Despite $189,225 Surge, Equestrian Charity Aiding Injured Jockeys Faces Unforeseen Losses

Equestrian sports come with high accident and injury risks, as riders sometimes fall despite taking precautions, leading to unfortunate and even fatal incidents. Recently, at Woodbine Racetrack, Equestrian Jockey Jose L. Campos had a mishap while riding Fortunately, the horse was unharmed. For such accidents, the Jockeys Accident Fund (JAF) is there to support jockeys.

While JAF journey has been marked by significant changes. Transitioning from a charity to a company in 2021, JAF enjoyed a promising start, amassing a surplus of $189,225 in its inaugural year. However, the financial landscape took an unexpected turn in 2022, as the fund reported a substantial loss of ?610,000. This sudden financial downturn has prompted investigations into the factors contributing to JAF’s financial challenges.

A sudden financial turnaround

The JAF, which transitioned from a charity to a company in 2021, has faced a challenging financial landscape. The fund provides benefits to professional jockeys who sustain injuries during work and also covers emergency costs for riders from other jurisdictions injured while racing in Ireland. However, the most recent financial statements reveal a substantial loss.

This loss can be attributed to a ?351,000 increase in administrative expenses and a ?333,000 negative adjustment in the “fair value” of financial assets in 2022. Such financial turbulence is a matter of concern for the fund’s beneficiaries

Understanding the Jockey Accident fund

The Jockeys Accident Fund derives its income from various sources, as per the Irish Horseracing Regulatory Board (IHRB). These sources include owners? and jockeys’ levies, a portion of jockeys and apprentices’ annual license fees, stake percentages won by Qualified Riders, investment income, and voluntary donations. Additionally, the fund is involved in funding research related to jockeys’ health, and it receives.

The?Irish Horseracing Regulatory Board (IHRB)?website states that income for the JAF is ?derived from owners and jockeys? levies, a portion of jockeys and apprentices? annual licence fees, stake percentages won by Qualified Riders, investment income and voluntary donations.?

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The IHRB, the regulatory body for horse racing in Ireland, plays a significant role in supporting these funds and is funded by Horse Racing Ireland (HRI), which received ?76 million in State funds in the most recent budget. The IHRB provides administrative support to the JAF and transfers funds, including contributions from jockeys’ license fees, to the JAF. They explained, “We receive money on behalf of the JAF and we transfer it to their account.”It’s noteworthy that the financial situation at the IHRB is currently under review.

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