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2024-05-31-accounts

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 2024

RACING TO RELATE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A J 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 Xeinadin London Limited Trading as Xeinadin 8th Floor 36 Old Jewry London, England EC2R 8DD

RACING TO RELATE

CONTENTS

Page
Trustees report 1 - 6
Independent examiner's report 7
Statement of financial activities 8 - 9
Statement of financial position 10
Notes to the financial statements 11 - 17

RACING TO RELATE

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MAY 2024

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 2024.

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 remain 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 Approach

We engage with :

RACING TO RELATE

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2024

Our Strategic Aims

We 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.

The key aims and work of our charity during this period related to the four main headings of our strategy (outlined below) and all were achieved.

Strategy Map

In furtherance of our objectives, the Trustees are committed to overseeing our charity’s strategy under the following main headings:

Benefit / Stakeholder Beneficiary Value

Capacities

• Engage and align stakeholders, developing effective partnerships (including charities with similar and/or complimentary objectives).

Learning & Growth

Resources

RACING TO RELATE

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2024

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 international pilot schemes and events as well as analysis and reporting on the use of off-track Thoroughbreds within the wider EAS context. Racing To Relate has been invited to offer evidence-based leadership and guidance for key industry conferences in 2024 for both the Racing Industry and EAS Sector.

Highlighted Action :

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.

The research team have presented the first results of the study at several different international scientific conferences in this period:

The feedback from the conference organisers, participants, our funders, industry members and related stakeholders has been excellent.

First Scientific Article Published in Animal Welfare Journal

Recent findings from the first (survey) phase of the study are now published in a first scientific article in Animal Welfare Journal which highlights detailed data on TBs and other breeds (OBs) of horses actively participating in EAS programmes. Entitled, ‘The selection, training and welfare of post-racing thoroughbreds and other breeds used in Equine Assisted Services was published in Animal Welfare, 33, e44, 1-15 published by Cambridge University Press on behalf of The Universities Federation of Animal Welfare

The impressive depth and breadth of this timely body of work is testament to the huge willingness among international EAS and Thoroughbred communities to contribute to our horse-centred research. Ongoing collaboration with these sectors will ensure that the science is accessible and implemented with successful translation into best practice for Thoroughbreds transitioning from racing careers.

RACING TO RELATE

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2024

From Trail To Zero to Remembrance Rides - Official Event for 80th Anniversary of D-Day and the Battle of Normandy

In late May, early June of 2023, our collaboration with the Horse Human Research Foundation, BraveHearts USA and HorseBack UK staged the first European Trail To Zero ride (a series of high profile rides towards zero veteran suicides highlighting the power of equine assisted interventions) in Deauville, France and on the landing beaches of Normandy on the 79th Anniversary of D-Day. Racing To Relate and the Horses and Humans Research Foundation also hosted an international symposium entitled, The Universal Language of The Horse, which took place at the Longines International Equestrian Centre, Deauville. The symposium and ride, which incorporated former racehorses, was featured in an IFAR (International Forum for Aftercare of Racehorses) video special taking our research and the ride to a global audience. The events were also featured across numerous international media platforms (USA, UK and France).

We were proud to be invited by French counterparts and supporters to host two further Remembrance Rides in 2024 to officially mark the 80th Anniversary of D-Day and the Battle of Normandy.

The rides took place in June and September 2024 with headline sponsorship from leading racing company, 1/ST Racing USA, and major sponsors including French racing authority, France Galop. Working again with Horseback UK and the Equine Immersion Foundation USA alongside French serving military and veterans and for the first time in September a residential programme and involvement of serving and retired members of the British Household Division including the Household Cavalry.

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. This year saw direct funding from a leading commercial racing company and from a racing authority. We see this as a very positive indicator for the future. Also more private and individual donations and a new legacy donation from the Michael Kirk and Noreen Blyth-Whitlock Charitable Trust. Our particular gratitude to the Childwick Trust, the John Pearce Foundation and 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.

RACING TO RELATE

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

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 £50,179. Total expenditure in the year was £65,489.

A cautious approach to expenditure was adopted. There were cash balances of £62,079 at the year end.

Investment policy

The Charity holds cash balances.

Going concern

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 £6,188 for the 2022-2023 financial period.

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 andthe use of professional advisers.

RACING TO RELATE

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

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:

• 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

Xeinadin London Limited 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 26th March 2025 and signed by:

A J C Pratt P L Drown J J Harbord Trustee Trustee Trustee Dated: 26 March 2025 Dated:26 March 2025 Dated:26 March 2025

RACING TO RELATE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RACING TO RELATE I report to the trustees (who are also Directors forthe purpose of company lawl on my examination of the financial slalemenls of Racing lo Relate (Yhe charitable company'l for the year ended 31 May 2024 which comprise the Stslement of Financial Activities, the Balance Sheet and related notes. This report is made solely lo the charity's Iruslees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might slate lo the charity's trustees those matters l am required lo slate to them in this report and for no other purpose. To the fullest extent permilled by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Iruslees as a body, for my work, for this report, or for the opinions I have formed. Responsibilltles and basls of report As the trustees of the charitable company, you are responsible for the preparation of the financial slalemenls in accordance wth the requirements of the Companies Act 20061.lhe 2006 Act'i Having satisfied myself that the financial slalemenls of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company's financial slalemenls carried out under section 145 of the Charities Act 2011 {'the 2011 A¢l'} 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 Ael. An independent exarnination does not involve gathering all the evidence that would be required in an audit and consequently does not ¢over all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently l express no opinion as lo whether the financial slalemenls present a 'true and fair, view and my report is limited lo those specific mallers sel out in the independent examiner's slalement. Ind9pendent examinerfs statement I have completed my examination. I confirm that no material matters hav& come lo my attention in connection th the examination giving me cause to believe that in any material respect.. ac¢ounling records were not kept in respect of the charitsble company as required by section 386 of the 2006 Act., or the financial ststemenls do not accord with those records-, or the financial ststemenls do not comply wth the accounting requirements of section 396 of the 2006 Act other than any requirement that the financi81 statements give a 'lrue and fair view which is not a matter considered as part of an independent examination., or the financial slalements have not been prepared in accordance with the methods and principles of the Ststement of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their accounts in accordance 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 examination lo which attention should be drawn in this report in order lo enable a proper undèrstanding of the financi81 slalemenls to be reached. John Lee FCA Xeinadin London Limited Trading as Xeinadin 8th Floor 36 Old Jewry, London, England EC2R 8DD

RACING TO RELATE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MAY 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£		 Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£		 Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£		 Total
2023
£
131,867
1
131,868
130,679
1,189
-
1,189
funds funds funds funds
2024 2024 2023 2023
£ £ £ £
Income from:
Donations and legacies
3		 49,250 929 50,179
2
50,181
65,489
(15,308)
-
(15,308)		 62,965 68,902
Investments
5		 2 - 1 -
Total income 49,252 929 62,966 68,902
Expenditure on:
Charitable activities
4		 61,635 3,854 75,579 55,100
Net (outgoing)/incoming resources before transfers
Gross transfers between funds
Net income for the period/
Net (outgoing)/incoming resources
(12,383) (2,925) (12,613) 13,802
8,558
(8,558) - -
(3,825) (11,483) (12,613) 13,802
Other recognised gains and losses
Other gains or losses
9
Net movement in funds
Fund balances at 1 June 2023
Fund balances at 31 May 2024		 (472) - (472)
(15,780)
55,237
39,457		 (94) - (94)
1,095
54,142
55,237
(4,297) (11,483) (12,707) 13,802
7,877 47,360 20,584 33,558
3,580 35,877 7,877 47,360

RACING TO RELATE

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MAY 2024

The statement of financial activities includes all gains and losses recognised in the year.

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.

RACING TO RELATE

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2024

Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets
10
Current assets		 -
1,303
75,918
77,221
(22,197)
39,457
39,457
35,877
3,580
39,457		 213
Debtors
11
Net current assets 55,024
Total assets less current liabilities
55,237
Income funds
Restricted funds
14		 47,360
Unrestricted funds 7,877
55,237

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2024.

The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 26 March 2025

A J C Pratt P L Drown J J Harbord Trustee Trustee Trustee

Company Registration No. CE017096

RACING TO RELATE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

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.

RACING TO RELATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2024

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.

RACING TO RELATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2024

3 Donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Donations and gifts 49,250 929 50,179 62,965 68,902 131,867

4 Charitable activities

Charitable activities Charitable activities
Support Costs
Total
2024
£		 Support
Costs
Total
2024		 Total
2023
£ £
Depreciation and impairment 213 352
Insurance 1,420 1,398
Travelling and subsistence 11,787 11,793
Printing and stationery - 514
Telephone and internet 2,716 1,784
Promotional expenses (60) 685
Bank charges 431 475
Consultancy fees 30,502 26,109
Computer and website costs - 166
Research and study costs 2,925 55,100
Accountancy Fees 5,040 4,320
Professional Fees 1,080 986
Entertainment 1,923 2,459
Subscription 544 1,824
Grant funding of activities (see note 6) 6,859 22,714
Staff training 109 -
Analysis by fund
65,489 130,679
Unrestricted funds 61,635 75,579
Restricted funds 3,854 55,100
65,489 130,679

RACING TO RELATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2024

5 Investments

Investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable on cash at bank 2 1

6 Grants payable

Charitable
Expenditure
Charitable
Expenditure
2024
2023
Grants to institutions:
Other
6,859
22,714		 Charitable
Expenditure
Charitable
Expenditure
2024
2023
Grants to institutions:
Other
6,859
22,714		 Charitable
Expenditure
Charitable
Expenditure
2024
2023
Grants to institutions:
Other
6,859
22,714
2024 2023
6,859 22,714
7
Trustees

None of the Trustees received any remuneration or benefits from the charity during the year.

8 Employees

There were 0 employees during the year.

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) upon: £ £
Foreign exchange gains 472 94

RACING TO RELATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2024

10
Tangible fixed assets
Cost
At 1 June 2023
At 31 May 2024
Depreciation and impairment
At 1 June 2023
Depreciation charged in the year
At 31 May 2024
Carrying amount
At 31 May 2024
At 31 May 2023
11
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
12
Creditors: amounts falling due within one year		 IT Equipment
£
1,640
1,640
1,427
213
1,640
-
213
2024 2023
£ £
4,259 -
15,284 1,303
19,543 1,303
Trade creditors
Accruals and deferred income		 2024 2023
£ £
7,735 185
34,430 22,012
42,165 22,197

13 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.

RACING TO RELATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2024

14 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.


be used.
Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Transfers Balance at
1 June 2022 resources expended 1 June 2023 resources expended 31 May 2024
£ £ £ £ £ £ £ £
Restricted fund 33,558 68,902 (55,100) 47,360 929 (3,854) (8,558) 35,877

15 Unrestricted funds

These are unrestricted funds which are material to the charity's activities made up as follows:

Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Transfers Balance at
1 June 2022 resources expended 1 June 2023 resources expended 31 May 2024
£ £ £ £ £ £ £ £
General fund 20,584 62,966 (75,673) 7,877 49,252 (62,107) 8,558 3,580

RACING TO RELATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

16
Analysis of net assets between funds
General Funds
Restricted funds
Total Funds
2024
2024
2024
£
£
£
Fund balances at 31 May 2024 are represented
by:
Current Assets
12,331
69,291
81,622
Current Labilities
(8,751)
(33,414)
(42,165)
3,580
35,877
39,457		 16
Analysis of net assets between funds
General Funds
Restricted funds
Total Funds
2024
2024
2024
£
£
£
Fund balances at 31 May 2024 are represented
by:
Current Assets
12,331
69,291
81,622
Current Labilities
(8,751)
(33,414)
(42,165)
3,580
35,877
39,457		 16
Analysis of net assets between funds
General Funds
Restricted funds
Total Funds
2024
2024
2024
£
£
£
Fund balances at 31 May 2024 are represented
by:
Current Assets
12,331
69,291
81,622
Current Labilities
(8,751)
(33,414)
(42,165)
3,580
35,877
39,457		 16
Analysis of net assets between funds
General Funds
Restricted funds
Total Funds
2024
2024
2024
£
£
£
Fund balances at 31 May 2024 are represented
by:
Current Assets
12,331
69,291
81,622
Current Labilities
(8,751)
(33,414)
(42,165)
3,580
35,877
39,457
(8,751)
(33,414)
(42,165)
39,457
3,580 35,877