RACING INDusfRY ACCIDENT BENEFIT SCHEME TRU5fEES' REPORT AND Accoupirs FOR THE YEAR ENDED 31 MARCH 2024 Charfty Re9iStiation Number. 281686 PACING INDiISTrY AcaDEKf BENEF￿ SCHEME LEGALAND ADMINISTrATIVE INFORMATION Trustees Mr Jonathan L Eddi% Chairman Mrs Serena Geake Mr George McGraih Susannah O'Brien Dr kndre￿ P F Simpxin Charity number 281686 Principal addr•ss 9 High Street Lambourn Hungerford Berkshire RG17 8XL Audwlors UHY Ross Brooke Suite I Windrush Ciyjrt Abingdon Business Pa Abingdon OX14 15Y Banke Weathety Bank saThje￿ Road Wellit¥Jborough Northamptonshire NN84BX Solicitors FoJ5ters LLP 31 Hill Street Mayfair LorKlon WIJ SLS Investment advisers Cazenove Capital Mènagetnent ￿mited 1 London Wall Place London EC2Y SAU Insurante and risk management ¢owuhants Marsh Commeroal 13tb Floor Casdemead Lower Cas￿* StrÈÈt Bristol BSI 3AG Administrator and 1055 adjusters SLS. a Crawford Compary 151 Floor 8 Exchange Quay Manchester M5 3EJ RACING INDUSTRY ACCIDENT BENEFIT SCHEME CONTENTS Page Trustees. report Independent auditorfs ret&rt Ststemerrt of fina￿al activitye5 Balance sheet 10 Statement of cash flows Notes to the accounts 12-17 RACING INDusfRY AcaDENT BÈNEFIT SCHEME TRusfEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are pleased to present annual report together with the ffnancial staternents of the charity for the year ended 31 March 2024. The frnancial ststements Comp￿ with the Charities Act 2011. the Trust Deed. and Accounting and Reporting by Charities.. Statement of Re(otnmerKled Practice applicable to charrbes p￿Pann9 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Structure. 9gvemance and mana9em CONSTITUTION Racing Industy Accident ￿nefft Scheme 15 a Registered Charity in England (registration nurnber 2816861 constituted under Ihe Declaration of Trutt dated 15 Juty 1975. as amended by &Jppbemental Deed dated l June 1980 and Supplemental Deed dated 28 January 1993. TRUSTEES IN THE PERIOD The tiustees who served during the year were= Mr Jonathan L Eddi& Chaim)an Mr5 Serena Geake Mr George McGrath Lady Susannah O'Brien Dr Andrew P For5ythe Simpson MEfHOO OF APPOINTMENT OR ELECTION OF TRUSTEES The trustees of the Racing Industry Accident Benefii Scherne IRIABg have specialist experience and expertise in a range of areas that are of benefitto the charitsble activTties of RIABS. The trust￿, tem ol appointtnent is in accordance with the Tntst Deed and the duration of the SCh￿e. Trustees are sought in a variety of ways indudin9 iecomrnendation from exithng trustees and the secretariat. The Chairman and Board select new trustees. ￿eth0n is based on personal competence, specialist skills and the value the individual will contribute to RNBS. POLICIES ADOPTED FOR ThE INDUCTION AND TrAINING OF TRUSTEES New trustees are introduced to the workTrngs of the scheme by the secretarial Paul Johnson and Jill Crook, and are mentored by an existing and experienced truttÈe. The Chairman introduces the trusree to the workings of the Board, briets the new trustee on ￿ent and pending decisions made by the Board and makes htmself available to respond to any questions. The secretariat prowde5 continuous communication arKI offers the new trustee infom)ation and trainin9 Opportunities. RACING INDVSTRY AcaDENT BENEFIT SCHEME TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 ORGANISATIONAL sfRUCTURE AND DECISK)N MAKING The Board of Trustees maintains a full aThJ effective control over the chaiity and has ultimate responsibility for the activities ar>d linancial stability of the charity. Meetings are held ￿(e yearty to make strategic and policy decisions, as well as to approve significant operational decÈsÈons. The Chairnian and Irustees are also consulted at appropriate times in addition to formal meetings. The insurance and risk management consultsnts Marsh Cornmercial, provide reports for the trustees and it is on their advice that the trustees set membetship contribuion levels. The Executive of the National Trainers Federalion INTF) prO￿deS the management ol RIABS, of which the Chief Executive, Paul Johnson, and the Membership Executive, Jill Crool are the SecretsriaL The implementation of policies and decisions as well as day-to-day running of the charity is delegated to Paul lohn50n arKI Jill Crook. CONNEcfED cHAR￿lEs AND ORGANISATIONS In pursuit of its charitalAe objects the charwtyworks closetywtth charities and organisations wtthin racing. J L Eddi5 is a trustee of RIABS and also Racing Weware. G A McGrath is a trustee of RIABS and atso The Racing Centre in Newmathet. RISK MANAGEMENT AND INTERNAL CONTROL The Board of Trustees and management are aware of the type5 of risks the chartsty faces through their knowledge of ihe racing industy. experience of racehotsetraining estsblishments and through their WOTkin9 knO￿edge of RIABS. The charity'5 principal risks are assessed to be.. Contributions not tnatching expenditu￿.. Failure ol Weatherbys to collert funds An increased accident frequency, An unusually high number of long temi injuries disablement or fatalthe5', Failure of the loss adjustets to pay benefits in accordancÈ the agreed procedu A significant decrease in assets under tnanagement Appropriate strategies are in pLace to mibgate these risks risk management is an ongoing prctedure, embedded in the day-to-day operations of the charity. The trustees have overall responsibility for ensuring the chartty has appropriate systems of internal control. These systems are designed to prowde reasonab￿. but not absolute. assuTrnce against material misstaternent or loss. They include.. A tsyice yeaty rneeting assessing the current trend of ckiims projection5 for benefit payments to be made by the charity as approved by the trustees,. Regular consideTrtion by trustees of fina￿la1 resuts wariarKe from expectation and non-financtal perfor- rnan￿ indicato Review of level scope of insurance cover Delegation of authority and segregation of duties". Established organisational struaure and lines of reportin Formal written policies." Clear authorisation and approval ￿elS.. Fomial agendas for all Board acbvity.. Monitoring of payments by loss adjusters on a weekly basis. RAaNG INDusfRY ACCIDENT BENEFIT SCHEME TRusfEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and artivities PRINCIPAL OBJEcfivES The principal objeLtive of the charrty 15 to provide for the discretionary payrnent of disableTnent benefits for the n)embers (various cla55e5 of employees of racehorse trainers as stated in the kheme Rules) who have suffered financial hardship followirvj accidental injury. disablernent or death arising from. and in the course of, employment including bona fide journeys between their normal place of residence and pL4cÈ (rfwork and to provide a capitrl lump SU￿ in the event of sorious injury or death. AIMS AND INTENDED IMPACT To continue to M3￿Mise disablement beneffts as prowded under the charity's principal objectives. MAIN OBJECTJVES AND PRINCIPAL ACfWITIES FOR THE YEAR The Sch&me undertakes to pay benefits commenc1￿j on ihe fourth day of incapacity for a period of up to 104 weeks for injuries arising from an accident at work or travÈllirTg to and frorn their place of residence. The amount of benefit is the nei wage for the week priorto the accident subject to a rnaximum of £4CK> per week and is the difference between the claimant's net wage and all ststutory berTrefits wewable bythe clasmant as a resuh of the accident Both employers and employees are obliged to contribute to the Schetne. In the case of death a capital sum of £77,250 is paid. For pertpanent disabling injuries a capital sum of up to £154,500 a5 detailed in thÈ Scheme Rules may be paid, subject to the terms and conditions of ihe Scheme's insurance policy and, where appropriate, independent review of medical infortnation. Cover is e￿ended to rnclude rnedical and repatriat&on expenses UP to a limit of £10.(￿,000 for employees travelling abroad with their horsÈ> Tr* cover i5 extended to include deTltal exp&nses tts a litntt of £5,000 in accordance with the Scheme rule In connection with beneffts for tempoTrry incapacity the TrustÈes of the Scheme may grant wtthdrdw. revoke or otherwise discontinue benefit at their sole and unfettered discretion. No person has any right to receive or require the payment of benefits underthe Scheme and all benefits and payment of beneffts are therefore ex gratia. Achievenwits and perfornMnce OPERATIONAL PERFORMANCE Membership numbers wÈre 5.12012023-. 4,9841 as recorded on BHA database. to whtch a notional 75 is added to reflert per50n5 being trained atthe Britlsh RaciTVJ School and National HorseTacing College. A totsl of 27112023.. 2991 weekly benefit clairn5 were submitted during the yeai ended 31st March 2024. The anticipated final outcome is that expenditure on these clairn5 will be approximately £1.200,962 based on all claims running for the full 104-week benefit Claims costs lexcluding capital benefit payments) were £61688 hi9her than in ihe year ended 31st March 2023. There have been 712023. 51 applications for capitsl berth for acodents within the 271 12023.. 2991 totsl above. although thi5 umber 15 expected to rise as there are ongoing weekty benefit claims that may be found to involve perrnanent disability. Capitsl benefit claim5 are fulty insured. subject to an annual excess as negotsated with the chosen insurer. INVESTMENT PERFORMANCE The portftslio's primary perfomiance comparator is Consumer Prhce Inflation ICPII *3.2%. Over the year to 31 March 2024 the portfolio returned an income yeld of &6% compared with a tar9et of 10.9% based upon CPI +3.2 Investments comprise ol a traditional discretionary portfolio consist1r￿ of 4utties. bonds and other related holdings. In addition, there are hyo cash onty instant access investments to reserve fvnds. thich might be required to settle possible capital Claims (see note 111. RAaNG INDUSfRY AcaDENT BENEFIT SCHEME TRUStEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The discretionary portfolio yelded a total return of 3.5% in the year etxled 31 March 2024 compared with the UK market average of 5.7%. The cash onty investments ￿elded market rates of 5.7% and the total return5 therefore track the movÈments on Bank of England base rate. Financial review REVIEW OF FINANCIAL POSITION The net surplus in the yearwas £237.741 12023= £377.EQ1 (restated)) which includes £41.215 of investment gains12023.. losses f £64,091) as shown on the SOFA Ipage 91. AJI investment5 of the Scheme have been acquired in accordance with the powers available to the iTU5tee5. All assets ol the Scheme a￿ held in furtherance of the charity's principal c>bjective. The trusiees consider that the assets o* the Scheme are adequate and available to (ulfil tt* obligations of the Scheme as they fall due. The trustees a￿ aware of the need to monitoi the level of free reserves maintsined by the charity and consider the curTent level to be adequate given the Un￿rta1Th nature and timing of any tnjury and disablement benefit that may have to be paid iut. RESERVES POLICY All fund5 are unrestTlCted and are held in furtherance of the charity's principal actNities and are maintsined at levels con5id- ered prudent by the trustees. The total lunds of the charity carried forwdrd a5 at 31 March 2024 a￿ £2,352,187 12023.. £2,114,446(restated)l. INVESTMENT POWERS AND POLICY The trustees intend that the real value of the fund's investments be maintsined and enhanced over the long term by invest- ment in a balanced portfolio. The￿ are no material restiictions on the opeTrtions and investment sKiwers of the charity in pursuance of its charitable objertives. Plan5 for the future The trustees intend to continue to monitor the costs of the injury and disablement benefits paid out and to ensure the conthbution level remains approprtate. The Week￿ contribution level remained at £7.00 forthe year to 31 March 2024, which is shared be￿een the ernployers and employees. An increase in contribubon5 is planned from 1 April 2024, taking the weekly coniribution level to £8.00. Obiertives and athtt*s forthe public benefft The trustees confirm that they have referTed to ttrte information contairEd in the Charity Commission's general guidance on public benefft when reviewiry the Scheme's aims and objectNes and tn setting its policy on making discretionary payments tc> members. The trustee5 of the Scheme carry out tts objective5 ty. Administering the Scheme on a da1￿ basis by liaising wrth trainer5 Ma the trainers. trade association, the Na- tional TraineTS FedeTation, and wtth the loss adjusters, SLS. a Crawford Company, Applying their discretion to decide whether certsin ctaims rneet the Scheme's rules., aising wth the Scheme's insurers regarding both temporary and capitsl claims and iakn'tYJ professional advice on the prudeftt management ofthe Scheme aThJ its asset% Ensuring that ￿￿hOrSe trainers and their employees are aware of the nstes ofthe scheme. RACING INDusniY AcaDENT BENÉFIT SCHEME TRiISYEES' IIEPORT (CONnNUED) FOR THE YEAR ENDED 31 MARCH 21)24 The Racing Industry Accident Benefit kheme provides a low cosr and unique safety net for Stable employees in 8riti5h horseracing. Though industry studies have Shown the risks a￿ well managed, caring for racehot5es can be dangerous and accidents are a regular occurrence. The Schetne ensures tFot where injury and disablement do occur, the Schetne members are proterted from finanaal hardship. Trustee5' responsibilities The trustee5 are responsible for preparing the Tntstee< Report and the accounts in accordance with applicable law and regulation The law applicab￿ to charities in England arml wa￿ requi￿ the twstees to prepare accounts for each financial year in accordance with United Kingdom Generally Accepted Accounting Prartice (Untted Kirydom Accounting Standards and ap- plicable regulations). Under that law the trU￿eeS rnust notapprovè the accounts unles5 they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application ol resources of rhe charity for that year. In preparing these accounts, the trustees a￿ required to.. select suitsble accounting policies afMI then appty them consi5tenty. observe the tnethods and prin0p￿S in the Charrknes SORP,. make judgements and estimates that a￿ reasonable and prudent statewhether applicable accounting standards have been followed, 5ubjertto any maierial departures disclosed and explained in the accounts.. and prepare the accounts on the goirrtJ concern basis unless it Is inapproprrate to presume that the charity wll continue in operation. The trustees are responsible tor keeping adequate accourTrting records which are sufficient to show and explain the charity's transartions and disclose with rèasonable accutacy at any time thefinanoal position of the charity and Énable them to ensure that the acctsunt5 comply with the Charities Act 2011. the Charities (Accounts and Reports) Regulations 2008 and the provi- SiL)ns of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking ￿aSonable steps for the prevention arKI detection ol fraud and other irwulartknes. The trustees ale responsible forthe maintenance and integrity olthe charity al￿ financial information included in the charity's website. Leg5s1ation in the United knngdom goveming the preparation and dissèmination of accounts may ditter from legis- lation in other jurisdicbons. Thi5 report has been app ed by the trustee5 and signed on thetr behaW. ty. i.L Jo. J L Eddis Chalrnian Dated 25 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RACING INDUSTrY ACCIDENT BENEF￿ SCHEME Opinion WÈ have audited the financial statements of Racing Industry Accident Benefft Scheme (the 'chartyJ for the year ended 31 March 2024 which comprise the staternent of financial activities, balance theet Statement of cash flows, and notes to the financial statements. including 5igntficant accounring policies. The financial reporting framework that has been applied in their p￿paratIOn is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The F(nunctolReporting Standordopplicoble tn the UKoThlRepubl(cof Ireland (United Kingdom GenerallyAccepted Accounting Praclicel. In our opinron the financial statement* give a twe atKI fair view of state of the charitys affairs as at 31 March 2024. and of its incoming resoufce5 and application of resources. irKluding tt5 irKome and expendr(ure. for the year then ended,. have been propedy piepared in accordance with United Kingdom General￿ Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Chartlie5 Act 2011. Basis for opinion We condurted our audit in accordance with Intemational StaThlards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Audttor's resporbibilities for the audit of the financial statements 5eciion of our rewrL We aTe independent of the charity in accordance with the ethical requirernents that are relevant to our audit of the financial statements in UK including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical resFx>nsibilities in accordance v4tth these reqU1￿Ments. We believe thatthe audit eviden￿ we have obtsined is sufficient and appropriate to prowde a basis for our opinion. Conclusions relating to going concem In auditing the financial Statements, we have concluded that the trustee5' use of the going concern basis of accounting in the prep3r3tion of the financial statements is appropriate. Based on the work we have performed. we have not identified any maierial uncertainties relating to evellt5 or conditions that. individually or collective￿, may cast significant doubt on the charitys ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibil￿e5 of the tnJstees with respert to going concern are described in the relevant sections of this ￿pOrt. Other information The other information comprises the information induded in the trustees annual rewrt. other than the financial state- ments and our auditorfs report thereon. The trustees are responsible for the other information contained within the an- nual report. Our opinion on the finanaal ststements does not cover the other information and. except to the extent oth- erwise explicitly stated in our report. we do not express any fom) of assurènte coTrdu510Th thereon. Our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the finanoal statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial 5tatement5 themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. INDEPENDENT AUIXTOR'S REPORT TO THE TRUSTEES OF IEACING INDusfRY ACCIDENT BENERT SCHEME IcoKllNUED) Matters on whlch we are required to report by exceptio We have nothing to report in respect of the followtng matters in retation to which the Charities (Accounts and Reportsl Regulation$ 2008 require us lo report to you il. in our opinion: the Information given in the financial statements is inconsthnt in any material respect with the trustees. report or the charity ha5 not kept adequate accounting records or the financial 5tstements are not in agieement with the accounting records returns." oi we have rM)t rec•ved all the infottnation and explanations we require for our audit Responsibllltie5 of trustees As explained more fulty in the trustee5' responsibilities statement (set out on page 51, the trustees a￿ responsible for the preparation of financial statements and for being 5ali5fied that they gwe a tsue and fair view, and for such inlernal control as the trLJStees deterrnine is r￿CesSary10 enablets￿ preparation of finarKial Statements that are free frorn material misststemenL whether due to Iraud or error. In preparing the financial statetnents the trustees are responsrble for assessing the charttys ability to continue as a 90ing concern, disclosing. as applicable, matters related to goiFs9 concem and using thÈ goiry concern basis of accountirig unles5 the trustees either intend to liquidate the charity or to cease operations. or have no realistic attematNe but to do 50. Auditor's responsibiltties farthe 4AKlrt of the financial sta*ements We have beer) appointed as auditor under section 144 01 the Charibes Act 2011 and report in accordance w(th regulations made under section 154 of that ACL Our objectives a￿ to obtain reasonablÈ assurance about whether the financial 5tatement5 as a whole ar@ free frtsrn material misstatemeni. %yhether due to fraud orerror, and to Issue an auditor's report that indudes our opinion. Reasonable assurance is a high level of assurance, but is Aot a guarantee that an audit conducted in accordance with ISAS IUQ will always detert material mi5Staternent when it exists. Misststements can arise frotn ftaud or error and are considered tnaterial if, individualty tsr in the aggregate, they tould reasonabty be expected to influence the economic deosions of users tsken on the basis of these financial statements. Irregularitie5, including fraud. are instsnces of non£ompliance laws and regulation5. We design procedures in line with our re5pon5ibilities, outlined above. io detect material misstatomonts in ie5pect of irregularitie% including fiaud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities. including fraud is detsiled belovK. We have considered- the nature of the chaiity and sertor, control environment and operdting performance.. the charity's own assessmenL intluding a55esstnents made by key mark3gemenL of ihe ri5k5 that irregular- itie5 may OCCUT either as a re5uEt of fvud or e￿r any matters we identified having reviewed the charivs policies and procedures relating to-. identrfy"ng. evaluating and coMp￿n9 wtth law5 and regulatiorts and whether thèy weTÈ aware of any instsnce5 of non-compliance,. deterting and Tesponding to the rtsks ol fraud and wk*ther itrw have knowledge of any actual, suspecied or alleged fraud", and the internal controls established to mitigate risks of fraud or non-compliance wth Liws and ￿g- ulations-, the matters discussed amotYJst the audtt engagement team. INDEPENDENTAUDITOR'S REPORT TO THE TRUSTEES OF RACING INDUSTRY AcaDENT BENEFIT SCHEME {CONTINUEDI As a resu￿ of these procedures. we considered the opportunib.es and incentives that may exist wthin the organisation for fraud and identitied the greatest potential lor fraud in the areas in which tnanagement is required to exercise significant judgement such as the dis£losuTe of adjustir4J item> In comrnon with all audits under ISAS lu￿, we are also required to perforrn specffic procedures to respond to the risk of management override. We also Obtsin￿ an unde￿anding ofthe legal and regulatoryframework that the charityoperates in, focusing on provisions of those laws and iegulations that had a directeffecton the determination of material amounts and disclosure5 in thefinancial statements. Because of the inherent lirnitstions of an audtl theTe 15 0 r55k that we will not detert all irregularities, including those leading to a material misstatement in the financial ststernents OT non-compliaKe wth regulation. This risk increases the more that compliance with a law or regulation is ietnoved from the events transaaions ￿ected in the financial statements, as we will be less likely t(} become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealmenL fi)rgery, collusion, omission or misrepresÈntstion. A further description of our reSpOn￿bIlitieS is available on the Financial RÈFX)rting Council's website at htt .or Our-wo Audi Audit- ndards-and- uidance tandards-and- uidance-for-audi- tors Auditors-re5 onsibilities-for-audi >f-auditor5-res nsibiltties-for-auditas x. This description forms part of our auditorfs reporL Use of our report This report IS tn3de solely to the charitys irusteex as a bcKty. in accordancewth Part4 of the Charities (Accounts and Reports) RegulatlOT15 2LK18. Our audit work has been undertaken so that we might state to the charity's trusteÈs thoso matters we are required to state to them in an audiiorfs report and for no other purpose. To the fullosr Èxient permitted by law. we do not accept or assurne responsibility to anyone otherthan the charity and the charitys trustees as a body, for tsur audit wtsrK for thi5 report, or for the opinions we have lormed. UHY Ross Brooke Ststutt>ry Auditor Sutte I Windrush Court Abingdon Business Park Abingdon OX14 1SY Date.. UHY Ross Brooke is eligible to act as an audttor in lerms of section 1212 of the Companies Act 21K)6. K4CING INDUSlliY ACCIDENT BENEAf SCHEME ATEMENT OF FINANCIALAcrNmES FOR THE YEAR ENDED 31 MARCH 2024 Note 2024 2023 las restated) Income and endowments from". Other Invesknents Charitable activities 3,000 51808 739 66,316 1797 456 Total Expenditwe on: Raising funds- inve5ttnerrt management fees - third party costs Charitable artwities 5,663 5.686 83 Total 1 670 246 Net in¢ome befowe gains and losses on Investments 196,526 441,692 Net Ilossllgains on investments Net I￿ome for the year 237.741 377.601 Reconcil(otion of fvnd& Furid5 brought forward Fund5 carried fotward 11444fi All income and expeThliturÈ dÈtives from continuin9 athibe& The notes on pages 12 to 17 form part of the accoun Detsi15 of the prior year adjustment are 9iven in note 15. RACING INI)usfRY ACCIDENT BENEFIT SCHEME BALANCE SH AS AT 31 MARCH 2024 2024 2023 l•s reststedl Flxed Assets: Investments 1.980,539 1,025,823 Current ass•¢&' Debtors Cash at bank and In haTh 310,579 121 217,130 Totsl rting Standard applicable in the UK and Republ¢c ol Ireland IFRS 1021 issued in October 2019, Icharities SORP FRS 1021 and the Financial Reporting Standard applicabte in thè Uftited Kingdom and Republic ol Ireland IFRS 1021 and the Charities Act 2011. The financial ststements have been prepared urnler tr* historical cost convention wth items recognised at cost or transaction value un￿sS otherwise Stated in the rdevant notes to these accounts. The Trnsiees confirm that the chatity Co[￿lluteS a public benefft entity as defined by FRS 102. The trustees con5iderthatthere areno material uncertainties about the Trusys ability to tontinue a$ 3 going concern. The rnost significant areas of adjustment and key assumptions that 3ffect items in the accounts are to do with estimating the fair vahje of the investrnent portfolio. The financial statements are presented in sterling which is the functional aJ¥rency of the charity and rounded to the nearest £. Incom* recognTtron All incorne is recognised orKe the ch&tty has enttdement to the income, tt is probable that the income will be received, and the amount of income receivab￿ can be measured rel￿bly. Expendi￿￿* wognitio Expendiwre is recognised as foll Weekty Benefft pa￿nents The payment of weekty benefits is accounted *oron an accruals basis so as to matth the amounts paid in the period to which they relate. No accrual for future weekly benefit payments to ￿nefICIa￿e$ is made on the basis that they can be terminated ai any time at the SO￿ discretion of the Trustees and there is no legal obligation to tnake any such payment Caprtal benefft xherne Capttal benefit payments arecovefed by an insurarKe policysubiect toan annualty negotiated exces& which is borne bythe charity. Where a claim has been formal￿ agreed at the year end and will be within the excess forthe year to which r( relates, the anticipated amount payable is recorded in the balance sheet as a liabilty and the payment is included within the cost of charitable act•iities. Claims where the outcome is uncertain and are therefore not agreed at the balance sheet date and/or the atnount payable 15 not Possible to quantify are treated as contingent liabilitie* The total amount tsf the conlingent liability, being the unused element ol the a9reed excw at the balance sheet d*e. is disclosed in note 11 to these financial 5tatement5. 12 RACING INDUSTrY ACCIDE￿ BENEHY SCHEME NOT￿ TO THE FINANCIAL sfATEMEpifs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES (CONTINUED) Other Expenditure All other expenditure ￿ accounted for on an accrua15 basi& Investments Investments are a form of basic financial inStrum￿tt arKI are Initial￿ recogni5ed at their Iransaction value arKI subsequently measured at their fair value as at the balatice sheet dale, based upon valuations provided by fund manager5. All gain5 and losses are taken to the StstemÈnl of Financial Acbvities as they arise. Realised gains and losses on investments are calculated as the diffÈrence between sales proceed5 and their opening carying value or their purchasevalue if acquired subsequenttotheffit5t dayof the financial year. Unrealised gains and1osses are calculated a5 the difference betweerTr the fair value atttle year end and their carwng value. Realised and unrealised investment gains and losses are combined in the Ststernent of Finantial Aaivtknes. Fund structure Unrestricted fund5 are fvnds which are available for use at the d￿CretiOn of the trustees in fvrtherance of the general objectwes of the charity arKI which have not been designated for othÈr PUTposes. 13 RAaNG INDU5niY AcaDE14T BENEFIT SCHEME NOTES TO THE FINANaAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED ai MARCH 2024 INVE￿MENT INCOME 2024 2023 UK equity dwidends erseas equity dmdends Income from UK bords Income from over5ea5 borwjs Income from other UK investments Income frotn other overseas investments Deposit account interest 13.745 5,270 4,826 6.093 17,484 3,431 4,680 5,691 1,601 688 6.205 3,596 INCOMING RESOURCES FROM CHAR￿ABLE ACTIWnES 2024 2023 Mombef contributions- employee Member contributions- employer 946,792 1,064,165 878 574 ANALYSIS OF EXPENDtruRE ON CHARrrAFLE Ac￿￿lEs 2024 2023 Charitable activities Weekty benefit scheme Capitsl benefit premium Ma￿h Costs- comrnission Capital payments made to beneficiaries Crawfords cost Governance and support costs lsee bek)wl 1.157.050 140,000 43,250 266,045 1,109,023 140,000 42,250 206,000 38,000 1,661521 1551,Q86 14 RAaNG INDiISTRY ACCIDENT BENEFIT SCHEME NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 {CONTINUED) ANALYSIS OF GOVERNANCE AND SUPPORT COSTS 2024 2023 Governance costs Audit fees Administration charges 9.390 6,900 07 491 Support ¢05ts Legal and professional fees Bank charge5 and tntèresi 205 TRusfEES No expenses We￿ reimbursed to Tfustees [2023.. £niD. None of the Trustees recerved remuneration during current year or prior year. EMPLOYEES There were no employees during the year12023= norel. FIXED Asstr INVEsfMENTS Listed Invtstments Market value at 1 April 2023 Income received into fund Transfer of cash Investment rnanagerfs fees Net profit on irwestments 1,02S.823 50,850 868,374 15.7231 Market value al 31 March 2024 L9BQ53 2024 2023 The investment assets are held-. UK listed equtties Non-UK listed equities UK bond5 Non-UK bonds UK other securities Non-UK other securities Cash 586.311 325.159 127,690 758,582 127,184 138,878 110,911 305,795 172,335 97,354 131.857 137.900 Historical c05t At 31 March 2024 At 31 March 2023 893 627 Investments are held pri[nari￿ to pwde an investsnent rettsm for the charity. 15 RACING INDUSTRY ACCIDENT BENEFIT SCHEME NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 {CONTINUED) FIXED Ass￿ INVESTMEKfs (CONTINUED) The following are material itwesbnents that make up MO￿ than 15% of the Tnjst's investment portfolio.. Holding Value Trojan Investrnent Funds Vanguard S&P S￿) UCITS EtF lshare5 Physical Meta15 PLC JPMorgan GBP Liquidtty LVNAV Fund 17,780 56,849 78,688 51.240 450,000 1,500 450,OC DEBTORS 2024 2023 Other debtors 31Q579 217.130 10 CRED￿oR$ FALLING DUE wfTriiN ONE YEAR 2024 2023 Injury and disablement benefits Accruals 50,263 98,326 11 FINANCIAL COMMrrMENTS AND CONTINGENT LIABILMES The scheme is an entirety éiscretionary scheme operated aThJ administered by the Loss Adjusters Crawford 8A Company. on behaK of RIABS. The trustees ol the scheme mèy make. wthdraw, revoke or otherwise discontinue benefit at their 501e and unfettered di%cretion. No person has any right to receive or require the payment of benefits under the scheme and all benefits and payment of benefits are therefo￿ ex gratia. In addition, the tnjstees of the scheme have insured the charity against ary death and capital benefit claimL In the event ol deatl permanent total disablement from ar￿ occupation and partial disablemeni benefits are due as per the Schedule of Permanent Disabiliite& The capital sum insured is £1 54,500 for claims arising from an occupational accident and cover is extended to include medical and repatriation expenses up to a limit of £I0,000.O(K) for ernployees travelling abroad with their On the adwce of Marsh Commeroal, the Tru5tee5 purchase an annual insurance poliry. which covers the aggregate of all capital daims. as above. subject to an agreed excess. At each balarKe sheet date RIABS therefore has a contingent liability equal to the unused exces5 for unexpired policy years and associated claim periods. As at 3151 March 2024 the total Un￿ed excess was £1.377.955. 16 RACING INDusfRY AcaDENf BENEFIT SCHEME NOTES TO THE FINANCIAL ￿ATEmENTs FOR THE YÉAR ENDED 31 MARCH 2024 {CONTINUEDI 12 CONTROLUNG PARTY The Racillg Industry Accident Benefft Schen* is controlled by its Board of Trustees as a boo￿. Accordingly, there is no single tndividual that Cdn, or does exert control over the chartty. 13 ANALYSIS OF CHAR￿ABlE FUNDS All of the asset5 and liabilities are tr￿d in ￿SPeCt of the unreslricted fvThJ. 14 RELATED PARTY TRANSACTIONS During the year RIABS paid £7,(KK> P023- £7,0(K>l to the National Trainets Federation for administration servi provided during the year. Transactions with Trustees a￿ detailed in note 6. 15 PRIOR YEAR ADJUSTMETr EmployÈes' contrib¢Jtions a￿ paid io the charity quartwly in arrears. In previous years, c>nly the increase in the final quarterty atnount due was treated a5 a debtor. In the year to 31 March 2023. debtors were therefore underststpd by £212,2S2. The trustees of the chartty Iwve therefore made a prior year adju5trnent to correa the material error. Closing fvnds in the comparative5 to these finanoal $￿ernents have been increased by £271252,. closing fund5 were previously £1,902,194, restated funds are £ al 14.446. 17