Jockey Club Racecourses Limited
Strategic report (continued)
Approval of2022 Budget and Five Year Plan
In approving the Annual Company Budget and Five Year Plan, the Board (and the Finance Review Committee) carried out a detailed review of the various commercial drivers and sensitivities in the business, including forecast admissions and hospitality performance and developments in the betting industry which have had negative impacts on the business. The Board also considered continued investment in our employees, awarding a business-wide wage increase and in signing off specific budgets for training, employee medical and other benefits and a Diversity & Inclusion programme. The interests of racing stakeholders were also inherent in agreed investment in prize money (above) and other racecourse facilities. The above considerations were given in the context of ensuring ongoing bank covenant compliance, commitments to the company's Defined Benefit Pension Scheme, investment in customer experience, continued capital expenditure. The impact of the Covid-19 pandemic continues to be a consideration both in the formulation of the initial budget but in the continuing review of the evolving situation and its potential impacts on our cash flows.
N Truesdale Director 20 April 2022
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