Supports the Activities of Horse Racing Ireland
Our Finance Department supports the
activities of the Horse Racing Ireland group, including the HRI-owned
racecourses and subsidiaries, Tote and Irish Thoroughbred Marketing.
This department leads the
financial strategy for the organisation in order to
HRI prepare financial statements annually for HRI and its subsidiaries and is subject to statutory audit by the Comptroller and Auditor General. HRI also operate an internal audit function through an externally appointed firm of auditors, reporting to an independent
audit committee with responsibility for risk mitigation, the approval of audit strategy and reviewing audit reports. The finance function also ensures that HRI adheres to all its corporate, indirect and employee tax related obligations.
The Treasury function is
responsible for cash flow management and minimising the cost of capital for the
organisation. In addition this function manages internal and external loans for
the organisation including supporting capital investment for the wider industry.
The Financial Planning and Reporting function manage the
budget, forecast, strategic planning and monthly management reporting processes
for HRI and ITM. This team provide
insight into the financial performance of the organisation providing support to
both the CEO and the HRI Board. Key
government financial returns outlining the income and expenditure of the
organisation are managed by this team. Capital
development plans are reviewed and financially appraised by this area ensuring
that both internal capital expenditure and industry capital grants are controlled
in line with public expenditure guidelines.
HRI’s finance function is responsible for budget allocation
and disbursement of funding across a number of key industry organisations both
internally and externally. Prize money, industry body grants, racecourse
services, integrity service costs, sponsorship and media income collection, and
payments to general suppliers are all managed by this team. The administration of statutory foal levy
which is redistributed to the breeding sector via grant aid is managed via finance. Visit Foal Levy
section. HRI operates payroll for all its operations
and is responsible for the pension administration as required under the
Pensions Acts. In addition this team provide administration support and
guidance to other industry bodies and charities.
Our Client Accounts department is responsible for the management of over €56 million in prize-money distributed each year and over 8,000 active client accounts. See
The Procurement function in HRI
is responsible for ensuring that HRI and its subsidiaries adhere to the public
procurement requirements of semi state bodies.
This team ensure that HRI and its subsidiaries deal with suppliers and
potential suppliers in a fair and equitable manner while delivering significant
value for money for the organisation. Annually
the team deal with over 160 procurement projects of differing complexity and
John Murphy leads
the finance function within the HRI racecourse division. This team are responsible for management accounting,
budgetary control and statutory accounts. All accounting systems are common
within the group and controls and procedures operate to group standards.
Ross Kierans leads
the finance function within Tote Ireland, a 100% subsidiary of HRI. This team is responsible for all of the daily
cash control and reporting to Tote Ireland CEO and Committee. Management and
statutory accounts are produced in compliance with group standards.
HRI Strategic Plan 2020-2024