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