2024-07-31-accounts

COMPANY REGISTRATION NUMBER: 02266267 CHARITY REGISTRATION NUMBER: 700405 National Horseracing College Limited Company Limited by Guarantee Trustees Report and Financial Statements 31 July 2024 SUTTON MCGRATH HARTLEY Chartered accountants & statutory auditor Queensgate House 23 North Park Road Harrogate North Yorkshire HG15PD

National Horseracing College Limited Company Limited by Guarantee Financial Statements Year ended 31 July 2024 Page Reference and administrative details of the Company, its Trustees and advisers Trustees, report 2-11 Independent auditorfs report to the members Consolidated statement of financial activities 12-15 16 Consolidated statement of financial position 17.18 Company statement of financial position Consolidated statement of cash flows 19-20 21 Notes to the financial statements 22-51

National Horseracing College Limited Company Limited by Guarantee Trustees, Annual Report Year ended 31 July 2024 Reference and admlnlstratlvé detalls of the company. its Trustees and advlsers Reglstered charlty name National Horseracing College Charlty reglstratlon number 700405 Company reglstratlon number 02266267 Prlnclpal offlc6 and reglstered The Stables office Rossington Hall Great North Road Doncaster South Yorkshire DN11 OHN Tha trustees Mr Gerard Sutcliffe, Chairman Mr Howard Wright, Deputy Chairman Mr Timothy Lyle Mr James Hetherton Mr Jeffrey Ennis The Honourable Oliver Greenall Ms Susannah Gill Ms Nicola Frampton Ms Sally Iggulden Dr Helen Mccarthy Mr Francis Stephenson Mr Callum Helliwell Mr David Carr (Resigned 16 August 2024) (Resigned 24 April 2024) (Appointed 25 September 2024) Vlce Presldents The Rt Hon Richard Caborn Ms Julie Krone Patron Countess of Halifax Chlef Executlve Officer Mr Stephen Padgett OBE Independent Audltor Sutton McGrath Hartley Chartered accountants & statutory auditor Queensgate House 23 North Park Road Harrogate North Yorkshire HG15PD Bankers Virgin Money 19 Sepulchre Gate, Doncaster, DN1 1 SJ Solicltors Jordans 4 Priory Place, Doncaster, DN1 1 BP Penslon Admlnlstrators South Yorkshire Pensions Authority Oakwell House, 2 Beevor Court, Pontefract Road, Barnsley. S71 1HG

National Horseracing College Limited Company Limited by Guarantee Trustees. Annual Report (continued) Year ended 31 July 2024 OVERVIEW Trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 July 2024 which coincides also with the 40th anniversary of the founding of the College in 1984. 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 ISORP) '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 charity's governing document. the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Provision- The academic year covered by this report has seen continued growth and success. Numbers of learners joining initial training have grown and, as retention rates are high, more have completed training. graduated and gone on to work-based learning (apprenticeships). Results exceed national averages across the board. The reputation of and, as a consequence, demand for the College's specialist training provision continues also to be high. Finances- A continued theme this year has been increasing costs of everything. While all reasonable measures are taken to ensure operations are lean and efficient, inflation has hit hard. Rates of payment from Government contracts have not risen in line with costs and already modest reserves have been depleted. The fundraising climate for the NHC, just as for other charities, has been difficult, leading to reduced revenue. Therefore, applications had to be made to the racing industry seeking increased payments for what was delivered. Being less able to generate revenue from other sources, the College has to reduce slightly the discount the industry has enjoyed for many years. A noteworthy milestone at the end of the period covered by this report was the completion of all payments on outstanding loans. So. while the NHC has limited reserves, it carries no debt. The operating surplus for the year was £202,844 on total income of £3,565.643. OBJECTIVES AND ACTIVITIES Policies and objectives The objects of the charity are to advance education, particularly among young p8rsons, and to relieve the need of unemployed persons by the provision of vocational and academic training connected with the horse racing, equestrian, agricultural, horticultural and their allied areas. 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)' strategies for achieving objectives Provide accessible and inclusive training opportunities for people wanting to work in the horse racing industry. Ensure training is realistic and relevant but delivered progressively to develop learners to be ready for work.

National Horseracing College Limited Company Limited by Guarantee Trustees. Annual Report (Mntlnued) Year ended 31 July 2024 Provide a supportive, encouraging environment around that training enabling as many learners as possible to achieve their goals. Engage widely and collaboratively with employers across the industry to maximise leamers, chances 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. Actlvltles undertaken to achleve objectlves 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 lrfe skills training to increase learners, resilience, confidence and independence. Match learners with the most appropriate employment opportunities to optimise their chances of satisfaction and success, Provide ongoing support in the workplace to enable further learner development (apprenticeships) and aid worker retention. Maln actlvitiés undertaken to further the company's purposes for the publlc 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 workstreams of Workforce and Community Investment contribute towards its objectives through providing a public benefit. The National Horseracing College (NHCI 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 courses designed to meet industry needs. It has a reputation for delivering high quality staff, many of whom go on to have long careers in a wide variety of roles in racing. PRIORITIES The highest single priority is that the College fulfils its duty of care to learners on its training programmes and to stsff. Beyond that however, the priority continues to be ensuring the viability of the business. This requires: Sustainment or enhancement of the credibility of the NHC'S training offer as perceived by potential learners and by all in the industry. Vigorous marketing of training opportunities leading to the recruitment of learners to fill the courses available. Rigorous management of costs and relentless pursuit of all available income sources.

National Horseracing College Limited Company Limited by Guarantee Trustees. Annual Report (continugd) Year ended 31 July 2024 CONTEXT Overheads The NHC has, like most businesses, experienced rising costs. Unlike some, it cannot simply pass on those costs by increasing charges to its customers. While salaries are the biggest single element of the NHC'S overhead. despite its very lean organisational structure, the College's workforce is its greatest asset and is vital to its ability to deliver on its priorities described above. The recurring imposition of increases in the National Living Wage (NLW) have seen more staff included in that bracket and added rneaningfully to the overall salary bill. Increasing numbers of staff whose salaries recognised the responsibilities they hold, see the pay difference relative to colleagues on NLW eroded or eliminated. Unsurprisingly, some wonder what incentive there is for them to continue to fulfil those extra responsibilities, or they seek pay rises to preseNe differential rates. These additional overheads are imposed without any corresponding improvements for the business. Efflclency Many years of delivering training to a high standard with very limited resources, including having to self- generate (grants. fundraising, charity, trading) upwards of 20 /0 of revenue, mean that the College's operations are lean and efficient. If savings are identified, they are taken. The opportunities to make further cuts are limited to non-existent without adversely affecting outputs in temis of numbers and standards. Revenu8 Government Funding - The NHC'S ESFA contract has, for many years, accounted for around 40 % of revenue. Effectively, it subsidises training for the racing industry. A condition of funding is that the College is subject to inspections by OFSTED to ensure it meets rigorous standards, many of which are unrelated to the requirements of racing. The size and value of the contract are dictated by the ESFA without reference to the training needs ofthe industry, the capacity of the College orthe costs of delivery. Most of the Government money supports only young people (up to age 18). covers only partially the cost of the training delivered and cannot be relied upon to keep pace with the costs of delivery, let alone contribute to physical or procedural improvements. The NHC has been 8ble to grow its ESFA contract and thus increase the amount of money it can draw from Government due to the increased attendance on its FC and the continued success of its Doncaster Equine College (DEC) Programme. The DEC Programme, run entirely under the umbrella of the NHC, allows more effective use to be made of many resources that have to exist anyway to enable training relating to racing pathways. Industry Contract- The NHC'S contract with the BHA (Letter of Agreement) also accounts for over 40°/0 of total revenue. Around 80 % of that contract is money allocated by the Horserace Betting Levy Board (HBLB). The Levy Board is taking an increasingly close interest in what its money delivers and is engaging more directly with the NHC. Fundraising - In straitened times. the mismatch be￿een the demands forand supply of donationslgrants increases. Many causes are perceived to be more worthy of sympathy and support and to have more limited access to resources than racing schools, despite their extraordinary contributions to a variety of societal goods. In addition. grant-making bodies, within and external to racing, often are more willing to embrace and establish new initiatives and opportunities, assuming core business is or should be funded by routine revenue but it is core funding that is needed, not new activities that add to overheads. Commercial Opportunities - The NHC takes every opportunity to 'sweat its assets,. Trading that will generate income is pursued wherever possible, such as by letting facilities, farming land and encouraging sponsors. However, these are peripheral to core business and generate revenue that is only marginally significant.

National Horseracing College Limited Company Limited by Guarantee Trustees. Annual Report [￿ntInued) Year ended 31 July 2024 Stafflng In The Horseracing Industry The industry's stsff shortfall is well known, if not easily quantified. The debate about the resilience and commitment of staff, conditions of employment and the culture on racing yards aside. the fact is that significant vacancies exist, now and for the foreseeable future. Employers need and want every trained person the NHC can provide. While the College is mandated to deliver recruits from its FC trained to Level 1, employers really would like to receive Level 2 stafflriders. The vast majority of racehorse training businesses could not provide initial training in-house and whilst the long-term funding model for training may well include increases in direct funding from employers it is unrealistic to expect training business to be able to adjust to making a significant direct contribution in the short-term. In striving to meet employer needs and to enable the success of graduates, the NHC and its sister school the BRS make significant extra efforts to deliver people to work placement at a higher standard than their remit dictates. While that costs money, currently it is what has to happen to ensure young people entering the industry are hired and retained by employers. The number of people who have experience of living in rural environments and of working with animalslhorses is reducing while there are extensive opportunities for people to be paid to work in conditions that are not arduous. As a consequence. it is incre8singly difficult to attract people into and retain them after they join the industry's workforce. Societal influences and learner needs have and continue to change at pace. The pandemic and responses to it were accelerants. The day-to-day experience of training staff is that fewer learners have benefited from the opportunities, support and education required to gain basic levels of fitness, good communication skills and an appreciation of the requirements of paid work. A great deal more time, patience and skill is required from leaders, instructors and support staff to instil the attitudes, standards and work-rates that will enable learners, success in the industry's work force. ACTIVITIES AND ACHIEVEMENTS Marketing and Recrultlng (M&R) The success of the College's M&R team (now 4 staffj is vital to the pursuit of its priorities. It is accepted and understood that investment in people and activities in this area does not deliver instant results but that they build over time if consistent and persistent. It is encouraging that, this year, increases during the last few years in expressions of interest, engagement through social media and applications have begun to manifest themselves in attendance numbers which exceed any previous years and lead to the College being able to fulfil its Government contract and access additional funds. study Programmes The College's Education Programme for Young People (EPYP) courses include the Residential Foundation Course (FC) and the non-residential, day-attendance Doncaster Equine College (DEC) Programme. Doncaster Equlne College {DEC) Programme The DEC programme involves 17.5 hours per week for day students across a normal academic year of 36 weeks. Programme qualifications include L1 Diploma in Horse Care, L2 Technical and Extended Certificates in Horse Care and L3 Advanced Technical Certificate. Functional skills are included, along with GCSES for some learners. Learners often progress to the next level depending on their ability and career aspirations. Most learners are 16-18-year-olds who help the NHC fill its ESFA contract and are funded but there are also a small number of 19+ learners who do not attract Government funding.

National Horseracing College Limited Company Limited by Guarantee Trustees. Annual Report (contlnued) Year ended 31 July 2024 The curriculum includes social development skills covering employability, self-belief, time management and functional skills at different levels. The course prepares non-employed young people for the world of work, they participate in shows, normally outside of curriculum hours to practise and improve their skills further. There is a range of other additional accreditation opportunities available through the Colleges access to the racing industry's VLE - Racing2Learn. In 2023124, 45 learners embarked on the DEC Programme. Retention rates are high at 84 % overall. Achievements also are high with L1 Horse Care Diploma at 84.4 %. Level 2 Technical Certificate at 90 /0 and Level 3 Advanced Technical Certificate at 85.7 % for year one and 1000/0 for year 2. Achievement rates in English and maths also are high with combined English success rates of 79.6°/o and combined maths of 84.9%. These results are particularly noteworthy in light of the starting points of learners which include that 19% did not complete school, 11 % had an Education Health Care Plan, 32°/. had a perceived learning difficulty, 10 % had a disability. 17 % had a physical health problem, 33 /0 believe they have a mental health problem and 32 % have received counselling or had a support worker. Foundatlon Course The FC 18 12 weeks duration followed by a 6-week work placement planned with an employer. It welcomes intakes of up to 15 learners every 4 weeks, most being 16-18-year-olds living away from home for the first time. Each intake also may include 19+ learners who are not ESFA funded. Learners follow an intensive curriculum that includes social development skills covering employability, cooking, resilience, self-belief. time management skills and preparation for functional skills at different levels. Training prepares non-employed young people for the world of work but also to become independent, capable members of society. Parent or guardian feedback is very positive about the personal development and improved behaviour of their young people. The range of additional training provided includes: safeguarding; understanding consent., autism awareness,. diversity and inclusion. concussion awareness., pay and employee rights in the workplace. alcohol, drug and gambling awareness. welfare and healthy nutrition. Qualifications on the FC include L1 Diploma in Racehorse Care and Riding, L1 Diploma in Work-Based Horse Care, Entry 3 Award in Basic Knowledge of the Horseracing Industry, L3 Award Short Journey in the Transportation of Horses, Functional Skills and Emergency 1st Aid. Achievement rates in the L1 Diploma improved on last yearto 89 % compared to 83 /0 Nationally. Overall. the Study Programme saw 99 achievers, equalling last year and up from 72 in 2021122. Given that the FC is determinedly inclusive and non-selective, the retention rate for all age groups was impressive at 92 %, matching the rates achieved in 2022123 and 2021122. At the end of the learning course, 89°/0 of funded learners (16-18) and 100 % of unfunded (19+) learners celebrated their success in a graduation ceremony. Of those who graduated from the FC, 90 % (from 890/0 last year) went into work placement and of those 86 % went on to an apprenticeship, employment of further education. Feedback from parents, guardians and carers shows that 97.8 /0 believe learners, personal development e.g. behaviours, maturity and emotionally, was outstanding or good during their training at the College. Learners with learning difficulties (LLDD) thrive at the NHC and achieve at rates above what is usual in other training environments. Learners with LLDD succeed at rates very close to or exceeding thosa who have no LLDD. Baslc Skills (Engllsh & Maths) Results achieved by learners across age ranges and at different levels linked to whatever was their start point show combined basic skills success rates at 83 % compared to 61 % Nationally. Combined English success rates were 80% and combined maths were 85°/o. Teaching of basiclfunctional skills usually is in much smaller groups than is the norm in mainstream schooling and teachers provide context for the subjects that relates to equine activities which tends to help leaners appreciate the relevance and value

National Horseracing College Limited Company Limited by Guarantee Trustees. Annual Report (contlnued) Year ended 31 July 2024 of the subjects. As a result, almost all levels of achievement are significantly ahead of National rates. Apprenticèships The College offers level 2 and level 3 apprenticeships in equine groom and senior equine groom including diplomas. Additional qualifications are offered to learners including emerg&ncy first aid, safeguarding, transporting horses by road on long joumeys and L2 functional skills. In this period there were 212 learners in learning overall, an increase on the previous yearthat continues the trend of year-on-year growth since 2019. Achievement levels continue to be well ahead of National averages with 1000/0 passing their end point assessment (EPA) and 33 % achieving distinction at Level The College's staff work hard to match learners graduating from the FC to employers to determine the best possible placement for them. The frequency of supportfor learners on transition to apprenticeships has increased. with consequent improvement in progressions. Once on apprenticeships, learners are employed in line with a national wage scale sanctioned by the British Horseracing Authority (BHAI, which exceeds Apprenticeship wage requirements. Leamers are on apprenticeships for up to 18 months. Although the industry tends to suffer from quite high rates of employee turnover, the NHC'S Roving Instructors maintain close contact with work-based learners to retain them on programme until completion. Achievers are encouraged to continue to progress their careers beyond their qualification. Thorough tracking shows that 73.kn stay in the equine industry after their L2 apprenticeship and 830/0 after their L3 apprenticeship. staff Performance All staff involved in teaching learners are obseNed and provided with constructive feedback to promote high standards of teaching. During this period, 1000/0 of observed sessions were assessed to be good or outstanding. The College continues to focus on CPD and training for its staff, taking account of the long working hours that are typical in the horseracing sector. Observation criteria have been adapted to meet the requirements of the new external inspection regime. Fundralsing and Commerclal Activlties Although these activities have not recovered to pre-pandemic levels, both the NHC'S well-established charity race day events (Pontefract and Doncaster) made important contributions. In addition, applications to NARS and the Sir Peter O'sullevan Charitable Trust had some success in obtaining grants which were received with gratitude. Infrastructure and Equlpment The NHC continued to invest in these areas as part of its strategy to enhance the offer to learners and to attract commercial users. During this period, improvements have been made to residential facilities, yards and training grounds. FINANCIAL REVIEW Golng concern The charity, for some years, has been unable to comply with its policy to hold free reserves of between 1- and 2-months operational expenditure. Steps taken by central govemment, local authorities and the racing industry have already helped to support the College's own efforts to sustain its staff and learners through the pandemic period, but coupled with increasing cost pressures, uncertainties remain about the long-term funding of the industry pending the publication of a new people strategy. However, the business has taken decisive and

National Horseracing College Limited Company Limited by Guarantee Trustees, Annual Report (contlnued) Year ended 31 July 2024 effective measures to preserve cash flow and increase its resilience. The trustees have prepared forecasts of income and expenditure and cash fiow for the period to 31 December 2025 which show that they have sufficient cash to be able to continue for the foreseeable future. The trustees therefore continue to adopt the going con￿rn basis of preparation forthese financial statements. Reserves pollcy The NHC was unable to keep I￿0 month's operating costs in reserve. Net current liabilities as at 31 July 2024 are £116,016 of which £162.317 are represented by restricted funds, leaving unrestricted net current assets of £46,301 (of which £56,335 are held as designated funds). Whilst this is below the minimum free reserves level of around £500.000,' the College is moving in the right direction and expects to meet the target levels by the generation of surpluses in future years. Pay policy for key management personnel Trustees and senior leaders continue to recognise that the organisation's success is reliant on its team of dedicated staff. As salaries had not increased since 2021, a 10 % increase was paid with effect from 01 July 2024. Flnancial perfomiance The operating surplus for the year was £202,844 (2023: defictt of £177,408) with an actuarial gain for UK accounting purposes, which does not affect cash, of £192,000 (2023.. £643.000) due to periodic revaluation of pension asset I liabilities, leading to a net surplus for the year of £394,844 (2023: £465,592). The total funds carried forward at the year-end are £3,600,506 (2023.. £3,205,662) of which £3,438,189 (2023: £2,902,281) ar8 unrestricted and £162,317 (2022: £303,381) are restricted. Penslon fund 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 an increase in the asset on the defined benefit pension scheme of £188k from £441,000 to £629,000. This asset is, of course, a ststement of the theoretical pension asset of the Charity at the balance sheet date based upon current assumptions of future discount rates,. future salary and pension increases and inflation. The asset 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. RISK MANAGEMENT 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 categorised low, medium or high in terms of likelihood and seriousness. Modifying actions 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 potentially most serious consequences:

National Horseracing College Limited Company Limited by Guarantee Trustees. Annual Report (contlnued) Year ended 31 July 2024 Rlsk Likelihood Serlousness Modlfylng Actlons TREAT Training. supervision. Owner Safeguarding failure - learner MEDIUM HIGH Ops (Safeguarding Lead} CEO Dir Fixed costs 8xceeding ESFA & BHA contract payments MEDIUM HIGH TREAT Demonstrate: Value of NHC'S outputs. Efficiency of op6ration. Major IT breach MEOIUM HIGH TREAT RetaSn comprehensive IT specialist support, backup protocols, protective measures, training. CEO Reduction Industry resour￿$ from Lavy MF.DIUM HIGH TOLERATE Exert influenc8. demonstrate so¢i81 value added. CEO Actual Reputation81 damage due to V8xatious complaints or MEDIUM MEDIUM TREAT Ensure policies & procedures are justified, current, followed and actions r8corded. CEO Human preventing deliverylreceipt of training disease LOW HIGH TREAT Awareness, preparation, training, discipline. CEO Safeguarding failur8 - Staff LOW HIGH TREAT DBS Checks, training, supervision. CEO Catastrophic fireffiood LOW HIGH TREAT Dispersal assets, backup protocols, protective measur8S, training. comprehensive and up-to- date insurance cover. CEO Loss contract of ESFA LOW HIGH TREAT Maintain or enhance quality of provision {OFSTED 1 or 2) while fvlfillinglov8r-perfoming against contract. CEO Loss contract BHA LOW HIGH TREAT Continue to subsidize cost to industry, fulfillover-perforn against BHA contract, respond to industry needs. CEO Equin6 disease preventing delivery of training LOW HIGH TREAT Maintain situational awareness, conlingency planning, training. Training Manager

National Horseracing College Limited Company Limited by Guarantee Trustees. Annual Report (contlnuedj Year ended 31 July 2024 STRUCTURE AND GOVERNANCE Constitutton National Horser8cing College registered as a charitable company limited by guarantee with no share capital and was set up by a Memorandum ofAssociation on 19 February 1988 and is a registered charity number 700405. Methods of appolntment or electlon of Trustees The management of the company and the group is the responsibility of the trustees who are elected 8nd co-opted under the terms of the Articles of Association. Trustees are recruited through sector networks and approached to discuss taking on a trustee role. Organlsatlonal structure and declsion-maklng pollcies The Board meets quarterly. Its business always includes a comprehensive update from the Chief Executive. Business decisions that have strategic significance are made at Board level. There is a single standing sub-committee, the Finance Committee which is chaired by the Chairman of trustees. Attendees include the Chief Executive. the Finan￿ Director, the Operations Director and the Support Services Manager. All major financial decisions are recommended to the Main Board where decision making occurs. Task and Finish Groups are established for specific purposes e.g, Nominations Committee to identify a new Chairman or a selection panel to select a new Chief Executive. All trustees, including the Chair, have fixed terms of office. Pollcles adopted for the Inductlon and training of Trustees New trustees are provided with a comprehensive induction, led by the Chief Executive and involving other staff. to ensure they are provided with a comprehensive view of what the NHC does and how it does it. All trustees are informed of trustee training opportunities organised by external bodies and encouraged 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. statement of Trustees. responslbilities The trustees (who are also the directors of the company for the purposes of company law) 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 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 consistent]y; observe the methods and principles of the Charities SORP {FRS 102). make judgments and accounting estimates that are reasonable and pwdent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements. 10

Nat-ional Horseracing College Limited Company Limited by Guarantee I rusTeé&' Annual Keporr (contlnue¢l Year ended 31 July 2024 prepare ine TInanc￿l slateme￿S on ine goll￿ concem Dasis unie5& ll is inappropnaie io ¢aiime 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 Ihe company's transactions and disclose with reasonable accuracy at any tiR the financlal position of the Group and the co￿Dan! and enab16 them to ensure that the financis statements comply wrlh the Companies Act 2006. They are also responsible forsafegualding the assets oi. the Group and the company and hence for taking reasonable steps for the prevention and detection Of iraud and other irregularities. Disclosure of Infomiation to auditor acn oi the persons wno are irusiees ai tne lime wnen inis I rusiees. repon ￿ approvea nas conijnnea so far as that Trustee is aware. there is no relevant audit infomation of which the charitable group's audhor 5s unaware. and Trnstee 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 auditor is aware of that informatiOVk. AudiEOi -he audltor. Sutton McGrath H8rt1ev. has Indlcated theirwillinoness to contlnue In office. The designated [ru￿eeS will propose a motion reappointing the auditor at a meeting of the trustees. PLANS FOR FUTURE PERlOt* 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 others to implement e industry's new strategy and the Workforce Strategy that will be developed within that. These plans for the whole of racino will inform important and much-needed decisions to shape the future for employees, participants. attendees and supporting or related activilies. Trustees expect the College's leadership to engage with and contribute to the industry's planning and ta contribute activety to ongoing sUcc￿- In the meantime, they are extremely proud of the performance of the College which, in terms of ts delivery for racing and for tts leamers, has continued to build on the success of previous years. They believe that the cornDany has adequate resources to Gontinue as a going concem and they look fO￿ard to the future with justifiable optimism. prov d by order of th members of the board of trustees and signed on thelr behalf by: G Sutcliffe Chairman 11

National Horseracing College Limited Company Limited by Guarantee Independent Auditor's Report to the Members of National Horseracing College Year ended 31 July 2024 Opinlon We have audited the financial statements of National Horseracing College {the 'parent charitable company,) and its subsidiaries (the 'group') for the year ended 31 July 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 fairview of the state of the group's and of the parentcharitable company's affairs as at31 July 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 and the Charities Act 2011. Basls for opinlon 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 Auditor's responsibilities for the audit of the financial statements 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. Concluslons relatlng to golng 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 parent charitable company's ability to continue as a going concern for a period of at least ￿e1ve 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. 12

National Horseracing College Limited Company Limited by Guarantee Independent Auditor's Report to the Members of National Horseracing College (Continued) Year ended 31 July 2024 Other Information The other information comprises the information included in the Annual report other than the financial statements and ourAuditor'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. In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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. Oplnlons 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 dir6Ctors' report) for the financial year for which the financial statements are prepared is consistent with the financial statements, and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of our knowledge and understanding of the group and parent 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 and the Charities Act 2011 requires us to report to you if. in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the 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 directors, report and from the requirement to prepare a strategic report. 13

National Horseracing College Limited Company Limited by Guarantee Independent Auditor's Report to the Members of National Horseracing College {contlnuedJ Year ended 31 July 2024 Responslbilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitable company forthe purposes of company law) are responsible forthe preparation of thefinancial 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. Audltorfs responsibilltles forthe audlt of the flnanclal 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 Auditorfs 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. The extent to whlch the audit was consldered capable of detectlng irregularltles, including fraud 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 objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the detemiination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of rnaterial misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those Charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: •obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the group and parent company operates in and how the group and parent company are complying with the legal and regulatory framework. 14

National Horseracing College Limited Company Limited by Guarantee Independent Auditor's Report to the Members of National Horseracing College (continued) Year ended 31 July 2024 •inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities. including any known actual, suspected or alleged instances of fraud., •discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We perfomied audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures. inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors. The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the nomial course of business. 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.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members 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 assLsme responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Howard Matthews (Senior statutory auditor) for and on behalf of Sutton McGrath Hartley Queen5gate House 23 North Park Road Harrogate HG15PD Date: 5 March 2025 15

National Horseracing College Limited Company Limlted by Guarantee Consolidated Statement of Financial Activities (Incorporating Income and Expenditure Account) Year ended 31 July 2024 Unrestricted fund5 2024 Restrfcted funds 2024 Total funds 2024 Total funds 2023 Income from". Donations and legacies Charitable activities Other trading activities oth8r income 40,099 1,609,786 127,836 6,090 40,099 3,391,618 127,836 6,090 31.136 2,832,648 141,857 89,060 1,781,832 Total incomè 1,783,811 1,781,832 3,565,643 3,094,701 Expenditur6 on: Raising funds- Voluntary income other trading Charitable aotivities 109,237 74,437 1,244,784 11,445 109,237 74,437 3,167,680 11,445 128,868 78.436 3,055,508 9.297 1,922,896 Other expenditure 11 Total oxpanditure 1,439,903 1,922,896 3,362,799 3,272,109 Net (expendlture)lincome 343,908 {141,064} 202,844 (177,408) Net movement in funds bafore other recognised gains 343,908 (141,064) 202,844 {177,408) Other recognlsod gains: Actuarial gains on defined bene)It pension schemes 28 192,000 192,000 643,000 Net movement In funds 535,908 (141,064) 394.844 465,592 Reconciliation of funds: Total funds brought fotward N8t movement in funds 2.902,281 535,908 303,381 <141.064) 3.205.662 2,740,070 465.592 394,844 Total funds carrled foThvard 3,438,189 162,317 3,600,506 3.205,662 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 th8 year. Al income and expenditure deriv6 from continuing activities. 16

National Horseracing College Limited Company Limited by Guarantee Consolidated Statement of Financial Position Year ended 31 July 2024 2024 2023 Not Fixed assets Tangible assets 16 3,111,039 3.133,378 3,111,039 3,133,378 Current assets Stocks 18 45,588 199,215 211,757 52,260 44,251 97,917 Debtors 19 Cash al bank and in harKI 456,560 194,428 Creditors: amounts falling due within one year 20 (572.576) {533,125) Net current liabilities (116,016> (338,697) Total assets less Current liabllltles 2,995,023 2,794,681 Creditors.. amounts falling due after more than one year 21 (23,517) (30,0191 Net assots excluding pension asset 2,971,506 2,764,662 Defined benefit pension scheme asset 28 629,000 441,000 Total not assets 3,600,506 3,205,662 Charity funds Restricted funds 162,317 303.381 Unr65tricted funds Designated funds General funds 22 56,335 56,335 2,404.946 22 2,752,854 Unrestricted funds 8xcluding p8nsion asset Pension asset 22 2,809,189 2.461,281 441.000 22 629,000 Total unrestricted funds 22 3,438,189 2.902,281 Total funds 3,600,506 3,205,662 17

Natlonal Horseraclng College Llmited Company Llmlted by Guarantee Consolidated Statement of Financial Position (Conunuod) Year ended 31 July,2024 The Trustees aoknowledge their responslbilltlas for tsmply.rng wtfvthe requlreménts df tHe.Ath wth resppcv.to acwkJAtln recplth end weparatlpn olflnanclal statem￿ts. The f1n9ttcl￿ 8tstenl8nts have been 'p￿pared In accordan￿ tha PTovlslons aDpllc8blè to értttfe8,stsbJètt" ta Ihe SM￿11... cnmp8nl8* reairn&. The ffftandal ststsments were approved and authorlsed'for Issue by th6'TnJ¥teés. and sl¢nèd',on their bèhall'by,,.: (Chalrof Ttustse$l O.ate: Mars. 202S' .. Yhe nntés orn 6agepi,.22 to 51 form part dthese ttnanclal statemeritr. 18

National Horseracing College Limited Company Limlted by Guarantee Company Statement of Financial Position Year ended 31 July 2024 2024 2023 Note Fixed assets Tangible ass8ts Invesknents 16 3,087,482 3,104.894 17 3,087,484 3.104,896 Current assets Stocks 18 32,873 241,384 153,682 40,266 Debtors 19 55,062 Cash at bank and in hand 71,893 427,939 167,221 Creditors.. amounts falling du8 Wlthin one year 20 (558,920) (515,956) Net current liabllltl88 (130,981) (348,735) Total assets loss current liablllties 2,956,503 2,756,161 Creditors.. amounts falling due aft8rmore than one year 21 (23,517) (30,019) Net assets excluding pension assot 2,932,986 2,726,142 D8fin8d benefit pension scheme asset 28 629.000 441,000 Total net assets 3,561,986 3.167,142 19

Natlonal Horseracfrng College Limited Company Llmlted by Guarantee Company Statement of Flnancial Positlon Icontlnuodj 'Year ended 31 July 2024 Cbarlty fund¥, Restrfcfed fvndg Unrestrictsd fund> ?03:381 .D8slgnated f'unds ' Gon.¢ral funds 56ts35 Ir74.334 Unrègtrtctad fvnds exoludlffg penslon asset Pehsiiin asset S29.( 441,ob Totel.unretheEed fvnd$ 3a99,669 Totsl ltsndo . 1¥6f,986 Thg. ¢gmpany has tsken adv4nts"96 of'th¢ Wmptlrin allowed, undar s40b of the Companiès Act 211D6' ahd h85 mot presente;d, tts'(Mn btgtsmenf of.'flhancia! activftlb& in thosp ]In8nc181:ststement& The com￿80￿& movemerft Irtr, for th¢ Vearwag£394' 844 (2023- £465:592l. Thè'Tr.Llstads acknowtedgetheir.r8sponslbii￿l￿8 for comtslylng.￿thth0 reoulrements of the Act.wlth resper*to aKoOntThd, fdcordgeDd' preparatton otfinanclaf statements. The finenaial ststetnènts IIAYe bben prepared in accordanc8 wth. th6 p￿￿s￿nS applioabte lo entitles subject to tt¥é', ¥mall ¢Omp8ntes regtffte",. The financtal stateniehts were ap.proved arid authorfsed for bsu8 bythe Ttustses aDdsl9nBd,'on thelr behalfby. Mr GerArd Sli"tèitffe (Ghalr of Trustees) Date." Mar 5 2015 The ftoteG ori pagos 22 ts 51 fom part olthese financhl ¥t8tem8rts-, 20

National Horseracing College Limited Company Limited by Guarantee Consolidated Statement of Cash Flows Year ended 31 July 2024 2024 2023 Note Cash flows from operating activities Nat cash provided by operating activities 25 277,734 110,439 Cash Ilows from investSng activilies Purchas& of tangible fixed assets Proc88ds from disposal of fixed assets (134,600) 30,600 {188.871) Net cash us8d in investlng activitles (104,000) (188,871 } Cash flows from financing activities Repayments of borrowing Int8rest paid (48,449) {11,445) (60,068) (9,2971 Net cash used in flnancing activities {59,894) (69,365) Change In cash and cash èquivalents in the year Cash and cash equivalents at the beginning ofthe year 113,840 (147.797) 97,917 245.714 Cash and cash equivalents at the end of the year 26 211,757 97,917 21

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 July 2024 General infomiation 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 OHN. Accountlng policies 2.1 Basis ofpreparatton offinanclal statements The financial statements have be8n 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 issued October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. National Horser8ong College meels the definition of a public benefit entity under FRS 102. Assets and liabilitl8s are initially recognised at historical cost or transaction value unless othe￿1$8 stated in the rolevant accounting policy. The consolidated ststement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial slalements of the company and its subsidiary undertaking. The r65uIts of the subsidiary are consolidated on a line by line basis. 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 Companyststus The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of th6 company being wound up, the liability in r8SP8Ct of th6 guarantee is limited to £1 per member of the company. 2.3 Golng concem The charity, for som8 years. has b8en unabl8 to comply with its policy to hold frae reserves of between l-and 2-month5 operational expenditure. Group surpluses in unrastri¢ted funds in recent years had allowed thè College to work towards adherence of the policy, however the onset of Ihe global pandemic brought increased risk to the charitvs financés. Steps taken by central government, local authorilies and Ihe racing industry have already helped to support the College's own efforts to SUStain its staff and leamers through the pandemic period, but coupled with increasing cost pressures, uncertainties remain about tho long-term funding of the industry pending the publication of a new P80ple strategy. However, thè business has taken dècisive and effective m6asure8 to preserve cash flow and increase its resilienc6. The Trustees have prepared forecasts of income and expenditure and cash flow for the period to 31 December 2024 which shows that they have sufficient cash to be able to continue forthe foreseeable future. 22

National Horseracing College Limited Company Limited by Guarantee Notes to the Flnancial Statements (Contlnued) Year ended 31 July 2024 Accountlng policies {continued) 2.3 Golng concem (continued) 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 lo tho income, it is probable that the income will be received and the arnount ofincome receivable can be measured reliably. Grants are included in the consolidated statem8nt of financial activities on a receivable basis. The balance of income r8C8ived for specific purposes but not expended during the p6riod is shown in the relevant funds on the balan￿ sheet. Where income is received in advance of entit16ment of receipt, its recognition is deferred and included in creditors as defèrred income. Wher6 entiilem&nt occurs before income is received. the income is accrued. Gifts in kind donated for distribution are included at valuation and recognised as income wh&n they are distributed to the projects. Gifts donated for resale are inciuded as incom8 when th8y 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 case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in th6 appropriate fixed asset class and depreciated over th& useful economic life in accordance with the company's accounling policies. On receipt, donated professional s6rvices and facilities are recognised on the basis of the value of the gFft to the company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market,. a CO￿espOnding amount is then recognised in expenditure in th8 Period of r6ceipt. Income tax r8coverab18 in relation to investment income is recogniBed at the time the investment income is receivable. Other income is recogni58d in the period in which it is réceivabl8 and to th& extent the goods have b&8n provided or on completion of the service. Included in other income is CJRS income which is recognised in the pertod for which th& claim was made. 2.5 Expendlture Expendilure is recognised onc8 there is a legal or constructive obligation to transfer 8conomic ben&fit tr) a third paty, 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 costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated dir8Ctly 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 basis of time spent. and depreciation charges allocated on th6 porknon of the asset's use. 23

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 July 2024 Accountlng policies (continued) 2.5 Expendlturè (continued) Expenditure on raising fijnds includ6s all expenditure incurred by the Group to raise funds for its charitable purposes and includes cosls of all fundraising activities events and non-charitable trading. Expenditure on Charitable activities 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. 16 Tangible flxed assets and depreclation Tangible fixed assets costing £1,000 or mor8 are capitalised and r6cognised wh8n future economic beneflts are probable and the cost or value of the asset can be measured reliably. Tangible fixed 8ssets are initially recognised at cost. After recognition, under the cost modèl, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed assel into its intended working condition should be included in the measuremenl of cost. Depreciation 18 charged so a5 to allocate thé cost of tangible fixed assets less their residual value over their estimated us8ful lives Depreciation is provided on th8 following bas8S'. Visitor centre Building refurbishment Leas8hold land & buildings Stsble block Plant, 8quipment and motor vehicles Variable belmeen 20A - 33°/o on a reducing balance Variable between 1 Yo- 20¥0 on a reducing balance Variable belmeen 1 ¥.- 200/0 on a reducing balanc6 10/0 reducing balance Variable between 5 % - 200A on a reducing balanc8 Gallop, menage and indoor riding Variable behveen 1%_ 10 % on a reducing balanc8 school Assets under constructton Not depreciated Computer equipment Variable between 20 /a-33% on a straight line 2. 7 Investsnents Investments in subsidiaries 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 obsolet8 and slow-moving stocks. 24

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 July 2024 Accounting policies (continued) 2.9 Debtors Trad8 and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid n8t ofany trade discounts due. 2.10 Cash at bank and in hand Cash al bank and in hand includes cash 8nd short-tem highly liquid inv8Stments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2. 11 Liabllltios Liabilities and provisions are recognised when there is an obligation at the balanc6 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 settlem8nt oan b8 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 advanc8d payments for the goods or seNic85 it must provide. Provisions are measured at the best estimate of the amounts required to settle th8 obligation. 2.12 Flnanclal Instruments Th6 group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at th8ir settlement value with the exception of bank loans whioh ar8 subsequ8nlly measured at amortised cost using Ihe effectiv8 interest method. 2.13 Finance leases and hire purchase Assets obtained under hire purchase contracts and finance18ases are c8Pltalised as tangible fixed assets. Assets acquired by finance lease are deprociated over th6 shorter of the lease term and their useful Iiv6s. Ass8ts acquired by hire purchase are depreciated over th6ir useful lives. Finan￿ leas6s are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in creditors, n8t of the finance charge allocated to future periods. The finance elément of the rental payment is charged to the consolidated statement of financial activities so as to produc8 a constant periodic rate of charge on the net obligation outstanding in each period. 2.14 Operating leases Rentals paid under operating leas8s are charged to the consolidated statement of financial activities on a straight line basis over the18ase term. 25

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 July 2024 Accounting policies {continued) 2.15 Pensions The group operates a defin6d contribulion pènsion schem6 and the pension charge rèpresents th8 amounts payable by the group to the fund in r6spect of the y8ar. The group operat8s a defined b&nefit plan for the benefit of its employees. A liability for the charity'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 b8nefit plan during the period. Pension p18n assets are measured at fair value and the defined benefit ablig8tion is measured on an actuarial basis using the projected unit method. Actuarial valuations are obtained at least triennially and are updated al each balance sheet dale. 2.16 Fundaccountlng General funds are unrestricled funds which are available for use at the discretion of the Trustees in furtherance ofthe general objectives ofthe group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been s8t aside by Ihe Trust685 for particular purposes. The aim and use of each designated fund is set out in the notes to the ffinancial 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 costs 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 notes to the financial statements. 2.17 Taxation The company is considered to pass the tests Set out in Sch. 6, pera. 1 of the Finance Act 2010 and therefore It meets the definition of a charitabl6 company for UK co￿oration tax purposes. 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 gains are applied exclusively to charitable purposes. 2.18 Employee benefits When employ8es have rendered Servi￿ to th6 charity. short-t8m employee benefits to which the employees are 8ntitl8d are recognised at the undiscount8d amount expècted to be paid in exchange for that servi￿. 26

National Horseracing College Limited Company Limited by Guarantee Notes to the Flnancial Statements (Continued) Year ended 31 July 2024 Critical accounting ostlmates and aroas of judgment Estimates and judgments are continually evaluatsd and are based on historical experienc6 and oth8r factors, including expectalions of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The company makes estimates and assumptions conceming the fulure. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actu81 results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The present value of the Soulh Yorkshire {SY) defined benèfit pension liability depends on a number of factors that are detemiined on an actuarial basis using a variety of assumptions. The assumptions used in detemiining the net costs or income for pensions include the discount rate. Any changes in these assumptions will impact the carrying amount of the liability. Income from donations and legacles Unrestrfctsd funds 2024 Total funds 2024 Totsl funds 2023 Donations Pontefract race day inwme and Leger Legends incom8 40,099 40.099 31,136 40,099 40,099 31,136 Total 2023 31,136 31,136 27

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 July 2024 Incomo from charitable actlvities Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Operation of educational and training college ESFA 14.796 1,531.210 43,780 1,602,012 1,616,808 1,531.210 43,780 199,820 1,322,066 1,191.840 26,368 292,374 other activity related income Grants {se8 detailed breakdown b8low) 20,000 179,820 1,609,786 1,781,832 3,391,618 2,832,648 Total 2023 1.225,548 1,607.100 2,832,648 Grants 2024 2023 Main Grants Lottery Community Fund- Lrfe skills Racing foundation RSDP Website BHA NARS- r8fiJrbishment of recreation room Peter O'Sull&van- furk)ng rails replacement Racing welfare Racing Foundation - raong simulator RF Lunge Pen r8payment 13,320 7,500 159,000 159.000 18,894 19,980 14,500 90,000 (10,000) Total restricted grants 179,820 292.374 The Sir Peter O'sullevan Charitable Trust 20,000 Total unrestrict8d grants Total 199,820 292,374 28

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 July 2024 Income from other tradlng activities Income from non charitable tradlng activitles Unrestricted funds 2024£ Total funds 2024 Total funds 2023 NHC Trading Limited 127,836 127,836 141,857 Total 2023 141,857 141,857 The charity has a wholly own8d trading subsidiary, NHC Trading Limited (company number 03538751). The companywas incorporated on 1 April 1998 and has issued share capital oftwo ordinary shares. The company gifts its taxable profits to National Hors8racing Coll8g8. Unaudited accounts are filed with Companies House. Other Incoming resourcos Unrestricted funds 2024 Total funds 2024 Total funds 2023 Profit on disposal of fixed assets 6.090 6,090 Insuran￿ receipts 89,060 Total 2023 89,060 89,060 29

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnugd) Year ended 31 July 2024 Expendlturè on raislng funds Costs ofrdlsing voluntary income Unrestrfcted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Fundraising and publicity Voluntary income staff costs 250 250 250 108,987 108,987 128,618 109,237 109,237 128,868 Total 2023 102,868 128,868 Other tradlng expenses Unmstricted funds 2024 Total funds 2024 Total funds 2023 Cost ofsales 59,934 9,576 4.927 59,934 9,576 4,927 65.451 Administration expenses Depreciation 6,078 6,907 Total 2024 74,437 74,437 78,436 Tot812023 78,436 78,436 30

National Horseracing College Limited Company Llmited by Guarantee Notes to the Financial Statements fcontlnued) Year ended 31 July 2024 Analysis of expenditure on charitable advlties Summary byfund typ8 Unrestri¢tsd funds 2024 Restricted funds 2024 Total 2024 Total 2023 Operation of educational and training collège 1,244,784 1.922,896 3,167,680 3,055,508 Total 2024 1,244,784 1,922,896 3,167,680 3,055,508 Total 2023 1,512.805 1,542.703 3.055,508 31

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements {C¢)ntlnugd) Year ended 31 July 2024 10. Summary by expenditure category 2024 2023 Training costs Accommodation 288,118 333,741 268,087 1.156,188 4,000 127.500 259,593 311,593 203,389 1,253,864 38,000 110,750 stable yard Staff costs Pension finance costs Depreciation Total dlrect costs 2,177,634 2,177,189 Administration costs Slaff costs 382,549 357,730 333,585 341,338 Total managemont and admlnistration 740,279 674,923 Support administration costs 75,111 70,773 Total support costs 75,111 70,773 Govemance costs15ee note 12) 174,656 132,623 Ovorall Total 3,167,680 3.055,508 32

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 July 2024 11. other expendlture Unrestri¢ted funds 2024 Total funds 2024 Total funds 2023 Bank and other interest 11,445 11,445 9.297 Total 2023 9,297 9,297 12. Govemance costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Auditor's remuneration 13,650 9,017 13,650 10,292 Trustegs, expenses Legal and professional Salaries and related charg8S 9,017 9,055 139,634 1,043 15,859 105,429 9,055 142,934 Total 2024 174,656 171,356 132,623 Total 2023 132,623 132,623 13. Net incomel{exp8nditure) This is stated after charging: 2024 2023 Depreciation of tangible fixed assets own&d by the group Depreciation of tangibl8 fixed assets held under finance18as8S Auditor's r8muneralion- audit Profit on disposal 73,750 53,750 13,650 {6,090) 117,657 5,226 10.292 33

National Horseracing College Limited Company Limited by Guarantee Notes to the Flnancial Statements (Contlnued) Year ended 31 July 2024 14. staff costs Group 2024 Group 2023 Company 2024 Company 2023 Wages and salari8S 1,540,097 1,549,193 1,540,097 1,549,193 Social security costs 134,809 131,698 134809 131,698 Pension costs 60,440 4,000 59,514 38.000 60,440 4,000 59,514 38,000 Operating costs of defined ben6fit pension schemes 1,739,346 1,778,405 1,739,346 1,778,405 Th8 average number of persons employed by the company during the year was as follows: Group 2024 No. Group 2023 No. 62 59 The number of employées whose employee benefits (excluding employer p8nsion costs) exceed8d £60,000 was: Group 2024 Group 2023 In the band £110,000 - £120,000 In th8 band £120,000 - £130,000 The total remuneration and b@nefits received by key management P6rsonnel including employer's Nl and pension WBS £323,003 (2023: £283,767). The trustees consider senior management personnel to be the Chief Executive Officer, the Operations Director, the Work- Bas6d Learning Manager. the Training Manager and th8 MIS and Compliance Manager. 15. Trustees. remuneratSon and expenses During the year. no Trustees received any remun8ration or other benefits {2023.' £nil). During th8 year ended 31 July 2024, expenses totalling £879 were reimbursed or paid directly to 4 Trustees {2023 £1.043 to 4 Trustees). These 8xpenses relate to the reimbursement of travel expenses incurred by the Trustees when at16nding National Horseracing College Trust88 m8etings and events

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 July 2024 l& Yan9lbl• ftx•d Oro Gallop. Plan¢ MBnage & E4ulprnent4 Indoor ￿dIng S¢hD Laag•hold Land & Bulldlngs 8tabl•Block Bulldlng Cvmput•r eqUipm•nt V•hlchB fotsl At 1 Augu512023 Addttbns DIspo8818 B16.681 478.125 16.859 1,244,177 728.795 985.277 15348 786.848 102,493 142,4451 141.662 5.181,565 134600 142,4451 At 31 July 2￿24 816,681 494,984 1244177 728.795 1.000,525 846,896 141.662 5.273,720 At 1 Auoust 2(k23 Ch8rg8for the ypar 8knln@ti￿ At 31 July 2024 276,210 30,000 207,060 6,800 329,307 11,452 183,342 6,250 509,504 19,500 398,562 41175 17,933 424.794 84212 14250 2,048,187 132,427 117,9331 2,162,681 306.210 273,860 340.759 189.592 529.004 98A62 Pl8tbook v& At31 Juty2024 51OA71 221,124 9D3A18 539203 471,521 421102 43.200 3.111.039 At31July2ry23 540,471 211,065 914,870 s45.￿3 475,773 388,296 57,450 3,133,378 35

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Continu8d) Year ended 31 July 2024 l& Tanolble ffxod ass•ts l¢ontlnuBdl Company Lgmohold Land & Gallop Nonagg & Indoor Rhlln 8tablo Block 5¢hool Plart Equlpm•nt & Motor Bulldlng Computqr vtsitor¢•ntre rofurb￿￿rn•nt Bulldln¥# V•hl¢ •qulpm•nt Tolal CoBt Or¥￿Ua￿0n At l August 2023 Addltlon$ 816,681 478,125 1,240,036 16,859 728.795 5277 15.248 661,814 102,493 141.662 5,051390 134,600 D15posals 142,4451 142,4451 At 31 July 2024 816.681 494,984 1.240.036 728,795 1,000.525 721,862 141,662 6.144545 Depreclatlon At 1 Augu$t2023 Charge forthe year Ellmlnatlon on dlsP08al 276,210 30,000 267,000 6,800 328,150 10.700 183.342 6.250 299,018 40,000 84,212 14,250 1.947.496 127.500 19,500 At 31 July 2024 321085 2 057 063 Netbotsk val At31 July 2024 510,471 221,124 901,186 539,203 471,521 4110,777 43,200 3.087.482 At31 July2023 540,471 211,065 911.886 545,453 475,773 3e2,796 1,450 3.104,894 36

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 July 2024 16. Fixed asset Invostments Investments In subsidiary companies Company Cost or valuatlon At 1 August 2023 At 31 July 2024 Net book value At 31 July 2024 At 31 July 2023 National Horseracing College owns 100Yo of the ordinary shar8 capital of its trading subsidiary, NHC Trading Limit8d. a company incorporated in England and Wales. 37

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 July 2024 17. Fixed assèt Investments (continued) Principal subsidiaries The following was a subsidiary undertaking of tha company- Namo Company number Reglstered office or Class Holding principal Place of buslnoss share NHC Trading Limited 03538751 Th8 Stables, Rossington Hall, Great North Road, Doncaster, DH11 OHN Ordinary 1000/0 The financial results of the subsidiary for th8 year were: Name Income Expenditurè Profit for the year Net assets NHC TTrding Limited 127.836 (109,437} 18,399 38,520 18. Stocks Group 2024 Group 2023 Company 2024 Company 2023 Finished goods 45,588 52.260 32.873 40,266 19. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Trade debtors 192,068 42.239 187,880 46,357 7,147 35,450 17,600 2,012 Amounts ow8d by group undertakings Other debtors 7,147 2,012 Prepaym8nts and accrued income 199,215 44,251 241,384 55,062 38

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements {ContlnufjdJ Year ended 31 July 2024 20. Creditors: Amounts falling due wlthin one year Group 2024 Group 2023 Company 2024 Company 2023 Bank loans 6,233 72,438 6,233 72,438 Trade creditors 142,107 130,004 134,377 119,160 Other taxation and social s8curity Net obligations under financa lease and hire purchase contracts 59.894 44.634 59,894 44,634 44,281 20,023 44,281 20,023 other creditors 320,061 266,026 314,135 259,701 572,576 533,125 558,920 515,956 21. Creditors: Amounts falllng due after more than ona year Group 2024 Group 2023 Company 2024 Company 2023 Bank loans 6,233 6,233 N8t obligations under finance lease and hire purch8S8 contracts 23,517 23,786 23,517 23,786 23,517 30,019 23,517 30,019 Bank loans and overdrafts are secur6d by way of a first legal charge over the assets and undertakings of the charity, including the R8sid6ntial Centre, Rossington Hall, Greal North Road, Doncaster. Bank loans are repaid monthly over the term of the loan. Int&rest is payable at a fix8d rate of 5.9550/0. Interest on any bank ov8rdrafls is payable at 5.550loabove base rate. 39

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 July 2024 22. Statemant of funds statèment of funds- current year Balance at 1 August 2023 Transfers inlout Gains1 (Losses) Balance at 31July 2024 Incom8 Expanditure Unrestrlctsd ftinds Deslgnatedfunds College improvements 56,335 56,335 Generalfunds General funds 2,366,426 1,549,911 (1,220,402) 18,399 2,714,334 Reserves h8ld in subsidiary Pension fund 38.520 441,000 127.836 {109,437) {4.000) (18,3991 38,520 192,000 629,000 2,845,946 1,677,747 (1,333,839) 192,000 3,381,854 Total Unrestricted Funds 2,902.281 1,677,747 11.333,839) 192,000 3,438,189 Restrictsd funds Horseracing grant scheme 46,841 (16,083) 30,758 RSDP 188,415 8.187 38,125 163,168 (236,006) 115,577 8,187 Horsebox grant Petèr O'sullevan Trust {38,125} RF RSDP Website 13.320 7.500 (13,320) (5,945) 16,374) Main grants10tt8ry NARS Rec room refurbishment POS Furtong replacement 1,555 6,240 12.614 9,199 (9.199) 40

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 July 2024 BHA & HBLB programmes 1.597,844 (1,597,844) Total restrlcted Funds 303,381 1,781,832 {1,922,896) 162,317 Total Funds 3,205,662 3,459,579 {3,256,735} 192,000 3,600,506 41

National Horseracing College Limited Company Llmlted by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 July 2024 22.Statement of funds Statement of funds- prior year Balance al 1 August 2022 Transfers inlout Gainsl (Losses) Balanc6 at 31July 2023 Income Expenditure Unrestricted funds Designatedfunds College improvements 56,335 56,335 Generalfunds Gèneral funds 2,562.186 1,345,744 (1,562,970) 21,466 2,366,426 Reserves held in subsidiary P8nsion fund 38,520 (164.000) 141.857 {128,436) {38.000) {13,421) 38,520 643,000 441,000 2,436.706 1,487.601 (1,729.406) 8,045 643,000 2,845,946 Total Unrestricted Funds 2,493,041 1,487.601 (1,729,406) 8,045 643,000 2,902,281 Restrlctsd funds Horseracing grant scheme 46,841 46,841 RSDP 135,831 8,187 159.000 (106.416) 188,415 Horsebox grant Peter O'sullevan Ttijst 8.187 48,125 (10,000) 38.125 Racing Foundation- Lunge Pen Racing welfare NARS Rec room refurbishm8nt POS Furlong replacement RF New simulator vehicle 8,045 (8,045) 14,500 18,894 (14,500) (6,280) 12,614 19,980 (10,781) 9,199 90,000 (90,000) 42

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 July 2024 BHA & HBLB programmes 1,314,726 (1,314,726) Totalrestrlcted Funds 247,029 1.607,100 (1,542,703> (8,0451 303,381 Total Funds 2,740,070 3,094.702 (3,272.110) 643,000 3,205,662 43

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Gontlnued) Year ended 31 July 2024 Restri￿ed Funds The funds of the charity include restricted funds comprising the following unexpended balances of grants and donations held on trust to be applied for spécific purpos8S.' The Horseracing grant scheme represents a contribution from the British Horseracing Authority towards the costs of improving the capacity of residential accommodation. The RSDP represents grants received from the Racing Foundation under its 'People Developmant, initiative to provide Rider coaching sessions, simulator training and theoretical coaching for the racing Community. Horsebox grant-to fund a new hors8box. The lung6 pen grant are two grants, one from The Peter O'sullivan Trust and one from The Racing Foundation to create a new lunge pen for horses. The BHA & HBLB programmes fund is money received from the British Horseracing Association in order for the collège to deliver it's courses and help with the day to day running of the facility. Peter O'sullivan simulator is a grant from the POS Charitable Trust to assist the Charity trj purchase a new Racing Simulator which is a significant upgrade to ils existing provision.

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 July 2024 23. Summary of funds Summary of funds- current year Balance at 1 August 2023 Transf•rJ Inlout Gainsl Balance at31 {Lossesl July 2024 Income Exponditura Designat8d funds General funds 56,335 2,845,946 303,381 56,335 3,385,854 162,317 1,549,911 (1,220,402) 1,781,832 (1,922,896) 18,399 188.000 Restricted funds 3,205,662 3,331,743 (3,143,298) 18,399 188,000 3,600,506 Summary of funds- prior year Balance at 1 August 2022 Transfers inlout Gainsl Balance at (Losses) 31July 2023 Income Expendi￿re Designated funds Genéral funds 56,335 56.335 2,436,706 1,502,102 1,592.600 (1,743,907) {1.528,203) 8,045 643,000 2,845,946 303,381 R6strict8d funds 247,029 (8,045) 2,740,070 3,094,702 (3,272,110) 643.000 3,205,662 Analysls of not assets between funds Analysls of net assets between funds - current year Unrestrictad funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed ass8ts Current assets 3,111.039 294,243 {572,5761 (23,517) 629,000 3,111,039 456,560 {572,576) (23,517) 629.000 162,317 Creditors due within one yaar Creditors due in more than one year Provisions for liabiliti8s and charges Total 3.438,189 162.317 3,600,506 45

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnuedj Year ended 31 July 2024 Analysls of net a888ts between funds {continued) Analysis of net assets between funds - prlor year Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fix8d assets Current assets 3,133,376 {108,953) (533,123) 130.019} 441,000 3,133,376 194,428 {533,123) (30,019) 441,000 303,381 Creditors du8 within one year Creditors du8 in more than one year Provisions for liabilities and charges Total 2,902,281 303,381 3,205,662 25. Recon¢illatlon of nat movement In funds to netcash flow from operatlng activities Group 2024 Group 2023 Net (exp6nditurey income for the year (as per stat8m8nl of financial activities) 202,844 (177,408) Adjustments for.. Depreciation charges (ProfityLoss on the sal8 of fixed assets Decrease in stocks 132,427 (6,090) 6,672 (154,963) 81,399 11,445 4,000 117,657 (33.025) 52,767 103.151 9,297 38.000 Decreasel{in¢rease} in debtors (Decrease)l increasé in creditors Interest paid Defined benefit pension adjustment Net cash pmvlded by operatlng actlviti.es 277.734 110,439 46

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnuad) Year ended 31 July 2024 26. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 211.757 97,917 Total cash and cash equivalants 211,757 97,917 27. Analysis of changes in net debt At 1 August 2023 At 31 July 2024 Cash flows Cash at bank and in hand 97,917 {72,438) (6,233) {43,809) 113,840 66,205 6.233 (23,989) 211,757 Debt due within 1 year Debt due after 1 year Finance leas8S (6,233) (67.798) (24,564) 162,289 137,726 47

National Horseracing College Limited Company Limited by Guarantee Notes to the Flnancial Statements (Contlnued) Year ended 31 July 2024 28. Penslon commitments The companyoperat6s a defined contribution pension scheme. The assets ofthe scheme are held separately from those of the company in an indep6ndently administered fund. The pansion cost charge includes contributions payable by the company to the fund and amounted to £48,000 (2023.. £59,514). Contributions totaling £7,031 (2023: £6,977) w8re payable to th8 fund at the balanc8 sheet date and are included in creditors. The group operates a d8fin8d benefit pension scheme. National Horseracing College is a member of the South Yorkshir8 Pension scheme which is a multi-employer pension scheme providing benefits on final pensionable pay. The assets of the sch8me are held separately from those of National Horseracing College. Contributions to the scheme ar8 charged to th6 Statement of Financial Activitias so as to spread the cost of pensions over employees, working lives with National Horseracing College. The contributions are determined by a qualifiad actuary on the basis of triennial valuations using the projected unit m8thod. A full actuarial valuation was carried out as the 31 July 2024 specifically for th8 college by Hymans Robertson LLP. The contributions made for the year ended 31 July 2024 were £48,000 {2023= £52,000). At the balanc6 sh88t date there were outstanding contributions payable of £5,17012023.' £4,522). Principal actuarial assumptions at the ba18n￿ sheet date (expressed as weight8d averages): At 31 July 2024 At 31 July 2023 Discount rat8 5.00 5.05 Future salary increases Future pension incr8as8s 3.35 2.75 3.00 At 31 July 2024 Years At 31 July 2023 Years Mortality rates (in years) - for a male aged 65 now - at 65 for a male aged 45 now -for a female ag6d 65 now - at 65 for a fema18 aged 45 now 20.5 20.6 21.3 21.4 23.6 23.6 25.0 25.0 48

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Ststements (Contlnued) Year ended 31 July 2024 28. Penslon commltments (contlnued} The group's shar6 of the assets in the scheme was: At 31 July 2024 At 31 July 2023 Equities Govemment bonds 2,452,870 768,810 366,100 73,220 2,348,070 748.660 272,240 34,030 Property Cash and other liquid 85S8ts Totalfair value of assets 3,661,000 3,403.000 The actual return on scheme assets was £119,000 {2023- £58,000). The amounts recognised in th8 Consolidated Statement of Financial Activiti8s are as follows: 2024 2023 Current service cost 27,000 32,000 Past service cost Interest income (171,000) 148,000 (119,000) 125,000 Interest cost Administrativé gxpen5es Total amount rocognlsed In the Consolidated Statement of Flnancial Activities 4,000 38,000 49

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 July 2024 28. Pension commitments {continued) Movements in the present value of the defined benefit obligation were as follows- 2024 Opening defined benefit obligation Current service cost 2,962,000 27,000 148,000 8,000 (25,000) (88,000) Interest cost Contributions by scheme participants Actuarial Igainsylosses Benefits paid Closlng defined bonofft obligation 3,032.000 Movements in the fair value ofthe group's shar8 of scheme assets were as follows: 2024 Opening fair value of scheme assets Expected return on a558ts Actuarial gainsllloss8sl Contributions by employ8r Contributions by schem8 participants Benefits paid 3N03,000 171,000 119,000 48,000 8,000 {88,000} Closingfair value of scheme assets 3,661,000 Amounts for the current and pr8vious period for the defined benefit pension schemes are as follows.. 2024 2023 Defined benefit obligation sCh￿e assets (3,032,000) 3.661,000 12.962,000} 3.403.000 SurplusllD8ficit) 629,000 441,000 Experience adjustments on scheme liabilities Experience adjustment on scheme assets 25,000 (119,000) 707,000 (116,0001 50

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 July 2024 29. Operatlng lease commltments At 31 July 2024 the group and the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows= Group 2024 Group 2023 Company 2024 Company 2023 Not later than 1 year Later than 1 year and not later than 5 years 57,023 69,274 57,023 51,517 69,274 2,650 51,517 2,650 108.540 69,274 108,540 69,274 Th6 following leas8 paym8nts havè b88n recognised as an expense in the Stalement of financial activitl85', Group Group 2023 Company Company 2023 2024 2024 Operating lease rentals 78,146 86,885 78,146 86,885 30. Relatèd party transaction5 During th8 year purchas8s were made from NHC Trading Limited (a wholly owned trading subsidiary) totalling £6,89812023: £4,754). Management charges of £35,000 were made in the year to NHC Trading Limited (2023.. £50,000). At the year-end £46,354, {2023: £17,601) was due from NHC Trading Limitsd. 31. Controlllng party The Trust is a charity limited by guarantee and is therefore ultimately controlled by th6 Trustses. 51