrek 21W (ColAA) Our overabIng obie¢tives: To mJtntsin and to continu¢ the development of a Tange of support services that meet the D¢eds of people working in the racing industy and in the wider community of Nenarket To CODtinue the dev¢lopm¢nt of a supwrtiDg financial and fimdraisiDg plan To work continually to Tai5e awarenets of the Centre 8nd the suPrt serlices it provides The Racing Centre has continued to pursue its viston and mission. li hos f(U$ its attention on five key pillars of its sttate&v. Meding eomm¥nty nee In the course of th¢ year. the Centre has titInued to Tesw)nd to )mMunity Keds. Existing facilities have showtt an encournging increase in usage in several artas. includ¢ the RaceFit Gym which etided thc ¢alendar year with 312 active m¢mb¢r8 V/• iKing from the racing industry. Amongst other PTojeA in Septemkr 2021 the Centre instslled a soup kitchen in the rwtion are8 Js a new initiative. ¢ntitl¢d 'Proie¢t Cold.. for anyone in need of a wami meal. This facility b¢cam¢ a staple for mY of t1 using OthersUpE services inthebuildiDg. This proi¢t&monstroted thene¢d to tackle fo(Ml poverty IallY and what the Centre could do io Sup[ those suffering under the cost•of-liviog crisis with th¢ implementation of a b&si¢ SUpr¢ ac¢essibl@ and ot llo LX)St to the eT. A C4)mmunity panty was another initialive to receive fiing and suprth. Stsrting in the aunllnn of 2022. this provided a facility in a destgoated room within the Centre wher4 following a referral from town thk¢holder4 ben¢fici8ries would abk to arxess basic fol suppli¢5 sev¢n days a week. This initiative demotthted such a cl¢ar need that it beme a driving factor in the lIaOn (in July 2023) of the town's fcbaftkto the Centre. This move not only ¢nabl¢d b¢neficiari¢s to us¢a mu¢h more central artd easily accessible sil4 but also added to the C£ntre's growing lia of services availabk uNkr one rix)f. The imkwt of cost-of-living issues continued to grow overthe cours¢ of th¢ year. This le5]ted in an all.time high f811 through the Centre. Usas thrwghout the caierrfl¥ryetr totalled over 49.(X)O. The C¢otre will ntinue to engage with aJMJ respoDd to relevant u)mmunity issues as and when they Ecome appa¥enL Engaging withfellow oryani5* The C¢ntr¢ maintains close Rlatw)n5hips with other communty otganisatiot4 hosling events and wups as well as playing an activ¢ mle in communtty initiatives. This networking maintains Ial awareness of what the Centre has to offerand gives the charitya pivotsl role within the organisations thatSup)rtthe bloodsts¢k indtisty I011Y and the wider commtmity of NeOrke1. Newmarket Foodbank joined the C¢ntrc in August of 2023 having rnoval from a lo industrial estate. This charitsbie impact reitiforta th¢ Centse's abilty to react to a vital community nd. The Voluntary Network moved it head office to the C¢ntr¢ in June 2023. th¢ Centre thereby becoming the b&8¢ for the Connecting Communitses bus tsansFK¢ as well as its Befrie4MIiDg sckem¢. Reach Communty Projects bas also moved intr) the CeDtre with its debtadvice officer forN¢wffjark¢t b&se4J here. Reach Community Projects also oprrate5 a TnLssell Trust F(Kdbank itt Havethill.
THE RACING CENTRE LTD. Report of the trryjteu for tb¢ year egdtd 31 Mareh 21123 (Co{ed) Re¥iew ofgovern The Centre continue5 to maintsin fiexibility in its oixralin8 m(thL thereby ensuring that its manw¢nt staff and processes can rewnd swiftly to ¢banging needs. The Centre's owationsteam h&s increased its4trtS with the introduction of strictU TeWrtin8ti)ols and systems. This has taken the fonft of newly installd FK)int-of-sale systems. implemthation of 'CIT¢kUp'. a project management tool. and further monitoring tools for idi stsff and customers. A8ainM the backdrop of the COViD-19 pwthmic recovery. The Racing Centre continued to provide critical services in the community backed by generous funding made available in the previou5 fijthncial year. Oyerajl in¢om¢ for the wiod fell to £241.856 {2022: £283.031) largely due to 8 reduction in government 8rants compared to the previo$ year. Costs have deueased to £405J7812022." £513222) as the Centse completed wijects through the year whith required greater spending. Events ofthe last fewye4rs have se¥ved to increase the dKfficulties of fundrnising. The Centre isentirely dep¢ndeDt upon the g¢n¢rosity of others io cazry out tts work and has ivn wnsidering ways of finding supwrt for its core fiding, which has b¢com¢ inu¢&8ingly difficult w meet. Notes 15. 16 and 17 show the assets and Itabiliti&% attributable to the ch8rity's designated and restricted funds by type. These notes largely d¢tail the tnee$. plicy regarding reserves. The charity accounts include a designat Capitsl Fund to T¢flect the value of inve5tsnents held by the charity. At 31 M8rch 2023 the charity's designatal reserves woe £194250 (2022: £315,739) At31 March 2023 th¢ charity's tots] restri¢led funds wcrt £557.165 {2022: £591.453). The Gen¢ral rePrests funds available for in ongoing tivitIe amounting to £219J37 (2022: £240,5J 8) at tlk year ej. It is th¢ gen¢ral intention that tk Charity stru)uld aim to bTeakeven ye•r on year. lftvesthWp1CY artdperfornftee Under th¢ tern of the Memorandum and Articles of AssrKi•tion th¢ Charity h8s the power to invest in any way thetrustees wish. The cbarity's fund4 which are manyd by thetrust are now held exclusivety in UK coromon illvestmejrt funds some of which a primarily desigrtd for charsties. The investsnents are held for the PUTwse of 8¢nernting an income Èlow 10 SUPFKXt the ongoing work of the cftL8Tity. These are detaild in note I l of these financial statements. The main forni of fina%47 risk faced by the chaTSty is that of vol71ty in investment markets due to wider economic conditions. the attttvd¢ of investors to investment TisK and ch8Dg¢s in sentiment concerning equitie5 nd within particular sectors or }b sectOT5.
£ RACING CEiYfRE LTD. Report of the trut¢¢s for Ihe pre•ded 31 March 21123 IConl•n4ed) Fa#attclal review (Con11nd) The charity manage5 these risks by oFrnting a wlicy of investing in funds, the majority of which are primarily designed for charities. The charity also prtiicipally holds its investment wrtfolio with a view to maiotatning a lon8¢r.t¢rni rdurn and Is such woukl exF¢t short.tffln yolIty to be ov¢r tim¢. The Desi8nated Capital Fund eXPienc an inveslment Joss of (£13.236) (2022: £29,048). During th¢ year. £108.255 was transfeTred fiDm the desigoated fund reserve to the genernl fvnds bAlance (2022: £1 12,954). After taking acuwnl of the inv¢stsnent 8ains ilx)v¢ means investments atnounte4J to £194250 (2022: £315.739) at the year end. The IT rthinu¢ to review th¢ major risks which the tte is ¢xp)sJ to on 41) ongotng isis and beIieve that such reviews of the Centre's acttvities and fInal81 wformanc< tog¢therwith the established systems in plac4 are sufficient to miti8a¢ significatit risk& In Iwticularthey have consider&1 risks in the following areas: Governance OatIonS Firtao¢iai Environmental or ext¢Tnal factors Con)plignce with law and Tegulation By effectively managing the risk the TnL<¢es ensure: Significant risks are knowm and monitTht4L blIng them to make infornKd thisions and take timely Th'e Centre's aiTDS att achieved mort suc¢¢ssfulty. The most signlficant financial risks Surrou investment [18¢, which is addre& alxive and (mgoin8 fundrnisin& whTch is dependentup)n thesupw)rtofa small numberofcharitableand otherorganisations. The charity continu¢sto ¢losely with the stake1Ide[s ensure ongoing Supp of its activitie4 lIst acceingth3t such activities can be sustsin¢d in the future Ilwougb the use of the charity'$ r&%erve4 should that suPt not be Most oth¢r risks identifi1 ave are covernl &8 far&s is Wl7c41 by apprwatr insurance oiver, together with the
ThE RACll¥G CEnIE LTD. Rep)rt of the trustff8 for Ibe year eAded 31 Mr¢h 21ll3 (co1•) The Trustee5 (who are also the direct(Trrs of the Racing Centre Ltd. for the purposes of Company Law) are sponsible for prepwing the Trustees. Rert and the financial statements in a¢anCe with appIlble law and United Kingdom Accounting Standards IUoit¢d Kingdryn AcceO¢d Acc(xmMg PrnctiL%). Company law requires the T to prepare fin8nciaJ statem for each financial year which give a and fair view of th¢ thte of affairs of the ¢h8ritabk MpanY and of the incoming resources and application of resouw4 including the incA)me and eXndi1rt of the charity for th•t 1(1. In pycparing thos¢ financial ststement4 the TTUStees are rquired to: s¢le¢t suitable accounting p)licies and then appty them consistently. obseThe the methcAts and pri7p1t5 ID the Clwitics SORP" mak¢ judgements and estimates that are reasonknle aDd pruden¢ state whether appliable UK ACCtIllg Standards have iwi follow¢4 subi¢ct to any material prepare the financial ststements onthe going wncern b&sis wiless it is lilappr to presume that the )mpaoy will continue in business. Th¢ trwt¢es are resFwible keepins woper acc4xmting rffords that di10se with rea5008ble aLYurxy at any tim¢ th¢ financial position of the charitable company and enable them to ensure that the fmancial ststements comply with the Companies Act 2006. They are also reSnsIble for safeguarding the assets of the ¢haritable CoMpY and hence for tsking reasonable • for the prevention and dete¢tiffl of fi3ud and other iTregulariti¢s. This report has been pr¢par&l in wrdantt with the provisions applicabk to compani¢s entitl¢d to the small companies. exemption. On behalf of the trustees Georye McGrAth
ludependeDt examiner's report to th¢ Trustees of The Rxthg CeDtre Ltd. Respon[lOS Rd basls of report A5 the trusteu of thecothpatsylandalso itsdirteiors forthc tsf cmpwlaw) youare respoJLStbEe forthe preparntiom A¢t and e ch.1¢ foT eXantiOn J rewi ID rewi of my ¢xamination of your charity's aceowits & wiled otst under tOll 145 of the Clwitits Ad 2011 {'th 2011 Act.). ID carryi my exami I hav¢ followed tke DttioebY the &Yity cc4mlli seckn 145 {5Xb) ofthe2011 A 18depethtO11i thes not involve gathering all the evidenthat would b¢requir•l in an audit and ll¢tlY anaudit8oes yond the liwited assufanctthat ao i0deptht examijjation m)vide. Consequendy. l express Do opinio llldepentht ¢x•miiitr'5 St•temet Sinc¢ th¢ 5011d812d gfOSS iAQ)oK exceeded £250,( yourexlmitttr be ajnernbu of a body listed in section 145 of th¢ 2011 ACL I ¢4)nfi tho1 l am uthdenkn the examill betsuse l menthtr of the Certifd Pu1C I hav¢ ted my ¢xathiIIO. l that no Dwtttial tD¥tters have to my atntiOD in ¢onDeetion with th¢ the finattcial statements havenot bcen in ¥¢ordwKe with the and priticiples of th¢ Sthtement of Si8n¢tr. Fts Ntrof applicable li*e4 bod ON BEHALF OF
ThE RACING CENlliE LTD. 2022 Totsl fidS F••ds Fupds tbarity Notej Income from: I)ona¢ion5 84.983 16.800 101,783 123,683 Charithble activilie3.- Operdtion of C¢ntre 129,343 129,343 109.713 38.942 Investhients 10.730 10.730 10.693 Totsi theome 225.056 16.81)0 241,856 283,031 Expenditure oa: Cl47rUable activilies." 0tIOn of Centre 354289 51.089 405J78 513222 354.289 51,089 405J78 513222 Net gains l (losses) on itiv*n¢nts (13236) (13.236) 29.048 Net intome l (exp¢Ddi¢•r¢) (142,469) (34289) {176.758) (201.143) Trnoyfeys between Net movernent in fDAds (141469) (34289) (176.758) (201.143) Reconciliofwn off¥n Totsl fimds brwght forward 556258 591,453 1.147.710 I.348.854 Total hDds ¢arrkd forward 413.787 557.165 970,952 1,147,710
THE RACING CENTRE LTD. iJnaMdited ¢barity balice sheet at 31 Mr¢h 21123 RegieThI Number. 05283686 Charity 2023 Charity 2022 Note Fixtd Awets Tangibk assets Inv¢sknents io 725.720 194.250 755.530 315.739 919,970 1,071271 Current gsets Debtors Cash at bank and in hand 12 21255 45.477 9.819 78.697 67,732 88.516 Cr110. amounts falknng due itbiD ome yar 13 {16,750) (12.077) Net current a%qets 50.982 76,439 Total Det awts 15 970,952 ,147.710 The fuDds of ihe ehaiity UnrLftridedl4nds Generdl fund Designat funds Restridedfunds 16 219,537 194.250 557.165 240.518 315.739 591.453 17 Totsl f•Dds 970.952 1,147,710 For the year ended 31 Mar¢h 2023 the tharitsble company was entitled to the exemption frpm audit under section 477 of the Cotnpanies Act 2006 relating to small companies. No members have required the charrtable company to obtain audit of its accounts for th¢ year in question in with section 476 of the cpanieS Act 2006. However, in acLordance with section 145 of the Charities Act2011 the A)Unts have ten examined by an independent eXa{ner whose report appears on page 7. Th¢ Trte¢S tLknowledge th¢ir resnSIbIlity for complying with the wuir¢ments of These financial statements have be wep0a in *¢ordance withthe provisions applicable to companies subie¢tto the small Companies, regime. George Chgirma The notrs on pages li to 25 f(Ym part of theseunw faw)1 Statents.
iJuudited stat¢•eftt of ¢barity ¢sk fiows at 31 March 20LI Charity 2023 Charity 2022 Net mov¢mert iti fuvJ$ (176.758) QOl,143) Depreciation charges (Gainsylosses on investments Investment income On¢reaseydecr¢ase in d¢iknrs In¢reas¢I{d¢¢a5¢) in cffditors 29.810 13236 (10.730) {12,436) 4,673 29.178 (29.iM8) (10.693) 92.557 ,175 Net cayh provided by l (w5ed im) operliDz actiwilies {152205) {117,974) Cg8h Ilows from inve81ing ¢livitsts: Investment income Jnterest re¢eivabk Purchase of fixed assets Cash receipts from the sale of invesknmt wsperties 10.730 10.689 (3,871) 112,953 108255 Cash provided byl(used IA) invesdog J¢livith 118.985 119.775 IncrSe (Deerease) ltt aod eash equivalents I the year (33,220) 1,801 Cash and equivalents at the IyinAi•% of the year 78.697 76.896 Tot21 rnsb and cash eqwivaluts a¢ th¢ end of tbe yujr 45.477 78.697 An1lS of and cgsk eqaiv*leBts Cash in hand 45.477 78,697 io
THE RACING CEPmiE LTD. Notes forming part of the umodited fioancial statemeAts for the y¢Ar ¢nd¢d 31 Martb 21123 The principal ac¢ounting p)licies are set out below. fd) Bafis ofpreparthion The unaudit¢d financial $thtents (t$) have be¢ft PTeF41&1 under the historical cost Convention and in accordanc£ with Accounting and ReiM)rting by Ch3ritie5". Statement of Recommended Practice applicable lo ¢harities prerIng their accounts in accIKdaC with the Financial Reporting Standard applicabl¢ the UK and Republic of Ireland (FRS102){effective l January 2015)-(Charttie5 SORP (FRS102)). the Financial Reporting Standard applicable in the UK and Republic of IT¢land (FRS 102). the Chartties Act 2011, the Companies Act2006. and UK G¢n¢raily Awt¢d Acq)untiog Prartic¢ as it applies from l January 2015. The Raring Centre Ltd. is a private wmpany limiled by guara and a charity domicikd and regiered in England (Company numTrxr 05283686. Registe1 Charity nwnb¢r 1107833). which constitutes a Public Benefit entity as defined by FRS102. The adthss of its regiSted offic is Fra Ar Way. N¢wmark¢L Suffolk. CB8 8Nr. Assets and liabilities are initiallyrecognised teAX%ttix$artth value unle5sIAhrnise stated in therekvant ounting ¢M)licy n(rtes. The financial statements ate prepartd in Sterli which is the fimctiODal currwKy of the charity. Monetary amounts in th¢s¢ fiftancial staments are round to the nearest £. (b) Goingconcern The trus£¢e5 beli¢ve the goin8 wJKern basis of prepwing these financial 5tateJDents is approprfftate. The trnstees f¢el that the charity has sufficient fimds to meet its liabilities &8 they fau due for at least 12 months from the date of approving these a¢£ourtts. (c) GroupfjnfflKial st(#ements The Charity i8 exempt by virtu¢ of stttioo 139(2) (exceptions to requimtient to prepare group accouots) of the Charities Act 2011 from the requirement to pr¢par¢ group fina181 ststements. These fiJ5ancial statements present iThforniation about the cbarity as an itidividual Und¢r$a and not abo its 8roup. (d) JpwnK recognilion All Income is recognised once the charity h&s entitlement to the itKome. it is probAble that the income will receiva and th¢ m4)netary value can be measured with sufficient reliability. Donations are recognised when the charity bas tert notif0 of b)th the a]nount and settlement date. and it is probable that they will be receive4L Income is defffreAI only Wh the charity has to fulfil wnditions before becommg entitleAI to IL Jncome from operation of the Centre is included when receivable and th¢ amowit c4n be me&8ured reliably by the chanty. Commercial Irading inc4JnK represents saks to outside cUSeTS less valued added tsx. This income is reLx)8nis&l as go(MJs and services provided to customu&
THE RACING CEIYniE LTD. Note8 forniing pArt of the •n%lte4] fioDwl statsmtAts for the year e•ded 31 Mareh 2022 (Contsnued) Aecollnii•g pobci¢8 {Crtirt (d) Iorne recognition (co1ned) Dividends are rwniseAI once the ine has be¢n declared and notificion h&s been reIved of the dividend receivabk from the inveslment Iwvides. Tnterest on fiumls held oll kSit ts included wben 1vab and the amou C4tt be measured Teliabty. this is nornMlly up)n notification of the inlere5t payable paid by the bank. Liabilities are recogni51 expeDditsre as s(M)n as the is a levi or constructive obligation committing the charity to the expenditure, il is probable that settlement will be r¢quited and the amount of th¢ obligation Can be m¢&qured reliably. All expendituff is accounted for an &cnthls b&si& All exeS IncdIng SUPPOrt costs and governance costs are allLKat¢d or apportioned kn the applicable ex]d[tuR headings. For more infonnation on this attribution referto note (fj below. The majoTity of costs are directty atiriixrtable to sFcific acttvities. Crflain shared $ts are apportioned to activities in fillthe of the objects of the charity and thos¢ of th¢ tradins subsidiary. Office ¢05ts and proFtty related costs a apportioned on the prop)rtion of fl(x)r area CUpIed by th¢ activity. Costs of raising funds those costs incurred on comm¢rcial tradtng activities which raise fvnd5. Clwitsble activities iticlud¢expenditU1wKIaIed ththe01%¥8l7o oftheCentre4nd provislon of facilities and adivities. It includes both the direct ¢05ts and 5UPPOrt costs relating to these activities. verabl¢ VAT is charged agaitist the expenditic he4ling for which it was incUrd. Allcwion ofs4ywKi undg0vernoe costs Support cos include central functions aftd have been located to Centre activities and governanLX Costs on a basis consistent with th¢ use of th¢ ra¢¢4 &aff wsts by their time, a])d other costs by usage. Governanc£ costs comprise all wsts involving the bliC accountability of the charity and its Compliance with regulation and gocrtl practi. Th¢se costs include costs Telated to statstory audiL and l¢g81 and prof¢&gional fees togets with an apwrtiODffjent of overhead and suiwt cos Support costs including governance cOS have ien alloL*eA to ¢haritsbl¢ acltvities as anatysed in note 6. (W Taywio The incom¢ and 8ains of th¢ charity e ex¢mpt from Ixir)[lOn tsx to the extent that they are applied to its 12
THE RACThG cEllE LTD. Notes forming prt of the Unalted financid staternents for the ye¥r eDded 31 Maytb 2023 fcohtinued) l A¢eoutiDg poli¢ies (Continued) ) TangiblefLredofseL¥ onddeprecittsion Depreciation is calculated all tangibk assets raks calculated to wrile off the WSL less ¢stImal residyal value of each asset over its eXpd usefvl life as follows." Long leasehold land and buildings Fixtyres and equipment Computer Equipmfflt 99 years (terni of lease) 21Y/o Per knnum on a straight-line basis 25% Per ArtntUD on a straight-line basis Individual costing £SIXI crf morc are capilali5ed at cosL (i) Firedovet Inlments The charity's investment in its wholly owned trading subsidiary is stated gt cost. All other fed asset investments are a fom) of basic fllwKiaJ instrurneni and are initially recognis¢d at theirtransaction value and subsequently measured at their fair valu¢ as * the balan¢¢ sht dats using the closing quoted mthet prtc¢. The statement of fiJwKial activities in¢lud¢s the o¢t gains and losses arising on Tevaluation and disposals thr(wghout the year. &) Rea1LTedgS t7ndlLwes All gains and losses ore tsken to the Statemert of Financial Activities as th¢y arise. Realised gains Ind losses on investments are caku13ted as the difference ttween saks th¢ir opening carrying value rf acquird subsequent to the fitst day of the finala1 y¢ar. Unrealised gai05 and losses are calculated as the difference between the fatr vatue at the year end and their carrying value. Realised and unrealised inv¢stDi¢nt gaitLS and losses are combined in the Statement of Financtal Adivities. Stocks are valued at the lower of cost and estim selling pric¢ kss wsts to sell. Cost is based on the 5t of purchase on a first io fwst out basi& ) Debtsrs Trade and other debtors are recOlSed gnd the settlement due after discount offered. Prepoyin¢nts we valu¢d at th¢ amount net of any discounts du¢. (m) Cofh at bank Cash * bknk io¢lyd¢s c45h and slK*t terni highty liquid iovestments v4ith a short matiwity ofthree months or less from the date of acquisitioo or op]ng of the deposit or sioiilar x¢ounL 13
Notes fonnlng p4rt of the unaudited sl*temeDts for the yw etsded 31 MaT¢h 2023 (Contthmed) (n) Creditors orprovisions Creditors and provisi(M)s are reco8nised Whe the charity has a weseDt obligation resulting from a PLSt event thal will probabty I¢h in the transfer of funds to 8 third party and th¢ amount du¢ to settle th¢ obligotion can be measured or e5tirnated Teliabty. CrediloTS and Provisions are nozmalty rer4)gni5ed their settlement amount after allowll for lftde discounts d. (o) F(In¢la/ imlnone The ¢lbarity only ha8 financiAJ awts and fjnancial liabiliti¢5 of a kind that qualify as basi¢ financial instnmicnts. B8si¢ financial inslnrnents are initdty recogllised at transaction volue and subsequentty measured * their s¢ttlem¢DI Wal. p) aceouniing Funds beld by the ¢harity e. U•WeStrted geralfvmts - these are which ran be US in a¢o)rdance with the charitable objerts at the disuetion of the trustee Designthedfvids-theseare fuods srfgsid¢ by th¢IntS out of unrestricted general fi5 for sp¢cific Restriciedfvndf- th¢se are funds cteated when grants or d(wtions a made available for a partiGular Furth¢r explaTMtion of the nature and putpos¢s of ¢ach fund is included in the notes to the accowits. Transfers betw¢en fUlS reprts¢nt the ¢harity'S uet addition to or disFwl of fixed assets and inve5tment4 whAch are ultimately held in the Charitsble Fixed Assets Fund and Capital Fund" and Gift Aid donations receiv¢d from the a0ndtable trading subsidiary. (q) Pe10¥ For def1 rA)ntribution schemes the amount charg&1 to unrtstricted funds in th¢ Statement of Financial A¢tivities 15 the contributions payable in the year. Differences between contributions payable in the year and 14
THE RACING CENTrE LTD. Notes fomiug part of the UDaudited ststememts for the yw ended 31 Marck 21b23 (CoAiknued) 2 Critit•l a¢¢owitiy eslim¥tr8 areAS of judgeowit Acunting estimates and judgements are continually evaluat and are bd on historical experi¢n¢x and other factor& including expe¢tstions of fuDue evmts that are believed to be retsonable under the The charity keS estimat&s and a&8umMions cotmxrng the futUTC. The r¢sulting ac¢ounting estimates alld assumptions will, by definition. seldom equal th¢ related actual results. There are no estimates and sumptions that have a $i1ficant risk of causing a material adjustment to the canying amounts of ass¢ts and liabilities withio the next fin18] year. Critical areal ofime The trusts do n( nSider theye kn be any critical areas of J¢1 that have a signifKant effect on the amounts TOgnised in the financial statemen1& 3 IW $tstas of the charity Th¢ charity is a company limiteAI by guar4ntce and has w share captthl. The liabilty of each member in the event of winding up is limiled to £10. 4 from ckniifable *ctMties The income w&s primarily derived from the operdtion of tho Ceotre 2023 2022 Keep fit courses 3,967 7J02 47.437 4280 4.242 2,458 36,647 4,775 2,019 10,900 46,135 38.942 1537 Hall hire Racefrt Event Ticket sales NARS in¢ome Gym Membership Government Grants Misc sales 10.900 43.626 11.823 129.343 148,655 S Income from investments 2022 Interest receivable- deposits DIVIddS Tffeivabk fr(Mn ComnKm Jnveslm¢nt FUJMIS 10.730 10,689 10.730 10,693
THE RACING cEiwlliE LTD. Notes formlng of the uBxudittd fim•cl stgte•e•ts lor th¢ ye4r ended 31 Mttb 2023 (Conlinued) 6 E¥peoditure OD cknri¢lth a¢¢ivilies Basis of AIIoc4ti00 CeDttT Govern¢¢ A¢¢ivitie8 2023 Tolal 2022 Total Advertising & maFketing IndeIdeOt examination & ccountan¢y fe¢s Direct Costs Siaff Training Bank fees Cleaning & fffuse Consultin8 Cost of goods sold DePrlatiOn expense Deprecialion expense. restricted Direct wages 3572 3.572 20,975 8.026 14.640 374 703 2,861 8,959 25.000 1.909 11,424 17,754 6.702 13.095 1,324 8,910 2.694 8.631 78 3.866 2.069 14,166 5,907 226 714 241 20,975 3290 1255 3.450 I 1.737 1255 3.450 11.737 Direct Direcl Direct 7.274 10.214 19.596 15,928 10.666 386 7.274 10.214 19.596 15.928 10,666 386 3.996 (524) 9,791 Entertainment Equspment expense Dirert Direct Direct (524) 9.791 InsuTan¢e Interest Paid IT solhiare aNJ ¢onsDmabks Lic¢nses LighL power. heatin8 Pensions costs Postag¢. freight & ¢ouri¢r Printing & siation¢ry Professional ftts Racefit I Sports costs Rates & water Rent Repairs & maintManr£ Salartes SkylBTTV Staff ¢xpens¢s Stsff welfare Subscriptions Telephone & inteTnet V¢nding machine costs Direct DireL Direct Direct Direct 3.917 180 35,416 5,074 179 451 718 3.917 180 35.416 5.074 179 451 718 Direct DiTect Direct Dir¢¢t Staff time Di 4229 4229 1.958 468 10,386 165,325 9,557 186.160 9.557 201.160 15,000 193 375 2.986 11.903 2.770 193 375 2.986 11.903 2,770 17 2,008 4,906 14,079 1830 l5Q837 135 Direct Dirert Usage Direct Direct Grants Paid 369.4(M 35.975 405.378 513.222 Costs are alloted as aknve. The charity is ¢ngaged in one activity only x) the provision of Centre facilities and associated activities bave no subdivision of iwoDd a iYe4kik)wn of overall C( of Centre activities. 16
Notrs ft•nni•g wt of the nnudited fine1 statewemts for the yer eaded 31 Mareh 2023 (Coffjinxed) 7 Employllkenl cffits 2023 2022 Wages and salaries Social security costs Other Ftnsion costs 201.160 10,666 5.074 165,325 13,095 5,907 216.900 184J27 2023 2022 The average monthly Iad count of all ¢mployw excluding trustee& 26 21 No employee eamed more than £60.(N)O during the yex (2022: no onployee). 8 Trustees, rem4neY8tio• Dd expethses During the year no trustee received any reimbursement of expenses or remuneraiion or received payment for profrssional services supplied to the charity (2022: £Nil). 9 Movements in totsl fund$ for the year 2023 2022 This is staed after chargwg: Depreciation Accountaftt's remuneration for inderKJthnt examinalion Accountant's remunerirn for other financial servi5 29.810 2.025 4550 29.179 1.800 12.840 17
THE RACING CE1 LTD. Notrs formiAg part ofthe •llt¢d ststemeats for the year ended 31 Marth 21123 {Contknued) 10 TaDgible gssets land god and Pla•t & Computer equipmeqt M¥biuery EqDipment Charlty Cosl At l April 2022 Additions Disp)sals 924,438 329,634 11,575 1,857 1267,505 At 31 March 2023 329fj34 IlJ75 157 1367W5 At l April 2022 Provided forthe year Disp)saJs 203.895 12.967 304237 14.063 3.434 2JlS 409 511,974 29,810 At 31 March 2023 216362 318J 5.749 872 541.785 Net btyok val At 31 M•r¢k 2023 707J76 liJ34 s26 725,720 Ai 31 March 2022 720,543 25.397 8.141 1,449 755,530 IJ Investments 2023 2022 Market valve At l April 2022 Disposals Net investment gainTJ{lo&f¢s) 315,739 399.644 (108.255) 12,954 (13,236) 29,048 At 31 Martb 2023 194248 315.739 Cost at 31 Mareh 2023 31,146 Net Unrealis 8ain4{loss¢s) included in net inveslment gaIn(k)s$¢s) tn year {13.236) 29.048 The charity's investsnents include aft additional £2 in TesF£t of its holding of two £1 olllinary shares at cost in its wholty 0ed tradin8 subsidiary The New Asil¢y Cafe Limited. All inv¢stm¢nts we carried at their fair val. Investm¢Dts in equities a all traded in quoted publi¢ markets. primarily the London Stock Exchange. The basis for fair Val for quoted inv¢stm¢nts is equivalent to market value, using the bid wice. A&sd sales a&1 purchases aTr ree4)gnised * the dat¢ of ljwle at co# {tbat is their market value). 18
ThE RACING CE LTD. F4otes f•ming part of the uAa•dited finan¢i41 ststsments for the yetr e•de4131 Mar¢b 2023 (CoWinxeA) 11 Investmeots (Con¢iAMedJ The significan¢e of financial instruments on thc ongoing financial sustainabtlity of the charity is considered in the financial rEview and Invent 11¢Y and rfonnaDrK se£tions of the trste¢S. annual r¢porL The main risk to the charity from financial instrumettts lies in a combination of uncertain markets and volatility of equity income. The ¢huity manages thes¢ risks by op¢r8ting a FM)licy of inVeing in common investsnent fimds principlly designed for clwities which are quoted (m rrfognised stock exchanges. Consequently there is a low risk to liquidity. The charity also principa]ly hold5 its investment portfolio with a view to maintsining a longer term return and as such would exIrt short tern) volatility will be Corrected in the longer terny. 12 Debtors ChAiity Charity 2022 9.649 163,388 (150,837) 55 9,650 150.837 (150.837) 169 Amount due from subsidiary company Inter-company Provision Oth¢r debtors 22,255 9.819 13 Creditors: wounts falling doe withi* one yetr Charity 2023 Charity 2022 Trade credito Other laxes and la1 U)5ts A¢cral$ and deferred income Other Crditors J.538 5.728 2,025 7,459 2,073 5,537 1,800 2.667 16.750 12,077 19
otes fonJiJg part of the statemats for Ihe year eDded 31 Mar¢h 2023 (Continued) 14 Ikferred Charity 21ll3 Charity 2022 Balan(x as at l April 2022 Amount deferred in year Balance as at 31 Mar¢b 2023 15 ADalyth tsf net amts belweeR fu9 Charity F4llds- rurremt year Total Charity Fullds 2023 Funds Funds I76,808 194,250 41730 548.9l3 725.720 194250 50,982 tnvesthtents Net cuncnt assds .252 413,787 557.165 970,952 Charity Funds- prior year Totsl Ch8rity FMDdJ Funds 2022 Tangible a%q¢ts Investsnents Net cUt assets 188,012 315.741 52.504 567.518 755,530 315.741 76.439 23,935 556,257 591.453 1.147,710
THE RACtNG CENfRE LTD. Notes formillg part of the unaudited statemeots for the year eaded 31 March 2023 (Conlinuedj 16 Unrestricted Crretst year GeAerl De8igaat¢d Fund FuDd Total 2023 Balanc¢ at l Awil 2022 Net income/(exndl1urC} Net investment gain TranSfS 240.518 (129233) 315,739 55A257 (129233) (J3236) (13.236) (108.255) 108.255 BlDce at 31 March 2023 219.537 194,250 413.787 PTioryear General IksigDYdled FuDd FuDd Totsl 2022 Balanc¢ at l April 2021 Net in¢omel(¢xpenditure) Net investment gain Tjansfers 326.707 (199.143) 399.644 726J5J (l99,143) 29,048 29.048 (112.954) 111954 BalaD¢e at 31 Matth 2022 240.518 315,739 556.257 The Charitable Fixed Asset Fund represented tangible assets beld for the charity's charitsble use, with the ceptIon of those funded by restricted fimds detail¢d in oots 17. The expenditure in the period is the depreciation of those assets. 71K transfer to the Fund repTesents the net disposal proceeds of fixed assets in the year. Within the peri it bas be¢JJ merged with the general for simplification. Th¢ Capitsl rqments funds kld a% investsnerts as desi8naled by the truste&s. The objectiv¢ of the trust¢¢s is to estsblish a Capital Fun¢ the itK4xne fn)m which will enable the charity to provide continued support to its mernb¢rs. 21
THE RACING CENfRE LTD. Notrs fornii•g part of th¢ uaaudited fioavial statements for the yeAr e•ded 31 MArtk 21J23 {C•thia4ed) 17 Re8tri¢ttd Curre•t year l April 2022 31 Mgr¢h 2023 146291 405.087 16.140 1.278 11.689 6.246 383 15,000 1.000 ,072 5,023 850 6.000 1,148 145.013 393.398 9.894 607 Building Project Fund fvfoll¢r Tn)st Fund Sports England Fund Youth Engagement PTojwA T¢en Chill Swrts Day 2021 Staff Salary Subsidy Fund Yellow Brick Road Community Supp)rt Grants 2 Project Cold New En8laod Sd Racefit 15.1M) 1.072 5.023 850 9,4(Kl 1.4 8252 To¢al restricted 591.453 16.800 51,089 557.165 Prior year Expendikn Balance 31 Mgreh 2022 l Apiil 2021 BarRefurbishment Fund Building PToje¢t Fund Grow Together Fund Moller Trust Fuod P¢t¢r O'sulkvan Suite Fund SFrt)rts England Fund Youth Engagemetst Prtiit Digital Training Fund Teen Chill Swtts I>dy 2021 Staff Salary Subsidy Fund Yellow Brick Road Community Helpline Fund 148250 411.454 (1.959) (6.367) (2,(H)O) (6246) {1,040) (383) 146,291 405,087 22586 1.040 1373 15,( 20.000 16,140 990 15.(K)O {20,000) 1,000 ,072 5.023 850 1.7fJ) 30.(KK) (628) (24,977) (5,150) {278) 278 Total reslriet¢d fu•ds 622.503 37.978 (69.028) 591,453
fonDiDg Prt of the una1•ed fionei sla¢e•e•ts for the year ¢•ded 31 Mar¢h 2023 {CoAlinued) 17 ReJtTi¢ted tsnd$ (CoArfn4ed) The Racing Centre RefibiShet Fund (foTm#ty the bar TefuTbishment fimd) represents fijnds received for the purpose of the refiubislllnent of the CentsE'$ Lader Bar. These fimds were used to wver the bulk of th¢ refurbishment costy which have been ted to the value of Long twebold IAnd and Buildings. Th¢ expenditur¢ r¢pregettts the d¢pre¢iation of these refurbishments over the remaining Irf¢ of the Iw¢. The Building Proj¢ct Fund repteseDts funds rtczived for the purp)se of builditig improv¢mellts and new ¢quipmenL Costs to date have be¢n added trj the value of Long Ltasehold Land and Buildings and EquipmenL The WKoditU rew¢sents thc (kwrtiation of these costs ove¥ thetr resFctiv¢ lives. . Th¢ Moller Tn& fund rewescots fid5 re£¢ived for the p]rp)se of renovating the Moll¢r Suits. Exp¢oditi Teen Chill and Youth Engag¢m¢nt Project r¢presents fimd5 provided by the H8Tris Family Fun Police And Crime Commissioner and Grouodwork UK for oprational c4)Sts Telation events geared towards te¢n4g¢rs the I( community and supp)rt of mentsl wellbein SI England fvnd repr&Thts funds l1ved for the renewal of ¢quiIKn¢DL The Yellow Brick R(Md fund represthts funding ye1¥ed to host activiti¢s alon8 the Yellow Brick Road lin¢ar a footyath and community ofchard connecting Newmarket's northern suburbs with the centre of Newmarket. Community Sup[Kt Grants represents pnts given to indiviththls suffertng fr(m) th¢ COStf_1jYln8 crisis in Newmarkrt and swrounding villages. Pmj¢ct Cold represents funds received for the PT0ViSi of a soup kit¢hw acce to a warni Sp and the facilities to shower and for leisuTe Pur. fiMMI was set up to help thos¢ sufferjng financ1 Iwdship wiihin the community. The New galld Stud Racefit fimd ryesents funds Te1ved for the purclw¢ of lditional gyin equipmenL 23
foming part off tbe trDudited fiunoial $tstemeBts for the year ended 31 March 21123 (Continwd) Th¢ Racing C¢ntr¢ Ltd invoices th¢ N¢wAstky BarLimit¢(L a wholly owned trdding subsidiary for services. The related to labLW £38.973 (2022: £91.668) and £6,945 (2022: £6,548) for rther seryices. At 31 March 21)23 th¢ n¢t amount owed to The Ra¢ingC¢ntre Ltd. was £150.837 (2022: £150.837). Durin8 the y¢arended 31 March 2023. the trustees sought to Tevivw the indebteAlness of the inter-entity position with the subsidiary and noted that whilst the Charity was commtlled to the subsidi•tys activities as a whole and an integral p¥rt to the ov¢r811 ¢ffectiveness of th¢ Charity's operntiODS. it would be pnthnt to provide for the debt over the short tern]. The ocressary trs¢t10n$ are neCted in these accounts. No gift aid donations currentty due to the fjnancial performance of the subsidiary. During the The Racing Centre Ltd contracted with a mpanY under )mmOn control with the Centre Manager. John GilberL for cI¢8nin8 servic¢& CommeTcial Cleaners LTD. During the period this amounted to charges of £1,139 (2022. £1.935). Th¢ traD$¥ were uodeth at Startd market rates. During the p¢riod. The Racing Centre Ltd did not contract with SG Fitness. a ¢lose link of Centre Manager John Gilbert PTevii)usty providing suEKontra¢ted wr sessions to customers of The Racin8 Centre Ltd. This amounted to £NAI (2022: £465). The transactions were undertak¢n * Sland matetrdtes. During the year, The Racing Centre Ltd provided office 4>e and utilities to th¢ Natio11 AssociatiOT] of Racing Siaff(NARS)which totslled £21.565 (2022: £17.680). NARS is under common control of The Racing 19 Financi instrnmemts The ca]ng value of the charity's financial IJLSIncnts at 31 Mah 223 we. Charity . 2023 2Q22 Financial wets: tkbt irtstruments MeaSud at amortised cost Equity instrumems measured at COA kss impairn)ent knstruments Meas fa]rvae through the SOFA 194,248 319.892 194.250 319.894 Financial liabilities= easurtd at amortil Cost 17.118 12,077 24
THE RACING CENfRE LTD. Note8 forming part of the ouamdited statemeots ffor the year e•d¢d 31 March 2023 (coKAed) 20 COmpativ ststemenl of financi aetith by fttd for tke year ended 31 Marek 2022 U#restri¢ted Restricted Funds F#nds Toial ebarity 2021 Total fidS Donations 85.705 37.978 123.683 421.om Chan'lable activilies.. Operation of Centre Governmeni Grnnts 109.713 38.942 109.713 38.942 36.135 41268 Investments 10.693 10,693 12262 Total illcom¢ 245.053 37.978 283.031 510.709 EInd1Te OD: Chariiable aciiviftes.. Op¢ration of Centr¢ 444.194 69,028 513222 330.911 Totsl expendikn 293J57 69.028 513222 330.911 Net gains l (losses) on investments 29,048 29.048 58.40S Ylet ineomt l (eIndire) (J70.093) (31.050) (201.143) 238,203 TrDsfers belween f•tsds Net move*tnl in funds (170.093) (31,050) (201,143) 238203 Reconcili4twn offundf 726JS1 622 IJ48J54 1,110,651 Totsl fyllds ¢•rried fOrwd 556258 591,453 1,147.710 1,348,854 25
THE RACING CENTRE LTD. The pages whith follow do Dol form p¥t of the statsrtory financi•l stateMts of the charity 26
In¢ome and ¢Idi1¥ye account for the year ded 31 Mrcb 2023 Turno¥er Govcrnment Grnffits lThterest Income Invcsltncnt income 38,942 10.730 10.689 1537 77206 37.978 &500 74.929 J6A JQ034 Othu ReYenu¢- R¢stricted Don8iODS Other ReVen- Pledge Sol- BT Sates. Gym M¢TnlKr51llp Sa]es. Hall Hir Sales. Office Rentsl e5. Pvsona] TTriniDg Sal¢s. R¥¢fit $e$- Room HiTe SaJc5-Ticket Sak5 Totsl TyYDover 43.626 47.437 10,( 3.967 4fi135 36.647 iO.OfX 4242 4775 2.458 2.019 283Wi 7,302 Z41856 Cost•f SAles Com ofCrf Sotd Direct CosL8- Hardthip Ftmd rea EXSe$ DiTt Wag¢5 Tol•1 Cwt•fS 7.275 I.909 14 360 702 15,928 W92 215J61 274016 AdffiiDktratlve Costs Advthsir¢ & Matk¢tin8 Audit & Accouolw fers Bank Fee5 Cltanithg & Rcfvse Consultin8 20975 3.450 11.737 14,640 1861 8.959 25.1)( J 1.424 17.754 13.095 10214 19.5% 10.666 Depr¢¢iation E¥p¢nse. Employers NatKTrnal Insurantt EDl¢rt8lnlll. 1116 Ent¢rtwnmert.i(xe4 bu5ityess Equipm¢ni ExpMse 8.910 2.693 135 8.631 78 3.866 241 (524) Grnnts p9id Inrat$ Inttrett Paid tr Softwarc aEtd cUmable5 Le8At EKpens¢s Licens¢s Ligh( Power. HeiLB P¢n5ion5 Cl$ Posthg< Freight PrintinB& Statiottry Professional fees kritI Sports co* Ra & wat Rent RqKirs & MaintyJaoc¢ Salarie5 9.791 3,917 35.4J6 5,074 179 451 528 14.166 s,7 226 714 4329 1,958 9.557 201.1 iOJ86 165.325 SkyJBTTV 193 1253 375 l7 703 Sthff TTaini#g Staff w¢lfate SUbAptio1Lq Teltphonc& knt¢rnet TJivel- National Trip5 levcnts V¢ndiThg MathirK¢o 14,079 1770 2,830 27
Totsl AdmlAiqtr4liweC•Jts S•rplu$l (d¢fwit) for th¢ ye•r (i&w) (79J35) Oth¢rlD¢om¢ N¢t Inv¢5trn¢ni gain IOx&s) Totsl Other l•¢wmt <132361 {133 29JM8 Other E¥pthditsr*: tntcr-¢onJpany LO Pmis Totalotkn ExpMdliKre 15Q837 ISOW7 (201,143) 28