NSW THOROUGHBRED RACING BOARD - Racing NSW

Notes
to and forming part of the Financial Statements for the year ended 30 June, 2003
NOTE 7: STATEMENT OF CASH FLOWS (CONT.)
2003 2002
$ $
(Increase)/decrease in trade debtors 153,803 165,480
(Increase)/decrease in prepayments (9,654) (55,685)
(Increase)/decrease in Stakes Payment debtors 1,335,890 72,775
(Increase)/decrease in other debtors (1,334,177) 3,745,091
Increase/(decrease) in trade creditors (3,734) (3,099,801)
Increase/(decrease) in Stakes Payments 675,192 851,000
Increase/(decrease) in sundry creditors and accruals (385,896) 834,381
Increase/(decrease) in Insurance Claims Provision (758,554) 1,911,704
(327,129) 4,424,945
Cash Flows from operating activities 2,450,016 1,606,694
NOTE 8: CASH
Cash at Bank 1,262,526 2,100
Deposits at Call 3,425,235 2,874,873
Total Cash 4,687,761 2,876,973
The deposits bear floating interest rates between 3.8% and 4.73% (2002: 3.5% and 3.8%). Cash at bank bears interest at
3.45%. The deposits at call are pledged as security for the ANZ Bank Guarantee to Workcover (Note 18).
NOTE 9: RECEIVABLES
Trade Debtors 542,861 675,551
Provision for Doubtful Debts (51,113) (30,000)
Sundry Debtors 1,384,534 131,525
Amounts receivable from associated entities
– NSW Country Racing Council Limited 2,107,754 2,721,030
– Registrar of Racehorses 340,948 181,427
– NSW Racing Pty Ltd 295,744 1,016,921
– Australian Racing Board 148,274 (502)
– Stakes Payment Debtors 2,104,331 3,440,221
– Other Racing Clubs – 69,319
Bank Guarantee 50,734 49,023
Total Receivables 6,924,067 8,254,515
The NSW TRB undertakes accounting support for the NSW Country Racing Council Limited , Registrar of Racehorses, NSW TRB
Insurance Fund, NSW TRB Group Training Company Limited, NSW Racing Pty Limited and the Australian Racing Board. Amounts
disclosed above as receivable from other entities are payable to the NSW TRB by these entities for expenses paid on their behalf.
These are summarised as follows:
Expenses Paid
on behalf of entity Receipts from
– NSW Country Racing Council Limited 54,570,914 55,184,190
– Registrar of Racehorses 1,657,310 1,497,789
– NSW Racing Pty Ltd 8,073,674 8,794,852
– Australian Racing Board 1,944,057 1,795,282
NOTE 10: OTHER CURRENT ASSETS
Prepayments 158,906 149,252
158,906 149,252
NOTE 11: INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Interest in joint venture partnership;
(a) Name of Entity Principal Activity Balance Date Ownership Interest
2003 2002
Registrar of Racehorses Registration of Racehorses in Australia 30/06/2003 42% 42%
Movements in carrying amounts 2003 2002
$ $
At beginning of financial year – –
Investment during year 3,854 93,483
Share of operating loss after income tax (3,854) (93,483)
At end of financial year – –
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