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← The Racing Centre Ltd

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 05283686 (England and Wales) REGISTERED CHARITY NUMBER: 1107833

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2025

for

The Racing Centre Ltd.

The Racing Centre Ltd.

Contents of the Financial Statements for the Year Ended 31 March 2025

Page
Report of the Trustees 1 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9 to 10
Notes to the Financial Statements 11 to 23
Detailed Statement of Financial Activities 24 to 25

The Racing Centre Ltd.

Report of the Trustees for the Year Ended 31 March 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with
the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of
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 (FRS 102)
(effective 1 January 2019).

The Racing Centre Ltd. is a registered charity, registration number 1107833.  The charity is managed by a Board of
Trustees and organised in accordance with its governing document.

The running of the Centre is delegated to the chief executive officer, John Gilbert, who operates within guidelines set
down by the Trustees.

The financial statements have been prepared in accordance with the governing document and relevant statutory
requirements. The net assets of the centre are available and adequate to fulfil its obligations.

The Trustees are aware of the requirements under Charities SORP (FRS 102) to identify and mitigate risks faced by the
organisation and are adopting appropriate policies to reduce exposure to those risks.

OBJECTIVES AND ACTIVITIES

Objectives and aims

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."

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

Over the past year, the Racing Centre has further strengthened its position at the heart of the Newmarket community
and bloodstock industry, responding to emerging needs while remaining firmly rooted in its founding values of
wellbeing, inclusion, and opportunity.

Through the dedication of our staff, volunteers, supporters and partners, the Centre has been able to expand its services,
launch new initiatives and deliver real outcomes across a diverse range of programmes. This report highlights the key
developments and achievements over the past twelve months.

Community Pantry

Since opening in January 2025, the Newmarket Community Pantry has quickly become a vital support for local families
facing food insecurity. Offering a wide range of affordable, fresh and frozen goods, the Pantry helps reduce financial
pressures while ensuring dignity and choice for its members. The steady growth in membership reflects both the
growing need and strong word-of-mouth in Newmarket and the surrounding areas.

Membership is currently maintained at a steady capacity of around 75 households at any one time. As families and
individuals achieve greater financial stability, a natural rotation occurs, allowing others in need to access support as
spaces become available. This dynamic ensures that the Pantry remains responsive to changing circumstances while
continuing to provide timely and effective assistance. The model not only offers immediate relief but also helps
promote financial independence, with scope for further development as demand continues and opportunities arise to
widen the service.

Page 1

The Racing Centre Ltd.

Report of the Trustees for the Year Ended 31 March 2025

Supported by a dedicated staff member and team of volunteers, the Pantry also offers signposting to additional support
services that promote wellbeing and financial resilience. This initiative, made possible through the support of West
Suffolk District Council and a private family trust, continues to grow as an important part of our wider community
work.

Fundraising and Financial Growth

The engagement of fundraising support during the year has significantly strengthened the Centre's ability to secure new
grant funding and donations. Through proactive engagement with a broad range of funders, total donations have
increased, providing vital resources for both core services and new projects such as the Pantry.

We remain deeply grateful to all our supporters during this year, including The Alborada Trust, The Thompson Family
Charitable Trust, The Simon Gibson Charitable Trust, Racing Welfare, PF Charitable Trust, The Childwick Trust, HDH
Wills Charitable Trust, The Racing Foundation, Suffolk Community Foundation, West Suffolk Council, Bruce Wake
Charitable Trust, The Tudwick Foundation, and the ROPE Trust, whose generosity enables us to continue meeting the
growing needs of the community.

RaceFit Gym

RaceFit Gym has remained a consistent and valuable part of the Centre's wellbeing offer, with steady membership
levels drawn from both the bloodstock industry and the wider community. Membership subscriptions, along with
additional services such as senior fitness classes and shower access, continue to contribute a strong and stable income
stream. Plans for further development include the addition of more accessible equipment and expanded service
offerings to meet growing demand.

Industry Welfare and Substance Misuse Support

The Racing Centre remains at the forefront of industry collaboration to address workforce wellbeing and safeguarding.
As an active partner within the Substance Misuse Support Network (SMSN), the Centre has played a leading role in
delivering joint actions around substance misuse, welfare, and safeguarding, while providing a secure space for
confidential counselling meetings and other activities to support the safeguarding of individuals.

This work has also informed the Centre's growing involvement in youth support and engagement, recognising the
critical importance of resilience, wellbeing, and early intervention in maintaining the long-term sustainability of the
equine workforce.

Locality and Health Partnerships

The Racing Centre continues to be a key partner within the West Alliance Locality Group, a collaboration of
organisations working to improve health and well-being in the West Suffolk area, helping to drive efforts across
community, statutory and voluntary sectors. Through these partnerships, new services have been successfully delivered
from the Centre, including a skin cancer analytics clinic, wellbeing coaches, and social prescribing appointments. These
developments reflect our shared commitment to ensuring that health and support services are accessible to the
community in trusted, local settings.

Youth Engagement and Future Workforce

Recognising the importance of supporting young people both within the community and the industry, the Centre has
appointed a part-time Youth Development Officer who commenced work on the 30th of June. This role will focus on
creating targeted events, activities and support programmes designed to engage and empower young people, helping
them develop the skills, confidence and wellbeing needed for successful careers in racing and wider sectors. Investing
in youth development remains central to ensuring positive recruitment, retention and long-term workforce sustainability
within the bloodstock industry.

Listening to Our Community

To inform our ongoing service development, a targeted survey was conducted during the year to assess awareness,
usage and potential improvements for the Centre's facilities. The findings revealed strong awareness of physical
facilities such as the gym and café, but highlighted opportunities to improve engagement with welfare and support
services. Suggestions from the survey will help shape our future plans, activities and initiatives.

Page 2

The Racing Centre Ltd.

Report of the Trustees for the Year Ended 31 March 2025

Ambassador Programme

Looking ahead, the Centre is preparing to launch The Racing Centre Ambassador Programme, engaging respected
individuals from across the local racing and bloodstock sectors to act as advocates for our work. These ambassadors
will support events, foster industry connections and raise awareness, ensuring that the Centre remains closely aligned
with the evolving needs of the industry and community it serves.

Conclusion

The Trustees remain proud of the Racing Centre's continued growth, its partnerships and its meaningful impact both
within the bloodstock industry and the wider local community. With wellbeing, opportunity, and collaboration at its
core, the Centre is well positioned to adapt and respond to future challenges while remaining a valued resource at the
heart of Newmarket. We extend our sincere thanks to the staff, volunteers, funders, and partners whose collective
commitment has made these achievements possible.

FINANCIAL REVIEW

Financial position

The Racing Centre continued to provide critical services in the community backed by generous funding made available
in the previous and current financial year.

Overall income for the period grew to £368,495 (2024: £240,996).

Costs have marginally increased to £316,685 (2024: £312,211) due to new initiatives and projects commencing.

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

Note 18 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 2025 the charity's designated investments were valued at £202,210 (2024: £212,092).

At 31 March 2025 the charity's total restricted funds were £560,274 (2024: £550,597).

The General Fund represents funds available for use in ongoing activities, amounting to £197,024 (2024: £154,890) 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 may decide. The charity's funds, which are managed by the trustees, are now held (other than funds held in
cash) exclusively in UK common investment funds 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 14
of these financial statements.

The charity 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 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.

The Designated Capital Fund experienced an investment loss for the year of £9,882 (2024: gain for the year of
£17,842).

Page 3

The Racing Centre Ltd.

Report of the Trustees for the Year Ended 31 March 2025

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
trustee (and thereby a member of the charitable company) subject to the approval of the trustees. At 31 March 2025
there were six trustees, 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.

Recruitment and appointment of new 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 of the need to provide a mix of skills within their body
when considering appointments.

Organisational structure

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 Chief Executive in consultation with the Chairman and other trustees as
appropriate. The Chief Executive is assisted by a number of full and part time employees.

The trustees and the Chief Executive 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 Chief
Executive 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.

Induction and training of new trustees

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.

Related parties

Related party disclosures are detailed in note 18 of the financial statements.

The charity has no formal links to other charities but does receive considerable support by way of donations from other
charities and organisations.

The charity operates a wholly owned trading subsidiary, The New Astley Cafe 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.

Page 4

The Racing Centre Ltd.

Report of the Trustees for the Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management

The trustees continue to review the major risks to which the Centre is exposed 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.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

05283686 (England and Wales)

Registered Charity number

1107833

Registered office

The Racing Centre
Fred Archer Way
Newmarket
Suffolk, CB8 8NT

Trustees

Reverend S Bailey
J A J Beazley
J Fanshawe (appointed 13.9.24)
G McGrath (Chairman)
Mrs A L Prior
The Hon P H C Stanley

Company Secretary

J M Gilbert

Page 5

The Racing Centre Ltd. Report of the Trustees for the Year Ended 31 March 2025 REFERENCE AND ADMINISTRATIVE4 DETAILS Independent Examiner Ada￿Burt ACAFCCA HSA&Co CharLered Accountants I.ewi.8 HLlU ge Greal Chesterford Court Great Chesterford Essex. CBIO IPF TRUSTEES, RESPONSIBILITY STATEMENT The trustees (who are also the directors of The Racing Centre Ltd. for the purposes of company law) are responsible for preparing the Report of tbe Trusteeg and the fJn¢mcial staiemenis in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Gener&lly Accepted Accounting Practice). Cotllpanv law requires the tru£tees to prepare fmancial slatements for each f￿ancial 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 resources, including the income and expenditure, of the charitable company for that period. In preparing those financial sttitements. the trustees are required lo select suitable accounting policies and then apply them consistently; observe the methods and principles in tlie Charity SORP; make judgements and estimates that are re&sonable and prudent" 11 prepare the fmancial statements on the going conceni basis unless it is inappropriate to Presume that the charitable company will continue in business. The trustees are responsible for keepin(y proper accounting records which disclose with reasonable accuracy at any time the fjnancial position of the charitable CoMp￿]Y and to enable them to ensure that the financial statements comply widi the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection f fraud and other irregujarities. Approved by order of the board of trustees on . and signed on its behalf by. G TvtcGrath. - Ch2ir.m.an Page 6

Independent Examiner's Report to the Trustees of The Racing Centre Ltd.

Independent examiner's report to the trustees of The Racing Centre Ltd. ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts 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 charity's accounts 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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

The firm in which I am a partner provides bookkeeping services to your charity, and I can confirm that I am not the bookkeeper, I do not report directly to the bookkeeper, and I have applied the FRC's Revised Ethical Standard.

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:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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 accounts 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.

----- Start of picture text -----
Ma Sart
----- End of picture text -----

Adam Burt ACA FCCA

HSA & Co Chartered Accountants Lewis House Great Chesterford Court Great Chesterford Essex CB10 1PF

20/11/2025 Date: .............................................

Page 7

The Racing Centre Ltd.

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2025

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
4
126,895
Charitable activities
6
Operation of Centre
155,566
Investment income
5
6,043
Total
288,504
EXPENDITURE ON
Charitable activities
7
Operation of Centre
211,696
Governance
34,674
Total
246,370
Net gains/(losses) on investments
(9,882)
NET INCOME/(EXPENDITURE)
32,252
RECONCILIATION OF FUNDS
Total funds brought forward
366,982
TOTAL FUNDS CARRIED FORWARD
399,234		 Restricted
funds
£
79,991
-
-
79,991
70,314
-
70,314
-
9,677
550,597
560,274		 2025
Total
funds
£
206,886
155,566
6,043
368,495
282,010
34,674
316,684
(9,882)
41,929
917,579
959,508		 2024
Total
funds
£
88,867
146,474
5,655
240,996
280,106
32,105
312,211
17,842
(53,373)
970,952
917,579

The notes form part of these financial statements

Page 8

The Racing Centre Ltd.

Balance Sheet 31 March 2025

Notes
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
18
Unrestricted funds:
General fund
Designated fund
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
156,992
202,210
359,202
27,786
27,209
54,995
(14,963)
40,032
399,234
399,234		 Restricted
funds
£
532,629
-
532,629
-
33,414
33,414
(5,769)
27,645
560,274
560,274		 2025
Total
funds
£
689,621
202,210
891,831
27,786
60,623
88,409
(20,732)
67,677
959,508
959,508
197,024
202,210
560,274
959,508		 2024
Total
funds
£
702,501
212,092
914,593
13,401
7,096
20,497
(17,511)
2,986
917,579
917,579
154,890
212,092
550,597
917,579

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 9

The RacitRg Centre Ltd. Balance Sheet . u)lltillued 31 March 2025 These financial statements have been wepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The fi ncial•Statements were approved by the Board of Trustees and authorised for issue on nd were signed on its behalf by: G frfcGtath - ChaiM￿n The notes fomi part of these fmancial statements Page 10

The Racing Centre Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2025

1. PRESENTATION CURRENCY

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about The Racing Centre Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

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.

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.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

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.

continued...

Page 11

The Racing Centre Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Expenditure

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

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.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

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.

continued...

Page 12

The Racing Centre Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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.

4. DONATIONS AND LEGACIES

Donations
Grants
Grants received, included in the above, are as follows:
West Suffolk Community Chest
The Alborada Trust
HDH Wills
The Racing Foundation
The Tudwick Foundation
Bruce Wake Charitable Trust
Suffolk Community Foundation
The Hobson Trust
Racing Welfare
Philip J Oppenheimer Foundation		 2025
£
138,865
68,021
206,886
2025
£
5,100
25,000
1,000
17,967
1,500
2,500
10,000
4,954
-
-
68,021		 2024
£
52,367
36,500
88,867
2024
£
-
-
-
-
-
-
2,000
-
29,500
5,000
36,500

continued...

Page 13

The Racing Centre Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

5. INVESTMENT INCOME

Investment income
Interest receivable - trading
INCOME FROM CHARITABLE ACTIVITIES
Activity
Office rental
Operation of Centre
Gym membership
Operation of Centre
Hall hire
Operation of Centre
Room hire
Operation of Centre
Racefit
Operation of Centre
Personal training
Operation of Centre
BT
Operation of Centre
Ticket sales
Operation of Centre
Other revenue
Operation of Centre
CHARITABLE ACTIVITIES COSTS
Operation of Centre
Governance
SUPPORT COSTS
Operation of Centre
Governance		 Direct
Costs
£
8,216
-
8,216		 2025
£
5,768
275
6,043
2025
£
43,198
48,200
36,592
16,078
6,296
3,788
900
-
514
155,566
Support
costs (see
note 8)
£
273,794
34,674
308,468		 2024
£
5,655
-
5,655
2024
£
27,584
45,459
40,624
12,005
4,620
4,229
975
639
10,339
146,474
Totals
£
282,010
34,674
316,684
Other
£
273,794
34,674
308,468

6. INCOME FROM CHARITABLE ACTIVITIES

7. CHARITABLE ACTIVITIES COSTS

8. SUPPORT COSTS

continued...

Page 14

The Racing Centre Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

8. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Wages
Social security
Pensions
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Advertising and marketing
Accountancy fees
Vending machine costs
Bank fees
Cleaning and refuse
Entertainment
Racefit / Sports costs
Staff welfare
Equipment expense
Interest paid
Legal expenses
Newspapers
IT Software and consumables
Rent
Repairs and maintenance
Staff training and welfare
Subscriptions
Licences
Travel
Tips
Bad debts
Depreciation of tangible fixed assets
Loss on sale of tangible fixed assets		 Operation
of Centre
Governance
£
£
128,449
15,000
9,630
-
4,805
-
5,782
-
12,231
-
38,355
-
8,736
-
676
-
34
-
1,281
-
-
19,674
-
-
2,589
-
8,041
-
476
-
-
-
-
-
1,743
-
184
-
6,250
-
2,038
-
4,662
-
600
-
9,319
-
1,721
-
3,612
-
1,175
-
233
-
-
-
528
-
16,364
-
4,280
-
273,794
34,674		 2025
Total
activities
£
143,449
9,630
4,805
5,782
12,231
38,355
8,736
676
34
1,281
19,674
-
2,589
8,041
476
-
-
1,743
184
6,250
2,038
4,662
600
9,319
1,721
3,612
1,175
233
-
528
16,364
4,280
308,468		 2024
Total
activities
£
164,114
8,987
4,335
6,696
7,529
20,971
8,273
360
25
2,129
17,005
2,517
3,661
9,618
532
83
99
3,286
(1)
316
425
4,472
360
5,322
718
3,457
2,808
199
235
-
23,221
-
301,752

Page 15

continued...

The Racing Centre Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Depreciation - owned assets
Deficit on disposal of fixed assets		 2025
£
16,363
4,280		 2024
£
23,221
-

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

11. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2025
£
143,449
9,630
4,805
157,884		 2024
£
164,114
8,987
4,335
177,436

The average monthly number of employees during the year was as follows:

Full time equivalent
Ad hoc / part time staff		 2025
4
15
19		 2024
7
15
22

No employees received emoluments in excess of £60,000 (2024: no employees).

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
78,527
Charitable activities
Operation of Centre
146,474
Investment income
5,655
Total
230,656		 Restricted
funds
£
10,340
-
-
10,340		 Total
funds
£
88,867
146,474
5,655
240,996

EXPENDITURE ON

Page 16

continued...

The Racing Centre Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
Charitable activities
Operation of Centre
263,198
Governance
32,105
Total
295,303
Net gains on investments
17,842
NET INCOME/(EXPENDITURE)
(46,805)
RECONCILIATION OF FUNDS
Total funds brought forward
413,786
TOTAL FUNDS CARRIED FORWARD
366,981
13.
TANGIBLE FIXED ASSETS
Fixtures
Long
Plant and
and
leasehold
machinery
fittings
£
£
£
COST
At 1 April 2024
924,439
11,575
329,634
Additions
-
417
6,292
Disposals
(4,275)
(700)
(10,330)
At 31 March 2025
920,164
11,292
325,596
DEPRECIATION
At 1 April 2024
229,830
8,064
325,773
Charge for year
9,293
2,258
4,172
Eliminated on disposal
(158)
(537)
(10,330)
At 31 March 2025
238,965
9,785
319,615
NET BOOK VALUE
At 31 March 2025
681,199
1,507
5,981
At 31 March 2024
694,609
3,511
3,861		 - continued
Restricted
Total
funds
funds
£
£
16,908
280,106
-
32,105
16,908
312,211
-
17,842
(6,568)
(53,373)
557,166
970,952
550,598
917,579
Computer
equipment
Totals
£
£
1,857
1,267,505
1,054
7,763
-
(15,305)
2,911
1,259,963
1,337
565,004
640
16,363
-
(11,025)
1,977
570,342
934
689,621
520
702,501

continued...

Page 17

The Racing Centre Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

14. FIXED ASSET INVESTMENTS

Designated investment portfolio
Shares in The New Astley Cafe Limited
Additional information as follows:
MARKET VALUE
At 1 April 2024
Revaluations
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
There were no investment assets outside the UK.
Investments (neither listed nor unlisted) were as follows:		 2025
2024
£
£
202,208
212,090
2
2
202,210
212,092
Listed
investments
£
212,090
(9,882)
202,208
202,208
212,090
2x £1 Ordinary shares in The New Astley Cafe Limited 2025
£
2		 2024
£
2

Investments are carried at their fair value. Investments in equities are 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.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors		 2025
£
10,388
17,398
27,786		 2024
£
10,545
2,856
13,401

Within other debtors is an amount of £161,516 due from The New Astley Cafe Limited, the charity's 100% subsidiary (2024: £153,639). At present, there is uncertainty of whether the full amount will be received from The New Astley Cafe Limited. As such, an amount of £150,837 (2024: £150,837) has been provided against the loan receivable, resulting in the net effect of £10,679 (2024: £2,802) due from The New Astley Cafe Limited.

continued...

Page 18

The Racing Centre Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
VAT
Other creditors
Accrued expenses		 2025
£
3,192
3,158
5,313
4,563
4,506
20,732		 2024
£
3,004
2,531
6,752
2,999
2,225
17,511

17. LEASING AGREEMENTS

Lessor

During the year, the charity continued to rent out its office spaces. At the reporting end date, the company had contracted with tenants for the following minimum lease payments:

Within one year
Between two and five years		 2025
£
8,435
-
8,435		 2024
£
4,780
-
4,780

18. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Project Cold
Public Mental Health Funding 2023
Cafe Refurbishment Fund
Building Project Fund
Moller Trust Fund
Sports England Fund
Community Pantry
Racing Foundation
Suffolk Community Foundation
The Tudwick Foundation
Bruce Wake Charitable Trust
Hobson Trust
TOTAL FUNDS		 At 1/4/24
£
366,982
14,053
3,290
143,655
381,709
7,666
224
-
-
-
-
-
-
550,597
917,579		 Net
movement
in funds
£
32,252
(14,053)
(3,290)
(1,472)
(3,911)
(77)
(2)
29,212
(5,771)
1,178
1,500
2,400
3,963
9,677
41,929		 At
31/3/25
£
399,234
-
-
142,183
377,798
7,589
222
29,212
(5,771)
1,178
1,500
2,400
3,963
560,274
959,508

continued...

Page 19

The Racing Centre Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Project Cold
Public Mental Health Funding 2023
Cafe Refurbishment Fund
Building Project Fund
Moller Trust Fund
Sports England Fund
West Suffolk Community Chest
Community Pantry
Racing Foundation
Suffolk Community Foundation
The Tudwick Foundation
Bruce Wake Charitable Trust
Hobson Trust
TOTAL FUNDS		 Incoming
resources
£
288,504
-
-
-
-
-
-
5,100
37,969
17,967
10,000
1,500
2,500
4,954
79,991
368,495		 Resources
expended
£
(246,370)
(14,053)
(3,290)
(1,472)
(3,911)
(77)
(2)
(5,100)
(8,757)
(23,738)
(8,822)
-
(100)
(991)
(70,314)
(316,684)		 Gains and
Movement
losses
in funds
£
£
(9,882)
32,252
-
(14,053)
-
(3,290)
-
(1,472)
-
(3,911)
-
(77)
-
(2)
-
-
-
29,212
-
(5,771)
-
1,178
-
1,500
-
2,400
-
3,963
-
9,677
(9,882)
41,929

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Project Cold
Public Mental Health Funding 2023
Cafe Refurbishment Fund
Building Project Fund
Moller Trust Fund
Sports England Fund
TOTAL FUNDS		 At 1/4/23
£
413,786
8,253
-
145,014
393,398
9,894
607
557,166
970,952		 Net
movement
in funds
£
(46,804)
5,801
3,290
(1,360)
(11,689)
(2,228)
(383)
(6,569)
(53,373)		 At
31/3/24
£
366,982
14,054
3,290
143,654
381,709
7,666
224
550,597
917,579

continued...

Page 20

The Racing Centre Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

18. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Project Cold
Public Mental Health Funding 2023
Cafe Refurbishment Fund
Building Project Fund
Moller Trust Fund
Sports England Fund
TOTAL FUNDS		 Incoming
resources
£
230,656
6,400
3,940
-
-
-
-
10,340
240,996		 Resources
expended
£
(295,302)
(599)
(650)
(1,360)
(11,689)
(2,228)
(383)
(16,909)
(312,211)		 Gains and
Movement
losses
in funds
£
£
17,842
(46,804)
-
5,801
-
3,290
-
(1,360)
-
(11,689)
-
(2,228)
-
(383)
-
(6,569)
17,842
(53,373)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Project Cold
Cafe Refurbishment Fund
Building Project Fund
Moller Trust Fund
Sports England Fund
Community Pantry
Racing Foundation
Suffolk Community Foundation
The Tudwick Foundation
Bruce Wake Charitable Trust
Hobson Trust
TOTAL FUNDS		 At 1/4/23
£
413,786
8,253
145,014
393,398
9,894
607
-
-
-
-
-
-
557,166
970,952		 Net
movement
in funds
£
(14,552)
(8,252)
(2,832)
(15,600)
(2,305)
(385)
29,212
(5,771)
1,178
1,500
2,400
3,963
3,108
(11,444)		 At
31/3/25
£
399,234
1
142,182
377,798
7,589
222
29,212
(5,771)
1,178
1,500
2,400
3,963
560,274
959,508

continued...

Page 21

The Racing Centre Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

18. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Project Cold
Public Mental Health Funding 2023
Cafe Refurbishment Fund
Building Project Fund
Moller Trust Fund
Sports England Fund
West Suffolk Community Chest
Community Pantry
Racing Foundation
Suffolk Community Foundation
The Tudwick Foundation
Bruce Wake Charitable Trust
Hobson Trust
TOTAL FUNDS		 Incoming
resources
£
519,160
6,400
3,940
-
-
-
-
5,100
37,969
17,967
10,000
1,500
2,500
4,954
90,331
609,491		 Resources
expended
£
(541,672)
(14,652)
(3,940)
(2,832)
(15,600)
(2,305)
(385)
(5,100)
(8,757)
(23,738)
(8,822)
-
(100)
(991)
(87,223)
(628,895)		 Gains and
Movement
losses
in funds
£
£
7,960
(14,552)
-
(8,252)
-
-
-
(2,832)
-
(15,600)
-
(2,305)
-
(385)
-
-
-
29,212
-
(5,771)
-
1,178
-
1,500
-
2,400
-
3,963
-
3,108
7,960
(11,444)

Project Cold

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.

Public Mental Health Funding 2023

The Public Mental Health fund was provided to purchase and operate a volunteer platform for a 12-month period within the Newmarket locality.

Cafe Refurbishment Fund

The Cafe Refurbishment Fund (formerly The Racing Centre Refurbishment Fund) represents funds received for the purpose of the refurbishment of the Centre's Cafe. 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.

Building Project Fund

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.

Moller Trust Fund

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.

continued...

Page 22

The Racing Centre Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

18. MOVEMENT IN FUNDS - continued

Sports England Fund

Sports England fund represents funds received for the renewal of gym equipment.

West Suffolk Community Chest

West Suffolk Thriving Community fund was provided to the centre upon the application to create community connections between organisations and customers.

Community Pantry

The community pantry is the Centre's food poverty project addressing financial inequalities and signposting to appropriate services where needed. It acts as both a Centre led social enterprise and emergency food provision.

Racing Foundation

The Racing Foundation grant was for the recruitment of a fundraising executive and associated costs for one full calendar year.

Suffolk Community Foundation

This grant was provided to create a community distribution grant for those suffering in financial hardship. This project was called the Household Support Fund and was distributed to customers on behalf of the foundation.

The Tudwick Foundation

The grant was provided to the Centre to support the core costs of the building in delivery of its charitable objectives.

Bruce Wake Charitable Trust (BWCT)

This grant contributed to the capital expenditure of installing a new stairlift to service the upper level of the Centre.

Hobson Trust

Hobson Trust funding was granted to contribute to the capital expenditure of installing a new stairlift to service the upper level of the Centre.

19. RELATED PARTY DISCLOSURES

The Racing Centre Ltd. invoices The New Astley Cafe Limited, a wholly owned trading subsidiary for services. These related to labour £37,567 (2024: £35,247).

At 31 March 2025 the net amount owed to The Racing Centre Ltd. was £161,516 (2024: £153,639). During the year ended 31 March 2025, the trustees reviewed 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 of the overall effectiveness of the Charity's operations, it was prudent to continue to provide for the debt over the short term, totalling £150,837 (2024: £150,837). 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 Chief Executive, John Gilbert, for cleaning services, Commercial Cleaners Ltd. During the period this amounted to charges of £660 (2024: £2,030). 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 £17,432 (2024: £17,459). NARS is under common control of The Racing Centre Ltd's chairman, George McGrath. The transactions were undertaken at standard market rates.

Page 23

The Racing Centre Ltd.

Detailed Statement of Financial Activities for the Year Ended 31 March 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants
Investment income
Investment income
Interest receivable - trading
Charitable activities
Office rental
Gym membership
Hall hire
Room hire
Racefit
Personal training
BT
Ticket sales
Other revenue
Total incoming resources
EXPENDITURE
Charitable activities
Cost of goods sold
Subcontract
Direct expenses
Charitable donations
Support costs
Other
Wages
Social security
Pensions
Rates and water
Carried forward		 2025
£
138,865
68,021
206,886
5,768
275
6,043
43,198
48,200
36,592
16,078
6,296
3,788
900
-
514
155,566
368,495
674
6,666
376
500
8,216
143,449
9,630
4,805
5,782
163,666		 2024
£
52,367
36,500
88,867
5,655
-
5,655
27,584
45,459
40,624
12,005
4,620
4,229
975
639
10,339
146,474
240,996
1,342
7,727
390
1,000
10,459
164,114
8,987
4,335
6,696
184,132

This page does not form part of the statutory financial statements

Page 24

The Racing Centre Ltd.

Detailed Statement of Financial Activities for the Year Ended 31 March 2025

Other
Brought forward
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Advertising and marketing
Accountancy fees
Vending machine costs
Bank fees
Cleaning and refuse
Entertainment
Racefit / Sports costs
Staff welfare
Equipment expense
Interest paid
Legal expenses
Newspapers
IT Software and consumables
Rent
Repairs and maintenance
Staff training and welfare
Subscriptions
Licences
Travel
Tips
Bad debts
Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Loss on sale of tangible fixed assets
Total resources expended
Net income/(expenditure) before gains and
losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net income/(expenditure)		 2025
£
163,666
12,231
38,355
8,736
676
34
1,281
19,674
-
2,589
8,041
476
-
-
1,744
184
6,250
2,038
4,662
600
9,319
1,721
3,612
1,175
233
-
528
9,293
2,258
4,172
640
4,280
308,468
316,684
51,811
(9,882)
41,929		 2024
£
184,132
7,529
20,971
8,273
360
25
2,129
17,005
2,517
3,661
9,618
532
83
99
3,286
(1)
316
425
4,472
360
5,322
718
3,457
2,808
199
235
-
23,221
-
-
-
-
301,752
312,211
(71,215)
17,842
(53,373)

This page does not form part of the statutory financial statements

Page 25