Stuart Edmunds Racing Club (SERC) - Terms & Conditions of Membership
These terms and conditions ("Terms") set out the contractual basis on which the Stuart Edmunds Racing Club ("SERC"), registered at 28, Pearse Grove, Walton Park, Milton Keynes MK7 7HD, allows the person ("Member") who subscribes to membership ("Membership") of SERC to have access, for the duration of their Membership, to certain benefits associated with the SERC ownership of the horses.
These Terms are in full compliance with the British Horseracing Authority ("BHA") Shared Ownership Regulation "Racing Club Code of Conduct" effective 1st May 2021.
The Club is registered at the British Horseracing Authority (BHA) as "The Stuart Edmunds Racing Club". The "Club Managers" are:
Mr. Stuart Edmunds (Club Manager and Trainer)
Mr. Kevin Orchard (Club Manager)
Mr. David Shuttle (Club Manager)
- Membership of SERC is primarily for entertainment purposes and should not be considered an investment.
- SERC is a registered racing club with the British Horseracing Authority (BHA) and Weatherbys.
- The welfare of SERC horses is always of paramount importance. All final decisions surrounding the training, well-being and racing of SERC horses will be the sole responsibility of trainer Stuart Edmunds.
- Membership will run for a full 12 months from the date of first payment made by the Member.
- There is no commitment to remain a Member after the 12-month period has expired. Members will have an automatic right to continue Membership at the prevailing rates for the next 12-month period. Founder Members will continue to benefit from their discounted terms.
- Given the nature of horse racing SERC are unable to guarantee the number of races SERC horses will run in during the ownership year.
- There will be a maximum of 36 Members at any one time. SERC will always have a minimum of 3 horses. The first three horses that will be registered to SERC will be "Addosh", "Megan" and "Doireann".
- If any SERC horse(s) is/are injured or sold, then it is the responsibility of the Club Managers to find a replacement.
- Each share is non-refundable. Members cannot sell shares for a profit. The payment for a share will be considered as acceptance of the terms and conditions.
- Membership is for personal use only and cannot be utilised for any commercial purpose.
- All final decisions relating to the administration and financial affairs of the SERC will rest with the Club Managers. No Member of SERC (other than the Club Managers) should engage with the BHA, Weatherbys, racecourses or the media on SERC's behalf or on racing related matters.
Members will be entitled to the following benefits:
- The horses that run in SERC colours will all be free leased from their registered owners. In return for the free lease the owners will receive 20% of any prize money won. The remaining 80% of the prize money will be shared equally amongst all paid up members of the SERC on the day that the prize money was won. The prize money owing to any Member will be paid on the last day of their 12-month membership period if all membership fees have been paid.
- Owner badges for race days. Balloting and a rota system will be applied for oversubscription issues. SERC will endeavour to obtain as many badges and admissions as the racecourse will allow.
- Free membership of "The Racing Manager" website and app service (www.theracingmanager.com) which will provide the primary information and communication method with Members.
- A welcome pack that includes a small gift.
- Regular updates on SERC horses through pre- and post-race reports and monthly newsletters.
- Stable visits and other events throughout the year.
- Meet the trainer (or his representative) and jockey opportunities before and after the race (when possible given other race day commitments).
- SERC is a member of the Racehorse Syndicate Association (RSA). SERC members can benefit from RSA benefits as listed on their website www.racehorsesyndicates.org).
SERC Membership fees will be all inclusive and cover the following costs:
- Lease of SERC horses (usually a nominal sum).
- Training and keep charges.
- BHA racing costs to include registration, race entries and jockey bookings.
- Horse transportation costs.
- Stable staff and trainer expenses.
- Veterinary, farrier, physiotherapist and dentist costs.
- Professional fees.
- Bank charges.
- SERC administration costs.
- In all circumstances the annual Membership fee is not subject to any additional requests for payment in relation to the keeping and training of the horses, no matter what costs SERC may incur.
- SERC Membership fees are payable either up front at a discounted rate, or monthly by Direct Debit. Non-payment of the fees on the monthly payment plan when they are due constitutes a material breach of the Terms. It is vital to the running of the Club that all payments due are made on time. Provisions should be made to ensure there is no instance where non-payment occurs. Members who fail to pay membership fees for two consecutive months are deemed to be in arrears and shall have their membership made void. Any monies owed to an individual shall be held by the club. Expulsion of non-paying members shall be made by the management of Stuart Edmunds Racing Club to protect the interests of other members.
- Consumer legislation gives a Member the right to cancel a new contract they enter into with SERC within 14 days of the date it is agreed. A Member can cancel their new Membership by returning their membership pack within 14 days of purchase and SERC will refund their payment in full.
- If, for any reason, it is decided to close SERC, Members will receive a full refund of all Membership fees paid in advance (on a pro rata basis) and their share of any prize money won in accordance with these Terms.
Leaving the Syndicate
A Member may opt to leave SERC by offering 90-days notice to the Club Managers in writing. Any monies paid by the Member relating to the period after the notice period will be repaid to the Member. However, the resigning Member will forfeit all rights to any prize money payments that would have been due at the termination of the contract.
SERC Members will be subject to, and regulated by, certain provisions of the Rules of Racing for the duration of their Membership with explicit reference to the following chapters (which may be subject to change from time to time on notice by the BHA): (J) Integrity and (L) BHA Investigations and Disciplinary Action.
Where a Member regularly fails to abide by SERC, racecourse or BHA rules, including wearing the relevant dress code or acting in a manner which could cause embarrassment, offence or distress to another person, or a Member is warned due to the consumption of alcohol, that Member may be barred from attending any future SERC events and may not be able to renew his/her SERC Membership. The decision of the Club Managers in such circumstances shall be final and binding.
Any person who is banned from entering a racecourse and/or "warned off" by the BHA, cannot be a Member.
In the case of a disagreement with another Member, or the Club Managers, the following process will be followed:
- The Member complains formally to the Club Managers requesting a response within 21 days.
- There is then scrutiny of the complaint against contract and behaviour of the Member or Club Management, hopefully resolving the dispute.
The BHA is not able to act as a mediator in the case of a dispute between Members and Club Management. However, if the Member believes that Club Management have breached the Rules of Racing (including the Racing Club Code of Conduct), this should be reported to the BHA for investigation.
Risks accepted by Members
1. In view of the unpredictable nature of owning and racing racehorses, except as set out expressly in this agreement, no guarantees or warranties whatsoever are made by SERC. The Member acknowledges and accepts that participation in SERC is for the purpose of sharing in the enjoyment of the horses and horse racing and not for investment purposes.
2. Liability. Except for any legal responsibility that SERC cannot exclude in law (such as for death or personal injury), SERC is not legally responsible for any:
- Losses that were not foreseeable to the Member and the SERC when these Terms were agreed; and that were not caused by any breach of the Terms on the part of SERC.
- Business losses, including loss of business, loss of profits, loss of management time and loss of business opportunity.
- SERC's total liability to each Member is limited to the amount of the Member's Membership subscriptions.
3. SERC reserves the right to amend these Terms at any time.
4. The law governing this Agreement shall be the law of England.