Limited Liability Partnership registration number OC332112 (England and Wales)
YORK RACECOURSE KNAVESMIRE LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
YORK RACECOURSE KNAVESMIRE LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mrs B E Guerin (as Trustee of York Race Committee)
York Racecourse Limited
Members (all as Trustees of York Race Committee)
The Lord Grimthorpe (resigned 31 December 2024)
Mr A N Cheyne
Mr C H A Denny
Mr E G T Wrigley (appointed 1 January 2024)
Mr N H T Wrigley
Mr W A Bethell
Mrs V S Savile  (appointed 1 January 2025)
LLP registration number
OC332112
Registered office
York Racecourse
The Knavesmire
York
North Yorkshire
YO23 1EX
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
YORK RACECOURSE KNAVESMIRE LLP
CONTENTS
Page
Members' report
1 - 3
Members' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10 - 11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
YORK RACECOURSE KNAVESMIRE LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 October 2024.

Principal activities

York Racecourse Knavesmire LLP has, as its principal activity, the leasing and owning of assets necessary to run racing at York, holding all intellectual property assets and entering into associated contracts relating to the practice, protection, development and exploitation of the brand. It uses these assets to run the racecourse operations connected with both racing and non-racing activity at York Racecourse.

 

York Racecourse Knavesmire LLP operates for the good of racing at York and reinvests profits in facilities, prize money and the visitor experience at York Racecourse.

Fair review of the business

The results for the year and the financial position are set out on pages 8 to 29.

Despite having one less raceday during 2024, turnover only fell very slightly from the record £29.7m in 2023 to £29.4m. The reduced number of racedays meant total racegoer numbers fell from 289,972 in 2023 (18 days) to 258,548 in 2024 (17 days) which on a like for like basis represented a decrease of 6.8%. Non raceday revenue from conferences, events and our Stableside accommodation reached record levels of business and increased returns by £0.3m. Data and betting related media rights increased marginally by £0.1m to £5m.

Prize funds increased to a new record of £11.4m (2023 - £10.8m). York Racecourse invested a record £5.9m in executive contribution to prize money in 2024, with owners’ stakes contributing £2.8m and the Horserace Betting Levy Board prize money funding of £2.7m. This record level of prize money helped attract a record total of 1,528 runners who contested 117 races (2023: 126), delivering an average of 13.1 runners per race, the highest of any racecourse in Britain and up on the prior year equivalent of 11.9.

Cost of sales increased £0.7m from £16.8m in 2023 to £17.5m in 2024 mainly as a result of the £0.6m higher prize money on offer.

Administrative costs increased 4.3% from £11.2m to £11.6m. Of the £0.4m increase, £0.2m related to depreciation on the higher asset base, £0.1m to higher prices for energy and utilities and a further £0.1m as a result of deferring more HBLB income to the capital credits scheme. Offsetting these administrative costs is an increase of £0.2m in investment income due to the higher interest environment.

The financial impact of the above is a profit of £1.5m which is lower than the £2.7m achieved in 2023 – reflecting the reduced income of one less raceday, whilst maintaining an increased investment in prize money despite the smaller race programme.

Investment in fixed assets totalled £10.4m, mostly focused on the Bustardthorpe Development to reconfigure the southern end of the site with much improved racegoer and staff welfare facilities. This project was embedded with sustainability at its core with solar panels, intelligent buildings management systems, repurposing of materials, local sourcing of subcontractors and bricks, a living roof and rainwater harvesting. It is consistent with our Green Knavesmire 300 Environmental Strategy as well as delivering much improved facilities for standside racegoers. The Bustardthorpe Development was officially opened at the Sky Bet Ebor Festival by York Racecourse Royal Patron, Her Majesty The Queen on 21 August 2024. Other capital projects included continuing investment into the racing surface and facilities for horses and their teams at our stables and Stableside complex.

In addition to fixed assets, a further investment of £2.25m was made to secure an additional Racecourse Fixture in summer. York Racecourse now owns all 18 Racecourse Fixtures and the rights attaching to them.

Operating cashflow increased from £7.1m in 2023 to £11.3m in 2024, mainly due to the drawdown of deferred Horserace Betting Levy Board income to fund the Bustardthorpe Development. Bank and other loans are two CBILs loans with the Bank of Scotland which were taken out as a precaution during the pandemic which have decreased by £1.3m to £0.9m and are due to be paid off by 2025. Cash reserves fell by £1.4m to £3.4m during the financial year although this excludes a £2.9m investment in highly liquid UK Gilts to maximise interest returns. The executive believe there is a suitable level of cash held within the business to be able to operate flexibly through the continued uncertain economic outlook.

YORK RACECOURSE KNAVESMIRE LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

In March 2023, due to higher interest rates and their impact on pension liability valuations, York Racecourse purchased a bulk annuity from Just Retirement Limited (part of Just Group plc which is a FTSE-listed specialist UK financial services company) for £4.9m to secure the future liabilities of its defined benefit pension scheme which was closed to future accrual in March 2007. This purchase was funded by the sale of an investment portfolio held for this purpose with the remaining proceeds being set aside to fund the associated professional fees and actuarial pricing adjustments including guaranteed minimum pension equalisation. The final process was completed on 31 March 2025 meaning pensioners and deferred pensioners will now have a direct contract with Just Retirement Limited and there are no remaining liabilities within York Racecourse.

During the year, York was honoured to be awarded a number of accolades and awards. At the RCA Showcase Awards in Edinburgh, York was honoured to win the Racing Foundation Green Award for the Bustardthorpe Development, the Racing Connection Award for our work with the Professional Jockeys Association on “Under Starters Orders” to better showcase the jockeys at the Sky Bet Ebor Festival and the Flat Groundstaff of the Year Award. York was awarded overall Showcase Champion Racecourse for 2024.

York was ranked the top rated racecourse of all tracks in Britain in 2024 by the Racehorse Owners Association Accreditation Assessment conducted by AA Hotel and Hospitality Services, so retaining our Gold Standard Award. York Racecourse also received a Racehorse Syndicate Association award for outstanding ownership experience for shared-ownership groups. York Racecourse also won the Grounds Management Association Professional Horse Racing Grounds Team of the Year Award.

The Group 1 Juddmonte International received the top accolade of being awarded The Longines World’s Best Race 2024 from the International Federation of Horseracing Authorities and joins the Prix de l’Arc de Triomphe and Breeders’ Cup Classic as the only races to have won this recognition on more than one occasion since this award was created by the IFHA in 2015 (the Juddmonte International last won this award in 2020).

York has continued to play an active role within the racing and local community. Funds raised from Macmillan Charity Raceday totalled over £567,000 this year continuing its place as Britain’s biggest charity raceday and Macmillan’s single largest fundraising event with the total raised since 1971 now exceeding £10.5m. In addition, York partnered with three local community groups within our city – Brainkind, the Blueberry Academy and Clifton Green Primary School with financial, in kind and partner support. York continued our partnership with local retraining and rehoming former racehorses charity New Beginnings, taking our equine ambassador Goldream into the community with hospice, schools and racecourse visits. York is also proud of its partnership with Racing Welfare who do vital work supporting racing’s workforce.

Plans are in place for a 18 raceday season in 2025 with a planned record investment in prize money and further projects to continue to improve the facilities, racing surface and experience of racing at York. As a post year end event, York is delighted that the European Pattern Committee have upgraded the Sky Bet City of York Stakes to Group 1 status from 2025. Run on the final Saturday of the Sky Bet Ebor Festival this seven furlong contest will ensure there is a Group 1 run on all four days of the meeting.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs B E Guerin (as Trustee of York Race Committee)
York Racecourse Limited
Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share to meet their corporation tax liabilities. Any additional drawings are at the discretion of the LLP and subject to the cash requirements of the business. No remuneration is paid to Committee members of the York Race Committee.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

YORK RACECOURSE KNAVESMIRE LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

On behalf of the members
Mrs B E Guerin (as Trustee of York Race Committee)
On behalf of York Racecourse Limited
signed on
28 April 2025
YORK RACECOURSE KNAVESMIRE LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

YORK RACECOURSE KNAVESMIRE LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF YORK RACECOURSE KNAVESMIRE LLP
- 5 -
Opinion

We have audited the financial statements of York Racecourse Knavesmire LLP (the 'limited liability partnership') for the year ended 31 October 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 limited liability partnership in accordance with the ethical 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 accordance 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 members' 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 limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

YORK RACECOURSE KNAVESMIRE LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YORK RACECOURSE KNAVESMIRE LLP
- 6 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

YORK RACECOURSE KNAVESMIRE LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YORK RACECOURSE KNAVESMIRE LLP
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Martin Davey
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
1 May 2025
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
YORK RACECOURSE KNAVESMIRE LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£ 000's
£ 000's
Turnover
3
29,373
29,701
Cost of sales
(17,492)
(16,836)
Gross profit
11,881
12,865
Administrative expenses
(11,644)
(11,165)
Other operating income
873
792
Operating profit
4
1,110
2,492
Other interest receivable and similar income
7
354
188
Interest payable and similar expenses
8
(32)
(48)
Amounts written off investments
9
56
70
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
1,488
2,702

The profit and loss account has been prepared on the basis that all operations are continuing operations.

YORK RACECOURSE KNAVESMIRE LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
£ 000's
£ 000's
Profit for the financial year available for discretionary division among members
1,488
2,702
Other comprehensive income
Actuarial gain/(loss) on defined benefit pension schemes
-
(22)
Total comprehensive income for the year
1,488
2,680
YORK RACECOURSE KNAVESMIRE LLP
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£ 000's
£ 000's
£ 000's
£ 000's
Fixed assets
Intangible assets
10
2,250
-
Tangible assets
11
53,837
45,701
Investments
12
2,951
4,116
59,038
49,817
Current assets
Stocks
13
30
28
Debtors
14
6,001
12,399
Cash at bank and in hand
3,374
4,776
9,405
17,203
Creditors: amounts falling due within one year
16
(5,726)
(6,395)
Net current assets
3,679
10,808
Total assets less current liabilities
62,717
60,625
Creditors: amounts falling due after more than one year
17
-
(917)
Net assets attributable to members
62,717
59,708
Represented by:
Accruals and deferred income
Deferred capital grants
18
32,667
30,804
Loans and other debts due to members within one year
20
Amounts due in respect of profits
21,290
20,144
Members' other interests
20
Members' capital classified as equity
8,760
8,760
62,717
59,708
Total members' interests
20
Loans and other debts due to members
21,290
20,144
Members' other interests
8,760
8,760
30,050
28,904
YORK RACECOURSE KNAVESMIRE LLP
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 11 -
The financial statements were approved by the members and authorised for issue on 28 April 2025 and are signed on their behalf by:
28 April 2025
Mrs B E Guerin (as Trustee of York Race Committee)
On behalf of York Racecourse Limited
Limited Liability Partnership Registration No. OC332112
YORK RACECOURSE KNAVESMIRE LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Members' capital
Other reserves
Total
£ 000's
£ 000's
£ 000's
Balance at 1 November 2022
8,760
-
8,760
Year ended 31 October 2023:
Profit for the year
-
2,702
2,702
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(22)
(22)
Total comprehensive income for the year
-
2,680
2,680
Profit allocations
-
(2,680)
(2,680)
Balance at 31 October 2023
8,760
-
8,760
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
1,488
1,488
Profit allocations
-
(1,488)
(1,488)
Balance at 31 October 2024
8,760
-
8,760
YORK RACECOURSE KNAVESMIRE LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
2024
2023
Notes
£ 000's
£ 000's
£ 000's
£ 000's
Cash flows from operating activities
Cash generated from operations
26
11,311
7,151
Interest paid
(32)
(48)
Net cash inflow from operating activities
11,279
7,103
Investing activities
Purchase of intangible assets
(2,250)
-
Purchase of tangible fixed assets
(10,415)
(1,860)
Proceeds from disposal of tangible fixed assets
1
-
Proceeds from disposal of listed investments
4,259
-
Purchase of listed investments
(3,038)
(3,953)
Interest received
237
138
Other income received from investments
117
50
Net cash used in investing activities
(11,089)
(5,625)
Financing activities
Payments to member entities to cover corporation tax
(342)
(473)
Repayment of bank loans
(1,250)
(1,337)
Net cash used in financing activities
(1,592)
(1,810)
Net decrease in cash and cash equivalents
(1,402)
(332)
Cash and cash equivalents at beginning of year
4,776
5,108
Cash and cash equivalents at end of year
3,374
4,776
YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
1
Accounting policies
Limited liability partnership information

York Racecourse Knavesmire LLP is a limited liability partnership incorporated in England and Wales. The registered office is York Racecourse, The Knavesmire, York, North Yorkshire, YO23 1EX.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £1,000.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The members have considered all factors, including in the wider economy, as part of their assessment of going concern. Although the current economic climate creates both cashflow and profitability risks, the LLP continues to trade profitably and is cash generative. Budgets and cashflows have been prepared which indicate continuing profitability and cash generation, consequently the members believe on balance that they have sufficient resources to enable trading to continue for a period of at least one year from the date of approval of the financial statements. Accordingly, these financial statements have been prepared on the going concern basis.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts and is recognised according to the date of the event or provision of service.

Racecourse media turnover is recognised on an accruals basis and is earned according to each race day.  The turnover is paid primarily on invoice however the final balance in respect of a particular season is paid by way of dividend.  As this final balance has all the traits of turnover, the members believe it is most appropriate to report such dividends within turnover to reflect substance rather than legal form.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits and is contractual, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -

Profits are divided in accordance with the LLP agreement with 99% of profits being distributed to York Racecourse Committee and 1% to York Racecourse Limited or such other proportions as the members may agree. They are credited to the members' current accounts as soon as the annual accounts for the relevant accounting year are approved by the members.

The members’ participation rights that are classified as liabilities are repayable upon demand, or at short notice (e.g. upon termination of membership), and as such whilst they are financing transactions, the effect of discounting is considered immaterial and so they are not discounted to present value.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as 'Loans and other debts due to members' to the extent they exceed debts due from a specific member.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Raceday Fixture
10% Straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
2-10% Straight line
Plant and machinery
10-25% Straight line
Fixtures, fittings and equipment
10-20% Straight line

Land is not depreciated.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Listed investments are initially measured at cost, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss.

YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Impairment of fixed assets

At each reporting period end date, the LLP reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the LLP's balance sheet when it becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the LLP transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including overdrafts, bank loans and loans from members, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's obligations expire or are discharged or cancelled.

YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

The cost of providing benefits under defined benefit plans is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

 

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

 

The defined net benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

 

During the prior year, the LLP purchased a bulk annuity to cover the future liabilities of the defined benefit pension scheme and is pursuing a route to a full exit of the scheme. As the effect of the bulk annuity purchase was to transfer annuity risk to the purchasing insurance company, the LLP has derecognised the defined benefit scheme.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
1.15
Grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

Grants are received from the Horserace Betting Levy Board (HBLB) in respect of capital expenditure.

 

Capital grants received are taken to the grant account. Credits are made to the profit and loss account by equal instalments over a period of 50 years which matches the period over which the fixed assets to which the credits relate are depreciated.

 

The HBLB provides funding to racecourses which is used to support racing activities. This revenue is accounted for as income in the profit and loss account on a fixture by fixture basis. A racecourse is allowed to make an irrevocable election to waive the income in favour of a transfer to a capital credits account. Such capital credits may be claimed, at the HBLB’s discretion, against expenditure on approved capital projects and utilised to repay HBLB loans. HBLB grants taken as capital credits are accounted for as deferred income and recognised in the balance sheet as an asset prior to these being utilised for approved capital projects; once utilised, the asset is transferred to fixed assets as a deemed cost and the deferred revenue is recognised in the profit and loss account over the useful life of the asset, to match the depreciation charge made in the profit and loss account. The deferred revenue is not discounted.

1.16
Taxation
The taxation payable on profits is the sole liability of the members during the period. Consequently, these financial statements do not include any calculation of taxes payable by the members.
2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation

The depreciation policy has been set according to management's experience of the useful lives of a typical asset in each category, something which is reviewed annually. The depreciation charged during the year was £2,279k (2023 - £2,076k) which the members feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the period.

YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2024
2023
£ 000's
£ 000's
Turnover analysed by class of business
Racing income
27,549
28,182
Non racing income
1,824
1,519
29,373
29,701
2024
2023
£ 000's
£ 000's
Turnover analysed by geographical market
United Kingdom
29,373
29,701
2024
2023
£ 000's
£ 000's
Other significant revenue
Interest income
237
138
Grants received
873
792
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£ 000's
£ 000's
HBLB grants
(873)
(792)
Depreciation of owned tangible fixed assets
2,279
2,076
Profit on disposal of tangible fixed assets
(1)
-
Operating lease charges
429
442

Turnover includes Horseracing Betting Levy Board income of £2,904k (2023 - £2,893k) of which £2,836k (2023 - £2,726k) has been deferred to the capital credits scheme via a debit to administrative expenses.

5
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor and associates:
£ 000's
£ 000's
For audit services
Audit of the financial statements of the LLP
23
20
For other services
Audit-related assurance services
5
4
YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
6
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Permanent staff
51
47

Their aggregate remuneration comprised:

2024
2023
£ 000's
£ 000's
Wages and salaries
2,355
2,296
Social security costs
197
191
Pension costs
111
114
2,663
2,601

In addition to the above, York Racecourse Knavesmire LLP employed an average of 177 race day assistants (2023 - 195) at each of their race days.

7
Interest receivable and similar income
2024
2023
£ 000's
£ 000's
Interest income
Interest on bank deposits
237
138
Income from fixed asset investments
Income from other fixed asset investments
117
50
Total income
354
188
8
Interest payable and similar expenses
2024
2023
£ 000's
£ 000's
Interest on financial liabilities measured at amortised cost:
Interest on bank loans
32
48
9
Fair value adjustment
2024
2023
£ 000's
£ 000's
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
56
70
YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
10
Intangible fixed assets
Raceday Fixture
£ 000's
Cost
At 1 November 2023
-
Additions
2,250
At 31 October 2024
2,250
Amortisation and impairment
At 1 November 2023 and 31 October 2024
-
Carrying amount
At 31 October 2024
2,250
At 31 October 2023
-
11
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Total
£ 000's
£ 000's
£ 000's
£ 000's
Cost
At 1 November 2023
62,314
3,127
4,330
69,771
Additions
8,712
232
1,471
10,415
Disposals
-
-
(8)
(8)
At 31 October 2024
71,026
3,359
5,793
80,178
Depreciation and impairment
At 1 November 2023
18,580
2,169
3,321
24,070
Depreciation charged in the year
1,578
305
396
2,279
Eliminated in respect of disposals
-
-
(8)
(8)
At 31 October 2024
20,158
2,474
3,709
26,341
Carrying amount
At 31 October 2024
50,868
885
2,084
53,837
At 31 October 2023
43,734
958
1,009
45,701

Within land and buildings the cost of non depreciated land is £215k (2023 - £215k).

YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
12
Fixed asset investments
2024
2023
£ 000's
£ 000's
Listed investments
2,858
4,023
Unlisted investments
93
93
2,951
4,116
Fixed asset investments revalued

Listed investments are carried at their open market value as at the balance sheet date. The historic cost of investments as at the year end was £2,832k (2023 - £3,953k).

Movements in fixed asset investments
Investments
£ 000's
Cost or valuation
At 1 November 2023
4,116
Additions
3,038
Valuation changes
56
Redemption
(2,615)
Disposals
(1,644)
At 31 October 2024
2,951
Carrying amount
At 31 October 2024
2,951
At 31 October 2023
4,116
13
Stocks
2024
2023
£ 000's
£ 000's
Finished goods and goods for resale
30
28
14
Debtors
2024
2023
Amounts falling due within one year:
£ 000's
£ 000's
Trade debtors
1,559
1,566
Other debtors
356
6,745
Prepayments and accrued income
4,086
4,088
6,001
12,399
YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
14
Debtors
(Continued)
- 24 -

Other debtors represent HBLB grants to be drawn down against future qualifying projects as per note 24.

15
Loans
2024
2023
£ 000's
£ 000's
Bank loans
917
2,167
Payable within one year
917
1,250
Payable after one year
-
917

Bank borrowings are secured by an all monies debenture and legal charges over the LLP’s land and buildings.

 

A £3m CBILS loan was taken out in 2020, with a balance outstanding at the year end of £500k (2023 - £1.25m). A separate £2m CBILS loan was also taken out in 2020, with a balance outstanding at the year end of £417k (2023 - £917k). Interest is charged on these loans at 1.75 % plus base rate. Both loans are due for final repayment by 2025.

16
Creditors: amounts falling due within one year
2024
2023
Notes
£ 000's
£ 000's
Bank loans
15
917
1,250
Trade creditors
676
801
Other taxation and social security
55
390
HBLB grants
18
850
750
Other creditors
273
295
Accruals and deferred income
2,955
2,909
5,726
6,395
17
Creditors: amounts falling due after more than one year
2024
2023
£ 000's
£ 000's
Bank loans
15
-
917
YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
18
Deferred Capital Grants
2024
2023
£ 000's
£ 000's
Deferred capital grants brought forward
31,554
29,620
HBLB grants for the year deferred to/(released from) the Capital Credits scheme
1,963
1,934
33,517
31,554

Deferred income is included in the financial statements as follows:

2024
2023
£ 000's
£ 000's
Current liabilities
850
750
Non-current liabilities
32,667
30,804
33,517
31,554

Deferred capital grants included within current liabilities represent the members' best estimate of amounts expected to be recognised in the profit and loss account in the next financial year.

 

Included within grants to be released after more than one year is £356k (2023 - £6,745k) of accrued grants receivable which the LLP has the right to use against future capital projects or the repayment of Horserace Betting Levy Board (HBLB) loans where the timing of these are at the discretion of the members.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£ 000's
£ 000's
Charge to profit or loss in respect of defined contribution schemes
111
114

The LLP operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the LLP in an independently administered fund.

Defined benefit schemes

The LLP operates a defined benefit pension scheme, the York Race Committee Pension Scheme, which is a paid up scheme. The last full actuarial valuation of the scheme was carried out as at 1 September 2020 by a qualified independent actuary.

 

During the prior year, the LLP purchased a bulk annuity to cover the future liabilities of the defined benefit pension scheme and is pursuing a route to a full exit of the scheme. As the effect of the bulk annuity purchase was to transfer annuity risk to the purchasing insurance company, the LLP has derecognised the defined benefit scheme.

 

The Scheme was wound up on 31 March 2025 and therefore there is no deficit at the year end.

YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
20
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£ 000's
£ 000's
£ 000's
£ 000's
£ 000's
£ 000's
Members' interests at 1 November 2023
8,760
-
8,760
20,144
20,144
28,904
Profit for the financial year available for discretionary division among members
-
1,488
1,488
-
-
1,488
Members' interests after profit for the year
8,760
1,488
10,248
20,144
20,144
30,392
Allocation of profit for the financial year
-
(1,488)
(1,488)
1,488
1,488
-
Drawings
-
-
-
(342)
(342)
(342)
Members' interests at 31 October 2024
8,760
-
8,760
21,290
21,290
30,050

 

There are 7 (2023 - 6) Committee Members of York Race Committee who are also members of the LLP as Trustees of York Race Committee. The Committee Members have no financial or equity interest in the LLP and are not remunerated by any entities associated with the LLP.
YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
21
Loans and other debts due to members
2024
2023
£ 000's
£ 000's
Analysis of loans
Amounts falling due within one year
21,290
20,144

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

22
Related party transactions

Key management personnel

The total remuneration of those who are considered to be the key management personnel working within the LLP, consisting of 9 employees (2023 - 9), was £1,066k (2023 - £967k). Remuneration includes amounts due under a long term incentive scheme.

 

Members transactions

At the period end the LLP had a profit of £1,488k (2023 - £2,680k) which is to be allocated as follows:

 

York Race Committee £1,473k (2023 - £2,653k)

 

York Racecourse Limited £15k (2023 - £27k)

 

As a consequence the total amount owing to the members at the period end, after amounts introduced/withdrawn, was:

 

York Race Committee £29,680k (2023 - £28,548k).

 

York Racecourse Limited £370k (2023 - £356k).

23
Operating lease commitments
Lessee

The total commitment is based on the remaining term of the lease being 81 years to the cessation date of 30 December 2105. This is based on an annual commitment of £409k and it is likely that actual payments will exceed this following future lease reviews.

At the reporting end date the LLP had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£ 000's
£ 000's
Within one year
409
409
Between two and five years
1,636
1,636
In over five years
31,185
31,594
33,230
33,639

The above operating lease commitment represents rent due on the 15 core race days held each year.

YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
24
Capital commitments
2024
2023
£ 000's
£ 000's

At 31 October 2024 the limited liability partnership had capital commitments as follows:

Contracted for but not provided in the financial statements:
Acquisition of tangible fixed assets
-
5,189

The capital commitment at the prior year-end is in relation to improvements to the Bustardthorpe Development at the racecourse, including demolition and reconstruction. The majority of this expense was funded through deferred capital HBLB credits as included in note 14.

25
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
8
7

The above includes 7 (2023 - 6) Committee Members of York Race Committee who are also members of the LLP as Trustees of York Race Committee. The Committee Members have no financial or equity interest in the LLP and are not remunerated by any entities associated with the LLP.

26
Cash generated from operations
2024
2023
£ 000's
£ 000's
Profit for the year
1,488
2,702
Adjustments for:
Finance costs recognised in profit or loss
32
48
Investment income recognised in profit or loss
(354)
(188)
Gain on disposal of tangible fixed assets
(1)
-
Depreciation and impairment of tangible fixed assets
2,279
2,076
Other gains and losses
(56)
(70)
Pension scheme non-cash movement
-
(22)
Movements in working capital:
(Increase)/decrease in stocks
(2)
4
Decrease/(increase) in debtors
6,398
(544)
Increase in creditors
1,527
3,145
Cash generated from operations
11,311
7,151
YORK RACECOURSE KNAVESMIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 29 -
27
Analysis of changes in net funds
1 November 2023
Cash flows
31 October 2024
£ 000's
£ 000's
£ 000's
Cash at bank and in hand
4,776
(1,402)
3,374
Borrowings excluding overdrafts
(2,167)
1,250
(917)
Balances before members' debt
2,609
(152)
2,457
Loans and other debts due to members:
- Other amounts due to members
(20,144)
(1,146)
(21,290)
Balances including members' debt
(17,535)
(1,298)
(18,833)
2024-10-312023-11-01falsefalseCCH SoftwareCCH Accounts Production 2025.100falseOC3321122023-11-012024-10-31OC3321122024-10-31OC3321122022-11-012023-10-31OC332112bus:LimitedLiabilityPartnershipLLP2023-11-012024-10-31OC332112bus:FRS1022023-11-012024-10-31OC332112bus:Audited2023-11-012024-10-31OC332112bus:FullAccounts2023-11-012024-10-31xbrli:purexbrli:sharesiso4217:GBP