ANNUAL REPORT AND ACCOUNTS · BHA Vision and Mission 4 Chair’s Statement 6 Chief Executive’s...
Transcript of ANNUAL REPORT AND ACCOUNTS · BHA Vision and Mission 4 Chair’s Statement 6 Chief Executive’s...
2018ANNUAL REPORT AND ACCOUNTS
CONTENTS
BHA Vision and Mission 4
Chair’s Statement 6
Chief Executive’s Foreword 8
Financial Report 13
Strategic Report 25
Equine Welfare Leadership 26
Keeping Racing Fair and Clean 28
Growing British Racing Together 40
Competitive and Compelling Racing 42
World Class Racing 48
Looking After Our People 50
Directors’ Report and Governance Statement 57
Financial Statements 69
54
VISION AND MISSION
STRATEGIC OBJECTIVES 2018
Equine Welfare
Leadership:
Toprovideequine
welfareleadership
Growing British racing
together:Toleadin
growingBritishracing’s
relevance,revenues
andreputation
Competitive and
compelling racing:
Todelivercompetitive
andcompellingracing
World class racing:
Tocontinuetodevelop
aframeworkthat
advancesBritain’sability
tostagethebestquality
racingintheworld
Looking after our
people: Toimplement
properly-funded
andintegrated
recruitment,training
andretentionactivities
Keeping racing fair
and clean: Togrow
confidenceinBritish
Racingthrough
appropriateregulation
andintegrityprocedures
OUR VISION
TOGETHER, WE WILL BUILD ABRIGHTER FUTURE FOR OUR SPORT,OUR HORSES AND OUR PEOPLE
OUR MISSION
TheBritishHorseracingAuthorityisresponsibleforthegovernance,administrationandregulationofhorseracing
andthewiderhorseracingindustryinBritain.TheBHAleadsonthedevelopmentandgrowthofracing,and
prioritisesthehealthandwelfareofthesport’sparticipants
OUR VALUES
Integrity:Weaimtodotherightthingtoupholdthe
BHA'sreputationforfairness,andtomaintainthetrust
ofourstakeholders.
Accountable:Weaimtotakepersonalresponsibilityforour
actionsandstrivetoimprovethehealthofBritishracing.
Credible:Weaimtobeopenandhonestaboutwhatwe
do,andtreateveryonefairlyandwithrespect.
Responsive:Weaimtostayin-tunewiththesport’s
diversestakeholderssothatwecaneffectivelymeet
agreedobjectivesandgoals.
Progressive:Weaimtopromoteaforward-thinking
andcollaborativeculturewhilerespectingthestrong
heritageofBritishracingasasportandanindustry.
EQUINE WELFARE LEADERSHIP SUSTAINABLE IN
DU
STRY FU
ND
ING
WO
RLD
CLA
SS R
ACIN
G
FIN
ANCIAL RESPONSIBILITY
OUR OBJECTIVES
Integrity Accountable Credible Responsive
P
rogr
essiv
e
PR
OFESSIO
NAL W
ORKPLACE LOOKING AFTER OUR PEOPLE COMPETITIVE AND COMPELLING RACING G
ROWING BRITISH RACING TOGETHER
KEE
PIN
G RA
CIN
G FA
IR A
ND
CLE
AN
Enablers: culture,valuesandcapability;innovationandtechnology;representingBritishracing.
BHA VISION AND MISSION
AsensiblestartingpointforanynewChairistoassessthecurrentlandscapeandidentifythemainchallengesandopportunities.
ItisapleasuretointroducethisAnnualReportfor2018
whichsetsouttherangeofactivitytheBHAundertakes
asthesport’sgoverningbodyandregulator.OurChief
Executive,NickRust,givesanhonestandaccountable
assessmentofhowtheorganisationdealtwiththe
issuesandopportunitiesitfacedoverthelastyear.
OnbehalfoftheBoard,IwouldliketothankNickandall
hisstafffortheirworkandcommitment.TheBoardand
Iwillendeavourtoprovidethemwiththesupportand
challengetheyneedtobeevenmoreeffectiveinfuture.
Iwouldalsoliketothanktheracingfamilyforyour
immensecontribution-asstakeholders,partnersand
colleagues-inhelpingtheBHAtoprogressoursport.
IstartedmyroleasChairinJune2019,aftertheperiod
coveredbythisReport.Nick’sForewordcoversthe
keymomentsofthepastyearinsomedetail,soIwon’t
addtothat.ButIwouldliketothankmyimmediate
predecessorAthollDuncanwhoworkedwithgreatskill
andcommitmenttokeepthesportmovingforward
togetherduringadifficultperiod.SteveHarman’s
periodasChairmanhasbeenverywelldocumented.
WethankhimforhiscontributiontoBritishracingand
wishhimwellinthefuture.
Itisaprivilegetorepresentasportthat’ssosteeped
intraditionandhasplayedsuchanimportantpart
inenrichingthelivesofourhorses,ourpeople,our
communitiesandournation.Wehavesomuchtobe
proudof.Racing’sStoryisagreatstorytotell.
So,Iamdelightedtobeyourambassadorandyour
biggestadvocate.
Iwanttohelpracingreachthenewaudiencesthatwe
needtoattracttogrowoursportaswellasthosewe
needtoreassure.Iwanttoencouragethoseoutside
racingtoconsideroursportafreshandhelpthem
recognisetheuniquecontributionitmakestoBritishlife.
Wecelebratethethrillofseeinghorsescompete,whilst
theirspecialaffinitywithhumansbringssomuchjoy
andhappiness.
Competitionforaudiences,forsponsors,formediaand
broadcastspaceisintensebutcriticalforustomaintain
andgrowourimpact,influenceandrevenues.Iwant
theBHAtoplayitspartinbuildingtheprofileofracing
andchampioninginnovationtoattractnewcustomers.
Idon’tbelieveinchangeforthesakeofitbutwhereit
canhelpmovethesportandindustrytobeevenmore
successful,financiallysustainableandfuture-proofed,
wewillbewillingtobackit.Wearelisteninghardtowhat
ourpartnersandaudiencestellustoensurewecanbe
responsiveandsupportive.
Digitaltechnologyanddemographicchangeare
opportunitiesforracing.Weneedtounderstandthat
thosecomingofageasadultsnowhavedifferentviews
totheirparents.Wecanseetheimpactinpeople’sviews
onanimalwelfare,whereracingfacesaprofoundethical
challenge.I’mexcitedbysomeoftheideasI’vealready
heardtoaddressthisbychampioningourloveofhorses,
theirroleinournationallifeandthefulfillinglivesthey
leadasracehorses.
Adaptingthewaywepresentoursporttothe
worldisjustasimportanttoourengagementwith
parliamentarians.WehaveastronggroupofMPswho
loveracing,manyofwhomI’vealreadymet.
Butit’simportantwebranchoutbeyondourcore
supportgrouptopromotethesocialandeconomic
benefitsofoursport.We’remuchmorelikelytoachieve
ourobjectiveswithgovernmentifwecanwidenour
circleoffriendsandreassureanydoubters.
AsChairofBritishRowingandattheBritishOlympic
Association,Ihaveseensportsrespondtoreputational
andcommercialchallenges.Theexternalscrutiny
ofsport’sintegrityismoreintensenowthanever.
Expectationsarehigh.So,theexcellentreputationofthe
BHAandthesportinintegrityandequinewelfarewasa
greatattractionforme.I’mpleasedtoreportthatsame
professionalismisevidentinthesport’sapproachto
safeguardingitsmorevulnerablepeople.
Weknowracingisafamilyunitedbyourloveforhorses
andthesportandwelcomingtoeveryonewhoshares
ourpassion.Wecelebrateindividualstyleandself-
expression:no-oneshouldfeeltheycan’tbethemselves
inBritishracing.Andnooneshouldexperience
prejudice.Ourwomenjockeys–competinghead-to-head
withmen–areahugeasset.Wemustmakethemost
oftheirappealaswellasthediversebackgroundsof
peopleacrosstheindustry:racingisopentoeveryone.
OnethingIamveryclearabout,whenIassessthe
opportunitiesahead.Nowisthetimeforunity,not
division;forleaderswhocanworktogether,cooperate
andsometimescompromiseonallbarourintegrity.I’m
surewecanalwaysimprovethewayourorganisations
interactinthegovernanceofthesport,butIhopewecan
focusonseizingopportunitiesandaddressingimmediate
challengesratherthanfurtherstructuralreform.
Givenourplaceinthesport,theBHAmustbe
collaborativetothecore,arolemodelforpartnership
withoutlosingtheindependenceandrigourthat
maintainsthetrustofgovernmentandothers.That’sthe
bedrockofourcredibilitywithexternalaudiencesasthe
sport’sregulator.Butweknowourcredibilitywithinthe
sportdependsuponanopenandtrustingrelationship
withourparticipantsandIlookforwardtoworkingwith
youalltosecuretheverybrightestoffutures.
Annamarie Phelps
Chairman
76
CHAIRMAN’S STATEMENT
CHAIR’S STATEMENT
98
CHIEF EXECUTIVE’S FOREWORD
CHIEF EXECUTIVE’S FOREWORD
TheforewordofanAnnualReportalwaysprovidesanopportunitytostandbackandreflect,seeingayearinsnapshot,andaskingifitwasagoodyear,achallengingone,oramixtureofboth.
2018wasundoubtedlyagreatyearforBritishracing
onthetrack.VictoriesforBritish-trainedhorsesatthe
Arc,Breeders’Cup,DubaiWorldCupandMelbourne
Cupmeetingsin2018notonlystirredasenseofnational
pride,butshowedthatBritishracingistrulyworld
class.AttheCheltenhamFestival,British-trained
horseswontheChampionHurdle,ChampionChaseand
theCheltenhamGoldCup.Thefactthathorsesfrom
elsewherewonastringofotherbigracessuggeststhat
wecontinuetoattractthebestoftherestaswell.
Thesportneedsitsstars,equineandhuman,tobuild
engagementwiththesport.Stradivarius,intakingthe
firstWeatherbysHamiltonStayers’Million,wona£1m
bonusbut,moreimportantly,alegionoffans,whoare
continuingtocheerontheirheroin2019.And,onthe
subjectofstarquality,weweredelightedtowelcome
TigerRollasapopularwinneratboththeCheltenham
FestivalandtheGrandNational.
Thereismuchtocelebrateinoursportanditishelpful,
asaregulator,toberemindedofthis.Theroleofa
regulatoristoensurefairnessandfairplay.Doingso
requirestheestablishmentandenforcementofrules
buttherulesexisttoprotectandempowerthemajority,
farmorethantheyservetopunishorreprimand
theminority.
Ihavereflectedonthisatlengthinrecentmonths,
followingayearinwhichtheBHA’sregulatoryremit
hasbeenchallengedonmultiplefronts–from
withinthesport,whichsometimesfeelstheBHAis
tooremotefromthesportitserves,andfrom
outsideit,bythosewhofeeltheBHAistooclose
toracing’sstakeholderstobesufficientlyrobust
andimpartial.
Thereisabalancetobestruck,clearly,andthisbalance
isbestachieved,quitesimply,bydoingwhatisright,
usingastrongevidencebasetounderpinourregulation,
bringingpeoplewithuswheneverwecan,whilstalso
beingmindfulthattheburdenofregulationremains
proportionate,manageableandmakesatangible
positivedifference.
Ifreelyadmitthat,duringthepast12-18months,wehave
notalwaysgotthisright.Sometimeswehavemoved
toofast,sometimesnotfastenough.Wehaveworked
hardtolearnfromthis,andIrestateourcommitment
toworkingwithothersinoursport,understandingtheir
challengesandharnessingtheirexpertise,tomake
sustained,continuousimprovements.
Racinghastokeeppacewiththeoutsideworld.We
madesomeimportantchangestoourstewardingmodel
atthebeginningof2019.Theprinciplebehindthemwas
clear;ifwewanttobeseenasaleadingsport,weneed
refereeingandintegrityprocessesandstandardsthat
match.Thatisn’taboutwhetherstewardsarevolunteers
orprofessionalsbutwhethertheyareequippedand
supportedtofulfiltherolethatisrequiredofthem.
We’rerunningasubstantialtrainingandassessment
programmetohelpwiththisin2019.Iknowwecould
havecommunicatedthechangesbetterattheoutset
butpeoplefromacrossthesportarenowworkingwith
ustomakethisasuccess.
Challengesfromoutsidethesport,wheretheBHA’srole
istorespondonracing’sbehalf,includethoseonhorse
welfare,thesubjectthatengendersmorepassionand
emotionthananythingelseweencounter.TheBHA’s
mandatetoregulateindependentlyonequinewelfare
wasregularlyquestioned.Animalrightsgroupsremain
attheextremeendofthewelfaredebatebutthereisno
doubtthatwiderpublicattitudestotheuseofanimals
insportarehardening.Thebalancetobestruckhere
isintalkingupracing’sexcellentrecordonwelfareand
safety,whilstalsobeingopentofurtherprogress.
Thedeathsofsevenhorsesasresultofracingatthe
2018CheltenhamFestivalgaverisetosomepublic
concernandpoliticalscrutinyandwasasharpreminder
thatracingisdependentoncontinuedsociallicence.
OurreviewoftheFestival,publishedinDecember,
re-emphasisedtheneedforthesporttoworktogether
onwelfare,usinganevidence-ledapproachthat
focusesonavoidingreasonablerisk.Meanwhile,the
decisiontoestablishaHorseWelfareBoard,witha
mixofrepresentationfrombothinsideandoutsidethe
sport,includinganindependentChair,BarryJohnson,
isafurtherdemonstrationofourcommitmentto
collaborationandprogressinthisarea.
Publicandpoliticalexpectationsarealsohigherthan
everinrelationtothecareofpeople.Therecruitment
ofnewrolesintheareasofsafeguardinganddiversity
reflectstheneedforracingtoensurethesportis
asafe,openandhappyplacetowork.Withstaffing
shortagescontinuingtoposesignificantchallenges,the
developmentofapositiveanddiverseculture,reflecting
contemporaryBritain,isvital.
Thisbringsmetotheeconomicandpoliticalcontext.It
seemsalmostinevitablethatIam,onceagain,writing
aforewordthatexpressesuncertaintyaboutboththe
timingandthelonger-termeconomicconsequencesof
theUK’sexitfromtheEuropeanUnion.Thesporthas
workedhardtounderstandandminimisethedirect
impacts,particularlyinrelationtothemovementof
horses,butthewiderUKeconomicbackdropremains
unclear.Wearecontinuingtoworkacrossthesport
andwithGovernment,tounderstandandmanagethis
enduringlyfluidsituation.
Ayearago,Iexpressedconsiderablesatisfactionat
theinitialsuccessofoureffortstosecurereformof
theLevy.Wealwaysknewthatthiswasnottheendof
thestory,however,andthatfurtherreformwasalways
goingtobeneeded.Iexpectedtobedescribingthe
firstmonthsinthelifeofthenewRacingAuthorityin
thisforeword.However,theRacingAuthorityfellata
parliamentaryhurdleattheendof2018andwehave
beenworkingwithDCMSandtheHorseraceBetting
LevyBoardonthelikelynextsteps.
Alongsidethis,securingthesport’sfinancesbecame
moreurgentfollowingpublicationoftheGovernment’s
GamblingReviewinMay2018,whichreducedthe
maximumpermittedstakeonFixed-OddsBetting
Terminals(FOBTs)to£2fromApril2019.Whilethe
sportfullysupportseffortstocurbproblemgambling,
thesignificanteffectonbettingshopsiscertaintohave
knock-onfinancialimplicationsforracing,whichneedto
beappropriatelyforecastandmitigated.
Theearlymonthsof2019gaveanindicationofthe
challengestocome,withconsiderabledebatearound
prizemoneylevels,followedbythesoberingnewsthat
the2018/19Levyyieldwaslowerthanforecast.The
sportmustavoidthetemptationtoretreatintobunkers
whenthegoinggetstough,insteadworkingtogetherto
confrontthissharedfinancialchallenge.Wemustall
adaptwherenecessary,whilstbecomingmorecreative
andinnovativeinourcommercialthinking.
1110
CHIEF EXECUTIVE’S FOREWORD
Withthisinmind,theBHAanditsmembersarefocusing
hardonourcollectivestrategyforthefuture.AsIwrite,
thesporthasjustcommissionedanewindependent
economicanalysistogetaclearunderstandingof
racing’sfinancialpositionandtheflowoffunding.The
aimistosecureasustainablefutureforallstakeholders
withinthesport,whilstensuringthatdecisionsaround
fixtures,prizemoneyandotherfundingareinformedby
objective,accuratedataandanalysis.
Thesport’sgovernancebecomesvitallyimportantin
thiscontext.TheBHABoardspentaconsiderable
amountoftimein2018discussingitsoperationand
structurewithourmembers,partlyinformedbyan
independentreviewofracing’sgovernance,toensure
itremainsfitforpurposeandequippedtohandle
contemporarychallenges.Alreadyin2019,wehave
madechangestotheBHABoardcompositiontogivea
strongervoicetoourmembers,intheexpectationthat
thiswillfostergreatercollaboration.Weareundoubtedly
strongertogether.
SpeakingoftheBHABoard,IwouldliketothankSteve
Harman,whosteppeddownasBHAChairinNovember,
andAthollDuncan,whosteppedintothebreachwhile
anewChairwasbeingappointed.Finally,Iextendthe
warmestofwelcomestoAnnamariePhelps,whotookup
theroleinJune2019andwhowillleadtheBHABoard
throughthisnextstageinitsevolution.
So,whatwastheverdicton2018?Inevitably,itwasa
mixedpicture.Whileitwassometimeschallenging,we
haveinvestedtimeandeffortinconfrontingsomeharsh
realitiesandsettingourselvesupforthefuture,atthe
sametimeascelebratingsomemagnificentmomentsin
ourmarvelloussport.
Nick Rust
Chief Executive
2018wasthesecondyearofourcurrentthreeyear
budgetcycle(2017-2019),overwhichperiodweare
aimingtobreakevenincashterms.Performancein2018
wasagainbetterthanbudgetedwithincreasesinincome
leadingtoanincreasedsurplus.Theadvantageofbeing
slightlyaheadofourthreeyearplan,followingimproved
resultsin2017and2018,wasthatfeeinflationfor2019
wasabletobesetatlowerlevelsthananticipated,
meaninganysurplusesgeneratedin2017and2018have
beenusedtosupportincreasedactivity
orreducedfeesforparticipantsandracecoursesin2019.
Deliveringqualityandvalueformoneyisessential
givenwearefundedbyparticipantsandracecourses.
Thechallengeistobalancetheneedsoftheindustry
andtheresourceswehaveavailableinprovidingthese
activities.Thismeansmakingtoughdecisionsover
spendingorrecruitmentbutbalancingtheseagainst
theneedtodriveinnovationandbeprogressiveinour
servicedelivery.
A summary of key areas of activity in 2018 is set out
below. Many of these items are set against our need
to respond to the changing environment which we
work within:
• Thefirstfullyearoftheindependentjudicialpanel
includingdeliveryofthefasttrackprocessto
increaseefficiencyoversmallercases.Thisnew
processhasdeliveredfinancialsavingsvsbudget
withtheactualpanelbeingrequiredtositless
frequentlythantheydidhistorically.
• CompletionoftheCheltenhamReviewand
implementationoffindings.
• Continuedprogressionofdiversityandinclusion
includingtherecruitmentofspecificresourceto
deliveranindustryactionplan.
• Significantworkinrelationtosafeguardingandwider
industrysafeguardingpolicies.
• ExpendituretoensurecompliancewithGDPR.
• Consultationandlaunchofthenewmodelforraceday
regulation.
• Increasedracedaytestingforgroupandgradedraces
deliveredthroughanewlongtermagreementwithour
researchandtestingpartner,LGC.
• Ongoingchangestotheraceprogrammeincludingfor
exampleoptionalclaiminghandicaps.
• ContinuedexpenditureontherewriteoftheRules
ofRacingwhichhavebeencompletedandlaunched
in2019
• Thecommencementofareviewintothebuyingand
sellingofhorses(‘BloodstockReview’)undertakenby
independentconsultantsonbehalfoftheBHA.
• Ongoingreviewfordeliveryofracingadministration.
• Changestocorporatestructurefollowingmeaningful
dialoguewithmemberbodiestodelivergreater
representationontheBHABoard.
• AthirdpartyreviewofBHA’sapproachto
handicapping.
• Negotiationoflowerthanbudgetedpensiondeficit
fundingfor2019.
Withtheaboveinmind,ourcompanyonlyresultsbelow,
whichexcludestatutoryadjustmentsforpensions,
demonstratetheoverallvaluebeingdeliveredeachyear.
1312
FINANCIAL REPORT
PROVIDING VALUEFOR MONEY FOR THE SPORT REMAINS A PRIORITY
FINANCIAL REPORT
1514
FINANCIAL REPORT
HEADLINE NUMBERS FOR 2017 AND 2018 INCOME EXPLAINED
INCOME
2017 2018
£'000 £'000
Income 33,236 34,414
Administrativecosts (32,907) (34,296)
Operatingsurplus 329 118
Interest 12 14
Surplus before statutory adjustments and tax 341 132
2017 2018 Variance Variance
£’000 £’000 £’000 %
Racecourses 21,811 22,168 357 1.6%
Owners 8,570 8,758 188 2.2%
Otherparticipants 699 750 51 7.3%
Publications 515 528 13 2.5%
Managementandpropertycharges 552 559 7 1.3%
Fines 132 143 11 8.3%
Internationalrunnerandpermanentimporttesting 184 281 97 52.7%
Industrytrainingandcareersmarketingincome 39 229 190 487.2%
GreatBritishRacingInternationalfunding 325 428 103 31.7%
Other 409 570 161 39.4%
Total statutory income 33,236 34,414 1,178 3.5%
Thestructureofourincomedoesmateriallychange
eachyearwithcirca65%comingfromracecourses,25%
fromownersand10%fromotherareas.Racecourses
receivecentralfundingfromtheHorseraceBettingLevy
Boardtoassisttheminfundingasignificantproportion
ofthesecosts.
Inlinewithourpriorcommitmenttostakeholders
allfeesroseby2.75%inJanuary2018,whichwas
lowerthaninflation(3%CPIinDecember2017)and
significantlylowerthantheCPIplus0.75%whichcould
havebeenapplied,basedonthe3-yearagreementwith
ourmembers.
Incomefromracecoursesroseby1.6%.2017includeda
one-offamountwhichmasksthecomparison,whenthis
isremoved,thereallike-for-likeincreaseis4.2%,driven
byamixtureoftheinflationaryincreasedescribedabove
andadditionalfixtures.
Incomefromownersroseby2.2%,slightlylower
thantheleveloffeeinflation.Incomefromowners
issplitintotwomainareas:entryhandlingfees
andregistrations.
Entryhandlingfeesroseby2.5%,thisslightlylower
levelofincreasecomparedtoinflationisprimarilydue
tofewerentriesmadeinoverseasracesthanin2017,
activity,andthereforeincome,fromentriesinGBraces
increasedbymorethaninflation.Increasedentry
activityisanotherpositivemetric.
Registrationincomeroseby1.9%,againlessthan
inflationduetochangesinIFHApassportrequirements,
theimpactofwhichwillbefeltagainin2019,and
increaseddiscountsforROAmembers.Overall
registrationactivitylevelswereingeneralpositive
whichhelpedtominimisetheimpactoftheabovetwo
areasandgivesconfidenceoverfutureincomelevels
beingmaintained.
Oftheremainingincome,theonlyotherareasworth
notingare(i)theincreaseinincomefromInternational
RunnerandPermanentIncometesting,thisissolely
acostrecoveryandincreasesaredrivenbyincreased
activityand(ii)thelargeinvestmentinrecruitmentand
careersmarketingtoaddressissueswithinthesport.
Thisfundingallowedustosignificantlyincreaseactivity
onbehalfofthesportandwasakeystrategicobjective
withinourbusinessplan.
64.4%Racecourses
25.5%Owners
2.2%Otherparticipants
1.5%Publications
6.4%Allother
1716
FINANCIAL REPORT
COSTS
2017 2018 Variance Variance
£’000 £’000 £’000 %
Totalstaffcosts 16,833 17,266 433 2.6%
Weatherbys 5,341 5,282 (59) (1.1%)
Samplingandresearch 3,506 3,595 89 2.5%
Propertyandoverheads 2,740 2,713 (27) (1.0%)
Projectspend 677 1,395 718 106.1%
Legalandprofessional 847 686 (161) (19.0%)
Communicationsandcorporateaffairs 520 528 8 1.5%
Publicationandproductioncosts 409 431 22 5.4%
Committeesandenquiries 479 405 (74) (15.4%)
ITinfrastructureandnetworkcosts 194 234 40 20.6%
Industrycareersmarketing 174 356 182 104.6%
Internalstafftrainingandrecruitment 197 344 147 74.6%
BHDlicencefee 160 156 (4) (2.5%)
Impairmentcharge 148 0 (148) (100.0%)
Horsemen’sGrouploanrepayment (50) (75) (25) 50.0%
Other 334 552 218 65.3%
GBRI* 398 428 30 7.5%
Total** 32,907 34,296 1,389 4.2%
*GBRItotalcostsamountedto£428,000,offsetby£428,000ofincomethatGBRIderivesfromothersources,meaningnooverallcosttoBHA.
**Totalcostsaredifferenttothoseshowninthestatutoryaccountsduetostatutorypensionadjustmentsforpensions,theabovecostsinclude
theBHA’scashcontributionstothepensionscheme.Wherestructuralchangeshavebeenmadein2018forreportingpurposes,the2017cost
comparisonshavebeenupdatedtoensureappropriateevaluationcanbemade.
COST ANALYSIS
Overallcostsroseby£1.4m(4.2%)in2018,partlyasa
resultofadditionalactivities.Iftheseadditionalproject
costsareremovedandalike-for-likeprojectspend
assumedthencostsonlyroseby2%,1%lowerthan
CPIinflation.Greaterdetailofsignificantcostsand/or
costchangesisexplainedbelow.Theintentionistobe
openandtransparentinourreportingonour
financialperformance.
• Total staff costsincludethecostofallstaffand
theBHABoard.Overall,costsroseby2.6%mainly
duetogeneralsalaryinflationof2.75%.Changesin
headcountshownbelow,didnotaddtooverallcosts
withstructuralchangesincertainareasoffsetting
increasedresourceinotherareas.
• Weatherbysprovideadministrationservicesonalong-
termcontractwhichexpiresonthreeyears’notice.
Forthesecondyearrunningarealtermssavingwas
deliveredwithcostsinnominaltermsbeinglowerthan
in2016.Thishasbeenachievedalongsidenewand
improvedadministrationservicesforparticipants.
• Sampling and researchhasbeenrestatedin2018
toincludebothequinesamplingandresearchand
jockeysampling.2018wasthelastyearofour
agreementwithLGC,ourresearchandtesting
partner,andwehavesignedanewagreementwhich
takesusthroughtotheendof2023.Thislongterm
commitmentfrombothpartiesallowsforcontinued
investmentinoperationalimprovementsaswellas
newcapitalexpenditurebyLGCinnewstateoftheart
equipment.Thisareaofactivityremainsakeyareaof
ourstrategicbusinessplanin2019andgoingforward.
Theincreasedspendin2018reflectsbothinflationand
activitychanges.
• Therehavebeenlimitedchangesinourproperty and
overheadcostsin2018.LeasesonourLondonoffices
aredueforrenewalin2020witharentreviewin2019.
Wewillthereforelookatalloptionsforthefuture
needsofthebusiness.Thesepropertyandoverhead
costsareshowngrossanddonottakeaccountofthe
significantareasofspacewhichwerechargetoother
Racingstakeholders.
• Project spendisnaturallyvariableeachyearduetothe
needsofthebusinesstoreacttoindustrychangesand
leadonnewactivities,thereforeyearlycomparisons
arerarelyofgreatbenefit.Thethreemainareasof
spendin2018wereasfollows:
• DevelopmentofthenewRulesbookwhichhave
alreadybeencompletedanddeliveredin2019.
Itsintentiontosimplifyandremovepolicyfrom
theruleswillcreatemoreunderstandablerules
forparticipantstofollowandforus,asregulator,
toenforce.
• Thereviewintothebuyingandsellingofracehorses
wasasignificantareaoffocusin2018.Thisworkwas
undertakenbyindependentexperts,thefindingsof
whichareagainduein2019.
• WealsoundertookareviewofRacingAdministration
practicesandengagedanexternaltechnologyfirm
toassistwiththisreview.
51.7%Totalstaffcosts
15.8%Weatherbys
10.8%Samplingandresearch
8.1% Propertyandoverheads
2.5%Projectspend
2.1%Legalandprofessional
1.6%Communicationsandcorporateaffairs
1.2%Publicationandproductioncosts
1.2%Committeesandenquiries
5%Allother
1918
FINANCIAL REPORT
• Legal and professional costsreducedby19%in
2018,followinga35%reductionin2017meaninga
52%reduction(£621,000)inthelasttwoyears.This
isdrivenbysavingsinlevyrelated,regulatoryand
corporatecostsoffsetbyincreasesinemployment
andpensionadvice.
• Communications and corporate affairsisarelatively
consistentareaofexpenditure.Wecovercosts
associatedwithourgovernmentrelationsactivity,
theGodolphinStudandStableStaffAwards,The
HorseComesFirstcampaign,whichisco-fundedwith
otherstakeholders,racing’scommunityengagement
programme(‘RacingTogether’)throughRacingto
SchoolandalsoactivitytolaunchRacingFuturesto
assistwithdeliveringaclearvisionforthesport.
• Publication productioncostsrelateprimarilytothe
RacingCalendarandProgrammeBook.Afterthree
yearsofcostsavings,weincreasedcostsinthisyear
by£22,000.Thesecostswerespecifictocommissions
paidforthesalesofadvertisingontheNewRacing
AdministrationSiteandtheRacingDirectory.These
costshavedeliveredinrelativetermsasignificant
increaseinotherincome.Excludingthisadditional
areaofspendcostsareconsistentwith2018.In2019,
wewillmakefurtherchangestothedeliveryofthe
RacingCalendarandProgrammeBookwhichwill
deliverfurthercostsavingswhichhavebeenpassed
backtoparticipantsthroughreducedpublicationfees.
• Committee and enquirycostsfellby£74,000in
2018asthenewfasttrackprocesswaslaunched
significantlyreducingthenumberofpanelsittings
requiredaswellasprovidingimprovedresponse
timesforparticipants.
• Industry careers marketingwasanareaoffocus
during2018aswesignificantlyincreasedspendon
industryrecruitmentinitiativesinordertorecruitnew
staffandaddressanoverallissuewithracing’swider
workforce.Furtherspendwasmadeonsafeguarding
policiesandsupport.Thesearewiderstrategic
initiativesforthesportandforBHAassetoutinour
businessplan.
• Internal staff training and recruitmentwasanother
priority.Trainingcostsincreasedby10%asweaimed
tosupportstaffdevelopmentacrossthebusiness.
Recruitmentcostsweredrivenbyseniorrecruitment
atboard,executiveandseniormanagementlevel.
• The£75,000creditinrelationtotheHorsemen’s
Group loan,wasanadjustmenttoabaddebtprovision
havingreceivedthiscashinearly2019.Thisleaves
abalanceof£125,000outstandingfromtheoriginal
£500,000loan.
STAFF ANALYSIS
Number of staff FTE Number
of staff FTE Number of staff FTE
Business area 2017 2017 2018 2018 Variance Variance
Integrityandregulatoryoperations 102 87.1 107 91.4 5 4.3
Racedayoperationsandregulation 54 47.3 58 49.6 4 2.3
Racingandoperations 40 39.3 43 42.7 3 3.4
Executiveoffice(includesexecutivesupport) 15 14.6 15 14.5 - (0.1)
Communicationsandcorporateaffairs 8 7.5 7 6.5 (1) (1)
Industryrecruitment,trainingandretention 5 4.8 6 5.8 1 1
GBRI 4 4 4 4 - -
Legalandgovernance 2 1.6 3 2.6 1 1
Total 230 206.3 243 217.1 13 10.8
Ourpermanentheadcountwas243(217.1FTE)at31December2018,13(10.8FTE)higherthanatthesametimein
2017.Thesenumbersexcludesessionalstaffwhoarenotincludedinthetablebelow.Theseheadcountnumbers
areasnapshotandcanbedistortedwhererolesarevacantinoneyearbuthavebeenrecruitedbytheendofthe
followingyear.
Integrity and regulatory operationsandRaceday
operations and regulationarebetterexplainedasone,
asthesefunctionsprovideregulationforthesporton
botharacedayandthroughheadofficeactivities.Alsoby
reviewingthemasacombinedtotalitenablesanytransfers
betweendifferentregulatoryfunctionstobeignored.
Theincreaseof9heads(6.6FTE)withinthisareaisdue
toacombinationoffactors:increasingresourcewithin
theracedayfunctions(mainlystewarding,veterinaryand
equinewelfareintegrityofficers)toundertakeadditional
regulatoryactivities.Theotherareawasanincreasein
projectbasedresource(oneofwhichwasaninternal
transferfromcommunicationsandcorporateaffairs)to
continuetodriveforwardservicesandinnovate.
TheRacing and operationsteamhadvarioustemporary
vacanciesattheendof2017andthethreeadditionsin2018
weremerelyaresultofthesevacanciesbeingfilled.
TheExecutive officeincludesourexecutivedirectors,their
supportstaffandotherstaffnotincludedelsewhere.Whilst
theoverallnumberdidn’tchange,thesplithaschanged
slightlywithonepersonalassistantleavingbutaHeadof
DiversityandInclusionhavingbeenrecruited.
TheIndustry recruitment, training and retentionteams
tookonadditionalresourceinthecareersmarketingarea
tosupportdeliveryofakeystrategicobjective.Further
recruitmenthasbeenmadein2019.
TheLegal and Governancefunctionshavetakenonan
additionallawyerin2018whichhashelpedreduced
externallegalspend.
2120
FINANCIAL REPORT
GENDER PAY REPORTING
WearerequiredtocomplywithGenderPayGapreportingrequirementsgivenourrelevantemployeesareover250
atthesnapshotdateof5April2018.Relevantemployeesatthisdateincludeanumberofsessionalworkerswhoare
ordinarilyexcludedfromourheadcountnumbersonpage19.
Theresultsareshowninthetablesbelow.
2017 2018
Meangenderpaygapinhourlypay 16% 18%
Mediangenderpaygapinhourlypay 15% 10%
Meanbonusgenderpaygap 66% 42%
Medianbonusgenderpaygap 31% 0%
ProportionofMalesreceivingabonus 20% 87%
ProportionofFemalesreceivingabonus 34% 95%
Male Female
Quartile1 78%(78%) 22%(22%)
Quartile2 81%(73%) 19%(27%)
Quartile3 69%(80%) 31%(20%)
Quartile4 51%(47%) 49%(53%)
PROPORTION OF MALES AND FEMALES IN EACH QUARTILE PAY BY QUARTILE (2017 NUMBERS SHOWN IN BRACKETS)
GENDER PAY REPORTING
Implemented actions Future committed activities
Equippingourleaders
Leadership,managementandunconsciousbiastraining
Appointedheadofdiversityandinclusiontodrivechangeinitiatives
Deliverdiversityandinclusionprogrammestomanagers
Recruitment
Introducedgenderneutralrecruitmentprocesses
Diverseandbalancedselectionpanelsusedforinterviews
Reviewinternalprogressionandpromotion
Providetrainingtoensuremanagersadoptneutralrecruitmentpractices
Introducemonitoringfordiversityandinclusion
RetentionandDevelopment
Employeescanrequestflexibleworking(includingworkingfromhome)
Provideoptionofsharedparentalleave
Reviewsuccessionplansandstrategiestoensurebalancedtalentpipelines
Promotecareerprogressionthroughmanagementpracticesanddevelopmentopportunities
Benchmarkourenhancedmaternityleave
The BHA’s gender pay gap, which is slightly below
the national average, is primarily owing to:
• Fewerwomeninseniormanagementpositions
• Arelativeconcentrationoffemalesinthelowest
payquartile
Evenallowingfortheabovewehaveseenan
improvementfrom15%to10%inourmediangender
paygapbetween2017and2018.
Wesetoutbelowpositivechangesmadesincethe
publicationofourfirstgenderpayreportandalsoour
futurecommitmentsasweseektocontinueseekto
makepositivechanges.
2322
FINANCIAL REPORT
RECONCILIATION TO STATUTORY ACCOUNTS
TAXATION
COMPANY BALANCE SHEET
Whenpreparingstatutoryaccounts,wearerequired
tomakeanadjustmenttothewaywetreatpension
contributions.Inthecostsprovidedonpage16,we
showpensioncontributionsbaseduponthecash
contributionspaidaswebelievethisbetterreflects
therealcosttothebusiness.
Forstatutorypurposes,wereplacethesecontributions
withinterestandservicecostsasprescribedunder
FinancialReportingStandard102.Thisensures
consistencyacrossallcorporateaccountsand
improvesourresultsfor2018by£646,000.
Wehaveexcludedtheseadjustmentsfromthe
financialanalysisastheydistortthecostofour
operationsandareunpredictable.
Wearealsorequiredtoproduceconsolidatedstatutory
numberswhichincludetheoperationsofGreatBritish
RacingLimitedandBritishHorseracingDatabase
Limited.Theanalysisandcommentaryaboveisbased
ontheBHA’sactivityonly.
TheBHA’sbalancesheetisagainrelativelystable
year-on-yearwiththemainchangesbeingcausedby
significantcapitalspend,workingcapitalmovementsor
achangeinthepensiondeficitliability.Totalnetassets
improvedfromnetliabilitiesof£8.6min2017tonet
assetsof£1.3min2018.Thiswasalmostentirelydue
toothercomprehensiveincomeof£9minrelationto
changesinactuarialassumptionsinthe
pensionscheme.
Attotalassetslesscurrentliabilitieslevel(which
excludesthepensionliability)thechangeissignificantly
lesswithoverallassetsincreasingfrom£9.4mto£9.6m.
Inmanyways,thisisabetterreferencepointforthe
ongoingassetsofthecompany.
Fixedassetsreducedfrom£5.4mto£5.1movertheyear
primarilyasaresultofdepreciationandamortisation
charges.Therewaslowercapitalexpenditure(including
capitaliseddevelopmentstaffcosts)thaninprevious
yearsduetonomajorexpenditurebeingmade.
Debtorsreducedfrom£7.9mto£7.5m,thiswasaresult
ofreducedtradedebtorsatyearendoffsetbyahigher
levelofprepayments.
Cashreducedfrom£10.8mto£10.5m.Ourcashbalances
includeringfenceditemswhichwedonotusefornormal
activities,onceexcludedtherealmovementinoperating
cashwasfrom£4.8mto£4.9m.
Creditorsfallingduewithinoneyearreducedfrom
£14.8mto£13.6m,thereductionbeingdrivenbyreduced
tradeandothercreditorbalances.
Thepensionschemedeficitreducedfrom£17.9m
to£8.2m.Asdiscussedabove,alargepartofthis
movementarosefromchangesinactuarialassumptions
followingthelatestvaluation,aswellasexperience
adjustmentswhichcontributedtowardsareduction
inplanliabilitiesof£13.5m.TheimpactofGMP
equalisationwasestimatedat1%ofschemeliabilities
andhasbeenincludedintheliabilityofthescheme.
AstheBHAisconsideredacommercialentityfor
corporationtaxpurposes,wecontinuetotakeadvantage
ofResearchandDevelopment(R&D)taxcredits
forexpenditureincurredinveterinaryandmedical
research.TherefundfromHMRevenueandCustoms
(HMRC)inJanuary2018was£11,000higherthanhad
beenpreviouslyprovided,thisplusalikelyrepaymentof
£56,000inrespectof2018anticipatedcreditsgivesthe
totaltaxcreditof£67,000.
2017 2018
£'000 £'000
Surplusbeforestatutoryadjustmentsandbeforetax 341 132
AdjustmentsinrespectofFRS102forpensions 715 646
Statutory surplus before tax 1,056 778
2017 2018
£’000 £’000
Surplus/(deficit)beforetaxation 1,056 778
Taxation 173 67
Surplus / (deficit) after taxation 1,229 845
25
STRATEGIC REPORT
Equine Welfare Leadership 26
Keeping Racing Fair and Clean 28
Growing British Racing Together 40
Competitive and Compelling Racing 42
World Class Racing 48
Looking After Our People 50
2726
STRATEGIC REPORT
EQUINE WELFARE LEADERSHIP
Ensuringthebestpossiblestandardsofequinewelfareandsafetyremainsakeypriority,andtheBHAiscontinuingtoconsiderhowracehorsesenjoya“lifewelllived”atallstagesoftheirlivesandcareers.TheBHA’sregulatoryroleinsettingandapplyingwelfarestandardssitsinabroadercontextofcontinuousimprovementacrossthesport,withallstakeholdersandparticipantsplayingtheirpart.
Horse welfare programme
Aneffectivewelfarestrategyrequiresracingtocome
together,aswecannotsimplyregulateourwayto
success.Withthatinmind,theBHAworkedwithits
membersin2018onthedevelopmentofacross-industry
horsewelfareprogramme.Aninterimgroupwas
convenedfromacrosstheindustrytodeterminehow
besttoachievethis.Thefirstconsequencewas
thedecisiontocreateanew,independently-chaired
HorseWelfareBoard,whichisbeingconvenedin2019
withtheinitialobjectiveofcreatinganequinewelfare
strategyfor–andwith-thewholeofracing.
30-day foal notifications
TherequirementforbreederstonotifyWeatherbys
GeneralStudBook(GB)within30daysofthebirthof
anyfoalbredforracingwasintroducedfrom1January
2018.Thisrequirementprovidesgreatertransparency
andinformationregardingthewhereaboutsoffoalsborn
toraceinthesport,bringingGreatBritainintolinewith
internationalbestpractice.
In2018,92.3%offoalswerenotifiedwithin30days.
Bymid-July2019,thishadrisento96.34%-afantastic
resultfrombreeders.Penaltyforlatenotificationis
consideredonacase-by-casebasis,with30foals
beingtestedduetolatenotificationbymid-July.
Cheltenham Festival Review
TheBHApublishedareviewoftheCheltenhamFestival,
whichcontained17recommendationsaimedat
reducingtheriskofequineinjuries,fallsandfatalities
atCheltenhamandallJumpracecourses.The67-page
reviewcontainedthefindingsfromarigorousprocess
ofdataevaluation,consultationandreviewofvideo
evidence,ledbyadedicatedreviewgroupandwithinput
fromexternalexpertsincludingtheRSPCAandWorld
HorseWelfare.
Thecentralareasoffocusforthereviewfellacrosssix
broadcategories:thecourses;theobstacles;participant
factors;starts,safetyfactorsandracetempo;
programmingandraceconditions;andveterinary
historiesandprotectivemeasures.Thedetailedanalysis
coveredallracesrunattheFestivalfrom2007to2018,
including5,451runnersand308fallers.
Theevidencefoundthatnosinglefactorwasdefinitively
responsiblefortheequinefatalitiesatthe2018Festival,
andthatnon-trackfactors–suchasveterinary,
participant,andraceconditionfactors–couldpotentially
beofequal,orpotentiallygreater,significancethan
track-relatedfactors.
The headline recommendations from the Review were:
• Pre-Raceveterinaryexaminationstobeincreasedto
includeallrunnersinallracesattheFestival,witha
viewtoidentifyinganyriskfactorsthatmightmakeit
necessarytopreventahorsefromrunninginarace
• Reductionin‘safetyfactor’(maximumfieldsize)in
all2-mileChasesrunatthecoursefrom24to20,
e.g.theGrandAnnualChase
• RaceconditionsoftheMartinPipeConditional
Jockeys’HandicapHurdletobealteredtoremove
allriderweight-claimingallowances
• Developmentofapredictivemodel,toidentifyrisk
factorsforallJumpracing,includinghorsehistory
andperformance,riderandtrainingfactors
Allrecommendationswithimplicationsforracesand
proceduresatthe2019CheltenhamFestivalwere
implemented,withtheassistanceandco-operationof
CheltenhamRacecourseandJockeyClubRacecourses,
andthejockeysandtrainerswhocompetedat
Cheltenhamduringthe2018/2019season.
Owner and Trainer Aftercare Surveys
In2018theBHAlaunchedtheOwnersandTrainers
AftercareSurveys.Bothsurveysbenefittedfromhigh
responserates.
TheTrainersSurveyidentifiedthatthemajorityof
horsesarebeingsenttoretrainingorbreedingfollowing
retirementfromracing.TheOwnerSurveyhighlighted
owners’interestinthelifeofthehorseafterracing.
Resultsfrombothsurveysemphasisedtheconnection
betweenownersandtrainerswithownersciting
trainers’knowledgeandrecommendationsinover70%
ofdecisionstopermanentlyretirearacehorse.
TheBHA’sequinehealthandwelfarestrategyhas
recognisedthevaluableresponsesreceivedfromboth
ownersandtrainers.WorkingwiththeThoroughbred
IndustriesMeetingGroup,theBHAisactingtoimprove
thetraceabilityofretiredracehorses.ThenewRacing
AdministrationSystemwillenabletheOwnerorTrainer
tonotifyboththeBHAandWeatherbysofthedecision
topermanentlyretirearacehorse,completethe
equivalentofanon-racingagreementandprovidenew
keeperdetails.Thisstreamlinedprocesswillincrease
traceabilityandprovidetheindustrywithgreater
informationontheretirementprocessenablingfurther
improvements.
TheOwnersSurveyfoundover90%ofownersareaware
ofRetrainingofRacehorses(RoR).RoRisdeveloping
astrategytoimprovethewelfareofex-racehorses
throughengagementwithindustrystakeholders.
The Horse Comes First
Communicatingandpromotingracing’shighstandards
ofequinewelfareremainsapriority.Thesport’scross-
industryHorseComesFirstCampaigncontinuedto
showcasetheoutstandingcarethatracehorsesreceive,
bothonandofftheracecourse.Ashortfilmwasunveiled
ontheeveofRoyalAscot,providingaglimpseoflife
atSomervilleLodge,hometoleadingtrainerWilliam
Haggas.Williamandhisteamtookusonatourofworld
classfacilities,featuringsolariums,watertreadmills
and24/7veterinarycare,demonstratingthatracehorses
reallydoreceiveTheRoyalTreatment.
2928
STRATEGIC REPORT
Previous Stewarding Model:
RACEDAY PANEL
Stipendiary Steward
Stipendiary Steward
Honorary Steward
(Chairperson)
Honorary Steward(Winger)
Stewards’ Secretary
New Stewarding Model:
RACEDAY PANEL
BHA ChiefSteward•BHAemployee
•Mostseniorofficial
•Overallcontrolofracedayfunctions
•Explaindecisions
•Escalationpoint
BHASteward•BHAemployee
•Traditionaldutiesofstipendiarysteward
Stewards’Panel Chair•Voluntaryrole
•Chairofenquiries
•Ensureproceduralfairness
•Objectivechallengeandendorsement
BHA AssistantSteward•BHAemployee
•Enhancedversionofcurrentstewards’secretaryrole
BHA RacedayAssistant•BHAemployee
•Multi-skilledrole
•Assistswithavarietyofracedayregulatoryduties
KEEPING RACING FAIR AND CLEAN
Likeallleadingsports,Britishracingneedstoapplythehigheststandardsofregulationandfairness,toensurealevelplayingfieldforparticipantsandtomaintainpublicconfidence.Wedonotsimplysetandenforcetherules;wealsosupportparticipantsthroughimprovededucationandtrainingandgreateraccessibilityandtransparency.
Enhanced Regulation and Integrity Processes
Theevolutionofourrisk-basedframework,whichwill
assistustoprioritisethefocusofourintegrityfunctions,
continued.Asanexample,in2018theFastTracksystem
ofprosecutingcaseswasfullyembeddedandnowdeals
withmorethan40%ofallcases,savingtimeandmoney
foreveryoneinvolved.
New Stewarding structure
In2018,followinganextensiveconsultationprocess,
theBHABoarddeterminedthatanewmodelwouldbe
appliedtotheStewardingstructureforBritishRacing.
Thenewstructureisintendedtoimprovestandards
ofofficiating,increaseconsistency,transparencyand
accountabilityandtoalignBritishracingwithother
sportingbodiesandracingjurisdictions,whilstalso
respectingandutilisingthehistory,traditionand
significantexpertiseofthecurrentmodel.
Thenewstructurerevolvesaroundtheapproachthat
racedayofficiatingshouldworkas“oneteam”with
consistentstandards,expertiseandprofessional
development,whileretainingtheabilityforobjective
challengeandendorsementofdecisions.
Key features of the new model are:
• “Oneteam”–aprogrammeofprofessional
developmentofstewardingexpertiseamongstboth
newandexistingstewards(bothBHAandvolunteer
stewards)
• Theintroductionofanew“ChiefSteward”role.This
willbeaprofessionalBHAemployeewhichhasoverall
controlofracedayregulatoryfunctionsandwill
provideclearaccountabilityandanescalationpoint
forracedaydecisions
• Voluntarystewardstofulfiltheroleof“Stewards’
PanelChair”withresponsibilityforchairingstewards
enquiriesandensuringproceduralfairness
• Additionofamulti-skilled“BHARacedayAssistant”
toensurethatthestewardingteamisbetterjoined
upwithotherracedayfunctions
AStewardsConsultationForum,facilitatedby
broadcasterandjournalistLydiaHislop,wasformedin
December,toactasaconduitbetweenmembersofthe
BHA’sstewardingteamsandtheBHAExecutiveand
Board,givingfeedbackonthecontinuingimplementation
anddevelopmentoftheStewardingReview.
Thenewmodelwasintroducedon1January2019,
withafocusonimprovingstandardsthrougha
competency-basedtrainingandprofessional
developmentprogramme.
3130
STRATEGIC REPORT
Increased transparency
Wearecontinuingtoimprovetheavailabilityof
informationrelatingtothehorse,toapplygreater
transparency.Forexample:
• Itisnowarequirementthatinformationrelatingto
windsurgeryoperationsispublishedinracecards
• The@BHAStewardsaccountwaslaunched,which
communicatesinformationandupdatesfromthe
stewards’roomdirecttosocialmediaaudiences
InputsfromgroupssuchastheHorseracingBettors
Forumareassistingourwork,withfurtheritemsin
discussionanddevelopment.
Improved equine identification processes
InMarch2018,secondaryscanningprocedureswere
introducedatracecourses,wherebyhorses’microchips
arescanneduponleavingthestablesbeforearace.
Theprocessrequiresarace-specificidentitycheck.
Scanningdevicesnowlinktheidentityofanyhorseto
therunnerslistfortheraceforwhichitisbeing
scanned.Ifthewronghorseisbroughtout,analert
withinthetechnologyistriggered,minimisingtherisk
ofhumanerror.
Enhanced Anti-Doping Programme
Furtherenhancementstothepaperlesssampling
applicationcontinuedin2018,withthetoolnowbeing
usedforallformsofracedaytesting.Therequirement
tonotifyafoalwithin30daysofbirthcameintoeffect
fromthecommencementofthe2018breedingseason,
withindustrysupportveryhigh.Horsesnotnotified
withinthespecifiedperiodarenowrequiredtosubmit
fortestingtoensuretransparencyandcompliancefor
welfareandanti-dopingreasons.
InSeptember2018theBHAintroducedapolicyof
testingthefirstfourplacedhorsesinallGroup1,2&
3FlatracesandallGrade1Jumpraces.Thisaligns
withinternationalbestpracticeandhelpstoensurethe
integrityoftheInternationalPattern.
Aconsultationandreviewwasundertakenduring
theyeartoconsiderimprovementstotheEquine
Anti-DopingRules,withreformstobeintroducedin
2019.Thesereformswillensurefairness,whilststill
protectingtheimportantprincipleofstrictliabilitywhere
cheatingisfoundtohaveoccurred.
Ensure appropriate communication of policies and
procedures with participants
AnextensiveconsultationandreviewoftheRulesof
Racingtookplacein2018,withtheaimofsimplifying
therulesintoamoreuser-friendlyframework,with
supportingresources.In2019thisprojectwillbe
deliveredwithaccessiblee-basedtools,foreasier
navigationoftheRulesofRacing.
ThedevelopmentoftheBHAIntegrityEducation
Programmecontinuedthrough2018andhasalready
beenlaunchedin2019.Wearedevelopinganeducation
programmeforourparticipants,relatingtointegrity
issues,suchasdrugs,bettingandwelfare.Notonly
willthisreduceaccidentalorunintentionalbreaches
ofourrules,itwillalsogiveincreasedconfidenceto
thepublicandallowBHAresourcestobefocusedon
moreseriousthreats.
New appointments
AnumberofchangesweremadetotheBHA’sIntegrity
functionin2018.BrantDunsheawasappointedtothe
roleofChiefRegulatoryOfficerinApril.Brant’sprevious
roleasDirectorofIntegrityandRegulationwasfilledin
NovemberwiththeappointmentofTimNaylor.
2018 ANNUAL INTEGRITY SURVEY
In2018,theBHAusedComRestoconducttheannual
IntegritySurvey.Morespecifically,the2018survey
aimedtomeasureanychangesinperceptionand
confidencelevelsrelatingtotheBHAandhowitkeeps
racingfairandclean.Theresultsfromthe2018survey
werebenchmarkedandcomparedagainsttheresults
ofthe2017survey,thefirstyearinwhichtheresearch
wasconducted.
TheIntegritySurveywasconductedonlineand1,984
responseswerereceivedacrossarangeofstakeholder
types:owners,breeders,trainers,jockeysandjockeys’
agents,media,racecourses,betting,point-to-pointand
racingfans.
Perceptions of BHA
• 79%ofstakeholdersbelievetheBHAperformswellas
thegoverningandregulatorybodyofBritishracing
• 82%ofstakeholdersareconfidentthatBritishracing
isrunwithintegrity
• FamiliarityofstakeholderswiththeworkoftheBHA
anditsintegrityteamshasincreasedsignificantly
since2017.Thisincreaseismostapparentamong
Jockeysandjockeys’agents.
• TrainersandJockeysandjockeys’agentsbelievedthe
integrityofBritishracinghadgotbetterduringthe
previous12months.
Points of action
• LackoffamiliaritywithJudicialPanelanddeclinein
confidenceofitsindependence.
3332
STRATEGIC REPORT
KEY FINDINGS
BHAperformanceagainstobjectivesisbroadlypositive
(allslightlyupon2017figureswhichwerenotpublishedinthereport).
AmajoritybelievetheBHAiseffectiveonallintegrityperformancemeasurestested
(overallupbyonepoint,thesewerepublishedinlastyear’sreport).
Percentagefiguresroundedupordowntothenearestwholenumber
Toprioritisethewelfare
ofhorses+3
+2
+3
+3
+1
Percentage point change in
NET: Excellence since 2017
Tokeepracingfairandclean
Tolookafterthepeoplewhoworkinracing
ToworkwithotherstogrowBritishracing
Todelivercompetativeand
compellingracing
Perfomance measure NET: Excellent
Toprioritisethewelfareofhorses 63%
Tokeepracingfairandclean 50%
Todelivercompetitiveandcompellingracing 42%
Tolookafterthepeoplewhoworkinracing 37%
ToworkwithotherstogrowBritishracing 33%
46% 8% 13%33%
47% 8% 9%37%
7%48% 342%
45%41%50%
4330%63%
NET: Excellent(8-10) NET: Neither poor nor excellent(4-7) NET: Poor(1-3) Don’t know
3534
STRATEGIC REPORT
JUDICIAL PANEL
TheindependentJudicialPanelplaysavitalroleinupholdingtheintegrityofhorseracinginBritain.TheBHAappoints
theJudicialPanelChairtoleadandoverseetheactivitiesoftheJudicialPanel.TheJudicialPanelChairandthe
membersoftheJudicialPanelareremuneratedbytheBHA,butactentirelyindependentlyoftheBHA.
Chairmen
BrianBarkerC.B.E.QC HisHonourBrianBarkerhashadadistinguishedcareerintheJudiciary,includingservingastheRecorderofLondon–theseniorJudgeattheOldBailey–andasaJudgeoftheCourtofAppeal.Heardthesecond“Deepcut”inquestintothedeathofCherylJamesandcurrentlyholdsanumberofsenior,part-timeappointments,includingIndependentReviewerofNationalSecurityinNorthernIreland,andAssistantSurveillanceCommissioner.
TimCharltonQC WasachairmanoftheformerDisciplinaryPanelfrom2005.
HisHonourPhilipCurl AretiredCircuitJudgeand,from2002,astewardatracecourseswhichincludeNewmarketandYarmouth,nowretired.WasamemberandsubsequentchairmanoftheformerDisciplinaryPanelsince2011.
DavidFishQC Queen’sCounselpractisinginManchesterandformanyyearsanowner,withacomprehensiveknowledgeofhorseracing.
PatrickMilmoQC Queen’sCounselpractisinginLondon,wasachairmanoftheformerDisciplinaryPanelandalong-standingownerandbreeder.
JStuartMorrison AretiredsolicitorwhopractisedinScotland,andaformerimmigrationjudge,fromwhichheretiredinMarch2015aftercompleting15yearsofservice.Aprolificownersince1990whohasenjoyedGroup1success.Wasatonetimeinpartnershipinabookmakingbusiness.Anon-executivedirectorofAyrRacecourse.
WilliamNorrisQC Apractisingbarristerandformeramateurrider.PastchairmanoftheformerBHADisciplinaryPanel,oneofthecurrentchairmenofSportResolutionsGeneralPanel,theNationalAnti-DopingPanel,FAIndependentPanelandIAAFPanel.TrusteeoftheInjuredJockeysFund.
HisHonourJamesO’Mahony ACircuitJudgeinKentwithawideknowledgeofhorseracing.
Wingers
DavidAdam AformerSteward,from1988to2014,atc.10racecoursesincludingEpsom,GoodwoodandSandownPark,andanowner.
TonyConnell AretiredseniorlawyerattheCrownProsecutionServiceandamemberofseveralracecourseswithacomprehensiveknowledgeofhorseracing.
EdwardDorrell PreviouslyamemberoftheformerDisciplinaryPanelandtheLicensingCommitteeandhasrecentlyretiredfromStewardingresponsibilitiesatsixracecoursesincludingChesterandHaydock.
JohnDyer AbarristerpractisinginLondonandanowner,withastrongknowledgeofhorseracing.
ChloeFairley AbarristerpractisinginLeedswhorodethewinneroftheMacMillancharityraceforamateursatYorkin2014.
JodieMogford Aformerjockeywhorodec.170winnersunderNationalHuntRules.JodieiscurrentlyassistanttrainertoGraemeMcPhersonQCandwillthereforenotsitonanycaseswhichinvolvealicensedtrainerwhoispersonallyallegedtobeinbreachoftheRulesofRacingorwhereGraemeMcPhersonisactingforeitherparty.
JennyPitman,OBE AformertrainerwhotrainedwinnersofboththeGrandNationalandtheCheltenhamGoldCup(eachtwice).
DianaPowles WasamemberoftheformerDisciplinaryPanelandanowretiredStewardwhohasactedsince1998atseveralracecoursesincludingNewmarket,SouthwellandDoncaster.
SteveWinfield Anowner,breederanddevoteeofhorseracing,withwideknowledge,andwhohasextensiveregulatoryanddisciplinaryexperience.WasformerlytheChairmanoftheGreyhoundRegulatoryBoard.
YvonneMee RetiredBHAStableInspector.Over40years’experienceinthehorseracingindustryincludingbeinganamateurrider,assistanttrainerandholderofapermittotrain.
DrLynGriffiths FormerlyaRacecourseMedicalOfficerovermanyyears.Aseniormedico-legaladviserfortheMedicalProtectionSociety
JohndeMoraville AretiredBHAHandicapperfrom2004–2015.Previouslyracingjournalistandfrom1974–2004freelancewithBBCTVracing,assistingproducerswithexpertadviceandinformation.ActedasPeterO’Sullivan’sracereaderatCheltenham,Aintree,RoyalAscotandnumerousotherbigmeetings.
3736
STRATEGIC REPORT
STEWARDS’ ENQUIRIES ANTI-DOPING
DISCIPLINARY PANEL CASES
INVESTIGATIONS
2017 2018
Interference(inbreach) 810(592) 812(605)
Whip(inbreach) 524(524) 535(535)
RunningandRiding(inbreach) 150(34) 159(39)
TotalNo.SamplesConducted
Human 2016 2017 2018
Raceday–Breath 2080 1935 1894
Raceday–Urine 436 421 516
OutofCompetition–Urine 8 10 5
OutofCompetition–Other 0 1 0
RacingSchool–Urine 37 14 0
TotalNo.TestsConducted
Equine 2016 2017 2018
Raceday-Total 8690 9123 9909
OutofCompetition-Total 1846 2303 2535
Total 10536 11426 12444
TotalNo.AdverseAnalyticalFindings
Human 2016 2017 2018
Raceday–Breath 1 3 3
Raceday–Urine 2 2 1
OutofCompetition–Urine 0 0 0
OutofCompetition–Other 0 1 0
RacingSchool–Urine 0 0 0
Total 3 6 4
AdverseAnalyticalFindingsas%SamplesConducted
Human 2016 2017 2018
Raceday–Breath 0.05% 0.16% 0.16%
Raceday–Urine 0.46% 0.48% 0.19%
OutofCompetition–Urine 0.00% 0.00% 0.00%
OutofCompetition–Other N/A 100.00% N/A
RacingSchool–Urine 0.00% 0.00% N/A
2017 2018
ExclusionorderbytheDisciplinaryOfficer 5 6
ExclusionfollowingDisciplinaryhearing 1 0
SuspendedfollowingDisciplinaryhearing 0 2
DisqualificationfollowingDisciplinaryhearings 4 1
Disqualificationfordebts/arrears 28 7
Total exclusions/disqualifications 38 16
Appealsfromracecourse 15 21
Referralsfromracecourse 10 20
OtherDisciplinarycases(includingfast-track) 56 52
CompliancecasesfromIntegrity 3 6
Total 84 99
AppealsBoard 2 1
2017 2018
Intelligence 3,392 2,141
Investigationsopened 104 80
Investigationsclosed 105 57
*OutofCompetitionincludesBritishBased,InternationalRunners,PermanentImport&SalesTesting)
3938
STRATEGIC REPORT
ANTI-DOPING
Raceday Total No. Samples Conducted
Equine Pre-Race Post-Race Misc Total
Urine 53 7999 19 8071
Blood 970 964 22 1956
Hair 0 0 0 0
Total Samples 1023 8963 41 10027
OutofCompetitionTotalNo.SamplesConducted
Equine Sales (AAS)
British Based
Perm. Import
Intl. Runner
GB Bred Foal
Stalls Test Total
Urine 0 37 0 0 0 0 37
Blood 541 1390 523 18 18 29 2519
Hair 0 14 99 18 18 0 149
Total Samples 541 1441 622 36 36 29 2705
*OOCincludesBritishBased,InternationalRunners,PermanentImport&SalesTesting)
TotalNo.AdverseAnalyticalFindings
Equine 2016 2017 2018
Raceday-Total 21 16 17
Raceday-%Tests 0.24% 0.18% 0.17%
Out of Competition - Total 0 0 0
OutofCompetition-%Tests 0.00% 0.00% 0.00%
2019AdverseAnalyticalFindingsbyType
Equine Total No. % AAF
Androgenic-anabolicsteroids 1 0.01%
Beta-blocker 2 0.02%
NSAID 3 0.03%
Opioids 2 0.02%
Cobalt 1 0.01%
Other 8 0.08%
Total 17 0.17%
4140
STRATEGIC REPORT
GROWING BRITISH RACING TOGETHER
Britain’simminentexitfromtheEuropeanUnionwillbringthemostsignificantchangetothepoliticalandeconomiclandscapeinnearly50years.Inthispotentiallydisruptivecontext,itisvitalthattheBHAanditsstakeholdersprovideleadershipforthesport.WearealreadyworkingtogethertodeveloptheBHA’sgovernance,aswellascontinuingtoassesschangeslinkedtocontinuingreformoftheLevyandtheimpactofchangesinthebettingandgamblinglandscape.
Brexit
Asignificantamountofworkwascarriedoutunder
theauspicesoftheThoroughbredBrexitSteering
Group,withtheBHAplayingaleadrole,alongsidethe
ThoroughbredBreeders’AssociationandWeatherbys.
Thechallenges–andopportunities–presentedbythe
UK’splanneddeparturefromtheEuropeanUnionfall
principallyintotheareasofhorsemovement,associated
policiesaroundhorsehealth,welfareanddisease
surveillance,andfutureimmigrationpolicy.Detailed
submissionsweredevelopedandpresentedtopolicy-
makerswithintheUKGovernmentandtheEuropean
Commissionasappropriate,thelatterthroughthe
EuropeanandMediterraneanHorseracingFederation.
Ourindustryhasenjoyedstrongsupportinparticular
fromtheDepartmentfortheEnvironment,Foodand
RuralAffairs,includingonthenecessarypreparation
fora‘nodeal’Brexit,andtheUKGovernmentcommitted
tothecontinuationofexistingfreemovementof
thoroughbredscomingintotheUKfromIrelandand
FranceundertheestablishedandsuccessfulTripartite
Agreementinsuchascenario.
SirHughRobertsonwasappointedasChairofthe
RacingAuthorityinJanuary2018,andtheorganisation
operatedinshadowformthroughouttheyear,withtwo
DirectorsappointedbytheBHA,andwidersupport
providedbyBHAExecutives.Unfortunately,latein2018
theLegislativeReformOrderasproposedprovedunable
tosatisfytheconcernsoftheParliamentaryCommittees
scrutinisingthelegislationdesignedtobringinthe
changesandformalisetheRacingAuthority’srole–
notonthepolicycontainedwithinitbutonprocedural
grounds–andthelegislationwasdiscontinued.Work
continueswiththeDepartmentforDigital,Culture,
Media&Sport,andtheHorseraceBettingLevyBoardon
modernisationofexistingstructures.
Gambling Review
TheconclusionsoftheGovernment’sGamblingReview
wereannouncedinMay2018,withconsiderablemedia
coverageofthedecisiontoreducethemaximumstake
onCategoryB2gamingmachines(socalledFOBTs)
to£2.
TheBHA,onbehalfofthewholesport,hadargued
stronglythattherewasaneedforastrengthening
ofmeasurestoreducetheharmcausedbyproblem
gamblingbutalsothattherewasaspecialand
longstandingrelationshipbetweenthebettingand
horseracingindustries,withsignificantrevenuesin
thesportdependentonasustainable,andsocially
responsible,bettingsector.Whilstaperiodoftransition
wascommittedto,inevitableclosuresofbettingshops
willaffectBritishracing’sincome,predominantly
throughmediarights.
Plansareunderwaytobestminimisethisimpact,
bothwithinthesportitselfandthroughongoing
representationstoGovernment,basedontheneedto
maintainourinternationalcompetitiveness,andour
capacityforfurthergrowthinourcontributiontothe
economyandsociety,particularlyinruralareas.
Racing Futures
Across-industryprojectgotunderwayin2018to
defineracing’svision,valuesandpurpose,withaview
toidentifyingthethingsthatbestdefineandunitethe
sport.Theprojectengagedanexternalconsultancyto
facilitatearangeofworkshopsanddiscussionswith
racing’sstakeholdersandconsumers.Theworkisbeing
furtherdevelopedin2019,withaviewtoproducingand
engagingthesportinRacing’s Story,acommonnarrative
thatcanbeusedtopitchthethrillandpassionofracing
toarangeofdifferentaudiences.
Racing Administration
Throughout2018,wehavebeenworkingonthecreation
oftheracingadministrationservicesthat,togetherwith
ourpartnersatWeatherbys,weprovidetothesport.
Theseservicesareusedpredominantlybyracehorse
owners,thesport’sparticipants,andracecourses,
andplayacentralroleingovernance,regulation,
integrityandwelfarematters.Thevisionforthisdigital
transformationisbasedonfourunderlyingprinciples:
• Toputthecustomeratthecentreofracing
administration
• Tocreateatechnologyplatformthatrespondsfasterto
theneedsofcustomersandthewidersport
• Todriveefficiencygainsbyimprovingexisting
processes
• Touseracingdatainamoreintelligentwayincluding
theprovisionofenhancedinsighttoguidedecision-
making
Animplementationplanwillbecreatedduring2019with
aviewtodeliveringtheseimprovementsattheearliest
opportunity.
Racing Authority/Levy Board
Considerableresourcewasdevotedtotheestablishment
oftheRacingAuthority,whichwasintendedtotake
overtheHorseraceBettingLevyBoard’sdistribution
functionaspartofstatedGovernmentpolicyandthe
nextphaseofLevyreformfollowingthe2017legislative
changetoextendtheLevycollectionbasetooffshore
remoteoperators.
4342
STRATEGIC REPORT
COMPETITIVE AND COMPELLING RACING
ThecontinuedsuccessofBritishracingispartlydependentontheexistenceofacompelling,innovativeandvariedracingprogramme,stagedatcustomer-friendlytimes,whilstalsotakingintoaccounttheimpactonthosethatserviceit.Theprogrammemustalsomatchtherequirementsofthehorsepopulation,providingopportunitiesforhorsestoprogressandtofulfiltheirpotential.
Handicapping
AreviewoftheBHA’shandicappingfunctionwas
completedduring2017bybroadcasterandjournalist
LydiaHislop.UndertheleadershipofDominicGardiner-
Hill,whosucceededPhilSmithasHeadofHandicapping
inJune2018,mostofthereview’srecommendations
havebeenimplemented.Theseincluded:
Publication of a new Guide to Handicapping–Arevamped
‘GuidetoHandicapping’sitsonanewlydesigned
handicappingsectionoftheBHAwebsite.Theguide
hasbeenwrittenbothwithparticipantsandthegeneral
publicinmind,andaimstobeeasiertounderstand,
moreaccessibleandtoexplainanypotentially
contentiousareasofhandicappingpolicy.Theguidealso
setsouttheaimsofhandicapping,whichhavebeenre-
writtenaspartofthereview.
Independent Appeals Process and Panel–Anew
onlinehandicappingappealsprocess,carriedoutby
anindependentexternalpanelofexperts,ensuring
allappealsareheardfairlyandindependently,whilst
followingdueprocess,hasbeenintroduced.
Flat Penalty Structure–Amorenuancedpenalty
structureforwinnersbasedonageisnowbeing
employed.Assuch,penaltiesforhandicapwinnersaged
twoandthreeis6lb,thoseagedfourtosixwillbe5lband
thoseagedsevenandabovewillbe4lb.Thisapproach
wasdevelopedfollowingdetaileddataanalysis,including
theaverageratingsriseofhorseswinninghandicaps,
andwasapprovedbytheindustry’sRacingGroup.
Enhanced data analysis–Oneoftherecommendations
oftheoriginalreviewwastopromoteamorerigorous,
data-drivenapproachtohandicappingpractices,with
muchofthisworktobepublishedonthehandicapping
sectionoftheBHAwebsiteaspartofthecommitmentto
amoreopenandtransparentapproachtohandicapping.
Further recommendations –Otherrecommendations
thathavebeenimplementedincludeperformance
figuresbeingpublishedontheBHAwebsitefor
allracesexceptmaidenandnoviceevents.Also,
increaseddiversityhasbeenintroducedintotherace
programmecourtesyofthe10-raceoptionalclaiming
handicaptrial,discussedbelow.TheBHAHandicapping
Teamhasundergoneaninternalrestructureto
increaseaccountability.
Supporting lower and middle-tier racing
In2017theBHA,RCAandHorsemen’sGroupagreedafundingpackagefor2018andbeyond,intendedtosupport
grassrootsracing.Thisincludedincreasedcentralpaymentstolowergraderacesthroughbothprizemoneyand,
forthefirsttime,acentralappearancemoneyschemelinkedtoarequirementforracecoursestoinvestmoreinthis
sectionoftheprogramme.Totalprizemoneyhasrisensince2011,withtheupperlevelsofracingbenefitingmost
fromtherises.
4544
STRATEGIC REPORT
ADDITIONAL FUNDING Fixture List
Asinpreviousyears,theFixtureListwascompiled
withtheagreedobjectivesof:
• Supportingbetting
• Increasingracecourseattendances
• Improvingparticipantwelfare
• Providingcompellingcontentforthemedia
Giventhatmostprogresshadbeenmadeinotherareas
inrecentyearsthe2019FixtureListoutcomewasalways
intendedtoprovidethegreatestfocusonparticipant
welfarewherepossible.Oneofthekeyoutcomesin
thisregardwastheintroductionoftwobreaksfromflat
racing,oneinNovemberandoneinMarch.Although
thetotalvolumeoffixtureswasunchanged,theaimwas
toprovidetwoshortwindowswhereflatparticipants
didnothavefixturestoservice.Inaddition,changes
weremadetothetimingsofallweatherracesthrough
thewinterseasonwhichsawfixturesconsistently
commenceshortlyafterthelastafternoonraceand
runthroughtonolaterthan8.30pm.Thischange
enabledthesporttoprovideanimprovedoutcometo
bookmakersandthemedia,whilstbringingtheaverage
lastracetimeatfloodlitfixturesforwardbyaround
30minutes.
PROPORTION OF PRIZE MONEY BY CLASS INCLUDING AMS, BY YEAR
AlthoughchangestoFOBTlegislationmeantthatsomechangestothisschemewerenecessary,itcontinuesinto
2019inasimilarformandwillleadtoasimilardistributionofprizemoney.
TIME OF LAST RACE GROUPED BY 15 MINUTE INTERVALS 2017/18 COMPARED TO 2018/19
1,000,000
0
10
0
5
0
10
15
2,000,000
20
Additionalperracepayments
Class1 Class2 Class3 Class4 Class5 Class6
1801
-1
815
1816
-1
830
1831
-1
845
1846
-1
900
1901
-1
915
1916
-1
930
1931
-1
945
1946
-2
000
2001
-2
015
2016
-2
030
2031
-2
045
2046
-2
100
2101
-2
115Class7
Appearancemoneyscheme
3,000,000
30
20
25
4,000,000
40 30
Tota
lspe
nt(£
’s)
Pro
port
ion
ofto
talr
ace
valu
es(%
)
Num
ber
offi
nish
es
5,000,000
6,000,000
7,000,000
3,229,200
6,154,196
2014 2015 2016 2017 2018
2017/2018 2018/2019
4746
STRATEGIC REPORT
Race Planning
Oneofthemostsignificantchangestoraceplanning
practicesthisyearhasbeenatrialofopenentriesand
declarations.Withtheprevioussystempreventing
connectionshavingvisibilityofwhichotherhorses
werebeingdeclaredforraces,itwasfeltthatamore
transparentsystemwouldbebeneficial.Thistrial
initiallyranontheflatfromDecembertoFebruaryand
alsoremovedthepreviouspracticeofre-openingraces
atentrystageandre-offeringatdeclarationstage,
therebystreamliningtheprocessformakinginformation
availabletothepublic.Trainerfeedbackwaspositiveand
thetrialwasextendedandisstillongoing.Ithasalso
beenappliedtojumpracing.
Asnotedabove,furtherinnovationsawanewrace
typeappearforthefirsttimeintheformofOptional
ClaimingHandicaps.Theserelativelyvaluablehandicaps
seetrainersabletoelecttoreduceweightcarriedin
exchangeformakingtheirhorseavailabletoclaimand
areintendedtoprovideoptionsasanalternativefor
horses,aswellasstimulatingtradeinabracketofthe
populationwhereitmaynototherwiseexist.Tentrial
raceswerestagedanditistheintenttocontinuewith
thetrialin2019.
WealsomadechangestotheNorthernLightsseries
whichsawthefinalsmovefromearlyDecemberinto
March,toformpartofanewlycreatedNorthernJump
featureweekendbetweenCheltenhamandAintree.
ThiswilltakeplaceforthefirsttimeinMarch2020.
Otherinitiativesincludeanagreementtoreducethe
commissionchargedbyracecoursesonhorsessoldout
ofsellers,refinementstotheflatNoviceprogramme,
48-hourdeclarationsforallracesatCheltenhamand
ongoingsupportoftheflatstayersprojectfromtheBHA
Developmentfund.
High value novices’ events
2018sawtheintroductionoftwohighvaluenovices’
events,supportedbytheBHADevelopmentFund,with
aviewtoaddressingspecificissuesidentifiedwithinthe
Jumpprogramme.
Thefirstrace,designedtosupportthefindingsof
theBHA’sNovices’SteepleChasereview,wasaimed
atdecentstayingnovicechasers,whichhadbeen
campaignedinweight-for-ageeventsandperhaps
foundthemselvescomingupjustshortoftopclass.The
£100,000racewasheldatAyronScottishNationalDay
andattractedaqualityfieldof9.
Thesecondrace,a£100,000,2-mileNovices’Handicap
HurdleFinal,wasdesignedtoattractex-Flathorses,
aswellasthetraditionalNHbredhorses,inorderto
providesomeincentivetosendex-Flathorseshurdling.
HeldatSandownParkonthelastdayoftheseason,the
firstrenewalsawahigh-qualityfieldof15runners,led
homebythefavourite,GetawayTrump.
Bothracesreceived£50,000eachfromtheBHA
DevelopmentFundandwerecontinuedagainfor2019.
4948
STRATEGIC REPORT
EUROPEAN PATTERN COMMITTEE
ContinueddevelopmentoftheframeworkthatseesBritainfurtheritspositionasthehomeofthebestracingintheworldrequiresquality,varietyandopportunityforallaspectsofthethoroughbredasitprogresses,andforthebreedonawiderbasis.
ItremainsessentialthatBritainleadsbyexample,with
theaimofachievinggreateracceptanceamongstracing
authoritiesacrossthedifferentregionsoftheglobe
toupholdthevalueofBlackType,withaconsistent
qualitativeassessmentofGroup/GradedandListed
races,andanoverallinternationalprogrammethatisfit
forpurpose.Britishracingcontinuestoattracthorses
ofthehighestcalibretoracehereandshouldstriveto
providecontinuedincentiveforoverseasinvestment.
Stayers
Significantprogresscontinuedduring2018onthe
industry-wideprojecttosafeguardthefutureofthe
stayinghorseontheFlat.TheBHAillustratedits
ongoingcommitmenttoprotectingandenhancing
theprogrammedesignedtoattract-andencouragethe
developmentof-qualityhorseswithanaptitude
forstamina.
Theimprovedprogrammeforstayerswas
complementedbytheinauguralofferingofa£1mBonus
fromWeatherbysHamilton,availabletothehorsewho
couldwintheGoldCupatRoyalAscot,followedbythe
GoodwoodCupandtheLonsdaleCupatYork(having
alreadywononeoffourqualifyingraces).Thisfeatwas
consideredbymanytobehighlyunlikelytobeachieved,
giventhatithadneverbeendonebefore.However,
theextraordinary2018performancesofStradivarius
(IRE),ownedbyBjornNielsen,trainedbyJohnGosden
andriddenbyFrankieDettoriatRoyalAscotandYork
andbyAndreaAtzeniatGloriousGoodwood,sawhim
dulycrownedthewinnerofthefirst£1mWeatherbys
HamiltonStayers’Bonus.
Followingthesignificantfinancialcontributiontothe
stayers’programmefromtheBHA’sDevelopmentFund
for2018,withfundsmainlybeingutilisedtocreatea
progressiveprogrammeforthethree-year-oldstayer,
renewedfocusshiftedtoboostingtheprogrammefor
stayingfilliesandmares,agoalwhichwassupported
bytheEuropeanPatternCommittee(EPC).TheEPC
announcedafurthertrancheofenhancementstothe
PatternandListedraceprogrammeforstayersin2018,
alongwithanumberofotherchangeswithintheBlack
Typeprogramme.
WORLD CLASS RACING ThefollowingBritishraceswerethesubjectofapprovedchanges,announcedbytheEPCandtheBHA:
Jump Pattern Upgrades
InOctober,theJumpPatternCommitteeannouncedanumberofupgradestotheBritishJumpPatternand
Listedraceprogrammeforthe2018/19season.Theprincipalchangesrelatedtotheongoingprojecttodevelop
themares’BlackTypeprogramme,andtherebythepopulationofJumpingmares.Thisremainsalong-term
BHAproject,withtheaimbeingtodelivergraduatedgrowthintheprogrammeinordertoprovidesufficient
incentivetoenactbehaviouralchangeinbreeders,buyers,owners,trainersandracecourses,suchthatmore
maresareputintotrainingandgiventhechancetodeveloptothebestoftheirabilityontheracecourse,before
perhapsbecomingbroodmares.
Upgraded races:
Jump Pattern Committee:AdrianGrazebrook(Chairman),EdArkell,RichardAston,AnthonyBromley,DavidCleary,
SamHoskins,PhilipHobbs,EmmaLavelle,SteveMellish,PaulNicholls,RichardNorris,RuthQuinn
Flat Pattern Committee:AdrianGrazebrook(Chairman),AndrewBalding,AndyClifton,SimonCrisford,Philip
Freedman,WilliamHaggas,LydiaHislop,RuthQuinn,JulianRichmond-Watson,AmandaSkiffington,NickSmith,
NicholasWrigley
Name Venue DateDistance
&AgePrevious
statusNewstatus
BlueRibandTrial EpsomDowns 25April 10f3yo Class2 Listed
Huxley Chester 11May 10f4yo+ Group3 Group2
BrontëCup York 26May 14f4yo+fillies Newrace Group3
QueenCharlotteChelmsford
City20June 7f4yo+fillies Newrace Listed
Hoppings Newcastle 29June 10f3yo+fillies Listed Group3
SilverCup York 14July 14f3yo+ ListedGroup3and
changedto4+
LillieLangtry Goodwood 2August 14f3yo+fillies Group3 Group2
March Goodwood 25August 14f3yo Listed Group3
Name Venue DateDistance
&AgePrevious
statusNewstatus
Fillies’JuvenileHurdleRace Doncaster 25January2m½f4yo
filliesNewrace Listed
Mares’SteepleChase Exeter 10February3m5yo+
maresNewrace Listed
JuniorJumpersFillies’JuvenileHandicapHurdleRace
Cheltenham 18April2m½f4yo
filliesClass2 Grade3
STRADIVARIUS
5150
STRATEGIC REPORT
Thesport’sdutyofcaretoitsemployeesrangesfromsafeguardingandwelfareprovisions,totraining,educationandcareerpathwaysateverylevel.Wearedependentonthepassionanddedicationofthepeoplewhocareforourhorses.Weareredoublingoureffortstorecruit,trainandretainaworkforcethatdrivesthegrowthofBritishracing’srelevance,revenuesandreputation.
Racing recruitment
Thecareersinracingbrandedmarketingcampaign
continuestouseabroadrangeofcommunication
channels.Digitalmarketingisanareaofincreasing
importanceandgrowthfortargetingtheyouthaudience,
inparticularforstudentrecruitmenttothetraining
providers.Acomprehensiveresearchprojecttook
placetoevaluateandunderstandthedigitalexperience
ofpotentialstudentprospects.Learningsfromthiswill
shapefuturedevelopmentprojectsanddigitalcontent.
Careersinracing.compromotedviabrandedand
paid-fordigitalmarketingcampaignscontinuedtosee
growth,witha20%yearonyearincreaseinwebsite
usersessions,andanincreaseof9%injobseekers
registeredonthejobboard.Therangeofrolesonoffer
inracingiswellarticulatedthroughthecareersinracing
jobboard,whichcontinuestobeavailableforfreetoall
racingemployers.
Assetsofnotecreatedin2018includeaWelcomeVideo
incollaborationwiththeNTF,afullyinteractiveCareer
Map-mappingover40roles,WorkExperienceToolkits
and“Howto”Videoguides.Abroadrangingcareersvideo
showcasingthemultipleroleswithin‘TeamRacing’-has
beenviewedover172Ktimesandcontinuestodirect
audiencestothemultitudeofavailableopportunities.
Eventsandactivitiesincludedfourlargerecruitment
events,10innercityjobfairs,nineracecourseevents
andbrandedactivityalongsidethePonyRacing
Authority,NationalCareersWeek,andRacingto
School’sRidersProgramme.Thesewereeffective
indrivingenquiries,asmeasuredbygrowthinthe
prospectdatabasewhichnowstandsat5,500.
During2018therewereatotalof1,517newjoinersto
thestablestaffregister.Increaseinnewjoinersover
thelastfiveyearshasgrown38%.
CAREERSINRACING
Digital Marketing
Campaign highlights
Website and Job Board
Events and Sponsorship
1.9mtotalimpressionsviasocialmediaadvertising.
Continuedtodevelopourdigitalofferandcontentin2018,includingthecreationofaninteractivecareersmap
Atotalof403,368visitors
SponsoredactivitiesinpartnershipwiththePony Racing Authority, British Grooms Association, Betfair Racing Staff Week, Pony Club Championships, Badminton Horse Trials and Shetland Pony Grand National.
25events,including:The Skills Show, The Diversity Show and British Champions Day
79,637visitorstotheApprenticeshippageonthewebsite.
Key contributortoNationalCareersWeek
Numberofjobseekersregisteredforthejobboardincreasedby 9%during2018.Prospectdatabasegrewto5.5k
290,115promotionalvideoviewsthroughYouTube.
RecruitedandrananEntryintoEmploymentProgrammefor12EquineCollegestudents,allofwhomweresubsequentlyemployedintheindustry
Over1,000racingjobsprocessedandpromotedviasocialmedia
LOOKING AFTER OUR PEOPLE
5352
STRATEGIC REPORT
Public Perspectives Research
Someofthekeymessagestocomeoutoftheresearch
(March2019)included:
• Recruitment,skillsandretentionissuesareimportant
to,andcontinueimpactingon,theindustry.This
suggeststhecontinuedneedforstrategy,resources
andactiontoaddresstheissuesidentified,aswellas
monitoring,evaluationandresearchtoinformand
assesschange.
• Therehavebeennotableincreasesinyardsproviding
trainingtotheirstaffandthereareimprovementsin
staffperceptionsaroundtraining,developmentand
careerprogressionopportunities.
• Thesechangeshaveyettofilterdowninto
improvementsintrainers’perceptionsofskillsgaps
andretentionamongsttheirexistingworkforceand
staff’sjobsatisfactionandintentiontoremainworking
intheindustry.
• Themessagesfromresearcharethatworkriders,
andgrooms/ridersandyardstaffarethehardest
positionstofill.
Training
Acrosstheindustry,35,000trainingdaysweredelivered
in2018.Thecurrentplanaimstoprovide50,000training
daysperyear.
Therearecurrently35recognisedlearningprogrammes,
withanaimtoincreasethenumberto50infutureyears.
Therearecurrently22bespokeindustryqualifications.
ThenewRegionalStaffDevelopmentProgrammewill
reach2,400racingstaffoverthenextthreeyears.
Trainingiswellunderwaytoproduce119ridercoaches
fromracingyardstoimprovetheskillsofover1,000riders.
TheJockeyCoachingprogrammegoesfromstrength
tostrength.23coacheswithacombinedtotalofover
99,000ridesprovidecoachingandsupporttoallofthe
claimingjockeys.Thegoalistoextendthisservicetofull
professionaljockeysaswell.
TheBHAiscurrentlyworkingwithpartnerstodevelop
andhostanindustry-widecomprehensiveonline
LearningResourceCentre.
5554
STRATEGIC REPORT
Safeguarding
Anewindustry-wideSafeguardingPolicy,Regulations
andCodeofConductwaspublishedin2018,andcame
formallyintoeffecton1January2019.Itsobjectiveisto
enableeveryoneinracingtomanageanysafeguarding
issueswithconfidence,efficiencyandappropriate
support.ThePolicycoversareassuchasabuse,
inappropriaterelationshipsandsaferrecruitment
practices,aswellasintroducingnewprocessesforthe
reportingofsafeguardingconcerns.Everyoneworking
inracingwillbeexpectedtoadheretothePolicyand
CodeofConductandthePolicywillalsobeincorporated
intoformallicensingrequirementsandtrainingcourses
from2019.
TosupporttheimplementationoftheSafeguarding
PolicyandRegulations,anonlineaccredited
learningprogrammehasbeenlaunchedtoprovide
anIntroductiontoSafeguardingInTheHorseracing
Industry.Alllicenceholderswillberequiredtocomplete
itaspartofthe2019licencerenewalprocess.Sofar
over100participantshavecompletedtheonlinecourse
whichhasalsobeenintegratedwithexistingeducational
programmesforstablestaff,jockeysandjockey
coaches.Allnewjoinerstothesportcomingthroughthe
RacingSchools,claimingjockeysandjockeycoaches
havereceivedsafeguardingeducationin2018andthis
willbeexpandeduponin2019.
TheBHASafeguardingTeamhasbeenbolsteredby
therecruitmentofaSafeguardingOfficerwhowill
workcloselywithallkeystakeholders,withtheaim
ofembeddingsafeguardingasafunctionwithinthe
BHA,workingcloselywithIntegrityandRegulation
Departmentsinapreventativeapproachthatsupports
positiveculturaldevelopmentacrossthesport.
AspartoftheRacecourseLicensingReviewProcess,a
newSafeguardingGeneralInstructionhasbeencreated
alongwithaccompanyingguidancewhichsetsoutthe
safeguardingrequirementsforRacecoursesduetobe
introducedaspartofthe2020licensingcycle.
Diversity
Racing’scommitmenttotheimprovementofDiversity
wasstrengthenedinOctober2018,withtheappointment
ofRoseGrisselltothenewroleofHeadofDiversity
andInclusionforBritishRacing.Therolewillwork
withtheDiversityinRacingSteeringGrouptoco-
ordinatetherecommendationsoftheDiversity
&InclusionActionPlan,publishedinJuly,whilst
alsoworkingwiththewholeoftheindustrytobuild
understandingandimprovement.
TheActionPlanidentifiedeightcoreareas,whichcan
andshouldbeaddressedtopromotegreaterinclusion.
Centraltoitsrecommendationsistheneedtoreach
culturallyandethnicallydiverseaudiencesthroughthe
sport’smarketingandpromotion,andensuringthenext
generationofracingfanshastheopportunitytointeract
withhorses,particularlyinurbanenvironments.
Rider safety
Anumberofinitiativestoimproveridersafetywere
announcedduring2018.
From1October2018,theminimumacceptablestandard
forasafetyvest(bodyprotector)forraceridingfor
jockeysofalldisciplineswasincreased.Alljockeysmust
nowwearthenew“Level2”bodyprotectors,ratherthan
thecurrent“Level1”model.TheLevel2vest,which
wasintroducedfollowingconsultation,offersvastly
superiorprotectionagainstdirectblows,suchaskicks.
Theweightallowanceforsafetyequipmentwasraisedto
3lbstoreflecttheheavierweightofthenewvests.
Meanwhile,theBHA’sdigitalarchiveofpreviousrace
footage,createdin2018,isassistingmultipleresearch
projectsaimedatimprovingridersafety.Projectsbased
attheUniversityofSydney,UniversityCollegeDublin
andUniversityofBathareallusingthedigitalrace
archivetomapanddigitallyreconstructhowjockeys
fall.Itishopedthatthevariousprojectswillimprove
understandingoftheimpactoffallsonconcussion
andspinalinjury,whichmayinturninfluencefuture
equipmentdesign,andjockeytraining.
Godolphin Stud and Stable Staff Awards
TheBHAhostedthe14thannualawardsto
celebratetheverybestoftheindustry’sstudand
stablestaff.Theawardsaregenerouslysponsored
byGodolphin,inassociationwiththeRacing
Post.The2018awardswerehostedbyITV’sEd
Chamberlin,alongsideguestpresenterMichael
Owen,whopresentedthe2018Employeeofthe
YearAwardtoJessicaMcLernon,AssistantTrainer
atRichardFahey’sMusleyBankStables.
The winners:
EMPLOYEEOFTHEYEAR
JessicaMcLernon
LEADERSHIPAWARD
JessicaMcLernon(RichardFahey)
RIDER/GROOMAWARD
PetraSebestikova(LucaCumani)
STUDSTAFFAWARD
SarahTaylor(MickleyStud)
DEDICATIONTORACINGAWARD
WilliamReddy(EveJohnsonHoughton)
DAVIDNICHOLSONNEWCOMERAWARD
AdrianStewart(DavidLoughnane)
RORYMACDONALDCOMMUNITYAWARD
John&JackiePorter(ex.InjuredJockeys’Fund)
JESSICA MCLERNON EMPLOYEE OF THE YEAR
5756
DIRECTORS’ REPORT AND GOVERNANCE STATEMENT
Sportsgovernanceremainedamajortopicin2018,withtheBHA’sowngovernanceasignificantareaofdiscussion.
Governanceinsportremainedunderscrutinyin2018.
TheBHAhascontinueditscommitmenttoachieving
compliancewiththehighestlevel(tier3)ofUKSport’s
CodeforSportsGovernance,notwithstandingthatthe
BHAisnotpubliclyfunded.Thisambitionreflectsthe
BHA’suniquesetofregulatoryresponsibilities;including
maximisingthewelfareofthesport’shorsesand
people,keepingracingassafeaspossibleforhorses
andjockeys,andensuringthesportisfairandfree
fromcorruption.
InJanuary2018,Slaughter&Maypresentedtothe
BoardanindependentreviewoftheBHA’scorporate
governance.TheBoardandtheBHA’smembers
heldconstructivediscussionsregardingthe
recommendationsthroughout2018.Anumberof
therecommendationshavebeenimplemented;others
theBHABoardhasdecidednottoimplementatthis
time;andsomeremainunderconsideration.
FollowingfromtheSlaughter&Mayreview,theBHA’s
membersalsocarriedoutareviewoftheBHA’sroleand
remit,andoftheoperationoftheMembers’Agreement,
during2018,whichisongoing.Theobjectiveofthe
members’reviewistoincreaseindustryinvolvement
inkeydecisionswhichaffectthesport,whileretaining
theindependenceoftheBHABoardonregulatoryand
integritymatters.
IT IS OUR RESPONSIBILITYTO GOVERN THE SPORTAND WE AIM TO DO SO INAN INCLUSIVE MANNER
DIRECTORS’ REPORT AND GOVERNANCE STATEMENT
5958
DIRECTORS’ REPORT AND GOVERNANCE STATEMENT
ThecompositionoftheBHABoardwasamendedinearly
2019withtheaimofstrengtheningcollaborationwiththe
sport’sleadershipandtheracingindustry,whilstalso
ensuringsufficientindependenceonregulatorymatters.
ThenewBoardiscomprisedoftheChairmanandChief
Executive,fourindependentdirectorsandfourdirectors
nominatedbytheRCAandtheHorsemen.
TheonlychangestotheBoardin2018werethe
departuresoftheChairmanSteveHarman,who
resignedinNovember2018,andJulieHarrington,who
lefttheBoardon31August2018,oncompletionofher
termofoffice.1
TheBoardmetseventimesin2018andtheattendance
ofeachBoardmemberisrecordedbelow.
1MsHarringtonre-joinedtheBoardon12November2018,toassisttheBoardinremainingconstitutedinaccordance
withtheArticlesofAssociationwhenAthollDuncan(formerlyanindependentnon-executivedirector)became
interimChairman.MsHarringtonresignedon7March2019.
Board activity in 2018 was focussed across a number of areas of strategic importance for the sport:
• OngoingworkonmattersrelatingtotheHorserace
BettingLevy,followingtheimplementationofnew
legislationin2017
• OversightoftheCheltenhamFestivalReviewaimed
atimprovingsafetyandwelfareatCheltenhamand
allJumpracecourses
• OversightoftheworktointroducetheBHA’sfirst
safeguardingpolicyandregulations
• Oversightoftheprojecttoensurecompliance
withGDPR
• Consultationonandlaunchofthenewmodel
forracedayregulation
• Approvalforincreasedtestingonracedaysin
relationtogroupandgradedraces
• Oversightoftheongoingchangestothe
raceprogramme
• OversightoftherewriteoftheRulesofRacing
(tobelaunchedin2019)
• Commencementofareviewintothebuyingand
sellingofhorsesledindependentlyoftheBHA
• Considerationofenhancementsforoverallracing
administration(continuinginto2019)
Meeting Attendance
Steve Harman (Chairman) resigned from November 2018 6/7
Atholl Duncan (interim Chairman from November 2018) 7/7
Laura Whyte 7/7
Nöel Harwerth 7/7
Vivien Currie 7/7
Julie Harrington 4/7
Andrew Merriam 7/7
Joe Saumarez Smith 7/7
Sir Paul Stephenson 6/7
Rupert Arnold 7/7
Nick Rust 6/7
6160
DIRECTORS’ REPORT AND GOVERNANCE STATEMENT
Nick Rust,
Chief Executive
AppointedJanuary2015
2018Meetingsattended:6/7
Experience: Over27yearsofexperienceinthebetting
andgamingindustry.MostrecentlyasManagingDirector,
Retail,forLadbrokesPlcbutalsoinpreviousseniorroles
atBskyBincludingasManagingDirectorofSkyBet,andat
GalaCoral.Hehasextensiveexperienceinindustryand
corporateaffairs,havingmanagedkeyrelationshipswith
Governmentandregulators.Oversawestablishmentof
Britishracing’stripartitestructurethroughtheMembers’
Agreement,anindustry-widestrategyforgrowthand
replacementoftheHorseraceBettingLevyandhas
excellentrelationshipsacrossBritishracing.
Other roles: Non-ExecutiveDirectorofYorkTheatreRoyal
Committee membership:ExecutiveCommittee
(Chairman),RulesCommittee
Horse ownership interests: Horsesintrainingwith
MickyHammond,HugoPalmerandCharlieHills
Atholl Duncan,
Independent Non-Executive Director
Interim Chair, Nov 2018 – Jun 2019
AppointedDecember2014;
TermexpiresDecember2020
2018Meetingsattended:7/7
Experience:AnexperiencedNon-ExecutiveDirectorin
sportsorganisations,spent25yearswiththeBBC,as
ajournalistandTVnewsandsportsproducer,before
becomingHeadofNewsandCurrentAffairsfortheBBC
inScotland.FouryearsasDirectorofCorporateAffairs
withScottishWater.Athollsitsonnumerousadvisory
boards,hasworkedwiththeGovernmentonvarious
businessissuesandhasgoodknowledgeofsports
administrationandgovernance,andisaMemberofthe
CaledonianRacingSociety.
Other roles:ExecutiveDirectorofInstituteofChartered
AccountantsofScotland
Committee membership:AuditCommittee,
NominationsCommittee
Horse ownership interests:Horsesintrainingwith
LucindaRussellandRichardHughes
Andrew Merriam,
Senior Independent Director and
Independent Regulatory Director
AppointedSeptember2012;
TermexpiresDecember2020
2018Meetingsattended:7/7
Experience: QualifiedCharteredAccountantwithmore
than30years’experienceinfinancialservicesand
bankingand10yearsrunningtheBradfordsGroup,the
leadingprivately-ownedsupplierofbuildingmaterialsin
theUK.Andrew’sotherracinginterestsincludebeinga
MemberofTheJockeyClubandChairmanofthePoint-to-
PointAuthority.HeisalsoaTrusteeofRacingtoSchool,
RetrainingofRacehorsesandtheBritishRacingSchool.
Other roles:ChairmanofBerners-AllsoppEstate
ManagementCoLtdandDeputyLieutenantofthe
CountyofSuffolk
Committee membership: AuditCommittee(Chairman),
RemunerationCommittee,RulesCommittee(Chairman),
StewardingCommittee.
Horse ownership interests: Horsesintrainingwith
WarrenGreatrex
Sir Paul Stephenson,
Independent Regulatory Director
AppointedJuly2015;
TermexpiresJune2021
2018Meetingsattended:6/7
Experience:Ahighlydistinguishedcareerasa
policeofficer,holdingseniorcommandpositionsin
Merseyside,LancashireandLondon.Inhisroleswiththe
MetropolitanPoliceService–whereasCommissioner
hewasthemostseniorpoliceofficerintheUK–he
advisedgovernmentsonissuesrangingfromcounter
terrorismtoseriousorganisedcrimeandnationalpolice
improvements,withafocusonmodern,transparentand
collaborativepolicing.
Other roles:TrusteeofCrimestoppersUKandDirector
ofSirPaulStephensonLtd
Committee membership:RemunerationCommittee
Horse ownership interests: None
Julie Harrington,
Independent Non-Executive Director
AppointedDecember2014;
TermexpiredMarch2019
2018Meetingsattended:4/7
Experience: Considerableknowledgeandexperience
inhorseracingasaresultofhereight-yearcareerwith
NorthernRacing,includingrolesasGroupOperations
DirectorandManagingDirectorofUttoxeterracecourse.
JuliewasalsoRegionalMarketingDirectoratWhitbread
Inns,RetailSectorDirectoratBritishAirways,Managing
DirectorofStGeorge’sPark,andwasappointedChief
ExecutiveofBritishCyclingin2016.
Other roles:ChiefExecutiveofBritishCycling
Committee membership: None
Horse ownership interests: None
Joe Saumarez Smith,
Independent Non-Executive Director
AppointedDecember2014;
TermexpiresDecember2020
2018Meetingsattended:7/7
Experience:Joehasadvisedandworkedcloselywith
lotteries,governments,investmentbanksandoperating
companiesonstrategy,operationalrestructuring,
financeandmergerandacquisition.Co-foundedBede
GamingLtd,aprovideroftechnologytotheonlinecasino
andbingoindustries,andoneofthefastestgrowing
companiesinthenorth-east.Joeisashareholderin
StarBloodstockLtd,TotalPerformanceDataLtd,Anglo
AustralianRacingandWagonWheel14BettingFund.
Other roles:ChairmanofBedeGamingandChief
ExecutiveofSportsGamingLtd.ADirectorIrishOnline
BingoLotteryandScratchcardsLtd.Shareholdingsin
BedeGaming(Holdings)Ltd,HelixTechnologiesLtdand
eWaterPayLtd,CrowdConnectedLtd,FlexyfootLtd,
TalentPoolLtd,OnlineDomainServicesLtdandThe
GamesCompanyLtd
Committee membership:RemunerationCommittee,
AuditCommittee
Horse ownership interests: Horsesintraining
withEdDunlop,EdWalker,MartinKeighleyand
IlkaGansera-Leveque
Nöel Harwerth,
Independent Non-Executive Director
AppointedDecember2014;
TermexpiresJuly2019
2017Meetingsattended:7/7
Experience:Aqualifiedsolicitor,previousrolesinclude
ChiefOperatingOfficerofCitibankInternationalandChief
taxOfficerofCitigroup,Dun&BradstreetCorporationand
KennecottCooperCorporation.
Other roles:ChairoftheUKExportFinanceBoard
andaNon-ExecutivememberoftheDepartmentfor
InternationalTradeBoard.ANon-ExecutiveDirectorof
StandardLife,theLondonMetalExchange,CHAPSCo
andSiriusMinerals
Committee membership:None
Horse ownership interests: Horsesintrainingwith
RichardHannonandRalphBeckett
Laura Whyte,
Independent Non-Executive Director
AppointedDecember2014;
TermexpiresDecember2020
2018Meetingsattended:7/7
Experience: PartoftheJohnLewisManagement
Boardfor10years,mostrecentlyintheroleofHuman
ResourcesDirector.OtherrolesatJohnLewisincluded
DivisionalRegistrar;aboardroleaimedatensuring
employeeviewswereappropriatelysupportedand
reflected.LauraalsoworkedwiththeBritishEquestrian
FederationasaNon-ExecutiveDirectorandChairof
theirRemunerationCommitteefrom2013to2016.
Other roles:Non-ExecutiveDirectoroftheDefence
PeopleandTrainingBoardwithintheMinistryof
Defence,Non-ExecutiveDirectorofCapitalandRegional
Plc.ExecutiveTrusteeofWomeninRetailandaDirector
ofCarringtonWhyteConsultingLtd.Investmentportfolio
includessharesin32redandWilliamHill.
Committee membership:RemunerationCommittee
(Chairman)
Horse ownership interests:None
BOARD MEMBERS
6362
DIRECTORS’ REPORT AND GOVERNANCE STATEMENT
Rupert Arnold,
Member Nominated Director
AppointedJanuary2015;
TermexpiresOctober2019
2018Meetingsattended:7/7
Experience: RupertisChiefExecutiveoftheNational
TrainersFederation,therepresentativebodyforlicensed
racehorsetrainersinGreatBritain.Heisadirectorof
theHorsemen’sGroupandRacingtoSchool.Earlierin
hiscareer,afteremploymentasassistanttrainer,Rupert
heldatrainer’slicenceforsixyears,.AlsoaTrusteeof
theNationalTrainersFederationCharitableTrustandthe
RacehorseTrainersBenevolentFund
Other roles:DirectorandTrusteeofTheHunsletClub(Leeds)
Committee membership: Members’Committee
Horse ownership interests:None
Vivien Currie,
Member Nominated Director
AppointedJanuary2016;
TermexpiredDecember2018
2018Meetingsattended:7/7
Experience:VivienisChiefExecutiveofHamiltonPark
racecourseandViceChairmanoftheRacecourse
Association.AQualifiedCharteredAccountantwith
Ernst&Young,workinginLondon,Australiaand
Glasgow,beforejoiningtelecomsbusinessDamovo
whereasDirectorofStrategyshewasresponsiblefor
theintegrationofthegroup’s18countries’salesforces
beforebecomingheadofGlobalSalesandSolutions.
Previouslyalsopart-ownerandChiefExecutiveof
LivingstonFootballClub,havingboughtthecluband
takenitoutofadministration.
Other roles: MemberoftheDevelopmentBoardofthe
MarieCurieHospice(Glasgow)
Committee membership:AuditCommittee
Horse ownership interests:None
Steve Harman,
Chairman (to Nov 2018)
AppointedJuly2013;
TermexpiredNovember2018
2018Meetingsattended:6/7
Experience:From1980onwards,SteveworkedforRoyal
DutchShellinpositionsacrossEurope,Asiaandthe
Americas.HisrolesincludedCEOofShellMarine,CEOof
PennzoilandVicePresidentofRoyalDutchShell.Hehas
extensiveexperienceofdealingwithmultiplestakeholders
andgovernmentorganisations,andhassatonvarious
corporateboardswhileholdingavarietyofExecutiveand
Non-ExecutivepositionsintheUK,AmericaandAsia.
Other roles:ADirectorandTrusteeofHelpforHeroes.
BoardmemberDurhamUniversityandChairmanof
UstinovCollegeCouncil.ShareholdingsinStGeorge’s
RecruitmentandVIPEscapes.Asupporterandmentortoa
rangeofentrepreneurialstart-ups.
Committee membership: NominationsCommittee
(Chairman),Members’Committee(Chairman)
Horse ownership interests:HorsesintrainingwithPhilip
Hobbs,DavidPipe,CharlieLongsdon,RichardFahey,
AndrewBaldingandMartinKeighley
*AllDirectorswererequiredtoprovidealistof
bettingoperatorswithwhichaccountswereheld.
Asof2019,Directorsarenotpermittedtohave
theseaccounts.AllDirectors’interestslistedare
correctfor2018andmayhavechangedin2019.
BOARD MEMBERS
ADDED IN 2019
Annamarie Phelps,
Chair
(fromJune2019)
David Armstrong,
Member
NominatedDirector
(fromFebruary2019)
Maggie Carver,
Member
NominatedDirector
(fromMarch2019)
Nicholas Cooper,
Member
NominatedDirector
(fromApril2019)
6564
DIRECTORS’ REPORT AND GOVERNANCE STATEMENT
Meeting Attendance
Andrew Merriam (Chairman) 2/2
Atholl Duncan (resigned November 2018) 1/1
Vivien Currie 2/2
Philip Freedman 1/2
Joe Saumarez Smith 1/1
Meeting Attendance
Laura Whyte (Chairman) 3/3
Andrew Merriam 2/3
Joe Saumarez Smith 3/3
Sir Paul Stephenson 3/3
GOVERNANCE COMMITTEES
TheBoardhasthreeprincipalcommitteesrelatingtogovernance.
Audit and Risk Committee
TheAuditandRiskCommitteehasfourmembers,twoindependentBoarddirectors(ofwhichoneischairman)and
twonominatedmembersfromtheRacecourses(alsoaBoardmember)andHorsemen.TheAuditCommitteemeets
twiceayear,oncepre-auditinNovemberandoncepost-auditinApril.TheexternalauditorsandrelevantBHAstaff
alsoattendbothmeetings.TheCommittee’smainresponsibilitiesincludemonitoringtheintegrityofthefinancial
statementsoftheCompany;reviewingtheexternalauditor’sassessmentofinternalfinancialcontrolsandrisk
managementsystems;reviewingtheadequacyandsecurityoftheCompany’sarrangementsforitsemployeesto
raiseconcerns,inconfidence,aboutpossiblewrongdoinginfinancialreporting;overseeingtherelationshipwith
theexternalauditor;reviewingandapprovingtheexternalauditplanandthelevelofnon-auditfeesincurred;and
overseeingtheriskregister.
InDecember2018,theCommitteeconsideredandimplementedanumberofrecommendationsoftheSlaughter&
MayreviewrelatingtotheremitandoperationoftheCommittee,includingexpandingitsfunctionsothatittakes
primaryresponsibilityforriskmonitoring,subjecttooversightbytheBoard.TheCommitteealso,inlinewithgood
governancerequirements,tenderedthegroupauditsandappointedBDOLLPasnewauditorsforthe2018yearend.
Nominations Committee
TheNominationsCommitteehasfourmembers,twoindependentBoarddirectors(ofwhichoneisChairman)and
twonominatedmembersfromtheRacecoursesandHorsemen.TheroleoftheNominationsCommitteeistomake
recommendationstotheBoardonsuitablecandidatesforappointmenttoholdofficeasChairman,ChiefExecutive,
IndependentNEDsandIndependentRegulatoryNEDsensuringanappropriatebalanceofexpertiseandability.In
addition,itisresponsibleforreviewingthesuccessionplansfortheChairman,ChiefExecutive,IndependentNEDS
andIndependentRegulatoryNEDs.
In2018whentheNominationsCommitteemettodiscusstheappointmentofanewBHAChair,potentiallyconflicted
membersoftheCommitteestooddownandwerereplacedbyotherindependentnon-executivedirectors.
Other relevant committees
Members’ Committee
TheMembers’Committeeisatripartiteindustrycommitteeresponsibleformakinghigh-levelstrategicdecisionson
behalfofthesport.ItmeetsatleastthreetimesayearandreportstotheBHABoard.
Voting Members:SteveHarman,Chair(BHA),JulianRichmond-Watson(TBA),MaggieCarver(RCA),
NicholasCooperC.B.E.(ROA),RupertArnold(NTF/LicensedPersonnel)
Non-Voting Members:DavidThorpe(RCA),NickRust(BHA),RogerWeatherby(RCA)
Invited Observers: CharlesBarnett(RCA),JonjoSanderson(RCA),NigelPayne(PJA),
PhilipFreedman(Horsemen’sGroup),TonyLangham(GreatBritishRacing)
Executive Committee
TheExecutiveCommitteeisatripartiteindustrycommitteeresponsiblefortakingexecutivedecisionsand
implementingthestrategysetbytheMembers’Committee.ItmeetseighttimesayearandreportstotheMembers’
Committee.Twomeetingseachyearhavefullrepresentationfromindustrychiefexecutives.
Executive Representatives:NickRust,Chair(BHA),CharlieLiverton(Horsemen’sGroup)andDavidArmstrong(RCA)
Non-Voting Attendee:RodStreet(GreatBritishRacing).
Remuneration Committee
TheRemunerationCommitteehasfourmembers,whoareallindependentBoarddirectors.Theroleofthe
RemunerationCommitteeistodeterminetheframeworkandpolicyontermsofengagement(including
remuneration)ofthedirectorsandseniormanagementoftheCompany,andthespecificremunerationof
eachExecutiveDirectorandotherseniorexecutives(includingentitlementsunderpensionschemes)andany
compensationpayments.FeespayabletoNEDsandallBoardmembersaredeterminedbytheBoardwithinthe
policyestablishedbytheRemunerationCommitteeontherecommendationoftheChairmanandChiefExecutive.
Meeting Attendance
Steve Harman 1/2
Maggie Carver 2/2
Nicholas Cooper 2/2
Atholl Duncan 1/2
Laura Whyte 1/2
Andrew Merriam 1/2
6766
DIRECTORS’ REPORT AND GOVERNANCE STATEMENT
Risk identified Further details
RegulatorychangeinUK
bettingmarketimpacting
Racing’s/industryincome
Government’sReviewofGamingMachineshasledtoreducedmaximumstakesbeing
introducedfromApril2019.Racingiskeentosupportasociallyresponsiblebetting
industrywithracingasacoreproduct.Wecontinuetodiscusswithotherelementsof
theindustrytheimpactthesechangeswillhaveonracecoursefundingandlevyand
proactivelytakestepstoensureracingcontinuestothrivebothfinanciallyandina
sociallyresponsiblemanner.
Negativepublicattitudes
towardsracingonwelfare
grounds
Weareawareofthechangingsocialattitudestowardscertainareasthatexistwithin
racingandareproactivelytakingstepstoensureweleadonthisdebateandchange
whereappropriate.Tohelpfocusonthisevenmore,wehavecreatedaHorseWelfare
Boardwhichwilllookatallaspectsofahorse’slife,includingpreandpostracing.We
willalsocontinuetoproactivelyreviewareasofthesportwhererisksareevident.
Significantoutbreakof
equinedisease
Anoutbreakofequinediseasethataffectsanimalmovementcausingmajordisruptionto
thesport.Thisriskbecamearealityinearly2019whenanewstrainofEquineInfluenza
stoppedracingfor6days.Theproceduressetupanddecisiveactionwithsupportfrom
horsemenandveterinarypractitionersallowedaswiftandrobustresponsetoalleviate
thisthreat.Thesport’scontinuedfundingforequinediseaseresearchandmanagement
isessentialandisfundedthroughtheHBLB.
ORGANISATIONAL RISKS EXECUTIVE DIRECTORS
NON-EXECUTIVE DIRECTORS
REMUNERATION REPORT
TheCompanymaintainsariskregisterwhichisreviewedregularlybyboththeAuditandRiskCommitteeandthe
Board.TheregisterincludesBHAoperationalrisksandalsowiderindustryrisksinareaswhereBHAhasleadership
responsibilitiesandwhichwouldimpactonracecourses,horsemenandthesport,shouldtheymaterialise.
TheregisterwasreviewedinDecember2018.Keyrisksinclude:
ExecutiveDirectorpayisacombinationoffixedbasicsalary,allowancesandperformance-drivenremuneration
baseduponoperationaldeliveryandadherencewithfinancialtargets.
ThetablesummarisesthemainelementsofremunerationforNon-ExecutiveDirectors
*FulldetailsoftotalBoardremunerationisshowninnotethreeofthefinancialstatements
Therewere10employees(9atyearend)categorisedasExecutiveDirectorswithtwoappointmentsandone
resignationthroughout2018.Theirtotalremuneration(includingpensioncontributionsandEmployersNI)
amountedto£2.027mareductionof£73,000comparedto2017.
During2018thebusinessconductedareviewoftheExecutiveDirectorannualbonus.Aconsultationprocess
resultedintheremovalofthecontractualbonusentitlement.
RemunerationforExecutiveandNon-ExecutiveDirectorsisdeterminedbytheRemunerationCommittee.
Element and link to performance Summary of current policy Changes ahead in 2019
Base salaryissetatalevelthataims
toattractandretainhighperforming
executivedirectors
Salariesarereviewedannually,
takingintoaccountperformanceor
changesinjobroles.Thisisinline
withthepolicyforallemployees.
None
Allowancesareallocatedforspecific
purposeslinkedtoeachrole
Carallowancesarepayable
toallexecutivedirectors.
Accommodationandtravel
allowancesarepayableunder
specificcircumstances.
None
Pension and benefitsarepartof
acompetitivetotalremuneration
package
TheCompanyoperatesadefined
contributionpensionschemefor
allemployeesona1:2matching
basisuptoamaximumcompany
contributionof10%.
None
Element and link to performance Summary of current policy
Directors Feesaresetaccording
totheroleundertaken
Reviewedannually,feesfor2017wereasbelow:
Chairman–£100,000
IndependentRegulatoryDirectors–£27,000–£35,000
OtherNon-ExecutiveDirectors–£27,000
Benefits Non-ExecutiveDirectorsdonotreceiveanybenefits
fromthecompanyoutsideofDirectors’liability
insurance
FINANCIAL STATEMENTS
Profit and Loss 70
Balance Sheet 72
Cash Flow 74
Equity Changes 75
Notes 76
7170
FINANCIAL STATEMENTS
PROFIT AND LOSS
CONSOLIDATED PROFIT AND LOSS ACCOUNT(fortheyearended31december2018)
COMPANY PROFIT AND LOSS ACCOUNT AND OTHER COMPREHENSIVE INCOME
(fortheyearended31December2018)
CONSOLIDATED OTHER COMPREHENSIVE INCOME / (LOSS)(fortheyearended31December2018)
CONSOLIDATED OTHER COMPREHENSIVE INCOME / (LOSS)(fortheyearended31December2018)
Note2018
£’0002017
£’000
Group turnover 2 36,600 34,717
Administrativeexpenses (35,335) (33,348)
Operating profit 5 1,265 1,369
Interestonloansreceivable 6 100 -
Otherinterestreceivableandsimilarincome 7 17 17
Interestpayableandsimilarexpenses 8 (434) (443)
Profit before taxation 948 943
Taxationonprofit 9 20 219
Profit for the financial year 968 1,162
Note2018
£’0002017
£’000
Turnover 2 34,414 33,236
Administrativeexpenses (33,216) (31,749)
Operating profit 5 1,198 1,487
Otherinterestreceivableandsimilarincome 7 14 12
Interestpayableandsimilarexpenses 8 (434) (443)
Profit before taxation 778 1,056
Taxationonprofit 9 67 173
Profit for the financial year 845 1,229
Note2018
£’0002017
£’000
Profit for the financial year 968 1,162
Other comprehensive income / (loss)
Remeasurementofthenetdefinedbenefitliability 17 9,042 (2,217)
Total comprehensive income / (loss) for the year 10,010 (1,055)
Note2018
£’0002017
£’000
Profit for the financial year 845 1,229
Other comprehensive income / (loss)
Remeasurementofthenetdefinedbenefitliability 17 9,042 (2,217)
Total comprehensive income / (loss) for the year 9,887 (988)
Theprofitintheaboveprofitandlossaccountrelateentirelytocontinuingoperations.
Thenotesonpages25to67formpartofthesefinancialstatements.
Theprofitintheaboveprofitandlossaccountrelateentirelytocontinuingoperations.
Thenotesonpages20to45formpartofthesefinancialstatements.
Thisannualreport,whichdoesnotconstitutethecompany’sandgroup’sstatutoryannualreportandfinancial
statementsthatcanotherwisebeobtainedfromCompaniesHouse,includesfinancialstatementsandnotesthat
havebeenextractedfromthestatutoryannualreportandfinancialstatements.Thesestatutoryannualreportand
financialstatementsweresignedbyBDOLLPon19August2019andreferencestoapprovalorsigningdatewithin
theseextractsrefertothisdate.
7372
FINANCIAL STATEMENTS
BALANCE SHEET
CONSOLIDATED BALANCE SHEET (at31December2018)
Note2018
£’0002018
£’0002017
£’0002017
£’000
Fixed assets
Intangibleassets 10 952 1,386
Tangibleassets 11 715 606
1,667 1,992
Current assets
Debtors(including£1,715,000(2017:£1,983,000)
dueaftermorethanoneyear)13 9,513 10,046
Cashatbankandinhand 14 12,463 12,415
21,976 22,461
Creditors:amountsfallingduewithinoneyear 15 (13,876) (15,008)
Net current assets 8,100 7,453
Total assets less current liabilities 9,767 9,445
Provisionsforliabilities
Pensionandsimilarobligations 17 (8,227) (17,915)
Net assets / (liabilities) 1,540 (8,470)
Capital and reserves
Capitalreserve 19 19
Profitandlossaccount 1,521 (8,489)
Shareholders’ funds / (deficit) 1,540 (8,470)
Thenotesonpages25to67formpartofthesefinancialstatements.Thesefinancialstatementswereapproved
bytheboardofdirectorson5August2019andweresignedonitsbehalfby:NJRust,Director
COMPANY BALANCE SHEET (at31December2018)
Note2018
£’0002018
£’0002017
£’0002017
£’000
Fixed assets
Intangibleassets 10 952 1,386
Tangibleassets 11 706 591
Investments 12 3,456 3,456
5,114 5,433
Current assets
Debtors(including£56,000(2017:£44,000)
dueaftermorethanoneyear)13 7,540 7,872
Cashatbankandinhand 14 10,504 10,811
18,044 18,683
Creditors: amountsfallingduewithinoneyear 15 (13,606) (14,763)
Net current assets 4,438 3,920
Total assets less current liabilities 9,552 9,353
Provisionsforliabilities
Pensionandsimilarobligations 17 (8,227) (17,915)
Net assets / (liabilities) 1,325 (8,562)
Capital and reserves
Capitalreserve 19 19
Profitandlossaccount 1,306 (8,581)
Shareholders’ funds / (deficit) 1,325 (8,562)
Thenotesonpages25to67formpartofthesefinancialstatements.Thesefinancialstatementswereapproved
bytheboardofdirectorson5August2019andweresignedonitsbehalfby:NJRust,Director
7574
FINANCIAL STATEMENTS
CASH FLOW EQUITY CHANGES
CONSOLIDATED CASH FLOW STATEMENT(fortheyearended31December2018) CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
COMPANY STATEMENT OF CHANGES IN EQUITY
Note2018
£’0002017
£’000
Cash flows for operating activities
Profitforthefinancialyear 968 1,162
Adjustmentsfor
Depreciation,amortisationandimpairment 724 772
Interestincomereceivableandsimilarincome (17) (17)
Gainonfinancialassetsatfairvaluethroughprofitandloss (100) -
Interestpayableandsimilarexpenses 434 443
Lossonsaleoffixedassets 11 -
Corporationtaxreclaimedinrespectofpriorperiods 137 154
2,157 2,514
Decrease/(Increase)intradeandotherdebtors 434 (1,452)
Decreaseintradeandothercreditors (1,171) (23)
Taxation (20) (219)
Differencebetweencashcontributionsandcurrentservicecharge (1,080) (1,158)
Netcashfromoperatingactivities 320 (338)
Cash flows from investing activities
Developmentexpenditure (256) (553)
Acquisitionoftangiblefixedassets (187) (325)
Interestreceived 17 17
Netcashfromoperatingactivities (426) (861)
Cash flows from financing activities
Loansrepaymentsfromassociatedundertakings 154 186
Netcashfromoperatingactivities 154 186
Netincrease/(decrease)incashandcashequivalents 21 48 (1,013)
Capital reserve £000
Profit and loss account £000
Total equity £000
Balanceat1January2017 19 (7,434) (7,415)
Total comprehensive income for the year
Profit - 1,162 1,162
Othercomprehensiveloss - (2,217) (2,217)
Balanceat31December2017 19 (8,489) (8,470)
Capital reserve £000
Profit and loss account £000
Total equity £000
Balanceat1January2017 19 (7,593) (7,574)
Total comprehensive income for the year
Loss - 1,229 1,229
Othercomprehensiveloss - (2,217) (2,217)
Balanceat31December2017 19 (8,581) (8,562)
Share Capital £000
Profit and loss account £000
Total equity £000
Balanceat1January2018 19 (8,581) (8,562)
Total comprehensive income for the year
Profit - 845 845
Othercomprehensiveincome - 9,042 9,042
Balanceat31December2018 19 1,306 1,325
Capital reserve £000
Profit and loss account £000
Total equity £000
Balanceat1January2018 19 (8,489) (8,470)
Total comprehensive income for the year
Profit - 968 968
Othercomprehensiveloss - 9,042 9,042
Balanceat31December2018 19 1,521 1,540
7776
FINANCIAL STATEMENTS
NOTES (FORMINGPARTOFTHEFINANCIALSTATEMENTS)
1. ACCOUNTING POLICIES
BritishHorseracingAuthorityLimited(the“Company”)
isaprivatecompanylimitedbyguaranteeand
incorporated,registeredanddomiciledintheUK.The
registerednumberis02813358andtheregisteredoffice
is75HighHolborn,London,WC1V6LS.
TheGroupandparentcompanyfinancialstatements
werepreparedinaccordancewithFinancialReporting
Standard102TheFinancialReportingStandard
applicableintheUKandRepublicofIreland(“FRS102”).
Thepresentationcurrencyofthesefinancialstatements
issterling.Allamountsinthefinancialstatementshave
beenroundedtothenearest£1,000.
Theparentcompanyisincludedintheconsolidated
financialstatements,andisconsideredtobeaqualifying
entityunderFRS102paragraphs1.8to1.12.The
followingexemptionsavailableunderFRS102inrespect
ofcertaindisclosuresfortheparentcompanyfinancial
statementshavebeenapplied:
• Thereconciliationofthenumberofsharesoutstanding
fromthebeginningtotheendoftheperiodhasnot
beenincludedasecondtime;
• NoseparateparentcompanyCashFlowStatement
withrelatednotesisincluded;and
• KeyManagementPersonnelcompensationhasnot
beenincludedasecondtime.
• CertaindisclosuresrequiredbyFRS102.11Basic
FinancialInstrumentsandFRS102.12OtherFinancial
InstrumentIssuesinrespectoffinancialinstruments
notfallingwithinthefairvalueaccountingrulesof
Paragraph36(4)ofSchedule1.
Theaccountingpoliciessetoutbelowhave,unless
otherwisestated,beenappliedconsistentlytoall
periodspresentedinthesefinancialstatements.
Judgementsmadebythedirectors,intheapplication
oftheseaccountingpoliciesthathavesignificanteffect
onthefinancialstatementsandestimateswitha
significantriskofmaterialadjustmentinthenextyear
arediscussedinnote16inrelationtothefairvalue
assessmentoffinancialinstruments.
Measurement convention
Thefinancialstatementsarepreparedonthehistorical
costbasiswiththeexceptionofcertainfinancial
instrumentswhichhavebeenmeasuredatfairvalue.
Going concern
ThedirectorsbelievethattheCompanyandGroupare
wellplacedtomanagetheirbusinessriskssuccessfully
despitethecurrentuncertaineconomicoutlook.The
directorshaveareasonableexpectationthatthe
CompanyandGrouphasadequateresourcestocontinue
inoperationalexistencefortheforeseeablefuture.
TheGrouphasamaterialDeficitontheGroupPension
Schemewhichhasalongtermplantobesettledand
thereforehaslimitedimpactonannualcashflows.
Onthisbasisthedirectorscontinuetoadoptthegoing
concernbasisofaccountinginpreparingtheannual
financialstatements.
Basis of consolidation
Theconsolidatedfinancialstatementsincludethe
financialstatementsoftheCompanyanditssubsidiary
undertakingsmadeupto31December2018.
Asubsidiaryisanentitythatiscontrolledbytheparent.
Theresultsofsubsidiaryundertakingsareincluded
intheconsolidatedprofitandlossaccountfromthe
datethatcontrolcommencesuntilthedatethatcontrol
ceases.ControlisestablishedwhentheCompanyhas
thepowertogoverntheoperatingandfinancialpolicies
ofanentitysoastoobtainbenefitsfromitsactivities.In
assessingcontrol,theGrouptakesintoconsideration
potentialvotingrightsthatarecurrentlyexercisable.
TheCompanydoesnotownallthesharesinits
subsidiary,BritishHorseracingDatabaseLimited
(‘BHD’),withtheminorityshareholdersholding3‘B’and
3‘C’shareseach,comparedtotheCompany’sholding
of4,003,932‘A’shares.Nominorityinterestsareshown
intheconsolidatedaccountsoftheCompanyas(i)under
theprovisionscontainedwithintheArticlesofBHDthe
‘A’shareholderistheonlyshareholderentitledtoa
distribution,ifandwhenadistributionisdeclaredbythe
Boardand(ii)onawindinguptheassetsaredistributed
inaccordancewiththenumberofsharesheldin
allclasses.
AnassociateisanentityinwhichtheGrouphas
significantinfluence,butnotcontrol,overtheoperating
andfinancialpoliciesoftheentity.Significanceinfluence
ispresumedtoexistswhentheinvestorsholdsbetween
20%and50%oftheequityvotingrights.
Ajointventureisacontractualarrangement
undertakinginwhichtheGroupexercisesjointcontrol
overtheoperatingandfinancialpoliciesoftheentity.
Wherethejointventureiscarriedoutthroughanentity,
itistreatedasajointlycontrolledentity.TheGroup’s
shareoftheprofitslesslossesofassociatesandof
jointlycontrolledentitiesisincludedintheconsolidated
profitandlossaccountanditsinterestintheirnet
assetsisrecordedonthebalancesheetusingthe
equitymethod.
Intheparentfinancialstatements,investmentsare
carriedatcostlessimpairment.
Intangible and tangible fixed assets
Thecostofintangibleandtangiblefixedassetsistheir
purchasecost,togetherwithanyincidentalcostsof
acquisition.Assetsunderconstructionrelatestowork
inprogressoncomputerrelateddevelopment.This
willbeamortised/depreciatedonceitcomesintouseon
thebasissetoutbelow.Internallygeneratedintangible
assetsrelatetocomputerdevelopmentonnewsystems
andarecapitalisedbaseduponassetcostincludingthe
staffcostsoftheinternaldevelopmentteamcalculated
onanhourlybasis.
Intangibleassetsarealsoreviewedforimpairmentand
theassetsdeterminedtohavepositivefuturebenefit
whichisinexcessoftheirnetbookvalue.
Depreciation/amortisationisprovidedsoastowrite
offthecostoftangibleandintangiblefixedassetsona
straightlinebasisovertheestimatedusefuleconomic
livesoftheassetsconcerned.Theratesofdepreciation
/amortisationareasfollows:
Leaseholdimprovement 3-5yearsorlease
term,ifshorter
Contractcomputerdevelopment 7years
Othercomputerdevelopment 4years
Fixturesfittingsandofficeequipment 3-5years
Intangibleassets 3-5years
TheCompanyholdsalicenceforuseoftheDatabaseof
pre-racedataforgovernanceandregulatorypurposes.
InaccordancewithFRS102,noamountshavebeen
7978
FINANCIAL STATEMENTS
capitalisedinthebalancesheetinrespectofthese
rights.Thecostofacquiringthisassetiswrittenoffto
theprofitandlossaccountasincurred.
Fixed asset investments
Fixedassetinvestmentsinjointventuresand
subsidiariesareheldatcostlessanyprovisionfor
impairmentinthefinancialstatementsoftheCompany.
Basic financial instruments
Trade and other debtors / creditors
Tradeandothercreditorsarerecognisedinitiallyat
transactionpriceplusattributabletransactioncosts.
Subsequenttoinitialrecognitiontheyaremeasuredat
amortisedcostusingtheeffectiveinterestmethod,less
anyimpairmentlossesinthecaseoftradedebtors.If
thearrangementconstitutesafinancingtransaction,for
exampleifpaymentisdeferredbeyondnormalbusiness
terms,thenitismeasuredatthepresentvalueoffuture
paymentsdiscountedatamarketrateofinterestfora
similardebtinstrument.
Interest-bearing borrowings classified as basic
financial instruments
Interest-bearingborrowingsarerecognisedinitiallyat
thepresentvalueoffuturepaymentsdiscountedata
marketrateofinterest.Subsequenttoinitialrecognition,
interest-bearingborrowingsarestatedatamortised
costusingtheeffectiveinterestmethod,lessany
impairmentlosses.
Investments in preference and ordinary shares
Investmentsinequityinstrumentsaremeasuredinitially
atfairvalue,whichisnormallythetransactionprice.
Transactioncostsareexcludediftheinvestmentsare
subsequentlymeasuredatfairvaluethroughprofit
andloss.Subsequenttoinitialrecognitioninvestments
thatcanbemeasuredreliablyaremeasuredatfair
valuewithchangesrecognisedinprofitorloss.Other
investmentsaremeasuredatcostlessimpairmentin
profitorloss
Investments in subsidiaries, jointly controlled entities
and associates
Theseareseparatefinancialstatementsofthecompany.
Investmentsinsubsidiaries,jointlycontrolledentities
andassociatesarecarriedatcostlessimpairment.
Cash and cash equivalents
Cashandcashequivalentscomprisecashbalancesand
calldepositswithaninitialtermoflessthan3months.
Bankoverdraftsthatarerepayableondemandandform
anintegralpartoftheCompany’scashmanagementare
includedasacomponentofcashandcashequivalents
forthepurposeonlyofthecashflowstatement.
Foreign currencies
Transactionsinforeigncurrenciesarerecordedusing
therateofexchangerulingatthedateofthetransaction.
Monetaryassetsandliabilitiesdenominatedinforeign
currenciesaretranslatedusingthecontractedrateor
therateofexchangerulingatthebalancesheetdateand
thegainsorlossesontranslationareincludedinthe
profitandlossaccount.
Reserves
Thegroup’sandcompany’sreservesareasfollows:
• Capitalreserverepresentstheamountsthatthe
membersguaranteetocontributetowardsthedebtsof
thecompany
• Profitandlossaccountrepresentscumulativeprofits
orlossesnetofdividendspaidandotheradjustments.
Turnover
Turnover,whichexcludesvalueaddedtax(‘VAT’),
representstheinvoicedvalueofgoodsandservices
suppliedinconnectionwiththeadministrationof
horseracinginGreatBritain.TheCompany’sincome
isinvoicedandrecognisedwhentheseservicesare
deliveredtoracecoursesandotherparticipants.
Inaddition,includedwithinGroupturnoverareamounts
(excludingVAT)derivedfromincomefromsignedlicence
agreementswiththirdparties.Thelicenceincome
streamsderivedbytheGrouparerecognisedinthe
periodtheyrelateto.
Interest receivable and interest payable
Otherinterestreceivableandsimilarincomeinclude
interestreceivableonfundsinvested.Interestincomeis
recognisedintheprofitorlossasitaccrues.
Interestpayableandsimilarexpensesincludeinterest
payable,andnotinterestexpensesinrelationtopension
schemeassetsandliabilities.Interestpayableis
recognisedinprofitorlossasitaccrues.
Related party disclosure
RelatedPartyDisclosuresrequiresthedisclosureof
thedetailsofmaterialtransactionsbetweentheGroup
andanyrelatedparties,asdefined.Detailsofmaterial
relatedpartytransactionsareincludedinnote21tothe
financialstatements.
Provisions
Aprovisionisrecognisedinthebalancesheetwhenthe
entityhasapresentlegalorconstructiveobligationas
aresultofapastevent,thatcanbereliablymeasured
anditisprobablethatanoutflowofeconomicbenefits
willberequiredtosettletheobligation.Provisionsare
recognisedatthebestestimateoftheamountrequired
tosettletheobligationatthereportingdate.
Taxation
Taxontheprofitorlossfortheyearcomprisescurrent
anddeferredtax.Taxisrecognisedintheprofitand
lossaccountexcepttotheextentthatitrelatestoitems
recogniseddirectlyinequityorothercomprehensive
income,inwhichcaseitisrecogniseddirectlyinequity
orothercomprehensiveincome.
Currenttaxistheexpectedtaxpayableorreceivableon
thetaxableincomeorlossfortheyear,usingtaxrates
enactedorsubstantivelyenactedatthebalancesheet
date,andanyadjustmenttotaxpayableinrespectof
previousyears.
Deferredtaxisprovidedontimingdifferenceswhich
arisefromtheinclusionofincomeandexpensesin
taxassessmentsinperiodsdifferentfromthosein
whichtheyarerecognisedinthefinancialstatements.
Deferredtaxisnotrecognisedonpermanentdifferences
arisingbecausecertaintypesofincomeorexpense
arenon-taxableoraredisallowablefortaxorbecause
certaintaxchargesorallowancesaregreaterorsmaller
thanthecorrespondingincomeorexpense.
Deferredtaxismeasuredatthetaxratethatisexpected
toapplytothereversaloftherelateddifference,using
taxratesenactedorsubstantivelyenactedatthebalance
sheetdate.Deferredtaxbalancesarenotdiscounted.
Unrelievedtaxlossesandotherdeferredtaxassetsare
recognisedonlytotheextentthatisitprobablethatthey
willberecoveredagainstthereversalofdeferredtax
liabilitiesorotherfuturetaxableprofits.
Operating leases
Payments(excludingcostsforservicesandinsurance)
madeunderoperatingleasesarerecognisedinthe
profitandlossaccountonastraight-linebasisoverthe
termoftheleaseunlessthepaymentstothelessorare
structuredtoincreaseinlinewithexpectedgeneral
inflation;inwhichcasethepaymentsrelatedtothe
structuredincreasesarerecognisedasincurred.Lease
incentivesreceivedarerecognisedinprofitandlossover
thetermoftheleaseasanintegralpartofthetotallease
expense.
Employee benefits
Defined contribution plans and other long term
employee benefits
Adefinedcontributionplanisapost-employment
benefitplanunderwhichthecompanypaysfixed
contributionsintoaseparateentityandwillhaveno
legalorconstructiveobligationtopayfurtheramounts.
Obligationsforcontributionstodefinedcontribution
pensionplansarerecognisedasanexpenseintheprofit
andlossaccountintheperiodsduringwhichservices
arerenderedbyemployees.
Defined benefit plans
Adefinedbenefitplanisapost-employmentbenefit
planotherthanadefinedcontributionplan.Theentity’s
netobligationinrespectofadefinedbenefitplanis
calculatedbyestimatingtheamountoffuturebenefit
thatemployeeshaveearnedinreturnfortheirservicein
thecurrentandpriorperiods;thatbenefitisdiscounted
todetermineitspresentvalue.Thefairvalueofany
planassetsisdeducted.Theentitydeterminesthe
netinterestexpense/incomeonthenetdefinedbenefit
8180
FINANCIAL STATEMENTS
liability/assetfortheperiodbyapplyingthediscount
rateasdeterminedatthebeginningoftheannualperiod
tothenetdefinedbenefitliability/assettakingaccount
ofchangesarisingasaresultofcontributionsand
benefitpayments.
Thediscountrateistheyieldatthebalancesheet
dateonAAcreditratedbondsdenominatedinthe
currencyof,andhavingmaturitydatesapproximating
tothetermsof,theentity’sobligations.Avaluationis
performedtrienniallybyaqualifiedactuaryandthe
positionupdatedannuallybyaqualifiedactuaryusing
theprojectedunitcreditmethod.Theentityrecognises
netdefinedbenefitplanassetstotheextentthatitis
abletorecoverthesurpluseitherthroughreduced
contributionsinthefutureorthroughrefundsfrom
theplan.
Changesinthenetdefinedbenefitliabilityarisingfrom
employeeservicerenderedduringtheperiod,net
interestonnetdefinedbenefitliability,andthecostof
planintroductions,benefitchanges,curtailmentsand
settlementsduringtheperiodarerecognisedinprofit
orloss.
Remeasurementofthenetdefinedbenefitliability/asset
isrecognisedinothercomprehensiveincomeinthe
periodinwhichitoccurs.
Termination benefits
Terminationbenefitsarerecognisedasanexpense
whentheentityisdemonstrablycommitted,without
realisticpossibilityofwithdrawal,toaformaldetailed
plantoeitherterminateemploymentbeforethe
normalretirementdate,ortoprovidetermination
benefitsasaresultofanoffermadetoencourage
voluntaryredundancy.
Judgements in applying accounting policies and key
sources of estimation uncertainty
Inpreparingthesefinancialstatements,thedirectors
havemadethefollowingjudgements:
• Determiningwhetherleasesareoperatingorfinance
leasesbaseduponwhethertherisksandrewardsof
ownershiphavebeentransferredfromthelessorto
theleaseonaleasebyleasebasis.
• Determinewhetherthereareindicatorsofimpairment
ofthecompany’sfixedassets.Factorstakeninto
considerationincludetheeconomicviabilityand
expectedfuturefinancialperformanceoftheassets
anditsabilitytocontinuetobeofusetothecompany’s
businessactivities.
Other key sources of estimation uncertainty
• IntangibleandTangiblefixedassets(notes10and11)
Tangibleandintangiblefixedassetsaredepreciated
overtheirusefuleconomiclivestakingintoaccount
anyresidualvalueswhereappropriate.Theuseful
economiclivesareassessedattimebroughtintouse,
andreviewedateachyearendtodetermineifthese
assumptionshavechanged.Anyintangibleswhichdo
notgeneratefuturecashflowsorarenotinusebythe
businessarewrittenoff.
Thecreationofcertainintangibleassetsisbased
uponcostsoftheITdevelopmentstaffinvolved,the
hourscompletedonaprojectandthehourlyrateof
pay.Noadditionalmanagementtimeisincludedinthe
capitalisedcosts.Giventhereisnoformaltimesheet
system,thiscalculationrequiresjudgement.
• Definedbenefitpensionscheme(note17)
Thecostofdefinedbenefitpensionplansaredetermined
usingactuarialvaluations.Theactuarialvaluation
involvesmakingassumptionsaboutdiscountrates,
futurelevelsofinflation,mortalityandinvestment
returns.Duetothecomplexityofthevaluation,the
underlyingassumptionsandthelongtermnatureof
theliabilities,suchestimatesaresubjecttosignificant
uncertainty.Thediscountrateisdeterminedusing
appropriatecorporatebondsasspecifiedunderFRS102,
themortalityratesarebaseduponmortalitytables
andthefutureratesofinflationarebaseduponmarket
conditionsandexpectations.
• Taxation,includingdeferredtaxation(note9)
Thetaxationchargeandrelatedprovisionfor
corporationtaxreliesuponaseriesofestimatesand
judgementsregardingdisallowableitemsandreliefs.It
alsousesestimatesforlikelyresearchanddevelopment
taxcreditswhichareestimatedbaseduponresearch
spendandtheanticipatedamountwhichwillbe
exchangedforcash.Thisisshownasdeferredtax.
Deferredtaxassetsareonlyrecognisedtotheextent
thattheseareexpectedtobeoffsetagainstfuture
taxableprofits.Significantmanagementjudgementis
exercisedindeterminingtheleveloftaxassetsthatcan
berecognised,takingintoaccountfutureforecastsand
likelyR&Dcredits,withaprudentapproachtakenshould
theirexistencenotbeconsideredprobable.
• Debtors,specificallyloans(note13)
Thegroupholdstwoloanswhichrequirejudgement.
Theirfuturerecoverabilityisdeterminedthrough
viewingpaymentcomplianceversusagreedpayment
datesandloanee’sfuturebusinessmodelandfinancial
forecasts.Wheresufficientuncertaintyexists,a
provisionismade.Judgementisalsorequiredin
determiningthefairvalueoftheloanwhichiscalculated
usingappropriateassessmentsofmarketrates.
8382
FINANCIAL STATEMENTS
2. SEGMENTAL INFORMATION – GROUP AND COMPANY 3. REMUNERATION OF DIRECTORS AND KEY MANAGEMENT
Racing administration 2018
£’000
Data licensing 2018
£’000
Total 2018
£’000
Turnover
UnitedKingdomandRepublicofIreland 34,701 1,899 36,600
Total sales - Group 34,701 1,899 36,600
Subsidiaryracingadministrationrevenue (645)
Intragrouprevenue(Companyonly) 358
Total sales - Company 34,414
Total operating profit before interest and taxation 1,212 53 1,265
Net assets / (liabilities) 1,979 (439) 1,540
2018 £’000
2017£’000
NJRust 394 380
SRHarman 86 100
AWKMerriam 27 27
DLWhyte 27 27
JWSaumarezSmith 27 27
ADuncan 37 27
EWilmott - 25
JAHarrington 22 27
ENHarwerth 27 27
JRArnold 27 27
SirPRStephenson 35 35
VACurrie 27 27
Total 736 756
Number of directors
2018 2017
Retirementbenefitsareaccruingtothefollowingnumberofdirectorsunder:
Moneypurchaseschemes 1 1
Racingadministration2017
£’000
Datalicensing2017
£’000
Total2017
£’000
Turnover
UnitedKingdomandRepublicofIreland 32,708 2,009 34,717
Totalsales-Group 32,708 2,009 34,717
Intragrouprevenue(Companyonly) 528
Totalsales-Company 33,236
Totaloperatingprofitbeforeinterestandtaxation 1,262 107 1,369
Netliabilities (7,922) (548) (8,470)
TheGrouphastwoclassesofbusiness,datalicensingandracingadministration,bothofwhichoriginatein
theUK.Itisnotpossibletosplittheoperatingprofitbeforeinterestandtaxationorthenetassets/liabilities
bygeographicaldestination.
TheremunerationpayabletoeachofthedirectorsofBritishHorseracingAuthorityLimitedfortheyearwas:
ThecostsofNJRust,whowasChiefExecutive,arealsorepresentedwithinthecostsincludedinnote4.
Theaggregateofemolumentsandamountsreceivableunderlongtermincentiveschemesofthehighestpaid
directorwas£394,000(2017:£380,000),andCompanypensioncontributionsof£15,910(2017:£24,300)weremadetoa
moneypurchaseschemeonhisbehalf.
KeymanagementpersonnelcompensationforthegroupfortheyearwhichincludesthetotalcostsoftheBoardplus
Executiveteamwas£2,411,000(2017:£2,515,000)
8584
FINANCIAL STATEMENTS
4. STAFF NUMBERS AND COSTS 5. EXPENSES AND AUDITOR’S REMUNERATION - GROUP
6. INTEREST ON LOANS RECEIVABLE - GROUP
7. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME
TheaveragenumberofpersonsemployedbytheCompanyisshownbelow:
Theaggregatepayrollcostsofthesepersonswereasfollows:
Allstaffinthegroupareemployedbythecompany,howevertheircostsareallocatedbetweenthecompanyand
GreatBritishRacingLimiteddependingupontheactivitiestheyperform.Toprovideclaritytothereaderthenumber
ofemployeesofBHA,whosecostsareincludedinBHAareshownunderCompany*andthenumberofstaffemployed
byBHAincludingthosewhosecostsarerechargedelsewhereareshowninGroupandCompany.
Group and Company Company*
2018 Number
2017Number
2018 Number
2017Number
Permanentstaff 253 244 240 232
Sessionalstaff 18 26 17 25
271 270 257 257
Group Company
2018 £000
2017£000
2018 £000
2017£000
Wagesandsalaries 11,320 10,895 10,840 10,509
Pensioncosts 1,357 1,296 1,312 1,261
Socialsecuritycosts 1,240 1,204 1,187 1,153
13,917 13,395 13,339 12,923
2018 £’000
2017£’000
Includedinoperatingprofitarethefollowing:
Depreciation/amortisationchargefortheyear:
Tangibleownedfixedassets 294 316
Intangibleownedfixedassets 430 456
Lossondisposaloffixedassets 11 -
Impairmentcharges - 148
Operatingleases:
Buildingrentals 867 852
Carleases 382 376
Photocopierleases 40 47
Auditor’sremuneration:
Auditofthesefinancialstatements 42 44
Amountsreceivablebyauditorsandtheirassociatesinrespectof:
Auditoffinancialstatementsofsubsidiariesofthecompany 12 14
Taxationcomplianceservices - 25
Othertaxadvisoryservices - 9
Allotherservices - 1
2018 £’000
2017£’000
EffectiveinterestonfairvalueofBCSloan 64 -
ContractualinterestonBCSloan 36 -
100 -
GROUP 2018 £’000
2017£’000
Bankinterest 17 17
17 17
COMPANY 2018 £’000
2017£’000
Bankinterest 14 12
14 12
8786
FINANCIAL STATEMENTS
8. INTEREST PAYABLE AND SIMILAR EXPENSES - GROUP AND COMPANY
9. TAXATION
2018 £’000
2017£’000
Interestonassets (1,820) (1,966)
Interestonliabilities 2,254 2,409
Netinterestexpenseonnetdefinedbenefitliabilities 434 443
GROUP 2018 £’000
2017£’000
AnalysisofcurrenttaxrecognisedinprofitandlossUKcorporationtaxat19%(2017:19.25%)
Currenttax
Taxonprofitfortheyear 43 (25)
Adjustmentinrespectofpriorperiods (7) (141)
Totalcurrenttax 36 (166)
Deferredtaxcreditfortheyear (56) (53)
Totaltaxcredit (20) (219)
COMPANY 2018 £’000
2017£’000
AnalysisofcurrenttaxrecognisedinprofitandlossUKcorporationtaxat19%(2017:19.25%)
Currenttax
Adjustmentinrespectofprioryears (11) (137)
Totalcurrenttax (11) (137)
Deferredtaxcreditfortheyear (56) (36)
Totaltaxcredit (67) (173)
Reconciliationofeffectivetaxrate 2018 £’000
2017£’000
Profitexcludingtaxation 948 943
TaxusingtheUKcorporationtaxrateof19%(2017:19.25%) 180 182
Effectsof:
Expensesnotdeductiblefortaxpurposes 98 28
Pensioncostsnotimmediatelydeductible (123) (138)
R&Dtaxcreditstooffsettradingprofits (112) (180)
R&Dtaxcreditsexchangedforcash (56) (137)
(over)/underprovidedinprioryear (7) (4)
Capitalallowancesinexcessofdepreciation - 30
Totalcurrenttaxcredit(seeabove) (20) (219)
Reconciliationofeffectivetaxrate 2018 £’000
2017£’000
Profitexcludingtaxation 778 1,056
Currenttaxat19%(2017:19.25%) 148 203
Effectsof:
Expensesnotdeductiblefortaxpurposes 86 49
Pensioncostsnotimmediatelydeductible (123) (138)
R&Dtaxcreditstooffsettradingprofits (112) (180)
R&Dtaxcreditsexchangedforcash (56) (137)
(Over)/underprovidedinprioryear (11) -
Capitalallowancesinexcessofdepreciation 1 30
Totalcurrenttax(credit)(seeabove) (67) (173)
TheCompanyhasclaimedR&Dtaxcreditsfor2017whichwereexchangedforcash.Thisamountof£47,000(2017:
£137,000)wasreceivedinJanuary2019.TheGroupwillcontinuetoseektoclaimthesegoingforward,where
appropriate,andwillincludeanappropriateamountindeterminingthecurrentyeartaxcharge,bothinoffsetting
tradingprofitsbutalsoasacash-invalue.Claimsinrespectof2018havebeenaccruedinthe2018taxcomputation.
TheCompanyhasclaimedR&Dtaxcreditsfor2017whichwereexchangedforcash.Thisamountof£47,000(2017:
£137,000)wasreceivedinJanuary2019andwas£11,000higherthanpreviouslyprovided.Thisisdisclosedas
anadjustmentinrespectofprioryear.TheCompanywillcontinuetoseektoclaimthesegoingforward,where
appropriate,andwillincludeanappropriateamountindeterminingthecurrentyeartaxcharge,bothinoffsetting
tradingprofitsbutalsoasacash-invalue.Claimsinrespectof2018havebeenaccruedinthe2018taxcomputation.
Factors that may affect future tax charges:
Adeferredtaxassetof£56,000(2017:£36,000)hasbeenrecognisedinthebalancesheetinrespectofanticipated
R&Dcredits.Inaddition,£1,193,000(2017:£2,598,000)hasnotbeenrecognisedontheCompany’spensionscheme
liability.Thisisduetotheuncertaintyoftherebeingsufficienttaxableprofitsinfutureyearstoenablesuchtax
Factors that may affect future tax charges:
Adeferredtaxassetof£56,000(2017:£53,000)hasbeenrecognisedinthebalancesheetinrespectofanticipated
R&Dcredits.Inaddition,£1,193,000(2017:£2,598,000)hasnotbeenrecognisedontheGroup’spensionscheme
liability.Thisisduetotheuncertaintyoftherebeingsufficienttaxableprofitsinfutureyearstoenablesuchtax
deductionstobeclaimed.Therearealsounrecognisedtradinglossesof£383,000(2017:£383,000)whichagainare
unabletoberecognisedduetoinsufficienttaxableprofitsinfuturetousethemagainst.
ReductionsintheUKcorporationtaxrateto19%(effective1April2017)weresubstantivelyenactedon26October
2015,andanadditionalreductionto17%(effective1April2020)wassubstantivelyenactedon6September2016.
GiventheCompany’sexpectationthatitwillcontinuetomakesmallprofitsandreceivegrouprelief,theimpactofa
reductioninfuturecorporationtaxratesisexpectedtobeminimal.
8988
FINANCIAL STATEMENTS
deductionstobeclaimed.Therearealsounrecognisedtradinglossesof£383,000(2017:£383,000)whichagainare
unabletoberecognisedduetoinsufficienttaxableprofitsinfuturetousethemagainst.
ReductionsintheUKcorporationtaxrateto19%(effective1April2017)weresubstantivelyenactedon26October
2015,andanadditionalreductionto17%(effective1April2020)wassubstantivelyenactedon6September2016.
GiventheCompany’sexpectationthatitwillcontinuetomakesmallprofitsandreceivegrouprelief,theimpactofa
reductioninfuturecorporationtaxratesisexpectedtobeminimal.
Thesecostsrelatetoracingspecificsoftwareandsystemdevelopmentcommissionedfromthirdpartiesand
areeitheramortisedover4yearsforexternaldevelopmentorovertheremaininglifeofthecontracttowhich
thedevelopmentrelates.Thismethodofamortisationisbelievedtobefairandappropriateandrepresentthe
usefuleconomiclifeoftheassetinthemostappropriatemanner.Theamortisationchargeisincludedwith
administrativeexpenses.
10. INTANGIBLE FIXED ASSETS – GROUP AND COMPANY
11. TANGIBLE FIXED ASSETS
Development costs £000
Assets under construction £000
Total £000
Cost
At1January2018 2,142 413 2,555
Additions 256 - 256
Transferstocompleted 153 (153) -
Transferstotangibleassets - (219) (219)
Disposals - (41) (41)
At 31 December 2018 2,551 - 2,551
Amortisation
At1January2018 1,169 - 1,169
Chargefortheyear 430 - 430
At 31 December 2018 1,599 - 1,599
Net book value
At 31 December 2018 952 - 952
At1January2018 973 413 1,386
GROUP
Leasehold improvements
£000
Fixtures, fittings and office equipment
£000Total £000
Cost
At1January2018 1,224 3,146 4,370
Additions 41 146 187
Transfers - 219 219
Disposals - (1,525) (1,525)
At 31 December 2018 1,265 1,986 3,251
Depreciation
At1January2018 1,127 2,637 3,764
Chargefortheyear 68 226 294
Disposals - (1,522) (1,522)
At 31 December 2018 1,195 1,341 2,536
Net book value
At 31 December 2018 70 645 715
At1January2018 97 509 606
COMPANY
Leasehold improvements
£000
Fixtures, fittings and office equipment
£000Total £000
Cost
At1January2018 1,224 3,121 4,345
Additions 41 146 187
Transfers - 219 219
Disposals - (1,525) (1,525)
At 31 December 2018 1,265 1,961 3,226
Depreciation
At1January2018 1,127 2,627 3,754
Chargefortheyear 68 220 288
Disposals - (1,522) (1,522)
At 31 December 2018 1,195 1,325 2,520
Net book value
At 31 December 2018 70 636 706
At1January2018 97 494 591
9190
FINANCIAL STATEMENTS
12. FIXED ASSET INVESTMENTS - COMPANY 13. DEBTORS
14. CASH – GROUP AND COMPANY
Shares in Group Undertakings
£000Total £000
Cost
At1Januaryand31December2018 4,004 4,004
Provision
At1January2018 (548) (548)
Impairmentchargefortheyear - -
At31December2018 (548) (548)
Net book value
At 31 December 2018 3,456 3,456
At 1 January 2018 3,456 3,456
Countryofincorporation
Numberofshares
Classofsharesheld
Ownership2018%
Ownership2017%
BritishHorseracingDatabaseLimited
UK 4,003,932 Ordinary 100% 100%
BritishHorseracingLimited* UK 2 Ordinary 100% 100%
BritishHorseracingBoardLimited*
UK 2 Ordinary 100% 100%
RacingForAll* UK 2 Ordinary 100% 100%
HorseracingRegulatoryAuthorityLimited*
UK 1,000 Ordinary 100% 100%
Countryofincorporation
Numberofshares
Classofsharesheld
Ownership2018%
Ownership2017%
GreatBritishRacingLimited(formerlyRacingEnterprisesLimited)
UK 4,003,932 Ordinary 99.99985% 99.99985%
BritishChampionsSeriesLimited
UK 150 Ordinary 15.0% 15.0%
The Company has the following direct investments:
The Company has the following indirect investments through its subsidiaries:
Thefourcompaniesmarkedwith*arealldormantcompaniesandnolongertrade.Alloftheabovecompanieshave
theirregisteredofficeat75HighHolborn,London,WC1V6LS.
Theaboveloanbalanceof£2,022,000representsanamountdrawndownbyBCSLimited.Thisloanwillberepaid
between1January2016and31December2025overwhichtimeinterestof£486,000willhavebeenearned.The
interestratechargedvariesaccordingtowhichelementoftheloanitrelatestoandinaccordancewithFRS102
usingtheeffectiveinterestmethod,£100,000isrecognisedin2018,with£36,000beingcontractualinterestand
£64,000beingeffectiveinterestmarketrate‘top-up’onthefairvalueoftheloan.Thenextrepaymentof£363,000is
scheduledforDecember2019atwhichstageafurther£97,000oftotalinterestwillberecognised.£380,000hasbeen
repaidtodate.
TheloantoBCSLimitedisstatedatfairvaluecalculatedusingamarketrate‘top-up’overandabovethediscount
rateimplicitintheloanagreementbaseduponthetimingandvalueoftherepayments.Allotherfinancial
instrumentsareheldatamortisedcostastheyarerepayableondemand.
Includedwithinthegroupcashbalanceof£12,463,000(2017:£12,415,000)andcompanycashbalancesof£10,504,000
(2017:£10,811,000)areringfencedbalancesof£5,567,000(2017:£5,981,000).
Alloftheabovecompanieshavetheirregisteredofficeat75HighHolborn,London,WC1V6LS.
Group Company
2018 £000
2017£000
2018 £000
2017£000
Tradedebtors 2,952 4,104 2,952 4,104
Amountsowedbygroupundertakings - - 282 180
Corporationtaxasset 74 164 47 137
Deferredtaxasset 56 53 56 36
Otherdebtors 2,837 2,721 2,837 2,721
VAT - 29 - -
LoanowedbyBCSLimited 2,022 2,076 - -
Prepaymentsandaccruedincome 1,572 899 1,366 694
9,513 10,046 7,540 7,872
Duewithinoneyear 7,798 8,063 7,484 7,828
Dueafteroneyear 1,715 1,983 56 44
9,513 10,046 7,540 7,872
9392
FINANCIAL STATEMENTS
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 17. PENSION SCHEME
16. CARRYING AMOUNT OF FINANCIAL INSTRUMENTS
Group Company
2018 £000
2017£000
2018 £000
2017£000
Tradecreditors 2,145 2,932 2,002 2,695
Amountowedtogroupundertakings - - 68 71
Corporationtax 33 2 - -
Othertaxesandsocialsecurity 744 746 660 740
Othercreditors 10,290 10,776 10,212 10,705
Accrualsanddeferredincome 664 552 664 552
13,876 15,008 13,606 14,763
Group Company
2018 £000
2017£000
2018 £000
2017£000
Assetsmeasuredatamortisedcost 20,274 21,316 16,575 17,816
Liabilitiesmeasuredatamortisedcost 12,749 13,877 12,596 13,640
The carrying amounts of the financial assets and liabilities include:
Net pension liabilityFinancialassetsmeasuredatamortisedcostcomprisecashatbank,tradedebtors,amountsowedbygroup
undertakings,otherdebtorsandloanowedbyBCSLimited.
Financialliabilitiesmeasuredatamortisedcostcomprisetradecreditors,amountsowedbygroupundertakings,
othercreditorsandaccruals.
AlloftheGroup’sfinancialassetswiththeexceptionoftheloanfromGBRtoBCS,arerepayableondemand.
Similarlyallfinancialliabilitiesarepayableondemand.
InrelationtotheloanfromGBRtoBCSthefairvaluehasbeendeterminedusingadiscountrateof4.82%whichis
believedtobeareasonablereflectionofthemarketrateofinterest.
ThedirectorsbelievethatthereisminimalcreditriskgiventhesuccessofBCSandunlessthenextrepaymentin2019
isnotmadeinaccordancewiththerepaymentplanthenitwillcontinuetotakeapositiveviewoftherecoverability
andthereforefairvalueofthisloangoingforward.
Overview
TheCompanyoperatesapensionschemeforitsemployees,theBritishHorseracingAuthorityPensionScheme(‘the
Scheme’).TheSchemehastwosections,aDefinedBenefit(‘DB’)sectionandaDefinedContribution(‘DC’)section.
TheDCsectionisalsousedforthepurposesofautoenrolment.
Defined Benefit Section
TheDBsectionwasclosedtofutureaccrualon31December2015.Priortothis,theDBsectionhasbeenbasedupon
careeraveragerevaluedearnings.
ThelatestfullactuarialvaluationoftheDBsectionoftheSchemewascarriedoutat31December2017andwas
updatedforFRS102purposesto31December2018byaqualifiedindependentactuary.
Thecompanywillcontribute£1,304,000asanannualdeficitrepairpaymentin2019andhasarecoveryplanagreed
withthetrusteesoftheSchemethatisinplaceuntilMay2026.
ThetrusteesoftheSchemehaveaguaranteefromtheHorseraceBettingLevyBoard(‘HBLB’)thatiftheBHAdoes
notmakeitsannualpaymentsforeithertheannualdeficitpaymentoritsongoingservicescontributionsthenthe
HBLBwillmakethesepayments.Thisguaranteeiseffectiveuntiltheearlierof30September2024orthedateat
whichtheSchemedeficitusingthe2007actuarialassumptionshasbeenfullypaidoff.
InadditiontheEmployermeetsthecostsofadministeringtheScheme,thecostoflumpsumdeathinservice
insurancepremiumsandLeviespayablebytheScheme.
Value at 31 December 2018
£’000
Valueat31December2017
£’000
Definedbenefitobligation (78,048) (91,576)
Planassets 69,821 73,661
Deficit (8,227) (17,915)
Relateddeferredtaxasset - -
Netpensionliability (8,227) (17,915)
9594
FINANCIAL STATEMENTS
Movements in present value of defined benefit obligation:
The major assumptions used in this valuation by the actuary were (in nominal terms):Movements in fair value of plan assets:
Expense recognised in the profit and loss account:
Scheme assets
ThefairvalueoftheScheme’sassets,whicharenotintendedtoberealisedintheshorttermandmaybesubjectto
significantchangebeforetheyarerealised,were:Value at 31
December 2018 £’000
Valueat31December2017
£’000
Atstartofyear 91,576 87,776
Currentservicecost - -
Pastservicecost 78 -
Interestcost 2,254 2,409
Actuarial(gains)/lossesduetoassumptionchanges (8,828) 4,116
Experience(gain)/loss (4,152) 757
Contributionsbymembers - -
Benefitspaid (2,880) (3,482)
Atendofyear 78,048 91,576
Value at 31 December 2018
£’000
Valueat31December2017
£’000
Equitiesandotherreturnseekingassets 17,210 19,712
Bondsandotherdefensiveassets 49,519 51,045
Property 2,442 2,364
Cash 640 529
Annuity 10 11
Totalmarketvalueofassets 69,821 73,661
Actualreturnonplanassets (2,118) 4,622
31 December 2018
31December2017
Discountrate 2.80% 2.50%
Inflation(ConsumerPriceIndex) 2.80% 2.80%
Inflation(RetailPriceIndex) 3.60% 3.60%
Pensionincrease(RPImax5%) 3.40% 3.40%
Pensionincrease(RPImax2.5%) 2.30% 2.30%
Pensionincrease(CPImax2.5%) 2.10% 2.10%
Value at 31 December 2018
£’000
Valueat31December2017
£’000
Atstartofyear 73,661 71,363
Interestonassets 1,820 1,966
Actuarialgain/(loss)onschemeassets (3,938) 2,656
Contributionsbyemployer 1,158 1,158
Contributionsbymembers - -
Benefitspaid (2,880) (3,482)
Atendofyear 69,821 73,661
Value at 31 December 2018
£’000
Valueat31December2017
£’000
Currentservicecost - -
Pastservicecost 78 -
Netinterestonnetdefinedbenefitliability 434 443
Totalexpenserecognisedinprofitandloss 512 443
Thetotalamountrecognisedinothercomprehensiveincomeisagainof£9,042,000(2017:lossof£2,217,000).
Cumulativeactuariallossesreportedinothercomprehensiveincomeforaccountingperiodsendingonorafter22
June2002,arelossesof£13,383,000(2017:£22,425,000).
Invaluingtheliabilitiesofthepensionfundat31December2018,mortalityassumptionshavebeenmadeasindicated
below.
Theassumptionsrelatingtolongevityunderlyingthepensionliabilitiesatthebalancesheetdatearebasedon
standardactuarialmortalitytablesandincludeanallowanceforfutureimprovementsinlongevity.Theassumptions
areequivalenttoexpectinga65-yearoldtoliveforanumberofyearsasfollows:
• Currentpensioneraged65:22.4years(male),24.4years(female).(2017:22.9years(male),25.0years(female))
• Futureretiree,currentlyaged45,uponreaching65:23.8years(male),25.9years(female).(2017:24.2years(male),
26.5years(female))
Theassumptionsusedbytheactuaryarechosenfromarangeofpossibleactuarialassumptionswhich,duetothe
timescalecovered,maynotnecessarilybeborneoutinpractice.
9796
FINANCIAL STATEMENTS
The history of the plans for the current and prior periods is as follows:
Experience adjustments:
Analysis of amount recognised in other comprehensive income (continued)
Analysis of amount recognised in other comprehensive income
2018 £000
2017£000
2016£000
2015£000
2014£000
Presentvalueofschemeliabilities (78,048) (91,576) (87,776) (72,126) (71,668)
Fairvalueofschemeassets 69,821 73,661 71,363 59,325 60,053
Deficit (8,227) (17,915) (16,413) (12,801) (11,615)
Year ending 31 December
2018
Yearending31December
2017
Yearending31December
2016
Differencebetweentheexpectedandactualreturnonschemeassets–gain/(loss):
Amount(£000) (3,938) 2,656 10,869
Percentageofyearendschemeassets 6% 4% 15%
Experiencegainsand(losses)onschemeliabilities:
Amount(£000) 4,152 (757) 318
Percentageofyearendschemeliabilities 5.3% 0.8% 0.3%
Totalamountrecognisedinothercomprehensiveincome–gain/(loss):
Amount(£000) 9,042 (2,217) (4,348)
Percentageofyearendschemeliabilities 11.5% 2% 5%
Yearending31December
2015
Yearending31December
2014
Actuarial(loss)/gainonschemeassets (2,396) 8,090
Changesinactuarialassumptions 3,758 (9,371)
Experience(losses)/gains (3,147) -
Actuarial(loss)/gainrecognisedinothercomprehensiveincome (1,785) (1,281)
Year ending 31 December
2018
Yearending31December
2017
Yearending31December
2016
Actuarial(loss)/gainonschemeassets (3,938) 2,656 10,869
Changesinactuarialassumptions 8,828 (4,116) (15,535)
Experiencegains/(losses) 4,152 (757) 318
Actuarialgain/(loss)recognisedinothercomprehensiveincome
9,042 (2,217) (4,348)
TheDBelementoftheschemewasclosedtofutureaccrualon31December2015andthereforefrom2016onwards,
theonlycontributionsbeingpaidintothissectionrelatetotheagreeddeficitrepaircontributionsattherates
recommendedbytheSchemeActuary.CashcontributionstotheDBelementamountedto£1,158,000totheScheme
in2018(2017:£1,158,000).
Defined contribution section
TheCompany’scontributiontothedefinedcontributionschemeischargedtotheprofitandlossaccountintheperiod
inwhichtheyarepaidandamountedto£1,311,987in2018(2017:£1,261,356).
Theamountpayabletothepensionfundasat31December2018was£214,000(2017:£209,000)
InadditiontheCompanypaid£23,000intothepersonalpensionschemesofcertainemployees(2017:£23,000).
18. CONTINGENT LIABILITIES
19. LIABILITY OF MEMBERS
In2016,organisationsrepresentingBritishRacingenteredintothreeyearauthorisedbettingpartneragreements
withanumberofon-linebettingoperators.UndertheseagreementspaymentswerepaidtotheHorseraceBetting
LevyBoard.
Threeoftheseagreementsincludedarebateclausewhichcameintoforceshouldcertaineventsoccurduringthe
termoftheseagreements.
Ineachofthesethreecases,intheviewofthedirectors,thereisnolegalobligationontheCompanytomakegood
theserebateclaims.However,theultimatesettlementoftheseclaimsisamatterofongoingdiscussionsbetween
theorganisationsrepresentingBritishRacingandtheHorseraceBettingLevyBoard.
Asatthedateofapprovalofthesefinancialstatements,thelevelofanyBritishHorseracingAuthoritycontributionto
thissettlement,ifany,cannotbereliablyquantified.
ThefourmembersoftheCompanyhaveundertakentocontributeasumnotexceeding£1eachtomeettheliabilities
oftheCompanyintheeventthatitiswoundup.
9998
FINANCIAL STATEMENTS
20. COMMITMENTS
21. ANALYSIS OF NET FUNDS
22. RELATED PARTY TRANSACTIONS
TheGrouphasacontractwithWeatherbysThoroughbredLimitedfortheprovisionofsubstantialracingandgeneral
administrationserviceswhichexpiresattheendof2020butwhichissubjecttothreeyearnotice,asyetnoticehas
notbeenserved.
At31December2018theGroupandCompanyhadcommitmentsundernon-cancellableoperatingleasesasfollows:
Theleasecommitmentsincludedinotherrelatetomotorcars.
Identity of related parties with which the Company has transacted
Thecompanyhastransactedwiththefollowingrelatedparties,allofwhicharerelatedbyvirtueofoneoftheir
employees/appointments/directorsbeingamemberoftheBoardoftheCompany,orasamemberbodyof
theCompany.
• RacecourseAssociationLimited
• RacehorseOwnersAssociationLimited
• ThoroughbredBreeders’Association
• FakenhamRacecourseLimited
• NationalTrainersFederation
• Horsemen’sGroup
• BritishChampionsSeriesLimited
• TheHamiltonParkRacecourseCompanyLimited
• Point-to-PointAuthorityLimited
• RetrainingofRacehorsesLimited
• RacingtoSchoolLimited
• JockeyClubRacecoursesLimited
• JockeyClubEstates
• RacingWelfare
• BritishHorseracingDatabaseLimited
• GreatBritishRacingLimited
• CrimestoppersEnterprisesLimited
• HorseraceBettingLevyBoard
2018 2017
Land and buildings
£000
Other
£000
Landandbuildings
£000
Other
£000
Expiring:
withinoneyear 852 322 849 297
betweenoneandfiveyearsinclusive 280 410 1,112 227
Overfiveyears - - - -
1,132 732 1,961 524
At 1 January 2018 £000
Cash flow At 31 December 2018 £000
Cashatbankandinhand 5,660 462 6,122
Ringfencedcash 5,981 (414) 5,567
Shorttermdeposits 774 - 774
Total 12,415 48 12,463
101100
FINANCIAL STATEMENTS
Other related party transactions
Sales and recharges to
Administrative expenses incurred from
2018 £000
2017£000
2018 £000
2017£000
RacecourseAssociationLimited 19 43 - 1
RacehorseOwnersAssociationLimited 76 98 - -
ThoroughbredBreedersAssociation 64 37 - -
FakenhamRacecourseLimited 190 185 - -
TheHamiltonParkRacecourseCompanyLimited 263 256 - 6
NationalTrainersFederation 1 1 1 -
Horsemen’sGroup - - (75) (50)
PointtoPointAuthorityLimited 120 145 - -
RetrainingofRacehorsesLimited - - - 1
RacingtoSchoolLimited 7 5 - -
JockeyClubRacecoursesLimited 5,121 8 25 26
JockeyClubEstates 2 - 6 2
RacingWelfare 2 4 5 2
HorseraceBettingLevyBoard - 44 - -
GreatBritishRacingLimited 911 969 - 10
BritishHorseracingDatabaseLimited 5,312 5,365 5,327 5,380
CrimestoppersEnterprisesLimited - - 9 9
BritishChampionsSeriesLimited 489 595 - -
12,577 7,755 5,298 5,387
Receivables outstanding Creditors outstanding
2018 £000
2017£000
2018 £000
2017£000
RacecourseAssociationLimited 8 9 - -
RacehorseOwnersAssociationLimited 5 27 - -
ThoroughbredBreeders’Association 1 - - -
TheHamiltonParkRacecourseCompanyLimited - - - -
FakenhamRacecourseLimited - - - -
NationalTrainersFederation - - 1 -
Horsemen’sGrouploan 200 200 - -
Horsemen’sGrouploanprovision (125) (200) - -
Point-to-PointAuthorityLimited - 44 - -
RetrainingofRacehorsesLimited 333 171 - -
RacingtoSchoolLimited 110 62 - -
JockeyClubRacecoursesLimited 7 - 1 -
JockeyClubEstates - - - -
RacingWelfare - - - -
HorseraceBettingLevyBoard 39 1 - -
GreatBritishRacingLimited 282 180 - -
BritishHorseracingDatabaseLimited - - 68 71
CrimestoppersEnterprisesLimited - - - -
BritishChampionsSeriesLimited 2,024 2,078 - -
2,884 2,572 70 71
All figures within the document are correct as of 25 September 2019.
Certain images within this publication are reproduced with the permission of Focusonracing.com
British Horseracing Authority
75 High Holborn, London, WC1V 6LS
Switchboard:020 7152 0000
Mediaenquiries:020 7152 0166
www.britishhorseracing.com