Horserace Betting Levy Board

FINANCIAL OVERVIEW 2023/24 AND BUDGET 2024/25

The Board noted the updated 2023/24 Levy and overall financial position, and agreed the 2024/25 budget.

RESERVES POLICY REVIEW

The Board agreed to amend the Reserves policy range to £25m to £35m.

GREAT BRITISH BONUS SCHEME

Representatives of the TBA provided a presentation to the Board to augment a written application for additional funding for an extended GBB. The Board concluded that the scheme continued to be a success and supported the proposal and new KPIs. The Board agreed additional funding of the scheme from 2025 to 2028 inclusive, being the current £3.5m in each of 2025 to 2028, plus additional sums of £1,155,000 (2025), £1,215,000  (2026), £1,275,000 (2027) and £1,335,000 (2028),

NON-FIXTURE GRANTS PROCESS REVIEW

The Board noted the Non-Fixture Grants Process Review and some of the specific processes being reviewed. A more detailed report would be presented to the Board’s June meeting.

PRIZE MONEY FUNDING FOR 2024 PROGRAMME BOOK THREE

The Board agreed prize money expenditure in Programme Book Three in 2024 at the same rate as for the first two Programme Books.

REGULATORY AND INTEGRITY REVIEW TERMS OF REFERENCE

The Board noted the following with respect to the Review:

• The scope, timing, governance of the project had been provisionally agreed between the HBLB Executive and BHA and would lead, in three stages, through to September 2024. A tender exercise would be conducted, by BHA, for the external consultants for the project.
• The Executive had concluded that it was not inappropriate for BHA to lead on the engagement of an external consultancy, in preference to HBLB doing this. While the proposed approach was not subject to public tendering requirements, it would nonetheless be a publicly advertised tender and HBLB would be involved at all stages from approval of the scope, selection of the consultancy and as part of the project oversight committee.

BOARD SKILLS MATRIX

The Board noted the proposed three-stage process for developing a matrix involving defining skills/experience, ascribing a value to each, and self-assessment to identify gaps.  

RARE BREED SOCIETIES

The approved an allocation of grants to Rare Breed Societies in 2024.

FIXTURE FUNDING PRINCIPLES 2025

The Board noted a paper outlining the Principles and Timelines for Prize Money Funding in 2025.

NON-FIXTURE GRANTS DASHBOARD

The Board noted the Non-Fixture Grants Dashboard providing an at-a-glance update on the progress of grants awarded for 2023/24.     

CAPITAL CREDITS GRANT APPLICATIONS

The Board approved two Capital Credits grant applications to Kelso related towards the cost of design and professional advice associated with planning new weighing rooms, and the cost of the design, planning and construction of a new workshop/stable staff rest area.

The Board approved a Capital Credits grant application to Salisbury towards the cost of maintaining and upgrading the borehole infrastructure.

AUDIT AND RISK ASSURANCE COMMITTEE (ARAC) NOVEMBER 2023 MEETING MINUTES

The Board noted the minutes of the 30 November 2023 ARAC meeting.

MANAGEMENT ACCOUNTS

The Board approved the Management Accounts to 31 January 2024 and to 29 February 2024.