Charlty rnglstratlon numb•r 1182855 Company r•gl$tration numb¢r CE017096 IEtvJland and Wales) RACING TO RELATE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 RACING TO RELATE LEGAL AND ADMINISTRATIVE INFORMATION AJ C Pratt P L Ckcwn J J Haibofd Chllrbty tvJmb•r 1182855 Company numb•r CE017 R•glstor•d oific• 82 Sl John Stree¢ Lon ECIM Ind•p•nd•nl Ex4￿n0r Jcth D Lee FCA Lee Aceounlin9 Sewvkej 2018 timrted Tr•Jlng as Leo & Co 26 HI￿ Street Riekman5Wtyth WD3 1ER RACING TO RELATE CONTENTS Pago Trustees rewrt Independent Ex8mSner's Rawt Sialemenl of fina￿181 actNII Slal6menl of finarKJd tes to the Mancial sLitsments 10-15 RACING TO RELATE TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY2023 The Raclng lo Relate Trustees Present ￿r wort and the una￿lIted fina￿131 statements as a charitable Incorporated or9anisation ICIOI lor the charity's year eTrJed 31 May 2023. The financl31 statements compty wlh eurrenl stalulory r4uirements, the charily's Fcwndation Constilub'on and the Sktement of Recommend&Y Praclke - Accounting Rep￿ting by Charities." SORP applicable to charilles preparing Ihelr accLJunt5 in acCOrdar￿ with FRS 102. Ovr registered Off￿ is in central London al tr* offices of Beavis M)rgan LLP. OblKtlv¢6 and actlvlll•8 The dwrity's o*'ecls as slat8d in the FtxH)d8bon ¢onslilution afe.. -THE RESCUE AND REHOMING OF FORMER RACEHORSES VULNER4BLE TO ABANDONMENT, ABUSE. MISUSE OR NEGLECT AND IN NEED OF CARE ANO AThENTION THROUGH THE REHA￿LITATI￿N AND RETF4AINING OF SUCH HORSES. The charity's 8CtMlw 8re rel8ie(I 10 8dvancwwJ the obi8cls of Ihe than'ly and In the ￿ltial stages are p￿ma￿lY re5eBrch, education, advocxy arKI cc¥nMufutK￿. The Raclng lo Relate Truslees 8hall 1fi6 rtycYv•s and 8cllvlll8s of ￿ chadty eath yeor. Thls report looks al what ihe charity has achieved aryl the cxjlcrn of ils the rewting period. Racing lo Rolale report5 the success ol each key 8clivily the benefits lh• chaiity has broWI io dalè. The review also help5 the Raclng lo Rdale Tfustees ensure the ch8ri1y's oblth85 aThl remalned Ic4)J￿ on ils staled purposes. Th¢ Irustees have referred to the guldance In th• Chadty CommlBslon's genoial guldonce on publl bentsfil when revlewng the charivs objeeb.ves •TrJ in planring Its future ￿ti￿.11&s. In partl¢xl81. thè Iru51ees consider how planned acb"vlb"es will conlftbvle Io Iho ObJ￿IlyeS thal havè been sel. Our Mlsslon Racing (o Relate seek51o expkxe hdislic. eVid￿*aS￿j approaches lo help protect the welfare ol Ihorovghbfeds aller careers in raong and breedlng, In p8rtleular lo support Iwse-centred tran5ilion and f9￿mplOYMent of retsred racehorsgs In Equr* Asslsled Swvices. Our Vlslon Globol C￿MunItIeS of praclce cd18￿rat1ry to ethically gjstainable Tr￿lO￿Ted-HUMan fdal1c￿ShIpS where horses and parwe flrAJrlsh. Our Approach Empathy ErrtJagèmenl c￿lab￿allOn Research Dl55eminatio Implemenlalon Advocacy Slorylelling 1015 & Evenis Ille engage wlth: Thwoughbred Industry & reL4ted Ghariues Equine As5isled ServKes sectc Equestrian seclors Equine health. behaw¢)ur & wellare experts Human heallh & behaviour experts and instiluthcffls Researchers and acadèmic insb"lub"ons Governments & NGOS Media & storylellers RACING TO RELATE TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 MAY2023 Our Strat¢glc Alm6 We provlde leadership. based on evidence, on besl lo tr￿$111￿ * emrAoy fomier faceh)rses In EAS. We Iherb Pfopo8e lo improve access to EAS post racin9 c4re8r5. whilsl simultaneoU￿Y 0pbml￿ng equlne welfare and human wdlbeing outcomes Icullivobng Inlerspeoes ￿lIKlErity} wilhin Ihis popular di¥ers¢ field. Th• key alms and work of ou* ¢harlty durlw thls p•rlod T•lat•d lo the loui mlln headlngs ol our strategy (oullin•d below) and all wore achi襢d. Strategy Map In Iuflherance of our obl￿tIVes. the Tru51ees ¥e c￿MIlt8d lo overse•lro ￿r charity's Phase One Sir¥logy und•r the IdlowlTrJ maln heathros.. Ben4flt I Stak•hold•r B•n•fl¢l•ry Valu• Inlormed, evidence-ba5ed leadership on use ol IhcwJghbreds In aqulrKI Ihwapy, ImpToved aGce55 to equine assisted th￿apy. Ethanced equlne aThJ well8ro In Ihls soctfx olactivlty. Cap4¢ltl•s Ervjgge and align s18keholdtn. dovel¢¥kng effectrve partneAshws Ilnduthrvj charlll8s wlth Sift￿18r afyjlor complimenl8ry objectives) Ensure high quality research and Inlorm811on. Dtsvelop effeGtlve and Ic4néd up adv(wy. L••rning & Growth Effective commu￿¢811￿ enyA*lng sh•red undefst8ThJlrwJ buy in to $lfalwy. Ensure adequ818 6pecl811s1 I technul experb.se Gather and dlssemlnale research aTrJ evtyj8n￿. R••OU￿•• Secure furrtjing Ph858 Ch)e Iyrs 1 to 5) Strengthen financial and organisaiional S￿l81n8(111ty. Use resources stralegulty and efflL¥enty. RACING TO RELATE TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY2023 Our Action Our activities ir￿ll￿ researth, advocacy. di5seminaticrf) aEbJ extensiva Collab￿at￿ an¢J engagement wilh ihe Thoroughbred Induslry, EAS sectors, expert5 in equine t)ehav￿)￿r and Welfa￿ and experts in human physical and mental h¢allh. Melho(Jologie5 indude spe(idly commB5ts)ed InlemaliMal pNlol $d￿rneS arKI even15 as well as analygs arky ￿porting on Ihe use of oTf-track Th￿￿hbr￿Js wilhbn Ihe wdei EAS conlext. Racing To Relate has been invited lo ofler èvidence-based Je8¢Jership and gild￿ce for key industry confer￿ceS in 2024 lor bolh Ihe Racing Industry and EAS Sector. HighlighledAclion. Universal Language of The Horse Symposlum O•auvlM• 2023 in Collaboration with tho Horses & Huma Research Foundatlon, USA Wè co-organised this iniemalitNwI Symp0￿￿M whth to￿ place al Lwlnes Inlem8lional Equeslrfan Centr&. Deauvllle. Speakers arrived Irom all ovef the worfd to prèsent on 8 V8f*ety ol equine aw51ed service research. 11 wa5 a truly innovative formal. bringryJ research from the latAy810ry Io Ihe arèna, quite lilerally, featuring a number of Ilve interactive defflonslratK*ns wilh research and eq￿￿-aSSIsIed pracbt¢oners and horses, including former racehorses and Veterans w0￿'r￿d with horse& Trall To Z•ro Racing To Relate ￿OrganISed this high profile event wlh 8raveHearts. largesl eqiMne-a￿S1ad Se￿￿6$ program for Veterans in Ihe Uniled States In Ihe firsl Inl•rnallc￿aI Yrail lo Zero. Rld8 to ÉrKI Veleran Suicide". H05tlng two rides in Deauville and on UIAh 8ead). NomaKty. righl before the 79th anniversary ol D-D8y, Raclng To Rèlale lacilltated the partKipation ol Veler￿ rklws frorn Scottish based EAS chadty, HorseBack UK, 8longside Freneh serving military and Veleran$. hLNses I￿lUded numercwJs former racehorses and p)lo hofses, escorted by horse5 and servtcemen and women from Ihe F￿nch Repu￿lean Guard. These events were made posslb18 due to the support of Ihe local Normandy Horse Council. the towns of Deauville and Sainte-Mari&4u.Monl Iutah Beach), the International Equestrian Complex LcrylnesiJeau¥llle. local affiliates. arhj most impcM1anUy. generous donors. . The rides raised Inlernauonal aWale￿8S ol the suicide ephjemic in U.S., France, Bnd the Unlle Kingdom among military veterans, and I￿reased ￿ten05S ol Ihe p(MerfLI impacl of equine.8ssisled seryices, iogelher wlh Ihe poien1181 role for former racehofsgs in tt¥g Sptwe Our PhD rgS9arch prolect with Unlverglty ot Brlstol . A Pioneering and c￿laboratIve Siudy.. 'Seleclion and Educa￿ ol Fonner Ra¢*￿￿{TIM￿hbreosl for Equlne Assisted Therapy.. Oevelcyng the Evidence base lor a Global Stsndard. This collab¢yalJve PhD researeh wilh Ihe ur1ver￿ty of h85 ￿'ndlY been made p0s￿ble with lundlng from the John Pearce Foundalion. The comprehensive collatrAY81ive research pfoiticl Inlcrfms slralegy now and in Ihts fuiure in lirn wllh Gcx)d Impact PraclKo. Phase 2 01 the research prlect is prcgrossing well and res•arth Iwi hgve ¥i￿led an ￿prOCedentod number ol EAS centres ThOroU￿bred retraining esiablishments across ihe UK, IrelaTrJ and France wilh ramole visits 8rMJ inlervieN5 with USA study participants in 2023. A fir51 xbentific article has been submitted and is sel I publication In eafly 2024. The research laam have presen1￿ Ihe re$￿tS of the study ai severol dlllerenl inl8mgllonal sdenlific conferences. ISAZ Ilnlernaticnal Soctety forAnlhroz￿l0yY Conference).. onllne ISES Ilnlemalional Society Eqvilallon scie1￿e1. Hartpury Universty, UK Equimeellng Medi81ion Equ*x". IFCE, France SFECA'S con1wer￿e Isoriété Fran￿lSe d'Et￿Ye ￿ Ccrfnptrlemenl Anlmg1- T¢xKS, Ff8nce- May 2023) Journèe ScierKe et Innovatron Equines (Saumur, France - June 20231 Horse and Humans Researth Found8iK)n and R*Jng lo relate Jolnwj conference around the Trall lo Z¢ro event (Oeauville. France- June 20231 European Federalion ol Animal S(ael￿e's conference ILyon. France- August 20231 The feedback from the Confe￿nCe ￿ga￿Se(s, partKipants. oui ILU)ders. itmlustry Mem￿[3 and related slak8holders has bean eXC￿llen1. RACING TO RELATE TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY2023 FufKlln9 Wè Are immensely gralaful to our funders and partners frx Iheir supp(xt vthch enables us lo pursue our ch8rtlab activities in line ￿1th our charity's ¥i￿on. Cxjr particular gratitud8 to thè Childwick Trust atNY the John Pearce Foundab'on and the Sir Peter O'sullbvan Charitable TNst. We have an acllve CAF Ichorllles Aid Fou￿1k)n) 8CCOLml and ￿lIne don8Um laclity and are ￿OgnISed for gill aid. Publlc b•n•flt The Trustees conlirm that ￿Y have cTriwMed ¥￿th thelr duty lo have tyue regard lo the publlc benelll published by the Charity CommissKsn in exerugn9 t￿1( P(￿erS and dul*s. Structur•. governance and managem•nt Board m¢Èi$ lour Ilm¢s a y¢•r. ¥TrJ gl¥os dotslled C(￿$￿JeraIk)n lo m￿110￿￿ the progress of the Charlly bn pchi8ving ils performarrA and qualily objectives. current and fvlvr8 profrecls. finanoal mattefs. 8s well 8s Ihe Idenllficalion and management of dsk. The Trustees and the CEO has devalopgd a budgel 10 8chl6va ihe objectives ol ihe Charity and the CEO has been charged by the Boaid to be respongbk lor the d8liv8ry ol this p18n. reportlng lo the Board M monthly pgrfcffmarKe. Thts Trusiees delegate respOn￿￿111Y for Ihe day.l¢>day 0petats￿ and management ol the Charity lo the CEO. T CEO attends charily ne￿ork1r@ ev￿13 arKI meots coileawes so Ihat any rdavant in1￿110n. such as new Charlty Commis51on requlrements. sectoral devdowents rdalirvJ to 9ood practlce and impact me8suremenl, are reported lo the Trustees. The Trustees consider recruitrnenl of TNstees a$ thè need 8ri¥e$. AppltatiM$ Irom sulloble candldales would be soughl by Identifying specific gaps in professional skills arKI seeking re¢ommendations of professionally qualbfied candklales. 11 necessary. placing ad¥8rhsemenls In ￿table PU￿1¢allO￿S. A n8w Trustee would be provided with informallon on ihe actlvities. financing and management structufg of Ihe Charity. togelherwilh cha￿LY Commission w'darKe and codes ol (X¥KbLKt related lo the rdes aTrJ respcffisibl1￿'8S ol Tru$le8S. Fln•nclal r•vl•w The resu115 the CIO'5 yew weie in line with the Iru5tees' exp￿t￿n8, wilh rKome Ircrfn grnnl 8wards represent6ng Income lor Ihe year of £131.867. Tol81 expwttfjltufe In the year was t130.680. Acauli￿S approach lo expthidliure was adopied. Th8m c4sh balancos of £75,917 at Ihe yew end. Investmenl policy The Chadly hd(Js e8sh ba1￿ces. Goin9 concgrn In (he year ended 2023, we 8ttrncled (undlng ￿rdS plljt sluthes 01 £16,665. The fijll lunding for our Ihree-year research project with ts Unlvw￿ty ol Brisld {toial of £157.lJ(XJ} oblained In 2021 included £16,660 allocated lo Racir4J to Relale lor project liaism costs during the duralion of this proiect represenling £6,188 lor Ihe 2022-2023 finarKgal w•)d. Tho project 15 orvJoiThJ durirvJ the year, we received £68,902 for thal purtK>se (2022. £59,760). As al the year-end. our unieslricted lund b8lance was £7.877. RACING TO RELATE TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023 R¢$er4•s Poll The Trustees have set a of malntalnlng r¢soryes wulvalenl to th months. expeThJltUfe. Thls Is revlewad p&riodically, Restrlcled and unrestrlct•d lunds The funds al the year end Inrjude ￿restricted rnsln(#ed fund& Rlsk The maior risks lo w￿.Ch Charity is exposed have been idenbfie(I by the Trustees &7d procedures eSIa￿ls￿ed lo milkJate these Tlsk5 are monilcxed a￿1 revitrwed regLdarty a￿1 have been T￿r¢jOd In the rlsk regiyler. We minimbse finano risk by Iho preparaliM and moThloring of monthly accwnls. txwjgels, straleglc ri6k by the maintenance of good practico in Iho alknrAlion of grants,. and (4)erab"ond nsx and f8gulats"M ¢onpkance risk throu9h the regulaf review of a￿'vI￿.eS use ol prolesshy￿ 8dvisefS. Stat•m•nt of Tru•t•••' r••pon•lbllltl Law ap￿1¢able lo charities Sn England & wa￿ w￿re$ Trustees Io fina￿al slalemonls for each nanci81 year whlch g￿0 M Irue and lair view ol Iho charity's financial aclivitios dtjring the year and ol lis fin8ntyal position Bl the end ol ihe year. In w¢partng finaTrial statemenls Irue and f8ir vw, Ihe Trustees should folh)w be51 practice and.. select sukable &Co￿tIng arh1 thon apply coniisl•ntly' ob8eNe Ihe methods ond pdn¢lixl$ *) Charit￿￿ SORP: makè ludgemenls *KI 08bmato6 that are reasonable and [￿d￿l.. $18le whelt*r 8pplk8ble UK ACc￿￿ti￿s￿￿d0r￿5 orn1 stalvAMnts of reccffimended Pfactice have beèn lollowed. sublecl lo any Mat￿81 departures disdosgd and gXF4ained in Ihe finaTrial 81atemenls'. prepare th8 finarKial stalomen15 on th8 goirva c(r￿M b851$ unl￿$1¢ is In8pprcprf81& lo prasum8 ihal the charity will CG￿linue in busin8ss. The Trustees are responsible for keepSro adeqtjale accwnliry records Ihal disdose ￿th feasonable 8ecura¢y 01 any time Ihe financial posttim of the charity and enable them to ensufe that the TIna￿81 slalemenls comply wilh the Charits'es Act 2011. They are also responsible fof Sologuarding Ihe assets OT Iho ¢h8rily and hence frx taking reasonable slep5 lor preVen￿n oTrJ delecli(m of fraLMJ and other INe9thdiiè&. The Trustees are responslble for the malnlenance 8ThJ integrity of the eharity and fina￿81 Inlorm81ion Included on the charlty's websile. Legislat1￿ In Ihe Unite(l Kinu7J￿ govwning the preparat￿ and dissemination ol financial slalemenls may dllfer frryn le9slallon Sn other lurisdi¢tions. Independent examlner John D Lee FCA, of Lee Awounting S¢ThI￿5 2018 Limitwl Trading as Le8 & Co, wwe appointed as the ch8rSty'$ Independent examiner duriro the year and has exprgss&J ils wllinwess lo C¢￿tIl￿)e In Ihal cap8cbly. Thls report was approved by Ihe Tn*lees ￿ ... ... ..... 519r￿d by.. RACING TO RELATE TrusTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2023 AJ C Pratt TnJsle• PL Trt J Hafbonl Tnjslee Dahd RACING TO RELATE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RACING TO RELATE I report lo thetrustees Iwho are also Directors forlhe purpose ofcompany lawl on my examination of the financial statements of Raeing to Relate I'lhe charitable eompany'l for the year ended 31 May 2023 which comprise the Statement of Financial Activities, the Balance Sheet and related notes. This report is made solely to the ¢harity5 trustees, as a bC￿y, in accordance wth section 145 of Ihe ChariliesAct 2011. My work has been undertaken so that I might slate lo the charity's tTuslees trK>se matters l am required lo slate to them in this report and for no other purpose. To the fullest extent pemiitted by law, I do not accept or assume responsibility lo anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for the opinions I have formed. Responslbilities and basls of réport As the trustees of the charitable company, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20061'lhe 2006 Act'l Having satisfied myself that the financial slalements of the charitable COFnpany are not required lo be audited under Part 16 of the Act and are eligible for independent examination, I rewrt in respect of my examination of the charitable company's financial statements carried out under sects.on 145 of the Charities Act 20111'lhe 2011 Acl'} and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145151{bl of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit 8nd consequently does not cover all the matters that an auditor considers in giving their opinion on the financial stalemenls. The planning and conduct of an audit goes beyond the limited assurance that an independent examinglion can provide. Consequently l express no opinion as lo whether the financial statements present a 'true and fair, view and my report is limited lo those specific matter5 set out in the indeper¥Jent examiner's statement. Independent examlnerfs stalem&nt I have completed my examination. I confim that no material matters have come to my attention in connection wrth the examination giving me cause lo believe that in any material respect." a¢¢ounting reGords were not kept respect of the charitable company as required by section 38e of the 2006 Act., or the Tinancial statements do not accord wth those records., or the financial statemènts do not comply with the accounting requlrements of secllon 396 of the 2006 Act other than any requirement that the financial slalements give a Yrue and fair view which is not a matter considered as part of an independent examination.. or the financial statements have not been prepared in accordance with the methods and principles of Ihe Statement of Recommended Practice for accounting and reporting by chariti"e8 applicable to charities preparing their accounts in 2ccordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concems and have come across no other matters in connection with the examin*ion lo which attention should b n in this reFK)rt in ord&rto enable a proper understsnding of the financial stst8ments lo be reached. John Lee FCA Lee Ac¢ounling Serylces 2018 Limite(I Trading as Lee & Co 26 High Street RI¢kmansY￿rth VVD3 1 ER RACING TO RELATE STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MAY2023 UnrHtrlcl•d R•strkt•d fvnds fur 2023 2023 Ttxal unrest￿ed Restn'ct8d fuTrJ5 fund5 2022 2022 Totsl 2023 2022 Donations and lègaciès Investments 2.965 131,887 25.538 59.781) 85,298 Totsl Incom• 68,902 131.868 25,538 59.780 85.298 Ch8rilgOle 8clivilies 75.579 55.1CQ 130.679 85,370 55.877 121,247 N•t incom• for th• periodl Net loutgoingyincoming r•¥our¢•s 112.6131 13,802 1,189 (39.8321 (35,9491 Other T•¢ognls•d g•in$ •nd l¢)8s•8 Other gains or losses (941 1941 11451 11451 N•t mov•m•nt In funds 112,7071 13.802 1,095 (39,9771 3.883 (36,0941 Fund balanc8s al 1 June 2022 20,584 33.558 54.142 .560 29.675 9),235 Furrfl b•l•n¢•¥ •1 31 May 2023 7.877 47.360 55,237 20.584 33.558 54.142 The statement at finanu81 activities I￿ude$ 811 gains aThJ losses recojnised in the year. All income expenijilwe derive Trom CefjlinLwfKJ 8Cli¥lbe The stslement of financial activities also complie5 wilh the requirements for an irwxme and exp￿l￿e account under the Companies Act 2006. RACING TO RELATE STATEMENT OF FINANCIAL POSITION AS AT 31 AIAY 2023 Flx•d u••ts 10 213 11 Cash Il m trwKI 76,918 20.813 77.221 56.799 12 122.197) 65.024 54,142 14 47.)Xl SS.237 54.142 XX**. •x th• yaw 31 May 2(r23. wth ￿r¥A f￿￿￿)￿1 $lalthiwnts t*hK* gva a Irt￿ arnl farf LY th• #* ￿ aff•r4 I W•f• by 7I/,:/14'Z4 AJCP RACING TO RELATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY2023 Accountin9 poIici•s Charlty Informatbon Racbn9 to Rèlalè is a charitable incrxwaled wj8ntsa1￿n ICIOI inccoynletl in Englan*Y aThJ Wales IReglslgred Charity No.11828551. The regslered office is 82 Sl Jthn Slfe81. London. EC1M 4JN. 1.1 A¢countln9 conventlon The financial $￿tements havè be•n li acoxdance wilh thg Conwanies Act 2CK16 and 'Accounlin9 antl Reporting by Charihes.. Slalement of Recofflmended Prachce applicable to charities prep8riw Ihelr accOu￿tS In accordance with the FInarK1￿ Reporting Stsndard applicable in the UK gtvj Republic of Ireland IFRS 102) leffeclve 1 January 20191". The ch8riiy is o Public ￿efit Enbty as defined by FRS 102, Th8 d)arily has Liken advantage of th8 provis￿5 in the SORP foi 4*arities apthrvj FRS 102 Update Buleiin 1 r￿1 to prepare 8 Statarrtht of C8sh Fl(yws. The flnancial Slatem￿t5 are prepar￿ In 5twliTrJ. Is lh8 lurKlional GU￿erKY ol the charity. Monelary amounts In those fina￿181 statements are r￿ad lo the nearest £. The financial stalemonis hav8 bean Frfyrwj It￿ hlslixic81 cost crmention. The pri￿paI ￿eC￿￿tIng pollcies adopted ar8 set OLrt belcm. 1.2 Golng conc•rn Al the Ilme ol approvin9 Iho financlal slalemenls. Ihe Trustees ha¥8 a reasonable ex￿ratIon Ih81 the charily has adequate resources to conb.nue in opefabonal existence the foresee8ble luiure. Thu5 the Trustees contsnuo lo adopt Iha g￿r￿a basi$ ol weparlng ts finon¢bal slalemenls. 1.3 Chaikt4blo fvnd• •e¢¢)untlng UNeslricled funds ère ava118ble u58 al the di51¥don of th8 Truste83 In frJrthefanc8 of tholr charllablg oblKllves. 1.4 Incoming ro¥our¢es Income is recogThsed when the chartty Is legally entilled to il afler any perfcwm8nce condillons hav8 been mel. the aMI￿nIS can be measured rdiably. aTrJ il is wctsable ihal Irtome wlll be r0¢84¥ed. Cash dor¢81ions are r8c(yJniseil on rfKelpl. Olher 1jfflat￿5 are rwnised the ¢tharity has been nolified ol the donalMJn, U￿eSS perfomiarKe condib.ons requi￿ deferral ol Ihe amount 1.5 Resources expend•d All COSIS are albcaled lo expendilwe ¢alegcw renecbrvJ Ihe ol the resources. tliroct Costs attn'bulable to a single acllvlty are allocaled dSreclly lo that aclivity. Shared costs are apporbon8d be￿een the 8cllvllies they conlribule lo on a r8a50nabte, justifiable and consistent basis. 1.6 Tangible fixod assets T8ngible fixed assets are t￿l￿711Y ￿8¥￿ed 81 o)51 and subsequenuy measwed at cost ￿ valuation. nel ol deprooaiion and any impairm8nt losses. DepreciatiC￿ 15 rocognised 50 as lo off tho cost or valualion ol assets1gs$ thgir res￿￿81 valu8s over their useful lives on the Idlowing bases.. IT Equipmenl 33.33% (m cost The galn or loss arisro on the disposal olan asset is (Jelern)sned 35 the differerKe befv￿en the sale proceeds and the carrying value of Ihe asset. and is recognised in the statement ol financial aclivtltes. 10- RACING TO RELATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2023 Accountlng pollcles (Continued) 1.7 Cash and ¢•8h oquiyalents Cash and cash gquivalenls i￿l￿de cash In h￿1 arwj deposits held atcal vlth banks. 1.8 Flnanclal instruments The charity has elacle(J 10 apply Ihe yovfjslons of Seckn 11 Inslnjnenis. of FRS 102 to all of its financial instruments. Flnanclal in5trunents are f￿r￿Sed in ￿ charity's balance sheet the charity becomes party lo tho contractual piovlgons of th& Instrumtrbl. Flnanci81 assats ar¥J liabilitie5 arg offset. tmth the nelamoffils pr$senlgd In ￿ finandal slalemenls. whèn Ihere Is a legally enforceable right lo set off the recwtstsj amounts WKI 15 an inlents'on lo sellle on 8 not basis or lo reallse the asset and sellle Ihe Iwbilily simultarwusty. Baslc Iln•nclal ass•ls Basic financial assels. whkh lrtlLKJo deblorn wvj cash and bank b818rt•$, are Irillally meA3ureil at trans￿lI0n price includSng Ir8nsa¢lion ws15 and are sub5equentty c8ffiele 6) 352 1.398 11.793 514 1.784 885 475 26.109 547 1,418 9,927 68 1,739 3,092 400 13,172 6,539 55,877 3,eOO S97 688 1.272 22.311 55,100 4,320 986 2,459 1,824 22,714 130,679 121.247 Analyslg by fund Unreslricled lurKIs Reslricle(I funds 75,579 55,1(10 85.370 55,877 130.679 121,247 12- RACING TO RELATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2023 Invgstments Unr•$tri¢t•d Unrestricled lunds funds 2023 2022 Interest reCeN8b￿ on cash at bonk Grants p•y•bl• Charltable Charllobl• Expendlturo Exp•nditur• 2023 2022 Grants to In4lluth)ns'. Othgr 22.714 22.311 Tru8tM• None ol the Truslees rece4ved ￿ ren￿n￿alK)n ty benelbis Irom ￿ charfty dudng the year. Employw• T￿re were O employees durry Ihe year. Other galns or los¥•s Unr••trlct•d Unrestricted lunds lund• 2023 2022 Fofelgn exch8roe oakns 145 13- RACING TO RELATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2023 10 Tanglblo fl¥od ass•ts IT EqUI￿ent Co•t Al 1 June 2022 1,640 Al 31 May 2023 1,640 D•pr•ciatlon and Impalrm•nt Al 1 June 2022 Oeprecialion d)arge