THE RACING WELFARE GROUP
The Racing Welfare group consists of the following entities:
Racing Welfare (Company number 04116279) (Charity number 1084042)
Our activities include providing counselling and advice services to beneficiaries who work in, or are retired from, the horseracing and thoroughbred breeding industry as well as financial assistance, affordable housing and various services to promote healthy living and well-being among beneficiaries. Our sole member is The Jockey Club (a company governed by royal charter, company number RC000287).
Racing Homes (Company Number 06489067) (Charity number 1122961)
Our housing charity. It provides affordable housing for those working in, or retired from, the horseracing and thoroughbred breeding industry. Its sole member and sole Trustee is Racing Welfare.
The Rous Charity (Charity number 1068581)
The smallest charity in the group, it provides almshouses for the benefit of retired staff who formerly worked in the horseracing industry. Racing Homes is its sole Trustee.
Racing Welfare (Enterprises) Limited (Company number 02948569)
The group’s trading subsidiary, its sole shareholder is Racing Welfare.
The most recent financial statements can be found here:
TRUSTEES AND COMMITTEE STRUCTURE
The Board of Trustees administers the charities and delegates day-to-day running to our Chief Executive supported by our Chief Operating Officer and Director of Welfare. The main board meets at least three times a year for a full board meeting and sub-committees are used to concentrate on key projects to bring value to the development of the organisation and support the full board.
Racing Homes has its own board of trustees, most of which are also trustee of Racing Welfare.
Each committee is comprised of at least three trustees along with non-trustee committee members. The committee members have been selected on the basis of their particular interest and skills in the business of the respective committee. Each committee has been assigned specific terms of reference, with decisions on policy and strategy being referred to the main Board of Trustees for approval.
Finance, Investment & Audit Committee
The committee is responsible for the review of the operational plans and budgets, the setting and monitoring of investment policy, reviewing the effectiveness of internal controls and risk management systems, remuneration, the monitoring and oversight of external auditors and the integrity of the internal financial reporting and the group’s consolidated financial statements.
The committee is responsible for the review of welfare policy, plans and budgets, the monitoring of welfare trends, the balance of skills and resources needed to implement the plans and policy and for reviewing complex cases.
The committee is responsible for the review of income generation policy, plans and budgets and the oversight of the fundraising and communications programme. In particular, it provides a means of mobilising support for events and establishing effective links with potential donors.
The committee is responsible for assisting the board of trustees in meeting its responsibilities in relation to the governance of the organisation, compliance with company and charity law and good practice. In particular, the committee is tasked with enacting practical and meaningful adoption of the Charity Governance Code, monitoring changes to the recommendations from the
Charity Commission and setting best practice in governance
CHARITY GOVERNANCE CODE
Racing Welfare has committed to becoming a leader in charity governance in both the horseracing industry and third sector. The trustees have fully adopted the Charity Governance Code (CGC) and with the support of the Governance Committee have been driving positive in this area.
As part of the adoption of the CGC we have aligned ourselves with its seven pillars, regularly reviewing how we fare against them and what we can do to continually improve.
An initial review of our performance highlighted that whilst we were doing a lot very well, there were areas of all seven pillars we were able, and continue, to improve.