1. Hot To Trot Racing (“the syndicate”) is a syndicate which confers on its members (for the duration of their membership of the syndicate) certain benefits associated with the syndicate’s involvement with racehorse ownership.
      2. The benefits of being a member of the syndicate include the following:(a) An involvement in the racing and training of the syndicate’s horses (see Clause 4 below) which will comprise at least five horses in training leased on either a 100% or 50% basis, to be trained by the licensed individuals listed in the relevant Hot To Trot Horses In Training booklet.
        (b) Special free and discounted rates for hospitality and entry at race meetings where the syndicate has a runner (see Clause 6 below).
      3. (a) The cost of participating in the syndicate is £2350. Membership covers the whole of the relevant season, whether flat or jumps, in respect of which the payment is made, and renewals take place at the end of said season. Payments are made to Hot To Trot Racing – signatories Luke Lillingston, Sam Hoskins and Tara Melik.(b)Any person who renews membership but without signing a new application will be deemed to have signed the application form applicable for such renewable.
      4. (a) Each syndicate member shall be entitled to an equal share of the prizemoney fund which shall be a fund corresponding to 90% of all owners’ prizemoney won by the syndicate’s horses during the relevant calendar year.
        (b) A full financial statement for the syndicate is available to members on request.
      5. (a) The syndicate will provide to its members free entry and hospitality on specified race days sponsored by the syndicate and relevant details will be notified to the members with as much notice as possible (the exact number of occasions on which such free entry and hospitality is provided cannot be forecast with accuracy). Additionally, there will be syndicate mornings, organised stable and gallops visits with refreshments at regular intervals. Syndicate members who provide email details will also receive regular email updates on the progress of the horses.(b) At meetings where the syndicate has a runner or runners, complimentary badges will be made available to members where possible. If there is high demand for badges, a ballot for badges will take place. Where free badges cannot be procured for members on a given race day, the management of the syndicate will endeavour to obtain entrance on discounted terms for those to whom a free badge is not allocated.
      6. All management decisions relating the syndicate will be made by the syndicate’s management and members will have no management powers or role. There will be a management charge of £800 per member charged to the syndicate, the charge is included in the membership price. Any disputes should be made in writing to Sam Hoskins.
      7. Syndicate membership is strictly non-transferrable and is personal to each syndicate member. In the event of a member’s death, membership lapses automatically. In no circumstances may a syndicate member give, sell, transfer or lend his/her membership or offer such membership as security or put his/her membership to any commercial use. Members are advised that participation in this horseracing venture is not an investment, with no guarantee of financial return, and is to be engaged upon purely for the purposes of enjoyment and entertainment.
      8. All printed or published material issued by the syndicate is material in which all copyright and other intellectual property rights and interests remain vested in the syndicate. Specifically, but without limitation, the name “Hot to Trot Racing Limited” and the logo are the syndicate’s property and are registered trade marks. Members will be subject to, and regulated by, certain provisions of the Rules of Racing with explicit reference to the following chapters: (J) Integrity and (L) BHA Investigations and Disciplinary Action. No person may apply for syndicate membership unless at least 18 years of age and the membership for any person who, having joined the syndicate, is found to be less than 18 years of age will be terminated immediately without Refund.
      9. The Syndicate will be able to recover its VAT costs associated with the leasing, racing and training of its horses (and with the purchase and sale thereof if appropriate) and its ability to make this recovery plays an important part in keeping the costs to members as low as possible.
      10. (a) The object of the syndicate in each year is to have a least five horses in training. Maintaining this number will not always be possible. Horses will be returned to their owner if the trainer/syndicate manager decide that it is the correct decision for the horse.
        (b) If the management of the syndicate is of the opinion at any time that there are insufficient members to fund the syndicate’s activities at a level consistent with its objectives then the management reserves the right not to proceed with the intended horse racing activities of the syndicate for the relevant year and, upon exercising this right, to refund to all those who have paid a subscription the full amount of that subscription without interest.