The directors present their strategic report of the company and the group for the year ended 31 December 2024.

The group’s result in 2024 was a profit for the financial year of £931k (2023: £724k). A significant factor is the mandatory FRS 102 adjustment of £276k profit (2023: £226k) that detracts attention from the underlying business but highlights the volatility of the stock market in which we hold listed investments. The Capital Grants decreased £69k (2023: £108k increase). Our key performance indicator excludes the FRS adjustment and adds the capital grants movement making £585k profit for 2024 (£607k profit in 2023).

Subsidiary company, Leicester Racecourse Co., Ltd (“LRC”)

29 fixtures were scheduled for 2024 (30 scheduled in 2023). The 2023 bad weather continued in 2024 with rainfall equalling the 2023 record of 36 inches, compared with a 30 years average of 24 inches and a previous record in 2012 of 32 inches. 50% over average and 12.5% over the previous record is considerable. 4 fixtures were abandoned due to the bad weather in 2024 (7 in 2023). 165 races were run, 10 more than in 2023. The 2 extra racedays and 10 extra races in the year helped improve the income and profits for the year.

Our media rights income continues to be under pressure partly due to continuing uncertainties over the Gambling Act review and affordability checks and partly due to the Olympics diverting sporting interests. Inflationary pressures continued to increase many costs. Overall it was a tough trading year.

No Capital Credits were claimed in 2024 (£180k in 2023).

Despite disappointing financial results for the year, the cashflow and balance sheet remain strong.

Associated company, Wetherby Steeplechase Committee Ltd (“Wetherby”)

Wetherby contributed a £89k loss to our share of operating profits (2023 £99k) and £26k increase in Capital Grants (2023 £36k). The Wetherby total return fell £5k, which is the worst result since we purchased the shares. After 4 abandonments for bad weather, 14 of the 18 fixtures were run (all 20 of the scheduled racedays were run in 2023). Racing 6 fewer days was the major cause of lower profits.

Holding company (“LRH”)

This was a record profit year. Rental income continued to grow. Our golf tenant has built its themed adventure golf course, which has increased its business. At completion of its 10th anniversary the Kube’s depreciation charges are smaller. High interest rates boosted the interest received. Profits on sales of investments increased. Comments on the revaluations under FRS 102 are in the first paragraph above.

Group

It has been another challenging year for the racing industry. The FRS adjustment and record profits in LRH hide the record loss in Wetherby and continued poor racing results in LRC.

The Directors feel that we shall continue to experience headwinds from the issues mentioned above, but despite being a challenging few years the group is in a strong position with healthy cashflow and a strong balance sheet.

The group's activities expose it to a variety of risks.

The principal risk is the generation of income streams. This is largely managed by funding via the HBLB and contracts for media rights. The group has TV rights contracts that run to 31 March 2028, following renewals agreed in 2021.

The directors consider that the group is financially well placed by having no external debt.

Continual efforts are being made to maximise both raceday and non-raceday income, and to control expenditure.

On behalf of the board

The directors present their report and financial statements of the company and the group for the year ended 31 December 2024.

The principal activity of the group continued to be that of the promotion of race meetings under British Horseracing Authority rules.

The group's land and buildings are also used for purposes which do not interfere with racing.

The results for the year are set out on page 9.

A dividend of £2.60/share totalling £136,258 was paid in 2024 (2023: £2.60/share totalling £136,258). In accordance with FRS 102 section 32 "Events after the balance sheet date", the company no longer provides for dividends proposed but not approved by the balance sheet date. The directors expect to propose a dividend which will be subject to the approval of the shareholders at the AGM.

Details of the proposed dividend are contained in the Chairman's statement to shareholders and will be circulated with the relevant papers for the AGM.

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

The group uses financial instruments, which include cash resources and listed investments. The main risks arising from the group's financial instruments are price, liquidity and cash flow risk. The directors regularly review and agree policies for the mitigation of these risks.

Political influences over the racing industry remain a concern. In particular the review of the Gambling Act, which was started by the DCMS in December 2020, and the scope of affordability checks continue slowly. One significant industry member has estimated a fall in on-line betting revenues of £3 billion or more than 25% on horse racing over the two years to 31 March 2024. Since 1 April 2019, when statute became effective to reduce the maximum bet on FOBTs from £100 to £2, over one third of the UK’s LBOs (licenced betting offices) have closed. These two issues have had a significant impact on betting and consequentially our media rights income from bookmakers. We hope that continuing industry lobbying will lead to the easing of these issues.

Many other issues are also outside our control, but we hope for better weather in 2025 and to have fewer abandonments. Geopolitical problems continue but there seems to be less markets volatility. We are seeing improving energy prices and lower interest rates and lower inflation giving better stability to the UK economy. We hope that an improving economy will lead to improved group results.

The racing companies will continue to add value to events, in particular on our premium racedays. The highest profile raceday in 2025 will be LRC’s Ladies Day on Saturday 5 July. In addition to racing there will be live music headlined by Sophie Ellis-Bextor with a DJ set by Mark Wright and support from The Different Lights.

The Directors continue to explore trading opportunities on racedays and trading opportunities outside racing that do not interfere with racing.

Despite many challenges the directors believe that the group is in a satisfactory position, both financially and contractually, to ensure the continuing health of the business. The directors are confident with the continued strength of the group due to prudent management with healthy cashflow and reserves.

Newby Castleman LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s and group’s transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Leicester Racecourse Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance sheet, Company Balance sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Notes to the Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 group 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 directors' 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 group's and the parent company’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 directors 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 directors 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors 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 directors 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 directors are responsible for assessing the parent company'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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. However, responsibility for the prevention and detection of fraud ultimately rests with both those charged with governance and management of the group and company.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• obtaining an understanding of the legal and regulatory framework applicable to the group and company by considering the nature of the industry in which the group and company operates and enquiring of management; and

• identifying the key laws and regulations considered to have a direct impact on the financial statements including the UK Companies Act 2006, UK Generally Accepted Accounting Practice and UK tax legislation. Other regulations identified which were not considered to have a direct impact on the financial statements but which were considered central to the ability of the group and company to operate were the BHA General Instructions; and

• assessing how the group and company is complying with the applicable legal and regulatory framework by making further enquiries of management and observing the group and company's control environment regarding compliance with regulations and fraud prevention; and

• assessing the susceptibility of the group and company’s financial statements to material misstatement, including how fraud might occur, by considering the effectiveness of the group and company’s accounting systems and controls and how these were monitored by management. Where the risk of material misstatement was considered to be higher in certain areas, further audit procedures were designed to address this increased risk; and

• discussing amongst the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud.

Our procedures to respond to risks identified included the following:

• reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

• enquiry of company staff responsible for compliance to identify any instances of non-compliance with laws and regulations; and

• reviewing supporting documentation confirming compliance with specific laws and regulations considered central to the ability of the group and company to operate; and

• enquiry of management, those charged with governance and other relevant parties around actual and potential litigation claims; and

• reviewing supporting documentation regarding actual and potential litigation claims; and

• reviewing minutes of meetings of those charged with governance; and

• performing audit work over revenue recognition including analytical procedures and substantive tests of detail of a sample of revenue transactions; and

• performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and

• communicating identified laws and regulations and potential fraud risks to all engagement team members and assessing whether there are any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in a Report of the Auditor's and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The notes on pages 15-31 form part of these financial statements.

The notes on pages 15-31 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The notes on pages 15-31 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £863,636 (2023 - £789,161 profit).

The notes on pages 15-31 form part of these financial statements.

The notes on pages 15-31 form part of these financial statements.

The notes on pages 15-31 form part of these financial statements.

Leicester Racecourse Holdings Limited is a group, registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The consolidated statement of total comprehensive income and balance sheet include the financial statements of the company and its subsidiary made up to 31 December 2024 and the financial statements of its associate made up to 30 September 2024. Intra-group sales and profits are eliminated fully on consolidation.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover represents income receivable (excluding VAT) on performance of the principal activities of the company of operating and managing racecourses, their facilities and media rights and is recognised in the period to which it relates. Rental from property assets and investment income is recognised on an accruals basis, net of VAT. Turnover is recognised only when it is probable that the company will receive the previously agreed upon payment and that this amount can be measured reliably.

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

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

No depreciation is provided in respect of freehold land.

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 credited or charged to the Statement of Comprehensive Income.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the balance sheet date. Any surplus or deficit on revaluation is recognised in the profit and loss account.

Investments in subsidiaries are initially measured at cost and subsequently measured as 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 the Statement of Comprehensive Income.

Interests in associates are accounted under the equity method and initially recognised at cost and subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate. These amounts are taken from the audited financial statements of the undertaking concerned for the year ended 30 September 2024. Any capital grants receivable not included on the associate's audited balance sheet have the group's share accounted for in the consolidation in line with the group's accounting policy. Goodwill is the difference between the amount paid on the acquisition of a business and the aggregate fair value of its separate net assets. Goodwill is amortised through the statement of total comprehensive income over the directors' estimate of its economic life of 10 years.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Listed fixed asset investments are initially measured at transaction price including transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the Statement of Comprehensive Income.

Unlisted fixed asset investments are stated at cost less provision for diminution in value.

Stock is valued at the lower of cost and net realisable value.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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

Financial assets and liabilities are offset, with 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 liabilities, including trade and other payables, bank loans and loans from fellow group companies are initially recognised at transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price.

The tax expense represents the sum of the tax currently payable, adjustments in respect of prior periods, and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

The group operates a defined contribution retirement benefit plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they are due. The assets of the plan are held separately from the group in independently administered funds.

The directors can elect to claim capital grants, known as Capital Credits, as an alternative to turnover from the HBLB. Grants are accounted for on a received and receivable basis. Grants received to fund capital expenditure are amortised to the profit and loss account over the expected useful life of the assets they are funding. Capital grants are on the balance sheet as the associated works have been performed and they are not repayable.

In the application of the company’s accounting policies, the directors 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 assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Part of the group's income from its media rights partner is calculated after the end of the financial year. The group uses its media rights partner's best estimates, although these can vary with time.

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The annual amortisation charge for capital grants directly reflects the depreciation charge of such assets. See note 15 for the carrying amount of the property, fixtures, fittings and equipment, and note 3.7 for the useful economic lives for each class of assets.

As described in note 16 to the financial statements, investment properties are stated at fair value based on the valuation performed by the directors. The directors have used observable market prices adjusted as necessary for any difference in the location or condition of the specific asset. However, the recent rises in interest rates and inflation has caused significant disruption and uncertainty in the UK property market which has inevitably increased the degree of judgement involved in the investment property valuation at 31 December 2024.

The turnover and profit before taxation are attributable to the principal activities of the group.

All turnover arises in the UK.

The directors have taken the decision to take £Nil (2023: £180,364) of the grants from the HBLB as capital grants to fund further developments.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 4).

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

The investment properties have been valued by the directors on a fair value basis as required by FRS 102. Certain investment property have been valued by reference to either similar property sold in the immediate area or to property of a similar nature currently on the market. One item of investment property has been valued on the basis of the discounted future cashflows arising from the expected lease rentals. On a historical cost basis these properties would have been included at an original cost of £192,133 (2023: £192,133).

The group of the company's investments at the Balance Sheet date in the share capital of companies include the following:

The above balances relate to the carrying amounts at the reporting date of financial instruments measured at fair value through the profit and loss. Financial instruments measured at amortised cost are not included.

It is not sensible to estimate the movement in deferred tax for the following period, as the most significant element is calculation of the FRS 102 adjustment for the revaluation of listed investments. A reasonable estimate for future values of the listed investments is not a sensible exercise.

There is a single class of Ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. Each share is entitled to one vote in any circumstances.

Share premium account represents amounts paid in excess of share cost price.

The fair value reserve comprises fair value gains on investment property less the deferred tax on those gains.

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

Contributions totalling £4,979 (2023 - £5,065) were due at the balance sheet date.

During the year, a total of key management personnel compensation of £211,853 (2023 - £216,330) was paid.

Minimum lease receipts fall due as follows:

Operating lease receipts represent rentals receivable to the group and company for its land and buildings.

The directors have identified that certain property held by the company, previously included within tangible fixed assets, should be accounted for as investment property on the basis that they are held by the company to earn rentals. The revised accounting treatment has been applied retrospectively as per FRS102 Section 10 and the opening reserves at 1 January 2023 amended accordingly.