Directors’ Report


The directors present their report and the financial statements for the year ended 31March 2012.


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 forumfor discussion between the two industry sectors furthering good relations to bemaintained 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 increased by 2% on a like-for-like basis over the previous period ended 31March 2011. The voluntary contributions have stabilised over the last two accounting periods.


Results


The deficit for the year, after taxation, amounted to £182,493 (2011 - deficit £8,668).


Principal Risks


Risk 1 Themaintenance of the voluntary agreement between the bookmaking and greyhound racing industries upon which contributions rest; and Risk 2 The continuing popularity of greyhound racing as a gamblingmedium.


Minimising Risk


The companymaintains reserves considered prudent to ensure that it is able tomeet 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 placed overnight in a Special Interest Bearing Account to achieve the best available low-risk earnings.


Directors The directors who served during the year were:


GMBissett R E Corden J Curran B Faulkner C F Feltham J Haynes DMacDonald (appointed 23May 2011) T F Kelly WKing (appointed 8 April 2011) K PMiller C A Osborne (resigned 20March 2012) JMScanlon J Simpson (appointed 13 September 2011) SWalmsley


Annual Report 2011-2012 5


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