2024-12-31-accounts

Registered number: 01592031 Charity number: 283656

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

CONTENTS

	Page
Reference and administrative details of the Company, its Trustees and advisers	1
Trustees' report	2 - 8
Independent auditors' report on the financial statements	9 - 12
Consolidated statement of financial activities	13 - 14
Consolidated balance sheet	15 - 16
Company balance sheet	17 - 18
Consolidated statement of cash flows	19
Notes to the financial statements	20 - 49

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees	Hon. Frances Caroline Burke Stanley, Chair
	John Henry Chatfeild-Roberts
	Brian Peter Finch
	Annette Julie Green
	Paul Richard Lindsell (resigned 16 January 2025)
	Nicholas Edward Francis Luck
	Paul George Taiano
	Lady Jane Grosvenor (resigned 13 June 2024)
	Jonathan Benson
	Adam Signy
	Paul Ogburn
	Michael Sutherill (appointed 1 August 2024)
	David Allan Thorpe (appointed 10 November 2024)
Company registered number 01592031 Charity registered number 283656 Registered office Palace House Palace Street Newmarket Suffolk CB8 8EP Independent auditors Larking Gowen LLP Chartered Accountants 1 Claydon Business Park Great Blakenham Ipswich IP6 0NL Investment managers Evelyn Partners 25 Moorgate London EC2R 6AY

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their Annual report together with the audited financial statements of the Company for the year 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Group and the Company qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

To maintain the standards expected of a national institution by ensuring excellence in collections management, a balance in the displays between period, themes and types of racing, sporting art, and between loans and acquisitions.

To maintain and improve the financial health of the organisation via a balanced range of income sources.

To provide a lively and varied annual programme of special exhibitions and displays to drive footfall and to address topics of interest and relevance unrepresented by the permanent displays.

To increase public access, attracting a broad audience to our collections and exhibitions.

To develop new audiences, to strengthen links with the local community, with a particular focus on young people.

To continue work to the permanent galleries not installed as part of the first phase of building the museum.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Activities undertaken to achieve objectives

The new Management Partnership with Discover Newmarket is proving to work well. Each department is working collectively to ensure that the Museums objectives and visions are met.

The main exhibition during the year was ICONS which ran from May-October. The exhibition featured photographic works from the late John Reardon and was a collection of contemporary pieces from Thoroughbreds to Michelin Star Chefs.

Much work has been done behind the scenes in regard to the gift shop - these include new shop re-fits and the introduction of two new product lines which have sold well.

The new program of commercial events has been successful in attracting visitors and raising awareness of the museum as a whole. 2024 saw the launch of two new annual events – Easter Pawty (Dog Show) and a Classic Car Show. Both saw a new demographic of visitor – from dog lovers to keen motorists whilst still relevant to the Museum’s core themes. A lecture to mark the 250th anniversary of George Stubbs’ birth plus a specialist Horse Whisper demonstration with a renowned expert in the field brought in further income. Confirming that there is an audience and support for specialist events.

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

With the departure of Stellar Catering from The Bakery, Dandelion Catering, who also occupy The Tack Room, have taken on this space. They will be offering similar takeaway style refreshments and light lunches and sweet treats to suit our visitors.

As a new source of rental income, it was decided to rent out the Mews Offices, which will increase rental income by £14,000 per annum. To enable this the residential flat has been converted into office space, leaving the Mews vacant for tenants to move into in the early part of 2025.

c. Volunteers

The Trustees and staff are extremely grateful to all the volunteers that contribute enormously to the Museum. The programme is made up of a variety of non-traditional volunteering backgrounds, their presence on site makes a huge difference to both visitors and staff and provide an increasingly important resource in supporting the curatorial team. This year the team was expanded with the introduction of maintenance volunteers which has greatly supported the upkeep and appearance of the site.

d. Main activities undertaken to further the Company's purposes for the public benefit

The public benefits principally from the preservation and conservation of this nationally important collection of racing works of art, social history objects, archival documents, and photographs. Members of the public are able to view the exhibitions in person and increasingly, online and to use the research services of the Museum.

The Museum also provides wider social benefit through the provision of greatly improved facilities and services for families and young people and through much improved educational facilities and learning programmes. The organisation works hard to engage the local community beyond the core racing audience. A community outreach programme has integrated the National Horseracing Museum into the life of Newmarket and its diverse communities, as well as those of the surrounding area.

To fulfil this, we have an extensive programme put together by the Creative Programme Manager which during the year under review included activities around Black History Month, Racing with Pride, Women in Racing, Suffolk Holiday Activity Programme, activities for older people and Sleep Clinics, Gerlad Leigh Youth Guides programme and Duke of Edinburgh Awards volunteering for young people and the second year of our Young Writers Awards which is now a national competition. Within formal learning the museum welcomed 66 school visits which totalled 1271 children and through outreach activities 1064 children. Informal learning included sessions such as Little Horseshoes, which is specific to children under the age of 4 and had 259 attendees. A Taste Ramadan event in partnership with the Newmarket Islamic Centre welcomed 70 participants. Children’s Saturday Art Club sessions ran with 31 participants for six months with a celebration and display in the atrium at the end of the programme for family and friends. Our annual programme Under Starters Orders had 412 children take part spread over 14 sessions in the summer term of 2024. Our Holiday Activities programme which runs every school holiday was well attended attracting 945 participants. These activities were inspired by the special exhibition ICONS and included everything from printing using gelli plates, making cyanotype prints, designing equine themed t-shirts and bags, making pasta and using clay and spray paint stencils. A total of 203 young people from the Newmarket Academy took part in Dubai Future Champions workshops and GCSE PE and Racing to School Beacon Sports Science Revision sessions.

Achievements and performance

a. Main achievements of the Company

Carried out a shop re-fit to improve shop merchandising and introduced new lines that better reflect the visitors’ expectations.

Reviewed all service contracts and implemented health and safety training and procedures to ensure full compliance across the whole site.

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Restructured yard team and brought in new regime which concentrates on more interaction with the equine residents which is proving very popular.

Carried out extensive research and consultation to look at ways to improve the visitor experience and increase visitor numbers and dwell time.

b. Key performance indicators

Increase in commercial income

Increase number of educational/community engagements

Review of all contracts across the board to assess need and ensure competitiveness. This exercise saw the cessation of several agreements which resulted in a budget savings.

c. Review of activities

After an exceptionally busy year in 2023, the focus for 2024 has been about building a new team and implementing a better working environment. All staff underwent appraisals, the first time in three years, and the subsequent agreed objectives and training and development plans can now feed into the development of a new Business Plan.

d. Factors relevant to achieve objectives

Extensive research has been carried out to look at ways in which the site could be improved by the creation of new interactive and immersive galleries and exhibitions as well as improvements in wayfinding. The introduction of new stories and experiences along with how such a transformation could be funded have been considered.

Further research is required, a full Audience Development Report is being considered. This would help to better understand the Museum’s current and anticipated profile visitor to ensure that whatever changes are implemented will be successful in achieving the required increase in numbers. This review will also look extensively at admission prices across the board including annual passes and gift aid.

This work will lead to a better understanding of how the museum needs to operate in order to work towards being financially independent and raising its profile as a must visit attraction.

e. Fundraising activities and income generation

The Museum received the second amount of £25,000 from the Cadogan Charity that was secured in 2022 by a Private Fundraiser.

Christopher Tregoning, continues to head up our fundraising committee, secured several donations during the year. Patrick Dalby Charitable Trust, Elizabeth Jackson, Rockcliffe and the Harris Foundation being some examples. These donations are to support the ongoing plans to continue the work on the permanent galleries, ensuring the collections are shown, exhibited and maintained to the highest standard.

Trusts such as HDH Wills and the Wilmington Trust have both awarded grants specific to Education projects. The Wilmington Trust awarded £5,000 to run a Young Writers Award to engage with young people in the local community. HDH Wills have awarded £3,500 to ensure that the workshops provided to the community and schools have enough materials and supplies. Examples of these workshops include Creative Community Art Club, Little Horseshoes and School Holiday activities that are all free to attend.

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

f. Investment policy and performance

Management of the Charitable Company’s investment portfolio is delegated by the Trustees to Evelyn Partners, who advise the Trustees on investment performance. The investment advisors are given the freedom they need to achieve the best results practicable without specific constraints on such matters as social, ethical, or environmental considerations.

Financial review

a. Going concern

The main uncertainty facing the museum is the long- term sustainability as a museum and visitor attraction. There has been a slow decline in admissions which has meant the museum is more dependent on donations, grants and other income streams. With this in mind, a new business plan is being developed to digitally transform the visitor experience and re-launch as a must-visit attraction. Thus, appealing to new audiences and driving visitor numbers and income.

New entertainment concepts are being introduced in 2025, both appealing to local businesses as Team building evenings or groups of friends. The first being a racing themed Escape Room and the second being Race Nights that will be held bi-annually at the Museum.

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

In line with guidance published by the Charities Commission, the Trustees are concerned to establish an adequate level of unrestricted reserves to enable the organisation to carry out its charitable objectives and to safeguard its activities in the event of unplanned financial challenges. The Trustees' policy is to build the endowment fund to such a level that the income from it will be sufficient to cover the core operating costs. The Trustees' policy regarding free reserves (funds not tied to fixed assets, designated, or restricted funds) is to maintain sufficient resources to meet its obligations as they fall due. Mindful of the need to protect the organisation against future financial challenges through either unplanned operational costs, loss of grant income or unexpected reductions in commercial income.

The free reserves target level of £350,000 equates to approximately four months of operational costs based on the annual operating cost budget. The shortfall on target is £246,128 and and the Trustees are working on a new business plan with the aim of building up the free reserves.

At the year end, the Group’s total funds amounted £17,704,514 (2023: £17,931,838) of which £161,941 (2023: £342,657) were restricted funds and £4,280,134 (2023: £4,074,601) were endowment funds. The Group’s unrestricted reserves were £13,262,439 (2023: £13,514,580) including £13,075,525 (2023: £13,223,263) of designated funds. Free reserves were £103,872 (2023: £291,317).

Structure, governance and management

a. Constitution

The National Horseracing Museum is registered as a charitable company limited by guarantee and was set up by a Trust deed, for the public benefit to promote public interest in the preservation of all activities which are of historical or scientific interest in connection with racehorses and persons and places connected with racehorses and the art of other sports generally, principally through the running of the National Heritage Centre for

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Horseracing and Sporting Art at Palace House, and to preserve and care for the heritage and buildings making up the Palace House complex and in furtherance of this object.

b. Methods of appointment or election of Trustees

The management of the Group and the Company is the responsibility of the Trustees who are elected and coopted under the terms of the Trust deed.

In the Museum's Memorandum and Articles it is agreed that:

• Trustee terms be limited to three years in the first instance, renewable (if both parties are in agreement) for a further three years.

• After six years’ service Trustee terms can, by mutual consent of the Chair and the respective Trustee, be renewable annually, to a maximum of nine years’ service in total.

• The Chair reviews the membership of those Trustees who have served more than six years, with a view to effecting an orderly transition from existing to new members.

• The Chair and Board will invite suggestions for new Trustees who can enhance the Board’s diversity in terms of age, professional expertise, and socio-economic background.

• The Museum will advertise publicly for new Trustees.

• The Museum will encourage applications for the Board by qualified candidates from visible and invisible minority group members, persons with disabilities, persons across the spectrum of sexual and gender identities, and others with the skill and knowledge to engage with diverse communities.

• The Board’s size to be no less than 10 and no more than 14 Trustees.

The Trustees will be asked (i) to ensure that the Museum runs smoothly and effectively by supervising and monitoring the performance of the Museum’s operation in accordance with the sector’s standards of good practice and the principles of transparency, diversity, equality, and fiscal sustainability and (ii) to assist the Executive to identify, cultivate and harness potential sources of external funding for core projects.

The appointment of Trustees is by proposal according to the skills requirements of the Charitable Company and requires a unanimous positive vote. The recruitment process focussing on the need for all Trustees to come from a variety of backgrounds, personal & experiential; ideally bringing experience in Finance; Higher Education; Museums (Policy/Operations and Collections); Events/Catering; Marketing and the Voluntary Sector.

Representation at Board meetings includes members of the Local Authorities (specifically one observer/attendee each from Suffolk County Council and West Suffolk District Council). To date, there has never been the need to remove a Trustee from office.

c. Organisational structure and decision-making policies

The Trustees determine the general policy of the Charitable Company and are elected in accordance with the Memorandum and Articles of Association. The day-to-day management of The National Horseracing Museum (the Museum) is delegated to the Museum senior staff and Discover Newmarket (collectively referred to as the Executive). The National Horseracing Museum is the legal entity responsible for running the Museum at Palace House, Newmarket.

The Trustees delegate authority on all strategic and day-to-day matters to the Executive. However, the following reserved matters require Trustee approval:

• The annual budget

• The annual auditors’ report

• Capital project expenditure above £100,000

• The annual, five-year Forward Plan, and any subsequent variants of this

• The annually reviewed Risk Register and the associated Risk Management Plan

• The Museum’s operational policies

• Changes in the terms of governance

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

• Staff ex gratia and bonus payments

• Changes to partnership agreements with the site’s associated charities.

While new Trustees will be asked to respect the Executive’s responsibility for the operation of the Museum, Trustees may also be asked to mentor a senior member of the Museum staff working in an area which corresponds to their own professional expertise.

d. Policies adopted for the induction and training of Trustees

Upon appointment, Trustees are given advice outlining their role and responsibilities to the Charitable Company and its structure and governance. Provision is made for external training of Trustees as necessary.

e. Pay policy for key management personnel

The Trustees consider the senior staff and Discover Newmarket, comprise the key management personnel in charge of directing and controlling, running, and operating the Charitable Company on a day-to-day basis. All Trustees give of their time freely, and no Trustee received remuneration in the year.

The pay of senior staff is reviewed annually, and The Trustees benchmark pay against levels in other provincial museums of a similar size. We follow Museums Association “Pay in Museums” guidance to ensure fair pay for all. Executive salaries are set by recommendation of the Audit & Performance Committee to the Chair of the Board.

f. Related party relationships

The Charitable Company is a member of Discover Newmarket, a community interest company (registration number 09362242).

The National Horseracing Museum holds 100% of the issued share capital of Palace House Trading Limited, a company registered in England and Wales.

With the consent of the Charitable Company, Trustees indemnity insurance has been purchased as a part of the insurance cover of the Charitable Company as a whole and is not separately identified within total insurance costs of £27,560 (2023: £30,367).It is understood and agreed that the policy is extended to include Trustees’ indemnity for a limit of indemnity up to GBP 250,000 in the annual aggregate. The insurance covers claims made against any Trustees in the event of their negligence in any aspect of the administration of the Charity including all costs and expenses.

Plans for future periods

The development of a new collaboration with the University of Manchester which includes a part-funded, threeyear graduate, with potential further research and grant support, provides the museum with a realistic means to make significant improvements to re-develop the offer and better meet visitor expectations and stabilise the business’s financial position.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Charitable Company has no share capital and is limited by guarantee. Each Trustee is a member of the Charitable Company and is a guarantor who undertakes to contribute to the assets of the Charitable Company,

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

in the event of it being wound up, such amount as may be required, not exceeding £1.

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently.

• observe the methods and principles of the Charities SORP (FRS 102).

• make judgments and accounting estimates that are reasonable and prudent.

• state whether applicable UK Accounting Standards (FRS 102) 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 Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

• so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.

Auditors

The auditors, Larking Gowen LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................

Hon. Frances Caroline Stanley

(Chair of Trustees)

Date:

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THE NATIONAL HORSERACING MUSEUM (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NATIONAL HORSERACING MUSEUM

Opinion

We have audited the financial statements of The National Horseracing Museum (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 December 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's 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 responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NATIONAL HORSERACING MUSEUM (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial 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 statements 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.

• the Trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

• the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NATIONAL HORSERACING MUSEUM (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

• Enquiries made with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace and fraud;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Reviewing board minutes and any relevant correspondence with external authorities;

• Reviewing legal and professional costs for indications of litigation;

• Challenging assumptions and judgements made by management in their significant estimates, in particular in relation to investment property valuations, depreciation calculations and stock valuations; and

• • Auditing risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NATIONAL HORSERACING MUSEUM (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Giles Kerkham (Senior statutory auditor)

for and on behalf of Larking Gowen LLP

Chartered Accountants Statutory Auditors 1 Claydon Business Park

Great Blakenham

Ipswich IP6 0NL

Date: 20 August 2025

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note Income and endowments from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 Total income and endowments Expenditure on: Raising funds 8 Charitable activities 9 Total expenditure Net expenditure before net gains on investments Net gains on investments Net (expenditure)/income Transfers between funds 20 Net movement in funds	Unrestricted funds 2024 £ 325,973 163,516 191,016 164,383 844,888 199,622 1,031,914 1,231,536 (386,648) - (386,648) 134,507 (252,141)	Restricted funds 2024 £ 177,274 - - - 177,274 - 223,483 223,483 (46,209) - (46,209) (134,507) (180,716)	Endowment funds 2024 £ - - - - - - - - - 205,533 205,533 - 205,533	Total funds 2024 £ 503,247 163,516 191,016 164,383 1,022,162 199,622 1,255,397 1,455,019 (432,857) 205,533 (227,324) - (227,324)	As restated Total funds 2023 £ 605,003 203,145 205,235 144,424 1,157,807 172,583 1,222,163 1,394,746 (236,939) 148,430 (88,509) - (88,509)

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Note Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2024 £ 13,514,580 (252,141) 13,262,439	Restricted funds 2024 £ 342,657 (180,716) 161,941	Endowment funds 2024 £ 4,074,601 205,533 4,280,134	Total funds 2024 £ 17,931,838 (227,324) 17,704,514	As restated Total funds 2023 £ 18,020,347 (88,509) 17,931,838

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

The notes on pages 20 to 49 form part of these financial statements.

Page 14

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee) REGISTERED NUMBER: 01592031

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024

Note Fixed assets Tangible assets 13 Heritage assets 14 Investments 15 Current assets Stocks 16 Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Total net assets Charity funds Endowment funds 20 Restricted funds 20 Unrestricted funds Designated Funds 20 General funds 20 Total unrestricted funds 20 Total funds	47,096 130,819 411,159 589,074 (323,261) 13,075,525 186,914	2024 £ 12,784,132 291,393 4,363,176 17,438,701 265,813 17,704,514 17,704,514 4,280,134 161,941 13,262,439 17,704,514	32,728 95,663 633,910 762,301 (211,369) 13,223,263 291,317	As restated 2023 £ 12,944,596 278,667 4,157,643
				17,380,906 550,932
				17,931,838
				17,931,838
				4,074,601 342,657 13,514,580
				17,931,838

Page 15

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee) REGISTERED NUMBER: 01592031

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Hon. Frances Caroline Burke Stanley (Chair of Trustees)

Date:

The notes on pages 20 to 49 form part of these financial statements.

Page 16

THE NATIONAL HORSERACING MUSEUM (A company limited by guarantee) REGISTERED NUMBER: 01592031

COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024

Note Fixed assets Tangible assets 13 Heritage assets 14 Investments 15 Current assets Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Total net assets Charity funds Endowment funds 20 Restricted funds 20 Unrestricted funds Designated funds 20 General funds 20 Total unrestricted funds 20 Total funds	185,039 392,610 577,649 (301,442) 13,065,131 197,309	2024 £ 12,773,738 291,393 4,363,177 17,428,308 276,207 17,704,515 17,704,515 4,280,134 161,941 13,262,440 17,704,515	117,283 533,910 651,193 (183,066) 13,209,237 208,513	As restated 2023 £ 12,930,570 278,667 4,157,644
				17,366,881 468,127
				17,835,008
				17,835,008
				4,074,601 342,657 13,417,750
				17,835,008

Page 17

THE NATIONAL HORSERACING MUSEUM (A company limited by guarantee) REGISTERED NUMBER: 01592031

COMPANY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024

The Company's net movement in funds for the year was £(130,493) ( As restated 2023 - £(89,976)).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Hon. Frances Caroline Burke Stanley

(Chair of Trustees)

Date:

The notes on pages 20 to 49 form part of these financial statements.

Page 18

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Investment income Purchase of intangible fixed assets Purchase of heritage assets New loans Net cash provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents within the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 20 to 49 form part of these financial statements	2024 £ (435,868) 164,383 (8,540) (12,726) 70,000 213,117 - (222,751) 633,910 411,159	2023 £ (193,096) 144,424 (15,831) - - 128,593 - (64,503) 698,413 633,910

Page 19

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. General information

The National Horseracing Museum is a registered company, limited by guarantee, and a charity registered with the Charity Commission. The National Horseracing Museum is incorporated in England and Wales, company registration number 01592031 and charity registration number 283656. The registered office is Palace House, Palace Street, Newmarket, Suffolk, CB8 8EP.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The National Horseracing Museum is a Charitable Company limited by guarantee, incorporated in England and Wales which meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are prepared in sterling, which is the functional currency of the Charitable Company. Monetary amounts in these financial statements are rounded to the nearest £.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Basis of consolidation

The consolidated financial statements incorporate the accounts of the Charitable Company and those of its trading subsidiary, Palace House Trading Ltd, for the year ended 31 December 2024 on a Iineby-line basis. A Separate Statement of Financial Activity (SOFA) is not presented because the Charitable Company has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006.

2.3 Going concern

The group finances its day-to-day operations primarily from grants and donations. The Trustees have prepared forecasts and projections through to 31 December 2026. After reviewing these forecasts and projections, with the back-up of an expendable endowment, which can be utilised to meet any shortfall in forecast income, at the time of approving these financial statements, the Trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for at least the next 12 months. The Trustees therefore consider it appropriate to continue to adopt the going concern basis in preparing the group's financial statements.

Page 20

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.4 Income

All grants, donations and income from charitable activities are recognised when the Charitable Company is legally entitled to the income and the amount can be quantified with reasonable probability. Income is only deferred when admission fees or other income are received in advance.

Income from other trading activities is recognised as earned when the related goods and services are provided.

Investment income is recognised on a receivable basis.

2.5 Volunteers and donated services facilities

The value of services provided by volunteers is not incorporated in these financial statements. Their valuable contribution is recognised in the Report of the Trustees.

There are no donated services or facilities to recognise in these financial statements, if services are provided to the Charitable Company as a donation that would normally be purchased from suppliers, these will be included in the financial statements at an estimate of the value of the contribution to the Charitable Company.

2.6 Expenditure

Expenditure is recognised when a liability is incurred. Contractual arrangements are recognised as goods and services when supplied or when a constructive obligation arises which results in the payment being unavoidable.

• Costs of raising funds are those costs incurred in running the Museum Café, Gift Shop, Tours and Fundraising Events and, in these consolidated accounts, include the costs incurred by the trading subsidiary.

• Charitable activities relate to the costs of running of the Museum.

• Support costs have been allocated to the relevant activity cost categories on a basis consistent with the use of those resources. This has been via an estimated percentage by the Trustees where it is not practical to identify actual costs.

2.7 Irrecoverable VAT

All resources expended are classified under activity headings that aggregate all costs related to that category. The Charitable Company is partially culturally exempt. and irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Page 21

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.8 Museum collections heritage assets

The collection consists of historic assets associated with horseracing. The value shown in the accounts is that of purchases added to the collection over a period of years. No value has been attributed to donated items added to the collection prior to 2005.

The Trustees consider that the historic nature of the collections, which is displayed in the National Horseracing Museum in furtherance of the Charitable Company's objects, is such that it is not appropriate to place a value on the entire collection, as the significant cost involved would be onerous compared with the additional benefit derived by the users of the financial statements.

No provision is made for diminution in value of the Museum collections, as in the opinion of the Trustees its value is maintained.

2.9 Tangible fixed assets and depreciation

Tangible fixed assets costing £350 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

• Long-term leasehold property over 100 years Motor vehicles - over 5 years - Fixtures and fittings over 5 years

2.10 Investments

Listed fixed asset investments are included in the balance sheet at their bid valuation, as advised by the Investment Managers, adjusted for impairment in value.

2.11 Investment in subsidiary

In the separate accounts of the Charitable Company, the interest in the subsidiary is initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

The interest in the subsidiary is assessed for impairment at each reporting date. Any impairment loss or reversal of impairment losses are recognised immediately in the net movement in funds.

Page 22

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.12 Stocks

Stock, being goods held for resale, is stated at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in first out basis. Net realisable value is based on estimated selling price.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss.

2.13 Operating leases

Rental expenditure applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.

2.14 Financial instruments

Financial assets and financial liabilities are recognised when the Charitable Company becomes a party to the contractual provisions of the instrument.

Financial assets

Basic financial assets including trade and other receivables are initially measured at transaction price (including transaction costs) and are subsequently carried at amortised cost using the effective interest method.

Financial instruments at fair value

Investments

Investments are equity investments over which the Charitable Company has no significant influence, joint control or control and are initially measured at transaction price. Transaction price includes transaction costs, except where trade investments are measured at fair value through profit or loss when transaction costs are expensed to profit or loss as incurred. Investments are measured at fair value through profit or loss or cost less impairment if fair value cannot be measured reliably.

The fair value of investments quoted on a recognised stock exchange is the quoted bid price.

Financial liabilities

Basic financial liabilities, including trade and other payables are recognised at transaction price. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities where payment is due within one year or less. If not, they are presented as creditors due after more than one year. Trade and other payables are subsequently measured at amortised cost.

2.15 Pensions

The Charitable Company contributes to the personal pension plans of certain employees. The cost is charged to the income and expenditure account as contributions fall due.

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

Page 23

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.16 Taxation

The Charitable Company 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.

2.17 Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met, and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2.18 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.19 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.20 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.21 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

Page 24

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.22 Fund accounting

The Charitable Company maintains various types of funds as follows:

Endowment funds

The endowment fund represents monies raised to establish a permanent and expendable endowment fund. The permanent endowment fund will continue in perpetuity and only investment income from the endowment fund may be drawn upon for transfer to the General Fund as set out in note 19. The expendable endowment fund relates to funds received to support any shortfall in income or exceptional costs.

Restricted funds

The restricted funds represent monies received to fund specific activities and to purchase certain items for the collection as set out in note 19 of the financial statements.

Unrestricted funds

General unrestricted funds represent monies which are expendable at the discretion of the Trustees in the furtherance of the objects of the Charitable Company. Such funds may be held in order to finance both working capital and capital investment.

Designated funds

The designated funds represent amounts which have been put aside out of unrestricted funds at the discretion of the Trustees. The fund reflects the unrestricted fixed assets.

2.23 Legal status of the Charitable Company

The Charitable Company has no share capital but is limited by guarantee. Every member of the Charitable Company is a guarantor and undertakes to contribute such amounts as may be required to the assets of the Charitable Company in the event of it being wound up. Each guarantor’s liability is limited to £1.

Page 25

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. Critical accounting estimates and areas of judgment

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstance.

Critical accounting estimates and assumptions

The Charitable Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

The carrying value of the Museum’s collection of heritage assets is held at cost and not depreciated. In concluding that these assets are not impaired management makes estimates as to the current value of the assets and their value in use.

Critical areas of judgement

In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the Charitable Company as lessee.

The Charitable Company accounts for depreciation on leasehold property in accordance with FRS 102. Properties are depreciated over their estimated useful life, taking into account any residual value. Judgements are made on the residual values and estimated useful live of the assets which are regularly reviewed. The Trustees have taken the decision to hold the leasehold property in a separate designated fixed asset fund.

4. Income from donations and legacies

Unrestricted funds 2024 £ Donations 184,712 Grants 141,261 325,973 Total 2023 324,944	Restricted funds 2024 £ - 177,274 177,274 280,059	Total funds 2024 £ 184,712 318,535 503,247 605,003	Total funds 2023 £ 190,404 414,599
			605,003

Page 26

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Income from charitable activities Unrestricted funds 2024 £ Admissions 142,544 Other income 20,972 163,516 Total 2023 203,145	Total funds 2024 £ 142,544 20,972 163,516 203,145	Total funds 2023 £ 198,292 4,853
		203,145

6. Income from other trading activities Income from fundraising events Unrestricted funds 2024 £ Fundraising activities 4,458 Total 2023 6,064	Total funds 2024 £ 4,458 6,064	Total funds 2023 £ 6,064

Page 27

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Income from other trading activities (continued)

Income from non charitable trading activities

Unrestricted funds 2024 £ Sales 155,014 Rent receivable 31,348 Other income 196 186,558 Total 2023 199,171	Total funds 2024 £ 155,014 31,348 196 186,558 199,171	Total funds 2023 £ 176,925 22,200 46
		199,171

7. Investment income

Unrestricted funds 2024 £ Income from listed investments 147,476 Bank deposits 16,907 164,383	Total funds 2024 £ 147,476 16,907 164,383	Total funds 2023 £ 143,837 587
		144,424

Page 28

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Expenditure on raising funds

Fundraising trading expenses

Unrestricted funds 2024 £ Fundraising costs 196,678 Other trading expenses Unrestricted funds 2024 £ Administration expenses 2,305 Administration staff costs 639 2,944	Total funds 2024 £ 196,678 Total funds 2024 £ 2,305 639 2,944	Total funds 2023 £ 171,001
		Total funds 2023 £ 1,200 382
		1,582

9. Analysis of expenditure by activities

Operating the Museum Total 2023	Activities undertaken directly 2024 £ 112,576 130,285	Support costs 2024 £ 1,142,821 1,091,878	Total funds 2024 £ 1,255,397 1,222,163	Total funds 2023 £ 1,222,163

Page 29

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. Analysis of expenditure by activities (continued)

Analysis of direct costs

Practical gallery wages Exhibition and conservation Analysis of support costs Staff costs Depreciation and loss on disposal Property costs Administration costs Advertising and publicity costs Auditors' remuneration Fees payable to the Group's auditor for the audit of the Group's annual accounts Accountancy services Tax advisory	Total funds 2024 £ 23,214 89,362 112,576 Total funds 2024 £ 396,877 165,372 353,159 197,212 30,201 1,142,821 2024 £ 18,000 3,500 650	Total funds 2023 £ 30,537 99,748
		130,285
		As restated Total funds 2023 £ 425,305 179,686 181,016 227,881 77,990
		1,091,878
		2023 £ 16,000 3,300 2,350

10. Auditors' remuneration

Page 30

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	Group 2024 £ 400,226 25,935 13,849 440,010	Group 2023 £ 428,954 28,933 14,870 472,757	Company 2024 £ 381,455 25,426 13,210 420,091	Company 2023 £ 412,436 28,918 14,488
				455,842

The average number of persons employed by the Company during the year was as follows:

Administration Visitor Services/retail	Group 2024 No. 9 17 26	Group 2023 No. 9 18 27	Company 2024 No. 9 17 26	Company 2023 No. 9 18
				27

No employee received remuneration amounting to more than £60,000 in either year.

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 December 2024, expenses totalling £ 521 in respect of consumables and guest entertainment were reimbursed or paid directly to 2 Trustees (2023 - £323 to 1 Trustee) .

The key management personnel of the Museum comprise the Finance Manager, Facilities Manager and the Packard Curator. The total employee remuneration, benefits, and employer costs of the key management personnel of the Charitable Group were £112,462 (2023: £98,829) .

Page 31

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Tangible fixed assets

Group

Cost or valuation At 1 January 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023	Long-term leasehold property £ 14,756,323 8,540 14,764,863 1,862,007 141,845 2,003,852 12,761,011 12,894,316	Motor vehicles £ 20,733 - 20,733 20,733 - 20,733 - -	Fixtures and fittings £ 257,415 - 257,415 207,135 27,159 234,294 23,121 50,280	Total £ 15,034,471 8,540
				15,043,011
				2,089,875 169,004
				2,258,879
				12,784,132
				12,944,596

Page 32

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Tangible fixed assets (continued)

Company

Cost or valuation At 1 January 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023	Long-term leasehold property £ 14,756,323 8,540 14,764,863 1,862,007 141,845 2,003,852 12,761,011 12,894,316	Motor vehicles £ 20,734 - 20,734 20,734 - 20,734 - -	Fixtures and fittings £ 221,804 - 221,804 185,550 23,527 209,077 12,727 36,254	Total £ 14,998,861 8,540
				15,007,401
				2,068,291 165,372
				2,233,663
				12,773,738
				12,930,570

Page 33

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. Heritage assets

Group and Company

Assets recognised at cost

Carrying value at 1 January 2024 Additions	Heritage Assets £ 278,667 12,726
	291,393

The museum collection of over 10,000 objects including paintings, decorative art objects, silks, trophies, racing and betting equipment, racing memorabilia and an extensive documentary and photographic archive tells the story of the development of thoroughbred racing from the early 17th century to the present day. It also holds many reference books and materials in the library and archives.

The Museum’s collections are an important record of horseracing from the seventeenth century to the current day and are a source of information for researchers from all over the world.

The collections are stored in the Collections Store, the Archive, the Library and in the galleries in Palace House and Trainers House.

The collection is managed by the Collections Manager and Collections Team (Graduate Trainee and Project Officer).

The public has access to the gallery spaces. Storage spaces (library, archive and store) are not accessible to the public, and the collection database is partially accessible online.

Analysis of heritage asset transactions

Group and Company

Donations Additions Total additions	2024 £ 12,726 12,726	2023 £ - -	2022 £ - -	2021 £ 6,225 6,225	2020 £ 5,000
					5,000

Page 34

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Fixed asset investments

Group Cost or valuation At 1 January 2024 Additions Disposals Gains/losses Movement on cash accounts At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 Investments includes £32,072_(2023: £52,961)_in cash accounts.	Listed investments £ 4,157,643 522,314 (501,426) 205,533 (20,888) 4,363,176 4,363,176 4,157,643

Page 35

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Fixed asset investments (continued)

Investments

Company Cost or valuation At 1 January 2024 Additions Disposals Revaluations Amounts written off At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023	in subsidiary companies £ 1 - - - - 1 1 1	Listed investments £ 4,157,643 522,314 (501,426) 205,533 (20,888) 4,363,176 4,363,176 4,157,643	Total £ 4,157,644 522,314 (501,426) 205,533 (20,888) 4,363,177 4,363,177 4,157,644

Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name	Company	Registered office or principal	**Principal activity **	Class of
	number	place of business		shares
Palace House Trading	10343747	Palace House, Palace Street,	Retail, restaurant,	Ordinary
Limited		Newmarket, Suffolk, CB8 8EP	cafe, and event
			catering services

Holding Included in consolidation

100% Yes

The financial results of the subsidiary for the year were:

Page 36

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Fixed asset investments (continued) Name Income £ Expenditure £ Palace House Trading Limited 186,558 198,582 16. Stocks Raw materials and consumables Finished goods and goods for resale	Loss £ 12,024 Group 2024 £ 349 46,747 47,096	Net liabilities £ 309,110 Group 2023 £ 349 32,379
		32,728

17. Debtors

Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income	Group 2024 £ 11,240 - 30,447 89,132 130,819	Group 2023 £ 8,113 - 20,430 67,120 95,663	Company 2024 £ 3,545 68,500 32,690 80,304 185,039	Company 2023 £ 2,445 19,787 28,609 66,442
				117,283

Page 37

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Creditors: Amounts falling due within one year

Other loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income	Group 2024 £ 70,000 79,074 6,899 92,266 75,022 323,261	Group As restated 2023 £ - 44,812 4,400 82,750 79,407 211,369	Company 2024 £ 70,000 68,668 6,107 92,146 64,521 301,442	Company As restated 2023 £ - 36,512 3,914 82,593 60,047
				183,066

19. Prior year adjustments

In the prior year other creditors was overstated by £69,462. A prior year adjustment has been made to reduce the creditor in the year ended 31 December 2023.

The impact of this adjustment is a reduction of creditors and expenditure in 2023 of £69,462, and an equal increase in unrestricted funds carried forward.

Page 38

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Statement of funds

Statement of funds - current year

Balance at 1 January 2024 As restated £ Unrestricted funds Designated funds Fixed Asset Fund 13,223,263 General funds General Funds 291,317 Total Unrestricted funds 13,514,580 Endowment funds HLF Catalyst Endowment Permanent Fund 2,263,502 The Hon John Lambton Voluntary Settlement Permanent Fund 706,211 Jim Joel Legacy Scheme Expendable Fund 30,715 Thompson Family Charitable Trust Expendable Fund 495,405 The Hon John Lambton Voluntary Settlement Expendable Fund 578,768 4,074,601	Income £ Expenditure £ - (169,004) 844,888 (1,062,532) 844,888 (1,231,536) - - - - - - - - - - - -	Transfers in/out £ 21,266 113,241 134,507 - - - - - -	Gains/ (Losses) £ Balance at 31 December 2024 £ - 13,075,525 - 186,914 - 13,262,439 114,177 2,377,679 35,623 741,834 1,549 32,264 24,989 520,394 29,195 607,963 205,533 4,280,134	Gains/ (Losses) £ Balance at 31 December 2024 £ - 13,075,525 - 186,914 - 13,262,439 114,177 2,377,679 35,623 741,834 1,549 32,264 24,989 520,394 29,195 607,963 205,533 4,280,134
				186,914
				13,262,439
				2,377,679 741,834 32,264 520,394 607,963
				4,280,134

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Statement of funds (continued)

Restricted funds

Restricted funds
Museum Collection Purchases Exhibition Donations Project Posts Funding Education Funds Completion of Permanent Galleries National Hunt scheme Racing Foundation Total of funds	136,689 37,413 46,813 34,993 59,193 5,000 22,556 342,657 17,931,838	- 30,000 83,774 8,500 20,000 - 35,000 177,274 1,022,162	- (40,387) (97,005) (28,572) (4,068) - (53,451) (223,483) (1,455,019)	(136,689) - - 2,182 - - - (134,507) -	- - - - - - - - 205,533	- 27,026 33,582 17,103 75,125 5,000 4,105
						161,941
						17,704,514

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Statement of funds (continued)

Designated funds

The Fixed Asset fund reflects the total net book value of all fixed assets at the reporting date, including heritage assets.

Endowment funds

All capital raised for the Heritage Lottery Fund (HLF Catalyst Endowment Fund) will form a permanent fund.

The Jim Joel Legacy Scheme is an expendable fund relating to endowed income received in 2020 in recognition of Mr Joel's contribution to UK racing. This scheme is sponsored by the Childwick Trust who gave £31,000 to set up the scheme to encourage legacy giving.

The Hon John Lambton Voluntary Settlement Fund and The Thompson Family Charitable Trust Fund are for the long term support of the operation of the Charity.

Income from endowments is recognised within income funds.

Restricted funds

Museum Collection Purchases

Represents amounts received from the Friends of the National Horseracing Museum for the purpose of acquiring items for the permanent collection. £136,689 is represented by heritage assets and is considered to have been fully spent in accordance with the terms of the original restriction.

Exhibition Donations

This fund is for amounts received for expenditure relating to specific exhibitions.

Project Posts Funding

Represents income which has been acquired for a fixed period for the purpose of project development and funding additional employee costs in relation to the project.

Education Funds

Represents monies received to facilitate continued employment of Education Officer, education activities and marketing of the education function.

Completion of Permanent Galleries

Funds received to facilitate works to complete and improve the galleries and visitor experience.

National Hunt Scheme

Grant awarded to help sustain the core activities of the National Hunt gallery.

Racing Foundation

This grant is restricted for use towards the activities and associated costs to deliver the Creative Programme.

NLHF

Grant from the National Lottery Heritage Fund to develop new commercial income.

Retaining of racehorses

Grant monies receivable from Retraining of Racehorses for retaining racehorses' onsite.

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Statement of funds (continued)

Transfers

An amount of £21,266 was transferred from unrestricted funds to the Fixed Asset fund representing the additions to tangible fixed assets & heritage assets made in the year.

Within the restricted education funds, £2,182 was transferred from unrestricted funds to the Coral Pritchard Gordon graduate scheme fund. This transfer covered the remaining portion of the graduate's salary after the original fund was fully spent.

An amount of £136,689 was transferred from restricted funds to general reserves, to reflect that the Museum Collection Purchases fund has been fully spent.

Statement of funds - prior year

Balance at 1 January 2023 £ Unrestricted funds Designated funds Mews Project Fund 512,393 Palace House Fund 12,542,677 Fixed Asset Fund - 13,055,070 General funds General Funds 770,026 Total Unrestricted funds 13,825,096 Endowment funds HLF Catalyst Endowment Permanent Fund 2,181,047	Balance at 1 January 2023 £ Unrestricted funds Designated funds Mews Project Fund 512,393 Palace House Fund 12,542,677 Fixed Asset Fund - 13,055,070 General funds General Funds 770,026 Total Unrestricted funds 13,825,096 Endowment funds HLF Catalyst Endowment Permanent Fund 2,181,047	Income £ - - -	Expenditure £ (11,586) (283,604) - (295,190) (916,123) (1,211,313) -	Expenditure £ (11,586) (283,604) - (295,190) (916,123) (1,211,313) -	Transfers in/out £ (500,807) (12,259,073) 13,223,263 463,383 (440,334) 23,049 -	Transfers in/out £ (500,807) (12,259,073) 13,223,263 463,383 (440,334) 23,049 -	Gains/ (Losses) £ - - -	As restated Balance at 31 December 2023 £ - - 13,223,263 13,223,263 291,317 13,514,580 2,263,502
		-					-
		877,748 877,748 -			(440,334) 23,049 -		- - 82,455

Page 42

(A company limited by guarantee)

THE NATIONAL HORSERACING MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Statement of funds (continued)

Statement of funds - prior year (continued)

The Hon John Lambton Voluntary Settlement Permanent Fund Jim Joel Legacy Scheme Expendable Fund Thompson Family Charitable Trust Expendable Fund The Hon John Lambton Voluntary Settlement Expendable Fund Restricted funds Museum Collection Purchases Exhibition Donations Project Posts Funding Education Funds Completion of Permanent Galleries National Hunt scheme	Balance at 1 January 2023 £ 680,485 29,596 477,358 557,685 3,926,171 136,689 27,587 16,630 8,174 46,928 5,000	Income £ - - - - - - 25,127 82,080 42,352 25,000 -	Expenditure £ - - - - - - (15,301) (51,897) (15,533) (2,267) -	Transfers in/out £ - - - - - - - - - (10,468) -	Gains/ (Losses) £ 25,726 1,119 18,047 21,083 148,430 - - - - - -	Balance at 31 December 2023 £ 706,211 30,715 495,405 578,768
						4,074,601
						136,689 37,413 46,813 34,993 59,193 5,000

Page 43

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Statement of funds (continued)

Statement of funds - prior year (continued)

Racing Foundation NLHF Retraining of Racehorses Total of funds	Balance at 1 January 2023 £ 12,330 15,742 - 269,080 18,020,347	Income £ 90,500 - 15,000 280,059 1,157,807	Expenditure £ (67,693) (15,742) (15,000) (183,433) (1,394,746)	Transfers in/out £ (12,581) - - (23,049) -	Gains/ (Losses) £ - - - - 148,430	Balance at 31 December 2023 £ 22,556 - -
						342,657
						17,931,838

Page 44

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. Summary of funds

Summary of funds - current year

Designated funds General funds Endowment funds Restricted funds	As restated Balance at 1 January 2024 £ 13,223,263 291,317 4,074,601 342,657 17,931,838	Income £ - 844,888 - 177,274 1,022,162 Income £ - 877,748 - 280,059 1,157,807	Expenditure £ (169,004) (1,062,532) - (223,483) (1,455,019) Expenditure £ (295,190) (916,123) - (183,433) (1,394,746)	Transfers in/out £ 21,266 113,241 - (134,507) - Transfers in/out £ 463,383 (440,334) - (23,049) -	Gains/ (Losses) £ - - 205,533 - 205,533 Gains/ (Losses) £ - - 148,430 - 148,430	Balance at 31 December 2024 £ 13,075,525 186,914 4,280,134 161,941
						17,704,514
						Balance at 31 December 2023 £ 13,223,263 291,317 4,074,601 342,657
Summary of funds - prior year
Designated funds General funds Endowment funds Restricted funds	Balance at 1 January 2023 £ 13,055,070 770,026 3,926,171 269,080 18,020,347
						17,931,838

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THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

22. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted funds 2024 £ Tangible fixed assets 12,784,132 Fixed asset investments 83,042 Heritage assets 291,393 Current assets 427,133 Creditors due within one year (323,261) Total 13,262,439 Analysis of net assets between funds - prior period Unrestricted funds 2023 £ Tangible fixed assets 12,944,596 Fixed asset investments 83,042 Heritage assets 141,978 Current assets 556,333 Creditors due within one year (211,369) Total 13,514,580	Restricted funds 2024 £ - - - 161,941 - 161,941 Restricted funds 2023 £ - - 136,689 205,968 - 342,657	Endowment funds 2024 £ - 4,280,134 - - - 4,280,134 Endowment funds 2023 £ - 4,074,601 - - - 4,074,601	Total funds 2024 £ 12,784,132 4,363,176 291,393 589,074 (323,261) 17,704,514 Total funds 2023 £ 12,944,596 4,157,643 278,667 762,301 (211,369) 17,931,838
Analysis of net assets between funds - prior
Tangible fixed assets Fixed asset investments Heritage assets Current assets Creditors due within one year Total

Page 46

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges (Gains)/losses on investments Investment income Increase in stocks Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash used in operating activities 24. Analysis of cash and cash equivalents Cash at bank and in hand Total cash and cash equivalents 25. Analysis of changes in net debt At 1 January 2024 £ Cash at bank and in hand 633,910 Debt due within 1 year - 633,910	Group 2024 £ (227,324) 151,131 (205,533) (164,383) (14,368) (41,982) 38,990 (463,469) Group 2024 £ 411,159 411,159 Cash flows £ (222,751) (70,000) (292,751)	Group As restated 2023 £ (88,509) 183,657 (148,430) (144,424) (2,016) 15,717 (9,085) (193,090) Group 2023 £ 633,910 633,910 At 31 December 2024 £ 411,159 (70,000) 341,159

Page 47

THE NATIONAL HORSERACING MUSEUM

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

26. Capital commitments

	Group	Group
	2024	2023
	£	£
Contracted for but not provided in these financial statements
Acquisition of intangible assets	20,375	-

27. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The contributions payable by the group at year end are £2,225 ( 2023: £ 2,454), which is shown in other creditors.

28. Related party transactions

An independent and separately registered charity exists in connection with the National Horseracing Museum in the name of The Friends of the National Horseracing Museum, (charity registration number 291154). Given its independence the Friends' results are not incorporated within these financial statements.

During the year donations were made by the Friends of the National Horseracing Museum of £50,473 (2023: £Nil) .

The Charitable Company is a member of Discover Newmarket, a community interest company (registration number 09362242). During the year income of £16,039, (2023: £17,048) was delivered from this association in the form of admissions and cafe revenue and purchases in the year totalled £44,510 (2023: £36,974) . At the year end, a balance of £7,546 ( 2023: £4,884) was owed by the group.

With the consent of the Charitable Company, Trustees indemnity insurance has been purchased as a part of the insurance cover of the Charitable Company as a whole and is not separately identified within total insurance costs of £26,887 (2023: £30,367) .

During the year the Charitable Company recharged costs of £67,534, (2023: £79,150) to its subsidiary Palace House Trading Ltd. At the year end, a balance of £68,500 (2023: £19,787) was owed by the subsidiary and was recognised in debtors of the Charitable Company. A further balance of £309,110 (2023: £393,916) owed by the subsidiary has been provided against. During the year there was a management charge totalling £34,822 (2023: £52,270) between the Charitable Company and its subsidiary Palace House Trading Ltd.

During the year, the Charitable Company received a loan of £70,000 (2023: Nil ) from New England Stud Farm Limited a company owned by one of the trustees. The loan is interest free and repayable at an agreed time or within 28 days from the date of request.

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THE NATIONAL HORSERACING MUSEUM (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

29. Funds held for third parties

During the year the Group and the Charity received cash of £70,872 (As restated 2023: £91,718) on behalf of Presents Galore which is held within the group and the Charity's bank account. Presents Galore is a fundraising event which raises money via a Christmas fair, all proceeds of which are split between the Charity and Cambridge Children's Hospital. At the year end £70,872 (As restated 2023: £91 ,718) was owed to Presents Galore and is included within other creditors in the financial statements.

Page 49