Pool money is the staff’s percentage of prize money won by each yard. As an average the pool money is 5% of the prize money value. It is managed by Weatherbys and paid to the trainer each quarter.
We have included the rules below for you to look at and a template we recommend all yards use. The most important issues to note are as follows:
- The pool money rules must be displayed in the yard, at all times
- The pool money rules must be set out by the pool money committee and agreed by a majority in the yard
- The rules are non-discriminatory
- The pool money returns (that’s what each person receives) must be displayed in a canteen or tack room in a visible place for a minimum of 10 days before payment. This is to allow time for any queries or disputes to be resolved before payment
The legal and regulatory details as set out by the rules of racing:
Part 7 — Prizes and settling of accounts (F)115 to (F)131
119.0
Distribution of money payable to stables
119.1
Any percentage of Prize Money payable to a stable at which a horse trained shall be sent to the relevant Trainer.
119.2
Stable employees shall decide the distribution criteria to be applied to the money.
119.3
Payments may be made only to Persons whose names appear in the Register of Stable Employee Names as being currently employed by the Trainer or as having been in his employment during the period covered by the payment.
119.4
A copy of the criteria must be displayed in the stable yard in a place where it can be inspected by all employees.
119.5
Payments will be sent on four occasions in each year.
119.6
Duplicate sheets will be sent with the payment and will include a list of all known current stable employees, together with their registration numbers in the Register of Stable Employee Names.
119.7
A Trainer must:
119.7.1
add to the return any member of a Trainer’s staff whose name does not appear on it (including any ex-member of staff who has left his employment during the period covered by the payment and to whom a payment is to be made),
119.7.2
complete the return by signing it, giving the date on which payment will be made (which must be between 11 and 21 days from the date of signature, inclusive) and adding the amounts that are to be paid to each individual member of staff,
119.7.3
return one copy of it to the Authority’s Office within 21 days of the date that is shown on the sheets as the date on which the sheets were sent from The Racing Calendar Office, and
119.7.4
display the other copy from the date the return is signed for a period of not less than 10 days in such a place in the stable yard where it can be inspected by all employees.
119.8
Unless the Authority directs otherwise, a Trainer:
119.8.1
must make the payments as shown on the return not less than 10 days and not more than 21 days after signing and returning the sheet, and
119.8.2
may not deduct any amount except those for income tax.
119.9
If an employee requests the Trainer to withhold money for payment at a later date, the Trainer must take all reasonable steps to obtain a return on the money and must pay it over to the employee promptly when he leaves the Trainer’s employment.