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|Reference and administration|details|details||
|---|---|---|---|
|Trustees'
report:|||3-11|
|Structure,
Governance||and Management||
|Objectives and Activities||||
|Strategic Report||||
|Independent
auditor's
report|||12-14|
|Statement offinancial activities|||15|
|Balance sheet|||16|
|Cash flow statement|||17|
|Notes to the accounts|||18-28|
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|The overall performance|ofinvestment|managers|exceeded|the targets|set for the year. Trustees expected performance|set for the year. Trustees expected performance|to|
|---|---|---|---|---|---|---|---|
|reflect anet increase (in|capital value|and the generation ofinvestment|||income) ofCPI plus 3%which equated to3.3%||in|
|2020.Actual performances
were:||||||||
|Manager|2020 target|2020|actual|Target|from inception|Actual from inception||
|James Hambro|3.3%|6.3%||42.5%||91.6%||
|Cazenove|3.3%|5.5%||42.5%||68.8%||
|Sarasin|3.3%|9.9%||23.9%||47.7%||
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|Risk description|||||||||Risk mitigation|
|---|---|---|---|---|---|---|---|---|---|
|Stock market volatility:|||||||||The Trustees
have consulted
widely
and taken advice during
on|
|Market
volatility|may|impact
upon||||both
levels||of|their
investment
policy
and
approach.
Managers
performance|
|investment
income|generated|||and|the|real|value of|the|continues
to be closely monitored
and Trustees have independent|
|funds held.|||||||||advisors
who
attend
all
meetings
to advise
them.
L6m
was|
||||||||||withdrawn
durin
the
ear.|
|Lackofcontinuity|and infrastructure:||||||||Additional
staffing resources have been used to support a number|
|The need to replace Trustees||||and the small staff numbers|||||of projects
in-year.
A communication
and
event
manager
has|
|threaten
continuity.|||||||||been appointed
in February 2021. Linda Bowles and Susannah|
||||||||||Gill have both extended their terms as trustees until 2024.|
|Industry
alignment:|||||||||The
Trustees
and
staff
continue
to
engage
widely
with|
|The Trustees decisions on|||priorities||for|use the funds may|||stakeholders
to inform
activities
and
strategy.
The Foundation|
|be questioned
by industry||stakeholders|||||||adopts an approach
that sees it align clearly with industry
issues|
||||||||||and
champion
industry
strategies.
Increased
co-operation
with|
||||||||||other funders
includin
the HBLBwas insti
ated in the
ear.|
|ITfraud, cyber-attack:|||||||||The Trustees
are satisfied
that
the
current
procedures
protect|
|The general levels|ofIT|fraud||have|escalated however|||no|them as far as is reasonable.|
|attacks havetaken|lace|in|ear.|||||||
|Covid-I9:|||||||||The
Foundation
executive
have
engaged
extensively
with|
|The
implications|on|the||industry,||the|Foundations||Members,
stakeholders
and
grantees
to
fully
understand
the|
|stakeholders
and|wider||grantee||network||impacts|the|impact ofcovid-19. They have worked
flexibly and pro-actively|
|delivery ofthe strategy.|||||||||to help
stakeholders
respond
to the challenges
faced. The new|
||||||||||strategy
is considered
appropriate
for the post covid-19 racing|
||||||||||environment.|
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|||||Expendable|||
|---|---|---|---|---|---|---|
||||Unrestricted|endowment|Total|Total|
|||Notes|funds|funds|2020|2019|
||||8000s|8000s|8000s|8000s|
|Income and endowments|from:||||||
|Donations
and legacies|||290||290||
|Income trom investments|||1,831||1,831|2,300|
|Total income and endowments|||2,121||2,121|2,300|
|Expenditure
from:|||||||
|Raising funds:|||||||
|Investment
management|costs||(26)|(287)|(313)|(128)|
|Charitable
activities:|||||||
|Grant making|||(3,761)||(3,761)|(5,194)|
|Total expenditure|||(3,787)|(287)|(4,074)|(5,322)|
|Net (expenditure)/income|||(1,666)|(287)|(1,953)|(3,022)|
|Net gains/(losses)
on investments||10|541|3,526|4,067|10,246|
|Transfers between
funds|||||||
|Net movement
in funds|||(1,125)|3,239|2,114|7,244|
|Total funds brought
forward|||12,828|76,841|89,669|82,445|
|Total funds carried forward|||11,703|80,080|91,783|89,669|
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||||||Expendable|||
|---|---|---|---|---|---|---|---|
||||Notes|Unrestricted
funds
8000s|endowment
funds
KOOOs|Total
2020
8000s|Total
2019
XOOOs|
|Fixed Assets||||||||
|Tangible assets
Investments|||9
ill|2
7,111|78,537|2
85,648|86,307|
|Total fixed asset||||7,113|78,537||86,307|
|Current assets||||||||
|Debtors
Cash at bank and in hsud|||11
12|100
11,005|1,543|100
12,548|23
11,570|
|Total current assets||||11,105|1,543|12,648|11,593|
|Creditors:
amounts
within one year|failing|due|13|(4,042)||(4,042)|(4,265)|
|Net current assets||||7,063|1,543||7,328|
|Creditors:
amounts
after one year|falling|due|14|(2,473)||(2,473)|(3,966)|
|Net assets||||||||
|||||11,703|80,080|91,783|89,669|
|Funds ofthe charity||||||||
|Unrestricted
funds - general||||11,703||11„703|I@08|
|Endowment
funds|||||80,080|80,080|76,841|
|Total funds|||15|ll,703|80,080|91,783|89,669|
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||||||Notes|Total|Total|
|---|---|---|---|---|---|---|---|
|||||||2020|2019|
|||||||%000s|g000s|
|Cash llows from operating||activities|||16a|(5,577)|(3,912)|
|Cash llows from investing||activities||||||
|Investment
income received||||||1,831|2,300|
|Proceeds|fiom sale ofinvestments|||||25,419|29,921|
|Payments|to acquire investment
assets|||||(20,693)|(28,669)|
|Payments|to acquire tangible|fixed assets||||(2)||
|Net cash|used in investing|activities||||6,555|3,552|
|Change|in cash and cash equivalents||in the reporting|period|16h|978|(360)|
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|3.|ANALYSIS|ANALYSIS|OF INCOMING RESOURCES|OF INCOMING RESOURCES|2020|2019|
|---|---|---|---|---|---|---|
||||||g000s|f000s|
||Donations|and legacies|||||
||Donations||||290||
||Investment||income||||
||Dividends|receivable|||1,798|2,238|
||Bank interest||||33|62|
||Total||||2,121|2,300|
|4.|ANALYSIS||OFRESOURCES EXPENDED||2020|2019|
||||||g000s|g000s|
||Cost ofgenerating
funds||||||
||Investment|management||fees|258|100|
||Independent||investment|advice|29|28|
||Support costs||||26||
||||||313|128|
||Charitable||activity: grant making||||
||Grants payable (see note 5)||||3,465|4,905|
||Other charitable
activity||||48|76|
||Support costs (see note 6)||||232|197|
||Governance||-Auditor's|fee|16|16|
||Governance||-Trustees expenses||||
||||||3,761|5,194|
||Total||||4,074|5,322|
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|OR|THK YEAR ENDED 31DECEMB|THK YEAR ENDED 31DECEMB|ER|2020||||
|---|---|---|---|---|---|---|---|
|5.|GRANT EXPENDITURE|||||2020|2019|
|||||||%000|%000|
||Social Welfare:|||||||
||Horseback UK||||||9|
||Diversity
in racing||||||275|
||University ofBath||||||186|
||Great British Racing||||||50|
||Go racing in Yorkshire||||||44|
||Women in racing||||||20|
||Arabian
racing||||||182|
||PJA, JETS,IJF||||||2,230|
||Racehorse Owners Association||||||10|
||Racing Homes|||||51||
||Racing Welfare||||||80|
||Racing Centre||||||156|
||Riding a dream|||||10||
||Concussion
Foundation|||||10||
||Inspire Foundation|||||20||
||Liverpool John Moores University|||||120||
||Take the reins|||||15||
||Injured Jockey's Fund|||||10||
||Racehorse Association|||||38||
||Urban Equestrian
Academy|||||20||
||Professional
Jockeys Association|||||603||
||National
Trainers Federation|||||108||
||Amateur Jockeys Association|||||19||
||National
Association ofRacing Staff|||||43||
|||||||1,067|3,242|
||Education, Training|and Participation:||||||
||National
Horseracing|College (Formerly,||Northern|Racing College)|190|243|
||British Racing School|||||85|10|
||Greatwood
Charity|||||110||
||University ofLiverpool|||||78||
||HEROS|||||213||
||Pony Racing Authority|||||905||
||Thoroughbred
Breeders Association||||||570|
||Racing to School|||||14||
||Writtle University
College||||||46|
||Injured Jockeys Fund|||||5||
||Resume Foundation|||||9||
||Scottish Racing|||||240|120|
||Racehorse Sanctuary|||||-5||
|||||||1,844|989|
||Equine Science Research:|||||||
||Horserace Betting Levy Board||||||210|
||||||||210|
||Thoroughbred
Horse|Welfare:||||||
||Retraining ofRacehorses||||||48|
||Moorcroft|||||46||
||Racehorse Rescue Centre|||||7|20|
||British Thoroughbred|Rehabilitation|Centre|||208||
||The Royal Veterinary|College|||||50|
||Aintree Racecourse Charitable
Trust||||||20|
||Animal
Health Trust||||||26|
||Horse Welfare Board|||||60||
||||||21|||
|New Beginnings||64||
|---|---|---|---|
|Racehorse Sanctuary||84||
|Racehorse relief fund||64||
|||533|164|
|Heritage and Culture:||||
|National
Horseracing|Museum||300|
|National
Trainers Federation||21||
|||21|300|
|Total grant expenditure||3,465|4,905|
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|6.|SUPPORT|COSTS|Grant|||
|---|---|---|---|---|---|
||||making
f000s|Total
g000s||
||Management|&administration|160||160|
||Website, IT and communications||41||41|
||Travel and general office expenses||31||31|
||||232||232|
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|8.|STAFFCOSTS|||2020|2019|
|---|---|---|---|---|---|
|||||6000s|6000s|
||Gross wages|||144|115|
||Employer's
national|insurance|contributions|17|14|
||Pension costs|||12|12|
||Total staff costs|||173|141|
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|9.|TANGIBLE FIXEDASSETS|TANGIBLE FIXEDASSETS||Office||
|---|---|---|---|---|---|
|||||Equipment|Total|
|||||g000s|%000s|
||Cost|||||
||Balance brought forward|||11|11|
||Additions|||2|2|
||Balance carried forward|||13|13|
||Depreciation|||||
||Balance brought forward|||||
||Depreciation
charge for the year|||||
||Balance carried forward|||||
||Net book value|||||
||Balance brought forward|||||
||Balance carried forward|||||
|10.|FIXEDASSETSINVESTMENTS|||2020|2019|
|||||g000s|g000s|
||Carrying
market value at|the beginning|ofthe year|86,307|77,313|
||Additions
to investments|at cost||20,693|28,669|
||Disposals at carrying
value|||(25,419)|(29,921)|
||Investment
gains/(losses)|||4,067|10,246|
||Carrying
market value at|end ofyear||85,648|86,307|
||Historical cost at end ofyear|||69,978|74,646|
||Analysis ofinvestments|(at market value)||%000s|8000s|
||Listed investments:|||||
||Fixed interest securities|||11,298|11,622|
||Equity shares|||60,654|62,114|
||Common
investment
funds, investment||trusts 4t unit trusts|13,696|12,571|
||Carrying
market value at|end ofyear||85,648|86,307|
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|11.|DEBTORS||||||2020|2019|
|---|---|---|---|---|---|---|---|---|
||||||||g000s|g000s|
||Other debtors||||||100||
||Prepayments
and accrued|income||||||23|
|12.|CASH AT BANK||||||2020|2019|
||||||||g000s|g000s|
||Cash on deposit with investment||managers||||1,543|3,097|
||Cash on bank deposit||||||10,976|8,307|
||Current account||||||29|166|
||||||||12,548|11,570|
|13.|CREDITORS: amounts|falling|due within one year||||2020|2019|
||||||||g000s|g000s|
||Grant commitments||||||3,924|4,218|
||Accroals and deferred income||||||100|29|
||Other creditors||||||18|18|
||||||||4,042|4,265|
|14.|CREDITORS: amounts|falling|due after more than||one year||2020|2019|
||||||||0000|0000|
||Grant commitments||||||2,473|3,966|
|15.|FUNDS ANALYSIS|Balance||||||Balance|
|||Brought||Incoming|Outgoing||Gains and|Carried|
|||Forward||Resources|Resources|Transfers|Losses|Forward|
|||%000s||%000s|%000s|g000s|5000s|g000s|
||Unrestricted
funds||||||||
||General reserves|971||2,121|(3,787)|||(695)|
||Designated|11,857|||||541|12,398|
|||12,828||2,121|(3,787)||541|11,703|
||Endowment
funds||||||||
||Expendable:||||||||
||Tote Sale Proceeds|76,841|||(287)||3,526|80,080|
||Total funds|89,669||2,121|(4,074)||4,067|91,783|
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|16.|NOTES TO THE CASH FLOW|STATEMENT|STATEMENT||2020|2019|
|---|---|---|---|---|---|---|
||||||g000s|%000s|
|(a)|Reconciliation
ofnet income to net cash inflow from operating|||activities:|||
||Net income||||(1,953)|(3,022)|
||Adjustments:||||||
||Items not involving
the movement|offunds:|||||
||Depreciation
charge||||||
||Investment
income receivable||||(1,831)|(2,300)|
||Changes in working capital:||||||
||Increase in debtors||||(77)|(8)|
||Decrease in creditors||||(1,716)|1,418|
||Net cash outflow from operating|activities|||(5,577)|(3,912)|
|(b)|Reconciliation
ofnet cash flow to movement||in net funds:||||
||Increase/(Decrease)
in cash in the|year|||978|(360)|
||Change
in net funds||||978|(360)|
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|Analysis|ofthe change in net funds:||||
|---|---|---|---|---|
|||IJan 2020|Cash flow|31Dec 2020|
|||g000s|g000s|%000s|
|Net cash:|||||
|Cash at|bank and in hand|11,570|978|12,548|
|Change|in net funds|11,570|978|12,548|
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||||||Expendable||
|---|---|---|---|---|---|---|
|||||Unrestricted|endowment|Total|
|||||funds|funds|2019|
||||Notes|%000's|8000's|8000's|
|Income and endowments|from:||||||
|Donations
and legacies|||||||
|Income from investments||||2,300||2,300|
|Total income and endowments||||2,300||2,300|
|Expenditure
on:|||||||
|Raising funds:|||||||
|Investment
management|costs||||(128)|(128)|
|Charitable
activities:|||||||
|Grant making||||(5,194)||(5,194)|
|Total expenditure||||(5,194)|(128)|(5,322)|
|Net gains/(losses)
on investments||||1,363|8,883|10,246|
|Net movement
in funds||||(1,531)|8,755|7,224|
|Net income/(expenditure)||for the year|||2020|2019|
||||||8000s|8000s|
|This stated after charging:|||||||
|Depreciation|||||||
|Auditors
remuneration|||||16|16|
|Financial instruments|||||2020|2019|
||||||8000s|8000s|
|Financial assets:|||||||
|Debt instruments
measured||at amortised|cost||100|23|
|Equity instruments
measured||at cost less impairment|||85,648|86,307|
|Financial liabilities:|||||||
|Measured
at amortised
cost|||||6,515|8,231|