Charlty r•9i8tratSon number 1149018 Company ro918trallon nurnber 03552906 IEn9laAd and Wo195} THE JOCKEYS EDUCATION AND TRAINING SCHEME ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE JOCKEYS EDUCATION AND TRAINING SCHEME LEGAL AND ADMINISTRATIVE INFORMATION Mrn K H O'N8111 Mr R M N Holl•s Ms L S Watson Ml58 M P Ful Mrs S Ballèy IApp)intod 12 Cthber 20231 IAppoint8d 1 May 20241 Ms L C DeLqny eharlty numb•r 1149018 comnY nts•1 035529C R•gl%t•r•d olN¢• 39B lfjngfishor Court Hbd90 Road Newbury Berkshire Unit8d Klwdilorn RG14 5SJ Independ•nt oxarnin•r Elizabetr Hws& 13-19 London Road Newbury B•rkshir8 United Klngdom RG14 IJL
THE JOCKEYS EDUCATION AND TRAINING SCHEME CONTENTS Pag• Tru$tee6' r•port Indep8nd•nt ¥xaminerfs roport statement of lknanckql activll B8lance sheet Notes to the flnandal st8lemeTrts 9-17
THE JOCKEYS EDUCATION AND TRAINING SCHEME TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 MARCH 2024 Thg trustees presont thew annu81 report and fan1 Btatements f(thg year ended 31 March 2024. Th? Inan¢1 ststements h8vg beeTr preparèd in aCrdanCe wlth th• ac1n10 Sèt out in note one to the finandal $tstements, Ihe Companies Act 2006 and 'A¢¢(xJnting and RertIng by Chwibes.. St8tsment of 8MMended Praclk8 applkable to charfbes prep8ring their in accdanc0 %wth Ihe Financial Reporting StsThJard a1¢9e in the UK aThJ Reput4ic ol 1knnd IFRS 1021 {effectfve 1 JAnuary 20191". ObJ•ctfve$ and •¢tlvltl88 The Companys objects sh811 be to further th8 educ•tion And traSnlng of the pubNc wrth praf8ren¢e behg Ivan to licensed professional jockeys, rècenly retired prtsfe5%0nal jo¢eys, befteficiaritrs of the Inju Jockeys. Fund IIJFland currenly licensed amatsur riders In 8Y way indudty In tho f(41(Ming way8'. lal In the prO$10n of training. in arranging and %J&ntifying rdevant training and vbor01 cour58s. in SupY1n9 tralnlng f8¢111t188 and anwuraglng e{lutIOn and worklng,. Ibl In thè prN8ion ol careers advlcè and careern guidan- Icl In the provis#Jn of asce in obtainlng finandal or other 4s8L8tance wth•lh•rfrom gowmmant, bu¥lngss or othgr 9re In wKh obtaining tralnlng, edueat•Jn (x retsinlng. Idl In th• proViOn of supptyt for1kaY5 th Ihelr post-radng car•èrs. The trustèès have pald due regard to guidan¢• issued by th& Charfty Commkson In deddlng what &lfvib'88 Ihe Charity shouks und8rt0. Publk benefit To 8nabl0Ck8ys to achlgvo secure luturag follThQ rdremont from ra¢è riding. To 8nable jock•ys to undertak8 parsonal dèv4loprngnl plannlr¥J. To a$at in the smooth, Manag and str•s$ fre8 transltkJn$ for th85e m1vkIu8l$ Into tr8lning,
ducation or empk)ymont', and Iherefore prenng ILrture dependBrry on rBdro charftles IIJF or
Raung weare> or the State. Jockoys EduraOon and Tralnfng Schem8 IJETSI Is (¥)nUnulng ts tt)IlatK)ratlve work with thg raclng schoc45 and the British Hors8racing IBHAI in all aspects of Jockey Tralnlng and Dev8bpment iJf&DI. Flng the stralagy work in 2014, and th• sub58quert three-year str8t8gy that was ruLd and publlshed in 2019. th8 Jockey Trainirwj and Development strategy Raport, an intermediary updat¢ 2023 - 25. was woduceil in April 2023. Prowes6 Summary 2020- 2024: Apwnlmont ofthg Personal Dovdcpm8nt Managor Apw"nlmenl oflh8 lulktln Head of Coxhing Appolntsnent of fiv8 ernployed Regional Jockey Coaches Weekty chIng'DroP-in, sessions at 811 IJF centres, open to 911 PTofessionaljoekeys Extenslon of cogthing to dl jockeys onè-y88T posl clalm Laun¢h ol the Jockey Training & Developm?nt b$r1e.. htlps".Ifiockeytrainlng.co.uk Produ¢Jon ofa n8w Jockey Motters JoL8y COacr Programrnt 8nd Racllw Excellenc8 fil Producucffi of Ihe Jockey Lifestyle Workbook as pradcal d6voloprnent r8sour¢o Two Jo¢keyATnbassadcf Programmes h05t8d- with 2Q Jockeys atteniling In189r8tlon ol Equalrty. DN8f3ity and InehJsk)n èduc8bon Into al levels of JT&D 2024 sees Ihe first recruTt5 onto the spth.ng Excellencg Professiond Apprent1hIp Terms of Refereneg produ¢ed for the JOL Trainiw and Develq)mènt M8nagement GrJp and submitted to Ihe Indltsty People Board NTF representalon on the JkYTTaIning and D8vdcgwnt manaent Group
THE JOCKEYS EDUCATION AND TRAINING SCHEME TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Key Prfoi(ty wowk to 2025 indudes.. Work 1h the Industry P8tsp18 Board, the Levy Board, Ihe R8clryJ Found8tkin estat4ish a lontr temi sustainable fvndiwd nv)dub fcf the Jockey Coathing Programme and Jockey Trainn)g Shd D#bpment Ccffltinue to develop an Indu¥lvg aTrJ progresse Talènl ID prrarnrne JETS c(ffitinues to work very d058ty wilh Ihe BHA, Bthsh Schod IBRSI, and National Horseraekng Collego INHCI io deliver Ihe JT&D curriculum consistsntly and wtth quality. JETS Is Involved in th8 managem8nt rneetsngs for the Jockey Coaching PrDgrarnme, and sits th8 JT&D Mana9ement Commitlge. The JETS team dellver to lock8y5 on all Ll¢enco UrSe, aTrJ Clalrnlng Jockey Workshops. JEfs systems have been 9alJY Inyoved th¢ launth of the Jockey Coaching Web-App, allo¥Ang for onlSne dèlivery of 811 Peysonal Oevelopment annIng 8988kns. 4 R8latlonshlp ManJament System, and rocthing of all IndM¢Jual jodcey trainlng actiwty. JETS b8nèfitted fron wevk)us grnnt support by The Radng Foundauon. A new co112bornVO grant proposal was put forward to The Racing Foundatrjn In late 2019, by JETS, The Professlon81 Jockeys As80¢1aUon (PJAI and Ihe IJF. Tha Tru$¢ees of The Racing Foundatbn agrèèd a ngw flvewy•ar £2.2 milb)n grant to b• delived from April 2020. Thls grant pvoiEcl entiled Tho Jockey Athlets Is focus$ed on: Th8 Jockey Co2¢hlng Pro9ramm•. Montal H8atth, Nulrflon aMS Th8 jkOYAthl&te Ambas$8dor. Cross sp)rt work coniinues through Ihe Prof85slond Players Fedorallon Edu¢afjon & Tralnlng Cornmlttee. The PPF now also havè a subgroup, the Womèns Sporls Commlttee. thesè mè8Ong$ 8re attended by JETS. Achiovements abld p•rfornwnc8 In 2023124 JETS support8d jo¢keys and fomier iock8ys in the compKption of 135 1nd1vidl trwning wJrse6, provldin9 a contribJtion level 0150 40% towArd5 Ihg Wst of these cour688. JETS organSsed andlor hosted ten Media & Communlcatfon s11$ courses. at locations 811 over the country and utlllslng four differenl traini provlgrs. JEtS aLso supporteJ fow fom)er lock8ys from the Scholatshw fund. In 2023124. JETS delwered Person81 Devdopment Planning Sessions on 4 licence rwrses, 1 Apprentic8 Ian¢• etyjrsg and Ihree éual eod8 Iic8nrR Courses. at both Tho British Ra¢Sng Schod and The NatDnal Hor58Rang Colleg8. Twelvé individuals were help into ftjll part-time empbyrnent durlrvJ thls tim8. Th8 typ8 of &sslstanco gNon t th• candats3 vartes in each cose, but builds C the found8tions of prevlous eAretr coachiry ¢onsuhab'on5 to - Job sgarth as$r4tance Induding Identifylw and appd)Ing $VTtable potential ernoYerS bd ang candhYate3 to 8dvertlsed lorJETSI vacancies. FrierKls of JETS In many cases offer oppc¢lunttles lor work pl8cgnwnts and WO expertence. Proparing Cvs for candldates Ikir9 for interviews and lob F4ocements. Assistance is also 9lven whh letters of application to gain as many interviews as possitl8. Intorview te¢hnlque consulta1K)n$. either In pers or over Ihe phone a mnged indNidu8llyon request. Pmvkjiw JETS refencE$fOr c8ndhlates on requesL
THE JOCKEYS EDUCATION AND TRAINING SCHEME TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORn (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Vvork on the Jockey Mètters prTaMme is focu5sed on 8 rew project. A new ffilm is bdng produc focugslng on rnent81 health and •rnotiond welkbelng. In c¢41alratiOn wth Th8 PrOfonal Jockeyt A$sle110n and The Injured Jockeys Fund. Th8 Jockey Matt•rs films to date are.. .Addklbn and Recov8ry - Healthy Cholces - Maklng Welght Staylng Hydr&led - Mental Health aNJ W811being - Injury Retumlng to RldiTrJ - Jockey Goachlng - Personal Developmont . Concusslon - Career Transttk)n - R88ill8n Frt to Fall - Ddve Smart. Stay Safv - SubstsncaAbuse & Support .Thè Juckey CoachSng Progr8mmg .Th• Raung Exce1kne S6ri06 -IrKluson- Vvhat W8 Can Do .Re6pect-What We Can Say Finand•l Yeview Donatkns In Ihè year 8mounted tD £593,455 whi¢h Is a d•cr888e of 1% from the prgviou¥ ye8r120rJ.' £599.452 2% incroas81. Nol irKome m&rgin decreased to-1.8% (2023..-1.4%1 wtth not èxpsnéiDJrg li excess of Incomè of £11,341 12023.. £8,269 net expensasl a5 ovgrhgads Incraase at a higher Ve1 than Income increased. TThning and EducatK)n costs ar8 conslderably hlghorlhan any other oxp6n¢thurg and Ihl8 Is e¥peeted to incw$e in fubJrg yoars. The Jockey Athlete grant from Aprl 2020 11 ènsurg the conllnuab)n of the pos0n of &Jckey Person81 Develown8nt Marwrforfive years. As at 31 Mwch 2024 there we £281.&I2023.. £292.9331 fvnds carried forward, £82.12912023.. £78,268> of whlch bdng rtstn¢ted lunds. This WAS 8 3.9% Ile(Trase on broughl fr¥ward funds. R•80rv•s poll¢y The Board of Trustees has fJ)n$kleMd the adequacy of ras•rv8s held by the company, In lkne wllh tho Charty Commi$sK)n guidance and concur that the level of reserve5 18 sffjdent to meet the companys ponslbllltlos In the short t6rm. In furtherance of the cl)8rftys obieckns, the ros•N•s polcy of th• company d•sign•d to.. Protect the bu5in8s8 from Iho rfsk of 801¥encY orsorfous disnptK)n lo Ib chattywork. sacurity 4ainsi the pgaks and troughs of Income affxtsd by buIn$ downlum or chang8 In govemm8nt F4)Ilcy. Reserves policy is to rnainfain to enable op8ratlcms to t>)nun for mcth Shk1 Income Unrostricted res8rv88 are currontty £219.461 12023: £214.6651 and unr05tricied annu overheads wrrentty 8mount to arouThJ £235.OCV12023'. £224,000). The trustees have assessed the major risks to which the charity is exposod, and are satlsfigd that system5 are in place to rnitigate 8XPOSUm to tho major rS6ks.
THE JOCKEY8 EDUCATION AND TRAINING SCHEME TRUSTEES, REPORT (INCLUDINO DIRECTOR5, REPORT) {coKfiNUED) FOR nlE YEAR ENDED 31 MARCH 2024 FUr• plM• Purpo To fjXpd and qecure, kn Ighl of i1rj and ongoing damand. the proth of edwaurnal voc&kn courn98 Iw Sock6y8,' pro¥idlw with th• OppInlY to fttlfll Ihoff POteN5al C4x•8fuly make the trandllon knlo n•w c4reern foJwlffj retIrennt from rnce rhllw. To Inab ¢¢y9 to achl84 ieujre fikn•5 T•lir¢rrnl from Ta rhlng. To asslsl h th• $rnh. minaged and str•8s fr•0 tronsttlons lor Ih880 IndlvK1udi Into Iraknin9. $ducAU or •npbym8nt.' th•refm prthnttn9 tUr• depgndenq on raclr•J thle¥ OJF R117ng W•lknl or t Slqle. Stru¢tUrn• gov•rn•n¢• and man•g•mont Th• ¢harlty IB Gonlrol8d by Its go¥ernlno d0MInt, which a8 A limi8d cTrny• limled by gu•rort90. defin811 by CompanlosAct 20(. ¢onsUlut•511B M$nMd Artths of80011?n. Tho tru$. whu th8 dirnLorn for tr purpo rfryjmpffiy law. and who dudng tho yeor arld up lo th• dat• of Spanare ofth• fin¥ndal slatom•nl8 wor•.. klrAAChalk 28AwJ 2Q3) Mr• K H (YNg111 Mr M A Fitrger8lJ MrRMNHole8 Mr l M¢Mahon M8LSWon is¥ M P Fumor IArB S Bai IR•sioMd 2 May 2023) IR•tsiw•d 21 J0 2Q3) (Appoinled 12 thAober 20231 (Appolntad 1 May 2024) are •ppohtsd ts1knng agrown•rt by gxl8llNJ TndSteg9. Th• nt Trusteoi leAm Ihe poNcle8 proc4dures frtjm th• Trustoès Th8 tru8tae8 haw •Me888d tho m•JN risks to TAhN lh¢ chthy •xpo8od, and aro 8allsfiod ihat Sy8t*ni art In pknca to mlgat• gxp)sure lo th• mw rf8k•. The truBtoe8' report was Jpwi¥ed by ts Btsa of Truth•s. M• LS Watson 28//0/20
THE JOCKEYS EDUCATION AND TRAINING SCHEME INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE JOCKEYS EDUCATION AND TrAINING SCHEME I report to th& trustees on rny examinatlon of thp ffinanc481 ststements of The Jockeys Edutsbon and TrniriThJ sche lthg chartyl for tho year endod 31 March 2024. R•$ponsSbllllle8 and basi5 01 rgPQrt As the trustees of the charity land also its dKKtor8 for the Purpo of compeny law} you are responsible for Ihe prgparatkjn of tr fln8n¢l8J statements In 8¢cc#anee with the requirements of th8 CornpanS0s Act 20C Ithe 2006 Act). Havlng saD8fied myBeW Iltal the fin8ncial statements of the cf%4rty are r3t requlred to bo audited under Part 16 of the 20C6 Act and ara eligible for Independent gxarninouon. I raptsrt in reSpt ol my examinatSon of th8 rarity's financial statemènt9 C8rri8d out vnder BectK)n 145 of the CharitE8 Act 2011 lthe 2011 Act). In rryIng out my ex8minalion I he followed all tha applKable tJre¢tbn$ giv8n by the Charlty Comnslon under 8eLlion 14515llbl of the 2011 Art. Independ•nt examln•¢J $lat•m•nt Slnce the tharitys gross incorne &xodd £250,0) your examlnèr must be a memr of a t)dy Ilste(I In tion 145 of thg 2011 ACL I confirm that l am qualtned to untlertake the eKaminaUon becau58 18m a mombor of tho Insfjtute of Chartgred Acountants in Ewland and Wale8, whith on8 of the bodies. I have completed rny examlnatlon. l L¥)nflrm that no rn8tt8r8 h8ve (x)me to my att8nlion In ¢(thn8Ction th the examlnation gfvirrfJ me cause to believe Ihat in any matsrial r8SFeC.' attntIng r8u)rd6 were not kept in respect of tho charity a$ r•quired by secllon 386 of th8 2006 ACL Ihe financSal statsm8nts do not accord wllh those rewr<15', or the finanLyal $tsternents do Th)t cornply wlth accJJntng requirements of sedion 396 of Ihe 200B Act otrr thBn any r8quirgment th&t the accounts tru• and falr vbew bvhich 1$ not a matter conspJw8d as part of an Sndepond8nt exam*iathon', or the ffinbrKi81 statements have not bgen prepared in ¥crdanCe ¥th tha m8thods aj prfnciple$ of the Statgrnont of ReCmended Pracbce for aCcounng and ieporting by char[t8 8ppli¢tlAe to chartt$ preparfng thefjr accounts In thceordoncg wth the Financial RertIng Siandard appllcable In thè UK and Republic of IrBland IFRS 1021. I havè no ¢oncern$ and hBVe come acm$ no 0th8r mattors in conneclion wfth tho èx8rninatk)n to whkh attention should be drawn in this rewt in order to enabb a proper understanding of the finarrisl statwments to be reached. Sam Thomas FCA Eltrabeth House 1>19 London Road Nowbury Berkshi RG14 1JL United dorn Dateé.. S Nov8rnb8r 2024
THE JOCKEYS EDUCATION AND TRAINING SCHEME STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Cwvent flMn¢iil y•ar UbW•strId R•strlcl•d funds fvnd 2024 2024 T+X•l Total 2024 243 Notes Income and gndowmon¢$ from: Donauons 8ndlegac$ Inve¥trnent8 Other Inm¥ 215,455 378,0(Xl 593.455 8.390 18.206 599.451 1.212 11,554 18,206 Totsl incorng 240,051 378.000 618.051 612,217 1• Ch8ritabl¢ 235.254 394,138 629,392 620.506 Net In¢om•ll•xpendltur•l forthe yearl N•t mov•m•nt In fund# 4,797 116.1381 18.2891 Fund bdances at 1 April 2023 214.664 78.267 292.931 301.222 Fund b8lanc•s at 31 M•r¢h 2024 219.461 62,129 281.590 2¥2.933 I Income ané expendilure derive frern conlinuing 8¢tNibe5. Thè statement of flnancLql gclvMl88 Iso Mpl* wlth th8 requlrements for an inc# arKI expendlture a¢xuJnt under Ihe COmpaniA¢t 2006. Prlorfflnan¢l•l ygar Unrn5trlctod Rostrl¢t•d fvnd• lund8 2W23 2023 Total 2023 como 8 endowm•nts from: DonatSons and legaae Investments Olher Incom8 221.451 1,212 11,554 378.( 599.451 1.212 11.554 Total Incom• 234,217 378.oc 612,217 Charftable activitlès 223.738 396.768 820.506 N81 INM•ll•XnUr9j lor th• y•arl N•1 movgmonl In fvnds 10.479 118,76BI 8,2891 Fund bd8nces at 1 April 2022 204.186 97,036 301.222 Fund balanc•s at 31 M•rch 2023 214,665 78,268 292,933 AJI Income and •%NIrtYre d8rfve from eonlnuing 8dvSties. Th8 statement of Ina81 avtt$ also ¢ompllo8 %thth the reqUIrents for an Incc4ne and expenditure 8eLcyJnt under the Companles Act 2006.
THE JOCKEYS EDUCATION AND TRAINING SCHEME BALANCE SHEET ASAT31 alARCH2024 Flx•d •H•ts Tangibb a•wts 2201 2.e95 Dgblors Ca8h at bk and In hxl 10 10.852 315,584 328.438 Cr•dllor•: wnounl• tsllng du• Tthn IN198) Net omnl as18 279,389 290,238 Totsl w•t• l•M ¢unwt Il•bfdtlo• 281,590 292,933 Incom• fund• Reslrfcted fund• Unm%llthd funds 13 82,129 219.4S1 78,208 214,665 261,$9Q 292,833 Th• oJmwny i¥ •ntlllod lo the gxampkn from Ihe audtt requlremont conthlnet In 8adon 477 of th Cornpani•s 20fkl. lortho year ended 31 March 2024. The dhctorn 8th104ge Ih•ir re411blI[•s for ng +hllh th¢ r•qulr•Thnts of CompAnio1 £12ryJe wlth r•spgot to rncoth and the w•parkn ol fin•ndal it•10nt The membern haw Thjt re¢wlrnd the company to obtakn an audlt of Its finarnial stalernfjntB for th• y•8r In in aoy)thc0 wilh 476. Th•80 statgmonts hm prepArnd In scurdarKe wlth the applK•bl• io comp101 subAeci lo thè am compèmiei rnllwn•. 2g//o../2 Tho firwclal 8tAlemonts ww• apwo¥8d ty TfLtBlae8 ¢VI ....... . LS 1&T- MI L S Watson Conyny rnghlvallon numb•r1130029
THE JOCKEYS EDUCATION AND TRAINING SCHEME STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flm from opvratlng actlvlll•s Cash absorbed by oper8tk)n$ 16 119.635} 18.0931 InlIng actmt Purchasè of tanglble fixed as9éts Inv¢¥lment kncomè r81¥1 12401 6,389 1,212 P4et cash 9en•ralod from Inve6tlng *¢tlvltl•s 6,149 1212 N•t cash used in financing 4¢tlvltl•s N•t d8¢Ye9 kn ¢a8h •nd eqylval•nt5 113,4861 {6.8811 Cash and ¢a¥h gqufvalents ot beginning ol year 315.584 322.465 Cash and ¢ash •qulval•nts at •nd of year 302.098 315.584 Rèlating to: Cash at bank And in hand 302.098 315,584
THE JOCKEYS EDUCATION AND TRAINING SCHEME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting polid•s Chaty Infonnotl?n Th8 Jockeys Edueauon and Trainlng Scheme 13 8 private >)rnpany limited by guarantee Incorporat8d in England and Wales. The registed office 15 39B lthngfi5her rt, Hambridg? Road. Nththry. Berkshire. RG14 5SJ, Vnlted Kirydorn. 1.1 A¢¢ountin9 conv•ntlon The ttnandal statements have be prepared h accoTdarK8 th the Companlas Act 2006 and "AcUntThJ and Reporling by Charities.. Ststement of Recommandad Practice applicab to chariues wap8ring their aco)unts In 8ceordance wilh the FlTr8nryal Repong Standard 8ppJ1b1e In Ihe UK &nd Rfrpubloc of Irgland (FRS 1021 (effettva 1 January 2019r. Th8 ch8rlty18 a Publlc Beneffit Enuty as d•fin8d by FRS 702. Thg ffinanclel 8tolennts are wepared In stling. whlch Is the funcbonal rroneY of th8 ¢harlty. Mwtsry omtyjnts in Ihese finanaal statements are rounded to the n6ar•8t £. The fln8nLyal ststements h8¥è prepared under the historlcal cost convenUgn. The prkndpal 6cc4)unUng politie5 adoptsd are s•t out belc. 12 Golng ¢on¢•rn At tha time of approvlTrJ the ffinèrKi818¢atements, the twstee& hav• a reasonab 9¥pectation Ihat th? charfty has ad8qUBt8 resourcos to continue In operational exlstence for tho forèse8abb future. Thua the trustees continue to adopt the 9olng Concèrn ba&s ol aGUnIa in preparing the thancKql ststèments. 1.3 Charltabh funds Unr8Stricted funds we avallabb for uso at dls¢relon of tha tru8tee8 kn furthtra of thw"r chttritab18 obj8Ctr¥es. Reslricted fijnds ar8 subject to speclfic condllon8 by ¢Yonor6 aB to how thgy may be used. The purpos•$ aTra u¥ of the r86tri¢iad funds are set out kn the ThJt88 to the finan¢NI statsmgnts. 1.4 Inme is recogn18 wh8n tha eharity181ogal ontfjU8d to It after any performanc8 Cond"0n$ have en met, the amounts can be measured relitibty. 8nd it 1$ prob8bl8 that inCne 11 bo receNed. Cash don8tkJn8 are r8(x)gnl88d on elpt. Ott)er donab'ons Bre recognls•d the chaty ha5 been notffiod ol the donation. unless parfOnnar tnd1th)n$ wuir8 Ilelerral of the amount. Income tax r8wverablo In relatton to donatio r8caiv8d under Gfftd or daèds of covgnant Is recogrhlsed at the tim• of the donatlon. Legacies atg reeognls•d on recwpt or oiheThA58 if the charlty has been noted of an impending distributk)n, the arnount Is kn¢)wn, and rec¢lp¢ 1$ expected. M the amount is rK>t known, the legacy treated a5 )ntir¥a8nt a&( Grarts are recognis8d at th8 f8lr Val of the ass81 rece or receNable wh8n there B rèasona8 8ssur8nc8 that the grant wlll rn•t and thg grants will bts recelvod. A grant that $pedfs rf£mance Cond0Th9 1$ rewnl$ed In Income when th• porformance condhh)ns are met. WFre a grant doe5 not spedfy p&rformanc8 condllons il Is r•cognknd In Incom wh8n the proceeds are rec81v8d or receN8blo. A grant received Wora the recognStb)n eriteii8 are satisfied is r8cognlsod as ILqblllty. 1.5 Expgndltur• Llabilltlos arg rgcognlsed 8$ exp8ndrture as g¢)on as there a legal or constructwe oblvallon cornmittsrJ the charty to that èxpenditure. it 15 probable that a tran$f8r of economlc b6nefits wll be requlre•J In 5gtUement and the amount dthe oblEqatlon ean 8¥ured rella1y.
THE JOCKEYS EDUCATION AND TRAINING SCHEME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IAARCH 2024 Accountlrtg polldes Icontlnu•dl Expgndllure is aco)unt8d for c) an 8ccNd8 basis and has b88n cbssified urthr haadings that aggwat8 al cost related to Ihe calegory. Wh costs cannot be thracuy attrfbuted to partatsjlar headings they h8v8 b89n allOted to aclvil88 on a basls ¢on515tent lh8 use of r•5fAJfcg8. 1.6 Tangiblv flxod Tangibk fixed a55ets are inilialty m&asurod al cost and sub98quenUy m88sured ot Cost or vaknatk)n. net ol depreclaJon al any Impairrnant losseg. Deprati(fft is recognlsed $0 as to wrll8 ¢)ff Ihg cost orvahjatknn of a88ets less t1r redUal value5 over Ih8ir US8ful Mves on the folk)wing bases.. ant and aqulpment Cornputsrs otor hiCleS 25% on rtdurAng balance 25ffjts on reducing b8Lanee 25% cffl reduclng bakqnce The or loss arising on th8 dispos81 of an a$60t is detsrmined as Ihe drffor8nce bethen the sole proceeds aNI the carrying valug of the assat, and is rec1$•d In the Slatemenl of finanraal aclivities. 1.7 Imp•lmiont ol flx•d o$$•ts At each reporung énd dal8. th8 charfty rowlèws thg catyn9 &mounts of its langlble assets tts determlne whgth8r Ihgre Is any Indlcalh)n Ihat tho60 assets havg sUffed Èn impairn8nt loss. If any wch Indlcatton ex15t4 thè recoverable èrwunt of th8 asÈet 1$ 8stirnat8d In order to determing the 8Xt6nt of tha lrnpaimient loss IW any). 1.8 Ctsh and u$h e9uivl•nts Cash and cash equivalerrts indude in hand, deposits hebj at call with bank9, olhèr short-term Ilquld investments wlth original rnaturlbes of three months or less, aryj bank overdrafts. Bank overdr8fts are shown wthin bOrrOn9$ in current Ihbilities. 1.9 FInala1 InJtrum•nts The charity has 61ect8d lo apY the prov19iOn5 of stiOn 11 '8ask Financi81 Instruments, aThJ Section 12 'Other Flnancial Instnjrnents Issues. of FRS 102 to all of its finan¢i81 instrumenls. Flnanaal in5tnJnts arè recoJnised In ttIB charfV$ balanc• gh•èt when the chartty t*¢omgs paty to tho eontractyal provlskJn$ ofthè mtsunwnt. Finanu81 assets and 118blllks arg offseL vllh Ihe amounts presented in the flnandal ststements, wfEn Ihere is a 18g81ty enlorceable r•3ht 10 6et off the reLYyJni8ed arTh)unts and ther8 is an intention to 5etKg 07 a net basls orto reall$e thtr a55et and 8etJ¢ the 1181ty sknultang¢usIy. 8osk ffMnei•lgssets Bas6c finand81 8s5•ts, which indudg debtors 8nd eosh anil bank baLgn¢es, are intudly rnea6ured at transèctK)n price includiThJ tr8CtIon $ts and are SubquenY carri8d at amortysed o)st uslng the effe¢tfve interest rn8thool unl8SS th8 arrangement n$INUt$S a ffinandng trAnsaction. whem Iho tran8a¢tlon 15 measured at the present valu8 of futurE receipt5 di8COUnted at a market rate of Interest. Financkql assets cla55rf18d 85 re¢•fva? withrTr on8 yaar are Th)t 8mvrU8ed. 10-
THE JOCKEYS EDUCATION AND TRAINING SCHEME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 ¢ountlng polkl {Contlnued) Ba¢ finan liatslities, Includlng cr8ditor8 and bank loans Are In'allY rets)gni5ed at transacuon price un18SS the arrangement ¢onstitule$ a ffinanang tr8n8action, where the d8bl Instrurn8nt 1$ measured at prewt value of th# future payments discounted al a rnark8t rata of intsrest. Flnanclal Ilablit$ dasslfied as P8yablg ithln year ore Th)1 amorb8ed. Debt Instrument$ are sub58quanlty carfgd al aJrK)rtisod co$( using tho gffoclfvè in18r8St rate m8thod. Trade ¢r•ditCfS are r)Ilgatlons to Pay for goods or s•Mcos that have been acquired in ordinary cour8e of operaticn5 Ircrn ¥UprS. Amounts payable are cla5sffied as cuffent Ilabile5 rf payment Ls due vithin one year or Igss. If nol they aro prwn¢ed as non¤t liabilit. Trade creditors ere reccyJnksed iritialty at transacuon price and subsequenlly £sured al arnortmd cost u$lng the effectNg interest Metj. Dwwnlllon olllnanothlll•blllU•s Final liablMes are derecognised wn the tharfW8 COTrtra¢tual obligations expire or 8r• discharged or carK8118d. 1.10 Taxalion Th8 charily Is exempt Irorn cop?ration tax on Its charttable 1¥1•$. 1.11 Empl<)y•• n•ffl0 Th8 cost of any unus8d hdiday entrfement Is r8co9nised in the peric#J n which tho ompby8e's soThlces are recaived. Termin8tk)n benefits ara reeognised Immedldtely 05 an experBe wh•n the charty 1$ demnstrably commrtted to temiinate the mployrn8nt ofan anN)W• orto provide temilneon tonaffits. f.11 R•ttr•mgnt boneffts P8yrrtnt$ to defid ccrtrfbLrtlon totlrement benefiisch8me8 are ch8rgtd a8 an 8XFew as Ih8y fall due.
THE JOCKEYS EDUCATION AND TRAINING SCHEME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2024 Crttrcal OUntIng •Itinte8 and Judg•m•ntS In the appllc81k)n of the Charity's accounting polts•s, Iho trustees afv required io rnako ludg•rnonts, eStaS and 8ssurnption8 at)out th8 carrying amowt ol assats and lbIlleS Ihat are not adity apparent from other SOLtreeg. Th8 eslimates and 4ssocld assumptions are baged on h6storical experfence and other factors that are considered to be relevant. Adual rasutts may drff8r from these eslJm8t¢& Tho tBtlmates and underfying assumptions are r8vi8W8d on an ongoing basls. Revisbns to gccountlng estimatss 8re reojgnlsed In th8 period in thich tha astimato is rev15ed where the revlsion offects onty that PEriod, or in thg perh)d ol the revlsh)n future perioL18 where the r•wi5Kffl affects both current and future Feriods. CrttF¢al I149n Income r•cognition ThÈ key judgents rn*Je by managemgnt In r6spect of Incom8 th8 Ont at 1c that Ineeffio should be recognlsed. See Income Èeknw. Grant incom8 is conditlonal upon certain crlteTia being rngt durlng thè p8riod. A¢cofdlNJly, only sums due Ythich m88t that crtterfa, In the ffinandal pariod. are COgniSed as incomo In that peTlod. Tanqlbh fix•d a$s•ts T8nglble fixad as58ts are dewedatad over their us8fv1 lives taklng into account reU81 valw5, where appropriats. The adual Ilves of the 88¥9ts and rosklual valu8s are assèssed annually and rnay vary downdlng on a number oflaLxors. Residual valua 8sses8ment con&d8r i5SU8s su¢h a8 the rèmainin9 life ol thè a$sèt and projected disp0881 value. Inv•5tments UnreJtrl¢tsd Unrostrlcted funda funds 2024 2023 Interost roeblvablg 8.390 1212 12.
THE JOCKEYS EDUCATION AND TRAINING SCHEME NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2024 Charftablg actlvftl•• Charitabh Charlt•bl• ExP•ndurfj Exwdltur• 2024 2023 Staff costs Depr8cialKn and Impaimignt AdwM651ng & prcfflo¢KJn Travglllng Education & trainkng Subcontr8Ctors- BRS 124.753 734 43.3SYI 2.674 118.072 322.000 119235 898 34.424 3,766 107.196 336,000 811,623 801.519 Shw8 of support eostg {$99 note 51 Share of go¥•manr $ts{So8 nole 51 11.2 6,474 10.444 8.543 629,392 620,9)6 An118 bylund Unrestricted lund8 Restricted knnds 235.254 394,138 223,738 3./68 629,392 620.508 13-
THE JOCKEYS EDUCATION AND TRAINING SCHEME NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 AIARCH 2024 Support Gov•mane• ¢09ts costs 2024 Support Go¥•mane• costs Costs 2023 2.444 2.380 1,127 740 451 1,831 828 781 Insurance Motor 8XFerK8es Telephon Post8 and stsion8ry Cortwter expenses Jtxryna15 and perir•Jka Employment ¢osts Bart char5 2,488 1.295 964 665 2,488 1,295 1,127 740 451 1,831 626 781 726 873 726 873 50 L8gal and professbnal Bookkeeplng Account 2,975 1.512 4.056 2.975 1.512 4.056 1.920 4.554 1.920 4,554 11,295 6,474 17.769 10,444 8,543 18.987 AnBlysed Chitable actiwtie8 11.295 6.474 17.789 10.444 8.543 18.987 Govomanc8 W8ts payrn8nts to lho iThJgp8nd8nt exam1r of £4,05612023- £3.%0) for 8xaminatN)n Twst••$ None of the trustees (or any persons connected wlth them) re($d any r8muneralJon dudng Ihe year. t1 two of thern werg reimtyJr89d a total of £58912021. £289) for travdling exp8ns8S. Employ•es The average monthty nurthr of empbyo88 durin9 thfr ye* was: 2024 Number 2023 Number Employrnent costs 2024 2023 Wages and $818ries Social securlly eosts Olher p8nsion c¢ists 109,846 9.564 5.343 104.769 9.380 5.086 124,753 119.235 14-
THE JOCKEYS EDUCATION AND TRAINING SCHEME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) R>R THE YEAR ENDED 31 MARCH 2024 employw IContlnu•d The nurnberof 8rnF4oyees 05* annual r8munernJon was morg than £60,000 Is as fDIIow8'. 2024 Number 2023 Numbor £60.001 to £70,000 £70.Q)I tg £80,000 Taxatlon Thg ¢harity is exernpt from tax on income and gains falliryj within sec14.on 505 of the Tax85 Art 1988 or sectb 256 of the Taxation of Ch8rg8ablo GaSnsAet 1992 to the extent that thasg arg applled to Its charftable objects. Tanglblg fix asmts Plon¢ •nrf C•mput•rs Motarwhrtl• Totsl ¢08¢ At 1 April 2023 Addlions 8,957 14,CKIO 26,157 24Q 240 Al 31 March 2024 8,957 3,440 14,0 26.397 Oepre¢i•tion and Impolmi•nt At 1 April 2023 D8preaation eharged In thg year 8.935 3.018 105 11,509 623 23,462 734 At 31 Mah 2024 8.941 3.123 12,132 24,196 C•rrylng arnount At 31 March 2024 16 317 1.868 2.201 At 31 MArth 2023 182 2,491 2,695 10 Debtors 2024 2023 Amounts falllng du• withln ¢)ng ywr: Trade debtor 10,852 15.
THE JOCKEYS EDUCATION AND TRAINING SCHEME NOTES TO THe NANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Cr•dknrn: amount8 folllng du• wlthln ong y•ar 2023 l)Ih•r taxation Bnd security AcrnJ818 and d•ferr*J incorn& 3,655 19,054 3,519 32,679 22,709 36.198 12 Retiremont b¢n¢fft •¢h•m•s D•fiMd corrtrlbutton •chemes The charty operates a defined contritxJth)n pension 5chgme for all qual1 ernployee6. The assets of Ihe heme we hdd separately from th058 ofthe charity in an independw Odmlst?red fvnd. costs ar8 split betsveen restricted and unreslrictsd by th8 nature ofth8 am05 work. The charg6 to prorrt or kjss in respBct of d8ffn8d contribtJt4on sthernes wes £5,34312023.. £5,085.} 13 Re8trlcted funds Movement In fun Movern•nt In fund¥ Incomlng R•6ourr•s Ballnce at Incornlng R••our¢•8 Bthnc• at 1 Aprfl 2022 rn••w¢•• •XPBnd 1 Awll 2023 r•BrAvce• •xp•hdod 31 March 2D24 The Raang Foundation Racing to sc1?1 76,149 378.000 {389.fj991 64.949 378,(X)O 1389,6501 53.299 20.887 (7.5691 13,318 14.4881 8,830 97,036 378.OlXI 1396.7681 78,267 378,000 1394,1381 .129 The Racing Foundation grant rapr858nts th8 surns receNed in this finandal year. There wa$ a fvrther sn due of £189,0 dumo the ye8r to 31 M8rch 2021. The payment of th1$ was d818yed 88 a rutt of COVID 19 reducing expenditure b&k)w Ihat anticipated. This monèy wdl now be recee at 4 later dete wFlhln Ihe 5 year grant Period when Tequlred. The purtw of the grant is to FYoMde funds for th8 Personal D•Vdment Plannlng forJoek8ys, Coaching Development and the JDckey Coachlng PfQ9ram. Ra¢lng to Schod grant fijndlng ceased duri the 2018 financlal year. There a further 8ums due. The purposg oflhg fundlng was to 8UPPOrt coaching development managèrs and the coaching program. 16-
THE JOCKEYS EDUCATION AND TRAINING SCHEME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Anaty$l8 of net assets botsY8•n funds Unreslrf¢ted Rostrict•d nds fund$ 2024 2024 Tot•1 Unre•trlct•d R•strl¢tsd funds funds 2023 2023 Total 2024 2023 Fund balances at 31 March 2024 are repres8nted by.. Tangiile assets Current 83$etsllliabilitiesl 2,201 231.260 2,201 279,389 2.695 211,970 2,69S 290,238 48,129 78.288 233.461 48,129 281.590 214,665 78.26B 292,933 15 R•lat•d pawty tr8n$actlon8 There aro no related party tran6acUon8 In tho yearto 31 Mar¢h 202412023.. £Nill, 16 fA•h gén•r•t•d from op•r•lio 2024 2023 Dèfiat ts the year 111.3411 {8289} Adlusth)ènts tr.. Investment incorne recognl$8d In statsrnent ol flnawKlal adlvltlos Deprecl8tion and impalm)ent of tangib18 fred a$ts le.3) 734 11.2121 898 Movements Sn *Y)rklng capltsl.. D8cTra8elllrK¥ease> In dabtor5 09m$81rtsaS8 in credltors 10.852 113.4891 1441 654 rAsh absorbed by op•rntJon8 119.6341 18,093) 17 Anatysls of ¢hang85 In not funds The charity had m debt dudng lh8 year. 17_