REGISTERED COMPANY NUMBER.. 07890908 (Englond and Wales) REGISTERED CHARITY NIJMBER: 1145297 RACING FOUNDATION STRATEGIC REPORT, TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 FOR THE RACING FOUNDATION Xeinadin Audil Lld 12 Conqueroi Court Sitlingbourne ME1058H
THE RACING FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 Page Rgference and AdmlnlstraNve Det¢ll$ Stroleglc Report 3 to 15 Trustees. Report 16 10 17 Rèport of the Independent Avdilors 18 to sta8n1 ol Firbunclal AclFvllSes 23 Balance Sheet 24 Cash Flow Slalement 25 Notes to Ihe Cash Flow Slalemenl 26 Noles to the Fin(Tnclal Statements 27 10 40
THE RACING FOUNDATION REFERENCE AND APMIN15TRATIVE DETAILS FOR THE YEAR ENDED 31ST DECEM8ER 2025 Chatlty nam• The Rocing Foundation Charlty reglstratlon number 1145297 C¢mpuny reglstratlon numb•r 07890908 Reg151ered address Holbom Gole. 26 Southampton 8uilding5 London WC2A IAN Directws and Trustees durlng the yeor Linda Bowles Senior Independent Diraclor Jomeg Boyle Julia Budd Rochel Flynn Louise Kemble Alice Page Hazel Peplinski Rishi Persod Algy Smith-moxwell Claire Sheppoid Chair (Term commenced Str. January20261 ITerm ended 31 st December 20251 ITem commenced 25th Junè 20251 ITem comrnenced sh Jonvory 20261 Key Manogemenl Personnel Chlef Executive Officer Tonsy Cholli5 Grunts Munoger stonley Wong ead ol Communl¢atEon$ gnd Events Rhi Lee-jones Indèpendent ouditor Xeinadin Audit Ltd 12 Conqueror Court Sittingbourne hAEIO 5BH Bonkers Weatherbys Bonk Ltd Sanders Rood Wellingborough Northompton5hire NN8 48X Poge I
VHE RACING FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST DECEMBER 2025 Investm•nt managers Jomes Hambro & Porlners Ryder Court 14 R yder Street London SWIY 6QB Ilnveslmenl ended 24th Seplember 20251 Sarasin & Partners LLP Juxon House I QH) Sl Poul's Churchyord London EC4M 8BU Ilnveslmenl ended 29th August 20251 Jupiter Fvnd Manogement plc The Zig Zag Building 70 Victorio Street London SWIE6SQ Ilnveslfflenl ended 241h September 251 Dimènsitsnal Fund Advisors Ltd 20 Triton Street RegenY5 Place London NWI 3BF Ilnve51menl ended 241h September 20251 Mercer Limited l Towel Place Wo5t Tower Place London EC3R 5BU Ilnveslmenl commenced 18th September 20251 Poge 2
THE RACING FOUNDATION STRATEGIC REPORT FOR THE YEAR ENDED 31STDECEMBER 2025 The Trustees are pleased lo present Iheii onnval directors report together wilh the linonciol slolements ol the charity for the yeor ending 31 Decémber 2025 which are olso prepored lo meet the requirements for directors, report and arcour)ts lor companies act purposÈs. The linoncial stotements Comply with the chorilies ocl 2011. the Componies Act 2W6. and Accounting ond Reporting by Choiities.. Slolemenl ol Recommended Practice opplicoble lo chorilies preporing their accounts in occordonce wlh financial reporting slondard opplicoble in the UK and Republic of Ireland IFRS 1021. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng Doeumerit The Racing Foundolion was founded by ils Membets. Ihe Brilish Horseracing Aufhorify. the Racecourse Associotion and the Thoroughbred Group in December 2011 so Ihal the rocing industry hod an appropriute vehicle lo occept ond distribute lund$ 0ri51ng trom the govemment's sale ol the Horserace Totolisator Boord I'Tote'l. To comply wilh Stote Aid rules. it wos required lo be estoblished os o registered charify with objects to provide funding to choritie5 working in UK Rocin9. The Rocing Foundation is constituted as o compony limited by guaranlee. incorporotcd on 22nd December 2011 ond regiglered 05 a charity on 6th Januory 2012. In the event ol the company being wound up. Members ale required lo contribute on omovnt not exceecling £1. The company was estoblished under a Memorondum ol AsSOCiOtion. which established the objects and powe ol the choritoble company ond is governed Ljnder its Articles of Associotion. The Racing Foundalion amended ils Articles ol Associotion in 2019, with approval from the Charities Commission ond it5 fvlembers to allow il to moke grants lor the furtherance ol its purposes lo non- charitot)le ix>clies providing they ore lor choritoble purposes. Previously it wol restricted to givir¥g solely to charities. A further amendmenl wos made ir) 2021 to increose the moximvm nvmbei of Trustees to 8. In 25. TnJstees felt il wos pnjdent to review the Artlcles ol Associolion wthin the context ol the Foundotion'5 currenl strotegy to ensure it achieves its oims ond delivers on ils impact goals. As o re5uII. o few. smoll chonges lo ils Articles of Associotion were opproved by ils Mernbèrs and lormolly am&ndèd on I sl November 2025. The orneridmernts were os foll0v.. Item 3.4 - to in¢ieo5e the ma[vM number of Trustees from 8 10 9 Item 4.2 - 10 increase the formal quorum ol Trustee5 required al o Board eting from 2 to 4 - Items 7.1 and 7.3- 10 incre05e the number ol Truslees on a sub-committee Irom'at least one. lo'at least two, In oddition. whi15t conducling the review. two numbeiing errors were found that had existed since the Foundotion's Articles were first agreed. These were rectified as follows.. Item 8.3b - the reference lo'Article 6.4, was amendod lo '8.4, Item 9.2- Ihe ttering ol the sub-clou585 '1-i' were amended to'o-d. Page 3
THE RACING FOUNDAnoN STRATEGIC REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 Irustèè Inductlon and Training New TSlee5 are appointed with réfÈrence to Ihe role description ond per50n specilicotion lor Rocing Foundation Trusteès. This desc.ription is amended to rellecl specific skils the Trustees consider they moy Tequire al each oppointment slage. All Trustee5 receiv6 on introductory presenlotion from Foundotion Staff ond are provided with o range of documenlotion to vpdate them on the Foundation's Strategy, govemonce. policies and current challenges. Trustees ore encouroged lo keep updated with relevant legislolion. developme.nts and best practice both within Ihe racing ond chorify Sectors ond ore reguk]dy updated by stall ol ond between meetings. Rel(tted Partles and CO•operotion with olh•r organlsatlons The Foundolion regulorly update5 ils Members on key issues ond Independent gothers their leedbock. This hos included the extension of exisling Trustees. the appointment ol new Trustees and the development of strategies. The Foundolion engages with senior monagemenl and stall ol the Member organi50tion5 to ensure it hos o broad unfjerslonding ol industry and to provido greater detail and LJnder51anding on key issuès_ Pay pollcy lor senlor staff Stall remuneration is reviewed annually al the ye(x-end by the Chor ond by onolher Trustee land olso by the CEO lor roles other thon hei own). rIng Januory 2025. Trusleo5 opproved on incre05e in x]lories lor the year based on cogl-ol-livtng factors and a revpw ol previous performanc8. Appolnlment of Truslees The Members ore responsible lor agreeing the OPT)ointment ol directo, who are a150 chority Trustees for tho purpo5e5 of charity Icjw. The numbei ol Tru51ee5 sholl consist ol ot leosl two and nol more than nine persons. Klembers opprove Trustee oppoinlments lor terms ol up to three years al a lime. Unless the Members ogree unanimovsly. a Trustee moy only sepoe o moximurn ol two terms. before steppin9 down for o period. All new Trustees ore given o full induction on joining the boord ol Trustees. At the end of 2024. the Board had one voconcy lor o fruslee having agreed lo wail to recruit an eighth Trustee unh"I the publication ol Ihe Rocing Four)dalDn'5 2025-2027 slrolegy in Q12025 ond oller o review WDS undertoken regarding the skil set requirements to help deliver il. Following Ihe ieview. ond ofter a foir ond transparent recruitment process. Hozel Peplin5ki wos oppointed as o Trustee on 25th June 2025. During Ihe yeor. Jame5 Boyle ogreed lo extend his term as o Twslee for an addilionol 3 yeors lending December 20281 and Rishi Per50d also agreed to exlpnd h15 lerm lor an additionol 3 yeor5 lending February 20291. Louise Kembte ended her term ol office on 3151 December 2025 having served 6 years a5 Trustee. It was ogreed lo wo1* until QI of 2026 to OF)point her successor as the Troroughbred Breeding Industry Tepresenlalive on the Boord. During 2025. the Rocing Foundolion's Boord comrK)Sition wo5 63% female ond 12% ethnically diverse, which exceeds the gender ond ethnic diversity lorgets sel by the ttorseracing industry's ED&1 Slrategy 10136% and 6% iespectivelyl. Page 4
THE RACING FOUNDATION STRATEGIC REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 Oigon15ollon The Trusleog ore Icspor)sible lor the govemonce ol the charity ond lor the use ol its funds. In porticulor, the Tru51ee5 Qie responsible for selling the charilrfs stralegy ond policies. ond monitoring progress ond lullilment ol these. Doy lo day monogemenl ol the charity's ollors is delegoted lo the Chief Executive Officer who is supported by a Heod of Comn)unicolion5 ond Events and o Grant5 Monager. The Head ol Communications and Events is supported by o Social Medio Officer. These individuols form the key slofl for the charity ond remuneration 15 sel and reviewed onnually by the Tru51ees. OBJECTIVES AND ACTIVITIES The Racing Foundotion 15 on independent grontmoker. established in 2012 to receive a Govemment grant of £78 million os part of the rocing indvstry'5 fifty percent shore ol the net proceeds of Ihe le of the Tole. The first poyment ol the Tote Sole funds was made with no ie5trictions by the DCMS os it fell wlhin the state Aid threshold lor unrestricted funds. Subsequent funds were gronted os on expendoble endowmènt. Although lounding Trustees land subseqvent Trusteesl chose to treat the monies the some. the difference is reflected in the occounfs. fvfftich show the split bohvcon unrestricted ond endowmont funds. All Ivnds are managed for long term investment ond oll income ond copilal growth, il required, ore used lo moke grants lor choriloble purposes. Since inception. over £43m ol grants have been owarded whilst the value ol our nel funds hos been mainloined. This means we have been abl& to balance the requirements ol presènt beneliciories lor immediate support with Ihe need lo mainloin Ihe value of the capital lor future project5 and charitable initiotives. In line wlh th& Charities Sloternent of Recommended Proctice ISORPI section 2.25. income from investments is held a5 Part ol our General Fund ond used for gronl payments. It is not re-invested or included as part ol our Enclowmenl Fund. The objectives ol the charity are.. The advancement lor the public benefit ol ony choritable puipose associated wth the horseracing ancl Thoroughbred bleeding industry or with equine welfare, in each cose by moking gronts lor such charitoble purpose or purposes. The Racing Foundolion ha5 historically set three-yeai 51rategy cycles. which are reviewed and updoted lo rellecl our evolution. our role in the spoit ond the difference we ore obk to moke. 2025 represents the first year ol our 2025-2027 slrotegy. 2025-2027 Strolegy Oyervlew As wilh previous years. our sliolegic plan provides o tromework for how the Four)dution will operole in the furtherance of ils objects. Our Trustees consKYer Ihot the funds originally received from the govemmenl's sole ol the Tole represent o unique opportunity lo establish a lasting legacy lor Ihe horserocing ond Thoroughbred breeding industry. Therelore, in devdoping ploni. they ogreed to continue wth on opproach Ihol.. Page 5
THE RACING FOUNDAnoN STrATEGIC REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 Bolonces the needs of currenl and future generotions.. Develops supportive relotionships with stokeholders, based on mulucl Irust and respect.. Encouroges continuous improvement, relleclion and learning.. and.. Reflects our independence ond long-lerm perspective. Following a review of the pertormance ol our 2024 strotegy refresh and our 2021-2023 strategy. the Foundolion's Tiuslees agreed o slrolegic plon for the period 2025- 2027. A IL)11 oveNiew ol this strategy con found on our website- www.rocingloundalion.co.uklabout/key-documents along with a full rÈview ol the 2021-2024 period, but o summary ol the key elemen15 15 provided below. Our purpose is.. To work in portner5hip the racing industry to help achieve a sustainable future for the 5POrt. Our ambilion is: To develop understanding and aclion around the key choriloble issves lacing rocing and lo ossist Ihe nduslry with developing o collaborolive ond strolegic response. Our key oreos ol focus were. thereforé.. l. Ro¢ing's People- welfare, edu¢olhJn, frulnln9. recrullment and retontl•n 2. Equine WeWar•- solety, Irgceabllity, allercore and equlne sclence reseurch 3. ESG - envlronmènl, social impacl. youlh & commurtily engagement ond acc0un1ubity OLK approach lo clelivering ogainsl our locus oreos is: Fund Acllon: We 111 use the income generated by our investments lo support charitable projects in our key areas ol Iocv5 thol olign with our purpose ar)d ambition. bulld Underslanding= We hill lund re5eorch. surveys ond rÈport5 to enable doto-driven deci510ns lo be made and Mqll review how they are used. We wll use our conference lo raise awareness ol key issues within our oreos ol choritoble locus and wi11 use our comm5 channe15 to roise oworeness of our work. that ol our delivery partners ond the projects we support. Prompt Colloborotttsn= We will support opportunities to enoble cross-industry colloboration.. we will contribute lo working groups and steering groups.. enable and support the delivery ol colloborotive projects.. work with our delivery portners to share best proctisg ond piovKJe copabilily-building and nèEworking opportunities_ Ovr role: As requested by slakehol¢Yer5, we wll maintain our role a5 an enabler rather than a leader. Our annuol budget.. During the 2025-27 51rategy. our annuol budgel for grontmaking ond other chariloble expenditure will be bosed on the market pertomonce ol our inveslmenls. although this moy be reviewed and adjusted ol the discretion ol our Truslees. Detailed operotional plans ond budgets to enoble the delivery ol the firsl yeor ol our 2025-27 strategy were opproved by Trustee5 lor 2025. ogonst which progre55 was monitored throughout the year. Page 6
THE RACING FOUNDATION STRATEGIC REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 Giant Moking Policy The Foundotion moy only make grorits lor choritoble purposes lo choritoble orgonisalions which hove been &stabli5hed in the UK or to other UK boclie5 and organisolions lor Choritoble purposes. The Trustee5 01 the Founclolion ensure that the funds are applied oppropriotely for eligible purposes on and are subjecl lo oppropriale trerms and condilK>ns. To Iho* end. the Trustees Set out the areas of focus for giving d)ng the 2025-2027 strategy. vthich are.. l. Racing'5 People - welfare. education. trolning, recruitment oncl relenlion 2. Equine weWore- sofety, tioceabilify. allercore ond equine science reseorch 3. ESG- environment, social impact. youth & communily engogemenl and occounlobilily Trustees are Iherelore. $0ti51ied Ihot the Foundolion meets the Charity Commis5i0n'5 public benefit tesl. Detoilg ol Ihe Fovndotion's achievements ond performorTrce in 2025 against the strategic plon are1151ed below-. Achi•vement5 ond Performance The performonce ol the invested lundg by rwnoger is reported in more deloil lurth8r below. Following ooreemenl by Trustees Ihot the Foundalion would deliver a Ihree-year strategy covering the period 2025-2027, they were provided wilh bi-nTh)nthly reports to update them on progress being made during 2025 on delivery ogoinst Oirn5 and key focus areas and were provlclecl with o stralegy doshboord olter the year-end lo summorise what had been achieved over the lull yeor. The lollowlr)g provides an overvEw of achievernts and perfcm)once in 2025.. Fund Acllon 28 new grants awardèd fololling £2.734.816 Igrossl.. Racirng's People £7.040.105 Equine Welfare £1.069.395 ESG %625.316 A lisl of all grant recipients ig provided under Note 6. Grant periodi lor these award5 were split os follows.. 15 grantg were lor Pfoject5 being delivered in-yeor 10 grants were loi projec15 being delivered over 2025-2026 2 gionts were lor project plons specificolly sel lor 2026 I gront wa5 lor two reseorch projects being delivered over 3 yeors12025-?0281 New grants oworded by areo of locus were: People Equine Wellore ESG 38% 39% 23% Page 7
THE RACING FOUNDAlloN STRATEGIC REPORT FOR THE YEAR ENDED 37ST DECEMBER 2025 These percer)tages do rTrOt reflect the octual gront poymerTr15 mode during the year (including paymen15 mode a5 multi-year funding commitmen15 from previous year's granl awordsl. Volal grant expenditure wos £3.5m including the 2025 instatrncnts lor previously cjwarded multi-year grontS. Bulld vnderstanding During 2025, gron15 were oworded lor four research projects.. - Two eqvine science resgarch projects in conjvnction with the Horserace Betting Levy Boord IHBLBI.. one for the University of Bri5101 lookirig ol next-geneiolion diagnostics to combat multidrug-resistont cyalhostomins in Fhoroughbreds.. ond one lor the Royal Veterinory College k)oking ol epidemiology ol injuries in Thoroughbrèds in troining. Two people welfare r658arch projects.. one lor the Concussion Foundation 05 extension to Ihe previously funded reseorch looking at the long-lerm effect ol cor)cus5ion on retiredjockeys-. ond o small gront to contribute lo the ongoing investigolion of head-eye co-ordinotion in jockeys. before onc* olter roeing. being led by the British Horseracing Authority. Ihe onnuol Racing Foundation Conference wos delivered al York Rocecour5e in October 2025. The event oltrocted 273 regi5terecl delegates. with 80 lundccl chority tickets provided by the Foundation lo ensure accessibility and rèmove c051 as a borrier to otlendonce. A youlh engogemenl slrotegy wos embedded within Ihe conference programme. rssulling In o 33% increase in porlicipalion from yovng people compored to the previou5 year. The progromrne included keynoto speakers from outsicja the racino industry, providing perspectives from other sport% ond sectors. and olso included an inleroclive w0$hOP which invil2d porliciponts to opply their leorriings Iiom the conference to help shape youth engogemenl plans for Notional Rocehorse Week 2026. The event wos also used lo raise oworeross ol the Foundation's work ond locililate nehvothing ond colloboralion ocross o vast ronge of industry stakeholders. Activity ocross owned. orgonic communicolions channels lo¢vsed on providing transparency oround the Foundotion's work and promoting the work ol its delivery portners. The Foundotion's websile continued to operate a5 the centrol inlormotion hub. recording over 17,CQO sessions from more thon 16.(MY) user5 during the yeor. supported by the publicotion 0134 wrillen orticles. - Stakeholder engagernent was mainlained Ihrovgh Ihe Foundation's newsletter. wth 15 editions issued to o stable subscriber b05e and consislenlly strong open rates. The Foundolion continued to grow audiences ocross oll OF its social medio plallorm5. wlh Inslogrom delivering significonl oiganic reach to younger oudiences and Linkedln 5UPPOrting engogemenl Vwith professional stakeholders and charities. Dvring the year. the Foundotion worked closely delpiery porlners on the announcement ol major induslry strategies Iijnded by the Foundation. including the environmental sustainability strategy. the sociol impocl strategy and the industry workforce 51rotegy, lo support slakeholder engagement and understanding. Page 8
THE RACING FOUNDATION STRATEGIC ItEPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 Prompt collaborgtion Foundalion stofl conlribuled lo 12 iacirva industry working or steering gioup5. We owurded gronts lor Equine Scicncc Research projectg in colloborolion wlh the HBLB. We cwiarded gronls lor community engagement projects in collaborat with the Racing Post and Godolphin. We funded projects involvir)g colloborotion belween industry stakeholder5 and also project5 involving colloborolion with non-racing organisotion5. We supported the development, publicolion and disseminolion ol the Raing industry's Workforce strolegy.. Environmenlol Suslainobilrty Slrolegy and Sociol Impocl Slrolegy. We provided 5ub&di5ed tickets for events linclvdino our own ond Othe such os the Rocin9 Together Industry Dayl lor charities to enwre cost was not a borrEr to oltendonce and participation. The Foundation's ChEI Execulive continued lo Choir o rocing industry granlmokèrs, nèfviork. Ihot PTovided opportunities lo share best practice and encouroge colloboralion through co-lunding opportunities as well 05 Fyoviding charitie5 Wrth o plotlorm to provide updales and showcase Iheirwork. Financlal Revlew The Rocirig Foundotion received ils linol poyment from Ihe Department ol Meclio, Cvllvre ond Sport ir4 2014. Ils receipt5 hove been placed with investment marnage. with the aim of preserving the capital over the long lemi ond generoling inve51menl income lo fund gront-moking aclivilies. The Foundolion generated income from investmenls ond events omounling lo £1.2m 12024-. £1.6ml. Investment gains of £7.9m12024- £6ml occurred. Expenditure lotolled £3.4m12024'. £1.8ml. including grants awarded of £2.7m12024'. £1.2ml. This figure represen15 the volve ol grants awarded ot the date TIu51ee5 approved them. Mony owords ore mulli- year in nolurè desplte the full cosl being recognised in 2025 and in cosh term5 will be funded out of fvture income. Overoll, as 0131 December 225 the Foundolion's nel funds stood at £95.8m12024'. £90.] ml. Reserves Polcy and golng concern The Foundation has odopled o policy of mointaining the long-lerm ieol copitol volve of oll receipts arising from the government's le ol the Tote and only spendng thè linonciol return derived from the capitol. Thi5 will ensure that the Tote sole proceed5 generale a lostir)g legacy. which will benefit both current ond lulure generolions. Poge 9
THE RACING FOUNDATION STRATEGIC ItEPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 The funds received from the Deportment ol Culture Media ond Sport as expendable endowment. ore held separately in Ihe accounts olong wlh a designoled fund, representing those funds received from the Deportment ol Cullure Media and Sport in 2012. which did not cory the expendoble endowment restriction on use. Whilst those monics come wlhoul reslriclion. the Trustees fell Ihal it wos important to Ireol thèse as contributing lowords the long-term legocy of the Tote sole and placed an expendoble endowment reslriclion on Iham t(K). While Charity Low does not allow lor these funds lo be merged, they are treated identicolly. The Foundolion olso maintains a genernl reserve 05 cash. This unrestricted fund 15 U5pd lo accumulate investment income prior lo being Spent on choritable gron15 ond cost5 a550ciated with administering the Foundation. Given the level ol grar)ts may vory between yeo15 and it is dillicull to predict what applicotior15 will be received vio the three onnL)ol funding rounds, the Foundolion does not cuffently sel o specific level ol Teserve5 vio o lorrnol policy. 11 d5, however. hold a levd ol funds in its bonk deposit occount lo ensure gront commitments con be covered lor al leosl o 12-month period lo ensure Ihe continuity ol the projects ond orgonisolions il svr)ports. A5 a result. the unreslricted generol reserve is considered in the same way as a reserve policy. Investment Policy ond Performoncè The Foundolion hos on investmenl pdierf. which opplies lo all moniès held within the expendoble endowment fund ond the desigrnoted fund. Thc policy oims lo mointoin Ihc rcol copilal volue over the long-term. whi15t generoling ts sustainab level ol relvrn to support the grant-moking activities ol the Foundotion. The investment policy opleS to oll monies held Kqthin the expendable endowment fund and the designoted fund. Investment5 ore 5toted at market voJu8 at the balance Sheet dote. the cost of investments include5 commission paid lo the investment mar)ogers. The SOFA includès the nèt goins ond losses origing on revaluations ond disposals throughout the year. Investments held in foreign curencies hove been valued on the relevant bosis and Ironsloted into sterling at the rate ruling at the balance sheet dole. Exchange goins and losses arising on translation are included as part ol the chonge ol market volve in the investments. In 2024, Trustees reviewed Ihe Foundation's investment policy ond opprooch. Whllst no serious concems were roised lor the shorl-lerm. it wos agreed lo take some actions to mitigole future risk. As a result. an Inveglment Commitlee wos set up comprising the Choir. two Trustee5 Wlth investment management exportise ond the CEO. This Committee conducted an investment govemance review. produced an Endowment Governonce Polry and revised the role description for on investment consullonl lo support Trustees wit+i the manogement ol the endowment. The role ol thè Investment Con5ultonll51 was revised to include.. Implement the 51rotegic and laclical level osset allocations. Dévelop portlolio-level and ossel-level strolegies. Source. diligence. select. monitor and lerminote inve51menls. - Rebolance the portfolio ond monitor performonce. - Provide periodic investment rcporting. At the beginning 012025 o tender process wos commenced to appoinl o new inveslmenl ¢onsultonl. tosked with developing, implemenling ond monitoNng the Foundolion's Investment Policy, including providing advice on strategic ond tocticol a55et allocation, portloli0 Structure, perfoTmance benchMOr ond investment monager selech"on. Poge 10
THE RACING FOUMDAnoN STRATEGIC REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 Following the lender process. Tru51ees approved the oppoinlmenl of Meicer os the Foundolion's investment congullont oncl they replaced the FKevious consullonl on 25th Febrvory via on iniliol 3-yeoi conlroct. With o specialism in manoging chority clients, Trustees agreed that Mercei's Kqde range ot Services aligned wlh the needs ol our Endowment Govemonce PDIicy. Once appointed. Mercer worked with the Foundation's Investm&nl Committee on developing on nveslment strategy ond policy and mode recommendolions regording ossel ollocotion ond porllolio struc.tvre. The diversified strotegy included a dynamic mix ol bolh traditional and alternative. asset closses. along with o strong focu5 on ESG inlegralion. and wos approved by Trustees ol a Board meeting on 31st July. Trustees ogreed thot the s1rategy oligned wlh the Foundolion's inve51menl objeclives ond oHilude lo risk os on organisation. which includes the lollowng= l. To preserv8 the real volue ol the FounaotK)n's ossels into perpetuilv.. 2. To spend an average of £3 million Ic.3 - 4%) on onnuol gronls. with ftexlbilify over time.. 3. To minimise large drawdown5 ond recovery time where possible. accepting Ihat there VAII be volatility. lmplementah.on ol the approved strolegy mconl that all capital help by the incumbent inv051mont manogers (James Hambro ond Portner5. 5arosin and Partners LLP. Jupiter Fund Management and Dimensional Fund Advisors) wa5 Iran51eired to Ivlercer ond ph process completed in October. Performance The overall performonce ol investment manogers exceeded the targets set for the year. Trustees expected performance to reflecl o nel in¢reose lin copilal value and the generation ol investment income) of 5.8%. The Jome5 Hambro and Portners. 5arosin ond Portners LLP. Jupiter Fund ond Dimemsionol Fund increosed by 6.9% from Ihe beginn9 ol the year lo Iheir closure in October 2025. The fvlercer monoged fund increased by 3.2% from October 202S to Ihe yeor-end. This resulted in o tolol increose of 10.3% ond a gain on investments of £7.9m12024: £6ml_ The Foundolion investments are mado lor the long-lerm in line with ovr investment policy. bosett on the proles5ionol advice we source. Plan5 for fvlvie Perlod$ Following o review ol the Foundolion'5 performonce during 2025 agoinsl Ihe aim5 01 ils current strategy, and o reviéw ol 115 2025 Operalionol Plon and budgels. Trustees agree that the Foundolion's Cuffenl strategy provide5 0 5uitoble framework against which to deliver on its overorching oim5 ond objectives ond thot the same opprooch wll be mointuined dng 2026. Pogell
THE RACING FOUNDATION STRATEGIC REPORT FOR THE YEAR ENDED 31 ST DECEMBER 2025 They have approved a 2026 Operational Plon Ihot provide5 0 gronulcr overview of the activitie5 to be undertoken by the Exec Teom lo deliver the Foundolion'5 strotegic oims. lo enoble performonce to be monilored ond review devebpmenl needs. Thls plon includes core uctivilies,. aclivilie5 being carrigd ovèr from 2025 that wll be further developed ond some new oclivities to introduce ond monitor. This meons Ihot plons for 2026 remoin predominontly Ihe same a$ 2025.. Our purpose will be.. To work in partnehIp wth the racing industry to help achieve o susloinoble future lor Ihe sporl. Our ambition wlll be.. To dèvelop understanding and oclion oround Ihe key choritable issues lacing racing and to us5isI the industry with developing a colloborolive ond slrolegic response. Our areas ol focu5 will be: Racing's People- welfore, edvcalion. Iroining. recruitment ond ietention Eqvine w&llore- sofety. traceability. allercare ond equine science re5eorch ESG- environment. social impoct, youth & community engogemenl and occounlability Our opprooch lo delivering agoinsl our focv5 oreas will be.. l. Fund Action 2. Build Understanding 3. Prompt Collaboration We wll conlinve to Use the income geneialed by our investments 10 5UPPOrt charitable projects in o key oreas of locus thal olign wtlh our purpose and ambition. In odclition, Trustees feel that progress mode during 2W25 and knsons teomed from tho OLJlcomes indicate that the Foundotion's Cvrrenl slonce on the lollowng los identiliecl in the 2025-2027 strotegyl is Still currently the correct oppiooch to ensure funds are allocaled to their best gllect= Alignment of giving with industry stiotegies. Inv8sting only in research projects thot ore likely lo result in practical. demonslroble benefi15 for the industry's porticipant5 and where commissioned ond monoged by the relevant industry stakeholder. Maintain our role as on enobkt rather than o leader. Encourage collaboration ond the sharing of besl-praclice. Encourage the getting ol impact meosures and accounlability. Encouroge projects where potential benelils ore scoloble ond wder reaching. Fvtvre Dlrecllon At the end 012026. Trustees wll be provided with a report on rfOrmanCe against KPIS ond slralegic objectives lo ernoble plon5 lor 2027 to be agreed. althoug ol this sloge it 15 onticipaled that 2027 wll be delivered. as plonnecl, as the final year ol a >ye(Y slrolegy. Page 12
THE RACING FOUNDATION STRATEGIC ItEPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 During 2027. a full strategic review Vwill be conducted and stakeholder leedbock will be gothered $0 that Trustees con discuss in detoil plan5 for 2028 and beyond. Al lfrii5 point. lessons leorned Iiom post octivities ond on aSSement ol overall performance and impoct will 0150 be considered to help shape the Foundotion's next slrotegy and ensure wo ore dclivcring or) ourpurpose or)d ambition in an effective ond impoctlul way. When considering our 2028+ strolegy. Ihe following will be reviewed in linè wth1&550ns lèarn8d from o 2025-2027 strotcgy and our previous slrotegies.. The durotion of our next stralegy. Any chonge5 to our purpose. ombition or oreas ol locvs. Any changes to our opprooch and aclivilies. The progress of industry strategies in OLJr oreos ol focus ond their long-lerm oims. - Impocl 055essrnenl and performance measures. Level ol investment. Evolving needs of the racing industry. Prfnclpal Rlsks ond Uncertainties During 2025 we reviewed the format ol the Foundotion's risk register ond Trustees agreed Ihol the Chority Commi55ion'5 CC26 risk assessment numcricol grading system should be Incorpoioted. As a re5uIt, we re- cIos5ilied eoch type ol risk. inlroduced a risk calculalion lor impocl ond likelihood and a total Score col¢ulotion ol impocl x likelihood * impocl. The principol risks identified by Trustee5 together wqth the octions laken lo mitigole Ihese risks are sel out below.. Risk Descrl tlon Slock mor*el vololility.. Rlsk m ¢n Our Inve5tmenl Committee and our Investment Consullont monitor the situotion on an ongoing bosis ond reporl any concerns to Trustees. During 2025 we appointed Mercer as our new Investment Consultonl (Jnd o new investment slrolegy wos ogreed ond iMpMented. We feel the resultin9. more diverse portfolio plus the expertise of Mercer has provided us with a stronger position regording identifying ond mitigoting the risk posed by stock market volotilily. Type.. Finoncial Factors.. Exlemol Impact.. Reduced income and reduced gront budget Impact score 4 Likellhood scer• 4 Total 20 Over Ihe year. investments performed well and there was no immediote concern lor the short-lerm. Page 13
THE RACING FOUNOAnON STRATEGIC REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 Lack of conllnuity and InfraslrvctL. In 2025 the conlracls with accounlonts. SBCA. ond auditors, Xeinodin. were 8xtended and no r)eed was idenlified lo increCe the number of full-h.me stall or inlra51ruclure. Type.. Operational Foctors: Internol Impact.. Compromised operolions ondlor govemonce One new Trustee was appointed in 2025 and the Fovndotion'5 article5 were lormolly omended lo enoble o ninth Trustee lo be oppointed. Recruitment commenced ond two new Trustees will be oppointed in Jonuory 2026. In addilK>n. two existing Trustees ogreed to extend their terms lor a further 3 yeors lo provide confinuity on the Board. Impacl score 3 kellhood score 2 Tolal 9 Lack ol Industry allgnmenl: The Trustees and staff continué to engage wdely Mrith Stakeholde to inform octivitie5 and slrolegy. The Foundolion adopt5 an approach that sees il align clearly ith industry issues and champion industry slralegies. Type- Operalionol Foctors.. Industry slok8holders Impact.. Reduced impoct of gronl- moking and reduced succe$5 of cros5- industry slrolegies/collaboralion DLJring 2025 the Foundolion worked closeTri with the Industry Progromme Group IIPGI ond other cross-industry groups onc4 commitlees.11 olso continuad to liois& wth olher lunders. Impact scoie 4 Llkallhood score 3 Total 16 IT fravd. cybèr.ullock". On an operalionul level. 5toll diligence continues to mor)oge risk and the Foundotion did not experier)ce onv serious ollock5 or threats dLrring the y&ar that requir&d oclion. Type.. Operolional. Financial Factors.. Exlernol Impact.. Compromised security and operolions.. inobility to make grant poyments and even loss ol copital Oviing 20?5, risk and cyber securify policies were discussed th our Investment Monager und Bank to ensure robust pyoclises were in ploce ond ii5k was mitigated as for as is reasonable. Trustee5 were solisfied by the response from both, and the risk register wa5 updaled accordingly. Impoct score 4 ilkèlihood Score 3 Total 16 R•pvlallonal risk. Any issues raised about the Founcjotion's work or the projects that e belng supported are investigated and oddre5sed in o thm8ly monner to mitigote the risk ol escololion. Type.. Operotional Foclor5- Inlefnal.. exlernol ond industry stakeholders Impoct.. Governance ond performonce questioned and remewed.. reduced impact ol gionl- moking Trustees are rnode oware ol all risks vio a bi-monthly Executive Report produced by the CEO. which incluées o risk register lo summoriss how any issues ore bein9 addressed and provides subsequent updates. Impact Score 4 iikellhood scor• 3 Total 16 Any serious ii5k is to be flogged oulside ol the bi-rnonlhly reports. but no issues weie reported during 2025 Ihot required this oddilional level ol reporting or oclion. Page 14
THE RACING FOUNDAnoN STIEATEGIC REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 The Trustee5 hove odopled a formal risk monagemenl process to OS5e55 risk ond irllplement risk manogemenl slrotegies. This process involvÈs'. Risk re9lSter to include the Chorily Corrmission's CC26 risk ass&ssmenl numerical grading System - Risk register managed and updated by the CEO Review and report vio Exec ond Interim Exec Repor1$16 per yearl Discus5 ol Board meetings13 per yeorl lo identity the risks the Foundolior) may loce and o5sess ony changes to impo¢t or likelihood The estoblishmenl of systems ond procedures to mitigote Ih05e ri5k5. As o result ol this process. the Trustees are satisfied thot odequate procedures ond systems ore in ploce lo effectively manage risk. ApprDvecl by order ol the board of trustees on 9 June 2026 and signed on its behalf by: Mrs J K Budd - Trustee Poge 15
THE RACING FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 The trustees who ore also drectors ol the chorily lor the purposes of Ihe Companies Act 2W6, present their report with the linonciol stotements ol the chorify for the year ended 315t December 2025. The trustees have odopled the provisions ol Accwnting and Reporting by Charities". Stolemenl ol Recornmended Practice applicoble lo charities preparing Iheir accounts in occordance wlh the Financial Reporting Slondord appliable in the UK and Republic ol Irelond IFRS 1021 leflective l Jonuory 20191. STRUCTURE. GOVERNANCE AND MANAGEMENT Govèrning document The chorily is controlled by ils governing document. a deed ol trust. and consh'lutes a limited company, limiled by guarontee. os defined by the CompanEs Act 20)6. STATEMENT OF TRVSTEES. RESPONSIBILITIES The trustees Iwho ore also the dreclors ol The Rocing Foundation lor the purp05e5 01 compony lawl ure responsible lor preporing the Trustees, Report and ttie linonciol stolements in occordonce with applicable low ond United Kingdom Accounting Stondords (Uniled Kingdom Generally Accepted Accounting Prcjcticel. Compony low require5 the tru51ees to prepare financial slolemEnt5 lor eoch linanciol yeor. Undgr Ihot law. the trustees hove elected lo prepare the linoncial stolemenls in accordance with United Kingdom Generolly Acceplecl Accounling Practice (United Kingdom Accounting Standords ond applicoble lawl. Undei compony law the Iruslees musl nol opprove the fir)ancial statements unless they ore satisfied that they give a true and loir view ol the state ol allairs ol the chorilable compony ond ol the incorning resources and applicotion of ie50urces. including the income ond expenditure, of the choritoble compony lor Ihal period, In preparing Ih05e linoncial slolements. the tru5tee5 ore required to select suitoble occounling pdicies and Ih@n opply them consistently-. observe the methods and rxinciples in the Chorities SORP.. mok8 jvdgemenls ond e5timoles thol are reasonable ond prudènt.. slote whether opplicoble occounting 5tondords have been followed. subject lo any moleriol departures disclosed and exploined in the linoncial statement5', preparè the financial 51alemenls on the golno concern basis unless il is inapprooriale lo presume that the chorilable company wll continue in tKIness. The tnjstees are responsible lor keeping proper accounting records which disclose with reasonable occurocy al ony lime the linoncial position ol the chariloble compony ond to enable them to ensure thot Ihe linoncial slolemenls comply with the Companie5 Act 2006. They ore 0150 respon%ible lor iofeguording the assets ol the choritable compony ond hence lor toking recsonoble iteps for Ihe prevention and detection ot froud ond other iffegularities. Poge 16
THE RACING FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 STATEMENT OF TRUSTEES. RESPONSlblLITIES - conllnued In 50 laf a5 the trustees are awa.. there is no relevonl oudit infarmalion ol which Ih8 choriloble compony's oudilors ore unowore,. and the trustees hove token all steps that they ought to have taken to make themselves aware ol anv relevanl audit inlomation and lo establish thal the oudilors ore aware ol that inlomolion. AUDITORS The audilor5. Xeinodin AudSt Ltd, 11 be proposed lorre-oppointment atthe lorlhcoming Ar)nual General Meeting. Approved by order ol the boord ol trust885 on 9 Jvne 2026 and signed on ils beholl by: Mr5 J K Budd - Trustee Poge17
REPORT OF THE INDEPENDENT AIJDITORS TO THE MEMBERS OF THE RACING FOUNDATION Opinion We hove oudited the financial sttstements ol The Racing Foundalion Ilhe'chorilable compony'l for the year endéd 3151 December 2025 which comprise the Stotement ol Financial Aclivilies. the Bolance Sheet. the C05h Flow Slalement ond nolag to the finonciol stotemenls. including 0 Summary o15ignilicont occounling policies. The linonciol reporting framework that has been apr)lied in their preparation is applicable law and United Kingdom Accounting Slondords Iunited Kingdom Gènerolly Accepted Accountin9 Proclicel. In our opinion the linonciol slalements: give a Irue and lo view ol the slate ol the choriloble corllpony's affair5 us at 31 st December 2025 ond ol its incoming resources and opplicotion of resources. iriclLAing ils income and expendilure. for the yeor then ended.. hove been propedy prepared in accordance wth United Kingdom Genertslly Accepted Accounting Practice.. ond hove been prepaied in accordance wqth the iequiremenls ol the CoMpanS Act 2006. Busls for oplnlon We conducted our oudil in accordonce with Inlemolional Stondards on ALJditing (UK) (ISAS IUKII and applicable law. Our re5pDn5ibilities ur)der those standards ore further described in ',he Audilors, re5ponsibililies lor tho ouclil ol the financial slalemenls section ol our roport. Wg gr8 inclependenl ol the choritoble company in accordonce with the ethical requirements thal are relevonl to our audit of the financiol stijtemenls in the UK. including the FRC'S Elhical Slandord. ond we hove lullilled our olher ethicol responsibilities in accordonce with these requ¥emenls. We believe Ihol the audit evidence we hove obtained is sullicient ond oppropriate lo provide a bosis for our opink)n. Conclusions relallng to goin9 concern In oudiling the linonciol statements. we hove concluded Ihat the Irustee5' Use of the going concem osis ol accounting in Ihe preporation ol the fnonciol %lotement5 15 oppropriule. B05ed on the work we hove performed. we hove not identified ony molerial uncertoinlies reloting to events or conditrion5 Ihol. individuolly or collectively. rYK)y cost suniliconl doubt on the choriloble compony's obility lo continue os o going coneem lor o period of al leusl Iwelve months when the rinancial stotemcnts are outhoiised for issue. Our responsibilities and the responsibilities ol the trustees wlh iespecl to going concern ore described in the relevonl Sections ol this report. Poge 18
REPORT OFTHE INDEPENDENT AUDITORS TO THE MEMBERS OP THE RACING FOUNDATION Olher InfomialSon The tru51ees ore responsible for the other inlormolion The other information comprises the information included in the Annvol Report, other than the linonciol stolernenls and our Report ol the Independent Audtlors Ihereon. Our opinion on the linonciol stolement5 does not cover Ihe olher information and, except lo ffte exlenl otherwse explicily stated in our iaport. we do not express any loim of a55uronce conclu&on thereon. In connection with our audil of the linoncial statement5, our responsibility is to read the other inlormotion ond. in doing 50, consider whether the olhei inlormotion is materially inconsistent wth the linonciol slalements or our knowledge obtained in the oudil or olheiwise appeor5 to be maleriolly mi55toled. 11 we identify such material incon&StencS or opporenl moleriol mis5tolemenls, we are required to delem)ine whether this gives rise to o moteriol misstolement in the linonciol stcjtements themsèlves. If, based on the work we have performed. we conclude Ihol there is o moteriol misstolement ol this other inlormolion, we ore required lo report thol fact. We hove nothing lo report in Ihi5 regord. Oplnton$ on olher matters prescrfbed by the Companles Act 2IJ06 In our opiniDn. based on the work underlaken in the toursè of the oudit.. the inforrnotion given in the Strategic Repcxt and the Trustee5' Report lor the financial year lor which the linar)cial slolemenls are prepared is consslent with Ihe financial statements- and the Strotegic Report and the Tru5tees' Report h05 been prepared in occordance wilh applicable legol requiremenls. Motters on whlch we ore required to report by excèptltsn n the light ol the knowledge and understonding ol the chOritab company oncl its environment obtoined in the course ol the audit. we hove nol idenlilied maleriol misstatements in the Strategic Report ond the Truslee5' Report. Mrytlers on which we are reqvlrèd to rèport by excepllon In the light ol the knowledge ond underslonding ol the choritoble cornpany and ils environment obloined in the couise ol Ihe oudil, we have not idenlified moterk?I misstatements in the Report of the Trv5t&e5. We hove nothing to report in respect of the followqng maHers where the Companies Act 2006 requires us lo report lo you il, In our opinion.. odequale accounting records hove not been kepl or relums odequote for our audil haye not been received from bronches not visited by us., or tho financial slalefflent5 ore not in agreement wilh Ihe occounling records and returns.. or certain disclosures ol trustees. remuneration specified by IcTrv are not mode.. or we have not received oll the Infomiolion and explanafrions we require lor our oudil. Page 19
REPORT OFTHE INDEPENDENT AUDITORSTO THE MEIABeRS OF THE RACING FOLINDATION Responsiblllllès ol trustee5 A5 explained more lully in the Stotemenl ol Trustees, ResporTrsibililie5, the trvstees (who ore also the directors ol Ihe charitable compony lor the purposes of compony lowl arè r8sponsible loi the preporolion of the linonciol slolemenls and for being satisfied Ihol they giv8 a true and lair view. and foi such inlernol control as the truslees deteminc 15 necessary to enable th8 preporation of finonciol slolement5 Ihat ore free from moteriol mi55talemenl. whether dué to fraud or error. In preporing the linonciol statements. the Iru51ees ore responsible for assessing the chorilable compony's ability to conlinue 0$ o going concern. disclosing. as appficable. matters related lo going concem ond u%ir)g the going concem busis ol accounting Un$9 the Itvslees either intend to liquidote Ihe choritoble company or to cease operations, or hove no realistic ollernotive bvt lo do so. Page 20
REPORT OFTHE INDEPENDENT AUDTrTORS TO THE MEMBERS OF THE RACING FOUNDATION Our rèsponsibllllies lor Ihe avdm ot Ihe Ilnon¢lal slalements Our objtrclive5 are lo obtain reasonoble 055UTonce oboul whelher the financial slotemenls os a whole are flee from moteriol mi5slolemenl. whether due lo Iraud or error. and lo issue o Report ol the Independent AudIlts Ihot includes our opinion. Reasonable ossurance is o high level ol a5suronce. bvf 15 not a guarontee Ihal on audit conducted in accordonce wqth ISA5 IUKI will alwoys detect o moterial misstolemenl when if exists. Misslotements can arise from Iroud or error ond are considered molerial il. individually or in the aggregate. #hey could reosonobly be expeclecl to influence Ihe economic decisions ol users token on the basis ol these linanciol slalemenls. The exlenl ta which our procedures ore capable ol detecting irregulorities. including Iroud 15 detailed below.. Our objecltves in perfrnIng the audit ole lo identify ond asse55 the risk ol material mi55tolerllenl in the financial slolemenls due lo Iroud or error and lo obtain sullicienl audit evidence to 5UPPOrt this. We also evoluote ond respond to the risk of moterial misstatements. Audit procedLres performed by the engagement leom induded.. Understanding the enlityj | 5 currenl oclivilie5. QS5ets and lobililies ond comparing these lo ffte charitable objectives and olms. Enquiring ol monogement ond those charged with govemonce as lo any known or 5U5pecled instances ol non-compfionce with laws ond regulations. including Iroud. Oblaining an understanding ol Ihè 91 ond regulotory from8work applicable lo the entity ond how the enlity is complying wilh Ihal framework. Evaluoling the susceplibil'ly ol the enfifyj I s linanciol stolements lo material misstolemenl. including how Iroud might occur. Conlirmolions from monagement ond those charged wh govemonce as regards reloled porlies. Gaining on under51anding ol intemal control relevont to the oudit in order to design audit procedures Ihal are oppropriale in the circum%lance5. bul not lor th6 purp058 01 expressing on opinion on Ihe ollectiveness ol the componyj 15 internol control. Asse55ing the opproprioteness ol accounting policies used and the Te050nablene5s of accounting e5timales ond related disclosures made by the tru5tccs. whilst challenging assumptions mode by those chorged with govemance in the course ol occovnting eslimales. Ider)lifying ond testing monuol journol entries. Reoding minvte5 Of meetings ol those charged with governance. Evolualing the overall presentolion. structure ond conter)t of the financial slotemenls. including the disc105ures. and whethei the linanciol stotements represent the vndeHying transoclions and events in o manner thol achieves fair presenlolion. A lurthei description ol our responsibl'tieS lor the oudil ol the linonciol statements is located on the Financial Reporting Council'5 website al vthr¢4.Irc.org.uk/aucltre5ponsIbIIi1lcs. This description forms parl of our Report ol the Independent Auditor5. Page21
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE RACING FOUNDATION Use of our report This report is made solely to the charitable company's members, as a body. in accordance wilh Chapler 3 01 Part 16 01 the Companies Act 2(K>6. Our ouéil work has been underlaken so that we might stale lo the charitable company's member5 those motlers we ale required 10 51ale lo them in an auditor5. report ond for no olher purpose. To the fullest extent permitted by low. we do not accept or assLJme responsibility to anyone other than the chaiitable company and the charitable company's Members as a body, lor our audit work. lor this report. 01 for the opinions we hove formed. Rosanno fvmer ACA DChA (Senior Stalulory Avdiloil for ond on beholf ol Xeinodin Audit Ltd 12 Conqueror Covrl Sillingboume ME105BH Date.. ... Page 22
IHE RACING FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2025 31.12.25 Totol lund5 31.12.24 Totol funds £'ooo Unreslricled Endowment lunds fund £,0 £'ooo Note5 INCOME AND ENDOWMENTS FROM Donations and events Investment income 1,792 1.192 1.053 Total 1,199 1,199 1.824 EXPENDITURE ON Raising funds 59 S9 Chathable ac15v1t$ Support costs Grant5 poyoble Govemance- Trustee expenses Govèmonce- Auditor's lee 444 2,706 6416 2,706 468 1.174 18 18 21 Total 3.371 59 3.430 1.824 Net goins on investments l.Q47 6,828 7.875 6,OCK) NET INCOME/(EXPENDIWREI (1.1251 6,769 5,644 6,OCQ RECONCILIATION OF FUNDS Tolol lund5 bTought lorNord 3,300 8d.879 90.179 84,179 TOTAL FUNDS CARRIED FORWARD 2,175 93.648 95.823 90.179 The notes form part of these finoncKJI 51olemenls Page 23
THE RACING FOUNDATION BALANCE SHEEI 31ST DECEfvIBER 2025 31.12.25 Tolol fund5 31.12.24 Total funds Unrestrictea Endowmenl luncls fund £'ooo Note5 FIXED ASSETS Tongiije assels Investments 13 4.274 87.483 91,757 .194 4.275 B7.483 91,758 83,196 CURRENT ASSEIS Debtor5 Cosh al bank 141 6,387 3.731 6.165 6.166 142 0,165 6,307 10.118 CREDITORS Amovntg falling dLJe wthn one yeor (2.175) (2,175) 11,9641 NET CURRENT ASSETS 6,165 4,132 8,154 TOTAL ASSETS LESS CURRENT LIABILinES 2.242 93.648 95,890 91, CREDITORS Amounls lolling due olter more thon one yeor (071 [67) NET ASSETS 93.648 95.823 90,179 FUNDS Unrestricted lund5 Endowment funds 2,175 93,048 3.300 86,879 TOTAI FUNDS 95.823 90,179 The finoncial stotemenls were opproved by the Boord ol Tnjdees and authorised for issue on 9 June 2026 ond were signed on ils beholl by.. J K Budd- TnJ5tee The note5 form part ol these linoncial stalemenls Poge 24
THE RACING FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2025 31.12.25 £'ODO 31.12.24 Notes Cash flows from oper¢Jllng acllY111&5 Cash generoled Ifom operations 2.955 Net cash provKled byllused inl operating octivitie5 2.955 Cash flows from Invesling aclfvllles Purchase ol fixed o55et inve5trnenls Sale of frxed osset investments Investment fees Interest received 16.258) 5,410 110.3161 11.799 168 277 Net cash (used inllprovided by investing octivities 1.760 Chonge in cash and cash equival?nt5 In the reportlng pèriod Cosh ond cosh equlvalents ol the boglnnlng of the reporNng perrod 2.436 1.425 3,731 2.306 Cash and cash eqvlvalents ol the end of the r•porttn9 pèrl¢)d 6.166 3.731 The notes form parl of these financial slotemenls Poge 25
THE RACING FOUNDATION NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2025 RECONCILIATION OF NET INCOME TO NE[ CASH FLOW FROM OPERAnNG ACnVITIES 31.12.25 £'ooo 31.12.24 £'ooo Net income for the rèportlng perfod las per the Slotement ot ngnclal Activitiès) AdJustrn•nls for-. Depreciation chorges Goin on nveslments Interesl rèceived Ilncreoselldecrease in d&btors Ir)crecselldecreasel in credilors 5.644 (7.875) {168) {8fJ 16.0001 12771 1,564 1.623 Net cash pr¢vlded by/(used In) op•ralion¥ 2,955 51 ANALYSIS OF CHANGES IN NE[ FUNDS All.l.25 £'o Cash flow £'ooo At 31.12.25 £'ooo Net cosh Cash al bonk 3.731 2,435 3,731 6,116 Tolol 3,731 2,435 6.166 The notes form part of these financial slalemenls Page 26
THE RACING FOUNDAnoN NOTES TO THE FINANCIAL STATEMENT5 FOR TFIE YEAR ENDED 31ST DECEMBER 2025 ACCOUNTING POIICIES 80$is gf preparlng the flnanclal $lalements The financial slotements ol the charitable company, which is o public benefil enlify undcr FRS 102. hove been prepared in occordonce with the Chorities SORP IFRS 1021 'Accounling and Reporling by Chorrlies.. Statement ol Rocommended Proclice opplicoble lo chorilies preparing their occounls in accordance Mrith the Financial Reporting Slondord opplicotje in the UK (Jnd Repubfic ol Ireland IFRS 1021 lefleclive l January 20191.. Finonciol Reporting Stondord 102 'The Inoncial Rep(xtting Slondord applicable in the UK and Republic of Ireland, ond Ihe Companie5 Act 2006. The finoncial statements hove been piepored under the historical cost convention. with the exception of investments which ore inclLJded ot m(yket value. as modified by the revaluation of certoin assets. Functional CvThency The linanciol slolements are presented in pounds stèrling [£1, which is th& lunclior)al currency ol the charity. Monetory omounls in these financiol slotemenls ore rounded lo Ihe neorest thousand. Golng eOn¢ern The Trustees hovè o reo50nable expeclotiorTr trot the challty has adequale resources lo continue in operolional existence lor the foreseeable future and tho compony is wcll ploccd to manogc ils risk5 successful. Accordingly, they adopt the wing concem bosis in preporing the onnuol ieport and occounls. Critic¢1 accounting judgements key $ource3 of estlmallon uncertainty In the applicolion ol the charily's accounting policies, the Iruslees ore required to make judgements. 85timal8s ond assumptions obovl Ihe corying omounl ol ossels ond liobililies Ihat ore not readily opparenl from othérsource5. The estimotes ond ossoclolea assumptlons ore bosed on historical experience and c>ther laclors Ihol are considered to be reVant. Actuol results may differ from Ihe9e eslimotes. The eslimotes and undertying OSSLJmptions ale reviewed on an ongoing basis. Revisions to occounling estimoles ore recognised in the period in which the eslimale is revised where the revigion affects onw Ihol period. or in the period ol the revision and future periods where the reVion offects both currenl ond future periods. The key occounling estimotes mode by the trustees in pieporing these finonciol statements is in respect ol depreciation 0$ detailed in the occounling tx)licies. Incomin9 resovices Income 15 included in the Statement of Financial Activities ISOFAI when: Ihe chority becomes entitled to the resources.. Ihe Trustees are virlually ceitoin they will receive the resources.. and the monelory volue can be measured with sullicienl reliability. Where incoming resources hove related expendilure tt)e incoming resources and reloted exponditvre ore reported gro in the SOFA. Gronls and donatDns ore only included in the SOFA when the chcxity hos unconditional entillement lo the resources. Page 27 continued...
THE RACING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 ST DECEMBER 2025 ACCOUNTING POLICIES . conllnuéd Incomlng resources Investment income is included in the occounls when due. Inveslmenl gains ond losses include any gain or1015 on the sole ol inveslmenls ond any gain or loss re5ulling from revaluing investments to market value at the end ol thè yeor. Bank intere51 on funds held is recognised a5 income in the period in which it is recewed. Deblors Short term debtors are measured ol tron5QCtion price, le55 any impairment. Expendlture and IlabSlltles Cieditois and provisions ore recognised where the charity has o presernt obligotion resulting from a past event that will probobly result in the Iransler ol funds lo o third porfy ond Ihe omovnl due lo settte the obligation can be measured or eslimaled reliobly. Creditors and provisions ore normal recognised ot their settlement ornount alter ollowing any Irade discounts due. Govemonce costs Include costs ol the preporotion and audit ol slalulory occounls. Ihe costs ol Trustee meeling5 ond costol any legol odvice to Trustees on govemance or constitutional motlers. Where the chorify gives a gront commitrnenl condilions lor ils poymenl being a Specific level ol service or output lo be provided, such gronts are only recognised in the SOFA once the recipieAI ol the grant ha5 agreed lo provicle the specified service or oulpul. Gronts commitments poyoble wilhout performance conditions are recognised in the accounts when o commitment has been rnade and there are no condilions lo be mel relating to thè grant which remoin in the control ol Ihe charity. Support costs have been ollocoled to activity on the basis of staff lime and resources. Cush utrbonk and In hand C05h ot bank ond in hond includes c05h and short lemi highly liquid invéstmènts with o short maturity ol three month5 Qr le from the date ol acquisition or opening of the deposit or iimilor accounl. Investment pollcy The investment policy applies 10 oll monies held wthin Ihe expendable endowment fund ond the designated fund. Investments are slated ot markel valve al the bolance sheet dote. the cost of inve5tmenls includes commission poid to the investment monogers. The SOFA in¢lude5 the nel goins ond losses arising on revaluotions ond di5posols throughout Ihe yeor. IMve5tment5 held in foreign cutrencies have been valued on the relevant basi5 and translaled into sterfing ot the role ruling ot the balo)nce sheel dale. Exchange gains and losses orising on tron510lion ore included os port of the change ol market value in the investmenls. Page 28 continued...
THE RACING FOUNDATION NOTES TO THE FINANCIAL STATEAIENTS - eontlnued FOR THE YEAR ENDED 31ST DECEMBER 2025 ACCOUNTING POLICIES - conllnued Tanglble flxèd assets Tongible fixed assets lor use by chorify are copilali5ed il they can be used lor more than one year. and cost ol leosl £l.OCO. They ore valued ot cost or o reosonoble volue on ieceipt. Depreciotion 15 provided on all tangible fixèd ossets ot rotes calculated lo wile olf the cost on a slraight-fine basis over their expected useful economic lives as follo.. Office equipment over 4 yeors T¢xotion The charffti is exempl from corporation tox or) it5 charitable oclivites. Funds General unrestricted lurid5 are donations and other income receivoble or generated lor Ihe objects ol Ihe chority. Expendable endowment funds ond designated lund5 ore held seporolely from generol unrestricted funds. fftere is no roquiremenl to spend or opply the capitol from either of these funds unless. or unlil. Ihe Trvstees decide to spend it.11 Ihe Trustee5 exercise the power10 Spend or apply the capital ol the expendable endowment or dosignoled funds. the relevant funds ore Iranstered to vnrestricted generol funds in line with the terms ol the original gronl Irom Ihe deporlmenl ol culture. medio and sporl. Pension costs and other posl.retkemenl b•n•llts The charitable compony operates a defined contribution pension scheme. Contributions poyable to the choiitoble company's pension scheme ore charged lo the Statement of Financiol Actrrfilies in Ihe period to which they relole. Finonclul Instrvments The chority only ha5 financial ossets ond linonciol liabilities of o kind *hol quolily os bosic liriancial instruments. Basic linonciol instruments. including trode ond otherdeblors and creditors are initiolly recognised ol transaction volue ond 5ubseqvently measured ot selllemenl value. Poge 29 conlinued...
THE RACING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - contrlnued FOR THE YEAR ENDEO 31ST DECEMBER 2025 DONATIONS AND EVENTS 31.12.2S £'ooo 31.12.24 Oonalions Conference Income 10 INVESTMENT INCOME 31.12.25 £.0 1.024 89 79 31.12.24 £'ooo 1.377 31 245 Dividends receivoble Bonk inlérésl Olher Interest 1,192 1,653 RAISING FUNDS Inveslm&nl manogèment costs 31.12.25 £'ooo 59 31.12.24 £0 Inveslm6nt managemenl lees Investment advice 59 CHARITABLE ACTlVItIES COSTS Grant funding ol aclivitres Isee note Support cos*s15ee note 71 £'wo 646 Direct C05t5 £'ooo Totolg £'o(K) Svpport costs Gfonts poyoble Governance - Trustèè experises Governance- Auditor's lee 646 2.706 2.706 18 18 2.706 664 3.371 Page 30 continued...
THE RACING FOUNOATION NOTES TO THE FINANCIAL STATEMENTS - conllnved FOR THE YEAR ENDED 31 ST DECEMBER 2025 GRANTS PAYABLE 31.12.25 31.12.24 £'ooo 1.174 Grants payable 2.706 Poge31 continued...
THE RACING FOUNDATION NOTES TO THE FINANCIAL STATEMENfs- conlinued FOR THE YEAR ENDED 31ST DECEMBER 2025 GRANTS PAY ABLE - ¢¢nllnved 31.12.25 £'LYJO 31.12.24 £'OOD Rocing's People.. British Horserocing Aulhorily Reoch Communily Projects Industry People Board Notional Trainers Federolion Urban EqUestrn Acodemy Women in Rocing Rocing Wèlfore Nolionol Horseracing College ffte Concussion Foundolion Newmarket Choritable Foundation Apioli Alsociotes 10 io S84 127 30 85 122 70 45 125 20 35 379 Eqvlne Welfare: Horserace Belling Levy Boord Retraining ol Rocehors6s Equine Assisted Services partnehIp Horse Wellore 8oord National Horserocing College New Beginnings Racehorse R85cve Centre 200 321 15 770 42 29 13 521 ESG: Apioli Assoclotes Great Btitish Rocing British Hor5erocing Authoritylsociol Impact Greotwood Charity Rocing to School Jo Foster Racing National Horserocing Museum Autism in Racing The Racing Centre The Uiban Equestrian Acodemy Riding A Dreom Academy British Horseracing AuthoritylEnvronmenlal Sustoinabilty York Rocohorse Knavesmere LLP 18 lcrf) 209 29 25 20 60 36 44 112 189 625 Total gront expendlvre Page 32 continued...
THE RACING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - conllnved FOR THE YEAR ENDED 31ST DECEMBER 2025 GRANTS PAY ABLE - conllnued Grants redu¢ed/wHhdrawn: Racing's People: Industry People 8oord Durhom University Imperiol College London Unive15ity ol Exeter (4) 29 qulne WeW¢re: Horseroce Belling Levy Board ESG.. Pute Proof British Horserocing Aufhori',vlSocial Impact The Urbon Eqvestrion Acodemy Srilish Horseracing Au*hority/Environmentol Sustoinability (i)) (i) (13) 25 Nèt grant expendSbxe All grants were mode lo orgonisahon5. No gronts weie mode lo individuol5. SUPPORT COSTS Inlormalion technolo £'wo 49 Manogement nOnCe £'ooo £'ooo 315 Support costs Governonce- Auditor's fee 315 49 Page continued...
THE RACING FOUNDATION NOTES TO THE FINANCIAL STATEMENT5 - Contlnued FOR THE YEAR ENDED 315T DECEMBER 2025 SUPPORT COSTS - conllnyed Governonce costs £'ooo Other £'ooo 254 Totols Supporl costs Governance- Audilofs lee 646 18 18 254 NET INCOMEI(EXPENDIIURE) Nel incDme/lexpenditurel is slated oller chorging/lcredilirigl'. 31.12.25 £'wo 18 10 31.12.24 Auditors, remuneration Olher operating leoses 21 TRUSTEES, REMUNERATION AND BENEFITS There weie no Iruslees. remuneiotior) or other benefits lor Ihe yeor ended 31 st December 2025 nor lor Ihe year ended 31 sl December 2024. Trustees, exp¢nse$ Trustee's expenses ol £1.032 12024: 65) ore included in charitable oclivitEs. Expenses were reimbursed lo 3 Irvslee512024.. 31. SIAFF COSTS 31.12.25 31.12.24 Woges ond salaries Social security costs Othèr pÈnsion costs 249 230 22 27 2S 297 279 The overage Month number ol employees during the yeor was os follows.. 31.12.25 31.12.24 Employees Key rnonagemenl personnel incLJffed lotal remuneialion costs of £7 k during the yeor 12024.. £202kl. Page 34 continued...
THE RACING FOLINDATION NOTES TO THE FINANCIAL STATEMENTS - contÈnued FOR THE YEAR ENDED 31ST DECEMBER 2025 10. STAFF COSTS - conllnu•d l employee eamed between £1 I(115k during the pèriod12024.- 1- £g&IOOkl COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcTrvmES Unrestricted Endowmènt lunds fund £'o £'ocx) Total funds £'ooo INCOME AND ENDOWMENTS FROM Donotions and events Investment income 1.653 1,653 Totol 1,824 1.824 EXPENDITURE ON Raising funds Chailloble oclfvltSes Support costs Grants poyoble Governonce- Auditor'5 lee 468 1.174 21 21 Total 1.663 1.824 Nel gans on investments 798 5.202 6,WO NET INCOME 959 5.041 RECONCILIATION OF FUNDS Totol funds brought forward 2.341 61,8 84,179 TOTAL FUNDS CARRIED FORWARD 3.3CK) 86,879 90.179 Page 35 continued...
THE RACING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - conllnved FOR THE YEAR ENDED 31ST DECEMBER 2025 12. TANGIBLE FIXED ASSETS Computer equipmsnl £'ooo COST Al I st Jonuory 2025 DisposaLs i) At 31st December 2025 14 DEPRECIATION Al 1st Jonuory 2025 iminoted on disposal 14 1) At 3151 December 2025 13 NET BOOK VALUE At 31 sl December 2025 At 31 sl Decèmber 24 13. FIXED ASSET INVESTMENTS Ltsled investment £'(yJo MARKET VALVE At l st JanLJary 2025 Additions Di%posaLs Goins I ILossesl Fees Reclossilicolionllransfer 83.194 6.258 (4,213) 7.875 {1611 At 31s1 December 2025 91.757 NET BOOK VAIUE Al 31sl December 2025 91.757 At 31st December 2024 83.194 All invesfrNent5 held by the Four)dotion are regislered on recogni5ed UK, USA ond International stock exchanges. The maikel value ol fixed 0$5et investments ot the yeorend dote is £91.757k12024.' £83.194kl. The historical cost ol fixed osset inve51menls is £67.095k. Poge 36 continued...
THE RACING FOUNDATION NQTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 202S 14. DEBTORS 31.12.25 £'(KJo 31.12.24 £'ooo Amounts lolling due wlhin one year.. Other debtors Prepoymenls & Accrued Income 1.569 228 51 1.797 Amounts folling due after more thon one yeor: Other debtors 90 4,590 Aggregote omovnts 6.387 15. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.25 £'ooo 2,147 31.12.24 Gronl Commitments < l Year other creditor5 Accrued oxpen5es 1,8&8 15 61 28 2,175 1.964 CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.1225 £'LTr)O 67 31.12.24 Gront commitments > l year 17. MOVEMENTIN FUNDS Net movement in lund5 £'cx)o At 31.12.25 Ati.1.25 £'o Unre$lrfcl•d fund5 General fund 3.300 {1,125) 2.175 Endowmenl Ivnds Expendable endowment 86.879 6.769 93.648 TOTAL FLINDS 90,179 95,823 Page 37 continued...
THE RACING FOUNDATION MOTES TO THE FINANCIAL STATEMENTS - conttnued FOR THE YEAR eNDED 31ST DECEMBER 2025 17. MOVEMENT IN FUNDS - contlnved Nel movement in Ivnds. included in the above ore as follows". Inc.oming resources £'ooo Resources expended £'ooo Gains ond Movemenl losses in funds £000 Unrestricted fvnd5 General fund 1,199 (3,371) 1.047 [1,125) Endowm•nl lund$ Expendable endowmsnt (59) 6,828 6.769 TOTAL FUNDS 1.199 3.430 7.875 5.644 Compaialives for movemenl In lund$ Nel movement in funds £'ooo At 31.12.24 Ati.1.24 £'ooo UnTestilcted funds General fund 2,341 959 3.3(K) Endowment Ivnds Expendable endowment 81.838 5.041 86.879 TOTAL FUNDS 84.179 90.179 Comporalive net movement in funds. included in the above ore os follows.. Incoming re50vrces £'ooo Resources exponded £'ooo Gains and Movement 105sQS in funds £'ooo £'o(x) Unr•slricled Ivnds Generol Ivncl 1,824 11.663 798 959 Endowmenl funds Expendable endowment 5.202 5,041 TOTAL FUNDS 1,824 1.8241 6,000 Poge 38 continued...
THE RACING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED31ST DECEMBER 2025 17. MOVEMENT IN FUNDS . confinved A current yeor 12 months and prior yeor 12 months combined position is o510llo'. Nel movement in funds At 31.12.25 £'o(K) At 1.1.24 £'ooo Unrestricted lunds General fund 2.341 11661 2.175 Endowment ILtnds Expendable enclohmenl 81,838 11,810 93,648 TOTAL FUNDS 84.179 11,644 95.823 A currenl year 12 months ond prior year 12 months combined net rwvement in funds, included in the above ore os lollows.. Incoming resources Resources expended £'ooo Gains and Movemenl losses In funds £'ooo £'OCKI Unreslrfctèd lund$ Generol lund 3.023 15.0341 1.845 Endowment funds Expendoble endowment 12201 12.030 TOTAL FUNDS 3,023 5.2541 13.875 11.644 RELATED PARTY DISCLOSURES During the year. no grants wefje oworded directly to the British Rocing School12024'. £01. ollhough port of a grant awarded to the Industry People Board Iiel 5721 wos lor o project being deSivered by the British Racing School and forwhich the Industry People Boord will pass on the relevanl grant omounl in 20261£323kl. Jul'a Budd was Choir ond a Trustee ol the Racing Foundation and Chair and a Trustee ol Ihe 8rilish Rocing School during Ihe year. Al the yeor end Ihe bolonce due lo the British Rocing School. vio the Industry People Board. was £323k12024." £01. Poge 3? continued...
THE RACING FOUNDAIION NOTES TO THE FINANCIAL STATEMENTS - conlinued FOR THE YEAR ENDED 31ST DECEMBER 2025 RELAIED PARTY DISCLOSURES - continued During Ihe yeor 2 gront awards lolallino £126k (ref 527 ond 535112024.. £0) were mode direcff y lo the Notional Trainer5 Fe(Jeralion INTFI. which is a Mcmber ol the Thoroughbred Group. who ore one ol Ihe three Members ol Ihe Racing Foundotion. Jim BOY wos o Trustee ol the Racing Foundcrtion ond o Member ol the NIF during the year. Al the year ond the boliJnce due directly to Ihe NTF wos £012024: £01. Ir) oddilion. part ol o gront clwoided to Ihe Indvslry Peop BoaTd (ref 5291 was lor a project being delivered by the NIF. lotolling £112k and for which the Industry People Board possed on the ielevant grant omount in 20251£56kl. At the year pnd the balance due to the NTF. vio the Industry People Boord. wos £56k12024' £01. During the yeor, live gronls lolalling £408k12024'. £85kl Irel 524. 526. 528. 545 ond 5461 were mode lo the British HorseTocing Authority. IBHAI. The BHA is one ol the Ihree hAembers ol the Rocing Foundation. At the year end the bolance due to the BHA was £174k12024'. £79kl. During the yeor. one gronl Irel 5371 lor £70k12024: £Okl was (yNarded to Racing Wellore. The so member ol Racing Wellore is the Jockey Club. Julia Budd ond Rishi Pery)d were Trv5te&s ol the Rocing Fovndalion and Member5 of the Jockey Club during the yeor. At Ihe yeisr end the bolonce due lo Racino Wellore was £35k12024'. £01. Olher poyments During the year. £480 wos paid lo the British Racing School lor pony rocing Iroining lor young people from the Urban Equestrion Centre. Julio Budd wos Choir ond o Trustee of the Racing Foundation and Choir and a Trustee ol the Brilish Racing School during the year. During the year. £1.500w05 paid to the Racecourse Associotion IRCAI os sponsorship of the Green Award al the 2025 RCA Showcuse Awards. Ihe RCA is one of the three Member5 01 the Racing Foundolion. During the yeor. £310 w05 poid lo Russell Reynold5 Associates, lo cover catering costs for Racing Foundolion events ond meetings held ot thè tompar)y'5 offices. Meelino room5 were provided free ol chorge ond the catering ot cost. Julio Budd w05 Choir ond o Trustee ol the Racing Foundolion ond o Partner al Russell Reyndds A$50ciales during the year. During Ihe year. £1.77512024.' £1,4731 was paid ID Rishi Persod in his professional capacity 05 0 broodcaslerlpresenter to h05t the Racing Foundation c(Miference ond conduct some related inlerviev¢5. Rishi Persacj was a Trustee of the Racirig Foundotion dvring the year. Poge 40