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2025

ANNUAL REPORT AND ACCOUNTS

Championing the future of the British thoroughbred

Registration No. 07073259 (England and Wales) Charity Number: 1134293

CHAIRMAN’S WELCOME	4
CHIEF EXECUTIVE’S MESSAGE	6
WHAT WE DO	7
2025 ACTIVITY	8
IMPACT AND REACH	9
1 Shape natonal and internatonal policy for the thoroughbred breeding industry	9
2 Protect the diversity and promote the sustainable development of the Britsh thoroughbred	10
3 Encourage learning and development within the Britsh breeding industry	14
CASE STUDY: Bringing biology to life – a new era for TB-Ed content	16
4 Support breeders in their care of horses, partcipants and the environment	18
CASE STUDY: Tatersalls Forum event	22
CASE STUDY: Opening the door – the launch of TBA Essentals	24
5 Promote health and welfare and support veterinary research into the thoroughbred breed	27
CASE STUDY: TBA helps members decide – what maters most when raising
young thoroughbreds, nature or nurture?	29
COMMUNITY AND SOCIAL IMPACT	30
FINANCIAL REVIEW	32
STRUCTURE, GOVERNANCE AND MANAGEMENT	33
OFFICERS AND CONTACTS	36
TBA STANDING COMMITTEES	37
EXTERNAL COMMITTEE REPRESENTATION (AS OF DECEMBER 2025)	38
THANK YOU	39
AUDITORS’ REPORT AND FINANCIAL STATEMENTS	41

Annual Report and Accounts l 2025

CHAIRMAN’S WELCOME

As Chairman of the Thoroughbred Breeders’ Association, I am pleased to present our 2025 Annual Report, marking another important year in which the TBA has continued to represent, support and advocate for British breeders within the broader framework of British Racing.

The past year has again demonstrated the vital role that the breeding industry plays in the long-term health, competitiveness, and sustainability of the sport. British racing requires a robust, resilient, and commercially viable breeding sector if it is to retain its international standing and provide the quality, diversity, and depth of thoroughbred stock on which the racing programme depends. Every racehorse begins with a breeder, and it remains the TBA’s responsibility to ensure that the contribution, challenges, and ambitions of breeders are clearly understood at every level of the industry.

Against a continuing backdrop of economic pressure, rising costs and an increasingly competitive international bloodstock market, the work of the TBA is more important than ever and all our activities are underpinned by a supporting data-backed evidence approach. We have continued to ensure that the voice of the breeder is heard constructively and consistently whether through our representation on industry committees, engagement with key stakeholders, or contribution to the ongoing development of the Industry Strategy.

A central priority in 2025 has been ensuring that breeding is properly recognised within that wider strategic framework. The future of British racing cannot be considered separately from the future of British breeding. Issues such as the size and quality of the foal crop, the retention of mares, the attractiveness of breeding and racing in Britain, the race programme, prizemoney, ownership, welfare, and public engagement are all interconnected. The TBA has therefore continued to press for a long-term strategic approach in which breeding is not treated as a separate interest, but as a fundamental pillar of the sport’s future.

Incentive and intervention remain essential to that ambition. Well-structured schemes have an important role to play in stimulating investment, supporting breeders, and encouraging the production and retention of British-bred horses. The continued development of initiatives such as the Great British Bonus, GBBPlus and other targeted support mechanisms demonstrate what can be achieved when the industry works together with clear purpose. These schemes are not only valuable to breeders; they help strengthen the wider racing product by supporting supply, competition, and participation across the sport.

The TBA has also continued to focus on the practical support we provide to our members. Through education, events, research, welfare work, and member engagement, we remain committed to giving breeders access to the best possible information, advice, and representation they need. Our role extends from policy and advocacy through to direct support on the issues that affect breeders’ day to day, and this Annual Report reflects the breadth of that work.

Governance has also remained an important focus. As the demands on the organisation grow, it is essential that the TBA continues to operate with clarity, accountability, and strong strategic oversight. The Board remains committed to ensuring that the TBA is well placed to serve its members, represent the sector effectively and respond to the challenges and opportunities facing British breeding in the years ahead.

2025 also marked another important moment as we formally welcomed Naomi Mellor to the role of Chief Executive in September. The TBA operates in a complex and fast-moving

Looking ahead, there is much still to do. The challenges facing British breeding are significant, but so too is the opportunity to shape a more sustainable and ambitious future if we work together. The TBA will continue to be candid, evidence-led and determined in its work, ensuring that breeders remain at the heart of British racing’s future.

environment, and strong leadership is essential if we are to continue building influence and delivering for breeders. Naomi brings with her great energy and has wasted no time getting out to meet as many breeders as possible.

I would like to thank my fellow Board members, the TBA team, our committee representatives, industry partners and, most importantly, our members for their continued support and engagement throughout 2025. As a charitable organisation, the strength of the Association depends on the commitment of those who contribute their time, expertise and voice to our shared purpose.

PHILIP NEWTON

Chairman, Thoroughbred Breeders’ Association

TBA representatives meet with Charlotte Cane MP at Cheveley Park Stud

Newly appointed CEO Naomi Mellor

Annual Report and Accounts l 2025

CHIEF EXECUTIVE’S MESSAGE

2025 has been a year of both change and continuity for the TBA and I feel privileged to be writing this message as the organisation’s new Chief Executive. I joined in September, stepping into shoes ably filled for eight years by my predecessor, whose dedication has helped to build the TBA’s reputation and reach into something of which we should all be proud. The foundations Claire leaves are strong, and I am grateful for them.

That sense of continuity matters because the work of the TBA has not paused for a moment. The team once again delivered an excellent year both in Newmarket and beyond, continuing to serve our members and advance the cause of British breeding with real commitment and skill. I could not ask for a better group of people to work alongside.

with increased HBLB funding and BHA support through the High Quality Horse Group bringing the total budget to £400,000 – doubling its available resource – and 130 applications received during the year. The scheme has helped grow the number of elite National Hunt broodmares in Britain significantly since its inception, and the momentum is genuinely encouraging.

The challenges facing British breeders are real and we do not shy away from them. Foal crop numbers continue to track in the wrong direction, costs remain high, and the political landscape – while actively engaged – is still finding its feet on issues that matter deeply to our industry. Working closely with the BHA and fellow industry bodies, the TBA has continued to make the case for breeders at every level: through the Commercial and Racing Committees, the Thoroughbred Group and the High Quality Horse Group, through ongoing engagement with government on taxation, policy and reform, and through our formal response to the BHA’s Funding Review of Centrally Delivered Activities , in which we have argued clearly and robustly for breeders’ rightful place within the sport’s structures. On inheritance tax, we worked with the BHA to identify that one in five stud farms face direct exposure to the Government’s proposed changes and we have made representations on this front in rooms in Westminster. This work is often unseen, but we believe is exactly the kind of advocacy our members expect from us.

We also took a landmark step on equine welfare, announcing in 2025 the introduction of a new mandatory £60 foal welfare levy from January 2026, to be collected at registration by Weatherbys. Replacing a voluntary arrangement that had been in place for over thirty years, this formalises the breeding sector’s commitment to the lifelong welfare of every thoroughbred bred to race in Britain and brings breeders into alignment with other industry stakeholders. Feedback from members has been overwhelmingly positive, and we are proud of what this represents.

In the last quarter of 2025, I was also delighted that following the sales season we were able to retain our Breeder Development Executive. Originally brought in to support GBB activity, his sole focus is now on engaging and recruiting a new audience for thoroughbred breeding, work which we believe is amongst the most important investments the TBA can make for the long-term health of the industry. New breeders of all ages, new energy, new investment: that pipeline is the industry’s future and that work is now firmly underway.

And there is much to celebrate too. The Elite National Hunt Mares’ Scheme went from strength to strength in 2025,

GBB itself continues to be a vital pillar of support for domestic breeding and racing, and the ongoing results of GBBPlus, which incentivises the breeding and racing of staying-bred fillies and chasing mares, are encouraging. In addition to GBB, GBBPlus and the Elite NH Mares’ Scheme, our welfare, sustainability, events, and education programmes, including TB-Ed, together represent a substantial and growing portfolio of activity, which are detailed in this report. As a charitable organisation, none of this activity happens without the support of breeders through TBA membership, the sales levy, and voluntary contributions, or without the grant funding we receive from the Horseracing Betting Levy Board and the Racing Foundation. We are grateful to you all.

WHAT WE DO

Our purpose

Our charity’s purpose as set out in the objectives contained in the company’s memorandum of association is: “ To encourage by means of the provision of educational or research facilities or otherwise, the science of natural production and improvement of the thoroughbred horse in Great Britain ”.

In practice, the Thoroughbred Breeders’ Association (TBA) is the only horseracing stakeholder to focus on the future of the British-bred thoroughbred and the interests of the British breeder.

I am energised by this role, by the people around me, and - above all – by the resilience and passion of British breeders. The road ahead requires creativity, collaboration, and a clear sense of what we are here to do. As custodians of the British thoroughbred, we are here to serve breeders. That purpose has not changed, and it will not.

NAOMI MELLOR, CHIEF EXECUTIVE OFFICER

Our vision

To improve the sustainability, resilience and impact of the British breeding industry by safeguarding the legacy of world class British breeding for racing and future generations to come.

Our values

Teamwork

We are open and accountable and work together as a team, in collaboration with our members and stakeholders.

Excellence

We deliver excellence in our promotion and support of breeders and the British thoroughbred industry.

Active

We are active as custodians of the British thoroughbred, and committed to protecting their heritage and championing their cause.

Annual Report and Accounts l 2025

2025 ACTIVITY

IMPACT AND REACH

Each year the TBA works to a set of programmes that underpin the overarching strategic objectives to fulfil the organisation’s vision. These programmes are designed to operate within a calendar year to further the progress of those objectives, and the programmes will often underpin more than one strategic objective. The structure of the process is illustrated below.

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Strategic objectives

Programmes

1 Shape national and international policy for the thoroughbred breeding industry.

A Leadership

B The Great British Bonus Scheme
2 Protect the diversity and promote the sustainable development of the British thoroughbred.
C TB-Ed
3 Encourage learning and development within the British breeding industry.
D People
E Membership
4 4 Support breeders in their care of horses, participants and the environment.
F Environmental Sustainability
5 5 Promote health and welfare and support veterinary research into the thoroughbred breed.
G Equine Health and Welfare
1 Shape national and international policy for the thoroughbred breeding industry

A: LEADERSHIP

Despite intermittent uncertainty and turbulence both within horseracing and at national and international level on the political stage, 2025 was another year of sustained advocacy and active political engagement on behalf of British breeders. Representation of the breeding and bloodstock sectors at all levels of the sport and government remains a central aim of the TBA’s work.

Following the Autumn 2024 Budget and the announcement of changes to Agricultural Property Relief (APR) and Business Property Relief (BPR) caps for inheritance tax, the TBA worked with the BHA to establish that one in five stud farms face direct exposure to the Government’s proposed changes. Case studies were gathered from affected members, representations were made in Westminster, and scheduled meetings with HM Treasury followed. After extensive lobbying by many across the rural sector, the Government announced changes to its proposed policy on APR and BPR in December 2025, increasing the 100 per cent relief threshold for combined APR and BPR from the initially suggested £1 million to £2.5 million. Individuals continue to be advised to seek professional guidance on their personal circumstances.

Members of the TBA executive team and trustees continued to represent breeders on 36 external committees and groups and to play an active role across the British racing governance structure, including on the Commercial and Racing Committees, the Industry Programme Group, and the High Quality Horse Group, all of which feed directly into the sport’s decision-making capacity. The TBA’s formal response to the BHA’s Funding Review of Centrally Delivered Activities argued clearly for breeders’ rightful place within the sport’s funding framework – an issue which remains a priority.

The TBA also continued to press for a reduction in the operational frictions affecting bloodstock movements between the UK and the EU, with TBA representation

Annual Report and Accounts l 2025

on the British Horse Council and collaboration with the BHA’s Corporate Affairs department both, once again, proving fruitful. With the Labour Government’s manifesto commitment to a Sanitary and Phytosanitary Agreement with the EU – which aims to eliminate border checks and paperwork, smooth the movement of animals, and reduce costs for British businesses – there has been a renewed opportunity to present racing’s challenges to ministers in this area. Following significant engagement in 2025, work continues on this area in 2026.

Work with Defra and Weatherbys continued on digital ID developments and maintaining the high health status derogation that underpins the movement of thoroughbreds for breeding, racing, and sales.

To support longer-term political engagement, the TBA also mapped the footprint of British stud farms across all parliamentary constituencies, identifying key relationships with new MPs and ministers following the 2024 general election. The TBA met with politicians and ministers from Defra, DCMS, the Home Office, HMT, and HMRC, as well as APHA and Defra policy officials, organised visits to highlight the operational challenges, kept members updated with advice, and continued to collate evidence demonstrating the impact on the industry of current policy and legislation.

The TBA represented the thoroughbred breeding industry at parliamentary receptions and dinners, the APPG for Racing and Bloodstock, in workshops, and in formal consultations, working closely with the BHA Government Affairs team on a co-ordinated approach. Engagement and education work with parliamentarians across all parties is ongoing.

GBB Operations Manager Charlotte Newton with Pixie Diva

2 Protect the diversity and promote the sustainable development of the British thoroughbred

B: THE GREAT BRITISH BONUS

2025 marked five years since the Great British Bonus was launched and it was an exceptionally busy year.

programme, it credited GBB with the rapid change. In total, £977,000 was paid out by Plus: £389,000 on the flat and £588,000 in NH. The success of Plus came at a cost with an overspend on NH of £213,000 this was balanced out by an underspend on the flat of £316,000.

1 January marked the launch of GBBPlus, an extension to the core scheme that incentivises and rewards the breeding, buying, and racing of staying fillies and chasing mares. It took less than two weeks for the first Plus bonuses to be won when Passing Kate, an eight-year-old mare bred by Mr D M Richards, won a Class 4 Handicap Chase and landed a £30,000 bonus – fully funded by the new scheme. The Passing Glance mare went on to win a second bonus in February. It took a little more patience to see the first Plus winner on the flat, but on 23 January Spirit of Jura, who had been kept in training over Christmas to specifically target these bonuses, won a Class 4 Handicap at Southwell. The filly went on to win another two Plus bonuses, bringing her total bonus earnings to £60,000 in 2025.

Further pressures arose from unexpected changes to the race programme, an increase in strike rates, and renewed interest in the scheme driven by GBBPlus marketing. Together, these factors resulted in a total overspend of £542,276 against forecast. The additional expenditure was covered through supplementary funding from HBLB and the use of scheme reserves.

The fifth anniversary of the scheme’s launch in June 2025 coincided with the £20 million bonus milestone being reached. Pixie Diva, bred by Bickmarsh Stud, won a Class 5 Novice at Lingfield Park for Clive and Laura Washbourn – this £10,000 bonus took GBB past the milestone and marked the start of the campaign celebrating this monumental success. The event was recognised in the Nick Luck Podcast, on RacingTV, and throughout other industry media.

GBBPlus captured the imagination and attention of trainers, particularly in the NH sector, where the number of mares being tested over fences rose to record levels. Whilst the BHA noted that changes had been made to the chasing

In recognition of the TBA’s ambition to support a more varied thoroughbred breed, GBB increased its discount for dual registrations to the scheme. In previous years, a small discount of £50 was applied; however, for the foals of 2025 onwards, this discount was increased to £150 in a bid to support those fillies whose careers may straddle both staying and NH. This incentive saw a minor increase in dual registrations, which was encouraging given the decline in the foal crop.

Alongside these additional activities, GBB has continued to deliver strong results and real value for British breeders. Since its launch in June 2020, the scheme has paid out over £22.81 million in bonuses – with £17.22 million awarded to flat horses and £5.58 million to NH. Between Plus and Core, £6 million was paid out in bonuses in 2025.

Despite the decline in the foal crop, registrations remained buoyant on the whole in 2025.

Flat Stage 3 registrations for two-year-old fillies closed in February and once again increased from the previous year (1,035, up from 1,007 in 2024). The Stage 2-to-Stage 3 retention rate held steady at 78.5 per cent.
Unsurprisingly, given the foal crop decline and therefore the decline in eligible fillies, the yearling registrations in May saw a drop in numbers. 1,570 fillies were registered

vs 1,724 the previous year. However, the retention from Stage 1 to Stage 2 held steady at 75 per cent.

Stage 3 registrations for NH fillies were the most disappointing, with 250 three-year-olds registered – the same number as the previous year. This figure represented a 66 per cent retention rate from Stage 2 to Stage 3, a drop of 11 per cent from 2024 – a warning signal for the state of NH breeding and racing.
Despite a declining foal crop, GBB representation of British filly foals remained strong, with 85 per cent registered to Stage 1 of the scheme – a two per cent increase on the previous year and a record for the scheme. This is the strongest indicator of GBB’s importance to breeders: even when times are tough and the foal crop is in decline, GBB registrations thrive. 1,670 fillies were registered of a possible 1,956.

For GBB, the sales reflected a similar picture to that of the rest of the industry – the top end healthy and prosperous, and the middle and bottom seemingly in decline. The changes to various sales, including Somerville returning to one day and Book 4 being scrapped, make direct comparison to previous years difficult; however, GBB continues to be an important and valuable aspect for fillies heading to the sales. GBB alone cannot prevent the decline and losses the industry is witnessing, but it can slow the pace of loss whilst other measures are implemented.

Annual Report and Accounts l 2025

2: Protect the diversity and promote the sustainable development of the British thoroughbred

CORE STRATEGIC WORK

In 2025, the TBA took a sabbatical from hosting physical stallion events following member feedback. Focus instead turned to the latter part of the year, where the Newmarket Stallion Preview was created. Working alongside the BEBF and GBRI, marketing of stallion open houses around the December Sales was collated and made into a collaborative event. This included marketing material highlighting opening times and stallions in situ, as well as editorial from the bloodstock press.

The online National Hunt stallion nomination auction continued, raising over £30,000 for TBA initiatives (2024: £21,650). Income raised by the auction goes towards supporting the TBA’s charitable activities.

Activity to promote British-bred success on the racecourse was scaled back in 2025 and focused solely on the production of organic social media content whilst activity across the industry was reviewed. This reduced costs significantly whilst maintaining a presence on industry communication channels.

The NH Breeders’ Awards Evening, which celebrated its 11th anniversary and was headline sponsored by Goffs – with various studs, agents, and transport companies also sponsoring – retained its usual May slot alongside the Goffs Doncaster Spring Store Sale. Reflecting on the event, TBA NH Committee Chairman Simon Cox said: “ The NH Breeders’ Awards Evening was filled with wonderful and inspiring stories. Huge congratulations to all the winners on the night. It was a great honour to present the Queen Mother Silver Salver to Alan Varey and his family, who were extremely deserving recipients of this prestigious award .”

Watership Down Stud became the headline sponsor for the Flat Breeders’ Awards Evening in 2025, with continued support from Newsells Park Winery, Chasemore Farm, and trophy sponsors.

The number of guests was down from 2024’s event (170+) to just under 140. Juddmonte’s long-serving General Manager Simon Mockridge was recognised for his service to the industry with the Dominion Bronze, whilst the Andrew Devonshire Bronze was presented to former TBA Chairman Julian Richmond-Watson OBE for his outstanding contribution

at the helm of the Association, which included steering the sector through such challenges as Brexit and Covid-19.

The third season of the NH Junior Hurdles (first race October 2022) was supported through various communication channels by the TBA, which aimed to raise awareness of the concept, the benefits of purchasing at sales, and awareness of opportunities, as well as highlighting winners.

Following the successful introduction of Breeders’ Day at Warwick the previous year, the TBA, alongside Warwick Racecourse, hosted the second iteration in November. A seminar preceded the afternoon’s racing action, which focused on mares within the NH industry. Following an in-depth discussion on the evolution of the mares’ racing programme, initiatives surrounding ongoing activity to support the British NH breeding industry – including GBBPlus and the Elite NH Mares’ Scheme – were discussed and explained.

TBA Flat Awards Evening

TBA NH Committee Chairman Simon Cox with Alan and Tim Varey after presenting them with the Queen Mother’s Silver Salver

The Elite NH Mares’ Scheme (EMS) continued to demonstrate its importance to the British NH breeding sector. At a time when the number of eligible mares increased (351 in 2025), 130 applied for the scheme. A total of 92 mares used the scheme and were covered, with 71 in foal as of 1 October 2025.

Number of eligible mares (known)

EMS 2025

EMS 2025
Eligible mares	351
Registered mares	130
Covered mares	92
In foal mares*	71

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2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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*as of 1 Oct

The Flaggy Shore, winner of the TBA-sponsored-mares’ race on Breeders’ Day ©Steve Cargill

Annual Report and Accounts l 2025

Encourage learning and development within the British breeding industry

C: TB-ED

TB-Ed continued its trajectory of growth and strategic development in 2025, building on the strong foundations established in previous years. Activity throughout the year was guided by three core objectives;

Several new courses and resources were developed and launched throughout 2025, further expanding the content library. Alongside two standalone releases – Environmental Sustainability, supporting a key area of TBA’s wider work, and Weaning the Thoroughbred Foal: Key to Successful Rearing – TB-Ed delivered its most ambitious content development project of the year.

to produce an annual content plan driven by organisational priorities, membership needs, and data insight
to develop TB-Ed’s use of data and analytics to gain insight that drives content development and deeper engagement

The standout achievement of 2025 was the release of the Getting the Mare in Foal Programme, a comprehensive fivecourse series developed to support breeders, owners, and stud staff through one of the most technically demanding phases of the breeding cycle. The programme comprises:

to support organisational initiatives to increase member engagement and support new membership uptake.

2025 proved another productive year, with TB-Ed further strengthening its position as the leading digital educational resource for the thoroughbred breeding industry in the UK, while continuing to expand its reach beyond TBA membership to a broader industry audience.

The Reproductive Tract
The Oestrous Cycle
Procedures to Optimise Fertility Before Covering
Procedures to Optimise Fertility After Covering

User engagement continued to grow; by the end of December 2025, registered users had reached 1,300 (2024: 1,061), an increase of approximately 23 per cent. Of those users, 39 per cent hold a TBA affiliation – consistent with the previous year – while 61 per cent are non-TBA affiliated, reflecting TB-Ed’s growing appeal to participants and enthusiasts across the wider industry. This broadening of the audience underlines the platform’s relevance as a trusted educational resource across the thoroughbred breeding sector, supported in part by the addition of BHA CPD points to a number of courses.

Potential Reasons for Failure to Conceive and Early Pregnancy Loss*.

The structured, clinically grounded nature of this programme makes it a particularly valuable professional development resource, providing accessible, expert-led content for both experienced industry practitioners and those newer to the sector.

Released January 2026

TB-Ed reached the finals of the Association Excellence Awards in 2025 in the category Best Learning/Professional Development Programme.

TB-Ed continued to support wider TBA and industry initiatives

A significant operational development in 2025 was the integration of a CRM system into TB-Ed, delivering an improved user experience from the point of registration. This enhancement supports more effective use of data and analytics, enabling better insight into user behaviour, engagement patterns, and opportunities to personalise communications and content recommendations over time.

through the hosting and promotion of key resources. In 2025, this included the Gerald Leigh Lectures, material from the ITBF 2025 webinar Finding a Way Forward, and the Racing Staff Development Programme’s suite of courses, including the Level 3 Mentoring in the Workplace Award.

2025 also marked the conclusion of the communications and marketing contract with Cognition, with responsibility for TB-Ed’s promotional activity transitioning in-house to the TBA’s own communications and marketing team. This brings TB-Ed into closer alignment with wider TBA communications, supporting a more integrated approach to member engagement and platform promotion.

The foundations laid in 2025 – in content, data capability, and operational alignment – position TB-Ed well to continue evolving as a cornerstone of the TBA’s commitment to education and support for all those involved in the thoroughbred breeding industry.

TB-Ed’s podcast offering continued to prove popular, with four new episodes recorded during the year. The most successful was Foaling Files – a first-hand discussion of foaling thoroughbred mares – which achieved 235 unique listens. Further podcasts released in 2025 included Associations Between Early Life Experiences and Athletic Potential, Accessing Land Management Subsidies, and Diagnostic Testing of Adult Stock to Guide Dewormer Administration, the latter supporting TBA’s core work in equine health and management.

Annual Report and Accounts l 2025

CASE STUDY

3: Encourage learning and development within the British breeding industry

Bringing biology to life – a new era for TB-Ed content

D: PEOPLE

The release of the Getting the Mare in Foal Programme exemplifies TB-Ed’s commitment to developing high-quality, expert-led content that meets the professional development needs of the industry.

ways that static imagery or text alone cannot. For a learner seeking to understand the dynamic interplay of hormones across the oestrous cycle, or the precise anatomy of the reproductive tract, seeing these processes in real time makes the subject significantly more intuitive and engaging.

The five-course series was developed in close collaboration with veterinary and industry professionals, drawing on specialist knowledge to produce content that is both technically rigorous and accessible to a range of learners – from experienced stud managers to broodmare owners approaching the subject for the first time.

This was a deliberate step forward in how TB-Ed approaches learning content. People learn in different ways – through reading, listening, and visual experience. By introducing animation alongside expert commentary, written resources, and structured assessments, the programme supports a genuinely varied learning journey and ensures that technically demanding subject matter is accessible to a much wider audience. It is an approach that will inform content development going forward.

The programme addresses the full reproductive cycle from first principles, covering the anatomy of the reproductive tract, the physiology of the oestrous cycle, and the clinical procedures used to maximise fertility before and after covering. It provides a structured, practically relevant resource that supports better decision-making and outcomes in practice.

This kind of in-depth programme reflects TBA’s unique position at the heart of the thoroughbred breeding industry – able to access leading experts, build collaborative relationships, and translate complex scientific and clinical knowledge into engaging, meaningful learning. The TBA is grateful to all the industry professionals whose time, expertise, and willingness to share knowledge made this programme possible.

A landmark development within this programme was the introduction of digital animation to TB-Ed’s content for the first time. Two of the five courses – The Reproductive Tract and The Oestrous Cycle – incorporate purpose-built animations that bring complex biological processes to life in

basic horse handling skills were established, local studs and pre-training yards offered work experience placements, giving learners the opportunity to shadow vets, assist with yearling preparation, and work as part of a stud team. These experiences were invaluable in building employability, industry confidence, and professional networks.

Support for entry level training

The TBA’s support for entry-level training delivered by the National Stud continued in 2025, with £42,000 provided to support the Thoroughbred Industry Access Programme – a new initiative evolved from the Entry to Stud Employment course previously supported by the TBA.

Fifteen individuals commenced the course in May 2025, with 12 completing it. Of those, 92 per cent achieved a 1st4Sport Level 1 or Level 2 qualification and 67 per cent progressed to further bloodstock training. Feedback from learners was very positive, with many expressing optimism about their future careers in the thoroughbred industry.

The 16-week programme was developed in partnership with industry employers and offers a flexible, experience-rich curriculum with hands-on training in foaling, sales preparation, and daily stud operations. Open to school leavers, career changers, and individuals from underrepresented backgrounds, it provides a clear progression route towards industry-recognised Level 1 or Level 2 qualifications, ensuring graduates leave with both technical competence and professional readiness.

Building on this promising start, the TBA will support the course again in 2026 (£41,200), alongside funding an exchange scholarship (£2,000) for one student to travel and work on an Australian stud farm in association with Thoroughbred Breeders Australia. This will offer an ambitious student a unique opportunity for personal and professional development in an international environment.

During the programme, learners developed practical skills through a combination of hands-on sessions, classroom learning, visits, guest lectures, and projects, building depth of understanding across the thoroughbred industry. Once

Delegates attend lectures at the annual TBA Stud Farming Course

Annual Report and Accounts l 2025

Support breeders in their care of horses, participants and the environment

D: PEOPLE

Addressing recruitment, skills, knowledge and retention challenges in the breeding industry.

Broodmare owner guidance

The TBA’s Broodmare Ownership Guide was reviewed and reissued ahead of the December breeding stock sales in both PDF and print format, the latter as an A5 booklet. The updated guide is aimed at mare owners who board mares at external facilities and provides essential introductory information covering;

initial setup of breeding enterprises
broodmare acquisition
stallion selection
boarding stud considerations

Annual Stud Farming Course

equine welfare requirements.

The 2025 Stud Farming Course was held over three days in December, delivering a comprehensive programme that included visits to Newmarket Equine Hospital and Juddmonte – with the rare privilege of meeting the legendary Enable alongside other distinguished members of the broodmare band.

This resource serves as a practical reference for both prospective and existing broodmare owners, supporting informed decision-making throughout the breeding process.

The course attracted 28 delegates (2024: 26) from across the country, representing a broad range of established and new breeders, prospective breeders, and stud farm employees. Participating employers included Cheveley Park Stud, Juddmonte, Shadwell Estates, Kildangan Stud (Godolphin Ireland), Godolphin UK, Mildmay Farm and Stud, Rockliffe Stud, Highclere Stud, Mickley Stud, and Chasemore Farm.

The programme comprised 21 lectures delivering 18 hours of learning and 52 CPD points. Delegate feedback was exceptional – 100 per cent rated the course Good or Excellent and 100 per cent said they would recommend it to others, with comments highlighting the breadth of topics, the quality of speakers, and the open and welcoming environment throughout.

“Overall, an excellent course – I could have listened to some lectures for longer. Absolutely loved seeing Enable.”

Support for employers

During 2025, the employer hub on the TBA website – which provides guidance on employment law, health and safety, HR, and employee wellbeing – was expanded, reviewed, and revised to improve navigation and accessibility. Members continued to benefit from initial consultations with a specialist employment law expert, supporting the employment law factsheets and templates available through the hub.

New health and safety support was also introduced in 2025, providing members with access to industry-specific advice from a specialist advisor, with initial consultations offered free of charge and additional work available at preferential rates. This support proved highly valuable to members, as reflected in the following feedback:

“ Su (health and safety advisor) was highly knowledgeable and offered sensible, pragmatic solutions that genuinely suited the way we work. She took the time to understand our operations and produced a thorough, well-structured risk assessment that our insurers were fully satisfied with. This support has given us real confidence in our compliance and day-to-day safety management .”

The TBA’s second in-person Employment Practices Forum – Making Employment Work – took place in August at Farm-Ed near Chipping Norton, Oxfordshire, drawing delegates from across the South and West regions. The day provided practical guidance for employers on attracting and retaining staff, with a programme covering;

induction training and constructing a staff handbook
employment law updates, including the new Employment Rights Bill amendments
panel discussion on positive employment techniques
health and safety in the workplace
SEABS and salary guidance
understanding the next generation of employees
Careers in Racing
apprenticeships – National Stud and Myerscough College joint venture.

Panel discussion at the Employment Practices Forum

Delegates valued the opportunity to hear from and share ideas with other studs, noting the practical takeaways on offer. The panel session generated lively discussion on topics including the implementation of a five-day working week, greater flexibility on holidays, and the importance of encouraging open conversation about personal or workplace challenges that may affect performance.

The South West location was also specifically appreciated for improving accessibility for delegates in the region.

Stud employee reward and recognition

Following extensive research and industry consultation, the TBA launched the Stud Employer Accident Benefit Scheme (SEABS) in March 2025. Developed in partnership with global insurance group Howden, the scheme was created in direct response to demand from employers and employees across the sector.

SEABS enables employers to offer cost-effective accident insurance as a meaningful employee benefit, protecting employees if an accident prevents them from working temporarily or permanently. The scheme is open to TBA member employers and covers all stud activities (with the exception of riding). By the end of 2025, 22 studs employing a total of 480 employees were registered on the scheme.

Annual Report and Accounts l 2025

4: Support breeders in their care of horses, participants and the environment

D: PEOPLE

Attraction and careers promotion

The TBA worked with the Careers in Racing team to update work experience guidance specifically adapted for studs and racing yards. Available via the TBA website, this guidance helps employers maximise the work experience opportunity while ensuring the health, safety, and safeguarding of young people remains paramount.

Careers materials were provided to all studs participating in National Racehorse Week, including links to case studies on breeding industry roles directing visitors to the Careers in Racing website. This approach enabled studs to present consistent, professional messaging about career opportunities while welcoming potential new entrants to experience the industry firsthand. In 2025, National Racehorse Week coincided with the school holidays, increasing attendance from families and young people and broadening exposure to career pathways in the sector.

Cross-industry people initiatives

The TBA collaborated with the Horseracing Industry People Board to develop a comprehensive Industry Framework and skills-based roles structure. The framework provides an overarching summary of roles across the breeding sector, detailing core requirements and the specific skills, knowledge, and behaviours associated with each position. It serves multiple purposes;

for employers: informing job descriptions and recruitment specifications
for employees: supporting understanding of career pathways and development opportunities
for new entrants: clarifying the wide range of roles available across the industry.

The activities described in this programme were funded through a combination of grants from the Horserace Betting Levy Board (HBLB), the Racing Foundation, and the TBA. The TBA is grateful to both the HBLB and the Racing Foundation for their continued support, which enables delivery of a wide range of initiatives in education, recruitment, and workforce development across the breeding industry.

4: Support breeders in their care of horses, participants and the environment

E: MEMBERSHIP

Access membership and education

Membership and member value

Access members continue to make strong use of TB-Ed, the TBA’s dedicated online education platform. Engagement with TB-Ed underscores the critical importance of education to this membership group, which is comprised predominantly of younger members at the earlier stages of their careers in the industry.

Against a backdrop of declining membership numbers – driven by a reduction in the number of active breeders – the TBA remains firmly committed to delivering strong value for money. The Association continually reviews and enhances both its Full and Access membership packages to ensure they meet the evolving needs of all members.

The appeal of educational events to prospective members is equally encouraging. At the Nature and Nurture event, 12 per cent of delegates were new Access subscribers – a positive indicator that the TBA’s educational programme is successfully attracting and converting new members.

In April 2025, the TBA launched a new free tier of

membership for those keen to learn more about the industry. TBA Essentials subscribers receive monthly digital newsletters featuring a round-up of industry news, events, and offers. As of 31 December 2025, there were 1,020 subscribers. TBA Essentials provides bloodstock enthusiasts, racing fans, and students with a window into the world of bloodstock and allows the TBA to share news of its projects and services to a wider audience.

Professional Advice Service

The TBA’s Professional Advice Service continues to provide practical, expert guidance to Full members. During the year, approximately 20 Full members made use of the service, with requests to the legal helpline accounting for the majority of enquiries, reflecting the complex regulatory and contractual environment in which many members operate.

Supporting our members

A major new benefit is the Stud Employee Accident Benefit Scheme (SEABS), which provides cover to TBA members and their staff. The GBB Scheme, alongside a programme of regional days and educational events held throughout the country, ensures that members remain well-informed and well-supported.

Annual Report and Accounts l 2025

CASE STUDY

4: Support breeders in their care of horses, participants and the environment

Tattersalls Forum event

CORE STRATEGIC WORK

Building on the success of the previous two iterations, the TBA once again hosted a free-to-attend educational evening in the main sales ring at Tattersalls. Held during the nonselling day of the Tattersalls December Foal Sale, the event attracted over 200 registrations in advance, with further attendees joining on the day. QR codes were used to capture the details of first-time registrants, expanding the TBA’s database.

Value to the TBA:

Strengthened engagement with existing members
Recruited new members to the Essentials tier
Delivered education to both new and existing members
Created valuable networking opportunities
Gave younger attendees access to senior industry figures in an open, informal setting

The evening focused on the purchasing process for buying a mare and developing foundation bloodlines.

Extended the reach of TB-Ed by making the event recording available on the platform

Speakers explored the key considerations involved, covering pedigree analysis, racing form, physical attributes, and the importance of setting a realistic budget.

Secured an annual date in the Tattersalls calendar, providing a strong foundation for future growth.

The forum was hosted by Sky Sports Racing’s Gina Bryce and featured:

Julian Dollar – General Manager, Newsells Park Stud
Kate Sigsworth – TBA Deputy Chair and breeder
Jocelyn de Moubray – Bloodstock Consultant
Arthur Dobell – Bloodstock Agent.

Members travelling in style at the Culworth Grounds Regional Day

“ We really enjoyed the Culworth Grounds Farm event and found it educational and a lovely networking event .”

Regional days: 2025 programme

In 2025, 71 members attended three regional days held across the country, offering opportunities to interact, network, and strengthen the sense of community within the industry:

Wales and West Midlands regional day delegate

South East – George Baker’s and Chasemore Farm
Wales and West Midlands – Culworth Grounds
South West – Polly Walker’s yard and racing at Exeter.

Member testimonials

“ I commend the TBA for choosing Epsom and Chasemore Farm for this year’s outing – the new yard at Down House is very impressive, and hopefully the start of brighter days for Epsom as a training centre. Chasemore, again relatively new, was equally impressive. Seeing the yearlings was a special treat .”

South East regional day delegate

Regional Day at George Baker’s Downs House Stables

“ Our visit to George Baker’s yard and Down House, and after lunch to Chasemore Farm, was so interesting and went so smoothly. Please thank Rob and Clare – they were both splendid and ran a fascinating day .”

Looking ahead

While regional days continue to provide genuine value for members, the growing prominence of major industry open days – including National Racehorse Week, the Henry Cecil Open Weekend, and the Lambourn Open Weekend – has reduced the exclusivity of a number of the TBA’s venues.

South East regional day delegate

Annual Report and Accounts l 2025

CASE STUDY

4: Support breeders in their care of horses, participants and the environment

Opening the door – the launch of TBA Essentials

CORE STRATEGIC WORK

Broadening access to the bloodstock industry for the next generation of breeders.

The challenge

The thoroughbred breeding industry has long been admired for its heritage and expertise, but that same depth of knowledge can make it feel inaccessible to those on the outside looking in. For individuals curious about the bloodstock world – whether a racehorse owner considering their first breeding venture, a racing enthusiast wanting to deepen their understanding, or a professional new to the sector – there was no straightforward, low-barrier entry point into the TBA’s membership community.

Recognising that the long-term vitality of domestic breeding depends on attracting and nurturing a broader, more diverse audience, the TBA identified an opportunity to create a genuinely inclusive first step into the organisation – one that required no financial commitment and no prior experience.

The solution

Launched in 2025, TBA Essentials is a free-to-join membership tier designed for anyone with an interest in the bloodstock industry. Sitting at the foundation of a tiered membership structure that also includes TBA Access and Full membership, TBA Essentials offers a carefully curated package of resources aimed at informing, inspiring, and welcoming newcomers.

Members signing up to TBA Essentials receive a monthly newsletter covering the latest bloodstock news and forthcoming TBA events, access to free guides, selected courses and resources on TB-Ed, as well as free admission to the annual Forum, held at Tattersalls each November – an event which has already demonstrated its power to engage non-members and spark genuine curiosity about thoroughbred breeding.

The tier was conceived not as a standalone product but as the opening chapter of a membership journey, providing a welcoming and informative environment from which individuals can progress naturally towards TBA Access or Full membership as their involvement in breeding grows.

Impact on members and the TBA

TBA Essentials provides a formal, structured pathway into the TBA community for individuals who previously had no natural point of entry, removing financial and perceived knowledge barriers to engagement.
The monthly newsletter and TB-Ed resources extended the TBA’s educational reach beyond its existing membership base, putting authoritative bloodstock guidance in front of a wider audience at no cost to the recipient.
Free admission to the annual Forum at Tattersalls gave Essentials members immediate access to one of the industry’s most valued learning and networking events, reinforcing the practical benefits of membership from day one.
By establishing a clear three-tier membership structure, the TBA created a coherent progression route – from TBA Essentials through to Full membership – encouraging longer-term engagement.
TBA Essentials directly supports the Association’s strategic ambition to broaden its audience and encourage greater community participation.

Regional communication channels

Post mortem subsidy

The TBA continues to offer a subsidy of £200 towards the veterinary fees incurred when investigating an abortion or neonatal foal death. By encouraging breeders to notify the TBA, this scheme allows the Association to monitor any disease outbreaks where immediate action is critical, such as EHV-1.

All four regions now operate dedicated WhatsApp groups, facilitated by the Regional Representatives in each area. These groups have become an important day-to-day communication tool, enabling members to;

co-ordinate foster care arrangements
share photos for inclusion on social media
co-ordinate transport costs
stay informed about local updates and opportunities
receive timely notification of upcoming events.
“The TBA is a fantastic organisation for those involved in breeding and racing, and I have enjoyed and appreciated being part of it.”

Racecourse partnerships

The TBA has continued to develop its relationships with racecourses across the country, working to enhance the recognition and rewards available to breeders at key fixtures.

Cheltenham

Cheltenham offered two complimentary badges to TBA members and their guests for both the Countryside Raceday and the Mares’ Only Raceday. Both days were well received, with a record number of members taking up the offers.

Royal Ascot

Royal Ascot winning breeders’ luncheon 2025

Royal Ascot again demonstrated its commitment to breeders by providing two complimentary badges to TBA members who had bred a declared runner. The racecourse also hosted the annual Royal Ascot Winning Breeders’ Lunch, with winning breeders receiving a personalised engraved silver dish.

Additional partners

York, Doncaster, Newmarket, and Epsom all continue to recognise the vital contribution breeders make to the sport by offering complimentary badges at their premier meetings to TBA members who have bred a declared runner.

Annual Report and Accounts l 2025

4: Support breeders in their care of horses, participants and the environment.

F: ENVIRONMENTAL SUSTAINABILITY

The TBA provided input and support to the Industry Environmental Sustainability Group, which published its five-year plan, Racing Resilient: Safeguarding our Environment and Sustaining our Sport , in September 2025. This strategy outlined how British horseracing and breeding would take a co-ordinated approach to measuring greenhouse gas emissions, educating participants on better working practices, and setting reduction targets. This would develop a culture where environmental sustainability became embedded within commercial and operational decision-making.

As an outcome of the strategy, it was agreed that the TBA’s Stud Farm Carbon Calculator would be extended to facilitate usage across the training sector, with work scheduled for 2026. During 2025, efforts were focused on maintenance of the platform (£840 in 2025 and £20,381 in 2024) and on raising awareness amongst breeders of how to calculate a baseline footprint and the various benefits of understanding each operation’s emissions – such as better insight on more efficient use of resources, identifying opportunities for reducing costs, and making meaningful environmental gains.

The TBA also completed an internal carbon auditing process to evaluate the environmental impact of office operations and procurement practices (£655 in 2025 and £3,245 in 2024). This data will aid the TBA in setting reduction targets in line with the Paris Agreement (adopted 2015) of around 30 per cent reduction in greenhouse gas emissions over five years.

5 Promote health and welfare and support veterinary research into the thoroughbred breed

G: EQUINE HEALTH AND WELFARE

The BHA-commissioned customer research, Project Beacon: Understanding our Audience (published September 2025), identified that the general public’s concerns around horse welfare were the single greatest barrier to new audiences engaging with horseracing. One of the concerns expressed – along with racecourse fatalities and use of the whip – was a lack of understanding around what a thoroughbred’s life may entail before it went into training and once its racing career was over. The TBA had proactively led the industry in performing traceability studies to help answer these questions.

Following the genealogical assessment of 1.2 million thoroughbred pedigrees recorded in the General Stud Book (GSB) completed in 2024 – which identified an average inbreeding coefficient for the population and modelled the rate of loss of genetic diversity if current trends continued – the TBA explored software applications that may support breeders in making mating decisions for their broodmares (£8,989 in 2025; £20,922 in 2024). Discussions have also taken place at a global level, with activity co-ordinated by the International Inbreeding Group.

Additional areas of work overseen by the Veterinary Committee and Equine Health and Welfare Working Group include:

The TBA completed the whereabouts analysis and independent validation of two British-bred foal crops (thoroughbreds born in 2018 and 2019) in 2025, providing the thoroughbred sector with valuable insight on the outcomes and pathways of horses through the industry, whilst also highlighting data gaps and shaping recommendations to improve the visibility and prospects of all horses bred to race (£12,044 in 2025; £5,557 in 2024).

Contributing to Equine Infectious Disease Surveillance Services (EIDS), to underpin the monitoring of instances and geographic distribution of disease, as well as facilitating the typing of disease variants (£50,000 in 2025; £50,000 in 2024).
Assisting breeders with subsidies towards the costs of screening for Equine Herpesvirus (EHV 1&4) during post mortem examinations of an aborted foetus or neonatal foal death (£1,600 in 2025; £2,000 in 2024).

The data analysis focus of the TBA has now transferred to breeding stock and a study to understand the longevity, parity, ownership and sales history, import and export records, and rest and retirement expectations of British-domiciled broodmares commenced in 2025 (£4,715 in 2025; nil in 2024). The outcomes of this study will help shape future equine welfare strategy at the TBA.

Liaising with the HBLB International Codes of Practice sub-committee and producing hard copies of the final document for breeders (£2,545 in 2025; £1,115 in 2024).

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Predicted inbreeding coefficients over time
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1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050
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Main inbreeding coefficient
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Annual Report and Accounts l 2025

CASE STUDY

5 – Promote health and welfare and support veterinary research into the thoroughbred breed

G: EQUINE HEALTH AND WELFARE

Monitoring and communicating changes to disease risk; the fluctuating availability of key vaccinations; drug (anthelmintic and antimicrobial) resistance levels; rule changes impacting equine veterinary care or administration; and consequent eligibility for General Stud Book (GSB) registration or ability to race in Britain and beyond.
Evaluating veterinary research applications submitted to the HBLB’s Veterinary Advisory Committee for scientific robustness and relevance to the breeding sector, and following up on any studies in progress (nil in 2025; nil in 2024; £220,781 accounted for in 2023).
Supporting Retraining of Racehorses (RoR) with breeding sector funding contributions and insight, to ensure a full remit of aftercare support, services, and safety net provision for all thoroughbreds bred to race (£5,000 in 2025; £5,000 in 2024). To be funded by income generated via the TBA Equine Welfare Levy (collected by Weatherbys at foal registration) from 2026 onwards.
Educating and raising awareness of best practice in relation to the management of thoroughbreds on stud farms to optimise equine health, safety, and wellbeing, which is reviewed annually and updated in the Equine Welfare Guidelines for the Thoroughbred Breeding Sector and a standalone chapter on The Preparation and Sale of Thoroughbred Breeding and Young Stock at Public Auction (£702 in 2025; £1,450 in 2024).

DID YOU KNOW?

82 per cent of registered thoroughbreds born in Britain in 2019 went into training in Britain or abroad by six years of age.

“Social licence can never be self-awarded; it requires that an activity enjoys sufficient trust and legitimacy, and has the consent of (the public) and those affected.”

71 per cent of registered thoroughbreds born in Britain in 2019 raced in Britain or abroad by six years of age.
28 per cent of registered female thoroughbreds born in Britain in 2019 are known to have gone to stud as broodmares by six years of age.

JOHN MORRISON, 2014

TBA helps members decide – what matters most when raising young thoroughbreds, nature or nurture?

The challenge

Whilst the guiding principle of ‘mate the best to the best and hope for the best’ perhaps reflects that luck and timing can play a part in the successful rearing of thoroughbreds, most breeders understand that the marginal gains that come from experience, perseverance, and close attention to detail can optimise their chances of replicating success.

Critically appraising the environment in which thoroughbreds are raised, the management practices associated with their development, and the inherited characteristics contributed from their bloodlines allows breeders, purchasers, and trainers to make initial judgements on potential prospects. But these do not tell the full story. In the rapidly evolving subject area of epigenetics, the expression of a foal’s genes – signals that turn characteristics ‘on’ or ‘off’ – may be impacted even before it is born, or as a consequence of disturbances to its mental state.

The expert panel at the Nature v’s Nurture event

How do breeders assess and prioritise which factors within their power are likely to bring about the greatest gains when endeavouring to raise healthy, athletic, and robust juvenile racehorses?

How it helps the TBA and its members

The event provided data to inform evidence-based decisionmaking and shape management practices back on each stud farm. This aligns closely with some of the key charitable objectives of the TBA, which aim to provide education and support to members, whilst also being the voice of the thoroughbred, to ensure the continued health and durability of the breed.

The solution

The TBA brought together a panel of leading experts in this field – including Dr Rebecca Mouncey, Dr Jessica Lawson, Dr Niamh Lewis, and equine geneticist Dr Andy Dell – to deliver an immersive day of presentations and Q&A sessions at the Granary Estates, near Newmarket, on Thursday, 17 July 2025.

The event was awarded 16 industry CPD points by the BHA, and the presentations were recorded and later uploaded to TB-Ed to extend the reach of this valuable information. Employers often sign up supervisory level members of their teams to support their knowledge base and career progression.

This event built on core themes around equine health and wellbeing previously explored during the Worm Workshop (York, 2023) and Alles ist Gut (Newbury, 2024), with all three events advocating for a holistic approach to breeding and raising thoroughbreds to ensure optimum outcomes (£6,481 in 2025; £8,994 in 2024).

Educational events are a key opportunity for the TBA to communicate findings from veterinary research projects to breeders and to have meaningful two-way dialogue with members around their specific areas of interest.

Annual Report and Accounts l 2025

COMMUNITY AND SOCIAL IMPACT

Fundamental to the TBA’s ability to function is the contribution in time and effort of its Trustees. All are volunteers who take no payment for their work and attendance on behalf of the TBA at committee meetings, TBA events, and industry meetings. Each Trustee provides a minimum of eight work days on behalf of the TBA, and some provide considerably more. Once non-trustee committee members are factored in, the TBA recognises the significant unpaid element of its work.

TBA Stud Employee Award 2025

The 2025 TBA Stud Employee Award attracted 18 nominations, all demonstrating the strength and depth of talent within the stud workforce. Following the initial screening process, the shortlist was expanded to eight – rather than the usual six – given the exceptional quality of applications received.

Zoe Isaacson, Stud Manager at Barton Stud, was selected as the overall winner. The award – comprising a perpetual bronze trophy of a mare and foal, together with £2,000 in cash – was presented at the TBA Flat Breeders’ Awards Evening in July 2025 by New England Stud owner the Hon Peter Stanley. Zoe was recognised for her approachable management style and her belief that “ everyone deserves a chance if they are willing to put in the work .” She emerged as a strong advocate for women in leadership, expressing her desire to see more done to promote stud management roles for women across the industry. Her employer, Tom Blain, described her as integral to the success and growth of Barton Stud, setting exemplary standards and fostering a positive team culture.

Zoe Isaacson is presented with the Stud Employee of the Year Award

In May, members of the TBA executive team visited Newmarket Hospital to assist with the clearing and maintenance of the patient gardens as part of Racing Together’s Community Week. Joined by members of other stakeholder organisations, the TBA team transformed a number of the outdoor areas to enable patient access once again.

Andrew Fogarty MRCVS (Newmarket Equine Hospital) said of Zoe: “ What sets Zoe apart is not just her capability, but the way she carries out her role – with professionalism, kindness, and a calm, pleasant demeanour that fosters a positive working environment for everyone around her. Zoe’s contributions are invaluable, and I can think of no one more deserving of the Thoroughbred Breeders’ Association Award .”

Racing Staff Week took place from 21 to 27 June 2025, marking the ninth year of this industry-wide celebration. To support the initiative, the TBA sponsored 13 stud team summer parties across the country, helping studs reward their employees for the efforts of the busy stud season (2024: five). Studs received £100 and a party pack as a contribution to their individual events. The success of these parties was evident through social media content shared by participating studs, which showcased the opportunity to bring teams together to celebrate their hard work and achievements.

The remaining shortlisted candidates – Richard King (Lanwades Stud), Hannah Ellis (Somerwood Stud), Ben Barclay (Newsells Park Stud), Terry Doherty (Watership Down Stud), Kerry Robertson (New Hall Stud), Noel Cullen (Cheveley Park Stud), and Martin Languillet (Fittocks Stud) – each received £250 and a certificate in recognition of their contribution to the industry.

In May 2025 Juliet Frost, Charlotte Lovatt, Shona Rutherford and Caroline Turnbull helped tidy gardens at the Newmarket Community Hospital for local patients as part of Racing’s Community Week.

Industry Education and Retention Manager Caroline Turnbull

Claire Sheppard and James Crowhurst talk with members of the All Party Parliamentary Group for Racing during their visit to Newmarket.

Annual Report and Accounts l 2025

FINANCIAL REVIEW

The results for the year are set out in the financial statements at the end of this annual report and accounts. Total income amounted to £1,922,903 (2024 – £1,776,439) which, after total expenditure of £1,932,260 (2024 – £1,819,367) resulted in a net deficit for the year of £9,357 (2024 – net deficit of £42,928).

As at 31 December 2025 aggregate fund balances amounted to £1,829,653 (2024 – £1,839,010).

Reserves policy

Principal funding

The TBA’s Reserves Policy is managed by the Policy and Strategy Committee and ratified by the Board. In forming the policy, the TBA aims to ensure that the reserves level match the TBA’s needs at the time. In setting this policy the TBA assesses the reliability of future income streams, reviews committed expenditure and the likely changes in the main source of income and assesses how the charity would cope with changes in its main source of income and the likelihood of the charity’s needs and the consequences of the TBA not having been able to meet them.

The TBA’s principal funding is derived from the Voluntary Sales Levy and grant income, together with subscriptions. Grant income decreased slightly as a percentage of funding, from 24% in 2024 to 23% in 2025.

The charity understands its duty to protect the public, including vulnerable people, from unreasonable intrusive or persistent fundraising approaches, and undue pressure to donate but does not currently fundraise from the public or use any internal fundraisers or external fundraising agencies for either telephone or face to face campaigns and received no fundraising complaints during the year. The charity is a member of the Fundraising Regulator to reinforce responsible fundraising activities.

The minimum level of reserves for 2025/26, is set at £1,484,960 (2024/25 – £1,363,703) to include provision for twelve month’s running costs/provision for closure costs including redundancy payments, sums committed to the sustainability, education and veterinary projects described above, and a ring-fenced element for discretionary use by the Board in the event of a disease outbreak requiring central funding.

Actual total reserves were £1,829,653 (2024 – £1,839,010), of which £69,509 (2024 – £63,758) were restricted reserves not available for the general purposes of the charity. The unrestricted general funds were £1,760,144 (2024 – £1,775,252) of which £41,683 (2024 – £141,663) is represented by fixed assets.

The charity’s available free reserves were therefore £1,718,461 (2024 – £1,633,589) which is in line with this policy. The difference between the minimum level of reserves and the actual reserves will be used to fund further initiatives to meet our objectives.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The pay of the Chief Executive Officer is reviewed by the directors annually. The level of salary is periodically benchmarked to ensure remuneration set is fair and in line with that generally paid for similar roles.

The company is constituted under a Memorandum of Association dated 11 November 2009 and is a registered charity number 1134293.

Organisational structure and decision making

The principal objects of the company are to encourage by means of the provision of educational or research facilities or otherwise the science of producing and improving the thoroughbred horse in Great Britain.

The Board of Trustees comprises up to 12 elected and co-opted members, who meet at least six times a year to approve policy. The Board Chairman also chairs the Policy and Strategy Committee which recommends policy to the board on appropriate matters.

On 31 December 2009 the company acquired the whole of the assets and liabilities of the unincorporated association of the same name under a Deed of Asset transfer.

The Chief Executive reports to the Chairman and the board and sits on all the Association’s sub committees which address and deliver the Association’s objectives in support of the thoroughbred breed.

Method of appointment or election of trustees

The management of the company is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association.

Risk management

The trustees undertake an annual assessment of the principal risks facing the company, with particular focus on those affecting its operations and financial position. Risks are reviewed each year by the Policy and Strategy Committee, with the strategic risk register updated to reflect any changes in circumstance or scoring. The board is satisfied that appropriate systems and controls are in place to manage the charity’s exposure to its most significant financial risks, notably a reduction in sales levy income or the consequences of a major equine disease outbreak.

Policies adopted for the induction and training of trustees

Newly appointed trustees receive an induction from the Chief Executive and are provided with Charity Commission Guidance documentation. Trustees are provided with details on updates to legislation on an ongoing basis. The association uses legal advisers to provide ad hoc advice on charitable requirements.

Pay policy for senior staff

Four risks were assessed as ‘extreme’ in 2025, consistent with the prior year, although the profile of several has shifted.

The TBA considers its key management personnel; comprising the Board of Directors, who are the charity’s trustees and the Chief Executive Officer.

Government policy remains the most significant risk to the organisation, and its likelihood score was raised during the year. Ongoing uncertainty around the Gambling Act review and levy reform, together with DEFRA consultations on the Sanitary and Phytosanitary Agreement and further legislation, continues to create an unpredictable policy environment, while the changes to agricultural and business property relief announced in the Autumn 2024 Budget have added pressure on breeders’ inheritance tax planning and the long-term

They are in charge of directing and controlling, running and operating the charity on a day to day basis. All directors give of their time freely and no director received remuneration in the year. Details of the directors’ expenses and related party transactions are disclosed in the notes to the accounts.

Annual Report and Accounts l 2025

financial resilience of the sector. Mitigation centres on direct engagement with MPs and key ministers, professional public affairs advice, and active participation in industry umbrella bodies.

The loss of principal participants in the industry, and the absence of clear succession behind them, also remains a risk. The departure of several major patrons from the industry over the past five years has left significant breeding enterprises in transition, and their future scale and influence – along with that of other sizeable players in the industry – remains uncertain. The consequences for membership, sales levy income and the strength of the industry as a whole are felt directly by the TBA. The Association continues to maintain close relationships with major patrons and their advisors while supporting the development of new breeders entering the industry.

Shifting public at udes towards the use of horses in sport also continues to carry an extreme rating, given the potential for declining racing audiences to feed through into reduced demand for breeding. Industry initiatives such as HorsePWR and National Racehorse Week represent positive engagement with the public, but sustained monitoring through the Horse Welfare Board and consistent, coordinated messaging across industry stakeholders remain essential.

Finally, the charity’s dependency on a narrow range of income sources is judged a high risk. This is mitigated through the reserves policy, close monitoring of sales levy receipts, relationship-building with key funders, and continued work to diversify income.

The reserves policy is itself a central element of financial risk management and is reviewed regularly by trustees, reflecting the charity’s reliance on voluntary income. The policy provides for cash reserves equivalent to not less than twelve months of the charity’s overall expenditure. Further detail is set out under the Reserves Policy above.

Public benefit

The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. The Thoroughbred Breeders’ Association is a registered charity

whose charitable purpose defined within the Charities Act 2011 is to encourage by means of the provision of educational or research facilities or otherwise the science of producing and improving the thoroughbred horse in Great Britain.

Trustees’ responsibilities statement

The trustees (who are also directors of The Thoroughbred Breeders’ Association for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under the law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they 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 these financial statements, the trustees are required to:

Select suitable accounting policies and then apply them consistently;
Observe the methods and principles in the Charities SORP 2019 (FRS 102);
Make judgements and estimates that are reasonable and prudent;
State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

Auditors

safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The auditors, Price Bailey LLP have indicated their willingness to continue in office. The Designated Trustees will propose a motion re-appointing the auditors at a meeting of the trustees.

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

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

This report was approved by the trustees, on 16 July 2026 and signed on their behalf by:

Disclosure of information to auditors

Each of the persons who are trustees at the time when this Trustees’ Report is approved has confirmed that:

So far as that trustee is aware, there is no relevant audit information of which the charitable company’s auditors are unaware, and

Philip Newton Chairman

That trustee has taken all steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.

Annual Report and Accounts l 2025

OFFICERS AND CONTACTS 2025

Chairman

Honorary President

Philip Newton

Julian Richmond-Watson OBE (stepped down September 2025)

Trustees (per Companies House register)

Simon Cox

Philip Newton CHAIR

James Crowhurst

Thomas Blain

Chief Executive

Claire Sheppard (stepped down September 2025)

Naomi Mellor (appointed August 2025)

Kate Sigsworth DEPUTY CHAIR

Jessica Westwood

TBA STANDING COMMITTEES 2025 MEMBERS

Committee membership review takes place annually, next review July 2026. The Chief Executive attends all committee meetings alongside relevant executives. The secretariat for each committee is highlighted in red.

Education and Employment

Audit

Policy and Strategy

Juliet Frost (resigned August 2025) Vaughn Hewitt (appointed July 2025) Mike Saunders (Chair) Matthew Prior

Melissa Rose

Shona Rutherford

Sam Bullard (Chair) Philip Newton (Chair) Jane Black Simon Cox Alayna Cullen-Birkett Mike Saunders James Crowhurst Kate Sigsworth Jan Hopper Oliver Nash Kate Sigsworth David Walsh

Janine Hopper

Samuel Bullard (resigned September 2025)

Joseph Callan

Executive Team

Alice Bletsoe-Brown Project Delivery Executive

Molly Bryan

Digital Marketing Executive

Robert Davey Bloodstock Executive

Clare Daniels TB-Ed Operations Executive

Luke Elliot Breeder Development Executive

Principal Banker

Weatherbys Bank Limited Sanders Road Wellingborough Northamptonshire NN8 4BX

Matthew Prior

Mike Saunders

Juliet Frost Chief Operating Officer (resigned August 2025)

Vaughn Hewitt

Interim Finance Manager (appointed July 2025)

Alix Jones Membership Executive

Charlotte Lovatt Head of Marketing and Communications

Independent Auditor

Price Bailey LLP Chartered Accountants & Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Anita Wigan (resigned September 2025)

Colm Donlon (appointed September 2025)

Victoria Murrell

Equine Health and Welfare Manager

Charlotte Newton Great British Bonus Operations Manager

Melissa Rose Education Executive

Shona Rutherford Lead Administrator

Caroline Turnbull

Industry Education and Retention Manager

Veterinary and

Equine Health and Welfare Victoria Murrell

Sam Bullard (resigned September 2025) James Crowhurst (Chair) Simon Mockridge Richard Newton Filipe de Oliveira (appointed June 2025) Charlie Pinkham (appointed June 2025) Kirsten Rausing John Spencer Mimi Wadham

Membership, Communications and Marketing

Molly Bryan

Joseph Callan Philip Newton

Flat

Jump

Rob Davey

Kate Sigsworth (Chair) Simon Cox (Chair) Tom Blain Ed Bailey Joe Callan (appointed April 2025) Colm Donlon David Hodge (appointed September 2025) Jan Hopper (appointed April 2025) David Futter Finbar Kent (appointed April 2025) Tessa Greatrex Yvonne Jacques Jane Hedley (appointed February 2025) Claire Kubler Peter Hockenhull Ken Pitterson Tim Kent Nick Pocock Will Kinsey Peter Stanley Liz Lucas David Walsh (appointed April 2025) Nick Luck Jessica Westwood By invitation: Rachael Linsell, Mike Waring, Raffe Senior Garrett By invitation: Shirley Anderson-Jolag, Stuart Middleton, Kate Sigsworth

Sales Consignors

Rob Davey

Tom Blain (Chair) Matt Coleman (appointed January 2025) Ed Harper Andrew Mead Jamie Railton Mike Shepherd Kate Sigsworth Marie Sullivan Simon Sweeting Jess Westwood

Annual Report and Accounts l 2025

EXTERNAL COMMITTEE REPRESENTATION (AS OF DECEMBER 2025)

----- Start of picture text -----
EUROPEAN European EFTBA EFTBA
Federation of Veterninary Genomics
Thoroughbred Committee
Breeders’ James Crowhurst
I.C.S.C. (Europe) Associations James Crowhurst
Tom Blain (EFTBA)
Philip Newton
Naomi Mellor
----- End of picture text -----

DOMESTIC Tattersalls Liaison Group Tom Blain HBLB CODES OF PRACTICE Commercial Committee James Crowhurst COMMITTEE Naomi Mellor Rob Davey James Crowhurst Naomi Mellor Victoria Murrell Industry Programme Group Naomi Mellor Thoroughbred Group Board

Thoroughbred Group Board Philip Newton HBLB EQUINE INFECTIOUS (Naomi Mellor as an observer) DISEASES STAKEHOLDERS GROUP James Crowhurst HBLB STAKEHOLDER GROUP Philip Newton Victoria Murrell Kate Sigsworth

----- Start of picture text -----
Joint Communications Group
Harriet Collins (TBA Consultant)
Flat Pattern Committee
Kate Sigsworth
----- End of picture text -----

Thoroughbred Industry Welfare Forum Victoria Murrell

High Quality Horse Group

Philip Newton Simon Cox (Naomi Mellor as an observer) Jump Pattern Committee Simon Cox

HORSE WELFARE BOARD Kate Sigsworth

Horse Welfare Board Kate Sigsworth

ALL PARTY PARLIAMENTARY GROUP FOR THE HORSE Naomi Mellor

Victoria Murrell

Naomi Mellor Charlotte Lovatt

National Equine Welfare Council Victoria Murrell

GBB Management Group Philip Newton Simon Cox Claire Sheppard Naomi Mellor Charlotte Newton

Veterinary Committee John Spencer

Bloodstock Industry Forum

Tom Blain

Racing Committee Rob Davey

Naomi Mellor

Recruitment Group Caroline Turnbull

EQUINE INDUSTRY COMMITTEE Victoria Murrell

Diversity and Inclusion Group Caroline Turnbull

----- Start of picture text -----
Caroline Turnbull
INTERNATIONAL
Training Providers Group
Caroline Turnbull
ITBF ITBF Veterninary
Committee
Philip Newton Racing Staff Development/
Naomi Mellor James Crowhurst eLearning Steering Group
Caroline Turnbull
----- End of picture text -----

THANK YOU

The TBA would like to thank all individuals and organisations who supported the association in 2025.

Weatherbys for its continued support of the TB-Ed e-learning platform and assistance with TBA activities.

Sales levy

The TBA is extremely grateful to those who have supported and contributed to the sales levy for 2025. Without this funding, the vital work of the association to support the industry would not be possible. Thank you.

Watership Down Stud for its headline sponsorship of the Flat Awards in 2025.
The Jockey Club for its assistance with TBA education programmes through the National Stud, and breeders’ badges at premium fixtures.

Trusts, partners and supporters

Event sponsors and partners who helped contribute to the delivery of important services for the thoroughbred breeding community.

Thank you to:

The Horserace Betting Levy Board (HBLB) which continued to provide funding for the Great British Bonus Scheme, Elite NH Mares’ Scheme, educational support, Codes of Practice and equine veterinary research.
Racecourses who have delivered initiatives to support British breeders during 2025, and for their support for the Racecourse Badge Scheme for Breeders and Festival race meetings.
The Racing Foundation which has continued to support the TBA’s environmental, education and horse welfare initiatives • Tattersalls and Goffs UK who have collected the sales levy including the Stud Farm Carbon Calculator, TB – Ed and and supported TBA events and equine welfare initiatives. educational workshops for members and employers.

Annual Report and Accounts l 2025

THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF THE THOROUGHBRED BREEDERS’ ASSOCIATION

Conclusions relating to going concern

Opinion

We have audited the financial statements of the Thoroughbred Breeders’ Association (the ‘charitable company’) for the year ended 31 December 2025 which comprise the Statement of Financial Activities incorporating Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

In our opinion the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 31 December 2025, and of it’s incoming resources and application of resources, including its income and expenditure, for the year then ended;

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We have nothing to report in this regard.

Annual Report and Accounts l 2025

THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025

INDEPENDENT AUDITORS’ REPORT (continued) TO THE MEMBERS OF THE THOROUGHBRED BREEDERS’ ASSOCIATION

Opinions on other matters prescribed by the Companies Act 2006

the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Auditor’s responsibilities for the audit of the financial statements

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below:

certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit ; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors report and from the requirement to prepare a strategic report.

We gained an understanding of the legal and regulatory framework applicable to the charitable company and how it operates and considered the risk of the charitable company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the charity this included data protection, health and safety, employment law and financial reporting.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 34, the trustees (who are also

INDEPENDENT AUDITORS’ REPORT (continued)

TO THE MEMBERS OF THE THOROUGHBRED BREEDERS’ ASSOCIATION

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Management override: We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing of journal entries and other adjustments for appropriateness.
Reviewing minutes of Trustee Board meetings, minutes of Audit Committee meetings and correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation, enquiries of management including those responsible for the key regulations and a review of the risk management processes and procedures in place. We have also reviewed the procedures in place for the reporting of any incidents to the Trustee Board including serious incident reporting of these matters as necessary with the Charity Commission.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members, for our audit work, for this report, or for the opinions we have formed.

Shaun Jordan ACA (Senior Statutory Auditor)

For and on behalf of Price Bailey LLP

Chartered Accountants Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 0WZ United Kingdom

Date: ___________29 July 2026

Annual Report and Accounts l 2025

THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES INCOME FROM: Donatons and legacies 3 Charitable actvites 4 Other trading actvites 5 Investments 6 TOTAL INCOME EXPENDITURE ON: Raising funds 7 Charitable actvites 8 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) BEFORE TRANSFERS Transfers between Funds 22 NET INCOME/(EXPENDITURE) FOR THE YEAR AFTER TRANSFERS BEING NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD	RESTRICTED UNRESTRICTED TOTAL TOTAL FUNDS FUNDS FUNDS FUNDS 2025 2025 2025 2024 £ £ £ £ 451,936 1,144,486 1,596,422 1,407,105 - 239,338 239,338 250,455 - 42,601 42,601 55,329 - 44,542 44,542 63,550
	451,936 1,470,967 1,922,903 1,776,439
	- 73,047 73,047 88,056 446,185 1,413,028 1,859,213 1,731,311
	446,185 1,486,075 1,932,260 1,819,367
	5,751 (15,108) (9,357) (42,928) - - - -
	5,751 (15,108) (9,357) (42,928) 63,758 1,775,252 1,839,010 1,881,938
	69,509 1,760,144 1,829,653 1,839,010

The notes on pages 47 to 66 form part of these financial statements.

REGISTERED NUMBER: 07073259 BALANCE SHEET AS AT 31 DECEMBER 2025

NOTES FIXED ASSETS Intangible assets 14 Tangible assets 15 Investments 16 CURRENT ASSETS Stocks 17 Debtors 18 Investments 19 Cash at bank and in hand CREDITORS: amount falling due within one year 20 NET CURRENT ASSETS CREDITORS:amounts falling due >1 year 21 NET ASSETS CHARITY FUNDS Restricted funds 22 Unrestricted funds 22 TOTAL FUNDS	2025 2024 £ £ £ £ 25,580 28,238 16,103 13,425 - 100,000
	41,683 141,663
	500 500 357,091 244,633 366,208 1,396,823 1,418,446 501,915
	2,142,245 2,143,871 (344,067) (386,813)
	1,798,178 1,757,058
	(10,208) (59,711)
	1,829,653 1,839,010
	69,509 63,758 1,760,144 1,775,252
	1,829,653 1,839,010

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 16 July 2026 and signed on their behalf, by:

Philip Newton Chairman

The notes on pages 47 to 66 form part of these financial statements.

Annual Report and Accounts l 2025

THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES Cash fows from operatng actvites Net cash fow from operatng actvites 24 Cash fows from investng actvites Dividends, interest and rents from investments Purchase of tangible fxed assets Purchase of intangible assets Proceeds from investment realisaton Movement in Investments as Cash Deposits Net cash provided by investng actvites Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward	2025 2024 £ £ As restated (239,849) (249,159)
	44,542 63,550 (8,517) (6,149) (10,260) (6,836) 100,000 - 1,030,615 (35,621)
	1,156,380 14,944
	916,531 (234,215) 501,915 736,130
	1,418,446 501,915

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT

NOTES Increase/(Decrease) in cash in the year being movement in net funds in the year 25 Net funds at 1 January Net funds at 31 December	2025 2024 £ £ 916,531 (234,215) 501,915 736,130
	1,418,446 501,915

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

1.1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared 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 (FRS 102) (effective 1 January 2019) – Charities SORP (FRS 102), and the Companies Act 2006.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

The Thoroughbred Breeders’ Association meets the definition of a public benefit entity under FRS 102 and is incorporated in England and Wales, United Kingdom.

1.5. INCOME

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The financial statements are presented in Sterling and are rounded to the nearest £.

Donations and income from voluntary levies are recognised when the company has been notified in writing of both the amount and settlement date.

1.2. COMPANY STATUS

The company is a company limited by guarantee not having share capital. There are currently 11 (2024 – 12) trustees who are also the members of the company named on page 36. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The charity is a registered charity. The registered office of the charity is Stanstead House, 8 The Avenue, Newmarket, Suffolk, CB8 9AA.

Income from grants is recognised when the company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income from training courses and meetings and event income is recognised in the period that the meeting or event takes place.

1.3. GOING CONCERN

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

Income from subscriptions is recognised over the period to which it relates.

1.6. EXPENDITURE

1.4. FUND ACCOUNTING

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Annual Report and Accounts l 2025

THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025

1. ACCOUNTING POLICIES (continued)

direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Software development costs relating to TB-Ed are allocated against educational activity and written off as incurred. This is due to them not being recognised as income generating business developments, but rather being direct charitable activities.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

1.7. INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.8. TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Office equipment – 20% Straight Line

1.9. INTANGIBLE ASSETS AND AMORTISATION

Intangible assets are carried at cost, net of amortisation and any provision for impairment. The asset will be amortised over its estimated useful life on the following basis: Business software – 20% Straight Line

1.10. INVESTMENTS

Fixed asset investments in unlisted bonds are carried at historical cost less any impairment provision.

Current asset investments include liquid assets with maturity of between three and twenty four months. These are held at fair value with movements in valuation through the Statement of Financial Activities.

1.11. STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost is calculated using average cost and includes all direct costs.

1.12. DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.13. CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.14. LIABILITIES

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

1. ACCOUNTING POLICIES (continued)

1.15. FINANCIAL INSTRUMENTS

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs).

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. Fixed assets are recorded at depreciated historical cost and all other assets and liabilities are recorded at cost which is their fair value.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 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.

1.16 PENSIONS

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the charity in an independently administered fund.

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Charity’s accounting policies, which are described in note 1, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical accounting estimates or judgements applied by the trustees which have a significant impact on the amounts disclosed in the financial statements are as follows:

Deferred Membership Income

Deferred membership income is reviewed annually to ensure the best estimate for each period. Membership subscriptions run annually from the start of the month they are paid.

Library assets – Not depreciated as these are regularly replaced.

Annual Report and Accounts l 2025

THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025

3. INCOME FROM DONATIONS AND LEGACIES


Donatons Grants Voluntary levies Total donatons and legacies 2024 – Comparatve Donatons Grants Voluntary levies Total donatons and legacies	RESTRICTED UNRESTRICTED TOTAL FUNDS FUNDS FUNDS 2025 2025 2025 £ £ £ - 39,661 39,661 437,686 - 437,686 14,250 1,104,825 1,119,075
	451,936 1,144,486 1,596,422
	RESTRICTED UNRESTRICTED TOTAL FUNDS FUNDS FUNDS 2024 2024 2024 £ £ £ - 22,699 22,699 422,376 - 422,376 11,163 950,867 962,030
	433,539 973,566 1,407,105

4. INCOME CHARITABLE ACTIVITIES

Subscriptons and publicatons income Training courses and SEABS scheme Total charitable actvites 2024 – Comparatve Subscriptons and publicatons income Training courses Total charitable actvites	RESTRICTED UNRESTRICTED TOTAL FUNDS FUNDS FUNDS 2025 2025 2025 £ £ £ - 201,118 201,118 - 38,220 38,220
	- 239,338 239,338
	RESTRICTED UNRESTRICTED TOTAL FUNDS FUNDS FUNDS 2024 2024 2024 £ £ £ - 212,714 212,714 - 37,741 37,741
	- 250,455 250,455

5. OTHER TRADING ACTIVITIES

Meetngs and events income 2024 – Comparatve Meetngs and events income	RESTRICTED UNRESTRICTED TOTAL FUNDS FUNDS FUNDS 2025 2025 2025 £ £ £ - 42,601 42,601
	RESTRICTED UNRESTRICTED TOTAL FUNDS FUNDS FUNDS 2024 2024 2024 £ £ £ - 55,329 55,329

6. INVESTMENT INCOME

Bank interest 2024 – Comparatve Bank interest	RESTRICTED UNRESTRICTED TOTAL FUNDS FUNDS FUNDS 2025 2025 2025 £ £ £ - 44,542 44,542
	RESTRICTED UNRESTRICTED TOTAL FUNDS FUNDS FUNDS 2024 2024 2024 £ £ £ - 63,550 63,550

Annual Report and Accounts l 2025

THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025

7. COST OF RAISING FUNDS


Fundraising and publicity Meetng and events costs Total cost of raising funds	RESTRICTED UNRESTRICTED TOTAL FUNDS FUNDS FUNDS 2025 2025 2025 £ £ £ - 24,355 24,355 - 48,692 48,692
	- 73,047 73,047

2024 – Comparative

2024 – Comparatve
Fundraising and publicity Meetng and events costs Total cost of raising funds	RESTRICTED UNRESTRICTED TOTAL FUNDS FUNDS FUNDS 2024 2024 2024 £ £ £ - 24,015 24,015 - 64,041 64,041
	- 88,056 88,056

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES

	ACTIVITIES	GRANT
	UNDERTAKEN	FUNDING OF	SUPPORT
	DIRECTLY	ACTIVITIES	COSTS	TOTAL
	2025	2025	2025	2025
	£	£	£	£
Research	36,779	66,478	398,221	501,478
Educaton	249,048	-	398,221	647,268
Promoton of awareness of the breed	305,051	-	405,415	710,466
Total 2025	590,878	66,478	1,201,857	1,859,213

Total expenditure on charitable activities attributable to restricted funds is £446,185 (2024 – £480,146).

2024 – Comparative

2024 – Comparatve
	ACTIVITIES	GRANT
	UNDERTAKEN	FUNDING OF	SUPPORT
	DIRECTLY	ACTIVITIES	COSTS	TOTAL
	2024	2024	2024	2024
	£	£	£	£
Research	43,555	64,395	336,393	444,343
Educaton	258,433	-	336,393	594,826
Promoton of awareness of the breed	347,104	-	345,038	692,142
Total 2024	649,092	64,395	1,017,824	1,731,311

9. ANALYSIS OF GRANTS

	GRANTS TO	GRANTS TO
	INSTITUTIONS	INDIVIDUALS	TOTAL
	2025	2025	2025
	£	£	£
Grants, Research	58,034	8,444	66,478
2024 – Comparatve
	GRANTS TO	GRANTS TO
	INSTITUTIONS	INDIVIDUALS	TOTAL
	2024	2024	2024
	£	£	£
Grants, Research	53,834	10,561	64,395

Grants to institutions totalled £52,545 (2024 – £53,834) which was granted partly to the Horserace Betting Levy Board, for Infectious Disease Surveillance, £50,000 (2024 – £50,000), as well as the printing and posting of the Codes of Practice cost £2,545 in 2025 (2024 – £1,115). In 2024 the TBA also jointly funded a study to measure the inbreeding co-efficient in the UK Thoroughbred with Weatherbys. The study was completed in 2025 £5,489 (2024 – £2,719). Grants of £200 each towards the costs of foetal post mortems were distributed to 8 individuals (2024 – 11) and a veterinary advisor was granted an honorarium of £6,844 each (2024 – £8,561) for their continued dedication to the TBA and imparting knowledge for the good of the industry. In 2024 there were two veterinary advisors, with one retiring halfway through the year in 2024.

10. DIRECT COSTS

Producton and distributon of magazine Environmental Sustainability Equine welfare Stud staf training scheme Marketng and promoton Wages and salaries Natonal Insurance Pension cost	PROMOTION OF AWARENESS TOTAL RESEARCH EDUCATION OF THE BREED 2025 £ £ £ £ 18,600 18,600 - 37,200 748 747 - 1,495 17,431 17,432 - 34,863 - 170,142 - 170,142 - - 305,051 305,051 - 34,587 - 34,587 - 4,773 - 4,773 - 2,767 - 2,767
	36,779 249,048 305,051 590,878

Annual Report and Accounts l 2025

THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025

10. DIRECT COSTS (continued)

2024 – Comparative

2024 – Comparatve
Producton and distributon of magazine Environmental Sustainability Equine welfare Stud staf training scheme Marketng and promoton Wages and salaries Natonal Insurance Pension cost	PROMOTION OF AWARENESS TOTAL RESEARCH EDUCATION OF THE BREED 2024 £ £ £ £ 16,500 16,500 - 33,000 16,390 16,390 - 32,780 10,665 10,665 - 21,330 - 173,678 - 173,678 - - 347,104 347,104 - 33,826 - 33,826 - 4,668 - 4,668 - 2,706 - 2,706
	43,555 258,433 347,104 649,092

11. SUPPORT COSTS

Property costs Library and ofce expenses Legal and professional fees Miscellaneous expenditure Training and recruitment Printng and statonery Computer costs EFTBA subscripton Consultancy Auditors’ remuneraton ITBF subscripton Meetngs, commitee and travel Accountancy and tax advisory Wages and salaries Natonal insurance Pension cost Depreciaton Amortsaton	PROMOTION OF AWARENESS TOTAL RESEARCH EDUCATION OF THE BREED 2025 £ £ £ £ 10,287 10,286 10,286 30,859 13,299 13,300 13,299 39,898 3,354 3,354 3,355 10,063 3,768 3,767 3,767 11,302 23,700 23,700 23,700 71,100 836 837 837 2,510 8,315 8,316 8,316 24,947 - - 7,195 7,195 29,048 29,047 29,047 87,142 4,750 4,750 4,750 14,250 834 833 833 2,500 15,322 15,323 15,323 45,968 370 370 370 1,110 234,950 234,949 234,949 704,848 26,645 26,644 26,644 79,933 16,491 16,492 16,492 49,475 1,946 1,947 1,946 5,839 4,306 4,306 4,306 12,918
	398,221 398,221 405,415 1,201,857

Property costs
Library and ofce expenses
Legal and professional fees
Miscellaneous expenditure
Training and recruitment
Printng and statonery
Computer costs
EFTBA subscripton
Consultancy
Auditors’ remuneraton
ITBF subscripton
Meetngs, commitee and travel
Accountancy and tax advisory
Wages and salaries
Natonal insurance
Pension cost
Depreciaton
Amortsaton

PROMOTION OF
AWARENESS
TOTAL
RESEARCH
EDUCATION
OF THE BREED
2025
£
£
£
£
10,287
10,286
10,286
30,859
13,299
13,300
13,299
39,898
3,354
3,354
3,355
10,063
3,768
3,767
3,767
11,302
23,700
23,700
23,700
71,100
836
837
837
2,510
8,315
8,316
8,316
24,947
-
-
7,195
7,195
29,048
29,047
29,047
87,142
4,750
4,750
4,750
14,250
834
833
833
2,500
15,322
15,323
15,323
45,968
370
370
370
1,110
234,950
234,949
234,949
704,848
26,645
26,644
26,644
79,933
16,491
16,492
16,492
49,475
1,946
1,947
1,946
5,839
4,306
4,306
4,306
12,918

398,221
398,221
405,415
1,201,857

11. SUPPORT COSTS (continued)

2024 – Comparative

2024 – Comparatve
Property costs Library and ofce expenses Legal and professional fees Miscellaneous expenditure Training and recruitment Printng and statonery Computer costs EFTBA subscripton Consultancy Auditors’ remuneraton ITBF subscripton Meetngs, commitee and travel Accountancy and tax advisory Wages and salaries Natonal insurance Pension cost Depreciaton Amortsaton Bad debt write of Proft/Loss on sale of assets	PROMOTION OF AWARENESS TOTAL RESEARCH EDUCATION OF THE BREED 2024 £ £ £ £ 14,904 14,904 14,903 44,711 16,700 16,700 16,700 50,100 2,208 2,208 2,208 6,624 3,385 3,385 3,385 10,155 2,845 2,844 2,845 8,534 819 819 819 2,457 5,274 5,274 5,274 15,822 - - 8,646 8,646 9,012 9,012 9,012 27,036 4,422 4,423 4,423 13,268 6,285 6,285 6,285 18,855 15,131 15,131 15,131 45,393 957 957 957 2,871 200,890 200,890 200,890 602,670 22,480 22,480 22,480 67,440 25,811 25,811 25,810 77,432 1,738 1,738 1,738 5,214 3,166 3,166 3,166 9,498 - - - - 366 366 366 1,098
	336,393 336,393 345,038 1,017,824

2024 – Comparatve

PROMOTION OF
AWARENESS
TOTAL
RESEARCH
EDUCATION
OF THE BREED
2024
£
£
£
£
14,904
14,904
14,903
44,711
16,700
16,700
16,700
50,100
2,208
2,208
2,208
6,624
3,385
3,385
3,385
10,155
2,845
2,844
2,845
8,534
819
819
819
2,457
5,274
5,274
5,274
15,822
-
-
8,646
8,646
9,012
9,012
9,012
27,036
4,422
4,423
4,423
13,268
6,285
6,285
6,285
18,855
15,131
15,131
15,131
45,393
957
957
957
2,871
200,890
200,890
200,890
602,670
22,480
22,480
22,480
67,440
25,811
25,811
25,810
77,432
1,738
1,738
1,738
5,214
3,166
3,166
3,166
9,498
-
-
-
-
366
366
366
1,098

336,393
336,393
345,038
1,017,824

Support costs have been allocated on a basis consistent with the use of resources which principally is derived from time spent in different activities. Governance costs have been allocated to research, education and promotion of awareness of the breed in proportion to the other total costs incurred on each activity.

During the year, the Charity incurred the following governance costs:

£14,250 (2024 – £13,268) included within the table above in respect of auditors remuneration

£1,100 (2024 – £2,871) included within the table above in respect of accountancy and tax advisory

£19,940 (2024 – £12,809) included within the table above in respect of meetings, committee and travel

£50,981 (2024 – £46,516) included within the table above in respect of wages and salaries, pensions and national insurance.

Annual Report and Accounts l 2025

THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025

12. NET INCOME FOR THE YEAR

This is stated afer charging: 2025 2024 £ £ Depreciaton of tangible fxed assets owned by the charity 5,839 5,214 Auditors’ remuneraton – audit 14,250 13,270 Auditors’ remuneraton – other 1,110 2,870 Operatng lease rental 22,883 22,883 13. STAFF COSTS, TRUSTEES EXPENSES AND COST OF KEY MANAGEMENT PERSONNEL	This is stated afer charging: 2025 2024 £ £ Depreciaton of tangible fxed assets owned by the charity 5,839 5,214 Auditors’ remuneraton – audit 14,250 13,270 Auditors’ remuneraton – other 1,110 2,870 Operatng lease rental 22,883 22,883 13. STAFF COSTS, TRUSTEES EXPENSES AND COST OF KEY MANAGEMENT PERSONNEL
Staf costs were as follows: Wages and salaries Social security costs Other pension costs	2025 2024 £ £ 704,848 602,670 79,933 67,441 49,475 77,432 834,256 747,543

Pension costs above are unrestricted as the income received to be spent on staff costs is unrestricted.

The average number of persons employed by the charity during the year was 13 (2024 – 13) as detailed in the table below. The gender split was 11 female and 2 male (2024 – 11 female and 2 male). The gender split of the Board was 4 female and 8 male (2024 – 4 female and 8 male).

Research Educaton Marketng and promoton Management and administraton The number of higher paid employees: In the band of £160,001 – £170,000 In the band of £110,001 - £120,000 In the band of £70,001 - £80,000 In the band of £60,001 - £70,000	2025 2024 No. No. 1 1 3 3 4 5 5 4
	13 13
	2025 2024 No. No. – 1 1 - 1 - - 2

£10,815 (2024 - £12,600) was paid into a defined contribution pension scheme on behalf of the above highest paid employee.

Key management personnel of the charity comprises the Trustees and the Chief Executive Officer. The total employment benefits of key management personnel, including employers pension contribution and employers national insurance were £187,124 (2024 – £196,429). The Charity trustees were not paid and did not receive any other benefits from the Charity during the current or previous year. During the year, five Trustees (2024 – five Trustees) received reimbursement for travel and subsistence expenses of £16,912 (2024 – £12,809).

14. INTANGIBLE FIXED ASSETS

COST At 1 January 2025 Additons Disposals At 31 December 2025 DEPRECIATION At 1 January 2025 Charge for the year Eliminated on disposal At 31 December 2025 NET BOOK VALUE At 31 December 2025 At 31 December 2024 15. TANGIBLE FIXED ASSETS	SOFTWARE TOTAL £ £ 54,329 54,329 10,260 10,260 - - 64,589 64,589 26,091 26,091 12,918 12,918 - - 39,009 39,009 25,580 25,580 28,238 28,238
COST At 1 January 2025 Additons Disposals At 31 December 2025 DEPRECIATION At 1 January 2025 Charge for the year Eliminated on disposal At 31 December 2025 NET BOOK VALUE At 31 December 2025 At 31 December 2024	OFFICE LIBRARY EQUIPMENT ASSETS TOTAL £ £ £ 34,314 100 34,414 8,517 - 8,517 - 42,831 100 42,931 20,989 - 20,989 5,839 - 5,839 - 26,828 - 26,828 16,003 100 16,103 13,325 100 13,425

Annual Report and Accounts l 2025

THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025

16. INVESTMENTS


17. STOCKS COST At 1 January 2025 Disposals 31 December 2025 INVESTMENTS AT COST COMPRISE: Unlisted investments All the fxed asset investments are held in the UK.		UNLISTED SECURITIES £ 100,000 (100,000) - 2025 2024 £ £ – 100,000
18. DEBTORS Finished goods and goods for resale		2025 2024 £ £ 500 500

DUE AFTER MORE THAN ONE YEAR Other debtors DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income		2025 2024 £ £ 15,909 15,909 168,698 123,447 116,966 34,966 55,518 70,310 357091 244632

19. CURRENT ASSET INVESTMENTS

	2025	2024
	£	£
Cash deposits	366,208	1,396,823

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

	2025	2024
	£	£
Trade creditors	69,874	84,132
Other taxaton and social security	20,345	28,621
Other creditors	50,814	62,041
Accruals and deferred income	203,034	212,019
	344,067	386,813
Included within creditors due within one year is £3,155 (2024 – £5,375) payable to defned contributon		pension sch
	2025	2024
	£	£
Deferred Income brought forward	76,396	79,973
Income recognised in the year	(76,396)	(79,973)
Income deferred in the year	77,379	76,396
Deferred Income carried forward	77,379	76,396

Included within creditors due within one year is £3,155 (2024 – £5,375) payable to defined contribution pension schemes.

21. CREDITORS: DUE AFTER ONE YEAR

Accruals and deferred income	2025 2024 £ £ 10,208 59,711
	10,208 59,711

Included within creditors due in over a year are the committed costs of the two veterinary projects co-funded with HBLB, one over three years and one over four.

Included within creditors at the year end is £97,677 (2024 – £150,583) of grants which were committed at the year end. £87,469 will be paid within one year and £10,208 is expected to be paid in more than one year.


Movement in funding commitments during the year: Grant commitments recognised at the start of the year New grant commitments charged to the SOFA in year Grants paid during the year Amount of grant commitments recognised as at 31 December	2025 2024 £ £ 150,583 224,231 66,478 64,395 (119,384) (138,043)
	97,677 150,583

Annual Report and Accounts l 2025

THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025

22. STATEMENT OF FUNDS

STATEMENT OF FUNDS CURRENT YEAR

	BALANCE				BALANCE
	AT 1 JAN			TRANSFERS	AT 31 DEC
	2025	INCOME	EXPENDITURE	IN/OUT	2025
	£	£	£	£	£
UNRESTRICTED FUNDS
General Funds	1,775,252	1,470,967	(1,486,075)	-	1,760,144
RESTRICTED FUNDS
Educaton and Employment:
Horseracing Betng Levy Board	221	89,363	(81,627)	-	7,957
Racing Foundaton Employer workshops	11,540	-	(2,476)	(8,540)	524
Great Britsh Bonus Scheme	-	300,000	(300,000)	-	-
Health & Safety Project	3,301	-	-	-	3,301
Environmental Sustainability	19,035	-	(747)	-	18,288
Digital Strategy	9,089	-	(6,103)	(1,589)	1,897
Equine Welfare Strategy	10,573	-	(3,991)	(5,073)	1,009
Project Delivery Executve	-	-	(11,811)	25,202	13,391
Evaluaton	10,000	-	-	(10,000)	-
Inbreeding Project	-	30,000	(6,857)	-	23,143
Foal Crop and Broodmare
Traceability	-	18,323	(18,323)	-	-
Veterinary Research Fund	-	14,250	(14,250)	-	-
	63,758	451,936	(446,185)	-	69,509
Total of funds	1,839,010	1,922,903	(1,932,260)	-	1,829,653

During the year, it was agreed with the Racing Foundation that funds could be reallocated to the Project Delivery Executive from other projects as it is in line with their core objectives.

22. STATEMENT OF FUNDS (continued)

STATEMENT OF FUNDS – PRIOR YEAR

	BALANCE	BALANCE				BALANCE
	AT 1 JAN				TRANSFERS	AT 31 DEC
		2024	INCOME	EXPENDITURE	IN/OUT	2024
		£	£	£	£	£
UNRESTRICTED FUNDS
General Funds	1,848,595		1,342,900	(1,339,221)	(77,022)	1,775,252
RESTRICTED FUNDS
Educaton and Employment:
Horseracing Betng Levy Board		-	87,250	(87,029)	-	221
Racing Foundaton Employer workshops		-	12,500	(1,920)	960	11,540
Great Britsh Bonus Scheme		-	245,926	(246,725)	799	-
Health & Safety Project		3,301	-	-	-	3,301
Environmental Sustainability		3,827	29,975	(29,535)	14,766	19,034
Digital Strategy		-	25,200	(64,443)	48,332	9,089
Equine Welfare Strategy		16,214	2,525	(16,331)	8,165	10,573
Staf Training and
Development		-	4,000	(8,000)	4,000	-
Evaluaton		10,000	15,000	(15,000)	-	10,000
Veterinary Research Fund		-	11,163	(11,163)	-	-
		33,343	433,539	(480,146)	77,022	63,758
Total of funds	1,881,938		1,776,439	(1,819,367)	-	1,839,010

The restricted funds represent funding from the Horseracing Betting Levy Board (HBLB) for education, the Racing Foundation (RF) for various strategic projects within the TBA, and the foal levy for veterinary research.

The HBLB grant supports various educational and people management items to address recruitment, skills and retention challenges in the thoroughbred breeding industry including provision of employer support to improve employment practices and delivery of face to face and online educational material including the annual educational event.

The three-year funding commitment from the RF (2022 – 2024) concluded in December 2024, with an underspend carried over into 2025. These monies continued to be used to kick-start strategic projects in the areas of equine health and welfare; environmental sustainability; and education.

The RF also identified some additional underspend relating to the three-year funding commitment and agreed to reallocate these monies to a pilot of a genealogical software application, to understand if it may be useful to the breeding industry. This is referenced in the table as Inbreeding Project.

The Employers’ Workshops are designed to support employers with recruitment and retention, as well as gather feedback on future requirements. One was held in 2025 (2024 – one).

The Digital and Data Strategy, to develop a digital learning environment to support breeders and staff, as well as providing insight into the breeding community to support the same.

Environmental Sustainability relates to the TBA’s Stud Farm Carbon Calculator and efforts to educate breeders on the efficient use of resources on the stud farm.

Annual Report and Accounts l 2025

THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025

22. STATEMENT OF FUNDS (continued)

The Equine Welfare Strategy relates to projects that define and raise awareness of best practice in relation to the care of thoroughbred breeding and young stock, including lifetime traceability and genetic diversity.

The Foal Crop and Broodmare Traceability data projects were led by the TBA and funded by the RF, but under a Horse Welfare Board funding application.

Staff Training and Development, a fund for executive training in order to carry out these strategies to the highest possible standard.

Evaluation was for a wholly RF funded evaluation piece of the impact of the three years of funding they had granted to the TBA. This was carried out by Public Perspectives and delivered in early 2025.

The Veterinary Research Fund represents voluntary donations received from breeders at foal registration. These monies are specifically used to support veterinary research, with the TBA prioritising studies that are most relevant to breeders, such as reproductive efficiency and pregnancy loss; the growth and development of youngstock as future athletes; and the long-term health and resilience of the thoroughbred breed.

The Great British Bonus Scheme grant was reimbursement from HBLB for costs involved in administering the scheme. This included employing an Operations Manager, improving the website for easier registrations and tracking the scheme, as well as marketing and administering the scheme.

The Health & Safety project is the remainder of a grant to carry out a Stud Farm Injury and Accident Survey from the Racing Foundation, alongside the BHA. The project was completed under budget and we are seeking clarification from the RF as to the remainder of the grant.

23. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS – CURRENT YEAR

Tangible fxed assets Intangible fxed assets Fixed asset investments Debtors due afer more than one year Current assets Creditors due within one year Creditors due afer one year	RESTRICTED UNRESTRICTED TOTAL FUNDS FUNDS FUNDS 2025 2025 2025 £ £ £ - 16,103 16,103 - 25,580 25,580 - - - - 15,909 15,909 69,509 2,056,827 2,126,336 - (344,067) (344,067) - (10,208) (10,208)
	69,509 1,760,144 1,829,653

23. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)

ANALYSIS OF NET ASSETS BETWEEN FUNDS – PRIOR YEAR

Tangible fxed assets Intangible fxed assets Fixed asset investments Debtors due afer more than one year Current assets Creditors due within one year Creditors due afer one year	RESTRICTED UNRESTRICTED TOTAL FUNDS FUNDS FUNDS 2024 2024 2024 £ £ £ - 13,425 13,425 - 28,238 28,238 - 100,000 100,000 - 15,909 15,909 63,758 2,064,204 2,127,962 - (386,813) (386,813) - (59,711) (59,711)
	63,758 1,775,252 1,839,010

24. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the year (as per Statement of Financial Actvites) Adjustment for: Depreciaton charges Amortsaton charges Loss on disposal of assets Dividends, interest and rents from investments (Increase)/decrease in debtors (Decrease)/increase in creditors Net cash used in operatng actvites	2025 2024 As restated £ £ (9,357) (42,928) 5,839 5,213 12,918 9,499 - 1,099 (44,542) (63,550) (112,458) (32,662) (92,249) (125,830)
	(239,849) (249,159)

Following a review by Trustees during the year, movement in investments – cash deposits have been restated and are now shown within Cash flows from investing activities.

Annual Report and Accounts l 2025

THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025

25. ANALYSIS OF CHANGES IN NET DEBT – CURRENT YEAR

	31 DECEMBER		OTHER NON	31 DECEMBER
	2024	CASH FLOW	CASH CHANGES	2025
	£	£	£	£
Cash at bank and in hand	501,915	916,531	-	1,418,446
Net funds	501,915	916,531	-	1,418,446

ANALYSIS OF CHANGES IN NET DEBT – PRIOR YEAR

	31 DECEMBER		OTHER NON	31 DECEMBER
	2023	CASH FLOW	CASH CHANGES	2024
	£	£	£	£
Cash at bank and in hand	736,130	(234,215)	-	501,915
Net funds	736,130	(234,215)	-	501,915

26. RELATED PARTY TRANSACTIONS (continued)

The aggregated value of transactions with the above parties were:

Income Expenditure Net funds Outstanding at the year end: Other Debtors due afer 1 year Trade Debtors	2025 2024 £ £ 489,958 421,548 104,296 140,027
	385,662 281,521
	15,909 15,909 21,209 -

There are no other related party transactions.

26. RELATED PARTY TRANSACTIONS

Membership of the charity is open to any person aged 18 years or over who are breeders of the thoroughbred horse and all others who declare their support for and are in sympathy with the charity’s objects. The trustees are all individual members of the charity but do not derive any enhanced benefits by virtue of their position.

Related parties with Transactions in the year were:

The Thoroughbred Grp Ltd (The Thoroughbred Group), previously Horsemen Limited – Chairman, Philip Newton, is a Director.
The British Horseracing Authority (BHA) – via The Thoroughbred Grp Ltd having Board representation and one the Commercial Committee by the CEO for part of the year, Claire Sheppard.
Tattersalls Limited – Trustee, Matthew Prior is an Associate Director.
The Horserace Betting Levy Board (HBLB) - Honorary President, Julian Richmond- Watson, is a Director. In addition HBLB are the principal in the Great British Bonus Scheme (GBB), with the TBA acting as agent, as described under note 28.
Great British Racing Limited (GBR) – Chairman, Philip Newton, is a Director.
Retraining of Racehorses Ltd (RoR) – Employee, Victoria Murrell, is an Executive.
The National Stud – Trustee, Anita Wigan, is a Director.

27. OPERATING LEASE COMMITTMENTS

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land and Buildings Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years Other Not later than 1 year Later than 1 year and not later than 5 years	2025 2024 £ £ 20,500 20,500 37,583 58,083 - -
	58,083 78,583
	2025 2024 £ £ 5,893 2,383 7,058 308
	12,951 2,691

Juddmonte Farms Ltd – Trustee, Michael Saunders, is a Director.
Godolphin Management Co Ltd – Trustee, Sam Bullard, is a Director.
Monaughty Bloodstock Ltd – Trustee, Tom Blain, is a Director.
Trustee, James Crowhurst, receives an Honorarium.

Annual Report and Accounts l 2025

THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025

28. FUNDS RECEIVED AS AGENT

The Thoroughbred Breeders’ Association (TBA) acts as the managing agent for the Great British Bonus Scheme (GBB), an enhanced prize money initiative funded through the betting levy - generated from public gambling on UK horse racing - and through registration fees paid for GB foaled fillies.

Registration follows a three-stage process. The first stage is completed by the breeder, the second by the filly’s owner as a yearling, and the third by her owner as a two- or three-year-old, depending on whether she is intended for Flat or National Hunt racing. A fully registered filly can earn up to £100,000 in additional prize money in qualifying races during her career, while fillies with only one or two stages completed are eligible for a pro-rated share of that amount.

The TBA provides marketing, administrative and operational support for the scheme and maintains a dedicated bank account on its behalf. It does not charge a management fee for running GBB, though TBA members benefit from discounted fees at the first stage of registration.

The scheme’s primary funding comes from the Horserace Betting Levy Board (HBLB) as part of its broader prize money distribution to the sport. GBB is designed to support the UK racing and breeding industries, with bonus prize money shared among the winning filly’s owner, breeder, trainer, stable staff, and jockey.

Governance of the scheme sits with the GBB Management Group, which operates under an agreed set of rules. The group includes three TBA trustees alongside representatives from the British Horseracing Authority (BHA), the Racehorse Owners Association (ROA), the Thoroughbred Group (TG) and the National Trainers Federation (NTF). The HBLB and Weatherby’s attend as observers.

Opening bank balance Receipts Payments Net (Expense)/Receipts for the year Closing bank balance	2025 2024 £ £ 723,098 497,456 5,997,152 4,516,200 (6,095,172) (4,290,558)
	(98,020) 225,642
	625,078 723,098

The GBB bank account had a closing balance of £625,078 at year end (2024 – £723,098). The GBB was due to repay the TBA £25,230 at year end (2024 – (£16,726)).

Annual Report and Accounts l 2025

@TheTBA_GB

01638 661321 l info@thetba.co.uk l thetba.co.uk

2025-12-31-accounts

ANNUAL REPORT AND ACCOUNTS

Championing the future of the British thoroughbred

CONTENTS

CHAIRMAN’S WELCOME

PHILIP NEWTON

CHIEF EXECUTIVE’S MESSAGE

WHAT WE DO

Our purpose

Our vision

Our values

Teamwork

Excellence

Active

2025 ACTIVITY

IMPACT AND REACH

Strategic objectives

Programmes

A: LEADERSHIP

B: THE GREAT BRITISH BONUS

CORE STRATEGIC WORK

Number of eligible mares (known)

EMS 2025

Encourage learning and development within the British breeding industry

C: TB-ED

3: Encourage learning and development within the British breeding industry

Bringing biology to life – a new era for TB-Ed content

D: PEOPLE

Support for entry level training

Support breeders in their care of horses, participants and the environment

D: PEOPLE

Addressing recruitment, skills, knowledge and retention challenges in the breeding industry.

Broodmare owner guidance

Annual Stud Farming Course

Support for employers

Stud employee reward and recognition

4: Support breeders in their care of horses, participants and the environment

D: PEOPLE

Attraction and careers promotion

Cross-industry people initiatives

4: Support breeders in their care of horses, participants and the environment

E: MEMBERSHIP

Access membership and education

Membership and member value

Professional Advice Service

Supporting our members

4: Support breeders in their care of horses, participants and the environment

Tattersalls Forum event

CORE STRATEGIC WORK

Value to the TBA:

Regional days: 2025 programme

Member testimonials

Looking ahead

4: Support breeders in their care of horses, participants and the environment

Opening the door – the launch of TBA Essentials

CORE STRATEGIC WORK

The challenge

The solution

Impact on members and the TBA

Regional communication channels

Post mortem subsidy

Racecourse partnerships

Cheltenham

Royal Ascot

Additional partners

4: Support breeders in their care of horses, participants and the environment.

F: ENVIRONMENTAL SUSTAINABILITY

5

Promote health and welfare and support veterinary research into the thoroughbred breed

G: EQUINE HEALTH AND WELFARE

5 – Promote health and welfare and support veterinary research into the thoroughbred breed

G: EQUINE HEALTH AND WELFARE

DID YOU KNOW?

JOHN MORRISON, 2014

TBA helps members decide – what matters most when raising young thoroughbreds, nature or nurture?

The challenge

How it helps the TBA and its members

The solution

COMMUNITY AND SOCIAL IMPACT

TBA Stud Employee Award 2025