Board Meeting Summary
Meeting Date: Wednesday 18th September 2024
HORSERACING INDUSTRY PEOPLE BOARD UPDATE
The Board received a presentation updating it on the work of the Horseracing Industry People Board.
BETTING DATA ANALYSIS
The Board noted that the trend of lower turnover continued, and the forecast was for this to continue in the foreseeable future.
2025 FIXTURE FUNDING
The Board approved 2025 fixture funding as indicated at HBLB Funding 2025.
The Board noted that three marketing proposals would come to a later Board meeting once fully developed, as follows:
- Project Beacon related to consumer research.
- Project Pace related to the second phase of Premier Racing.
- Champions: Full Gallop relating to funding of a follow-up to the first television series.
BOARD STRATEGY DAY 2024
The Board considered items for the Board Strategy Day scheduled for October 2025.
HBLB CHAIR – SKILLS AND ATTRIBUTES
The Board considered a request from DCMS that it consider the skills profile of a new HBLB Chair as well as providing suggestions for an independent member to form part of the interview panel for the role.
HBLB INTERIM CHAIR
The Board endorsed the Executive’s recommendation that the Interim Chair continue in the role of Audit and Risk Assurance Committee Chair as well, until a new HBLB Chair had been appointed, given the current circumstances that led to the urgent requirement to appoint an Interim Board Chair.
DELEGATION OF AUTHORITY FRAMEWORK
The Board approved the proposed Delegation of Authority Framework outlining the delegation of powers to the Executive and that it should be review in 12 months’ time.
FAKENHAM CAPITAL CREDITS
The Board approved Fakenham’s request for its full Capital Credits to be reversed back into cash grants from HBLB, subject to formal approval being granted by DCMS.
REMUNERATION COMMITTEE
The Board noted a report on the most recent meeting and that DCMS had given its agreement to the proposed changes.
CAPITAL CREDITS APPLICATION: CATTERICK
The Board approved a Capital Credit Grant to Catterick towards the cost of updating the bar and toilet facilities in the Paddock enclosure near the Parade ring.
ALLOCATION TO CAPITAL CREDITS 1 OCTOBER TO 31 DECEMBER 2024
The Board approved the Racedy Services transfers to Capital Credits for the period 1 October to 31 December 2024.
The Board approved the Prize Money transfers to Capital Credits for the period 1 October to 31 December 2024.
DRAFT MANAGEMENT ACCOUNTS TO 31 JULY 2024
The Board approved the draft Management Accounts to 31 July 2024.