Annual Report and Accounts
The Board noted:
a) The Financial Statements and considers them to present a true and fair view of the state of HBLB’s financial position for the year ended 31 March 2010
b) That auditing standards require Grant Thornton to obtain representations from Members on certain matters material to their opinion. Accordingly the Board confirms, to the best of their knowledge and belief having made appropriate enquiries of other Members and Executives of the Board, that the representations in connection with the audit of the Financial Statements for the year ended 31 March 2010 are accurate.
The Board expected to lay its Report and Accounts before Parliament in October 2010.
Review of Policy Statement
In relation to the 2009/10 Policy Statement, the Board noted that it had successfully pursued its main strategic objectives and carried out the majority of its specific objectives as set out in the 2008/09 Annual Report.
Policy Statement 2010/11
The Board approved its 2010/11 Policy Statement for inclusion in the 2009/10 Annual Report.
Veterinary Advisory Committee Annual Report
The Board received a report from its Veterinary Advisory Committee (VAC) for the past year. The Board noted the £675,000 of existing commitments in the 2011 veterinary budget, as previously approved, and the VAC recommendations for equine veterinary research projects. The Board agreed to defer a decision on the budget for research projects from the 2011 veterinary budget until the next Board meeting.
Capital Credit Requests
The Board approved:
a) A Capital Credit Grant of up to £300,000 to York Racecourse towards the development works to the Melrose Stand.
b) A Capital Credit Grant of £19,467 to Taunton Racecourse towards improvements to the kitchen and function room.
Bookmakers’ Committee Recommendations
The Board noted the Bookmakers’ Committee’s formal recommendations for the 50th Levy Scheme, and also agreed that both the Committee’s recommendations and the submission made to the Board in March by Racing’s appointees should be published on the Levy Board’s website. Both submissions can be found by clicking here.
Budget and Forecast Options for 2011
The Board approved a 2011 total expenditure budget of £70m. The Board agreed to hold an additional meeting on 12th August to discuss specific allocations to respective heads of expenditure in the 2011 budget.