REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
The Scottish Racing Academy |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
The Scottish Racing Academy |
The Scottish Racing Academy |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
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 |
The Scottish Racing Academy |
Reference and Administrative Details |
for the Year Ended 31 December 2023 |
TRUSTEES |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
INDEPENDENT EXAMINER | EQ Accountants Ltd |
47-49 The Square |
Kelso |
Roxburghshire |
TD5 7HW |
The Scottish Racing Academy (Registered number: SC640209) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
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 2023. 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: |
1. to provide in Scotland and elsewhere vocational and academic training in relation to all aspects of the sport of |
horseracing |
2. to design, develop and deliver courses of education and training and to facilitate qualifications relevant to such |
training |
3. to improve young peoples understanding of, and enthusiasm for, horseracing |
4. 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 2023 academic year of Scottish Racing Academy courses, graduate numbers were as follows : |
1) In partnership with Borders College |
- 8 Full Time Students (2022 - 7) |
- 88 Schools Academy Students (2022 - 62) |
- 43 Stable Staff (Upskilling) (2022 - 29) |
2) In partnership with Scotland's Rural College (SRUC) |
- 6 Full Time Students (2022 - 9) |
3) Privately funded courses |
-62 Schools Academy learners (2022 - 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 £109,295. |
Acknowledgments |
We would like to thank the Racing Foundation for being instrumental in the creation of the Scottish Racing Academy, as well as their continued support in 2023. |
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 |
Thank you to Borders College and SRUC Oatridge for their ongoing partnerships as well as horsescotland for their assistance with the development, and delivery, of the work rider coaching qualification. |
The Scottish Racing Academy (Registered number: SC640209) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
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 |
M Gray (Trustee) of the charity guarantees to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
The Scottish Racing Academy |
I report on the accounts for the year ended 31 December 2023 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 : |
(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | 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. |
Victoria Ivinson BA (hons) CA |
The Institute of Chartered Accountants of Scotland |
EQ Accountants Ltd |
47-49 The Square |
Kelso |
Roxburghshire |
TD5 7HW |
20 September 2024 |
The Scottish Racing Academy |
Statement of Financial Activities |
for the Year Ended 31 December 2023 |
31/12/23 | 31/12/22 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
EXPENDITURE ON |
Charitable activities | 3 |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 90,590 |
CONTINUING OPERATIONS |
All income and expenditure has arisen from continuing activities. |
The Scottish Racing Academy (Registered number: SC640209) |
Statement of Financial Position |
31 December 2023 |
31/12/23 | 31/12/22 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds | 90,590 |
TOTAL FUNDS | 90,590 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(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 Scottish Racing Academy (Registered number: SC640209) |
Statement of Financial Position - continued |
31 December 2023 |
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 |
The Scottish Racing Academy |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
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 |
31/12/23 | 31/12/22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Donations | 1,693 | - |
Grants | 346,216 | - |
347,909 | - |
The Scottish Racing Academy |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 4) | note 5) | Totals |
£ | £ | £ |
Racing Academy | 324,062 | 5,142 | 329,204 |
4. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
31/12/23 | 31/12/22 |
£ | £ |
Staff costs | 114,053 | 107,568 |
Stable Staff Training | 19,012 | 18,791 |
Development and Training | 13,142 | 8,348 |
Delivery Costs Schools | 85,152 | 56,279 |
Delivery Costs Borders College | 58,771 | 55,099 |
Delivery Costs SRUC | 1,432 | 4,648 |
Branding and Student Apparel | 1,610 | 3,923 |
Advertising and Marketing | 21,671 | 32,763 |
Professional Fees | 9,219 | 9,941 |
324,062 | 297,360 |
5. | SUPPORT COSTS |
Governance |
costs |
£ |
Racing Academy | 5,142 |
Support costs, included in the above, are as follows: |
Governance costs |
31/12/23 | 31/12/22 |
Racing | Total |
Academy | activities |
£ | £ |
Bookkeeping & payroll | 1,218 | 1,416 |
Professional fees | 60 | 60 |
Independent Examiner's fee | 3,864 | 5,475 |
5,142 | 6,951 |
The Scottish Racing Academy |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Trustees' expenses |
No Trustees' expenses were incurred for the year ended 31 December 2022 (2021 - £305). |
7. | STAFF COSTS |
31/12/23 | 31/12/22 |
£ | £ |
Wages and salaries |
114,053 | 107,568 |
The average monthly number of employees during the year was as follows: |
31/12/23 | 31/12/22 |
Staff costs |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |
31/12/23 | 31/12/22 |
£60,001 - £70,000 |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 77,351 | - |
TOTAL FUNDS CARRIED FORWARD | 90,590 | - | 90,590 |
The Scottish Racing Academy |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Other debtors |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Social security and other taxes |
Accrued expenses |
11. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1/1/23 | in funds | 31/12/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 90,590 | 18,705 | 109,295 |
TOTAL FUNDS | 18,705 | 109,295 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 347,909 | (329,204 | ) | 18,705 |
TOTAL FUNDS | ( |
) | 18,705 |
Comparatives for movement in funds |
Net |
movement | At |
At 1/1/22 | in funds | 31/12/22 |
£ | £ | £ |
Unrestricted funds |
General fund | 77,351 | 13,239 | 90,590 |
TOTAL FUNDS | 77,351 | 13,239 | 90,590 |
The Scottish Racing Academy |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 317,550 | (304,311 | ) | 13,239 |
TOTAL FUNDS | 317,550 | (304,311 | ) | 13,239 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1/1/22 | in funds | 31/12/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 77,351 | 31,944 | 109,295 |
TOTAL FUNDS | 77,351 | 31,944 | 109,295 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 665,459 | (633,515 | ) | 31,944 |
TOTAL FUNDS | 665,459 | (633,515 | ) | 31,944 |
12. | RELATED PARTY DISCLOSURES |