AUCKLAND TROTTING CLUB INC.
PHOTOS: courtesy of www.sharlenemitchell.com
CONTENTS Notice of Annual General Meeting
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President and Chief Executive’s Report
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Board of Directors
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Governance Statement
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Community Involvement
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Statement of Comprehensive Income
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Balance Sheet
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Statement of Cash Flows
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Notes to the Financial Statements
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Auditor’s Report
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Members’ List
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Calendar - Racing Dates 2011/2012 Season
RACING
ENTERTAINMENT
IBC
FUNCTIONS
YOU’LL BE SURPRISED
WE HAVE CREATED A FRIENDLY WELCOMING ENVIRONMENT WHERE OUR MEMBERS AND CUSTOMERS CAN RELAX AND ENJOY THEMSELVES
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AUCKLAND TROTTING CLUB INCORPORATED 2011 ANNUAL REPORT For the season ended 31 July 2011
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
Operations Manager
F Bischoff
Property Manager
J Farrier
Executive Secretary
R Thompson
CREDITS Design/print management Photography
Designpartners Bigtime Productions sharlenemitchell.com Georg Kukuvec
AUCKLAND TROTTING CLUB INCORPORATED NOTICE OF ANNUAL GENERAL MEETING For the season ended 31 July 2011
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 26th October 2011 at 6.00 pm. BUSINESS 1. To receive the report of the Board, Financial Statements and Auditor’s Report for the year ended 31 July 2011.
2. To elect Office Bearers. The following nominations have been received for Office Bearers: President: One Seat R Croon As the nominations do not exceed the number required (one) an election will not be necessary. Vice President: One Seat K Hoggard As the nominations do not exceed the number required (one) an election will not be necessary. Board: Two Seats P Cook, J MacKinnon (retiring members), S Holloway As the nominations do exceed the number required (two) an election will be necessary. Racenight Stewards: Four Seats P Barry, P Lowther, J McRae, G Robertson (retiring members) T Walker As the nominations do exceed the number required (four) an election will 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 36 (a)
That Rule 36 (a) be amended by adding clause (iii) as below:
“(iii) No freehold land owned by the Club shall be leased or otherwise disposed of:
(a) for a period of more than 12 years (inclusive of all rights of renewal); or (b) if the net rental income exceeds $200,000.00 per annum; without the approval of a resolution of Members of the Club.”
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AUCKLAND TROTTING CLUB INCORPORATED NOTICE OF ANNUAL GENERAL MEETING For the season ended 31 July 2011
The Rule would thus read:
Management
36 (a)
The Board shall have the full management and control of the affairs, concerns and business of the Club and shall have power to enter into on behalf of the Club all such contracts as it deems advisable and shall from time to time and at all times manage, control, invest, dispose of, charge, encumber and deal with the funds and property of the Club and all property under the direction, control, order or disposition of the Club as it deems best for promoting and conserving the Club’s interests and carrying out the objects of the Club set out in Rule 3 provided that
(i) no freehold land owned by the Club shall be sold without the approval of a resolution of Members of the Club. (ii) no borrowings secured by a mortgage over freehold land owned by the Club in excess of fifty percent of the mortgage value of that land as determined by an independent valuer shall be undertaken without the approval of a resolution of Members of the Club. (iii) no freehold land owned by the Club shall be leased or otherwise disposed of: (a) for a period of more than 12 years (inclusive of all rights of renewal); or (b) if the net rental income exceeds $200,000.00 per annum; without the approval of a resolution of Members of the Club.
5. General Business
Graeme Running Chief Executive Officer Auckland 4 October 2011
AUCKLAND TROTTING CLUB INCORPORATED PRESIDENT/CHIEF EXECUTIVE’S REPORT For the season ended 31 July 2011
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Rod Croon President
Graeme Running Chief Executive Offcer
I
T IS A PLEASURE to present the Annual Report for
the 2010/11 season.
The financial performance detailed in this report has been very satisfactory. In spite of continued economic uncertainty and a difficult and highly competitive operating and business environment the Club has generated an operating profit (before non cash items) of $2,809,862 compared to $1,127,210 in the previous year. The largest non cash item is a depreciation provision of $1,240,181 (last year $1,224,907). The operating profit is $1,417,949 which compares with a loss of $158,098 in the previous year. The current year has however had the benefit of a one off licence fee of $912,204 paid by the NZ Racing board to occupy the redeveloped TAB agency area which is part of the
WE AIM TO PROVIDE AN OUTSTANDING EXPERIENCE AT ALEXANDRA PARK THROUGH GREAT SERVICE, GREAT FOOD, GREAT FACILITIES, GREAT RACING AND OVERALL BENEFIT TO THE COMMUNITY.
expansion and redevelopment of what was previously the Sports Bar and Café. The funds were used as a contribution to the total capital costs of this project which is detailed under property development later in this report. The notes to the accounts disclose that for the first time in many years the Club’s racing activities contributed a small surplus. The NZ Racing Board distribution was $278,974 higher than the previous year and the Club managed its stake payments to a figure which was $268,599 lower than last year. The majority of this reduction was applied to the premier races. 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 111%. The Club also managed to attract $121,591 additional sponsorship in the current year.
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AUCKLAND TROTTING CLUB INCORPORATED PRESIDENT/CHIEF EXECUTIVE’S REPORT For the season ended 31 July 2011
It was forecast in last year’s Annual Report that stakes contributions from Gaming Trusts would be more difficult to obtain, and this proved to be the case. The reduction on the previous year amounted to $480,500. The trading contribution was just over $100,000 lower than the previous year which given the competitive environment was a creditable performance. It is also probable that the disruption caused by the upgrade and renovations to the Sports Bar and Café had an adverse impact on regular clients. Property rental income decreased over the 12 months by $205,435. The major reasons for this were a reduced requirement for parking for the Auckland District Health Board and the decision taken by the Board to cease charging track rentals to the tenant racing clubs who use the track for their race meetings. Other income shows a significant increase on the previous year, the major reason for which was gaming trust grants amounting to $400,000 as a contribution to the installation of the two new lifts in the main entrance foyer. It is pleasing to report that operation and administrative expenses were lower than the previous year. Trade and other receivables in the Balance Sheet at 31 July 2011 include the sum of $412,000 which represents the final amount due from the NZ Racing Board relative to the new TAB. This amount was paid in August 2011. In the 2011/12 year, it is expected that distribution from the NZ Racing Board will show a marginal increase on 2010/11, but the crown subsidy of $375,000 will cease. Stakes grants from Gaming Trusts will continue to be difficult to obtain. The decision has been taken by the Board to again review the stakes payments for the premier races, but to maintain the current minimum stakes policies for the other race meetings. The tenant clubs that race at Alexandra Park have had to set stakes policies that are covered by betting commissions after making due provision for full operating costs. This has resulted in a significant difference in the stakes offered at tenant club meetings from those paid by the Auckland Trotting Club. We believe the low levels offered by the tenant clubs are not sufficient to sustain viable horse ownership in the industry. Your board is taking a proactive role in assisting these clubs to review their business plans. This is an ongoing process that requires a full understanding of the tenant club position in the industry including the role that the training facilities at Franklin and Kumeu play in providing horses for racing at Alexandra Park. The Board and Management will continue to carefully
monitor the performance of the Club and the tenant clubs who race at Alexandra Park. The current forecasts produced indicate that another satisfactory financial result can be achieved in 2011/12.
RACING The Club has continued its $15k and $10k minimum stakes policy to maintain the Club’s philosophy of spreading the benefit of racing across as many owners as possible. The aim is to retain the maximum number of owners in the industry by paying stakes that can cover the costs of racing a horse. Despite the reductions in premier stakes, the Club’s group level racing continued to attract strong interest from South Island trainers and across the Tasman. Of the thirteen Group One races run, seven of these went to South Island visitors, while both the major races, the Trillian Trust Auckland Cup and Woodlands Northern Derby, were taken out by Australians. Local North Island trainers to enjoy Group One success were Ian Small, Sean McCaffrey and John Dickie. Once again the Young Guns Series was regarded as an ideal entry to racing for young horses. The series was well supported with full fields over most of the series. Fly Like An Eagle took out the Group One Cardigan Bay Stakes Young Guns Final for trainers Mark Purdon and Grant Payne who have now won this race two years in a row. Northern Harness Racing now holds 47 licences for racing at Alexandra Park compared with 51 licences for the 2010/11 season. Last season $249,232 was paid out in bonuses from the Performance Incentive Scheme compared to $360,055 the previous season. On average 54% of starters participated in the scheme which is again comparable with the previous season. There were many highlights during the season. The entries for this year’s Trillian Trust Auckland Cup and the Woodlands Northern Derby were the best received for many years. This was partly due to the relocation of the Inter Dominions which followed the Club’s Auckland Cup Carnival.
AUCKLAND TROTTING CLUB INCORPORATED PRESIDENT/CHIEF EXECUTIVE’S REPORT For the season ended 31 July 2011
The following were the winners of the Group One feature races (note this year the Club had an extra Group One race run due to the Cardigan Bay Stakes being upgraded from Group Two Status). GROUP 1 WINNERS AT ALEXANDRA PARK:
TRAINER
DRIVER
De Lovely
Rosslands Queen of Hearts
I Small
D Butcher
Sovereignty
Seelite National Trot
S McCaffrey
M Mckendry
Sushi Sushi
Woodlands Northern Derby
F Taiba
G Sugars
Carabella
Pascoes Northern Oaks
B Hill
R May
Fly Like An Eagle
Breckon Bloodstock Cardigan Bay Stakes
M Purdon & G Payne
M Purdon
Themightyquinn
Trillian Trust Auckland Cup
G Hall
G Hall Jnr
Veste
Nevele R Stud Caduceus Club Classic
M Purdon & G Payne
M Purdon
Gomeo Romeo
Woodlands Taylor Mile
I Small
D Butcher
Paramount Geegee
Breckon Bloodstock Northern Trotting Derby
J Dickie
R Holmes
I Can Doosit
Canam Rowe Cup
M Purdon & G Payne
M Purdon
Franco Emirite
Dawson Harford NZ Messenger
J Curtin
J Curtin
O Baby
Magness Benrow 2YO Sires Stakes Fillies Championship
M Purdon & G Payne
M Purdon
Carabella
Alabar 3YO Sires Stakes Fillies Championship
B Hill
R May
Smoken Up
Sky City Inter Dominion Pacing Championship
L Justice
L Justice
I Can Doosit
Dream with Me Stables Inter Dominion Trotting Championship
M Purdon & G Payne
M Purdon
The past season saw a total of 6 New Zealand records broken at Alexandra Park. See table below; PACERS Fly Like An Eagle (C)
2YO Mobile
1700 metres
2.02.5
Terror To Love (C)
3YO Mobile
2200 metres
2.39.6
Carabella (F)
3YO Mobile
2200 metres
2.41.1
Sushi Sushi (G)
3YO Mobile
2700 metres
3.17.0
Dolly Would (F)
3YO Stand
2200 metres
2.51.2
I Can Doosit (G)
Open Mobile
2700 metres
3.22.6
TROTTERS
The Streamline Freight ‘Legends of Alexandra Park’ competition was again strongly contested. Both the winning trainer(s) and driver were the same as the previous season however Zac Butcher took out the Junior Drivers prize on the last race night of the season. LEADING TRAINER
M Purdon & G R Payne
44 Wins
LEADING DRIVER
A Herlihy
65 Wins
LEADING JUNIOR DRIVER
Z Butcher
18 Wins
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AUCKLAND TROTTING CLUB INCORPORATED PRESIDENT/CHIEF EXECUTIVE’S REPORT For the season ended 31 July 2011
During the past season the ATC along with tenant clubs introduced the concept of Open Nominations. This concept aims to provide an even playing field (i.e. horses of similar ability racing against each other) as well as giving the clubs more control in the nominations process. To date Open Nominations have been well received by owners and trainers and it is intended to continue to expand and develop this concept. The past season saw the inaugural running of the Island of Origin drivers’ series. This series brings together New Zealand’s leading reinsmen, representing the Island where they were born as opposed to where they are now located. This proved a popular concept and was run again on the 2nd of August to open the new season at Alexandra Park. The teams selected were essentially the leading six drivers from the previous season and both included Junior Drivers who featured prominently in the races. Looking ahead it is hoped to expand this concept to a more national event, having races at both Alexandra Park and at Addington.
There will be a total of 24 amateur tote races held at ATC and tenant club meetings over the coming season. The $5k capped stake levels have allowed the Club to reallocate the stakes savings across other races. Significantly this has allowed the Club to revise minimum stake levels on all support races at Premier meetings to a minimum of $20k. Following the second major earthquake in Christchurch in February 2011, it became very clear that it was going to be impossible to conduct the Inter Dominion Championships scheduled to be run at Addington. The Board made an offer to the NZ Metropolitan Trotting Club for them to use the facilities at Alexandra Park and to operate the event as one of their meetings. Whilst this was at very short notice and did produce some challenges, the degree of industry cooperation between the two clubs, Harness Racing NZ and the NZ Racing Board, culminated in a very successful event which was a great credit to all involved. It also produced the opportunity to see Inter Dominion champion Blacks a Fake race on New Zealand soil.
AUCKLAND TROTTING CLUB INCORPORATED PRESIDENT/CHIEF EXECUTIVE’S REPORT For the season ended 31 July 2011
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FUNCTION CENTRE
MARKETING
The Function Centre has had a difficult few years with the economic downturn continuing to impact performance. Service levels in the Function Centre have improved under the direction of our new Operations Manager, Frank Bischoff and the Club continues to receive many positive comments regarding the food quality.
The Club produced some eye catching marketing material over the previous year with some of these items shown below. In particular the advertising material for Thai Night, Tropical Night, Mid Winter Christmas, 2011 Rugby World Cup and Function packages has appeared in print media and on the Club’s website to produce good returns. The Club is now on Facebook and Twitter so make sure you become a “friend” on Facebook and follow us on Twitter.
Corporate business remained cautious with discretionary spending reduced due to the continued economic downturn. This resulted in a significant decrease in the number of corporate Christmas parties booked in November and December and also a reduction of conference business. Corporate functions that did take place had noticeably smaller budgets and reduced delegate numbers. Corporate spending was further negatively influenced by the looming 2011 Rugby World Cup. Private bookings were fewer and less lucrative than last year, for example the number of weddings held was 28 compared with 45 the previous year. There has been a noticeable shift from the large Pacific Island weddings towards smaller weddings of just 80 – 150 guests. Enquiries and bookings for Indian weddings account for 70% of all wedding enquiries. The Club is priced competitively and having an Indian chef in the kitchen is a huge draw card. Despite these difficulties, the function centre sales team secured new business and increased the business of existing clients in other areas. For example Foodstuffs and EMA have brought more of their seminars and trade events to Alexandra Park. A successful sales campaign aimed at secondary schools, which initially saw three school balls booked here for the first time last year, grew to ten schools in the most recent season. Recent focus has been placed on seminar and conferencing events with the introduction of a Daily Delegate Package. This has proved successful with a notable uptake from new corporate clients who are familiar with this package format as offered by other conferencing venues. Noise during construction throughout the building as well as the unsightly condition of the foyer has negatively impacted on function business. There have been a number of complaints resulting in discounts being given to placate clients and it has negatively impacted on sales. An exciting new event secured this year was the Miss New Zealand beauty pageant hosted in the Tasman Room and they have rebooked for next year as well as adding another event. New revenue has also been derived from an improved relationship with the Grand Park Restaurant who have held five private events in the Tasman Room.
“The Alex Bar & Eatery” has now been launched with its own unique brand including a Facebook page. As the hub of the Club this is the perfect place for members to have a bet, coffee, drink or catch up with friends or colleagues. For people living close to Alexandra Park it has become the ideal local facility. A regular “What’s On” email newsletter has been sent to the members’ database over the last year. We hope you find this communication interesting and informative.
IT’S YOUR CLUB - IT’S HERE FOR YOU
2011 TRILLIAN TRUST AUCKLAND CUP WINNER - THEMIGHTYQUINN 2011 INTER DOMINION WINNER
AUCKLAND TROTTING CLUB INCORPORATED PRESIDENT/CHIEF EXECUTIVE’S REPORT For the season ended 31 July 2011
PROPERTY DEVELOPMENT In last year’s Annual Report it was noted that the Auckland City Council in December 2008 had finally approved a plan change for the 2.35 hectares on the Greenlane West end of the Club’s land. Resource consents and building approvals were obtained and an exclusive development agreement entered into with Canam Construction Ltd. The agreement required Canam to find suitable tenants for the proposed development and in the current economic environment this has not proven to be possible. There have been regular reviews with Canam, but it has not been possible to find a basis to commence development. As a result, with mutual agreement, the exclusive agreement with Canam has now been terminated. It is still hoped that Canam may find a basis to enable the development to proceed, but the Club is now also in a position to pursue alternatives with other developers in the event that the property market improves. It 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. As reported last year the infield project, which is a council requirement that adequate car parking is provided for prospective tenants of any development, will remain 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 major capital development in the current year has been the redevelopment and refurbishing of the TAB, Sports Bar and Café, the entrance area and the addition of two new passenger lifts. This work is expected to be completed by October 2011 and the cost involved is estimated to be $3.5 million. Of this figure, as noted previously, the Club applied $900,000 of the licence fee from the NZ Racing Board to this project. This area now known as “The Alex Bar & Eatery” was officially opened in September this year with many positive comments. Plaudits need to be given to Canam Construction and our Property Manager, John Farrier, for completing this project while keeping the TAB and Sports Bar & Café operating during construction. In the current year the Club is proceeding with a refurbishment of the Owners & Trainers and Lyell Creek lounges. The estimated capital cost of this project is $400,000 and it is expected to be completed by November 2011. This will expand the room and install floor to ceiling glass walls that will improve visibility of the track. The unsightly wire netting handrail will be replaced with a new glass balustrade that will allow better viewing of the winning post from this area.
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Once this refurbishment is completed, the intention is to move the Members Lounge to this room. A prime area will be reserved for members on race nights and special privileges provided to ensure members benefit from this area. Similar catering to that provided in the Hobson Lounge will be available and members will also have access to the Lyell Creek bistro. The members card will entitle discounts on food and beverage and the environment will be significantly enhanced for enjoyment of the races. Further enhancement of the parade ring and development of a pre-race owners’ area are future projects under review by the Board. All these developments are funded within acceptable borrowing limits.
SPONSORSHIP The Club receives and appreciates support from a large number of organisations and individuals, with race sponsorship being a key component to provide stakes that sustain the industry. The Club has managed to retain most of our existing sponsors as well as securing new sponsors despite the negative impact of a depressed economy. An innovative approach from management in packaging sponsorship deals to include hospitality has meant the Club has been an attractive option for sponsors. The Club welcomes a number of new race day sponsors and expresses its gratitude for the continued support from all our sponsors.
COMMUNITY The Club plays a significant role in the community by supporting a number of community groups. Racing are not the only ones that have seen a reduction in support from Gaming Trusts and these community groups have recognised that working with the Club can be mutually beneficial. One of these support mechanisms is through a specially designed fundraising package that gives these groups the opportunity to raise funds by selling race night dining to their supporters and brings more people to Alexandra Park who perhaps would not consider attending otherwise. Further detail of some of these activities appears later in this report.
DUAL SULKY EXPERIENCE
AUCKLAND TROTTING CLUB INCORPORATED PRESIDENT/CHIEF EXECUTIVE’S REPORT For the season ended 31 July 2011
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HORSE SYNDICATION
STAFF
This year the Auckland Trotting Club again promoted and sold an Auckland Trotting Club Syndicate. Interest in the 2012 syndicate was high and the Club is pleased to report that the shares were sold out by April, including a member from Iceland. Thanks go out yet again to Rob Carr for continuing to promote and manage the ATC syndicates. It is easy to take the success of the syndicates for granted when they perform so well year on year. The results achieved by ATC syndicate horses are nothing less than extraordinary.
The management team of Graeme Running – CEO, Alasdair Carmichael – CFO, Frank Bischoff – Operations Manager, 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.
RACENIGHT STEWARDS We would like to thank Paul Lowther, Roger Barnes, Paul Barry, Murray Goldsworthy, John McRae, Gordon Robertson, John Ross and David Turner for the many voluntary hours and support given to the Club. The following list details some of the duties the Racenight Stewards perform; n Assist the Sponsorship Manager
- to run the social programme at each race meeting
- to greet sponsors
- to assist and guide sponsors to the victory circle and winners bar
- to present trophies to winning connections
n Provide hospitality in the Winners Bar n Help usher patrons to the correct rooms on big attendance nights
Michael Guerin continues to assist our Club and we thank him for his ongoing support. We also thank Duane Ranger from Harness Link for his ongoing support.
ACKNOWLEDGEMENTS The Northern Harness Racing Board and the Tenant Club Presidents continue to work well together, although the future of Northern Harness is under review as a revised dates calendar is due to come into effect in March 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 NZRB and our governing body HRNZ. 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. Having Mr Kerry Hoggard on the board of Harness Racing NZ has been beneficial to the Club. Finally, thanks to the Directors for their support and the time and energy they put into the affairs of the Club.
n Conduct course tours n Any other duties that assist in the smooth running of a race meeting The contribution made by the Stewards is an essential part of the service for which Alexandra Park continues to receive many positive comments.
Rod Croon President
Graeme Running Chief Executive Officer
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AUCKLAND TROTTING CLUB INCORPORATED BOARD OF DIRECTORS For the season ended 31 July 2011
Rod Croon President
Phil Cook
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.
Scott Plant
The Board’s specific responsibility is to: n approve strategic plans for the Club and its business units n approve and review annual budgets n approve major capital expenditure, acquisitions, divestments and funding n review the Club’s accounts n oversee risk management and internal compliance David Sixton
n 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.
Peter Smith
AUCKLAND TROTTING CLUB INCORPORATED GOVERNANCE STATEMENT For the season ended 31 July 2011
Jamie MacKinnon
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Kerry Hoggard Vice President
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
STRATEGIC REVIEW
Harness Racing New Zealand Executive Representative: Mr K Hoggard
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.
Board Meetings (11 Meetings): Messrs R Croon (11), P Cook (9), K Hoggard (11), J MacKinnon (10), S Plant (9), D Sixton (10), P Smith (10) Audit/Remuneration Committee Meetings (2 Meetings): Messrs K Hoggard (2), R Croon (2), D Sixton (1) Northern Harness Racing Meetings (5 Meetings): Messrs R Croon (4), J MacKinnon (4), P Smith (4)
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AUCKLAND TROTTING CLUB INCORPORATED COMMUNITY For the season ended 31 July 2011
YOUR CLUB IN THE COMMUNITY
The objectives of the club set forth in its rules include: “ To subscribe to or otherwise aid sporting, benevolent, charitable, national or other institutions or objects of a public character or which have any moral or other claim to support by the Club by reason of the locality of its operations or otherwise.” While the facilities at Alexandra Park have been developed over the years for the purpose of conducting harness race meetings, they also lend themselves to a range of activities of wider community benefit.
FUNFEST Funfest has become an annual event held in January each year and started in 2001. Organised by the Club under the auspices of the Funfest Charitable Trust, with support from Lion Foundation, Trillian Trust and Four Winds Foundation, Funfest is four days of totally free entertainment for the children of Auckland. Carnival rides, giant slides, face painting, competitions and prizes attract in excess of 30,000 people (mostly children) to Alexandra Park. Each year, Funfest Charitable Trust makes a sizeable donation to South Auckland Health.
NIGHT OF COURAGE FOR CHILD CANCER An event that touched all of us was the Night of Courage for Child Cancer which launched the start of Cup Week
2011. With the support of Steve Price and some of our own Drivers we raised over $50,000 on the one night! A large part of this contribution was from the Australian owners of Sushi Sushi who pledged AU$5,000 to each of Child Cancer and the Christchurch Earthquake recovery fund if their horse was successful in the Derby. This made the fact that they came over and won our race a little more bearable.
WITHOUT LIMITS Recognising a pressing need for fundraising by a number of disabled organisations, the Club decided to put together a night where these groups could combine their resources to raise funds. The eight groups that participated included; Wheelchair Rugby, Make A Wish, Riding for the Disabled (Ambury Park and Totara Park), Laura Fergusson, Cerebral Palsy, Parkinsons and Muscular Dystrophy.
KIDZ KARTZ For a number of years the Club has supported participation by youth in the Kidz Kartz programmes in Kumeu and Franklin. Races for Kidz Kartz held on race nights at Alexandra Park give youth the buzz that can only come from racing under lights at a real race meeting. The Kidz Kartz programme introduces young people to harness racing through miniature ponies by teaching them how to take care of and nurture these friendly little animals.
Some of the groups supported by Auckland Trotting Club n Auckland Chess n Brain Injury Association n Breast Cancer Awareness n Burn Support Trust n Camellia House Inc n Cerebral Palsy n Child Cancer Night of Courage n Customs Dog Training n Diabetes NZ n Down Syndrome Association n Evacuation Centre n Funfest n Howick Plunket n Kidney Kids n Kids Immune Deficiency n Kidscan n Kidz Kartz n Korean War Veterans n Koru Care Charitable Trust n Laura Fergusson n Living Hope Trust 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 Otahuhu Rotary n Papatoetoe Rotary n Parkinsons Association n Police Manager Guild Trust n Radio Lollipop n Ramarama School n Ronald McDonald House n Rugby League Referees n SAS training n Special Olympics n St Peters College n Starship Friends n Variety Club Book Sale n Westpac Helicopter n Without Limits n Youth Team Trust The details above are in no way exhaustive, but demonstrate that Alexandra Park provides a valuable resource for the benefit of the public of Auckland and the wider region.
NIGHT OF COURAGE
KIDZ KARTZ
COMMUNITY SERVICE IS ABOUT GIVING BACK TO THE PEOPLE THAT SURROUND YOU
AUCKLAND TROTTING CLUB INCORPORATED COMMUNITY For the season ended 31 July 2011
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a a
b
b
c
a. Child Cancer Foundation Night of Courage b. Funfest Carnival c. Variety Club Book Sale
FROM THE NZ TROTTING HALL OF FAME We have created a new Honours Board “in recognition of exceptional achievement in harness racing” with Tony Herlihy the first recipient. The ATC continues to be a generous donor of memorabilia and we were delighted to receive large silk screen images of Monkey King and Sly Flyin. Around 750 fold visited the museum during the Inter Dominions, including the party from Sweden supporting their trotter Annicka. We have since received a set of the horse’s colours for display. Again ATC members have been very generous in response to our annual appeal for donations. The President and Committee of the Hall of Fame wish to convey their thanks for this tangible support. Graham Robertson Secretary/Curator
AUCKLAND TROTTING CLUB INCORPORATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2011
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AUCKLAND TROTTING CLUB INCORPORATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 July 2011
CLUB
2010 $
GROUP 2011 Note $
2011 $
2010 $
7,767,475 7,498,470 3,628,438 3,683,131 2,191,872 2,862,212 18,224 41,331 242,936 571,043
REVENUE Racing Income 2 Trading Income 3 Property Rental Income 4 Interest Income Other Income 5
7,498,470 8,448,937 2,746,927 41,331 529,168
7,767,475 8,484,552 2,067,792 18,224 199,386
14,656,187
TOTAL REVENUE
19,264,833
18,537,429
8,057,828 7,510,003 1,415,145 1,529,337 135,932 108,298 1,045 198 3,072,686 2,661,499
EXPENDITURE Racing Expenditure 2 Trading Expenditure 3 Property Rental Expenditure 4 Interest Expense Operations and Administration 6
7,476,529 6,087,361 108,298 198 2,782,585
8,021,125 6,011,574 135,932 1,045 3,240,543
12,682,636
11,809,335
TOTAL EXPENDITURE
16,454,971
17,410,219
1,166,309
2,846,852
OPERATING PROFIT (LOSS) BEFORE NON CASH ITEMS
2,809,862
1,127,210
(29,878) (1,224,907) 2,356 (7,650) (64,328) (158,098)
(13,444) (1,240,181) 173 (2,335) (173,116) 1,417,949
Amortisation Expense 30 Depreciation Expense 31 Gains on Disposal Losses on Disposal Provisions for Impairment 22 OPERATING PROFIT (LOSS)
(13,444) (1,240,181) 173 (2,335) (136,126) 1,417,949
(29,878) (1,224,907) 2,356 (7,650) (25,229) (158,098)
619,520
75,000
461,422
1,492,949
–
–
$461,422
$1,492,949
13,848,945
76,667
–
$538,089
$1,492,949
Fair Value Movement on Investment Property
32
NET PROFIT (LOSS) BEFORE TAXATION Taxation
23
NET PROFIT (LOSS) FOR THE YEAR
75,000
619,520
1,492,949
461,422
–
–
$1,492,949
$461,422
OTHER COMPREHENSIVE INCOME Gain on Revaluation of Land
11
TOTAL COMPREHENSIVE INCOME NET OF TAXATION
–
76,667
$1,492,949
$538,089
AUCKLAND TROTTING CLUB INCORPORATED STATEMENT OF CHANGES IN EQUITY For the year ended 31 July 2011
CLUB
2010 $
GROUP 2011 Note $
2011 $
2010 $
33,923,767
34,461,856
EQUITY AS AT 31 JULY 2010
34,461,856
33,923,767
461,422 76,667
1,492,949 –
Net Profit (Loss) for the year Increase (Decrease) in Revaluation Surplus Reserve 12
1,492,949 –
461,422 76,667
$34,461,856
$35,954,805
$35,954,805
$34,461,856
EQUITY AS AT 31 JULY 2011
This page comprises part of the financial statements and is to be read in conjunction with the accompanying Notes.
AUCKLAND TROTTING CLUB INCORPORATED BALANCE SHEET As at 31 July 2011
CLUB
2010 $
GROUP 2011 Note $
29,560,659 31,128,608 4,751,197 4,751,197 150,000 75,000
27
$34,461,856
$35,954,805
EQUITY Accumulated Funds Revaluation Surplus Reserve Inter Dominion Reserve
13 12 14
TOTAL EQUITY AS AT 31 JULY 2011
2011 $
2010 $
31,128,608 4,751,197 75,000
29,560,659 4,751,197 150,000
$35,954,805
$34,461,856
724,426 238,320 194,392 230,353 578,427 956,698
Represented by: CURRENT ASSETS Cash and Cash Equivalents 17,26 304,348 777,206 Inventories 15 295,396 246,580 Trade and Other Receivables 21,26 1,090,215 694,956
TOTAL CURRENT ASSETS
1,497,245
1,425,371
1,689,959
1,718,742
23,257,570 24,967,302 11,015,000 11,090,000 36,784 32,881 60,000 –
NON CURRENT ASSETS Property, Plant and Equipment 31 24,967,302 23,257,570 Investment Property 32 11,090,000 11,015,000 Intangible Assets 30 32,881 36,784 Term Receivables 21 – 60,000
34,369,354
36,090,183
TOTAL NON CURRENT ASSETS
36,090,183
34,369,354
35,866,599
37,515,554
TOTAL ASSETS
37,780,142
36,088,096
1,218,111 1,353,417 186,632 207,332
CURRENT LIABILITIES Trade and Other Payables 18,26 1,476,386 1,325,042 Employee Entitlements 16 348,951 301,198
TOTAL CURRENT LIABILITIES
1,404,743
1,560,749
1,825,337
1,626,240
– –
NON CURRENT LIABILITIES Term Payables 18 – –
–
–
TOTAL NON CURRENT LIABILITIES
–
–
1,404,743
1,560,749
TOTAL LIABILITIES
1,825,337
1,626,240
$34,461,856
$35,954,805
NET ASSETS AS AT 31 JULY 2011
$35,954,805
$34,461,856
Authorised for issue on behalf of the Board
R. Croon, President 3rd October 2011
G.D. Running, Chief Executive Officer
This page comprises part of the financial statements and is to be read in conjunction with the accompanying Notes.
28
AUCKLAND TROTTING CLUB INCORPORATED STATEMENT OF CASH FLOWS For the year ended 31 July 2011
CLUB
2010 $
GROUP 2011 Note $
2011 $
2010 $
CASH FLOWS FROM OPERATING ACTIVITIES Cash was received from: 14,041,166 14,037,590 Members and Customers 18,643,055 18,894,303 – – Goods and Services Tax – – 18,224 41,331 Interest Earned 41,331 18,224
14,059,390
14,078,921
12,877,114 11,868,376 21,147 71,160 1,045 198
12,899,306
1,160,084
18,912,527
Cash was paid out to: Suppliers and Employees 16,506,314 17,733,823 Goods and Services Tax 75,665 8,378 Interest Incurred 198 1,045
11,939,734 2,139,187
18,684,386
NET CASH FLOW FROM OPERATIONS
27
16,582,177
17,743,246
2,102,209
1,169,281
CASH FLOWS FROM INVESTING ACTIVITIES 4,322 174 Sale of Fixed Assets 174 4,322 (955,931) (2,541,620) Purchase of Fixed Assets (2,541,620) (955,931) (28,579) (9,541) Purchase of Intangible Assets (9,541) (28,579) (1,824) (50,226) Subsidiary Loans Provided – –
(982,012)
(2,601,213)
NET CASH FLOW FROM (USED FOR) INVESTING
(2,550,987)
(980,188)
(24,080)
(26,268)
(26,268) (24,080)
CASH FLOWS FROM FINANCING ACTIVITIES Financing Received (Repaid)
(26,268) (24,080) NET CASH FLOW FROM (USED FOR) FINANCING (24,080) (26,268) 151,804 (486,106) NET INCREASE (DECREASE) IN CASH RESOURCES (472,858) 162,825
572,622
724,426
Cash at Start of Year
777,206
614,381
$724,426
$238,320
CASH RESOURCES AT END OF YEAR
$304,348
$777,206
113,045 115,853 143,138 121,339 468,243 1,128
CASH RESOURCES COMPRISE Cash on Hand 155,112 144,725 Bank Current Accounts (Net) 148,108 164,238 Bank Deposit Accounts 1,128 468,243
CASH RESOURCES AT END OF YEAR
$724,426
$238,320
This page comprises part of the financial statements and is to be read in conjunction with the accompanying Notes.
$304,348
$777,206
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
1
STATEMENT OF ACCOUNTING POLICIES
Reporting entity
29
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.
30
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
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 the latest independent valuation obtained from the local council valuation roll. New valuations are normally available every three years and periodic revaluation 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, is 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. CHANGES IN ACCOUNTING POLICIES There have been no changes in accounting policies since the date of the last financial report.
This page comprises part of the financial statements.
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
CLUB
2010 $
31
GROUP 2011 Note $
2011 $
2010 $
2 RACING INCOME AND EXPENDITURE 172,212 140,000 2,477,338 2,756,312 632,767 587,250 1,422,000 1,459,000 781,170 757,700 375,000 375,000 89,094 81,656 910,500 430,000 419,745 541,336 244,508 255,753 179,357 85,000 63,784 29,463 7,767,475
7,498,470
6,127,752 5,859,153 316,083 295,316 372,379 293,203 548,864 486,544 196,552 186,482 87,500 90,000 408,698 299,305 8,057,828 ($290,353) 3
Expenditure Stakes and trophies Totalisator expenses Salaries and wages Advertising, promotions and sponsorship 24 Harness Racing NZ levies Inter Dominion funding contribution 14 Other racing expenses 24
7,498,470
7,767,475
5,859,153 295,316 293,203 484,712 186,482 90,000 267,663
6,127,752 316,083 372,379 547,239 196,552 87,500 373,620
7,510,003
7,476,529
Contribution from (to) Racing
$21,941
($11,533)
8,021,125 ($253,650)
TRADING INCOME AND EXPENDITURE
821,990 953,166 57,500 55,000 – – 341,220 302,733 2,406,730 2,371,080 998 1,152 3,628,438
1,415,145 $2,213,293
Income Bar income 1,929,360 1,808,140 Catering income 24 3,276,160 3,383,789 Function rental income 558,594 532,714 TAB income 302,733 341,220 Gaming income 2,371,080 2,406,730 Other trading income 11,010 11,959
3,683,131
13,783 18,253 – – 271,450 339,496 131,713 159,329 42,493 68,321 228,988 226,866 719,134 715,272 7,584 1,800
Income Acceptance fees 140,000 172,212 TAB distribution 2,756,312 2,477,338 Totalisator income 587,250 632,767 Subsidies - NZ Racing Board 1,459,000 1,422,000 Subsidies - NZ Sire Stakes Board 757,700 781,170 Subsidies - Crown 19 375,000 375,000 Subsidies - Others 81,656 89,094 Grants received 430,000 910,500 Sponsorship and promotions 541,336 419,745 Stand cover charges 255,753 244,508 Other industry distributions 9 85,000 179,357 Northern Harness Racing Inc 29,463 63,784
8,448,937
8,484,552
Expenditure Bar expenses 40,926 36,492 Catering expenses 504,113 468,512 Inventory expense 2,219,973 2,199,964 Bar and catering payroll 1,827,307 1,808,258 Administration expenses 549,767 544,171 TAB expenses 24 226,866 228,910 Gaming expenses 715,272 719,134 Other trading expenses 24 3,137 6,133
1,529,337
6,087,361
6,011,574
Contribution from Trading
$2,361,576
$2,472,978
$2,153,794
This page comprises part of the financial statements.
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
32
CLUB
4
2010 $
GROUP 2011 Note $
2010 $
PROPERTY RENTAL INCOME AND EXPENDITURE
344,958 344,958 156,000 20,000 1,057,595 1,001,208 – 912,204 396,853 303,454 81,769 89,371 154,697 191,017 2,191,872
135,932 $2,055,940
Income Investment property rents 344,958 344,958 Tenant club rents 20,000 156,000 Other tenant rents 24 885,923 933,515 NZRB licence fee 10 912,204 – Show parking income 303,454 396,853 Casual parking income 89,371 81,769 Sundry rents 191,017 154,697
2,862,212
129,855 98,296 6,077 10,002
2011 $
Expenditure Parking expenses Rental property expenses
2,746,927
2,067,792
98,296 129,855 10,002 6,077
108,298
108,298
135,932
Contribution from Property Rentals
$2,638,629
$1,931,860
$2,753,914
5
OTHER INCOME
45,150 85,089 45,727 66,970
$242,936
43,998 – 466,855 60,190
$571,043
Members subscriptions Grants received - Crown 19 Grants received - Other Other sundry income 24
43,998 – 466,855 18,315
Total Other Income
$529,168
45,150 85,089 45,727 23,420 $199,386
6
OPERATIONS AND ADMINISTRATION EXPENDITURE
675,961 37,521 130,000 3,280 394,809 173,801 10,000 12,332 35,295 292,858 236,540 15,569 765,834 288,886
622,927 41,154 98,333 2,810 367,255 3,000 10,000 19,698 31,087 268,002 246,995 39,868 601,340 309,030
$2,661,499
Administration salaries and wages Audit and related services 7 Board remuneration 25 Community donations Course staff and security Tenant club grants Other grants Marketing expenses 24 Membership expenses 24 Power and water Rates and insurance Receivables written off 21 Repairs and maintenance Administration and other expenses 24 Total Operations and Administration Expenditure
622,927 43,754 98,333 2,810 367,255 3,000 10,000 15,986 27,858 296,277 254,837 41,502 602,279 395,767
675,961 40,021 130,000 3,280 394,809 173,801 10,000 11,249 29,307 323,352 245,363 30,585 766,671 406,144
$2,782,585
$3,240,543
$3,072,686
7
AUDIT AND RELATED SERVICES
Hayes Knight Audit provide audit services to the Group and an associated company Hayes Knight (NZ) Ltd is engaged to provide tax compliance and related services. The fee expense paid and/or accrued for the year is detailed as follows:
33,971 – 3,100 – 450
$37,521
35,154 – 3,100 – 2,900
Group financial statement audit Subsidiary financial statement audit Club gaming account audit Subsidiary income tax compliance services Group compliance advisory services
35,154 1,600 3,100 1,000 2,900
33,971 1,500 3,100 1,000 450
$41,154
Total Audit and Related Services
$43,754
$40,021
This page comprises part of the financial statements.
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
CLUB
33
GROUP
2010 $
2011 Note $
2011 $
2010 $
8
EMPLOYEE BENEFITS EXPENSE
Employee benefits expense is included in the functional expenditure analysis provided in notes 2 to 6. The total employee benefits expense for the year is made up as follows:
540,652 497,343 122,223 984,296 130,000
468,154 543,990 94,388 880,013 98,333
$2,084,878
Racing expenditure Trading expenditure Property rental expenditure Operations and administration expenditure Board remuneration 25
468,154 2,665,060 94,388 880,013 98,333
540,652 2,628,417 122,223 984,296 130,000
Total Employee Benefits Expense
$4,205,948
$4,405,588
$2,274,514
9
OTHER INDUSTRY DISTRIBUTIONS
During the year the club received additional industry funding as follows:
35,000 – 144,357
$179,357
35,000 50,000 –
HRNZ Carnival promotion subsidies HRNZ Inter Dominion hosting support NZRB profit distribution
35,000 50,000 –
35,000 – 144,357
$85,000
Total Other Industry Distributions
$85,000
$179,357
10 NZRB LICENCE FEE
The Club has worked closely with the NZ Racing Board to develop and expand the Social TAB Agency at Alexandra Park. The NZ Racing Board has paid a one time licence fee of $912,204 (Note 4) to secure the rights to occupy the newly developed area for the operation of a TAB agency. The licence proceeds have contributed to the cost of the construction and fit out of the new TAB extension.
11 OTHER COMPREHENSIVE INCOME
Gains on the revaluation of land arise from the recognition of periodic increases in the value recorded on the local council valuation roll for in service and strategic land holdings. No income tax effect is incurred.
The land revaluation adjustment last year was due to the revaluation of land situated at Station Road, Pukekohe. No income tax effect was incurred. There have been no changes in valuation recorded in the current year.
12 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 31). 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 32) are recognised through the Statement of Comprehensive Income and form part of Accumulated Funds.
Movement in the reserve during the year is as follows:
4,674,530 76,667
4,751,197 –
Balance as at 31 July 2010 Revaluation Station Road, Pukekohe
4,751,197 –
4,674,530 76,667
$4,751,197
Balance as at 31 July 2011
$4,751,197
$4,751,197
Alexandra Park, Epsom Station Road, Pukekohe
4,674,530 76,667
4,674,530 76,667
$4,751,197
$4,751,197
$4,751,197
$4,751,197
The Reserve balance represents the revaluation of land as follows:
4,674,530 76,667
$4,751,197
4,674,530 76,667
This page comprises part of the financial statements.
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
34
CLUB
2010 $
GROUP 2011 Note $
2011 $
2010 $
13 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:
29,024,237 461,422 75,000
$29,560,659
29,560,659 1,492,949 75,000
Balance as at 31 July 2010 Net Surplus (Deficit) for the year Transfer from (to) Inter Dominion Reserve 14
29,560,659 1,492,949 75,000
29,024,237 461,422 75,000
$31,128,608
Balance as at 31 July 2011
$31,128,608
$29,560,659
14 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 has an obligation to contribute in a reciprocal manner to each club hosting the Inter Dominion Championships for the duration of the agreement, which concludes with the conducting of the championship in 2012. The Club’s future commitment under the agreement, including an escalation of $2,500 per annum, is as follows:
90,000 92,500
92,500 –
Current year 1 - 2 years
92,500 –
$182,500
$92,500
Total Future Commitment
$92,500
90,000 92,500 $182,500
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:
225,000 (75,000)
150,000 (75,000)
Balance as at 31 July 2010 Transfer (to) from Accumulated Funds 13
150,000 (75,000)
225,000 (75,000)
$150,000
$75,000
Balance as at 31 July 2011
$75,000
$150,000
15 INVENTORIES
The balance in the Statement of Financial Position is made up as follows:
130,946 63,446
190,119 40,234
Inventory held for commercial sale or use Inventory held for use in service
255,162 40,234
183,134 63,446
$194,392
$230,353
Total Inventory
$295,396
$246,580
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.
16 EMPLOYEE ENTITLEMENTS
The liability for employee entitlements recorded in the Balance Sheet is made up as follows:
29,755 151,306 1,783 3,788
34,477 165,937 2,982 3,936
Accrued salaries and wages Liability for annual leave Liability for sick leave Kiwisaver and superannuation contributions on hand
69,090 261,785 10,000 8,076
51,894 235,887 5,750 7,667
$186,632
$207,332
Total Employee Entitlements
$348,951
$301,198
This page comprises part of the financial statements.
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
CLUB
2010 $
35
GROUP 2011 Note $
2011 $
2010 $
17 CASH AND CASH EQUIVALENTS
The balance in the Balance Sheet is made up as follows:
113,045 24,312 118,826 468,243
115,853 25,635 95,704 1,128
Cash on hand Cash at bank - Operating accounts Cash at bank - Gaming account Cash at bank - Deposits at call
155,112 52,404 95,704 1,128
$724,426
$238,320
Total Cash and Cash Equivalents
$304,348
144,725 45,412 118,826 468,243 $777,206
The bank operating account has an overdraft limit of $600,000 (2010 : $600,000). At balance date the interest rate applicable to the overdraft was 6.00% (2010 : 6.50%). 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. In 2010 cash resources on hand included $190,000 that must be used for designated purposes for which the funds were received.
18 TRADE AND OTHER PAYABLES
The balances in the Balance Sheet are made up as follows:
355,035 144,678 264,090 119,781 169,272 165,255
391,653 110,042 104,790 520,813 157,909 68,210
Trade payables Accrued expenses Deposits and receipts in advance Construction project payables Subsidiary payables Other payables
549,998 131,855 178,024 520,813 – 95,696
495,185 183,056 331,132 119,781 – 195,888
$1,218,111
$1,353,417
Total Trade and Other Payables
$1,476,386
$1,325,042
1,218,111 –
1,353,417 –
Payable during the current 12 months Payable in future periods
1,476,386 –
1,325,042 –
$1,218,111
$1,353,417
$1,476,386
$1,325,042
19 GOVERNMENT GRANTS
The Club has received grants from the Crown under the following industry funding schemes. All conditions attaching to the grants received have been met.
375,000 85,089
375,000 –
Racing Promotion and Sponsorship Scheme Racing Safety Development Fund
375,000 –
375,000 85,089
$460,089
$375,000
Total Government Grants
$375,000
$460,089
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 $1,587,500 have been applied to stake money. (2010 : $1,751,500)
This page comprises part of the financial statements.
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
36
CLUB
2010 $
GROUP 2011 Note $
2011 $
2010 $
21 TRADE AND OTHER RECEIVABLES
The balances in the Balance Sheet are made up as follows:
183,719 442,308 35,504 16,677 (39,781)
277,750 813,470 38,145 1,368 (174,035)
Trade receivables Affiliated debtor receivables Prepayments Other receivables Provision for impairment
405,676 813,684 39,026 9,013 (177,184)
$638,427
$956,698
Total Trade and Other Receivables
$1,090,215
$754,956
578,427 60,000
956,698 –
Receivable during the current 12 months Receivable in future periods
1,090,215 –
694,956 60,000
$956,698
$1,090,215
$754,956
$638,427
280,355 455,054 39,281 21,324 (41,058)
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:
46,728 108,840 23,129 33,208
85,123 25,759 23,431 23,107
Past due 1-30 days Past due 31-60 days Past due 61-90 days Past due > 91 days
91,193 26,386 23,431 27,678
63,961 108,840 23,129 33,758
$211,905
$157,420
Total Receivables Past Due
$168,688
$229,688
Movement in the provision for impairment of receivables is as follows:
13,069 42,281 (15,569)
39,781 174,121 (39,868)
Balance as at 31 July 2010 Provisions made during the year Receivables written off
41,058 177,628 (41,502)
15,829 55,814 (30,585)
$39,781
$174,034
Balance as at 31 July 2011
$177,184
$41,058
The impairment provision is net of Goods and Services Tax which is recoverable in the event a debt is written off.
22 PROVISIONS FOR IMPAIRMENT
Increases (decreases) in provisions for impairment recognised in the Statement of Comprehensive Income are as follows:
26,712 37,616
134,253 38,863
$64,328
$173,116
This page comprises part of the financial statements.
Provision for impairment of trade and other receivables Provision for impairment of loans to subsidiary
21 24
Total Provisions for Impairment
136,126 –
25,229 –
$136,126
$25,229
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
CLUB
2010 $
37
GROUP 2011 Note $
2011 $
2010 $
23 INCOME TAX
The subsidiary entity is subject to income tax on profits earned. The subsidiary has incurred a tax loss in the current year and no taxation expense has been incurred. The current year loss has yet to be confirmed with the Inland Revenue Department. The subsidiary has accumulated tax losses, including the current year loss, of $2,870,976 and has available temporary differences for future deductions of $137,021. At the future corporate tax rate of 28% there is a deferred tax asset available to the subsidiary of $803,873 (2010:$793,390). The deferred tax asset has not been recognised for Group reporting as it is not considered probable that future taxable profit will be available against which the asset can be utilised.
24 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 Park Sports Bar & Cafe.
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:
43,550 57,500 124,080
41,875 55,000 115,285
Other sundry income Catering income Other tenant rents
– – –
– – –
$225,130
$212,160
Total Income from Subsidiary
–
–
7,293 69,669 6,748 6,312 57,680 1,800 –
Administration & other expenses Advertising, promotions and sponsorship Marketing expenses Membership expenses Other racing expenses Other trading expenses TAB expenses
– – – – – – –
– – – – – – –
$149,502
Total Expenditure to Subsidiary
–
–
8,467 49,092 1,958 11,965 63,682 7,584 142
$142,890
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 3,074,657
666,250 3,113,520
Loans Current account
– –
– –
3,740,907
3,779,770
Total Advances
–
–
3,703,291 37,616
3,740,907 38,863
Opening provision for impairment Increase (decrease) for the current year
– –
– –
3,740,907
3,779,770
Closing provision for impairment
–
–
– – Estimated Realisable Value as at 31 July 2011 –
–
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.
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
38
CLUB
2010 $
GROUP 2011 Note $
2011 $
2010 $
25 RELATED PARTY DISCLOSURES - BOARD AND MANAGEMENT
Remuneration paid to members of the board for the current term of office is:
20,000 15,000 10,000 20,000 25,000 10,000 10,000 10,000 – 10,000 – –
$130,000
– – 10,000 – 25,000 15,000 – 10,000 10,000 – 10,000 10,000
D F Boyle K G Breckon P Cook S H Cozens R Croon K M Hoggard A J Knox J A MacKinnon S R Plant T A Quinn D H Sixton P W Smith
Appointed Director (Resigned 1/10/10) Vice President (Retired 27/10/10) Elected Director Appointed Director (Resigned 4/10/10) President Vice President Elected Director (Retired 27/10/10) Elected Director Elected Director Elected Director (Retired 27/10/10) Elected Director Elected Director
$90,000
– – 10,000 – 25,000 15,000 – 10,000 10,000 – 10,000 10,000
$90,000
20,000 15,000 10,000 20,000 25,000 10,000 10,000 10,000 – 10,000 – – $130,000
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 $565,065 (2010: $633,275).
26 FINANCIAL INSTRUMENTS
The carrying amounts of financial assets and liabilities within category are as follows:
724,426 238,320 638,427 956,698 – –
$1,362,853
Loans and Receivables Cash and cash equivalents 17 304,348 777,206 Trade and other receivables 21 1,090,215 754,956 Loans to the subsidiary entity 24 – –
$1,195,018
$1,394,563
$1,532,162
Financial Liabilities (measured at amortised cost) $1,218,111 $1,353,417 Trade and other payables 18 $1,476,386 $1,325,042
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 18) that are not expected to be repaid in the normal course of business. The maturity analysis for all other financial liabilities is as follows:
790,883 43,509 116,763 2,867 $954,022
995,960 68,626 141,152 42,889
Due 1-30 days Due 31-90 days Due 91-365 days Due > 365 days
$1,248,627
There is no exposure to any significant interest rate, currency or market risks at balance date.
This page comprises part of the financial statements.
1,119,730 85,438 46,904 46,290
904,040 49,739 33,782 6,349
$1,298,362
$993,910
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
CLUB
2010 $
39
GROUP 2011 Note $
2011 $
2010 $
1,492,949
461,422
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:
461,422
1,492,949
Net Profit (Loss) for the year
Add Back Non Cash Items: 29,878 13,444 Amortisation expense 13,444 29,878 1,230,201 1,242,343 Depreciation and adjustments on disposal 1,242,343 1,230,201 64,328 173,116 Provisions for impairment 136,126 25,229 (619,520) (75,000) Fair value movements on investment property (75,000) (619,520) 76,297 83,099 (307,282) (6,274) 147,935
(452,524) (35,961) (80,580) 20,700 (159,300)
Net Changes in Working Capital: Trade and other receivables (471,385) 161,077 Inventories (48,816) 77,048 Trade and other payables (82,097) (296,106) Employee entitlements 47,753 (50,345) Receipts in advance (153,108) 150,397
Net Cash Flow from Operations $2,102,209 $1,169,281 $1,160,084 $2,139,187 28 CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
The 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 32) 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, together with the other member clubs, 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 Clubs will contribute to fund any shortfall in proportion to their respective obligation to pay operating levies for the current year.
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.
The Club has a further capital commitment of $675,000 for the remaining works at balance date to complete the developments currently in progress, comprising the TAB and Sports Bar extensions, main foyer upgrade and new lift installation.
There are no other material capital commitments or contingent liabilities.
29 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.
40
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
30 INTANGIBLE ASSETS
Movements in the cost of each class of intangible asset are as follows: 2011
Opening Cost Additions Disposals at Cost at Cost
Transfer to Assets Held For Sale
Closing Cost
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
Transfer to Assets Held For Sale
Closing Cost
2010 Opening Cost Additions Disposals at Cost at Cost
Computer Software Licences Website Development
36,430 27,067
3,579 25,000
– (27,067)
– –
40,009 25,000
$63,497
$28,579
$(27,067)
–
$65,009
Movements in the accumulated amortisation and impairment losses of each class of intangible asset are as follows: 2011 Opening Amortisation Impairment Eliminated Balance Expense Losses on Disposal
Computer Software Licences Website Development
Transfer to Assets Held For Sale
Closing Balance
25,747 2,478
6,695 6,749
– –
(72) –
– –
32,370 9,227
$28,225
$13,444
–
$(72)
–
$41,597
Opening Amortisation Impairment Eliminated Balance Expense Losses on Disposal
Transfer to Assets Held For Sale
Closing Balance
2010
Computer Software Licences Website Development
19,274 6,140
6,473 23,405
– –
– (27,067)
– –
25,747 2,478
$25,414
$29,878
–
$(27,067)
–
$28,225
Cost Accumulated Carrying Cost Accumulated Amortisation/ Value Amortisation/ Impairment Impairment
Carrying Value
The carrying value of each class of intangible asset is made up as follows: 2011
Computer Software Licences Website Development
2010
38,978 35,500
32,370 9,227
6,608 26,273
40,009 25,000
25,747 2,478
14,262 22,522
$74,478
$41,597
$32,881
$65,009
$28,225
$36,784
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.
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
31 PROPERTY PLANT AND EQUIPMENT
Movements in the cost or valuation of each class of property, plant and equipment are as follows: 2011
Opening Cost Additions Revaluation Disposals or Valuation at Cost at Cost
Land Alexandra Park Land Pukekohe Land Improvements Buildings & Grandstands Plant, Machinery & Vehicles Flood & Security Lighting Furniture, Fittings & Other Developments in Progress
– – – – (194,112) – (50,788) (5,827)
– – – – – – – –
5,047,367 710,000 812,311 27,189,880 5,014,275 1,404,734 1,065,208 3,337,839
–
$(250,727)
–
$44,581,614
2010 Opening Cost Additions Revaluation Disposals or Valuation at Cost at Cost
Transfer to Assets Held For Sale
Closing Cost or Valuation
Land Alexandra Park Land Pukekohe Land Improvements Buildings & Grandstands Plant, Machinery & Vehicles Flood & Security Lighting Furniture, Fittings & Other Developments in Progress
$41,875,224
5,047,367 – 745,491 25,300,000 5,061,471 1,403,942 1,181,412 1,407,824
$40,147,507
– – 9,481 86,035 133,073 792 54,805 2,672,931
$2,957,117
– 633,333 64,084 1,803,845 120,756 – 14,741 291,370
$2,928,129
– – – – – – – –
Closing Cost or Valuation
5,047,367 710,000 802,830 27,103,845 5,075,314 1,403,942 1,061,191 670,735
Transfer to Assets Held For Sale
– 76,667 – – – – – –
– – (6,745) – (106,913) – (134,962) (1,028,459)
– – – – – – – –
5,047,367 710,000 802,830 27,103,845 5,075,314 1,403,942 1,061,191 670,735
$76,667
$(1,277,079)
–
$41,875,224
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: 2011
Opening Depreciation Impairment Eliminated Balance Expense Losses on Disposal
Land Alexandra Park Land Pukekohe Land Improvements Buildings & Grandstands Plant, Machinery & Vehicles Flood & Security Lighting Furniture, Fittings & Other Developments in Progress
– – – – (192,736) – (50,787) –
– – – – – – – –
– – 435,855 13,155,923 4,171,935 1,266,122 584,477 –
–
$(243,523)
–
$19,614,312
2010 Opening Depreciation Impairment Eliminated Balance Expense Losses on Disposal
Transfer to Assets Held For Sale
Closing Balance
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.
$18,617,654
– – 362,235 11,464,427 3,928,045 1,243,975 634,435 –
$17,633,117
– – 39,266 862,725 260,647 11,077 66,466 –
$1,240,181
– – 36,882 828,771 282,731 11,070 65,453 –
$1,224,907
– – – – – – – –
Closing Balance
– – 396,589 12,293,198 4,104,024 1,255,045 568,798 –
Transfer to Assets Held For Sale
– – – – – – – –
– – (2,528) – (106,752) – (131,090) –
– – – – – – – –
– – 396,589 12,293,198 4,104,024 1,255,045 568,798 –
–
$(240,370)
–
$18,617,654
41
42
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
31 PROPERTY PLANT AND EQUIPMENT (continued)
The carrying value of each class of property, plant and equipment is made up as follows: 2011
2010
Cost or Accumulated Carrying Cost or Accumulated Valuation Depreciation/ Value Valuation Depreciation/ Impairment Impairment
Land Alexandra Park Land Pukekohe Land Improvements Buildings & Grandstands Plant, Machinery & Vehicles Flood & Security Lighting Furniture, Fittings & Other Developments in Progress
5,047,367 710,000 812,311 27,189,880 5,014,275 1,404,734 1,065,208 3,337,839
$44,581,614
– – 435,855 13,155,923 4,171,935 1,266,122 584,477 –
$19,614,312
5,047,367 710,000 376,456 14,033,957 842,340 138,612 480,731 3,337,839
$24,967,302
5,047,367 710,000 802,830 27,103,845 5,075,314 1,403,942 1,061,191 670,735
$41,875,224
– – 396,589 12,293,198 4,104,024 1,255,045 568,798 –
Carrying Value
5,047,367 710,000 406,241 14,810,647 971,290 148,897 492,393 670,735
$18,617,654
$23,257,570
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 dated 1 July 2008 being the date of the latest general revaluation notified by The Manager, Valuation Services, Auckland City. The land value is the probable price that would have been paid for the bare land as at that date. The value includes any development work which may have been carried out , such as draining, excavation, filling, retaining walls, reclamation, grading, levelling, clearing of vegetation, fertility build up, or protection from erosion or flooding.
Land at Station Road, Pukekohe is carried at independent valuation dated 1 July 2009 being the date of the last rating valuation quoted by PropertyIQ NZ Ltd.
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 32).
The original cost of land carried at valuation is $1,006,170 (2010:$1,006,170). The surplus due to revaluation is $4,751,197 (2010:$4,751,197) and is carried as a separate line item in equity.
32 INVESTMENT PROPERTY
Movements in the carrying value of investment property are as follows: 2011
Opening Additions Fair Value Fair Value Balance at Cost Gain Loss
350 Manukau Road, Epsom 352 Manukau Road, Epsom 223 Greenlane West, Epsom
Transfer to Assets Held For Sale
Closing Balance
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
Opening Additions Fair Value Fair Value Balance at Cost Gain Loss
Transfer to Assets Held For Sale
Closing Balance
2010
350 Manukau Road, Epsom 352 Manukau Road, Epsom 223 Greenlane West, Epsom
This page comprises part of the financial statements.
2,290,000 2,865,000 5,240,000
– – 480
– – 709,520
– (90,000) –
– – –
2,290,000 2,775,000 5,950,000
$10,395,000
$480
$709,520
$(90,000)
–
$11,015,000
AUCKLAND TROTTING CLUB INCORPORATED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2011
43
32 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 valued is $11,090,000 being the closing balance detailed above. The valuation reports are dated August 2011 with fair value being assessed as at 31 July 2011.
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.
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 has previously executed conditional agreements with Canam Commercial Limited and Canam Group Limited for the development and lease of building sites on the land situated at 223 Greenlane West, Epsom. This development has not progressed and the parties agreed that the arrangement between them should terminate. The parties concluded a formal Deed of Termination of Development Agreement on 16 September 2011.
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 $5,292,120, which obligation has been reflected in the assessment of fair value of the property at balance date.
This page comprises part of the financial statements.
44
AUCKLAND TROTTING CLUB INCORPORATED AUDITOR’S REPORT
AUCKLAND TROTTING CLUB INCORPORATED AUDITOR’S REPORT
45
AUCKLAND TROTTING CLUB INCORPORATED MEMBERS LIST
46
2010 - 2011
A
F
1999-00 Famularo, R.
1983-84 Braithwaite, Dr A.C.
1985-86 Cudby, D.H.
1990-91 Aickin, Ms C.A.
1984-85 Breckon, G.K.
1972-73 Culpan, Mrs N.
2004-05 Famularo, Ms S.
1973-74 Alabaster, P.L.
1994-95 Breckon K.G.
1981-82 Curach, G.P.
2009-10 Farrell, B.
1980-81 Alcock, T.C.
1976-77 Bridgford, R.A.
1999-00 Curham, P.J.
1989-90 Farry, J.J.
2004-05 Alexander, J.D.
2010-11 Brierley, A.
1999-00 Curson, P.G.
1986-87 Faulkner, J.T.
1999-00 Alexander, J.R.
1982-83 Brown, D.W.S.
1988-89 Curtin, J.D.
1987-88 Feek, M.W.
1954-55 Allen, F.R.
1997-98 Brown, Mrs N.V.
1976-77 Andrew, G.M.
1989-90 Brownlee, J.I.
1970-71 Ferguson, K.
1969-70 Antunovich, F.G.
2008-09 Bryant, J.S.
1972-73 Archer, D.L.
1985-86 Bult, P.C.
1973-74 Ashby, G.K.
1986-87 Burke, I.H.
1981-82 Dalziel, W.P.
u 1965-66 Atkinson, F.G.
1973-74 Burley, P.C.
2006-07 Darrah, R.
1984-85 Butler, M.R.
2007-08 Datson, G.
1984-85 Davidson, E.R.
1993-94 Forbes, J.P.W.
2010-11 Davies, Ms K.E.
1992-93 Ford, Mrs R.E.
1998-99 Davison, B.L.
1984-85 Ford, Mrs T.J.
1970-71 Day, K.A.
1991-92 Fornusek, D.A.
B
2007-08 Abernethy, Mrs P.
2010-11 Baddeley, Ms S.
1989-90 Bailey, J.R. 1987-88 Baillie, P.G.
C
1984-85 Calderwood I.E.
1984-85 File, L.E.B.
D
2010-11 Daly, S.P.
1989-90 File, M. 1989-90 Flaherty, E.M. 1989-90 Fleetwood, G.E. 1986-87 Foley, Miss W.
1996-97 Baker, G.J.
2006-07 Campbell, L.R.
1980-81 Delich, P.
1996-97 Foster, G.E.
1994-95 Baker, G.S.
1964-65 Campbell, S.J.
1979-80 Dell’isola, A.P.
1970-71 Foy, J.C.
1980-81 Baker, N.N.
1993-94 Carey, T.W.
2001-02 Dempsey, R.
2008-09 Frechtling, R.C.
u 1964-65 Baker, R.
2003-04 Cargill, T.M.
1968-69 Denning, D.R.
2000-01 Freeman, J.R.
1984-85 Balle, K.R.
1984-85 Carr, R.G.
1984-85 Devlin, J.W.
1987-88 French, D.K.
1982-83 Balle, M.F.
1984-85 Carr, R.H.
2008-09 Dickie, R.C.
1975-76 Fulton, A.L.
1996-97 Banton, C.
1994-95 Carter, B.K.
1999-00 Dickinson, A.N.
1999-00 Barlow, C.
1984-85 Carter, R.W.
2010-11 Ditimer, K.
2006-07 Barnes. J.
1972-73 Cash, P.A.D.
1969-70 Divich, A.M.
1981-82 Barnes, R.C.
1985-86 Castles, G.V.
1967-68 Doherty, E.F.
1984-85 Barraclough, Mrs K.R.
1988-89 Cathro, Mrs C.E.
2010-11 Donovan, F.J.
1980-81 Barradale, C.
2002-03 Chan, R.
1989-90 Dormer, G.R.
1993-94 Barrett, Mrs J.O.
2010-11 Chapman, L.I.
1995-96 Doughty, G.C.
1967-68 Barry, P.R.
1975-76 Charlesworth, J.R.
1995-96 Doughty, W.
1981-82 Bassett, Mrs G.B.
2008-09 Charlton, P.
2008-09 Dow, Ms J.R.
1985-86 Gianotti, W.J.
1994-95 Bassett, J.R.
2000-01 Chia, S.K.H.
1977-78 Dowd, C.C.
1972-73 Gibbons, N.P.
1983-84 Batson, A.W.
1968-69 Chilcott, R.A.
1973-74 Downey, A.B.
1967-68 Glasgow, D.H.
1984-85 Bax, E.J.
1990-91 Christensen, L.G.
1987-88 Downey, E.H.
1965-66 Glenn, M.K.
2001-02 Bell, A.J.
1965-66 Christie, A.W.
1976-77 Drake, Dr L.A.
1987-88 Godfrey, D.I.
2006-07 Bennett, L.
2010-11 Churches, D.B.
1988-89 Driver, L.C.
2008-09 Goldsmith, D.R.
1990-91 Berghan, G.B.
2010-11 Cleaver, T.S.
1988-89 Dudley, M.J.
1998-99 Goldsworthy, Mrs D.V.
1987-88 Bermingham, W.J.
1992-93 Cole, G.W.
2005-06 Dunell, Ms P.
1996-97 Goldsworthy, M.F.
1981-82 Berry, W.J.
1997-98 Coll, J.G.
2007-08 Dunford, D.M.
1991-92 Goldsworthy, M.J.
2004-05 Best, G.A.
2008-09 Collins, Ms J.A.
2009-10 Dunford, M.D.
1989-90 Goryl, A.
2010-11 Beswick, I.C.
2004-05 Colson, C.D.
1985-86 Dwyer, D.P.
2007-08 Biddlecombe, D.P.
1986-87 Cook, P.M.
1970-71 Graham, R.C.
1979-80 Bilish, A.G.
1992-93 Corner, P.M.
2009-10 Billingtom, N.R.
1947-48 Coughlan, A.S.
2010-11 Bird, J.P.
2005-06 Cousins, D.
1980-81 Blackburn, G.G.
1982-83 Cox, S.E.
1963-64 Eagles, P.W.
1982-83 Boland, J.M.
1976-77 Cozens, Mrs L.O.
1992-93 Ede, J.B.
2010-11 Bolton, R.
1965-66 Craddock, N.
1979-80 Edmunds, Ms P.
1996-97 Bond, G.R.
1984-85 Craig, H.J.
2005-06 Edwards E.J.
1967-68 Green, T.A.
1985-86 Borich, J.P.
u 1964-65 Cramer-Roberts, K.D.
2007-08 Elder, M.J.
2007-08 Green, Ms V.C.
1997-98 Bosch, F.B.
1977-78 Crooke, K.T.
1973-74 Elliffe, D.M.
1996-97 Grierson, A.R.
E
G
2010-11 Gain, A.S.
1964-65 Galbraith, A.R. 1972-73 Gallagher, B.R. 1972-73 Gallagher, C.D. 1979-80 Garelja, T.G.
1977-78 Grantham, Mrs M. 1973-74 Grantley, D.G. 2005-06 Eade, Mrs J.
1976-77 Gray, R.J. 1983-84 Green, B.R. 2003-04 Green, J.P. 1984-85 Green, Mrs M.E.
1964-65 Bosher, H.R.
2002-03 Croon, R.
1969-70 Elvidge, G.A.
2010-11 Grice, R.B.
2009-10 Bowker, R.S.
1977-78 Cross, A.A.
1995-96 Ewen, J.
1969-70 Griffiths, S.R.
1999-00 Boyd, G.
1989-90 Crouth, J.P.
1984-85 Eyre, H.A.R.
2002-03 Grocott, Ms S.L.
1998-99 Boyd, I.G.
1943-44 Cucksey, H.A.
1965-66 Eyre, Dr K.E.
2005-06 Gubb, W.P.
AUCKLAND TROTTING CLUB INCORPORATED MEMBERS LIST
47
2010 - 2011
H
1984-85 Hadley, C.J.
I
1979-80 Ingram, Mrs J.M.
M
1992-93 Mabey, W.K.
1967-68 Muir, A.A.
1972-73 Irving, G.H.
1983-84 MacDonald, D.S.
1972-73 Mulligan, H.A.
1977-78 Haines, P.E.
1986-87 MacFarlane, G.L.
1988-89 Murray, C.H.
1989-90 Hall, J.W.
2009-10 Mackay, N.P.
1965-66 Musson, P.W.
2003-04 Hagan, S.J.
1969-70 Hamilton, W.R.
J
2010-11 James, Mrs B.
1998-99 Mackie, C.
1984-85 Myles, G.C.
2003-04 Hamley, R.E.
2005-06 Jenkins, D.N.
1989-90 MacKinnon, J.A.
1999-00 Hansen, M.
2009-10 Jillings, C.
1968-69 Magness, R.J.
1985-86 Hansen, P.V.
1989-90 Johnson, D.R.
1985-86 Maher, J.F.
1991-92 Harding, G.W.
1987-88 Johnson, R.C.
1966-67 Maich, J.S.L.
1977-78 Hargreaves, T.I.
1975-76 Jones, F.M.
1988-89 Harris, C.A.
1989-90 Jones, J.J.
2007-08 Harris, C.J.
1994-95 Jones, K.D.
u 1969-70 Harris, H.G. 1989-90 Harris, R.J. 1954-55 Harrison, B. 1995-96 Harrison, D. 1963-64 Harrison, K. 1989-90 Hart, J.B.
1967-68 Jones, P.R. 2010-11 Jones, R.R 1989-90 Jury, L.C.
1969-70 Mann, D.A. 1990-91 Marr, K.D. 1994-95 Martin, B.R. 2010-11 Mason, A.G. 2008-09 Mason, G.P. 2009-10 Mathews, S.H. 1983-84 Matthews, Ms S.A.
K
2009-10 Mair, J.
1975-76 Keegan, G.J.
N
1968-69 Naden, A.G.
1975-76 Nairn, S.B. 1964-65 Neal, B.W.D. 2010-11 Neal, D.T. 2003-04 Neben, B.W. 1996-97 Neville, K.F. 1976-77 Neville-White, B.G. 1985-86 Newby, M.A. 1997-98 Ng, M.
1965-66 Matulich, M.I.
1967-68 Nicolson, S.O.
1990-91 Maxwell, T.G.
1972-73 Nieper, M.J.
1984-85 Kelly, G.W.
1996-97 May, R.V.S.
1984-85 Nigro, J.V.
1964-65 Kennedy, A.J.
1993-94 McAuley, R.G.
1984-85 Notman, M.R.
1988-89 Kennedy, R.B.
2009-10 McCarthy, R.J.H
1989-90 Kerr, D.K.
1970-71 McCaughan, D.F.
1967-68 Kerr, G.R.
1985-86 McClintock, G.J.
2008-09 Kilgour, B.
1999-00 McDonald, B.M.
1980-81 Orr, R.J.
1975-76 Kirkbride, D.G.
1977-78 McEntee, L.A.
1975-76 Oughton, L.J.
1994-95 Knox, Dr. A.J.
1994-95 McFarland, K.J.
1988-89 Outtrim, S.W.
u 1964-65 Koefoed, C.B.
1986-87 McGeady, H.E.
1984-85 Outtrim, W.H.
2004-05 Henwood, L.T.
1983-84 Koefoed, H.R.
1964-65 McHugh, P.S.
1964-65 Oxley, Dr F.J.H.
1995-96 Herlihy, A.G.
1980-81 Kolovos, S.A.
1986-87 McIlraith, D.H.
1995-96 Herlihy, Mrs S.
1984-85 McIntosh, A.J.
1981-82 Haslam, P.J. 1994-95 Hauer, G.W. 2004-05 Heck, M.P.B. 1989-90 Hedger, B.A. 1969-70 Heighway, Mrs J. 1947-48 Hemming, L.R. 2009-10 Henare, T.M.A. 1964-65 Henderson, A.F. 1951-52 Henderson, S.M. 1994-95 Henley, G.R.
1990-91 Hewes, B.D. 1999-00 High, R. 1993-94 Hill, D.
1969-70 McIsaac, V.C.
L
1989-90 Lahood, P.J.
2010-11 McKay, K.D.
1989-90 Lapwood, L.R.
1964-65 McKay, R.P. 2000-01 McKearney, J.
O
P
1968-69 Oliver, W.
2009-10 Pack, Dr Y.M.
2006-07 Palmer, D. 1939-40 Paltridge, D.L. 1984-85 Parker, A.J.
2006-07 Hill, K.R.
1985-86 Lascelles, P.R.
2007-08 Hill, M.C.
1970-71 Latimer, N.A.
2007-08 Ho, N.Y.C.
1973-74 Lawlor, J.V.
1983-84 Hobman, B.R.
1966-67 Lee, B.C.
1993-94 Hodgkins, Miss M.J.
2003-04 Lee, M.D.
2007-08 Hogan, Ms L.
1968-69 Leslie, M.J.
2010-11 Hogan, T.F.
1994-95 Lim, B.Y.
1999-00 Hoggard, K.M.
2006-07 Lim, F.
2004-05 Holland, B.
1977-78 Lipa, J.S.
u 1985-86 Holloway, S.
1978-79 Lloyd, B.S.
1968-69 Hooper, L.R.
1967-68 Lockhart, S.G.
1981-82 Hooper, O.E.
2009-10 Logan, G.F.
2010-11 Hope, W.R.
1990-91 Long, E.J.
2006-07 Miller, I.A.
1985-86 Philpott, J.S.
1964-65 Hornblow, B.R.
1968-69 Loomb, J.A.
1999-00 Millier, G.D.
2005-06 Plant, B.J.
1982-83 Hoyle, M.
2005-06 Loveday, J.B.
2010-11 Mohanakrishnan, Ms J.
2005-06 Plant, S.R.
1969-70 Hoyte, W.C.
1992-93 Lowe, P.
2006-07 Moore, J.F.
1972-73 Plumley, Jnr H.C.
2005-06 Hughes, B.
1979-80 Lowther, P.
1988-89 Moore, T.
1990-91 Potter, T.D.
1977-78 Hughes, B.J.
1975-76 Lucas, J.C.
2005-06 Morris, K.I.
1990-91 Powell, R.F.
2003-04 Hui, A.S.T.
1979-80 Luey, W.
1992-93 Morron, P.R.
2007-08 Pratt, A.
1994-95 Hunter, M.B.
1969-70 Lum, L.S.
1990-91 Mrkusich, G.G.
1999-00 Price, B.
1985-86 McKerrow, Dr K.J. 1964-65 McLaren, D.G. 1998-99 McLellan, Ms A.N. 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. u 1980-81 Meale, B. 1981-82 Medcalfe, D. 1970-71 Melhuish, T.C. 2004-05 Michl, A.K.
1998-99 Parker, Ms F.D. 1999-00 Paton, Ms R. 1992-93 Paul, K.G. 2010-11 Paul, S. 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. 1972-73 Phillips, S.B.
AUCKLAND TROTTING CLUB INCORPORATED MEMBERS LIST
48
2010 - 2011 P
2008-09 Shand, B.I.
1989-90 Thomas, G.R.
1967-68 Willy, A.L.
1984-85 Purdon, R.C.
2008-09 Shand, G.
1989-90 Thomson, C.W.
2005-06 Wilson, C.
2010-11 Purdon-Reid, Mrs W.
1988-89 Shaw, B.P.
1989-90 Thomson, R.J.
1986-87 Wilson, Dr J.C.
1976-77 Pye, L.K.
1988-89 Shaw, Mrs E.T.
2007-08 Thomson, R.W.
1992-93 Wilson, M.J.
2001-02 Pyke, Ms R.J.
1988-89 Shaw, I.G.
2007-08 Thorne, G.H.
1968-69 Wong, D.
1990-91 Shearing, G.D.
1977-78 Tomlinson, A.R.
1998-99 Woods, L.F.
1965-66 Shew, S.H.
1982-83 Tong, F.
1968-69 Woollams, K.A.
1997-98 Shiu, H.J.
2009-10 Tosh, R.
1991-92 Woolston, Mrs G.M.
1981-82 Shorter, D.E.
1988-89 Treadaway, K.
2006-07 Shorter, D.J.
1994-95 Trevenen, Mrs R.
1995-96 Price, J.H.
Q u 1977-78 Quinn, T.A. R
Y
1979-80 Shorter, M.A.
1976-77 Trillo, V.
1986-87 Reekers, P.
1973-74 Simich, C.R.
1995-96 Turner, D.M.
1983-84 Yarndley, R.A.
1968-69 Rapson, J.M.
1994-95 Yardley, J.
1992-93 Reeve, M.R.
1985-86 Sinel, H.R.
1979-80 Turner, R.L.
1986-87 Yee, L.M.
1989-90 Reid, Mrs J.C.
1999-00 Sissons, R.J.
1965-66 Yee, R.C.
1986-87 Reid, R.R.
1994-95 Sixton, C.D.S.
2010-11 Reid, S.J.
1990-91 Sixton, D.H.
1956-57 Rennie, H.S.
1977-78 Skinner, K.D.
1984-85 Verran, K.J.
1975-76 Revill, G.M.
1977-78 Skinner, M.B.
1985-86 Vidovich, S.
2001-02 Reynolds, Ms J.
1979-80 Skudder, P.H.
2000-01 Vince, T.R.
1967-68 Richards, F.F.
2005-06 Small, Mrs A.
1979-80 Vodanovich, P.R.
2009-10 Richards, M.G.
1989-90 Smith, D.J.
V
1965-66 Yee, V.S. 2007-08 Van Rensburg, L.
2010-11 Smith, Ms E.M.
2002-03 Ringrose, M.A.
1973-74 Smith, J.E.
2010-11 Ritchie, C.
1995-96 Smith, P.H.
1979-80 Waide, R.
u 1963-64 Roberts, C.J.
1996-97 Smith, P.W.
1976-77 Walker, D.G.
u 1967-68 Robertson, G.D.
2004-05 Smith, R.F.
2010-11 Walker, Ms L.
1976-77 Robertson, G.I.
1973-74 Southey, R.A.
1977-78 Walker, T.N.
1964-65 Robertson, Mrs M.
1983-84 Southey, R.M.
1975-76 Walshe, R.H.C.
1967-68 Robinson, Mrs G.A.
1980-81 Sparrow, B.
1994-95 Walters, Ms J.E.
1982-83 Robinson, P.A.
1989-90 Steiner, Mrs J.F.
2008-09 Warneford, K.
1979-80 Rogers, M.E.
2010-11 Stephen-Smith, B.K.
1960-61 Warnock, Mrs P.
2009-10 Rogerson, G.A.
1970-71 Stewart, R.
1975-76 Waters, S.W.
W
u 1992-93 Ross, J.G.
1967-68 Stewart, R.W.
1998-99 Watson, H.R.
1994-95 Stockman, Mrs J.M.
1969-70 Watt, R.J.
1965-66 Rouse, G.F.
u 1981-82 Stockman, S.J.
1983-84 Waugh, D.L.
1995-96 Rowe, C.M.
1992-93 Storck, E.C.
1964-65 Weaver, R.H.
1994-95 Russell, L.R.
2005-06 Strawbridge, C.E.
2010-11 Webster, Ms J.D.
1972-73 Russell, T.
1984-85 Street, J.F.
1987-88 Wells, P.J.
1989-90 Sullivan, G.
2008-09 Werner, Ms M.R.
1984-85 Sumich, M.A.
1975-76 Wetherill, M.J.
1972-73 Sykes, Ms G.
1990-91 Wetherill, R.J.
1975-76 Wheeler, D.E.
1992-93 Sadler, J.F.
1983-84 Sadler, R.G.
1981-82 White, B.G.
1994-95 Sampson, Mrs M.F. 1995-96 Samson, P.A.
T
1989-90 Talbot, A.R.
Z
1969-70 Zaloum, R.L.
2003-04 Wackrow, P.J.
1969-70 Roulston, A.T.
S
1984-85 Young, R.
2000-01 Riddell, C.J.
1997-98 Yong, K.T.C.
1988-89 White, W.L.
1966-67 Scoltock, W.H.
1976-77 Tansley, M.G.
2010-11 Whitehead, S.J.
1965-66 Scott, B.J.
1984-85 Tapper, S.P.
1985-86 Whiting, B.R.
1995-96 Scown, M.A.C.
1986-87 Tarry, B.H.
2007-08 Whyte, O.R.
1995-96 Searle, R.L.
1990-91 Taylor, B.E.
2003-04 Whyte, W.G.
1983-84 Selby, J.R.
2004-05 Taylor, B.N.
2009-10 Williams, K.
1989-90 Sellars, Ms N.
1988-89 Taylor, G.G.
2004-05 Williams, M.L.O.
1964-65 Selwyn, M.J.
1993-94 Taylor, G.G.
1971-72 Williams, W.P.
1977-78 Senior, R.R.
2010-11 Taylor, T.
1984-85 Williamson, B.J.
u Life Members.
ALEXANDRA PARK RACING CALENDAR 2011/2012 SEASON (P) DENOTES PREMIER MEETING (DAY) DENOTES DAY MEETING MARCH 2012
2 8 16 23
2 FRIDAY 6 TUESDAY 9 FRIDAY 16 FRIDAY 29 THURSDAY
FRIDAY THURSDAY FRIDAY FRIDAY
AUCKLAND KUMEU AUCKLAND AUCKLAND
AUCKLAND CUP WEEK
SEPTEMBER 2011
OCTOBER 2011 7 14 22 28
FRIDAY FRIDAY SATURDAY FRIDAY
APRIL 2012
KUMEU AUCKLAND THAMES FRANKLIN
13 FRIDAY 20 FRIDAY 27 FRIDAY
AUCKLAND AUCKLAND AUCKLAND FRANKLIN
SUMMER CARNIVAL
DECEMBER 2011 2 9 13 16 22 31
FRIDAY FRIDAY TUESDAY FRIDAY THURSDAY SATURDAY
AUCKLAND AUCKLAND (P) KUMEU (DAY) AUCKLAND (P) MANUKAU AUCKLAND (P) (DAY)
JANUARY 2012 5 THURSDAY 8 SUNDAY 19 THURSDAY 27 FRIDAY
NORTHLAND (AT RUAKAKA)(DAY) THAMES (AT THAMES) (DAY) MANUKAU AUCKLAND
FEBRUARY 2012 10 17 24 28
FRIDAY FRIDAY FRIDAY TUESDAY
FRANKLIN AUCKLAND MANUKAU KUMEU (DAY)
Please note that all race meetings are held at Alexandra Park in Epsom unless stated above
ROWE CUP CARNIVAL
NOVEMBER 2011 4 FRIDAY 11 FRIDAY 18 FRIDAY 25 FRIDAY
AUCKLAND (P) FRANKLIN (AT PUKEKOHE)(DAY) AUCKLAND (P) AUCKLAND THAMES
FRANKLIN AUCKLAND AUCKLAND (P)
MAY 2012 1 TUESDAY 4 FRIDAY 11 FRIDAY 25 FRIDAY 29 TUESDAY
KUMEU (DAY) AUCKLAND (P) AUCKLAND FRANKLIN MANUKAU
JUNE 2012 1 8 15 19 22 29
FRIDAY FRIDAY FRIDAY TUESDAY FRIDAY FRIDAY
MANUKAU AUCKLAND AUCKLAND (P) MANUKAU (DAY) FRANKLIN AUCKLAND
JULY 2012 6 13 20 22 27
FRIDAY FRIDAY FRIDAY SUNDAY FRIDAY
FRANKLIN AUCKLAND AUCKLAND MANUKAU (DAY) AUCKLAND
WWW.ALEXANDRAPARK.CO.NZ