The Jockey Club Annual Review

Review of 2010

2011 Outlook

British racing by numbers

2nd 12 2 1 60 20 4 1bn+ 1 34% most attended sport in Britain

of the top

of the top

Flat races in the world*

Flat races in the world*

racecourses in Britain

British sport with a dedicated daily national newspaper

global TV audience

100,000+ 80+

increase in demand for our charity’s services

days of live terrestrial TV coverage

£3.4bn directly/indirectly EMPLOYED

£138m turnover

positive economic impact

£10bn+ bet on British racing

5.7m

365

days a year of 24/7 coverage on 2 dedicated satellite TV channels

racegoers

2

Front cover image: Don’t Push It and AP McCoy, winners of the 2010 John Smith’s Grand National

£145m invested in new facilities in seven years

1 stak British racing

* Based on three year averages

The Jockey Club by numbers (2010)

1.8M attendances

14 25%

leading racecourses

04 Foreword by the Senior Steward 06 Group Chief Executive’s Review

OF British racing fixtures

£13M own contribution to prize money

£100,000+ average prize money per fixture

m+

Contents 11 The Jockey Club Structure 12 BUSINESS PERFORMANCE 14 Jockey Club Racecourses 22 Jockey Club Estates 28 The National Stud 34 Racing Welfare 40 The Jockey Club Board of Stewards 42 Members of The Jockey Club 43 New Members of The Jockey Club 44 Group Executives And Heads of Department 46 point-to-point racing

120,000+

47 The Jockey Club – OUR locations

people make Investec Derby Day Britain’s #1 attended sports event

eholder: Contents

3

Foreword by the Senior Steward Nicholas Wrigley

Too rarely we consider British horseracing in the context of racing internationally, other sports and the wider economy.

We are the second biggest spectator sport in the UK, the second biggest contributor to GDP of any sport and the second biggest employer in sport.

The Investec Derby welcomes more than 120,000 people a year as Britain’s most attended day of sport. The nearly 9 million viewers watching the John Smith’s Grand National makes it more popular than the FA Cup Final and the climax of the Wimbledon Championships.

4

Foreword by the Senior Steward

British racing can hold its head up as the best in the world. We have many of the finest racehorses, the most talented jockeys and the leading racecourses staging 12 of the top 20 rated Flat races in the world and the most iconic Jumps meetings and festivals.

However, Britain has lacked a big finish to our Flat season. By the end of 2010, we had created one in the form of the QIPCO British Champions Day, which will be staged at Ascot in October 2011. It can be built up over time as the finals of the new QIPCO British Champions Series, backed by a major new commercial partnership and TV rights agreements.

The Jockey Club has been at the heart of British racing for more than 260 years and we are proud guardians of much of the sport’s heritage. Yet we have never stood still; The Jockey Club has always been an innovator, right back to introducing racing’s first set of rules which today remain the foundation for the sport around the world.

We are proud to play our part in creating new history with the QIPCO British Champions Series. Other sports have proved that differentiating their very best assets can pay dividends for the sport at all levels. As the largest shareholder in the Series, The Jockey Club will work hard to aid its development over the next few years to attract the broader, younger audience racing needs for a prosperous future.

I urge others to do the same.

Left to right: Denman, Mr Pointment, Imperial Commander (winner) and Kauto Star ahead of the 2010 totesport Cheltenham Gold Cup

The stars of our sport, the horses, gave us some tremendous moments last year on both the Jumps and Flat.

The imagery throughout this Annual Review showcases just a small handful of them. Although what happens on the Turf is at the heart of everything we do, our performance away from it is increasingly important.

In his Group Chief Executive’s Review, Simon Bazalgette explains how a united front secured a rise in the projected Horserace Betting Levy range for the 50th Levy Scheme, after recent steep declines. 2010 also saw the new coalition Government embark on a process to resolve the future of the Horserace Totalisator Board (aka ‘The Tote’), which it is scheduled to conclude in 2011.

The Tote has always existed for the good of our sport and The Jockey Club has worked with others in racing to stress the importance of this contribution continuing, regardless of its ownership structure.

United, racing is stronger. Different parties will always have independent views about how things can be done or improved, especially when we face financial pressures. Horsemen, particularly those dependent on the sport for their livelihoods, have felt the brunt of the pressures on prize money

from the failures of the Levy system.

We are committed to working with Horsemen to ease the pressure and drive prize money back to healthier levels. Working together for the greater good allows us to achieve more.

It is essential to British racing’s future that we maintain the quality of the race programme today while funding is under pressure. We must then enhance our investment in racing’s top-end as industry financing returns to sensible proportions, to ensure our sport remains the best in the world.

It is worth remembering that The Jockey Club was founded by Horsemen and while run under a modern commercial structure, our mission remains to act for the good of racing, reinvesting our profits back into the sport.

I would like to congratulate Simon, his executives and all the local teams around our Group for their efforts in 2010. Each year we are growing our revenues and making an ever greater contribution to British racing, as outlined throughout this Annual Review.

2011 has its challenges. They include resolving the future of the Tote, getting the Levy system into better shape, delivering a successful first year for the QIPCO British Champions Series, sharing racing’s finances equitably and ensuring the wider public recognises the significant care people in racing take for horses. How we tackle these matters will chart our course for the longer-term. As ever, The Jockey Club will be playing a lead role.

Best wishes for a prosperous and healthy 2011.

We can also be proud that individually, our Members are some of the biggest contributors to our sport. I would like to welcome Nicholas Jones to The Jockey Club Board of Stewards and thank Jeff Smith for his excellent contribution now his term has ended. I also welcome our four new Members of The Jockey Club, JP McManus, Sir Neil Westbrook, Lady Carole Bamford and William Barlow.

Each has already done a great deal for racing and long may that continue.

Foreword by the Senior Steward

5

Group Chief Executive’s Review Simon Bazalgette

6

Group Chief Executive’s Review

Looking back on 2010, it’s been a year of some progress for our business and by our sport.

Our last Annual Review confirmed how The Jockey Club performed creditably as a Group through the recession, protecting our revenues, ensuring our major projects were completed, reducing our debt levels and reinvesting significant sums back into the sport.

Since, we have built on that solid platform. In 2010, we navigated a great deal of uncertainty to grow our turnover by 8% to £138.0 million and operating profits by £1.1 million to £18.3 million, with pre-tax profits remaining flat at £8.6 million. This allowed us to reduce our debt levels in line with our contracted schedule of repayments by £11.6 million to £102.6 million.

This year’s Annual Review contains a dedicated ‘Business Performance’ section. It provides our most detailed financial information and commentary to date and allows me to focus on some of the key developments in the last year.

Celebrating our stars Firstly, our sport is all about the horse and we have much to celebrate.

We saw some incredible racing performances in Britain in the last 12 months. I speak for all our employees when I say we are deeply proud to host or be involved in so many of the defining moments of both the Flat and Jumps seasons.

We all have our personal favourites, but who will forget Don’t Push It winning the John Smith’s Grand National at Aintree last April to give AP McCoy his first victory in the great steeplechase or Workforce’s record-breaking Investec Derby win under Ryan Moore at Epsom Downs in June? We also saw a taste of things to come in the Dubai Dewhurst in Newmarket from champion two year-old, Frankel, and a vintage totesport Cheltenham Gold Cup, with Imperial Commander beating previous winners Kauto Star and Denman.

Congratulations to AP for giving racing our first ever BBC Sports Personality of the Year. It was richly deserved and I was pleased with the efforts across our Group to back him all the way, including naming races in his honour on our courses. How racing rallied round our man was great to see and the spotlight AP has afforded our sport is invaluable.

Making a telling contribution to British racing I’ve listed some headline moments, but each of our 14 racecourses, small and large, is pivotal to the sport. So too are the training facilities we maintain in Newmarket, Lambourn and Epsom Downs; the history we protect and showcase in the Jockey Club Rooms in Newmarket; the breeding enterprise, education programmes and public tours run by The National Stud; and the help provided to racing’s people in need by our charity, Racing Welfare.

Our footprint in British racing is second-to-none and The Jockey Club’s 261st year was another where we made a telling contribution, investing all our efforts and resources into British racing’s success. Everyone working for our Group should take great credit.

Focus on prize money investment In line with our mission of acting for the good of British racing, large scale investment into prize money has always been a focus for The Jockey Club through our racecourse arm.

We recognise it as the lifeblood of the sport, incentivising owners and important to the livelihoods of trainers, jockeys and stable staff.

Today, The Jockey Club runs a quarter of the fixtures in the UK, but is providing almost half of all racecourses’ contribution to prize money.

Prize money is funded in three ways: via industry contribution, predominantly from the Horserace Betting Levy; racecourse contribution; and owners’ entry stakes. In 2010, total prize money came under heavy pressure as a result of falls in the Horserace Betting Levy yield, which aims to provide a fair value transfer to British racing from the betting industry.

Having received £115 million in 2007/8, the figure had fallen dramatically to just £60 million in 2010/11.

As a result, the 2010 industry contribution to prize money our racecourses received fell from £21 million to £16.9 million. Although unable to cover this unexpected drop during the year, to help reduce its impact on total prize money, The Jockey Club increased our own contribution to £13 million. This would have been even more without 28 abandonments due to severe bad weather.

As gross wins for the betting industry remained at approximately £1 billion through the recession, the overriding reason for a Levy decline since 2007/8 is a system that contains loopholes. It is now imperative for the Government, the Levy Board, the betting industry and the racing industry to progress sensible dialogue that results in a longterm solution. As ever, we believe The Jockey Club has much to bring to the table in this regard.

In 2011, we have budgeted to increase our prize money contribution to £15.7 million, before abandonments. Prior to our 2010 increase, The Jockey Club was already the largest contributor to prize money of any racecourse group – not just in total because of our 14 tracks, but also on a per fixture basis too. We could only afford to increase our contribution through successful festivals, music nights and catering contributing more to our bottom line, and our media rights performing well thanks to the efforts of RMG, our race planning department and our racecourses.

Group Chief Executive’s Review

7

Building value: Media Racecourse Media Group (RMG), which manages our media rights, delivered a strong performance in 2010. Profits from our media operations, including the Racing UK subscription channel, and the Turf TV service for betting shops, are very important to The Jockey Club’s ability to increase its investment in British racing.

Unfortunately, the value of media rights agreements with the betting industry still fall well short of covering the drop in Levy in recent years. In any case, the Levy concerns a value transfer from the betting industry to racing in return for making considerable profits from taking bets on our sport, while media rights involve a commercially-negotiated fee for a product; an entirely separate racing pictures service. We are committed to continuing to drive value from both areas.

Building value: The Jockey Club brand We have made good progress in building The Jockey Club brand within sports industry and business audiences. This has already paid dividends through the announcement of Jaguar as The Jockey Club’s first Official Partner, with a healthy pipeline of others to follow.

We are committed to acting in true partnership with leading brands and organisations. Commercial agreements not only generate additional income for British racing, but more importantly for the sustainability of the sport, bring in marketing investment and expertise that will help us to broaden racing’s appeal.

We are already Britain’s second most attended sport, with the single most attended sports event in the UK calendar, when more than 120,000 people attend the Investec Derby at our Epsom Downs racecourse. However, I believe we are in the early stages of 8

Group Chief Executive’s Review

a period of growth in interest about racing, as our efforts combine with the likes of Racing for Change and the new QIPCO British Champions Series.

Building value: Racing for Change I would like to congratulate Racing for Change for their efforts in the last year. Some of racing’s success stories have been either due to or involving this joint venture between the racecourses and Horsemen.

The ‘free week’ of racing generated significant national media coverage and attracted more than 40,000 racegoers, including 31% new and 32% infrequent or lapsed customers, which we have been working hard to welcome back to our paid fixtures. 2011 has already seen the initiative renewed and expanded as a ‘free month’ of racing, with 28 race meetings offering free entry in April. Among its many other activities, Racing for Change played an important role in the development and introduction of QIPCO British Champions Series.

Building value: Britain’s new premier Flat racing series 2010 saw a major consultation project and the creation of what is now the QIPCO British Champions Series, which aims to broaden racing’s appeal with new audiences. The Jockey Club is the largest shareholder in the initiative, alongside Ascot, York, Goodwood, Doncaster, Newbury and Racing Enterprises Limited.

Britain stages 12 of the top 20 Flat races in the world according to a three-year ratings average. It bodes well that each of those races are in the new Series, which features a total of 35 premier Flat races split into five easyto-follow categories, staged at 10 of the UK’s finest racecourses, including our Newmarket Rowley Mile, Newmarket July Course, Epsom Downs, Sandown Park and Haydock Park racecourses.

On behalf of all involved with The Jockey Club, I would like to thank QIPCO for the support shown to the project and British racing in the form of headline commercial partnership for the Series, the Guineas Festival, the Sussex Stakes and the new British Champions Day. QIPCO’s multi-million pound investment is new money for the sport.

The first year of the QIPCO British Champions Series is about building a solid platform from which to attract sports fans to follow the Series broadcasts or on-course.

The Series cannot achieve its aims overnight, although a 14% increase in attendance over the two days of the 2011 QIPCO Guineas Festival is an excellent early indicator, and credit to the Newmarket team and the Series working hand-in-hand to promote star performers like Frankel.

With the support of racing’s key participants, the Series and its climax on QIPCO British Champions Day over time can help to secure a prosperous future for British Flat racing and even the admiration of other sports. We are committed, alongside our fellow partners in the Series, to work with QIPCO to ensure both they and the wider racing community sees the benefit of the commercial growth of the Series.

Building value: Outside racedays It is also important to recognise that we operate a portfolio of facilities that host racing only some of the year, in reference to our racecourses, or are entirely for other purposes, such as our historic Jockey Club Rooms in Newmarket, the state-of-the-art Centaur events facility at Cheltenham or the world-class equestrian centre at Aintree. Turnover from our non-racing activities in 2010 was £21.4 million, up £3.5 million on 2009. With public sector cuts and the private sector feeling its way following the recession, the conferencing and events market is under some pressure in 2011, but we are taking steps to mitigate this.

Workforce winning the 2010 Investec Derby in record time at Epsom Downs Racecourse

Group Chief Executive’s Review

9

Outlook Where we can directly influence things, I am confident we can more than hold our own commercially, as shown by our performance through difficult times. However, a positive outlook about the role we are playing in British racing is set against a backdrop of a declining horse population due largely to recessionary impacts and a Levy that is not providing a fair return to the sport.

At the same time, the Government continues to pursue the nationalisation and then sale of the Horserace Totalisator Board (aka the Tote).

The Jockey Club has been vocal on behalf of racing on this matter to ensure the Tote continues to provide a return for our sport under any future ownership. We will be fully engaged in ensuring the Tote continues to make a significant contribution to racing. The Tote has always existed solely for the benefit of British racing and never cost the Government or taxpayer a penny in running costs or financial support.

We are working incredibly hard to grow our sport and secure a sustainable future, but I am also mindful there are many hurdles to clear. I have identified several matters in this Review capable of slowing our progress, which sit outside the control of a single party.

It is against this backdrop that I appeal to all in racing to work together to meet the challenges we face, but also reap the rewards of a successful sport. We can do this by taking the opportunities we are creating for ourselves and setting aside shortterm thinking. Racing’s assets are very strong if we have the capital and confidence to make the most of them.

10

Group Chief Executive’s Review

Top to bottom: Bookmakers in the crowd; the Cheltenham Festival; and female jockeys race at Carlisle Racecourse

The Jockey Club Our Structure

For more than 260 years, The Jockey Club has been at the heart of British horseracing.

Today, the leading commercial group in the sport, all profits are reinvested back into racing.

To find out more visit www.thejockeyclub.co.uk

Jockey Club Racecourses

Jockey Club Estates

The National Stud

Racing Welfare

The largest racecourse group in the UK by number of courses, fixtures, attendances, prize money contributions and revenues.

The property and land management company responsible for the management and administration of more than 5,000 acres of land in and around the racing training centres of Newmarket and Lambourn, as well as an extensive property portfolio, including the Jockey Club Rooms.

Transferred from Government to The Jockey Club in 2008, The National Stud is a commercial thoroughbred breeding enterprise with a commitment to provide training and education programmes.

A leading racing charity and company limited by guarantee with The Jockey Club being the sole member. The principal objective of Racing Welfare is to provide help to those in need who work or have worked in the thoroughbred industry, and their dependants.

Responsible for the operation of a diversified portfolio of 14 venues – Aintree, Carlisle, Cheltenham, Epsom Downs, Exeter, Haydock Park, Huntingdon, Kempton Park, Market Rasen, Newmarket, Nottingham, Sandown Park, Warwick and Wincanton – and Jockey Club Catering in partnership with Compass Group UK & Ireland.

Major shareholdings include:

The Jockey Club – Our Structure

11

Business Performance Group financial performance

2010

2009

2008

£m

£m

£m

Turnover

138.0

127.6

125.8

Operating profit

18.3

17.2

19.1

Net depreciation

(6.2)

(8.5)

(7.0)

Net interest

(4.9)

(5.0)

(5.9)

Net profit

7.2

3.7

6.2

8.6

8.6

4.4

Net profit after share of associates

• Turnover includes certain income lines relating to prize money that were previously offset against cost of sales. For comparative purposes the turnover figures for 2009 and 2008 have been adjusted accordingly.

• In 2010, turnover for the group’s businesses was £138.0m, an increase of 8% on 2009, with growth recorded across all business units.

• The group delivered a total operating profit of £18.3m compared to £17.2m in 2009. The increase in operating profit was primarily driven by the growth in group turnover across all business units and higher media rights revenues, and despite nine fewer racing fixtures being staged year-on-year as a result of weatherrelated abandonments.

• The newly published ‘net profit after share of associates’ includes share of profits from Racecourse Media Group and Turf TV. Profit from growth in turnover and increased media rights revenues was partly offset by a reduction in BBC media income.

Group turnover breakdown

2010

2009

2008

£m

£m

£m

Jockey Club Racecourses

131.0

120.8

120.0

Jockey Club Estates

4.9

4.8

4.5

The National Stud

2.3

2.1

1.3

Intra Group Turnover

(0.2)

(0.1)

-

TOTAL

138.0

127.6

125.8

• Turnover for Jockey Club Racecourses increased by £10.2m (8%) to £131.0m in 2010, driven by strong performances at its major racing festivals with both attendances and hospitality sales ahead of prior year, a strong music nights programme, increase in media rights revenues from RMG and Turf TV, partly offset by a decrease in BBC media income and growth in conference and events revenues.

• Jockey Club Estates turnover grew by 2% to £4.9m in 2010. While a small reduction in horse numbers was observed in Newmarket, strong growth was recorded in other areas of the business. The addition of two leased gallops at Lambourn saw horses using the facilities grow by 9%. Turnover at The Jockey Club Rooms continued to grow with an 8% increase on 2009, following a period of refurbishment.

• The National Stud saw its turnover increase to £2.3m in 2010, a 9% increase on 2009. This was achieved through a strong book of mares for the stallions and an increase in horses taking periods of rest at the Stud’s facilities.

Group operating profits breakdown

2010

2009

2008

• The costs of administering The Jockey Club remained the same as prior year.

£m

£m

£m

The Jockey Club

(0.1)

(0.1)

(0.1)

Jockey Club Racecourses

17.3

16.6

18.9

Jockey Club Estates

0.5

0.5

0.4

• Jockey Club Racecourses recorded an 8% increase in operating profits to £17.3m in 2010. This increase was derived from strong performances at its major festivals, particularly at Cheltenham and Aintree, a successful music nights programme, the increase in media rights revenues and good profit conversion from its conference and events business. The impact of weather-related abandonments reduced operating profits by an estimated £0.6m.

The National Stud

0.3

0.2

(0.1)

TOTAL

18.3

17.2

19.1

• Jockey Club Estates’ operating profits were in line with 2009, despite a significant increase in expenditure at its Newmarket and Lambourn training grounds to maintain and repair facilities as a result of the severe weather that was experienced.

• Operating profits at The National Stud reflected the strong stud book and increase in spelling income.

Debt

12

2010

2009

2008

• During 2010, the group reduced debt by £11.6m to £102.6m.

£m

£m

£m

Bank loans

87.6

94.2

98.5

• The group continues to pay down debt in line with its arrangements following a major programme of investment in state-of-the-art new facilities and upgrades.

Levy Board

15.0

20.0

20.0

TOTAL

102.6

114.2

118.5

Business Performance

Sources of prize money investment

2010

2009

2008

£m

£m

£m

JCR contribution

13.0

12.4

13.3

Industry contribution

16.9

21.0

18.2

Entry fees

6.6

7.9

7.7

TOTAL

36.5

41.3

39.2

Entries

JCR

51% (£21.0m)

46% (£18.2m)

18% (£6.6m)

19% (£7.9m)

20% (£7.7m)

36% (£13.0m)

30% (£12.4m)

34% (£13.3m)

46% (16.9m)

YEAR

• The racecourse group continued to increase its contribution to prize money with a 5% increase on 2009. This included increasing its contribution to absorb the second round of 2010 Levy cuts and would have been higher than £13.0m, but for abandonments.

• The racecourse group contributed 36% of the total prize money paid at its racecourses.

• Despite the increase in Jockey Club Racecourses’ contribution, total prize money was directly impacted by a significant year-on-year reduction of 20% in industry prize money funding almost exclusively from Levy payments and a 16% reduction in entries income.

Total prize money

Industry

• In 2010, Jockey Club Racecourses offered prize money of more than £100,000 on average per fixture.

2010

2009

2008

Group sources of revenue (2010)

£21.4m

• In line with its commitment to reinvest profits back into British racing, profits generated from non-racing activities are used to fund core racing activities, including prize money.

• The Jockey Club has successfully diversified its business in recent years as a result of a strategic commitment to do so and significant investment in racecourse facilities.

Racing revenues Non-racing revenues

• Non-racing revenues in 2010 grew by 20% (£3.5m). This was achieved through the improved marketing and promotion of facilities for conferences, events and exhibitions at racecourse venues and the Jockey Club Rooms, as well as other on-course activities such the equestrian centre at Aintree and other leisure pursuit facilities, such as golf and karting.

£116.6m

Capital investment – Jockey Club Racecourses

£29.3m

£4.9m

£11.9m

2010

2009

• The Jockey Club has invested more than £145m in the last seven years on state-of-the-art improvements to its racecourse facilities to maintain and improve standards, and to drive racing and non-racing revenues in the mediumto-long-term.

• In 2010, The Jockey Club prioritised investment in prize money in the face of declines in Levy funding and reducing its debt in line with its contracted repayment schedule.

YEAR

2008

Group Cashflow

2010

2009

2008

£m

£m

£m

• As a result of strong operating performance in 2010, net cashflow increased by £1.1m (7%) on 2009.

• Turf TV paid a dividend in the year related to the distribution of 2009 profits.

Net cashflow from operating activities

16.8

15.7

2.8

Dividends received

1.6

-

0.1

Net capital expenditure

(8.0)

(10.1)

(31.2)

Net interest paid

(4.6)

(4.8)

(5.7)

Net loan repayments

(5.7)

6.5

29.9

Increase in cash

0.1

7.3

(4.1)

• Net capital expenditure in 2010 can be analysed as £6.2m expended on fixed assets (2009: £13.4m) and £1.8m on investments (2009: net receipt £3.3m).

• Interest paid in 2010 reduced from 2009 in line with the reduction in the company’s debt.

• In 2010, £5.7m of cash was used to meet loan repayments. In 2009 there was a net receipt of loans totalling £6.5m which were primarily capital grants.

Group employees – As of 31st December 2010

Full-time

The Jockey Club

12

Jockey Club Racecourses

435

Jockey Club Estates

55

The National Stud

24

Racing Welfare

28

TOTAL

554

Accounts are audited by Deloitte

Business Performance

13

Chapter

1

Jockey Club Racecourses

14

Chapter 1 – Jockey Club Racecourses

Frankel, winner of the 2010 Dubai Dewhurst at Newmarket’ Rowley Mile Course

Chapter 1 – Jockey Club Racecourses

15

BUSINESS PERFORMANCE

Attendances and fixtures 2010

2009

2008

Attendances (millions)

1.8

1.8

1.8

£m

£m

Scheduled fixtures

374

347

349

120.8

120.0

% of industry total

24.9

23.4

23.2

18.9

Staged fixtures

346

357

343

2010

£m

Turnover

131.0

Operating Profit

17.3

16.6

Jockey Club Racecourses is the UK’s largest racecourse group by any measure, including number of courses, scheduled fixtures, attendances, contribution to prize money and revenues. It is the largest of The Jockey Club’s businesses.

2010 was a year of some success for Jockey Club Racecourses. As outlined in greater detail in the Business Performance section, The Jockey Club’s 14-strong racecourse arm delivered 8% growth in both turnover and operating profit.

Jockey Club Racecourses secured a strong 2010 race programme with 27 additional fixtures scheduled compared to 2009. This represented a quarter of the UK racing programme, while the group welcomed a third of all UK racecourse attendances.

The group was on-course to deliver a healthy year-on-year growth in attendances until the ‘big freeze’ the UK suffered in the last quarter of 2010.

Jockey Club Racecourses suffered 30 weather-related abandonments and secured two additional All Weather Track fixtures, resulting in hosting 28 less fixtures than scheduled.

Abandonments in the fourth quarter of the year are estimated to have cost the group £0.6m in additional profits that would have been reinvested back into the sport.

16

2008

Chapter 1 – Jockey Club Racecourses

2009

2010 areas of focus Increased prize money contribution As a group, Jockey Club Racecourses suffered a drop in industry funding for prize money of 20% in 2010. While unable to cover this significant decline, Jockey Club Racecourses increased its own contribution to prize money to help mitigate the reduction, resulting in a contribution of £13.0m by the end of the year – by far the largest investment of any racecourse group.

As a result, average prize money across its portfolio of large and small courses amounted more than £100,000 per fixture.

Jockey Club Racecourses’ own contribution level would have surpassed its 2008 record of £13.3m without abandonments caused by the frozen weather. However, in the face of further industry funding cuts to 2011 prize money, Jockey Club Racecourses plans to raise its prize money contribution by £2.7m yearon-year, to a record £15.7m, prior to abandonments. The affordability of this commitment is based on a strong 2011 performance and prioritising prize money investment.

With a quarter of British racing’s scheduled fixtures, Jockey Club Racecourses is today responsible for providing almost half of all racecourses’ contribution to prize money.

Successful major Festivals In 2010, Jockey Club Racecourses’ leading Festivals performed well.

Attendances for the four days of the Cheltenham Festival grew from 210,000 to 219,000 people; the three days of the John Smith’s Grand National Meeting at Aintree welcomed 150,426 people compared to 146,070 in 2009 and Investec Derby Day alone saw an estimated 120,000 people (including attendance on the Downs) for the most-attended day of sport in the UK, up by 10,000 on 2009. Following a decline in 2009, hospitality income started to rebound, with an expectation for stronger returns in 2011.

QIPCO British Champions Series – the world’s finest Flat racing 30th April 2011 saw a fantastic launch of the new QIPCO British Champions Series at Newmarket’s Rowley Mile course. For the first time, British Flat racing’s premier races are being placed into a series to showcase the very best of the sport. The aim is to enhance Flat racing’s appeal to new audiences, while attracting new commercial partnerships and increasing racing’s media rights value, for reinvestment back into the sport.

The series consists of 35 races in 5 easy-to-follow categories, highlighting the best horses and finest courses on the road to Britain’s richest ever raceday at Ascot on 15th October 2011. It also features a Jockeys’ and a Trainers’ Championship based on the most wins in the series.

With 5 of the 10 racecourses in the series, The Jockey Club is the largest shareholder in the new venture, which prior to launch, secured a multi-million pound title sponsorship deal with Qatari private investment firm, QIPCO. The firm’s interests range from real estate to oil and gas and include Qatar Bloodstock, the breeding operation that owns the 2000 Guineas-winning stallion, Makfi. The two-year agreement is the most valuable in British racing history and provides a sound commercial platform for the series.

Please visit: www.britishchampionsseries.com

Rewards4Racing

Jockey Club Racecourses welcomes 1.5 million customers an average of 1.2 times-a-year, per person. A loyal core goes racing often, while the majority of visitors are welcomed for an annual day out. Increasing the average frequency existing customers visit – to 1.5 or even 2 times a year – can make a telling difference to the sport.

To incentivise racegoers to attend more frequently, while rewarding those who already do, The Jockey Club has launched British racing’s first ever loyalty programme. Rewards4Racing allows customers to earn points to spend at any of The Jockey Club’s 14 racecourses, simply by shopping at more than 250 participating retailers online or 3,000 high-street outlets.

Rewards include free or discounts toward tickets, upgrades, hospitality, food, beverages, racecards, entry into the Racing Lottery and a suite of special items, including race sponsorship and money-can’t-buy experiences. Rewards4Racing is on course to attract 125,000 members in its first 12 months.

Please visit: www.Rewards4Racing.com Chapter 1 – Jockey Club Racecourses

17

Catering playing a major role

Continual facility improvements

A diversified, modern business

2010 was the first full year of the Jockey Club Catering joint venture between Jockey Club Racecourses and Compass Group UK & Ireland, which has seen a significant improvement in quality in the provision of hospitality, catering and service across The Jockey Club’s racecourse portfolio, on racedays and for conferencing and events.

Jockey Club Racecourses remains committed to continually enhancing its facilities to ensure customers and racing’s participants enjoy the best possible experience in line with one of the group’s key core values.

Jockey Club Racecourses generates the majority of its revenues from racing activities, but also by maximising the use of its facilities for conferencing, events, exhibitions, weddings and non-racing leisure pursuits, such as golf, equestrian sport and karting, with profits supporting its core racing business.

This was recognised at the inaugural National Racecourse Catering Awards last year, when Jockey Club Catering secured three awards, the most of any racecourse caterer.

The Summer House restaurant at Newmarket’s July Course won ‘Best Fine Dining Experience’ and the new Makerfield Lawn Bar at Haydock Park won ‘Best Bar at a Racecourse’, with Bob Reeves winning ‘Catering Personality of the Year’.

In September 2010, Jockey Club Catering welcomed a dynamic new Managing Director, Colin Bailey, who has ably helped take the business to a new level, building on the work of his highly respected predecessor, Bob Reeves, who retired after 25 years working in the racecourse catering industry.

Jockey Club Catering employees are frontline ambassadors for Jockey Club Racecourses with its customers. Employing thousands of casual staff for major racing events, Jockey Club Catering hosts training days before the key racing festivals.

A prime example was last year’s John Smith’s Grand National Meeting, where more than 1,000 new recruits received customer service and skills training equivalent to a combined total of 6,000 hours of training. This ensures delivery of exacting quality standards, which are so important to a customer’s raceday experience.

18

Chapter 1 – Jockey Club Racecourses

2010 followed a sustained programme of reinvestment in brand new and upgraded facilities, which had seen £140m invested in development projects in six years. Following the completion of major projects, and at a time when prize money came under increasing pressure from declining funding from the Horserace Betting Levy, The Jockey Club prioritised investment in prize money on its racecourses in 2010.

Last year, £4.9m was spent on development projects, partly funded by its Jockey Club Catering joint venture, with a focus on revenue-generating assets to generate returns in the midto-longer term that can be reinvested back into British racing.

More than £1m was invested in facilities at Cheltenham Racecourse, including the newly refurbished Golden Miller champagne bar in its Grandstand, new bar and catering facilities in its Best Mate Enclosure and other equipment allowing customers to be served more quickly at the busiest times.

At Carlisle Racecourse, a £1m Race Centre was completed, named after legendary jockey, Lester Piggott. The complex features a range of facilities for jockeys, stewards, medical staff and media, including weighing rooms, a broadcasting facility, areas for physiotherapy, rest and laundry services, and a kitchen.

Other facility investments included several catering projects, such as refurbishment of the entire food court area at Sandown Park, which now includes a Costa Coffee shop, and the development of a new Pink Bar and Makerfield Lawn Bar at Haydock Park.

Each course has its own unique character, from the historic to the highly modern, set in easily-accessible and often picturesque locations, which have proved attractive to business customers and the public. In addition to capitalising on the diverse commercial potential of its assets, Jockey Club Racecourses remains an innovator in an increasingly competitive leisure market.

In 2010, Jockey Club Racecourses hosted 23 racing plus music nights, for which more than 250,000 tickets were sold. Acts included Madness, JLS, Simply Red, Spandau Ballet and Razorlight. In 2011, Newmarket Racecourse celebrates its 25th year of its ‘Newmarket Nights’ racing plus music events each summer, highlighting the success of the marriage between sport and entertainment.

Jockey Club Racecourses is scheduled to host 28 racing plus music events in 2011, featuring the likes of Sir Tom Jones, Blondie, Boyzone, Scissor Sisters, Texas, Peter Andre, Jools Holland, Alexandra Burke and Olly Murs. In addition to their commercial importance to Jockey Club Racecourses, these race nights help to broaden racing’s audience, presenting an opportunity to introduce people to the sport who have not been before.

Richard FitzGerald, Chief Executive, Racecourse Media Group

Media interests The media rights for 13 of The Jockey Club’s 14 racecourses, along with 17 partner racecourses, are managed by Racecourse Media Group (RMG). In 2010, RMG delivered record profits of £9 million.

With income from the Horserace Betting Levy declining in 2010 and The Jockey Club committing further funds into prize money to help meet the shortfall, revenues from media rights became increasingly important to enable this to happen.

Racing UK, RMG’s satellite TV channel, attracted 4,000 new subscribers in 2010, taking its total to 41,000 customers.

RMG’s internet business grew strongly with revenues in 2010 up 70% over 2009, this improvement was driven substantially by an increase in Bet-to-View video streams.

GBI Racing, RMG’s partnership with the 30 At The Races racecourses to market British racing overseas, returned £1 million more in 2010 than through previous arrangements.

Turf TV, the broadcast service for betting shops, increased market penetration to around 97%, which sees it available in approximately 10,000 betting shops in the UK and Ireland.

2010 also saw RMG bring its production in-house and order three new High Definition-enabled RaceTech trucks. The first truck came into service in March 2011, with the Cheltenham Festival broadcast in HD for the first time.

Chapter 1 – Jockey Club Racecourses

19

FIFA World Cup

Commercial partnerships

The 2010 FIFA World Cup presented a challenge during the summer, representing a risk to attendances and associated revenues, but also competition for available media space to promote racing, television viewing audiences and the betting industry prioritising marketing investment on the tournament rather than other sports, including racing.

2010 saw a number of new commercial partnerships agreed and existing deals extended or expanded, including with household consumer brand and iconic businesses.

However, Jockey Club Racecourses responded well to the challenge through a combination of smart operational and marketing activities, including reviewing race start times, showing matches on big screens on-course and driving volume through promotional offers and investing in hosting ‘standout’ events.

During a 2010 FIFA World Cup Saturday in July, Carlisle Racecourse hosted a family-orientated raceday that attracted almost 11,000 people, breaking the course’s attendance record by just short of 3,000 people. The result was all the more remarkable for racegoers only knowing a few days in advance that England would not be playing in the quarter-finals that day.

Lessons learnt from this period will be factored into planning ahead for racing around the London 2012 Olympic and Paralympic Games.

Marketing the sport Through the combination of hosting some of the world’s most iconic Flat and Jumps races, and a customer database in excess of 1 million people, Jockey Club Racecourses is in a unique position within racing to promote the sport.

Through its central operations and at each of its courses, the group made a telling contribution in this regard in 2010, working closely with other parties in racing, including Racing for Change.

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Chapter 1 – Jockey Club Racecourses

Much effort was made to build race sponsorship packages that help to market the sport by setting out an easyto-follow ‘narrative’ for a given class of race or distance. For example, agreement was reached with major soft drinks company, Britvic Soft Drinks Limited, for its J2O brand to become title sponsor of a specially-created ‘J2O White Blend Summer Series’. The series featured nine stayers Flat races at eight of The Jockey Club’s courses staged between 6 August and 25 September 2010, when it climaxed at Haydock Park Racecourse live on Channel 4 and Racing UK. The strong story in the British Jumps season about ‘the road to the Cheltenham Festival’ was strengthened in 2010 after a five-year deal with bookmaker Stan James to sponsor the Grade 1 Champion Hurdle at Cheltenham from 2011 along with three other major two mile hurdle races that naturally lead to the Festival, namely the Grade 1 Fighting Fifth at Newcastle (outside of Jockey Club Racecourses), the Grade 2 International at Cheltenham and the Grade 2 Champion Hurdle Trial at Haydock Park.

In the same vein, world-renowned British construction equipment manufacturer, JCB, renewed its sponsorship of the Grade 1 JCB Triumph Hurdle, run at the Cheltenham Festival, for a further two years, while expanding the deal to include juvenile hurdle races at The Open meeting, The International meeting and Festival Trials Day, which serve as trials ‘on the road’ to their Cheltenham Festival race.

In addition, commercial partnership agreements with iconic consumer brands included automotive marque, Jaguar, signing up to provide VIP transport and showcase their vehicles at the John Smith’s Grand National and Investec Derby Festival in 2010.

Jockey Club Racecourses Stages a quarter of 4 all races in Britain

elcomes a third 3 W of all British racing attendances

ontributes almost 2 Chalf of all prize money invested by Britain’s racecourses

einvests all profits 1 Rfor the good of one

stakeholder: British racing

Board of Directors Simon Bazalgette (Chairman) Paul Fisher (Group Managing Director) Andrew Crean Edward Gillespie Pip Kirkby Richard Norris Julian Thick Stephen Wallis Completed terms in 2010: David Mackinnon and Dickon White

Investing in its people The Jockey Club employs more than 500 people on a permanent basis, in addition to more than 3,000 casual staff. More than £250,000 a year is invested in training across the Group and in March 2010, Jockey Club Racecourses secured ‘Investors in People’ accreditation.

In an effort to nurture its most promising talent and support career progression, The Jockey Club launched a Management Academy programme, which has already seen more than 25 employees undertake a series of management skills training modules under continual assessment. Since completing the year-long programme, several participants in the Academy have received promotions, including the new General Managers running Carlisle, Exeter and Wincanton Racecourses.

The Jockey Club has introduced Employee of the Quarter and Team of the Quarter Awards to reward its people for going ‘above and beyond’ in demonstrating fantastic teamwork, individual skill and dedication, and a respect and care for colleagues.

From top to bottom: Racing at Huntingdon Racecourse; Aintree Racecourse’s Yvette Wykstra winning The Jockey Club Employee of the Quarter Award; Jaguar on-course at Newmarket’s Rowley Mile

Chapter 1 – Jockey Club Racecourses

21

Chapter

2

Jockey Club Estates

22

Chapter 2 – Jockey Club Estates

Chapter 2 – Jockey Club Estates

23

Jockey Club Estates is the property and land management arm of The Jockey Club, responsible for more than 5,000 acres of training grounds and land in Newmarket and Lambourn and a property portfolio that includes the historic Jockey Club Rooms.

Performance In 2010, Jockey Club Estates faced challenging conditions in all aspects of its business, including further declines in the number of racehorses in training in the UK. Against this landscape, the team delivered a highly commendable 2010 performance. Turnover grew by 2% to £4.9m and operating profits were in line with the previous year, despite increased maintenance and repair costs on the training grounds due to adverse weather conditions.

Commitment to the sport Despite periods of severe adverse weather, with prolonged freezing conditions at the start and end of the year, and prolonged dry conditions in the summer, Jockey Club Estates ensured trainers were able to exercise their horses in Newmarket and Lambourn all 365 days in 2010.

The more severe conditions saw members of the Jockey Club Estates team working around-the-clock to clear horsewalks to and from the gallops and keep artificial tracks open. The dry spell in the middle of 2010 resulted in a very busy year on the Watered Gallop in Newmarket and saw gallops staff working from as early as 4am for many consecutive weeks watering horsewalks to maximise safety.

24

Chapter 2 – Jockey Club Estates

2010

2009

2008

£m

£m

£m

Turnover

4.9

4.8

4.5

Operating Profit

0.5

0.5

0.4

Newmarket Training Grounds

Lambourn Training Grounds

Newmarket is the largest racehorse training centre in the UK, with Jockey Club Estates providing the highest standards of training facilities.

Operations in Lambourn are now performing strongly and the addition of a further two leased gallops, Kingsdown Polytrack and Whitcombe Gallop, have extended the services Jockey Club Estates offers to trainers in ‘The Valley of the Racehorse’.

Expanding operations in Lambourn in 2010 saw 9% growth in horse numbers using the Jockey Club Estates’ facilities.

2010 saw a 3.8% decline in the number of horses trained in the town. With a downward trend in numbers nationally, predominantly as a result of the recession, numbers in Newmarket have held up well due to the high quality of infrastructure and concentration of expertise that the town has to offer to trainers and owners at all levels.

In terms of performance, 2010 was a vintage year for Thoroughbreds trained in Newmarket. Highlights included Workforce, thrilling in the Investec Derby and the Prix de l’Arc de Triomphe; Snow Fairy, victorious in the Investec Oaks, Irish Oaks, Japan’s Queen Elizabeth II Cup and the Hong Kong Cup; Harbinger, who stormed to victory by 11 lengths in the King George VI and Queen Elizabeth Stakes; Arctic Cosmos, powerful in the St. Leger; and Frankel, ending the season as champion two-year-old after winning the Dubai Dewhurst.

In 2010, after 42 years, John Taylor retired from the Heath and was succeeded as Training Grounds Manager by Nick Patton, previously Clerk of the Course at The Jockey Club’s Market Rasen and Nottingham Racecourses.

After playing an important role in rejuvenating the Lambourn Training Grounds, Tom-Lovell Stagg accepted a post as Racecourse Manager at Canberra Park in Australia in December 2010. He was replaced

by Will Riggall, who was previously Head Groundsman at The Jockey Club’s Warwick Racecourse.

Horses in training (2010) 2,599 All horses in training Trained on JCE facilities

16,020

Newmarket Training Grounds Horses in training* Winners 2,172

2,257 1,732

YEAR

2,257 1,796

2010

2009

1,724

2008

*12 month average

Lambourn Training Grounds Horses in training* Winners 427 YEAR

402 2010

386

455 2009

447

533

2008

*12 month average

Chapter 2 – Jockey Club Estates

25

Jockey Club Rooms Under the careful management of the Jockey Club Estates team in Newmarket, revenues generated from the historic Jockey Club Rooms grew 7% year-on-year, with turnover exceeding £1m for the first time.

This continues a pattern of managed growth in recent years, designed to ensure the Rooms are selfsustainable commercially, making refurbishments and upgrades to facilities affordable, while protecting the incomparable racing heritage the Rooms showcases.

The main customers of the Rooms are organisations and private groups from within British racing who host industry, media or political events and dinners. In addition, 18 weddings were held at the Rooms last year.

Over the winter period, Jockey Club Estates continued its programme of hosting complimentary lunches for stable staff. Trainers were invited to send their staff to the Rooms for a tour and to learn more about the history of the Rooms and The Jockey Club. In 2011, the Rooms are open to the public one Sunday each month for a high-end afternoon tea package, which is fully-booked six months ahead.

In 2010, four bedrooms underwent high quality refurbishment and a wheelchair ramp to the Rooms was introduced. In early 2011, a suite was refurbished, a wheelchair ramp to the Chambers was added and an air-cooling system installed in the Coffee Room.

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Chapter 2 – Jockey Club Estates

Good progress was made in 2010 on revitalising the Rooms’ historic art collection. In this period, two new works of art were unveiled: a portrait of Henry Cecil, painted by Felicity Gill, which was commissioned to celebrate the contribution of one of the most successful Flat trainers in British racing history for the sport and town of Newmarket; and a portrait of John Taylor, painted by Marcus Hodge in recognition of his service to the Newmarket Training Grounds.

Epsom Downs Training Grounds 2010 saw the Managing Director of Jockey Club Estates, William Gittus, invited to join the Epsom Downs Training Grounds Management Board from January 2011. The Board, chaired by Sir Michael Pickard, is responsible for the management of the training facilities on the Epsom Downs, which is governed by an Act of Parliament.

Consulting Jockey Club Estates seeks out expertise from within The Jockey Club group to offer a range of consultancy services. In 2010, this included advising the Swedish Jockey Club on its project to stage a major raceday in the Royal Park in Stockholm and in 2011, consulting on the possible construction of a private gallop and training facility in Turkey.

Charitable efforts In 2010, William Gittus, Richard Atwell (Financial Controller) and Neil Kellett (Property Manager) participated in Hadrian’s Wall Walk, covering 84 miles on foot in just three days. The trio raised more than £10,000 for Racing Welfare and Help for Heroes. In August 2011, William Gittus plans to ride in the 342nd running of the Newmarket Town Plate, today ridden by amateur jockeys over a distance of 3 miles and 6 furlongs. The fruit of his efforts again will go towards Racing Welfare and Help for Heroes.

Renewable Energy Projects Training yards in Newmarket produce around 25,000 tons of stable waste each year, which trainers pay to have removed. Jockey Club Estates has identified an opportunity to convert this waste into biomass energy pellets and fertiliser products, which in turn can generate revenues to reinvest back into facilities for the good of British racing.

An agreement has been signed with GG Eco Solutions, which is working up the necessary details to submit a planning application for a site at Jockey Club Estates’ Southfield Farm to utilise 5,000 tons of stable waste each year. If the trial project proves successful it is hoped to expand.

Additionally, Jockey Club Estates is exploring the possibility of installing a biomass heating system in the Jockey Club Rooms, which would use woodchip collected from the Estate’s 250 acres of woodland.

Hatchfield Farm With the safety of horses and riders, and the ability of the racing industry to operate effectively its key concerns, Jockey Club Estates stood alongside other industry organisations to oppose proposals for a major housing and commercial development at Hatchfield Farm in Newmarket.

In June 2010, following several hearings at which William Gittus spoke on behalf of the racing industry, the planning application was refused

by Forest Heath District Council.

Despite this, the group was forced to challenge the legality of the Forest Heath District Council’s Core Strategy through Judicial Review where, in the spring of 2011 the judge found in the group’s favour.

However, the appeal against the application’s refusal continues and Jockey Club Estates remains deeply involved in opposition to the proposal.

The appeal is being heard from July through to September 2011.

Board of Directors Andrew Merriam (Chairman) The Lord Grimthorpe The Earl of Halifax Alastair Macdonald-Buchanan Graham Rowles Nicholson Julia Scott The Hon Peter Stanley William Gittus (Managing Director)

Chapter 2 – Jockey Club Estates

27

Chapter

3

The National Stud

28

Chapter 3 – The National Stud

Chapter 3 – The National Stud

29

During 2010, The National Stud consolidated the successes of 2009. It was another busy year, with the Stud full of boarding mares and its stallions working hard to maintain their deserved popularity.

The Stud has grown in strength and status, and thanks to the dedication and hard work of its team, ended 2010 making a modest profit for the second consecutive year.

2010

2009

2008

£m

£m

£m

Turnover

2.3

2.1

1.3

Operating Profit

0.3

0.2

(0.1)

The Stud Farm Stallions Bahamian Bounty continued to prove popular with breeders covering his second full book of mares in a row. His impressive strike rate of 33% winnersto-runners (horses of all ages) and Listed successes for a number of his progeny in 2010 secured his reputation as one of the best value commercial sires in the country.

His son Pastoral Pursuits also progressed in his career as one of the UK’s promising young sires. He topped the Thoroughbred Stallion Guide’s list of leading sires of 2 year-olds in Europe in 2010 with an incredible strike rate of 57% winners-to-runners.

Rose Blossom gave him his first Group success at York and Marine Commando provided him with not only a 2 year-old Listed success, but also his first Royal Ascot winner. He also covered his second consecutive full book of mares in 2010.

Dual Guineas-winner, Cockney Rebel, (one of the stallions the Stud manages for private owners) made a notable impact on the sales market in 2010 with his first crop of yearlings impressing trainers and breeders alike. His first yearlings to be sold at public auction made up to eight times his original nomination fee and went into training with Barry Hills, Brian Meehan, Richard Hannon and Clive Cox to name but a few.

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Chapter 3 – The National Stud

Shuttle stallion Myboycharlie joined the roster at The National Stud in 2010 and covered a top-class book of 80 mares. He returned to Vinery Stud in Australia at the end of the season where his first crop of foals had generated huge interest.

Phoenix Reach had his first runners and winners last year, building on his earlier successes with his first foals and yearlings selling well at auction.

The decision was taken at the end of the 2010 season to stand Phoenix Reach as a dual-purpose stallion, covering Flat and National Hunt mares in future seasons.

The Stud’s search for new talented and commercial sires to stand continues, along with the company’s commitment to provide private owners with the opportunity to stand their stallions without relinquishing ownership of them.

New initiatives Following his appointment as Managing Director of The National Stud, Brian O’Rourke instigated two major projects to generate new income streams for the company. The first was the provision of rest and recuperation facilities for racehorses in and out of training and the second was the generation of new business through a quality draught of mares and foals to sell at the Tattersalls December Sales.

This approach quickly generated results. The spelling facilities proved a hit with trainers and has provided a year round income for the Stud that had previously relied on boarding and nomination fees during the season almost exclusively.

The December Sales draught also caught the attention of the media and commercially minded breeders. Again building on the 2009 success of the sale of the mare Roo for 200,000gns; the 2010 draught improved on this with the sale of the mare Belestra for 280,000gns. The December Sale is attended by breeders from all over the world and a quality consignment there is an excellent showcase for the services the Stud provides.

Public image The National Stud recognises the need to innovate and promote itself in a changing industry and a modern world. During 2010, the Stud updated its brand identity to reflect more closely its important role within The Jockey Club group. Work continued to rejuvenate the Stud’s website, which would be launched in early 2011 and the addition of a Facebook page for the Stud has not only proved popular, but useful in disseminating information about its events and activities.

Top: Mares and their foals at The National Stud Bottom: The National Stud stallion, Pastoral Pursuits

Chapter 3 – The National Stud

31

Partnership within The Jockey Club Great efforts have been made during the past year to work closely with other parts of The Jockey Club group, where the Stud plays a full and active role.

The continued relationship with Jockey Club Estates has produced increased income for The National Stud through the renting of farm properties in specific areas to outside tenants. Huge progress has also been made in the maintenance and improvement of the land and the estate in general. Investment in new machinery was again a priority and work began on replanting some of the famous avenues of trees around the Stud that are a distinctive part of its image.

The Stud and Jockey Club Estates pool resources at times of the year when a given department finds itself with large workloads. In the last year, the Stud’s staff have also helped at Newmarket Racecourse.

The racecourse and the Stud worked hard to promote joint visitor attractions through the Stud’s popular “Newmarket Nights Tour” and plans were put in place in late 2010 to work closely with the Jockey Club Rooms to provide further visiting opportunities and new revenue streams for both venues.

The Stud’s relationship with Racing Welfare continued throughout 2010; the two entities again shared a stand at the popular Fenland Game Fair and the Stud’s tours and Coffee Shop introduced a permanent collection box for the charity on site. It is hoped that the Stud will be able to provide a new day out for beneficiaries of Racing Welfare with a tour of its facilities as part of an ongoing initiative to support the charity’s activities.

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Chapter 3 – The National Stud

Breeders’ Clubs The National Stud’s first Breeders’ Club was launched in 1997 with the twin aims of broadening the interest of the general public in the breeding and racing of Thoroughbreds, while making ownership of broodmares, racehorses and other bloodstock more accessible.

The Stud’s Never Say Die Club drew to a close at the end of 2010 following the sale of its mares at the Tattersalls December Breeding Stock Sales. The final Club – The Blakeney Owner Breeders’ Club – continues until it draws to a natural close in December 2011.

Due to the pressures of the breeding industry and an acknowledgement by the Stud of the necessity to run a profitable organisation, the decision was taken in 2010 not to start any further Breeders’ Clubs after the natural closure of the Blakeney Club.

Public access The National Stud opened its gates to the public for the first time in the mid 1970s, offering the unique opportunity to see behind the scenes of a working Thoroughbred Stud.

Today, the Stud remains the only working stud farm in the UK allowing individuals, small groups and large parties the chance to see behind the scenes of the industry.

January 2010 saw the completion of works to the Stud’s Wavertree’s Coffee Shop and the tours office. The new look proved popular with visitors and this part of the Stud’s operations posted record numbers of visitors in 2010 – almost 25,000 – and made its largest ever positive contribution to the Stud’s income. The efforts of the tour and coffee shop staff were rewarded by a second consecutive runners-up prize at the Tourism in Suffolk Awards in the category of Best Small Attraction.

Through the Wavertree Charitable Trust, the Stud secured funding for two new 28-seat tour buses.

Both buses are equipped with air suspension and wheelchair ramps, meaning that the Stud is now fully capable of catering for visitors with limited mobility.

All the public access facilities are monitored on an annual basis by Visit England and on the improvements made during 2010, they commented: “The National Stud continues to offer a very good all year round visitor experience with some aspects of the attraction far exceeding quality expectations. The quality of the food was excellent.”

This again illustrates how the hard work and dedication of The National Stud team has changed the reputation of the operation.

Training In the last quarter of a century, the Stud has put over 950 students through a variety of training programmes and been the first step to a career in the Thoroughbred breeding industry. Today, with rising education costs for students and often limited guarantees of employment, the Stud’s courses continue to be one of the best access routes to a successful long-term career.

The last 25 years have seen major changes to The National Stud’s Training Department. Most recently the Stud has demonstrated its commitment to training by supporting the considerable improvement in educational facilities on site. 2009 saw the completed conversion of the Joan Westbrook Lecture Theatre, which is now in continual use by the students as their primary learning facility.

In 2010, work started on the refurbishment and extension of existing student accommodation.

The development will bring the on-site accommodation to a level commensurate with the needs of long-term residential students.

Consisting of 24 en-suite bed and study rooms, with a library and shared common and dining spaces, Westbrook House is set to complete the planned improvement of the student facilities.

Both the Joan Westbrook Lecture Theatre and Westbrook House are facilities available for outside groups to hire. The Training Department aims to use any extra revenue this generates to help make significant progress towards its goal of financial self-sufficiency. The Stud remains grateful for the continuing support of private individuals and The Childwick Trust, via the Wavertree Charitable Trust, which has funded this project.

The Stud’s two full-time residential programmes continued to support the needs of industry and graduates by providing the training needed to succeed. Applications for both the Diploma and Apprenticeship courses

increased again in 2010 and despite the changes in the global bloodstock market, many UK studs continued their support by providing work placements. The Stud is proud to count Juddmonte Farms, Shadwell, Cheveley Park Stud, New England Stud and Stanley House Stud among these supporters.

The Training Department’s reputation has grown, alongside the Stud’s, on the international stage, with a growing number of international operations approaching it to source staff from the Stud’s Diploma Course graduates. This provides further illustration about how the Stud’s team works together, drawing on international contacts and experience from across the company’s operations to provide students with more varied working opportunities after their graduation.

The Stud also provides short courses which are available to anyone in the industry or wishing to enter it including a programme of 40 evening lectures, First Aid, Basic Tractor Driving and a Certificate in Equine Transport.

Conclusion 2010 was another productive and successful year for The National Stud with the team’s hard work and commitment to the new business direction of recent years bearing fruit in all areas. However, 2011 presents the Stud with challenge and change. In view of continued financial uncertainty in the racing industry and broader economy, some contraction of the breeding industry will inevitably result. The Stud’s management team and staff will face these challenges with the same level-headed and objective approach that has served them well in recent years.

Board of Directors Christopher Spence (Chairman) Brian O’Rourke (Managing Director) Christopher Foster (Company Secretary) Lady Halifax Gary Middlebrook Julian Richmond-Watson Ben Sangster

Chapter 3 – The National Stud

33

Chapter

4

Racing Welfare

34

Chapter 4 – Racing Welfare

Chapter 4 – Racing Welfare

35

2010 once again illustrated the importance of Racing Welfare in delivering British racing’s own welfare service. A 34% rise in the number of people seeking the Charity’s help has highlighted that stable and stud staff have felt the sharp end of racing’s recent economic turbulence.

Last year, the Charity’s team of Welfare Officers provided more than 1,000 counselling and advice sessions with beneficiaries concerning debt and benefits; 800 sessions regarding serious injury and disability and more than 400 sessions involving housing issues.

These figures show that the people who make up the backbone of racing often work in a challenging environment. One Newmarket-based stable lad said of Racing Welfare, “You don’t fix bones, you mend lives”.

The welfare service The Charity’s team of 12 Welfare Officers plays a vital role in meeting the needs of beneficiaries. In 2010, 809 (2009: 777) individuals sought assistance from the team. In total, Welfare Officers delivered 4,606 advice sessions (2009: 4,180).

The nature of issues affecting beneficiaries remains wide-ranging and requires Welfare Officers to tailor assistance to each individual.

The emphasis is on empowering people to address their own problems and help them to make informed decisions and access appropriate resources. Sometimes the circumstances are acute and in 2010 Welfare Officers were involved in supporting individuals and families through seven sudden unexpected deaths; five incidents of life-changing disability; two serious assaults; two sudden stable yard closures and the criminal trial in connection with the 2009 Malton fire.

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Chapter 4 – Racing Welfare

Racing Welfare’s award-winning 24/7 telephone helpline once again proved its worth. During the course of the year, 511 calls were received (2009: 318). Welfare Officers reported that in 15% of calls the caller threatened self harm. It is clear that the service provides vitally important support for beneficiaries at moments of real personal crisis.

The publication of a national freephone number has also helped to extend the Charity’s reach beyond racing’s main training centres. In 2011 the addition of a text and email option is planned, funds permitting.

Chaplaincy The Charity also continued to provide grant funding to SCORE for the provision of the Chaplain to Horse Racing. The Reverend Graham Locking provides pastoral care, encouragement and support for anyone in racing. The Charity conducted an evaluation which produced overwhelming evidence that the chaplaincy provided an invaluable resource, particularly to racing staff in Newmarket. It complemented Racing Welfare’s personal welfare service and established a bridge to state-backed welfare services. The Charity is now committed to working with SCORE to spread the chaplaincy to other racing centres.

Workplace injuries support In 2010, there was a concentration on injuries and means of mitigating their impact, brought into focus by an extensive survey of racing industry accidents. The Charity has continuously supported research and preventative work promoting health and safety in the workplace and was instrumental in the introduction of safety helmets for all riders.

More recently one of its Welfare Officers, Dr. Mike Filby, in collaboration with Professor Craig Jackson of Birmingham City University, undertook the first ever survey of workplace accidents in racing stables. The study produced a large amount of data on the incidence, distribution and ‘demography’ of accidents and injuries. Lessons from the study have disseminated in a number of ways to stakeholders by way of raising awareness, informing initial staff training and health and safety guidance in the industry.

Further work is being undertaken

by Dr Filby looking at individual accidents to gain a more detailed understanding of accident processes as well as individual treatment, care and recovery pathways.

Building a sense of community and worth As in 2009, funding restrictions prevented the organisation of an overseas holiday for certain beneficiaries and their carers.

However, a UK holiday for the elderly was organised thanks to a generous donation by The Eranda Foundation, allowing them to spend time away from home among former racing colleagues. The aim was to help prevent loneliness for individuals who cannot otherwise afford a holiday and to promote a sense of community and belonging to return home with.

In addition, the Charity’s Welfare Officers support a diverse range of local initiatives designed to help elderly individuals within the racing community. These activities include day trips to racecourses and the seaside, coffee mornings and Christmas lunches. Such activities make a major contribution to beneficiaries’ enjoyment of life in their retirement.

The Racing Lottery

Racing Welfare, The Jockey Club’s charity, has seen a 34% increase in demand for its services in the last year. It has launched ‘The Racing Lottery’ to help raise funds for its work and offer its supporters the chance to win monetary and experiential prizes in return for their continued commitment. The Racing Lottery costs just £1 to play online and involves a weekly draw, where prizes of £1,000, £500 and £250 can be won.

Please visit: www.TheRacingLottery.co.uk

Chapter 4 – Racing Welfare

37

Housing Racing Welfare has progressed its affordable housing objectives principally through the funds it has set aside for housing development and the activities of its subsidiary charitable housing association, ‘Racing Homes’. The association has a sound financial platform with no significant debt, therefore the Charity is confident it remains well-placed to expand its activities.

The priority targets for the association’s support concern the retired and disabled, young people and those with other particular needs. Whilst there is a concentration of racing industry staff in the main horseracing training and centres, racing businesses and their employees are active across the UK. The association recognises that affordable housing in rural areas is a major issue and works with others to try to improve the availability.

It aims to address housing needs through partnerships and the provision of good advice, as well as its own developments and subject to the constraints of funding. It sets rents with reference to relevant local authority targets for social housing.

This ensures accommodation remains affordable, with those on low incomes able to claim appropriate State benefits (e.g. housing benefit).

The association now owns and manages a portfolio of 104 accommodation units, with nomination rights on a further 24. It also manages an additional 13 properties on behalf of the Rous Charity and 8 bedsits on behalf of the Epsom Training and Development Fund.

In recognition of the positive environmental impact of one of its most recent developments, Wilfred Sherman House, the association was granted an International Green Hero award, one of the Green Apple awards distributed by The Green Organisation.

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Chapter 4 – Racing Welfare

During the year, the association also brought into service four additional bedsits for young people in Middleham and took on the management of the Epsom Training and Development Fund’s properties. All of the main racing centres, with the exception of Malton, now have provision for young people leaving racing schools.

Future plans include the production of housing guides and increased visits to employers to discuss housing matters. In Newmarket, the association has purchased the Rous Memorial Hospital with the intention of converting it into 16 new affordable retirement homes by the end of 2011.

Planning permission was secured at the end of 2010 and the project will provide much needed housing, while also restoring an important piece of The Jockey Club’s heritage.

Fundraising 2010 proved a difficult year for fundraising. In many cases, events produced lower income than anticipated. Some major trust income was postponed to 2011 but in general, income from trusts and foundations was maintained, particularly where linked to specific projects. Donations, particularly from corporate sources, were significantly reduced and targets for gifts from high-net-worth individuals were not achieved.

However, it is hoped that with the support of Jockey Club Racecourses, the Charity’s new Racing Lottery will generate sufficient funds both the bridge the current funding gap and to continue to deliver significant improvements to the welfare of racing staff, both working and retired.

Communications and advocacy Much effort was made in 2010 to improve the recognition of Racing Welfare’s services among potential beneficiaries and stakeholders.

This generated increased levels of coverage in high profile publications and broadcast media, in addition to greater online engagement, particularly through the Charity’s social networking activities.

In addition to its own initiatives, the Charity has sought to work with others in making the case for enhancing the wellbeing of racing’s people.

Through membership of the British Horseracing Authority’s Welfare and Training Committee, Racing Welfare seeks to influence the agenda concerning the industry’s people. In addition to the accident study and its impact on health and safety, the Charity has developed the racing industry’s drugs and alcohol policy; contributed to a number of national workshops on affordable housing; and lobbied for Government action to implement the European directive on VAT exemption on shared services between charities.

HRH The Princess Royal (President) John Dunlop (Hon Vice President) Mark Davies (Patron) Richard Dunwoody MBE (Patron) Nathaniel Parker (Patron) Trustees Roger Weatherby (Chairman) Mike Cattermole Simon Clarke General Sir Sam Cowan KCB CBE Antonia Deuters Jacko Fanshawe Raymond Henley Baroness Ann Mallalieu QC John Maxse Gary Middlebrook Sam Morshead Joey Newton Piers Pottinger Cedric Burton OBE (Chief Executive)

Contact Racing Welfare: 24/7 HELPLINE: 0800 6300 443 Fundraising: Richard Negus: rnegus@racingwelfare.co.uk Volunteering: Alec Dent: adent@racingwelfare.co.uk

Top left: Keith Bovill, Racing Welfare Head of Housing (left) receiving Green Apple award for the Built Environment from local MP Matthew Hancock (centre) and developer Mike Spencer Morris (right) Bottom: Supporters of The Racing Lottery at Fakenham Racecourse

Chapter 4 – Racing Welfare

39

The Jockey Club Board of Stewards

Sir Ian Good was elected to The Jockey Club in 2005 and was appointed a Steward in 2007.

He is Chairman of Scotland’s largest private company, The Edrington Group, who produce a number of Scotch whisky brands including The Famous Grouse, The Macallan and Highland Park. He was awarded a knighthood in the 2008 New Year Honours List.

Sir Ian is Chairman of Hamilton Park Racecourse and also Chairman of Scottish Racing, the group established to promote horseracing in Scotland.

An owner since 1987, primarily with Mary Reveley, he currently has two horses in training with Keith Reveley.

Sir Ian Good Steward

Sandy Dudgeon Steward

Sandy Dudgeon was elected to The Jockey Club in 1989 and appointed a Steward in January 2009.

A chartered accountant by profession, Sandy is a Director, Private Wealth Management, at Cazenove Capital Management Limited.

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Michael Henriques Deputy Senior Steward

He has served on The Jockey Club’s Finance Committee and Members Committee and sits on the Finance Review Committee.

Michael Henriques was elected to The Jockey Club in 1989 and appointed Deputy Senior Steward in January 2009.

He has acted as a racecourse steward at Aintree, Ayr, Hamilton and Perth. As an amateur rider he rode 60 winners under rules and point-to-pointing.

He has served as a Steward twice before and has held a number of regulatory appointments, including two terms as Chairman of the Licensing Committee, firstly when regulation was the responsibility of The Jockey Club and latterly under the British Horseracing Authority. He also chaired

The Jockey Club – Board of Stewards

the Racecourse Stewarding Committee for three years.

Previously a successful trainer of his own horses under Permit, he was Chairman of the Permit Trainers Association for nine years and Chairman of the Point-to-Point Liaison Committee for three years.

Michael is a Director at Cheltenham Racecourse and aside from his racing commitments he is a farmer and businessman.

Andrew Merriam was elected to The Jockey Club in 1997. He is Chairman of Jockey Club Estates and was appointed a Steward, for the second time, in 2008.

Andrew is Chairman of the British Horseracing Authority’s Stewarding and Disciplinary Policy Committee, having previously been Chairman of its Disciplinary Panel and Regulatory Committee. He has acted as a racecourse

The Duke of Roxburghe was elected to The Jockey Club in 1996. He was appointed a Steward in January 2007.

steward at Newmarket, Fakenham, Southwell and Yarmouth.

Andrew owns and breeds National Hunt horses to race under rules and in point-topoints.

Andrew is Chairman of his family company, a West Country-based building supplies business, and a director of a number of other companies, including Fakenham Racecourse.

He was previously Chairman of the British Horseracing Authority’s Disciplinary Panel and was previously a racecourse steward at Kelso, Ascot and Newcastle. He has been a non-executive Director of Kelso Races Limited since 1977.

Andrew Merriam Steward

Nicholas Wrigley Senior Steward

Nicholas Wrigley was elected to The Jockey Club in 1994 and appointed a Steward in January 2006. He succeeded Julian Richmond-Watson in the role of Senior Steward in July 2009.

Nicholas is Executive Vice Chairman of N M Rothschild & Sons Limited.

The owner of Floors Stud, he has owned and bred racehorses for thirty years, and is the owner breeder of Attraction, the winner of five Group 1 races. Presently, he has horses in training with John Gosden, Michael Bell, Roger Charlton and Luca Cumani.

The Duke is involved in the dayto-day running of Roxburghe Estates and has been a Director of numerous private companies including Majestic Wines and Townhouse Hotels.

The Duke of Roxburghe Steward

Nicholas Jones Steward

He is also Chairman of the York Race Committee and a Director of Pontefract Park Race Company. He has also acted as a Racecourse Steward at both York and Pontefract and he previously served on the Disciplinary Panel from 2002 to 2004.

Nicholas Jones was appointed a Member of The Jockey Club in 2007 and became a Steward in January 2011.

independent director of Candover Investments plc, and an independent director of Newbury Racecourse plc.

Nicholas recently retired as Vice-Chairman of leading investment bank, Lazard.

At his Coln Valley Stud in Gloucestershire, Nicholas currently has eight broodmares. He also has several horses in training; his most notable have included Silk Petal, Star Tulip, Scarlet Runner and Ringaroses.

He was Chairman of The National Stud from 1991 to 2000, Deputy Chairman and senior independent director of Ladbrokes plc,

The Jockey Club – Board of Stewards

41

Members of The Jockey Club Patron

Jerry Dennis

Her Majesty The Queen

The Duke of Devonshire KCVO CBE DL

Members HRH The Prince Philip, Duke of Edinburgh*

Sandy Dudgeon Sir William Dugdale Bt CBE MC John Dunlop OBE*

There are 152 Members of The Jockey Club, including 23 Honorary Members

Capt John MacdonaldBuchanan MC DL Edmond Mahony MFH HH Sheikh Hamdan bin Rashid al Maktoum*

Mrs Valda Embiricos The Lord Fairhaven KStJ JP DL

John Magnier*

Mrs Sue Abbott

The Hon William Farish*

HH Prince Khalid bin Abdullah*

Mike Felton MFH

Capt the Hon Gerald MaitlandCarew DL

The Viscount Allendale

Philip Freedman

Ian Balding LVO*

David Gibson

Toby Balding*

Sir Ian Good CBE

Lady Carole Bamford

The Lord Grimthorpe

Michael Banks OBE

The Countess of Halifax

Sir John Barlow Bt

The Earl of Halifax KStJ JP DL

William Barlow

Christopher Hall TD DL

Captain The Hon Sir Nicholas Beaumont KCVO DL*

The Hon Dido Harding

William Bethell Philip Blacker Colin Booth David Brotherton Mrs Dana Brudenell-Bruce Mrs Julia Budd Arthur Budgett The Earl Cadogan DL Anthony Cane Sir Edward Cazalet* Nicholas Cheyne Nigel Churton Chris Collins Sir Michael Connell Sir John Cotterell Bt DL Sara Cumani The Lord Daresbury Mark Davies Peter Deal Darby Dennis

Major Ivan Straker

John Sumner

HRH The Princess Royal*

HH Sheikh Ahmed bin Rashid al Maktoum*

Tim Bell

The Hon Peter Stanley George Strawbridge, Jr*

Nigel Elwes CBE

The Duke of Bedford

Christopher Sporborg CBE MFH

HH Sheikh Mohammed bin Rashid al Maktoum*

HRH The Prince of Wales*

Henrietta, Duchess of Bedford

Christopher Spence

Sandy Struthers OBE Rupert Sweeting Miss Judy Thompson Mrs Patricia Thompson

Andrew Merriam

The Viscount Ullswater

Gary Middlebrook

Hugh van Cutsem

Anthony Mildmay-White DL

The Lord Vestey DL

Timothy Motley

Robert Waley-Cohen

Joey Newton

John Wallinger

Sir Peter O’Sullevan CBE

Peter Walwyn*

The Lord Oaksey OBE*

John Warr

David Oldrey

Lady Carolyn Warren

Anthony Oppenheimer

Andrew Wates

Sir Michael Oswald KVCO

Michael Wates CBE

Compton Hellyer

Brigadier Andrew Parker Bowles OBE

Johnny Weatherby

Trevor Hemmings*

George Paul DL

Michael Henriques

Eric Penser

The Hon Harry Herbert

Jeremy Philips

David Hillyard*

Sir Thomas Pilkington Bt

Christopher Hodgson

Peter Player

Tim Holland-Martin

Adrian Pratt

Brook Holliday

Lord Rathcreedan

Peter Innes

Miss Kirsten Rausing

John Jarvis CVO CBE

Julian Richmond-Watson

Mrs Helen Johnson Houghton

John Rose

Nicholas Jones

Sir Evelyn de Rothschild

Malcolm Kimmins CVO DL

Graham Rowles Nicholson DL

Charles Lloyd-Baker

The Duke of Roxburghe

The Lady Lloyd-Webber

Richard Russell

Mrs Mary Low MBE

Ben Sangster

Sir Charles Lowther Bt

Mrs Julia Scott

Robert McAlpine

Bill Shand Kydd*

John Patrick McManus*

The Hon Sir David Sieff

The following Members passed away during 2010/11:

Jim Macdonald-Buchanan

Jeffrey Smith

Mrs Priscilla Hastings

Alastair Macdonald-Buchanan

Anthony Speelman

Gay Kindersley

Chris Harper Princess Haya of Jordan*

Roger Weatherby Stephen Webb Lady Joanna Wellesley Sir Neil Westbrook CBE* Mrs Fiona Whitaker Bill Whittle Michael Wiggin Peter Willett Diana Williams Dr. Catherine Wills Charles Wilson Mrs Susan Wood Mark Woodhouse Nicholas Wrigley Major Michael Waytt MBE The Marquess of Zetland

*denotes Honorary Member

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Members of The Jockey Club

New Members Two Honorary Members and two Ordinary Members were elected in December 2010:

John Patrick McManus (Honorary Member) is one of the leading racehorse owners and breeders in the UK and Ireland, and a generous donor to charity. He has more than 100 horses in training and he and his wife Noreen have a residence at Martinstown Stud, Co. Limerick, Ireland.

As a prolific owner, McManus has won many of the world’s greatest National Hunt races. Perhaps his most famous horse,

Istabraq, won the Champion Hurdle at Cheltenham three times. In 2010, he won the John Smith’s Grand National with Don’t Push It, ridden by Champion jockey, Tony McCoy, and trained by Jonjo O’Neil and the Champion Hurdle with Binocular ridden by Tony McCoy and trained by Nicky Henderson. McManus is based in Geneva, Switzerland, where he operates a foreign exchange business and other commercial interests.

Sir Neil Westbrook CBE (Honorary Member) has displayed a major commitment to Flat racing and breeding for more than half a century. He has been a generous supporter of training and education within the industry, and is a Trustee of the Wavertree Charitable Foundation.

Chairman and Managing Director of Central Manchester Holdings Ltd from 1960 to 2005, Sir Neil has owned numerous horses, including the 2002 St. Leger winner Bollin Eric, who went on to stand at The National Stud. Today he has four horses in training with Tim Easterby and previously with his father and grandfather, as well as six broodmares. He is based in the Isle of Man.

Lady Carole Bamford (Ordinary Member) has pursued her passion for racing with several horses in training and has developed Daylesford Stud in Gloucestershire with great success. She has also proved a highly successful entrepreneur, founding Daylesford Organic, a set of awardwinning organic farmshops and cafés in Daylesford, Notting Hill, Pimlico and Selfridges on Oxford Street, London.

Lady Bamford works hard in support of numerous charities and trusts. Her husband, Sir Anthony Bamford, is the Chairman of one of the world’s leading manufacturers of construction equipment, JCB, which is a sponsor at Cheltenham Racecourse.

William Barlow (Ordinary Member) is one of the most experienced racecourse Stewards in British racing, currently stewarding at Bangor, Chester, Ascot, Kempton and Goodwood racecourses. As an amateur jockey, he rode more than 40 Point-toPoint winners and today is a non-executive director of Aintree Racecourse. He has had horses in training with William Jenks and Oliver Sherwood.

Barlow, whose occupation is in banking, is currently a non-director of Majedie Investments plc and is a senior executive at prime broker, Newedge Group, which is a joint venture between Societe Generale and Credit Agricole. Formerly he was Managing Director of DnB Asset Management (UK) Ltd in London.

Members of The Jockey Club

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Group Executives and Heads of Department

The Jockey Club – Group: Nicholas Wrigley Senior Steward

Christopher Foster Keeper of the Match Book

Simon Bazalgette Group Chief Executive (and Chairman, Jockey Club Racecourses)

Linda Bowles Group HR Director

Andrew Crean Group Finance Director Scott Bowers Group Director of Communications

David Dommett Group Information Services Director Colin Fellows Group Property Director

Andrew Crean Group Finance Director

Simon Bazalgette Group Chief Executive (Chairman, Jockey Club Racecourses)

Scott Bowers Group Director of Communications

Paul Fisher Group Managing Director 44

Group Executives and Heads of Department

Christopher Foster Keeper of the Match Book

Jockey Club Racecourses:

Jockey Club Estates:

The National Stud:

Racing Welfare:

Paul Fisher Group Managing Director

Andrew Merriam Chairman

Christopher Spence Chairman

Roger Weatherby Chairman

John Baker Group Director of Operations

William Gittus Managing Director

Brian O’Rourke Managing Director

Cedric Burton OBE Chief Executive

Richard Norris Group Racing Director Colin Bailey Managing Director, Jockey Club Catering

Jockey Club Racecourses

William Gittus Jockey Club Estates, Managing Director

Brian O’Rourke The National Stud, Managing Director

Cedric Burton Racing Welfare, Chief Executive

Aintree:

Kempton Park:

The Lord Daresbury Chairman

Mike Street OBE Chairman

Julian Thick Managing Director

Amy Starkey Managing Director

Carlisle:

Market Rasen:

James Westoll Chairman

Colin Booth Chairman

Richard Clements General Manager

Pip Kirkby Managing Director

Cheltenham:

Newmarket:

Robert Waley-Cohen Chairman

Julian Richmond-Watson Chairman

Edward Gillespie Managing Director

Stephen Wallis Managing Director

Epsom Downs:

Nottingham:

Anthony Cane Chairman

Anthony Osborne Chairman

Rupert Trevelyan Managing Director

Pip Kirkby Managing Director

Exeter:

Sandown Park:

Jeremy Colson Chairman

John Jarvis CVO CBE Chairman

Alice Everitt General Manager

David Mackinnon Managing Director

Haydock Park:

Warwick:

Bill Whittle Chairman

David Hill Chairman

Dickon White Managing Director

Huw Williams Managing Director

Huntingdon:

Wincanton:

Paul Taiano Chairman

Mark Woodhouse Chairman

Sophie Hodgkinson Managing Director

Steve Parlett General Manager

Group Executives and Heads of Department

45

Point-to-Point Racing The Jockey Club is one of four equal stakeholders in the Point-to-Point Authority (PPA), which was formed in autumn 2008 to take over the administration and promotion of the sport of Point-to-Pointing.

Soon after its formation, the PPA purchased a 50% share in the Point-toPoint Racing Company, formerly known as Weatherbys Chase, the Weatherbys Group company that produces various annuals and race planners, form guides and result services, takes entries for over 60 fixtures and produces racecards for more than 150 fixtures and runs the sport’s official website, www.pointtopoint.co.uk.

This investment has enabled the PPA to take more control of its destiny, to further promote the sport to a wider audience and over time, plough back its share of future profits into the sport.

Season round-up The 2009/10 season started on the last Sunday of November with a recordequalling 213 fixtures scheduled across 113 different courses, including 5 on properties belonging to Members of The Jockey Club. With spates of bad weather, 194 meetings were run.

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Point-to-Point Racing

Over this period, more than 3,700 horses were registered to run, with an average of just over 8 runners per race achieved throughout the season – a similar average to runners in chases under rules over the same months. More than 480 horses were four and five years-olds, many of whom after their initial season have transferred to professional racing, plus more than 1,000 older horses transferring in the other direction, hugely alleviating racing’s welfare and re-training burden.

More than 800 riders took part in the sport during the season, including more than 20% newcomers – a percentage that has remained remarkably consistent in recent seasons. Nearly 35% of riders have permits to ride on licensed racecourses.

An increasing number of Novice Riders Races are being staged each season – 83 in 2009/10 – and the amount of Pony Racing continues to grow. Both race types give young riders further opportunities to progress their career in race riding. In 2009 alone, more than 80 winners ridden under rules were won by graduates of Pony Racing, and with each season many leading young riders transfer to the professional

ranks. Concurrently, Point-toPointing’s leading experienced riders continue to excel and it will not be long until the highest number of career wins by both a male and female British Point-to-Point rider is surpassed.

The popularity of Point-to-Pointing was evident throughout the season and for many, offers a first introduction to a ‘racing experience’.

The sport also continues to fulfil its role in producing skilled raceday officials in many varied capacities.

Many horses recruited from the pointing field continue to perform well in professional racing and an increasing number of former riders are now leading or blossoming professional jockeys.

The sport has completed another season in good health and under a structure that is performing well. At the same time, a 33% reduction in funding from the Horserace Betting Levy Board for the 2010/11 season is hitting hard many less profitable fixtures – all of which face increased running costs – puts their future viability at risk.

The Jockey Club Our Locations

Carlisle Racecourse

Aintree Racecourse

Haydock Park Racecourse Market Rasen Racecourse Racing Welfare Head Office, Newmarket

Nottingham Racecourse

Huntingdon Racecourse Newmarket Racecourses

Warwick Racecourse

Cheltenham Racecourse

Newmarket Training Grounds and Jockey Club Rooms

Exeter Racecourse

The National Stud, Newmarket Wincanton Racecourse

Head Office, High Holborn, London Epsom Downs Racecourse and Training Grounds

Head Office Jockey Club Racecourses Jockey Club Estates

Sandown Park Racecourse Kempton Park Racecourse Lambourn Training Grounds

The National Stud Racing Welfare Head Office The Jockey Club – Our Locations

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75 High Holborn 2011 6LS Annual Review London WC1V t: 020 7611 1800 e: info@thejockeyclub.co.uk w: www.thejockeyclub.co.uk tw: @The_Jockey_Club f: www.facebook.com/TheJockeyClub1750

Design: 20 Below Design, Print: Stoate and Bishop Images: RacingFotos, Amanda Lockhart

Don’t Push It after winning the 2010 John Smith’s Grand National