The British Horseracing Authority (BHA) has today published its annual report and accounts for 2015 which provide a comprehensive review of its operating activity and financial performance.
A full copy of the annual report and accounts is available here
Overall, the report shows that in 2015 the BHA delivered more services and played its part in contributing towards a better year for British racing, while generating a small financial surplus.
Working with our Industry partners, our key activities in 2015 included:
- Undertaking an Integrity Review and Jump Racing Review.
- Protecting the integrity of our sport by introducing new anti-doping rules, which also help to safeguard the welfare of our horses.
- British racing invested, via the Horserace Betting Levy Board, £1.8 million in veterinary research and education in 2015, bringing the total to more than £32 million since 2000
- Growing our recruitment and training activity to address the industry’s requirement for skilled staff.
- Signing the Members’ Agreement to ensure our sport acts in a unified manner and makes decisions together for the long-term benefit of the industry.
- Working with Government to gain a commitment to replace the Horserace Betting Levy.
- Establishing the Authorised Betting Partners scheme to acknowledge and reward betting operators who pay the Levy, or an agreed contribution, across all betting activity on British horseracing.
- Introducing a number of fixture list initiatives to increase field sizes, including new race series and bonus schemes on the flat and jumps.
- Establishing the Horseracing Bettors Forum to allow people who bet on British racing to provide us with constructive suggestions on the sport.
- Expanding our commitment to Racing Together, British racing’s community engagement programme.
- Supporting our industry’s ambitious Strategy for Growth. In 2015, we saw the reversal of a number of negative trends in key performance indicators, including horses in training, although there is still lots more to do.
The BHA’s overall financial aim is to break-even over the long-term and to maintain an appropriate level of reserves. Financial highlights include:
- In 2015, BHA made a surplus before tax of £160,000 and after tax of £690,000, compared to a deficit before tax of £1,363,000 in 2014.
- The surplus for 2015 was delivered alongside significant increases in activity and was achieved through good cost control, new income and the first fee rises since 2012.
- Since 2010, costs have decreased by over 1 per cent and in real terms by more than 10 per cent. This reduction has been achieved in the context of significant increases in activity, including equine sampling, government relations activity, and work to support the recruitment, development and welfare of our people.
Nick Rust, Chief Executive said:
“I am delighted to introduce the BHA’s annual report and accounts for 2015.
“As the report shows, 2015 was a better year for British racing and overall the BHA has played its part in delivering increased activity to support our industry while returning the BHA to a sound financial footing.
“We look forward to continuing to do all we can to deliver our vision of a brighter future for our sport, our horses and our people.”
Steve Harman, Chairman:
“In 2014 and 15, our sport came together to develop an ambitious strategy for growth – to grow racecourse attendances, ownership, horses in training, betting and viewing, underpinned by a strong foundation in integrity and regulation, equine welfare, and improved staffing and training.
“There is still much to do but the initial signs are encouraging, including achieving strong ministerial and cross-party political support for the replacement of the outdated Horserace Betting Levy.
“From January 2015, we made important changes to our Executive and Board of Directors to assemble a group of people with an excellent blend of horse and racing knowledge, and significant external expertise covering integrity and regulation, people development, welfare, bookmaking, media and growth. We have strong people in place to grasp the opportunities that lie ahead.”