Board Meeting Summary
Meeting Date: Tuesday 26th September 2017
Annual Report and Accounts 2016/17
The Board noted that the Annual Report and Accounts was laid before Parliament in July 2017.
Trading Update 2017/18
The Board noted the report given as to trading over the first months of the new Levy mechanism and agreed to maintain £85m as the estimate of income in 2017/18.
Fixture-Related Payments
The Board approved the principles of 2018 budgets for prize money, raceday services and fixture incentives with final confirmation to be given at the November meeting when the Board agrees its full 2018 expenditure budget.
MBA in Thoroughbred Racing Industries
The Board approved the provision of £48,000 to fund three scholarships for the MBA course due to commence in autumn 2018.
Capital Credit Allocations: July – September 2017
The Board approved:
1. The Raceday Services transfers to Capital Credits of £271,560 for the period 1st October to 31st December 2017.
2. The Prize Money transfers to Capital Credits of £986,877 for the period 1st October to 31st December 2017.
3. The Fixture Incentive Fund transfers to Capital Credits of £78,940 for the period 1st October to 31st December 2017.
4. Transfers to Capital Credits of additional requests made subsequently by racecourses for specified prize money-related grants yet to be awarded but which were allocated at a later date for the period 1st October 2017 to 31st December 2017. These include Appearance Money and Divided Races payments.
Capital Credit Applications: Newbury, Taunton and York
The Board approved:
1. A Capital Credit Grant to Newbury racecourse of £4,500,000 towards the cost of an Owners and Trainers facility which is currently under construction and which formed part of a wider redevelopment.
2. A Capital Credit Grant to Taunton racecourse of £68,115 to go towards the cost of installing new broadcast cabling.
3. An additional Capital Credit Grant to York racecourse of £2,750,000 for redevelopment work, to be drawn down against Capital Credits earned in the 2018 season.
All drawdowns were to be subject to the Executive’s receipt of appropriate documentation and a Capital Credit balance equal to or greater than the requested amount at the time of drawdown.