NSW THOROUGHBRED RACING BOARD - Racing NSW

Notes
to the Financial Statements for the year ended 30 June, 2003
NOTE 6: STATEMENT OF FINANCIAL PERFORMANCE (CONT.)
2003 2002
(xxiii) Profit/Loss from Ordinary Activities. $ $
The result from ordinary activities has been determined after:
Borrowing Costs
– Other parties 199,704 158,591
Total Borrowing Costs 199,704 158,591
Depreciation of non-current assets
– Plant and Equipment 1,150,547 623,916
Total Depreciation 1,150,547 623,916
Amortisation of non-current assets
– Goodwill – 435,728
Total Amortisation – 435,728
Bad and Doubtful Debts
– Trade Debtors 30,000 49,307
Total Bad and Doubtful Debts 30,000 49,307
Rental Expense on Operating Lease 199,661 263,346
Contingent Rental on Cessation of Lease – 42,400
199,661 305,746
Total (Gain)/Loss on disposal of non-current assets:
– Property, Plant and Equipment (21,683) 7,269
Total (Gain)/Loss on disposal of non-current assets (21,683) 7,269
Remuneration of Auditor
– audit 82,844 65,700
– other services 16,790 74,976
Total Remuneration of Auditor 99,634 140,676
(xv) Individually Significant Items:
Increase/(Decrease) in Provision relating to Insurance Claims Liability
as recommended by the Actuary (758,554) 1,911,700
NOTE 7: STATEMENT OF CASH FLOWS
a) Reconciliation of Cash
Cash at the end of the financial year as shown in the statement of cash flows is
reconciled to items in the balance sheet as follows: -
Cash 4,687,761 2,876,973
Less: Bank Overdraft – 952,501
Cash 4,687,761 1,924,472
b) Reconciliation of Cash Flow from Operating Activities
Operating profit/(loss) after tax 2,360,184 (3,801,550)
(Profit)/loss on Sale of Assests (21,683) 7,269
Amortisation – 435,728
Reduction in Success Fee Reserve (314,406) (550,000)
Increase in Leave Provisions 271,811 (61,895)
Depreciation 1,150,547 623,916
Unrealised loss on investment 201,712 528,281
Gain on revaluation of Land and Buildings (871,020) –
2,777,145 (2,818,251)
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