Board Meeting Summary
Meeting Date: Tuesday 8th February 2011
Default Percentage for 49th Levy Scheme
The Board noted that the default percentage of total gross profit attributable to British horseracing business, excluding profits from gaming machines to be identified in the Form of Declaration and Guidance Notes to Accountants for the 49th Levy period will be 39%, down from 43% in the 48th period (2009/10).
Distribution of Annual Levy Funds from 2012
The Board discussed the commencement of a review of 2011 distribution and a process to look into options for different models for 2012.
Process for the 51st Levy Scheme
The Board agreed to delay discussion on the process for the 51st Levy Scheme at least until the Determination of the 50th Levy Scheme has been announced by Government.
Capital Credit Allocations January – June 2011
The Board approved racecourse applications for:
(a) Regulatory Grant transfers to Capital Credits of £2,539,200 for the period 1st January to 30th June 2011
(b) Prize Money transfers to Capital Credits of £5,368,730 for the period 1st January to 30th June 2011
(c) Capital Credit Grants to be applied during January to June 2011 as repayments of loans in respect of approved development projects totalling £4,588,000
Capital Credit Request
The Board approved a Capital Credit Grant for £38,353 to Fakenham Racecourse for works to upgrade lavatory and shower facilities in the grandstand.
The Board noted that the default percentage of total gross profit attributable to British horseracing business, excluding profits from gaming machines to be identified in the Form of Declaration and Guidance Notes to Accountants for the 49th Levy period will be 39%, down from 43% in the 48th period (2009/10).
Distribution of Annual Levy Funds from 2012
The Board discussed the commencement of a review of 2011 distribution and a process to look into options for different models for 2012.
Process for the 51st Levy Scheme
The Board agreed to delay discussion on the process for the 51st Levy Scheme at least until the Determination of the 50th Levy Scheme has been announced by Government.
Capital Credit Allocations January – June 2011
The Board approved racecourse applications for:
(a) Regulatory Grant transfers to Capital Credits of £2,539,200 for the period 1st January to 30th June 2011
(b) Prize Money transfers to Capital Credits of £5,368,730 for the period 1st January to 30th June 2011
(c) Capital Credit Grants to be applied during January to June 2011 as repayments of loans in respect of approved development projects totalling £4,588,000
Capital Credit Request
The Board approved a Capital Credit Grant for £38,353 to Fakenham Racecourse for works to upgrade lavatory and shower facilities in the grandstand.