IR: Leading change; driving value

The IR Society's 2019 annual conference, IR: Leading change; driving value, will take place in London on Tuesday 18 June 2019. This one-day event will provide unparalleled opportunities to learn, keep up to date and network with peers.

The IR Society's 2019 annual conference, IR: Leading change; driving value, will take place in London on Tuesday 18 June 2019. This one-day event will provide unparalleled opportunities to learn, keep up to date and network with peers.

Conference overview

The IR Society’s 2019 Annual Conference is entitled ‘IR: Leading change; driving value’.

After a year of considerable political, market and regulatory change, the Annual Conference will explore ways in which IR can adapt and overcome these challenges to fully exploit the value of the public markets and help lead our companies to win the competition for capital. The IR Society is delighted to welcome back Evan Davis, a Fellow of the IR Society, as conference host again in 2019.

Planning for 2019 is well under way and we’ll be announcing speaker updates very soon, so please check back regularly.

“Overall a great day with good topics and speakers. The venue works well and the organisation was excellent!”

Conference Delegate
Venue: Kings Place, 90 York Way, London, N1 9AG

Travelling to Kings Place by public transport is quick and easy; it is within walking distance of Euston, King’s Cross and St Pancras International stations. The nearest car park is NCP London St Pancras on Pancras Road, open 24 hours, 7 days a week.

Videos

See the highlights from the 2017 and 2016 conferences

Highlights from the 2018 conference: IR: Future-proofing Business

Introduction to the Diploma in IR, launched at the 2017 annual conference

Highlights from the 2017 conference

Programme

The programme below will be updated as sessions are finalised so please check back regularly

08.00

Registration

08.30

CEO’s opening remarks

  • Gary Davies, CEO, The Investor Relations Society

    Gary has been CEO of the Investor Relations Society since July 2018, leading the executive team at their Coleman Street office. Prior to this he had a 30 year career at GSK, where he held a number of positions in the UK and US in medicines development and commercialisation and in Corporate Communications where he headed the Corporate Product Communications function for several years. Gary was a Director in the Investor Relations team at GSK for over 10 years. He holds an MBA, has achieved the Certificate in Investor Relations from the IR Society and in 2017 became the first graduate of the Society’s new Diploma in Investor Relations. Prior to becoming CEO, Gary was a member of the Society’s Education and Examinations Committees.

09.00

Keynote address/interview

John Allan CBE will open this year's conference with his views of the markets and economic environment, as well as what companies and IR should be thinking about in 2019 and beyond.

  • Moderator: Evan Davis

    Moderator: Evan Davis Evan Davis is a presenter of the BBC2 current affairs programme Newsnight, a role he began in September 2014. From April 2008 up to then he was a presenter of the Today programme on BBC Radio 4 . He is also well-known as the presenter of The Bottom Line, a weekly business discussion programme on Radio 4. Prior to the Today programme he was the Economics Editor of the BBC, the most senior economics reporter in the corporation. He was promoted to that role after working as an economics correspondent for the BBC and as economics editor of the Newsnight programme on BBC2 in the 1990s. Before joining the BBC in 1993, he was an economist at the Institute for Fiscal Studies, and at the London Business School. He has written numerous papers, articles and newspaper and magazine columns as well as the book, Public Spending, (published by Penguin in 1998). He is also a co-author of the Penguin Dictionary of Economics and the New Penguin Dictionary of Business. He studied at St John’s College Oxford (1981 to 1984) and at the Kennedy School of Government at Harvard University (1986 to 1988).

  • John Allan CBE, Chairman of Tesco plc, Barratt Developments plc and President of the CBI

    John Allan CBE John is Chairman of Tesco plc, Barratt Developments plc and President of the CBI. He is also Chairman and Co-Founder of J&A Mentoring Partners Ltd. Previously, amongst other senior roles, he was Chairman of London First and a non-executive director at Worldpay, where he was formerly Chairman. He was Chairman of Dixons Retail and later Co-Deputy Chairman and Senior Independent Director of Dixons Carphone. John is a graduate and now a Regent of the University of Edinburgh.

09.30

Plenary Session: Adapt, lead and engage

Building on the conference theme, 'IR: leading change; driving value,' a panel of buy-side participants will discuss how they are adapting to the changes in a post MiFID II environment.

  • Moderator: Evan Davis

    Moderator: Evan Davis Evan Davis is a presenter of the BBC2 current affairs programme Newsnight, a role he began in September 2014. From April 2008 up to then he was a presenter of the Today programme on BBC Radio 4 . He is also well-known as the presenter of The Bottom Line, a weekly business discussion programme on Radio 4. Prior to the Today programme he was the Economics Editor of the BBC, the most senior economics reporter in the corporation. He was promoted to that role after working as an economics correspondent for the BBC and as economics editor of the Newsnight programme on BBC2 in the 1990s. Before joining the BBC in 1993, he was an economist at the Institute for Fiscal Studies, and at the London Business School. He has written numerous papers, articles and newspaper and magazine columns as well as the book, Public Spending, (published by Penguin in 1998). He is also a co-author of the Penguin Dictionary of Economics and the New Penguin Dictionary of Business. He studied at St John’s College Oxford (1981 to 1984) and at the Kennedy School of Government at Harvard University (1986 to 1988).

  • Patrick Harrington, Director and Investment Manager, OLIM Asset Management

    Patrick Harrington Patrick returned to OLIM in 2018 as a director and investment manager from stockbroker Baden Hill where he was Managing Partner. OLIM is a specialist institutional investment manager focussing on UK equities. A highly experienced fund manager with over 30 years in the industry, Patrick has also worked for Jupiter Asset Management, Henderson Global Investors and M&G. Patrick is re-joining the team after working for OLIM from 2005-2009 and will be responsible for managing both equity and balanced portfolios.

  • Gareth Hayward, Senior Investment Manager

    Gareth Hayward Gareth Hayward is a graduate of Cambridge University and a Chartered Fellow of the Chartered Institute for Securities and Investment. His career in the City has taken in Nomura, Vickers da Costa, Citicorp International and Henry Ansbacher & Co Ltd as a corporate financier. He joined Charles Stanley in 1999 where he has built a successful private client fund management practice. He believes very strongly in the importance of relationships when investing clients’ funds.

  • Steve Davies, Head of Strategy, UK Growth, Jupiter

    Bio to follow shortly.

  • Ben Lambert, Interim Head of Sustainable Investing

    Ben Lambert Ben is the Interim Head of Sustainable Investing at CPPIB where he oversees ESG research, integration and engagement across the fund and sits on the Investment Committee for Active Equities. His team also takes a leadership role across CPPIB in advancing climate related work streams such as carbon footprinting and investor toolkits. He has been with the firm nearly 5 years and was previously a Senior Portfolio Manager within Active Fundamental Equities where he helped to start the EMEA equity long/short investment strategy. Ben has over 15 years investment experience and was previously a Portfolio Manager at Och-Ziff in London running the Financials equity long/short portfolio and a Partner at Odey Asset Management responsible for Global Financials.

  • Simon Young, formerly of Blackrock and Aviva

    Simon has been a UK equities fund manager for over 18 years, having spent over 15 years at BlackRock and most recently at Aviva Investors. Simon regards meeting company management teams as an important part of his investment process; he is firm believer that fund managers shouldn’t shy away from asking difficult questions, but in return they should listen to the answers given.

10.15

Morning break

10:45

Plenary Session: Leading change

Following on from the earlier buy-side panel discussion, senior-level participants will discuss how companies are responding to the changing market environment.

  • Moderator: Evan Davis

    Moderator: Evan Davis Evan Davis is a presenter of the BBC2 current affairs programme Newsnight, a role he began in September 2014. From April 2008 up to then he was a presenter of the Today programme on BBC Radio 4 . He is also well-known as the presenter of The Bottom Line, a weekly business discussion programme on Radio 4. Prior to the Today programme he was the Economics Editor of the BBC, the most senior economics reporter in the corporation. He was promoted to that role after working as an economics correspondent for the BBC and as economics editor of the Newsnight programme on BBC2 in the 1990s. Before joining the BBC in 1993, he was an economist at the Institute for Fiscal Studies, and at the London Business School. He has written numerous papers, articles and newspaper and magazine columns as well as the book, Public Spending, (published by Penguin in 1998). He is also a co-author of the Penguin Dictionary of Economics and the New Penguin Dictionary of Business. He studied at St John’s College Oxford (1981 to 1984) and at the Kennedy School of Government at Harvard University (1986 to 1988).

  • Stuart Morgan, Head of Investor Relations, easyJet

    Stuart Morgan Stuart has worked in Investor Relations for 15 years. He started work at PwC, firstly qualifying as an accountant in the Audit business before moving to the Business Valuations team. After three years in IR consultancy he moved to Brussels to become the first Head of Investor Relations at French testing company Eurofins. He then spent four years at National Express followed by six months at the RAC working on a prospective IPO. Stuart joined easyJet in August 2015.

  • James Collins, Head of Investor Relations, Sainsbury’s

    James Collins James Collins joined Sainsbury’s as Head of Investor Relations in September 2016, after 18 years as a sell side analyst covering the European food retail sector, most of which at Deutsche Bank. Prior to his time in the City, James started his career in the food retail industry, working for Aldi and Safeway.

11:35

Movement break

11:45

Break-out sessions

Session 1: Responding to the changing sell-side market dynamics

This practical session will look at changes in the sell-side in light of regulatory changes.

  • Moderator: David Walker, Head of Investor Relations, British Land

    Moderator: David Walker David Walker qualified as a Chartered Accountant with PriceWaterhouseCoopers within their Banking & Capital Markets division in London. Following this, he spent over seven years in the city at Deutsche Bank where he held a variety of roles within the Corporate Finance division, including Business Development and most recently as a Vice President in the UK Corporate Broking team. Since leaving Deutsche Bank David has worked at Hays PLC, the FTSE250 listed specialist recruitment group, where he headed up the Investor Relations & Corporate Development team, taking responsibility for all aspects of shareholder and other stakeholder communications. In October 2017 he joined British Land as Head of Investor Relations.

  • Carl Murdoch-Smith, Senior Telecoms Equity Research Analyst, Berenberg

    Carl Murdoch-Smith Carl Murdock-Smith joined Berenberg in early 2018 as a senior telecoms equity research analyst. He previously ran investor relations at BT, before which he spent eight years in telecoms research at J.P. Morgan Cazenove. Carl started his career with three years at BT, including roles in corporate finance, Openreach and Global Services. He’s a CFA charterholder and chartered management accountant.

  • Will Wallis, Head of Research, Numis

    Will Wallis Will has been Head of Research at Numis Securities since 2007, and sits on the operating board of Numis Securities Limited. Among his responsibilities, Will led Numis’s Research payment negotiations with the buy-side through the MiFID II process. He is also a publishing analyst writing on the UK Software sector. He joined Numis in 2005, having previously worked as a Software analyst at UBS / SG Warburg, which he joined in 1991. Will has an Economics degree from Cambridge University.

  • Dani Saurymper, Lead Portfolio Manager, AXA

    Dani Saurymper Lead Portfolio Manager for AXA WF Framlington Longevity Economy (Luxembourg SICAV) and AXA Framlington Health (UK Unit Trust). Dani is a portfolio manager in our Health/Biotech/ Longevity product franchise which has circa €2bn of AUM. He is also the global healthcare specialist within our internal research organisation. Dani has 17 years investment experience. Prior to joining AXA IM in April 2015 as Portfolio Manager he was a senior equity research analyst covering European Healthcare at Barclays Capital. Dani started his career at Goldman Sachs as a senior pharmaceutical analyst covering European Pharmaceuticals before moving to Nomura as a sector specialist covering global healthcare. He has a BSc in Management Studies and Pharmacology from Leeds University and an MSc in International Business from the Manchester School of Management, UMIST.

Session 2: How to get the best shareholder register

A very practical session looking at the changing shape of the institutional investor and targeting techniques.

  • Moderator: Douglas Radcliffe, Group Investor Relations Director, Lloyds Banking Group

    Douglas currently heads up the Investor Relations team at Lloyds Banking Group having been a senior member of the team at Lloyds Bank and subsequently Lloyds Banking Group for the last seven years. During this time he has been involved in all the normal Investor Relations activities including the development of the investment proposition, briefing of institutional investors and the development and production of corporate results and announcements. In addition he has been integrally involved in all the corporate actions and transactions undertaken by the Group during this period including the acquisition of HBOS, the capital raisings and the various business disposals. Prior to joining the Investor Relations team Douglas held management positions within Group Strategy, Group Risk and Private Banking having initially joined Lloyds Bank on the graduate development programme.

  • Rob Farrington, Director, Corporate Broking, Citi

    Rob Farrington Robert is a Director within Citi’s UK Corporate Broking team, based in London. He has over 10 years of experience advising UK companies, both public and private, having worked across the Corporate Broking, UK M&A and Equity Capital Markets businesses at Citi. Robert received BSc Business Administration from the University of Bath School of Management, specialising in economics and finance.

  • Stephen Scott, Executive Vice Chairman, Rothschild Investor Advisory

    Bio to follow shortly.

  • Victoria Redgrave, Director, Corporate & Broker Relations, FMR Investment Management (UK) Limited

    Victoria Redgrave Victoria Redgrave is a Director at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. Victoria’s career in Asset Management started in 2007 when she joined Fidelity’s U.K. office. In this role, Victoria serves as the primary point of contact for Fidelity’s Research Providers in London. Victoria also interacts with members of management, investment professionals, legal and compliance to ensure that Fidelity optimizes its external relationships and that the firm is adherent to the regulatory requirements around these relationships. In addition to her role with the external research community, Victoria has operational oversight administering the Corporate Access program in the EMEA region which she established in 2012. Prior to joining Fidelity, Victoria worked at Freshfields Bruckhaus Deringer and Mercer.

12:45

Lunch

14:00

Afternoon keynote address

  • Moderator: Evan Davis

    Moderator: Evan Davis Evan Davis is a presenter of the BBC2 current affairs programme Newsnight, a role he began in September 2014. From April 2008 up to then he was a presenter of the Today programme on BBC Radio 4 . He is also well-known as the presenter of The Bottom Line, a weekly business discussion programme on Radio 4. Prior to the Today programme he was the Economics Editor of the BBC, the most senior economics reporter in the corporation. He was promoted to that role after working as an economics correspondent for the BBC and as economics editor of the Newsnight programme on BBC2 in the 1990s. Before joining the BBC in 1993, he was an economist at the Institute for Fiscal Studies, and at the London Business School. He has written numerous papers, articles and newspaper and magazine columns as well as the book, Public Spending, (published by Penguin in 1998). He is also a co-author of the Penguin Dictionary of Economics and the New Penguin Dictionary of Business. He studied at St John’s College Oxford (1981 to 1984) and at the Kennedy School of Government at Harvard University (1986 to 1988).

14:45

Movement Break

14:55

Break-out sessions

Session 3: IR - Leading within

As the role of IR expands across a wider range of stakeholders, this session will consider the relationship between IR and the board.

  • Moderator: Jill Sherratt, Interim IR Director, Aggreko

    Moderator: Jill Sherratt Jill Sherratt is an independent IR director focusing on interim work and IR projects. She has thirty years of diverse IR experience, spanning a wide range of business models, sectors and situations, mostly at FTSE 100 level. Her academic background is architectural history, having read for a Masters degree at St Andrews, and this remains a core interest. She grew up in South Africa which is the basis for her love of the country, its culture and history. She is married, lives in London and has three children and three grandchildren.

  • Geoff Callow, Head of Investor Relations and Corporate Communications Ophir Energy

    Geoff Callow Geoff has worked in IR for nearly twelve years. This has all been in the oil and gas exploration and production space, working for Salamander Energy from 2007 through 2014 and then at Ophir Energy since 2014. In that time he has worked on several M&A transactions and both debt and equity fundraisings. Prior to moving into IR Geoff spent 8 years working in Financial PR covering a range of different sectors including technology, online gaming and property. Geoff is an Alumni of the Deliver programme and sits on the Education Committee of the IR Society.

  • Richard O’Connor, Head of Global Investor Relations, HSBC

    Richard O’Connor Richard has a broad background within the finance sector. After graduating in 1990, he joined United Dominions Trust (Finance House) where he held a number of positions in the credit and finance divisions. In 1993, he joined Clerical Medical Investment Management (Fund Management House) as an investment analyst, specialising primarily in UK banks. He became Head of UK Research in 1997 and Head of Global Research retaining direct responsibility for bank sector analysis, in 2000. During this time he was also a portfolio manager, latterly managing the top performing £5bn UK Equity portfolio for Clerical Medical’s With-Profit Fund. He is a member of both the Chartered Institute of Management Accountants and the UK Chartered Financial Analyst (CFA) Society. Richard started with the Royal Bank of Scotland Group Plc, as Head of Investor Relations at the end of April 2003. Richard joined HSBC as Global Head of Investor Relations in October 2016. He is married with two children, Anthony (18) and Maria (14). He is a Governor of a local school in St Albans, and follows sport (Chelsea in football as a season ticket holder and enjoys watching cricket in his spare time)

  • Rob Gurner, Head of Investor Relations, Inmarsat

    Rob Gurner Rob has nearly 20 years experience in Investor Relations and, in that time, has worked across a variety of sectors and businesses. He has led Investor Relations teams at Dentsu Aegis in the media sector, at platinum miner, Lonmin, and in the support services sector with G4S. Prior to that, he worked in financial public relations. In a number of these businesses, Rob has also been involved with several corporate strategy and M&A projects. He is currently Head of Investor Relations at Inmarsat, the FTSE250 satellite operator, which he joined in December 2016.

Session 4: Winning the competition for capital

Practical tips and techniques to help IROs with best practice communications and innovative ways to bring the company story to life, outside of the regular IR calendar and activities.

15.45

Afternoon break

16.15

Plenary session: Driving value through ESG

A panel discussion around ESG and sustainability, and how companies are navigating the changing landscape and integrating ESG communications into IR best practices.

  • Moderator: Evan Davis

    Moderator: Evan Davis Evan Davis is a presenter of the BBC2 current affairs programme Newsnight, a role he began in September 2014. From April 2008 up to then he was a presenter of the Today programme on BBC Radio 4 . He is also well-known as the presenter of The Bottom Line, a weekly business discussion programme on Radio 4. Prior to the Today programme he was the Economics Editor of the BBC, the most senior economics reporter in the corporation. He was promoted to that role after working as an economics correspondent for the BBC and as economics editor of the Newsnight programme on BBC2 in the 1990s. Before joining the BBC in 1993, he was an economist at the Institute for Fiscal Studies, and at the London Business School. He has written numerous papers, articles and newspaper and magazine columns as well as the book, Public Spending, (published by Penguin in 1998). He is also a co-author of the Penguin Dictionary of Economics and the New Penguin Dictionary of Business. He studied at St John’s College Oxford (1981 to 1984) and at the Kennedy School of Government at Harvard University (1986 to 1988).

  • Andrew Parry, Head of Sustainable Investing, Hermes Investment Management

    Andrew Parry Andrew Parry is Head of Sustainable Investing and a member of the Hermes Strategy Group. He joined the firm in 2009, initially as Chief Executive and Co-Head of Investment for Hermes Sourcecap, now Hermes European Equities, becoming Head of Equities in 2014 and taking on responsibility for developing Impact investing in August of 2016. In September of 2017 he became Head of Sustainable Investing to reflect the commitment of Hermes to building on their success in responsible investing.In 2006, Andrew jointly founded Sourcecap with the aim of building a best-in-class investment boutique focused on excellence in European equity management. Prior to this, Andrew established Pembroke Capital Management in 2003 and successfully launched the Magenta Fund, a global equity non-directional fund. Before that, Andrew worked at Northern Trust Global Investments (Europe) Ltd as Chief Investment Officer of International Equities and was responsible for the management of global, international and regional portfolios. He has also held a variety of senior investment roles, including Head of International Equities at Julius Baer Investments, Chief Investment Officer at Lazard Brothers Asset Management, and Head of UK Equities at Baring Asset Management. Andrew holds an MA in Mathematics from the University of St Andrews. Andrew is Co-Chair of the UNEP Financial Initiative Positive Impact Steering Group and a member of the Investment Committee of the Trafalgar House Pension Trust . He was formerly an independent investment advisor to the Investment Sub-Committee of the Mineworkers’ Pension Scheme and a non-equity director of Aerion Fund Managers.

  • Stuart Lemmon, Managing Director of Environmental Sustainability Consultancy, EcoAct (UK)

    Stuart Lemmon Stuart Lemmon is Managing Director of environmental sustainability consultancy, EcoAct (UK). Having worked in the sector for 25 years, his expertise spans climate, sustainability, risk and environmental management disciplines. He has worked with a wide range of both private and public sectors including property, construction, financial services, process industries, utilities, oil & gas, as well as central and local government. He provides technical direction, account lead and project management across EcoAct’s broad consulting services. He specialises in strategy development and the integration of sustainability activity with operational and reporting processes. He has a BSc (Hons) in Environmental Science and an MBA.

  • Valeria Piani, Sustainable and Impact Investing Strategic Engagement Lead Director, UBS Asset Management

    Valeria Piani Valeria Piani joined UBS Asset Management in Sustainable and Impact Investing Investment Research and Engagement Stewardship in December 2017. Valeria is responsible for co-ordinating and undertaking UBS Asset Management's our thematic engagements with investee companies on specific environmental and social factors such as climate change, gender diversity, human capital and impact. Prior to joining UBS, Valeria was Associate Director at the Principles for Responsible Investment (PRI) where she led the work of the ESG Engagements team. Valeria was responsible for developing and managing a range of collaborative engagements on environmental, social and governance topics.

  • Martin Dunwoodie, Director, Investor Relations, Johnson Matthey

    Bio to follow shortly.

17:00

Closing keynote address

  • Moderator: Evan Davis

    Moderator: Evan Davis Evan Davis is a presenter of the BBC2 current affairs programme Newsnight, a role he began in September 2014. From April 2008 up to then he was a presenter of the Today programme on BBC Radio 4 . He is also well-known as the presenter of The Bottom Line, a weekly business discussion programme on Radio 4. Prior to the Today programme he was the Economics Editor of the BBC, the most senior economics reporter in the corporation. He was promoted to that role after working as an economics correspondent for the BBC and as economics editor of the Newsnight programme on BBC2 in the 1990s. Before joining the BBC in 1993, he was an economist at the Institute for Fiscal Studies, and at the London Business School. He has written numerous papers, articles and newspaper and magazine columns as well as the book, Public Spending, (published by Penguin in 1998). He is also a co-author of the Penguin Dictionary of Economics and the New Penguin Dictionary of Business. He studied at St John’s College Oxford (1981 to 1984) and at the Kennedy School of Government at Harvard University (1986 to 1988).

17:35

Closing remarks from Evan Davis

  • Evan Davis, journalist and broadcaster

    Evan Davis Evan Davis is a presenter of the BBC2 current affairs programme Newsnight, a role he began in September 2014. From April 2008 up to then he was a presenter of the Today programme on BBC Radio 4 . He is also well-known as the presenter of The Bottom Line, a weekly business discussion programme on Radio 4. Prior to the Today programme he was the Economics Editor of the BBC, the most senior economics reporter in the corporation. He was promoted to that role after working as an economics correspondent for the BBC and as economics editor of the Newsnight programme on BBC2 in the 1990s. Before joining the BBC in 1993, he was an economist at the Institute for Fiscal Studies, and at the London Business School. He has written numerous papers, articles and newspaper and magazine columns as well as the book, Public Spending, (published by Penguin in 1998). He is also a co-author of the Penguin Dictionary of Economics and the New Penguin Dictionary of Business. He studied at St John’s College Oxford (1981 to 1984) and at the Kennedy School of Government at Harvard University (1986 to 1988).

17:30

IR Society Diploma in IR presentation

Presentation of certificates to successful Diploma graduates

17.40

Evening reception

The IR Society invites you to join us for refreshments and an opportunity to meet fellow delegates at our post-conference reception.

#IRConf2019

Lead sponsors

Exhibitors

Our 2019 conference sponsors, supporters and exhibitors

Conference supporters

Annual sponsors

Book now

Complete the form below to book online, or call the IR Society on +44 (0) 20 7379 1763

Early Bird Member rate - £535 + VAT
Early Bird Non-member rate - £675 + VAT
Premium members: Conference tickets are included in your membership package

Please book before March 31st, 2019 to take advantage of the Early Bird rates. Please note if you are booking multiple tickets please use the Message field below to provide the names of the additional delegates

Please book me:

Total: Please enter number of tickets required
Please enter your name
Please enter your job title
Please enter your company details
Please enter your telephone number
Please enter your email
Ticket cost
VAT
Total
PayPal

All bookings must be paid for at the time of registration. Confirmation of your delegate place will only be made on receipt of payment. Cancellation: full refund subject to 5% administration charge 14 days prior to event date; no refund thereafter.