THERE HAVE BEEN calls for Irish horseracing’s regulatory body to explain an alleged “discrepancy” in tens of thousands of euro it has provided to various charitible organisations in the sector.
The figures listed as remittance to the funds, which provide support to injured jockeys and riders, don’t match the figures provided in the Irish Horseracing Regulatory Board’s financial statements published the following year.
It amounts to a discrepancy of almost €50,000 across three organisations, with a fourth group receiving €18,000 less than previously stated according to the accounts.
In a statement to The Journal, the IRHB said that there is an “apparent discrepancy” potentially caused by “a clerical error”, but added that it couldn’t comment further as the matter is currently under investigation in an external review.
The figures in question are for remittance given to funds stated in the IHRB’s accounts for 2019 and 2020.
People Before Profit TD Paul Murphy had recently enquired about the status of the several funds dedicated to injured riders in the sport. He submitted a parliamentary question to Agriculture Minister Charlie McConalogue for the information.
The sport of horseracing, along with greyhound racing, fall under the department rather than the Department of Sport.
Murphy told The Journal that the figures demanded explanation, and pointed to a fresh funding boost of €95m for horse and greyhound racing in Budget 2024 earlier this week.
“A very significant amount of pubic funding goes to the the horseracing industry every year – at the very least we need to have full transparency,” he said.
“Over €70m of that will go to the horseracing industry, which is multiples of core funding to all sports organisations in this country, from the GAA, the FAI, Swim Ireland, to the Special Olympics.
“This is a very substantial amount of public funding so we have to have absolutely have full oversight and transparency in relation to this funding.”
In its response to The Journal, the IHRB said it was “aware that there is an apparent discrepancy in the published accounts, which we believe to be a result of a clerical error”.
It added: “This falls under the scope of the Mazars review of financial governance in the IHRB which is ongoing.
“Until this review is concluded we are not in a position to comment any further.”
Funds
One fund, the Qualified Riders Accident Fund, was listed as receiving €2,380 in the 2019 accounts for the IHRB.
A year later, the 2019 figure was listed as €23,445 – a difference of €21,065.
The fund is focused on amateur jockeys who are eligible for events such as Point to Point racing.
The IHRB’s 2019 accounts shows that it gave €37,488 to the Jockeys Accident Fund, but the following year’s account shows that sum of money – for the same year – jumped to €64,479. It’s a difference of €27,031.
Similarly, a smaller fund listed in the accounts had a difference of €1,751 for the above years in separate listings by the IHRB.
A separate group called the Jockeys Emergency Fund meanwhile received €18,000 less according to the accounts showing its 2019 remittance from the IHRB.
The IHRB has come under the spotlight in recent times after it informed the Public Accounts Committee in July that its chief financial officer had voluntarily gone on leave after a “grave” financial issue had arisen.
CEO Darragh O’Loughlin told TDs in the PAC committee at the time that it was a “bombshell” revelation for the organisation and that the IHRB was working with Horse Racing Ireland to rectify the situation.
An external review was commissioned to examine the issue raised, although O’Loughlin declined to specify the concerns.
In his response to Murphy last week, the minister said that the IHRB had informed his department that it provides “personnel support for the funds or charities”.
His response outlined how, in addition to providing benefits to riders, the charities provide funding for research “designed to benefit rider health, safety and wellbeing” in the sport.
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