The Racing Foundation releases 2022 Annual Review

18 Jul 2023

The Racing Foundation granted over £7million to causes in British racing in 2022, matching its giving record from the previous year in the areas of people, equine welfare, community engagement and environmental sustainability.

The importance of these four areas of focus has been reflected in the sport’s new governance structure, providing further evidence they must be addressed effectively to help safeguard the future of the sport.

In 2022, the Racing Foundation was proud to:

• Instigate and contribute to the formation of the Industry People Board
• Align its giving capacity with other funders within the sport, notably the Horserace Betting Levy Board (HBLB), to whom it granted £3m in 2022 for the second year
• Fund key ED&I projects across the sport such as the Riding a Dream Academy and Racing Media Academy
• Increase its funding commitment to National Racehorse week
• Deliver the Horseracing Industry Conference with record attendance

Since being founded in 2012, the Racing Foundation has awarded over £37m in grants – a clear demonstration of its commitment to improving racing.

Rob Hezel, Chief Executive at the Racing Foundation, said: “We believe our four key areas of focus are crucial for the long-term sustainability and success of the horseracing industry. 

“Whilst once they may have been considered ‘nice to have’, they are now fundamental issues every sport and industry must manage.

“The Racing Foundation’s purpose is to make a difference in racing by acting as a catalyst and funder of improvement. However, it can never be a long-term panacea for each and every issue we support. 

“Instead, we are adamant the challenges we fund in the short-term need to be managed and funded by the sport more generally in the future. 

“This will require shifts in thinking and changes to business models if the sport’s long-term sustainability is to be assured.

“I remain convinced that the current structures of the sport, and its over reliance on charitable donations, do not provide for a sustainable future. 

“The creation of an industry strategy provides an opportunity for the leaders of the many organisations involved in the running of racing to be brave and bold to radically change the landscape and the economic models. 

“Positive action to re-structure the organisational landscape can release funding, increase flexibility and provide the basis for longer-term sustainability.”