NSW THOROUGHBRED RACING BOARD - Racing NSW

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Notes to the Financial Statements for the year ended 30 June, 2003 2003 2002 NOTE 12: OTHER FINANCIAL ASSETS $ $ ANZ Wholesale Investment Trust 10,690,179 10,891,891 10,690,179 10,891,891 The ANZ Wholesale Investment Trust is mortgaged to the ANZ Bank and acts as security for the ANZ Bank Guarantee to Workcover. (Note 18) NOTE 13: INVESTMENT IN LAND AND BUILDINGS Land and Buildings at net market value 3,733,500 2,862,480 Total Land and Buildings 3,733,500 2,862,480 The Baxter Road property is mortgaged to the ANZ Bank and acts as security for the ANZ Bank Guarantee to Workcover (Note 18). The valuation was prepared on the basis of Net Market Value as defined by the Australian Property Institute in a report dated 16 July 2003. The 2003 valuations at net market value were based on an independent assessment by Colliers International, a member of the Australian Property Institute. NOTE 14: PLANT and EQUIPMENT Plant and Equipment - at cost 5,841,318 5,232,916 Less accumulated depreciation 2,211,570 1,335,960 Total Plant and Equipment 3,629,748 3,896,956 Movement in Carrying Amounts Balance at Beginning of Year 3,896,956 1,616,245 Additions 1,002,810 2,996,322 Disposals (119,471) (91,695) Depreciation Expense (1,150,547) (623,916) Carrying Amount at the end of the year 3,629,748 3,896,956 NOTE 15: PAYABLES Trade Creditors 209,126 2,098,075 Other Creditors and Accruals 559,736 1,739,500 Stakes Payment Creditors 5,078,581 4,403,389 Privatisation Success Fee – 314,406 Benevolent Fund 422,450 431,719 Total Creditors and Accruals 6,269,893 8,987,089 Stakes Payments Creditors represent balances on industry participant accounts that are due to be paid out. Benevolent Fund is an amount held in trust to be applied to eligible industry participants under significant financial hardship. NOTE 16: BREEDERS AND OWNERS BONUS SCHEME Breeders and Owners Bonus Scheme 1,885,215 – 1,885,215 – NOTE 17: INTEREST BEARING LIABILITIES Bank overdraft - unsecured – 952,501 The bank overdraft is unsecured and is subject to a floating interest rate of approximately 8.6% (2002: between 8.6% and 12.6%). 2003 2002 NOTE 18: PROVISIONS $ $ Current Employee Benefits 18a 1,039,352 773,962 Provision for Insurance Outstanding Claims 5,465,987 6,489,545 Total Current 6,505,339 7,263,507 Non-Current Employee Benefits 18a 406,800 400,379 Provision for Insurance Outstanding Claims 15,847,963 15,582,960 Total Non-Current 16,254,763 15,983,339 18a) Aggregate Employee Benefit Liability 1,446,152 1,174,341 18b) No of employees at balance date 84 93 40
Notes to the Financial Statements for the year ended 30 June, 2003 NOTE 18: PROVISIONS (CONT.) Provision for Insurance Outstanding Claims An actuarial valuation of the Insurance Funds outstanding claims was performed by independent actuaries McMahon Actuarial Services as at June 30 2003. The ANZ Bank have issued guarantees amounting to $21,193,000 in favour of Workcover Authority of NSW. As at 27 September 2002 the limit was increased to $21,200,000 as required under the terms of the Board’s insurance licence. In accordance with actuarial recommendations the Board has provided for a prudential margin of 25% (2002 - 25%) of the central estimate of liabilities in recognition of the uncertainty of future estimates and the inherent variability of conditions affecting future claim payments. 2003 2002 NOTE 19: OTHER $ $ Deferred Income 1,473,900 670,765 1,473,900 670,765 Monies received by the NSW TRB at the balance date for products or services not yet provided are classified as deferred income. These items include subscriptions received for registration of racing colours, license fees, Workers Compensation Insurance premiums and subscriptions to NSW Racing magazine. NOTE 20: ACCUMULATED LOSSES Accumulated losses at beginning of the financial year (4,925,133) (1,123,583) Net profit/(loss) from Ordinary Activities after income tax 2,360,184 (3,801,550) Accumulated losses at end of the financial year (2,564,949) (4,925,133) NOTE 21: CAPITAL AND LEASING COMMITMENTS Operating lease Commitments Non-cancellable operating lease contracted for but not capitalised in the Financial statements Payable not later than 1 year 62,914 62,914 Payable later than 1 year and not later than 5 years 158,273 221,359 221,187 284,273 NOTE 22: CONTINGENT LIABILITIES The Board are not aware of any material contingent liabilities which are required to be disclosed in these financial statements, other than the guarantees provided by the ANZ Bank in favour of Workcover Authority of NSW amounting to $21,193,000 (2002 : $18,084,000) at balance date, against a facility of $21,200,000 (2002 $18,084,000). Unused facilities at balance date amount to $7,000 (2002 : NIL). Assets Pledged as Security The carrying amounts of assets pledged as security for the financial guarantees issue by the ANZ bank in favour of Workcover are set out in notes 8,12 and 13. A registered mortgage debenture over all the assets of the Board is held by the ANZ bank. The deposits at call are pledged as security for the ANZ Bank Guarantee to Workcover. NOTE 23: MEMBERS a) Names of Board Members who have held office during the financial year are • A.G Hartnell (Chairman) • Nominated by Australian Jockey Club – P Esplin • Nominated by Sydney Turf Club – G Pash (Appointed 01/08/2002) • Nominated by Sydney Turf Club – R W Lucas (Retired 31/07/2002) • Nominated by Provincial Association of NSW – B Reardon • Nominated by Board of Directors of NSW Country Racing Council – D E Hopkins (Deputy Chairman ) • Nominated by eligible industry bodies to represent the interests of Licensed Persons and Race club employees – J. Costigan • Nominated by eligible industry bodies to represent the interests of Owners and Breeders of thoroughbred racehorses – R. M. Lapointe • M J Hill (Chief Executive) b) Remuneration of Non-Executive Board Members 2003 2002 $ $ Income paid or payable to all directors 434,036 476,813 41
Page 1 and 2: NSW THOROUGHBRED RACING BOARD ANNUA
Page 3 and 4: Mission Statement "To provide indep
Page 5 and 6: and achieve internal processing eff
Page 8 and 9: The People behind Racing NSW “Our
Page 10 and 11: Integrity Assurance Committee Integ
Page 12 and 13: Commercial Report “Stakes Payment
Page 14 and 15: RACE DATES & PROGRAMMING Average nu
Page 16 and 17: Appeals Kathy Reece “The Appeals
Page 18 and 19: Industry Training Marianne Chaffe "
Page 20 and 21: increased by 3.56% to nearly 23% wh
Page 22 and 23: Stipendiary Stewards Ray Murrihy
Page 24 and 25: Handicapping Mark Webbey “Fair an
Page 26 and 27: Australian Racing Forensic Laborato
Page 28 and 29: Administration trials Administratio
Page 30 and 31: Premiums Substantial increases in g
Page 32 and 33: Finance, Corporate Affairs & Racing
Page 34 and 35: Statement of Financial Performance
Page 36 and 37: Statement of Cash Flows NSW THOROUG
Page 38 and 39: Notes to the Financial Statements f
Page 46 and 47: Notes & Declaration to the Financia
Page 48 and 49: assessing the appropriateness of th

NSW THOROUGHBRED RACING BOARD - Racing NSW

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