Board Meeting Summary
Meeting Date: Monday 19th October 2020
Financial Forecast 2020/21
The Board noted the financial risks present for 2020/21, recognising the wider uncertainties affect ing potential Levy income and agreed the full year forecast range of £76m-£85m as appropriate at the current time.
Reserves Policy: Annual Review
The Board agreed to adopt a target range for reserves of £24m-£34m, updating the current policy of a minimum floor of £24m and a target of £34m.
Fixture Related Funding: January to April 2021
The Board agreed prize money and fixture related expenditure for January to April 2021, which was later publicised at https://www.hblb.org.uk/release/674
Expenditure Budget 2021: Process
The Board agreed the approach and timelines associated with inviting applications for non-fixture related funding from April 2021.
Appointments to the Audit and Risk Assurance Committee and the Remuneration Committee
The Board agreed the appointment of Anne Lambert as a member of the Audit and Risk Assurance Committee with immediate effect; and as its chair to take effect after its next meeting in November, in succession to Lord Risby who would stand down from the Committee in due course.
The Board appointed Paul Darling as a member of the Remuneration Committee with effect from 12th October 2020, in succession to Paul Lee.
Management Accounts – August 2020
The management accounts to 31 August 2020 were approved.
Capital Credits Application - Hamilton Park racecourse
The Board agreed a grant to Hamilton Park racecourse of up to £13,104 to fund drainage work to the racecourse.