We were delighted to see recently that the Racing Foundation have now published their new strategy, setting out their pathway for the next three years. The development of the strategy was informed by the extensive stakeholder research we conducted last year.
The Racing Foundation was established in 2012 and uses the net proceeds from the government’s sale of the Tote to support charitable purposes associated with the horseracing sector. The use of this endowment in the industry is a source of much debate and our key objective was to independently capture what stakeholders see as the key priorities moving forward.
Evidence was collected through two phases of interviewing last year: (1) Visiting a broad range of horseracing charities who have benefited or applied for funding in the past; (2) Discussions with key senior stakeholders in the sector, including the Levy Board and British Horseracing Authority.
Some of the key conclusions, presented to the Board of Trustees, and now addressed in the new strategy include:
Speeding up and increasing the level of endowment spend
Areas of funding to be more tightly aligned with industry strategy
Addressing some gaps in awareness of the work of the Foundation through greater visibility
Greater alignment and engagement with industry leaders
Lifting some of the restrictions that currently apply, e.g. charitable status, length of funding, capital loans
Better accountability of results and impact.
Rob Hezel, Chief Executive of the Racing Foundation observes “The development of our new strategy for 2018-20 is the result of a lengthy and careful consultation process. The work undertaken by Eureka! has given this process a high degree of credibility and allowed us to make genuinely informed decisions. I’ve been particularly impressed with the very high calibre of the research and the clarity of the presentations and strategic recommendations made to the Board and I.”
The report and additional information about the development of the new strategy can be viewed on the Racing Foundation website here.