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2025-03-31-accounts

Charity registration number 1149018

Company registration number 03552906 (England and Wales)

THE JOCKEYS EDUCATION AND TRAINING SCHEME ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE JOCKEYS EDUCATION AND TRAINING SCHEME

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mrs K H O'Neill Ms L S Watson Miss M P Fuller Mrs S Bailey (Appointed 1 May 2024) Mr P Struthers (Appointed 22 April 2025)

Secretary

Ms L C Delany

Charity number 1149018 Company number 03552906 Registered office 39B Kingfisher Court Hambridge Road Newbury Berkshire United Kingdom RG14 5SJ

Independent examiner

Azets Elizabeth House 13-19 London Road Newbury Berkshire United Kingdom RG14 1JL

THE JOCKEYS EDUCATION AND TRAINING SCHEME

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 9 - 16

THE JOCKEYS EDUCATION AND TRAINING SCHEME

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note one to the financial statements, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Company's objects shall be to further the education and training of the public with preference being given to licensed professional jockeys, recently retired professional jockeys, beneficiaries of the Injured Jockeys' Fund (IJF) and currently licensed amateur riders in any way including in the following ways:

(c) in the provision of assistance in obtaining financial or other assistance whether from government, business or other sources in connection with obtaining training, education or retaining.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Public benefit

To enable jockeys to achieve secure futures following retirement from race riding.

To enable jockeys to undertake personal development planning.

To assist in the smooth, managed and stress free transitions for these individuals into training, education or employment; and therefore preventing future dependency on racing charities (IJF or Racing Welfare) or the State.

Jockeys Education and Training Scheme (JETS) is continuing its collaborative work with the racing schools and the British Horseracing Association (BHA) in all aspects of Jockey Training and Development (JT&D). Following the strategy work in 2014, and the subsequent three-year strategy that was produced and published in 2019, the Jockey Training and Development Strategy Report, an intermediary update 2023 – 25, was produced in April 2023.

Progress Summary 2020 – 2025:

THE JOCKEYS EDUCATION AND TRAINING SCHEME

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

JETS continues to work very closely with the BHA, British Racing School (BRS), and National Horseracing College (NHC) to deliver the JT&D curriculum consistently and with quality. JETS is involved in the management meetings for the Jockey Coaching Programme, and sits on the JT&D Management Committee. The JETS team deliver to jockeys on all Licence courses, and Claiming Jockey Workshops. JETS systems have been greatly improved with the launch of the Jockey Coaching Web-App, allowing for online delivery of all Personal Development Planning sessions, a Jockey Relationship Management System, and recording of all individual jockey training activity.

JETS has benefitted from previous grant support provided by The Racing Foundation. A new collaborative grant proposal was put forward to The Racing Foundation in late 2019, by JETS, The Professional Jockeys Association (PJA) and the IJF. The Trustees of The Racing Foundation agreed a new five-year £2.2 million grant to be delivered from April 2020. This grant project entitled The Jockey Athlete is focussed on: The Jockey Coaching Programme, Mental Health, Nutrition and The Jockey Athlete Ambassador.

Cross sport work continues through the Professional Players Federation Education & Training Committee. The PPF now also have a subgroup, the Women’s Sports Committee, these meetings are attended by JETS.

Achievements and performance

In 2024/25 JETS supported jockeys and former jockeys in the completion of 126 individual training courses, providing a contribution level of 50 -80% towards the cost of these courses. JETS organised and/or hosted ten Media & Communication skills courses, at locations all over the country and utilising two different training providers. JETS also supported four former jockeys from the Scholarship fund.

In 2024/25, JETS delivered Personal Development Planning sessions on 5 licence courses, run at both The British Racing School and The National Horseracing College.

Twelve individuals were helped into full or part-time employment during this time. The type of assistance given to the candidates varies in each case, but builds on the foundations of previous career coaching consultations to cover:

THE JOCKEYS EDUCATION AND TRAINING SCHEME

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Work on the Jockey Matters programme is focussed on a new project. A new film is being produced focussing on mental health and emotional well-being, in collaboration with The Professional Jockeys Association and The Injured Jockeys Fund.

The Jockey Matters films to date are:

Financial review

Donations in the year amounted to £561,064 which is a decrease of 5% from the previous year (2024: £593,455 1% decrease).

Net income margin increased to 7.5% (2024: -1.8%) with income in excess of net expenditure of £43,420 (2024: £11,341 net expenses) as overheads decreased at a higher level than income decreased.

Training and Education costs are considerably higher than any other expenditure and this is expected to increase in future years.

The Jockey Athlete grant from April 2020 has ensured continuation of the position of Jockey Personal Development Manager for five years. A first stage grant submission has been made to The Racing Foundation to fund this role for 2026.

As at 31 March 2025 there are £325,010 (2024: £281,590) funds carried forward, £66,527 (2024: £62,129) of which being restricted funds. This was a 15.4% increase on brought forward funds.

Reserves policy

The Board of Trustees has considered the adequacy of reserves held by the company, in line with the Charity Commission guidance and concur that the level of reserves is sufficient to meet the company's responsibilities in the short term. In furtherance of the charity's objectives, the reserves policy of the company is designed to:

Reserves policy is to maintain levels to enable operations to continue for six months should income cease. Unrestricted reserves are currently £258,483 (2024: £219,461) and unrestricted annual overheads currently amount to around £210,000 (2024: £235,000).

THE JOCKEYS EDUCATION AND TRAINING SCHEME TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Future plan$ Purpose To expand and secure. in light of incre8sing and 0[￿oIng demand. the provision of educational and vocational ¢ourse5 for joGkeys', providing them with th8 Opportunity to fulfil their potential and successfvjlly mako the transition Into new ￿reerS following retirement from race riding. Beneflts To enablo jod(eys to achieve secure futures following retireméni Irom race riding. To assist in ihe smooth, managed and stress Ire8 transttions for these individuals into training, education or employment.. and therefore preventing future dependency on racing tharilies IIJF or Racing Welfare) or the State. Structure, governance and management The charity is controlled by its governing document, which as d limited company, limited by guar8nteè. as defined by Companies Act 2006, conslitutes its Memoranthm and Articles ofAssoci8tion. The trustees, who are Also the directors for the purpose ol company law, and who served during the year and up to the date of signahJr8 ol the financial staleTHents were.. MTS K H O'Neill Mr R M N Hoi18S (Resigned 26 March 20251 Ms L s Watson Miss M P Fuller Mrs S Bailey Mr P Struthers TnJ5te85 are appointed following agreement by existing Trustees. The new Tnjslees learn the policies and procedures from the exisiting Trl￿tee¥. The trustees have assessed the major risks to whi¢h the Charity is exposed. and Are satislied that systems are in place to mitsgale exposure to the major risks. (Appointed 1 May 20241 (Appointe'd 22 April 2025) The trustees, report was approved by the Board of Trustees. Mrs S Balley Dated..

THE JOCKEYS EDUCATION AND TRAINING SCHEME

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE JOCKEYS EDUCATION AND TRAINING SCHEME

I report to the trustees on my examination of the financial statements of The Jockeys Education and Training Scheme (the charity) for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Acountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Sam Thomas FCA Azets

Elizabeth House 13-19 London Road Newbury Berkshire RG14 1JL United Kingdom

Dated: .........................3 December 2025

THE JOCKEYS EDUCATION AND TRAINING SCHEME

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Current financial year
Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
229,926
331,138
Investments
3
8,174
-
Other income
7,429
-
Total income
245,529
331,138
Expenditure on:
Charitable activities
4
206,507
326,740
Net income/(expenditure) for the year/
Net movement in funds
39,022
4,398
Fund balances at 1 April 2024
219,461
62,129
Fund balances at 31 March 2025
258,483
66,527
All income and expenditure derive from continuing activities.		 Total
2025
£
561,064
8,174
7,429
576,667
533,247
43,420
281,590
325,010		 Total
2024
£
593,455
6,390
18,206
618,051
629,392
(11,341)
292,931
281,590

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

Prior financial year
Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
215,455
378,000
Investments
3
6,390
-
Other income
18,206
-
Total income
240,051
378,000
Expenditure on:
Charitable activities
4
235,254
394,138
Net income/(expenditure) for the year/
Net movement in funds
4,797
(16,138)
Fund balances at 1 April 2023
214,664
78,267
Fund balances at 31 March 2024
219,461
62,129
All income and expenditure derive from continuing activities.		 Total
2024
£
593,455
6,390
18,206
618,051
629,392
(11,341)
292,931
281,590

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE JOCKEYS EDUCATION AND TRAINING SCHEME BALANCE SHEET ASAT31 MARCH 2025, 2025 2024 Notes Flxed as$ets Tangible assets 1,651 2,201 Current assets Cash at bank and in hand 302,098 332,738 Credltors: amounts falllng due withln one yèar 10 19,3791 122,7091 323,359 279,389 Net current assets 325.010 281.590 Total assets l•s¥ current liabllitl$s neome funds estricted ftjnds Unrestricted funds 62,129 219.461 12 66.527 258,483 325,010 281,590 The company is entitled to ihe exemption from the audil requirement contained in sectK*n 477 01 Ihe Companies A¢t 2006, for the ye81 ended 31 March 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respecl to accounting recAyds and the preparation of financial stalemenls. The members have not required the company to obtsin an audrt ol its financial statements for thè year in question in accordance with section 476. Th8se financial statements have been prepared in accordance with the prowsions applicable to companies subj'ect to the small companies regime. 29 October 2025 The llnancial sialemenls weie approved by the'Trustees on . Mrs S Bailey Trustee Company re9lStratlon numbèr 03552906

THE JOCKEYS EDUCATION AND TRAINING SCHEME

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
15
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
-
8,174		 £
22,466
8,174
-
30,640
302,098
332,738		 2024
£
(240)
6,389		 £
(19,635)
6,149
-
(13,486)
315,584
302,098

THE JOCKEYS EDUCATION AND TRAINING SCHEME

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

1 Accounting policies

Charity information

The Jockeys Education and Training Scheme is a private company limited by guarantee incorporated in England and Wales. The registered office is 39B Kingfisher Court, Hambridge Road, Newbury, Berkshire, RG14 5SJ, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

THE JOCKEYS EDUCATION AND TRAINING SCHEME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 25% on reducing balance Computers 25% on reducing balance Motor vehicles 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

THE JOCKEYS EDUCATION AND TRAINING SCHEME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.9 Taxation

The charity is exempt from corporation tax on its charitable activities.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Income recognition

The key judgements made by management in respect of income is the point at which that income should be recognised. See Income below. Grant income is conditional upon certain criteria being met during the period. Accordingly, only sums due which meet that criteria, in the financial period, are recognised as income in that period.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessment consider issues such as the remaining life of the asset and the projected disposal value.

3 Investments

**Unrestricted ** Unrestricted
funds funds
2025 2024
£ £
Interest receivable 8,174 6,390

THE JOCKEYS EDUCATION AND TRAINING SCHEME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

4 Charitable activities

Charitable
Charitable
Expenditure Expenditure
2025 2024
£ £
Staff costs 130,873 124,753
Depreciation and impairment 550 734
Advertising & promotion 30,281 43,390
Travelling 2,912 2,674
Education & training 130,491 118,072
Subcontractors - BRS 220,000 322,000
515,107 611,623
Share of support costs (see note 5) 11,449 11,295
Share of governance costs (see note 5) 6,691 6,474
533,247 629,392
Analysis by fund
Unrestricted funds 206,507 235,254
Restricted funds 326,740 394,138
533,247 629,392

THE JOCKEYS EDUCATION AND TRAINING SCHEME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

5 Support costs

Rent and rates
Insurance
Motor expenses
Telephone
Postage and stationery
Computer expenses
Journals and periodicals
Employment costs
Premises expenses
Bank charges
Bookkeeping
Accountancy
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
2,083
-
2,499
-
1,440
-
643
-
661
-
2,120
-
499
-
990
-
484
-
30
-
-
1,849
-
4,842
11,449
6,691
11,449
6,691		 2025
£
2,083
2,499
1,440
643
661
2,120
499
990
484
30
1,849
4,842
18,140
18,140		 Support
costs
Governance
costs
£
£
2,444
-
2,488
-
1,295
-
964
-
665
-
1,790
-
726
-
873
-
-
-
50
-
-
1,920
-
4,554
11,295
6,474
11,295
6,474		 2024
£
2,444
2,488
1,295
964
665
1,790
726
873
-
50
1,920
4,554
17,769
17,769

Governance costs includes payments to the independent examiners of £4,542 (2024- £4,554) for examination fees.

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but two of them were reimbursed a total of £782 (2024: £589) for travelling expenses.

7 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
2
2025
£
115,135
10,187
5,551
130,873		 2024
Number
2
2024
£
109,846
9,564
5,343
124,753

THE JOCKEYS EDUCATION AND TRAINING SCHEME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

7 Employees

(Continued)

The number of employees whose annual remuneration was more than £60,000
is as follows:
2025 2024
Number Number
£70,001 to £80,000 1 1

8 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 9 Tangible fixed assets

Plant and
equipment
Computers Motor vehicles
£
£
£
Cost
At 1 April 2024
8,957
3,440
14,000
At 31 March 2025
8,957
3,440
14,000
Depreciation and impairment
At 1 April 2024
8,941
3,123
12,132
Depreciation charged in the year
4
79
467
At 31 March 2025
8,945
3,202
12,599
Carrying amount
At 31 March 2025
12
238
1,401
At 31 March 2024
16
317
1,868		 Total
£
26,397
26,397
24,196
550
24,746
1,651
2,201

10 Creditors: amounts falling due within one year

Other taxation and social security
Accruals and deferred income		 2025
£
3,813
5,566
9,379		 2024
£
3,655
19,054
22,709

THE JOCKEYS EDUCATION AND TRAINING SCHEME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

11 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The costs are split between restricted and unrestricted by the nature of the employees work.

The charge to profit or loss in respect of defined contribution schemes was £5,551 (2024: £5,343)

12 Restricted funds

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April 2023 resources expended 1 April 2024 resources expended 31 March 2025
£ £ £ £ £ £ £
The Racing
Foundation 64,949 378,000 (389,650) 53,299 331,138 (326,740) 57,697
Racing to
School 13,318 - (4,488) 8,830 - - 8,830
78,267 378,000 (394,138) 62,129 331,138 (326,740) 66,527

The Racing Foundation grant represents the sums received in this financial year. There was a further sum due of £189,000 during the year to 31 March 2021. The payment of this was delayed as a result of COVID 19 reducing expenditure below that anticipated. This money will now be received at a later date within the 5 year grant period when required. The purpose of the grant is to provide funds for the Personal Development Planning for Jockeys, Coaching Development and the Jockey Coaching Program.

Racing to School grant funding ceased during the 2018 financial year. There are no further sums due. The purpose of the funding was to support coaching development managers and the jockey coaching program.

THE JOCKEYS EDUCATION AND TRAINING SCHEME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

13 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2025
2025
£
£
Fund balances at 31
March 2025 are
represented by:
Tangible assets
1,651
-
Current assets/(liabilities)
256,832
66,527
258,483
66,527		 Total Unrestricted
funds
Restricted
funds
2025
2024
2024
£
£
£
1,651
2,201
-
323,359
217,260
62,129
325,010
219,461
62,129		 Total
2024
£
2,201
279,389
281,590

14 Related party transactions

During the year the charity received promotional consultancy services from Foxcote Consulting, a business run by Mrs K Struthers, the wife of a Trustee, Mr P Struthers. Mr Struthers was appointed Trustee after the balance sheet date. The terms of this arrangement have been agreed by all Trustees.

The value of services provided in the year amount to £15,274 (2024: £16,047) with no amounts unpaid at the year end (2024: £nil).

15
Cash generated from operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
(Decrease) in creditors
Cash generated from/(absorbed by) operations		 2025
£
43,420
(8,174)
550
-
(13,330)
22,466		 2024
£
(11,341)
(6,390)
734
10,851
(13,489)
(19,635)

16 Analysis of changes in net funds

The charity had no debt during the year.