The members present their annual report and financial statements for the year ended 31 October 2025.
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.
The results for the year and the financial position are set out on pages 8 to 28.
Turnover grew over 9% to a record £32.1m, up from £29.4m helped by a return to 18 racedays (17 in 2024) following the investment of £2.25m to secure the Racecourse Fixture on the last Saturday afternoon in June. York Racecourse now owns all 18 Racecourse Fixtures and the rights attaching to them. The increased number of racedays meant total racegoer numbers increased from 258,548 in 2024 to 289,840 (+12%) in 2025 with 14 racedays showing growth in attendance. Data and betting related media income increased by £0.6m to £5.7m helped by the additional raceday and a strong performance by the race programme.
Prize funds increased to a new record of £12.5m (2024 - £11.4m). York Racecourse invested a record £6.6m (2024 - £5.9m) in executive contribution to prize money in 2025, with owners’ stakes contributing £3.1m and the Horserace Betting Levy Board prize money funding of £2.8m. This record level of prize money helped attract a record total of 1,581 runners who contested 125 races, delivering an average of 12.6 runners per race, the highest of any racecourse in Britain. Some 20 different thoroughbreds who ran at York in 2025 won a Group One race in the calendar year, with Gewan, the winner of the G3 Tattersalls Acomb Stakes, being the highest ranked juvenile of the year. All the older horse winners at the 2025 Cartier Racing Awards had run at York in 2025 or 2024.
Cost of sales increased £2.2m from £17.5m in 2024 to £19.7m in 2025 mainly as a result of the additional raceday including the costs of staging an additional, third music raceday event, and £1.2m higher prize money on offer.
Administrative costs increased 8% from £11.6m to £12.5m. Of the £0.9m increase, £0.3m related to depreciation on the higher asset base, £0.2m in relation to amortising the investment in the new fixture over 10 years, £0.2m to higher prices for energy and utilities and a further £0.2m as a result of deferring more HBLB income to the capital credits scheme. A backdated rates rebate helped offset some of the higher administrative costs.
The financial impact of the above is a profit of £1.3m which is similar to the £1.5m achieved in 2024 despite the additional investment in executive contribution to prize money.
Investment in fixed assets totalled £1.7m across a range of projects focused on improving the customer experience including new parasols around the parade ring on the champagne lawns, updating the raceday and non-raceday entrances and refreshing hospitality areas.
Operating cashflow decreased from £2.1m in 2024 to £1.8m in 2025, mainly due to the drawdown of deferred Horserace Betting Levy Board income to fund the Bustardthorpe Development in 2024. All bank loans and debt have been repaid with a medium-term focus on strengthening the balance sheet ahead of any future major redevelopment. Cash reserves fell by £0.2m to £3.2m during the financial year although this excludes a £2.9m investment in highly liquid UK Gilts. 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.
During the year, York was honoured to be awarded a number of accolades and awards.
After the publication of a series of independent, third party audits and assessments across all UK racecourses, York Racecourse was ranked Number 1 for the experience of Racegoers, Stable Staff and Owners. The team at Stableside reclaimed their position as the best racecourse in Britain for stable staff in 2025, with a near-perfect score from the National Association of Racing Staff. The Racecourse Association published the 2025 Quality Assured Racecourse Scheme results, based on course visits from AA Inspectors with York being awarded the highest score. To cement the achievement York was further awarded three RCA Excellence Accolades for “Spotless & Sparkling”, “Taste of Racecourses: Food” and “Warmest Welcome”. In the independent mystery shop and survey completed by owners, York posted an impressive 97% score, so retaining Gold Award Standard and top spot from the Racehorse Owners Association. The recent Bustardthorpe Development, operational for its first full season, continued to garner further awards - for Sustainability in both the York Design Awards and National Brick Development Association Awards Association and for Best Non Residential Development at the Yorkshire Region Local Authority Building Control Building Excellence awards.
York has continued to play an active role within the racing and local community. Funds raised from the Macmillan Charity Raceday totalled over £468,000 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 £11m. In addition, York partnered with three local community groups within our city – Collective Sharehouse, Move The Masses and Clifton Green Primary School with financial, in kind and partner support. Representatives of each organisation met with York Racecourse Patron, Her Majesty Queen Camilla during Her visit to the Sky Bet Ebor Festival. The Ebor Community Sweepstake provided a grant to 22 good causes that were linked to the runners in the big race, with £20,000 being “won” by MASH, a military veterans charity in East Yorkshire. York continued our partnership with local retraining and rehoming former racehorses charity New Beginnings, taking our equine ambassador Goldream into more community visits than ever before. York is also proud of its partnership with Racing Welfare who do vital work supporting racing’s workforce.
Plans are in place for an 18 raceday season in 2026 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.
The designated members who held office during the year and up to the date of signature of the financial statements were as follows:
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".
The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.
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.
We have audited the financial statements of York Racecourse Knavesmire LLP (the 'limited liability partnership') for the year ended 31 October 2025 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).
Basis for 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
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.
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:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and 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 indicators of potential bias.
Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period.
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.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
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.
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.
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.
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.
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.
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.
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:
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 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.
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.
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.
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.
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.
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, 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.
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.
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.
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.
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, 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.
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.
Financial liabilities are derecognised when the LLP's obligations expire or are discharged or cancelled.
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.
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.
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.
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.
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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
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 £2,568 (2024: £2,279k) 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.
An analysis of the limited liability partnership's turnover is as follows:
Turnover includes Horseracing Betting Levy Board income of £3,342k (2024: £2,904k) of which £3,075k (2024: £2,836k) has been deferred to the capital credits scheme via a debit to administrative expenses.
The average number of persons (excluding members) employed by the partnership during the year was:
Their aggregate remuneration comprised:
In addition to the above, York Racecourse Knavesmire LLP employed an average of 199 race day assistants (2024: 177) at each of their race days.
Within land and buildings the cost of non depreciated land is £215k (2024 - £215k).
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 (2024: £2,832k).
Other debtors represent HBLB grants to be drawn down against future qualifying projects.
Bank borrowings were 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 £nil (2024: 500k). A separate £2m CBILS loan was also taken out in 2020, with a balance outstanding at the year end of £nil (2024: £417k). Interest was charged on these loans at 1.75 % plus base rate. Both loans were fully repaid in 2025.
Deferred income is included in the financial statements as follows:
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 £2,711k (2024: £356k) 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.
The LLP operated 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 operated 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 2023 Financial 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 derecognised the defined benefit scheme during the prior year.
The scheme was wound up on 31 March 2025 and therefore there is no deficit at the year end.
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
Key management personnel
The total remuneration of those who are considered to be the key management personnel working within the LLP, consisting of 10 employees (2024: 9), was £1,198k (2024: £1,066k). Remuneration includes amounts due under a long term incentive scheme.
Members transactions
At the period end the LLP had a profit of £1,284k (2024: £1,488k) which is to be allocated as follows:
York Race Committee £1,271k (2024: £1,473k)
York Racecourse Limited £13k (2024: £15k)
As a consequence the total amount owing to the members at the period end, after amounts introduced/withdrawn, was:
York Race Committee £30,529k (2024: £29,680k).
York Racecourse Limited £382k (2024: £370k).
The total commitment is based on the remaining term of the lease being 80 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:
The above operating lease commitment represents rent due on the 15 core race days held each year.
The above includes 8 (2024: 7) 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.
Subsequent to the year end, a review of the prior period statement of cash flows relating to the classification of capital grants has been performed. In the previously reported financial statements, cash inflows associated with the grant were presented within operating activities. Following review, it is considered that they more appropriately relate to investing activities, as they are directly attributable to the acquisition or construction of capital assets. Accordingly, the prior period comparative amounts have been restated to reclassify £9,255,201 of cash inflows from operating activities to investing activities. This reclassification has no impact on net cash flows, profit for the period, or the overall financial position of York Racecourse Knavesmire LLP in the current or prior period.