Charity registration number: 1172296
Racehorse Trainers Benevolent Fund
Annual Report and Financial Statements for the Year Ended 31 December 2025
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 15 |
| Racehorse Trainers Benevolent Fund | |
|---|---|
| Legal and Administrative Details | |
| Trustees | Jeremy Rupert Arnold |
| Harry James Leeper Dunlop | |
| James Maurice Percy Eustace | |
| Paul Foster | |
| James Given | |
| 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 2025.
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.
The mental health support scheme, known as the Trainer Support Network, extended its reach across the country in 2025 and now supports trainers in most geographical areas of Britain. The scheme has been able to expand due to the generous financial grant from the Sir Peter O'Sullevan Charitable Trust. After grants of £28,000 towards 2024 and £28,000 towards 2025 costs, a further £28,000 has been donated for 2026, which is understood to be the final year of their support. Funding at a similar level will be sought to ensure the service continues from 2027.
Despite this external financial support the annual cost of the scheme exceeded the grant funding by approximately £9,000 in 2025.This deficit was funded by the Racehorse Trainers Benevolent Fund general reserve. The high success rate on the racecourse of trainers based outside Great Britain (which provides the charity's main source of income) has ensured that the charity has sufficient incoming resources to comfortably make up the shortfall.
Data collected by the team during the year shows that demand for the Trainer Support Network team remains strong. An increase in the number of team members from three to seven led to a rapid growth in interactions with trainers to 1189 (2024: 200). Follow - up sessions grew from 30 in 2024 to 122 in 2025. Beneficiaries value the availability of experienced, empathetic people to alleviate psychological and emotional responses to the stresses in their professional and personal life.The support network is now an established part of British horseracing's people welfare provision.
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 arise 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 or a change in the results profile for overseas trainers.
The trustees are also aware of the likelihood of the wider economic environment 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 regular income and so is mindful that if it ceases, 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. Also, as grant funding for the Trainers Support Network is not guaranteed, sufficient reserves must be retained to cover these annual costs. 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 and all grants are at the Trustees' discretion.
The trustees divide the cash reserves across two 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 at 31 December 2024, £3,400 (2023 £3,400) was due to the Racehorse Ttrainers Benevolent Fund. In July 2025, the trustees agreed to write off the remainder of the loan.
A loan of £7,500 made to one beneficiary in January 2025 was fully repaid during the year.
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 James Given
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 a majority 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 2025.
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:
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accounting records were not kept in respect of Racehorse Trainers Benevolent Fund as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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 2025
| Note Income and Endowments from: Donations and legacies Other income Total income Expenditure on: Charitable activities Total expenditure Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 9 |
Unrestricted funds £ 38,889 3,945 42,834 (23,855) (23,855) 18,979 (8,966) 10,013 188,996 199,009 |
Restricted funds £ 28,000 - 28,000 (42,042) (42,042) (14,042) 8,966 (5,076) 5,076 - |
Total 2025 £ 66,889 3,945 70,834 (65,897) (65,897) 4,937 - 4,937 194,072 199,009 |
Total 2024 £ 67,103 2,958 |
|---|---|---|---|---|
| 70,061 | ||||
| (30,538) | ||||
| (30,538) | ||||
| 39,523 - |
||||
| 39,523 154,549 |
||||
| 194,072 |
All of the charity's activities derive from continuing operations during the above two periods. Further details of the above funds are shown in note 9.
The notes on pages 10 to 15 form an integral part of these financial statements. Page 8
Racehorse Trainers Benevolent Fund
(Charity registration number: 1172296) Balance Sheet as at 31 December 2025
| 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: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 9 |
2025 £ - 230,323 230,323 (31,314) 199,009 - 199,009 199,009 |
2024 £ 3,400 221,092 |
|---|---|---|
| 224,492 (30,420) |
||
| 194,072 | ||
| 5,076 188,996 |
||
| 194,072 |
The financial statements on pages 8 to 15 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 15 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 2025
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.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
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.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
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.
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 2025 (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.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
2 Income
Unrestricted
| Donations and legacies; Legacies Grants, including capital grants; Deductions from prize money receivable from The British Horseracing Authority under the rules of racing |
General £ - 38,889 38,889 |
Restricted £ 28,000 - 28,000 |
Total 2025 £ 28,000 38,889 66,889 |
Total 2024 £ 28,000 39,103 |
|---|---|---|---|---|
| 67,103 |
Page 11
Racehorse Trainers Benevolent Fund
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
3 Other income
| Bank interest | Unrestricted General £ 3,945 |
Total 2025 £ 3,945 |
Total 2024 £ 2,958 |
|---|---|---|---|
Page 12
Racehorse Trainers Benevolent Fund
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
4 Expenditure on charitable activities
| Note Grants made to beneficiaries Governance costs 5 Grant funding of activities Governance costs |
Unrestricted General £ 19,650 4,205 23,855 Note |
Total 2025 £ 19,650 4,205 23,855 Unrestricted funds General £ 19,650 4,205 23,855 |
Total 2024 £ 6,782 832 |
|---|---|---|---|
| 7,614 | |||
| Total 2025 £ 19,650 4,205 |
|||
| 23,855 |
All of the above expenditure was attributable to unrestricted funds.
5 Analysis of governance and support costs
Governance costs
Unrestricted
| Legal fees paid in connection with the charity's activities Independent Examiner's fees Other governance costs 6 Debtors Loan to a beneficiary |
General £ 2,711 894 600 4,205 |
Total 2025 £ 2,711 894 600 4,205 2025 £ - |
Total 2024 £ - 832 - |
|---|---|---|---|
| 832 | |||
| 2024 £ 3,400 |
Page 13
Racehorse Trainers Benevolent Fund
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
7 Cash and cash equivalents
| Cash at bank 8 Creditors: amounts falling due within one year Accruals Deferred income |
2025 £ 230,323 2025 £ 3,314 28,000 31,314 |
2024 £ 221,092 |
|---|---|---|
| 2024 £ 2,420 28,000 |
||
| 30,420 |
9 Funds
| 9 Funds |
|||
|---|---|---|---|
| Unrestricted funds General Restricted funds Total funds Unrestricted funds General Restricted funds Total funds |
Balance at 1 January 2025 £ Incoming resources £ Resources expended £ Transfers £ Balance at 31 December 2025 £ 188,996 42,834 (23,855) (8,966) 199,009 5,076 28,000 (42,042) 8,966 - 194,072 70,834 (65,897) - 199,009 Balance at 1 January 2024 £ Incoming resources £ Resources expended £ Balance at 31 December 2024 £ 154,549 42,061 (7,614) 188,996 - 28,000 (22,924) 5,076 154,549 70,061 (30,538) 194,072 |
Balance at 31 December 2025 £ 199,009 - |
|
| 199,009 | |||
| 194,072 |
10 Trustees remuneration and expenses
No trustee received any remuneration or expenses during the year (2024: None).
11 Taxation
The RTBF is a registered charity and is therefore exempt from taxation.
Page 14
Racehorse Trainers Benevolent Fund
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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 15