Board Meeting Summary
Meeting Date: Wednesday 25th June 2014
HBLB/DCMS Operating Agreement
The 2014 and 2015 Operating Agreement between HBLB and DCMS has been signed by HBLB and the Department for Culture, Media and Sport. It is available here.
HBLB’s Annual Report
The Board’s Annual Report and Accounts were approved and will be laid before Parliament and published in mid July 2014.
Mare Owners’ Prize Scheme
The Board discussed the proposal from the Thoroughbred Breeders Association for a new Mare Owners’ Prize Scheme and an application for funding for 2015 will be considered in the autumn against other spending requests when the overall HBLB budget for 2015 is set.
New Owners’ and Breeders’ Incentive Scheme
The Board agreed that HBLB should provide funding to a new scheme to succeed BOBIS of at least £1.25m, the same amount provided to BOBIS in 2014. Full details of the scheme are expected to be announced by BHA in late July 2014. The question of whether any additional HBLB funds will be provided in 2015 will be considered against the other spending requests that the Board will consider in the autumn when the overall HBLB budget for 2015 is set.
Industry Training and Education 2015
The Board noted BHA’s report on industry recruitment, training and education activity in 2014 and BHA’s proposals for 2015, which will be considered again in the autumn.
British Champions Day Funding in 2014
The Board agreed to increase its prize money grant to British Champions Day 2014 to £400,000 from the previously agreed £300,000. Board members noted that HBLB had previously agreed that the precondition to any increase in funding to £400,000 was the staging of a 7th race, which will not be the case in 2014. However, other conditions that would have prompted an increase in funding, in the event that a 7th race was staged, had been met, these being an upgrade of an existing race from Group 2 to Group 1 and the staging of a handicap worth over £100,000. The Board was highly supportive of the work undertaken to continue to improve the day including, for this year, all six races being live on Channel 4 and the creation of the new £250,000 Balmoral Handicap.
Capital Credit Allocations
The Board approved racecourse applications for the transfers of Levy Board grants to Capital Credits for the period 1st July to 31st December 2014.
Capital Credit Applications
Taunton
The Board approved a Capital Credit Grant to Taunton Racecourse of £235,000 towards the total cost of building a new permanent two-storey side extension to the existing Paddock Stand.
York
The Board approved Capital Credit Grants totalling £6m to York Racecourse for the ongoing extensive redevelopment work.