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REGISTERED COMPANY NUMBER: SC640209 (Scotland)
REGISTERED CHARITY NUMBER: 049584















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 J M H Garratt
Ms M G Gray
Mrs A Innes
J K McGarrity (resigned 30/6/24)
Mrs D J Merson (resigned 24/4/23)
Mrs L Russell
F Rawson (appointed 24/4/23)
A McDiarmid (appointed 24/4/23)
G Keys (appointed 24/4/23)
K P Harper (appointed 4/10/23)


REGISTERED OFFICE Racecourse House
Kelso Racecourse
Kelso
Roxburghshire
TD5 7SX


REGISTERED COMPANY
NUMBER
SC640209 (Scotland)


REGISTERED CHARITY
NUMBER
049584


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 20 September 2024 and signed on its behalf by:





Ms M G Gray - Trustee

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 2 347,909 - 347,909 317,550

EXPENDITURE ON
Charitable activities 3
Racing Academy 329,204 - 329,204 304,311

NET INCOME 18,705 - 18,705 13,239


RECONCILIATION OF FUNDS
Total funds brought forward 90,590 - 90,590 77,351

TOTAL FUNDS CARRIED FORWARD 109,295 - 109,295 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 63,199 - 63,199 49,064
Cash at bank 92,072 - 92,072 72,784
155,271 - 155,271 121,848

CREDITORS
Amounts falling due within one year 10 (45,976 ) - (45,976 ) (31,258 )

NET CURRENT ASSETS 109,295 - 109,295 90,590

TOTAL ASSETS LESS CURRENT
LIABILITIES

109,295

-

109,295

90,590

NET ASSETS 109,295 - 109,295 90,590
FUNDS 11
Unrestricted funds 109,295 90,590
TOTAL FUNDS 109,295 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 20 September 2024 and were signed on its behalf by:





A Innes - Trustee





M G Gray - Trustee

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 - 1,693 370
Grants 346,216 - 346,216 317,180
347,909 - 347,909 317,550


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
114,053 107,568

The average monthly number of employees during the year was as follows:

31/12/23 31/12/22
Staff costs 6 5

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 1 1

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 317,550 - 317,550

EXPENDITURE ON
Charitable activities
Racing Academy 304,311 - 304,311

NET INCOME 13,239 - 13,239


RECONCILIATION OF FUNDS
Total funds brought forward 77,351 - 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 63,199 49,064

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Social security and other taxes 6,499 4,801
Accrued expenses 39,477 26,457
45,976 31,258

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 90,590 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 347,909 (329,204 ) 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

There were no related party transactions for the year ended 31 December 2023.