2012 ANNUAL REPORT Auckland Trotting Club Inc
Find me atenjoying thethe goodPark company,
making new friends, sampling the best food, cheering a winner.. i want to come back for more.
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AUCKLAND TROTTING CLUB INCORPORATED
CONTENTS President and Chief Executive’s Report
Community Involvement
Financial Statements
Members’ List & Calendar
Notice of Annual General Meeting
4 PRESIDENT AND CHIEF EXECUTIVE’S REPORT
8 Board of Directors
18 Governance Statement
19 COMMUNITY INVOLVEMENT
22 FINANCIAL STATEMENTS
25 Statement of Comprehensive Income
26 Balance Sheet
27 Statement of Cash Flows
28 Notes to the Financial Statements
29 Auditor’s Report
43 MEMBERS’ LIST
45 CALENDAR - RACING DATES 2012/2013 SEASON
IBC
Cover shot courtesy of Adam Baines
2012 ANNUAL REPORT
For the season ended 31 July 2012
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AUCKLAND TROTTING CLUB INCORPORATED
2012 ANNUAL REPORT
PATRON:
R Purdon MBE
PRESIDENT:
R Croon
VICE PRESIDENT:
K Hoggard
BOARD:
R Croon (Chairman), P Cook, K Hoggard, J MacKinnon, S Plant, D Sixton, P Smith
RACENIGHT STEWARDS: P Lowther (Chairman) R Barnes, P Barry, M Goldsworthy, J McRae, G Robertson, J Ross, D M Turner EXECUTIVE STAFF:
Chief Executive Officer
G Running
Chief Financial Officer
A Carmichael
Racing Manager
K Smith
Property Manager
J Farrier
Executive Secretary
R Thompson
CREDITS Design/print management Design Partners Photography Adam Baines
2012 ANNUAL REPORT
For the season ended 31 July 2012
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NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the Annual General Meeting of Members of the Auckland Trotting Club Inc will be held in the Tasman Room, Alexandra Park Raceway, Epsom, on Wednesday 24th October 2012 at 6.00pm. BUSINESS 1. To receive the report of the Board, Financial Statements and Auditor’s Report for the year ended 31 July 2012.
2. To elect Office Bearers. The following nominations have been received for Office Bearers:
President: One Seat K Hoggard As the nominations do not exceed the number required (one) an election will not be necessary.
Vice President: One Seat J MacKinnon As the nominations do not exceed the number required (one) an election will not be necessary.
Board: Four Seats S Plant, P Smith (retiring members), D Biddlecombe, B Carter As the nominations do not exceed the number required (four) an election will not be necessary.
Racenight Stewards: Four Seats R Barnes, M Goldsworthy, J Ross, D Turner (retiring members) As the nominations do not exceed the number required (four) an election will not be necessary.
3. To consider and set the annual remuneration for the Board pursuant to Rule 39.
4. To consider and if thought fit adopt the following alterations to the Rules as proposed by the Board: Rule 29 The Board shall comprise the President, Vice President and five Directors elected as provided for in Rules 54 and 55 (“the elected Directors”). The President, Vice President and the elected Directors (as if they were the full Board) shall have the option each year to appoint up to two additional Directors to the Board (“the appointed Directors”):
(a) who they believe (by simple majority) will make a valuable contribution to the Board and/or the Club by virtue of that person’s knowledge, skill or expertise; and
(b)
who may or may not be Members;
provided however that no Member may be appointed as a Director pursuant to this Rule if that Member was duly proposed as a candidate for the Board at the immediately preceding Annual Meeting and was not so elected, or is prohibited from being proposed as a candidate or from holding office as a Director pursuant to any other Rule. Explanation The words “who shall not be Members” have been deleted from the first paragraph and the additional points added to the original rule. 4
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AUCKLAND TROTTING CLUB INCORPORATED
The Board believes that should they decide to appoint either one or two Directors with specific expertise to complement the elected Board, they should be able to appoint a Member if that person is suitably qualified. The Board acknowledges that a Member who has just lost an election should not be eligible for appointment. Rule 32
If Rule 29 is amended, a consequential change is required to Rule 32 as follows:
That Rule 32 be amended by deleting the words “Any appointed Director who becomes a Member of the Club shall immediately cease to be an appointed Director”.
The Rule would then read:
Any President, Vice President or elected Director ceasing to be a Member of the Club shall immediately cease to be President, Vice President or elected Director. Explanation
This rule is consequential to Rule 29
Rule 55 (a) In every case where the number of candidates duly proposed for any office in the Club exceeds the number of vacancies, the election shall be by ballot. The ballot shall be conducted as follows: the Chief Executive Officer shall at least 14 days before the Annual Meeting post to each Member an envelope addressed to the Chief Executive Officer at the postal address of the Club endorsed “Voting Paper”, enclosing a paper giving the name, address and occupation of each candidate, and the names of his or her proposer and seconder. Each Member voting shall do so by striking out the name of the candidate or candidates he or she votes against, and leaving intact the name or names of the candidate or candidates he or she desires to vote for, and shall return the voting paper in the envelope as above, first signing his or her name inside the envelope where indicated; any vote declaring in favour of more than the number of vacancies for the office in question, or contained in an envelope not signed inside as aforesaid, shall be disallowed. Members who by any means whatever have not received their voting papers may obtain same from the Chief Executive Officer. It shall be the duty of the Board to appoint four or more persons before the ballot is closed to be Returning Officers and/or Scrutineers. [Rest of clause continues] Explanation
The words “or less” have been removed so that Members can vote for only those candidates they so choose.
As suggested by Members on previous occasions, Members should have the right to choose however many candidates they want within the election rules. The Board believes this would be a better system as Members at the moment are forced to vote for people they may not know or do not want to vote for. 5. General Business
Graeme Running Chief Executive Officer Auckland 27 September 2012
2012 ANNUAL REPORT
For the season ended 31 July 2012
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AUCKLAND TROTTING CLUB INCORPORATED AUCKLAND TROTTING CLUB INCORPORATED
2012 ANNUAL REPORT For the season ended 31 July 2012 2012 ANNUAL REPORT
For the season ended 31 July 2012
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PRESIDENT AND CHIEF EXECUTIVE’S REPORT
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AUCKLAND TROTTING CLUB INCORPORATED
Graeme Running Chief Executive Officer
Rod Croon President
On behalf of the board and management it is a pleasure to present the Annual Report for the 2011/12 season. We are pleased to record another year where budget has been achieved and the financial performance detailed in this report is very satisfactory. In spite of the continued economic uncertainty and a highly competitive operating and business environment the Club has generated an operating profit (before non cash items) of $1,540,577. This compares to $2,809,862 in the previous year which included $912,204 received as a one off licence fee from the NZ Racing Board and $400,000 of gaming trust grants as a contribution to the installation of two new lifts in the entrance to the main foyer. Adjusting for these two items the operating profit (before non cash items) exceeds last year’s result by $42,919. The largest non cash item is a depreciation provision of $1,313,057 (last year $1,240,181).
2012 ANNUAL REPORT
For the season ended 31 July 2012
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PRESIDENT AND CHIEF EXECUTIVE’S REPORT
The notes to the accounts disclose that for only the second time in many years the Club’s racing activities contributed a small surplus. The NZ Racing Board distribution was $660,768 higher than the previous year due to the increased number of race meetings. The Club paid out $370,785 more in stakes than last year in spite of the three year Crown $375,000 funding coming to an end. During the year the Club received additional industry funding from Harness Racing NZ of $135,000. Advertising, promotions and sponsorship costs increased by $153,671 in part due to distribution of $44,000 of betting vouchers for race meetings during the year to promote betting by hospitality patrons. On a comparative performance measurement basis for the racing industry, the Club maintained its leadership position amongst major racing clubs with a net stakes to funding ratio of 109.4%. We can report that the trading contribution was $249,318 higher than the previous year. This is particularly pleasing as for much of the year the upgrade and renovations to the entrance foyer, lifts and the Owners and Trainers Lounge made it difficult for management to provide top class service to our clients. Property rental income increased over the 12 months by $53,265. The reduction in other income reflects the increasing difficulty in obtaining grants from gaming trusts. Operations and administrative expenses of $3,076,063 reflect cost increases in staffing, security, rates, insurance and repairs & maintenance compared to the previous year’s $2,782,585. Refurbishing the Owners & Trainers Lounge and Level 3 toilets accounted for the majority of the increase in repairs and maintenance. Trade and other receivables in the Balance Sheet at 31 July 2012 of $625,081 are lower than last year by $465,134. The majority of this reduction is due to the sum of $412,204 included last year being the final amount due from the NZ Racing Board relative to the new TAB. Over the last year the tenant clubs that race at Alexandra Park have adjusted to life with reduced grants from gaming trusts. This has seen a major difference in stake levels between tenant clubs and the Auckland Trotting Club. A review of the dates calendar has attempted to spread the tenant club meetings to maximise the opportunity for owners to compete for higher stakes. We believe the low stake levels offered by the tenant clubs are not sufficient to sustain viable horse ownership in the
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industry. Your board continues to work with these clubs to review their future plans while acknowledging how important the training facilities are in providing horses for racing at Alexandra Park. The Board and Management have reviewed the latest forecasts which indicate that with some effort a satisfactory financial result can be achieved in 2012/13.
RACING During the past 2011-12 season a total of 27 Auckland Trotting Club meetings were held at Alexandra Park. This compares to 24 meetings in the 2010-11 and 23 in the 2009-10 seasons. A total of 31 Auckland Trotting Club meetings are due to be run in the forthcoming 2012-13 season. The increase in licences for the ATC is recognition that in the current trying economic times the racing industry is facing, the opportunity to race for premium stakes where possible and in a competitive environment is critical for the ongoing viability of all industry participants. The past season saw the introduction of a new Group 1 race for trotters, The Glenferrie Farm Anzac Trotting Cup. With generous sponsorship from Peter Chambers and with the support of Harness Racing New Zealand, this race now forms the middle leg of a triple crown for trotters with the preceding race being the Majestic Horse Floats Greenlane Cup and of course the final leg being the time honoured Canam Rowe Cup. The need to provide increased racing opportunities for fillies and mares has been acknowledged. In the past season, the introduction of the Caduceus Club Mile High Mares Series (due to run again in the 2012-13 season) and more recently the Dunstan Feeds Mares Series has gone some way towards recognising the important role mares and in particular their ongoing viability for breeding purposes plays for the industry. Under the open nominations philosophy the Club is using when programming, fillies and mares are additionally afforded handicapping concessions. The new season will see a change for both the Taylor Mile and Dawson Harford and Partners NZ Messenger Championship with the races now being open to both four and five year olds. This is in line with the move for the Harness Jewels four year old categories to also include five year olds.
AUCKLAND TROTTING CLUB INCORPORATED
Over the last few months the commissioning of the new timing system and display board which is located adjacent to the winning post has taken place. The system as supplied by Pure Direction Ltd gives the Club the ability to provide accurate sectional and race times for every individual horse in all races run at Alexandra Park. Currently within New Zealand, this will make Alexandra Park the only venue able to provide this information. Results can be sourced by going to the Pure Direction website at www.puredirection.com under racing. Attached to the sectional times for each race is a link which will display the video for the race. It is hoped that within the next couple of months this same information will be able to be sourced via the Harness Racing New Zealand website within the results section. An added bonus with the new display board is the option of being able to provide electronic signage which allows us to display messages that may be relevant to race names or sponsorship. This display also runs continually on non race days providing visitors who may be attending non racing functions
with details of upcoming events and race meetings at Alexandra Park. With a need to further recognise the important part owners play in the industry, an area was set aside which provides owners with a complimentary drink prior to the running of their horse’s race. Since its implementation this has developed into a popular area which gives owners the chance to mix and mingle with other owners. A new stairwell is in the process of being built which will help to provide easier access to this area, along with a more direct route to the victory circle. Improvements to the track during the past season will have played a part in a total of ten new and one equalled New Zealand national records being set on the track within the past twelve months (see table below). The track is now providing a surface which is meeting with the general approval of horsemen by providing both a cushioned and consistent racing surface.
PACERS Five Card Draw (G)
2YO Mobile
1700M
2:02.5 (Equalled)
Border Control (G)
2YO Mobile
2200M
2:41.2
Cheer The Lady (F)
3YO Mobile
2200M
2:40.7
Twist And Twirl (F)
3YO Mobile
2700M
3:21.0
Twist And Twirl (F)
Open F & M Mobile
2700M
3:21.0
TROTTERS Paramount Queen (F)
2YO Mobile
2200M
2:44.8
I Can Doosit (G)
Open Mobile
2200M
2:43.1
Escapee (F)
3YO Mobile
2700M
3:26.5
You Rock ( C)
3YO Stand
2700M
3:30.0
Lotalov (F)
3YO Stand
2700M
3:30.3
I Can Doosit (G)
Open Stand
2700M
3:23.6
2012 ANNUAL REPORT
For the season ended 31 July 2012
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GROUP 1 WINNERS AT ALEXANDRA PARK 2011/12 SEASON HORSE RACE
TRAINER DRIVER
Bettor Cover Lover
Rosslands Queen of Hearts
B Mangos & H Cullen
B Mangos
Twist And Twirl
Alabar 3YO Sires Stakes Fillies Championship
M Purdon & G Payne
M Purdon
I Can Doosit
Seelite Windows and Doors National Trot
M Purdon & G Payne
M Purdon
Twist And Twirl
Pascoes the Jewellers Northern Oaks
M Purdon & G Payne
M Purdon
Ideal Scott
Woodlands Stud Northern Derby
J Green & B Hughes
T Macfarlane
Sir Lincoln
Trillian Trust Auckland Cup
R Green
M McKendry
Five Card Draw
Breckon Bloodstock Young Guns Cardigan Bay Stakes
B Purdon
B Mangos
Opulent
Nevele R Stud Caduceus Club Fillies Classic
D & C Butt
D Butt
Terror To Love
Taylor Mile
G & P Court
A Butt
I Can Doosit
Glenferrie Farms Anzac Trotting Cup
M Purdon & G Payne
M Purdon
I Can Doosit
Canam Rowe Cup
M Purdon & G Payne
M Purdon
Escapee
Breckon Farms Northern Trotting Derby
M Purdon & G Payne
M Purdon
Mustang Mach
Dawson Harford & Partners NZ Messenger
D Braun
D Dunn
Onlyforyou
Magness Benrow 2YO Sires Stakes Fillies Championship C Dalgety
D Dunn
The Streamline Freight ‘Legends of Alexandra Park’ competition was again strongly contested. Both the winning driver and junior driver were the same as the previous season, however Barry Purdon just took out the trainers’ competition from last year’s winner his brother Mark Purdon. Roy Purdon – Alexandra Park Leading Trainer Barry Purdon
41 Wins
Peter Wolfenden - Alexandra Park Leading Driver Tony Herlihy
59 Wins
Herlihy & McKendry – Alexandra Park Leading Junior Driver
49 Wins
Zac Butcher
The Performance Incentive Scheme paid out a total of $304,000 in bonuses in the recently completed 2011-12 season compared to $249,000 for 2010-11. On average 52% of horses competing on a race night are participating in the scheme which is a slight reduction on the 54% for 2010-11 and 56% for 2009-10.
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Choose mewinnera
2012 ANNUAL REPORT
For the season ended 31 July 2012
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FUNCTION CENTRE The Function Centre continues to contribute to the funding of the Club despite not yet returning the levels attained 4-5 years ago. Clearly the 2011 Rugby World Cup was a highly successful event on a national basis and the betting on match results helped to offset the lower turnover generated by the TAB on horse racing. The event however consumed a significant proportion of the public’s discretionary entertainment dollar and the impact on hospitality based business was negative especially outside of the down town precinct which has taken some time to recover. Many businesses spent their entire year’s budget on 2011 RWC tickets and hospitality surrounding the Rugby World Cup which curtailed their hospitality spending for the next year. The Christmas bookings at Alexandra Park did eventuate but many were very late. The function staff have to work harder to get business although feedback remains positive that Alexandra Park provides great service and is value for money. Hospitality businesses rely on word of mouth referrals and this continues to be our greatest source of future bookings. Our reputation for great food can be attributed to our wonderful chefs. The highlight of the year for the whole team was hosting an Australian insurance conference on 23 April 2012. The 400 delegates travelled by bus to Alexandra Park for a night full of fun. As they arrived they were met with hors d’oeuvres in the Tasman Room followed by a stable tour, then the five teams of 80 each had a representative in eight dual sulky races. The races were promoted by bookies with “funny money” with a break half way through for a great meal then back to the betting. At the end of the night one of the five teams was crowned champion for winning the most funny money. A survey undertaken by the organisers ranked this event as a highlight of the trip. We have a copy of a video clip on the website and will be promoting this event around the world. It is something unique to harness racing that cannot be replicated by anyone.
PROPERTY DEVELOPMENT The economic situation within the building industry has again this year limited interest from potential tenants in the development site on Greenlane West adjacent to the ASB Showgrounds. The site is no longer subject to an
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exclusivity arrangement which has opened it up as an opportunity for other developers to assess its suitability. The development site remains an important project for the Club as it should be possible over time to achieve attractive returns on this land which can supplement the racing activities of the Club. The infield project remains on hold until the Greenlane West development proceeds. The contingent liability to complete this work when required amounts to just over $5 million and is included in the notes to the accounts. The new entrance foyer, the two new lifts and the refurbishment of the Owners and Trainers area have been completed in the season, and along with the Sports Bar & Cafe that was re-opened as “The Alex Bar & Eatery” last year, all contribute to making Alexandra Park a more attractive place to visit. In the current year the Club is completing a stair access to the recently opened pre-race owners’ area and is widening the road between the track and the ASB Showgrounds to improve traffic flow. Having undertaken considerable work over the last few years the board views this year as a period to consolidate cash reserves.
SPONSORSHIP Thanks go to all our sponsors for their ongoing support of the Club. We are lucky to have a wonderful group of core sponsors who contribute a significant amount to support the level of stakes required to sustain the industry. The new signs on the finishing post have drawn a lot of positive comment, in particular the digital sign that displays sectional times as well as the opportunity to display messages between races. The Club welcomed a number of new race day sponsors this year and we look forward to working with them to create value for both parties. This year we hosted an inaugural sponsor networking evening which was very well received.
MARKETING The Club continues to create innovative ways to attract people to Alexandra Park. The theme nights have established a great following, in particular; Thai Night,
AUCKLAND TROTTING CLUB INCORPORATED
Tropical Nights, Christmas at the Races and Mid-Winter Christmas at the Races. The racing events have also been well supported including; Auckland Cup Week (2 nights), Autumn Trotting Carnival (3 nights) and Christmas Premier Season (3 events). Christmas at the Races nights contribute 58% of race night hospitality which confirms how important this period is to the Club. The marketing collateral supporting all these events has maintained the high standard we have come to expect. To ensure the Club remains in front of as many people as possible, a substantial part of the marketing budget is being directed into digital media. The Club has maintained a high profile on Facebook and Twitter and has expanded on line promotion mediums as a cost effective way to promote the facility. In particular the “What’s On” email newsletter goes to approximately 9,000 people each month as well as being sent to the members’ database. We hope you find this communication interesting and informative.
COMMUNITY The Club is very proud of the contribution we make as a community facility. Numerous community groups benefit from the support your Club gives by providing the facility
2012 ANNUAL REPORT
For the season ended 31 July 2012
as a fundraising site. Later in this report we have given a sample of the groups supported by your Club.
HORSE SYNDICATION This year the Auckland Trotting Club again promoted and sold an Auckland Trotting Club Syndicate. The Club is pleased to report that the shares in the 2013 syndicate have all been sold. Rob Carr continues to promote and manage the ATC syndicates and we thank him for his great contribution in ensuring their continued success.
RACENIGHT STEWARDS We thank Paul Lowther, Roger Barnes, Paul Barry, Murray Goldsworthy, John McRae, Gordon Robertson, John Ross and David Turner for the support given to the Club on a voluntary basis. We are constantly receiving favourable comments regarding the contribution made by the Stewards as they have become an essential part of the service for which Alexandra Park is renowned. Also congratulations from the Club to John Ross for winning the Ice Bloodstock Unsung Hero award.
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BUSINESS RISK
ACKNOWLEDGEMENTS
The most significant risk to this Club and the wider racing industry is the future distribution of gaming funds. The Private Members Bill that is currently before parliament promoted by Maori MP Te Aruroa Flavell on the regulation of gambling could have widespread effect. Not only does it potentially impact this Club and every other racing club’s opportunity to apply for grants from gaming trusts, it could restrict the utilisation of our own gaming machine proceeds. This Club and Harness Racing NZ have made detailed submissions to the select committee and will continue to vigorously oppose this Bill. At this time it is impossible to determine what the outcome will be but in the longer term proceeds from gaming trusts will be increasingly difficult to obtain. In the event that this Bill became legislation, the potential adverse impact on your Club would be in excess of $2 million in annual revenue. The most important objective therefore for your Club for the future is to actively pursue all potential opportunities to replace this revenue. Rental development on the site and greater non-race night utilisation of the facilities are two of the potential opportunities.
All the tenant clubs should be acknowledged for their support and co-operation through the year. Franklin TC and Kumeu TC regained the responsibility for their training tracks.
STAFF The management team of Graeme Running – CEO, Alasdair Carmichael – CFO, Kevin Smith – Racing Manager, and Robby Thompson – Executive Secretary have continued to manage your Club. With the assistance of John Farrier as a Property Consultant, the Club has made great progress in advancing our property projects. We thank Dianne Richardson for stepping in to look after the operations area as well as all members of staff who have contributed to the success of the Club this year. Michael Guerin’s ongoing support is appreciated as is the contribution from Duane Ranger from Harness Link and Craig (The Whale) Thompson who strive to keep Alexandra Park in front of the general public via their media outlets.
2012 ANNUAL REPORT
For the season ended 31 July 2012
The team from the Hall of Fame continue to provide an excellent facility which has been admired by many visitors and we appreciate their effort. We acknowledge the support from the NZ Racing Board and our governing body Harness Racing NZ. The relationship enjoyed between the Auckland Trotting Club with both the NZ Racing Board and Harness Racing NZ has been excellent over the last season. Our thanks go to our representative on the Harness Racing NZ Board, Mr Kerry Hoggard. Finally, thanks to the Directors for their support and the time and energy they put into the affairs of the Club. As this will be the last report from both your President (retiring after 4 years as required by Club rules) and your Chief Executive Officer (resigned from this role after 5 years on 28 September 2012), we both would like to thank everyone for the wonderful support. It has been a privilege and a pleasure to be involved with the Auckland Trotting Club which is in our opinion the best racing club in Australasia. The Club now has excellent facilities and opportunity for further development and we wish the Club all the best for the future.
Rod Croon President
Graeme Running Chief Executive Officer
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BOARD OF DIRECTORS
Rod Croon President
Kerry Hoggard Vice President
Peter Smith
Jamie MacKinnon
David Sixton
Scott Plant
Phil Cook
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AUCKLAND TROTTING CLUB INCORPORATED
THE BOARD The Board is the governing body of the Club and is responsible for overseeing the Club’s operations, ensuring that its business is carried out in the best interests of its members and other stakeholders. The Board’s specific responsibility is to: approve strategic plans for the Club and its business units; approve and review annual budgets; approve major capital expenditure, acquisitions, divestments and funding; review the Club’s accounts; oversee risk
management and internal compliance; and control codes of conduct and legal compliance. The Board is also responsible for the appointment and remuneration of the Chief Executive Officer, approving the appointment of the Chief Financial Officer and reviewing remuneration policy for senior executives and the general remuneration policy framework. Each year the Board reviews the Board composition and terms of reference.
GOVERNANCE STATEMENT
ETHICAL STANDARDS
MANAGEMENT REPORTING
All Board members, Management and staff are required to adopt standards of conduct which are ethical and comply with all legislative requirements. The national Racing Integrity Unit has set compliance standards with which the Club’s activities need to comply.
Management is required to report to each monthly Board meeting in sufficient detail to enable the Board to assess progress against Annual Budgets, strategic goals and major projects. In addition, Management reports detail of compliance with legislative requirements such as Health & Safety.
MANAGEMENT LIMITS OF AUTHORITY The Board has delegated the day to day management of the Club to the Chief Executive Officer. There are in place specific limits on the ability of the Chief Executive Officer or Management to incur expenditure, enter into contracts, or acquire or dispose of assets without Board approval. The Club’s rules also impose restrictions on the Management and Board which preclude the sale of freehold land and limit borrowings which are secured by mortgage over land owned by the Club without the prior approval of Members. In addition, Harness Racing NZ Inc has the authority to impose certain national standards with which the Club needs to comply.
ATTENDANCE AT MEETINGS Board Meetings (10 Meetings): Messrs R Croon (10), P Cook (10), K Hoggard (10), J MacKinnon (7), S Plant (8), D Sixton (8), P Smith (9) Audit/Remuneration Committee Meetings (2 Meetings): Messrs K Hoggard (2), R Croon (2) Harness Racing New Zealand Executive Representative: Mr K Hoggard
STRATEGIC REVIEW Each year the Board and Management develop and approve a Business Plan which identifies opportunities and challenges for development, risks associated with the Club’s operations, funding requirements and resources. This review includes a Mission Statement and sets out specific strategic goals and objectives for the next five years. Annual Budgets are then prepared and reviewed against the latest Business Plan.
2012 ANNUAL REPORT
For the season ended 31 July 2012
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AUCKLAND TROTTING CLUB INCORPORATED
2012 ANNUAL REPORT
For the season ended 31 July 2012
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COMMUNITY INVOLVEMENT 22
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AUCKLAND TROTTING CLUB INCORPORATED
Your Club continues to support a number of community groups, some of which are listed below. n Auckland Chess n Breast Cancer Awareness n Burn Support Trust n Camellia House Inc n Child Cancer Night of Courage n Customs Dog Training n Diabetes NZ
An example of some of the feedback we get is below.
n Down Syndrome Association n Funfest n Kidney Kids n Kids Immune Deficiency n Kidz Kartz n Koru Care Charitable Trust n Laura Fergusson n Leukaemia & Blood Cancer NZ n Look Good Feel Better n Make A Wish Foundation n Mercy Hospice n Newmarket Rotary Club n NZ Police – New Recruits, Police Dog Training, Armed Offender Training n Papatoetoe Rotary n Radio Lollipop n Remuera Lions Club n Ronald McDonald House n Rugby League Referees n SAS Training n Special Olympics n Variety Club Book Sale n Youth Team Trust
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For the season ended 31 July 2012
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COMMUNITY INVOLVEMENT
a a. Child Cancer Foundation Night of Courage
b. Funfest Carnival
b
FROM THE NZ TROTTING HALL OF FAME Towards the end of the season we decided to set up a Hall of Fame website and this should be up and running by the end of the year. It will feature a wide selection of images from the collections, both from the past and the present, which we hope will be of interest to followers of the sport. Our year was tinged with sadness at the untimely passing, on 2 August 2012, of our Treasurer Norm Latimer. Norm was a long time member of the ATC and served as a Committeeman, Treasurer and Director during the years 1996-2004. In addition he was President of the Manukau Trotting Club. Once again our Society is grateful for the very generous response by ATC members to our annual appeal for donations. Graham Robertson Secretary/Curator
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AUCKLAND TROTTING CLUB INCORPORATED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2012
2012 ANNUAL REPORT
For the season ended 31 July 2012
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AUCKLAND TROTTING CLUB INCORPORATED
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 July 2012
CLUB
2011 $
GROUP 2012 Note $
REVENUE 7,498,470 8,084,001 Racing Income 3 3,683,131 3,629,404 Trading Income 4 2,862,212 2,108,164 Property Rental Income 5 41,331 15,583 Interest Income 571,043 201,997 Other Income 6 14,656,187 14,039,149
TOTAL REVENUE
2012 $
2011 $
8,084,001 7,498,470 8,561,337 8,448,937 1,985,308 2,746,927 15,583 41,331 157,822 529,168 18,804,051 19,264,833
EXPENDITURE 7,510,003 8,070,773 Racing Expenditure 3 8,030,224 7,476,529 1,529,337 1,469,514 Trading Expenditure 4 5,950,443 6,087,361 108,298 205,618 Property Rental Expenditure 5 205,618 108,298 198 1,126 Interest Expense 1,126 198 2,661,499 2,932,503 Operations and Administration 7 3,076,063 2,782,585 11,809,335 12,679,534
TOTAL EXPENDITURE
2,846,852 1,359,615
OPERATING PROFIT (LOSS) BEFORE NON CASH ITEMS 1,540,577 2,809,862
(13,444) (12,262) (1,240,181) (1,313,057) 173 4,477 (2,335) (21,626) (173,116) 307,508 1,417,949 324,655
Amortisation Expense 29 (12,262) (13,444) Depreciation Expense 30 (1,313,057) (1,240,181) Gains on Disposal 4,477 173 Losses on Disposal (21,626) (2,335) Provisions for Impairment 23 126,546 (136,126) OPERATING PROFIT (LOSS) 324,655 1,417,949
75,000 60,000
Fair Value Movement on Investment Property
1,492,949 384,655
NET PROFIT (LOSS) BEFORE TAXATION 384,655 1,492,949
- -
Taxation
$1,492,949 $384,655
NET PROFIT (LOSS) FOR THE YEAR $384,655 $1,492,949
31 21
17,263,474 16,454,971
60,000 75,000 - -
OTHER COMPREHENSIVE INCOME -
(10,000)
$1,492,949 $374,655
Gain (Loss) on Revaluation of Land
12
(10,000)
-
TOTAL COMPREHENSIVE INCOME NET OF TAXATION $374,655 $1,492,949
AUCKLAND TROTTING CLUB INCORPORATED
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 July 2012
CLUB
2011 $
GROUP 2012 Note $
2012 $
2011 $
34,461,856 8,227,633 42,689,489 44,182,438
Opening Equity as previously reported 34,461,856 Restatement 2 8,227,633 OPENING EQUITY AS RESTATED 44,182,438 42,689,489
1,492,949 384,655 - (10,000)
Net Profit (Loss) for the year Increase (Decrease) in Revaluation Surplus Reserve 13
$44,182,438 $44,557,093
CLOSING EQUITY $44,557,093 $44,182,438
This page comprises part of the financial statements and is to be read in conjunction with the accompanying Notes. 26
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384,655 1,492,949 (10,000) -
AUCKLAND TROTTING CLUB INCORPORATED
BALANCE SHEET
As at 31 July 2012
CLUB
GROUP
2011 2012 Note 2012 (Restated)
$ $ EQUITY 31,128,608 31,588,263 Accumulated Funds 14 12,978,830 12,968,830 Revaluation Surplus Reserve 13 75,000 - Inter Dominion Reserve 15 $44,182,438 $44,557,093
TOTAL EQUITY
$
2011 (Restated) $
31,588,263 31,128,608 12,968,830 12,978,830 - 75,000 $44,557,093 $44,182,438
Represented by: CURRENT ASSETS 238,320 654,960 Cash and Cash Equivalents 18,28 689,634 304,348 230,353 189,275 Inventories 16 255,211 295,396 956,698 525,041 Trade and Other Receivables 22,28 625,081 1,090,215 1,425,371 1,369,276
TOTAL CURRENT ASSETS
1,569,926 1,689,959
NON CURRENT ASSETS 33,194,935 33,314,574 Property, Plant and Equipment 30 33,314,574 33,194,935 11,090,000 11,150,000 Investment Property 31 11,150,000 11,090,000 32,881 24,037 Intangible Assets 29 24,037 32,881 - - Term Receivables 22 - 44,317,816 44,488,611
TOTAL NON CURRENT ASSETS
44,488,611 44,317,816
45,743,187 45,857,887
TOTAL ASSETS
46,058,537 46,007,775
CURRENT LIABILITIES 1,353,417 1,105,686 Trade and Other Payables 19,28 1,188,663 1,476,386 207,332 195,108 Employee Entitlements 17 312,781 348,951 1,560,749 1,300,794
TOTAL CURRENT LIABILITIES
1,501,444 1,825,337
NON CURRENT LIABILITIES - - Term Payables 19 - – –
TOTAL NON CURRENT LIABILITIES
– –
1,560,749 1,300,794
TOTAL LIABILITIES
$44,182,438 $44,557,093
NET ASSETS $44,557,093 $44,182,438
1,501,444 1,825,337
Authorised for issue on behalf of the Board
. Croon, President R 1st October 2012
K. Hoggard, Vice President
This page comprises part of the financial statements and is to be read in conjunction with the accompanying Notes.
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27
AUCKLAND TROTTING CLUB INCORPORATED
STATEMENT OF CASH FLOWS
For the year ended 31 July 2012
CLUB
2011 $
GROUP 2012 Note $
2012 $
2011 $
CASH FLOWS FROM OPERATING ACTIVITIES Cash was received from: 14,037,590 14,398,179 Members and Customers 19,224,760 18,643,055 - 85,723 Goods and Services Tax 89,175 41,331 15,583 Interest Earned 15,583 41,331 14,078,921 14,499,485
19,329,518 18,684,386
Cash was paid out to: 11,868,376 12,383,523 Suppliers and Employees 16,996,191 16,506,314 71,160 - Goods and Services Tax - 75,665 198 1,126 Interest Incurred 1,126 198 11,939,734 12,384,649 2,139,187 2,114,836
NET CASH FLOW FROM OPERATIONS
27
16,997,317 16,582,177 2,332,201 2,102,209
CASH FLOWS FROM INVESTING ACTIVITIES 174 4,665 Sale of Fixed Assets 4,665 174 (2,541,620) (1,948,162) Purchase of Fixed Assets (1,948,162) (2,541,620) (9,541) (3,418) Purchase of Intangible Assets (3,418) (9,541) (50,226) 248,719 Subsidiary Loans Repaid (Provided) -
(2,601,213)
(1,698,196)
NET CASH FLOW FROM (USED FOR) INVESTING
(1,946,915)
(2,550,987)
CASH FLOWS FROM FINANCING ACTIVITIES (24,080) - Financing Received (Repaid)
- (24,080)
(24,080) - NET CASH FLOW FROM (USED FOR) FINANCING - (24,080) (486,106) 416,640 NET INCREASE (DECREASE) IN CASH RESOURCES 385,286 (472,858) 724,426 238,320
Cash at Start of Year
304,348 777,206
$238,320 $654,960
CASH RESOURCES AT END OF YEAR $689,634 $304,348
CASH RESOURCES COMPRISE 115,853 49,019 Cash on Hand 76,696 155,112 121,339 63,263 Bank Current Accounts (Net) 70,260 148,108 1,128 542,678 Bank Deposit Accounts 542,678 1,128 $238,320 $654,960
CASH RESOURCES AT END OF YEAR $689,634 $304,348
This page comprises part of the financial statements and is to be read in conjunction with the accompanying Notes. 28
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AUCKLAND TROTTING CLUB INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS 1
STATEMENT OF ACCOUNTING POLICIES
Reporting entity
For the year ended 31 July 2012
Auckland Trotting Club is an incorporated society registered under the Incorporated Societies Act 1908. The Group consists of Auckland Trotting Club Incorporated (the parent) and Alexandra Park Functions Limited (the subsidiary), a company registered under the Companies Act 1993, in which the Club has ownership of all of the shares. Both entities are incorporated and domiciled in New Zealand and have their principal place of business situated at Alexandra Park, Greenlane West, Epsom, Auckland. The Financial Statements of the group have been prepared in accordance with the Financial Reporting Act 1993 and comply with Generally Accepted Accounting Practice in New Zealand (GAAP). The group complies with New Zealand equivalents to International Reporting Standards (NZ IFRS) under which it reports as a public benefit entity.
Measurement base The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on a historical cost basis have been adopted with the exception that land has been revalued and where appropriate investment property is reported at fair value. Reliance is placed on the fact that the entities are going concerns and accrual accounting involving the matching of revenue against expenses is used. Operations and principal activities The principal activity of the Club is to hold and promote harness racing meetings on the Club’s course at Alexandra Park. The principal activity is supported by revenue derived from property rentals, car parking, TAB and gaming operations. The subsidiary entity provides catering to the Club and operates a Function Centre and Sports Bar/Cafe utilising Club facilities at Alexandra Park.
Functional and presentation currency The financial statements are presented in New Zealand dollars and all values are rounded to the nearest whole dollar. The functional currency of the group is New Zealand dollars. SIGNIFICANT ACCOUNTING POLICIES The specific accounting policies adopted in the financial statements which have a significant effect on the results and financial position are: Revenue is measured at the fair value of consideration received or receivable. Interest income is recognised using the effective interest method and income from operating leases is recognised as revenue on a straight line basis. Grants are recognised as income when they become receivable unless there is an obligation to return the funds if conditions are not met. If there is such an obligation, grants are initially recorded as received in advance, and recognised as revenue when conditions of the grant are satisfied. Cash and cash equivalents include cash on hand, deposits held at call with banks, and any other short term highly liquid investments with original maturities of three months or less, and bank overdrafts. Inventories held for sale or use on a commercial basis are valued at the lower of cost, on a first in first out basis, or net realisable value. Inventories held for consumption in the provision of services are measured at cost, adjusted when applicable for any loss of service potential. Trade and other receivables are initially measured at cost which is considered to equate to fair value, and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Creditors and other payables, including any borrowings are initially measured at cost which is considered to equate to fair value, and subsequently measured at amortised cost using the effective interest method. Employee entitlements are measured at undiscounted nominal values based on accrued entitlements at current rates of pay. Entitlements will include unpaid salary, wages or other remuneration due at balance date, including deductions held on employees behalf, annual leave earned but not taken, long service leave to be settled within 12 months, and sick leave to the extent that management anticipates unused sick leave entitlement at balance date will be used by staff to cover future absences. Borrowing costs are interest and other costs incurred in connection with the borrowing of funds. Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset. Other borrowing costs are treated as expense in the period in which they are incurred. Investment property is land and or buildings for which the present use is solely or predominantly to derive rental income and the property has the potential to realise capital appreciation. Property will be recognised as investment property only when it is probable that future economic benefits associated with the property will flow to the Group, the cost of the investment property can be measured reliably, and the investment property in its current condition is able to be sold separately or leased out under a finance lease. Investment property is measured at fair value based on a valuation by an independent valuer, holding a recognised and relevant professional qualification, and with relevant experience.
This page comprises part of the financial statements.
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29
AUCKLAND TROTTING CLUB INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2012
SIGNIFICANT ACCOUNTING POLICIES (continued)
Property, plant and equipment asset classes consist of land, land improvements, buildings and grandstands, plant machinery and vehicles, flood and security lighting, and furniture fittings and other. Property plant and equipment does not include land and buildings recognised as investment property nor any non current asset classified as held for sale. Land assets are revalued to fair value periodically, based on a valuation by an independent valuer, holding a recognised and relevant professional qualification, and with relevant experience. New valuations are obtained every three years, which is considered adequate to maintain the fair value of land in service use. Other asset classes are measured at cost less accumulated depreciation and impairment cost. Depreciation is applied on a straight line basis to recover the cost of the asset, less any residual value, over its estimated useful life. The estimated economic lives in use for asset classes are: Buildings and Grandstands Plant & Machinery Vehicles Flood Lighting Furniture, Fittings & Other
20-40 years 5-10 years 7 years 20 years 2-20 years
Historical pooled assets that have been fully depreciated are treated as disposed and written off after 20 years. Intangible assets consist of the costs to bring to use acquired computer software licences and initial development cost of the Club website. The cost of computer software that is an integral part of the operation and function of an asset is recognised as part of the cost of the particular item of property, plant and equipment, and is not recognised as an intangible asset. Intangible assets are considered to have a finite life and are measured at cost less amortisation and impairment cost. Amortisation is applied on a straight line basis to recover the cost of the asset over its estimated useful life. The estimated economic lives in use for intangible asset classes are: Computer Software Licences Website Development
5 years 5 years
Non-current assets held for sale are recognised if the carrying value of the asset will be recovered principally through a sale transaction rather than through continuing use. Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Impairment of assets other than inventory is considered at each balance date. Where events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the recoverable amount will be estimated. If the estimated recoverable amount is less than the carrying value of the asset, an impairment loss is recognised. The estimated recoverable amount of receivables carried at amortised cost is calculated as the present value of estimated future cash flows, discounted at their original effective interest rate. Receivables with a short duration are not discounted. The estimated recoverable amount of other assets is their fair value less costs to sell and value in use. Value in use is determined by discounting to present value, the estimated future cash flows from the use and ultimate disposal of the asset. Where the future economic benefits of the asset are not primarily dependent on the asset’s ability to generate net cash inflows, but the asset is necessary for it’s service potential, value in use shall be determined as depreciated replacement cost. An impairment loss will be reversed if warranted by a change in the estimated recoverable amount. Goods & services tax (GST) is excluded in the preparation of these financial statements, except trade receivables and trade payables, which are recorded as GST inclusive. GST is returned on a group basis on behalf of the Club and the subsidiary entity. GST payable or refundable at balance date is recorded as either a payable or receivable in the Club’s Balance Sheet. Consolidated group financial statements are prepared by combining the financial statements of the club and the subsidiary on a line by line basis. Equity in the subsidiary and all intragroup balances, transactions, income and expense, are eliminated in full. Income tax is not applicable to the Club, which is exempt income tax pursuant to section CW47 of the Income Tax Act 2007 No 97. The subsidiary entity is subject to income tax and the estimated income tax expense payable for the current year, adjusted for any differences between the estimated and actual expense in prior years, is recognised in the Statement of Income. Tax effect accounting is applied on a comprehensive basis to all temporary differences. A debit balance in the deferred tax account, arising from temporary differences or income tax benefits from income tax losses, is only recognised to the extent that it is probable that taxable profit will be available against which the deferred tax asset can be utilised.
This page comprises part of the financial statements. 30
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AUCKLAND TROTTING CLUB INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2012
CLUB 2011 $
GROUP 2012 Note $
2012 $
2011 $
2
CHANGES IN ACCOUNTING POLICIES
T he accounting policy for the periodic revaluation of land in service use and classified within Property, Plant and Equipment has changed. The fair value of land, previously determined with reference to local council valuation rolls, is now based on valuation by an independent valuer, holding a recognised and relevant professional qualification, and with relevant experience. Land in service has been retrospectively revalued using the new policy at the time of the last valuation on 31 July 2009. The value was determined as $13,275,000, which is the same as the current year valuation. The comparative figures for 2011 together with opening balances have been restated to be consistent with this new policy. The 2011 balance for Land at Alexandra Park has increased to $13,275,000 (Note 30). The Revaluation Reserve (Note 13) and Total Equity have increased by $8,227,633.
3 RACING INCOME AND EXPENDITURE
Income 140,000 55,000 Acceptance fees 55,000 140,000 2,756,312 3,417,080 TAB distribution 3,417,080 2,756,312 587,250 612,407 Totalisator income 612,407 587,250 1,459,000 1,553,000 Subsidies - Harness Racing NZ 1,553,000 1,459,000 757,700 778,200 Subsidies - NZ Sire Stakes Board 778,200 757,700 375,000 - Subsidies - Crown - 375,000 81,656 188,375 Subsidies - Others 188,375 81,656 430,000 460,000 Grants received 460,000 430,000 541,336 508,524 Sponsorship and promotions 508,524 541,336 255,753 312,074 Stand cover charges 312,074 255,753 85,000 165,000 Other industry distributions 10 165,000 85,000 - 5,091 Trials and Workouts 5,091 29,463 29,250 Northern Harness Racing Inc 29,250 29,463 7,498,470 8,084,001
8,084,001 7,498,470
Expenditure 5,859,153 6,229,938 Stakes and trophies 295,316 350,894 Totalisator expenses 293,203 318,600 Salaries and wages 486,544 640,828 Advertising, promotions and sponsorship 26 186,482 111,427 Harness Racing NZ levies 90,000 92,500 Inter Dominion funding contribution 15 299,305 326,586 Other racing expenses 26
6,229,938 350,894 318,600 638,383 111,427 92,500 288,482
7,510,003 8,070,773
8,030,224 7,476,529
$(11,533) 4
$13,228
5,859,153 295,316 293,203 484,712 186,482 90,000 267,663
Contribution from (to) Racing $53,777 $21,941
TRADING INCOME AND EXPENDITURE
Income 953,166 844,645 Bar income 1,891,796 1,929,360 55,000 67,500 Catering income 26 3,311,521 3,276,160 - - Function rental income 628,794 558,594 302,733 317,302 TAB income 317,302 302,733 2,371,080 2,398,625 Gaming income 2,398,625 2,371,080 1,152 1,332 Other trading income 13,299 11,010 3,683,131 3,629,404
8,561,337 8,448,937
Expenditure 18,253 22,354 Bar expenses 38,761 40,926 - - Catering expenses 529,166 504,113 339,496 274,662 Inventory expense 2,036,578 2,219,973 159,329 169,548 Bar and catering payroll 1,873,971 1,827,307 68,321 41,002 Administration expenses 498,689 549,767 226,866 237,385 TAB expenses 237,385 226,866 715,272 723,853 Gaming expenses 723,853 715,272 1,800 710 Other trading expenses 26 12,040 3,137 1,529,337 1,469,514 $2,153,794 $2,159,890
5,950,443 6,087,361
Contribution from Trading $2,610,894 $2,361,576
This page comprises part of the financial statements.
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31
AUCKLAND TROTTING CLUB INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS CLUB
2011 $ 5
For the year ended 31 July 2012
GROUP 2012 Note $
2012 $
2011 $
PROPERTY RENTAL INCOME AND EXPENDITURE
Income 344,958 344,958 Investment property rents 344,958 344,958 20,000 - Tenant club rents - 20,000 1,001,208 1,047,404 Other tenant rents 26 924,548 885,923 912,204 - NZRB licence fee 11 - 912,204 303,454 376,507 Show parking income 376,507 303,454 89,371 106,120 Casual parking income 106,120 89,371 191,017 233,175 Sundry rents 233,175 191,017 2,862,212 2,108,164
1,985,308
2,746,927
Expenditure 98,296 175,763 Parking expenses 175,763 98,296 10,002 29,855 Rental property expenses 29,855 10,002 108,298 205,618 $2,753,914 $1,902,546
205,618 108,298
Contribution from Property Rentals $1,779,690 $2,638,629
6
OTHER INCOME
43,998 41,317 466,855 94,528 60,190 66,152
Members subscriptions Grants received Other sundry income 26
41,317 43,998 94,528 466,855 21,977 18,315
$571,043 $201,997
Total Other Income $157,822 $529,168
7
OPERATIONS AND ADMINISTRATION EXPENDITURE
622,927 674,232 41,154 39,393 98,333 90,000 2,810 3,740 367,255 452,042 3,000 - 10,000 - 19,698 3,498 31,087 36,579 268,002 286,687 246,995 301,060 39,868 40,334 601,340 715,318 309,030 289,620
Administration salaries and wages Audit and related services 8 Board remuneration 25 Community donations Course staff and security Tenant club grants Other grants Marketing expenses 26 Membership expenses 26 Power and water Rates and insurance Receivables written off 22 Repairs and maintenance Administration and other expenses 26
$2,661,499 $2,932,503
Total Operations and Administration Expenditure $3,076,063 $2,782,585
8
674,232 622,927 42,093 43,754 90,000 98,333 3,740 2,810 452,042 367,255 - 3,000 - 10,000 2,726 15,986 32,918 27,858 315,653 296,277 311,196 254,837 46,622 41,502 717,842 602,279 386,999 395,767
AUDIT AND RELATED SERVICES
Hayes Knight Audit provide audit services to the Group and a Hayes Knight associated company is engaged to provide tax compliance and related services. The fee expense paid and/or accrued for the year is detailed as follows: 35,154 36,293 - - 3,100 3,100 - - 2,900 - $41,154 $39,393
This page comprises part of the financial statements. 32
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Group financial statement audit Subsidiary financial statement audit Club gaming account audit Subsidiary income tax compliance services Group compliance advisory services
36,293 35,154 1,700 1,600 3,100 3,100 1,000 1,000 - 2,900
Total Audit and Related Services $42,093 $43,754
AUCKLAND TROTTING CLUB INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS CLUB
GROUP 2012 Note $
2011 $ 9
For the year ended 31 July 2012
2012 $
2011 $
EMPLOYEE BENEFITS EXPENSE
Employee benefits expense is included in the functional expenditure analysis provided in notes 3 to 7. The total employee benefits expense for the year is made up as follows: 468,154 543,990 94,388 880,013 98,333
557,021 536,936 97,899 990,369 90,000
$2,084,878 $2,272,225
Racing expenditure Trading expenditure Property rental expenditure Operations and administration expenditure Board remuneration 25
557,021 2,642,683 101,932 990,369 90,000
468,154 2,665,060 94,388 880,013 98,333
Total Employee Benefits Expense $4,382,005 $4,205,948
10 OTHER INDUSTRY DISTRIBUTIONS
During the year the club received additional industry funding as follows::
35,000 30,000 50,000 - - 135,000
HRNZ Carnival promotion subsidies HRNZ Inter Dominion hosting support HRNZ funding adjustment
30,000 35,000 - 50,000 135,000 -
$85,000 $165,000
Total Other Industry Distributions $165,000 $85,000
11 NZRB LICENCE FEE During the previous financial period the NZ Racing Board paid a one time only licence fee of $912,204 (Note 5) to secure the rights to occupy the newly developed area for the operation of a TAB agency. The licence proceeds contributed to the cost of the construction and fit out of the new TAB extension. 12 OTHER COMPREHENSIVE INCOME Gains or losses on the revaluation of land arise from the periodic recognition of movement in the fair value of in service and strategic land holdings as measured by independent valuation. No income tax effect is incurred.
The land revaluation adjustment this year is due to the revaluation of land situated at Station Road, Pukekohe.
13 REVALUATION SURPLUS RESERVE The Revaluation Surplus Reserve is that portion of equity that has been recognised by the periodic revaluation of land, being an asset class within property, plant and equipment (Note 30). Fair value movements on investment property are not part of the Revaluation Surplus Reserve. Gains or losses arising on the measurement of fair value of investment property (Note 31) are recognised through the Statement of Comprehensive Income and form part of Accumulated Funds.
Movement in the reserve during the year is as follows:
12,978,830 12,978,830 - (10,000)
Balance as at 31 July 2011 (Restated) Revaluation Station Road, Pukekohe
$12,978,830 $12,968,830
Balance as at 31 July 2012 $12,968,830 $12,978,830
12,978,830 12,978,830 (10,000) -
The Reserve balance represents the revaluation of land as follows:
12,902,163 12,902,163 76,667 66,667 $12,978,830
Alexandra Park, Epsom (Restated) Station Road, Pukekohe
12,902,163 12,902,163 66,667 76,667
$12,968,830 $12,968,830 $12,978,830
The change in accounting policy adopted this year (Note 2) required a re-assessment of the value of in service land at Alexandra Park. The value of land has been determined by independent valuation (Note 30) and resulting therefrom the comparative opening balance of the Revaluation Surplus Reserve has been increased by $8,227,633.
This page comprises part of the financial statements.
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33
AUCKLAND TROTTING CLUB INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2012
CLUB
2011 $
GROUP 2012 Note $
2012 $
2011 $
14 ACCUMULATED FUNDS Accumulated funds is the sum of accumulated earnings retained as part of total equity, which is represented by the net assets of the Group. From time to time funds may be set aside from accumulated funds in separate reserves to meet specific future obligations.
Movement in accumulated funds for the year is as follows:
29,560,659 31,128,608 1,492,949 384,655 75,000 75,000
Balance as at 31 July 2011 Net Surplus (Deficit) for the year Transfer from (to) Inter Dominion Reserve 15
31,128,608 29,560,659 384,655 1,492,949 75,000 75,000
$31,128,608 $31,588,263
Balance as at 31 July 2012 $31,588,263 $31,128,608
15 INTER DOMINION RESERVE During the 2005 season the Club became party to a funding agreement between member clubs of the Inter Dominion Harness Racing Council. Under this agreement the Club received payments from each of the contributing clubs totalling $525,000, to be used in meeting costs associated with hosting the Inter Dominion Championships in March 2005. As a party to the agreement the Club had an obligation to contribute in a reciprocal manner to each club hosting the Inter Dominion Championships for the duration of the agreement, which concluded with the conducting of the championship in 2012. The Club no longer has any future commitment under the funding agreement. 92,500 - - -
Current year 1 - 2 years
- 92,500 - -
$92,500 -
Total Future Commitment - $92,500
In recognition of the future commitment arising from the Inter Dominion Funding Agreement the Board resolved that the amount received of $525,000 be transferred to a reserve account and that $75,000 be allocated annually from the reserve toward meeting the Club’s current obligation under the agreement.
Movement in the reserve during the year is as follows:
150,000 75,000 (75,000) (75,000)
Balance as at 31 July 2011 Transfer (to) from Accumulated Funds 14
75,000 150,000 (75,000) (75,000)
$75,000 -
Balance as at 31 July 2012 - $75,000
16 INVENTORIES
The balance in the Statement of Financial Position is made up as follows:
190,119 161,488 40,234 27,787
Inventory held for commercial sale or use Inventory held for use in service
227,424 255,162 27,787 40,234
$230,353 $189,275
Total Inventory $255,211 $295,396
No inventories are pledged as security for liabilities; however some inventory may be subject to retention of title clauses for inventory purchased for which payment remains due under normal credit terms. 17 EMPLOYEE ENTITLEMENTS
The liability for employee entitlements recorded in the Balance Sheet is made up as follows:
34,477 165,937 2,982 3,936
27,090 162,231 1,624 4,163
$207,332 $195,108
Accrued salaries and wages Liability for annual leave Liability for sick leave Kiwisaver and superannuation contributions on hand
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69,090 261,785 10,000 8,076
Total Employee Entitlements $312,781 $348,951
This page comprises part of the financial statements. 34
37,315 259,891 7,450 8,125
AUCKLAND TROTTING CLUB INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2012
CLUB
2011 $
GROUP 2012 Note $
2012 $
2011 $
18 CASH AND CASH EQUIVALENTS
The balance in the Balance Sheet is made up as follows:
115,853 25,635 95,704 1,128
49,019 (196) 63,459 542,678
$238,320 $654,960
Cash on hand Cash at bank - Operating accounts Cash at bank - Gaming account Cash at bank - Deposits at call
76,696 6,801 63,459 542,678
155,112 52,404 95,704 1,128
Total Cash and Cash Equivalents $689,634 $304,348
The bank operating account has an overdraft limit of $600,000 (2011 : $600,000). At balance date the interest rate applicable to the overdraft was 6.00% (2011 : 6.00%). This is a floating rate set by the bank. The Gaming account is subject to restriction on use whereby the application of funds is limited to meeting approved items of gaming expenditure and appropriation to the authorised purposes contained in the Club’s current licence to operate gaming machines. There are no other restrictions on the utilisation of cash resources on hand at balance date (2011 : Nil). 19 TRADE AND OTHER PAYABLES
The balances in the Balance Sheet are made up as follows:
391,653 110,042 104,790 520,813 157,909 68,210
386,313 106,307 108,300 135,807 222,516 146,443
Trade payables Accrued expenses Deposits and receipts in advance Construction project payables Subsidiary payables Other payables
533,821 135,998 211,945 135,807 171,092
549,998 131,855 178,024 520,813 95,696
$1,353,417 $1,105,686
Total Trade and Other Payables $1,188,663 $1,476,386
1,353,417 1,105,686 - -
Payable during the current 12 months Payable in future periods
$1,353,417 $1,105,686
1,188,663 1,476,386 - $1,188,663 $1,476,386
20 GAMING DISTRIBUTION TO AUTHORISED PURPOSES The club’s licence to operate gaming machines provides that the proceeds of gaming be applied to provide for the conduct of race meetings for the benefit of the public and to promote and control those meetings, including the provision and maintenance of facilities and the payment of stake money.
Grants to authorised purposes of $1,625,300 have been applied to stake money. (2011 : $1,587,500)
21 INCOME TAX The subsidiary entity is subject to income tax on profits earned. Profits earned in the current period give rise to taxation expense of $51,551, which has yet to be confirmed with the Inland Revenue Department. After recognition of the current year profit the subsidiary has accumulated tax losses of $2,546,867 to carry forward and has available temporary differences for future deductions of $139,996. At the corporate tax rate of 28% there is a deferred tax asset available to the subsidiary of $752,322 (2011:$803,873). The deferred tax asset has not been recognised for Group reporting as it is considered that future taxable profits against which the asset may be utilised cannot be relied upon with sufficient certainty.
This page comprises part of the financial statements.
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35
AUCKLAND TROTTING CLUB INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2012
CLUB
2011 $
GROUP 2012 Note $
2012 $
2011 $
22 TRADE AND OTHER RECEIVABLES
The balances in the Balance Sheet are made up as follows:
277,750 291,806 Trade receivables 813,470 226,172 Affiliated debtor receivables 38,145 40,814 Prepayments 1,368 16,887 Other receivables (174,035) (50,638) Provision for impairment
390,028 405,676 227,292 813,684 41,432 39,026 16,967 9,013 (50,638) (177,184)
$956,698 $525,041
Total Trade and Other Receivables $625,081 $1,090,215
956,698 525,041 - -
Receivable during the current 12 months Receivable in future periods
$956,698 $525,041
625,081 1,090,215 - $625,081 $1,090,215
The affiliated debtor balance represents the amount due from industry bodies, tenant clubs and other organisations within the harness racing industry with close affiliation to the Club. No collateral security is held against receivables. The carrying value of receivables approximates their fair value after making due allowance for impairment losses based on an assessment of the credit risk attached to the receivables. Credit risk is determined based on an analysis of the Group’s losses in previous periods and review of specific debtors having regard to past payment performance and knowledge of their current circumstances. All receivables past due for 90 days or more are subject to an impairment assessment. A receivable will be considered to be impaired if there is an unresolved dispute, no effort is being made to reduce the debt, the debtor is the subject of receivership, liquidation or bankruptcy, or there are other known circumstances that indicate full recovery may be doubtful.
The analysis of those receivables that are past due but not impaired at the end of the reporting period is as follows:
85,123 25,759 23,431 23,107
53,600 16,057 76,728 68,505
$157,420 $214,890
Past due 1-30 days Past due 31-60 days Past due 61-90 days Past due > 91 days
63,886 22,453 79,969 78,996
91,193 26,386 23,431 27,678
Total Receivables Past Due $245,304 $168,688
Movement in the provision for impairment of receivables is as follows:
39,781 174,034
Balance as at 31 July 2011
177,184 41,058
174,121 (39,868) 134,253
Provisions made (reversed) during the year Receivables written off Increase (Decrease) for the year
(79,924) (46,622) (126,546)
(83,062) (40,334) (123,396)
$174,034 $50,638
177,628 (41,502) 136,126
Balance as at 31 July 2012 $50,638 $177,184
The impairment provision is net of Goods and Services Tax which is recoverable in the event a debt is written off.
23 PROVISIONS FOR IMPAIRMENT
Increases (decreases) in provisions for impairment recognised in the Statement of Comprehensive Income are as follows:
134,253 38,863
(123,396) (184,112)
Provision for impairment of trade and other receivables Provision for impairment of loans to subsidiary
22 26
(126,546) 136,126 - -
$173,116 $(307,508) Increase (Decrease) in Provisions for Impairment $(126,546) $136,126 24 NZ IFRS STANDARDS AND AMENDMENTS Management has considered NZ IFRS standards and amendments that have been issued but are not yet effective, and considers that there will be no material impact to arise upon initial application of the standards or amendments to future reporting periods.
This page comprises part of the financial statements. 36
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AUCKLAND TROTTING CLUB INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2012
CLUB
2011 $
GROUP 2012 Note $
25 RELATED PARTY DISCLOSURES - BOARD AND MANAGEMENT
2012 $
2011 $
Remuneration paid to members of the board for the current term of office is:
10,000 10,000 25,000 25,000 15,000 15,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
P Cook R Croon K M Hoggard J A MacKinnon S R Plant D H Sixton P W Smith
Elected Director President Vice President Elected Director Elected Director Elected Director Elected Director
$90,000 $90,000
10,000 10,000 25,000 25,000 15,000 15,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 $90,000 $90,000
Board members are actively engaged in the sport of harness racing and may transact with the club on normal terms in pursuing their interest and involvement therein. Key management personnel having authority and responsibility for planning, directing and controlling the activities of the Club are the Chief Executive Officer, Chief Financial Officer and Racing Manager. The Operations Manager of Alexandra Park Functions Limited has key management responsibility for the subsidiary entity. Compensation paid to key management personnel is comprised of short-term employee benefits only. Total key management personnel compensation paid for the year is $571,958 (2011: $565,065). 26 RELATED PARTY DISCLOSURES - SUBSIDIARY ENTITY Alexandra Park Functions Limited was incorporated on 20 September 1999 and the Club has ownership of all the shares of the Company. The Club has issued to the Company a licence to operate the Alexandra Park Function Centre and The Alex Bar & Eatery. The Club has entered into transactions with Alexandra Park Functions Limited, the subsidiary entity, during the period. These transactions consist of expenses for the purchase of catering services from the company and income from property rental and management services provided to the company.
The value of related party transactions included in the financial statements are as follows:
41,875 44,175 55,000 67,500 115,285 122,856
Other sundry income Catering income Other tenant rents
- - - -
$212,160 $234,531
Total Income from Subsidiary - -
7,293 13,437 69,669 66,993 6,748 1,329 6,312 6,300 57,680 67,840 1,800 840
Administration & other expenses Advertising, promotions and sponsorship Marketing expenses Membership expenses Other racing expenses Other trading expenses
$149,502 $156,739
Total Expenditure to Subsidiary - -
- - - - - - -
The Club has made loans to the Company for the acquisition of various business enterprises. The Club has also made advances on current account to fund the trading commitments of the Company. Provision for impairment has been made at balance date and advances are recognised at current estimated net realisable value.
The intergroup balance reported at balance date comprises:
666,250 666,250 Loans 3,113,520 2,929,408 Current account
- - -
3,779,770 3,595,658
Total Advances - -
3,740,907 3,779,770 38,863 (184,112) 3,779,770 3,595,658
Opening provision for impairment Increase (decrease) for the current year Closing provision for impairment
Estimated Realisable Value as at 31 July 2012 - -
- -
- - - -
The Club will continue to support the subsidiary as a going concern and has provided a written undertaking to the Company that the Club shall not call for repayment of the advances unless it gives the Company not less than 12 months notice of its intention to do so. Once the notice period has expired advances will be repayable to the Club on demand. This page comprises part of the financial statements.
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37
AUCKLAND TROTTING CLUB INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2012
CLUB
2011 $
GROUP 2012 Note $
2012 $
2011 $
27 RECONCILIATION OF NET CASH FROM OPERATING
The reconciliation of Net Profit (Loss) for the year to Net Cash from Operating Activities is as follows:
1,492,949 384,655
Net Profit (Loss) for the year
384,655 1,492,949
Add Back Non Cash Items: 13,444 12,262 Amortisation expense 12,262 13,444 1,242,343 1,330,206 Depreciation and adjustments on disposal 1,330,206 1,242,343 173,116 (307,508) Provisions for impairment (126,546) 136,126 (75,000) (60,000) Fair value movements on investment property (60,000) (75,000) Net Changes in Working Capital: (452,524) 555,053 Trade and other receivables (35,961) 41,078 Inventories (80,580) 167,804 Trade and other payables 20,700 (12,224) Employee entitlements (159,300) 3,510 Receipts in advance $2,139,187
$2,114,836
591,680 (471,385) 40,185 (48,816) 162,008 (82,097) (36,170) 47,753 33,921 (153,108)
Net Cashflow from Operations $2,332,201 $2,102,209
28 FINANCIAL INSTRUMENTS
The carrying amounts of financial assets and liabilities within category are as follows:
Loans and Receivables 238,320 654,960 Cash and cash equivalents 18 689,634 304,348 956,698 525,041 Trade and other receivables 22 625,081 1,090,215 - - Loans to the subsidiary entity 26 - $1,195,018
$1,180,001
$1,314,715 $1,394,563
Financial Liabilities (measured at amortised cost) $1,353,417 $1,105,686 Trade and other payables 19 $1,188,663 $1,476,386 Loans and receivables expose the Group to credit risk. The maximum exposure to credit risk is the total for Loans and Receivables disclosed above. Credit risk is managed by regular monitoring and pursuit of receivables that are past due. Loans and receivables are recognised at fair value, which is determined as amortised cost less provision for any impairment where the estimated recoverable amount is less than carrying value. Financial liabilities expose the Group to liquidity risk. Liquidity risk is managed by the regular monitoring and forecasting of cash flow on a daily, monthly and long term basis to ensure adequate cash resources are maintained to meet obligations as they fall due. The total of financial liabilities includes deposits and receipts in advance (Note 19) that are not expected to be repaid in the normal course of business. The maturity analysis for all other financial liabilities is as follows: 995,960 68,626 141,152 42,889
816,953 43,983 134,162 2,288
$1,248,627
Due 1-30 days Due 31-90 days Due 91-365 days Due > 365 days
$997,386
There is no exposure to any significant interest rate, currency or market risks at balance date.
This page comprises part of the financial statements. 38
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870,080 60,389 41,125 5,124
1,119,730 85,438 46,904 46,290
$976,718 $1,298,362
AUCKLAND TROTTING CLUB INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2012
29 INTANGIBLE ASSETS
Movements in the cost of each class of intangible asset are as follows: 2012
Opening Cost Additions Disposals Transfer to Closing Cost at Cost at Cost Assets Held For Sale
Computer Software Licences Website Development
38,978 35,500
$74,478
3,420 (3,703) - -
- -
38,695 35,500
-
$74,195
Opening Cost Additions Disposals Transfer to at Cost at Cost Assets Held For Sale
Closing Cost
$3,420
$(3,703) 2011
Computer Software Licences Website Development
40,009 25,000
- 10,500
(1,031) -
- -
38,978 35,500
$65,009
$10,500
$(1,031)
-
$74,478
Movements in the accumulated amortisation and impairment losses of each class of intangible asset are as follows: 2012 Opening Amortisation Impairment Eliminated Transfer to Balance Expense Losses on Disposal Assets Held For Sale
Computer Software Licences Website Development
Closing Balance
32,370 9,227
5,156 7,106
- -
(3,701) -
- -
33,825 16,333
$41,597
$12,262
-
$(3,701)
-
$50,158
Opening Amortisation Impairment Eliminated Transfer to Balance Expense Losses on Disposal Assets Held For Sale
Closing Balance
2011
Computer Software Licences Website Development
25,747 2,478
6,695 6,749
- -
(72) -
- -
32,370 9,227
$28,225
$13,444
-
$(72)
-
$41,597
The carrying value of each class of intangible asset is made up as follows: 2012
2011
Cost Accumulated Carrying Cost Accumulated Amortisation/ Value Amortisation/ Impairment Impairment
Computer Software Licences Website Development
38,695 35,500
33,825 16,333
$74,195
$50,158
4,870 19,167
Carrying Value
38,978 35,500
32,370 9,227
6,608 26,273
$24,037 $74,478
$41,597
$32,881
The following additional disclosures are made in respect of intangible assets: No intangible assets are pledged as security for liabilities. There are no restrictions on title to intangible assets other than those that may arise from retention of title clauses for purchased additions for which payment remains due under normal credit terms. There are no contractual commitments for the acquisition of intangible assets.
This page comprises part of the financial statements.
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39
AUCKLAND TROTTING CLUB INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2012
30 PROPERTY PLANT AND EQUIPMENT
Movements in the cost or valuation of each class of property, plant and equipment are as follows: 2012
Opening Cost Additions Revaluation Disposals Transfer to or Valuation at Cost at Cost Assets Held For Sale
Land Alexandra Park Land Pukekohe Land Improvements Buildings & Grandstands Plant, Machinery & Vehicles Flood & Security Lighting Furniture, Fittings & Other Developments in Progress
13,275,000 700,000 819,715 31,179,571 4,915,889 1,406,072 1,069,166 479,825
-
$53,845,238
2011 Opening Cost Additions Revaluation Disposals Transfer to or Valuation at Cost at Cost Assets Held For Sale
Closing Cost or Valuation
Land Alexandra Park (Restated) Land Pukekohe Land Improvements Buildings & Grandstands Plant, Machinery & Vehicles Flood & Security Lighting Furniture, Fittings & Other Developments in Progress
13,275,000 710,000 812,311 27,189,880 5,014,275 1,404,734 1,065,208 3,337,839
$52,809,247
13,275,000 710,000 802,830 27,103,845 5,075,314 1,403,942 1,061,191 670,735
$50,102,857
7,404 3,996,285 193,499 6,481 118,855 17,825
- (10,000) - - - - - -
- - - (6,594) (291,885) (5,143) (114,897) (2,875,839)
$4,340,349
$(10,000)
$(3,294,358)
9,481 86,035 133,073 792 54,805 2,672,931
$2,957,117
-
- - - - (194,112) - (50,788) (5,827)
-
$(250,727)
-
Closing Cost or Valuation
-
13,275,000 710,000 812,311 27,189,880 5,014,275 1,404,734 1,065,208 3,337,839
-
$52,809,247
Developments in Progress are shown as disposed when an item of property, plant or equipment is ready for its intended use and will provide future economic benefits to the Group. The disposed amount is recognised as an addition at cost in the appropriate asset class.
Movements in accumulated depreciation and impairment losses of each class of property, plant and equipment are as follows:: 2012
Opening Depreciation Impairment Eliminated Transfer to Closing Balance Expense Losses on Disposal Assets Held Balance For Sale
Land Alexandra Park Land Pukekohe Land Improvements Buildings & Grandstands Plant, Machinery & Vehicles Flood & Security Lighting Furniture, Fittings & Other Developments in Progress
435,855 13,155,923 4,171,935 1,266,122 584,477 -
$19,614,312
39,638 947,613 249,599 11,193 65,014 -
$1,313,057
-
- - - (3,663) (280,694) (5,142) (107,206) -
-
$(396,705)
-
475,493 14,099,873 4,140,840 1,272,173 542,285 -
-
$20,530,664
2011 Opening Depreciation Impairment Eliminated Transfer to Closing Balance Expense Losses on Disposal Assets Held Balance For Sale
Land Alexandra Park Land Pukekohe Land Improvements Buildings & Grandstands Plant, Machinery & Vehicles Flood & Security Lighting Furniture, Fittings & Other Developments in Progress
This page comprises part of the financial statements. 40
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396,589 12,293,198 4,104,024 1,255,045 568,798 -
$18,617,654
39,266 862,725 260,647 11,077 66,466 -
$1,240,181
-
- - - - (192,736) - (50,787) -
-
$(243,523)
-
435,855 13,155,923 4,171,935 1,266,122 584,477 -
-
$19,614,312
AUCKLAND TROTTING CLUB INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2012
30 PROPERTY PLANT AND EQUIPMENT (continued)
The carrying value of each class of property, plant and equipment is made up as follows: 2012
2011
Cost or Accumulated Carrying Cost or Accumulated Carrying Valuation Depreciation/ Value Valuation Depreciation/ Value Impairment Impairment
Land Alexandra Park Land Pukekohe Land Improvements Buildings & Grandstands Plant, Machinery & Vehicles Flood & Security Lighting Furniture, Fittings & Other Developments in Progress
13,275,000 700,000 819,715 31,179,571 4,915,889 1,406,072 1,069,166 479,825
- - 475,493 14,099,873 4,140,840 1,272,173 542,285 -
13,275,000 700,000 344,222 17,079,698 775,049 133,899 526,881 479,825
13,275,000 710,000 812,311 27,189,880 5,014,275 1,404,734 1,065,208 3,337,839
- - 435,855 13,155,923 4,171,935 1,266,122 584,477 -
13,275,000 710,000 376,456 14,033,957 842,340 138,612 480,731 3,337,839
$53,845,238
$20,530,664
$33,314,574
$52,809,247
$19,614,312
$33,194,935
The following additional disclosures are made in respect of property, plant and equipment: There are no restrictions on title to property, plant and equipment other than those that may arise from retention of title clauses for purchases for which payment remains due under normal credit terms. Land at Alexandra Park is carried at independent valuation as at 31 July 2012 prepared by S D Keenan (ANZIV,MNZPI), of Seagar and Partners registered valuers and has been assessed in accordance with the change in accounting policy (Note 2). The increase in land value is considered to have arisen in prior periods (valuation as at 31 July 2009) and the opening balance of the 2011 comparative land value has been increased by $8,227,633, being the increase in the value of land now recognised. There has been no subsequent change in the value since 31 July 2009. Land at Station Road, Pukekohe is carried at independent valuation as at 31 July 2012 prepared by R H Martin ANZIV, Director, Property Valuations Limited. The sales comparison method was used to arrive at the fair value of land at Alexandra Park and Station Road, Pukekohe, taking into consideration the general market perception of this type of asset and at best, the mixed market for development land at present. Land carried as part of property, plant and equipment does not include those areas of land recognised as investment property and reported at fair value in accordance with the requirements of NZ IAS 40 (Note 31). The original cost of land carried at valuation is $1,006,170 (2011:$1,006,170). The surplus due to revaluation is $12,968,830 and is carried as a separate line item in equity. 31 INVESTMENT PROPERTY
Movements in the carrying value of investment property are as follows: 2012
Opening Additions Fair Value Fair Value Transfer to Closing Balance at Cost Gain Loss Assets Held Balance For Sale
350 Manukau Road, Epsom 352 Manukau Road, Epsom 223 Greenlane West, Epsom
2,290,000 2,850,000 5,950,000
- - -
60,000 - -
- - -
- - -
2,350,000 2,850,000 5,950,000
$11,090,000
-
$60,000
-
-
$11,150,000
2011 Opening Additions Fair Value Fair Value Transfer to Closing Balance at Cost Gain Loss Assets Held Balance For Sale
350 Manukau Road, Epsom 352 Manukau Road, Epsom 223 Greenlane West, Epsom
2,290,000 2,775,000 5,950,000
- - -
- 75,000 -
- - -
- - -
2,290,000 2,850,000 5,950,000
$11,015,000
-
$75,000
-
-
$11,090,000
This page comprises part of the financial statements.
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41
AUCKLAND TROTTING CLUB INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2012
31 INVESTMENT PROPERTY (continued)
The following additional disclosures are made in respect of investment property:
The Club engaged S D Keenan (ANZIV, MNZPI), of Seagar and Partners registered valuers, to provide an independent assessment of the fair value of investment property. The total fair value of property is valued at $11,150,000 being the closing balance detailed above. The valuation reports are dated August 2012 with fair value being assessed as at 31 July 2012. The fair value of land at 350 Manukau Road has been determined using the Income Capitalisation method, having regard to the existing tenancy of a good quality fast food tenant, rental at market levels with a further 5.5 years to run. The fair value of land at 352 Manukau Road has been determined using the Discounted Cashflow method, having regard to the existing tenancy of a good quality tenant, rental at market levels with a further 6.5 years to run. The fair value of land at 223 Greenlane West has been determined using a combination of the Sales Comparison method and Residual/ Development method on an as if complete basis. The land is valued subject to vacant possession taking into consideration the general market perception of this type of asset and at best, the mixed market for development land at present. Pursuant to rule 36 (a) (i) no freehold land owned by the Club shall be sold without the approval of a resolution of the members of the club. The leasing or otherwise disposal of freehold land may require the approval of members pursuant to rule 36 (a) (iii). Investment properties situated at 350 and 352 Manukau Road are subject to a mortgage in favour of ASB Bank Limited securing an overdraft facility of $600,000. The Club has no contractual obligations to purchase, construct or develop the existing investment properties situated at 350 and 352 Manukau Road, or for repairs, maintenance or enhancements. The Club is seeking expressions of interest from parties that may consider the development and lease of building sites situated at 223 Greenlane West, Epsom. No contractural arrangements have been entered into. The Concept Plan - Greenlane West (E09-55) imposes development controls pertaining to access for the site at 223 Greenlane West that are dependant on completion of the roading and parking infrastructure approved for Alexandra Park. The Club is responsible for the completion of these infrastructure works before any buildings to be developed on the site can be occupied. The estimated cost to the Club to complete the development control works is $5,345,041, which obligation has been reflected in the assessment of fair value of the property at balance date. 32 CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
T he Club has a contingent obligation to undertake infrastructure development and roading arising from the sale of land to the Ministry of Education in 1999. The cost of development will be shared with the Ministry of Education. The obligation is contingent upon the Ministry’s election to proceed with the construction of a school on the site. However, the Club may, at its discretion, elect to proceed with the development at any time. The Ministry of Education has previously been notified of the Club’s intention to proceed with the infrastructure work in order to complete the development control works (Note 31) and the ministry participated in the preparation and call for tenders. However no contractual obligations have been entered into and the works are not proceeding at this time.
The Club has entered into a memorandum of understanding with Northern Harness Racing Incorporated. In the event that the Performance Incentive Scheme Reserve Fund should be insufficient to meet the obligations incurred by the scheme, the Club will fund any shortfall. The Club has indemnified ASB Bank Limited in respect of a $30,000 bank guarantee in favour of the New Zealand Racing Board. The guarantee was required as a condition of the Club being able to operate a social TAB agency at Alexandra Park. There are no other material capital commitments or contingent liabilities.
This page comprises part of the financial statements. 42
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AUCKLAND TROTTING CLUB INCORPORATED
AUDITOR’S REPORT
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43
AUCKLAND TROTTING CLUB INCORPORATED
AUDITOR’S REPORT
44
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MEMBERS’ LIST & CALENDAR
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45
2011-2012
A
2007-08 Abernethy, Mrs P.
F
1984-85 Breckon, G.K.
1981-82 Curach, G.P.
1990-91 Aickin, Ms C.A.
1994-95 Breckon K.G.
1999-00 Curham, P.J.
2004-05 Famularo, Ms S.
1999-00 Famularo, R.
1973-74 Alabaster, P.L.
1976-77 Bridgford, R.A.
1999-00 Curson, P.G.
2009-10 Farrell, B.
1980-81 Alcock, T.C.
2010-11 Brierley, A.
1988-89 Curtin, J.D.
1989-90 Farry, J.J.
2004-05 Alexander, J.D.
1982-83 Brown, D.W.S.
1999-00 Alexander, J.R.
1997-98 Brown, Mrs N.V.
1986-87 Faulkner, J.T.
1976-77 Andrew, G.M.
1989-90 Brownlee, J.I.
1969-70 Antunovich, F.G.
2008-09 Bryant, J.S.
1972-73 Archer, D.L.
1985-86 Bult, P.C.
1981-82 Dalziel, W.P.
1972-73 Ashby, G.K.
1986-87 Burke, I.H.
2007-08 Datson, G.
u 1965-66 Atkinson, F.G.
1973-74 Burley, P.C.
1984-85 Davidson, E.R.
2011-12 Flay, Ms S.J.K.
2011-12 Augustine, D.
1984-85 Butler, M.R.
2010-11 Davies, Ms K.E.
1989-90 Fleetwood, G.E.
2011-12 Davis, Ms S.M.
2011-12 Foley, K.J.
1998-99 Davison, B.L.
1986-87 Foley, Miss W.
1970-71 Day, K.A.
1993-94 Forbes, J.P.W.
1980-81 Delich, P.
1984-85 Ford, Mrs T.J.
B
2010-11 Baddeley, Ms S.
1987-88 Baillie, P.G.
C
1984-85 Calderwood I.E.
1987-88 Feek, M.W.
D
1970-71 Ferguson, K.
2010-11 Daly, S.P.
1989-90 File, M. 1989-90 Flaherty, E.M.
1996-97 Baker, G.J.
1964-65 Campbell, S.J.
1979-80 Dell’isola, A.P.
1991-92 Fornusek, D.A.
1994-95 Baker, G.S.
1993-94 Carey, T.W.
2001-02 Dempsey, R.
1996-97 Foster, G.E.
1980-81 Baker, N.N.
2003-04 Cargill, T.M.
1968-69 Denning, D.R.
u 1964-65 Baker, R.
1984-85 Carr, R.G.
1984-85 Devlin, J.W.
1984-85 Balle, K.R.
1984-85 Carr, R.H.
2008-09 Dickie, R.C.
1982-83 Balle, M.F.
1994-95 Carter, B.K.
1999-00 Dickinson, A.N.
2011-12 Bampton, Ms K.
1984-85 Carter, R.W.
2010-11 Ditimer, K.
1996-97 Banton, C.
1972-73 Cash, P.A.D.
1969-70 Divich, A.M.
1999-00 Barlow, C.
1985-86 Castles, G.V.
1967-68 Doherty, E.F.
1981-82 Barnes, R.C.
1988-89 Cathro, Mrs C.E.
2010-11 Donovan, F.J.
2002-03 Chan, R.
2011-12 Dormer, A.
1964-65 Galbraith, A.R.
1984-85 Barraclough, Mrs K.R.
1970-71 Foy, J.C. 2008-09 Frechtling, R.C. 2000-01 Freeman, J.R. 1987-88 French, D.K. 1975-76 Fulton, A.L.
G
2010-11 Gain, A.S.
1980-81 Barradale, C.
2010-11 Chapman, L.I.
1989-90 Dormer, G.R.
1993-94 Barrett, Mrs J.O.
1975-76 Charlesworth, J.R.
1995-96 Doughty, G.C.
1972-73 Gallagher, B.R.
1967-68 Barry, P.R.
2008-09 Charlton, P.
1995-96 Doughty, W.
1972-73 Gallagher, C.D.
1981-82 Bassett, Mrs G.B.
2000-01 Chia, S.K.H.
2008-09 Dow, Ms J.R.
1979-80 Garelja, T.G.
1994-95 Bassett, J.R.
1968-69 Chilcott, R.A.
1977-78 Dowd, C.C.
1985-86 Gianotti, W.J.
1983-84 Batson, A.W.
1990-91 Christensen, L.G.
1973-74 Downey, A.B.
1984-85 Bax, E.J.
2010-11 Churches, D.B.
1987-88 Downey, E.H.
2001-02 Bell, A.J.
2010-11 Cleaver, T.J.
1976-77 Drake, Dr L.A.
2006-07 Bennett, L.
1992-93 Cole, G.W.
1988-89 Driver, L.C.
1990-91 Berghan, G.B.
1997-98 Coll, J.G.
1988-89 Dudley, M.J.
1987-88 Bermingham, W.J.
2008-09 Collins, Ms J.A.
2005-06 Dunell, Ms P.
1981-82 Berry, W.J.
2004-05 Colson, C.D.
2007-08 Dunford, D.M.
1998-99 Goldsworthy, Mrs D.V.
2004-05 Best, G.A.
1986-87 Cook, P.M.
2009-10 Dunford, M.D.
1996-97 Goldsworthy, M.F.
1972-73 Gibbons, N.P. 1967-68 Glasgow, D.H. 1965-66 Glenn, M.K. 1987-88 Godfrey, D.I. 2008-09 Goldsmith, D.R.
2010-11 Beswick, I.C.
1992-93 Corner, P.M.
1985-86 Dwyer, D.P.
1991-92 Goldsworthy, M.J.
2007-08 Biddlecombe, D.P.
2011-12 Corry, Ms J.
1989-90 Goryl, A.
1979-80 Bilish, A.G.
1947-48 Coughlan, A.S.
1970-71 Graham, R.C.
2009-10 Billington, N.R.
2005-06 Cousins, D.
2010-11 Bird, J.P.
1982-83 Cox, S.E.
1980-81 Blackburn, G.G.
1976-77 Cozens, Mrs L.O.
1963-64 Eagles, P.W.
1982-83 Boland, J.M.
1965-66 Craddock, N.
1992-93 Ede, J.B.
2010-11 Bolton, R.
1984-85 Craig, H.J.
1979-80 Edmunds, Ms P.
1996-97 Bond, G.R.
u 1964-65 Cramer-Roberts, K.D.
2005-06 Edwards E.J.
1985-86 Borich, J.P.
1977-78 Crooke, K.T.
2007-08 Elder, M.J.
1997-98 Bosch, F.B.
2002-03 Croon, R.
1973-74 Elliffe, D.M.
1964-65 Bosher, H.R.
1977-78 Cross, A.A.
1969-70 Elvidge, G.A.
2007-08 Green, Ms V.C.
E
1977-78 Grantham, Mrs M. 2005-06 Eade, Mrs J.
1973-74 Grantley, D.G. 1976-77 Gray, R.J. 1982-83 Green, B.R. 2003-04 Green, J.P. 1984-85 Green, Mrs M.E. 1967-68 Green, T.A.
2009-10 Bowker, R.S.
1989-90 Crouth, J.P.
1995-96 Ewen, J.
1996-97 Grierson, A.R.
1999-00 Boyd, G.
1943-44 Cucksey, H.A.
1984-85 Eyre, H.A.R.
1969-70 Griffiths, S.R.
1998-99 Boyd, I.G.
1985-86 Cudby, D.H.
2002-03 Grocott, Ms S.L.
1983-84 Braithwaite, Dr A.C.
1972-73 Culpan, Mrs N.
2005-06 Gubb, W.P.
46
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AUCKLAND TROTTING CLUB INCORPORATED
2011-2012
H
J
1984-85 Hadley, C.J.
2010-11 James, Mrs B.
M
1968-69 Magness, R.J.
N
1968-69 Naden, A.G.
2003-04 Hagan, S.J.
2005-06 Jenkins, D.N.
1985-86 Maher, J.F.
1964-65 Neal, B.W.D.
1977-78 Haines, P.E.
2009-10 Jillings, C.
1966-67 Maich, J.S.L.
2010-11 Neal, D.T.
1989-90 Hall, J.W.
1987-88 Johnson, R.C.
1969-70 Mann, D.A.
2003-04 Neben, B.W.
1969-70 Hamilton, W.R.
1975-76 Jones, F.M.
1990-91 Marr, K.D.
1996-97 Neville, K.F.
2003-04 Hamley, R.E.
1989-90 Jones, J.J.
1994-95 Martin, B.R.
1976-77 Neville-White, B.G.
1999-00 Hansen, M.
1994-95 Jones, K.D.
2010-11 Mason, A.G.
1985-86 Hansen, P.V.
1967-68 Jones, P.R.
2008-09 Mason, G.P.
1991-92 Harding, G.W.
2010-11 Jones, R.R
1977-78 Hargreaves, T.I.
1989-90 Jury, L.C.
1988-89 Harris, C.A.
2007-08 Harris, C.J. u 1969-70 Harris, H.G. 1989-90 Harris, R.J. 1954-55 Harrison, B. 1995-96 Harrison, D.
1983-84 Matthews, Ms S.A. 1965-66 Matulich, M.I. 1990-91 Maxwell, T.G.
K
2009-10 Mathews, S.H.
1975-76 Keegan, G.J.
1984-85 Kelly, G.W. 1964-65 Kennedy, A.J. 1988-89 Kennedy, R.B.
1997-98 Ng, M. 1967-68 Nicolson, S.O. 1972-73 Nieper, M.J. 1984-85 Nigro, J.V. 1984-85 Notman, M.R.
1996-97 May, R.V.S. 1993-94 McAuley, R.G. 2009-10 McCarthy, R.J.H
O
1968-69 Oliver, W.
1970-71 McCaughan, D.F.
1975-76 Oughton, L.J.
1985-86 McClintock, G.J.
1988-89 Outtrim, S.W.
1989-90 Kerr, D.K.
1999-00 McDonald, B.M.
1984-85 Outtrim, W.H.
1967-68 Kerr, G.R.
1977-78 McEntee, L.A.
1964-65 Oxley, Dr F.J.H.
2008-09 Kilgour, B.
1994-95 McFarland, K.J.
1975-76 Kirkbride, D.G.
1986-87 McGeady, H.E.
1994-95 Knox, Dr. A.J.
1964-65 McHugh, P.S.
u 1964-65 Koefoed, C.B.
1986-87 McIlraith, D.H.
1939-40 Paltridge, D.L.
2009-10 Henare, T.M.A.
1983-84 Koefoed, H.R.
1984-85 McIntosh, A.J.
1984-85 Parker, A.J.
1964-65 Henderson, A.F.
1980-81 Kolovos, S.A.
1969-70 McIsaac, V.C.
1998-99 Parker, Ms F.D.
1951-52 Henderson, S.M.
2010-11 McKay, K.D.
1963-64 Harrison, K. 1989-90 Hart, J.B. 1981-82 Haslam, P.J. 2004-05 Heck, M.P.B. 1989-90 Hedger, B.A. 1969-70 Heighway, Mrs J. 1947-48 Hemming, L.R.
1994-95 Henley, G.R. 2004-05 Henwood, L.T.
1964-65 McKay, R.P.
L
1989-90 Lahood, P.J.
2000-01 McKearney, J.
1995-96 Herlihy, A.G.
1989-90 Lapwood, L.R.
1985-86 McKerrow, Dr K.J.
1995-96 Herlihy, Mrs S.
1985-86 Lascelles, P.R.
1964-65 McLaren, D.G.
1990-91 Hewes, B.D.
1970-71 Latimer, N.A.
1998-99 McLellan, Ms A.N.
1999-00 High, R.
1966-67 Lee, B.C.
1993-94 Hill, D.
2003-04 Lee, M.D.
2006-07 Hill, K.R.
1968-69 Leslie, M.J.
2007-08 Hill, M.C.
1994-95 Lim, B.Y.
2007-08 Ho, N.Y.C.
2006-07 Lim, F.
1983-84 Hobman, B.R.
1977-78 Lipa, J.S.
1993-94 Hodgkins, Miss M.J.
1978-79 Lloyd, B.S.
2007-08 Hogan, Ms L.
1967-68 Lockhart, S.G.
1999-00 Hoggard, K.M.
2009-10 Logan, G.F.
2004-05 Holland, B.
1990-91 Long, E.J.
u 1985-86 Holloway, S.
1987-88 McMath, B.D. 1984-85 McQuoid, R.J. 1972-73 McRae, J.H. 1972-73 McRae, Mrs J.I. u 1978-79 Meadows, A.S.
P
2009-10 Pack, Dr Y.M.
1999-00 Paton, Ms R. 1992-93 Paul, K.G. 2010-11 Paul, S. 2011-12 Pearson, Mrs A. 1966-67 Pengelly, W.R. 1996-97 Pettifer, J.G. 1975-76 Pettifer, L.D. 2010-11 Phelan, R. 2000-01 Phillips, Mrs A.M. 1960-61 Phillips, P.B.
u 1980-81 Meale, B.
1972-73 Phillips, S.B.
1981-82 Medcalfe, D.
1985-86 Philpott, J.S.
2004-05 Michl, A.K.
2005-06 Plant, B.J.
2006-07 Miller, I.A.
2005-06 Plant, S.R.
1999-00 Millier, G.D.
1972-73 Plumley, Jnr H.C.
2011-12 Mills, H.M.
1968-69 Loomb, J.A.
1990-91 Potter, T.D.
1968-69 Hooper, L.R.
2010-11 Mohanakrishnan, Ms J.
2005-06 Loveday, J.B.
1990-91 Powell, R.F.
2010-11 Hope, W.R.
2006-07 Moore, J.F.
1992-93 Lowe, P.
2007-08 Pratt, A.
1964-65 Hornblow, B.R.
1988-89 Moore, T.
1979-80 Lowther, P.
1999-00 Price, B.
1982-83 Hoyle, M.
2005-06 Morris, K.I.
1975-76 Lucas, J.C.
1984-85 Price, J.H.
1969-70 Hoyte, W.C.
1992-93 Morron, P.R.
1979-80 Luey, W.
1990-91 Mrkusich, G.G.
2005-06 Hughes, B.
1969-70 Lum, L.S.
1967-68 Muir, A.A.
1977-78 Hughes, B.J.
1992-93 Mabey, W.K.
1972-73 Mulligan, H.A.
1994-95 Hunter, M.B.
1982-83 MacDonald, D.S.
1988-89 Murray, C.H.
1986-87 MacFarlane, G.L.
1965-66 Musson, P.W.
2009-10 Mackay, N.P.
1984-85 Myles, G.C.
1998-99 Mackie, C.
1989-90 MacKinnon, J.A.
I
1979-80 Ingram, Mrs J.M.
1972-73 Irving, G.H. 2012 ANNUAL REPORT
For the season ended 31 July 2012
2011-12 Purdon, C.N. u 1984-85 Purdon, R.C. 2010-11 Purdon-Reid, Mrs W. 1976-77 Pye, L.K. 2001-02 Pyke, Ms R.J.
Q u 1977-78 Quinn, T.A.
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47
2011-2012
R
Y
1999-00 Sissons, R.J.
1995-96 Turner, D.M.
1986-87 Reekers, P.
1994-95 Sixton, C.D.S.
1979-80 Turner, R.L.
1982-83 Yarndley, R.A.
1986-87 Yee, L.M.
2011-12 Rack, G.J.
1994-95 Yardley, J.
1992-93 Reeve, M.R.
1990-91 Sixton, D.H.
1989-90 Reid, Mrs J.C.
1977-78 Skinner, K.D.
1986-87 Reid, R.R.
1977-78 Skinner, M.B.
2010-11 Reid, S.J.
1979-80 Skudder, P.H.
1984-85 Verran, K.J.
1997-98 Yong, K.T.C.
1956-57 Rennie, H.S.
2005-06 Small, Mrs A.
2011-12 Verrenkamp, W.G.
1984-85 Young, R.
1975-76 Revill, G.M.
2011-12 Smith, Ms C.
1985-86 Vidovich, S.
V
1965-66 Yee, R.C. 2007-08 Van Rensburg, L.
2001-02 Reynolds, Ms J.
1989-90 Smith, D.J.
2000-01 Vince, T.R.
1967-68 Richards, F.F.
2010-11 Smith, Ms E.M.
1979-80 Vodanovich, P.R.
2002-03 Ringrose, M.A.
1973-74 Smith, J.E.
2011-12 Rizarri, E.
1995-96 Smith, P.H. 1996-97 Smith, P.W.
u 1967-68 Robertson, G.D.
1973-74 Southey, R.A.
1979-80 Waide, R.
1976-77 Robertson, G.I.
1983-84 Southey, R.M.
1976-77 Walker, D.G.
1964-65 Robertson, Mrs M.
1980-81 Sparrow, B.
2010-11 Walker, Ms L.
1967-68 Robinson, Mrs G.A.
1989-90 Steiner, Mrs J.F.
1977-78 Walker, T.N.
1982-83 Robinson, P.A.
2010-11 Stephen-Smith, B.K.
1986-87 Wallis, A.E.
W
u Life Members.
1979-80 Rogers, M.E.
1970-71 Stewart, R.
1994-95 Walters, Ms J.E.
1967-68 Stewart, R.W.
2008-09 Warneford, K.
u 1992-93 Ross, J.G.
1994-95 Stockman, Mrs J.M.
1960-61 Warnock, Mrs P.
1969-70 Roulston, A.T.
u 1981-82 Stockman, S.J.
1975-76 Waters, S.W.
1965-66 Rouse, G.F.
1992-93 Storck, E.C.
1998-99 Watson, H.R.
1995-96 Rowe, C.M.
2005-06 Strawbridge, C.E.
1969-70 Watt, R.J.
1994-95 Russell, L.R.
1984-85 Street, J.F.
1983-84 Waugh, D.L.
1972-73 Russell, T.
1989-90 Sullivan, G.
1964-65 Weaver, R.H.
2011-12 Ryan, Ms G.A.
1984-85 Sumich, M.A.
2010-11 Webster, Ms J.D.
1972-73 Sykes, Ms G.
1987-88 Wells, P.J.
2011-12 Wells, P.V. 2008-09 Werner, Ms M.R.
1992-93 Sadler, J.F.
T
1989-90 Talbot, A.R.
1975-76 Wetherill, M.J.
1994-95 Sampson, Mrs M.F.
1976-77 Tansley, M.G.
1990-91 Wetherill, R.J.
1995-96 Samson, P.A.
1984-85 Tapper, S.P.
1975-76 Wheeler, D.E.
1966-67 Scoltock, W.H.
1986-87 Tarry, B.H.
1981-82 White, B.G.
1965-66 Scott, B.J.
1990-91 Taylor, B.E.
2010-11 Whitehead, S.J.
1995-96 Scown, M.A.C.
2004-05 Taylor, B.N.
1985-86 Whiting, B.R.
1995-96 Searle, R.L.
1988-89 Taylor, G.G.
2007-08 Whyte, O.R.
1983-84 Selby, J.R.
1993-94 Taylor, G.G.
2003-04 Whyte, W.G.
1989-90 Sellars, Ms N.
2010-11 Taylor, T.
2009-10 Williams, K.
1964-65 Selwyn, M.J.
1989-90 Thomas, G.R.
2004-05 Williams, M.L.O.
2008-09 Shand, B.I.
2011-12 Thomas, J.D.
1971-72 Williams, W.P.
2008-09 Shand, G.
1989-90 Thomson, C.W.
1984-85 Williamson, B.J.
1988-89 Shaw, B.P.
1989-90 Thomson, R.J.
1967-68 Willy, A.L.
1988-89 Shaw, Mrs E.T.
2007-08 Thomson, R.W.
2005-06 Wilson, C.
1988-89 Shaw, I.G.
2007-08 Thorne, G.H.
1986-87 Wilson, Dr J.C.
1990-91 Shearing, G.D.
1977-78 Tomlinson, A.R.
1992-93 Wilson, M.J.
1965-66 Shew, S.H.
1982-83 Tong, F.
1968-69 Wong, D.
1997-98 Shiu, H.J.
2009-10 Tosh, R.
1998-99 Woods, L.F.
1981-82 Shorter, D.E.
2011-12 Trapski, F.
1968-69 Woollams, K.A.
2006-07 Shorter, D.J.
1988-89 Treadaway, K.
1991-92 Woolston, Mrs G.M.
1973-74 Simich, C.R.
1994-95 Trevenen, Mrs R.
1985-86 Sinel, H.R.
1976-77 Trillo, V.
48
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1969-70 Zaloum, R.L.
2003-04 Wackrow, P.J.
2009-10 Rogerson, G.A.
1983-84 Sadler, R.G.
Z
u 1963-64 Roberts, C.J.
S
1965-66 Yee, V.S.
AUCKLAND TROTTING CLUB INCORPORATED
ALEXANDRA PARK RACING CALENDAR 2012/2013 SEASON (P) DENOTES PREMIER MEETING (DAY) DENOTES DAY MEETING August 2012 3 Friday 17 Friday 31 Friday
February 2013 Auckland Franklin Auckland
8 Friday 15 Friday 16 Saturday 22 Friday
September 2012
March 2013 Auckland Auckland
October 2012 5 Friday 12 Friday 19 Friday 26 Friday
AUCKLAND CUP WEEK
14 Friday 21 Friday
Thames Auckland Auckland Franklin
AUTUMN TROTTING CARNIVAL
Auckland Kumeu Auckland Franklin Auckland
SUMMER CARNIVAL
December 2012 7 Friday 11 Tuesday 14 Friday 20 Thursday 31 Monday
Auckland (P) Kumeu (Day) Auckland (P) Auckland Auckland (P) (Day)
January 2013 3 Thursday 13 Sunday 25 Friday
1 Friday 5 Tuesday 8 Friday 15 Friday
Auckland (P) Franklin (at Pukekohe) (Day) Auckland (P) Auckland
April 2013
November 2012 2 Friday 9 Friday 16 Friday 23 Friday 30 Friday
Franklin Auckland Auckland (Inter Dom heat) Auckland
Northland (at Ruakaka) (Day) Thames (at Thames) (Day) Auckland
5 Friday 12 Friday 19 Friday 26 Friday
Auckland Franklin Auckland Auckland (P)
May 2013 3 Friday 5 Sunday 10 Friday 24 Friday 31 Friday
Auckland (P) Thames (Day) Kumeu Auckland Franklin
June 2013 7 Friday 14 Friday 21 Friday 28 Friday
Auckland Auckland (P) Thames Auckland
July 2013 5 Friday 12 Friday 19 Friday 26 Friday
Auckland Auckland Franklin Auckland
Please note that all race meetings are held at Alexandra Park in Epsom unless stated above
2012 ANNUAL REPORT
For the season ended 31 July 2012
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49
WWW.ALEXANDRAPARK.CO.NZ
50
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AUCKLAND TROTTING CLUB INCORPORATED