Board Meeting Summary

Meeting Date: Wednesday 24th March 2021

Financial Forecast 2020/21
The Board took into account reports to the end of February 2021 on betting activity and agreed the full year 2020/21 forecast range of £76m to £85m, with the most favoured band £76m to £80m.

Non Fixture-Related Expenditure
The Board agreed funding for the Horse Welfare Board, Betting Data Collection, Sectional Timing, Retraining of Racehorses, Racing to School and Racing Together totalling £1.03m and agreed in principle the approval of funding for Racing’s industry recruitment, training and retention of £2.8m with further work to be carried out with BHA.

Indicative Budget 2021/22
The Board agreed an indicative income estimate for 2021/22 of £95m and discussed an outline expenditure budget for the year, agreeing in principle to run a forecast deficit for the year.

Sport Winter Survival Package
The Board agreed in principle that HBLB should apply to borrow a capital sum of £21.5m from Government’s Sport Winter Survival Package.

Veterinary Science and Education Grant Applications
The Board agreed the opening of a veterinary science and education application round for projects starting in 2022.

Managing Public Money
The Board received a presentation on Managing Public Money.

Management Accounts to 28 February 2021
The Board approved the management accounts to 28 February 2021.