MYSTERY continues to surround the full nature of the issues of “grave concern” in the Irish Horseracing Regulatory Board [IHRB] accounts for 2022 following revelations in the past seven days relating to discrepancies in the reporting of IHRB payments to various jockey charities and insurance schemes.

In June IHRB chief executive Darragh O’Loughlin told the Public Accounts Committee he had been made aware of issues in the 2022 accounts which necessitated an external investigation by consultants Mazars. O’Loughlin would not give any further details at the time but did confirm that the IHRB’s financial controller Donal O’Shea had taken “voluntary leave” without prejudice while the matter was investigated.

Last Saturday The Journal website reported that there were discrepancies in the figures published in the IHRB accounts for monies given by the IHRB in 2019 to the Qualified Riders Accident Fund, Jockeys Accident Fund and Jockeys Emergency Fund. The differences total €50,000.

The Irish Injured Jockeys Fund is completely independent of the IHRB and is not affected.

An IHRB spokesperson was quoted as saying the IHRB is “aware that there is an apparent discrepancy in the published accounts, which we believe to be a result of a clerical error” and that this matter is part of the Mazars review.

The story was also picked up this week by The Irish Examiner which reported that the Jockeys Accident Fund [JAF] registered a loss of €600,000 in 2022. The losses were attributed chiefly to a €350,000 increase in “administrative expenses” and a depreciation of €330,000 in financial assets.

Investigation by The Irish Field has indicated that the jump in “administrative expenses” can be explained by a rise in the number of professional jockeys who were injured in 2022 and had to be compensated, while the depreciation figure is in line with the performance of most managed funds in 2022.

Previously a charity, the JAF changed status to a limited company in 2022 based on legal advice. It is run by a board which consists of officials from the IHRB, Horse Racing Ireland and the Irish Jockeys Association. The JAF has declined to comment at this time.

The IHRB has promised to publish the Mazars report when it is completed but cannot say when that will be. A spokesperson said: “The review is still underway. A significant quantity of documents and records have been and are being examined. It is an independent review, and we are very much in the hands of Mazars in relation to the timing.”