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
sta￿￿8n1 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 T￿Slee5 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 acc0un1ubi￿ty
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 achieve￿￿rnts 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 2￿25 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 d￿5, 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 op￿leS 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 beginn￿9 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 d￿ng 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 partne￿hIp 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 aSSe￿ment 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
iMp￿Mented. 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
increC￿e 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 tKI￿ness.
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 CoMpan￿S 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&Stenc￿S 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 perf￿rnIng 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 ￿9￿1 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 w￿h 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/auclt￿re5ponsIbIIi1lcs. 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 $ource3 of estlmallon uncertainty
In the applicolion ol the charily's accounting policies, the Iruslees ore required to make
judgements. 85timal8s ond assumptions obovl Ihe corying omounl ol ossels ond liobililies Ihat
ore not readily opparenl from othérsource5. The estimotes ond ossoclolea assumptlons ore bosed
on historical experience and c>ther laclors Ihol are considered to be re￿Vant. Actuol results may
differ from Ihe9e eslimotes.
The eslimotes and undertying OSSLJmptions ale reviewed on an ongoing basis. Revisions to
occounling estimoles ore recognised in the period in which the eslimale is revised where the
revigion affects onw Ihol period. or in the period ol the revision and future periods where the
reVi￿on offects both currenl ond future periods. The key occounling estimotes mode by the
trustees in pieporing these finonciol statements is in respect ol depreciation 0$ 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 EqUestr￿n 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 partne￿hIp
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..
Put￿e 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