Registered number.. 02266267
Charity number= 700405
NATIONAL HORSERACING COLLEGE
(A company limited by guarantee)
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
CONTENTS
Page
Reference and administrative details of the company. it5 Trustees and advisers
Trustees, report
3-11
Independent auditor's report on the financial statements
12-15
Consolldated statement of financlal actlvltles
16
Consolidated balance sheet
17-18
Company balance sheet
19-20
Consolidated statemènt of cash flows
21
Notes to the flnanclal statements
22-55

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 JUL Y2022
Trustees
Mr Gerard Sutcliffe, Chairman
Mr Howard Wright, Deputy Chairman
Mr Timothy Adarns MBE
Mr Timothy Lyle
Mr James Hetherton
Mr Jeffrey Enni5
The Honourable Oliver Greenall
Ms Susannah Gill
Ms Nicola Frampton
Ms Sally Iggulden
Dr Helen Mccarthy
Mr Callum Helliwell lappointed 8 December 20211
Mr Francis Stephenson (appointed 8 June 20221
Mr N Brewster (resigned 18 November 20211
Ice Presidents
Sir Robert Ogden CBE LLD (deceased 8 March 20221
Monsieur Didier Garnier
Mr Roy Thwaites
The Rt Hon Richard Caborn
Ms Julie Krone
Company re8lStered number
02266267
Charity registered number
7(XJ405
Registered office
The Stables. Rossington Hall. Great North Road. Ooncaster. South Yorkshire. DNII OHN
Patron
Countess of Halifax
Chief executive officer
Mr Stephen Padgett OBE
Independent auditor
BHP LLP, 2 Rutland Park, Sheffield, SIO 2PD
Page I

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS ICONTINUEDI
FOR THE YEAR ENDED 31 JUL Y2022
Bankers
Yorkshire Bank, 19 St Sepulchre Gate, Doncaster, DNI ITD
Sollcltors
Jordans, 4 Priory Place, Doncaster, DNI 18P
Penslon Admlnlstrators
South Yorkshire Pensions Authority, P O Box 37, Regent Street, Barnsley, S70 2PQ
Page 2

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 JUL Y2022
The trustee5 present their report and the audited financial statements of the charitable group for the year ended 31 July
2022. The Annual report serves the purposes of both a trustees, report and a directors, report under company law. The
trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by
Charities" in preparing the annual report and financial statements of the charitable group.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts
and comply with the charitvs governing document, the Charities Act 2011 and Accounting and Reporting by Charities..
Statement of Recommended Practice applicable to charities preparing their actounts in accordance with the Financial
Reporting Standard applicable IN the UK and Republic of Ireland published in October 2019.
Overvlew
While the consequences of the coronavirus pandemic will continue to be felt for year5 to come, this report is written in
the confident expectation that the robust, timely and effective actions of the NHC'S leaders not only have protected the
College from what could have been an existential threat but have positioned it to continue to succeed. In addition.
Trustees wish to re-state their appreciation of the very supportive positions adopted by partners in the industry and the
flexibility and resilience of the Colle8e'5 Staff.
The operating deficit in the year was £77,439 on total income of £2.709,192.
Objettives and tsrtivities
a. Policie5 and objectives
The objects of the charity are to advance education, particularly among young persons, and to relieve the need of
unemployed persons by the provision of vocational and academic training connected with the horse racin& equestrian,
agricultural, horticultural and their allied areas.
In 5ettin8 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 IPB21'
b. Strategles for achlevlng oblectlves
Provide accessible and inclusive training opportunities for people w3ntinE to work in the horse rating industrv.
Ensure training 15 realistic and relevant but delivered progressively to develop learner5 to be ready for work.
Provide a supportive, encouraging environment around that training enabling as many learners as possible to
achieve their Eoals.
Engage widely and collaboratively with employers across the industry to maximise learners, thances of gaining
and keeping paid employment.
Promote constructive behaviours and positive attitudes in all that we do.
Make the very best of resources available to optimise the College's contribution to public benefit.
Page 3

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JUL Y2022
Objedive5 and artivities lcontinuedl
c. Activlties undertaken to achieve objectives
Recruit widely and remove as many barriers as possible that could deter potential learners.
Provide bursaries and other practical support to ensure those with limited resources can access training
opportunities.
Provide intensive residential Foundation Courses covering a comprehensive syllabus that prepares them for the
jobs that are available.
Deliver life ski115 training to intrease learners, resiliente, confidence and independence.
Match learners with the rnost appropriate employment opportunities to optimise their chances of satisfaction and
success.
Provide ongoing support in the workplace to enable further learner development lapprenticeshipsl and aid
worker retention.
d. Main activities undertaken to further the company's purposes for the public benefit
The trustees confirm they have referred to the guidance contained in the Charity Commission's general guidance on public
benefit when reviewing its aim and objectives and in planning our future activities. In particular, the trustees consider its
investment into its chosen work5trearns of Workforce and Community Investment contribute towards its objectives
through providing a public benefit.
The National Horseracing College INHCI is the only specialist training provider to the horse racing industry in the north of
England and one of only two in the United Kingdom. The College offers a variety of training tourses designed to meet
industry needs. It has a reputation for deliverin8 high quality staff, many of whom go on to have lon8 careers in a wide
variety of roles in racing.
Achlevements und Perfomiance
a. Study Programme
This year, there were 100 learners overall on Study Programme courses - these included 19 Traineeships, 53 on the Ll
Residential Foundation Course IFC) and 28 on the non-residential, day attendance Doncaster Equine College IDECI
Programme. The residential programme is 12 weeks duration followed by a 6-week work placement planned with an
employer. While most learners are 16-18 year olds living away from home for the first time, each intake usually includes
small number of 19+ learner5.
Qualifications on the FC include Level I ILII Diploma in Racehorse Care and Riding, Ll Diploma in Work-8ased Horse Care,
Entry 3 Award in Ba51t Knowledge of the Horseracing Industry, L3 Award Short journey in the transportation of Horses and
Functional ski115. Achievement rates in the Ll Diploma were over 76Yo and in Trainee5hip5 were 84%. Overall, the Study
Programme saw 145 achievers, up from 108 last year and 129 in 2019120.
This has been a particularly challenging year due to COVID-19. Residential FC students were required to stay on site
without access to visitors, sometime5 for the whole course, and this Caused emotional distre55 for Some student5. Despite
other difficulties, the College's approach this year led to the retention rate for all age groups on the FC reaching an
extraordinarily impressive 90%, only two of the last 11 years were better.
Page 4

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JUL Y2022
Achievements and Performance Iwntinuedl
Icontinuedl
Functional English results overall have returned to a level more in line with normality at 71Yo compared to last yearfs
extraordinary rate of 90% while mathematics continue to be high at 82% overall. Functional skills results still are
extraordinarily good considering the starting points of learners.
There is a clear correlation that the starting points of learners impacts on their retention and achievement rates. The
table below show proportions of FC learner% declaring factors that can influente their progress..
Facltsr
ThlsY*a
stY•ar
Received coun5elliD8 or had a 5UPPOrt worker
42%
36%
28%
Self-stated mental hea￿h problem
Did not complete school.
Education, Health & Care Plan IEHCPI,
FaSte￿d11n tareladopted
32%
26%
20%
5%
1%
4%
16%
From dlsadvantaged area
43%
32%
While the proportion of learners Starting with these challenges has increased, almost acros5 the board corrpared to last
vear, The NHC'S dedicated staff continue to drive up achievements and progressions to very positive effect. For example.
it is outstanding also that learners with learninÉ difficulties or disabilities ILLDDI are more successful180.8%1 compare to
those without LLDD178.9%1.
The NHC prepares non-employed young people for the world of work. Learners follow an intensive curriculum that
includes social development skills covering employability, cooking, resilience. self-belief, time manaeement skills and
pieparation for functional 5ki115 at different leve15. There 15 a range of other additional accredit3tion opportunities such a5
safeguarding, ernergency first aid, Racin82Learn rrodules e.g. health and wellbein& LGBT+ awareness. There are also
sessions delivered by external speakers from NARS, Racing Welfare, Galahad Idrug awareness) and a nutrition expert.
Parent or guardian feedback 15 very positive about the personal development and irnproved behaviour of their children.
Of those who graduated from the residential FC 84% went into work placement land then apprenticeship 53%) and 60%
of those who graduated were deemed to go to a positive destination.
Page 5

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JUL Y2022
Achievements and Performance Iwntinuedl
Icontinuedl
b. Apprentlceshlps
The College's staff work hard to match learners to employers to determine the best placement ftsr them. The frequency
of support for learners on transition to apprenticeships ha5 increased, with consequent improvement in progre55ion5.
Once on apprenticeships, learners are employed in line with a national wage scale sanctioned by the British Horseracing
Authority IBHAI, which exceeds Apprenticeship wage requirements. Learners are on apprenticeships for up to 18 months
nd move between employers where netessary and appropriate. Where learners express a justified desire to move, NHC
work5 hard to find alternative racing yards, maintaining close contact to retain the learner IN learning. The industry is
renowned for its high turnover of staff and NHC works hard to keep apprentices on programme until completion. It has
instigated more thorough trackinE of its early leavers which suggests that 85% stay in the equine industrv.
The curriculum offer comprised L2 and L3 apprenticeships in equine groom and senior equine groom including diplorna5.
Additional qualifications are offered to learner5 including emergency first aid, safeguarding, transporting horses by road
on longjourneys and L2 functional skills.
Achievement levels improved ON previous years,. 100% passed their end point assessment IEPAI and 50% achieved
distinction compared to 30% last year.
c. Prlorltles, Actlvltles and Achlevements
The highest single priority is around safeguarding and oui duty of tare to learners on residential tourses, learneis in the
workplace and to slaff. The efforts that had been rnade to develop and adopt effective COVID safety protoco15 specific to
the situation at the NHC proved more successful than anyone could have hoped. A very high priority also continued to be
ensuring the viability of the business. Careful planning, control of outgoings, scheduling of works and optimal use of
Government schemes combine to sustain the College in a good position. Flexible working practices, adopted initially to
reduce the risks of COVID transmission, continue to be utili5ed where productivity can be maintained or enhanced and
benefits can accrue in quality of life terms.
d. Marketlng and Recrultlng
Additional resources put into this area over recent years are increasing expressions of interest, increasing engagement
through social media and increasing applications to the FC. These efforts continue apace as the racing industry continues
to bear the consequences of staff shortfalls.
e. Fundralslng and Commerclal Actlvltles
Although these activities have not recovered to pre-pandemic levels, both the NHCS well-established charity race day
events (Pontefract and Doncaster) made important contributions.
The charity has not carried out any significant fundraising activities.
Page 6

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JUL Y2022
Achievements and Performance Iwntinuedl
Icontinuedl
f. Infrastructure and Equlpment
The NHC continued to invest in these areas as part of its Strategy to enhance the offer to learners and the attraction of
commercial users. The increased capabilities and capacity of the NHC'S own maintenance staff continued to allow
improvements to be made to facilities at modest cost even when the effects of the pandemic limited the availability of
tradesmen elsewhere.
The sale of the land the College holds on a 99 year lease Ito 20951, which 15 approximately half of the area occupied by the
College but upon which the majority of its built infrastructure is sited, has had little impact on the operations or ambitions
of the NHC. Trustees are entirely confident in the security of the College's lease and do not foresee the transfer of
ownership posing any meaningful threat to the enterprise but continue to hope it might present opportunities in the
future.
Flnanclol revlew
a. Golng con￿rn
The charity, for some years, has been unable to comply with its policy to hold free reserves of between l and 2 months
operational expenditure. Group surpluses in unrestricted funds in recent years had allowed the College to work towards
adherence of the policy, however the onset of the global pandemic brought increased risk to the charity's finances.
The NHC has been fortunate to be supported by continued regular contract payments from the racing industry and some
additional support recognisiN8 the significant irnpact that will result over the coming year to two years due to cohorts of
learners which could not enter the training pipeline.
Steps taken by tentral government, ltscal authtsrities and the racing industry already have helped to support the College's
own efforts to 5UStain its staff and learners through this period of global adversity. Uncertainties around the pandemic still
remain, but the business has taken decisive and effective measures to preserve cash flow and increase its resilience.
The trustees have prepared forecasts of income and expenditure and cash flow for the period to 31 Marth 2024 whith
shows that they have sufficient cash to be able to continue for the foreseeable future. The trustee5 therefore continue to
adopt the going concern basis of preparation for these financial statements.
Page 7

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JUL Y2022
b. Reserves policy
The NHC has been fortunate to be supported by continued regular contract payments from the racing industry and
maintains its contract with the ESFA. Management decisions preserve liquidity in the business. For many years the
College was unable to fulfil its ambition to hold free reserves of between one and two months of the resources expended.
However, small surpluses IN unrestricted funds IN recent years and particularly careful husbandry of resources have put
the NHC in a relatively good position in this respect.
Net current liabilities at 31 July 2022 are £60,562 tsf which £247,029 are represented by restricted funds, leaving
unrestricted net current liabilities of £307,591 lof which £56,335 are held as designated funds). Whilst this is below the
minimum free reserves level of £210,000 it is clear that the College is moving in the right direction and expects to meet
the target levels by the generation of surpluses in future years.
c. Financial pèrformante
The operating105s for the year was £77,43912021'. Surplus of £209,252) with an actuarial gain for UK accounting purposes,
which does not affect cash, of £1,537,00012021'. £243,000) due to periodic revaluation of pension liabilities, leading to a
net surplus for the year of £1.459,56112021.' £452,252).
The total funds carried forward at the year end are £2,740,07012021.. £1,280,509) of which £2,493,04112021.. £1,033,746)
are unrestricted and £247,02912021: £246,7631 are restricted.
d. Penslon Ilablllty
The Accounting for Pensions regulations have had an impact on the net assets position of the Charity once again. The
latest actuarial valuation of the Scheme resulted in a decrease in the liability on the defined benefit pension scheme of
£1,510,000 from £1,674,000 million to £164,000.
This liability is, of course, a statement of the theoretical pension liability of the Charity at the balance sheet date based
upon current a55UrnPtions of future discount rate5,' future salary and pension increases and inflation. The liability only
crystallises when members retire or in the event of the winding up of the scheme, which is highly unlikely given that it is
the multi-employer South Yorkshire local Government scheme. The scheme has been closed to new NHC employees since
before 2015.
Page 8

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JUL Y2022
e. Principal risk5 and un¢ertaintie5
While the NHC'S leaders view the monitoring, assessment and mitigation of risks to be an ongoing process, risk
management policies are subject to periodic review. Risks are cateEorised low. medium or high in terms of likelihood and
seriousness. Modifying attions in response will transfer, treat, tolerate or terminate each risk. Every risk has a designated
owner and a timeframe for actions to be taken.
The table below illustrates some of the risk areas with ptstentially most serious consequences..
lrywdi
LOW
T￿EAT
t￿tt￿.1141￿1
TREAT
Ti4kn
VJG
TKAT
CEO
Efxu
(EO
le￿¢￿
T￿￿T
<EO
<EO
THEAT
470
T￿T
Structure and Govemunce
. Constitution
National Hor5eracin8 College registered as a charitable company limited by guarantee and wa5 set up by a Memorandum
of Association on 19 February 1988 and is a registered charity number 700405.
b. Methods of appolntment or electlon of Trustees
The management of the cornpany and th8 group 15 the responsibility of the trustee5 who are elected and co-opted under
the terms of the Articles of Assoclation. Trustees are recruited through sector networks and approached to discuss taking
on a trustee role.
c. Organlsatlonal structure and detlslon-maklng pollcles
The Board meet5 qu3rterly. Its busine55 always include5 a cornprehensive update from the Chief Executive. Business
decisions that have strate8lC Sl8nificance are made at Board level.
Page 9

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JUL Y2022
Structure and Governance Icontinuedl
There is a single standing sub-committee, the Finance Committee which is chaired by a trustee who is a very experienced
accountant and business person. Attendees include the Board Chairman, the Chief Executive, the Finance Director. the
Operatitsns Direttor and the Support Services Manager. All major finantial decisions are recommended to the Main Boèrd
where decision making occur5.
Task and Finish Groups are established for specific purposes e.g. Nominations Committee to identify a new Chairman or a
selection panel to selett a new Chief Executive.
All trustees, including the Chair, have fixed terms of office.
d. PolScles adopted for the Inductlon and tralnlng of Trustees
New trustees are provided with a tompiehensive induction, led by the Chief Executive and involving other staff, to ensure
they are provided with a comprehensive view of what the NHC doe5 and how it doe5 It.
All trustees are informed of trustee training opportunities organised by external bodies and enctsuraEed to attend ones
that will be valuable to them.
Informal visits by trustees are encouraged at any time to allow them to get to know the College well.
e. Pay pollcy for key management personnel
Trustees and senior leaders continue to recognise that the orEanisation's success is reliant on its team of dedicated staff.
Salaries were increased in line with the prevailing rate of inflation and a rnodest loyalty bonus was paid. This bonus was
based on length of service and unrelated to rates of pay. On principle, the CEO chooses not to accept any bonus.
Plans for future perlods
The continued success of the College is linked inextricably to the health and success of racing as a whole. Trustees
appreciate greatly therefore, efforts being made by the BHA and other5 to develop an industry strategy that will inform
important and much-needed decisions to shape the future for employees, participants, attendees and supporting or
related activities. Trustees expect the College's leadership to engage with and contribute to the industry's planning for
the future. In the rneèntime, they believe that the company has adequate resources to continue as a healthy going
concern and they look forward to the future with justifiable optirnism. IFurther details regarding the adoption of the
going concern basis can be found in the Note 2.3- Accounting Policies.)
Page 10

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JUL Y2022
Statement of Trustees, responsibilities
The trustees (who are also the directors of the company for the purposes of company lawl are responsible for preparing
the Trustees. report including the Strategic report and the financial statements in accordance with applicable law and
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustee5 to prepare financial staternent5 for each finaNci31 . 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
nd expenditure, for that period. In preparing these financial statement5, the trustees are required to..
select suitable accounting policies and then apply them consistently-
observe the methods and principles of the Charities SORP IFRS 1021..
make judgments and accounting estimates that are reasonable and prudent,.
state whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material
depèrtures 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 bu5ine55.
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
re5pon5ible for 5afegu3rding the as5et5 of the Group and the company and hence for taking reasonable step5 for the
prevention and detection of fraud and other irregularities.
Dlsclosure of Informatlon to audltor
Each of the persons who are trustees at the time when this Trustees. report is approved has confirmed that..
so far a5 that Trustee is aware, there is no relevant audit information of which the charitable group's auditor is
unaware, and
that Trustee has taken all the steps that ought to have been taken a5 a Trustee in order to be aware of any relevant
audit information and to establish that the charitable group's auditor is aware of that information.
Audltor
The auditor, BHP LLP, has indicated their willingness to continue in office. The designated trustees will propose a motion
reappointing the auditor at a meeting of the trustee5.
Approved by order of the members of the board of trustees and signed on their behalf bv..
Mr Gerard Sutcllffe
Date= Mar 8, 2023
Page 11

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS AND TRUSTEES OF NATIONAL HORSERACING COLLEGE
Opinion
We have audited the financial statements of National Horseracing College Ithe 'parent charitable company'l and its
subsidiaries (the 'group'l for the year ended 31 July 2022 which comprise the consolidated statement of financial
artivitie5, the con501idated balance sheet, the company balance sheet, the consolidated statement of cash flows and the
related note5, including a 5urnmary of significant accountin8 policies. The financial reporting framework that ha5 been
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting
standard 102 'The Financial Reportin8 Standard applicable in the UK and Republic of Ireland, Iunited Kinedom Generally
Accepted Accounting Practieel.
In our opinion the financial statements..
eive a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 July 2022
and of the group's incoming resources and application of resources, including its income and expenditure for the
vear 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 and the Charitie5 Art 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our
responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial
staternent5 section of our report. We are independent of the group and parent charitable company 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 appropriète.
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 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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NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS AND TRUSTEES OF NATIONAL HORSERACING COLLEGE
ICONTINUEDI
Other Informatlon
The other information comprises the information included in the Annual report other than the financial statements and
our Auditor's 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 ènd. in doing so, consider whether the other information is materially inconslstent with the
financial statements or our knowledge obtained in the course of the audit, or othenNise appear5 to be materially
misstated. If we identify such material incon5iStencies 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.
OplnSons on other matters prescrlbed by the Companles Act 2006
In our opinion. based on the work undertaken in the course of the audit..
the information given in the trustees, report (incorporating the directors, report) for the financial year for which
the financial statements are prepared is consistent with the financial statements.
the directors, report have been prepared in accordance with applicable legal requirements.
Mattèrs on which we arè rèquired to report by exception
In the light of our knowledge and understanding of the group and parent charitable company and it5 environment
obtained in the course of the audit, we have not identified material misstatements in the directors, report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and the Charities
Act 2011 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's financial statements are not in agreement with the accounting records and
returns,. or
certain disclosures of directors. 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 sm311 companies regime
and take advantage of the small companies, exemptions in preparing the direetor%' report and from the
requirem8nt to prepare a strategic report.
Page 13

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS AND TRUSTEES OF NATIONAL HORSERACING COLLEGE
ICONTINUEDI
Responslbllltles of trustees
As explained more fully in the trustees. responsibilities statement. the trustees Iwho are also the directors of the
charitable company for the purposes of company lawl 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 re5pon5ible 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.
Auditor's responsibilities for the audit of the financial statement5
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 Auditor's 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
IUKI will always detect a material mi5Statement when it exist5. Misstatement5 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.
Irreeularities, including fraud, are instances of non-compliance with laws and regulations. We desiÈn procedures in line
with our responsibilitie5, Outlined above, to detect rnaterial rnis5taternent5 in respect of irregularities, including fraud. The
extent to which our procedures are capable of detecting irregularities, including fraud is detailed below..
Our approach to identifyinE and assessing the risks of material misstatement in respect of irreÉularities. includine fraud
and non-compliance with law5 and regulations, wa5 a5 follows..
the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations..
we identified the laws and regulations applicable to the Èroup and parent charitable company through discussions
with directors and other management, and from our commercial knowledge and experience of the charitie5 sector,.
we focused on specific laws and regulation5 which we considered rnay have a direct material effect on the financial
statements or the operations of the group and parent charitable company, including the Charities Act 2011,
Companies Act 2006, quality assurance of courses, safeeuarding, horse welfare, data protection, employment and
health and safety legi51ation,'
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence,. and
we identified laws and regulations were communicated within the audit team reeularly and the team remained
alert to in5tance5 of non-compliance throughout the audit.
We assessed the susceptibility of the group and parent charitable companls financial statements to material
misstatement. including obtaining an understanding of how fraud might occur. by..
making enquiries of management as to where they considered there wa5 susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Page 14

## **NATIONAL HORSERACING COLLEGE** 

## **(A company limited by guarantee)** 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF NATIONAL HORSERACING COLLEGE (CONTINUED) 

- To address the risk of fraud through management bias and override of controls, we: 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

- assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and 

- investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; and 

- enquiring of management as to actual and potential litigation and claims. 

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 non-compliance. 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. 

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 Auditor's 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, and to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members and its trustees those matters we are required to state to them in an Auditor's 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 the charitable company's members, as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


**Jane Marshall (Senior statutory auditor)** for and on behalf of 

**BHP LLP** Chartered Accountants Statutory Auditor 2 Rutland Park Sheffield Sl0 2PD 

Date: 10 March 2023 

Page 15 



NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE
ACCOUNTI
FOR THE YEAR ENDED 31 JUL Y2022
Unrestricted
fun(Is
2022
Restricted
funds
2022
Total
fun(Is
2022
Total
funds
2021
Note
Income from:
Donations and legacie5
Charitable activities
41,500
1.079,117
125,271
41,SOO
2.549,647
125,271
16,600
2,602.801
135,320
13.522
1.470,530
Other trading activities
Other income
Total Income
1.245,888
1.470,530
2.716,418
2,768.243
Expènditure on:
Raising funds..
Voluntary income
Other trading
Charitable activities
101,767
68,887
1,188,336
15,869
26,864
128,631
68,887
2,580,470
15,869
103.522
83,274
2,351,435
1,392,134
Other expenditure
li
20,760
Total expenditure
1.374,859
1.418,998
2.793,857
2,558,991
Net lexpenditurellincome
Transfers between funds
1128,9711
51,266
51,532
151,2661
177,4391
209,252
22
Net movement in funds before other
retognlsed galns
177,7051
266
177,4391
209.252
Other recognlsed galns:
Actuarial 8ains/llossesl on defined benefit
pension schemes
29
1.537,000
1.537,000
243,000
Net movement in funds
1.459,295
266
1.459,561
452,252
Reconclllatlon of funds..
Total funds brought forward
Net movement in funds
1,033,746
1.459,295
246,763
266
1,280,509
1.459,561
828,257
452.252
Total funds carrled forward
2.493,041
247,029
2.740,070
1,280,509
The Consolidated Statement of Financial Activities complies with the requirements for an income and expenditure
account under Companies Act 2006 and includes all gains and losses recognised in the year. All income and expenditure
derive from continuing activities.
Page 16

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
REGISTERED NUMBER.. 02266267
CONSOLIDATED BALANCE SHEET
ASA T31JULY2022
2022
2021
Note
Fixed assets
Tangible assets
16
3.062,162
2,894.369
3.062,162
2,894,369
Currènt assets
Stocks
18
19.235
97,018
245.714
31,492
176,816
591.481
Debtor5
19
Cash at bank and in hand
361.967
799,789
Creditors.. amount5 falling due within one year
20
1422.5291
1426,5871
Net turrènt Iliabilitièsl l assets
160,5621
373.202
Total assets less current Ilabllltles
3.001,600
3,267.571
Creditors.. amounts falling due after more than
one year
21
197,5301
1313.0621
Net assets excluding pension liability
2.904,070
2,954,509
Defined benefit pension scheme liability
29
1164,0001
11,674,000)
Total nèt assets
2,740,070
1,280,509
Charlty funds
Restricted funds
22
247,029
246,763
Unrestricted funds
Designated funds
General funds
22
56.335
2,600,706
56,335
2,651,411
22
Unrestricted funds excluding pension liabilitv
Pension reserve
22
2,657.041
1164,0001
2,707,746
11,674,000)
22
Total unrestricted funds
22
2.493,041
1,033.746
Total funds
2.740,070
1,280,509
Page 17

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
REGISTERED NUMBER.. 02266267
CONSOLIDATED BALANCE SHEET ICONTINUEDI
ASA T31JULY2022
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..
Mr Gerard Sutcllffe
Ichair of Trustees)
Date:
Mar8,2023
The notes on pages 22 to 55 form part of these financial statements.
Page 18

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
REGISTERED NUMBER.. 02266267
COMPANY BALANCE SHEET
ASA T31JULY2022
2022
2021
Note
Fixed assets
Tangible assets
Investrnent5
16
3.030,470
2,857.065
17
3,030,472
2,857.067
Current assets
Stocks
18
9,539
192.782
22,060
297.501
Debtors
19
C35h at bank and in hand
132.367
461,706
334,688
781,267
Creditors.. amounts falling due within one year
20
1402.0801
1408.0631
Net current liabilities / assets
167,3921
373,204
Total asset5 le55 current liabilities
2.963,080
3,230,271
Creditors.. amounts falling due after more than
one year
21
197,5301
1313,0621
Net assets excluding pènsion liability
2,865,550
2,917.209
Defined benefit pension scheme liability
29
1164,0001
11,674.0001
Total net assets
2.701,550
1,243,209
Page 19

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
COMPANY BALANCE SHEET ICONTINUEDI
ASAT31JULY2022
2022
2021
Note
Charlty funds
Restricted funds
22
247,029
246,763
Unrestricted funds
Designated funds
General funds
22
56.335
2,562.186
56,335
2.614,111
22
Unrestricted funds excluding pension liabilitv
Pension reserve
22
2,618.521
2.670,446
22
1164.OC￿l
11,674,000)
Total unrestricted fund5
22
2,454,521
996,446
Total funds
2,701,550
1,243.209
The company has taken advantage of the exemption allowed under s408 of the Cornpanies Act 2006 and has not
presented its own statement of financial activities in these financial statements. The company's net movement in funds
for the year was £1.458,34112021- £475,409).
The Trustee5 acknowledge their responsibilitie5 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 Trustee5 and Signed on their behalf bv..
Mr Gerard Sutcliffe
Ichair of Trustees)
Date..
Mar8,2023
The notes on pages 22 to 55 form part of these financial statements.
Page 20

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JUL Y2022
2022
2021
Note
Cash flows from operatlng actlvltles
Net cash provided by operating activities
25
170.010
318,849
Cash flows from investing activities
Purchase of tangible fixed 3s5ets
Proceeds from disposal of fixed assets
1303,4721
7.041
1134,7341
Net cash used in investin8 artivities
1296.4311
1134,7341
Cash flows from financing activities
Repayrnent5 of borrowing
Interest paid
1203,4771
115.8691
1123,6221
120,7601
Net cash used in financing activities
1219.3461
1144,3821
Change in cash and cash equivalents in the year
1345.7671
39,733
Cash and cash equivalent5 at the beginning of the year
591,481
551,748
Cash and tash equlvalents at the end of the year
26
245.714
591.481
Page21

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
General information
The charity is a company limited by guarantee, incorporated in England and Wales, and consequently does not
have share capital. Its registered office is The Stables, Rossington Hall, Great North Road, Doncaster, South
Yorkshire, DNII DHN.
Accounting policies
2.1 Basis of preporgtion oAfinqnci915tgtement5
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 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
155ued October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021
and the Companies Act 2006.
National Horseracing College 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.
The consolidated statement of financial activities ISOFAI and Consolidated balance sheet consolidate the
financial statements of the company and its subsidiary undertaking. The results of the subsidiary are
consolidated on a line by line basis.
The company ha5 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 Compony status
The company is a company limited by guarantee. The members of the company are the Trustees named on
page l. In the event of the company being wound up, the liability in respect of the 8uarantee is limited to £1
per member of the company.
2.3 Golng concern
The charity, for some years, has been unable to comply with its policy to hold free reserves of between l and
2 months operational expenditure. Group 5urplu5es in unrestricted funds in recent years had allowed the
College to work towards adherence of the policy, however the onset of the global pandemic brought
increased risk to the charity's finances.
The NHC has been fortunate to be supported by continued regular contract payments from the racing
industry and some additional support recognising the significant impact that will result over the coming year
to two years due to cohorts of learners which could not enter the training pipeline.
Steps taken by central government, local authorities and the racing industry already have helped to SUPPOrt
the College's own efforts to sustain its staff and learners through this period of global adversity.
Uncertainties around the pandemic still remain. but the business has taken decisive and effective measures to
preserve cash flow and increase its resilience.
The Trustees have prepared forecasts of income and expenditure and cash flow for the period to 31 March
2024 which shows that they have sufficient cash to be able to continue for the foreseeable future.
Page 22

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
Accountin8 policies Icontinuedl
2.3 Golng concern fcontlnuedj
The Trustees therefore continue to adopt the going concern basis of preparation for these financial
statements.
2.4 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will
be received and the amount of income receivable can be measured reliably.
Grant5 are included in the consolidated statement of financial activities on a receivable basis. The balance of
income received for specific purpose5 but not expended during the period is shown IN the relevant funds on
the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred
and included in creditors as deferred income. Where entitlement occurs before income is received, the
income is aecrued.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are
distributed to the projects. Gifts donated for resale are included as income when they are sold.
Where the donated good is a fixed asset. it is measured at fair value. unless it is impractical to measure this
reliably, in which ease the c05t of the item to the donor should be used. The gain is recogni5ed a5 income
from donation5 and a corresponding amount Is included IN the appropriate fixed asset class and depreciated
over the useful economic life in accordance with the company's accounting policies.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to
the company which is the amount it would have been willing to pay to obtain services or facilitie5 of
equivalent economic benefit on the open market,. a corre5pondin8 amount 15 then recognised in expenditure
in the period of receipt.
Income tax recoverable in relation to investment income is recognised at the time the investment income is
receivable.
Other income is recogni5ed in the period in which it is receivable and to the extent the goods have been
provided or on completion of the service. Included in other income is QRS income which is recognised in the
period for which the claim was made.
2.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a
third party, it is probable that a transfer of economic benefits will be required in settlement and the amount
of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are
made up of the total of direct Costs and shared c05t5, including 5UPPOrt Costs involved in undertaking each
activity. Direct Costs attributable to a single activity are allocated directly to that activity. Shared costs which
contribute to more than one activity and support costs which are not attributable to a single activity are
apportioned between those activities on a basis consistent with the use of resources. Central staff costs are
allocated on the b3si5 of time spent, and depreciation charge5 allocated on the portion of the asset's use.
Page 23

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
Accountin8 policies Icontinuedl
2.5 Expendlture (contlnued)
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable
purposes and include5 C05ts of all fundraising attivities events and non-charitable trading.
Expenditure on charitable artivitie5 is incurred on directly undertaking the activities which further the Group's
objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.6 Tangiblefixed ossets Gnd depretiation
Tangible fixed assets C05tin8 £1,000 or more are capitalised and reco8nised when future economic benefits
are probable and the cost or value of the asset can be measured reliablv.
Tangible fixed assets are initially recognised at cost. After recognition. under the cost model. tangible fixed
as5et5 are measured at cost les5 accumulated depreciation and any accurnulated 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
Depreciation is provided on the following ba5es'.
Visitor centre
Buildine refurbishment
Leasehold land & buildings
Stable block
Plant, equipment and motor
vehicles
Gallop, rnenage and indoor riding
school
Assets under construction
Computer equipment
Variable between 2%- 33Yo on a reducing balance
Variable between IYo- 20Yo on a reducin8 balance
Variable between 1%- 20% on a reducing balance
1% reducing balance
Variable between 5%- 20Yo on a reducing balance
Variable between l%- IO% on a reducing balance
Not depreciated
Variable between 20Yo- 33% on a reducing balance
2.7 Investments
Investments in subsidiarie5 are valued at cost less provision for impairment.
2.8 Stocks
stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and
slow-moving stocks.
Page 24

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
Accountin8 policies Icontinuedl
2.9 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.
2.10 Cash ¢7t bank ond 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.
2.11 Liabilities
Liabilitie5 and provisions are recognised when there 15 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 reliablv.
Liabilities are recognised at the amount that the company anticipate5 It will pay to settle the debt or the
amount it has received as advanced payment5 for the 8ood5 or service5 It must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation.
2.12 Flnunclal Instruments
The group only has financial a55ets and financial liabilities of a kind that qualify as basic financial in5trurnents.
Basic financial instruments are initially recognised at transaction value and subsequently rneasured at their
settlement value with the exception of bank loans which are subsequently measured at amortised cost using
the effective interest method.
2.13 Finance leuses ond hire purthose
A55ets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed a55ets.
Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives.
Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where
5ub5tantially all of the benefits and risk5 of ownership are assumed by the group. Obligations under such
agreement5 are included in creditors, net of the finance charge allocated to future period5. The finance
element of the rental payment is charged to the consolidated statement of financial activities so as to
produce a constant periodic rate of charge on the net obliEation Outstanding in each period.
2.14 Opernting leoses
Rentals paid under operating leases are charged to the consolidated statement of financial activities on a
straight line basis over the lease term.
Page 25

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
Accountin8 policies Icontinuedl
2.15 Penslons
The group operates a defined contribution pension scheme and the pension charge represents the amounts
payable by the group to the fund in respect of the year.
The group operate5 a defined benefit plan for the benefit of it5 ernployees. A liability for the charl￿S
obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability
is recognised as the cost of the defined benefit plan during the period. Pension plan assets are measured at
fair value and the defined benefit obligatlon 15 measured on an actuarial basis using the projected unit
method. Actuarial valuations are obtained at least triennially and are updated at each balance Sheet date.
2.16 Fund occountlng
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objective5 of the group and whith have not been designated for other purpose5.
Designated funds comprise unrestricted funds that have been Set aside by the Trustees for particular
purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or
which have been raised by the group for particular purposes. The c05t5 of raising and administering such
funds are charged against the specific fund. The aim and use of each restricted fund is Set out in the note5 to
the financial statements.
2.17 Tuxatk)n
The company is considered to Pas5 the test5 Set out in Sch. 6, para. l of the Finance Act 2010 and therefore it
meets the definition of a charitable company for UK corporation tax purpose5. Accordingly, the company is
potentially exempt from taxation in respect of income or capital gains received within categories covered by
pt. 11. Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the
extent that such income or gain5 are applied exclusively to charitable purposes.
2.18 Employee benefits
When employees have rendered service to the charity, short-term employee benefits to which the employees
are entitled are recognised at the undiscounted amount expected to be paid in exchange ftsr that service.
Page 26

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
Crltlcal accountlng estimates and areas of lud8ment
Estimates and jud8ments 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 circumstances.
Critical accountin8 estimate5 and as5umptions'.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates and
assumptions will. by definition, seldom equal the related actual results. There are no estimates and assumptions
that have a significant risk of causing a material adju5trnent to the carrying amount5 of assets and liabilities within
the next financial year.
The present value of the south Yorkshire Isyi defined benefit pension liability depends on a number of factors that
are determined on an actuarial basi5 Using a variety of assumption5. The a5sumptlOnS Used in determining the net
0Sts or income for pensions include the discount rate. Any chan8e5 in these assumption5 will impact the carrying
amount of the liability.
Page 27

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
Income from donatlons and legacles
Unrestricted
funds
2022
Total
funds
2022
Total
funds
2021
Donations
Pontefract rate day income
Leger Legends income
6,500
35,000
6,5CNJ
35.OiXI
1,600
15,000
41,500
41.500
16,600
Total 2021
16.600
16,600
Income from charltable artlvltles
Unrestrirted
funds
2022
Restricted
funds
2022
Total
funds
2022
Total
funds
2021
Operation of educational and training college
ESFA
13,460
1,240.131
1,253.591
1,269.128
993,508
30,649
41,500
993.508
30.649
997,595
23.970
312,108
other activity related income
Grants Isee detailed breakdown below)
230,399
271.899
1,079,117
1,470,530
2,549.647
2,602,801
Total 2021
1,075,813
1,526,988
2,602,801
Page 28

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
Grants
2022
2021
Big Lottery
Regional training erant
BHA
IT equipment
Racing simulator
57,825
50.000
ioi,000
30,000
30,000
41.399
159,0
30.000
Total restricted grants
230.399
268,825
Racing welfare
Regional training support
14-16 year old programme
I4.5C￿l
12.000
I5.0￿]
16,283
12,000
15.000
Total unrestricted grants
41.500
43,283
Total
271.899
312.108
Page 29

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
Income from other tradlng artlvltles
Income from non charitable trading artivities
Unrestrlcted
funds
2022
Total
funds
2022
Total
funds
2021
NHC Trading Limited
125,271
125,271
135,320
Total 2021
135,320
135,320
The charity has a wholly owned trading subsidiary, NHC Trading Limited Itompany number 035387511. The
ompany was incorporated ON l April 1998 and has issued share capital of two ordinary shares. The company gifts
its taxable profits to National Horseracing College. Unaudited accounts are filed with Companies House.
Other incomin8 resources
UnrestrScted
funds
2022
Total
funds
2022
Total
funds
2021
CJRS income
13,522
Total 2021
13,522
13,522
Page 30

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
Expendlture on ralslng funds
Costs ofraising voluntary intome
Unrestrlcted
funds
2022
Restrlcted
funds
2022
Total
funds
2022
Total
funds
2021
Fundraising and publicity
Voluntary income staff costs
1,561
100,206
1,561
127.070
iiooi
103,622
26,864
101,767
26,864
128.631
103,522
Total 2021
103.522
103.522
Other tmding expenses
Unrèstrieted
funds
2022
Total
funds
2022
Total
funds
2021
Cost of sales
57,628
5,647
57.628
5,647
5.612
68,051
8,426
Administration expenses
Depreciation
5,612
6,797
Toto12022
68,887
68.887
83,274
Total 2021
83,274
83,274
Page31

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
Analysls of expendlture on charftable actlvltSes
Summary byfund type
Unrestrlcted
funds
2022
Restrlcted
funds
2022
Total
2022
Total
2021
Operation of educational and training tollege
1,188,336
1,392,134
2,580,470
2,351,435
Tota12022
1,188,336
1,392,134
2,580,470
2,351,435
Total 2021
868,040
1,483,395
2,351,435
Page 32

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
10. Summary by expendlture category
2022
2021
Training costs
Accommodation
Stable yard
Staff costs
National Insurance
Pension tost5
Pension finance costs
Depreciation
140.236
455,781
182.443
824.514
112.116
52,061
26.0(Xl
113.068
128.581
419,765
148,219
750,801
97.786
47,235
29,000
91,312
Totul dirert Costs
1,906.219
1,712,699
Administration costs
Staff costs
272.555
223.760
268,664
182.341
Total management und admlnlstr(rtlon
496.315
451,005
Support administration costs
59.829
58,975
Tot¢71 support costs
59.829
58,975
Governance cost515ee note 121
118,107
128,756
Overqll Total
2,580,470
2,351,435
Page 33

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
ii.
other expendlture
Unrestricted
funds
2022
Total
funds
2022
Total
funds
2021
Bank and other interest
15.869
15.869
20.760
Total 2021
20,760
20,760
12.
Governance costs
Unrèstricted
funds
2022
Total
funds
2022
Total
funds
2021
Auditor's rernuneration
8,911
520
8.911
S20
9,435
533
Trustees, expenses
Legal and professional
Salaries and related charges
11.703
11,703
16,299
96.973
96,973
102,489
Total 2022
118,107
118.107
128,756
Total 2021
128,756
128,756
13.
Net inctsme/lexpenditurel
Thi5 is stated after charging..
2022
2021
Depreciation of tangible fixed assets owned by the group
Depreciation of tanÉible fixed assets held under finance leases
Auditor's remuneration- audit
L05s on disposal
113.454
5.226
8,911
6.261
92,832
5.276
9,435
Page 34

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
14.
staff costs
Group
2022
Group
2021
Company
2022
Company
2021
Wages and salaries
Social security costs
Pension costs
1,271.317
112,116
52.061
1,134,253
97,786
47,235
1,271.317
112,116
52.061
1,134,253
97,786
47,235
Operating costs of defined benefit pension
5cheme5
i.oc
5,000
i.oc
5,000
1,436,494
1,284,274
1,436,494
1,284,274
The average number of persons employed by the company during the year was as follows..
Group
2022
No.
Group
2021
No.
51
48
The number of empltsyee5 whose employee benefits (excluding employer pension eostsl exceeded £60,000 was..
Group
2022
No.
Group
2021
In the band £90,001- £100,000
In the band £IIO,000- £120,000
The total remuneratlDn and benefits received by key management personnel including employer's Nl and pension
was £346.97712021.. £352,774). The trustees consider senior management personnel to be the Chief Executive
Officer, the Operations Director, the Support Services Manager, the Work Based Learning Manager, the
Foundation Course Manager, the Head of In5trurtor5 and the Fundraising Manager.
15.
Trustees, remuneration and expensès
During the year, no Trustees received any remuneration or other benefit512021.. £nill.
During the year ended 31 july 2022. expenses totalling £520 were reimbursed or paid directly to 4 Trustees12021
£533 to 3 Trustees). These expenses relate to the reimbursement of travel expenses incurred by the Trustees
when attending National Hor5eracing College Trustee meeting5 and event5.
Page 35

NATIONAL HORSERACINGCOLLEGE
(Acompany 15m￿ed byguaranteel
NOTES TOTHE FINANCIAL STATEMENTS
FOR THE YEARENPF031 JUIY2022
16.
Tangiblefixedass8ts
Gr¢up
Galop
Menage
L￿￿h0
land&
BU1￿1n$S
Equlpmefit &
Ctsmputer A5SEt5undÈr
V￿￿￿(•nIrn r•frJrb5shmeM
st￿e￿O& Rklngscho
h￿•5
Total
c4stOrvoluotiO
AI lAUg￿$t 2021
816,681
463,619
8084
1,239.582
4,595
652.271
837,934
9>.159
564,977
197.214
94,850
4S,730
4.715,644
303h72
126,4251
D&p￿al
Tratssftrs between clèsses
27.735
17.995
145,7301
B16,6BI
471103
1,244,177
652.271
95B,828
753,781
94,850
4.991691
At IAugust 2021
Charsefortheyear
On disp05als
231674
12*8#
255095
7437
307.257
1¥233
17tl.615
478,141
L6.587
314,075
57,703
19,4261
63,018
4626
1.82L275
118,680
At31 Jvly2022
245A62
262.932
3L8.490
177.02L
494.728
362.352
69,644
L930,529
Page 36

NATIONAL HORSERACINGCOLLEGE
(Acompany 15m￿ed byguaranteel
NOTES TOTHE FINANCIAL STATEMENTS
FOR THE YEARENPF031 JUIY2022
16.
Tangiblefixedass8tslc0nti￿od)
Gr¢upl¢ontlwedl
Leasoho
nd&
Mollage Equlpmont&
Sln
Moloi
5tah1ÈB￿k ￿dI￿School
VéhKI
Cryrew A55e15wthr
Total
Pletboukvolue
571J19
209,171
925,687
475.2SO
464,If
391,429
2S,206
J,r￿lIs2
5S4,007
208.124
932.325
481.656
359,793
250,￿2
31,832
45,730
2.894.369
Page 37

NATIONAL HORSERACINGCOLLEGE
(Acompany 15m￿ed byguaranteel
NOTES TOTHE FINANCIAL STATEMENTS
FOR THE YEARENPF031 JUIY2022
16.
Tangiblefixedass8tslc0nti￿od)
Comynv
lop.
¥fir.
LÈa￿hts
L¥fid &
BuiWin8S
Indooiwdlr
Sih(
Mcloi
vÈh￿
CompU￿r A5selsunder
ÈluipmÈrtt tottslruttN
VtsitOrterttiÈ rÈfutbishthÈht
staAÈBlts&
Totsl
Co5torvoluotion
816ffj81
463.619
1,235.441
4.595
651271
837.934
95,159
443,642
LY7,234
94850
4S,730
4.SW,168
303A72
126,4251
D￿p￿al$
TraTr5fersbetween clb55e5
27,735
17,995
145,73DI
816,6BI
472,103
1,240,D36
652.271
95B,828
632,446
94,850
4.867,215
231674
11688
255.495
7037
3(￿.16$
Il150
170.615
478.141
16,587
226,894
52,174
19,4261
63,018
4625
1.733,103
113,Q68
Chargefortheyear
Ckn disposals
245A62
2￿932
317,416
i71,￿￿1
4¥728
265,642
69,6q4
¥836,745
Page 38

NATIONAL HORSERACINGCOLLEGE
(Acompany 15m￿ed byguaranteel
NOTES TOTHE FINANCIAL STATEMENTS
FOR THE YEARENPF031 JUIY2022
16.
Tangiblefixedass8tslc0nti￿od)
Comynyl¢ontlwedl
me￿￿8 EgL4pmeTht&
(WR￿1￿8
S(hoDI
Le￿Eh￿O(￿
Cryrei A55elswdei
(onstru(¥on
I￿t￿r￿*￿tYÈ
Stabk
VehklÈs
Total
Pletboukvolue
571J19
209,171
922,620
475.2SO
464,If
362,804
2S,206
3,030,470
5S4,007
208.124
929.175
481.656
359,793
216,748
31,832
45,730
2.857.065
Page 39

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
17.
Fixed asset investments
InVe￿MentS In
subsidiary
cornpHnie$
Company
Cost or valut7tion
At l August 2021
At 31 july 2022
Net book vulue
At 31 July 2022
At 31 July 2021
National Horseracing College owns 100% of the ordinary share tapital of its trading subsidiary, NHC Trading
Lirnited, a company incorporated in England and Wales.
Page 40

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
17.
Flxed asset Investments Icontlnuedl
Prlnclpal subsldlarles
The following wa5 a 5ub5idiary undertaking of the tompany-.
Name
Company
number
Re81Stered office or principal place Clas5 of
of buslness
shares
Holding
NHC Trading Limited
03538751
The Stables, Rossington Hall, Great Ordinarv
North Rtsad, Doncaster, DHII OHN
loo%
The financial result5 of the subsidiary for the year were..
Name
Income
Expendlture
Profltfor the
Net assets
year
NHC Trading Limited
125,271
1118,8871
6,384
38,522
Stocks
Group
Group
2021
Company
2022
Company
2021
2022
Finished goods
19.235
31.492
9.539
22.060
19.
Debtors
Group
2022
Group
2021
Company
2022
Company
2021
Trade debtors
49.197
108.016
46.872
98.089
24.444
93.980
134,721
877
Amounts owed by 8roup undertakin85
Other debtors
24.444
23.377
877
Prepayments and accrued income
67,923
23.377
67,923
97,018
176,816
192,782
297,501
Page 41

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
20.
Creditors.. Amounts falllng due wlthln one year
Group
2022
Group
2021
Company
2022
Company
2021
Bank loans
68.292
160.354
64,268
154.846
68.292
150.041
64,268
142.449
Trade creditors
Other taxation and social security
Obligations under finance lease and hire purchase
contrart5
50.177
40,012
46.041
34,914
16,726
126.980
8,695
158,766
16,726
120.980
8,695
157,737
Other creditors
422.529
426,587
402.080
408,063
The hire purchase contract is secured aeainst the asset to which it relates.
Page 42

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
21.
Creditors.. Amounts falllng due after more than one year
Group
2022
Group
2021
Company
2022
Company
2021
Bank loans
78.671
311,963
78.671
311,963
Net obligations under finance lease and hire
purthase contratt5
18,859
1,099
18,859
1,099
97.530
313.062
97.530
313.062
The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting
date is:
Group
2022
Group
2021
Company
2022
Company
2021
Repayable by instalrnents
165,000
165,000
165,000
165,000
Bank loans and overdrafts are secured by way of a first legal charge over the assets and undertakings of the
charity, including the Residential Centre, Rossington Hall, Great North Road, Doncaster.
Bank loans are repaid monthly over the terrn of the loan. Interest is payable at a fixed rate of 5.955%. Interest on
any bank overdrafts is payable at 5.55% above base rate.
Page 43

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
22.
Statement of funds
Statement of funds- current year
Balance at I
August 2021
Transfers
./out
fjainsl
IL055esl
8alante at 31
July 2022
Incorne
EXPendi￿re
Unrestricted
fvnds
Designatedfunds
College
improvements
56.335
56,335
Generulfunds
General funds
2,614,111
1,120,617
11,228,972)
56,430
2,562,186
Reserves held in
subsidiary
Pension reserve
37.3￿]
11,674.OiXII
125,271
1118.8871
127.OLXII
15,1641
38,520
1164,0001
1,537.OiXI
977.411
1.245,888
11,374.8591
51,266
I,537.OC￿7
2.436,706
Total Unrestricted
funds
1,033.746
1.245,888
11,374.8591
51,266
1,537.000
2.493,041
Restrictedfvnds
Horseracing grant
Scheme
58.OLXI
13.9041
17,2551
46,841
Regional training
grant
78,681
25.000
200,399
1143,2491
12.8021
135,831
8,187
Horsebox grant
Big Lottery
funding
Peter O'sullivan
Trust- Lunge
pen
The Racine
Foundation-
Lunge pen
BHA & HBLB
114,0111
28.912
128.9121
48.125
48,125
8.045
8,045
prograrnrnes
1,240,131
11,240,131)
Page 44

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
22.
Statement of funds Icontinuedl
Statement olfvnds- current yeur {contlnuedJ
Balance at I
August 2021
Transfers
inlout
Gainsl
(Losses)
8alance at 31
July 2022
Income
Expenditure
Peter O'sullivan
simulator
30,000
130,0001
246.763
1.470,530
11,418.9981
151,2661
247,029
Tot¢71 offunds
1,280.509
2.716,418
12,793.8571
1,537.000
2.740,070
Page 45

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
22.
Statement of funds Icontinuedl
statement of funds- prlor year
Balance at
l August 2020
Transfers
in/out
Gain5
Balance at
(Losses) 31 July 2021
Income
Expenditure
Unrestricted
fund5
De5igngtedfunds
College
improvements
56,335
56,335
GeneralAunds
General funds
2,331,295
1,105,935
1908,4071
85,288
2,614,111
Reserve5 held in
5ub5idiary
Pension reserve
60,457
11.883,0001
135,320
1133,1891
134,0001
125,2881
37,300
11.674.000)
243.000
508,752
1,241.255
11.075,5961
60.000
243.000
977.411
Totol Unrestricted
fund5
565,087
1,241,2S5
11,075,596)
60,000
243,000
1,033,746
Restrlctedfunds
Horseracing grant
scheme
60,000
12,0001
58.000
Regional trainiN8
grant
Horsebox Erant
Big Lottery
funding
Peter O'sullivan
Trust- Lunge
pen
64,175
25,000
141,000
1126,4941
78,681
25.000
57,825
57.825
186,7381
28.912
48,125
48.125
The Racing
Foundation-
Lunge pen
BHA & HBLB
programmes
8,045
8.045
1,258,163
11,258,163)
Page 46

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
22.
Statement of funds Icontinuedl
Statement olfvnds- prloryear fcontlnuedj
Balance at
l August 2020
Transfers
in/out
Gain5
Balance at
(Losses) 31 July 2021
Income
Expenditure
Peter O'sullivan
5irnulator
30,(￿0
30,￿0
130,0001
130,0001
IT Grant
MIS compliante
manager
i0,c￿0
iio,0001
263,170
1,526,988
11,483,395)
160,0001
246,763
Totul ofAunds
828,257
2,768.243
12.558,9911
243,000
1,280.509
Page 47

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
Restrlcted Funds
The fund5 of the charity include restricted funds comprising the following unexpended balances of grants and
donations held on trust to be applied for specific purposes..
The Horseracine grant scheme represents a contribution from the British Horseracing Authority towards the costs
of the construction of the ground floor of what will become the College's proposed new accommodation block, the
construction of this has not begun.
The regitsnal training grant represents grants received from the Racing Foundation under its 'People Development,
initiative to provide Rider coaching se55ion%, Simulator training and theoretical coaching for the racing Community.
Horsebox grant- to fund a new horsebox.
Big Lottery- Youth engagement support- grant to provide additional support to disadvantaged learners.
The lunge pen grant are two grants, one from The Peter O'sullivan Trust and one from The Racing Foundation to
create a new lunEe pen for the horses, included in the buildinE of the lunee pen is a new racehorse simulator.
The BHA & HBLB prograrnme5 fund is money received from the British Horseracin8 Association in order for the
college to deliver it's courses and help with the day to day running of the facilitv.
Peter O'sullivan simulator 15 3 grant frorn the POS Charitable Trust to 35S1St the Charity to purchase a new Racing
Simulator which is a significant upgrade to its existing provision.
IT Grant is a Grant from BHA to help NHC to finance a major upgrade to its IT infrastructure. The new facilities
ifflprove both provision to Learner5 and to the administration of the Charity.
MIS compliance manager is a grant from the Racing Foundation to contribute to the Salary of the Contract
Coordinator to assist in ensuring the maximum subsidy from Government funds to the costs of the Charity.
Transfer between fund5
A transfer has been made from restricted funds to unrestricted funds for capital expenditure where the conditions
of the funding have been fulfilled.
Page 48

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
23.
Summary offunds
Summary of funds- current year
Balance at I
August 2021
Transfers
./out
fjainsl
IL055esl
8alante at 31
July 2022
Incorne
EXPendi￿re
Desienated funds
General funds
56.335
56,335
2.436,706
247,029
977.411
246.763
1.245,888
1.470,530
11,374.8591
11,418.9981
Sl,266
151,2661
1,537.OiXI
Restricted funds
1,280.509
2,716,418
12,793.8571
1,537.OTrJ
2,740,070
Summary of funds- prior year
Balance at
l August 2020
Transfers
inlout
Gains/
(Losses)
Balance at
31 July 2021
Income
Expenditure
Designated funds
General funds
56,335
508,752
56.335
1,241,255
11,075,596)
11,483,395)
60,000
160.0001
243,000
977,411
Restricted funds
263,170
1,526.988
246.763
828,257
2,768,243
12.558,9911
243,000
1,280,509
24.
Analysis of net assets between funds
Analysis of net assets between funds- current year
Unrestricted
funds
2022
Restricted
funds
2022
Total
funds
2022
Tangible fixed assets
Current assets
3,062,162
3.062,162
114,938
1422,5291
197,5301
1164.0001
247,029
361,967
1422,5291
197,5301
1164,0001
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Tot¢71
2,493,041
247,029
2.740,070
Page 49

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
Analysis of net assets between funds Icontinuedl
Analysls of net assets between funds- prlor year
Unrestricted
funds
2021
Restricted
funds
2021
Total
funds
2021
Tangible fixed assets
Current assets
2,894.369
2,894.369
553,026
1426.5871
1313,0621
11.674.000)
246,763
799,789
1426.5871
1313,0621
11.674.000)
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Total
1,033.746
246.763
1,280.509
25.
Recontiliation of net movement in funds to net tash flow from operating activities
Group
2022
Group
2021
Net lexpenditurel/ income for the year las per statement of financial activities)
177.4391
209.252
Adjustments Jor..
Depreciation charges
Loss on the sale of fixed assets
118,680
9.958
12,257
79.798
116,1131
15.869
98,108
Decrease in 5tock5
3,946
192.2231
4S,006
20.760
Decrease/lincreasel in debtors
IDecrea5el/ increase in creditors
Interest paid
Defined benefit pension adjustment
27,0
34,000
Nettosh pmvidedbyoperoting activities
170.010
318.849
Page 50

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
26.
Analysls of cash and cash equlvalents
Group
2022
Group
2021
Cash in hand
245.714
591,481
Totol cosh ondtt7sh equivalents
245,714
591,481
27.
Analysis of changes in net debt
At l August
2021
At 31 July
2022
Cash flows
Cash at bank and in hand
591,481
164,2681
1311,9631
19,7941
1345,7671
14.0241
233,292
125.7911
245,714
168,2921
178,6711
135,5851
Debt due within I year
Debt due after l year
Finance leases
205,456
I142.2￿)
63,166
Capital commitments
Group
Group
2021
2022
Contmcted Jor but not provlded In theseylnanclalstatements
Acqui51tion of tangible fixed assets
38,000
Page51

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
29.
Pension commitment5
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from
those of the company in an independently administered fund. The pension cost charge includes contributions
payable by the company to the fund and amounted to £52,06112021.. £47,235). Contributions totalling £6,047
12021= £2,035) were payable to the fund at the balance sheet date and are included in creditors.
The group operates a defined benefit pension scheme.
National Horseracing College is a member of the South Yorkshire Pension scheme which is a multi-employer
pension 5cherne providing benefits on final pensionable pay. The a55et5 of the 5cherne are held separately from
those of National Hor5eracing College. Contributions to the scheme are charged to the Statement of Financial
Activities so as to spread the cost of pensions over employees, working lives with National Horseracing College, The
contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit
method.
A full actuarial valuation was carried out as at 31 March 2019 and to the 31 July 2022 specifically for the college by
Hymans Robertson LLP.
The contributions made for the year ended 31 July 2022 were £53,00012021.. £56,000).
At the balance sheet date there were outstanding contributions payable of £5,00112021'. £4,497).
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
At 31 July
2022
At 31 July
2021
Discount rate
3.50
1.60
Future salary increases
Future pension inerea5es
3.75
3.85
2.75
2.70
At 31 July
2022
Years
At 31 July
2021
Years
Mortality rates lin years)
- for a male aged 65 now
- at 65 for a male aged 45 now
- for a female aged 65 now
- at 65 for a female aged 45 now
22.6
22.5
24.0
25.4
25.3
27.3
27.2
Page 52

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
29.
Pension commitment5 Icontinuedl
The group's share of the assets in the scherne was..
At 31 July
2022
At 31 July
2021
Equities
Government bonds
2,322,880
751.520
1,593,000
465,000
Other bond5
252,000
292,000
60,000
Propertv
Cash and other liquid assets
Other
307.440
34,160
657,000
Totolfvir value of ossets
3,416.OCKJ
3,319,000
The actual return on scheme assets was £143,00012021- £463,000).
The amounts recognised in the Con501idated Statement of Financial Artivitie5 are as follows..
2022
2021
Current service cost
54.0
60,000
155.0001
146,0001
75,000
Past service cost
Interest income
153.OiXII
79,0
Interest cost
Administrative expenses
1,000
Totol qmount recogni5edin the Consolidqtedstqtement oAFinqnciolActivitie5
80.000
35,000
Page 53

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
29.
Pension commitment5 Icontinuedl
Movements in the present value of the defined benefit obligation were as follows..
2022
Opening defined benefit obligation
Current service cost
4,993,000
54,000
79,000
Interest cost
Contribution5 by scheme participant5
Actuarial Igainslllosses
Benefits paid
8,000
IIA50,0001
1104,0001
Closing defined benefitobligution
3,580,000
Movements in the fair value of the group's share of scheme assets were as follows..
2022
Opening fair value tsf scheme assets
Expected return on assets
Actuarial gains
Contributions by employer
Contributions by scheme participants
Benefits paid
3,319,000
53,000
87,000
53,000
8,000
1104,0001
ClosingAqir volue of Scheme assets
3.416,000
Amounts for the current and previous period for the defined benefit pension schemes are as follows..
2022
2021
Defined benefit obligation
Scheme a55ets
13,580,000)
3,416.0(Xl
14,993,000)
3,319,000
Deficit
I164.0(￿)
11,674,000)
Experience adjustments on 5cherne liabilitle5
Experience adjustment on scheme assets
1,450,000
87.0(Kl
117S,0001
418,000
Page 54

NATIONAL HORSERACING COLLEGE
IA company Ilmlted by guarantee)
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JUL Y2022
Operating lease commitments
At 31 July 2022 the group and the company had commitments to make future minimum lease payments under
non-cancellable operating leases as follows:
Group
2022
Group
2021
Company
2022
Company
2021
Not later than l year
Later than l year and not later than 5 years
2.547
238
1,643
1.980
2.547
238
1,643
1.980
2.785
3,623
2.785
3,623
The following lease payment5 have been recogni5ed as an expense in the Statement of financial activities..
Group
Group
2021
Company
2022
Company
2021
2022
Operating lease rentals
5,258
18,902
5,258
18,902
31.
Related party transactlons
During the year purchases were made from NHC Trading Limited la wholly owned trading subsidiary) totalling
£7,12012021.. £2,896). Managerrent charge5 of £50,000 were made IN the year to NHC Tradin8 Limited12021..
£49,915>. At the year end £98,08912021- £134,7211 was due from NHC Trading Limited.
32.
Controlllng party
The Trust is a charity limited by guarantee and is therefore ultimately controlled by the Trustees.
Page 55