Annual Report and Accounts - Racehorse Owners Association

Transcription

Racehorse Owners Association
2008/9
Annual Report
and Accounts
Contents
Officers and Members of the Council
1
President’s Statement
2
Aims of the ROA
3
Chief Executive’s Statement
i) The Horseracing Industry
ii) The Business of the ROA
4
8
Who’s Who on the Council
13
Report and Financial Statements
17
Report of the Officers of the Council
18
Statement of the Responsibilities of the Officers of the Council
18
Independent Auditors’ report
19
Income and Expenditure Account
20
Balance Sheet
21
Notes to the Financial Statements
22
Notice of Meeting
IBC
2008/9
Annual Report
and Accounts
Council Members
PAUL J DIXON
President
(Executive Committee)
JEREMY GOMPERTZ
RACHEL HOOD
Vice President
TONY HIRSCHFELD
STEVEN ASTAIRE
Honorary Treasurer
SIR ERIC PARKER
ALAN GUTHRIE
STEPHEN MOLLOY
SALLY ROWLEY-WILLIAMS
DENA ARSTALL
PROFESSOR DAVID SILK
IAN BALDING
STEPHEN SMITH
TOBY BALDING
JAMES STAFFORD
PETER CUNDELL
ˆ
TED VOUTE
LUCINDA FREEDMAN
JUSTIN WADHAM
Staff
MICHAEL HARRIS
Chief Executive
(Member of the Council and
Executive Committee)
JOANNE GUNN
Marketing Executive
KEELY BREWER
Membership Executive
SUE DRAWWATER
PA to the Chief Executive
CAT WHITE
Marketing Executive
SADIE RYAN
Membership Manager
ALLEGRA HINDES
Subscriptions Secretary
Bank
Auditor
Weatherbys Bank Limited
Sanders Road, Wellingborough
Northamptonshire NN8 4BX
Deloitte LLP
Leda House, Station Road
Cambridge CB1 2RN
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Annual Report
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he Racehorse Owners Association has continued to punch
above its weight during the past 12 months. Our representation on a wide range of committees and bodies reflects
the enormous influence that we continue to wield within
racing’s corridors of power. As owners make the biggest
financial contribution to the sport, it should be no other way.
The racing industry has continued on its remorseless path to
change and modernise itself. Although the pace of change has
been much slower than most of us would have liked, we are now
at a point where the split between the governance and regularity
functions of racing and the commercial side of the industry is
close to being finalised. A Memorandum of Understanding has
now been agreed and only the
legal documentation underpinning the new structure requires
formal ratification.
The most exciting development within racing administration has been the extent to
which the new commercial
body, Racing Enterprises Ltd
(REL), has begun to stretch is
wings as it identifies new areas
of opportunity and potential for
racing. Under its energetic
Chairman, Chris McFadden, the
REL board has also quickly
recognised that racing can no
longer sit back and watch its
market share and fan-base
diminish as young people turn
their backs on the sport. REL’s
response to this has been to
launch an initiative that will see
racing undergo a major rebranding exercise over the
coming 12 months.
The Re-Branding of British
Racing will be the most extensive promotional and marketing
work ever undertaken on our sport. Its motivation springs from a
recognition that to do nothing is no longer an option. British racing
can no longer rely on its rich heritage and history to attract new
audiences, while its position as the preferred betting medium is
slowly but surely being eroded.
Racing does not register in the public consciousness in the way
that it did even a decade ago and for these reasons urgent action
must be taken. It is a sad fact of life that the names of our sport’s
top personalities mean little or nothing to the average man or
woman in the street. With the exception of the Grand National and
our big racing festivals, racing rarely moves from its allotted and
dwindling slots in the national press and most young people are
entirely oblivious even to the existence of horseracing. It is
because of this last point that I have made it a crusade of the ROA
to draw more young people into racing. Without those in their
twenties and early thirties being attracted to the sport, it is difficult
to see how there can be a future for us.
All of this shows why the whole of the racing industry must get
behind this new promotional project. It must put sectional interests
aside as it takes part in a series of industry-wide “workshops” set
up under the guidance of Harrison Fraser, the company that has
been appointed to steer the process. REL, with its cross-industry
T
2
President’s
Statement
“The Re-Branding of British
Racing will be the most
extensive promotional
and marketing work ever
undertaken on our sport.
Its motivation springs from
a recognition that to do
nothing is no longer an
option”
PAUL DIXON gives an ROA perspective
on the state of the racing industry
representation from the Horsemen’s Group and Racecourse
Association, will, during the coming months, have to persuade all
the elements of racing to accept change and unite under this allimportant common cause.
The betting industry also has a major part to play in racing’s
ambition to find new audiences and to re-ignite enthusiasm for
betting on British racing. The fact that racing and bookmakers
have worked against each other rather than recognise their
mutual interests is an important consideration for both sides in
trying to move forward.
he recent early agreement over the 49th Levy Scheme,
which will see a rollover of the terms in place for previous
years, has created a better climate to improve the racingbookmaker relationship. Although it is now clear that only
primary legislation will allow us to achieve our full ambitions on modernising the Levy process, it has helped a great deal
that the bookmakers have now dropped their insistence that the
extra costs they are bearing for Turf TV in betting shops should be
reflected in what they are paying in levy. The improved climate will,
we believe, now pave the way for more discussions on increasing
the promotion of racing in betting shops and for the sharing of
T
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information to allow both sides to maximise their financial returns
from horseracing bets.
The relationship between racing and bookmakers should also
see improvement stem from the Department for Culture Media
and Sport‘s recent announcement that the department are determined to find a way to force overseas betting operators, who are
taking bets on British horseracing, to pay both tax and levy on
those bets.
The importance of this cannot be over-emphasised. Off-shore
bookmakers are getting a free ride at the expense of both British
racing and British-based bookmakers who are operating at a 25%
disadvantage. Inevitably it means that a failure for the government
to stem this pernicious tide will persuade more bookmakers to
take this route, in which case the effect on the levy and the funding of British racing would move from being significant to devastating.
All of this once more underlines why the Tote is so important to
the future of British racing. The ROA has been at the centre of all
the determined efforts made in recent years to try to get the Tote
under racing’s ownership. A combination of European law, lack of
government commitment and finally the recession has seen this
work and endeavour amount to nothing. Whether a future
Conservative administration will be more receptive to creating the
right circumstances to allow the Tote to become part of British
racing is open to doubt.
ll that said, it must be acknowledged that the Tote management and staff have performed well in a period of
great uncertainty and difficulty for them. Racing is no
longer represented on the Tote board but, with a new
Tote Chairman in place, it is true to say our relationship
has moved from being initially fractious to now being constructive.
It has to be recognised that the Tote is racing’s biggest sponsor
by some way and the management are making great efforts to
work with the racecourses and increase their contribution to prizemoney. Some encouragement can be taken from the fact that pool
betting now represents the one area of genuine growth for the Tote
and I am not alone in believing pool betting continues to be an
enormous source of opportunity for British racing.
News and developments within the ROA itself are dealt with in
other parts of this Annual Report. I will therefore use some of my
last comments to thank the ROA Council and staff members for
their unending enthusiasm, hard work and support, without which
this difficult but highly rewarding job would become almost impossible.
It is no surprise that the dire economic environment in which we
are living is affecting racehorse owners and the number of horses
they can afford to have in training. The ROA is dependent on subscription income from members and it is inevitable that this organisation is also feeling the chill winds of recession. I would therefore
like to conclude with two requests.
Firstly, I would like to ask those owners who may be without a
horse at this time to continue with their membership to the ROA to
help us through these difficult times. You don’t have to have a
horse in training to be a member of the ROA.
My second request is to ask the British Horseracing Authority to
recognise the important place the ROA occupies in racing
administration by acknowledging that we need members for our
survival and anything they can do to help us in creating and
enhancing benefits to retain and recruit members would be
gratefully received. It is, after all, owners’ money that keeps them
afloat. A
Aims of the
Association
“The function of the Racehorse
Owners Association is to promote and
protect the interests of racehorse
owners”
To bring about a dramatic improvement to the
financial structure of British racing, thereby
enhancing the quality of our sport and allowing
British-trained horses to compete more
effectively on the international stage.
To obtain a much-improved recovery of keep
and training costs from net prize-money.
To work towards reducing entry fees to 5 per
cent of total prize-money.
To encourage all registered owners to become
members of the ROA.
To support and expand an appearance money
scheme.
To help owners obtain sponsorship so they are
able to register for VAT and recover VAT on
purchase and training costs.
To pursue the aims of the Gold Standard
Awards, thereby improving facilities for owners,
horses and stable staff at racecourses.
To re-invigorate the Owners’ Premium Scheme
when funding permits, thereby incentivising the
purchase of British-bred horses and to support
similar schemes for stimulating the purchase of
racehorses in Britain.
To work with the Horsemen’s Group and
racecourses through Racing Enterprises Ltd to
develop and commercially exploit UK racing’s
rights for the purpose of increasing prize-money.
To support a humane and compassionate
approach to the treatment of Thoroughbred
racehorses and encourage positive
developments in equine veterinary science.
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Chief Executive’s
Statement
Part 1
The Horseracing Industry
Racing Finances
The Horserace Betting Levy Board remains central to the finances of
British racing and there is little prospect of this changing in the near
future. There are good and bad aspects to this. Good, because
racing has the comfort of knowing that it has a guaranteed source of
income through a hypothecated tax on bookmakers’ gross profits.
Bad, because the Levy system will never deliver a large enough slice
of betting turnover to allow British racing to show that celebrated
quantum leap in its finances that has for so long been our goal.
It follows, therefore, that our international competitiveness will
continue to fall behind countries that are blessed with tote monopolies, while the majority of those who make up racing’s workforce
are unlikely to ever receive the rewards they deserve – an inevitable
consequence of British owners retrieving so little of their costs
because of low levels of prize-money. With the recession now biting
deep, it is equally difficult to see what will rescue an increasing
number of struggling trainers and how the horse population, on
which racing’s whole economic cycle depends, will maintain sufficient levels to sustain the current very large fixture list.
During the past two years, there has been much discussion
ROA Chief Executive Michael Harris
relating to so-called Levy Modernisation. Encouraged by the current
Labour government to get into debate with the bookmakers and
Levy Board about how the Levy process could be made more ‘fit for
purpose’, there is so far little to show from these talks.
The unfortunate truth is that any major changes to the Levy
process require primary legislation and the chances of finding parliamentary time to achieve this are non existent, certainly in the short
term. We are therefore left with an out-of-date statutory system that
was drawn up in 1963, with a negotiating process that is stacked
against racing.
Under the circumstances, however, it was a good move for
racing to agree the 49th Levy Scheme (relating to fiscal year April
2010 to March 2011) well before the October 31st deadline. Racing
has at least scored a rare victory in getting the bookmakers to drop
their claim for a rebate to recognise their additional costs of Turf TV.
There is further good news in that the government is now
officially trying to find a solution to prevent overseas betting operators taking bets on British racing without paying tax and levy.
Moreover, the Department for Culture Media and Sport is showing
increasing interest in punters who are using the exchanges as quasi
bookmakers, thereby also avoiding paying both tax and levy. If the
government is successful in closing both loopholes, racing would
receive significantly higher levy payments.
This, at least, would help to make up for some of the lost opportunities relating to racing’s abortive attempts to get a proportion of
STRUCTURE OF BRITISH HORSERACING
BHA
REL
HBLB
British Horseracing Authority
Racing Enterprises Ltd
Horserace Betting Levy Board
Structure
Structure
Structure
Four members: RCA, ROA, TBA and Licensed
Personnel (led by NTF).
Board: Independent Chairman, Chief Executive,
four independents and two “industry” Directors.
Company owned 50-50 by Horsemen’s Group
and Racecourse Association.
Board: Three Horsemen’s Group Directors and
three RCA Directors. Independent Chairman.
Operates under the Department for Culture,
Media and Sport.
Board: Three independents including the
Chairman; one member each from BHA, ROA
and RCA; one from the Tote and one from the
Bookmakers’ Committee.
Function
Function
Function
Controls the regulation and governance of
British Racing e.g. setting and maintaining
integrity standards and controlling the rules of
racing, the race programme and fixture list.
A commercial body set up to assist in creating
new markets for British racing through the sale
of pictures and data; to assist in the control of
all non-Levy money coming into British racing;
to assist in establishing a prize-money
agreement.
Statutory body that collects levy from betting on
horseracing (based on 10% of gross profits)
and distributes it, according to agreed formula,
to prize-money and racecourses. Also funds
projects relating to veterinary science,
education and improvement of horse breeds.
The Horsemen’s Group
The Horsemen’s Group is a company limited by guarantee made up of the ROA, the NTF, the TBA, the Professional Jockeys Association (PJA) and
the National Association of Stable Staff (NASS).
Key: RCA Racecourse Association ROA Racehorse Owners Association TBA Thoroughbred Breeders Association NTF National Trainers Federation
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The Tote
Racing’s ambition that it would one day own the Tote, with its sevenyear exclusive licence to operate pool betting in this country, was
dealt a blow towards the end of last year. The Government, having
deliberated so long over racing’s previous offers to buy the Tote,
eventually came to the conclusion that the worsening economic
climate gave them no option but to kick the project into the long
grass at least until the economy improved.
Along with this, we were promised that when the sale did eventually happen, 50% of the proceeds would come to racing, but quite
how the government would do this and remain compliant with State
Aid legislation was never explained. It was, after all, European State
Aid concerns that frustrated the sale of the Tote years after the whole
process began back in the nineties.
At least now the Tote can operate without the Sword of Damocles
hanging over it and, even in these challenging times, it is doing well
within the area of pool betting, thanks, in particular, to the Scoop 6
and Tote Direct (the system which the Tote uses to sell their bets
through high street bookmakers). It is also highly encouraging that
the Tote management are making strenuous efforts to work with
racecourses and to increase their sponsorship contributions,
although it would be helpful to know exactly how much of this
actually finds its way into prize-money.
The ROA Council remains convinced that the Tote has a big
future, whether under its present structure and management, or privatised, and that British racing’s long-term health is partially linked
to the growth of pool betting. The surface has barely been
scratched in the area of co-mingling international pools, while there
is huge marketing potential in some of the eye-wateringly large
dividends paid out for Exactas and Trifectas. Now the ‘will-theywont-they’ uncertainty created by the Government seems to have
subsided, the Tote management must be given the chance to move
forward with confidence.
Prize-Money
Whatever the future may hold in these recessionary times, it is,
nevertheless, pleasing to report that total prize-money in Great Britain
in 2008 was a record £106m. This was an increase of £7.6m on 2007.
Each of the sources of prize-money in 2008 showed an annual
improvement on the previous year. The owners’ contribution, rising
by 29%, showed the biggest percentage increase. This was due to
the number of overall runs in 2008 increasing to 98,014, from 93,719
in 2007.
Although 2008 was a record year for prize-money, it would have
been considerably higher had it not been for the loss of York’s
NUMBER OF INDIVIDUAL RUNNERS 2001-2008
20,000
Number of individual runners
the bookmakers’ extraordinary profits on gaming machines, to say
nothing of the betting that takes place in British shops on foreign
racing. There was a time when betting on events such as the Prix de
l’Arc de Triomphe and Punchestown Festival was subject to Levy.
This was withdrawn in 2004 when a commercial funding mechanism
was to have replaced the Levy but, when the Levy was subsequently re-instated, the bookmakers managed to ensure that
these payments on foreign racing being shown in British betting
shops were not re-instated. The best efforts of racing to revert to the
status quo have so far proved abortive.
Against this background, the Levy yield for 08/09 is likely to be
approximately £99m, thereby matching the figure of two years ago.
This will be substantially less than last year but that was a one-off with
the so-called ‘high-roller’ factor. With the current levels of prizemoney and owners’ cost recovery, we can hardly be jubilant but,
within the context of the economic downturn, it could be a lot worse.
19,000
18,000
17,000
16,000
2001
2002
2003
2004
2005
2006
2007
2008
highly-valuable Ebor meeting. Total prize-money for the four days of
York would have been £2.5m, of which York’s executive and sponsorship contributions would have amounted to £1.3m.
The Ebor meeting abandonment also deflated the overall racecourse executive and sponsorship figure for 2008, which, nevertheless, showed a £700,000 increase on 2007.
Talk of the Ebor meeting, prompts me to hand a greatly deserved
compliment to the BHA’s Racing Department and those racecourses that were involved in a swift and dynamic re-scheduling
operation that resulted in saving most of York’s top events from that
abandoned meeting.
The first year of the prize-money agreement between the
Horsemen’s Group and Britain’s racecourses produced a very encouraging response. Only four of the 59 active racecourses – Ripon,
Towcester, Fakenham and Cartmel – did not sign an agreement early
last year to enter into a formal three-year deal with the Horsemen’s
Group and just five of the 59 did not comply with the financial side of
the agreement. Of those, most produced ‘Justifiable Reasons’ – a
clause within the agreement – for why they were unable to comply.
The star performance for 2008 came from Northern Racing which
has often being heavily criticised in the past for how little they put
into prize-money. Northern outstripped the average of the contributions they made during the previous three years by £700,000.
The prize-money agreement is important in that it creates an
understanding between horsemen and courses at a time when the
proportion of racing’s income that is based in media rights is
growing. With money flowing from the Levy, it is mandatory that a
large proportion of this is spent on prize-money, whereas racecourses can spend money that they generate themselves as they
wish. The agreement therefore goes some way to protecting prizemoney.
It would be nice to think that prize-money will soon be getting a
boost from Turf TV as the new betting shop service is now being
used by virtually all bookmakers.
Owners’ costs
Prize-money increases have to be seen in the context of owners’
costs and, in the latter part of 2008, the ROA carried out an extensive survey. The survey, relating to owners’ cost in 2007, revealed
that Britain’s standing had further eroded in comparison with other
major racing countries.
Unsurprisingly, the average cost recovery for British owners
showed no improvement in 2007, staying at around 25%. This
figure does not take into account the capital cost of purchasing or
breeding a horse, but relates specifically to training and 5
2008/9
Annual Report
and Accounts
Chief Executive’s
Statement
ancillary expenses, showing returns over costs expressed as a
percentage.
The survey was sent out to 1,031 ROA members in October
2008, asking them to record the monthly costs of keeping a horse
in training during 2007.
Detailed costs for 162 horses were received, 86 Flat and 76
National Hunt, including some dual purpose horses.
The responses enabled us to establish the average costs of
keeping a horse in training covering both codes, and included
training fees, vets bills, horse transport, registration and administration fees, etc.
The three main factors which influenced the reduction in owners’
cost recovery were general increases in training costs, a reduction
in prize-money of 4.5% year-on-year, and a 2% increase in the
number of individual horses running for prize-money. Aside from
these, the main influences were regional variances and whether the
horse was in flat or jump training.
The average costs relating to having a horse in training – and
racing – are shown in the adjacent table.
Yearling Bonus Scheme
British and Irish breeders and consignors are in the process of
creating an innovative incentive scheme that rewards racehorse
owners, while improving demand at yearling sales.
The scheme will pay participating owners a £10,000 bonus if
their horse wins one of a selected number of maiden races in 2010
that will be run mainly in the UK but also in Ireland and other countries. There is an overall target of 200 races but the number of
bonus payments in the scheme will depend on income accrued
through take-up. The geographical split of the yearling bonuses will
reflect the market share of all countries that have purchased
horses at the yearling sales since 2006.
The scheme is viewed as complimenting the current BreezeUp Bonus scheme, which has proved to be such a successful
innovation.
AVERAGE TRAINING COSTS PER HORSE – 2007 DATA
Training fees
Gallops
Farrier
Supplements/wormer
Clipping
Racing expenses
Transport
Vet/Physio/Dentist
Race entries
Jockeys
Registration fees
Admin (Weatherbys/BHA)
Other costs
Out of/Pre-training
Total
Less, appearance money
TOTAL
FLAT (£)
JUMPS (£)
12,037
408
570
170
7
413
1,122
856
1,303
643
86
66
94
738
18,513
-24
18,489
10,881
272
453
155
23
275
1,070
914
981
702
71
70
122
570
16,559
-133
16,426
Notes
1. Training fees have been adjusted to compensate for items charged out separately
2. Where ‘all in’ daily rate charged, this will appear under training fees
3. 20% of horses were charged ‘all in’ rate
Eligible yearlings must be catalogued in any recognised British
or Irish bloodstock sale in 2009. Vendors will be invited to pay a
total fee of £500 in two tranches. This will not be compulsory but
there is an expectation that the majority of yearlings will be nominated. The purchaser of the yearling will also be asked to pay a
contribution of £250 to allow his horse to qualify. In the event that a
yearling is not sold or is withdrawn from the sales, the vendor may
keep their yearling in the scheme by making the further payments,
totalling £500.
Estimates suggest contributions from breeders and owners will
reach £1.75m in the first year. The sales companies are being
approached to make an additional contribution, so a £2m target is
realistic, especially as an overall brand sponsor is also being sought.
At the time of writing, detail is still being considered but, given
that various concerns can be satisfactorily addressed, the ROA
applauds this initiative. IN BRIEF
Reserves: The news that Ascot is proposing to operate a reserves system for all
their handicaps at the Royal meeting vindicates the ROA’s campaign last year to
get this policy introduced. We now believe that reserves will become the norm for
most big events throughout the Flat calendar where 48-hour declarations apply.
A compromise was eventually reached whereby reserves are declared on the
morning of the day before the race, thereby allowing newspapers to carry the
actual runners in the race.
48-hour declarations: The terms of the agreement whereby a guaranteed additional payment of £400,000 annually from a combination of appearance money
and prize-money as partial compensation for the disruption and additional costs
brought about by 48-hour declarations were met by the participating
racecourses in 2008. We now look forward to seeing additional revenue being
generated from the sale of UK racing abroad. It is our expectation that this will
result in increased income for members of the Horsemen’s Group in the coming
years.
Bloodstock Industry Code of Practice: The ROA – and Council member Dena
6
Arstall in particular – played a central role in getting this code agreed by the BHA,
the sales companies, the bloodstock agents and members of the Horsemen’s
Group. Its purpose is to ‘ensure that sales of bloodstock in Britain not only
comply with the law, but operate to the highest standards of integrity and transparency, and safeguard the interests of vendors, consignors, bloodstock agents,
owners, trainers and the sales companies’.
The £500,000 Breeze-Up Bonus Scheme: The introduction of the Breezeup Bonus Scheme proved to be a really positive initiative for the industry at the
start of the year. The Breeze-up Bonus rewards a winner of a two-year-old
maiden or Stakes race with a £10,000 bonus. A winner of a two-year-old
selling or claiming race or a nursery handicap is eligible for a £5,000 bonus –
the equivalent in many cases of trebling prize-money for just one victory. The
scheme was set up by leading consignors and the bonus is being paid by the
people offering the horses for sale; the vendors and the sales companies.
Simple in concept, the bonus is offered for eligible horses on the Scheme purchased at all seven Breeze-up sales in Britain, Ireland and France in 2009. SOURCE OF PRIZE-MONEY
RACECOURSES’ EXECUTIVE/SPONSORSHIP
TOTAL PRIZE-MONEY
35
120
33.7m
106m
103.1m
100.1m
30.3m
31.6m
30
£million
93.9m
98.6m
29.6m
£million
100
98.4m
84.2m
26.7m
27.3m
26.5m
25
80
71.7m
69.1m
25.7m
25.1m
24.2m
71.7m
20
60
1999
2000
2001
2002
2003
2004
2005
2006
2007
1999
2008
The increased contributions from all sources – particularly owners – saw
prize-money in 2008 rise to a record level.
2000
2001
2002
2003
2004
2005
BHB/BHA INCENTIVES
6
2006
2007
2008
With a record number of fixtures, racecourses’ contributions increased
marginally over the 2007 figure.
LEVY BOARD
70
6.0m
5
62.5m
60m
60
56.1m
55m
50
53.4m
40m
3.7m
£million
£million
4
3
2
1.5m
40
44m
34m
30
35m
32m
20
1
1.8m
0.07m
0
1999
2000
2001
2002
2003
2004
10
0.7m
2005
2006
2007
2008
Since 2004, so-called BHB/BHA incentives have principally made up the
money going into the Development Fund, which is used to encourage
racecourses to programme high quality races that may attract only small
fields. This fund, which draws its resources from the bidding process for
BHA fixtures, grew as a result of strong interest from racecourses.
1999
2000
2001
2002
2003
2005
2006
2007
2008
As a result of good bookmaker returns for the fiscal year ending March 31st
2008, the Levy increased its prize-money contributions from July 1st last
year to the record annual rate of £62.5m. This translated into an increase of
5% on the full year.
OWNERS
17
2004
DIVIDED RACE FUND
2
16.9m
1.7m
16
1.3m
1.3m
1.2m
£million
£million
15
14
13.1m
13
12
11.7m
2000
2001
2002
2003
0.8m
0.6m
11.7m
11.3m
1999
0.9m
0.6m
12.1m
11.1m
11
0.9m
1
12.1m 11.9m
11.9m
1.2m
2004
2005
2006
2007
2008
Owners’ contributions to prize-money were boosted both as a result of the
record number of runners and some racecourses increasing their entry fees.
This translated into an increase in their contributions of 29%.
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
The 12.5% year-on-year increase is in line with the improved Levy yield, but
still a long way short of the 2004 peak. This decline reflects the reduced
payment structure introduced during 2006 following a reduction in the size
of the Fund.
7
2008/9
Annual Report
and Accounts
Chief Executive’s
Statement
Part 2
The Business of the
Racehorse Owners
Association
ROA Membership
It is no surprise that the impressive increases ROA membership
numbers have shown in recent years have now levelled off. While
recent statistics tell us there has not been a sudden collapse in the
number of registered owners, it is impossible to look into the future
without recognising the story being told by all the economic
pointers.
Owning racehorses may not be as much a luxury item as it is
often perceived, but it is definitely dependent upon disposable
income – and, for many, this has declined sharply during the past
year or so.
We cannot deny that fewer racehorse owners will reflect on our
membership numbers but we are optimistic that we can soften the
blow by continuing to persuade increasing numbers of those
owners who are not members to join our cause.
The ROA has an impressive list of benefits which persuades a
great many owners to become and remain members of our association. However, it is often the hidden work carried out by the ROA
executive and Council that produces the real benefits for owners.
This involves our representation on almost all of racing’s key
decision-making committees and bodies.
Without the ROA, owners would have less prize-money, worse
conditions on racecourses and would be increasingly vulnerable to
insurance claims that are potentially very damaging. Without the
ROA, owners would have less sponsorship, be more exposed to
unscrupulous dealings and would certainly be less well-informed
about what’s going on in the industry and racing generally as our
ROA MEMBERSHIP 2000-2009
8,000
7,000
6,000
5,000
The ROA Council
A glance at the list of our 20-strong ROA Council may not immediately reveal the intellectual strength and expertise that this august
body possesses. It would, however, on closer examination, surely
be a source of some comfort to ROA members to know the
Council is made up of a group of highly professional people that
includes two barristers, a solicitor, a professor and an accountant.
The accountant is Sir Eric Parker, once a true captain of industry,
and still the wisest head in racing politics.
The Council also includes an abundance of racing expertise with
trainers, breeders, bloodstock agents and racing syndicate managers all adding to the wealth of knowledge possessed by our
long-term owners, all of whom have outstanding track records in
the world of business or commerce.
Without such a wide array of expertise and talent it would be
impossible for the ROA to represent our racing constituency in the
way that it does. Almost every Council member plays an important
part in representing the ROA on one committee or another, while
each one brings an area of expertise to the table which is constantly being drawn on by the ROA executive or by the wider
racing industry.
We should never forget the work the ROA Council carries out is
entirely unpaid and often takes up many hours in meetings and
travel. The President, Paul Dixon, provides the best example of
this as he travels from his Nottinghamshire home to monthly meetings of both the ROA Council and Executive Committee, to the
Levy Board, to the Horsemen’s Group and to Racing Enterprises
Ltd. And that’s without all the other requirements placed on him by
virtue of his key position within the industry.
Thoroughbred Owner & Breeder
incorporating Pacemaker
4,000
2000
8
impressive monthly magazine would no longer exist.
Without the ROA, vital links between owners and racecourses,
the British Horseracing Authority and Levy Board would be
missing. Communication on political, financial and policy-making
levels between trainers, breeders, jockeys and stable staff through
the Horsemen’s Group would be seriously curtailed, while the
impetus and input we provide for racing’s new marketing initiatives
would be absent. There would be no Horseracing Awards for
owners, no debate of the big issues at the AGM and no help with
the numerous technical subjects about which our members call
our London office daily.
It should, therefore, be a matter of some satisfaction to all
owners that the Racehorse Owners Association is not only alive
and kicking but membership continues to cost just £195 a year. It
is, without question, the best value you can get in racing and it is
why we believe that owners who are not members are getting a
free ride at the expense of our members. It is also why it would be
regarded as an enormous service to this association if its members could gently suggest to their fellow owners that they should,
for the common good of racing, belong to the ROA.
Lastly, a brief word to all of those members or former members
who no longer have a horse in training – or not even a small percentage of a horse in training. This does not exclude you from
being a member of the ROA. We would be delighted if you
remained a member, secure in the knowledge that while assisting
our cause you are assisting the cause of British horseracing.
2001
2002
2003
2004
2005
2006
2007
2008
2009
The magazine that we publish in partnership with the Thoroughbred Breeders Association purchased the long-standing racing
and bloodstock title, Pacemaker, at the end of last year. The
BENEFITS OF
ROA MEMBERSHIP
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Members receive automatic Third Party Liability Insurance (up to a limit
of liability of £10million) against potential damages if a horse they own
causes damage or injury to a third party. (Terms and conditions apply).
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20% Discount on most BHA Registration Fees
Including discounts on registering colours, names, authority to act
and various ownerships.
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training and apply for the scheme.
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Enables free access to Owners’ and Trainers’ car parking facilities at
most fixtures during the year.
Free Lease Exchange
acquisition, which followed many months of negotiation, led to the
March 2009 issue of Thoroughbred Owner & Breeder being the first
that was incorporated with Pacemaker.
This purchase was made as a long-term investment. With the
bloodstock world suffering from the global economic recession,
causing advertising sales to fall, it became inevitable there was
room in the market for only one specialist monthly racing title.
The combined magazine will have to weather the economic
storm for some time before we see a financial justification for our
acquisition. That said, the purchase of Pacemaker has brought
with it a paid subscription list (outside that relating to the ROA and
the TBA) and a small but significant sale of the magazine through
the bookstalls. Neither of these areas will transform the negative
finances of Thoroughbred Owner & Breeder in the short to medium
term but they do, nevertheless, provide us with a cushion in the
form of a regular monthly income outside of advertising sales.
Editorially, the magazine continues to go from strength to
strength. The Board that presides over Thoroughbred Owner &
Breeder, led by former ROA President Jim Furlong, has been
steadfast in its belief that it would be illogical to reduce the associations’ financial support of the magazine, in line with the reduction
in advertising sales, at a time when we have only just acquired our
market rival.
The purchase agreement relating to Pacemaker did, of course,
include the subscription database and, over the past two months,
we have been embroiled in a database dispute with another party.
We hope this will soon be resolved.
The “Speed Bonus”
The brainchild of one-time ROA President and former Tote
Chairman Peter Jones, the “Speed Bonus” is a unique event that
will overlay the eight-race Goodwood card on Sunday, September
13th. It will be open only to horses owned by members of the
ROA and its aim will be to find the fastest winner on the day, as
judged by Racing Post Standard Time criteria and adjusted for
distance.
Members will be required to register their horses and the money
collected will be used to pay a bonus to the connections of the
fastest registered horse on the day. It is hoped the bonus will
amount to at least £100,000. However, the “Speed Bonus” will only
happen if the ROA and Goodwood receive the necessary support
from members.
All ROA members and potentially qualifying owners will by
now have received a “Speed Bonus” brochure and we urge anyone who has a horse that might qualify for one of the eight The ROA has set up a Free Lease Exchange in conjunction with the
TBA to match up available horses with prospective lessees.
ROA merchandise
ROA-branded merchandise, including ROA jackets, silk ties, ladies
silk scarves and umbrellas, is offered free of charge as an incentive
for members to switch their subscription payment to direct debit or
standing order.
Subscription to the monthly magazine, Thoroughbred
Owner & Breeder incorporating Pacemaker
All members receive a copy of Europe’s most widely read
Horseracing magazine, which includes interviews and profiles of the
leading lights in racing, analysis of sales, big race pedigrees and
prize-money tables.
Totesport Owner-Sponsorship Scheme
Members have the opportunity to join the Totesport sponsorship
scheme, enabling them to register for and reclaim the VAT on their
costs of racehorse ownership.
Email Bulletins
Our special email service bulletins provide regular news updates,
membership information and special offers for those who sign up.
Private Hospitality Marquees
Members can purchase tickets for marquees at Cheltenham’s
Festival and Open meetings.
Glorious Goodwood Ticket Service
An opportunity to purchase Richmond Enclosure badges for the fiveday summer spectacular.
Annual General Meeting and Lunch
Members are invited to ask the Council questions at the AGM, and
can purchase tickets for the Champagne reception and lunch which
follows.
ROA/Racing Post Horseracing Awards Dinner
All members also have the opportunity to vote for their horses of the
season and owner of the year, and can purchase tickets for the
glittering awards ceremony at the London Hilton, Park Lane.
Advice for Owners
Help and advice on all aspects of racehorse ownership from our
London office.
9
2008/9
Annual Report
and Accounts
Chief Executive’s
Statement
handicap races on this special card, to register as soon as
possible. Registration will cost £150 per horse if made by June
30th. Only one registration per horse is required but the cost of
registration will increase as the event moves closer.
Owners of horses that become non-qualified or are balloted out
will have their registration fee returned.
ROA/Totesport Owner Sponsorship Scheme
The ROA/Totesport Owner Sponsorship scheme remains one of
the most important benefits for ROA members. We are again
indebted to the Tote for their continued and generous sponsorship
of over 1,750 horses since April 1st 2008. Totesport’s sponsorship
has allowed members to reclaim their VAT on training expenses
and the purchase price of their horses.
There are four schemes which run throughout the year, each with
250 places available for members who own at least 50% of a horse
in training. Sponsorship is registered for free with Weatherbys, to
whom we must also extend our thanks for the part they play in
administering the scheme.
The Totesport branding has been worn over 4,500 times on a
British racecourse for the 12-month period ending March 31st
2009. The logo was carried to victory 479 times, with 18 of those
races being on terrestrial television. Runners in Class A races show
BetfairClub ROA, the ROA's racing club for 18-32 year olds,
moved into its second year of operation last August, and has
continued its invaluable role in nurturing the next generation of
potential future owners and regular racegoers.
The club races a number of horses in its colours, on the Flat
and over jumps, to ensure year-round action, and hosts frequent
social events, allowing members to meet like-minded friends in a
fun and inclusive environment.
The string of horses, overseen by club racing manager
Tom Gittins, has proved a great success story, with a most
impressive win-and-place strike rate.
Special mention goes once again to Cornus, the club stalwart
trained by Alan McCabe and leased from ROA President Paul
Dixon. The chestnut gelding is a firm favourite with members and
has now won six times on the flat for his young owners, backed
up with a host of placed runs.
The efforts of all the club's roster of trainers in providing
winners has been admirable and has ensured regular opportunities for lucky members to sample the winner's enclosure. The
club's vibrant social schedule has encompassed behind the
scenes stable visits to club trainers, private facilities at the major
meetings such as the Cheltenham Festival, Royal Ascot and the
St Leger, and tables at black-tie events like the ROA Awards and
the Lesters.
In October 2008, the club organised a five-day trip to the
10
an impressive 40% win-and-place strike rate (161 runs, 13 wins
and 52 places) in the last year.
The logos have been carried with distinction by such outstanding performers as Fantasia, Royal And Regal, Penny’s Gift, Zidane,
Young Mick, Bronze Cannon and Bankable on the Flat and the
grand campaigners Philson Run, Take The Stand, Gidam Gidam
and Material World over obstacles.
We remain hopeful that the Tote will continue and expand this
invaluable scheme during the next 12 months.
Racecourse Badge Scheme for Owners
(RBSO)
The RBSO allows members free entry to the racecourse on those
days when they do not have a horse running. This has been a very
popular benefit for members for many years and will become even
more so at the beginning of next year when the entry qualification
for the scheme is to be lowered, allowing many more of our
members to qualify.
Traditionally, the RBSO has required qualifying owners to have
100% of a horse in training. However, after a series of meetings
with Racecourse Association representatives, a deal was struck
between the RCA and the ROA whereby registered owners with at
least 50% of a horse in training will, from 2010, qualify for the
scheme. The arrangement necessitates the ROA paying a nominal
sum per member but we regard this as money well spent.
The RBSO allows qualifying members to have free entry to over
1,200 fixtures annually and we anticipate at least this level of
fixtures being maintained next year. It is particularly gratifying that
60% of all racecourses allow this owner concession for at least
Cornus, trained by Alan McCabe and leased by ROA
President Paul Dixon, is a firm favourite with members,
having now won six times for the club on the flat
Breeders' Cup in California, and the 2009 overseas excursion will
be to the Prix de l'Arc de Triomphe weekend in Paris.
Betfair, which began its invaluable support of the fledgling
club in November 2007, will be ceasing its sponsorship at the
end of October 2009. Plans are in place to seek alternative
2008/9
Annual Report
and Accounts
90% of their fixtures. There are a number of racecourses that do
not perform well in this respect but we have started to make
overtures towards them as part of our Gold Standard process.
We often hear about disunity between racing’s various constituents but this new agreement provides a glowing example of
how owners and racecourses can work together to their mutual
benefit.
Third Party Liability Insurance
The ROA Members’ Third Party Liability Insurance Scheme has
proved to be a principal benefit of membership, providing real
peace of mind to our members. The policy offers indemnity up to
a limit of liability of £10 million against potential damages if a
horse owned by a member causes damage or injury to a third
party. Members are covered for their horses in training, horses
being prepared to go into training and horses temporarily out of
training.*
Under the Animals Act, owners are currently vulnerable to claims
even when their horse is in somebody else’s possession. DEFRA
are currently consulting on an amendment to the Act concerning
the application of strict liability to owners. Nevertheless, members
can be assured that the protection offered by the ROA scheme will
remain as essential as ever because liability, whilst not ‘strict’ will
still apply to the owner, regardless of whether he or she has care
of the animal at the time.
Members may also be reassured to know that in situations
where a defence is necessary, costs will be covered by the insurance scheme. *For full policy terms and conditions see
www.racehorseowners.net.
Club ROA members with Frankie Dettori at Newmarket
funding and this will mean that the club will move into exciting
new territory in its third year.
In a wider world crammed with a vast array of alternative
leisure options, capturing the attention of young people and
enticing them towards racing is sometimes akin to catching
butterflies. Our loyal and enthusiastic core of club members is
something of which the ROA can be very proud, as the association has played a central role in attracting the next generation
into the sport. Paul Dixon (left) and Sally Rowley-Williams present the Gold
Standard Award to Ascot’s Charles Barnett and Chris Stickels
Gold Standard Award
The ROA Gold Standard Award, recognising overall excellence in
the raceday experience for owners, their horses and stable staff,
continued to set the benchmark to which many courses aspire.
The Gold Standard was established in 2006, and the number of
current holders stands at 14. Joining the select group in the past
12 months were Ascot in June 2008, Chester in July 2008, and Ayr
in February 2009.
Each of these courses underwent an in-depth consultation
process with the Gold Standard Committee prior to being
granted their award. All holders are subject to annual review and,
in April 2009, Beverley became the first course to not have its
award renewed. Whilst Beverley displayed most of the qualities set
out in the selection criteria, a stumbling block was the provision of
some form of complimentary food for owners with runners.
In these straightened times, it will be a delicate balancing act to
square the increasing financial contraints racecourses may be
operating under, with the need for owners to be valued as essential stakeholders in the sport.
The Gold Standard Committee has continued its work with a
range of courses on a number of issues, both aspiring holders who
are undertaking the process, as well as those seeking to
follow the guidelines such as newcomer Ffos Las. That the Gold
Standard is increasingly being seen as the touchstone of best
practice is testament to its success, with many courses seeking
the Committee's input when planning redevelopment of owners'
and trainers' areas. The partnerships forged with the Gold
Standard courses continue to thrive as we work together to
promote excellence in the owners’ raceday experience.
GOLD STANDARD AWARD RACECOURSES
Ascot
Ayr
Chester
Epsom Downs
Goodwood
Hamilton Park
Haydock Park
Market Rasen
Newbury
Pontefract
Salisbury
Sandown Park
Wincanton
York
11
2008/9
Annual Report
and Accounts
Chief Executive’s
Statement
ROA Scotland
ROA Scotland is the association’s only regional arm and continues
to work closely with Scottish Racing and the executives of the five
racecourses north of the border to improve prize-money and facilities for owners. The Council member for Scotland is Alan Guthrie
who is consulted about matters concerning owners.
During the year, Ayr – which offers first class complimentary hospitality to owners – was awarded the ROA Gold Standard to join
Hamilton Park which achieved the status two years ago.
Owners benefit from generous prize-money in Scotland. The
average value of the most common races on the Flat and over
jumps is higher in Scotland than in England and Wales.
All ROA members, in Scotland and further afield, who have at
IN BRIEF
Racehorse owners are helping to bolster funding for Retraining of
Racehorses, the industry’s central charity for the welfare of horses who have
retired from racing. The ROA Council gave approval for the surcharge on entry
fees to be increased from 50p to £1 per entry, and this was endorsed by the
British Horseracing Board from May 1. We hope this additional funding will
help Retraining of Racehorses continue their excellent work at a time when
funding is under particular pressure.
The British European Breeders’ Fund supported 437 Flat races in Great
Britain during 2008, amounting to a staggering £1,036,000 of prize-money,
and we are delighted to report that the Fund has announced another record
figure of contributions for 2009. This year will see 446 Flat races supported,
with 90 National Hunt races during the 2009/10 season. Support of these
races will yield an EBF estimated contribution to prize-money of £1,254,000,
smashing last year’s record-breaking figure.
Owners collectively contributed over £295,000 to the Animal Health Trust
during 2008. The sum is raised from a £1.20 surcharge on each chargeable
race entry, under order 133(iv) of the Orders and Rules of Racing. The Levy
Board collect, manage and monitor this funding for the Animal Health Trust’s
Equine Infectious Diseases Services. This crucial support provides essential
services in equine infectious disease diagnosis, surveillance, prevention,
management and control, for the industry’s benefit.
An education and awareness programme on the subject of ‘inside information’ was rolled out to all owners this year. This exercise followed extensive
consultation through working groups, and a comprehensive two-year industrywide review designed to tackle issues of corruption, and perceived corruption,
in the sport. Written guidance for owners and stable staff formed part of Phase
2 of the working group’s recommendations, following the introduction of
mandatory training for licence holders. The guidance defines ‘inside information’, and when it is appropriate, and when it is wrong, to pass it on. The relevant rules and penalties for breaches are explained, with references for further
learning.
The Free Lease Exchange is an initiative recently launched by the Racehorse
Owners Association and Thoroughbred Breeders Association. The initial aim of
12
ROA Racing Partnerships
ROA Arkle: Partnership headed up by Peter Deal. Back On Line (Venetia
Williams) was retired to stud after injuring herself on the gallops in Autumn
2008. The partnership purchased two replacement horses: M’Lord Bishop
(Venetia Williams) a good looking unraced 5yo who is a full brother to the
partnership’s prolific winner Indalo; and Quartz De Thaix (Venetia Williams)
a 5yo French-bred who won two Novice hurdles and looks a good Novice
Chase prospect for Autumn 2009.
ROA V: Partnership headed up by Professor David Silk. R de Rien Sivola
(Paul Nicholls) is a 4yo French-bred filly who was purchased for this
partnership in June 2008. She won on her debut at Chepstow in Autumn
2008 and was then placed 2nd in a Grade 2 Juvenile hurdle at Cheltenham.
She has since undergone a wind operation and will go Novice Chasing in
July 2009.
ROA VIII: Partnership headed up by Tony Hirschfeld. Pretty Officer (Rae
Guest) ran throughout the 2008 Flat season, and was placed on two
occasions. She was gifted to her trainer and in 2009 will run under the
partnership colours, and be campaigned in Apprentice races to give the
trainer’s young jockeys race experience. least a 5% share of a horse trained in Scotland, can apply to join
the Scottish Racing/ROA Scotland admission scheme which
allows them to attend almost every race meeting at the five
Scottish racecourses free of charge. This benefit has helped to
grow the membership of the ROA in Scotland. the joint scheme was to put breeders of unsold and bought-in yearlings in
contact with prospective lessees looking to lease a horse without the usual
initial capital expenditure. Breeders and vendors offered unsold and bought-in
yearlings on a free lease to run as two-year-olds in 2009. A number of
matches have been made for horses which are now in training, and the
exchange has since been extended to include older horses. Owners who take
a horse on lease are expected to pay training fees for the term of the lease, and
are given information on points to consider when setting up a written lease
agreement.
The Racehorse Owners Association Horseracing Awards 2008 once more
enjoyed the sponsorship and editorial support of the Racing Post, to whom we
are very grateful. The black tie event, held at the London Hilton and compered
by Nick Luck and Alice Plunkett, included a silent and grand auction that
raised almost £45,000 for the Animal Health Trust. The event benefited from
the introduction of a remote bidding system for the Silent Auction, much to the
delight of the 600 guests.
The ROA will be moving from its current office in St James’s and joining
the BHA, REL, RCA and Jockey Club Racecourses in a new office at High
Holborn at some stage next year. This will become the racing industry’s building and the ROA will benefit from sharing services and being at close proximity to other racing organisations.
ROA branded merchandise is proving to be a very effective incentive in persuading members to pay their subscription via Direct Debit or Standing Order.
The range of ROA branded items consist of navy, purple and red silk ties, gold
and purple ladies’ scarves, two different types of navy umbrella, polo shirts,
ladies’ T-shirts, and, by far the most popular item, a grey and black waterresistant jacket. The merchandise is also available to buy on the ROA’s website.
Sincere thanks are due to those who have contributed to another
successful year for the ROA. The energy and efficiency that surrounds this
organisation has much to do with the professionalism and conscientiousness
of its team, made up of a small group of people who work long hours and
consistently go beyond the call of duty in helping to satisfy the needs of our
membership. Thanks should also be extended to members of the Weatherbys’
staff who do so much to help the ROA maintain membership levels and, in
particular, to Bob Payne who provides us with a steady stream of statistical
information. 2008/9
Annual Report
and Accounts
The Council
Dena Arstall
Current and past professional
positions: Currently Principal Partner –
Pollards Bloodstock.
Previously head of Eurobond Trading and
Managing Director Credit Suisse First Boston
and Vice President Lehman Brothers.
Professional interests in racing:
Owner and Breeder.
ROA Council details:
Elected 2005. ROA Gold Standard committee member. ROA
Executive Committee 2007-to-date.
Other positions held in racing administration:
TBA member.
BHA Bloodstock Code of Practice Review Group 2007-to-date
Thoroughbred Owner & Breeder incorporating Pacemaker
– Company Secretary (2009-to-date).
– Editorial Committee (2009-to-date).
– Board (2009-to-date).
Number of years as a racehorse owner: 23 years.
Best horses owned: Sky Dome, Missoula and Rutland Water.
Current trainers: Mark Tompkins, Suzy Smith and Andrew
Balding. In USA – Graham Motion.
Steven Astaire
Honorary Treasurer
Current and past professional
positions: Stockbroker 1971-to-date.
Owner, Breeder, Ex-amateur rider.
Elected 1990, 3 times re-elected. ROA Executive Committee
1998-2000 and 2004-to-date. Honorary Treasurer 2004-to-date.
ROA Gold Standard committee member.
Former Chairman ROA Racecourse Facilities Group.
Former ROA Representative on Racing Development Committee.
Former ROA Representative on HAC Race Planning.
Former ROA Representative on BHA Sunday Racing Advisory
Committee.
Former committee member of Amateur Jockeys Association.
Former Trustee, Emergency Relief for Thoroughbreds.
Trustee Northern Racing College.
Chairman of the Point-to-Point Secretaries Association.
Director of the Point to Point Authority Limited.
Best horses owned: Rufus T. Firefly, J. Cheever Loophole, Yahoo,
Clown Prince, Mighty Glow, Funchen View.
Current trainers: Mick Quinn and Tor Sturgis.
Ian Balding
Current and past professional positions:
Retired racehorse trainer (Kingsclere Training
Stables).
Owner and Breeder.
ROA Council details: Elected 2006.
Currently on Flat Race Advisory Panel.
Director of Salisbury Racecourse.
Director of Amateur Jockeys’ Association.
Previously NTF representative on Industry Committee, Race
Planning Committee, Wage Committee.
ROA representative on Race Planning Committee.
Trustee of the Injured Jockeys Fund.
Best horses owned: Border Music, Briareus (50%), Passing
Glance, Scorned.
Current trainer: Andrew Balding.
Toby Balding
Retired racehorse trainer (48 years). Director
Weyhill Horse Transport 1970-1988. Director
TSI (Bloodstock Agency). Independent
Director of the BHA.
Owner, Breeder, Training yard owner (Kimpton Down).
Chairman of NH branch of NTF 1960-2004.
President NTF 2003-2004.
Advisor to Council of NTF, Race Planning Committee.
Jockey Club member.
Chairman of the NH Committee of the TBA.
Advisor to Council of NTF.
Farriers Registration Council, BHA.
Best horses owned: Fight On, Polden Pride, Square Shooter,
Starlight Gazer.
Current trainer: Jonathan Geake.
13
2008/9
Annual Report
and Accounts
Peter Cundell
Racehorse trainer of over 500 winners.
Owner, Breeder, Trainer.
Former President of the NTF. Former member of the BHA Race
Planning Committee. BHTB and Fixtures Allocation Group.
Best horses owned: Gaelic Frolic, Agent Mulder, Leigh Crofter,
Kent.
Current trainer: Peter Cundell.
Paul J. Dixon President
Managing director, P.A. Business Systems
(IT company).
Owner and Breeder.
Elected 2003.
ROA Executive Committee 2006-to-date.
Director, Northern Racing College.
Director of Racing Enterprises Limited (REL).
Chairman of Horsemen’s Group.
Horserace Betting Levy Board member.
Number of years as a racehorse owner: 16 years
independently; shares for more than 24 years.
Best horses owned: Milk It Mick, Ascertain, No Time, Safarando,
Red Wine, Singhalese, Capricorn Run, Little Big Horse and
Docofthebay.
Current trainers: Kevin Ryan, Alan McCabe, Sue Smith and
Jamie Osborne.
Lucinda Freedman
Director Cliveden Stud Ltd.
Owner and breeder.
Elected 2007.
Other positions held in racing administration: None.
Best horses owned: Stone of Scone, Mischief Making, Temple of
Thebes and Super Sleuth. Previously: What Budget, Cross
Channel.
Current trainers: John Gosden, Ed Dunlop and Brian Meehan.
14
The Council
Jeremy Gompertz
Barrister (Retired).
Owner and Breeder.
Member of former Security and Investigations Committee and
Committee on Inside Information.
Best horses owned: (owned) Colonel Cotton, Joy for the Boys
(bred) Wagtail, Uncharted Haven.
Current trainers: Barry Hills, Ed Dunlop, Tim Easterby and
George Baker.
Alan Guthrie
Retired; formerly – Chief Executive, Sedgwick
Limited, Hong Kong. Chief Executive,Sedgwick
Employee Benefits (Consultants) Far East
Limited. Operations Director, Sedgwick Asia
Pacific Limited. Chairman, Hong Kong
Insurance Brokers Association. Member, Hong Kong
Government’s Law Reform Commission.
Professional interests in racing: Owner.
ROA Council details: Co-opted 2003.
ROA member in Hong Kong.
Best horses owned: Ho Leng, Ho Choi, Ho Pang Yau, Bertie
O’Toole, Shonara’s Way, Blue Patrick (Syndicate), Shares (Dregs
of Humanity Syndicate).
Current trainers: Jim Goldie and Peter Monteith.
Tony Hirschfeld
Chairman, Lodge Hotels London. Chairman,
Hirschfeld Investments. Chairman Colby
Consulting. Chairman and Chief Executive –
Cheval Court Stud.
Owner and Breeder. Owner of Cheval Park Stud.
Regional representative TBA. Trustee, Retraining of Racehorses.
ROA Representative on BHA Industry Committee. Former Trustee,
Emergency Relief for Thoroughbreds.
Best horses owned: Liffy River, Superstar Leo, Royal Artist,
Troon, Splicing, Bonita, Clunie, Fyodor, Horoscope, Squaw
Dance, Phi Phi, Teller, Bleu Superbe, Avitta, Papette, Mont Etoile,
Starship, Pairing and Filligree.
Current trainers: Rae Guest, William Haggas and Venetia Williams.
2008/9
Annual Report
and Accounts
Rachel Hood Vice-President
Barrister; Attorney-at-Law (California; U.S.A.
Federal Courts); Company Director.
Owner. Over 25 years legal experience on
racing issues. Married to trainer John Gosden.
Co-opted 2001, Elected 2005. ROA Executive Committee
2005-to-date.
Director of the Horsemen’s Group. Director of Racing Enterprises
Limited (REL).
Best horses owned: Dr Crane, Head Over Heels, Deprecator,
Gwaihir, Vikings Bay.
Current trainer: John Gosden.
Stephen Molloy
Proprietor, SWM Technical Services and SWM
Golf Management.
Director and Trustee of Northern Racing College.
Best horses owned: Travesty of Law, Tumbleweed Glen, The
Reverend Bert, Heltornic, Speedy Richard and Command
Marshall.
Current trainers: Michael Scudamore and Rae Guest.
Sir Eric Parker
Former Chief Executive and Deputy Chairman
of Trafalgar House. Various Non-Executive
Directorships.
Professional interests in racing: Owner and
Breeder. Proprietor of Crimbourne Stud, West Sussex.
ROA Council details: Elected 1994. President 1998-2001.
Vice-President 1996. ROA Executive Committee 1998-2008.
ROA Member of the Tote Shadow Trust 2000-2003.
BHA Industry Committee 1999.
BHB Board 1999-2004.
Horserace Betting Levy Board Feb 2000-2004.
Horserace Totalisator Board May 2002-2008.
Director, National Stud, 2005-2008.
Best horses owned: Seagram (1991 Grand National), Topsham
Bay (1993 Whitbread Gold Cup), Moonlight Paradise, Indian
Lodge (dual Group 1 winner).
Current trainers: Brett Johnson, Alan McCabe and Gary Moore.
Sally Rowley-Williams
Currently, Head of Horseracing, Arbuthnot
Latham & Co. Previously, Senior Client Partner
at Korn/Ferry International 1994-2007.
Previously Vice President positions at Citibank
(7 years), First Chicago (1 year) and Chemical
Bank (now called JP Morgan) – 7 years in New York and London.
Currently owner of one racehorse. Plus small interest in Highclere
Syndicate.
Elected 2004. ROA Gold Standard committee member. ROA
Representative on BHA Inside Information Group
2006-to-date. ROA Executive Committee 2007-to-date.
Jump Racing Development Group 2004-to-date. Jump Code of
Conduct Promotions and Communication Groups 2008 to date.
Committee Member and Secretary, London Racing Club,
2002-2004.
Number of years as a racehorse owner:
9 years as sole owner, 19 years in partnerships and syndicates.
Best horses owned: River City, Hopscotch.
Current trainers: Alan King, Mark Johnston and Michael Bell
through Highclere.
Professor David Silk
Professor, Consultant Physician, Imperial
College, London, St Mary’s Hospital Campus.
Other positions held in racing
administration:
Chairman, Medical Advisory Panel, BHA. Member, Ethics
Committee, BHA. Member, Council of Management, Animal
Health Trust.
Best horses owned: Strong Medicine, Copeland, Carryonharry.
Current trainers: Paul Nicholls and Jamie Osborne.
Stephen Smith
Retired; formerly Head of Global Strategy and
Member of Executive Management Board of
Seagram Spirits and Wine Group, New York.
Elected 2007.
Chairman of Sandown Park Race Committee.
Number of years as a racehorse owner: More than 20 years.
Best horses owned: Harris Bay, Ramallah.
Current trainer: Henrietta Knight.
15
2008/9
Annual Report
and Accounts
James Stafford
MD of Thurloe Thoroughbred Services.
Previously, Raceform, Racing Journalist for
The Sun, Daily Express and Press Association.
UK representative for Hong Kong International Races.
Best horses owned: Corrybrough, Bonnie Charlie, Brief Encounter, Silk Hall.
Previously: Kyllachy, Baltic King, Geos, Sharpical, Ruby Rocket,
Diktatorial, Prince Tramino, Shabernak, Gracefully and Nanoushka.
Current trainers: Andrew Balding, Ralph Beckett, Michael Bell,
Henry Candy, Roger Charlton, Ed Dunlop, Richard Hannon, Nicky
Henderson, Philip Hobbs, Michael Jarvis, Alan King, Peter Makin,
Hughie Morrison, Lucy Wadham. In France – John Hammond,
Richard Gibson and Stephane Wattel.
ˆ
Ted Voute
The Council
ROA representation on
other Racing
Bodies/Committees
2009
RACING ENTERPRISES LIMITED (REL)
Paul Dixon (Director), Rachel Hood (Director), Michael Harris
HORSEMEN’S GROUP
Paul Dixon (Chairman), Rachel Hood, Michael Harris
BHA CHAIRMAN’S COMMITTEE
Paul Dixon
LEVY BOARD
Paul Dixon
TOTE RACING FORUM
Michael Harris
INDUSTRY COMMITTEE
Tony Hirschfeld
Director of Voute Sales Ltd and Voute Farm.
Previously, Manager for Adstock Manor Stud,
Littleton Stud, and Fair Winter Farm. Racing
manager for W and R Barnett Ltd.
Professional interests in racing: Owner, breeding and bloodstock.
Other positions held in racing administration: Past TBA Council
member, member of TBA, member of Commercial Breeders
Association USA, Code of Practice committee member, member
Jockey Club Rooms, Turf Club, Royal Ascot Racing Club,
Thoroughbred Club of America USA, The Twelve Club.
Best horses owned: Torgau, Breakwater, Military Power.
Current trainers: George Baker and John Hills.
Justin Wadham
Currently, Consultant Solicitor, Edmondson
Hall. Previously, Norton Rose (London), BBC
(London), Mills & Reeve (Norwich), Whatley
Lane (Newmarket). Business: David Minton
Bloodstock Limited (Director), Darley Stud Management Company
Limited (Managing Director).
Professional interests in racing: Owner. Married to trainer Lucy Wadham.
Other positions held in racing administration: Directorships with
Darley and David Minton Bloodstock, Chaired TBA Equine Fertility
Review Group, Member of Equine Fertility Unit Ethical Review
Group, Chairman of FBA (Federation of Bloodstock Agents (GB)
Limited, FBA representative on BHB’s Industry Committee.
Number of years as a racehorse owner: Over 30 years.
Best horses owned: Fort Hall, Sherriffmuir, The Dark Lord,
Resplendent Star, Daring Bid
Current trainer: Lucy Wadham.
16
BHA RACING COMMITTEE
Peter Cundell (alt. Stephen Smith)
RACING PROMOTIONS GROUP
Sally Rowley-Williams
BHA JUMP RACING DEVELOPMENT COMMITTEE
Toby Balding, Sally Rowley-Williams
BLOODSTOCK CODE OF PRACTICE GROUP
ˆ
Dena Arstall, Ted Voute
RETRAINING OF RACEHORSES
Tony Hirschfeld
ANIMAL HEALTH TRUST COUNCIL
David Silk
ROA SCOTLAND
Alan Guthrie
BHA VETERINARY COMMITTEE
David R. Ellis, BVetMed, DEO, FRCVS
RE-BRANDING OF RACING
Steering Group: Stephen Smith; Premierisation Group: Michael
Harris; Racing PR Group: Sally Rowley-Williams
Also:
ROA EXECUTIVE COMMITTEE
Paul Dixon, Rachel Hood, Dena Arstall, Steven Astaire, Sir Eric
Parker, Sally Rowley-Williams, Michael Harris
ROA GOLD STANDARD COMMITTEE
Dena Arstall, Steven Astaire, Sally Rowley-Williams, Joanne Gunn,
Michael Harris
The Board of Racing Enterprises Limited (REL) is made up of three
Horsemen’s Group representatives and three Racecourse Association
representatives with an independent Chairman. The Horsemen’s
Group – is made up of the ROA, NTF, TBA, PJA and NASS.
Representatives are: Paul Dixon (Chairman of the Horsemen’s Group),
Rachel Hood and Robert Waley-Cohen. They have been elected by the
Horsemen’s Group as a body and not by the individual constituents.
The Racehorse
Owners Association
(A Company Limited by Guarantee)
Company Registration no. 398604
Report
and
Financial
Statements
31 March 2009
2008/9
Annual Report
and Accounts
Report of the Officers of the Council
The Officers of the Council present their report and the audited financial statements for the year ended 31 March 2009.
This report has been prepared in accordance with the special provisions relating to small companies under Section 246 (4) of the Companies Act 1985.
PRINCIPAL ACTIVITY
The principal activity of the Association continues to be the promotion and protection of the interests of racehorse owners funded through
membership subscriptions.
RESULTS AND FUTURE PROSPECTS
The Association generated a surplus after tax of £42,740 (2008 - surplus of £112,402) which has been transferred to reserves. The Officers of the
Council would like to draw to the attention of the members of the Association that the year on year increases in administration expenses are due to
additional costs relating to:
The ROA insurance scheme.
BetfairClub ROA.
Marketing activity to sustain membership numbers.
The Officers of the Council are confident that the Association will again generate a small surplus in 2009/10 based on current forecasts.
OFFICERS AND DIRECTORS
A full list of current Council Officers and other members of Council is shown on page 1.
The President, Vice President, Honorary Treasurer and other members of the Council are all directors of the company.
Changes in the Council and Officers since the last AGM are noted below:
Mr Justin Wadham (appointed 25 June 2008)
DIRECTORS’ INDEMNITIES
The company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in
force at the date of this report.
STATEMENT ON INFORMATION GIVEN TO AUDITORS
Each Officer of the Council at the time of approval of this report confirms:
(a) so far as the officer is aware, there is no relevant audit information of which the auditors are unaware; and
(b) he/she has taken all the steps that he/she ought to have taken as an Officer of the Council in order to make him/herself aware of any
relevant audit information and to establish that the company’s auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s234ZA of the Companies Act 1985.
AUDITORS
Deloitte LLP have expressed their willingness to continue in office as auditors and a resolution to reappoint them will be proposed at the
forthcoming Annual General Meeting.
Approved by the Council
Signed on behalf of the Council
Paul Dixon, President, 21st May, 2009.
Statement of the responsibilities of the Officers of the Council
The Officers of the Council are responsible for preparing the Annual Report and the financial statements in accordance with applicable law
and regulations.
Company law requires the Officers of the Council to prepare financial statements for each financial year. Under that law the directors have
elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of
the company and of the profit or loss of the company for that period. In preparing these financial statements, the Officers of the Council are
required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
18
2008/9
Annual Report
and Accounts
The Officers of the Council are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the
financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 1985. They are
also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
Independent Auditors’ report to the members of the
Racehorse Owners Association
(A Company Limited by Guarantee)
We have audited the financial statements of the Racehorse Owners Association for the year ended 31 March 2009 which comprise the
income and expenditure account, the balance sheet and the related notes 1 to 12. These financial statements have been prepared under the
accounting policies set out therein.
This report is made solely to the company’s members, as a body, in accordance with section 235 of the Companies Act 1985. Our audit work
has been undertaken so that we might state to the company’s members those matters we are required to state to them in an
auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of the Officers of the Council and auditors
The Officers of the Council’s responsibilities for preparing the financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the statement of
responsibilities of the Officers of the Council.
Our responsibility is to audit the financial statements in accordance with relevant United Kingdom legal and regulatory requirements and
International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with
the Companies Act 1985. We also report to you whether, in our opinion, the information given in the report of the Officers of the Council is
consistent with the financial statements.
In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the
information and explanations we require for our audit, or if information specified by law regarding Council Members’ remuneration and other
transactions is not disclosed.
We read the Report of the Officers of the Council and consider the implications for our report if we become aware of any apparent
misstatements within it.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An
audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes
an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of
whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide
us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused
by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the
financial statements.
Qualified opinion arising from disagreement about accounting treatment
The company’s policy on subscription income is to fully recognise it upon receipt.
This policy conflicts with Application note G to Financial Reporting Standard (‘FRS’) 5 Reporting the substance of transactions that indicates
that when the company receives subscription income from a member in advance, it should be recognised as a liability of an equal amount.
Over the period to which the subscription relates the liability should be proportionately reduced and recognised as revenue. Accordingly, in
our view, the company’s choice of accounting policy does not comply with FRS 5 and the amounts shown in turnover and surplus for the
year are both overstated by £52,526, accruals and deferred income are understated by £678,001 and opening accumulated funds are
overstated by £625,474.
Except for the failure to recognise revenue under an appropriate recognition policy as described above, in our opinion:
the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the
state of the company's affairs as at 31 March 2009 and of its surplus for the year then ended; and
the financial statements have been properly prepared in accordance with the Companies Act 1985.
In our opinion
the information given in the report of the Officers of the Council is consistent with the financial statements.
Deloitte LLP
Chartered Accountants and Registered Auditors
Cambridge, United Kingdom
19
2008/9
Annual Report
and Accounts
Income and Expenditure Account
31st March, 2009
Note
2009
£
2008
£
2
1,806,919
1,543,884
(1,775,450)
(1,439,836)
31,469
104,048
Interest receivable
13,555
10,442
SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION
45,024
114,490
(2,847)
(2,088)
42,177
112,402
Retained surplus brought forward
434,071
321,669
Retained surplus carried forward
476,248
434,071
INCOME: continuing operations
Administrative expenses (see page 18)
OPERATING SURPLUS: continuing operations
Tax on surplus on ordinary activities
SURPLUS FOR THE FINANCIAL YEAR
4
5
There are no recognised gains or losses for the current financial year and the preceding financial year other than as stated in the income
and expenditure account.
Any member of the ROA who wishes to have a copy of the detailed income and expenditure accounts should contact the ROA offices
on 020 7408 0903.
20
2008/9
Annual Report
and Accounts
Balance Sheet
31st March, 2009
Note
2009
£
2008
£
6
7
20,730
2
10,268
77
20,732
10,345
358,683
340,775
294,409
452,740
699,458
747,149
(243,942)
(323,423)
NET CURRENT ASSETS
455,516
423,726
TOTAL ASSETS LESS CURRENT LIABILITIES
476,248
434,071
RESERVES
Accumulated funds
476,248
434,071
FIXED ASSETS
Tangible assets
Investments
CURRENT ASSETS
Debtors
Cash at bank and in hand
CREDITORS: amounts falling due within one year
8
9
These financial statements were approved by the Members of the Council on 21st May, 2009
Signed on behalf of the Council
Paul Dixon, President, 21st May, 2009.
21
2008/9
Annual Report
and Accounts
31st March, 2009
1. ACCOUNTING POLICIES
The financial statements are prepared in accordance with applicable United Kingdom accounting standards except as noted below. The
particular accounting policies adopted are described below.
Accounting convention
The financial statements are prepared under the historical cost convention.
Going concern
The Officers of the Council have reasonable expectations that the Association has adequate resources to continue in operational existence
for the foreseeable future and that the Association is well placed to manage its business risks successfully despite the current uncertain
economic outlook. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Consolidation
Group accounts have not been prepared as the company qualifies under Section 248 of the Companies Act 1985 as a small group.
Members’ subscriptions
Members’ subscriptions are accounted for on a cash basis. This does not comply with Application Note G of FRS 5.
The members of the Council have been advised by Deloitte LLP that, in accordance with the above Financial Reporting Standard, the company
should account for subscription income on an “accruals basis” rather than a “cash received” basis. However, the ROA Council has decided not
to implement this change and to accept a qualified audit report. Subscriptions received are not refundable except at the discretion of the Council.
Depreciation
Depreciation is provided on all tangible assets at rates calculated to write off the cost, less estimated residual value of each asset over its
expected useful economic life, as follows:
Computer equipment
Office equipment and furniture
25% per annum on cost
25% per annum on cost
Investments
Investments held as fixed assets are stated at cost less provision for any impairment in value.
Pension costs
The Association operates a defined contribution pension scheme. The charge against profits represents the amount of contributions paid in
respect of the year. There were no contributions outstanding or prepaid at the balance sheet date.
Leases
Rental costs under operating leases are charged to the profit and loss account in equal annual amounts over the period of the leases.
2. INCOME
Income represents amounts derived from the provision of goods and services which fall within the Company’s ordinary activities.
The income, which arises in the United Kingdom, is attributable to the Company’s principal activity.
3. INFORMATION REGARDING COUNCIL MEMBERS AND EMPLOYEES
Council members remuneration
Emoluments in respect of duties of Council members
2009
£
2008
£
-
15,000
2009
No
2008
No
7
6
£
£
392,638
37,412
24,198
356,265
37,444
14,531
454,248
408,240
No Council member was a member of the Association’s defined contribution pension scheme.
Average number of persons employed
Administration
Staff costs during the year
Salaries
Social security costs
Other pension costs
22
2008/9
Annual Report
and Accounts
4. OPERATING SURPLUS
2009
£
2008
£
7,426
3,790
71,775
48
8,600
71,342
11,800
2009
£
2008
£
2,847
2,088
2009
£
45,024
2008
£
114,490
9,455
22,898
(6,608)
(20,810)
2,847
2,088
Computer
equipment
£
Office equipmert
and furniture
£
Total
£
Cost
At 1 April 2008
Additions
56,602
4,124
32,114
13,764
88,716
17,888
At 31 March 2009
60,726
45,878
106,604
Accumulated depreciation
At 1 April 2008
Charge in year
46,334
3,889
32,114
3,537
78,448
7,426
At 31 March 2009
50,223
35,651
85,874
Net book value
At 31 March 2009
10,503
10,227
20,730
At 31 March 2008
10,268
-
10,268
Non-listed investment
£
Listed investment
£
Total
£
48
(48)
29
-
77
(48)
At 31 March 2009
-
29
29
Provision for impairment
Written off in year and at 31 March 2009
-
(27)
(27)
Operating surplus is after charging:
Depreciation
Owned assets
Rentals under operating leases
Other operating leases
Loss on sale of investments
Auditors’ remuneration
5. TAX ON SURPLUS ON ORDINARY ACTIVITIES
Current taxation
United Kingdom corporation tax charge on result for the year
The tax assessed for the year is lower than the effective rate of corporation tax 21% (2008 - 20%).
The differences are explained below.
Surplus for the year before taxation
Surplus multiplied by effective rate of corporation tax
Effects of:
Non-taxable mutual trading activities
Current tax charge for the year
6. TANGIBLE FIXED ASSETS
7. INVESTMENTS HELD AS FIXED ASSETS
Cost
At 1 April 2008
Disposals
23
2008/9
Annual Report
and Accounts
continued
Non-listed investment
£
Listed investment
£
Total
£
Net book value
At 31 March 2009
-
2
2
At 31 March 2008
48
29
77
Market value at 31 March 2009
2
Associated company
On 8 June 2004 the company became a member of Thoroughbred Owner & Breeder Limited, a company registered in England,
limited by guarantee, and not having a share capital. The liability of its members is limited to £1 each and nothing was paid for the
investment. As such there is no asset in the accounts. At the balance sheet date there were two members of this company. The
company produces a magazine for members. At 31 March 2009 the company’s share of its associated company’s reserves was £nil
(2008 - £nil), its loss for the year being £nil (2008 - £nil).
8. DEBTORS
Amounts falling due within one year:
Trade debtors
Thoroughbred Owner & Breeder Limited
Other debtors
Prepayments and accrued income
2009
£
2008
£
84,418
187,374
47,526
39,365
34,929
139,801
27,792
91,887
358,683
294,409
2009
£
154,325
74,226
14,864
527
2008
£
173,011
133,976
15,671
765
243,942
323,423
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Accruals and deferred income
Other creditors
Corporation tax
10. MEMBERS’ LIABILITY
Each member’s liability is limited to a maximum contribution of £3 in the event of the winding up of the company. The number of
members at 31 March 2009 was 7,420 (2008: 7,419).
11. RELATED PARTY TRANSACTIONS
The following transactions have taken place during the year with the company’s associate, Thoroughbred Owner & Breeder Limited.
2009
2008
£
£
Administrative charges made
65,988
65,993
Contribution to production costs
152,336
135,420
The balance outstanding at 31 March 2009 from Thoroughbred Owner & Breeder Limited was £187,374 (2008 - £139,801). This
balance includes a loan made to Thoroughbred Owner & Breeder Limited for the purpose of making an acquisition.
12. OPERATING LEASE COMMITMENTS
At 31 March 2009 the company had the following commitments under non-cancellable operating leases:
Land and buildings
Leases expire:
£
£
Within one year
Between two and five years
After five years
61,000
61,000
61,000
24
61,000
Other
£
1,280
5,873
£
5,547
-
7,153
5,547
2008/9
Annual Report
and Accounts
Notice of Meeting
Notice is hereby given that the 65th Annual General Meeting of the Racehorse Owners Association
Limited will be held on Thursday 25th June 2009 at 10.15 am in the Jumeirah Carlton Tower Hotel,
Cadogan Square, London, W1 for the following purposes:
1
2
3
4
5
6
To confirm and adopt a Report of the Council.
To approve the audited Balance Sheet and Income and Expenditure Account for the 12-month
period ended 31st March 2009.
To re-appoint Deloitte and Touche as auditors in accordance with Section 385 of the Companies
Act 1985 (as amended).
To authorise the ROA to fix the remuneration of the Auditors.
To receive the nominations of the Council of the Association of Officers for the coming year,
namely Paul Dixon as President, Rachel Hood as Vice-President and Steven Astaire as Honorary
Treasurer.
To receive the results of the Election to fill vacancies on the Council.
NOTES:
If you cannot attend the Annual General Meeting, you are entitled to appoint a proxy to attend and
vote in accordance with the existing Articles of Association. A proxy form is enclosed. All complete
proxies must be lodged at the Company’s Registered Office not later than one hour before the
commencement of the meeting or adjourned meeting at which the proxy is to take effect.
BY ORDER OF THE COUNCIL
MICHAEL HARRIS Chief Executive
Dated this day 24th April 2009
Registered Office: Fourth Floor • 60 St. James’s Street • London • SW1A 1LE
Registered in England No 398604

Annual Report and Accounts - Racehorse Owners Association

Transcription

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