ROA Annual Report 2024/25 by The Owner Breeder

FEEL THE TRUE THRILL OF RACING

365 DAYS IN THE ROA

MAKE YOUR VOICE HEARD AT OUR AGM

Notice is hereby given that the 81st Annual General Meeting of Racehorse Owners Association Limited (The) (the “Company”) will be held on Friday, 24th October 2025 at 11am at Doncaster Racecourse, Bawtry Road, Doncaster, DN2 6BB (the “Meeting”) for the following purposes:

You will be asked to consider and vote on the resolutions below. Resolutions A to E will be proposed as ordinary resolutions and resolution F will be proposed as a special resolution.

RESOLUTIONS

A. To receive and approve, by way of Ordinary Resolution, the nominations of the Board for President Dr Jim Walker and Vice President Alan Spence.

B. To receive and approve, by way of Ordinary Resolution, the co-option of Dan Abraham as Appointed Director to the Board.

C. To receive and approve, by way of Ordinary Resolution, the results of the Election to fill vacancies on the Board.

D. To confirm and adopt, by way of Ordinary Resolution, the Report and Financial Statements for the year ended 31st March 2025.

E. To appoint, by way of Ordinary Resolution, RSM UK Audit LLP as auditors in accordance with Section 485(2) of the Companies Act 2006 (as amended).

F. To approve, by way of Special Resolution, that with effect from the conclusion of the meeting, the draft Articles of Association produced to the Meeting and in the form available at www.roa.co.uk/articles2025 be adopted as the Articles of Association for the Company in substitution for, and to the exclusion of, the Company’s existing Articles of Association.

NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING

Appointing a proxy

Members who are unable to attend the Meeting in person have the option to appoint the Chair of the Meeting or another Member present at the Meeting as their proxy.

To appoint a proxy, Members must either:

• Complete the online proxy via the voting link provided by Civica. Or

• Complete the proxy in writing. The form for appointing a proxy is available from the Chief Executive’s office on request by email info@roa.co.uk or by calling 01183 385680 or in writing to the registered office.

A proxy does not need to be a member of the Company but must attend to represent you. You can only appoint a proxy using the procedures set out in these notes and the notes on the proxy form.

Please note that if you are appointing a proxy for the Meeting the completed proxy form must be deposited at the registered office of the Company or completed online no later than 24 hours before the commencement of the Meeting.

Any incomplete proxy form or completed proxy form not submitted at least 24 hours before the commencement of the Meeting will be deemed invalid.

Please note, appointment of a proxy does not preclude you from attending the Meeting and voting in person. If you have appointed a proxy and attend the meeting in person and vote, your proxy appointment will automatically be terminated.

Please direct any general queries via email to info@roa.co.uk or by phone on 01183 385680.

By order of the Board

Louise Norman Chief Executive Racehorse Owners Association

26th September 2025

Registered Office: 12 Forbury Road, Reading, Berkshire, RG1 1SB

Registered in England. Company No. 00398604.

A YEAR IN THE SADDLE

A STATEMENT FROM YOUR PRESIDENT, CHARLIE PARKER

The financial year has been dominated by the continued fight on three fronts, namely the tax harmonisation, better described as a tax hike, proposals put forward by HMT, to bring the tax rate on online sports betting products in line with online casino and slots, the continued attempts to achieve levy reform that was due in April 2024, and the continued affordability checks which are driving the black market with increasing pace.

The Gambling Strategy Group has driven the campaign around the tax hike, including the recent “strike’ where no British Racing took place and the event held in Westminster to highlight the damage that could be done if the tax hike comes into force in the November budget. A £66 million annual hit to Racing’s revenues has been estimated as the base case, with the subsequent impact on jobs, communities and ironically tax revenues for the treasury. The BHA team have been instrumental in the organisation of the campaign, and the industry has come together to support the message in a not often seen commitment to solidarity.

Levy reform now seems a long way off, especially galling considering how close it seemed to be in the early Summer of 2024. However, with the new Chair of the BHA now in place, a renewed push for this critical update is a priority.

With inflation continuing to impact costs whilst eating into a flat line Levy take, the cake is getting smaller. Recent data around black-market use for horse race betting is a clear warning that the clunky affordability checks are having the exact opposite effect that I presume they were designed for. A sensible approach to horse race betting is urgently needed.

Lord Charles Allen finally took up his post at the beginning of September. His arrival will see some changes to the way the BHA appoints its non-executive directors. The shareholders of the BHA, of which the ROA is one, will continue to have representation across the industry. This is critical so that our association can continue its work on behalf of all owners, especially around the strategy pillar for retaining and growing the ownership cohort. The recent owners survey has highlighted areas where owners feel unrecognised and, in some cases, marginalised. Owners contribute more to British Racings revenues than anyone else. Direct contributions to the BHA budget amount to almost £10 Million per annum, that number rises by a further £5 Million when we consider indirect funding of a myriad of organisations and causes. Whatever the new governance landscape looks like it is essential that owners remain at the very centre of future strategy initiatives.

In addition to direct and indirect funding of the BHA, it is estimated that Owners spend £550 Million annually, excluding the capital costs of buying the horse, with net owner’s prize money of £150 Million we can see a very large gap that has to be filled. The industry has been working on initiatives to grow the revenues, and it is now essential that this work is recognised.

Turning to the financial year ended 31st March 2025, whilst a loss was recorded, the underlying trend for the ROA is positive. Excluding the exceptional item the year produced a positive result. Louise Norman has impressed the whole Board with her leadership and whilst we still face challenges with overall registered owners falling, the Association is in a positive place.

At the AGM my time as President will come to an end, am pleased to announce that our Board colleague Dr Jim Walker, has agreed to take up the reins as the new Chair, and wish him all the best in his new role. We also say farewell to Sir Philip Davies and Khalid Al-Mudhaf, and on behalf of the Board and Team at the ROA we thank them both for their support and guidance during their Board term and wish them all the very best for the future.

Charlie Parker

GOING FURTHER FOR OWNERS

REPORT FROM YOUR CHIEF EXECUTIVE, LOUISE NORMAN

I have always talked a lot from the beginning about the reset needed across the ROA, the overwhelming need by owners for greater transparency, the need to build trust with our external audience alongside the trust demonstrated from within.

The speed at which this sport often reacts is challenging, but the need for a more proactive mindset and culture is essential – accountability by all parts sits at the heart of this. What we have done or how we have done things in the past haven’t demonstrated the security needed for British Racing’s future,

in what is a rapidly changing consumer audience. Ensuring the ROA is relevant and accountable on behalf of owners now and in years to come is essential in challenging the status quo and bringing sustained success across our sport.

We can’t do this alone, when we look across the sport we must acknowledge that no matter who your body represents, they will all be facing the same challenges. And when this sport comes together for the longer-term protection of “British Racing” it is powerful. But this has to be proactive, and continuous across all aspects of the sport from the central industry strategic framework, through to the day-to-day activities – constantly striving to do better and make our sport greater. As the misattributed quote states “The definition of Insanity is doing the same thing over and over again and expecting different results”.

If we want change, we have to create the opportunity for change, we have to look across the breadth of racing as a central brand and understand our roles to play and how these roles enable growth in all areas of our sport. The relevance of the ROA cannot be understated, owners are the lifeblood contributing over £500m every year to the upkeep of our horses before we even start to quantify the acquisition costs. The owners truly deserve and must have a central, unified and powerful voice to create the change for the long-term benefit across all involved in British Racing.

We have to work together with all parts of British Racing, a longstanding “them and us” culture is no longer fit for purpose, holding a mirror up to areas including ourselves, demonstrating the united ask through transformational modelling and data analysis is essential – we know our key headlines focus on Prize Money, Experience and Costs. Removing unnecessary and complex cost barriers, supports growth that underpins all operating models for Racecourses, Trainers, Jockeys and Staff. Focusing on new commercial revenue growth removes the current challenges which simply sees the existing funding spread thinly whilst we look to deliver across wider activities on behalf of all representative bodies, but if the central funding isn’t growing, then the task becomes diluted and uninspiring. All of this whilst ensuring the experience is relevant to your support of British Racing, making ownership and breeding a recognised, valued and rewarded opportunity from hereon is paramount. Unlocking increased horses in training, competitive racing as a consumer proposition and a globally recognised pillar of social fabric fit for the modern-day audience are achievable, but first we have to change the approach from within.

We have restructured the ROA, taken a reset and refreshed from inside which benefits the external audience. We have streamlined our financial processes, ensuring transparency and accountability is at the center, after all it is the owners who support the ROA activities and must be the key beneficiary of any activities and actions led. We’ve reviewed our communications and switched to a more proactive listening model, ensuring engagement is regular, meaningful and always accessible. We’ve taken significant steps with our

Board, to ensure they are equipped and engaged to drive change collectively and innovatively.

We haven’t stood still, and its been a whirlwind – but change is there, not just the appetite or the words, but actual change. We have been more engaged with owners than ever, through direct contact, accessible routes across Board and team engagement, along with member events, surveys and regular quality correspondence. We’ve refreshed content and the feel of our publication, Owner Breeder and directly supported the delivery of critical news across the Equine Welfare activities –we’ve also brought the fun side to life, as for many owners the politics aren’t the driving motivator to be involved.

Owner Relations was established alongside the BHA, working in collaboration with the TBA to continuously highlight the importance of ownership and breeding whilst delivering risk analysis, tiered product solutions and qualitative research to initiate changes where challenges and blockers once stood. Unlocking the start of owner profiles to enhance the overall experience for owners at varying financial levels is a clear step in the right direction. But there is more to come, driving a central industry funding review, challenging the costs in play and asking for a fairer and more equitable approach are ongoing.

As said, the industry challenges and ROA focus isn’t always the primary driver for so many owners in British Racing, and we continue to enhance our benefits alongside owners needs to recognise and reward owners’ involvement and ensure the “fun” side of racing and the experiences had and friendships made are also at the forefront of minds. From a great day out at the races, to behind the scenes visits and travel we are constantly looking at adding to the owners experience.

The ROA won’t stand still, it won’t become complacent, and it looks forward to working for and on behalf of all owners involved in British Racing for years to come.

Louise Norman

THE TOTE & ROA

PULLING TOGETHER

The Tote is proud to count the Racehorse Owners Association as one of our investors, alongside many familiar names from Britain’s owner and breeder community.

Owners are the lifeblood of our sport, and it is vital that you directly share in the benefits of a revitalised, stronger Tote. Every bet you place with the Tote helps grow prize money, secure investment, and build a sustainable future for racing.

That’s why we are asking you, as an ROA member, to get behind the Tote today.

You can do this by opening a Tote account and publicly advocating for the Tote which is easy to do when you see how pool betting is generating huge sums for the sport and providing Tote customers with better odds.

Please read on for the facts you need to know about World Pool and the Tote.

• £65 million already returned to the sport through World Pool

Thanks to the Tote’s leadership of World Pool in the Britain and Ireland, more than £65 million has already been returned to racing.

This money has gone directly into prize money, delivering record levels across British and Irish fixtures supported by the Tote.

For owners, this means more meaningful returns for the horses you put on the track.

As a Tote customer, you also receive better odds. On World Pool days, the Tote Win beats the Industry SP 61% of the time (that’s 3 in 5 runners being better priced with the Tote) and matched SP on the remaining occasions with Tote Guarantee in place.

Winfried Engelbrecht-Bresges, CEO of the Hong Kong Jockey Club and architect of World Pool, has been clear: “With increased revenue from the World Pool, we will collaborate with everybody around the world to improve the long-term sustainability of the sport.”

With World Pool set to expand to 63 fixtures in 2025, and more growth to come in 2026 and 100 fixtures planned in 2027, now is the time to get behind the sport’s most exciting and important initiative.

• Better value and more rewards for Tote customers

Every day the Tote is delivering value for both bettors and the sport.

In the last year, the Tote Win price beat Industry SP more than a quarter of the time and matched it on all other occasions thanks to Tote Guarantee.

We’ve launched Tote Multiples, giving customers the thrill of accumulators with the added security of always receiving the better of SP or pool dividend.

At the same time, loyalty is rewarded with Money Back if Second offers at all major festivals and regular free Placepots.

Now is the time to get behind the Tote

British racing faces challenges — but together we can build a stronger, more sustainable future.

There is no successful racing jurisdiction in the world that does not rely on an effective pool betting system.

Every Tote account opened by an ROA member helps secure more prize money and support for the sport.

Scan the QR code below to open your Tote account today.

Back your horses. Back British racing. Back the Tote.

If you require any further assistance, please call our incredibly experienced Customer Care team on 0800 032 8188.

VENATOUR & ROA

RACING AROUND THE WORLD

We were delighted to launch the Venatour ‘Racing Around The World’ partnership with the ROA during the past year, and it has quickly grown into an exciting part of the ROA’s offering. Our aim has been to create opportunities for members and enhance the benefits of becoming a member, while also promoting the ROA to a wider audience.

In the first year, we have already delivered a busy calendar of stable tours and events and are continuing to do so throughout the remainder of 2025. These give members the chance to go behind the scenes at leading yards and enjoy unique racing experiences. From stable visits to other outings, the programme has been well attended and warmly received, with consistently positive feedback from participants.

Alongside the delivery of events, we have worked hard to ensure each activity is promoted effectively across social media and via our ever-growing database. This has not only celebrated the events themselves but also raised the profile of the ROA, extending the reach of its work and highlighting the value of membership.

Every tour and event has provided a natural platform to reinforce the importance of ownership and strengthen the sense of community. Importantly, the presence of both Venatour ‘Racing Around The World’ staff and ROA representatives at these events has made a real difference, adding to the atmosphere, encouraging conversation, and helping members get the most out of each occasion.

The partnership has also extended overseas, with ROA members joining us on a number of our international racing trips. Since the partnership began, many have taken advantage of their exclusive 5% booking discount, a fantastic benefit that has been warmly welcomed and well used. Members have frequently told us that this has been a valuable addition to their ROA membership, with the money saved on trips making a real difference.

Looking back, we are delighted with what has been achieved in such a short space of time and are excited about the events that lie ahead. As we move forward, our focus will be on expanding the range of experiences available and building on the strong foundations of the first year, ensuring that we continue to support the ROA in engaging members and showcasing ownership in the most positive way possible.

RACING WELFARE & ROA

Racing Welfare and the ROA continue to enjoy a strong and productive partnership, founded on a shared commitment to the people at the heart of British horseracing.

What began as a natural alignment of values was formalised in 2022 with the creation of a long-term collaboration, strengthening connections between owners and the wider racing community. We are delighted that this relationship has since been extended through to January 2028, providing continuity and further opportunities for the future.

For the ROA, the partnership offers a meaningful way to connect owners with racing’s charitable arm, raising awareness of Racing Welfare’s vital work in supporting the people who make the sport possible. In turn, owners gain the reassurance of knowing that their involvement contributes directly to the wellbeing of racing’s workforce – from stud and stable staff to those employed across racecourses and support services. In 2024 alone, 2,140 individuals accessed Racing Welfare’s services, via 12,526 instances of support.

Together, Racing Welfare and the ROA have raised significant funds to sustain essential services for the charity. The annual Aintree Lunch, staged in partnership on the opening day of the Randox Grand National Festival, reached record-breaking attendance in 2025 and generated £95,000. Meanwhile, the Bid to Give online auction, created exclusively for ROA members, has raised £64,000 since its launch in 2023.

These are just some of the ways that the ROA’s support helps Racing Welfare continue delivering impactful services across the industry for its people, including assistance with physical and mental health, housing, and financial matters. Importantly, the ROA’s backing has also amplified awareness of Racing Welfare among owners, many of whom may not have previously appreciated the breadth and impact of the charity’s work.

As the partnership enters its next phase, Racing Welfare and the ROA look forward to building on these successes – ensuring that ownership not only brings enjoyment and connection to the sport, but also makes a lasting contribution to the people who sustain it every day.

REPORT AND FINANCIAL STATEMENTS

DIRECTORS’ REPORT

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the Association continued to be that of promoting and supporting the interests of racehorse owners in Great Britain funded through membership subscriptions.

Directors

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

M L Albon (Resigned 26 September 2024)

K Almudhaf

S C Appelbee

P A Davies

C J Djivanovic

R T Goff

A J Hamilton-Fairley

G Kelleway

C O A Liverton (Resigned 31 May 2024)

J K McGarrity (Resigned 26 September 2024)

L A Norman (Appointed 26 September 2024)

C M Parker

A D Spence

J Walker

C Wright CBE

Auditor

RSM UK Audit LLP have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

Statement of directors’ responsibilities

The directors are responsible for preparing 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 of the surplus or deficit of the company 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, each director has taken all the necessary steps that they ought to have taken as a director in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

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

On behalf of the board

C M Parker Director

26th September 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE RACEHORSE OWNERS ASSOCIATION LIMITED

Opinion

We have audited the financial statements of The Racehorse Owners Association Limited (the ‘company’) for the year ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position 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 FRS 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 company’s affairs as at 31 March 2025 and of its results for the year then ended;

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

• 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 company 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 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 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 the audit:

• the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

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

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

• the 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; or

• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption from the requirement to prepare a strategic report or in preparing the directors’ report.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 11, 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 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 company 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.

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

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

• obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory frameworks;

• inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

• discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures and inspecting any correspondence with external tax advisors.

The audit engagement team identified the risk of management override of controls and completeness of revenue as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business and performing tests of detail on revenue recognised in the year and subsequent to the year end.

A further description of our responsibilities for the audit of the financial statements is located 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 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Claire Sutherland Senior Statutory Auditor

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

1 ACCOUNTING POLICIES

5 INTANGIBLE FIXED ASSETS

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price and are subsequently carried at amortised cost.

Taxation

The company is exempt from corporation tax, other than on its investment income, it being a company not carrying on a business for the purposes of making a profit.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in surplus or deficit in the period in which it arises

Employee beneﬁts

The costs of short-term employee benefits are recognised as a liability and an expense.

Leases

All leases are operating leases and the annual rentals are charged to profit or loss on a straight line basis over the lease term. Rent free periods or other incentives received for entering into an operating lease are accounted for as a reduction to the expense and are recognised on a straight line basis over the lease term.

2 EXCEPTIONAL ITEM

6 TANGIBLE FIXED ASSETS

On 16 June 2006 the company became a member of Thoroughbred Grp Limited (formerly Horsemen Limited), a company registered in England and Wales, limited by guarantee, and not having share capital. The liability of its members is limited to £1 each and nothing was paid for the investment. As such there is no asset in the accounts. At the balance sheet date there were five members of this company. The company represents the collective interests of owners, trainers, breeders, jockeys and stable staff.

On 31 July 2007 the company became a member of British Horseracing Authority Limited, a company registered in England and Wales, limited by guarantee, and not having share capital. The liability of its members is limited to £1 each and nothing was paid for the investment. As such there is no asset in the accounts. At the balance sheet date there were four members of this company. The company is the regulatory and governing body of horseracing in Great Britain. British Horseracing Authority Limited have two wholly owned subsidiaries, Great British Racing Limited and British Horseracing Database Limited. Both companies are registered in England and Wales. The principal activity of Great British Racing Limited is the commercialisation of the contents of the Racing Administration database through access and user licence agreements with third parties, whilst British Horseracing Database Limited’s principal activity is the maintenance and licences of the database.

On 10 June 2019 the company became a shareholder of UK Tote Group Limited a company registered in England & Wales. At 31 March 2021, the cost of the investment was recorded at £350,000 in the accounts, on 8 December 2021 the company increased the investment by £51,915 and this is now valued at £401,915.

Movements in ﬁxed

10 CREDITORS

11 PROVISIONS FOR

12 MEMBERS’ LIABILITY

13 SPONSORSHIP ARRANGEMENTS

During the year the company acted as agent to facilitate sponsorship arrangements between certain sponsors and ROA members. The funds were passed directly on to the ROA members participating in the scheme. No income or expenditure has been recognised in the statement

8 DEBTORS

14 OPERATING LEASE COMMITMENTS

9 CURRENT ASSET INVESTMENTS

BOARD MEMBERS

KHALID ALMUDHAF

First

STEPHEN APPELBEE

First