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National Jockeys Trust Annual Report 2020
We have pleasure in attaching our Annual Report for the 2019-2020
Chairman's Report
In last year’s Annual Report I drew attention to the difficulties being experienced by the Trust in obtaining
an ongoing major sponsor, having lost the previous sponsor due to a corporate amalgamation and the new
entity wishing to move away from the wider racing industry. With the continued scrutiny of the racing industry
and the concern for the welfare of horses, it is likely that fewer corporations will be interested in associating
with the industry regardless of the laudable work of entities such as the National Jockeys Trust. Our financial
difficulties were understandably exacerbated by the arrival of the Covid 19 virus in the first quarter of 2020.
While Racing Clubs and the racing industry generally were able to return to full work despite the ongoing
danger of the virus, there was little interest from the corporate sector for sponsoring the NJT. This continues
to be the position at the time of preparing this report. As previously reported, the NJT has functioned without
a stable and ongoing financial stream, however, the growing number of claims for assistance indicates that
the Trust may not be able to continue this level of assistance in the absence of substantial financial support
from the racing industry and government sources. Securing a stable and ongoing income stream will therefore
remain a major focus for the Trust in the coming year.
In last year’s report I took the opportunity to describe in detail, the integrity measures adopted by the
Trust in assessing and approving claims for assistance and also explained the importance of that system in
maintaining the charitable status of the Trust. The members of the Trust had also recognised the need to
ensure that the provisions of the Trust Deed were appropriate for present day governance expectations and
statutory requirements. The Trust was established in 2004 and was unique in the racing industry at that time.
In 2016 a number of amendments were made to the Trust Deed, primarily aimed at expanding the number of
Trustees and securing a wider range of experience and background in the future selection of Trustees. During
the year covered by this report, an issue arose as to whether the technical requirements for such amendments
had been met. The Trust engaged solicitors and briefed Counsel, specialising in the field of Trusts,
to advise on the process adopted in making the 2016 amendments. It was clear that all the Trustees had intended
to amend the Deed but the opinion of Counsel was that the documentation prepared by solicitors then
acting for the Trust, had possibly created a new Deed and that this result had not been endorsed by all the
Trustees. Counsel advised that, in view of the fact that all Trustees had endorsed the amendments, the technical
issue could be resolved by a Deed of Ratification of the 2016 amendments, which the Trustees who held
office in 2016 could adopt. That advice was accepted, and the Deed of Ratification was subsequently adopted
as advised. That experience has prompted the Trustees to consider a range of possible further amendments
to the Deed to ensure that it meets present day governance requirements. That task is well under way but
may not be fully completed by the end of 2020.
Hon. Wayne Haylen QC