Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697805860353.pdf (Ireland)
Companies Registration Number: 606527 financial statements FOR THE FINANCIAL YEAR ENDED 3pT DECEMBER 2019 IRISH HORSERACING REGULATORY BOARD CLG |A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITALJ CONTENTS Directors and Other Information Directors’ Report Directors’ Responsibilities Statement Chairman’s Statement Independent Auditor’s Report to the Members Statement of Income and Expenditure Statement of Comprehensive Income Statement of Financial Position Statement of Changes in Equity Statement of Cash Flows Page 1 2-5 6 7.9 10-12 Notes to the Financial Statements 18-29 IRISH HORSERACING REGULATORY BOARD CLG [A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL] DIRECTORS’ AND OTHER INFORMATION Directors: Peter M. Allen [resigned 01/01 /2020] H.R.D.
McCalinont Caroline Corballis Martin P. O’Donnell Dr. Colm O’Flaherty [resigned 01/01/2020] John Power Philip McLernon [appointed 01 /01 /2020 | David McCorkell [appointed 01/01/2020] Secretary: Cliodhna Guy [appointed 10/07/2019] HMP Secretarial Ltd [resigned 10/07/2019] Company Number: 606527 Registered Office: Business Address: Auditor: Bankers: Solicitors: Irish Horseracing Regulatory Board The Cun agh Co. Kildare.

Irish Horseracing Regulatory Board The Curragh Co. Kildare.
Comptroller and Auditor General 3A Mayor Street Upper Dublin 1.

Bank of Ireland Newbridge Co, Kildare.

DAC Beachcroft Thj'ee Haddington Buildings Percy Place Dublin 4 IRISH HORSERACING REGULATORY BOARD CLG (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL!

DIRECTORS’ REPORT The directors present their annual report and the audited financial statements of the company for the financial year ended 31 December 2019.
Directors The names of the persons who at any time during the financial year were directors of the company arc as listed on Page 1.

Principal Activities The principal activity of the company is to cany out the regulatory functions as set out in Section 11(1) of the Horse Racing Ireland Act 2016.
The Turf Club and Irish National Hunt Steeplechase Committee transferred the regulatory functions together with the related assets and liabilities to the company under a business transfer agreement on January 2018.

Development and Performance The profit for the financial year after providing for depreciation and taxation amounted to €9,080 (2018: loss of €1,162).
The company commenced operations on January 2018, Principal Risks and Uncertainties The company faces risks and uncertainties which would include but are not limited to the funding requirements to be agreed with Horse Racing Ireland in order to carry out the regulatory functions.

The directors of the company manage these risks by ensuring the company has adequate current financial resources which is achieved by matching income with expenditure through cost control measures.
Donations The company did not make any political donations during 2019.

Accounting Records The measures taken by the directors to secure compliance with the requirements of Sections 281 to 285 of the Companies Act 2014 with regard to the keeping of accounting records are the implementation of necessary policies and procedures for recording transactions, the employment of competent accounting personnel with appropriate expertise and the provision of adequate resources to the financial function.
The accounting records of the company are located at the Offices of the Irish Horseracing Regulatoiy Board (IHRB), The Curragh, Co. Kildare.
Relevant Audit Information In the case of each of the persons who are directors at the time this report is approved in accordance with Section 332 of Companies Act 2014 ; ® so far as each director is aware, there is no relevant audit information of which the company’s statutory auditors are unaware, and • each director has taken all the steps that he or she ought to have taken in order to make himself or herself aware of any relevant audit information and to establish that the company’s statutory auditors are aware of that information.
2 |A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) IRISH HORSERACING REGULATORY BOARD CLG DIRECTORS’REPORT Contd/... Board Structure The Board consists of the Chaiiperson and five ordinary members.
The table below details the appointment 01 most recent reappointment dates for the cuirent members: Board member Harry McCalmont Martin O Donnell Caroline Corballis John Power Philip McLernon David McCorkell Role Chairperson Ordinary Member Ordinary Member Ordinary Member Ordinaiy Member Ordinary Member Date appointed/rcappointed 01 January 2018 01 January 2018 01 January 2018 01 January 2018 01 January 2020 01 January 2020 No fees were paid to any Board members during the financial year 2019.
Details of Board Travel and Subsistence costs are included in Note 10 of these financial statements.

Schedule of Attendance There were eight Board meetings held during the year ended 31 December 2019.
These meetings are set Board member Hany McCalmont Martin O Donnell Caroline Corballis John Power Philip McLeinon David McCorkell Colm O Flaherty Peter Allen Eligible to attend 8 8 8 8 0 0 8 8 Attended 8 8 8 6 0 0 7 8 Tn commenced conducting an External Board Effectiveness and Evaluation Review throughout zUiy and is committed to achieving good governance processes and procedures.

There were two Audit and Risk Committee meetings held during the year ended 31 December 2019.
The Committee members attendances at these meetings were as set out below: Committee member Laurence McFerran (chairman) Jack Rearden Anthony Byrne John Muiphy John Martin Smith Eligible to attend 2 2 2 2 2 Attended 2 2 1 1 1 The directors are responsible for preparing the directors report and the financial with applicable Irish Law and Regulations.

statements in accordance 3 {A COMPANY LIMITED BY GUA'RANTEE AND NOT HAVING SHARE CAPITALl IRISH HORSERACING REGULATORY BOARD CLG DIRECTORS’REPORT Contd/...
Governance statement The Irish Horseracing Regulatory Board CLG was established by the Turf Club and Irish National Hunt Steeplechase Committee to caixy out the regulatory functions including those set out in the Horse Racing Ireland Act 2016.

The Board is accountable to the Minister for Agriculture, Food and the Marine and is responsible for ensuring good governance and performs this task by setting strategic objectives and targets and taking strategic decisions on all key business issues.
The regular day to day management, control and direction of the company are the responsibility of the Chief Executive Officei (CEO) and the senioi management team.

The CEO and the senior management team must follow the broad stiategic direction set by the Board and must ensure that all Board members have a clear understanding of the key activities and decisions related to the entity, and of any significant risks likely to arise.
The CEO acts as a direct liaison between the Board and the management of the company.

Board responsibilities The work and responsibilities of the Board are set out in the Board of Directors terms of reference which also contain the matters specifically reserved for Board decision.
Standing items considered by the Boaid include: • Declaration of interests, • Reports from the Audit and Risk Committee, • Financial reports and management accounts, • Performance reports and • Reserved matters Consultancy Costs The IHRB incuiTed fees in the below itemised consultancy categories across the periods in question.
Legal Tax and financial advisoiy PR IT Consultancy Internal audit 2019 € 91,448 6,285 11,421 141,111 16,566 2018 € 236,700 14,053 21,157 139,236 12,300 There were no costs in relation to settlement of legal cases during the year (2018: €-).

Post Balance Sheet Event The Covid 19 outbreak and the measures taken to mitigate its impact are having a significant effect on the IHRB’s activity for 2020.

In March 2020, all racing across Ireland was temporally suspended due to the Covid 19.
Racing has since resumed in June 2020, but the period lost will result in budgeted fixtuies for 2020 being lost permanently for the year.

4 |A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) IRISH HORSERACING REGULATORY BOARD Cl C DIRECTORS’ REPORT Contd/...

Statement of Compliance STi ’he Governance of State Bodies (016) and has put procedures in place to ensure compliance.
The Irish Horseracing Regulatory Board CLG tn their financial statements due to the commemial sensitivity of the information “de~ Zm he code has been agreed with the Department of Agriculture, Food and the Marine.
The IHRB ^es not publish the salary and other employment benefits of its CEO in its audited financial Department of Agricuhure 4od a"d Se“ *« Auditors The Comptroller and Auditor General Horseracing Industry Act 1994. was appointed auditor of the IHRB under Section 39A of the Irish This report was Board by: ved by the Board of Directors on 2020 and signed on behalf of the HARRY DIRECTOR DATE;2c56^ A/jo* MARTIN DIRECTOR LL DATE: 2 H l\/oi> '2.<^-2O 5 JA COMPANY LIMITED BY GUARANTEE AND' NOT HAVING SHARE CAPITAL] IRISH HORSERACING REGULATORY BOARD CLG DIRECTORS’ RESPONSIBlLniES STATEMENT The directors are responsible for preparing the directors report and the financial statements in accordance with applicable Irish Law and Regulations.
Irish company law requires the directors to prepare financial statements for each year.

Under the law, the directors have elected to prepare the financial statements in accordance with the Companies Act 2014 and FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” issued by the Financial Reporting Council, and promulgated by the Institute of Chartered Accountants in Ireland.
Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of the profit or loss of the company for the financial year and otherwise comply with the Companies Act 2014.
In preparing these financial statements, the directors are required to : select suitable accounting policies and then apply them consistently; • • make judgements and accounting estimates that are reasonable and prudent; ® state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for ensuring that the company keeps or causes to be kept adequate accounting records which coirectly explain and record the transactions of the company, enable at any time the assets, liabilities, financial position and profit or loss of the company to be determined with reasonable accuracy, enable them to ensure that the financial statements and directors report comply with the Companies Act 2014 and enable the financial statements to be audited.
They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other in’egularities.

The directors are responsible for the maintenance and integrity of the corporate and financial infonnation included on the company’s website.

Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions * DIRECTOR DIRECTOR DATE: 2 >2-?
DATE: ^0^4 2 6 |A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL] IRISH HORSERACING REGULATORY BOARD CLG CHAIRMAN’S STATEMENT On behalf of the Irish Horseracing Regulatory Board (IHRB), I am pleased to present our 2019 Annual accounts.

This is our second year of operation.

The Irish Horseracing Regulatoiy Board CLG returned a profit on ordinary activities after taxation of €9,080 (2018: loss of €1,162).

The revenue for the year was €9.6m, compared to €9.6m in 2018.
Statement on internal control Scope of Responsibility The board acknowledges its responsibility for ensuring that an effective system of internal financial control IS maintained and operated.

Such a system can provide only reasonable and not absolute assurances against material enor and the system in place is proportionate to the size and nature of the company.
The key procedures, which have been put in place by the board, to provide effective internal financial control include the following: • A clearly defined management structure with proper segregation of duties thi'oughout the organisation.

• Specific clearly defined procedures are in place for control of purchasing, payments, receipts and payroll.

• The audit committee meet on a regular basis to review financial risks.

They also receive periodic reports from an outsourced Internal Audit function.
All sigmficant business risks are discussed by the board and decisions taken on the best available professional advice.

The board reviews management accounts and performance against budget.

Purpose of the System of Internal Control The system of internal control is designed to manage risk to a tolerable level rather than to eliminate it.
The system can therefore only provide reasonable and not absolute assurances that assets are safeguarded, transactions authorised and properly recorded, and that material errors or irregularities are either prevented or detected in a timely way.

Capacity to Handle Risk The Irish Horseracing Regulatory Board CLG has an Audit and Risk Committee (ARC) which in 2019 was comprised of the Finance Committee.

The ARC met twice during the year.


The ARC receives periodic reports from an outsourced Intenial Audit function.

The ARC is developing a risk management policy which will set out its risk appetite, the risk management processes in place and details the roles and responsibilities of staff in relation to risk.
The policy will be issued to all staff who are expected to work within the Irish Horseracing Regulatory Board’s risk management policies, to alert management on emerging risks and control weaknesses and assume responsibility for risks and controls in their own area of work.
Risk and control framework The Irish Horseracing Regulatoiy Board CLG has implemented a risk management system which identifies and leports on key risks and the management actions being taken to address and, to the extent possible to mitigate these risks.

’ A risk legister is in place which identifies the key risks facing the company and these have been identified, evaluated and graded according to their significance.

The register is reviewed and updated as required by the ARC at every meeting.
The outcome of these assessments is used to plan and allocate resources to ensure risks are managed at an acceptable level.

7 (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL!

IRISH HORSERACING REGULATORY BOARD CLG CHAIRMAN’S STATEMENT Contd/...

The risk register details the controls and actions needed to mitigate risks and responsibility for opeiation of controls assigned to specific staff.
I confirm that a control environment containing the following elements is in place: • Procedures for all key business processes are being documented, • Financial responsibilities have been assigned at management level with conesponding accountability • There is an appropriate budgeting system with an annual budget which is kept under review by senior management • There are systems aimed at ensuring the security of the infomiation and communication technology systems « There are systems in place to safeguard the assets Ongoing monitoring and review Foimal procedures have been established for monitoring control processes and control deficiencies are communicated to those responsible for taking coirective action and to management and the Boaid.
I confinn that the following ongoing monitoring systems are in place: • Key risks and related controls have been identified and processes have been put in place to monitor the operation of these key controls and report any identified deficiencies • Reporting aiTangements have been established at all levels where responsibility foi financial management has been assigned and • There are regular reviews by management of periodic and annual performance and financial reports which indicate performance against budgets Procurement I confirm that The Irish Horseracing Regulatory Board CLG has procedures in place to ensure compliance with the current procurement rules and guidelines and that during 2019 these procedures were complied .
with.

Review of effectiveness I confirm that The Irish Horseracing Regulatory Board CLG has procedures to monitor the effectiveness of its risk management and control procedures.
The monitoring and review of the effectiveness of the system of internal financial control is infonned by the work of the internal and external auditoi s, the ARC which oversees their work and the senior management within the company who are responsible for the development and maintenance of the internal financial control framework.
I confinn that the Board (via the ARC) has conducted an annual review of the effectiveness of the internal controls for 2019, Internal control issues No weaknesses in internal control were identified in relation to 2019 that require disclosure in the financial .

statements.
statements.

8 IA COMPANY LIMITED BY GUAIUINTEE AND NOT HAVING SHARE CAPITALl IRISH HORSERACING REGULATORY BOARD CLG CHAIRMAN’S STATEMENT Contd/... Review of year The Company reported operating profits after depreciation and taxation of €9,080 (2018: loss of€l 162) and net assets of €7,918 (2018: net liabilities of €1,162).

These figures reflect the funding mechanism in Mand’fHRlTguaranteed by Horse Racing Ireland (HRl) on the basis of an agreed annual budget.
Consequently, as the provision of Integrity Seivices IHRfi'wiir” Participants are the only activities carried out by the IHRB, it is not expected that the ™ accumulate significant net asset holdings.
The figures and the of the seivic^s JS challenges, that the IHRB has provided integrity consistently made in the provision ^e IHRB produced hs first ever 5-year Strategic Plan in 2019; subject to the provision of funds through the annual budget by HRI, we plan to deliver what is set out in the plan over the next 5 years The plan has been devdoped taking into account the cuirent state of the industry and some of the longeMemiTssues and opportimities impacting on the integrity of horse racing in Ireland such as anti-doping^ health and safety deH vX a h -oh deliver a high-class, efficient service.
partcipants - both human and equine - as well as implementing more efficient processes’ Challenging times m tenns of funding, the IHRB will endeavour to continue to The 7 key objectives identified in the IHRB Strategic Plan are; IT Systems and Processes Integrity of Regulatory Practices • • Employee Engagement and Stewards Support • • Licensing • Equine Anti-Doping and Medication Control • Point-to-Point Regulation • Health, Safety and Care of our Sports Participants; Rider and Horse 2019 saw the rollout to all tracks of a new automated weighing system for the Clerk of the Scales This "■ well reeci^“^ oioKcnojGcrs.
We value the contribution of our staff, Board and Members of the Organisation.

The care pride and skill they bring to their work remains our greatest asset.

For 2019 and beyond, the IHRB is committed to nlaced’m d“J'"'™"® supports for all people representing the Organisation to ensure they are best ‘hat may arise as the regulators of horseracing in hXnd 11 Cl ana.
® I would also like to thank the Minister for Agriculture, Food and the Marine and the Staff of the acknnv^t'^d n, acknowledge the support we receive from Horse Racing Ireland.

‘h® Marine for their ongoing valued support.
I would also like to I wish everyone involved in Irish horseracing a successful 2020, Hany Chairman Date o 9 ®Ard Reachtaire Cuntas agus Ciste Comptroller and Auditor General Report for presentation to the Houses of the Oireachtas Irish Horseracing Regulatory Board CLG Opinion on the financial statements I have audited the financial statements of the Irish Horseracing Regulatory Board CLG for the year ended 31 December 2019 as required under the provisions of section 39A of the Irish Horseracing Industry Act 1994.
The financial statements comprise the statement of income and expenditure, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and the related notes, including a summary of significant accounting policies.
In my opinion, the financial statements • • give a true and fair view of the assets, liabilities and financial position of the Irish Horseracing Regulatory Board CLG at 31 December 2019 and of its income and expenditure for2019 have been properly prepared in accordance w ith Financial Reporting Standard (FRS) 102 — The Financial Reporting Standard applicable in the UK and the Republic of Ireland, and » have been properly prepared in accordance with the Companies Act2014.
Basis of opinion I conducted my audit of the financial statements in accordance with the International Standards on Auditing (ISAs) as promulgated by the International Organisation of Supreme Audit Institutions.

My responsibilities under those standards are described in the appendix to this report.

I am independent of the company and have fulfilled my other ethical responsibilities in accordance with the standards.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions related to going concern The directors have prepared the financial statements on a going concern basis.
As described in the appendix to this report, I conclude on • the appropriateness of the use by the directors of the going concern basis of accounting and • whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern.

I have nothing to report in that regard.


Opinion on matters prescribed by the Companies Act 2014 Based solely on the work undertaken in the course of the audit, I report that in my opinion • • the information given in the directors’ report is consistent with the financial statements, and the directors’ report has been prepared in accordance w ith the Companies Act 2014.

I have obtained all the information and explanations that I consider necessary for the purposes of my audit.
In my opinion, the accounting records of the Irish Horseracing Regulatory Board CLG were sufficient to permit the financial statements to be readily and properly audited, and the financial statements are in agreement with the accounting records.

The Companies Act 2014 also requires me to report if, in nry opinion, the disclosures of directors' remuneration and transactions required by sections 305 to 312 of the Actare not made.

I have nothing to report in that regard.


Report of the C&AG (continued) Re port on information other than the financial statements, and on other matters The directors have presented certain other information with the financial statements.

This comprises the directors’report, the directors'responsibility statement, the Chairman’s statement including the statement on internal control, and the administration and integrity services operating statements.
My responsibilities to report in relation to such information, and on certain other matters upon w hich I report by exception, are described in the appendix to this report.

I have nothing to report in that regard.
Seamus McCarthy Comptroller and Auditor Ge neral 30 November 2020 Appendix to the report Responsibilities of the directors • As explained in the directors'report, the directorsare re sp on able for » the preparation of financial statements in the fomn prescribed underthe CompaniesAct2014 • • • ensuring that the financial statements give a true and feir viewin accordance with FRS102 ensuring the regularityof transactions assessing whether the use of the going concern basis of accounting isappropri ate, and » such internal control as they determine is necessary to enable the preparationof financial statementsthat are free from material misstatement, whetherdue to fraud orerror.
Responsibilities of the Com ptrollerand Auditor General lam required under Section 39Aof the Irish Horseracing Industry Act 1994 to audit thefinancialstatementsof the Irish Horseradng Regulatory Board CLG and to report thereon to the Houses of the Oireachtas.

My objective in carrying out the audit is to obtain reasonable assurance about whetherthefinancial statementsasa whole ate free from material misstatement due to fraud or error.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the ISAs will always detect a material misstatement when it exists.

Mi^atementscan arise from fraud or error and are consdeted material if, individuallyorintheaggregate,theycould reasonably be expected to influence the economic decisionsof users taken on the basis ofthese financial statements.
As part of an audit in accordance with the ISAs, I exercise professional judgment and maintain professional scepticisn throughouttheaudit.

In doingso, » I identify and assess the risks of material misstatement of the financial statements whether due to fraud or error; design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate toprovidea basisformyopinion.
Theriskof not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, orthe override of internal control.

• I obtain an understanding of internal control relevantto the audit in order to design audit procedures that are appropriate in the circumstances, but notforthe purpose of expressing an opinion on the effectiveness of the internal controls.
• I evaluate the appropriatenessof accounting policiesused and the reasonableness of accounting estimates and related disclosures.

I conclude on the appropriatenessof the use of the going concern basis of accounting and, based on the audit evidence obtained, onwhethera material uncertainty exists related to events or conditions that may cast significant doubt on the Irish Horseracing Regulatory Board’sability to continue as a going concern.
If I conclude that a material uncertainty exists, I am required to draw attention in my report to the related disclosures in the financial statements or, if such disclosuresare inadequate, to modify my opinion.

My conclusions are based on the audit evidence obtained up to the date of my report.

However, future events or conditionsmay cause the company to cease being a going concern.
• I evaluatethe overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficienciesin intemalcontrol that I identify during my audit.
Information other than the financial statements Myopinion on the financial statementsdoes not cover the other information presented with those statements, and I do not express any form of assurance conclusion thereon.
In connection with my audit of the financial statements, I am required underthe ISAsto read the other information presented and, in doing so, consider whether the other information is materially inconsistent with the financial statements or with knowledge obtained during theaudit, or if itotherwise appeals to be materially misstated.

If, based on the wotkl have performed, I conclude that there is a material misstatement of this other information, I am required to report thatfact.
Reporting on other matters My audit isconducted by reference to the special considerations which attach to State bodiesin relation to their management and operation.

I report if there are material matters relating to the mannerin which public business has been conducted.

I seek to obtain evidence about the regularityof financial transactions in the course of audit.
I report if I find any material instance where public money has not been applied for the purposes intended orwhere transactionsdid not conform to the authoritiesgoveming them.
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITALl IRISH HORSERACING REGULAl ORY BOARD CLG STATEMENT OF INCOME AND EXPENDITURE FINANCIAL YEAR ENDED 3P’'' DECEMBER 2019 Note 6 Turnover Licensing, Registration & Other Horse Racing Ireland: Funding Horse Racing Ireland: Capital Grants Transfer to/from the Defeired Capital 17 Account Integrity services expenses Administrative expenses Operating Expenses Operating Profit Profit before taxation Tax on Profit 7 8 9 12 2019 € 2018 € 1,089,453 8,447,112 606,287 (523,925) 1,141,473 8,445,682 121,177 (92,254) 9,618,927 9,616,078 (6,806,749) (2,800,180) (6,893,121) (2,722,565) (9,606,929) (9,615,686) 11,998 11,998 392 392 (2,918) (1,554) Profit/(Loss) for the financial year 9,080 (1,162) All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the financial year as set out above.
The Notes on pages IS to 29 form part of these financial statements 13 STATEMENT OF COMPREHENSIVE INCOME financial YEAR ENDED 31« DECEMBER 2019 Note Profit/(loss) for the financial year Other comprehensive income; Other comprehensive income 2019 € 9,080 2018 € (1,162) Total comprehensive income for the financial year 9,080 (1,162) 14 lA COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITALl IRISH HORSERACING REGULATORY BOARD CLG STATEMENT OF FINANCIAL POSITION AS AT 31^ * DECEMBER 2019 Note 13 14 15 16 Fixed Assets Tangible Assets Current Assets Debtors Cash at Bank and in Hand Creditors: amounts falling due within one year Net Current Liabilities TOTAL ASSETS LESS CURRENT LIABILITIES Deferred Capital Account 17 NET ASSETS/(LIABILITIES) Capital and Reserves Statement of Income and Expenditure 20 Members Funds/(Deficit) 2019 € 2018 € 643,400 132,103 886,434 541,338 1,757,249 1,663 1,427,772 1,758,912 (1,447,075) (1,799,923) (19,303) (41,011) 624,097 91,092 (616,179) (92,254) 7,918 (1,162) 7,918 7,918 (1,162) (1,162) These financial statements were approved by the Board of Directors on and signed on behalf of the Board by : 2o 2020 HARRY Me DIRECTOR MONT DATE: MARTIN P. O’DONNELL DIRECTOR DATE: The Notes on pages 18 to 29 form part of these financial statements 15 [A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITALJ IRISH HORSERACING REGULATORY BOARD CLG STATEMENT OF CHANGES IN EQUITY FINANCIAL YEAR ENDED 31’’^ DECEMBER 2019 Statement of Income and Expenditure Account € Total € At 1** January 2018 (Loss) for the financial year Total comprehensive income for the financial year 2018 At SI*** December 2018 and r‘ January 2019 Total comprehensive income for the financial year 2019 At 31®* December 2019 - (1,162) (1,162) (1,162) (1,162) (1,162) (1,162) 9,080 7,918 9,080 7,918 56 (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL] IRISH HORSERACING REGULATORY BOARD CLG STATEMENT OF CASH FLOWS FINANCIAL YEAR ENDED DECEMBER 2019 Note 2019 € 2018 € Cash flows from operating activities Profit/(Loss)
 for the financial year Adjustments for: Depreciation of tangible assets Government Grant income Tax on Profit Accrued Expenses/(Income) Changes in : Trade and other Debtors Trade and other Creditors Cash generated from Operations Tax Paid Net Cash from/(used in) operating activities Cash flows from investing activities Purchase of tangible assets Net cash used in investing activities Cash flows from financing activities Proceeds from loans and participating interests Government Grant income Net Cash (used in)/from financing activities Net increase^decrease) in cash and cash equivalents Cash and cash equivalents at beginning of financial year 15 Cash and cash equivalents at end of financial year 9,080 (1,162) 96,835 (82,362) 2,918 71,561 41,684 (28,923) 1,554 887,552 870,815 371,099 (1,757,249) 731,146 1,339,946 (125,398) (3,108) - 1,336,838 (125,398) (608,132) (173,787) (608,132) (173,787) (268,774) 82,362 269,306 28,923 (186,412) 298,229 542,294 (956) 541,338 (956) - (956) 17 |A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL] IRISH HORSERACING REGULATORY BOARD CLG NOTES TO THE FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 3P* DECEMBER 2019 1.
General Information The company is a private company limited by guarantee, registered in Ireland.

The address of the registered office is the Irish Horseracing Regulatory Board CLG, The CuiTagh, Co. Kildare.

2.

Statement of Compliance These financial statements have been prepared in compliance with FRS 102, “The Financial Reporting Standard applicable in the UK and Republic of Ireland.

3.
3.

Accounting Policies and measurement bases Basis of Preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the Statement of Income and Expenditure.

The financial statements are prepared in Euro, which is the functional currency of the entity.
Turnover Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax [where applicable].

Tumovei of the Irish Horseracing Regulatory Body CLG derives from the following sources • Integrity Services Grant Income — Guaranteed by Horse Racing Ireland on the basis of an agreed annual budget.

Turnover is accounted for on an accruals basis.


• Other Income & HRI Administration Grant - Licensing, registrations, fines, appeals, objections, rule books, commissions, other income and reimbursement from Horse Racing Ireland.

Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the lepoiting period.
Tax is recognised in the statement of comprehensive income, except to the extent that it relates te items recognised in other comprehensive income or directly in capital and reserves.

In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax is recognised on taxable profit for the cun ent and past periods.
Cun'ent tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Defened tax is iecognised in respect of all timing differences at the reporting date.

Unrelieved tax losses and other defemed tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Defen ed tax is measui ed using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
18 (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL} IRISH HORSERACING REGULATORY BOARD CLG NOTES TO THE FINANCIAL STATEMENTS Contd/... FINANCIAL YEAR ENDED 31 st DECEMBER 2019 Tangible Assets Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaiiment losses.

An increase in the canying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in the Statement of Income and Expenditure.
A decrease m the canying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and resei-ves in respect of that asset.

Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in the Statement of Income and Expenditure.
Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value over die useful economic life of that asset as follows Integrity Capital Assets Fittings, fixtures and equipment 20 to 25% straight line 20 to 25% straight line If there IS an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist.

Where the cairying value exceeds the recoverable amount the asset is impaired accordingly.

Prior impairments are also reviewed for possible reversal at each reporting date.
When it IS not possible to estimate the recoverable amount of an individual asset, an estimate is made of toerecoverabJe amount of the cash-generating unit to which the asset belongs.

The cash-generating unit IS the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash flows from other assets or groups of assets.

19 [A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL!
IRISH HORSERACING REGULATORY BOARD CLG NOTES TO THE FINANCIAL STATEMENTS Contd/... FINANCIAL YEAR ENDED DECEMBER 2019 Government Grants Government grants are recognised at the fair value of the asset received or receivable.

Grants are not recognised until there is reasonable assui-ance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods m which the company recognises the related costs for which the grant is intended to compensate.

Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Operating Grants: The operating income represents the annual contribution from Horse Racing Ireland to the company for its running costs.

Operating grants are treated as income in the financial year which they are receivable.
Capital Grants: Grants for capital purposes are received from Horse Racing Ireland to fond capital costs and associated mlrastructure costs mcunred by the company.

Capital grants are deferred to the deferred capital account and aie amortised in line with the depreciation of related assets.
20 }A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPFrAL) IRISH HORSERACING REGULATORY BOARD CLG NOTES TO THE FINANCIAL STATEMENTS Coiitd/... FINANCIAL YEAR ENDED 31^ DECEMBER 2019 Financial Instruments A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in the Statement of Income and Expenditure.

Ail other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest or similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the Statement of Income and Expenditure, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impaiiTnent at the end of each reporting date.

If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Expenditure immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment.

Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in the Statement of Income and Expenditure immediately, to the extent that the reversal does not result in a canying amount of the financial asset that exceeds what the cairying amount would have been had the impainnent not previously been recognised.

Defined Contribution Pension Scheme Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in fiiture payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis.

The unwinding of the discount is recognised in finance costs in the Statement of Income and Expenditure in the period in which it arises.
21 IA f fnin < |A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL] horseracing regulatory board clg NOTES TO THE FINANCIAL STATEMENTS Contd/... FINANCIAL YEAR ENDED JpT DECEMBER 2019 4.
Critical Estimates and Judgments The preparation of these financial statements requires management to make judgments estimates and application of policies and reported amounts of assets Ind liabilities, income Xd'ZendV uiiu expenuiiui e. Judgements and estimates are continually evaluated and are based on historical experience and other ev«mts that are believed to be reasonable under the circumstances*'’® vij vUillbldllLvS.

The company makes estimates and assumptions concerning the future.
“seldom equal the related actual results.

Ti.v c>u.„aies ano ai causing a material adjustment to the carrying amounts of r liabilities within the next financial year are discussed below.

The resulting accounting The estimates and assumptions ' assets and [a] Establishing useful economic life for depreciation purpose Ifcal depreciation charge depends primarily on the estimated useful economic lives of each type nf n estimate of residual value.
The directors regularly review these assets useful lives in liX of prospective economic utilisation and physical condition of the assets concerned.

Changes in asset usefu lives can have a significant impact on depreciation and amortisation charges for the period.

Detail of the useful economic lives is included in the accounting policies.
[b] Going concem The directors have prepared budgets for the next financial year which demonstrate that there is no mateiial uncertainty regarding the company’s ability to meet its liabilities as they fall due, and to con inue as a going concern.

On this basis the directors consider it appropriate to prepare the financial emen s on a going concem basis.
Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company weie unable to continue as a going concem.

5.

Limited by Guarantee The liability of the trustee nominees is limited.

In the event of the Company being wound up each trustee nominee while Ig is a trustee nominee or within one year afterwards, undertakes to contribute towards the payment of any debts and liabilities of the Company.
Any such contribution by each trustee nominee is limited to €1.00, 22 |A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITALl IRISH HORSERACING REGULATORY BOARD CLG NOTES TO THE FINANCIAL STATEMENTS Contd/... FINANCIAL YEAR ENDED 31^^ DECEMBER 2019 6.

Turnover The whole of the turnover is derived from Ireland.
An analysis of the turnover by business operation is given below Licensing and registration Commission and other income Fines, appeals, objections and rule books Owners and trainers Horse Racing Ireland; Funding Horse Racing Ireland: Capital Grants Transfer to/from the Deferred Capital Account 1.
Integrity Services Expenses Personnel costs HR and training Equine Forensic Unit Printing, postage and stationery Telephone Motor running expenses Travelling expenses Legal and professional fees Jockeys drug testing programme Sundiy expenses 2019 € 2018 € 907,656 33,700 128,309 19,788 8,447,112 606,287 (523,925) 926,975 32,377 162,594 19,527 8,445,682 121,177 (92,254) 9,618,927 9,616,078 2019 € 2018 € 3,853,246 74,455 1,232,397 11,675 18,580 709,631 280,732 100,656 159,890 365,487 3,659,742 64,743 1,717,025 11,531 19,827 622,296 276,160 236,509 107,472 177,816 6,806,749 6,893,121 23 |A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL] IRISH HORSERACING REGULATORY BOARD CI G NOTES TO THE FINANCIAL STATEMENTS Contd/ FINANCIAL YEAR ENDED 31S' DECEMBER 2019 8.
Administration Expenses Personnel Costs Staff training and HR Rent payable Rates Insurance Computer services and stationery Light and heat Security and cleaning Repairs and maintenance Printing, postage and stationery Telephone Motor expenses Travelling and meetings Publicity and publications Legal and professional Auditors remuneration Bank charges Canteen INKS Ambulances General expenses Subscriptions and donations Depreciation 9.
Operating Profit Operating profit is stated after charging/(crediting) Depreciation of tangible assets Fees payable for the audit of the financial statements 2019 2018 € € € € 96,835 13,776 41,684 25,920 24 (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL!
IRISH HORSERACING REGULATORY BOARD CLG NOTES TO THE FINANCIAL STATEMENTS Contd/... FINANCIAL YEAR ENDED 31^'’' DECEMBER 2019 10.
Employee and Directors The average number of persons employed by the company during the financial year, including the directors, was as follows ; Integrity Management and Administration The aggregate payroll costs incun-ed during the financial year were Wages and Salaries Social Insurance Costs Other Retirement Benefit costs 2019 2018 Number Number 82 33 82 31 4,599,529 466,594 380,717 4,359,486 436,621 567,027 5,446,840 5,363,134 No fees were paid to any directors during the financial year 2019.
Travel and Subsistence Expenditure Travel and Subsistence Expenditure is categorised as follows: Domestic _ Board - Employee International - Board Employee Hospitality Expenditure Hospitality Expenditure is categorised as follows; Staff hospitality Client hospitality Remuneration and benefits paid to key management was as follows: 2019 2018 € € 11,662 894,489 11,975 995,870 20,875 53,289 14,976 55,503 1,082,009 976,630 10,080 3,924 5,536 4,750 14,004 10,286 2019 € 1,135,901 2018 € 1,172,650 Key management includes the Chief Executive and senior management.
No fees were paid to the Board during 2019 or 2018.

There was a Tull complement of key management in 2019.

The IHRB does not disclose details of the number of employees whose total employee benefits (excluding pension costs) for the reporting period foil within each band of €10,000 from €60,000 upwards due to the commercial sensitivity of this information.

This departure from the Code has been agreed with the Department of Agriculture, Food and the Maj ine.
The IHRB does not publish the salaiy and other employment benefits of its CEO in its audited financial statements.

This departure from the Code has been agreed with the Department of Agriculture, Food and the Marine, 25 |A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL!

IRISH HORSERACING REGULATORY BOARD CLG NOTES TO THE FINANCIAL STATEMENTS Contd/... FINANCIAL YEAR ENDED 31^^ DECEMBER 2019 11.
Employee Benefits The amount recognised in the Statement of Income and Expenditure in relation to the defined contribution pension plan for 2019 was €380,717.

Costs for 2018 were €567,027 which related to the defined contribution pension plan and a final buyout payment re a legacy defined benefit pension plan.

12.
12.

Tax on Profit Major components of tax expense Current Tax :- Irish current tax expense Tax on Profit 2019 € 2,918 2,918 2018 € 1,554 1,554 Reconciliation of tax expense The tax assessed on the profit for the financial year is higher than (2018: higher than) the standard rate of corporation tax in Ireland of 12.50% (2018: 12.50%).

Profit before Taxation Profit multiplied by rate of tax Effect of expenses not deductible for tax purposes Effect of capital allowances and depreciation 13.
Tangible Assets Cost At P' January 2019 Additions At 31** December 2019 Depreciation At P* Januaiy 2019 Charge for the financial year At 3P’ December 2019 2019 € 11,998 1,500 450 968 2,918 2018 € 392 49 722 783 1,554 Integrity Assets € Fixtures & Fittings & Equipment € 128,225 606,287 319,358 1,845 TOTAL € 447,583 608,132 734,512 321,203 1,055,715 41,454 80,832 274,026 16,003 315,480 96,835 122,286 290,029 412,315 Carrying Amount at 31** December 2019 612,226 31,174 643,400 Canying Amount at 3 P' December 2018 86,771 45,332 132,103 26 IA COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL] IRISH HORSERACING REGULATORY BOARD CLG NOTES TO THE FINANCIAL STATEMENTS Contd/... FINANCIAL YEAR ENDED DECEMBER 2019 14, Debtors Trade Debtors Amounts owed by undertakings with which the company is linked by virtue of participating interests Prepayments 15.
Cash and Cash Equivalents Cash at Bank and in Hand Bank Overdrafts 16.

Creditors: amounts falling due within one year Amounts owed to credit institutions Trade Creditors Amounts owed to undertakings with which the company is linked by virtue of participating interests Other Creditors Tax and Social Insurance PAYE and social welfare Corporation Tax VAT Accruals 17.
Deferred Capital Account Grants Government Grants At the start of the financial year Grants received or receivable Released in line with depreciation 2019 € 2018 € 514,991 857,186 - 371,443 413,297 486,766 886,434 1,757,249 2019 € 541,338 - 2018 € 1,663 (2,619) 541,338 (956) 2019 € - 243,628 532 186,243 1,364 56,195 959,113 2018 € 2,619 408,402 269,306 3,812 171,248 1,554 55,430 887,552 1,447,075 1,799,923 2019 € 616,179 2019 € 92,254 606,287 (82,362) 2018 € 92,254 2018 € - 121,177 (28,923) At the end of the financial year 616,179 92,254 27 |A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL!
IRISH HORSERACING REGULATORY BOARD CLG NOTES TO THE FINANCIAL STATEMENTS Contd/... FINANCIAL YEAR ENDED DECEMBER 2019 18.

Related Party Transactions The Irish Horseracing Regulatoiy Board Cig was set up by the Turf Club and Irish National Hunt Steeplechase Committee to cany out the regulatoiy functions as set out in Section 11(1) of the Horse Racing Ireland Act 2016 on their behalf.
The Turf Club and Irish National Hunt Steeplechase Committee administer 4 charitable organisations which were set up under their Rules and Orders and are partly funded from revenue from horse racing prize money, licensing and related income.

The Irish Horseracing Regulatory Board Cig provide the personnel free of charge to administer these charities and would collect and remit charity income as provided for in the rules of racing.
At financial year end, the balances owed to/from each related party are itemised below: The Turf Club The Irish National Hunt Steeplechase Committee Drogheda Memorial Fund Jockeys Accident Fund Jockeys Emergency Fund Qualified Riders Accident Fund 2019 € (532) - 337 1,628 (2,050) (45) 2018 € 413,297 (269,306) (2,080) (8,840) (1,427) (3,121) The balance owed by/owed to the Turf Club and Irish National Hunt Steeplechase Committee at 3P‘ December 2018 relates to final settlement of the transfer of the assets and liabilities in relation to the transfer of the regulatory duties to the company.
The IHRB lease the offices from the Clubs at a cuirent agreed annual rent of €90,000.

During the financial year, the below portions of licensing incomes were remitted to the respective charities as outlined in the Rules of Racing: Drogheda Memorial Fund Jockeys Accident Fund Jockeys Emergency Fund Qualified Riders Accident Fund 2019 € 18,186 37,488 20,445 2,380 2018 € 17,706 38,364 19,336 2,226 28 |A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL!
IRISH HORSERACING REGULATORY BOARD CLG NOTES TO THE FINANCIAL STATEMENTS Contd/... FINANCIAL YEAR ENDED 3^*^ DECEMBER 2019 19, Financial Instruments The cariying amount for each category of financial instruments is as follows Financial assets that are debt instruments measured at amortised cost Trade Debtors Cash at Bank and in Hand Financial liabilities measured at amortised cost Bank and other loans Trade Creditors 2019 € 2018 € 514,991 541,338 857,186 1,663 1,056,329 858,849 243,628 2,619 408,402 243,628 411,021 20.
Reserves The Statement of Income and Expenditure account reserve records retained earnings and accumulated losses.

21.

Events after the end of the reporting period The Covid 19 outbreak and the measures taken to mitigate its impact are having a significant effect on economic activity of the company.

The directors have reviewed revised forecasts for 2020 and have reviewed how it can manage its cashflows during these uncertain times.
The directors consider that the going concern basis is the appropriate basis for preparation of these accounts.

22.

Reclassification of Comparative Figures and Prior year adjustment Certain comparative figures have been reclassified to conform to current year presentation.

Additionally, due to an error, the 2018 figures for Turnover and Integrity services costs have been restated and reduced in the amount of €1.6m, to €9,616,078 and €6,893,121 respectively.
This change resulted in no net effect on the surplus for 2018, nor on the reserves.

23.
Approval of Financial Statements The Board of Directors approved these financial statements for issue on ^"2^^ A/ 29 |A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) IRISH HORSERACING REGHLATORY BOARD CLG The following pages do not form part of the Statutory Accounts }A COMPANY LIMITED BY GUARANI'EE AND NOT HAVING SHARE CAPITALl IRISH HORSERACING REGULATORY BOARD CLG ADMINISTRATION OPERATING STATEMENT FINANCIAL YEAR ENDED DECEMBER 2019 Turnover Licensing and registration Commission and other income Fines, appeals, objections and rule books Horse Racing Ireland reimbursement Horse Racing Ireland: Capital Grants Transfer to/from the Deferred Capital Account Administrative Expenses Wages and salaries Employer’s PRSI contributions Staff pension costs - defined contribution Staff training and HR Rent payable Rates Insurance Computer sei'vices and stationery Light and heat Security and cleaning Repairs and maintenance Printing, postage and stationery Telephone Motor expenses Travelling and meetings Publicity and publications Legal and professional Auditors remuneration Bank charges Canteen INHS Ambulances General expenses Subscriptions and donations Depreciation of tangible assets Operating Profit Profit before Taxation 2019 € 2018 € 907,656 33,700 128,309 1,660,151 606,287 (523,925) 926,975 32,377 162,594 1,572,088 121,177 (92,254) 2,812,178 2,722,957 (1,323,200) (143,936) (126,458) (55,241) (90,000) (14,446) (308,613) (205,583) (20,057) (26,454) (23,001) (53,102) (14,917) (33,995) (91,892) (13,239) (67,289) (13,776) (2,366) (7,738) (33,955) (11,080) (23,007) (96,835) (1,295,413) (134,799) (273,180) (40,662) (90,000) (14,446) (214,533) (209,206) (22,792) (22,861) (28,324) (51,576) (13,144) (24,376) (82,036) (25,939) (51,728) (25,920) (2,385) (8,566) (28,924) (9,178) (10,893) (41,684) (2,800,180) (2,722,565) 11,998 11,998 392 392 |A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) IRISH HORSERACING REGULATORY BOARD CLG INTEGRITY SERVICES OPERATING STATEMENT FINANCIAL YEAR ENDED 31^^ DECEMBER 2019
 Turnover Owners and Trainers Horse Racing Ireland; Funding of Costs Integrity Services Expenses Wages and salaries Employer’s PRSI contributions Staff pension costs - defined contribution HR and training Equine Forensic Unit Printing, postage and stationery Telephone Motor running expenses Travelling expenses Legal and professional fees Jockeys drug testing programme Sundry expenses Integrity administration costs Integrity capital expenditure Direct cost of integrity services 2019 € 2018 € 19,788 9,053,396 19,527 8,511,250 9,073,184 8,530,777 (3,276,329) (322,658) (254,259) (74,455) (1,232,397) (11,675) (18,580) (709,631) (280,732) (100,656) (159,890) (365,487) (1,660,151) (606,284) (3,064,073) (301,822) (293,847) (64,743) (1,717,025) (11,531) (19,827) (622,296) (276,160) (236,509) (107,472) (177,816) (1,572,088) (65,568) (9,073,184) (8,530,777)