Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 1135 Retraining of Racehorses Annual report Registered charity number 1084787 Registered number 4089376 OSCR Registered number SC043339 Year ended 31 December 2024 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P Z135 Retraining of Racehorses (a company limited byguaranleel Annual report Year ended 31 De￿mber 2024 Contents Legal and adminislralive detsils Trustees, report Report of the independent auditor lo the members of Retraining of Racehorses Limited Statement of financial activities (including the Income and Expenditure Account) Balan￿ sheet 14 17 18 Cash flow statement Notes to the Financial Statements 20 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 3135 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Legal and administrative details Name of charity Retraining of Racehorses Ltd. also known as "ROR.. Registered charity numbers England and Wales.. 1084787 Scotland.. SC043339 Reglstered company number 4089376 Registered company address 7, Floor, Holbom Gate 26 Soulhamplon Buildings London WC2A 1AN Trustees and Directors The Board of Trustees for ROR are as follows.. ointed b Philip Freedman (Chairl BHA David Thorpe {Chairl" RCAIBHA. Rupert Arnold". NTF Bridget Guerin RCA Celia Djivanovic ROA Kyrsten Halley BHA Victoria Murrell Paul Johnson Initial A ointment Term ex January 2021 January 2024 February 2023 January 2025 November 2020 July 2023 October 2023 June 2024 De￿mber 2024 December 2025 May 2024. reappointed December 2024 December 2026 November 2026 JLJne 2025 October 2025 December 2024 TBA NTF 'David Thorpe was initially appointed by the RCA and became the BHA nominated appointment in January 2025 when he took up the position of chair. 'Rupert Arnold stepped down from the position of Trustee in May 2024 in order lo take up a short-term executive consultant position with the charity and was reappointed in December 2024. The charity also has two Independent Trustees.. The Hon Lucinda Cavendish initially appointed August 2019 with current term expiring July 2025 and Andrew Merriam initially appointed March 2023 following a period as a member nominated trustee, with a term expiring March 2025. Patrons= Zara Tindall MBE appointed March 2024 Sir Anthony Mccoy OBE Managing Director: David Catlow Company Secretsry.. Catherine Beloff Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 4135 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Legal and administrative details Professional advisers Bankers Weatherbys Bank Sanders Road Wellingborough Northampton NN8 4BX Solicitors Royds Withy King Cross Keys House 27 The Parade Marlborough SN8 1NE Audltors James Cowper Kreslon Audit 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Restrlctlons on operatlons and Investment powers There are no material restrictions on the operations and investment powers of the charity in pursuance of its charitable obligations. Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 5135 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Trustees, report The Trustees Iwho are also directors of the charitable company for the purposes of the Companies Acl} present their annual report together with the audited financial statements of Retraining of Ra¢ehorses Ithe Company) for the year ended 31 December 2024. The Trustees confirm that the annual report and financial statements of the company comply with CLJrrent statutory requirements, the requirements of the company s governing document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. Structure overnance and mana ement Governing instrument Retraining of Racehorses I"RoR"l is a charitable company limited by guarantee and governed by ils Memoffindum and Articles of Association dated g October 2000, as amended by special resolutions dated 10 January 2001, 29 April 2003 and 11 November 2004. Appolntment of Trustees Under the Articles of Association, the Trustees are appointed lo seNe a 2 year period. which is renewable. The Trustees of the charitable company are also the directors of the company for the purposes of the Companies Act 2006. ROR is governed by a Board of six Trustees, one each nominated by the National Trainers Federation I'NTF'I, the Racecourse Association Limited I'RCA'I, the Ra￿horSe Owners Association Limited I'ROA"), the Thoroughbred Breeders Association l°TBA"l and I￿0 by the British Horseracing Authority Limited I'BHA"). The charity is also able to appoint up lo two non-voling independent trustees. The BHA has responsibility for appointing the Chairman. The Trustees al 31 December 2024, who are also members of the company, have undertaken to contribute a sum not ex￿edIng £1 each to meet the liabilities of the company in the event that it is wound up. New Trustees are fully briefed by the Chairman on their responsibilities as a Trustee under charity law and as a director under company law. They receive an induction pack including copies of the following.. the Memorandum and Articles of Association,. the latest TrLJStees' meeting minutes., the most recent statutory accounts and management accounts, including the Current budget., the current Trustees, Handbook,. and the Charity Commission publication CC3 The Essential Trustee.. What You Need to Know. During their first year, all new Trustees visit at least one of the RoR-supported racehorse rehabilitation centres. Oryanisational structure The Board of Trustees delegate the day to day management of the charity lo ils executive team. The Managing Director is supported by a small team who have clearly defined responsibilities as detailed in the 2024 organisalion chart below. In addition, ROR is grateful to the BHA for the donation of BHA services encompassing secretariat, marcomms, finance and human resources support. The charity's Trustees also give considerable lime to ROR and ils activities al no cost to the charity. Registered number 4089376 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 6135 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 ROR Trustee Iludrd Remuneration policy The Trustees are responsible for the charity s pay policy as well as deciding on the salary of the Managing Director. In setting the overall pay levels for staff, ROR considers the prevailing pay practice in the wider economy and takes external counsel from the BHA. Relationship between the Charity and related parties The relationship between ROR and other racing industry organisations is outlined under the appointment of Trustees above. Rlsk management In order to achieve and maintain best practice in corporate governance and acknowledging responsibility for safeguarding the assets in the charity's ownership, the Trustees have appointed senior staff members to be responsible for the areas in which the charity may be exposed lo risk. The charity maintsins a risk register of the operational, business and environmental risks that might impact on ROR'S income and ils expenditure plans. This is regularly monitored and reviewed by the Trustees. Key risks for the charity include an economic downturn which would pul pressure on ROR'S income streams al the same time as potentially leading to an increase in ex-racehorses requiring assistan￿ from ROR. Also, any outbreak of equine disease could result in a ￿$satIOn of racing with a major impact on the sport and associated equine activities. Cognisant of these risks, the charity keeps a prudent level of reserves which are held in a wide spread of leading bond and equity funds, although they may be subject lo market fluclualion and downturns. The charity relies on income and capitsl growth generated from the investment of ils reserves and has adopted a policy of using reserves to support activity, whilst aiming lo maintain the long-term real capital value lo generate a ¢onlinual income stream. The TrLJStees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the charity, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregLJlarilies. The controls over the key financial systems have operated effectively throughoLJt the year. Details of the financial procedures are reproduced in the Trustees, Handbook. Charity governance In 2017, following a review of its governance in order lo comply with the principles of the Charity Govemance Code (July 20171, the Trustees agreed a Board Code of Conduct and policies for Conflicts of Interest, Safeguarding, Whistleblowing, and Complaints which are reviewed on a regular basis. As a matter of good practice a review of all aspects of the charity's govemance commenced in 2024. and will report in 2025. Ob ectlves and actlvltles for the ubllc beneflt The charity's objects as stsled in ils Memorandum of Association are °to promote the welfare and rehabilitation of racehorses and former ra￿hOrseS which are unwanted or vulnerable to abandonment, abuse, misuse or neglect, or otherwise in need of Care and allenlion, in particular Ibul without prejudice to the generality of the foregoing) by means of retraining and rehousing" Registered number 4089376 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 7135 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 The Trustees confirm that they have referred lo the Charity Commission's general guidance on public benefit when reviewing the trust's aims and objectives and in planning future activities and setting the granl-making policy for the year. Aims and objectives Established in 2000, ROR is dedicated to safeguarding the welfare of all foTmer racehorses through various preventative measures, including.. Setting industy standards for retraining fomier racehorses Providing training and education to new owners to nurture lifelong partnerships with their retired racehorses InC￿aSIng demand by promoting the versatility of these horses in various equestrian activities and facilitating their participation in competitions Maintaining a robust tracking system for former racehorses through ROR membership. ROR also extends support to former racehorses in times of need through ils welfare programmes. Grant-making policy In 2024. ROR continued ils commitment to supporting accredited charitable cenlres across the country. The charity's Head of Welfare Operations oversees the assessment of all horses put forward for vulnerability grants, with funding awarded to those that meet ROR'S defined vulnerability criteria. All grants are subject lo Trustee approval and are contingent on the organisation's activities aligning with ROR'S charitsble objectives. In addition, ROR remains open to considering programme-related investments on a case-by-case basis. provided they are consislenl with the charity's aims and contribute meaningfully lo ils mission. Strate ic re ort Review of charitable activities Welfare Overall, ROR supported 66 horses through ils welfare safely net., a 22 /0 increase on the previous year. This rise was largely attributed lo the ongoing impact of the cosl-of-living crisis and mental health challenges affecting some owners. Through our Ask the Experts email service, we also provided tailored advice to 124 members, helping them navigate a wide range of retraining queries and ensuring they had access to the support they needed. In 2024, the Retraining Assessment Programme run in partnership with HEROS, was in ils second year and had evolved based on our learnings from year one. The programme now requires a contribution from the racing owners towards the initial assessment stage, helping lo determine a horse's suitability for retraining. Once a horse is accepted onto the programme, charitable funding is then used to support ils pmgress through lo rehoming. The progffimme also forms a vital part of a broader first-step framework being developed to help racing owners and trainers responsibly retire horses from the sport. Generously funded, in 2024 by the Racing Foundation and the John Pearce Foundation this framework includes the creation and rollout of a Relrainer Approval Scheme as well as a comprehensive horse assessment process. This will generate valuable dats on the retiring racehorse population, helping to determine outcomes and identify common factors in horses that require additional support. Educatlon In 2024, ROR'S education team delivered 375 mounted and unmounted events. engaging a total of 1,674 participants. A key achievement was securing CPD endorsement for our Racing Insight Days and Realistic Registered number 4089376 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 8135 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Retraining Demonstrations, enabling BHS coaches lo benefit professionally from attending these sessions. We also strengthened our collaborative efforts with the British Horse Society IBHSI and British Dressage IBD}, with the summer camp al the David Broome Centre standing out as a particularly suwessful example. Innovation continued with the trial of new unmounted sessions, such as our Introduction lo Owning a Former Racehorse days, which were mel with great enthusiasm and have now been rolled out nationwide. Over the course of the year, we developed and deepened relationships with venues and coaches across the country, building a robust and supportive network for our members. In addition, our presence at key equestrian events and racecourses, including YoLJr Horse Live, provided valuable opportunities lo engage with the public and raise awareness of the importance of Thoroughbred aftercare and retraining. Competitions In 2024, ROR saw over 4,500 entries across all competition series, reflecting strong and consislenl engagement from our community. The Jockey Club ROR National Championships welcomed 280 unique competitors across 95 classes, showcasing the versatility and talent of former racehorses. By the end of the year, 2,116 registered horses held competition membership, underlining the continued popularity of ROR'S competitive offering. Feedback from participants al the 2024 National Championships was ovemhelmingly positive- over 950/0 rated their overall experience as 'excellenl' or 'good', with an equal number agreeing the atmosphere was 'posilive and engaging,. Nearly 900/0 were satisfied with the variety of classes on offer, ensuring something for everyone. In 2024, we introduced several enhancements to our dressage series lo improve fairness and accessibility.. Classes were divided into categories, restricted and open, ensuring faimess within each level and providing flexibility for competitors either remaining at their current level or wishing to move back a level. We introduced additional regional dressage events, providing greater geographical coverage and increased opportunities for members to partlClP8te closer lo home. 2024 also saw the introduction of the BEDE Eventing Series, which saw 42 horse and rider Combinations register to take part. This mart(ed a strong start for the new inilialive, and we're aiming lo build on this success and grow participation in the years ahead. Promotional and fundraising activities 2024 was a milestone year for fundraising at ROR, marked by new partnerships, increased income, and the launch of several key initiatives to support the long-term sustainability of our work. We were delighted to welcome two new grant funders., the Trevor Hemmings Foundation and the Childwick Trust, both of whom generously contributed towards our mission. Our strategic fLJnding approach was further strengthened by the introduction of a comprehensive grant calendar. We extended our partnership with Ascot, worth £30,000 in 2024, for a further two years, and secured a major new Ihree-year funding agreement with Agria Insurance. Another notsble success came from re-tendering our branded merchandise contract. The new online shop generated more commission in ils first six weeks than was eamed from all merchandise sales during 2023. To support engagement, we developed an annual supporter pack to help individuals and organisalions better understand how they can get involved with and support ROR'S work. Godolphin also announced that they will double their support for the Horses for Courses programme in 2025. We launched our new fundraising microsile, support.ror.org.uk, to enhan￿ the supporter experience and showcase our impact. In addition, we partnered with the Free Wills Network lo offer a free will writing setvice to members, securing over £110,000 in estimated pledges within the first five months. Registered number 4089376 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 9135 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Our Big Give match funding campaign exceeded its target, thanks to the generosity of our community, and we were honoured to win first prize in Animal Friends, Christmas charity campaign, which secured £50,000 of additional Core funding ROR continued to host ROR Parades at race days throLJghout 2024, organising ten events featuring 107 former racehorses. Additionally, ROR'S Horses for Courses programme, generously supported by Godolphin, conclLJded the year with 33 ambassadors spread across 25 racecourses. Each racecourse actively promotes their ambassador's story through their communication channels, with these horses serving as a valuable connection between the racecourse and its local community. The ROR Awards look place in January at the prestigious Jockey Club Rooms in Newmarket. A highlight of the evening was the presentation of The Jockey Club ROR Horse of the Year Award, which was awarded to Que Sera, a former racehorse based in Oxfordshire, owned and ridden by Jo and Ben Hales. Que Sera's journey from a short racing career to becoming a versatile champion in various disciplines captured the hearts of the ROR community. Meanwhile, the Sir Peter O'sullevan Charitable Trust ROR Community Impact Award was presented lo New Beginnings and Goldream, in recognition of their exceptional work enriching people's lives through their involvement with former racehorses. Membership In 2024, ROR experienced continued growth in both membership and horse regislralions. By year-end, 14,063 former racehorses were actively registered with ROR., an increase of 1,342 compared lo 2023. Membership numbers also rose significantly, with 17,879 individuals registered, representing an uplift of 1,867 from 2022. Additionally, 398 horses were listed for sale through ROR'S sour￿ a Horse plaffomi, helping to support responsible rehoming and second careers for former racehorses. Thg ygar in numbers ROR continued to demonstrate the adaptability of ex-ra¢ehorses across the many disciplines, events and awareness raising initiatives, as highlighted by the participation levels below. Registered number 4089376 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 101 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Environmgntal Reporting Effective from 1 April 2019, The Companies IDireclors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 introduced the requirement for annual energy and carbon reporting. There is no mandatory requirement for the charity to comply with the environmental reporting regulations, and these have been voluntarily adopted. Using the financial control method, Greenhouse Gas emissions are sel out below. 2024 2023 Units tC02e Units tC02e Company cars and non-company ar mileage Flights Total Miles 36.476 2.270 44.174 10.504 12.3 Miles 0.48 1.38 38.746 10.38 54,678 13.68 Intensity ratio ItC02e per £000 of income) 0.008 0.01 Methodology The following methodology for converting raw data to the above have been applied to provide ￿nSiStencY for year-on-year reporting. Car mileage is converted using a petrol and diesel conversion factors for medium sized cars. Air journeys are calculated in miles and converted lo C02 emissions through an online calculator. 66hDrfe5 37511oR mountedafvj 1.674 11 RoRpxades with107fon racehor thrwthty outhwr xesaletyrrt A1&t￿£Y￿tS atRoR d st*Wder% eknational att￿(50% N¢wSeS lorC*iwses 931.3tr) se p25Xon 2023 uos$25 Instarwamieach P4416￿2023 ted lorsale ￿￿5￿ul(taP1Of[t were￿(ti￿ weri5tEred.1.549 ewtnr¢Vin 2024 werereysteied. O¥v4J21 28Ou 2024 0s$4IROR c￿￿￿X)ShIpS 2.116hor•es 95c f 2024; . num Registered number 4089376 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 111 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 The charity considers environmental efficiency when making travel arrangements with staff frequently car sharing lo reduce mileage and C02e. There is also a maximum limit pla￿d on C02 emissions for company cars, with a range of electric and hybrid cars included on the list offered. Financial review During 2024, ROR received total income from all sources amounting to £1,341,751 (2023.. £1,327,358). This excludes the drawdown of £148,58312023.. £148,583) from the Endowment Fund reserves to the General Fund as permitted under the terms of the gift from the estate of Paul Mellon Isee below)- In 2024, ROR received £238,124 12023.. £235,865) from racehorse owners, trainers and jockeys under the Orders of Racing, including £222,534 from owners (2023.. £222,175}- In addition varying donations were received from other parts of the Racing Industry.. HBLB, racecourses, Point-to-Points, breeders, and auctioneers plus some individual gifts. The 2024 sum received from these additional sectors was £515,385 12023.. £307,298). The charity also received £101,48112023.. £145,541) in sponsorship and fundraising income which included donations from £6,750 from the Jockey Club for the ROR awards12023.. £6,000), £11,800 from the Peter O'sullevan Charitable Trusl12023.. £2,000), and £25,000 from Tattersalls for show series sponsorship, plus an additional donation of £25,000 towards general funds 12023.. £25,000}. Due lo the venue not being available in 2024, the major fundraising event Racing lo Cricket did not go ahead. Plans are in progress for the event to resume in 2025. Fundraising income was £1,725 {2023: £101,740). The financial arrangements for ROR National Championship Show with Aintree Equestrian Centre changed in 2024, with the corresponding ROR income and expenditure now considerably less. Income from regional clinics and camps, the Ainlree Show, online shows and registrations amount lo £188,84312023'. £176,680). Income from legacies generously bequeathed lotalled £49,455 12023.. £232,724) which included a generous legacy donation of £31,902 from Colin Easter. Total income from investments was £159,591 12023= £170,181) which was used to support activities either directly through the general and restricted funds or as part of the drawdown from the endowment fund. During the year, £71,314 12023.. £119,747) was spent on generating donations and grant income and £1,637,00912023.' £1,610,716) was spent on the Charitable activities of second career educational events for ex-racehorses and charitable grants as outlined in the review of charitable activities. Grants awarded totalled £387,23212023.. £392,461 }, for horses meeting ROR'S vulnerability criteria and emergency relief. Of this £3,179 12023.. £8,962> was for ERT support. Depreciation of £2,50012023.. £3,000} on the bale shredding machine purchased in 2020 for loan lo the New Beginnings Horses charity in 2020 was charged to the capital fund. Fund policy and risk management ROR'S reserve funds Comprise lil unrestricted General Funds arising from accumulated unspent donations that the ¢harity is free lo use to fund on-going activities, and lill Reslricled and Endowment Funds that can only be spent in accordan￿ with the terms sel out by the donors. In order lo fully fund its charitsble expenditure, the charity relies on in¢ome and capital growth generated from the investment of ils reserves and has adopted a policy of using reserves to support aclivily, whilst aiming lo maintain the long-term real capital value to generate a continual income stream. Under the terms of the Endowment Fund, the charity can transfer up lo 50/9 of the fair market value of the fund each year. This provides for a lasting legacy, preserving capital whilst at the same time generating income lo support the work of ROR. To provide a consistent approach across both the General and Endowment funds, the Trustees, have adopted a similar policy of using up to 5010 of the income and capital value of the unrestricted General Fund investments lo cover any deficit that may arise on general aclivilies. This policy is reviewed by the Trustees on a regular basis in light of the Charity's operating requirements and changes in the economic and market background. Genoral Fund In 2024 ROR made a loss before transfers on the unreslricled General Fund of £406,10412023.. £436,708 loss}. After transfers from the Endowment Fund of £156,170 (2023.. £148,583), a realised gain on the sale of Registered number 4089376 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 121 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 investments of £422,166 (realised loss 2023.. £51,297) and an unrealised investment loss of £21,901 (2023.. unrealised gain £265,299) the General Fund increased from £4,140,020 to £4,290,351. Restrlcted and Endowment Funds ROR'S Restricted and Endowment funds are comprised of the following.. Paul Mellon Capltal Projects Fund This fund was part of a gift from the estate of Paul Mellon in 2001 and is kept in resetve to provide capital grants in accordance with the terms of that gift. In 2020, the charity purchased a Bale Master bale shredding machine which il loaned lo New Beginnings Horses in order lo assess the benefits to both horse welfare and stsff of using this equipment to provide stable and yard bedding. Depreciation on the capital cost was charged to the restricted fund (2023.. £3,OOQJ. AI 31 December 2024 after allowing for investment income, gains and charges a lotsl of £108,674 (2023.. £99,884) remained in the fund. Emergency Rellef for Thoroughbreds {ERTI The ERT fund was established in 2008 with funds from the ROA. During the year grants lotalling £3,179 were awarded {2023.' £8,962). Endowment Fund The Endowment Fund, which was established with a bequest from the estsle of Paul Mellon, is professionally managed in accordance with a¢￿PIed practice for investments on behalf of charities. As al 31 December 2024, the Fund was valued al £2,967,232 12023.. £2,823,076>. This increase is after the transfer of £156,17012023.' £148,583) to the General Fund in accordance with the terms of the gift which allow a drawdown of up lo 5°/0 of the valuation on an annual basis, thereby providing both income to supplement the annual activity whilst maintaining a lasting legacy lo secure enduring support for the valuable work of ROR. Further details of the conditions attached lo each fund can be found in Note 16. The Trustees, policy with regard lo reserves is to ensure that there are sufficient General Fund reserves to ¢over basic annual grant commitments and undertakings, and the charity s core administrative and promotional costs in the event of adverse conditions such as the suspension of racing in Great Britain, or as a result of fluctuations in income caused by continuing economic uncertainly. In addition the charity budgets annually on a breakeven basis, funded in part by a drawdown from the Endowment Fund and unrestricted General Fund reserves. General fund reserves al the year-end were £4,290,381 {2023 £4,140,020), and total reserves £7,420,308 12023 - £7,114,398). Investment policy> objectives and performance The Trustees of the Charity are responsible for setting the broad objectives and constraints for the investment portfolio and appointing appropriate investment managers lo look after the portfolio on a day lo day basis to create an enduring legacy that provides for the charity's future whilst at the same time generating income lo support on-going activity. The return on the portfolio is assessed on a total return basis rather than against a specific income target. Income is nevertheless considered an important component of total return, as il is normally more stable than capital and will reduce the need lo use capital lo cover the annual dislribulion. The income yield on the portfolio for 2024 was around 2.2°/o, which together with portfolio relums in 2024 of around 6 /0 the Trustees consider an appropriate level of total return in the current marf(et environment. In order to limit Capital risk and volatility, the portfolio is well diversified across asset classes and geographies with a bias toward real assets such as equities to reflect the Charity's long-lerm real retum objective. Currently, the portfolio is invested in a multi-assel portfolio managed by Bromplon Asset Management on a balanced basis targeting a reasonably high level of income. Performance is measured against a charity peer group ben¢hmark. Registered number 4089376 10 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 131 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 The asset allocation of the portfolio is regularly reviewed by the Trustees to ensure that the overall asset mix in the investment portfolio reflects the Charity's return objectives and risk toleran￿ appropriately. The performance ofthe managers is monitored on a regular quartedy basis and their appointment will be formally reviewed in the event of significant corporate developments, major administrative iSSLJes or sustained poor performance., it will also be reviewed in the event of a change in the Charity's reqLJiremenls. Performance during 2024 saw the portfolio increase in value which reflected the global markets. These are long- term investments and although the charity supplements its operational income with drawdowns from these, investments are of a sufficient level to maintain this. Plans for future periods Future plans.. ROR Strategy 2024-2026 In 2024, our team dedicated significant effort to crafting ROR'S vision for the future through a comprehensive three-year strategic plan. The ROR Strategy 2024-2026 was officially launched 19 January 2024, and its significance was further underscored during a stakeholder forum on 31 January, where il was widely accepted as the industry strategy for aftercare, with the BHA Board adopting the strategy as the industry's strategy for aftercare in June 2024. ROR'S strategy outlines ils principal priorities for the upcoming three years, through seven pillars of activity, all of which are aligned with our overarching mission lo safeguard the wellbeing of all former racehorses.. Welfare and support Retraining standards Education and Community engagement Increasing demand and raising awareness Traceability Fundraising, marketing, and communications People, governance, finance, and sustainability Retraining of Racehorses IRORI remains focused on delivering an ambitious yel practical strategy lo strengthen aftercare provision for racehorses retiring from the sport. Building on the strong foundations of the ROR Strategy 2024-26, in 2025 we will continue to work closely with major stakeholders lo develop a long-term, sustainable funding model that supports racehorse welfare throughout their lives. Increased pledges from within racing, combined with the growih of independent income streams. are allowing us to invest more confidently in programmes that deliver measurable impact. We believe aftercare is a shared responsibility, one that safeguards both equine welfare and the long-tem reputation of British racing. ROR has been entrusted to lead the development of a fair and coherent aftercare system. This extends beyond providing charitable support for when things go wrong. and includes proactive, preventative initiatives in retraining, education, traceability. and participation, ensuring every former racehorse has the opportunity for a fulfilling second career. In 2025, our priorities include= Registering all horses bred for racing, allowing early engagement with owners and the provision of tailored advice and education., Completing the review of the Vulnerable Horse Scheme IVHS} to ensure il meets current needs and delivers appropriate funding for horses in genuine need., Establishing a national network of approved relrainers through our Retrainer Approval Scheme IRASI,. Embedding and scaling the Retraining Assessment Programme IRAP}, offering slruclured support for retiring horses with uncertain potential, providing charitable support where necessary., Developing an assessment tool lo support infomed decision-making by owners and trainers as horses retire., Registered number 4089376 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 141 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Expanding our education programme, including insight events for prospective owners, CPD-accrediled coaching modules, online resources, and outreach through equestrian colleges., Strengthening relationships with National Governing Bodies lo build clearer pathways into sport and leisure competition for owners of former racehorses., Increasing demand by providing opportunities to compete whilst showcasing second careers through high-profile, bespoke events, highlighting the tslenl and versatility of former racehorses., Challenging outdated perceptions and dispelling the 'rescue° narrative by raising awareness of successful transitions and the value of retraining. Investing in digital transformation to align our website and CRM systems, enabling us to better track transitions, support owners, and Sha￿ tmceability data with the wider industry,. Our commitment lo traceability is also becoming reality. With access to data on horses signed out of racing, it will facilitate us to map post-racing joumeys with greater accuracy. offering support at key transition points and generating meaningful insight into life after racing. None of this progress would be possible without the commitment of our supporters. Thanks to growing contributions from owners, race¢ourses, trainers, jockeys, au¢tion houses and others, we are better pla￿d lo deliver against our objectives with Confidence and accountability. ROR'S vision is clear.. for all former racehorses to enjoy a good life-valued, understood, and supported for long- term success. While not every horse needs charitable support, every horse deserves a responsible, well- managed transition. That is the principle that guides us, and we are grateful to all who share in making it a reality. Registered number 4089376 12 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 151 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Statement of Trustees, res onsibilitigs The Trustees (who are also directors of Retraining of Racehorses for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company and charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charitable company will continue in operation., slate whether the policies adopted are in accordance with applicable accounting standards, subject lo any material departures disclosed and explained in the financial slalements. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charitable company and enable them lo ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hen￿ for taking reasonable steps for the prevention and detection offraud and other irregularities. Statement as to disclosure of information to auditors Each of the persons who are Trustees at the lime when this Trustees. report is approved has confirmed Ihal.. so far as that Trustee is aware, there is no relevant audit infomialion of which the company's auditor is unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of any information needed by the company's auditor in connection with preparing its report and to establish that the company's auditor is aware of that infomialion. Auditor The auditor, James Cowper Kreston, was appointed as the charitable companvs auditors during the year and has indicated ils willingness lo continue in office. The designated Trustees will propose a motion re-appointing the auditor at a meeting of the Trustees. This report was approved by the Trustees on 16 September 2025 and signed on their behalf by P Tfvp& David Thorpe Chalrman 16 September 2025 Registered number 4089376 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 161 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Inde endent Auditor's Re ort to the Twstees and Members of Retrainin of Racehorses Limited Opinion We have audited the financial statements of Retraining of Racehorses Limited Ilhe 'charilable company'l for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cashflows and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a trLJe and fair view of the state of the charitable company s affairs as at 31 December 2024, and of ils incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006, Charities Act 2011, the Charities and Trustee Investrnenl IS¢otlandl Act 2005 and regulation 8 of the Charities Accounts Iscotlandl Regulations 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethi¢al requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going ¢oncem for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with resped lo going ¢on¢em are described in the relevant sections of this report. Other information The Iruslees are responsible for the other information. The other information comprises the infomialion included in the trustees, annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, ex￿pt lo the extent olhenmise explicitly staled in our report, we do not express any form of assuran¢e conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misslatemenl of the other information. If, based on the Registered number 4089376 14 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 171 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 work we have performed, we conclude that there is a material misstalemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the financial slalemenls are prepared is consislenl with the financial stalemenls., and the strategic report and the directors, report have been prepared in accordan￿ with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors, report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotlandl Regulations 2006 require us lo report to you if, in our opinion.. adequate and proper accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. the trustees were not entitled lo prepare the financial statements in accordan￿ with the small companies, regime and take advantage of the small companies, exemptions in preparing the directors. report and from the requirement to prepare a strategic report. Responslbllltles of trustees As explained more fully in the Iruslees, responsibilities slalement, the Iruslees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to Continue as a going concern, disclosing, as applicable, matters related to going ¢on¢em and using the going concem basis of accounting unless the trustees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative bul to do so. Audltor's responslblllty for the audlt of the flnanclal statements We have been appointed as auditor under section 44{1 Ilcl of the Charities and Trustees Investment (Scotlandl Act 2005 and under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit ¢ondu¢led in awordance with ISAS IUK} will always detect a material misstatement when il exists. Misststemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo Influen￿ the economi¢ decisions of users tsken on the basis of these financial statements. Registered number 4089376 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 181 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specifie procedures for this engagement that we designed and performed to delecl materi81 misstatements in respect of irregularities. including fraud, were as follows.. EnqLJiry of management and those charged with governance around actual and potential liligalion and claims., EnqLJiry of management and those charged with governance to identify any material instances of noncomplian￿ with laws and regulations., Reviewing financial statement disclosures and testing to supporting documentation to assess ompliance with applicable laws and regulations., Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of signifi¢anl transactions outside the nomial course of business and reviewing awounting estimates for evidence of bias. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description forms part of our AuditoVs Report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and lo the charitable wmpany's Trustees as a body, in accordan￿ with regulation 10 of the Charities Accounts (Scotlandl Regulations 2006. Our audit work has been undertaken so that we might stale to the charitable company's members those matters we are required to slate lo them in an Auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. IoL P. Alexander Peal Bsc FCA DChA Senior Ststutory Auditor For and on behalf of James Cowper Kreston Audlt ststulory Auditor and Chartered Accountant 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Dat8.' 18 Septembei 2025 Registered number 4089376 16 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 191 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Statement of financial activities {including the Income and Expenditure Account) for the year ended 31 December 2024 Notes General Funds Endowment Restricted Funds Funds 2024 Total 2023 Total Income from.. Donations and legacies 891,836 891,836 834,956 Income from eharitable aetivities.. Fundraising. grants, sponsorship. registrations, clinic income and fines 290,324 290,324 322,221 Inveslmenl Income 94,714 61.441 3,436 159,591 170,181 Totsl income 1,276,874 61.441 3,436 1,341,751 1,327,358 Expanditur• on: Expenditure on charitable activities.. Grants and educational activities Cost tsf generating voluntary incotne 7 11,611,664) 171,3141 118.7031 16.6421 11.637,0091 11,610,716) 171,3141 1119,7471 Total expenditu 11,682,978) 118,7031 16.6421 11,708,323) 11,730,463) Net income I lexp8nditurel Transfer5 between funds 1406,1041 156,170 42.738 3.2061 1366.5721 1403,1051 16 1156,1701 272.735 Realised gainlllossl on investments Unreallsed Ilossllgaln on Investments 422,166 15,460 710,361 177,0641 398,$61 121,9011 115,1471 18311 137,8791 Net incomellexpenditurel and net movement in funds for the year Reconclllatlon of funds 150,331 144,156 11.423 305,910 181,6081 Total funds brought forward 4 140020 2 823 076 151 302 7114398 7196006 Total funds earrlod forward 4 290 351 2 967 232 162 725 7 420 308 7114398 All of the above results are derived from continuing operations. ROR has no recognised gains and losses other than those included in the results above and therefore no separate slalement of the total recognised gains and losses has been presented. There is no difference between the net income and expenditure slated above and the historical cost equivalent. Registered number 4089376 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 201 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Balance sheet at 37 December 2024 Note 2024 2023 Flxed Assets Tangible Assets Investments 10 17112 36,289 7,515,760 39,481 7,240,602 Total Fixed Assets 7 552 049 7 280 083 Current a$sets Debtors Cash at bank and in hand Loans Re￿1vable wthin 1 year 14 146,901 191,057 50,000 277,847 162,472 50,000 13 Total Current Assets 387,958 490,319 Llabilities Creditors falling due wthin one year 15 1519,6991 1656,0041 Nat eurr•nt assèts Iliabilitiasl 1131,7411 1165,6851 Net 85set5 7.420,308 7,114,398 The funds of the charity Unrestricted income funds Endowment funds Restrided incorne funds 4290,351 2,967,232 162,725 4,140,020 2,823,076 151,302 Total charity funds 16177 7,420,308 7,114,398 The financial statements have been prepared in accordan￿ with the Charities SORP FRS 102. The notes at pages 20 to 33 form part of these accounts These financial statements were approved by the Trustees on 16 September 2025 and signed on their behalf by.. PTfvr 165Ep3)251Z1T4VBSriurc*11 David Thorpe Chairman ofthe Trustees 16 September 2025 18 Registered number 4089376 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 211 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Cash flow statement for the year ended 31 December 2024 2024 2023 Net cash used in operating activities 513.364 675,029 Cash flows frorn investing activities Interest income Dividends Purchase of property plant and equipment Sale of Investments Purchase of investments 687 158,904 114,9661 2,936,438 12,620,258) 409 169,772 12,5521 3,110,024 13,703,8121 Cash provided by (used in) inv85tin9 activities 460.805 1426,1591 Increase in cash and cash equivalents in the year 27.942 2,592 Cash and cash equlvalents at 1 January 2024 Cash and cash equlvalents at 31 December 2024 216,703 244,645 214,110 216,703 Reconciliation of net movement in fijnds to net cash flow from operating activities Net movement in funds during the year 1366,5721 1403,1051 Adjustments for.. Depreciation Interest income from investing activities Dividend income from investing activities De¢￿a$ellIn¢reaseI in debtors (Decreasellincrease in creditors 18,158 16871 1158.9041 130,946 1136.3051 27,693 14091 1169,7721 1237,4221 107.986 Net cash used in operating activities 513,364 675,029 Analysis of eash and eash *quival•nts Cash at bank and in hand Notice deposits 191,057 53,588 162,472 54,231 Total cash and cash equivalents 244,645 216.703 19 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 221 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Notes on the accounts Accounting policies The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019} - (Charities SORP IFRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Companies Act 2006 and applicable charity law. ROR meets the definition of a public benefit entity under FRS 102. 8asls of accountlng These financial statements have been prepared in accordance with the historical cost convention except for fixed asset investments which are recorded al market value. All expenditure is recognised on an accruals basis. Accounting policies are supplemented by estimation techniques where judgement is required in measuring the value of income and expenditure and of assets and liabilities. Going concern The Trustees believe that the charity is well placed to manage its business risks successfully have a reasonable expectation that the Charity has adequate reSoUr￿S to continue in operational existence for the foreseeable future. Thus they continue lo adopt the going concern basis of accounting in preparing the annual financial statements. Statement of financiTal activities ROR is a registered charity and so achievements cannot be measured by nomial commercial criteria. Accordingly, the Trustees consider that il would be inappropriate to present a profil and loss account in one of the formats sel out in the Companies Act 2006. Therefore, as permitted by the Companies Act, in order lo reflect the special nature of the company s activities, the Trustees are of the opinion that it would be more appropriate to present a Statement of Financial Activities. Taxation The Trustees believe that no charge to UK corporation lax will arise in respect of the year lo 31 December 2024 as all activities of the company during this year were of a charitable nature. As a registered charity, the company is entitled lo various exemptions from laxalion on income used for charitable purposes. Income and expenditure All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income is only deferred where the donor has specified that the amounts received are for use in future accounting periods. 20 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 231 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Notes (continued) Accountlng pollcles (continued) Grants payable are payments made lo rehabililalion cenlres in furtherance of the charitable objects of the charity. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant wilhoul condition, or the recipient has a reasonable expectation that they will receive a grant and any condition allaching to the grant is outside the control of the charity. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the liming of the grant or the amount of the grant payable. Other charitable expenditure represents administrative costs payable for the period. The cost of generating funds represent advertising costs for the general fund and allocated support Costs. Support costs are allocated based on management estimates of the time spent on the different activities of the charity. VAT As the charity is not registered for VAT, all expenses are shown gross of VAT. Investments and ITnvestment income All investments are stated at market value and the movement shown in the statement of financial activities comprises both realised and unrealised gains and losses. Investment income is accounted for on a receivable basis. Soclal Investments Social investments are stated al cost less impairment at the year end. Investments in the form of equipment assets are impaired over the useful life of the investment. Fund accounting Funds held by the charity are either.. General funds - these are unreslricled free reserves which can be used in accordance with the charitable objectives al the discretion of the Trustees. Endowment fvnds - these are funds invested by the Trustees and up to 5°A of the value of the investment may be used in ac¢ordan¢e with the charitable objectives at the discretion of the Trustees. Income eamed on the endowment funds is unrestricted. However, in accordance with the endowment bequest, any such income which is unexpended in the year is transferred to the endowmentfunds. Restricted funds - these are funds that can only be used for the particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when the funds are raised for particular restricted purposes. Income generated by the reslricled fund is attributed to the general fund. Further explanation of the nature and purpose of each fund is included in the notes lo the financial statements. Fund transfers The Paul Mellon endowment fund represents bequests from the Paul Mellon estste in December 2001 and a further grant given in May 2015, the terms of which stale that ROR may transfer lo general funds not more than 50/0 of the fair market value of the fund each year, at the Trustees, discretion. 21 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 241 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Notes (continued) Accountlng pollcles (contlnuedl The bequest also stales that any investment or interest income earned on the endowment funds which is unexpended in the year should be added lo the endowment principal. Intangible and Tangible fixed assets The Cost of intangible and tangible fixed assets is their purchase cost, together with any incidental costs of affjuisilion. Depreciation is provided so as lo write off the cost of intsngible and tangible fixed assets on a straight line basis over the estimated useful economic lives of the assets concerned. The rates of depreciation are as follows.. Office equipment 34 years Website I datsbase development 4 years Office furniture 10 years Vehicles 4 years Pension scheme The charity does not, itself, operate a pension scheme. The BHA operates a pension scheme that employees of the charity are able to join. The defined benefit section of the scheme was closed to future accrual on 31 December 2015 and from 1 January 2016 811 employees in the pension scheme were active members of the defined contribution section. The charity is unable to identify ils share of the undedying assets and liabilities of the defined benefit scheme on a consistent and reasonable basis and therefore as required by FRS 102, accounts for the scheme as if il were a defined contribution scheme. As a result, the amount charged lo the statement of financial activities represents the contributions payable to the scheme in respect of the accounting period in which they are paid. The charity continued to pay an amount £1,500 (2023.. £1,500) into the scheme in respect of voluntary deficit funding as agreed with the BHA. Amounts of £45,250 (2023.. £37,848) were also paid into the defined contribution scheme operated by the BHA. Donated Services Administrative support costs lencompassing secretariate, marcomms, finan￿ and human resources), which are borne by BHA, are recognised as donated services. The amounts in the Slalement of Financial Activities represent an allocation of BHA employee salary based on lime spent by those employees in administering the charity. Donated services also includes serVI￿S and facilities provided by racecourses for ROR parades, and horse testing services provided by the BHA. All amounts are included in income al a valuation which is an estimate of the financial cost borne by the donor where such a Cost is quantifiable and measurable. Legacigs Legacies are accounted for in whole or in part, is only when receipt is considered probable, the amount can be measured reliably and the charity has been notified of the executor's intention lo make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met. then the legacy is a treated as a contingent asset and disclosed if material. Foreign currency Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet dale. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses on investments are recognised in the Statement of Financial Aclivilies. 22 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 251 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Notes (continued) Debtors Trade and other debtors are recognised at the transaction amount due after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Cash Cash at bank and cash in hand includes current account balances and cash held in deposit accounts. Creditors andprovisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. FinanciTal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basi¢ financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their selllement value with the investments which are subsequently measured al market value. Judgements in applying accounting policies and key sources of information uncertainty In determining if leases entered into by the charity are finance or operating leases, the lease has been assessed to detemiine whether the risks and rewards of ownership have been transferred lo the lessor by the lessee on a lease by lease basis. Tangible and intangible assets are capilalised when the asset is deemed lo have a useful life in excess of one year. Assets are then depreciated over what is assessed as their useful economic Support costs are allocated between the charity's charitable activities where possible based on specific attribution. Vvhere this is not possible costs have been apporu'oned bel￿een aclivib'es using an approximation based on time. Interest income all relates to bank interest. Income from donations and legacies Incoming resour￿$ are derived from industy funding and self-generaling sources. 2024 2023 Donations recoived: Owners - Racecourses 222.534 140,900 176.881 10,490 5,100 1,540 2.758 9.025 184.281 222,175 142,500 87,601 8,420 5,270 1,619 2,880 8,263 64,435 - HBLB Trainers - Jockeys Hunter certificates Point lo Point Authority Breeders lin addition to sponsorship) Other 753.509 49.455 88.872 543,163 232,724 59,069 Legacles recelved Donated senllces Total 891836 834 956 23 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 261 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Notes (continued) Income from charltable actlvltles 2024 2023 Fundraising grants and sponsorship Registration and clinic income 101,481 188,843 145,541 176,680 Total 290.324 322,221 Investment Income 2024 2023 Dividends Interest received 158.904 687 169,772 409 Total 159,591 170,181 Analysis of staff costs, trustees. remuneration and gxpgnsos and the cost of key management p&rsonng1 The Trustees re￿iVed no emoluments or benefits in kind in respect of their services to the charity during the year (2023.. nil). Total expenses reimbursed to 4 Trustees during the year were £3,272 (2023.. 5 Trustees £2, 786). £598 was incurred in respect of general Board meeting costs (2023.. £645). Indemnity insurance is provided for all Trustees under a policy held by BHA, the proportion of which relating lo ROR is not separately identifiable and has therefore not been included in the charity's accounts. 2024 2023 Salaries and wages Social security costs Pension costs 615,494 73.486 45.251 577,089 54,956 37,848 Total 734,231 669,893 Administrative support costs are borne by BHA and in 2024 these amounted to £88.324 (2023.. £59,069). The numberof employees who received emolument between £120,001 and £130,000 was 1 (2023.. £100,001-£110,000 1, £110,001- £720,000 IJ. The key management personnel in 2024 of the charity wmprise Trustees, and the Managing Director. The total employee salary, pension and benefits in kind costs of the key management personnel in 2024 were £137,05012023.' f237,3191. 24 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 271 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Notes{continued) Staff numbers The average monthly head count was 15 f2023.' 16). Analysis of general fund expenditure on charitable activities Charitable activities Cost of Investment Promotion generating management of ex- voluntary fees racehorses income in 2nd careers Vulnerable Horse Scheme Govemance costs 2024 Total 2023 Total Diraetly attributablè Costs Grants and assessment 484,631 484,631 496,220 Sports and Competitions Audit fee 456,780 456,780 12,840 46,013 3,870 461,616 12,120 45,192 3,145 12,840 Investment management Trustees, expenses and meeting costs 46,013 3,870 Total 46,013 456,780 484,631 16,710 1,004,134 1,018,293 Support costs allocated Staff costs 36,837 386,782 36,836 95,776 556,231 424,136 112,442 21,789 19,411 3,068 25,867 Exceptional costs Travel costs I car leasing Websit8 Advertising Professional fees 2.451 7,152 298 2.452 7,152 298 4,903 21,457 895 7,153 299 61,758 61.758 Equipment depreciation Pension deficit funding Fundraising costs Other office costs 1,478 500 11,067 13,980 1,479 500 1,479 500 4,436 1.500 11,067 41,942 4,570 1,500 58,755 40,632 13,981 13,981 Totsl 71,314 412,643 62,698 157,534 704,189 712,170 Total expended 71,314 46,013 869,423 547,329 174,244 1,708,323 1,730,463 The staff costs sel out in note 5 are a combination of the separately disclosed support costs and costs contained within some of the directly allributable costs. 25 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 281 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Notes (continued) Net Incomellexpendlturel for the year This is slated after charging: 2024 2023 Depreciation Auditor's remuneration.. Audit lees 18,158 27,693 12.840 12,120 Grants pald The value of grants given lo organisations in pursuit of the objectives of the charity are as follows. 2024 2023 Heros Th8 British Thoroughbred Retraining Centre Greatwood New Beginnings Horsgs Horses & Ponies Protection Association Peopleton Brook Farm World Horse Welfare Frederick A Cook Partnership Grange Farm Sophie Spiteri Retreat Livery IJ A Clark) Victoria Cartmel 214,106 99,102 236.880 17,044 42,600 16,031 5,736 3,000 2,500 500 34,500 fj3,455 2,000 3,500 2,500 5,500 4,500 4,000 1,500 1,500 Grants to 3rd parties for emergency relief, vet fees and transport 3,657 15,582 Total grants made In the year 387,232 392,461 All grants paid in 2024 have been awarded on the basis of ROR'S vulnerability criteria. A total of 33212023.. 1361 grants were issued lo institutions. 26 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 291 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Notes (continued) 10. Tangible fixed assets Office equlpment Websltel database development Offlce furnlture Vehlcles Total Cost At beginning of year Addib'o>ns 42,878 326 153.966 14.640 3,360 62.238 262.442 14.966 At end of year 43,204 168,606 3,360 62.238 277,408 D•prgclatlon At beginning of year Charge lor year 25,086 6,371 147,086 6,880 2,263 336 48,526 4,571 222,961 18,158 At end of year 31,457 153,966 2,599 53,097 241,119 Net book amount As at 31 December 2024 11,747 14.640 761 9,141 36,289 As at 1 January 2024 17,792 6.880 1,097 13.712 39.481 All fixed assets are held for charitable purwses 27 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 301 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Notes (continued) 11. Investments Money Market & UK Cash Global Fixed Income Alternative Cc)mmodity Mixed Asset Equities Corporate & Funds Treasury Bonds Total Market value at 1 January 2024 Add.. acquisitions Less.. disposals at opening book value Add.- net gainlllossl on revaluation Add." net movement in cash 54,231 4,798,283 2,032,032 11,963,842) 754,380 150,512 566,604 187,325 1505,9041 1150,5121 1,480,696 7,238.102 2,936.437 12,620,258) 150,476 163,8051 12,481 132,8381 9,705 36,579 137,8781 16431 16431 Market value at 31 December 2024 53,588 4,802,668 827,561 154.487 160.181 1.517,275 7,515.760 Historical cost at 31 December 2024 53,588 4,886,474 815,800 187,325 150.476 1,480,696 7,553,638 Material investments The following listed investments were considered by the Trustees to be material lo the portfolio at the yearend.. 2024 Value 2024 Portfolio 2023 Value 2023 Portfolio Brompton Global Income P Fidelity Investment Servi￿$ IUKI Ltd Ishares Vll PLC Core S&P 500 units ETF USD Artemis Fund Managers Income Artemis Fund manager UK Special Situations Fund Man Fd Mgmnt UK Man Glg UK Inc Prof D Inc Pimco FDS Global investors SRS Global Low Dur REAL 1,517,275 931,884 680.231 486,414 422,571 419.608 419,247 372,289 332.240 227,874 220,234 212,044 90,527 20 1,480,696 740,258 534,162 235,861 305,758 395.684 20 12 10 Ishares Core FTSE100 UCITS ETF GBP DIS Ml Twentyfour Investment Fund Baille Gifford Overseas Growth xtrackers IIEI PLC S&P 500 Equal weight UCITS 2D USD Ml Chelverton Equity Fund Ml Chelverton UK Equity Polar Capital Funds Global Technology Redwheel GBL Emerging Markets Vanguard Investtnent S8ries Glob81 Bond Liontrust Fund Partners LLP Special Situations Inc Blackrock Fund Manager Ltd European Dynamic FD Ishares 11 PIC USD Treasury Bd 7-10yr USD other holdings 248,476 277,604 280,053 305,362 301,023 251.597 247,547 204,881 1,374,909 1,129.734 19 Cash 53,588 54,231 Totsl portfolio 100 100 28 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 311 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Notes (continued) 12. Soclal Investment 2024 2023 Programme related investment 2,500 2.500 The charity purchased a Balemaster straw shredding machine at a cost of £12,000. The value of £nil is after a cumulative impairment charge of £12,000. This is on loan to New Beginnings Horses. 13. Loans Recelvable 2024 2023 Amounts due within 1 year Ltsans Receivable Amounts due in greater than 1 year Moorcroft BTRC Greatwood Provision 50,000 50.000 100,000 83,000 10,000 1193.0001 100,000 83,000 10,000 1193.0001 50.000 50,000 An interest free loan of £50,000 w8s provided in 2021 to BTRC. This was due for rep8ymenl on 31 Dec8rMber 2022. 14. Debtors '. amounts due wlthln 1 year 2024 2023 Prepayments and accrued income 146,901 277,847 146.901 277,847 15. Creditors- amounts falling due within one year 2024 2023 Accruals and trade creditors 519,699 fj56,004 519,699 656,004 Notes (continued) 29 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 321 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 2024 2023 Deferred income at the start of the year ReSoUr￿S deferred during the year Amounts released from previous periods 18,675 61,448 118,6751 7.281 18,675 17,2811 61,448 18,675 16. Reconclllatlon of movement In accumulated funds As at 31 De¢¢mber 2024 Opening balance Incorning resources Outgoing resources G8in on investments Transfers C105ing balance Unrestricted funds General fund Rèstrietad funds ERT fund Paul Mellon capital projects fund Endowment funds Paul Mellon endowment fund 4.140,020 1.276,874 11,682,978) 400,265 156.170 4,290,351 51,418 1,168 13,5061 4,971 54,051 99,884 2,269 13,1361 9,657 108,674 2.823,076 61,441 118,7031 257,588 1156,1701 2,967,232 Total 7,114,398 1,341,752 11,708,323) 672,481 7,420,308 2023 Opening balance Incoming restsur￿S Outgoing resources Loss on investments Transfers Closlng balance Unrestrlcted funds General fund Restricted funds ERT fund Paul Mellon captsl projects fund Paul Mellon weKare database Endowment funds Paul Mellon endowment fund 4.214,143 1,259,003 11,695,711) 214,002 148,583 4.140,020 56,545 1,361 19,3591 2,871 51,418 96,349 2,319 13,6771 4,893 99,884 6,749 162 17,2541 343 2,822,220 64,513 114,4621 99,388 1148.5831 2,823,076 Totsl 7.196,006 1,327.358 11.730,4631 321.497 7.114,398 The unreslricled general fund represents free reserves and can be used in accordance with the charitable objectives al the discretion of the Trustees. The charity relies on income and capital growth generated from the investment of these reserves lo support activity, whilst aiming lo maintain the long-lerm real capital value lo generate a continual income stream. Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Notes (continued) The Paul Mellon endowment fund represents bequests from the Paul Mellon estate in December 2001 and May 2015, the terms of which slate that the ROR may transfer to general funds not more than 50/0 of the fair market value of the fund each year. The Trustees tmnsferred £156,170 of the bequest to general funds during the year (2023.. £148,538). Under the terms of the bequest, any unexpended income earned on the endowment funds should tie added lo the endowment principal al the end of the year. In the year ended 31 December 2024, £61,441 was added lo the endowment principal (2023.. £64,513). Also, included within the movement in funds dLJring the period is a realised gain of £272,736 (2023.. realised loss £23,824) and an unrealised loss of £15,147 (2023.. unrealised loss of £123,212). The Paul Mellon capital projects fund was funded by a bequest from the Paul Mellon estate in December 2001. The terms of the bequest stale that it musl be used lo build, acquire or improve structures, equipment and other facilities to be used for the care and maintenance of retired thoroughbred racehorses. The fund was used in 2020 to PLJrchase a Balemaster bale shredder at a cost of £12,000 for use by New Beginnings Horses under ROR'S social investment policy. The depreciation charge in 2024 was £2,500 (2023.. £3,000). The Emergency Relief for Thoroughbreds fund IERTI was established in 2008 with the transfer of the ERT funds from the Racehorse Owners Association. During the year grants of £3,179 (2023.. £8,962) were made from the fund. 17. Analysis of net assets bgtwgen funds General Endowment Funds Funds Restricted Funds Total As at 310e￿rnber 2024 Fixed assets Investments Cash at bank and in hand Oiher assets Current liabilities 36,289 4.379,189 191,057 196.901 1513,0851 36.289 7,509,146 191.057 196,901 1513,0851 2,967,232 162.725 4,290.351 2,967,232 162,725 7,420,308 General Endowment Funds Funds Restricted Funds Total As at 31 D￿rnber 2023 Fixed assets Investments Cash at bank and in hand Olher assets Current liabilities 39,481 4.266,224 162,472 321,917 1850,0741 39.481 7,240,602 162.472 321.917 1650,0741 2,823.076 151.302 4,140.020 2,823,076 151,302 7.114,398 31 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P 341 Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Notes (continued) 18. Flnanclal commltments At 31 December 2024 the Company had total commitments under non-cancellable operating leases as follows.. 2024 Land and 8uildings 2024 Vehicles 2024 Total 2023 Total Expiring within one year 18,044 2,912 20.956 23,461 Between two and five years inclusive over five years 72,178 39,096 72.178 39.096 75,090 57,141 129,318 2,912 132.230 155,692 19. Llablllty of members The members ofthe Company have undertaken lo contribute a sum not exceeding £1 each to meet the liabilities of the company in the event that il is wound up. 20. Related party transadions The company has Iransacled with the following related parties, all of which are related by virtue of one of their employees, appointments, or directors being a director of the company. Details of sales and recharges to and administrative expenses incurred from related parties are detailed below Sales sponsorship and donation5 Good and services supplied from 2024 2023 2024 2023 Aintree Racewurse Developments 65 1,701 18.324 British Horseracing Authority Chester Race Company Ltd Point to Point Authority Lirnited Musselburgh Racewurse Limited Thoroughbred Breeders Association BRS Education Limited 88,872 59,069 758,748 731,407 1,500 1,300 2,758 2,880 10,164 2,486 2,600 8,800 7.850 1.000 360 Racehorse Owners Association 400 1,400 ROR Trading CIC 32 Virtualsignalure Transaction Rel. DG29-369P.L3ZW 16 Sep 2025 12.17.50 8ST IUTC +11 D W2 P Retraining of Racehorses (& wmpanyliMiÈedby guar8ntee) An11￿[ report Year ended 31 December 2024 Notes (continu8d) Related paty transactions included in year-end debtors and creditors were as follows., Receivables outstanding 2024 2023 Creditor5 outstanding 2024 2023 Britlsh Horseracing Authority ROR Trading CIC BRS Education Limited 200.078 579,907 280 The charity held one fundraising event in 2024 and there was £200 income from Trustees and their related parties as a result (2023.. £nil ). 21. Ultimate controlling party ROR is controlled by its Board of Trustees. Accordingly, there is no single individual that can, or does, exert control over the charitable company. 33