Docusign Envelope ID: 58F12133-1553-8133-806D-FD74795F9BC3
REGISTERED COMPANY NUMBER: SC640209 (Scotland) REGISTERED CHARITY NUMBER: SC049584
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2025
for
The Scottish Racing Academy
EQ Accountants Ltd 47-49 The Square Kelso Roxburghshire TD5 7HW
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The Scottish Racing Academy
Contents of the Financial Statements for the Year Ended 31 December 2025
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
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The Scottish Racing Academy
Reference and Administrative Details for the Year Ended 31 December 2025
TRUSTEES J M H Garratt (resigned 21/5/25) Ms M G Gray Mrs A Innes Mrs L Russell A McDiarmid G Keeys K P Harper (resigned 27/5/25) Mrs F Murdoch M Taylor (appointed 21/5/25) I McLellan (appointed 08/04/26) REGISTERED OFFICE Racecourse House Kelso Racecourse Kelso Roxburghshire TD5 7SX REGISTERED COMPANY SC640209 (Scotland) NUMBER REGISTERED CHARITY SC049584 NUMBER INDEPENDENT EXAMINER EQ Accountants Ltd 47-49 The Square Kelso Roxburghshire TD5 7HW
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The Scottish Racing Academy
Report of the Trustees for the Year Ended 31 December 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES Objectives and aims
The objectives of the charitable company are:
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to provide in Scotland and elsewhere vocational and academic training in relation to all aspects of the sport of horseracing
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to design, develop and deliver courses of education and training and to facilitate qualifications relevant to such training
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to improve young peoples understanding of, and enthusiasm for, horseracing
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promote community engagement with horseracing to develop the skills, knowledge and confidence of those who work, or may potentially work, within horseracing.
Results
On completion of the 2025 academic year 108 students completed qualifications with Scottish Racing Academy courses, graduate numbers were as follows :
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1) In partnership with Borders College
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12 Full Time Students (2024 - 13)
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16 Schools Academy Students (2024 - 117)
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30 Stable Staff (Upskilling) (2024 - 50)
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2) In partnership with Scotland's Rural College (SRUC)
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6 Full Time Students (2024 - 6)
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3) Privately funded courses
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27 Entry Level/Schools Academy learners (2024 - nil)
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5 Level One Racing Coaches Qualified (2024 - 8)
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Nil Stable Staff (Upskilling) (2024 - 2)
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4) Apprenticeship Funded Courses
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6 English Full time Work-based Students (2024-5)
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6 Generic Horse Apprenticeships (2024 - nil)
This continues the very positive trend of achieving the aims of the SRA as set out above .
FINANCIAL REVIEW
Financial position
At the year end the charity held unrestricted reserves of £120,830 this increased from £118,247 in 2024.
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The Scottish Racing Academy
Report of the Trustees for the Year Ended 31 December 2025
FINANCIAL REVIEW
Acknowledgments
We would like to thank the Racing Foundation for being instrumental in the creation of the Scottish Racing Academy, as well as the Horseracing Betting Levy Board (HBLB) who came on board as our primary funders in July 2024 and continue to fund us to this day.
Additionally, we would like to thank our Volunteers, Shadow Board and Trustees for dedicating their time to contribute to the success of the Scottish Racing Academy.
Professional Partnerships
We would like to thank Borders College and SRUC Oatridge for their continued and valued partnerships. During 2025, the Scottish Racing Academy successfully secured approved centre status from 1st4sport, enabling the delivery of Coaching and Transport qualifications, which will be rolled out throughout 2025 and 2026. We also continue to develop our relationship with Skills Development Scotland as a potential route for the Foundation Apprenticeship. This work follows the significant reduction in funding for our Schools Academy provision, which, due to the regionalisation of college funding, is now fully funded only within the Borders region.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum and Articles of Association.
Organisational structure
The company Directors are also the charity Trustees. The Trustees shall convene an Annual General Meeting under the terms of the Memorandum and Articles of Association. The Trustees control and supervise the day to day activities of the charity.
MEMBERS LIABILITY
F Murdoch (Trustee) of the charity guarantees to contribute an amount not exceeding £1 to the assets of the charity in the eventing of winding up.
15-06-2026 | 16:12 BST
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ F Murdoch - Trustee
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Independent Examiner's Report to the Trustees of The Scottish Racing Academy
I report on the accounts for the year ended 31 December 2025 set out on pages five to twelve.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with my examination, no matter has come to my attention :
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(1) which gives me reasonable cause to believe that, in any material respect, the requirements
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to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
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to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Sheryl Macaulay FCCA Association of Certified Chartered Accountants
EQ Accountants Ltd 47-49 The Square Kelso Roxburghshire TD5 7HW 16-06-2026 | 10:29 BST Date: .............................................
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The Scottish Racing Academy
Statement of Financial Activities for the Year Ended 31 December 2025
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 377,529 Other trading activities 3 4,520 Total 382,049 EXPENDITURE ON Charitable activities 4 Racing Academy 379,466 NET INCOME 2,583 RECONCILIATION OF FUNDS Total funds brought forward 118,247 TOTAL FUNDS CARRIED FORWARD 120,830 |
Restricted funds £ - - - - - - - |
31/12/25 31/12/24 Total Total funds funds £ £ 377,529 336,267 4,520 6,450 382,049 342,717 379,466 333,765 2,583 8,952 118,247 109,295 120,830 118,247 |
31/12/25 31/12/24 Total Total funds funds £ £ 377,529 336,267 4,520 6,450 382,049 342,717 379,466 333,765 2,583 8,952 118,247 109,295 120,830 118,247 |
|---|---|---|---|
| 342,717 | |||
| 333,765 | |||
| 8,952 109,295 |
|||
| 118,247 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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The Scottish Racing Academy
Statement of Financial Position 31 December 2025
| Unrestricted fund Notes £ CURRENT ASSETS Debtors 9 39,482 Cash at bank 91,371 130,853 CREDITORS Amounts falling due within one year 10 (10,023) NET CURRENT ASSETS 120,830 TOTAL ASSETS LESS CURRENT LIABILITIES 120,830 NET ASSETS 120,830 FUNDS 11 Unrestricted funds TOTAL FUNDS |
Restricted funds £ - - - - - - - |
31/12/25 Total funds £ 39,482 91,371 130,853 (10,023) 120,830 120,830 120,830 120,830 120,830 |
31/12/24 Total funds £ 25,681 114,380 140,061 (21,814) 118,247 118,247 118,247 118,247 118,247 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
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The Scottish Racing Academy
Statement of Financial Position - continued 31 December 2025
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 16-06-2026 | 10:21 BST
............................................. A Innes - Trustee
............................................. F Murdoch - Trustee
The notes form part of these financial statements
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The Scottish Racing Academy
Notes to the Financial Statements for the Year Ended 31 December 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
| Unrestricted funds £ Donations 500 Grants 377,029 377,529 |
Restricted funds £ - - - |
31/12/25 Total funds £ 500 377,029 377,529 |
31/12/24 Total funds £ 400 335,867 |
|---|---|---|---|
| 336,267 |
continued...
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The Scottish Racing Academy
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
3. OTHER TRADING ACTIVITIES
| Unrestricted funds £ Other Income 4,520 4. CHARITABLE ACTIVITIES COSTS Racing Academy 5. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Stable Staff Training Development and Training Delivery Costs Schools Delivery Costs Borders College Branding and Student Apparel Advertising and Marketing Professional Fees Apprentiships 6. SUPPORT COSTS Racing Academy Support costs, included in the above, are as follows: Governance costs Bookkeeping & payroll Professional fees Independent Examiner's fee |
Restricted funds £ - Direct Costs (see note 5) £ 373,506 |
31/12/25 31/12/24 Total Total funds funds £ £ 4,520 6,450 Support costs (see note 6) Totals £ £ 5,960 379,466 31/12/25 31/12/24 £ £ 102,520 131,613 23,608 21,100 19,966 14,860 58,376 57,218 94,897 66,958 2,401 2,316 31,219 20,078 11,347 12,579 29,172 3,056 373,506 329,778 Governance costs £ 5,960 31/12/25 31/12/24 Racing Total Academy activities £ £ 924 660 26 86 5,010 3,241 5,960 3,987 |
|---|---|---|
continued...
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The Scottish Racing Academy
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.
Trustees' expenses
No Trustees' expenses were incurred for the year ended 31 December 2025 (2024 - Nil).
8. STAFF COSTS
| 8. | STAFF COSTS | ||||
|---|---|---|---|---|---|
| 31/12/25 | 31/12/24 | ||||
| £ | £ | ||||
| Wages and salaries | 102,520 | 131,613 | |||
| 102,520 | 131,613 | ||||
| The average monthly number of employees during the year was as follows: | |||||
| 31/12/25 | 31/12/24 | ||||
| Staff costs | 8 | 7 | |||
| The number of employees whose employee benefits (excluding employer pension | costs) exceeded | £60,000 was: | |||
| 31/12/25 | 31/12/24 | ||||
| £60,001 - £70,000 | 1 | 1 | |||
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31/12/25 | 31/12/24 | ||||
| £ | £ | ||||
| Other debtors | 39,482 | 25,681 | |||
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31/12/25 | 31/12/24 | ||||
| £ | £ | ||||
| Social security and other taxes | 1,966 | 4,754 | |||
| Accrued expenses | 8,057 | 17,060 | |||
| 10,023 | 21,814 | ||||
| 11. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At | 1/1/25 | in funds | 31/12/25 | ||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 118,247 | 2,583 | 120,830 | ||
| TOTAL FUNDS | 118,247 | 2,583 | 120,830 |
continued...
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The Scottish Racing Academy
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 382,049 382,049 |
Resources Movement expended in funds £ £ (379,466) 2,583 (379,466) 2,583 |
Resources Movement expended in funds £ £ (379,466) 2,583 (379,466) 2,583 |
|---|---|---|---|
| 2,583 |
Comparatives for movement in funds
| At 1/1/24 £ Unrestricted funds General fund 109,295 TOTAL FUNDS 109,295 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 342,717 TOTAL FUNDS 342,717 |
Net movement At in funds 31/12/24 £ £ 8,952 118,247 8,952 118,247 Resources Movement expended in funds £ £ (333,765) 8,952 (333,765) 8,952 |
At 31/12/24 £ 118,247 |
|---|---|---|
| 118,247 | ||
| 8,952 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/24 £ 109,295 109,295 |
Net movement in funds £ 11,535 11,535 |
At 31/12/25 £ 120,830 |
|---|---|---|---|
| 120,830 |
continued...
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The Scottish Racing Academy
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 724,766 724,766 |
Resources Movement expended in funds £ £ (713,231) 11,535 (713,231) 11,535 |
|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2025.
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The Scottish Racing Academy
Detailed Statement of Financial Activities for the Year Ended 31 December 2025
| 31/12/25 | 31/12/24 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| funds | funds | funds | funds | |
| £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS | ||||
| Donations and legacies | ||||
| Donations | 500 | - | 500 | 400 |
| Grants | 377,029 | - | 377,029 | 335,867 |
| 377,529 | - | 377,529 | 336,267 | |
| Other trading activities | ||||
| Other Income | 4,520 | - | 4,520 | 6,450 |
| Total incoming resources | 382,049 | - | 382,049 | 342,717 |
| EXPENDITURE | ||||
| Charitable activities | ||||
| Salaries and Expenses | 102,520 | - | 102,520 | 131,613 |
| Stable Staff Training | 23,608 | - | 23,608 | 21,100 |
| Development and Training | 19,966 | - | 19,966 | 14,860 |
| Delivery Costs Schools | 58,376 | - | 58,376 | 57,218 |
| Delivery Costs Borders College | 94,897 | - | 94,897 | 66,958 |
| Branding and Student Apparel | 2,401 | - | 2,401 | 2,316 |
| Advertising and Marketing | 31,219 | - | 31,219 | 20,078 |
| Professional Fees | 11,347 | - | 11,347 | 12,579 |
| Apprentiships | 29,172 | - | 29,172 | 3,056 |
| 373,506 | - | 373,506 | 329,778 | |
| Support costs | ||||
| Governance costs | ||||
| Bookkeeping & payroll | 924 | - | 924 | 660 |
| Professional fees | 26 | - | 26 | 86 |
| Independent Examiner's fee | 5,010 | - | 5,010 | 3,241 |
| 5,960 | - | 5,960 | 3,987 | |
| Total resources expended | 379,466 | - | 379,466 | 333,765 |
| Net income | 2,583 | - | 2,583 | 8,952 |
This page does not form part of the statutory financial statements
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