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
#74
COMPANIES Tr￿lS£

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¥it￿S
18
Consolidated State￿nI of finanoal positw)n
19-20
Company statement of financial poSi￿n
21-22
Consolthled stateTh￿nt 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 a<knlnlgtrali¥• details of thè eompany. tts TpJst••s and advis•Ys
Reglst¢rgd chortty nam*
N*wJnal FkJr5eraciNJ Col*è Lmit&J
Charity registration number
700405
Company registration number 02266267
Princ1￿1 oifi¢o and r8gl¥teTrd The stsb￿s
offl¢•
Rossington
Great North Roa
DOr￿aster
South Yorkshwe
DN11 OHN
Th• tFu8tsè8
MrGeraffl Suldiffe. Chaim)an
Mr H￿r￿ Wrighi C*puty Cha*man
Mr Tim¢thy Ly
MrJaft*s Hèlhert
MrJefftey Ennis
The Hono¢Jratie Oli¥er Greenal
Ms SU￿nnah Gi
Ms Salty Igguklen
Dr Hden Mccarthy
Mr Francs SteP￿nsOn
Mr Callum Hellphpll
Mr Da￿d Carr
Mr Willk3rn Rachnann
IR¢$vJn¢d 16 August 20241
IResb3ned 6 May 2025}
IApwDted 25 Septernber2024
IApwnW 4 Mar¢h 20261
Vlc• Pr•sldents
The Rt Hon RKhard Cab
Ms Julie l(mne
Patron
Counless of Hahfax
Chlel EX•cutI￿ Officer
Mr SteplEn Pad￿￿ OBE
dependent Auditor
SMH Grwp ALNJrt
ststutory audrtor
5 ￿sIt￿0cl( Court
Valè Road
Swfieky
S118YZ
Bank•rn
Virgin Money
19 Sepulthre Gate, Do￿aSter. DN1 1SJ
Solicitorn
Jordans
4 Priory Pl￿, Doncastèr, DN1 18P
P•n*ion AdmlnlstratoryJ
South Y¢)rkshire Pensions AullK)rity
0￿￿81 Hw. 2 Beebvr CourL Pontefract Ro>J. 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 priC￿ti&$ Whjlè thè National No￿r*r￿J 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 col￿ge continues to drNe fomfard vnth grry•rth. mproved achievements. aTrJ progressions.
Despit? d6•o*nlaJe. whiGh ts ¥gnthcant in s¢¥re cases aThJ wth low stsibryJ points, many ￿arnerS
ex￿1 in I￿1r achievernents arnj prog￿$￿n. Ho%4*ver. many leamts aLw face challènges in meèting
stsndardsofwork and athtudes necessary f￿ prog￿$S￿n Ircm ￿3m1￿j to em&Yoyment due totheirlac*
of resir￿nCe. sctial awkwardre55 and tx>or mental f*alth. As a ¢c￿tseqUer￿, k¥omo￿n ol emotKJnal
health and resilpnrx has becryne a flo￿ for bcth staff aThJ lea￿rS., 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 rn*e 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 genera￿On o15table staff empknyees aThJ I￿eY9. 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 prOV￿On. F¢x those who do not
enter racing. the College has inproved pwDve progressions into luthef le*ning and employment
opportunths. in parti￿lar nonvrnon9 aFprenb￿hIps.
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 unem￿OYed persons by the ￿0vIsion of vcKatK)nal and a¢a(krn￿ trainng cmnerted with
the horse r*ing, equestrian. agricJJttural, hc¥t"(JJlturJ arKI their allEd areas.
In seth"rYJ L*¥"e¢*ves and planning lor activth"es. Ihe trustees have g￿En 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 for*ch•trvw￿ obioeti
PrO￿e 8¢￿5&ble and ￿￿￿1ve traniNJ oFfJCrtun￿.e$ lor peopb wanbrpJ to work in the ho
racing industry.
Ensure trainin9 rea￿stIC a￿1 reknnt but (klwer&J prOgresSNe￿ to dèvekp l•amèrs to be
ady forwc*k.
Provide a sw)ortNe. encouraging en￿r￿￿nI 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 W￿ety and collat<Jrai¥ety *th employers across ￿ industy to maximise leamers,
Cha￿*$ ofgainirvJ and keqJ•ig paNJ empltym•nt.
Prornotè ¢onstruaivè t*havioJrs and pOs￿"V* all[b￿e$ in all that we do.
Make the Very te5tofres(¥Jrcas aval*l•tOOFtynise Ihe CoWe'5 contit*ub"on to public benefit.
Acti¥l¢l•s undertaken to a¢hieve obj8etiv•s
Recnjrt WKJdy a￿1 ramo4E as many barT*rs as pO￿tle 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￿$. w1•r￿. ￿nfiden￿ and inderendence.
Matth lear￿r9 wrth the most a￿rop￿ts ￿p￿lYft￿nt OFPOrtunths to opb.mise their than￿$
of satisfaction and Sl￿cesS.
Prw'de ongc4rwJ SIW￿t in the wothp*e t* 8[￿8 fvrtf*r 18am8r t18vdoKxn?nt
I4)prenti￿Shpsl worker retenkn.
Main activltl•s undertaken to the company's Purpo￿ for the wbli¢ benefit
The trustees confym they have refeThed to Il* guKJarte ¢￿taIr￿d in the Charity cr￿MIs￿n.9 ger￿ra1
guidan￿ on publK tenefit when re￿rg its aim and ot¥'ecb've5 and in ￿￿nn1￿j our ftjture actwit*s.
In parti¢ular. th& trustees consKJer rts in¥estment into its chcsen workstreams ol Workfm and
Community Investrnent contr*Juie 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 Col*ge 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* var*ty of roles in r￿n9
PRIORITIES
The highest sin9le pri¢yity ts thatlhe Cc4WluffiLs rtsdyty ofweto ￿atrerS on itstrainirKJ prc¥Jrammes
and to staff.
BeY￿d that hrywever. the pr¥)rity ¢￿￿'nUeS to be ensurry the viability of ts bJsire55. This rtquires..
Sustsinrnent cff ￿h8n￿rnerrt of the ¢redibilty of the NHC'S trainin9 offer 8$ r*reeive(I by
)tenb"al ￿¥r￿rS and by all in the industy.
VbJorou5 marketirg of trainiNJ eppo￿nrtE5 to rewitment of ￿amerS to ffill the
c¥)urses availabla.
RvJorou5 rnan￿Wnent 0[￿Sts arnj rp19rth5s pU￿urt 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 ￿￿￿"r￿sseS, eXpe￿r￿￿ rtsing e£6ts. ur￿lke some, rt canmt simyy pass ot)
those costs by 1￿C￿￿ng charges to its Customers. Whle salarEs aretr* bKJgest single e￿ment 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 pricrfit*s 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 dIffe￿n($ ￿L￿￿"ve to ColleagL￿s on NLW erodoJ or eliminated.
Unsurprisingty. some wonder %that In￿nIN? there is br thErn to conts.nue to fvlfil thosa extra
responsibiif(ies or trÈy ssék pty rtsès to wesèrv• dilferernrdl raies. T￿se &J(htKJnal overheads are
imposed without any ¢orresporKJin9 Imyovwnents for ts buwre5S.
Efficiency
Many Yea￿ ofdelivering traiThro to a hb3h standard wth v*y ittouitss, induding hav4)g to self-
generate (grants. fvndra￿in9. charty. tradiry} arwnd 20% of revenue, mean that the College's
operatiorts are ￿an and effirient If savir*Js are idenbfvj. are laken. The OFVOrtunib"aS to makè
rther ojts are limi*d to nonexi51ent wilhout adiRr5ety afkc*'ry Wurs n le￿￿5 of nurnb8r5 aTr
standards.
Revenue
Gob*rnment FundiThJ - The NHC'S ESFA ¢cMrtract has. rnary years. ac£ounled for arouThJ 40% 01
revenue. Effectwety, it SubS￿lse$ trafftirg lor the rar￿g in(Justry A C1)TrY￿on of fvnding that the
col￿ge is subject to insrectsons by OFSTED to ensure It meets r¥Jorous stanLlards. many Dfwh￿h 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* Col*e 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 rel*d upon to keep pace wth the costs of ¢Jelivery. let alone
contribute to physical or pro￿dural 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¥emm￿l due to Iha Increased attendan
on Its FC and the contin￿d success of rts Doncastsf Equin• Co1￿98 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 allhcrt￿h that a￿rrted 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 chan￿d and the Levy Board now has a dIr￿t contra
wilh th• NHC and requires quarterty repyts.ro ￿ainSt a rawJe of KPIS.
FuThSrai5irg- As reported befr)re. ts College has rn￿e 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 t￿m$￿ve$ with horseracing as a sport
aThY with rts links to gafflbl￿g In &Ydib'on. grant-making bcxjies. wrthin and extemal to raciw, often
seem to te mofe willing to ￿t¢ac$ and *sta￿lsh r*w inrtAbves and 9)P￿in1￿.￿s ralher 1han provKJè
money for coffj bU￿asS.
Con￿er￿al OpP￿tunrt￿s - The NHC tskes every opportunty to 'sweat rts assets.. Trading that will
genwate income is pursi*d w￿rever p)ssibk. suth as by Wng frdcilths, lamiir*J land 8rkY

National Horseracing College Limited
Company Limited by Guarantee
Trustees, Annual Report
Year erKled 31 July 2025
encouraging swnsoT5. However, these are perip￿al 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
S￿nIfiCant v8￿ncle5 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 fr￿n its FC tral￿d 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 COL*J not prowde inib.al trainiNJ in-fw)use and Ihe loNJ-iemi fiJndirYJ mot￿1 fortraining
may wèll irtluda incrèases in d1￿cl fuThJing from employets rt is unrealtstic to èxped training busiie5S
to be abl¢ lo adjust to makirvJ a sh3n1f￿ant direct contritrmjtion in the sh¢Nt-tgrm. In $trivirwJ 19 meet
employer needs and to enable the success ofgraduatès. the NHC its 515ter sd￿)01 the BRS make
sgnificantextra efforts to deliverpeop￿ towork pla¢2ment at a hwJtEr stsndardthan their rernrtdictates.
hile that Costs rnorw. Gurrentty it B what has to ha￿n tg ènsure young peo￿$ 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$, supFKJrt aThY educabon requir&J to gain basic Jevds of fftness, good
comrnuntsts¢)n skilL% and an appreciatson ol the wuiren*nts ol pa¥J wort(. A g￿at deal MO￿ tme,
patien￿ and skill is requifed from kaders. intruciors and support staff to instil the atbtuth5. Standards
3NJ wotk-fates thatwll enab* le3mefS' SUc￿s in the ir¥Justry's work force.
There has been a rnark￿ wKrÈasÈ in ￿amer$ i•pcAt"ro mental health prob￿M$ Ircm less than a
d￿3￿8 to over 30% in thB re￿￿￿9 ￿rI￿￿. In *Jth"on, 34% of ￿8merS arè neurodiva
ccrnpared to less than hallthat kx0￿￿'on yeats w30.
ACTMTIES AND ACHIEVEMENTS
marke￿￿9 and Re¢ryiting IM&RI
The success ofthe col￿e'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 0￿r tme if consistent and pergstent It is ertouwing that. thLS year. increases durirg
thè last fèw years in ex￿$S1(￿S ol interest, engag￿￿t through social medra and apphcatsons ha¥e
begun to manifest themSe￿e$ in atteThYance numters whth exceed any previous years and bad to the
College betng able to fulfJ its Govemment arml a￿￿$ •A￿￿.0￿31 fun(l$.
Study Programrnes
The College's EducatKJn PrTrJramme ts YouryJ Pecpse {EPYPI COU￿ In￿le the Resxjential
Foundth"on Cours8 IFC) and thè nofvresidenbal, day-at*TrJance 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$t•r Equonè Coll•g• IDECI Programm•
The DEC prO3￿mMe involve5 17.5 houws pw for day sttwJents across a normal academic year of
36 weeks. PrtsJrammè qualfficatsons IndLKlè Ll Dplctha in Horse Ca￿. L2 Technical and Extended
Certrficates in Hotse ca￿ ar¥J L3 Advanced Technical Cerbficate. F¢Jnclk)nal skills are Ind￿ed. alcry
wilh GCSES lor somè leafnèfs. Learnèrs often progress io Ihe next le¥el depeThJing on their a￿'IrtY a￿1
#reer aspir*"ons. Mostlea￿￿r5 are 16-1&year-dds who help the NHC fill rts ESFA contract and are
fvnded butthere ￿ also a small number of 19+ kamers who (k) not attract Govemment fuThJing.
The Curr￿UluM Inckjdes social de¥eirwentskilb coveriThJ ern￿oYabl1ty, sell￿e1*f. th.me management
fijnctyonal skills at differert levd5. The CO￿Se prepares nonornployed young people the world
of work, Ihey partiwate in S￿?￿. r￿￿allY OLtsth of curriojlum houts to wactisè and improve thw"r
skilL8 knrther. The￿ is a rarge ol other thition81 accr&ltsth"tsn OV￿￿u￿r(W availa￿4 through thè
C91￿e$ accms to the raar#J indu5ty's VLE- Racing2Leam.
In 2024125. high retention rates continved on Ihe DEC Prc¥Jrammè v•ith 55 ￿aMerS gradu*ing LY 62
slarts. retent￿n of 89% overall. AChiev￿entS also are high with L1 Horse Care Diploma and Level 2
Tethnical Cert'ficate l)th at 93.8% arnj Le¥EI 3 Advanc￿1 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 $*i4fieJ Ihat the
Programrre had Ih*r eXpedatiO￿ 98% w)uld w8corrWn￿ rt to thrs.
Foundation Courae
The Residential FOundat￿n Ccrtjrse wowdes a IMgh-quaLty SUN)￿￿ve enty fo￿ into the
horseracing and wider equine industries. The prcgramme to equip learners with essential
prnctical sklls, ￿￿elpInnIng knowledge aThJ professional behamours that enable prwessicm into
placemenls. apwentic£thips. ernployment w lurther tducatic
The FC is 12 weeks durabon lolk)w&Y by a 6-week I￿)rk pL￿en￿nI plan￿ wrth an empwer. It
welcomes Intakes ol up to 15 bamers ￿￿ry 4 wee*s, most teing 16-1&year-ohYs livirrfj away tr¢Jn
horne fcy the first tine. E*h int*e a&0 may indude 19+ ￿amer$ 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 soc￿1 de¥tltswnent skn'lLs coverir#J employability,
Cooking, resilierKe. Self-bel￿1, ts'me rnanagement skilts and preparat￿n for funthonal sklls at differènt
v$L%. Training prepa￿$ non￿n￿Oyed your#J peopbe for worbJ ol work trtjt also to become
independent. Capab￿ rnemters of sooety. pa￿nt 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: understa￿1ng (orBent. autBm aWare￿Ss., 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 prc*JranMne s￿Ort￿d 110 fijnthd stsrts. with lc61￿.4%> ￿arne￿ ach*wThJ. reflecting
stroNJ reten￿'on a￿1 athP¥e￿￿n1. Prryrps5K)n out(x)mes are very positi¥e. wth the majority oflearners
mowng into pla¢ements or hjrther induslry4pbted OFVQrtunities. Tea¢hIr￿j, kamiThJ and assessment
arè con$￿tentlY effectNe. surported by eXp￿nced indu5ty staff and slrong 5UPPOrt sysiwns providir
pastordl ￿re in tIE residentpl setb'ThJ. The FouThlation Course rdt•J GO￿1. with strDng fealures.
HKJh athievement. stron9 prcgresgon. effec￿.￿ teathing aTrJ rLknst 5UPPOrt ensure leamers
are well wepared for tnitial ernploymenl and fvrther devek)pment in hO￿eraring or equ￿¢ d6uplines.
OvÈr311, the prQgr￿nrne meets the expectatK)ns of the Educathjn IrsrEctirm Framework IEIFI and
¢ontributes effectwely to work10￿ ¢*vdcwent wthin the sector.
Feedback from pa￿nts, guardians and Care￿ that93% rea￿[5. personal deveh)wient
e g. behaviours. maturty aThJ emoti￿alty, was outstanding167%1 or good132%1 during their training at
the College. Feedback from èamers Shc￿S that beleve the course has met their e¥peclatsons
and 95% wouk1 recommend rt to oihers.
L8arners with learnirYJ diffioJltse5 01 ¢JiSabil￿.as ILLWI thin at the NHC and achigve at rates a)gV
what is ugJal in other training enmrornients. Learners wth LLOD sU￿J1 at 89.6%, very to
those who have nrj LLDD al 94.9%.
Ba81¢ Sklll8 {Engll$h & Math¥)
Results ach*ved 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 sMal￿r groups than is the nomi in mainstream schooling and
teachets provide context for the suii"8Cts that ￿Lat•S to •quin• wh￿h te￿YS to hdp leaner5
appfeciate the relèvancè and vahje of the subJ"ects. As a ￿su￿ aknost all of aCh￿rn*Nt 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 di￿omas. Addrtional qualifications are offere¢J to kamers induding emwgency ffirst ahy.
saI￿auar(*ng, transptytiNJ hors$$ by foad on jourrws aThJ L2 functicnal Sk￿Ls.
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 w￿k hard to match graduabro Irom the FC to eM￿0yerS to daÈrminÈ thè
best FX)ssAble plawient lor them. Of ka￿ErS 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 $an￿￿)ned by the British Horseracing AUth￿ty {8HAI, which exceeds Apprent￿ship wage
requirements. Leamers are on apprenti￿shIpS for up to 18 monihs. Athough the industry tsnd5 ¢0
suff8r from qurte hvJh rates of empbyee turnover, tre NHC'S RovirrfJ Insirucl￿s rnaintain
with work-based learners to retain thwn prcgramme Until completion. Achievers a￿ èncouragtrd to
Contin￿ to projress they careers beY￿d Iheir qualthcabon. Thorough tra￿Eng shows that ¢)ver 70%
stay In theequine Industyaftertheir L2 app￿nticeShip rn0￿ Ihan 80% after￿1r L3 apprenticeship.
In this F¢riod there *ere 211 kamers In kamin9 overall. onty or* Èss than tr￿ previous year and very
much wntinuiNJ Ihe trend ol steadity iweasing numbers over the past decadè. Ach*verrent levels
Contin￿ to b8 a￿ad of Nabonal avèragts for passès and d15brthorts at thè erd ptsint assessment
IEPAI. The Cdlege has Influen￿ tIE format of EPA wilh the awarding organisation eTrablirvJ
applert￿ to ¢tsmpkts tl*s* In-person LY M-11￿ at ai NHC or * other ven￿.
Feeilback from empbJyar5 olthe NHC'S appmnttss in lèanmg 5how5 that 95% wouhd rECAynmend the
Colleges provtsion to other emF*Jyets
Slaff P•rfomianc•
Leadership-once a9ain, ststs'lty in wiorappointrnents rneant the cum1￿ of strotyj, conslstent. eariThJ
leadership kept the ship stea0¥ arnl provKle(J COn￿enCe tostaff that sjesprte exknal urKertaint*s and
pressu￿$. the NHC V￿uld 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 pen￿1, 93% ofrtJser*d sess1cM￿ We￿ assessed tts ￿ èxcdlent
or good. The Col*e 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 ￿h￿ved 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
recognIt￿Tr 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 Col*g•'s aSsoC￿￿n 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 re￿￿1. imwov*nents ha¥e trAen made to residential tsc1lrt￿$.
yards and trainirrfj grounds.
FINANCIAL REVEW
Golng cone•rn
Thè charity, for scrnè y•ats. has t•en Unab￿ to ¢A)mply I￿1h its to free resefft5 ofbefvthn
1 and 2 mttn1hs c4)eratiThTral exptnditure.
Whilsl c05t pres3vrps have increas&1. the charity has gènerat8lJ a surrkn5 in the ￿ar mainty as a result
of hIg￿r ￿arner rTrumber5 aryj revenue5 Departmernt of EdU￿110n werg sNJnrficantty better
than had been ant￿1paI￿ The financial surplus has helped Ihe NHC p0s￿On itself to undwbke
es5entkal Infrastructure Improv￿entS in the cu￿ent rtportiThJ period to sèt up lor fijrther
improvements that will te ￿ndU&¢ in FY 2026-27. These indude an exien5ion to residential
commodabon to in¢rease ¢apaaty that wal aflthv us to meel new Govemmènt requI￿rnents ¢)n
edvcab'on n English aTrJ malhs and drainage works to the W6itor ￿ntre car park to prevent futu
Ilcxxjirg.
The charity ig on cOu￿e io make a m(thst in 2025128 and ￿lIant ¢fi ihrxeases in Industy
and otrer funding to rneet rts oblyations aTrJ takes tscasive and effeclwe measure5 to p￿SeNe cash
and increase resi1*n￿.
The Trwtees have Kryjared forecasts of inccrfre aThl exrEnditrKe ar#Y cash for thè Feriod to 315t
January 2027 which showthat they ha¥e sufficEnt cash to t* abÈ to conb.nue forthe foreseeable fv￿re.
The Trw8tees therelcKe ￿nts'nUe to wjopt t￿ goiTrJ Co￿eM basts of pWaratI￿ Ay these finar￿la1
statements.
R•s•rv•s polity
Tre NHC was unabje to keep mc￿￿'S oKwats"ng costs in reseNe bvt is in a strowef positK)n than
many year5 will continue to buikl tQVfdrds r( reseNes asrmalions.
Pay policy for key n￿nagem0ftt ￿rnOnr￿1
TnJstees and senijr *aders conts.nue to recL¥Jrrise that tr* organisaiK)n'$ suc(tss is reliarrt on rts team
ofdedicated staff and salaries i￿re&S&d in line ￿ inllatron thLs p*ric*J.
Finan¢ial performance
Thè opÈrating surplus for Ihè ytsr was £317.12012024 las rèSta￿j)'. £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 F￿￿TL?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 defin*J te￿ ￿n5￿)ll scheme of£543k from £629,000 to £l,172,c￿0.
Whi&t this is sho*ing 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$S￿Mptr0n$ offvttKe dis¢ounl rates., ftrture $aLary and p&rtsbJn intreo$05 ¥nd
infflatson.
scheme has been do￿1 to n** NHC wnk4oyees sU￿e ￿k)re 2015.
RISK MANAGEMENT
Whik Ihe NHC'S leaders w•w the monitcmng. assessment and mth"gaik)n of risks to be an ongcKng
prctsss, risk management polici* are subject to pèriod￿ remèw. Rssks a￿ categorised k)w, medium
or hvjh in lernis of likelihood an¢1 seriousness M<KlfyiThJ act¢X6 in reswjnse will transfer. treat,
tolerate or temiinate each nsk. Every nsk has a deS￿nated owner and a brreframe fw ath'0￿ to te
t2ken. Thè b8loAt illustrates son* ofthe risk a￿3$ wfth potèntially most serK•us cLJnsequen￿S".
10

National Horseracing College Limited
Company Limited by Guarnntee
Trustees, Annual Report
Year ended 31 July 2025
Rlsk
Lik8li1￿Od
S•riousn•ss
odrfying Actions
SafrguartlivvJ
farfurE- ￿3￿r
MEDIUM
HIGH
TREAT
ISafegu8rditvJ
Lead)
Fix￿1
exceed￿9 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
all￿S
complain15
or
MEDIUM
MELMUM
TREAT
Enswe & prO¢&ju￿ a
jusbfied. folIty￿￿ and
EO
uman
pre¥enling
d￿￿erylre￿pt 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, o￿p￿hensi￿ 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
fiJfvinglo*ryrformirwJ
•Jainst
contracl.
CEO
of BHA
L<
HIGH
TR&AT
ConiinL* to sthpth.ze cost lo
Mltolry. Sjffilloveryrfom against
BHA contra#. respond 10 i￿l￿try
CEO
LX)ntract
EqLNne
d￿ease
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 COl￿e as a th*ilabk 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 A￿e5 ol A5xxthn. Trustees are rec¥uited thrO￿h stctor
and approached to discuss tskiffj on a IlL￿ee role.
(kganlsatlonal structure and dKigion4nakSng pollclos
The Board meels quarterly. rts t*Jsiness a￿ayS I￿￿leS a comprehensive ￿date from Ihe Chief
Exècub"ve. Business deosions that have Strate)￿ significance are made at Board level.
The￿ is a ￿ngle s*2ndiro gjb-committee. tr* Finan￿ Crjnmittee which ¢5 chaired by the Chairman of
trustees. Attendees include the Chyal Executi¥e, the Finance Oirector. the Orerabons DI￿￿or and the
Support ServKe5 Managgr. AU majw ffinanrA* d￿"on9 ar• recomm•n￿ to Main Board where
d￿lSIon making ¢xcuts.
Task and Finish GrDUPS are establthed for srecific pUrp￿S e.g. Nominab.¢￿$ CL•nmrtte8 to identify a
new Chairman or a SeleCt￿Tr 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 v*ith a ￿M￿eher6￿￿8 itsaucityjn. lod by thè ch￿f Ex￿j￿9 •TrJ involviThJ
other staff. to ensure ty a￿ prow¥Jed ￿th a CLYMVe￿n51￿e of %thal ttE NHC does and how it
¢Joes
AI trustees are intjrmed oftruslee trainiro CWOrt￿￿S oryanised by extemal and encouraged
to attend ones Ihat will be wdlyable to Ihern.
Infomial vtsit5 by trusteas are e￿OUr￿ed at any tsme to albw thèm to ￿1 ts kncwl th• Calkgè %%el.
Staterngnt of Trust￿. rv4p0￿itiil1I1e*
The trustees Ivkno are aLs0 ts directors of ihe crynpany for Ihe purposes ol ccffipany lawl arg
responsibk for p￿paring the Twstees. reFKJrt includiry Strategic report and the financial slatements
In a￿or￿an￿ with ap￿tab￿ 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 state￿ents unkss trey are satisfied that they
givè a true and fair wew of ￿ state ol affairs of the G￿vp and the cornpany and ol tr*ir InC￿ing
sources and aptyicatx)n of resour￿, inchAiThJ Iheir In￿nE and exFendrture, for that perKrtY. In
prepanrKJ these financial stat￿ents. the Irustees a￿ r9]ulf￿J to..
SUrtab￿ accourth.ng pol￿5 appty t￿M conwstsntty"
obsèrve thé rnethtsys prrtiF4Ès ofthe Charths SCIIP IFRS 1021,"
m&*a judgmènts and accounting estimates that are ￿asonab￿ atNJ ￿lm￿ni
state wh•thèr appltsble UK kctyJnb"ng StaThJards IFRS 1021 h*è 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 StaI￿nen1¥ ￿ the going mnL¥m bas￿ un￿5 rt is inappropriate to
PresU￿e thai the Groupwll ￿ttrUe in twsiness.
The trustees are ￿$￿A)nsi￿e for keep]ng adequate ac￿u￿1r￿ 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 reaSona￿e steps for the pre￿IK)n detection
of fraud and Ot￿r irreguL8nt*s.
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 In￿rna￿"t￿ of whth thè chartsble 9roup'5
audilor is unaware. and
that Tru51ee has laken all the step5 that to ha¥e teen ta￿n as a Trwsieg in order to be aware of
any relevant aLKIrt inf(¥rnati￿ and to e5tablth that tt* charila￿e group's is awwe of that
information.
Auditor
Tha auditor, SMH Grwp Audit. has indicated theif willingn•ss to continue in off￿. The designat
tr￿teeS will prcpose a mtM?n ￿aN>01n1ln9 Ihe a￿jrtN at a meeting of Ihe trustees.
PLANS FOR FUTURE PERIWS
The ccffitinued sucte5s ol the Colege B linked I￿xt￿Cal￿Y 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 a*uate resource5 to Contin￿ a5 a gr*n9 corKem they bok
forward to the futu￿ wrth lusts"fia￿e opty"rnism. IFurther detaits r93ardV￿ Ihe ajoption of the going
con￿rn basis can be louij in the Note 2- Accountng Pdties.)
App￿￿d by order ofthe members ol the t*)ard oftrus*es 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 charita￿e company'l aThJ
its sthidiary (the 'group'l for the year ended 31 July 2025 whith comwise the ConsolKYated Statement of Fina￿al
Acbvitses, the consol￿ated Balan￿ Sheet. cry￿p￿Y Balance Sheet. ts Statement of Cash Flow5 and Ihe related
notes, induding a sumrnary of sTrJnifKant acrounts.ng psicaes. The ffinar￿a1 reporbrrfJ fvamework that ha5 been applied in
their preparab'on ￿ •plicatstsn ts ap￿1¢2b￿ law and Uniled ￿ngdorn Accounting Standards. including Finanaal Reporting
Standar(5 102'The Finanaal Reporting Standard aprA￿ab* in Ihe UK aTrJ Reput)1￿ of Irei8noJ' (United Kingdcyn General
Accepted Accwntiro Practice).
In Our cynbjn the fina￿*al statwnents..
a InJ• and lair vw of the state of the Group's aTrJ ol the pa￿nt charitable companys aff8irs a5 at 31 July
2025 and ofits Ir￿n1r¢j resources and applution olresourtes, induding ts ￿)cOme and expen￿rtU￿ 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 reqUi￿entS ofthe CoMpan￿S 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. respon51bilit￿s 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
requI￿rnents. ￿ telEve that the ausjrt e￿￿e[￿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 t￿t the Tr￿tee5. use Of￿ ￿Ing con¢sm basi$ of a¢x¢untin9 in
Ihe preparation ol the financial statements ¢ apE￿pn3k.
Based ￿ the work we ha* terfofrned. we have not thntrf*d any material uncertainiies rdatirvJ to events or cc￿ditiOnS
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 w￿n 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 $tstements arnl our
ALKlitor's Report thereon The Trustees a￿ ￿${￿Si￿e 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￿ r￿dUstr)n thereon.
Our respK)n5ibility is to reaj Ihe other Informat￿n aThJ. in dcrfThJ so, (x)ns#ler wheth2r ts Ot￿r inlorm*ion s materially
inconsistsnt with the fina￿31 ststernents or our knThvledge ob13ined in course of the audi( or othewse app*ar5 to b?
materially misstated. If we identfy such matènal Inconsistenc￿5 or ar¥Jarent matenal mi8Stai8rnents. we arè requirèd to
determine ￿￿ether this 9Nes rise to a material misstat￿nent in Ihe finanoal Stst￿ents 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 rwJ*d.
Oplnlon on Oth•r Matt•rs pr￿rItI¢d by thè Compan*s 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 w*th 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 li￿t of krThw￿dg￿ and under5tswwJiTrJ ofth• gfoup awKI parent company aThJ its envircnment Obtsi￿d
in the course of the aulrt. we ha￿ nc* thntyf¢d m*rial mBslaternents in the Trustees, Report.
have nothing to report in ￿Spect of the I￿1(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 le￿Ne￿ from
branches not vi%it&J by us". c
the fina￿￿1 Statements are not In a¥eemènt with Ihe accounting records aThJ rgtrJm5'. or
rtain disc105ures ofTrustees' r￿Ureration speof*d by Iw are nol rnade.. or
we hwe not recthd all the inf0mat￿n 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)mp3n*s' 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 p￿para￿.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, w￿l￿r to traud orerror.
In preparing tl* fin￿cra1 sl*ments, the Trustees are reSp￿s￿be 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 ¢wc*m 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 $tat•ments
Ourcojectives are tootlain reasonable a$sura￿e 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 misstatefflentw￿n (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 decis￿n$ of users laken on the bags ol t￿se 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
Ir￿Ujant￿s. •d￿lir￿j fraud, are In5￿CeS ol rK)n-complIan￿ laws and regulatyons. ￿ deS￿n 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$5essing the risks of matwial mi5ststernenl in iespect of irregularikn"8s, induding fraud
and non-cc¥npliance laws a￿1 regulabon5. wa5 a5 fdkMS'.
ihe Resportsibb IndNhlual ensurgj th* Ihe eNJagemoni ￿aM had appropriate competenc*,
capabilits.es and skilLs to reCdc9n￿e nonTrcomplk8nce wth apFAirable laws and regLAab"ons;
wè Kl•nb"fied the laws and wutabons app￿a￿et0 the thantatye company through discu5sK)ns with trustees
management. and from our knowwe and *xper*nc8 ofthe charity sector.
we focused on sFecffic laws a￿$ re9￿atiOr6 whichwe ¢￿S￿lered may have a di￿¢ rnaterial eff8Cton the financial
statèments or the operatKJns ofthe thantsue ¢J)mpany. in¢hJdiro the charit￿Act 2011. the CoMpan￿S Act 2CQ6
and UK taxatton *i%latkJn.'
in add￿"On. we considered provsions of Olher la￿ and rojula1￿JnS 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 S￿cep￿bility to fratyj, their
kno%*dg8 ol actual, suspected and aleged fra￿J, and
laws and raguLab"ons Klèntrf*d wèrè u)mmunut*d vrithin th8 auditt•am rtgularfy and the team remained alert to
instarw of norFcomptianc£ through)ut1￿ a￿￿li
As a resu￿ ofthe abovt risk assèssment proc•durts. we Idènlrf*d 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 fra￿￿ulent ￿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
nor￿1 cours• ofbusiness",
assessing whetheriudgernents ￿UMp￿nS made in detemiiThng the aC￿unty"ng estin* wèr8 indicativè ol
potenbal bias..
parforming substantNe lesb.ng lor a Samp￿ of trartsath.cfis from grant and d￿ats.0n reo)rd5 lo support￿9
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 prO￿dureS which
Included. but We￿ not Ivniby to".
agreelng finanaal ststement ¢Jtscbsufes to underfwng switing d￿MeNta￿.(￿",
reading thè minutes of n￿tl¥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 reguL*rs aThJ the c*aritat4e Cl￿panY'S kgal advisor5.
Thère are inherent limrtats"oThs In our prC￿edu￿S abo¥*. Thè ranovad that laws and regulth.ons arè
fr￿n financial st*amènts. thè ￿$$ likety it is that we would ￿*cOme aware of n￿-C￿p11an￿. Audth"ng standards also
limited the audit proc*U￿9 ￿ul￿1 to Klgmb"fy ncffi-cornpknance wilh laws and regulatr￿s 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 fr￿d 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 deScript￿n 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
t￿Sse 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 StatUtoryAudit￿j
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
I￿an1&Ae actiw
1m4635
I￿her inc
Totsl in¢om•
2.008NS
1.888.635
3.897,SDI
3,565,643
Expendi￿rn 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 (expendi￿re¥ll￿0rne
{20J25)
317.1al
TranSfv￿ tetslpen fuTrJs
IS￿34
{15.6341
Net rnovemenliTh fvnds l*forn other
rncogni¥ed gainJ
135WJI
317,120
206,844
OtlMr rncogni5ed ga•n8:
tuarial gains on defin&l benefil
Fension $ch￿e$
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 rnOve￿￿Tht ￿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 requireA*nts for on income •nd expenditure
count Ur￿er compan￿ Art 2CK6 ar>J al gain5 ar¥J h)55e5 recogr4s•d in the year. All I￿Orne 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
3*4079
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
CpJ*or5'. weAJnts d￿ (me )t¥
(572.5761
Net ¢urv*nt ￿S￿lIabIllI*s}
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 $th￿e asset
Total n¢t assots
3.288.626
2.971.5C6
funds
Re5bided fuThts
126.3S8
162.317
UThpslrKted fur
CJe5pJnated fiJrth
Gefierdl fiJnd$
56,336
3.tOS.933
56.335
2,752,854
Unrestricted fvnd5 exdwjiryj FenS￿n a58et
L￿rmed 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 p1eparal￿n finanoa Statements.
The financ4al st8tem2nts ha* been wepred in acOYd￿ Ihe prrA*WS aFfdKabbe to entities subfvl lo the smal
mpary's regine.
The fin8naal ststewffiL5 ap￿￿d w¥J •thyi5ed by tre TnA*ES arnj the￿ tehaw ty.
Mr Gofard S￿1[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 1*88 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 SL*eme 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
C*sin81ed ￿ThIS
General
56J35
3.067.413
56.335
2,714,334
UNestrKaed exdL*1iThJ pemvjn asset
3,123.748
2.770.669
Totsl Wrestr￿￿j 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 $tst¢rnenl oi frnrKial a¢1r4th in ttE5• f*)anrAal stal8Th￿Is. Th? coryarty¥ rnl mo¥ernenl in fLmds
lor the yearwas £317.12012Q4 la$ rEsWed)- E206.844
TheTru$tee$ acknowkdge t￿1r re$pongt41￿¢Sf￿￿fiPlyry*1lh the requiremerts olthe r85peci to 8co)untsng
recLKds and preparation ol finanoal 5taiemenls.
The finan(a¥ s¥tem￿lS h8¥* bew) swepa*l in a¢LY*rd•rK£ Ihe aFflrable to ertities s￿￿¢t lo the smal
compan*s regime.
The finan(aal st*mÈnts **re ¥proved and arthtirised by Ihe Tntstees sqned on their tehatf by.
£UaJ
Mr G•rard Sutcliffo
Ichaw of Trustees)
Date.. 3110312026
The rk)tes ¢n Foge$ 22 10 55 frjrm part rftrese fjnonci* 5takn*nts.

National Horseracing College Limited
Company Llmlted by Guarantee
Consolidated Statement of Cash Flows
Yearended 31 July 2025
2025
2024
185 restsledl
CashlIty￿ from0p9￿lI￿axtrw*l$
Nel cash pr(Pl￿ed by operalry
25
IS￿243
277.734
Pwcha5e of tarqhye fLKed astets
Prr*eeds fromdoposal of fixed ￿se1$
1197.747)
{l34,6C￿l
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 pa*J
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
Gw*rnl infornwfj
The thanty is a ctryry Iw*ted 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. DOrts￿er. Sojlh Yortshire,
DMI OHN.
A¢wJntlnA pthci•¥
Thefmwal stalernents ha%*been pw¥ed In8C￿r￿an[*Wlkn Ihe CharfbÈsSORP IFRS 102).￿munI￿9 aTr
Reportir¥J by Chan￿e$.. Ststanent of Re¢tyhff*nOed practi￿ to chai1￿ prep•ing their acojunts
c¢rfarKt wih the FirorK4al RepO￿r￿j SAandarrJ apr1￿able in Ihe UK and Republic of Ireland i55ue¢J O¢ttsb&r
2019. Ihe Reptyi*wJ ￿p￿e ￿ It* UK artl Re￿bI￿ ol Ir*ThJ IFRS 1021 aTrJ th8
Ccrfnparmes Ad20C6.
N*iona Hotserneiw Colew meets ts d¢finrfiM ofa bfftr¢ ent4y ￿￿er FRS 102. Assels aThJ
4ablilie5 are inilkalty rELrgnk5ed 81 hist￿lC81 o)st w tran5actsJn value urfess OtWwse stated In the ￿levant
The￿￿s¢4118tedSlaIe￿Tht0lfi￿8rtlal ac*wt*s ISOFAI aTrJ Consdidated balan￿sheelO)nSO1Ida1ethe financial
51oten%nts ol compwry and its 5vbsidiary uKlwtakng. The ￿sUlts of Ihe sth¥diary a￿ wsolwjated on a
&ne by basAS.
The c(fflpany has taken al￿￿lage ofthe eJerwkn alhy*ed uTrJer sectiw$ 4c* ol the Ccffjpani•5 Act 20C6
*)d has mt presented is trMI sraiemert otfmarwl adpths in Il*se Wrwl sla*ft￿1$.
The ￿panY 1$ a limrted 14t guarwrtee. Tr ￿￿berS of rL)ryyany are fv TA￿tse$ named on
page l. In e%%nt of ts company t*ry Wou￿1 up. the li*xkty in resreLI of Ihe guaranke ts limited to £1
rer rnerrthroltl* mmpany.
The thanty. forso￿ Y￿%, has b*n u18bbe lo is w)li¢y lo hrjd *ee re6eNe$ of be￿￿eTh 1 and 2
wrabonal expernlitfft.
ibl cost p￿s￿e5 have inryEa5ed. tre charity h&s9e￿raIed a suTpbJ5 ￿ the year as a resuft of hpj
amer arnl rÈ¥ewes fvtxn CÈpartrriert of E¢j￿a￿On ￿nif￿a￿tty t¢tter than had been
•1li¢ipaled. The fir￿￿81 SurFI￿ has the NHC rtselt to wNJertake es￿t￿￿1 Infras￿C￿jre
provemEnt5 in oJffeThl rwjrbry pwc#J aTrl to set up lor frjrther ITrkYo¥*r￿nts that *ill conduded in FY
2026.27. These extens￿ lo residerthal aC￿M￿S3￿.0nto Inuease capaoty thatwll allow us to meel
rew Go¥*mmeni rE4yirEYnertts on ethjcakn ￿ Ewh and malh5 ¥0 drainage ￿r￿S lo the Vi$ttor ￿ntr* rar
rk lo
The c*arity v& on ctyj￿e 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(¥￿Th￿dI
The Tnjslees ho￿ prpparEd lorec•sts rf iA¢r*ne •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* Trus*es
ther*fore uJMirwJe lo adopt Ihe wrbj corwn to9$ ofkyepara￿Jfvf￿li￿ firowl st*ffwis.
2.4 Income
All irKorre 15 fEcognBed onGe the rnvnpany ha5 entit*men¢ lo t￿? income. it 1$ protsable Ihat the irKomv will
be ieceNed and theamount of irton* recep18b￿ can te rneasured reliabty.
ts are the mnsolbY*ed slaterr￿1 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 ath*an￿ of of ￿￿1p1, ts ￿¢09rIb0Tr is deferre
d indu(led In crthYitQfS as deferred ino)ft*. ￿re entitsn*nt before Ino)me i8 recewed, the
Irb￿nd dDnated fordi%tribth#)n ¥e at yahjatK￿ I￿1 recogrdsed as irKt¥re wtren trey are éisiritrAJtsI
10 Ihe prgecls. Grts thJn*d forresabe ¥e inc*Jded as tlw are sold.
ere ts d£*)ated gr￿ is 8 fixed ass< l is at fair fdlue, urtess it is Impract￿91 lo measure Ihr&
. in o5è the u>st of ￿ ilem lo d(WK>f be used. The g*n is reeognised 8s income
*om donations and a co￿espc￿l1ry amwnt is in l*e ap￿￿o￿ate fixed assel das5 and depreciated over
the e0)nom￿Irfe in 8c£crfdarth wih the 8cctyJrknYJ pc4L4es.
recwpt. O¢Awted professvyol aThJ f￿￿1?$ 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 ¢ tr*n re(x)gnised in expenditsj
li the perb)d of recepl.
Cther reco￿lSe0 inthe perirKI n**Mch l i5￿￿3b1￿ andto theexterttsgorxts have pThded
Lyon of ihe S￿1￿.
ExFeTrJituTr i¥ reo>3r*ed orKe tt*rE i53 *al L¥ c(fftstru￿ obknJzbon to trar￿fer ecL)rK)rThc benefft to a
llird party. it is wO￿lIe Ihal a Iransfer of euJnc¢nit *•1 be reqL*red ￿ settlemert and the arnounl
of the otI￿ation can be wÉaswed rdiabty. Ex￿￿tire * dassrf*d 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 0f￿s0&￿￿. ¢entral stsff costs we albcated on the ba￿8 of
tin* spent, and dekYeciaboTh c*arges ¥￿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
ACCOU￿r8 polic088 leortlnwdl
I￿ W•nditw• (c(￿trIU80}
&xpenthbJre on rai*ng ￿￿￿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 I￿Ne of1ffec0￿ab1e VAT.
Taryl￿e ftled assets costry £1.COJ or ¥e ¢3pIlal￿j *KI rEtyJghtsed fvtvre ￿nty￿1¢ be￿t$
probalje arvj ttE cos1 or valup a￿t rr*asured retiabty.
Tary￿e fi¥e¢J assds are rt¢ogrMsed atcost. Afterrecr#3nthn. LTr*rthe mc#Jel, fixed asset8
aTr measwed al cost less acrJJNkled deprEriabm aTrJ aC￿mUla￿ impa1rrf￿t losses. All c4)sls Inc￿rred
lo bnrvJ a tangit* fixed asset its litern1￿ coThYilpJn shouhj be ththded in the Measuref￿nI olo)81.
Dep￿lat￿)n is tharged so as to a￿Ca* 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 beh*en 1%- 20% on a reducir¥J balan
- va￿t* betsEen 1%. 20% on a rvJur4TrJ bal
- 1% ￿ed￿1r￿￿ baar
. Vorèlje 5%. 20% tyo*n
ing
refU￿lShrnert
Leasemd L8TrJ &
Stat4e block
Plant. equ$￿nI motor
Galop, mena9e and iThJrw)rrnliig - Variatye betsyen 1%. 11J% w a r*J￿r¥j balartt sc
A55et5 uTrler con5trwti
. Not depreLaated
Ccmwter
- Varotle befv*en 20%_&3% on a *rwyht lir
17 In¥•sbTrerts
Inve5tmtrits Ins￿1¢￿a￿e$ a￿ vaw ato)5t less wo¥sion tr ryairrne
2.8 S&)¢ks
Stocks are val*d at ts Irr* of ￿$t •%J net rea&sat4e 8f* maw obso*te 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 deblo￿are recognis•Y al b)e 5ettknen¢ 31nwnt aler ¥rytsJe dEcwnl offer*d. Prepayrre￿s
are ¥al￿d at the aft￿)Unt prep*d r*t of ary Ir•Je diswjnls ¢Jue.
2.10 C8*h •t &thk•xllnlw
Cash at bank a(Al in haTrJ arkl $W-lerrn h.ghly Ivjiid with a sh￿* mthnty ol
I￿ months or kn from Ihe dale ol ao]uistrn or opertiw ol th deposl or snwlar aruunt.
L•bilit*S afftl k¥O¥15￿m$ 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 ** es￿M￿d rdiabty.
abi¥b"es are recogNsed al the amcdffit that Ihe cL4Trpary *bcapates it wll pay lo selt* Ihe debi or the
am(m￿l it has recei*d as advancéd payft*rts forthe go￿5 orserwces il must p￿de.
group onty has fnarxial assets fi￿￿la1 of a kiTrJ Ihat oualfy as bas￿ financAI inS￿￿￿ntS.
8a5ic firwno41 ir￿1r￿Dents arE Inibaty rEctyJfM5ed at lrtnsa(thn value and subsequentty rnEa5U￿d al their
sett*w*nl wlh of bar* sth5ewenty ￿￿8s￿8￿ 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 depr*iated o¥er shcrftsr of leose temi and th¥r useful INes. Assets
quired by hi￿ purthase a￿ depreciated 0￿1 tt*"r INe5. F￿an￿ ￿aSeS are t￿se where substantialty
l ol the benefts risks ol o*nersfw are asgJmed ty tIE grow. Ot4vJatsns under such 4reemenls are
in tredittys. r￿1 of finarKt tharge alh)¢atso ID firturÈ renod5. Tr finance of the rem81
payment c*arged Io Ihe 0X￿lida1ed stakrrenl of fina￿1* aCt￿lt*S so as to prcthce a conslanl peri(wJic
r*e Of tharge w Ihe net ot4i9Jtion in e¥h Fenc￿.
RentaL8 p•1 Underopertty￿tases8red￿yed 10 sill￿ellI 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 oper*e5 a dEffi￿1 perriw 5dYme ar*1 rewE5ert5 Ihe amounts
payable byt￿ gro￿t0 the f(*id in resped ollheyear.
The grcw cyerdtes a t•￿fil p￿n IDr tre tenefrt ofits erykryees. It 15 do*d ￿ rwwnplL>yee$. A
at4ty for Ihe chaWoNlga￿nS LTh1w Ihe reo>Jntsed net ofplan assetstothe extent plan assets may
be rprnverE(l eillEr thr(wh ￿dUced te[￿￿J$ IFE %therne. Pension plan assets are
a$u(èJ at faw aTrJ ￿ de￿d benefit c*Ava￿n measwed ￿ an acluarial basis uyryj the woierled
unit me1hr￿.
RemeasurEmert charqes Cl￿ hjsses effect of Ihe a58el and Ihe TEtum
e defi￿d tenefil 143blrfy exdudry arnr*Jits in ￿t intWP5t. Th8se arn other
rECgonixd gain5 orKI1055es perhxl they ocwr.
116 F￿a¢¢￿1ft￿ThJ
General funds are unrestriC￿j lunds are available for use at the discretion of the Trustees in
fvrtheran* Jf th¢geneial ¢*¢¢b¥e$ tsfthe group wh¢h hav¢ not been dÈsKanated for other purposes.
Desp3nated l￿dS 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 Slatem￿ls.
RestrK*ed fuThls arefvnds whth areto b8 used in accordancewth specific reSt￿t￿n$ 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 the￿f0￿
ets the defin￿On of a tharitable cOrnp￿Y for UK ccrfpyattsx lax purposes. A￿￿dinglY, the coryyany is
potentialy exemo fvom tax*N)n ￿ resFe¢t or ¢arxtal goi￿ within ¢a*goF¢$ (¥)Ve￿ tyy
Pt. 11. Ch. 3 of the C￿pOrat￿)n Tax 2010 w S 256 of the Taxaltrcffl ol chargeab￿ Gain5 19￿. to I
extent Ihal such YKome or gal￿ are aFpled exc*Jg¥ety to ￿tat￿e purF￿SeS.
2.1• Employee1>￿*￿tr
en emI￿oYeeS reThJ¥ed s￿(* 10 the tharfty. sh(x14em em￿oyee benefits io the employeEs
e enlthd are recJJgnwd al the ufvyixtiunted ￿c￿lI exFec*ed to be paid m exc*ange 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 •stim*t•s and jwlllmwrt
EslimatesatxINkYgrrents•e ¢or*ruafy e¥aJaied •)d we Oased onts1￿￿31eW1eTrre ar￿ Olhertsaors, I￿luding
exFeaab"ons C4￿￿Jr8 8￿15 that are bekn￿ to be wsona￿e whjer fr c¥omtarKes.
The compary makes es*nw*s aTrY assurro￿￿5 Corrernw￿ fv Arture. The resuw accounkng estimates aTrJ
assumption5 ￿. ty thfinilK>n. sekjcrfn ￿lated adual rt￿11$. There a￿ no e5tkmale5 and assumpbcffjs
Ihat a $wthtsnt risk of ¢ausThJ a ma*rial to the canwng 8nK)Un￿ ol asse￿ 8Th1118blities within
Ihe nextfinaTrial ye¥.
The present value ol ￿ South Ycrfkshire ISY) defiwj terEfft penwon Iiaw ¢JeFeTrls on a nLan￿r of faac45 th81
a￿ deiermined on an actuarol basrs usry a ¥arEly of 8sx￿pbDnS. The as%Lmpbons used ￿ deterniThrg the nel
costs or iiK(Th fer P*tsK)ns in￿￿e Ihe disu)urrt rète. Ary char#Jes in I￿Se asSLmFAions ￿711 impact the t4ryirvJ
smo￿1011be1Iabi￿y. the an ac¢ountTrJ 5vffjAu$.il{50r￿YreC0￿Wz¢d lolhe ext¢rtlhatlhecr#Trpany
is able to ts refxJver gjrp1￿eit￿r Ihr(vah reduced contritrtrtions InthÈ fulwe orlhrough relunds from Ihe plan.
cr11￿81 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 conc1￿led il 15 an oper*ing *ase bas￿ fvl IhE O)mpany does nol
have $ubstsr*"8ty8llrisksandrtW8rdsiK•Jenta to¢yM*thLD. F￿therde￿48ollhe 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 OfedUca￿n8l aTrJtrawMThJ ￿lage
DÈp•*nent￿E0l**.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 •Xivit*s
comg non thiritable tradlng a¢￿Ill•S
T¢)tsi
Titsl
fijnds
2024
2025
NHC T￿JIr￿j
113.781
111781
127,836
Ti*812Q4
127.836
127.
The charfty ha5 a whdly rwned tra¢lry SLtshYr•ry. NHC Trading Lwnrted Icorry>ary number 035387511. The
ompanywas *icorpor*ed on 1 April 1998 and has tss￿J sharecèpital ofhvo ordinary shares. The o)mpanygrfts
itstsxab* profrt5 ttsN4tthal Horseraur¥ Cc4*ge. 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
G￿npanY Limited by Guarantse
Notes to the Financial Statements
Year ended 31 July 2025
ExF*Thlltur• on falsing thuidB
Unw8&tr*tsd
Tc¢al
To￿1
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
l￿d5
2025
Jnd5
2024
2025
Cost of8a￿S
61,671
10.129
4.407
61.671
10,129
4,407
A￿￿¥r￿aration e¥perEe5
9.576
4.927
Total 2025
76.207
76.207
74.437
Ti*al 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• actr4ii*s
Summ•ry typ•
Tolal
202S
Total
2024
as restated)
2025
2026
QWat￿ of edsKattrJnal and trainirg col*ge
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 ex￿b￿r* ¢&•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 co*s
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
G￿rnar￿e 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¢
un￿strICted
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￿$tri¢l¢￿
fynth
2025
Total
fund5
Z025
Totsl
bJTrJs
2024
l•s restated)
Authtorf$ rnTr￿￿rat￿n
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. N*tin¢tyW*xpehdSturnl
This isstaied afw ¢*8rwJ".
2Q25
2024
Deprec4atwJn oltawble a55ets rrhred ty the growj
DeprECiatk)n oftsngiWÈ ￿ed assets Lmder ffinan￿ kne5
Audito￿9 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 re￿8
Compary
2024
as re*tedl
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
G￿P
)24
No.
The r¥Jn*w olempkryees bv*fts lexiAKlir¥J cJ)Stsl exceeded £SQ.OW %Ya$."
Group
2024
23
No.
ln Ihe baThJ £90.￿1 . £100.0
Inthe baTrl £120,001 -£1JJ,CKIJ
Thptotal ￿Unerat￿7fi afKI bvEfits by keymanageff*nt FeTronnd iK*thng ￿￿0ye￿$ Nl and penson was
£350.594 Q024 £323.0031. ￿ Inths c(rohYer senu)r rrTranJg*JY*rf retsomd ¢0 be Chief Exeartive Offi*r.
Il* Oper*orA O*ELl¢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, ex￿*￿e$ tota&￿ £689 ¥*re T￿rt￿lsed or paid dwectly lo 4 Tojdees (2024
. £679 10 4 TnJslee51. These exper￿ relale to the ￿rn￿SeM￿rt of tra%tl exrense5 I￿r[ell ty the TnJ51ees
t*n 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
y*as
•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*31￿1￿241$
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
Al31￿ly1•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
Sub￿1￿4ry
c•mpathi•s
Costorvalua
Al 1 2024
At 31 Jutyf 3J25
N8tboolr ¥alu8
At 31 Juty 3)25
At 31 Juty W24
N0￿n81 Horsera¢iThJ COl￿e 1C#)% of or1*￿ry sh¥e cak¥tal of 5ubsdiary. WC Tradiny
mil&Y. a cornpwry irKwrated in &4laTrY arKI Wa*s.

National Horseracing College Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 July 2025
17.
Flxgd •￿0t lThrtstfflents
I￿￿11￿*d) Prfnclpal suhith•wig¥
The fo•u￿g was a ofthe ￿..
COm￿nY
number
Rggtstrrgd offi¢¢ or
prlncfjpql Placo of businoss
Holdkng
Sha
03538751
Rrjswwn Hall,
l>eat Rogj,
Ck)rThsw. OH11
Chdirt¥y
The firwti81 Tr8￿1$ oflhe subsi¢*ary k•r yw *tyt'.
WCTr*thr¥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 d￿within
Cornp*by CoMp￿Y
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 l*re
purc*ase contrxts
21 J57
44.281
21.￿7
44.281
204.938
33}.(￿1
201326
314,135
41Q5$7
srd.576
402
558.920
21. Crnd*tys'. AM0￿1$1111m0dWlaft*r m(Y•tron wiy8
p Crynpany
2024
2024
Bank kJaThs
Nel obl￿atio￿ underfin￿￿ *ase aT*J 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 ￿jeN0￿9$ 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
ststrm*ht offunds- eurrnrty•
Bakrre al.
1 Ajgysi 2024
la5 ￿la￿d)
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
prograft￿*S
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 lasfftt*Ji
inlout
Colege
.335
General
1.6&5.975
11Xfj.4
18.
2,714.334
ReseJsT5 t*bJ
subskjiary
Pe￿10￿11
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
Pe*r O'sulw Twst
38.125
138.125)
RF RSCP Webste
13.320
113.3XI
15.9451
16.3741
Main grants bttery
NARS Rec roL*Tr
refrjr￿shrrert
POS Furlong
repla￿￿Ent
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
Fr￿d9
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 ft￿d5 cornpri&rffJ the follMr¥J ￿￿Fended balar￿S of grants and
donations held on trust to apwied P￿e$..
The H(x5etaKx4 granl represents a tsnin￿fi from tt* PAitish H¢tstrawg Athmiy iowwds tr* ￿$ts
of irry)rwNJ the ¢apa(ity oltes*lenW acrJ)mnw>J*fft.
RSDP reyesents gr3n15 fEceb¥ed R￿ar￿J FouTrJatkJn under ts 'People DevelJprnent' inits"ative lo
prowdeR*JercoathirKJsessions.sirnu&lortrainingandtheorebcalcoachingfortheiacirv3 Cc¥nmunty. The transfer
in the year relale5 to the manag￿￿nI fee the ¢h8rty charges for to cover Ihe salary costs incurred tn
administering Ihe pwamrre.
The RSDP grant Icrf the n*ntoring 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*.
Pe*r O'SullNan from Ihe F¥)5 Char*aL* Twst to assist the Charfty to wr¢h¥se a w R8orMJ
&"mulatorMthth 15 a sv4rMfic•i w9raOe 10 Its￿br¥
The main grarts IrAIwy 15 fvr&lry fo the *%bsite. ￿ cOriu￿b￿ a grant reryived fr(Kn Ihe Ratiry
Found8lK)Th.
The Racry Lrft grar* ts a trp*anJsourL* Skills kTr3rarnme.
Thegrart forllE Nths ReeRcthi Re￿￿￿N￿lI rs fryto￿p[￿￿ ts fruThlu￿ aThJ e4iMrn used ¥1 re¢ieaiionJl
8ie8s by Ihe st￿ertS.
Tra￿1￿5
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.exc￿xwJre$er￿es 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 ol￿nds. cmrtt y#•r
BalarKe at 1
Trnnsfern
Inlout
Gainsl 8a1￿¢• at 31
ILosso91
July 2025
"gnated
Ge￿rnI 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
3￿97.501
13.S80.3811
3.288.626
Summary ol furwts. wfjor y•ar
BaL•Ke
1 Augu%i 2023
(• te*aedl
Ga￿
Ba1￿ce ¥1
(Losses)
31July 2U24
laS￿sta1edI la%rest*dl
I￿out
c*ggnatedlur•*
Gertral I￿3
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
A￿ty$15 of r*¢•559ts b•iwq•n
Amtysfjs olrnt a880ts bei*wn fvrth. eurront ywr
Unrestr￿t8d 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 bpt*Y•n fLW
leorthwdj
An•ly$* of rnta880ts lJBiwoen funds. prkbr y
UnrtstrK*ed 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 *itt*n or* y
Credit¢Ys due in Ihan
Prwsions tor IK8bdd*S aThJ
Toi
2.809.189
162.317
971,506
R¢¢on¢illatlon of net movem¢nt In l￿dStO Iw ¢•sh Ilowfrom wrati
Gyoup
l>oup
2025
2024
£ las ￿sta￿j)
Netincome Ic¢theyearlaspei ststement olfinano* aoi¥itEsl
317.120
206.844
C*precialKJn ¢*aryes
IPn)fitl onlhe Sale0ff￿ed assets
De¢Jease inst0￿S
1¥407
132.427
{6,C80)
6.672
1154.9841
81.400
11.445
6.696
113.549
1126*621
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 s￿￿eMents
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.SOC*l
251.163
3S4.389

National Horseracing College Limited
C￿￿panY 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 he￿j separatetyfrom
those of the company in an indewyenty ad￿￿81ereLl fvnd. The penS￿n 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 paya￿8 lo the luTrJ althebatsnlx Sheet date aTrl are inclLxled in rJedIto￿.
ThegrDW opernles a ¢Jefined bEneft Fe￿1)Tr
Nabon4 Hor5eratyng Col*¢ is • merr*er of tP¢ Yorkshre PwsiM $th￿¢ is a muli*rnployer
scheme providing benefits on final pensb?nab* pay. The assets olthe 5cherne are held separately Irom
thosÈ of National Hatseratsng Col￿ge. Contributiens to the scheme art tharged to the Statement of Financial
ActiM1￿$ so as 10 5prEad Ihe c05t of ￿n5￿5 04Er enwlwees. Iwes *ith NaboThal Hor5er3un9 College. The
conts*uiK¢ns are deterrnined by a aL*uary on (he bas5 of tr￿￿TrIal valuatsons using the priiected unit
method.
A fvll actuarial vahjal￿n w88 carried (rtrt as Ihe 31 2025 5ra)fic*ltyforthe r* by Hyrna￿ Ro￿￿0￿ LLP.
The 0)nti7t￿tiCffj5 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 J￿Y
2024
EqU￿&S
Government bJTrYs
1718,800
n7,960
388,400
2,452,870
768,810
366.100
73220
Property
ash ar¥J other I￿U*j assets
rotalf•ifj v•lu• of •M•ts
3.884.000
3.661,000
The retum M 8c*eme 8S8ets was É42.(O)12024-£119.(IyJ).
The ColegE'S o￿t celiry on thedefjned benefit perwx¥b 5d*me 15 £r4. This nwslhat Il is not
ablE 10 teneffl an ac4uarial Ihmu*eilher a rethJcts)A ￿ Contribut•￿$ or rel￿d$ fromts
Ats the asset cal•ig is Enil, Ihe Colege s not th to •y attLhgri￿ I)ex￿$s￿lI￿ra.
The actuarial vt4Ual￿n oftrE sdtune o¥eT the past￿ Yea￿ has Sho￿ a swF4u5. th•Ef0￿ 18
£Thl nei mO4WT*nl ￿ the Cona*daW Stalem** ofFillarvl A£*vitE5.
The rE￿3n18ed n thecongdpjated Statement olFmar*?* Ac*%•thes are as
2026
2024
EmployerwthknJlion$
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¢blwJ**n wwe 05 fDlh7W&"
202S
Openifpa defit*d ber*fft 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 fin￿181 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
oren￿￿4 tsir 7Aue as*ts
1Th￿st irtcffle (MI plan asseb
1661,000
183,000
42,000
87.000
Return on assets exclth*ng 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 0￿19ati
assets l¢aW by a￿1[%¥￿￿}
11712.0001
2.712.000
I3,032.(￿]I
3.032.orx)
SU￿￿￿¢￿￿1)
Expethenc* •JjLElrr*nts 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 Pa￿￿ents
under non-¢artdlabletyertbng kases as folk)ws."
Group
(>oJp Comp•ny
2024
2025
2024
Noi later Ihan I ￿ar
Later Ihan 1 year a￿1 rK)t laler than S y￿5
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$. The lease expl￿5 fy7 31 C*£erntw 2091. The rental a￿￿Unt is subjed to a rent rev*wevery three wrs.
As a131 Juty 2W25. ¢haf9etrts £56.LXIO. The rMtsI rm Sets *iU set a rale to app￿ from
April 2027.
lthi151 the ¢clege ts crynrrAtsJ to tli% Iw tern ka3e. ts dis¢h)w at￿)* indwles the knuwn rental Val￿ to
Ihe poirrt of Ihe next revw. A5 dk5rJosed in wle 3. Ihe Tr￿stee5 have made t￿Ndgment trot tlM$ ts an ot)eraiing
*ase a5 the col￿ge does ￿ have SLthlantialty ￿ risks and rewards I￿￿eR￿1 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¢ii￿s
During Ihe year wrchases *ere rn*Je fr(¥m NHC T(adwig la wholly owned trading $th8•j￿8ryI total￿9
£Dil12024.. £6.8981. Man4ernEnl dwrye5 of £37.574 we made in ts year to NHC TradirwJ Limited (2024..
É35,OJOI. At Ihe year*TrJ £87.(Y)5. 12024.. £46.3541 was dL* trom NK Tradwj Lffi￿d.
31.
onimlllrnJ party
The Tr￿t is a thaffty knited i￿ref￿? 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 ber*fit Pr￿￿ s(*wne has cabJL*d a net pension sdEme asset forthe
past three ye4r5 In the previous yeats Ihe Colbege has re¢xgnwl IIu5 a55el. FI￿¢)￿1￿ ￿￿cUS￿D￿s wlh the
actuarial Sr￿ Soulh Ycrfkshire Pension ￿er￿e. 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 reQu￿d to recognise Ihe asset teyond the asset ¢eih"w, t*fWJ Ihe extsnl il offseLS deAned PenS￿n
ab"lity, as this is Ihec•lry 35Xt.
The ryxt ofthm malerial enDrn tr* p￿y￿s)￿a￿l& a5 h)1r￿..
A ￿￿￿K)n in openiNJ reserves as 811 AUg￿t 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.