**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**
- Empathy
- • Engagement • Collaboration • Research • Dissemination • Implementation • Advocacy • Storytelling • Pilots & Events
## **We engage with :**
- Thoroughbred industry & related charities
- • Equine Assisted Services sector • Equestrian sectors • Equine health, behaviour & welfare experts • Human health & behaviour experts and institutions • Researchers and academic institutions • Governments & NGOs • Media & storytellers
- 1 -
## **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
- 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
- Solicit funding to provide effective support.
- Strengthen our financial and organisational sustainability.
- • Use resources strategically and efficiently.
- 2 -
## **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:
- Journée Science et Innovation Equines (Saumur, France – June 2023)
- Horse and Humans Research Foundation and Racing to relate joined conference around the Trail to Zero event (Deauville, France – June 2023)
- European Federation of Animal Science’s conference (Lyon, France – August 2023)
- “# LoveEAS Symposium’’ sponsored by Godolphin (Equine Assisted Partnership CIC / HEIR UK at Hartpury University - April 2024)
- "Post-racing Thoroughbreds in EAS: Is there an ideal profile? (HETI International Federation - Horses in Education and Therapy - Budapest, Hungary - June 2024)
- Videoconference presentation of the results to the EAS yards that participated in Phase 2 (International, July 2024)
- 'Equimeeting’ Equine Assisted Services "Pur-sang en médiation équine: quel profil idéal? (Thoroughbreds in EAS: what is the ideal profile?) (IFCE, French Institute for Horses and Equitation - Vichy, France, September 2024)
- Normandy Horse Meet UP Conference presentation: "Sélection des chevaux de médiation » (Selection of horses for EAS). Plus a live arena demonstration with the Equine Immersion Foundation with horses and military veterans followed by a public Q & A session (Normandy Horse Meet Up event by French Horse Council, Longines Deauville International Equestrian Centre, France - September 2024)
- Horses and Humans Research Foundation USA Webinar "Thoroughbreds used in EAS: recommendations for best practices and incorporation" (International videoconference, November 2024)
- Slide presentation ‘‘Inaugural NIETUPS Symposium’’ with the UK Household Cavalry Mounted Regiment (ARU’s Writtle Equine Training and Development Centre, Chelmsford, Essex, November 2024)
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.
- 3 -
## **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.
- 4 -
## **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.
- 5 -
## **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:
- 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.
1.
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
- 6 -
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||
- 8 -
## **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.
- 9 -
## **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**
- 10 -
## **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.
- 11 -
## **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.
- 12 -
## **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|
- 13 -
## **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.
- **9 Other gains and losses**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
|Gains/(losses) upon:|**£**|**£**|
|Foreign exchange gains|472|94|
- 14 -
## **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.
- 15 -
## **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|
- 16 -
## **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||
- 17 -