THE THOROUGHBRED BREEDERS ASSOCIATION (A Company Limited by Guarantee)
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Registered number: 07073259 Charity number: 1134293 THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 THE THOROUGHBRED BREEDERS ASSOCIATION (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers 1 Trustees Report 2 - 12 Independent Auditor& Report 13-14 Statement of Financial Activities 15 Balance Sheet 16 Cash Flow Statement 17 Notes to the Financial Statements 18 - 34 THE THOROUGHBRED BREEDERS ASSOCIATION (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2015 Trustees Richard Lancaster, Chairman (retired 7 July 2015) Julian Richmond-Watson, Chairman (from 7 July 2015) Philippa Cooper (resigned 22 July 2015) Anthea Gibson Fleming (appointed 7 July2015) Paul Greeves Jonathan Grimwade (retired 30 January 2015) Sam Hoskins Edmond Mahony Bryan Mayoh Peter Mendham Philip Mitchell Philip Newton Edward Voute (appointed 7 July 2015) Chris Wright (retired 7 July 2015) Company registered number 07073259 Charity registered number 1134293 Registered office Stanstead House, 8 The Avenue, Newmarket, Suffolk, CB8 9AA Chief Executive Officer Louise Kemble Independent auditors 2LA Peters Elworthy & Moore, Salisbury House, Station Road, Cambridge, CB1 Bankers Weatherbys Bank Limited, Sanders Road, Wellingborough, Northants, NN8 4BX Solicitors Taylor Vinters, Merlin Place, Milton Road, Cambridge, CB4 ODP Page 1 THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2015 The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of The Thoroughbred Breeders’ Association (the TBA), (the company) for the year ended 31 December 2015. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 is not required. OBJECTIVES AND ACTIVITIES Policies and objectives The object of the charity is: To encourage by means of the provision of educational or research facilities or otherwise, the science of producing and improving the Thoroughbred horse in Great Britain. Strategies for achieving objectives To help the TEA to achieve its mission, the three main strategic objectives are; Education and Training To provide support and direction for the Thoroughbred Breeding Industry’s education and training requirements via provision of a dedicated member of staff supported by a sub-committee with speciatist knowledge of this field. To work with recognised training providers to offer appropriate training courses for members of the public wishing to secure a career in the Industry and disseminate education, training and employment legislation information to breeders and members of the public via information in the monthly magazine the Thoroughbred Owner & Breeder Incorporating Pacemaker’, on the TEA website and via presentations and seminars. Veterinaiy Research To identify and address the health and welfare requirements of the Thoroughbred horse, with particular close attention to veterinary science in areas such as improvement in practices associated with the breeding and the rearing of Thoroughbred horses with a view to producing an animal of sufficient fitness and soundness to withstand the requirements of a career in racing. The charity also funds research into the respective challenges of equine disease avoidance and treatment. It also acts as a link between the members of the breeding industry and scientific academies to ensure that research work is focused on providing practical and cost effective benefits where most needed and to fund appropriate research work accordingly. Page 2 THE THOROUGHBRED BREEDERS ASSOCIATION (A Company Limited by Guarantee) TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2015 Promotion of Awareness of the breed To promote the attractiveness of British bred and reared horses to British and overseas buyers, thereby ensuring international awareness of British produced stock. In particular, to provide support, advice and funding, to encourage the production and testing of the female racehorse with a view to improving the breed. rearing Thoroughbred racehorses, In a broader context, to generate interest in the business of breeding and providing with a view to encouraging a wider awareness of the attractiveness of horseracing as a quality sport entertainment to the general public. Programme related investments The TEA and the Racehorse Owners Association formed a mutual trading company in 2005 for the publication and circulation of the magazine ‘Thoroughbred Owner and Breeder, incorporating Pacemaker’. All income and expenditure for the company is divided between the two Associations, with magazine production and distribution costs shared as a percentage of respective membership numbers. The TEA’s investment in the details). company is accounted for as an unquoted programme-related investment (see note 16 for ACHIEVEMENTS AND PERFORMANCE Review of activities The Charity’s performance and its achievements in the 72 months to 31 December 2015 continued to be determined by its principal source of funding via a voluntary levy on bloodstock sales. Income increased in 2015 and the Charity’s overheads continued to be carefully managed. Regrettably, expenditure in support of the Charity’s veterinary research objectives was reduced due to a lack of suitable scientific research projects. The Association continued its commitment to monitor equine related disease outbreaks and ensure the welfare Industry of the Thoroughbred horse; to follow its Education and Training objectives, and to deliver Bloodstock support through a number of measures. Lobbying the Government and the European Commission to raise to awareness of the economic value of the Industry to the rural economy and in terms of overseas trade remained vital maintain inclusion in rural support measures and protect the market for British Thoroughbreds activity. During 2015 the Board continued to undergo a process and structure review aimed at ensuring the Charity’s approach to good governance is maintained. Education and Employment 2015 The TBA contributed £242,794 (247,340 in 2014) to Education and Employment. The Association In the education and employs a full time Education and Employment Manager, whose primary role is to implement training objectives of the TEA under the direction of the Education and Employment Committee. In 2015 the and TEA organised a number of educational events including two separate one day seminars at Newmarket topics Newbury, free to members, which attracted a total of 244 delegates. Horse management and veterinary covered included nutrition, growth and development of the young Thoroughbred, pasture management, colic and lawsonia. The TEA Annual Stud Farming Course in December attracted 35 stud employees, breeders and veterinary students from the UK and Ireland, who spent an intensive three days learning from veterinary and bloodstock to experts on subjects ranging from reproductive management of the mare, through care of the neonate management of limb and foot deformities. The TEA also sponsored three one day courses for new and less Page 3 THE THOROUGHBRED BREEDERS’ ASSOCIATION (A Company Limited by Guarantee) TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2015 experienced breeders at the National Stud, on the subjects of conception and pregnancy in the broodmare, pedigrees and mating plans, and care of the foal from birth to weaning. These courses attracted a total of 116 delegates. A programme of visits and presentations to approximately 500 students at equine colleges also took place, with the aim of encouraging participation and increasing knowledge about the Thoroughbred breeding industry and the careers within it, as well as providing information on, and access to, the TEA’s young person’s club, Thoroughbred Club, which was launched in September 2015. In support of employers, the TBA provided employment law, pensions and health and safety guidance, made available through the TEA website or directly mailed to members. The TEA also recognised and rewarded stud staff for their contribution to the industry through its own Stud Staff Award Scheme which culminated in an Annual Award being presented to an employee at the TEA Awards Dinner. Throughout the year, the Employment and Education Manager represented the breeding sector on racing industry education and welfare committees, to ensure that breeders and their needs were included in overarching education and welfare activities. The Thoroughbred Club The TEA created and launched The Thoroughbred Club (UC) in September 2015 with a contribution of £18,216 for the remainder of the year. The initiative employed a full time Executive for the Club, whose role was to implement the objectives