**Charity registration number 1182855**
**Company registration number CE017096 (England and Wales)**
## **RACING TO RELATE**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MAY 2022**
## **RACING TO RELATE**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** AJ C Pratt P L Drown J J Harbord **Charity number** 1182855 **Company number** CE017096 **Registered office** 82 St John Street London EC1M 4JN **Independent Examiner** John D Lee FCA Lee Accounting Services 2018 Limited Trading as Lee & Co 26 High Street Rickmansworth WD3 1ER
## **RACING TO RELATE**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 5|
|Independent Examiner's Report|6|
|Statement of financial activities|7|
|Statement of financial position|8|
|Notes to the financial statements|9 - 14|
## **RACING TO RELATE**
## **TRUSTEES REPORT**
## _**FOR THE YEAR ENDED 31 MAY 2022**_
The RACING TO RELATE Trustees present their report and the unaudited financial statements as a charitable incorporated organisation (CIO) for the charity’s year ended 31 May 2022.
The financial statements comply with current statutory requirements, the charity's Foundation Constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
Our registered office is in central London at the offices of Beavis Morgan LLP.
## **Objectives and activities**
The charity’s objects as stated in the Foundation constitution are:
“THE RESCUE AND REHOMING OF FORMER RACEHORSES VULNERABLE TO ABANDONMENT, ABUSE, MISUSE OR NEGLECT AND IN NEED OF CARE AND ATTENTION THROUGH THE REHABILITATION AND RETRAINING OF SUCH HORSES"
The charity’s activities are related to advancing the objects of the charity and in the initial stages are primarily research, education, advocacy and communication.
The RACING TO RELATE Trustees shall review the objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. RACING TO RELATE reports the success of each key activity and the benefits the charity has brought to date. The review also helps the RACING TO RELATE Trustees ensure the charity's objectives and activities remained focused on its stated purposes.
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the objectives that have been set.
## **Our Mission**
Racing To Relate seeks to explore holistic, evidence-based approaches to help protect the welfare of thoroughbreds after careers in racing and breeding, in particular to support horse-centred transition and reemployment of retired racehorses in Equine Assisted Services.
## **Our Vision**
Global communities of practice collaborating to support ethically sustainable Thoroughbred-Human relationships where horses and people flourish.
## **Our Action**
Our activities include research, advocacy, dissemination and extensive collaboration and engagement with the Thoroughbred Industry, EAS sectors, experts in equine behaviour and welfare and experts in human physical and mental health. Methodologies include specially commissioned inter-national pilot schemes and events as well as analysis and reporting on the use of off-track Thoroughbreds within the wider EAS context.
## **Our Strategic Aims**
We aim to provide leadership, based on evidence, on how best to transition and employ former racehorses in EAS. We then propose to improve access to EAS post racing careers, whilst simultaneously optimising equine welfare and human wellbeing outcomes (cultivating interspecies solidarity) within this popular and diverse field.
- 1 -
## **RACING TO RELATE**
## **TRUSTEES REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MAY 2022**_
**The key aims and work of our charity during this period related to the four main headings of our Phase One strategy (outlined below) and all were achieved.**
## Racing To Relate **Strategy Map (Phase 1)**
In furtherance of our objectives, the Trustees are committed to overseeing our charity’s Phase One Strategy under the following main headings:
## **Benefit / Stakeholder Beneficiary Value**
- Informed, evidence-based leadership on use of thoroughbreds in equine assisted therapy.
- · Improved access to equine assisted therapy.
- Enhanced equine and human welfare in this sector of activity.
## **Capacities**
- Engage and align stakeholders, developing effective partnerships (including charities with similar and/or
- complimentary objectives)
- Ensure high quality research and information.
- Develop effective and joined up advocacy.
## **Learning & Growth**
- Effective communication ensuring shared understanding and buy in to our strategy.
- Ensure adequate specialist / technical expertise.
- Gather and disseminate sound research and evidence.
## **Resources**
- Secure funding for Phase One (Yrs 1 to 5)
- Strengthen our financial and organisational sustainability.
- Use resources strategically and efficiently.
## **Our PhD research project with University of Bristol :**
A Pioneering and Collaborative Study: 'Selection and Education of Former Racehorses (Thoroughbreds) for Equine Assisted Therapy: Developing the Evidence base for a Global Standard.
This collaborative PhD research with the University of Bristol has kindly been made possible with funding from the John Pearce Foundation. The comprehensive and collaborative research project informs our strategy now and in the future in line with Good Impact Practice.
Phase 2 of the research project is progressing well. The researchers obtained the agreement from both the human and the animal ethics committee for Phase 2 field work and have visited an unprecedented number of Equine Assisted Services centres and Thoroughbred retraining establishments across the UK, Ireland and France with remote visits and interviews with USA study participants scheduled in 2023.
The research team have presented the first results of Phase 1 at four different scientific conferences:
- SFECA French Society for the Study of Animal Behaviour, France
- ISAZ (International Society for Anthrozoology Conference): online
- ISES (International Society for Equitation Science): Hartpury University, UK
- Equimeeting Mediation Equine: IFCE, France
The feedback from the conference organisers, participants, our funders, industry members and related stakeholders has been excellent.
## _Study Related Pilot Project in NI at Horses For People, Ballygraffan :_
We co-hosted a very successful and well attended pilot demo day in this reporting period for key members of the racing industry and other pertinent stakeholders. We had the opportunity to show-case the research, the trainability of Thoroughbreds and to demonstrate collaboration with the Thoroughbred industry including the ITBA (Irish Thoroughbred Breeders Association) , ITBA Northern Region and Treo Eile who, along with the pilot funders, The Down Royal Corporation of Horsebreeders and the PhD funders the John Pearce Foundation have helped to make all this possible. We successfully renewed funding with The Down Royal Corporation of Horsebreeders for a second stage of the pilot and secured partnership with EquiTrace, leading specialists in state of the art equine track and trace technology for all pilot horses.
- 2 -
## **RACING TO RELATE**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2022**_
## **Funding**
We are immensely grateful to our funders and partners for their support which enables us to pursue our charitable activities in line with our charity’s vision. Our particular gratitude to the Childwick Trust and the John Pearce Foundation and the Down Royal Corporation for Horsebreeders during this period and ongoing support from the Sir Peter O’Sullivan Charitable Trust.
We have an active CAF (Charities Aid Foundation) account and online donation facility and we are recognised for gift aid.
## **Public benefit**
The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
## **Structure, governance and management**
The Board meets four times a year, and gives detailed consideration to monitoring the progress of the Charity in achieving its performance and quality objectives, current and future projects, financial matters, as well as the identification and management of risk. The Trustees and the CEO has developed a budget to achieve the objectives of the Charity and the CEO has been charged by the Board to be responsible for the delivery of this plan, reporting to the Board on monthly performance.
The Trustees delegate responsibility for the day-to-day operation and management of the Charity to the CEO. The CEO attends charity networking events and meets with colleagues so that any relevant information, such as new Charity Commission requirements, and sectoral developments relating to good practice and impact measurement, are reported to the Trustees.
The Trustees consider recruitment of new Trustees as the need arises. Applications from suitable candidates would be sought by identifying specific gaps in professional skills and seeking recommendations of professionally qualified candidates, if necessary, placing advertisements in suitable publications. A new Trustee would be provided with information on the activities, financing and management structure of the Charity, together with Charity Commission guidance and codes of conduct related to the roles and responsibilities of Trustees.
## **Financial review**
The results for the CIO’s year end were in line with the trustees’ expectations, with income from grant awards representing income for the year of £85,298. Total expenditure in the year was £121,247
A cautious approach to expenditure was adopted. There were cash balances of £ 20,813 at the year end.
## **Investment policy**
The Charity holds cash balances.
## **Going concern**
In the year ended 2022, we attracted funding towards pilot studies of £25,533.
The full funding for our three-year research project with the University of Bristol (total of £157,000) obtained in 2021 included £16,660 allocated to RACING TO RELATE for project liaison costs during the duration of this project representing £4,760 for the 2020-2021 financial period and £11,900 for 2021-2022. The project is ongoing and during the year, we received £59,760 for that purpose (2021: £36,632).
As at the year-end, our unrestricted fund balance was £20,584.
- 3 -
## **RACING TO RELATE**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2022**_
## **Reserves Policy**
The Trustees have set a policy of maintaining reserves equivalent to six months’ expenditure. This is reviewed periodically.
## **Restricted and unrestricted funds**
The funds at the year end include unrestricted fund and restricted funds.
## **Risk**
The major risks to which the Charity is exposed have been identified by the Trustees and procedures established to mitigate these risks are monitored and reviewed regularly and have been recorded in the risk register. We minimise finance risk by the preparation and monitoring of monthly accounts, budgets; strategic risk by the maintenance of good practice in the allocation of grants; and operational risk and regulation compliance risk through the regular review of activities and the use of professional advisers.
## **Statement of Trustees’ responsibilities**
Law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principals in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards and statements of recommended practice have been
- followed, subject to any material departures disclosed and explained in the financial statements;
· 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 adequate 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. They 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 charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Independent examiner**
John D Lee FCA, of Lee Accounting Services 2018 Limited Trading as Lee & Co, were appointed as the charity’s independent examiner during the year and has expressed its willingness to continue in that capacity.
This report was approved by the Trustees on ......29/03/2023............................and signed by:
- 4 -
RACING TO RELATE
FOR THE YEAR ENDED JI IIAY 2022
AJCPf
PL(kn¥m
J J H•b•rd
291312023
RACING TO RELATE
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF RACING TO RELATE
I report to the Trustees on my examination ol the financial slalemenls ol Racing to Relate Ilhe charityl for the
year ended 31 May 2022 which comprise the Statement ol Financial Activities, the Ba5ance Sheet and related
notes.
This report is made solely to the charity's IrLJslees, as a body. In accordance with section 145 of the Charities
Act 2011. My work has been undèrtakèn so that I mi9ht slate lo the charity's trus18es those matters l am
required lo stale lo them In this report and lor no tslhfyi purposè. To thè fullest exlenl permilled by law, I do not
accept or assume responsibility lo anyone other than the chaiity and the chaiity'5 trustees as a body. for my
work, for this ieport. or lor the opinions I have formed.
R•$pon8lbllltles and bas18 of report
As the trustees ol the charity you are responsible lor the preparation of the financial statements in accordance
with thè requirements ol the Charities Act 2011 I'the Acl'l.
I report in respecl of rny examination of the charity's financial statements carried out under section 145 of the
Act and in carrying out my examination I have followed all the applicable Directions given by the Charity
Commission under section 14515llbl ol the Act.
An independent examination does not Involve g81hering 511 the evidence that would be required in an audit and
onsequenlly does not ctsver all the mailers that an auditor considers in giving their opinion on the financial
slalemenls The plannin9 and conduct ol an audit goes beyond the limited assurance that an independent
tsxaminalion can provide. Consequanlly, l express no opinion as lo whether the financial slalemenls present a
'Irue and lair, view and my report is lirnited to those specific matters set out in the independent examinerfs
slalemenl.
Ind•pondènt •xamln•rf8 8tatom•nt
I have ¢ompleled rny examination. I confirm that no material matters have come lo my attention in connection
with the examination giving me cause to believe that in any material respect..
accounting records were not kept in respect ol the charity as required by saclion 130 of the Act., or
the financi81 slalemenls do not accord with those records.. or
the financial slalemenls do not comply with the applicable iequiremenls concerning the form and conlenl
of accounls set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement
that the accounts give a 'true and lair, view which is not a mall8r considerèd as part ol an independenl
examination.
I have no concerns and have come across no other rnatters in connèction with the 8xaminalion to which
attention should be drawn in this Tgport in order lo enable 8 proper undersl8nding of the financial slalemenls lo
be r6ached.
John Lee FCA
Lee Accounting Services 2018 Limited
Trading as Le& & Co
26 High Street
Ri¢kmansworth
WD3 1ER
Dated..
## **RACING TO RELATE**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MAY 2022**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**|**Total**
Unrestricted
Restricted
funds
funds
**2022**
2021
2021
**£**
**£**
**£**|**Total**
Unrestricted
Restricted
funds
funds
**2022**
2021
2021
**£**
**£**
**£**|**Total**
Unrestricted
Restricted
funds
funds
**2022**
2021
2021
**£**
**£**
**£**|Total|
|---|---|---|---|---|---|---|
||**funds**|**funds**||funds|funds||
||**2022**|**2022**||2021|2021|2021|
||**£**|**£**||**£**|**£**|**£**|
|**Income from:**|||||||
|Donations and legacies
**3**|25,538|59,760|85,298
121,247
(35,949)|50,003|36,632|86,635|
|**Expenditure on:**|||||||
||||||||
|Charitable activities
**4**|65,370|55,877||19,886|6,957|26,843|
|**Net income for the period/**
**Net (outgoing)/incoming resources**||3,883|||||
||||||||
||(39,832)|||30,117|29,675|59,792|
||||||||
|**Other recognised gains and losses**|||||||
|Other gains or losses
**8**
**Net movement in funds**
Fund balances at 1 June 2021
**Fund balances at 31 May 2022**|(145)|-
3,883|(145)
(36,094)
90,235
54,142|-|-|-|
||||||||
||||||||
||(39,977)|||30,117|29,675|59,792|
||||||||
||60,560|29,675||30,443|-|30,443|
||||||||
||||||||
||20,584|33,558||60,560|29,675|90,235|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 7 -
RACING TO RELATE
STATEMENT FINANCIAL POSMON
AS ATJI IIAY2022
35.or
2eZ2
58,799
11
(3222)
478
54.142
13
54.142
21M. yew errfled 31 2021
*h sfAaion 386 rfthe Ad and lty yeparing flnancsal stAtements whiL* givè a tft aTrJ f•* sl*
01 the c*ArpAnyas •llhe ¢NI ofthe and alits SOu g¢rBsowm
2910312023
AJ C PTall
P L Dwo¥¥fi
## **RACING TO RELATE**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 MAY 2022**_
## **1 Accounting policies**
## **Charity information**
Racing to Relate is a charitable incorporated organisation (CIO) incorporated in England and Wales(Registered Charity No.1182855). The registered office is 82 St John Street, London, EC1M 4JN.
## **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 charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
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 accounting**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
## **1.4 Incoming resources**
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.
## **1.5 Resources expended**
All costs are allocated to expenditure categories reflecting the use of the resources. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
## **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:
IT Equipment 33.33% on cost
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.
- 9 -
## **RACING TO RELATE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2022**_
## **1 Accounting policies**
## **(Continued)**
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand and deposits held at call with banks.
## **1.8 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**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, 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.
## **1.9 Foreign exchange**
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
## **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.
- 10 -
## **RACING TO RELATE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2022**_
## **3 Donations and legacies**
|**Donations and legacies**|||||||
|---|---|---|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
||**funds**|**funds**||funds|funds||
||**2022**|**2022**|**2022**|2021|2021|2021|
||**£**|**£**|**£**|£|£|£|
|Donations and gifts|25,538|59,760|85,298|50,003|36,632|86,635|
## **4 Charitable activities**
|**Charitable activities**|**Charitable activities**||
|---|---|---|
|**Support Costs**
**Total**
**2022**
**£**||**Support**
**Costs**|
||**Total**
**2022**|**Total**
**2021**|
||||
||**£**|**£**|
||||
|Depreciation and impairment|547|333|
|Insurance|1,418|1,016|
|Travelling and subsistence|9,927|1,254|
|Printing and stationery|68|38|
|Telephone and internet|1,739|903|
|Legal fees|-|1,800|
|Promotional expenses|3,092|-|
|Bank charges|400|240|
|Consultancy fees|13,172|-|
|Computer and website costs|6,539|6,564|
|Research and study costs|55,877|6,957|
|Accountancy Fees|3,600|2,400|
|Professional Fees|597|600|
|Entertainment|688|210|
|Subscription|1,272|528|
|Charitable and Donation|-|4,000|
|Grant funding of activities (see note 5)|22,311|-|
|**Analysis by fund**|||
||||
||121,247|26,843|
||||
||||
|Unrestricted funds|65,370|19,886|
|Restricted funds|55,877|6,957|
||||
||||
||121,247|26,843|
- 11 -
## **RACING TO RELATE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MAY 2022**_
## **5 Grants payable**
|**Grants payable**|||
|---|---|---|
||**Charitable**|2021|
||**Expenditure**||
||**Heading 1**||
||**2022**||
||**£**|£|
|Grants to institutions:|||
|Other|22,311|-|
-
## **6 Trustees**
None of the Trustees received any remuneration or benefits from the charity during the year.
## **7 Employees**
There were 0 employees during the year.
## **8 Other gains or losses**
||||**Unrestricted**|Total|
|---|---|---|---|---|
||||**funds**||
||||**2022**|2021|
||||**£**|£|
|Foreign|exchange|gains|145|-|
- 12 -
## **RACING TO RELATE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MAY 2022**_
|**9**
**Tangible fixed assets**|||
|---|---|---|
|**Cost**
At 1 June 2021
Additions
At 31 May 2022
**Depreciation and impairment**
At 1 June 2021
Depreciation charged in the year
At 31 May 2022
**Carrying amount**
At 31 May 2022
At 31 May 2021
**10**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**11**
**Creditors: amounts falling due within one year**|**IT Equipment**||
|||**£**|
||||
|||1,000|
|||640|
||||
||||
|||1,640|
||||
||||
|||528|
|||547|
||||
||||
|||1,075|
||||
||||
|||565|
||||
||||
|||473|
||||
||||
||**2022**|**2021**|
||**£**|**£**|
||||
||35,986|26,222|
||||
||||
|Trade creditors
Accruals and deferred income|**2022**|**2021**|
||**£**|**£**|
||||
||1,547|2,164|
||1,675|600|
||||
||||
||3,222|2,764|
**12 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
- 13 -
## **RACING TO RELATE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2022**_
## **13 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
||||||**Movement in funds**|**Movement in funds**||
|---|---|---|---|---|---|---|---|
||**Incoming**|**Resources**||**Balance at**|**Incoming**|**Resources**|**Balance at**|
||**resources**|**expended**
**1**||**June 2021**|**resources**|**expended**
**31 May 2022**||
||**£**|**£**||**£**|**£**|**£**|**£**|
|Restricted fund|36,632|(6,957)||29,675|59,760|(55,877)|33,558|
## **14 Unrestricted funds**
These are unrestricted funds which are material to the charity's activities made up as follows:
|||||**Movement**|**in funds**||
|---|---|---|---|---|---|---|
||**Balance at**||**Balance at**|**Incoming**|**Resources**|**Balance at**|
||**1 June 2020**
**1 June 2021**|||**resources**|**expended**
**31 May 2022**||
|||**£**|**£**|**£**|**£**|**£**|
|General fund|30,443||60,560|25,538|(65,515)|20,584|
|**Analysis of net assets between**|**funds**||||||
||**General Funds **|**Designated funds**||**Restricted funds**||**Total Funds**|
||**2022**||**2022**||**2022**|**2022**|
||**£**||**£**||**£**|**£**|
|Fund balances at 31 May|||||||
|2022 are represented by:|||||||
|Tangible assets|565||-||-|565|
|Current Assets|22,165||-||34,633|56,798|
|Current Labilities|(2,146)||-||(1,075)|(3,221)|
||20,584||-||33,558|54,142|
## **15 Analysis of net assets between funds**
- 14 -