The Board approved the accounts of the Board for the year to 31st March 2012, which will be published in Board’s annual report in July 2012.
The Board discussed a number of expenditure headings and options for 2013. The Board will consider these further, with a view to reaching decisions, at its July 2012 meeting.
Lending Principles and Priorities
The Board approved the principles and priorities for lending should the Board agree to restart the making of loans in 2013. The Board will decide whether to do so in the context of considering its 2013 income assumptions and expenditure budget at its July 2012 meeting.
Allocations to Capital Credits July to December 2012
The Board approved:
a. Raceday Services transfers to Capital Credits of £1,865,029 for the period 1st July to 31st December 2012;
b. Prize Money transfers to Capital Credits of £3,417,264 for the period 1st July to 31st December 2012;
c. Capital Credit Grants to be applied during July to December 2012 as repayments of loans in respect of approved development projects totaling £4,800,000;
d. Transfers to Capital Credits of additional requests made subsequently by racecourses for specified prize money-related grants yet to be awarded but which are allocated at a later date for the period 1st July 2012 to 31st December 2012. These include Appearance Money and Quality Support Fund payments.
Capital Credit Request
The Board approved a Capital Credit grant of £27,500 to York Racecourse for construction of a new storage area.