<P> For the next three centuries there are numerous records of Kings of England keeping' running horses' . Edward III bought horses at £ 13 6s 8d each, and was also gifted two by the King of Navarre . The royal stud continued to grow throughout the reign of Henry VII . </P> <P> Records become more substantial during the time of Henry VIII . He passed a number of laws relating to the breeding of horses and also imported a large number of stallions and mares for breeding . He kept a training establishment at Greenwich and a stud at Eltham . </P> <P> Formal race meetings began to be instigated too . It is believed that the first occurrence of a trophy being presented to the winner of a race was in 1512 by organisers of a fair in Chester and was a small wooden ball decorated with flowers . Meanwhile, the oldest horse race still in existence, the Kiplingcotes Derby was first run in 1519 . The Carlisle Bells, reputedly the oldest sporting trophy in the world, were first competed for in the 16th century, in a race that still bears their name . One of the bells is inscribed "The sweftes horse thes bel tak" ("The swiftest horse takes this bell"). </P> <P> Racing was established at Chester, the oldest surviving racecourse in England, by 1540 . In the 1580s Queen Elizabeth I is recorded as attending races on Salisbury Plain. . Leith Races were established by 1591, and at Doncaster by 1595 . </P>

What is the oldest horse race in england