Charity registration number: 1172296
## Racehorse Trainers Benevolent Fund
Annual Report and Financial Statements for the Year Ended 31 December 2023
RB (PWT) LLP Chartered Accountants 2 Old Bath Road Newbury Berkshire RG14 1QL
## **Racehorse Trainers Benevolent Fund**
## **Contents (continued)**
|Legal and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 5|
|Statement of Trustees' Responsibilities|6|
|Independent Examiner's Report|7|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Notes to the Financial Statements|10 to 13|
## **Racehorse Trainers Benevolent Fund**
||**Legal and Administrative Details**|
|---|---|
|**Trustees**|Jeremy Rupert Arnold|
||Harry James Leeper Dunlop|
||James Maurice Percy Eustace|
||Paul Foster|
|**Principal Office**|9 High Street|
||Lambourn|
||Hungerford|
||Berkshire|
||RG17 8XL|
|**Charity Registration Number**|1172296|
|**Solicitors**|Burges Salmon|
||One Glass Wharf|
||Bristol|
||BS2 0ZX|
||6 New Street Square|
||London|
||EC4A 3BF|
|**Bankers**|Weatherbys Bank|
||Sanders Road|
||Wellingborough|
||Northants|
||NN8 4BQ|
||Co-operative Bank|
||P.O. Box 250|
||Delf House|
||Southway|
||Skelmersdale|
||WN8 6WT|
|**Independent Examiner**|Peter William Treadgold FCA|
||RB (PWT) LLP|
||Chartered Accountants|
||2 Old Bath Road|
||Newbury|
||Berkshire|
||RG14 1QL|
Page 1
## **Racehorse Trainers Benevolent Fund**
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the Charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities; the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland.
## **Objectives and activities**
## _**Objects and aims**_
The principal objective of the charity is the relief of poverty and financial hardship by way of monetary grants or funding programmes for such racehorse trainers and ex-racehorse trainers who are or were licensed by the British Horseracing Authority and their widows, widowers and dependents.
## _**Objectives, strategies and activities**_
The charity makes discretionary grants to individuals and organisations, in the furtherance of the charitable objectives.
Having decided in 2022 to look at new ways of supporting trainers, the charity launched a six - month pilot scheme in July 2023 to test an innovative method for supporting its beneficiaries' mental health. An outreach model was used to overcome trainers' reluctance to initiate conversations about their mental health.
In its first six months, the support network team had over 50 interactions with trainers in the form of conversations taking place on the racecourse, at bloodstock sales, telephone calls and requested visits to the trainer's home. These conversations led to 23 indepth follow-up sessions to provide support to enable trainers to manage emotional/psychological issues. The pilot outcomes show the need for mental health support in our industry and how to remove the stigma around it. The trustees intend to build on these outcomes by extending the support network and attracting additional funding from other sources.
## _**Public benefit**_
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant-making policy for the year.
Page 2
## **Racehorse Trainers Benevolent Fund**
## **Trustees' Report (continued)**
## **Financial review**
## _**Policy on reserves**_
The charity aims to hold sufficient reserves to fund grant applications as and when they arrive and to ensure that grant applications can be funded, should there be a significant downturn in income generated as a result of a temporary cessation of horse racing in Great Britain, for example through an outbreak of equine disease or pandemic.
The trustees are also aware of the likelihood that an economic downturn or cost of living crisis either or both of which could have the impact of reducing income and increasing grant applications. Reserves are therefore maintained to cover both an increased number of applications and reducing income should these arise.
The charity only has one source of income and so is mindful that if it ceases, then there will be no income to cover any costs that arise.
The reserves policy is not determined by holding a number of months of expenditure. Given that expenditure can fluctuate depending upon the number of grants made and applications received, the trustees do not believe a fixed approach such as this is appropriate. Equally, income can fluctuate depending upon external circumstances beyond the trustees control and as such with no income guaranteed in future periods a prudent approach to maintaining reserves is taken.
In 2022, the trustees decided that £150,000 is an appropriate maximum level of reserves. The trustees estimate that total forecast expenditure on grants and continuing the mental health support scheme can be met from annual income. Early in 2024 the Sir Peter O' Sullevan Charitable trust approved a grant that guarantees a contribution to funding the mental health support service for 2024, with potential for further grants for 2025 and 2026.
The trustees separate reserves across multiple banking organisations to protect against the risk of a bank closing down.
In 2019 an interest free loan of £4,000 was made to a beneficiary and, as at 31 December 2023 , £3,400 (2022 : £3,400) was due to the Racehorse Trainers Benevolent Fund.
## **Structure, governance and management**
## _**Nature of governing document**_
The Racehorse Trainers Benevolent Fund ("RTBF") is a Registered Charity administered under a Trust Deed dated 9 December 2016, as amended on 20 August 2018, 29 April 2022,1 August 2022 and 17 April 2023 and lodged with the Charity Commission. The Racehorse Trainers Benevolent Fund was registered as a charity on 28 March 2017.
Page 3
## **Racehorse Trainers Benevolent Fund**
## **Trustees' Report (continued)**
## _**Recruitment and appointment of trustees**_
The trustees are empowered to appoint additional trustees at their discretion subject to the right of the National Trainers Federation and the British Horseracing Authority each to appoint a nominated trustee in accordance with the trust deed.
Apart from the first trustees, every trustee must be appointed for a term of between two and three years by a resolution of the trustees passed at a special meeting. In selecting individuals for appointment as trustees, the trustees must have regard to the skills, knowledge and experience needed for the effective administration of the charity.
There must be at least three trustees and no more than five trustees at any time. No trustee apointment may be made in excess of these provisions.
The Trustees that served during the period were as follows,
Jeremy Rupert Arnold Paul Foster Harry James Leeper Dunlop James Maurice Percy Eustace
## _**Induction and training of trustees**_
Each trustee is given a copy of CC1 Charity Commission Publications and CC3 Responsibilites of a Trustee on appointment as well as a copy of the latest set of accounts. Trustees are also circulated with copies of the Charity Commissioners' newsletters.
## _**Organisational structure**_
The Trust Deed requires the Trustees to meet at least biannually, to review the investment strategy and agree any grants to beneficiaries
All grants are discretionary.
Other meetings may be held as circumstances dictate, and formal approval for any action on behalf of the Trustees between meetings is typically obtained by letter or email. No grants are made without the approval of the Trustees.
## _**Related party transactions**_
The office of the National Trainers Federation administers the Charity on behalf of the Trustees and meets the costs of so doing. The RTBF does not have a relationship with any other charity.
## _**Major risks and management of those risks**_
## _Reserves_
The charity is exposed to risks associated with the management of its reserves. In view of the relatively small sum of money held in reserve, the trustees have chosen to hold the funds on bank deposit.
The Trustees believe that the charity’s financial systems are adequate to address any risks to which it is exposed.
Page 4
## **Racehorse Trainers Benevolent Fund**
## **Trustees' Report (continued)**
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Mr Jeremy Rupert Arnold Trustee
Page 5
## **Racehorse Trainers Benevolent Fund**
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Mr Jeremy Rupert Arnold Trustee
Page 6
## **Racehorse Trainers Benevolent Fund**
## **Independent Examiner's Report to the trustees of Racehorse Trainers Benevolent Fund**
I report to the trustees on my examination of the accounts of Racehorse Trainers Benevolent Fund for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As trustees of Racehorse Trainers Benevolent Fund you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Racehorse Trainers Benevolent Fund's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of Racehorse Trainers Benevolent Fund as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
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 accounts to be reached.
...................................... Peter Treadgold FCA RB (PWT) LLP Chartered Accountants 2 Old Bath Road Newbury Berkshire RG14 1QL
Date:.............................
Page 7
## **Racehorse Trainers Benevolent Fund**
## **Statement of Financial Activities for the Year Ended 31 December 2023**
|**Note**
**Income and Endowments from:**
Donations and prize money deductions
2
Bank interest
3
Total Income
**Expenditure on:**
Cost of mental health programme
Charitable activities and governance costs
4
Total Expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
9|**Total**
**2023**
**£**
29,609
2,317
31,926
(6,931)
(17,862)
(24,793)
7,133
147,416
154,549|**Total**
**2022**
**£**
22,022
258|
|---|---|---|
|||22,280|
|||-
(5,649)|
|||(5,649)|
|||16,631
130,785|
|||147,416|
All of the charity's activities derive from continuing operations during the above two periods. All of the above funds are unrestricted and further details are shown in note 9.
The notes on pages 10 to 13 form an integral part of these financial statements. Page 8
## **Racehorse Trainers Benevolent Fund**
## **(Charity registration number: 1172296) Balance Sheet as at 31 December 2023**
|**Note**
**Current assets**
Debtors
6
Cash at bank and in hand
7
**Creditors: Amounts falling due within one year**
8
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
9|**2023**
**£**
3,400
152,737
156,137
(1,588)
154,549
154,549
154,549|**2022**
**£**
3,400
144,772|
|---|---|---|
|||148,172
(756)|
|||147,416|
|||147,416|
|||147,416|
The financial statements on pages 8 to 13 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... Mr Jeremy Rupert Arnold Trustee
The notes on pages 10 to 13 form an integral part of these financial statements. Page 9
## **Racehorse Trainers Benevolent Fund**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
Racehorse Trainers Benevolent Fund ("RTBF") meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
## _**Grants receivable**_
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
The charity's principal source of funding is via deductions from prize money as prescribed by the rules of racing.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to incur a cost, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregates similar costs to that category.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements.
Page 10
## **Racehorse Trainers Benevolent Fund**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Trade debtors**
Trade debtors are amounts due to the charity arising from its agreed sources of funding under The Rules of Racing, which have not been received at the financial year-end.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment is established when there is objective evidence that they will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the Trustees' discretion in furtherance of the objectives of the charity.
## **2 Income**
|Grants, including capital grants;
Deductions from prize money receivable from
The British Horseracing Authority under the rules of
racing
**3**
**Other income**
Bank interest|**Unrestricted**
**General**
**£**
29,609
29,609
**Unrestricted**
**General**
**£**
2,317|**Total**
**2023**
**£**
29,609
29,609
**Total**
**2023**
**£**
2,317|**Total**
**2022**
**£**
22,022|
|---|---|---|---|
||||22,022|
||||**Total**
**2022**
**£**
258|
Page 11
## **Racehorse Trainers Benevolent Fund**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
## **4 Expenditure on charitable activities**
|**Note**
Grants made to beneficiaries
Cost of mental health programme
Governance costs
5|**Unrestricted**
**General**
**£**
17,230
6,931
632
24,793|**Total**
**2023**
**£**
17,230
6,931
632
24,793|**Total**
**2022**
**£**
3,045
-
2,604|
|---|---|---|---|
||||5,649|
All of the above expenditure was attributable to unrestricted funds.
## **5 Analysis of governance and support costs**
## **Governance costs**
|Legal fees paid in connection with the charity's
activities
Independent Examiner's fees
Other governance costs
**6**
**Debtors**
Loan to a beneficiary|**Unrestricted**
**General**
**£**
-
832
(200)
632|**Total**
**2023**
**£**
-
832
(200)
632
**2023**
**£**
3,400|**Total**
**2022**
**£**
1,848
756
-|
|---|---|---|---|
||||2,604|
||||**2022**
**£**
3,400|
## Loan to a beneficiary
Page 12
## **Racehorse Trainers Benevolent Fund**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
## **7 Cash and cash equivalents**
|Cash at bank
**8**
**Creditors: amounts falling due within one year**
Accruals
**9**
**Funds**
**Balance at 1**
**January 2023**
**£**
**Unrestricted funds**
General
147,416
**Balance at 1**
**January 2022**
**£**
**Unrestricted funds**
General
130,785|**Incoming**
**resources**
**£**
31,926
**Incoming**
**resources**
**£**
22,280|**2023**
**£**
152,737
**2023**
**£**
1,588
**Resources**
**expended**
**£**
(24,793)
**Resources**
**expended**
**£**
(5,649)|**2022**
**£**
144,772|
|---|---|---|---|
||||**2022**
**£**
756|
||||**Balance at 31**
**December**
**2023**
**£**
154,549|
||||**Balance at 31**
**December**
**2022**
**£**
147,416|
## **10 Trustees remuneration and expenses**
No trustee received any remuneration or expenses during the year (2022: None).
## **11 Taxation**
The RTBF is a registered charity and is therefore exempt from taxation.
## **12 Controlling Party**
The Trustees, as a body, govern the Trust in accordance with the Trust Deed. There is no single individual who can, or does, control the Charity.
Page 13