The 2028 report: what changed

Our annual report for 2028 is published today. You can read the summary on our governance page, and the full report is there too. Here is what I would point to if you only have five minutes.

Where the money went

In 2028, 58 per cent of everything we spent went straight into the programme: coaching, seat time, residencies and the costs of the students’ own seasons. That is up from 53 per cent in 2027 and 44 per cent across our first two years. Equipment and the facility fell to 21 per cent, because the unit at Modena is now fitted out and we are maintaining it rather than building it. Administration stayed at 7 per cent.

What the programme did

Our students drove 212 seat days in 2028, up from 171. We received 146 applications for the five places in the 2029 intake, up from 112 the year before. Since 2025 we have supported 23 students from 15 countries.

Kofi, from Ghana, joined us through the outreach our trustee Kwabena Asante-Reid leads in Africa. He was the first of what we hope will be many.

What changed on the board

In November the board invited Maren Lindqvist, who has led our communications since 2027, to join us as a trustee. The vote was unanimous. She earned the seat through the work, and the board is better for it.

What the numbers leave out

Reports are good at money and bad at people. They do not show Marta running her own data reviews by the November block, or Yasmin’s notebook of every race start she made, or the morning in September when Kofi drove a single-seater for the first time. For those, read the profiles of the Class of 2028.

On behalf of the board, thank you to every partner, team and individual who paid for the racing this year. The rest of it, the coaching and the care, our staff did. We are grateful to them most of all.