This is from the Bailey site - have put in first para - it is a long article and should answer all your questions.
The Baileys Horse Feeds/British Breeding Futurity Young Horse Evaluations series has been developed to
encourage breeders, owners and trainers of eligible young horses and ponies from foals through to 6 years old
to bring them forward for evaluation annually and identify talented young horses early in their careers. This will
help determine the appropriate pathway for their future direction, whether they be potential international horses
or potential quality young horses targeted for where the bulk of the market demand lies.