BHA upsets the odds with surprise surplus

Nick Rust (BHA) at the press conference

Nick Rust: BHA chief executive received £406,000 in his first year

THE BHA managed to turn a seven-figure deficit in 2014 into a six-figure surplus in 2015 according to their annual report which was published on Monday.

As late as December last year the governing body was forecasting it would post a deficit again in 2015 after going from surplus in 2013 to a £1.363 million deficit a year later.

Among the information and statistics contained in the 140-page document relating to British racing’s performance there was the news that chief executive Nick Rust received a total remuneration package of £406,000 in his first year in the role.

‘Brighter future’

Rust said: “As the report shows, 2015 was a better year for British racing and overall the BHA has played its part in delivering increased activity to support our industry while returning the BHA to a sound financial footing.

“We look forward to continuing to do all we can to deliver our vision of a brighter future for our sport, our horses and our people.”  

Last year the governing body made a surplus before tax of £160,000 and after tax of £690,000, the disparity down to the BHA receiving research and development tax credits for 2012, 2013 and 2014 from HMRC.

Costs lower than 2010

The BHA said that the turnaround in fortunes was thanks to increased income – entry fees and licence and registration fees paid by racecourses, owners, trainers and jockeys increased by 5.85 per cent in 2015 – and keeping a lid on costs.

In all income rose by seven per cent to £30.652m while costs rose by just 1.6 per cent to £30.492m.

The BHA’s costs remain lower than they were in 2010 and are ten per cent lower in real terms.

Staffing accounts for nearly half the body’s total costs, increasing by 3.4 per cent to £14.749m in 2015.

Rust’s total remuneration was less than the £443,000 his predecessor Paul Bittar received in 2014, although that included settlement of his notice period.

The total staff number of 210 at the end of 2015 remained “approximately the same” as it was 12 months earlier.

Read full analysis of the BHA’s annual report in Tuesday’s Racing Post – available first on iPad from 8pm on Monday

 

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