The report outlined how the IHRB improperly used the Jockey's Emergency Fund to address its cashflow issues, breaching Charities Act regulations. As stated, the transfer of €350,000 was executed without seeking necessary approvals from either the Jockeys Emergency Fund trustees or the IHRB board, underscoring a significant governance failure.
The investigation highlighted urgent cashflow pressures faced by the IHRB, leading to the unauthorized transfer initiated by Donal O'Shea. According to the report, Mr. O'Shea acted without the knowledge of the IHRB's chief executive or board, illustrating a critical disconnect in financial oversight.
The transfer was characterized as an attempt to cover monthly salaries amidst delays in funding disbursements from HRI, alongside substantial redundancy payments looming at month-end. The lack of communication regarding these pressures raises questions about accountability within the IHRB's financial management practices.
Following the revelation of the transfer and resulting scrutiny, the funds were returned to the Jockeys Emergency Fund, but the incident has sparked significant concern regarding the IHRB's financial governance policies and processes.
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