|Directors’ Report


The directors present their report and the financial statements for the year ended 31 March 2011.


| Principal Activities The company’s principal activity is to collect the voluntary contributions based on off-course Greyhound betting turnover and to use the funds arising for the enhancement of the sport of greyhound racing as licensed by the Greyhound Board of Great Britain Limited. The rate of contribution as recommended by the Association of British Bookmakers and the Greyhound Board of Great Britain has been agreed at 0.6% of greyhound turnover.


The Fund provides a forum for discussion between the two industry sectors furthering good relations to be maintained between the parties. There is a common interest in improving and promoting all aspects of licensed greyhound racing.


| Business Review The company’s income level dropped by a further 21% on a like-for-like basis over the previous period ended 31 March 2010. This was a result of the effects of the prevailing economic conditions on betting turnover. However, towards the end of the reported period it was evident that results were improving and our prediction for the first part of 2011-12 is that income has now stabilised.


| Results The deficit for the year, after taxation, amounted to £8,668 (2010 – deficit £1,332,095).


| Principal Risks The principal risks facing the company are seen as:


• The maintenance of the voluntary agreement between the bookmaking and greyhound racing industries upon which contributions rest; and


• The continuing popularity of greyhound racing as a gambling medium.


| Minimising Risk To minimise risk in the case of winding up the company issues its grants with suitable legal disclaimers. The company maintains reserves considered prudent to ensure that it is able to meet all liabilities in the event of an unpredicted deficit or reduction in income.


| Financial Instruments The company has positive cash reserves and no loans or overdrafts to account for. Cash is invested on the money markets through selected major banks for varying periods according to cash flow requirements, to achieve the best available earnings from a secure investment strategy.


| Directors The directors who served during the year were:


G M Bissett (appointed 7 February 2011) R E Corden J Curran


B Faulkner (appointed 14 May 2010) C F Feltham J Fox (resigned 8 June 2010) J Haynes


D Hood (resigned 14 July 2010) T F Kelly C D Lenox-Conyngham (resigned 27 September 2010)


K P Miller (appointed 1 February 2011) C A Osborne


A S Ross (resigned 21 September 2010) J M Scanlon S Walmsley


Annual Report 2010-2011 5


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