## **The Racing Centre Ltd.** Report and Unaudited Financial Statements Year Ended 31 March 2024 Registered Number: 05283686 ## **THE RACING CENTRE LTD.** ## **Report and unaudited financial statements for the year ended 31 March 2024** __________________________________________________________________________________________ |**Contents**|| |---|---| |**Page:**|| |2|Report of the trustees| |9|Independent examiner’s report| |10|Consolidated statement of financial activities| |11|Charity balance sheets| |12|Charity statement of cash flows| |13|Notes forming part of the financial statements| |__________________________________________________________________________________________|| ## **Trustees and members** |George McGrath (Chairman)|George McGrath (Chairman)| |---|---| |Reverend Simon Bailey|| |James Beazley|| |Amanda Prior|(Appointed 16/10/2023)| |The Honourable Peter Stanley|| |Nicholas Chapman|(Resigned 30/10/2023)| |Simone Sear|(Resigned 31/12/2023)| |Sharon Parkin|(Resigned 30/10/2023)| |**Company Secretary**|John Gilbert| |**and registered office**|The Racing Centre, Fred Archer Way, Newmarket, Suffolk, CB8 8NT| |**Centre Manager**|John Gilbert| |**Operations Manager**|Tara-Lee Oatley| |**Charity number**|1107833| |**Company number**|05283686| |**Independent examiner**|Lovewell Blake LLP, 2 Hillside Business Park Bury St Edmunds IP32 7EA| |**Bankers**|Barclays Bank Plc| |**Legal advisers**|Edmondson Hall Solicitors, 25 Exeter Road, Newmarket, Suffolk, CB8 8AR| 1 ## **THE RACING CENTRE LTD.** ## **Report of the trustees for the year ended 31 March 2024** __________________________________________________________________________________________ The trustees are pleased to present their report together with the unaudited financial statements of the charity for the year ended 31 March 2024 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. ## **Structure, Governance and Management** ## _**Governing Document**_ The Racing Centre is a company limited by guarantee governed by its Memorandum and Articles of Association dated 11 November 2004. It is registered as a charity with the Charity Commission. Anyone over the age of 18 can become a member of the charitable company subject to the approval of the trustees. At 31 March 2024 there were five members, each of whom agreed to contribute £10 in the event of the charitable company winding up. The charitable company was established to undertake the activities of the previously unincorporated charity, The New Astley Institute (charity number 67087) with effect from 1 April 2005, when the assets and liabilities of that charity were transferred to The New Astley Club, which changed its name to The Racing Centre Ltd. on 19 May 2014. ## _**Appointment of trustees**_ As set out in the Articles of Association the trustees are appointed by the members (of the charitable company) subject to the specific rules governing such appointments at meetings and the notice periods applicable. The directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. All trustees retired at the first Annual General Meeting. Thereafter one third of trustees retire at each Annual General Meeting. The trustees have the power to appoint trustees between Annual General Meetings subject to the retirement and possible reappointment of that trustee at the next Annual General Meeting. There is a minimum number of three trustees, and no maximum number. The trustees are mindful to the need to provide a mix of skills within their body when considering appointments. ## _**Trustee induction and training**_ There are no formal induction and trustee training procedures in place. However, new trustees are given copies of appropriate background information regarding the charity, its activities, structure, staff, and financial circumstances. All trustees are made aware of their legal obligations under charity and company law. Trustees are drawn from areas that have particular knowledge of the charitable company’s activities. The charitable company also encourages trustees to undertake appropriate training. 2 ## **THE RACING CENTRE LTD.** ## **Report of the trustees for the year ended 31 March 2024** _**(Continued)**_ ## **Structure, Governance and Management (C** _**ontinued)**_ ## _**Organisation**_ The trustees meet periodically to agree strategy and areas of activity for the Centre. Day to day management is undertaken by the Operations Manager and Centre Manager in consultation with the Chairman and other trustees as appropriate. The Centre Manager is assisted by a number of full and part time employees. The trustees and the Centre Manager are considered to be the key management personnel of the Centre. All trustees give their time freely and receive no remuneration or expenses in the year. The trustees review the pay of the Centre Manager periodically, and this is increased in accordance with their assessment of appropriate remuneration for their duties in relation to the particular circumstances of the Centre. Details of those in office during the year are given on the contents page of this report. ## _**Related parties**_ The charity has no formal links to other charities but does receive considerable support by way of donations from Racing Welfare, the Simon Gibson Charitable Trust, Godolphin, Childwick Trust, The EBM Charitable Trust, The Racing Foundation, The Alborada Trust, and other organisations. The charity undertakes initiatives in association with Racing Welfare, The Injured Jockeys Fund, British Racing School, and the National Association of Racing Staff (NARS). The charity operates a wholly owned trading subsidiary, The New Astley Café Limited. The company’s principal activity is the handling of routine catering activities at the Centre. The company gifts any profits to the Centre each year by gift aid, subject to the retention of profits where appropriate. ## **Objectives and activities** The Charity’s stated objectives, as stated in its Memorandum and Articles of Association are: “To establish an organisation for the benefit of persons employed in and about the stables and racing and training establishments in Newmarket and elsewhere by the provision of a club and youth centre and other facilities in the interests of social welfare for recreation and a leisure time occupation with the object of improving the condition of life for such persons being persons who by reason of their poverty or social and economic circumstances have need of such facilities and subject thereto for the use of such other residents of the town of Newmarket who for like reasons have need of such facilities.” A new Mission Statement and statement of Strategic Vision were agreed by the Trustees in 2022. ## Mission Statement: The Mission of the Racing Centre is to improve the quality of life for people working in the horseracing industry, and in our town, by providing a range of services and community development, through exercise, education, and social activities that support people to reach their full potential. Strategic Vision: _“To create a community hub in the heart of Newmarket for the horseracing industry and wider community, providing information, advice and guidance in partnership with other key agencies.”_ 3 ## **THE RACING CENTRE LTD.** ## **Report of the trustees for the year ended 31 March 2024** _**(Continued)**_ Our overarching objectives: - To maintain and to continue the development of a range of support services that meet the needs of people working in the racing industry and in the wider community of Newmarket - To continue the development of a supporting financial and fundraising plan - To work continually to raise awareness of the Centre and the support services it provides - To look constantly for opportunities to respond to the changing needs of the community it serves ## _**The Racing Centre Annual Review 2024**_ ## **Introduction:** Over the last financial year, the commitment of The Racing Centre to provide a wide range of support to racing industry workers, as well as the broader Newmarket community, has remained steadfast. Through our dedication to education, welfare, and community engagement, we have made significant strides in continuing to fulfil our mission to support the people who make the racing industry and town thrive. ## **Welfare Support:** The Centre has always put the welfare of racing industry workers at the heart of its activities. The Racing Welfare East team has operated from the Centre since 2014. Their recent departure has left a void and presented significant challenges to the Centre’s team. However, we have continued to support everyone coming to the Centre for help and have strengthened our ties with other charities and statutory bodies, in order to highlight the Centre as a place where people can seek help and receive swift, effective and efficient support. Over the course of the year, the Centre welcomed over 41,000 visits into the building. The Centre provides a welcoming, affordable, and safe community hub where anyone (but especially the most vulnerable) can access key health, wellbeing and educational services including a food bank, osteopath, mental health/wellbeing coaches, cancer care nurses, debt help and advisory services; as well as a variety of subsidised (or free) social activities to combat isolation and improve quality of life. The welfare offer was further improved with the commencement of a skin cancer screening clinic and the introduction of wellbeing coaches and social prescribers under the Primary Care Network for Forest Heath. ## **Community Engagement:** In the course of the year, the Racing Centre deepened its engagement with the local community through a variety of initiatives and events. Our community initiatives included ‘Racing’s Community Day’ where the industry takes time out of their day to give back to the community. This involved a litter pick event and more recently an open coffee morning in the Centre in May. The Racing Centre’s community engagement has extended over the past few months and has seen the installation of NHS clinics as well as other community health and wellbeing initiatives. These include a health station installed in our reception area which captures blood pressure, Body Mass Index, height, weight and heart rate. ## **Education and Training:** In 2024, The Racing Centre continued to host a comprehensive range of educational and training programs, tailored to the needs of individuals working within the racing industry. These are delivered and funded by the National Association of Racing Staff. The NARS education programme welcomed a wide range of individuals to the Centre to help them to develop and improve the fundamental skills needed to integrate into society. These courses included Photography for Beginners, English Speaking for Other Languages, Mathematics, and Mentoring. There are plans to launch courses in a handicapping and equine physiology and anatomy. 4 ## **THE RACING CENTRE LTD.** ## **Report of the trustees for the year ended 31 March 2024** _**(Continued)**_ __________________________________________________________________________________________ The Centre also welcomed the Love Newmarket BID, the Newmarket Journal, and Reach Community Projects into the building during the first half of 2024. These additions bring the building to full capacity and continue the development of a community hub that benefits both the racing industry and the wider Newmarket community. The Centre’s other tenants are The Voluntary Network, Newmarket Open Door, Forest Heath Primary Care Clinic, KP Osteopaths, National Association of Racing Staff, West Suffolk College, Newmarket Gymnastics Club and the New Astley Boxing Club. ## **Challenges and Opportunities:** Looking ahead, we see a number of exciting opportunities to further expand our impact and reach. By leveraging digital technology and strengthening our partnerships with industry stakeholders, we aim to enhance the accessibility and effectiveness of our programmes. Additionally, we will continue to explore new avenues for fundraising and revenue generation, ensuring the long-term sustainability of The Racing Centre and its mission. ## **Conclusion:** In conclusion, 2024 has been a year of resilience, development and progress. Despite the challenges we have faced, our dedication to supporting the racing industry and its wider community remains unwavering. We are immensely proud of the positive impact we have made, and we look forward to building on our achievements. We give particular thanks to our loyal staff and to our trustees and we thank particularly those trustees who retired during the year for their help, advice and support. Our thanks to those who support us financially is unstinted and it must be obvious that without them, we would be unable to continue the work that we do. With the continued support of our partners, volunteers and donors, we are confident that the Racing Centre will remain a vital resource for the racing community and Newmarket for many years to come. 5 ## **THE RACING CENTRE LTD.** ## **Report of the trustees for the year ended 31 March 2024** _**(Continued)**_ __________________________________________________________________________________________ ## _**Review of governance**_ The Centre continues to maintain flexibility in its operating model, thereby ensuring that its management staff and processes can respond swiftly to changing needs. ## _**Improvement of data**_ The Centre’s operations team has increased its outputs with the introduction of stricter reporting tools and systems. This has taken the form of newly installed point-of-sale systems, implementation of ‘ClickUp’, a project management tool, and further monitoring tools for both staff and customers. ## _**Financial review**_ The Racing Centre continued to provide critical services in the community backed by generous funding made available in the previous financial year. Overall income for the period fell to £240,996 (2023: £241,856). Costs have decreased to £312,312 (2023: £405,378) largely due to operational restructuring and staff reductions. Events of the last few years have served to increase the difficulties of fundraising. The Centre is entirely dependent upon the generosity of others to carry out its work and has been considering ways of finding support for its core funding, which has become increasingly difficult to meet. ## _**Reserves policy**_ Notes 15, 16 and 17 show the assets and liabilities attributable to the charity’s designated and restricted funds by type. These notes largely detail the trustees’ policy regarding reserves. The charity accounts include a designated Fund to reflect the value of investments held by the charity. At 31 March 2024 the charity’s designated investments were £212,092 (2023: £194,250) At 31 March 2024 the charity’s total restricted funds were £550,597 (2023: £557,165). The General Fund represents funds available for use in ongoing activities, amounting to £154,890 (2023: £219,537) at the year end. It is the general intention that the charity should aim to breakeven year on year. ## _**Investment policy and performance**_ Under the terms of the Memorandum and Articles of Association the charity has the power to invest in any way the trustees wish. The charity’s funds, which are managed by the trustees, are now held exclusively in UK common investment funds some of which are primarily designed for charities. The investments are held for the purpose of generating an income flow to support the ongoing work of the charity. These are detailed in note 11 of these financial statements. The main form of financial risk faced by the charity is that of volatility in investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. 6 ## **THE RACING CENTRE LTD.** ## **Report of the trustees for the year ended 31 March 2024** _**(Continued)**_ __________________________________________________________________________________________ ## **Financial review** _**(Continued)**_ The charity manages these risks by operating a policy of investing in funds, the majority of which are primarily designed for charities. The charity also principally holds its investment portfolio with a view to maintaining a longer-term return and as such would expect short-term volatility to be corrected over time. The Designated Capital Fund experienced an investment gain / loss of £17,842 (2023: (£13,236)). During the year, £Nil was transferred from the designated fund reserve to the general funds balance (2023: £108,255). After taking account of the investment gains, investments amounted to £212,092 (2023: £194,250) at the year end. ## _**Risk management**_ The trustees continue to review the major risks which the Centre is exposed to on an ongoing basis and believe that such reviews of the Centre’s activities and financial performance, together with the established systems in place, are sufficient to mitigate significant risks. In particular they have considered risks in the following areas: - Governance - Operations - Financial - Environmental or external factors - Compliance with legislation and regulations By effectively managing risk the Trustees ensure that: - Significant risks are known and monitored, enabling them to make informed decisions and take timely action; - The Centre can maximise its opportunities and develop them with confidence; The Centre’s aims are achieved more successfully. The most significant financial risks surround investment performance, which is addressed above and ongoing fundraising, which is dependent upon the support of a small number of charitable and other organisations. The charity continues to work closely with stakeholders to ensure ongoing support for its activities, whilst accepting that such activities can be sustained in the future only through the use of the charity’s reserves, should that support not be forthcoming. Most other risks identified above are covered as far as is practical by appropriate insurance cover, together with the use of appropriate professional advisors. 7 THE RACING CENTRE LTD. Report of the trustees for the year ended 31 March 2024 (Conlinued) Trnstees, Responsibilities The Trustees (who are algo the directors of the Racing Centre Ltd. for the purposes of Company Law) are r¢sponsible for prepaTtng the Trustees, RetK)rt and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢cepted Accounting Practice). Company law requires the T￿￿¢¢$ to prepare financial statements for each financiaI year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of r¢sOU￿¢s. including th¢ income and ¢xp¢nditure of the charity that ￿ri￿a. In ptcpaF&iig th05c financial statements, the Trustees are required to: select suitable accounting Ex)lici¢s and then apply them consistently" observe the methods and Principles in the Charities SORP. make judgements and estimates that are reasonable and p￿￿en( stat¢ wheth¢r applicable UK Accounting Standards have been followe(I subject to any material departures explain¢d in the financial statcments" and prepare the financial stat¢ments on the going concern basis unless it is inappropriate to presume that the ompany will continue (n business. Thc trust¢¢s are rcsponsible for keeptng proper accounting records that disclose with ￿sOnable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply witli die collip￿lIeS ALI 2006. Thry atr ￿lsu r¢sp)nsibl¢ fur safeguarding the assets of the charitable company and hence for tsking reasonable steps for the prev¢ntion and detection of fraud and other irregularities. This report has b¢cn prepa￿d in accothce with the provisions applicable to compani¢s ¢ntitled to th¢ small ¢ompanics' cxemption. On behalf of the trustees George MeGr2tb Chainnan ## **THE RACING CENTRE LTD.** ## **Independent examiner’s report to the Trustees of The Racing Centre Ltd.** __________________________________________________________________________________________ I report to the charity trustees on my examination of the financial statements of the company for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes. ## **Responsibilities and basis of report** As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’). Having satisfied myself that the financial statements of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's financial statements as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the financial statements do not accord with those records; or 3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or 4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. L Thurston FCCA Independent Examiner Lovewell Blake LLP Chartered accountants 2 Hillside Business Park Bury St Edmunds IP32 7EA 9 ## **THE RACING CENTRE LTD.** ## **Unaudited consolidated statement of financial activities for the year ended 31 March 2024** ___________________________________________________________________________________________________ |||**Unrestricted**|**Restricted**|**Total**|2023| |---|---|---|---|---|---| |||**Funds**|**Funds**|**charity**|Total| ||||||funds| ||**Notes**||||| |||**£**|**£**|
**£**|
£| |**Income from:**|||||| |Donations||78,527|10,340|88,867|101,783| |_Charitable activities_**_:_**|||||| |Operation of Centre|4|146,474|-|146,474|129,343| |Government Grants|4|-|-|-|-| |Investments|5|5,655|-|5,655|10,730| |**Total income**||230,656|10,340|240,996|241,856| |**Expenditure on:**|||||| |_Charitable activities_**_:_**|||||| |Operation of Centre|6|295,403|16,908|312,311|405,378| |**Total expenditure**||295,403|16,908|312,311|405,378| |Net gains / (losses) on investments|11|17,842|-|17,842|(13,236)| |**Net income / (expenditure)**||(46,905)|(6,568)|(53,473)|(176,758)| |**Transfers between funds**||-|-|-|-| |**Net movement in funds**||(46,905)|(6,568)|(53,473)|(176,758)| |**_Reconciliation of funds_**|||||| |Total funds brought forward||413,787|557,165|970,952|1,147,710| |**Total funds carried forward**||366,982|550,597|917,579|970,952| The notes on pages 11 to 25 form part of these unaudited financial statements 10 THE RACING CEiYfRE LTD. Unaudited eharity b*l8nce sheet at 31 March 21)24 Registration Number. 05283686 Chgrity 2024 Chartty 2023 Note Fixed assets Tangible assets Investments 10 702.501 212.092 725,720 194250 Total fixed assets 914.593 919,970 CunTnt gmets Debtors Cash at bank and in Iwid 12 13,401 7.096 22255 45,477 Total current assets 20,497 67,732 Creditors: ￿￿o￿nts falling due witbin one year 13 (17,511) (16.750) Net eurrent assets 2,986 50,982 Total net 15 917.579 970,952 Tbe funds of the clwity Unrestricledfund LTeneral fund Designated funds Rests￿ledfUn&w 16 16 17 154,890 212.092 550,597 219,537 194,250 557.165 Totsl funds 917,579 970,952 For the year ended 31 March 2024 the charitable company was entitled to the exemption from audit under section 477 of the Companies Act 2006 relating to small companies. No members have required the charitable company to obtsin an audit of its accounts for the year in question in accordance with stttion 476 of the Companies Act 2006. However, in accordance with section 145 of the Charities Act 2011 the accounts have been eK8mtned by an independent e&•niner whose retK)rt appears on p￿e 7. The TnL5tees acknowledge their restK)nsibility for cnmplying wiih the requirements of the Act with regard to accounttng records and for the preparation of accounts. These fllMn¢iat statements have been prepared in accordant¢ with the pmvisions applicable to companie5 subject to the Stnall companies, regime. Th¢ unaudited financial statements on pages 8 to 25 were approved awj authorised for issue by the trustees on George McGrath Chairman The notes on pages I I to 25 forni part of these unaudited financial thtement& ## **THE RACING CENTRE LTD.** ## **Unaudited statement of charity cash flows at 31 March 2024** __________________________________________________________________________________________________ |Net movement in funds
Depreciation charges
(Gains)/losses on investments
Investment income
(Increase)/decrease in debtors
Increase/(decrease) in creditors
**Net cash provided by / (used in) operating activities**
**Cash flows from investing activities:**
Investment income
Interest receivable
Purchase of fixed assets
Cash receipts from the sale of investments
**Cash provided by/(used in) investing activities**
**Increase (Decrease) in cash and cash equivalents in**
**the year**
**Cash and cash equivalents at the beginning of the**
**year**
**Total cash and cash equivalents at the end of the year**
**Analysis of cash and cash equivalents**
Cash in hand|**Charity**
**2024**
Charity
2023
**£**
£
(53,473)
(176,758)
23,219
29,810
(17,842)
13,236
(5,655)
(10,730)
8,853
(12,436)
861
4,673
(44,037)
(152,205)
5,655
10,730
-
-
-
-
-
108,255
5,655
118,985
(38,381)
(33,220)
45,477
78,697
7,096
45,477
7,096
45,477| |---|---| 12 **THE RACING CENTRE LTD.** ## **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** ## **1 Accounting policies** The principal accounting policies are set out below. ## _(a) Basis of preparation_ The unaudited financial statements (accounts) have been prepared under the historical cost convention and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006, and UK Generally Accepted Accounting Practice. The Racing Centre Ltd. is a private company limited by guarantee and a charity domiciled and registered in England (Company number 05283686, Registered Charity number 1107833), which constitutes a Public Benefit entity as defined by FRS102. The address of its registered office is Fred Archer Way, Newmarket, Suffolk, CB8 8NT. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. ## _(b) Going concern_ The trustees believe the going concern basis of preparing these financial statements is appropriate. The trustees feel that the charity has sufficient funds to meet its liabilities as they fall due for at least 12 months from the date of approving these accounts. In so doing, the trustees recognise the need for a continuing program of fundraising activity which is ongoing. ## _(c) Group financial statements_ The Charity is exempt by virtue of section 139(2) (exceptions to requirement to prepare group accounts) of the Charities Act 2011 from the requirement to prepare group financial statements. These financial statements present information about the charity as an individual undertaking and not about its group. ## _(d) Income recognition_ All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the monetary value can be measured with sufficient reliability. Donations are recognised when the charity has been notified of both the amount and settlement date, and it is probable that they will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it. Income from operation of the Centre is included when receivable and the amount can be measured reliably by the charity. Commercial trading income represents sales to outside customers less valued added tax. This income is recognised as goods and services provided to customers. 13 **THE RACING CENTRE LTD.** **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** _**(Continued)**_ ## **1 Accounting policies** _**(Continued)**_ ## _(d) Income recognition (Continued)_ Dividends are recognised once the income has been declared and notification has been received of the dividend receivable from the investment provider. Interest on funds held on deposit is included when receivable and the amount can be measured reliably, this is normally upon notification of the interest payable or paid by the bank. ## _(e) Expenditure recognition_ Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (f) below. The majority of costs are directly attributable to specific activities. Certain shared costs are apportioned to activities in furtherance of the objects of the charity and those of the trading subsidiary. Office costs and property related costs are apportioned on the proportion of floor area occupied by the activity. Costs of raising funds are those costs incurred on commercial trading activities which raise funds. Charitable activities include expenditure associated with the operation of the Centre and provision of facilities and activities. It includes both the direct costs and support costs relating to these activities. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. ## _(f) Allocation of support and governance costs_ Support costs include central functions and have been allocated to Centre activities and governance costs on a basis consistent with the use of the resources, staff costs by their time, and other costs by usage. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit, and legal and professional fees together with an apportionment of overhead and support costs. Support costs including governance costs have been allocated to charitable activities as analysed in note 6. ## _(g) Taxation_ The income and gains of the charity are exempt from corporation tax to the extent that they are applied to its charitable objectives. Recoverable income tax is accrued within the financial statements. 14 **THE RACING CENTRE LTD.** **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** _**(Continued)**_ ## **1 Accounting policies (** _**Continued)**_ ## _(h) Tangible fixed assets and depreciation_ Depreciation is calculated on all tangible assets at rates calculated to write off the cost, less estimated residual value of each asset over its expected useful life as follows: |Long leasehold land and buildings|-|99 years (term of lease)|99 years (term of lease)| |---|---|---|---| |Fixtures and equipment|-|20%|Per Annum on a straight-line basis| |Computer Equipment|-|25%|
Per Annum on a straight-line basis| |Plant and Machinery|-|20%|Per Annum on a straight-line basis| Individual fixed assets costing £500 or more are capitalised at cost. ## _(i) Fixed asset investments_ The charity’s investment in its wholly owned trading subsidiary is stated at cost. All other fixed asset investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. ## _(j) Realised gains and losses_ All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. ## _(k) Stocks_ Stocks are valued at the lower of cost and estimated selling price less costs to sell. Cost is based on the cost of purchase on a first in, first out basis. ## _(l) Debtors_ Trade and other debtors are recognised and the settlement due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due. ## _(m) Cash at bank_ Cash at bank 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. 15 **THE RACING CENTRE LTD.** **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** _**(Continued)**_ ## **1 Accounting policies** _**(Continued)**_ ## _(n) Creditors or provisions_ Creditors and provisions are recognised where the charity 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## _(o) Financial instruments_ The charity 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. ## _(p) Funds accounting_ Funds held by the charity are: _Unrestricted general funds –_ these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. _Designated funds –_ these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. _Restricted funds_ – these are funds created when grants or donations are made available for a particular purpose _,_ the use of which is restricted to that purpose _._ Further explanation of the nature and purposes of each fund is included in the notes to the accounts. Transfers between funds represent the charity’s net addition to or disposal of fixed assets and investments, which are ultimately held in the Charitable Fixed Assets Fund; and Gift Aid donations received from the noncharitable trading subsidiary. ## _(q) Pensions_ For defined contribution schemes the amount charged to unrestricted funds in the Statement of Financial Activities is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown either as accruals or prepayments. 16 **THE RACING CENTRE LTD.** ## **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** _**(Continued)**_ ## **Critical accounting estimates and areas of judgement** Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ## _Critical accounting estimates and assumptions_ The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. ## _Critical areas of judgement_ The trustees do not consider there to be any critical areas of judgement that have a significant effect on the amounts recognised in the financial statements. ## **3 Legal status of the charity** The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10. ## **4 Income from charitable activities** The income was primarily derived from the operation of the Centre |
Keep fit classes
Room hire
Hall hire
Racefit
Event Ticket sales
NARS income
Office Hire
Gym Membership
Miscellaneous sales|**2024**

**£**
4,229
12,005
40,624
4,620
639
17,459
11,100
45,459
10,339
146,474|2023
£
3,967
7,302
47,437
4,280
8
10,900
-
43,626
11,823
129,343| |---|---|---| ## **5 Income from investments** |Interest receivable - deposits
Dividends receivable from Common Investment Funds|**2024**
**£**
-
5,655
5,655|2023
£
-
10,730
10,730| |---|---|---| 17 ## **THE RACING CENTRE LTD.** ## **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** _**(Continued)**_ __________________________________________________________________________________________ ## **6 Expenditure on charitable activities** |Basis of
Allocation
**_Costs directly allocated to activities:_**
Advertising & marketing
Direct
Independent examination &
accountancy fees
Direct
Direct Costs
Direct
Staff Training
Bank fees
Direct
Cleaning & refuse
Direct
Cost of goods sold
Direct
Depreciation expense
Direct
Depreciation expense - restricted
Direct
Direct wages
Direct
Employers National Insurance
Direct
Entertainment
Direct
Equipment expense
Direct
General expenses
Direct
Insurance
Direct
Interest Paid
Direct
IT software and consumables
Direct
Licenses
Direct
Light, power, heating
Direct
Newspapers
Pensions costs
Direct
Postage, freight & courier
Direct
Printing & stationery
Direct
Professional fees
Direct
Racefit / Sports costs
Direct
Rates & water
Direct
Rent
Direct
Repairs & maintenance
Staff time
Salaries
Direct
Sky / BT TV
Direct
Staff expenses
Overhead
Staff welfare
Direct
Subscriptions
Direct
Telephone & internet
Usage
Tips
Travel - National
Direct
Vending machine costs
Direct
Grants Refunded
Overhead|**Centre**
**Activities**
**£**
2,129
-
1,390
718
3,661
9,618
1,342
7,641
15,579
7,727
8,987
532
3,286
24
7,529
(1)
4,472
2,808
20,971
425
4,335
143
217
316
83
6,696
360
5,322
149,114
-
-
99
3,457
8,273
235
199
2,517
-
280,207|**Governance**
**£**
17,105
15,000
32,105|**2024**
**Total**
**£**
2,129
17,105
1,390
718
3,661
9,618
1,342
7,641
15,579
7,727
8,987
532
3,286
24
7,529
(1)
4,472
2,808
20,971
425
4,335
143
217
316
83
6,696
360
5,322
164,114
-
-
99
3,457
8,273
235
199
2,517
-
312,312|2023
Total
£
3,572
20,975
3,290
1,255
3,450
11,737
7,274
10,214
19,596
15,928
10,666
386
3,996
(524)
9,791
-
3,917
180
35,416
5,074
179
451
718
60
4,229
600
9,557
201,160
5
193
375
2,986
11,903
-
-
2,770
4,000| |---|---|---|---|---| |||||405,378| Costs are allocated as above. The charity is engaged in one activity only, so the provision of Centre facilities and associated activities have no subdivision of beyond a breakdown of overall cost of Centre activities. 18 ## **THE RACING CENTRE LTD.** **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** _**(Continued)**_ |**7 Employment costs**
Wages and salaries
Social security costs
Other pension costs
The average monthly headcount of all permanent employees, excluding
trustees, was:
Full Time Equivalent
Ad hoc / part time staff
|**2024**
**£**
164,114
8,987
4,335
177,436
**2024**
**£**
7
15
22|2023
£
201,160
10,666
5,074
216,900
2023
£
10
16
26| |---|---|---| No employee earned more than £60,000 during the year (2023: no employee). ## **8 Trustees’ remuneration and expenses** During the year no trustee received any reimbursement of expenses or remuneration or received payment for professional services supplied to the charity (2023: £Nil). ## **9 Movements in total funds for the year** |**ovements in total funds for the year**||| |---|---|---| ||**2024**|2023| ||**£**|£| |This is stated after charging:||| |Depreciation|23,219|29,810| |Accountant’s remuneration for independent examination|2,225|2,025| |Accountant’s remuneration for other financial services|-|4,550| 19 ## **THE RACING CENTRE LTD.** ## **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** _**(Continued)**_ __________________________________________________________________________________________ ## **10 Tangible assets** |**Long**
**leasehold**
**land and**
**buildings**
**Fixtures and**
**equipment**
**Plant &**
**Machinery**
**Computer**
**Equipment**
**£**
**£**
**£**
**£**
_Cost_
At 1 April 2023
924,438
329,634
11,575
1,857
Additions
-
- -
-
Disposals
-
-
-
-
**At 31 March 2024**
**924,438**
**329,634**
**11,575**
**1,857**
_Depreciation_
At 1 April 2023
216,862
318,300
5,749
872
Provided for the year
12,967
7,473
2,315
464
Disposals
-
-
-
-
**At 31 March 2024**
**229,829**
**325,773**
**8,064**
**1,336**
_Net book value_
**At 31 March 2024**
**694,609**
**3,861**
**3,511**
**520**
At 31 March 2023
707,576
11,334
5,826
984
**11 Investments**
**2024**
**£**
**Market value**
At 1 April 2023
194,248
Disposals
-
Net investment gains/(losses)
17,842
**At 31 March 2024**
212,090
**Cost at 31 March 2024**
-
Net unrealised gains/(losses) included in net
investment gains/(losses) in year
17,842|**Charity**
**Total**
**£**
1,267,505
-
-
**1,267,505**
541,785
23,219
-
**565,004**
**702,501**
725,720
2023
£
315,739
(108,255)
(13,236)
194,248
-
(13,236)| |---|---| The charity’s investments include an additional £2 in respect of its holding of two £1 ordinary shares at cost in its wholly owned trading subsidiary The New Astley Café Limited. All investments are carried at their fair value. Investments in equities are all traded in quoted public markets, primarily the London Stock Exchange. The basis for fair value for quoted investments is equivalent to market value, using the bid price. Asset sales and purchases are recognised at the date of trade at purchase or sale price. 20 **THE RACING CENTRE LTD.** ## **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** _**(Continued)**_ __________________________________________________________________________________________ ## **11 Investments** _**(Continued)**_ The significance of financial instruments on the ongoing financial sustainability of the charity is considered in the financial review and investment policy and performance sections of the trustees’ annual report. The main risk to the charity from financial instruments lies in a combination of uncertain markets and volatility of equity income. The charity manages these risks by operating a policy of investing in common investment funds principally designed for charities, which are quoted on recognised stock exchanges. Consequently there is a low risk to liquidity. The charity also principally holds its investment portfolio with a view to maintaining a longer-term return and as such would expect short-term volatility will be corrected in the longer term. ## **12 Debtors** |**tors**||| |---|---|---| ||**Charity**|Charity| ||**2024**|2023| ||**£**|£| |Trade Debtors|10,544|9,649| |Amount due from subsidiary company|153,639|163,388| |Inter-company Loan Provision|(150,837)|(150,837)| |Other debtors|55|55| ||13,401|22,255| |**ditors: amounts falling due within one year**||| ||**Charity**|Charity| ||**2024**|2023| ||**£**|£| |Trade creditors|3,002|1,538| |Other taxes and social security costs|6,752|5,728| |Accruals and deferred income|-|2,025| |Other Creditors|7,757|7,459| ||17,511|16,750| ## **13 Creditors: amounts falling due within one year** 21 ## **THE RACING CENTRE LTD.** ## **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** _**(Continued)**_ __________________________________________________________________________________________ ## **14 Deferred income** Deferred income comprises income received in advance. |Deferred income comprises income received in advance.||| |---|---|---| |Balance as at 1 April 2023
Amount released to income earned from charitable activities
Amount deferred in year
Balance as at 31 March 2024|**Charity**
**2024**
**£**
-
-
-
-|Charity
2023
£
-
-
-| |||-| ## **15 Analysis of net assets between funds** |**Charity Funds – current year**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**£**
**£**
Tangible assets
169,167
533,334
Investments
212,092
-
Net current assets
(14,277)
17,263
366,982
550,597
**Charity Funds – prior year**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**£**
**£**
Tangible assets
176,808
548,913
Investments
194,250
-
Net current assets
42,730
8,252
413,787
557,165|**Total**
**Charity**
**Funds**
**2024**
**£**
702,501
212,092
2,986
917,579
**Total**
**Charity**
**Funds**
**2023**
**£**
725,720
194,250
50,982
970,952| |---|---| 22 ## **THE RACING CENTRE LTD.** ## **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** _**(Continued)**_ __________________________________________________________________________________________ |**16 Unrestricted funds**
**Current year**
Balance at 1 April 2023
Net income/(expenditure)
Net investment gain
Transfers
**Balance at 31 March 2024**
**Prior year**
Balance at 1 April 2022
Net income/(expenditure)
Net investment gain
Transfers
**Balance at 31 March 2023**|**General**
**Fund**
**Designated**
**Fund**
**£**
**£**
219,537
194,250
(64,747)
-
-
17,842
-
-
154,890
212,092
**General**
**Fund**
**Designated**
**Fund**
**£**
**£**
240,518
315,739
(129,233)
-
-
(13,236)
108,255
(108,255)
219,537
194,250|**Total**
**2024**
**£**
413,787
(64,747)
17,842
-
366,982
**Total**
**2023**
**£**
556,257
(129,233)
(13,236)
-
413,787| |---|---|---| The Designated Fund represents funds held as investments as designated by the trustees. The objective of the trustees is to establish a reserved Designated Fund, the income from which will enable the charity to provide continued support to its members. 23 ## **THE RACING CENTRE LTD.** ## **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** _**(Continued)**_ __________________________________________________________________________________________ ## **17 Restricted funds** |**Current year**
Café Refurbishment Fund
Building Project Fund
Moller Trust Fund
Sports England Fund
Project Cold
Public Mental Health Funding 2023
**Total restricted funds**
**Prior year**
Café Refurbishment Fund
Building Project Fund
Moller Trust Fund
Sports England Fund
Youth Engagement Project
Teen Chill
Sports Day 2021
Staff Salary Subsidy Fund
Yellow Brick Road
Community Support Grants 2022
Project Cold
New England Stud Racefit
**Total restricted funds**||**Balance**
**1 April**
**2023**
**£**
145,013
393,398
9,894
607
8,252
-
557,165
**Balance**
**1 April**
**2022**
**£**
146,291
405,087
16,140
990
15,000
1,000
1,072
5,023
850
-
-
-
591,453|**Income**
**Expenditure**
**£**
**£**
-
1,359
-
11,689
-
2,228
-
383
6,400
599
3,940
650
10,340
16,908
**Income**
**Expenditure**
**£**
**£**
-
1,278
-
11,689
-
6,246
-
383
-
15,000
-
1,000
-
1,072
-
5,023
-
850
6,000
6,000
9,400
1,148
1,400
1,400
16,800
51,089|**Balance**
**31 March**
**2024**
**£**
143,654
381,709
7,666
224
14,053
3,290| |---|---|---|---|---| |||||550,597| |||||**Balance**
**31 March**
**2023**
**£**
145,013
393,398
9,894
607
-
-
-
-
-
-
8,252
-| |||||557,165| 24 ## **THE RACING CENTRE LTD.** ## **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** _**(Continued)**_ ______________________________________________________________________________________ ## **17 Restricted funds** _**(Continued)**_ The Café Refurbishment Fund (formerly The Racing Centre Refurbishment Fund) represents funds received for the purpose of the refurbishment of the Centre’s Café. These funds were initially used to cover the bulk of the refurbishment costs, which have been added to the value of Long Leasehold Land and Buildings. The expenditure represents the depreciation of these refurbishments over the remaining life of the lease. The Building Project Fund represents funds received for the purpose of building improvements and new equipment. Costs to date have been added to the value of Long Leasehold Land and Buildings and Equipment. The expenditure represents the depreciation of these costs over their respective lives. The Moller Trust fund represents funds received for the purpose of renovating the Moller Suite. Expenditure represents costs incurred in undertaking those refurbishments and subsequent depreciation. Teen Chill and Youth Engagement Project represents funds provided by the Harris Family Fund, Police and Crime Commissioner and Groundwork UK for operational costs in relation to events geared towards teenagers in the local community and support of mental wellbeing. Sports England fund represents funds received for the renewal of gym equipment. The Yellow Brick Road fund represents funding received to host activities along the Yellow Brick Road linear park, a footpath and community orchard connecting Newmarket’s northern suburbs with the centre of Newmarket. Community Support Grants represents grants given to individuals suffering from the cost-of-living crisis in Newmarket and surrounding villages. Project Cold represents funds received for the provision of a soup kitchen, access to a warm space and the facilities to shower and for leisure purposes. This fund was set up to help those suffering financial hardship within the community. The New England Stud Racefit fund represents funds received for the purchase of additional gym equipment. The Public Mental Health fund was provided to purchase and operate a volunteer platform for a 12-month period within the Newmarket locality. 25 **THE RACING CENTRE LTD.** ## **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** _**(Continued)**_ __________________________________________________________________________________________ ## **18 Related Party Transactions** The Racing Centre Ltd invoices the New Astley Café Limited, a wholly owned trading subsidiary for services. These related to labour £35,247 (2023: £38,973) and £0 (2023: £6,945) for other services. At 31 March 2024 the net amount owed to The Racing Centre Ltd. was £153,639 (2023: £163,388). During the year ended 31 March 2024, the trustees sought to review the indebtedness of the inter-entity position with the subsidiary and noted that whilst the Charity was committed to the subsidiary's activities as a whole and as an integral part to the overall effectiveness of the Charity's operations, it would be prudent to provide for the debt over the short term. The necessary transactions are reflected in these accounts. No gift aid donations are currently expected due to the financial performance of the subsidiary. During the year, The Racing Centre Ltd contracted with a company under common control of the Centre Manager, John Gilbert, for cleaning services, Commercial Cleaners Ltd. During the period this amounted to charges of £2,030 (2023: £1,139). The transactions were undertaken at standard market rates. During the year, The Racing Centre Ltd provided office space and utilities to the National Association of Racing Staff (NARS) which totalled £17,459 (2023: £21,565). NARS is under common control of The Racing Centre Ltd’s chairman, George McGrath. The transactions were undertaken at standard market rates. ## **19 Financial instruments** The carrying value of the charity’s financial instruments at 31 March 2024 were: |Financial assets:
Debt instruments measured at
amortised cost
Equity instruments measured at cost less impairment

Instruments measured at fair value
through the SOFA
Financial liabilities:
Measured at amortised cost|**Charity**
**2024**
**£**
-
2
212,090
212,092
2,850|Charity
2023
£
-
2
194,248
194,250
17,118| |---|---|---| 26 ## **THE RACING CENTRE LTD.** ## **Notes forming part of the unaudited financial statements for the year ended 31 March 2024** _**(Continued)**_ __________________________________________________________________________________________ ## **20 Comparative statement of financial activities by fund for the year ended 31 March 2023** |||**Unrestricted**|**Restricted**|**Total**|2022| |---|---|---|---|---|---| |||**Funds**|**Funds**|**charity**|Total| ||||||funds| ||**Notes**||||| |||**£**|
**£**|
**£**|
£| |**Income from:**|||||| |Donations||84,983|16,800|101,783|123,683| |_Charitable activities_**_:_**|||||| |Operation of Centre|4|129,343|-|129,343|109,713| |Government Grants|4|-|-|-|38,942| |Investments|5|10,730|-|10,730|10,693| |**Total income**||225,056|16,800|241,856|283,031| |**Expenditure on:**|||||| |_Charitable activities_**_:_**|||||| |Operation of Centre|6|354,289|51,089|405,378|513,222| |**Total expenditure**||354,289|51,089|405,378|513,222| |Net gains / (losses) on investments|11|(13,236)|-|(13,236)|29,048| |**Net income / (expenditure)**||(142,469)|(34,289)|(176,758)|(201,143)| |**Transfers between funds**||-|-|-|-| |**Net movement in funds**|9|(142,469)|(34,289)|(176,758)|(201,143)| |**_Reconciliation of funds_**|||||| |Total funds brought forward||556,258|591,453|1,147,710|1,348,854| |**Total funds carried forward**||413,787|557,165|970,952|1,147,710| 27 **THE RACING CENTRE LTD.** ______________________________________________________________________________________________ The pages which follow do not form part of the statutory financial statements of the charity 28 ## **THE RACING CENTRE LTD.** ## **Income and expenditure account for the year ended 31 March 2024** **_______________________________________________________________________________________** |**Turnover**|**2024**|**2023**| |---|---|---| |Investment income|5,655|10,730| |Other Revenue|10,339|11,824| |Other Revenue - Donations|73,912|74,929| |Other Revenue - Restricted Donations|10,340|16,800| |Other Revenue - Trainers Pledge|4,615|10,054| |Sales - BT|975|900| |Sales - Gym Membership|45,459|43,626| |Sales - Hall Hire|40,624|47,437| |Sales - Office Rental|27,584|10,000| |Sales - Personal Training|4,229|3,967| |Sales - Racefit|4,620|4,280| |Sales - Room Hire|12,005|7,302| |Sales - Ticket Sales|639|8| |**Total Turnover**|**240,996**|**241,857**| |**Cost of Sales**||| |Cost of Goods Sold|1,342|7,275| |Direct Expenses|1,390|3,190| |Direct Wages|7,727|15,928| |Total Cost of Sales|10,459|26,392| |**Gross Profit**|**230,537**|**215,464**| |**Administrative Costs**||| |Advertising & Marketing|2,129|3,572| |Audit & Accountancy fees|14,880|20,975| |Bank Fees|3,661|3,450| |Cleaning & Refuse|9,618|11,737| 29 ## **THE RACING CENTRE LTD.** |Depreciation Expense|7,641|10,214| |---|---|---| |Depreciation Expense - Restricted|15,579|19,596| |Employers National Insurance|8,987|10,666| |Entertainment-100% business|532|386| |Equipment Expense|3,286|3,996| |General Expenses|24|(524)| |Grants paid|-|4,000| |Insurance|7,529|9,791| |Interest Paid|(1)|-| |IT Software and Consumables|4,472|3,917| |Legal Expenses|316|190| |Licenses|2,808|180| |Light, Power, Heating|20,971|35,416| |Newspapers|425|-| |Pensions Costs|4,335|5,074| |Postage, Freight & Courier|143|179| |Printing & Stationery|217|451| |Professional fees|-|528| |Racefit / Sports costs|83|60| |Rates & water|6,696|4,229| |Rent|360|600| |Repairs & Maintenance|5,322|9,557| |Salaries|164,114|201,160| |Sky / BT TV|-|5| |Staff expenses|-|193| |Staff Training|718|1,255| |Staff welfare|99|375| |Subscriptions|3,457|2,986| |Telephone & Internet|8,273|11,903| |Tips|235|-| |Travel - National|199|-| |Vending Machine costs|2,517|2,770| |**Total Administrative Costs**|**299,628**|**378,886**| 30 ## **THE RACING CENTRE LTD.** |**Surplus / (deficit) for the year**|**(9,090)**|**(163,422)**| |---|---|---| |**Other Income**||| |Net Investment gain / (Loss)|17,842|(13,236)| |**Total Other Income**|**17,842**|**(13,236)**| |**Net movement in funds**|**(51,248)**|**(176,658)**| 31