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COMPANY REGISTRATION NUM8ER.. 02266267 CHARITY REGISTRATION NUMBER. 700405 National Horseracing College Limited Company Limited by Guarantee Trustees Report and Financial Statements 31 July 2025 *AF02C4X5' A14

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COMPANIES TrlS£

National Horseracing College Limited Company Limited by Guarantee Financial Statements Year ended 31 July 2025 Page Reference and admintslralive detsils of the Company, its Trustees and advisers Trustees. report 2-13 Independent auditorfs repcrt to the members 1&17 ConsolKlaled staterr£nt of finantsal actr¥itS 18 Consolidated StatenI of finanoal positw)n 19-20 Company statement of financial poSin 21-22 Consolthled stateThnt of cash flNs 23 Notes to the financia statements 24-55

National Horaeracing College Limited Company Limited by Guarantee Trustees. Annual Report Year ended 31 July 2025 R•l•r•nc• and aJ. Bam51ey, S71 1HG

National Horseracing College Limited Company Limited by Guarantee Trustses. Annual Report Year ended 31 July 2025 OVERWEW Trustee5 are pkned to present thwr p(rt tcojefvr the financial statements ofth& d)arrty for the year ended 31 Juty 2025. IIE College's 41 year li operalion. From August 2019, ihe retKand to Tr Nab"onal HorseraTrru Conege has conlinued tr) broaden t reach of the Colw to meet national and wional priCti&$ Whjlè thè National NorrJ Collegè operates rts resthnt411 laolty in Doncaster. frrmn al over the UK oC)nallY frorn overseas aLso, and go on lo woth in all areas empkjyw damand and apprenticèship Job opportunth.es exist. ChJThng the academic year Covefed by this rep)rt the Cdlege sustained rts stror performanctr dg&ver8d last year. Whik ov8rall numbers of leamers have not increased. imprr)ved throughput cortinues and tentIon rates rwnain hvJh. Results exceed national avera9e5 acr053 the board. The colge continues to drNe fomfard vnth grry•rth. mproved achievements. aTrJ progressions. Despit? d6•onlaJe. whiGh ts ¥gnthcant in s¢¥re cases aThJ wth low stsibryJ points, many arnerS ex1 in I1r achievernents arnj prog$n. Ho%4ver. many leamts aLw face challènges in meèting stsndardsofwork and athtudes necessary f prog$Sn Ircm 3m1j to em&Yoyment due totheirlac of resirnCe. sctial awkwardre55 and tx>or mental falth. As a ¢ctseqUer, k¥omon ol emotKJnal health and resilpnrx has becryne a flo for bcth staff aThJ learS., a hvJhly qualified Collese CounselGf has been aFPC4nted and pL3ys a key rok. In 2024r25, 27% of leamers identified themsdves as having mental heath prot4tms. The College ha5 rne great strides improwng its finani?al seoJThty, its gr¢xth and rts value to the British HorsefaciThJ Authority. The industy aTrY ts ernplOYe recognise the Importan ol this trainir provBion ts) prepare the rext generaOn o15table staff empknyees aThJ IeY9. Thrwh Horsera Beth'ng Levy Board IH8LBI aTrY BHA contracts. the raurrfJ industy provhles an important proports.on of Ihe CollgJe s annual revenue. enabliThJ the ongoiro deveh)pment ol prOVOn. F¢x those who do not enter racing. the College has inproved pwDve progressions into luthef lening and employment opportunths. in partilar nonvrnon9 aFprenbhIps. The Operat¥ suwus for the year was £317.120 on toial irttyntr of £3,897,501. 08JecTrves ANO ACTIVITIES Pollcies and obltttives Tha obj.ects ol the chanty are to advance educalb)n. pwtularfy arnixo YOW Fersons, and to relieve Ihe of unemOYed persons by the 0vIsion of vcKatK)nal and a¢a(krn trainng cmnerted with the horse ring, equestrian. agricJJttural, hc¥t"(JJlturJ arKI their allEd areas. In seth"rYJ L¥"e¢ves and planning lor activth"es. Ihe trustees have gEn due o)nsideratioTr to general guidanc pthlishad by the Chanty ¢off#7)issK)n r•blin9 lo bernfiL indudin9 the gu#Jarte'PLthIic 1)8nefit runniThJ a chanty IPB21' strat•gie8 forch•trvw obioeti PrOe 8¢5&ble and 1ve traniNJ oFfJCrtun.e$ lor peopb wanbrpJ to work in the ho racing industry. Ensure trainin9 reastIC a1 reknnt but (klwer&J prOgresSNe to dèvekp l•amèrs to be ady forwck. Provide a sw)ortNe. encouraging enrnI around that traffting enabliNJ a$ many lèarws as possible to ath¥e thw'r goats.

National Horseracing College Limited Company Limited by Guarantee Trustees. Annual Report l¢wrffftre¢J Year ended 31 July 202S Engage Wety and collat<Jrai¥ety th employers across industy to maximise leamers, Cha$ ofgainirvJ and keqJ•ig paNJ empltym•nt. Prornotè ¢onstruaivè thavioJrs and pOs"V all[be$ in all that we do. Make the Very te5tofres(¥Jrcas avall•tOOFtynise Ihe CoWe'5 contitub"on to public benefit. Acti¥l¢l•s undertaken to a¢hieve obj8etiv•s Recnjrt WKJdy a1 ramo4E as many barTrs as pOtle that coukl deter rthnbal teamers. Prowde bursaries and other suwt to ensu thc6ewith limited resources can access training cpportunit. Pfowdè inten&ve $Jential FwTrJatKth Courses cobtmg a comprehensive syllabus that epa$ them for the jobs that a availatde. Deliver lrfe skil& training to irtwse learn$. w1•r. nfiden and inderendence. Matth learr9 wrth the most aropts plYftnt OFPOrtunths to opb.mise their than$ of satisfaction and SlcesS. Prw'de ongc4rwJ SIWt in the wothpe t 8[8 fvrtfr 18am8r t18vdoKxn?nt I4)prentiShpsl worker retenkn. Main activltl•s undertaken to the company's Purpo for the wbli¢ benefit The trustees confym they have refeThed to Il guKJarte ¢taIrd in the Charity crMIsn.9 gerra1 guidan on publK tenefit when rerg its aim and ot¥'ecb've5 and in nn1j our ftjture actwits. In parti¢ular. th& trustees consKJer rts in¥estment into its chcsen workstreams ol Workfm and Community Investrnent contrJuie twrds rts rt4'ectives through prowding a public bereft. The National Horseracing Ccllege INHCI is Ihe onty sreaalist trainng p¥¥jer to the horse racirYJ industry in the north Of England and or ol onty 0 in Unrted lQ"ngdcm. The Colge offers a vanety of training ctsurses designed to meet iThJuslry needs. tt has a reputation delNering hvjh quality staff, Many ofwhom go C to have long ree in a wK varty of roles in rn9 PRIORITIES The highest sin9le pri¢yity ts thatlhe Cc4WluffiLs rtsdyty ofweto atrerS on itstrainirKJ prc¥Jrammes and to staff. BeYd that hrywever. the pr¥)rity ¢'nUeS to be ensurry the viability of ts bJsire55. This rtquires.. Sustsinrnent cff h8nrnerrt of the ¢redibilty of the NHC'S trainin9 offer 8$ rreeive(I by )tenb"al ¥rrS and by all in the industy. VbJorou5 marketirg of trainiNJ epponrtE5 to rewitment of amerS to ffill the c¥)urses availabla. RvJorou5 rnanWnent 0[Sts arnj rp19rth5s pUurt ofal availat4e source$.

National Hopaeracing College Limited Company Llmited by Guarantee Trustees. Annual Report fc Year ended 31 Juty 2025 CONTEXT Oweth•ads Tha NHC has. like most "rsseS, eXper rtsing e£6ts. urlke some, rt canmt simyy pass ot) those costs by 1Cng charges to its Customers. Whle salarEs aretr bKJgest single ement olthe NHC'S overhèad. ¢Jesprte its very an organisatK)nal strucIu, the College s Workfor is rts greatest a5s8t and is wtal to its a"Ity to ddiver M rts pricrfits descrited above. The wurring imposib.on ol increases In the NatK¥)al LiwThJ Wage INLW) seen more staft incluLJed in that brthet and addeij meaningtylly 10 ovwall salary bil. Incxeasing numters ol stsff wh(6e salaries recognised the responsibilth'ès they Mk1. see pay dIffen($ L"ve to ColleagLs on NLW erodoJ or eliminated. Unsurprisingty. some wonder %that InnIN? there is br thErn to conts.nue to fvlfil thosa extra responsibiif(ies or trÈy ssék pty rtsès to wesèrv• dilferernrdl raies. Tse &J(htKJnal overheads are imposed without any ¢orresporKJin9 Imyovwnents for ts buwre5S. Efficiency Many Yea ofdelivering traiThro to a hb3h standard wth vy ittouitss, induding hav4)g to self- generate (grants. fvndrain9. charty. tradiry} arwnd 20% of revenue, mean that the College's operatiorts are an and effirient If savirJs are idenbfvj. are laken. The OFVOrtunib"aS to makè rther ojts are limid to nonexi51ent wilhout adiRr5ety afkc'ry Wurs n le5 of nurnb8r5 aTr standards. Revenue Gobrnment FundiThJ - The NHC'S ESFA ¢cMrtract has. rnary years. ac£ounled for arouThJ 40% 01 revenue. Effectwety, it SubSlse$ trafftirg lor the rarg in(Justry A C1)TrYon of fvnding that the colge is subject to insrectsons by OFSTED to ensure It meets r¥Jorous stanLlards. many Dfwhh are unfelate(J to the requirements of raung. The svze and value ol the ¢ontraca are tate£l by the ESFA wthout r¢tèranceto Ihe trainiThJ needs ofthe ndustry, the capacty oftr Cole or the costs ofdelwery. Most ol th8 Gov•n¥n•nt money suworts onty ytyJng pec)le lup to age 181. covers only parbally the eost of tha training ddwered and cannot be reld upon to keep pace wth the costs of ¢Jelivery. let alone contribute to physical or produral improvements. The NHC has been able to grow its ESFA cx)ntract and thus in¢réasè thè amount ofmc¥)èy It can draw fvom Go¥emml due to Iha Increased attendan on Its FC and the contind success of rts Doncastsf Equin• Co198 IDECI Programme. The DEC Prtsgrarnrr. run entyety underlhè urnbrella ofthe NHC. alltws morè èffèctive ktsè to t madè of many resour that ha to exist anyway lo enabk trainiry fflatsng to racir#J pathways. Industry Cwtracl - In )uS year5. Cdlege has h•J a with the iTrJustry resented by the BHA and allhcrth that arrted for arwnd of total revenue. ihe largest rb'on. arourKI 80% ofthe 40%. ome frtyn the Hotsera¢e 8etbn9 Levy Boar¢1 IHBLBI. The rtmainder came frryn the BHA which tskes deduGtr)ns frixn prize money won by ¢e. trainers and jockey5. DuriThJ th15 rpportiThJ perioj, thg prD¢e5s has chand and the Levy Board now has a dIrt contra wilh th• NHC and requires quarterty repyts.ro ainSt a rawJe of KPIS. FuThSrai5irg- As reported befr)re. ts College has rne drffiajfy fvjndraising in the year5 Sin Ihe pandemic. Oeterrnining the reasons B notan exadxience txrt percéNe thatrt may te a ccThbination of Increased demand by needy causes. bJsinesses and idua feeliThJ they have16ss spaffj money lo donate and sorre donors being nervous about &ssociatiThJ tm$ve$ with horseracing as a sport aThY with rts links to gafflblg In &Ydib'on. grant-making bcxjies. wrthin and extemal to raciw, often seem to te mofe willing to t¢ac$ and stalsh rw inrtAbves and 9)Pin1.s ralher 1han provKJè money for coffj bUasS. Coneral OpPtunrts - The NHC tskes every opportunty to 'sweat rts assets.. Trading that will genwate income is pursid wrever p)ssibk. suth as by Wng frdcilths, lamiirJ land 8rkY

National Horseracing College Limited Company Limited by Guarantee Trustees, Annual Report Year erKled 31 July 2025 encouraging swnsoT5. However, these are peripal to CO business and generate revenue that i£ only marginalty significant Stsffing In Th• Horn•ra¢ing Inthsty The industry's staff shortfall is well known. rf not easi INJantified The debate about the restlen and rynmitrnent of 5tsft. condilon5 of empbyrrwt the ¢Lllure on rxiThJ yards aside. the fact ts that SnIfiCant v8ncle5 exist. n¢M and for the treseeable fijtwe. Empbyer5 nee(1 antj want everytrained pwson the NHC can provKIe. That said, the Colege ts rnaThJated to delNer recrurts frn its FC trald to Lebel 1 but employers rgally woukl lik8 to take on employees capab ol nding at Level 2. The vast majonty of racahotsè training busintsses COLJ not prowde inib.al trainiNJ in-fw)use and Ihe loNJ-iemi fiJndirYJ mot1 fortraining may wèll irtluda incrèases in d1cl fuThJing from employets rt is unrealtstic to èxped training busiie5S to be abl¢ lo adjust to makirvJ a sh3n1fant direct contritrmjtion in the sh¢Nt-tgrm. In $trivirwJ 19 meet employer needs and to enable the success ofgraduatès. the NHC its 515ter sd)01 the BRS make sgnificantextra efforts to deliverpeop towork pla¢2ment at a hwJtEr stsndardthan their rernrtdictates. hile that Costs rnorw. Gurrentty it B what has to han tg ènsure young peo$ enteriry thg industry a hired and retained by employe. Societal influences learner needs have and contmue to change at pa. The pandern and responses to ItWe accelerants Tr LJay4fyday experience of training staff Is that fwler learners have b8nefii8d from the oFportunI"e$, supFKJrt aThY educabon requir&J to gain basic Jevds of fftness, good comrnuntsts¢)n skilL% and an appreciatson ol the wuirennts ol pa¥J wort(. A gat deal MO tme, patien and skill is requifed from kaders. intruciors and support staff to instil the atbtuth5. Standards 3NJ wotk-fates thatwll enab le3mefS' SUcs in the ir¥Justry's work force. There has been a rnark wKrÈasÈ in amer$ i•pcAt"ro mental health probM$ Ircm less than a d38 to over 30% in thB re9 rI. In Jth"on, 34% of 8merS arè neurodiva ccrnpared to less than hallthat kx0'on yeats w30. ACTMTIES AND ACHIEVEMENTS marke9 and Re¢ryiting IM&RI The success ofthe cole'S M&R team Inu44 5 stsffj B vital tr) the pursuit of its priorities. It is accepted aThJ undarstcrf)d that investment in pecyle and aciNrtes in this area does not deliver instanl resuts but that they buikl 0r tme if consistent and pergstent It is ertouwing that. thLS year. increases durirg thè last fèw years in ex$S1(S ol interest, engagt through social medra and apphcatsons ha¥e begun to manifest themSee$ in atteThYance numters whth exceed any previous years and bad to the College betng able to fulfJ its Govemment arml a$ •A.031 fun(l$. Study Programrnes The College's EducatKJn PrTrJramme ts YouryJ Pecpse {EPYPI COU Inle the Resxjential Foundth"on Cours8 IFC) and thè nofvresidenbal, day-atTrJance Dcffjcaster Equine Col*e IDECI Prograrnrne.

National Horseracing College Limited Company Limited by Guarantee Trustees. Annual Report Year ended 31 July 2025 DEC Stud Pt NurnbewofLEarnerAJThded starts 16 to 18 arison IOI&J7 1017-IB ZOIS-19 201>10 102fy21 102 24 ènd 2024-1S Donca$t•r Equonè Coll•g• IDECI Programm• The DEC prO3mMe involve5 17.5 houws pw for day sttwJents across a normal academic year of 36 weeks. PrtsJrammè qualfficatsons IndLKlè Ll Dplctha in Horse Ca. L2 Technical and Extended Certrficates in Hotse ca ar¥J L3 Advanced Technical Cerbficate. F¢Jnclk)nal skills are Inded. alcry wilh GCSES lor somè leafnèfs. Learnèrs often progress io Ihe next le¥el depeThJing on their a'IrtY a1

reer aspir*"ons. Mostlear5 are 16-1&year-dds who help the NHC fill rts ESFA contract and are

fvnded butthere also a small number of 19+ kamers who (k) not attract Govemment fuThJing. The CurrUluM Inckjdes social de¥eirwentskilb coveriThJ ernoYabl1ty, selle1f. th.me management fijnctyonal skills at differert levd5. The COSe prepares nonornployed young people the world of work, Ihey partiwate in S?. rallY OLtsth of curriojlum houts to wactisè and improve thw"r skilL8 knrther. The is a rarge ol other thition81 accr&ltsth"tsn OVur(W availa4 through thè C91e$ accms to the raar#J indu5ty's VLE- Racing2Leam. In 2024125. high retention rates continved on Ihe DEC Prc¥Jrammè v•ith 55 aMerS graduing LY 62 slarts. retentn of 89% overall. AChieventS also are high with L1 Horse Care Diploma and Level 2 Tethnical Cert'ficate l)th at 93.8% arnj Le¥EI 3 Advanc1 Technical Cerb"fica¢e al 86.9% lor year rme and 1CKJ% for year 2 Learner fee(Jbad( show5 that 11V/o of 5tydents werè erthèr salisfiwj or very $i4fieJ Ihat the Programrre had Ihr eXpedatiO 98% w)uld w8corrWn rt to thrs. Foundation Courae The Residential FOundatn Ccrtjrse wowdes a IMgh-quaLty SUN)ve enty fo into the horseracing and wider equine industries. The prcgramme to equip learners with essential prnctical sklls, elpInnIng knowledge aThJ professional behamours that enable prwessicm into placemenls. apwentic£thips. ernployment w lurther tducatic The FC is 12 weeks durabon lolk)w&Y by a 6-week I)rk pLennI plan wrth an empwer. It welcomes Intakes ol up to 15 bamers ry 4 wees, most teing 16-1&year-ohYs livirrfj away tr¢Jn horne fcy the first tine. Eh int*e a&0 may indude 19+ amer$ WIKJ are not ESFA fvnded.

National Horseracing College Limited Company Limited by Guarantee Trustees. Annual Report Year ended 31 July 2025 LeameryJ follow an intensNè thrriculum that MidLwJès soc1 de¥tltswnent skn'lLs coverir#J employability, Cooking, resilierKe. Self-bel1, ts'me rnanagement skilts and preparatn for funthonal sklls at differènt v$L%. Training prepa$ nonnOyed your#J peopbe for worbJ ol work trtjt also to become independent. Capab rnemters of sooety. pant or guardian feedback is very posth"v& about thg personal de%elopment and Improved tehawour ol thar Y(n9 people. The range ol addrtional trainin9 provtyyed inclu¢Jes.' safejuarclirrfj: understa1ng (orBent. autBm aWareSs., dwersty and in¢lusion.' oncuss1c awareness.. pay aThY employee nghts in the Workpl,. alc£kn)l. drug and gamblirvJ awareness". wdfare and heatthy nutriiKsn. In 2024-25. thè prcJranMne sOrtd 110 fijnthd stsrts. with lc61.4%> arne achwThJ. reflecting stroNJ reten'on a1 athP¥en1. Prryrps5K)n out(x)mes are very positi¥e. wth the majority oflearners mowng into pla¢ements or hjrther induslry4pbted OFVQrtunities. Tea¢hIrj, kamiThJ and assessment arè con$tentlY effectNe. surported by eXpnced indu5ty staff and slrong 5UPPOrt sysiwns providir pastordl re in tIE residentpl setb'ThJ. The FouThlation Course rdt•J GO1. with strDng fealures. HKJh athievement. stron9 prcgresgon. effec. teathing aTrJ rLknst 5UPPOrt ensure leamers are well wepared for tnitial ernploymenl and fvrther devek)pment in hOeraring or equ¢ d6uplines. OvÈr311, the prQgrnrne meets the expectatK)ns of the Educathjn IrsrEctirm Framework IEIFI and ¢ontributes effectwely to work10 ¢vdcwent wthin the sector. Feedback from pants, guardians and Care that93% rea[5. personal deveh)wient e g. behaviours. maturty aThJ emotialty, was outstanding167%1 or good132%1 during their training at the College. Feedback from èamers ShcS that beleve the course has met their e¥peclatsons and 95% wouk1 recommend rt to oihers. L8arners with learnirYJ diffioJltse5 01 ¢JiSabil.as ILLWI thin at the NHC and achigve at rates a)gV what is ugJal in other training enmrornients. Learners wth LLOD sUJ1 at 89.6%, very to those who have nrj LLDD al 94.9%. Ba81¢ Sklll8 {Engll$h & Math¥) Results achved by lèamtts acr¢)ss aye raroes arK1 atdifferent ve1$ linked to whateverwas their stsrt point $W combined t)a5ic skilL8 succ rale5 at 72.7% Djrnpared to 61.3% NalNJn8ly. Tèachiry of ba$IlUnctIOnal thlls usualy ts in much sMalr groups than is the nomi in mainstream schooling and teachets provide context for the suii"8Cts that Lat•S to •quin• whh teYS to hdp leaner5 appfeciate the relèvancè and vahje of the subJ"ects. As a su aknost all of aChrnNt are sornficanuy ahead of National rdt Apprentlc¢$hips The College offers levd 2 an¢J wel 3 apptenbceships in equine grcom and Wbior equine grcom including diomas. Addrtional qualifications are offere¢J to kamers induding emwgency ffirst ahy. saIauar(*ng, transptytiNJ hors$$ by foad on jourrws aThJ L2 functicnal SkLs. Study Pro8ramrne CCesS Rates- mainaims tomtsned overall.

National Horseracing College Limited Company Limited by Guarantee Trustees. Annual Report (¢wfr Year ended 31 July 2025 2017-18 201>10 1020-21 IQII-ZI Z022-23 2DZ>24 702&25& 201>26 95. Thè Co118gè's stafl wk hard to match graduabro Irom the FC to eM0yerS to daÈrminÈ thè best FX)ssAble plawient lor them. Of kaErS graduating, oler 89% Ent to work 8Cernent. The frequency of support ts leamers on tran&b"on to atwntwhips has increased, with wnsequent irnprovernent in progression& Once w appfenbceshps. ieamws a empw in line wrth a nalional wa9e scale $an)ned by the British Horseracing AUthty {8HAI, which exceeds Apprentship wage requirements. Leamers are on apprentishIpS for up to 18 monihs. Athough the industry tsnd5 ¢0 suff8r from qurte hvJh rates of empbyee turnover, tre NHC'S RovirrfJ Insirucls rnaintain with work-based learners to retain thwn prcgramme Until completion. Achievers a èncouragtrd to Contin to projress they careers beYd Iheir qualthcabon. Thorough traEng shows that ¢)ver 70% stay In theequine Industyaftertheir L2 appnticeShip rn0 Ihan 80% after1r L3 apprenticeship. In this F¢riod there ere 211 kamers In kamin9 overall. onty or Èss than tr previous year and very much wntinuiNJ Ihe trend ol steadity iweasing numbers over the past decadè. Achverrent levels Contin to b8 aad of Nabonal avèragts for passès and d15brthorts at thè erd ptsint assessment IEPAI. The Cdlege has Influen tIE format of EPA wilh the awarding organisation eTrablirvJ applert to ¢tsmpkts tls In-person LY M-11 at ai NHC or * other ven. Feeilback from empbJyar5 olthe NHC'S appmnttss in lèanmg 5how5 that 95% wouhd rECAynmend the Colleges provtsion to other emFJyets Slaff P•rfomianc• Leadership-once a9ain, ststs'lty in wiorappointrnents rneant the cum1 of strotyj, conslstent. eariThJ leadership kept the ship stea0¥ arnl provKle(J COnenCe tostaff that sjesprte exknal urKertaints and pressu$. the NHC Vuld rernan a g)c¢J pla to wort. Al staff inv¢J%ed In ieathbrg leamer5 are ¢)bseNed and provided ¥th corystructive feedback to worn¢ high staTrJards ofteathing During this pen1, 93% ofrtJserd sess1cM We assessed tts èxcdlent or good. The Cole conbnLES to focJJs on CPD and trainir#J lor rts staff, takir#J account of the long w[king h(MJrs that are typical in the horseraong sector. Observatwjn crrtena have been &Yapted to meet th¢ requirements of the rw &xtemal InsFeCtK)n regime. The NHC B proud to have hved Ihe Gold Award in the Ministy of Dèferlce's Employer Recogniticxi Scheme. For context. onty just over 1,OCrfJ businesses auoss the whole Oft UK have achieved this recognItTr sincè the SCI& t*gan in 2015 and only 35 of Ihosè are in our region (Yorkshire and The

National Horseracing College Limited Company Limited by Guarantee Trustees. Annual Report (con Year ended 31 July 2025 Humber). Furtdrai61ng The NHC s wellestabltshed charrty race day at Pontefract was hdd again th¢s year but sponsors fDr racès re forthcoming. The Colg•'s aSsoCn wth t)orusterfs Leger Legends race has made a very wnportant 8nd valued conlnbutKJn OVLY 13 years but has ncvw come to an end. Infr•slructsr• and Equipmènt The NHC Continu to in¥est aws a5 part of its Strategy to enhancè the offer to arnerS and to attra ¢ommeraal usets. [ng this re1. imwovnents ha¥e trAen made to residential tsc1lrt$. yards and trainirrfj grounds. FINANCIAL REVEW Golng cone•rn Thè charity, for scrnè y•ats. has t•en Unab to ¢A)mply I1h its to free resefft5 ofbefvthn 1 and 2 mttn1hs c4)eratiThTral exptnditure. Whilsl c05t pres3vrps have increas&1. the charity has gènerat8lJ a surrkn5 in the ar mainty as a result of hIgr arner rTrumber5 aryj revenue5 Departmernt of EdU110n werg sNJnrficantty better than had been ant1paI The financial surplus has helped Ihe NHC p0sOn itself to undwbke es5entkal Infrastructure ImproventS in the cuent rtportiThJ period to sèt up lor fijrther improvements that will te ndU&¢ in FY 2026-27. These indude an exien5ion to residential commodabon to in¢rease ¢apaaty that wal aflthv us to meel new Govemmènt requIrnents ¢)n edvcab'on n English aTrJ malhs and drainage works to the W6itor ntre car park to prevent futu Ilcxxjirg. The charity ig on cOue io make a m(thst in 2025128 and lIant ¢fi ihrxeases in Industy and otrer funding to rneet rts oblyations aTrJ takes tscasive and effeclwe measure5 to pSeNe cash and increase resi1n. The Trwtees have Kryjared forecasts of inccrfre aThl exrEnditrKe ar#Y cash for thè Feriod to 315t January 2027 which showthat they ha¥e sufficEnt cash to t abÈ to conb.nue forthe foreseeable fvre. The Trw8tees therelcKe nts'nUe to wjopt t goiTrJ CoeM basts of pWaratI Ay these finarla1 statements. R•s•rv•s polity Tre NHC was unabje to keep mc'S oKwats"ng costs in reseNe bvt is in a strowef positK)n than many year5 will continue to buikl tQVfdrds r( reseNes asrmalions. Pay policy for key nnagem0ftt rnOnr1 TnJstees and senijr aders conts.nue to recL¥Jrrise that tr organisaiK)n'$ suc(tss is reliarrt on rts team ofdedicated staff and salaries ire&S&d in line inllatron thLs pricJ. Finan¢ial performance Thè opÈrating surplus for Ihè ytsr was £317.12012024 las rèStaj)'. £2C6.844}. The tolal funds carrN%l fon¥ar(J atthe year-end are£3.288.62612024 las reststedl.. £2,971.SJ61 of thich £3.162.268 12024 las restaled}'. £2.8(ya.1891 are unre5trKled and £126.358 12024.. £162,3171 are resti1¢1.

National Horseracing College Limited Company Llmiled by Guarantse Trustees. Annual Report Year ended 31 July 2025 Pension fund Th• NHC oFerat•s a defined FTL?1 schetr ftsf a limTted nurnber of stIng •mpltsye•s. whrh it" attounts for in linè the Chariks SORP. Thè latèst actsanal valuatK)n of the Scheme resuw In an in(xease in the a55el on the definJ te n5)ll scheme of£543k from £629,000 to £l,172,c0. Whi&t this is shoing an a55et positv)n, the NHC is unable to bgngfit from the asset a5 rt is an asset arising trLYn an actuarial calculation and 111 not bring hJknr• aconomic tenefrt to th• Charity. Further inlom)ation regarding this 15 gNén wi note 3. This asset 15. ofcourse. a statemènid ihe theoretul pensb)n asset ofih& Charity atthe balance sheet date based upon Cu[nta$SMptr0n$ offvttKe dis¢ounl rates., ftrture $aLary and p&rtsbJn intreo$05 ¥nd infflatson. scheme has been do1 to n NHC wnk4oyees sUe k)re 2015. RISK MANAGEMENT Whik Ihe NHC'S leaders w•w the monitcmng. assessment and mth"gaik)n of risks to be an ongcKng prctsss, risk management polici are subject to pèriod remèw. Rssks a categorised k)w, medium or hvjh in lernis of likelihood an¢1 seriousness M<KlfyiThJ act¢X6 in reswjnse will transfer. treat, tolerate or temiinate each nsk. Every nsk has a deSnated owner and a brreframe fw ath'0 to te t2ken. Thè b8loAt illustrates son ofthe risk a3$ wfth potèntially most serK•us cLJnsequenS". 10

National Horseracing College Limited Company Limited by Guarnntee Trustees, Annual Report Year ended 31 July 2025 Rlsk Lik8li1Od S•riousn•ss odrfying Actions SafrguartlivvJ farfurE- 3r MEDIUM HIGH TREAT ISafegu8rditvJ Lead) Fix1 exceed9 ESFA & BHA contract MEDIUM TREAT DernorL51ole." ValtE of hlK'5 Wt5. Effitsm oft4)era. CEO Maj(K IT t&ach MEDIUM TREAT Relain IT spÈc¥alist SW)KX)rt. moDSs, wtethe measure5. IranrwJ. CÉO Reducbc Industry rE5our$ fromL MEDIU HIGH TCiERATE Exert A)fl, ¢knonstr sooal value 3ddBd. CEO ALlual Repulabwal damage lo allS complain15 or MEDIUM MELMUM TREAT Enswe & prO¢&ju a jusbfied. folIty and EO uman pre¥enling derylrept ol training disease LOW HIGH TREAT Awawe55. yeparabon. CEO Saleguèrding faqwe- staff LOW HIGH TREAT D8S c. Iwiry. supeM5iDn. CEO Cataslroph rirefflood LOW HIGH TREAT DIskv5al of ets. ba¢up prolrKd5. trairiry, ophensi LW.Io- date irfyJrance coltr. CEO L05s ol ESFA contracl LOW HIGH TREAT Mathita¥i or enhance walty ol proNi5ion II%STED 1 or 21 fiJfvingloryrformirwJ •Jainst contracl. CEO of BHA L< HIGH TR&AT ConiinL* to sthpth.ze cost lo Mltolry. Sjffilloveryrfom against BHA contra#. respond 10 iltry CEO LX)ntract EqLNne dease preventing ¢Jeli¥ery LOW HIGH TREAT Maintain 5itLO1ionol w4arEWS. contryerKy planr4ng. Iraymry. TrainirKJ Manager 11

National Horseracing College Limited Company Llmlted by Guarantee Trustees. Annual Report (CL Year ended 31 July 2025 STRUCTURE AND GOVERNANCE Conslilution Natonal Hor5eraang COle as a thilabk oynpany linibj by guarantee with no sha capitsl andwas set LP by a Memorandum ofAssocotyw on 19 February 1988 and isa registered charity nurnber 700405. Ilethods of appolntrnent orelectlon of Tnjstees mar4gement of the company aryj the group 15 the reswnybilty ol trustees who are el8ct8d cmpted undw the temis ol Ihe Ae5 ol A5xxthn. Trustees are rec¥uited thrOh stctor and approached to discuss tskiffj on a IlLee role. (kganlsatlonal structure and dKigion4nakSng pollclos The Board meels quarterly. rts tJsiness aayS IleS a comprehensive date from Ihe Chief Exècub"ve. Business deosions that have Strate) significance are made at Board level. The is a ngle s2ndiro gjb-committee. tr Finan Crjnmittee which ¢5 chaired by the Chairman of trustees. Attendees include the Chyal Executi¥e, the Finance Oirector. the Orerabons DIor and the Support ServKe5 Managgr. AU majw ffinanrA d"on9 ar• recomm•n to Main Board where dlSIon making ¢xcuts. Task and Finish GrDUPS are establthed for srecific pUrpS e.g. Nominab.¢$ CL•nmrtte8 to identify a new Chairman or a SeleCtTr panel to selecl a new Chief Ex9¢ut1. AU Irustees. Includin9 Chair. [e terns ol offts. Poli¢i•¥ •dopt¢d for th¥ indu¢tton and tyoining of Trust•es New frustees are vith a Meher68 itsaucityjn. lod by thè chf Exj9 •TrJ involviThJ other staff. to ensure ty a prow¥Jed th a CLYMVen51e of %thal ttE NHC does and how it ¢Joes AI trustees are intjrmed oftruslee trainiro CWOrtS oryanised by extemal and encouraged to attend ones Ihat will be wdlyable to Ihern. Infomial vtsit5 by trusteas are eOUred at any tsme to albw thèm to 1 ts kncwl th• Calkgè %%el. Staterngnt of Trust. rv4p0itiil1I1e The trustees Ivkno are aLs0 ts directors of ihe crynpany for Ihe purposes ol ccffipany lawl arg responsibk for pparing the Twstees. reFKJrt includiry Strategic report and the financial slatements In aoran with aptab law and Unrted Kirydun Ar£ntir Stan¢Jard5 IUnrt&l kn'ngdom Generalty Accept&J P£counth"rrfJ Praclttl. Company law Qin$ Ihe trusteas to kwepare finaroal sfaiemenls for each financial year. VrKler company Lqw, Ihe trustees must not approve the financial stateents unkss trey are satisfied that they givè a true and fair wew of state ol affairs of the Gvp and the cornpany and ol trir InCing sources and aptyicatx)n of resour, inchAiThJ Iheir InnE and exFendrture, for that perKrtY. In prepanrKJ these financial statents. the Irustees a r9]ulfJ to.. SUrtab accourth.ng pol5 appty tM conwstsntty" obsèrve thé rnethtsys prrtiF4Ès ofthe Charths SCIIP IFRS 1021," m&a judgmènts and accounting estimates that are asonab atNJ lmni state wh•thèr appltsble UK kctyJnb"ng StaThJards IFRS 1021 hè been folkn%*d, subj.ed to any material depature5 disdosed and e¥FAained wi thè finanual ststernents.. 12

National Horseracing College Limited Company Limited by Guardntee Trustees. Annual Report Year ended 31 July 2025 epar8 the finaroal StaInen1¥ the going mnL¥m bas un5 rt is inappropriate to PresUe thai the Groupwll ttrUe in twsiness. The trustees are $A)nsie for keep]ng adequate acu1r record5 that are sufficEnt to show aThJ explain the Group and the company's transactions and discbse wrth reasonab accuracy ai any ts.me Ihe finartial posrtvn of Ihg Group and the company and enab them lo ensure thal the finanGial statements compty wilh the Ccmpanes Ad 201. They a also responst)le for safeguarding th• assets of the Group and the ccmpany and hence lof takiTrJ reaSonae steps for the preIK)n detection of fraud and Otr irreguL8nts. Disclosur• ol Infomiation to auditor Each of the persoro who are Irustees at tr)è timè when this Trus. report is apwed has ¢onfim#d that so far as that Tw5tee 15 aware. tIErè is no audrt Inrna"t of whth thè chartsble 9roup'5 audilor is unaware. and that Tru51ee has laken all the step5 that to ha¥e teen tan as a Trwsieg in order to be aware of any relevant aLKIrt inf(¥rnati and to e5tablth that tt charilae group's is awwe of that information. Auditor Tha auditor, SMH Grwp Audit. has indicated theif willingn•ss to continue in off. The designat trteeS will prcpose a mtM?n aN>01n1ln9 Ihe ajrtN at a meeting of Ihe trustees. PLANS FOR FUTURE PERIWS The ccffitinued sucte5s ol the Colege B linked IxtCalY to the heath and succe55 of raciry as a whole. Trustees not the indLL%try's new strategy and rts compofftnt Vlbrkforce Stratagy will ènsure the NHC plays an acbve part in conlnbuting to their delivery. helpng athv8ty to shape Ihe fvture and ensure on9Jing progress. In the mtr4ntime. they are extremety prrwd of the perf0rnal of th8 Collègè whrh. in terns of its delivery for racing and for its leamer5. has Contin tg buitd on the 5uc£ess of prèvk)us year5. They telEve tral Ihe company has auate resource5 to Contin a5 a grn9 corKem they bok forward to the futu wrth lusts"fiae opty"rnism. IFurther detaits r93ardV Ihe ajoption of the going conrn basis can be louij in the Note 2- Accountng Pdties.) Appd by order ofthe members ol the t)ard oftruses sign&Y on thew tehalf by". G Sutcliffe Chaimian D#te 31tX)312026 13

National Horseracing College Limited Company L5mlled by Guardntee Independent Auditorfs Report to the Members of National Horseracing College (¢onVDu8rf1 Year ended 31 July 2025 Op5nlon We have audited the financkal statemants d Nalional HwrarAng College Limited (the 'parent charitae company'l aThJ its sthidiary (the 'group'l for the year ended 31 July 2025 whith comwise the ConsolKYated Statement of Finaal Acbvitses, the consolated Balan Sheet. crypY Balance Sheet. ts Statement of Cash Flow5 and Ihe related notes, induding a sumrnary of sTrJnifKant acrounts.ng psicaes. The ffinara1 reporbrrfJ fvamework that ha5 been applied in their preparab'on •plicatstsn ts ap1¢2b law and Uniled ngdorn Accounting Standards. including Finanaal Reporting Standar(5 102'The Finanaal Reporting Standard aprAab in Ihe UK aTrJ Reput)1 of Irei8noJ' (United Kingdcyn General Accepted Accwntiro Practice). In Our cynbjn the finaal statwnents.. a InJ• and lair vw of the state of the Group's aTrJ ol the pant charitable companys aff8irs a5 at 31 July 2025 and ofits Irn1r¢j resources and applution olresourtes, induding ts )cOme and expenrtU for the year then have been property prEpargJ in aCcOrfan with Vnited lQ'ngdixn Generalty Accepted Accounting Practic8', hav bèen preparecl in accor(lance tts reqUientS ofthe CoMpanS Act 2 Basls for Oplnlon We wnducted ouf audrt in acca)Tdarte w.rth Intefnabonal Standard ort Authting (UK) IISAS IUKI} aTrJ applicable law. Our responsibilrtigs ynder those stsndards aw further descnbed ifi Ihe Auditors. respon51bilits lor the auclrt of the financial statements sectson of our report are IndeFendent of the charrtable rnpanY In accordance wrth the ethical requirements that are relevant to our au¢JLt of tre finawal statemenis In the Unrted lfj"ngdom. including the Finan¢ial Reporb"ry Council's Ethical Stsndard. and we have fvIfjI our other ethical responsibilits•s in ac£Ordan wth these requIrnents. telEve that the ausjrt ee[e have obtained i% 5uffia¢nt and approwiate to provide a basis for our oFinKJn. Conclusion Relating to Goin9 Concern In audrtiro the fjnanaal slaternents. we have condLMJed tt the Trtee5. use Of Ing con¢sm basi$ of a¢x¢untin9 in Ihe preparation ol the financial statements ¢ apEpn3k. Based the work we ha terfofrned. we have not thntrfd any material uncertainiies rdatirvJ to events or ccditiOnS that. indivKYualty or cA)Ilettively. may cast significant dO)t on the charitable Company's abilty to (ntInue as a going concem for a per ol a¢ leas1 e1Ve months wn the finarrJal statements a authwised for tssue. Our reswnsibilib'es aTrJ the WgSFon$ibihDes gf Twstees wth rew lo gryng concem de5UtJed in th$ relgwdnt sections of this report. other infonnatio The other information cornprises ts inf0rrnal indud•Y theAnnual ReFQrt oiherthan the finanual $tstements arnl our ALKlitor's Report thereon The Trustees a ${Sie for the otlkr inlom)ab"on ¢tain witrin the Annual Report Our opinlon thefinanrial statements doe5 not ojverthe otherinf¢ymabon and. except to theextent otherwise expllcrtty 5tate¢J in our rwrt. W8 do not exp$ any forrn ofa55yran rdUstr)n thereon. Our respK)n5ibility is to reaj Ihe other Informatn aThJ. in dcrfThJ so, (x)ns#ler wheth2r ts Otr inlormion s materially inconsistsnt with the fina31 ststernents or our knThvledge ob13ined in course of the audi( or othewse app*ar5 to b? materially misstated. If we identfy such matènal Inconsistenc5 or ar¥Jarent matenal mi8Stai8rnents. we arè requirèd to determine ether this 9Nes rise to a material misstatnent in Ihe finanoal Ststents themselves. 11. bas&J on the work 14

National Horseracing College Limited Company Limited by Guardntee Independent Audltorfs Rep¢)rt to the Members of Natlonal Horseracing College {conlTnuo¢ Year ended 31 July 2025 we have rfOrmed, we condude Ihat there ts a matena rnisstatemont ofths other mfomwb"on, we are rewired to rep¢ that fact. We have ndhing to report in this rwJd. Oplnlon on Oth•r Matt•rs prrItI¢d by thè Compans A¢t 21106 In our OF4n1, bawj on the woth undenaken in the course of the the informatK)n gtven in Trustees, Rewt for the frnwKial year lry whith ts fingntxl statements 8r8 prèparth is conststent wth the finanoal statemenls. the Trustees. Report h85 been prepared In accordart wrth 4FdKable legal requirements. Ilattér¥ on wttSch we are r•qulr•d to report by ex¢eptioTr In Ihe lit of krThwdg and under5tswwJiTrJ ofth• gfoup awKI parent company aThJ its envircnment Obtsid in the course of the aulrt. we ha nc thntyf¢d mrial mBslaternents in the Trustees, Report. have nothing to report in Spect of the I1(A¥[r9 rnatte rdab.on to whth Companies Act 2006 requires us to port to you rf, in our opinion". ad8qUate accounting records have ncl been keFrf. or a(quate for our audit hawe not teen leNe from branches not vi%it&J by us". c the fina1 Statements are not In a¥eemènt with Ihe accounting records aThJ rgtrJm5'. or rtain disc105ures ofTrustees' rUreration speofd by Iw are nol rnade.. or we hwe not recthd all the inf0matn expla["On5 wa rwUl ts cMJr au(h"t." or the Tru51ees werè not entill&J to prepar the financial ststements in accordan with the smal companies 1rne and tske advantage of the small rA)mp3ns' exernptK)V in preparing thè Trv5tees' Report and fiom the requirement to prepare a strateg Report. Respon8lbllbtSès of Trnsttss As explain&# mue ftjlty in the Tr¢Jskn' Respwsbilrte5 StatenEnt. the Trustee5 (who are also the director5 of the charitable company lof the purpM)ses of cornpany lawl are re¥on5ibk for the ppara.0 ol Ihe financial statements and for being sab"$fied that they give a true and l'r view. and for such intemal corttr as the TrustÈè5 dètèmiin Is nteessary to enable the weparation of finanrial slalerwnts that arè free fr(Yn material misststement, wlr to traud orerror. In preparing tl fincra1 slments, the Trustees are reSpsbe lor &sessiig ts Group's an(J the parent charitsble company's ability to ¢ontinue as a going conwn. di%k)sing. as applicabb. matters related to going ¢wcm and using tt)e gc¥ngconcern bags OfaC}Un"r& unlessthe Trustees ethw intend to Iw]ukYate the Grouporthe parent charIlab company or to cease operali¢ns, or have no ffjaltsi¢ ahemth but tts do $0. Auditovs r•sponslbilitles forth•audlt ol tr fiNn¢i•l $tat•ments Ourcojectives are tootlain reasonable a$surae atKwtvthetherth8finan(i31 stateffents as a who ar8 tree from material rni5Statemen( whèther dL to traud or error. and to issue an Audrtof's Repcrt that indudes our tpinion. Reasonable assurance is a high Ve1 of assurance. but is not a guarantee Ihat an audrt condu¢Xed in accordan ISAS IUK) will ahvays detect a material misstatefflentwn (i e$ Misstaternents can aris¢ frorn fratyy or error and are (ortsKlered material rf. indivbjualy or in the aggregate. they could rèasonabty bè eXFeCt to Influence the ecorKJmic decisn$ of users laken on the bags ol tse finanaal stat8ments. 15

National Horseracing College Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of National Horseraclng College (contlnue Year ended 31 July 2025 IrUjants. •dlirj fraud, are In5CeS ol rK)n-complIan laws and regulatyons. deSn pr(tsdures in line with tsur responsib1lrt$. ouVine<l abo¥e, to detect fflalerial rnisstatements in respect of irregvlarities, including fraud. Th¥ extent to whirth our procedures ar• Capab ol d8tectrYJ irregulanbes, indut1ing fraud s dètailwj below. Our apwoach to identfying aTrJ a$5essing the risks of matwial mi5ststernenl in iespect of irregularikn"8s, induding fraud and non-cc¥npliance laws a1 regulabon5. wa5 a5 fdkMS'. ihe Resportsibb IndNhlual ensurgj th Ihe eNJagemoni aM had appropriate competenc, capabilits.es and skilLs to reCdc9ne nonTrcomplk8nce wth apFAirable laws and regLAab"ons; wè Kl•nb"fied the laws and wutabons appaet0 the thantatye company through discu5sK)ns with trustees management. and from our knowwe and xpernc8 ofthe charity sector. we focused on sFecffic laws a$ re9atiOr6 whichwe ¢Slered may have a di¢ rnaterial eff8Cton the financial statèments or the operatKJns ofthe thantsue ¢J)mpany. in¢hJdiro the charitAct 2011. the CoMpanS Act 2CQ6 and UK taxatton i%latkJn.' in add"On. we considered provsions of Olher la and rojula1JnS that do not havè a directeffecl on the financial statements. but cornplianctr with m&ht b• lundamtrntal to lh• Chartab company's abikty to operate or to avojd material penattEs.' wè made enquirEs ol man&Jement as to Whe they are con5#Jered there wa5 Scepbility to fratyj, their kno%dg8 ol actual, suspected and aleged fraJ, and laws and raguLab"ons Klèntrfd wèrè u)mmunutd vrithin th8 auditt•am rtgularfy and the team remained alert to instarw of norFcomptianc£ through)ut1 ali As a resu ofthe abovt risk assèssment proc•durts. we Idènlrfd the goatéstnsk of material misststement the finanoal statements arisThJ from irwuiqnlies and fraud to bewith Ihe potenbal for managernent ovemde olcornrols tcyJeth8r thg nsk of fraudulent revenue recogThrth)n. Cor$th the rtsk of fraulent VenUe recogniticsn to be most preval8nt in the cut.off olrevenue. In response tothes• id•ntrfied risks, we dèsv)ntd prot•dures whth indutsd, butwere not lirnited p8rfomiirvJ auLIrt work the of management override of cLJntrols. induding testityj of journal entriès and other adjustsnents for apprcpriateness, evaluating busness rath.onak of significant traroactions outskye the nor1 cours• ofbusiness", assessing whetheriudgernents UMpnS made in detemiiThng the aCunty"ng estin wèr8 indicativè ol potenbal bias.. parforming substantNe lesb.ng lor a Samp of trartsath.cfis from grant and dats.0n reo)rd5 lo support9 docurnentstK)n and recèipts to ensure that all irwme was appropriately recogni5ed in the correct p&nod and any restrKb"on5 appropnatety recoJni5ed. In f•5ponsè to tl rvsk ol irwuLantes aThJ non-ccfftplk?tKe wlh La%s and wulab"ons, we prOdureS which Included. but We not Ivniby to". agreelng finanaal ststement ¢Jtscbsufes to underfwng switing dMeNta.(", reading thè minutes of ntl¥JS 01th¢ charg&J with gov•manes". enquiring ¢f management as to acbJal and w)tenb•l Iituabon and daims.. revia¥ing corresponden¢% HMRC. relevant reguLrs aThJ the caritat4e ClpanY'S kgal advisor5. Thère are inherent limrtats"oThs In our prCeduS abo¥. Thè ranovad that laws and regulth.ons arè frn financial stamènts. thè $$ likety it is that we would cOme aware of n-Cp11an. Audth"ng standards also limited the audit procU9 ul1 to Klgmb"fy ncffi-cornpknance wilh laws and regulatrs to enquiry of the twstees and othèr management aThJ the insFection of regulatory aThJ 981 co$rKIenC¢, rf any. Matèrnal misstatements that aris& due to fr4ud can te hard¢r lo detect than those that arisa from éThor as tW may invofve deltbèrate ¢on¢e8lrnÈnt or collusion. 16

National Horseracing College Limited Company Limited by Guarantee Independent Auditor's Report to the Members of National Horseracing College (¢onlinued) Year ended 31 July 2025 M81erial nNsststements that arise due lo frd can te hard to delect than those thatarises from error as they may invofved deliberate ¢oncealment or ¢ollusion. A frjrther description of our responsibilrties is availabte on the Financial Rewting CourKifs website at.. www.trc.o .ukJauditorsres n&ts"lilies. This deScriptn fomis part of our au¢JitoT'S report. Use of our Report This port is made solely to the charilab* company's members, as a body, in accordance WTlh Chapter 3 of Part 16 of the Companies Act )6. Our audit work has been undertaken so that we mighl Stale to the Charilab rAJmpany's members tSse matters we are required to state to Ihem in an Auditor's Report and for no olher purpose. To the fullest extent permitted by law, we do t accept or assum8 responsibilty to anyone other than the company and the company's rnembers as a body, for audrt worK fow this rep)rt. LY for the opini¢y)$ we have fomed. Kathryn Hebden {S•nior StatUtoryAuditj For and on behaw of SMH GTQUP Audit Slalulory Auditor5 5 Westbrook Court 2 Sharrow Vabe Road Sheffield $11 8YZ Date.. % ApriL 202 17

National Horseracing College Limited Company Limited by Guarantee Consolidated Statement of Financial Activitles (Incorporating Income and Expenditure Account) Year ended 31 July 2025 Unvestrict•d R•slrf¢ted Total Toial fuThJs 2024 las retstedl 2026 2026 Income C1)nab.S 47.$80 IN7.505 113.781 47AOO 3.736,140 113.781 40,C69 3.391.818 127.836 Ian1&Ae actiw 1m4635 Iher inc Totsl in¢om• 2.008NS 1.888.635 3.897,SDI 3,565,643 Expendirn th: Rai5Yg lunds.. Vrlunlary incomè Other trading Charitabk 158,226 76,207 1.430232 6.766 1S8,226 76.207 3A39,192 6,7S6 109.237 74,437 3,163.6KI 11,445 9.10 1.•,960 Other expeTrJitur8 Total •xpend6tyre 1.671.421 1,9)8.960 3,680,M1 3,358,799 Net (expendire¥ll0rne {20J25) 317.1al TranSfv tetslpen fuTrJs IS34 {15.6341 Net rnovemenliTh fvnds lforn other rncogni¥ed gainJ 135WJI 317,120 206,844 OtlMr rncogni5ed ga•n8: tuarial gains on defin&l benefil Fension $che$ Not rnovem•nt in funds 353.079 P5.9591 317.120 2C6,8M R•¢r)n¢ili•lioo ol nds. Total funds brought forw¥d Net rnOveTht lundS la09.189 35J.079 .101317 {36.9591 1971,$06 317.120 2,764,e62 206,844 Total lunds ¢arried foThA 3.16126B 126,358 3.28B,626 2,971,506 The Consolidatsd Ststement of Finanoal Adivbbts complies with Ihe requireAnts for on income •nd expenditure count Urer compan Art 2CK6 ar>J al gain5 ar¥J h)55e5 recogr4s•d in the year. All IOrne and exwnditure derive from continuin9 actNIt*s.

National Horseracing College Limited Company Limited by Guarantee Consolidated Statement of Financial Position Year ended 31 July 2025 2024 {8sre51atsd 2D2S x•d a580ts rangibk assets 16 3204,879 3.111.039 34079 3.111.039 Currtnt as8ets 18 J8.092 8S.666 19 199.215 211.757 Cash at bank inhor¢J 429.7C#) S54258 456.560 CpJor5'. weAJnts d (me )t¥ (572.5761 Net ¢urvnt SlIabIllIs} 137.701 1116.0161 Tot•l¥s5¢ts Itss eurr•nt liitmlits 3,341580 2.995.023 Creditois.. amountsf811ingdue after mrethan one year 21 {53.9541 {23.517 Netassets •xcludln# p•tsloTr a558t 3.288.626 2.971.5C6 Defined benefit k*ns•)n $the asset Total n¢t assots 3.288.626 2.971.5C6 funds Re5bided fuThts 126.3S8 162.317 UThpslrKted fur CJe5pJnated fiJrth Gefierdl fiJnd$ 56,336 3.tOS.933 56.335 2,752,854 Unrestricted fvnd5 exdwjiryj FenSn a58et Lrmed be per¢Krf) assdl(fiaWI 3,104933 2,809.189 Total unrestrided bjnds 3.161284 2,809,189 T¢)t•l fvnd& 3.288.628 2,971.5C6 19

National Horseracing College Limited Company Limitsd by Guarantee Consolidated Statement of Financial Position (Ctr•thrxoJ Yearended 31 July 2025 The Trustee5 ackno%edge theK r¢sponsttylitss tor lh8 requirements of the Act ith respect to a¢Unting rerwd$ and p1eparaln finanoa Statements. The financ4al st8tem2nts ha been wepred in acOYd Ihe prrAWS aFfdKabbe to entities subfvl lo the smal mpary's regine. The fin8naal ststewffiL5 apd w¥J •thyi5ed by tre TnAES arnj the tehaw ty. Mr Gofard S1[11 (Chair of TnJ51eesl Dale.. 3110Y2026 The note$ cn pages 22 to 55 fom oftsse ffiMrt¢il siawf*)ts. 20

Natlonal Horseracing College Limited Company Limited by Guarantee Company Statement of Financial Position Year ended 31 July 2025 2024 2025 TaTrJibfe assets IrNestrnents 16 3.185,72 3.087.482 17 1184731 3.087.484 Cwr¢nt •ssets Sloc 18 21.602 32.873 241,384 153,682 to 19 Ca$h at b8nk aré in 349.140 820.771 427.¥J9 CreLlil¢rt.' amounts laltiw d year 1402.4421 1558.9201 Net ¢urreTrt a¥etsllliabilititsl 118,329 1130.9811 Tot•las69ts 188 cwrnnl114bllll•s 3.304.060 2.956.503 Creditor5". amount5falling due •fterThwthan one year 21 153.9541 (23.5171 N•ta5s•ts •x¢luthn9 1$10 ¥M•i 1250.106 2.932.986 Defined benefil pension SLeme asset Total net a55•ts &2SO.106 2,932.986 21

National Horseracing College Limited Company Llmited by Guarantee Company Statement of Financial Position (c Year ended 31 July 2025 2024 185 restaknYI 2025 ¢h•rtty funds Reslncted funds 12Q358 162,317 UThTstricted fvTrJs Csin81ed ThIS General 56J35 3.067.413 56.335 2,714,334 UNestrKaed exdL1iThJ pemvjn asset 3,123.748 2.770.669 Totsl Wrestrj fLThts 3.123,748 2.770.669 Totsl fund8 3350.106 2,932.988 The compary has taken J¥aniage ofll eyww.rffi oftlE Compar$ A¢t 2W6 has nol prEsenled its $tst¢rnenl oi frnrKial a¢1r4th in ttE5• f)anrAal stal8ThIs. Th? coryarty¥ rnl mo¥ernenl in fLmds lor the yearwas £317.12012Q4 la$ rEsWed)- E206.844 TheTru$tee$ acknowkdge t1r re$pongt41¢SffiPlyry1lh the requiremerts olthe r85peci to 8co)untsng recLKds and preparation ol finanoal 5taiemenls. The finan(a¥ s¥temlS h8¥ bew) swepal in a¢LYrd•rK£ Ihe aFflrable to ertities s¢t lo the smal compans regime. The finan(aal stmÈnts re ¥proved and arthtirised by Ihe Tntstees sqned on their tehatf by. £UaJ Mr G•rard Sutcliffo Ichaw of Trustees) Date.. 3110312026 The rk)tes ¢n Foge$ 22 10 55 frjrm part rftrese fjnonci 5taknnts.

National Horseracing College Limited Company Llmlted by Guarantee Consolidated Statement of Cash Flows Yearended 31 July 2025 2025 2024 185 restsledl CashlIty from0p9lIaxtrwl$ Nel cash pr(Pled by operalry 25 IS243 277.734 Pwcha5e of tarqhye fLKed astets Prreeds fromdoposal of fixed se1$ 1197.747) {l34,6Cl 3D.600 1197.74n 1104.0ts)1 Repayfflents ofknTthwr#J (Repayrnent efynew finanre ka58s 16,2331 <26.9871 11.3331 ff2.4381 23,989 In$1 paJ 111.4451 134,5S31 159.8941 217.943 113.840 CasharK1 L¥sh egLri¥nts althe olthe>ear 211.757 97.917 429.700 211.757

National Horseracing College Limited Company Limited by Guardntee Notes to the Flnanclal Statements Year ended 31 July 2025 Gwrnl infornwfj The thanty is a ctryry Iwted ty guaranlee. InuJrp¢yaied fft EThJlaTrJ and wa$. aThl rjjnsequenty does 0t share ¢•it4. lis w$tervJ Statjes. Rosgrwn Hall. G•1 North Ro&1. DOrtser. Sojlh Yortshire, DMI OHN. A¢wJntlnA pthci•¥ Thefmwal stalernents ha%been pw¥ed In8Cran[Wlkn Ihe CharfbÈsSORP IFRS 102).munI9 aTr Reportir¥J by Chane$.. Ststanent of Re¢tyhffnOed practi to chai1 prep•ing their acojunts c¢rfarKt wih the FirorK4al RepOrj SAandarrJ apr1able in Ihe UK and Republic of Ireland i55ue¢J O¢ttsb&r 2019. Ihe ReptyiwJ pe It UK artl RebI ol IrThJ IFRS 1021 aTrJ th8 Ccrfnparmes Ad20C6. Niona Hotserneiw Colew meets ts d¢finrfiM ofa bfftr¢ ent4y er FRS 102. Assels aThJ 4ablilie5 are inilkalty rELrgnk5ed 81 histlC81 o)st w tran5actsJn value urfess OtWwse stated In the levant Thes¢4118tedSlaIeTht0lfi8rtlal acwts ISOFAI aTrJ Consdidated balansheelO)nSO1Ida1ethe financial 51oten%nts ol compwry and its 5vbsidiary uKlwtakng. The sUlts of Ihe sth¥diary a wsolwjated on a &ne by basAS. The c(fflpany has taken allage ofthe eJerwkn alhyed uTrJer sectiw$ 4c ol the Ccffjpani•5 Act 20C6 )d has mt presented is trMI sraiemert otfmarwl adpths in Ilse Wrwl slaft1$. The panY 1$ a limrted 14t guarwrtee. Tr berS of rL)ryyany are fv TAtse$ named on page l. In e%%nt of ts company try Wou1 up. the lixkty in resreLI of Ihe guaranke ts limited to £1 rer rnerrthroltl mmpany. The thanty. forso Y%, has bn u18bbe lo is w)li¢y lo hrjd ee re6eNe$ of beeTh 1 and 2 wrabonal expernlitfft. ibl cost pse5 have inryEa5ed. tre charity h&s9eraIed a suTpbJ5 the year as a resuft of hpj amer arnl rÈ¥ewes fvtxn CÈpartrriert of E¢jaOn nifatty t¢tter than had been •1li¢ipaled. The fir81 SurFI has the NHC rtselt to wNJertake est1 InfrasCjre provemEnt5 in oJffeThl rwjrbry pwc#J aTrl to set up lor frjrther ITrkYo¥rnts that ill conduded in FY 2026.27. These extens lo residerthal aCMS3.0nto Inuease capaoty thatwll allow us to meel rew Go¥mmeni rE4yirEYnertts on ethjcakn Ewh and malh5 ¥0 drainage rS lo the Vi$ttor ntr rar rk lo The carity v& on ctyje to make a mthi swFlus in 2025126 aThl is re&ant on inueases in InthJsty and other kndiro to meet its obfwatiCffj5 and takes decl¥ ar*J effeclwe measures lo p¥eserve fiow and irLwase

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 July 2025 Aceounling pokies {C(¥ThdI The Tnjslees ho prpparEd lorec•sts rf iA¢rne •d experbyilwe aTrY cash llow for the kEnod lo 3181 Jan 2Q27 thow Ihai ha sullo.ent cash 10 tr ¥tAe to for the INeseeaNe lulu. Tf Truses therfore uJMirwJe lo adopt Ihe wrbj corwn to9$ ofkyeparaJfvfli firowl stffwis. 2.4 Income All irKorre 15 fEcognBed onGe the rnvnpany ha5 entitmen¢ lo t? income. it 1$ protsable Ihat the irKomv will be ieceNed and theamount of irton recep18b can te rneasured reliabty. ts are the mnsolbYed slaterr1 of finarK4 acb¥ittt w a rewvabk basis. Tr balan of for sFeofic pwposes bjl noi expÈThJed duriNJ the peri&J is shtr•m in the relevarrt fuTrJs on the balan 5heel is re¢•ved in athan of of 1p1, ts ¢09rIb0Tr is deferre d indu(led In crthYitQfS as deferred ino)ft. re entitsnnt before Ino)me i8 recewed, the Irbnd dDnated fordi%tribth#)n ¥e at yahjatK I1 recogrdsed as irKt¥re wtren trey are éisiritrAJtsI 10 Ihe prgecls. Grts thJnd forresabe ¥e incJded as tlw are sold. ere ts d£)ated gr is 8 fixed ass< l is at fair fdlue, urtess it is Impract91 lo measure Ihr& . in o5è the u>st of ilem lo d(WK>f be used. The gn is reeognised 8s income om donations and a coespcl1ry amwnt is in le apoate fixed assel das5 and depreciated over the e0)nomIrfe in 8c£crfdarth wih the 8cctyJrknYJ pc4L4es. recwpt. O¢Awted professvyol aThJ f1?$ are re¢¢•Jnoed w Ihe basi% ofthe Val ol the gfft lo the amowl rt Id been to w lo obtain laclthe5 of eqwvaknl econwic bE open m3rtet." a tsyre5pry¥Jv4 ¢ trn re(x)gnised in expenditsj li the perb)d of recepl. Cther recolSe0 inthe perirKI nMch l i53b1 andto theexterttsgorxts have pThded Lyon of ihe S1. ExFeTrJituTr i¥ reo>3red orKe ttrE i53 al L¥ c(fftstru obknJzbon to trarfer ecL)rK)rThc benefft to a llird party. it is wOlIe Ihal a Iransfer of euJnc¢nit •1 be reqLred settlemert and the arnounl of the otIation can be wÉaswed rdiabty. Extire * dassrfd by acbvity. Tr c05t5 of each are made up of the lotal of (ectcosts shared cc6ts. indudiTrJ support costs Hithed In uTr1ertaking each actiwty. DKect W5ts attributab to a $irvJle a¢Dwty ale lxated dfftcty to that acbvity. sha Ix)s ¢onthbute 10 rkkye than aLXMty supwrt D)s¢s are rKJt attrbJtsNe to a activty are apporboned beh¥e those on a ba9s consislenl the use 0fs0&. ¢entral stsff costs we albcated on the ba8 of tin spent, and dekYeciaboTh carges ¥Ierf onthe wb"oTr Of1 asset use.

National Horseracing College Limited Company Limited by Guarantee Notss to the Flnancial Statements Year ended 31 July 2025 ACCOUr8 polic088 leortlnwdl I W•nditw• (c(trIU80} &xpenthbJre on raing Je$ 1 thE I)wp to r3i5e fiJNls for its thwfjiab wrposes arn1 indules ¢ow fix)Jr•siNJ •JNibe5 e¥ents aTrJ rrf)n<haritst4e tradiry. E¥reTrjitU on chariable admbes IrKJJrel M th'reL tl fvtther the Group obJethTrftS, &s 18$ assvtiated ccéts. AJI eyTrJrture 15 INe of1ffec0ab1e VAT. Taryle ftled assets costry £1.COJ or ¥e ¢3pIlalj KI rEtyJghtsed fvtvre nty1¢ bet$ probalje arvj ttE cos1 or valup at rrasured retiabty. Tarye fi¥e¢J assds are rt¢ogrMsed atcost. Afterrecr#3nthn. LTrrthe mc#Jel, fixed asset8 aTr measwed al cost less acrJJNkled deprEriabm aTrJ aCmUla impa1rrft losses. All c4)sls Incrred lo bnrvJ a tangit fixed asset its litern1 coThYilpJn shouhj be ththded in the MeasurefnI olo)81. Deplat)n is tharged so as to aCa co# of taNJ tt<•1 8ssets less ts"r re&klual value ovw Ihetr estimated useful Iwes. - bEtsren 2%.33%on a rEthJriry bèlan - Variatk behen 1%- 20% on a reducir¥J balan - vat betsEen 1%. 20% on a rvJur4TrJ bal - 1% ed1r baar . Vorèlje 5%. 20% tyon ing refUlShrnert Leasemd L8TrJ & Stat4e block Plant. equ$nI motor Galop, mena9e and iThJrw)rrnliig - Variatye betsyen 1%. 11J% w a rJr¥j balartt sc A55et5 uTrler con5trwti . Not depreLaated Ccmwter - Varotle befven 20%_&3% on a rwyht lir 17 In¥•sbTrerts Inve5tmtrits Ins1¢ae$ a vaw ato)5t less wo¥sion tr ryairrne 2.8 S&)¢ks Stocks are vald at ts Irr of $t •%J net rea&sat4e 8f maw obsote arnl

National Horseracing College Limited Company Limited by Guarantee Notes to the Financlal Statements Year ended 31 July 2025 Accountlfi9 prfi¢i8s Trade and clher debloare recognis•Y al b)e 5ettknen¢ 31nwnt aler ¥rytsJe dEcwnl offerd. Prepayrres are ¥ald at the aft)Unt prepd rt of ary Ir•Je diswjnls ¢Jue. 2.10 C8h •t &thk•xllnlw Cash at bank a(Al in haTrJ arkl $W-lerrn h.ghly Ivjiid with a sh mthnty ol I months or kn from Ihe dale ol ao]uistrn or opertiw ol th deposl or snwlar aruunt. L•bilitS afftl k¥O¥15m$ are rethgnised tsre is anot4v&. atthe balar sheet dats as a resu ofa P8sI event. it is wobat4e Ihal a transler of eo)nomic benefft tMII be re9uir•Y in settkgment. and the amounl afthe settkwnt can ** esMd rdiabty. abi¥b"es are recogNsed al the amcdffit that Ihe cL4Trpary bcapates it wll pay lo selt Ihe debi or the am(ml it has receid as advancéd payftrts forthe go5 orserwces il must pde. group onty has fnarxial assets fila1 of a kiTrJ Ihat oualfy as bas financAI inSntS. 8a5ic firwno41 ir1rDents arE Inibaty rEctyJfM5ed at lrtnsa(thn value and subsequentty rnEa5Ud al their settwnl wlh of bar sth5ewenty 8s8 al amNbsed cost n 1.13 FiMncelo•ses 8naThirtwtho¢ Assets ¢Jt4ained wder hye FKYthase cortrads arby financ ases a r¥aSsed as langit fixed assets. Assets U1 by ffin8 ¥se are depriated o¥er shcrftsr of leose temi and th¥r useful INes. Assets quired by hi purthase a depreciated 01 tt"r INe5. Fan aSeS are tse where substantialty l ol the benefts risks ol onersfw are asgJmed ty tIE grow. Ot4vJatsns under such 4reemenls are in tredittys. r1 of finarKt tharge alh)¢atso ID firturÈ renod5. Tr finance of the rem81 payment carged Io Ihe 0Xlida1ed stakrrenl of fina1 aCtltS so as to prcthce a conslanl peri(wJic re Of tharge w Ihe net ot4i9Jtion in e¥h Fenc. RentaL8 p•1 Underoperttytases8redyed 10 sillellI offfin8n(l a¢¥itss a strapaht line basi5 0sErtlE ase tern.

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial SLitements Year ended 31 July 2025 3.15 Pvnsi The 9foLW opere5 a dEffi1 perriw 5dYme ar1 rewE5ert5 Ihe amounts payable byt grot0 the f(id in resped ollheyear. The grcw cyerdtes a t•fil pn IDr tre tenefrt ofits erykryees. It 15 dod rwwnplL>yee$. A at4ty for Ihe chaWoNlganS LTh1w Ihe reo>Jntsed net ofplan assetstothe extent plan assets may be rprnverE(l eillEr thr(wh dUced te[J$ IFE %therne. Pension plan assets are a$u(èJ at faw aTrJ ded benefit cAvan measwed an acluarial basis uyryj the woierled unit me1hr. RemeasurEmert charqes Cl hjsses effect of Ihe a58el and Ihe TEtum e defid tenefil 143blrfy exdudry arnrJits in t intWP5t. Th8se arn other rECgonixd gain5 orKI1055es perhxl they ocwr. 116 Fa¢¢1ftThJ General funds are unrestriCj lunds are available for use at the discretion of the Trustees in fvrtheran Jf th¢geneial ¢¢¢b¥e$ tsfthe group wh¢h hav¢ not been dÈsKanated for other purposes. Desp3nated ldS ojnyue wKestrided fthas Ihat ha teen get aside ty the Tru51Ees lor p8rt)Jiar OW5e5. TIE airn and w ofeach despJA)d 15 sei LKrt fft tr NAes to Ihe financ•1 Slatemls. RestrKed fuThls arefvnds whth areto b8 used in accordancewth specific reSttn$ inposed bydonors or i¢h hove been rnise¢ by the group for purposes. The costs of and admw)tstènng SUC funds are charged againsi the specthc fund. The ain ar4J use of each restrithd fund isset out In the nolesto the finonuol statements. 2.17 Taxa The ¢tyry)y is 10 Ihe tesis set tyjt ui Sch 6. parn. 1 ofthe Aci 2010 and thef0 ets the definOn of a tharitable cOrnpY for UK ccrfpyattsx lax purposes. AdinglY, the coryyany is potentialy exemo fvom taxN)n resFe¢t or ¢arxtal goi within ¢agoF¢$ (¥)Ve tyy Pt. 11. Ch. 3 of the CpOrat)n Tax 2010 w S 256 of the Taxaltrcffl ol chargeab Gain5 19. to I extent Ihal such YKome or gal are aFpled excJg¥ety to tate purFSeS. 2.1• Employee1>tr en emIoYeeS reThJ¥ed s( 10 the tharfty. sh(x14em emoyee benefits io the employeEs e enlthd are recJJgnwd al the ufvyixtiunted clI exFeced to be paid m excange fcf that ser¥K. 28

National Horseracing College Limited Company Limited by Guarantee Notes to the Flnancial Statements (Conl Year ended 31 July 2025 CritiE41 x¢ounting •stimt•s and jwlllmwrt EslimatesatxINkYgrrents•e ¢orruafy e¥aJaied •)d we Oased onts131eW1eTrre ar Olhertsaors, Iluding exFeaab"ons C4Jr8 815 that are bekn to be wsonae whjer fr c¥omtarKes. The compary makes esnws aTrY assurro5 Corrernw fv Arture. The resuw accounkng estimates aTrJ assumption5 . ty thfinilK>n. sekjcrfn lated adual rt11$. There a no e5tkmale5 and assumpbcffjs Ihat a $wthtsnt risk of ¢ausThJ a marial to the canwng 8nK)Un ol asse 8Th1118blities within Ihe nextfinaTrial ye¥. The present value ol South Ycrfkshire ISY) defiwj terEfft penwon Iiaw ¢JeFeTrls on a nLanr of faac45 th81 a deiermined on an actuarol basrs usry a ¥arEly of 8sxpbDnS. The as%Lmpbons used deterniThrg the nel costs or iiK(Th fer PtsK)ns ine Ihe disu)urrt rète. Ary char#Jes in ISe asSLmFAions 711 impact the t4ryirvJ smo1011be1Iabiy. the an ac¢ountTrJ 5vffjAu$.il{50rYreC0Wz¢d lolhe ext¢rtlhatlhecr#Trpany is able to ts refxJver gjrp1eitr Ihr(vah reduced contritrtrtions InthÈ fulwe orlhrough relunds from Ihe plan. cr1181 judwents (kn 27 Febwary tr•È company nrto a 95 year lease lo rerrt the she from Tt opwales. The Trnstees have essed the rm5 of ths ase and conc1led il 15 an opering ase bas fvl IhE O)mpany does nol have $ubstsr"8ty8llrisksandrtW8rdsiK•Jenta to¢yMthLD. Ftherde48ollhe k8searrar¥Jernents are disdosed in noie 29. Total fijnds 2024 fvnds 202S nd5 2026 Oonation5 Ponteffact Trce itsy incwr wbJ LegerLegery15 •i(y)me 9,7 37,8(KJ 9.780 37.800 47.580 47.580 Total 2024

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 July 2025 5. Incom• from ch8rltslJlt activ#ie$ Tolal fvnds 3J24 lunds 2QZS 20X 2025 OFeMbOn OfedUcan8l aTrJtrawMThJ lage DÈp•nentE0l*.t Other actyvty related in¢tyn¢ fyants (see detaded break(knAm 1.692.429 1.718.837 1,76S,296 801 1.616.808 1.765.296 1.531210 S5.11 43.780 1962113 19Q206 199.820 1.847.505 1.888.635 3,736.140 3.391,618 Tcial 2024 1.fyJ9.786 1.781.832 3,391,618 2026 2024 Maii ¢>ants Lottery FthJ- LKe s 13,320 7,500 159,(K HBLB- lSP Irw 21,486 4220 Wdfare- Lile 5W5 Totsl wtrided gr• 1%,208 179.82Q 20.000 Tothi unrE51riLled grants 196.206 199.820

National Horseracing College Limited Company Llmlted by Guardntee Notes to the Financlal Statements Year ended 31 July 2025 In¢om• from oth8rtradlno •Xivits comg non thiritable tradlng a¢Ill•S T¢)tsi Titsl fijnds 2024 2025 NHC TJIrj 113.781 111781 127,836 Ti812Q4 127.836 127. The charfty ha5 a whdly rwned tra¢lry SLtshYr•ry. NHC Trading Lwnrted Icorry>ary number 035387511. The ompanywas icorpored on 1 April 1998 and has tssJ sharecèpital ofhvo ordinary shares. The o)mpanygrfts itstsxab profrt5 ttsN4tthal Horseraur¥ Cc4ge. Unaudited 8Ctounts arefi wth Cornpan*$ Hous•. ¢Xh8r ros¢9$ Total T¢tsl fuThYs 2024 2025 2025 Profiton olfryed assets 6,Qg0 Total 2ry24 6.09) 31

National Horseracing College Limited GnpanY Limited by Guarantse Notes to the Financial Statements Year ended 31 July 2025 ExFThlltur• on falsing thuidB Unw8&trtsd Tc¢al To1 fimds 2024 . 2025 202S 2025 Fundraisirs aTrYwblh Volurtsry income staff L>)5ts 250 157.957 1S7.957 108.987 158.226 158.226 109.TJ7 Tctsi 2tr24 1(0.237 109.237 Total ld5 2025 Jnd5 2024 2025 Cost of8aS 61,671 10.129 4.407 61.671 10,129 4,407 A¥raration e¥perEe5 9.576 4.927 Total 2025 76.207 76.207 74.437 Tial 2W241 74.437 74.437 32

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Slatements Ict>) Year ended 31 July 2025 Analysi8 of expendknre on eh8rftst4• actr4iis Summ•ry typ• Tolal 202S Total 2024 as restated) 2025 2026 QWat of edsKattrJnal and trainirg colge 1.430.232 1.908.*0 3,339,192 3,183,680 Total 2025 1.430.232 1.908.960 1339,192 3.163,680 Total 2024 1.240.784 1.922,896 3.163,880 33

National Horseracing College Limited Company Limited by Guarantse Notes to the Financial Statements Year ended 31 July 2025 10. Summary ty exbr ¢&•9tyy 2024 2025 {•$ restat Training Costs AcL¥)mmpdati¢)n siableya Slaff (x)sts 311,832 26023 309392 1,293.147 395.710 333.741 268,087 1.156.188 Pensv)n ffinan co Ctpreoatmin 134.WJ 127.5CQ T<>lal dir•ct eogts 2.30Q609 Z281.226 Administrakn (osts St8ff cos 449.492 420.570 382.549 357,730 Totsi managèmert and administr*i 870.062 740.279 Supptyt adrnir¥5tralK)n co$15 87.242 75,111 Total eupport costs 87.242 75.111 Grnare c05ts15ee 12) n.279 1>1orn11 Tolal 3,339.192 3,163.680

National Horseracing College Limited Company Limited by Guarantse Notes to the Financial Statsments Year ended 31 July 202S 11. Other expeThJitur¢ unstrICted funds To¥1 furMIs Total Js 2024 2025 202S Bank aTrJ cther irlere5t 6.756 6,7S6 11.445 Trtal 21r24 11.445 11.455 un$tri¢l¢ fynth 2025 Total fund5 Z025 Totsl bJTrJs 2024 l•s restated) Authtorf$ rnTrratn AcuurtarKy fee5 TnL8tees' e>perAes Legal and prDknn 16,650 16,650 33.900 10.89) 11.799 13,650 35.342 9.017 9.055 10.8XI 11.799 Tctsl X12S 73279 73.279 67,Ck14 Tcrtal 2024 67. 13. Ntin¢tyWxpehdSturnl This isstaied afw ¢8rwJ". 2Q25 2024 Deprec4atwJn oltawble a55ets rrhred ty the growj DeprECiatk)n oftsngiWÈ ed assets Lmder ffinan kne5 Audito9 remunerattiin- au( ¢*¥Josat 123,804 14.603 16.650 73,750 53.750 13,650 16.0901

National Horseracing College Limited C<¥mpany Limited by Guarantee Notes to the Financial Ststements Year ended 31 July 2025

National Horseracing College Limited Company Limited by Guarantse Notes to the Financial Statements (Cc¥rt Year ended 31 July 2025 staff costs (>oup Group 2024 2025 las re8 Compary 2024 as retedl 2026 Wages aTrY salarÉs 1.727.no 1.540.097 1,727,7JO 1.540.097 Social seaty cc6t8 175.860 134.W 175,860 134.809 Pension o)sts 126,884 .440 126064 60.440 1030.504 1.735,346 1030.Sf14 1.735,346 The 8¥erage rwmter olp•Eorts err by the Crffip year ag fdkME'. Gmup 2025 GP )24 No. The r¥Jnw olempkryees bvfts lexiAKlir¥J cJ)Stsl exceeded £SQ.OW %Ya$." Group 2024 23 No. ln Ihe baThJ £90.1 . £100.0 Inthe baTrl £120,001 -£1JJ,CKIJ Thptotal Unerat7fi afKI bvEfits by keymanageffnt FeTronnd iKthng 0ye$ Nl and penson was £350.594 Q024 £323.0031. Inths c(rohYer senu)r rrTranJgJYrf retsomd ¢0 be Chief Exeartive Offir. Il OperorA OELl¢rf. the lAbr-Ba Man4er, tl Trarir#J klanager th8 MIS aThl Cc¢nFliarKe Manager. 15. thjring tl ar. MTnAtees rec or¥ iertfiis {2024". £nll ChJring ihe r ded 31 JL 2025, exe$ tota& £689 ¥re Trtlsed or paid dwectly lo 4 Tojdees (2024 . £679 10 4 TnJslee51. These exper relale to the rnSeMrt of tra%tl exrense5 Ir[ell ty the TnJ51ees tn attendry Nolwal Fk>rserniJw C4)lege Trusiee nwtir¥Js8TrJ thferns. 37

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Ststements Year ended 31 July 2025 16. TaThjIb fixed a558ts 1Jl41n m7J$ 1msa W3.YkO M3 yas •22.a1 1JI4171 7Z&7•5 IM511• •47.7S• 164ml 4¥P5.X7 1162,81 J1 11¥15 3JV11J I•X410 J51.SI• 1•7.51 474.142 IJD1, A*311241$ 471 651 SJiJ•3 14 471617 J7• 5tQ411 221.124 A414 471J21 422.ito

National Horseracing College Limited Company Limited by Guarantee Notss to the Flnancial Statements Icontth Year ended 31 July 2025 l& Tanglblo fix4Hf Imnllnwd) i L¢ZO 414545 A131 J¥W• 537&792 IW.¥2 )2t¥5 ty)• ity. AIJ1 JUty•)29 712 Al31ly1•25 531JI3 4K614 51,In Aji 51Q.471 221.124 .1 539203 471321 ).77Y 432f 3,Ce7A82 39

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements 11) Year ended 31 July 2025 16. IRV•Stm•nts In Sub14ry c•mpathi•s Costorvalua Al 1 2024 At 31 Jutyf 3J25 N8tboolr ¥alu8 At 31 Juty 3)25 At 31 Juty W24 N0n81 Horsera¢iThJ COle 1C#)% of or1ry sh¥e cak¥tal of 5ubsdiary. WC Tradiny mil&Y. a cornpwry irKwrated in &4laTrY arKI Was.

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 July 2025 17. Flxgd •0t lThrtstfflents I11d) Prfnclpal suhith•wig¥ The fo•ug was a ofthe .. COmnY number Rggtstrrgd offi¢¢ or prlncfjpql Placo of businoss Holdkng Sha 03538751 Rrjswwn Hall, l>eat Rogj, Ck)rThsw. OH11 Chdirt¥y The firwti81 Tr81$ oflhe subsi¢ary k•r yw tyt'. WCTrthr¥J 113.781 1763On 37.574 38.520 1& Stocks Gro P ComrAry C[[rry 2024 2025 2024 38.892 45.588 21.602 32.873 19. Comp*ry Ccfflpary 2024 2S 24 Tradedetkns 69.697 192.fA8 47.OSS 87,006 1697 187.88D 46,357 7,147 Cdher deitsrs 2.697 7.147 13272 13372 BS,666 199.215 150.029 241.384 41

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements Icwrtlnu Year ended 31 July 2025 20. Crvdltor5: Amowts fvllng dwithin Cornpby CoMpY 2025 2024 3J24 Bonk k7•5 6.233 Tra¢Je UElitry5 126391 142.107 119.616 134.377 rtaxOtrJn arn1 SLxi sewity 63J71 59.894 59.894 Net obhgations undw ase and lre purcase contrxts 21 J57 44.281 21.7 44.281 204.938 33}.(1 201326 314,135 41Q5$7 srd.576 402 558.920 21. Crndtys'. AM01$1111m0dWlaftr m(Y•tron wiy8 p Crynpany 2024 2024 Bank kJaThs Nel oblatio underfin ase aTJ l¥e purchase contracts 53.954 rJ.517 23.517 $3.954 23.517 23.517 Bank k)Ir o¥wdraft$ affj of a fiTrt W ¢harge assets aTrl jeN09$ gf I Lkniy, indudwvJ Ihe Resx1ential Cen¥e. Rossirw Hal. Great Road. C#asIer. 8ank loans are repa¥J monthty oyertheterm of the bon. Ini/e5t ts Payable at a e0 rate $.955%. 42

National Horseracing College Limited ompany Limited by Guarantee Notes to the Financlal Statements Year ended 31 Juty 2025 21 s¢atem¢nt lundS ststrmht offunds- eurrnrty• Bakrre al. 1 Ajgysi 2024 la5 lad) Transfw5 inlout Gainsl at (Losses) 31July 2025 Colege .335 Gener31 2.714.334 1.a95.C05 11.595,2141 53.208 3,Lb7,413 R[veS kehj in 113,7B1 (76.20T) 137,5741 38.520 Pw•Jnfund 2.752.854 2.OCe,886 11.671.421) 15.634 3,105,933 rol•l Umstrxted 2.9.189 2.11)8.8 11,671.4211 15.634 3.162.288 Hctseracw grart s¢he X.758 30.758 RSDP 115.$77 171.5CI) 21,486 1207.3281 115,&141 64.115 21,486 RSDP Merrtixir4 Programff Horsebox grart 187 8.187 Main grants bt NARS Rec rocm Irbishrtnt RaurvJ Kttfare- fife skills 8HA & H8LB prograftS 1.555 6.240 11,5551 14.4281 1.812 132201 1ffj92.429 11,692,429) Tolalrnstrk 162.317 1,888,635 115.6341 126,358

National Horseracing College Limited Company Llmltsd by Guarantee Notes to the Financial Statements Year ended 31 July 2025 roWFunds 2.971.& 3.897.11 (3MIJ811 3288.626

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements Icmth Year ended 31 Juty 2025 21s#tsment olfvnd8 Statem•nt oflunds-wloryear BaLqrtt 1 AL¥USt 2023 Gamisl (L05sesl 31July 2024 la5 reslatedl lasffttJi inlout Colege .335 General 1.6&5.975 11Xfj.4 18. 2,714.334 ReseJsT5 tbJ subskjiary Pe1011 127.836 1109.437) 118,3991 38.520 2.4Ctsl,916 1.783.811 11.435.9)3) 2.752.854 2.461.281 1.783.811 I1,435.3) 2,809,189 R•Strk Hor5eratsny grant 8cherne 46,841 I16.) 30.758 RSDP 188,415 8.187 163.168 IZJ6.0 115.577 8,187 Horsebjx grnnt Per O'sulw Twst 38.125 138.125) RF RSCP Webste 13.320 113.3XI 15.9451 16.3741 Main grants bttery NARS Rec roLTr refrjrshrrert POS Furlong replaEnt BHA & H8LO prcgrarrres 1.555 6.240 12.614 9,199 I9.1) 1,597.844 11.597.844)

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements Yearended 31 July 2025 Totrlrp5tr¢1 Frd9 303.381 1.781,832 11,922.Wl 1V2.317 Tot•1 Funds 2,764,f¢J2 3.W,643 13.358,7991 2,911.Y

National Horseracing College Limited Company Llmited by Guarantee Notes to the Financial Statements (Conth Year ended 31 July 2025 Restrlctsd FurKIs The lund5 of the tharity indudE rtStrNxed ftd5 cornpri&rffJ the follMr¥J Fended balarS of grants and donations held on trust to apwied Pe$.. The H(x5etaKx4 granl represents a tsninfi from tt PAitish H¢tstrawg Athmiy iowwds tr $ts of irry)rwNJ the ¢apa(ity olteslenW acrJ)mnw>Jfft. RSDP reyesents gr3n15 fEceb¥ed RarJ FouTrJatkJn under ts 'People DevelJprnent' inits"ative lo prowdeRJercoathirKJsessions.sirnu&lortrainingandtheorebcalcoachingfortheiacirv3 Cc¥nmunty. The transfer in the year relale5 to the managnI fee the ¢h8rty charges for to cover Ihe salary costs incurred tn administering Ihe pwamrre. The RSDP grant Icrf the nntoring prograrnff is thÈ develok¥rtni ani1 delNery of a npntorirvJ qualfficatKsn and trainiThJ pilot to standardtie and iruease aware$& of mentws a¢ros$ the industry. The BHA& HBLB progommes i$mw re¢¢i¥Ed the "b$h Hor5ww in orthrlorihe ¢thege to delivw ¢5 UrSe5 and IElp %bith day lo day nrriTra ollhe lac. Per O'SullNan from Ihe F¥)5 CharaL Twst to assist the Charfty to wr¢h¥se a w R8orMJ &"mulatorMthth 15 a sv4rMfic•i w9raOe 10 Itsbr¥ The main grarts IrAIwy 15 fvr&lry fo the %bsite. cOriub a grant reryived fr(Kn Ihe Ratiry Found8lK)Th. The Racry Lrft grar ts a trpanJsourL Skills kTr3rarnme. Thegrart forllE Nths ReeRcthi ReNlI rs frytop[ ts fruThlu aThJ e4iMrn used ¥1 re¢ieaiionJl 8ie8s by Ihe stertS. Tra15 In aldilim to tre transtsr fr¢m tt fijrnt. as [erW&S made ro gerwal unrestrx#eO Irtyn reseThe$ hekl subsMJk8ries fort1 pffjfft grftel lo ctwnty in the yEar. Ch• St•t0ffl9ntofFwds The chty cffjtyfurwjs ¥ea$ abfft.excxwJre$eres l*hJ nwbshliwies. bery Te5eThesofNHCTr•JiFvJ iirrited. 47

National Horseracing College Limited C<)mpany Limited by Guarantee Notes to the Financial SLitements Year ended 31 July 2025 33. Summary of summary olnds. cmrtt y#•r BalarKe at 1 Trnnsfern Inlout Gainsl 8a1¢• at 31 ILosso91 July 2025 "gnated GernI fvknJ$ s6$ l752.854 $6,33S 3.105.933 12&358 2.008.866 11.671A211 1WIQ63S 11,908,960) 1S.654 11S.6341 Restricted fwd5 162J17 1971.$06 397.501 13.S80.3811 3.288.626 Summary ol furwts. wfjor y•ar BaL•Ke 1 Augu%i 2023 (• teaedl Ga Ba1ce ¥1 (Losses) 31July 2U24 laSsta1edI la%restdl Iout cggnatedlur• Gertral I3 55.335 2,404,946 303,381 56,335 2,752,854 162,317 1.783,811 {1.435,gJ3) 11,922,896) 1.781,832 2.764.2 3..643 P.358.7991 2.971,506 Aty$15 of r¢•559ts b•iwq•n Amtysfjs olrnt a880ts beiwn fvrth. eurront ywr Unrestrt8d R8strfctod nd5 funds 2025 2025 Total funds 2025 TangdefLxedassets Current assets 3204,879 427. 3,204.879 654,258 126.358 Creditors lue IMthin y Creditors d in more thon >t¥ Provi>ws &y and tharges 1416.557) 53.9541 1416,5571 163.9541 3.162.268 126.358 3.288,628

National Horseracing College Limited Company Limited by Guardntee Notes to the Financial Statements Ictyith Year ended 31 July 2025 Anaty¥i¥ ofrnlas80ts bptY•n fLW leorthwdj An•ly$ of rnta880ts lJBiwoen funds. prkbr y UnrtstrKed Reskncbj fijnds 2024 Total fvnds 2024 2024 las resta lasrestated) Tar#Jtde fixed assets Current assets 3.111.039 294,243 1572,5761 3.5171 3.111,039 456,560 1572.5781 123.5171 162.317 Creditors due ittn or y Credit¢Ys due in Ihan Prwsions tor IK8bddS aThJ Toi 2.809.189 162.317 971,506 R¢¢on¢illatlon of net movem¢nt In ldStO Iw ¢•sh Ilowfrom wrati Gyoup l>oup 2025 2024 £ las staj) Netincome Ic¢theyearlaspei ststement olfinano aoi¥itEsl 317.120 206.844 CprecialKJn ¢aryes IPn)fitl onlhe Sale0ffed assets De¢Jease inst0S 1¥407 132.427 {6,C80) 6.672 1154.9841 81.400 11.445 6.696 113.549 1126621 1.333 t¢¥easel(Inc¥easel in debtory Ioecreasey iwease incJeth3 Interest paKI 450,243 277.734

National Horseracing College Limited Company Llmltsd by Guarantee Notes to the Financial seMents Year ended 31 July 2025 "Anatys15 of¢aSh cash oryfvalenlB Group 2024 2025 cash h8rnJ 429,700 211,757 429,700 211.757 Awlysi¥ dchJn9BS n•tthi At 31 July 2025 Cash al bank arAI Di 211,757 16233 167.7981 X7.94Y . 6.233 26.987 429,700 Debt due within 1 year Financelease5 134.$001 1743111 137.726 134.SOCl 251.163 3S4.389

National Horseracing College Limited CpanY Limited by Guarantee Notes to the Financial Statements Year ended 31 Juty 2025 The uJry8ny operates a defined eontit>ution penwn sthtrhe. The as8ets ofthe s¢hen are hej separatetyfrom those of the company in an indewyenty ad81ereLl fvnd. The penSn cosl ctharye indudes conlributK)ns payable by the ¢ompany to th¢ fu) and amtsunted to £126.86412024." £60,440). Contrbi ution$ totaling È16.828 12024.. £7,031) re paya8 lo the luTrJ althebatsnlx Sheet date aTrl are inclLxled in rJedIto. ThegrDW opernles a ¢Jefined bEneft Fe1)Tr Nabon4 Hor5eratyng Col¢ is • merrer of tP¢ Yorkshre PwsiM $th¢ is a mulirnployer scheme providing benefits on final pensb?nab pay. The assets olthe 5cherne are held separately Irom thosÈ of National Hatseratsng Colge. Contributiens to the scheme art tharged to the Statement of Financial ActiM1$ so as 10 5prEad Ihe c05t of n55 04Er enwlwees. Iwes ith NaboThal Hor5er3un9 College. The contsuiK¢ns are deterrnined by a aLuary on (he bas5 of trTrIal valuatsons using the priiected unit method. A fvll actuarial vahjaln w88 carried (rtrt as Ihe 31 2025 5ra)ficltyforthe r by Hyrna Ro0 LLP. The 0)nti7ttiCffj5 ma¢Je JEarer¥Jed 31 Juty 2025 £87.KIl2024.. £48.IXI)I. Al Ihe Wan¢e $et dalets ¥re payatAe 01£22.146 (2024.. £5.1701. At31 2025 At31J 2024 FLthJre salary irryea5es 3a5 135 2.76 2.75 At31J 2025 At 31 July 2024 Years M¢rto1ity rdte5 lin ye¥sl -for a male aged 65 rts -at 65 for a mae aged 45 ro .for a fema 4ed 65 .8165 lor a fema W 45 r* 21.3 23.6 51

National Horseracing College Limited Company Llmited by Guarnntee Notes to the Financial Statements Year ended 31 July 2025 51on cornmilm•rts At31J 2025 At 31 JY 2024 EqU&S Government bJTrYs 1718,800 n7,960 388,400 2,452,870 768,810 366.100 73220 Property ash ar¥J other IUj assets rotalf•ifj v•lu• of •M•ts 3.884.000 3.661,000 The retum M 8ceme 8S8ets was É42.(O)12024-£119.(IyJ). The ColegE'S ot celiry on thedefjned benefit perwx¥b 5dme 15 £r4. This nwslhat Il is not ablE 10 teneffl an ac4uarial Ihmueilher a rethJcts)A Contribut•$ or reld$ fromts Ats the asset cal•ig is Enil, Ihe Colege s not th to •y attLhgri I)ex$slIra. The actuarial vt4Ualn oftrE sdtune o¥eT the past Yea has Sho a swF4u5. th•Ef0 18 £Thl nei mO4WTnl the ConadaW Stalem ofFillarvl A£vitE5. The rE3n18ed n thecongdpjated Statement olFmar? Ac%•thes are as 2026 2024 EmployerwthknJlion$ I48.j0> 1171.0001 148,000 144.ofpJl Inle$1 Ir 1183.0001 151.IJDD 166.0001 Intefesl c05t Effects of ass* ¢e.j 52

National Horseracing College Limited Company Llmlted by Guarantee Notss to the Financlal Statements Year ended 31 July 2025 Movernefrtsin thewesemt ¥alue oftht dthed benefft¢blwJn wwe 05 fDlh7W&" 202S Openifpa defitd berfft cwtbjn CLwrent s¥ice c£¢t 1032,000 28.000 25,000 IS1.OQQ 9.0 198,0001 1419,000 13.th10 129.ODOI Past 8eNice cosl rterest fts51 Benefits P• chan in fin181 8SgJYW Chan9e in demoyraphicassumFrtbor EV$ arisrq from tre acrJwd bwefft5 be iroEased by 1.7% in nI2025 2.712.0 Mo¥Emerts in faw e oflhe woup's share of5dvrE assets as t•M'. 2D25 oren4 tsir 7Aue asts 1Thst irtcffle (MI plan asseb 1661,000 183,000 42,000 87.000 Return on assets exclthng am¢wnls in net irrteresl contri.S by emttyr Benefits 198.0001 Effects of a55et tyling 11.172.CKIOI 2.712.000 2025 2W24 tlefined benefit 019ati assets l¢aW by a1[%¥} 11712.0001 2.712.000 I3,032.(]I 3.032.orx) SU¢1) Expethenc •JjLElrrnts cfi stheme Experienc •JiLsbTh* onxherrE assets 435.000 142.0001 25,OC I119,(1)I

National Horseracing College Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 July 2025 At 31 July 2024 the 9roup and the wnpany had GornmitThErt5 to fflake future miTMmwn lease Paents under non-¢artdlabletyertbng kases as folk)ws." Group (>oJp Comp•ny 2024 2025 2024 Noi later Ihan I ar Later Ihan 1 year a1 rK)t laler than S y5 66.3 37,333 57.023 66.359 57.orJ 51,517 51.517 37333 t03.692 108,540 103.692 108,540 Cn 27 Fetyuary 1996. NaiDnal Fk)rxra(irvJ Cdbrye efile 10 a 95 year5 Se lo rEntthe ste frthn which it opeote$. The lease expl5 fy7 31 C£erntw 2091. The rental aUnt is subjed to a rent revwevery three wrs. As a131 Juty 2W25. ¢haf9etrts £56.LXIO. The rMtsI rm Sets iU set a rale to app from April 2027. lthi151 the ¢clege ts crynrrAtsJ to tli% Iw tern ka3e. ts dis¢h)w at) indwles the knuwn rental Val to Ihe poirrt of Ihe next revw. A5 dk5rJosed in wle 3. Ihe Trstee5 have made tNdgment trot tlM$ ts an ot)eraiing ase a5 the colge does have SLthlantialty risks and rewards IeR1 to dteto the conb"ryent The ase ptyjwts ha¥e be a5 intt Slatement of fin8n¢ial athvibe&' &wp 2024 CLxmpany 2024 2025 2025 Cperalir¥J se rer1 7V78 78,146 n.478 78.146 Related partytr•nsa¢iis During Ihe year wrchases ere rnJe fr(¥m NHC T(adwig la wholly owned trading $th8•j8ryI total9 £Dil12024.. £6.8981. Man4ernEnl dwrye5 of £37.574 we made in ts year to NHC TradirwJ Limited (2024.. É35,OJOI. At Ihe yearTrJ £87.(Y)5. 12024.. £46.3541 was dL trom NK Tradwj Lffid. 31. onimlllrnJ party The Trt is a thaffty knited iref? uttimal* c(ffitrokd ty the Tw51ee>

National Horseracing College Llmited Company Limited by Guaranlee Notes to the Financial SLitements Year ended 31 July 2025 32. Prfory•2r adiustmoni The acluarial vatuatirffls lorthe defirEd berfit Pr s(wne has cabJLd a net pension sdEme asset forthe past three ye4r5 In the previous yeats Ihe Colbege has re¢xgnwl IIu5 a55el. FI¢)1 cUSDs wlh the actuarial Sr Soulh Ycrfkshire Pension ere. il has teen ccrfKrneJ that the Colkge VKII not benefit au¢d ContnbutiO army Is unable 10 rece refvnds from the stheffle. In IVJM of trms. pens) asset does med I Yeshold reQud to recognise Ihe asset teyond the asset ¢eih"w, tfWJ Ihe extsnl il offseLS deAned PenSn ab"lity, as this is Ihec•lry 35Xt. The ryxt ofthm malerial enDrn tr pys)al& a5 h)1r.. A K)n in openiNJ reserves as 811 AUgt 2023 of E441.C#)O". A BJu¢JK)n in expenditme 01£4.CW gains on at*orial of£192.CW in Ihe Cortsdidated Statemeni of Fwianoa Position trJr Ihe year eThlthl 31 JLIY 2024". 8Th A redudttm in the cyer4ng ser a5 al 1 AwJusl 2024 of£629.000.

2025-07-31-accounts

74

reer aspir*"ons. Mostlea￿￿r5 are 16-1&year-dds who help the NHC fill rts ESFA contract and are

reer aspir*"ons. Mostlear5 are 16-1&year-dds who help the NHC fill rts ESFA contract and are