2011 REPORT ANNUAL - Racing NSW

RACINGNSWCOUNTRY 

2011ANNUALREPORT

Annual General Meeting 

NOTICE OF MEETING 

Notice is hereby given that the Annual General Meeting of Racing NSW Country Ltd will be held in the 

Boardroom of Racing NSW, Level 7, 51 Druitt Street, Sydney on 22nd November 2011 commencing at 

11.00am 

BUSINESS 

1. Apologies 

2. Adopt the Minutes of the Annual General meeting of Racing NSW Country held on 26th November 2010 

3. Receive and consider the Chairman's Report on behalf of the Board 

4. Receive and consider the Financial Statements for the year ending 30 June 2011. 

5. Elect Auditors to hold office until the next Annual General Meeting 

6. Confirm the appointment of the Board for the ensuing two (2) year term. 

7. To consider, and if thought appropriate, pass the following resolution as a special resolution: That Mr Gordon 

Lindley be elected as a Life Member of Racing NSW Country Limited in accordance with clause 2.5.1 of the 

Company's Articles of Association. 

Brian Judd 

Chief Executive Officer 

Racing NSW Country Ltd

C o n t e n t s 

Notice of Annual General Meeting 

Staff and Corporate Details 

Performance Highlights 

Board Members 

Chairman's Report 

Chief Executive’s Report 

Premierships and Feature Race Winners 

CRDF Report 

Financial Report 

Director's Report 

Appendix 1 Club Performance Comparisons 

Appendix 2 Country Racecourse Development Fund Summary of Payments 

Page 

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2 

3 

4 

6 

8 

10 

12 

18 

24 

39 

44 

46 

S t a f f & C o r p o r a t e 

Administrative services are provided by Racing NSW and in particular by; 

Brian Judd 

Scott Kennedy 

Shane Meaney 

Andrew Small 

Bianca Silvestro 

Chief Executive 

RNSW General Manager – Industry 

RNSW Racing Manager 

RNSW Projects Manager 

RNSW Executive Assistant to Chief Executive 

AUDITORS 

PKF Chartered Accountants 

BANKERS 

Australia & New Zealand Banking Group Limited 

3

Performance Highlights 

Racing NSW Country conducted 483 race meetings at 114 racetracks. 

Race Clubs 130 

Racecourses 114 

Total Race Meetings 483 

TAB Race Meetings 349 

Community Race Meetings 107 

Picnic Race Meetings 27 

Races 3,309 

Starters 34,187 

Average field size TAB meetings highest in the state at 10.9 

Average prizemoney per race $9,458 

Total Returns to Owners $38,642,871 

TAB Turnover $302,795,883 

AVERAGE FIELD SIZES - NSW 

12 

10 

8 

12 

10 

8 

AVERAGE FIELD SIZES - COUNTRY 

6 

4 

9.5 

10.1 

10.6 

9.9 

9.8 

10.5 

9.7 

10.1 

10.2 

10.1 

10.3 

10.4 

10.0 

10.2 

10.3 

9.9 

10.2 

10.7 

9.6 

9.8 

10.9 

6 

4 

10.6 

7.9 

10.5 

7.9 

10.9 

8.4 

11.0 

8.2 

11.0 

8.1 

11.3 

8.7 

11.0 

8.6 

0 

0 

2005 2006 2007 2008 2009 

2010 2011 

2005 2006 2007 2008 2009 2010 2011 

Metropolitan Provincial Country 

TAB Meetings 

Community Meetings 

4

TOTAL NSW TAB MEETINGS 

400 

350 

300 

250 

200 

TOTAL COUNTRY MEETINGS 

400 

300 

200 

100 

50 

0 

122 

124 

314 

123 

126 

364 

121 

118 

307 

88 

86 

245 

121 

122 

316 

123 

131 

331 

123 

123 

349 

0 

314 

206 

364 

154 

307 

174 

245 

99 

316 

154 

331 

150 

349 

107 

2005 2006 2007 2008 2009 


2005 2006 2007 2008 2009 


Metropolitan Provincial Country 

TAB Meetings 

Community Meetings 

AVERAGE PRIZEMONEY PER RACE 

TOTAL RETURNS TO OWNERS 

$10000 

$40m 

$9000 

$8000 

$38m 

$36m 

$34m 

$7000 

$32m 

$6000 

$5000 

$0 

$6,819 

$6,944 

$7,217 

$8,078 

$9,149 

2005 2006 2007 2008 2009 

$9,092 

2010 

$9,458 

2011 

$30m 

$28m 

$26m 

0 

$31,088,120 

$32,364,397 

$31,832,450 

$25,387,093 

$37,114,103 

2005 2006 2007 2008 2009 

$38,207,150 

2010 

$38,642,871 


Prizemoney 

Returns to Owners 

5

Board Members 

KEY RESPONSIBILITIES OF RACING NSW COUNTRY 

Planning and Development 

To enhance the operations of country thoroughbred 

racing in NSW in accordance with the plans and strategies 

of Racing NSW. 

Maximise Participation 

To maximise returns to ensure participation in country 

racing is enjoyable and affordable. 

Industry Liaison 

Ensure effective liaison between RNSWC and all industry 

groups. 

Industry Integrity 

Maintain the high level of integrity of NSW country racing. 

Adherence to Key Racing Agreements 

Ensure country race clubs and RNSWC adhere to the 

Racing Distribution Agreement, Inter-Code Deed and 

Intra-Code Agreement. 

Scheme of Distribution 

Ensure the long-term financial interests of race clubs and 

returns to country racing participants are maximised. 

Race Club Co-ordination and Support 

Co-ordinate financial, racing, marketing and racecourse 

development to support race clubs so as to ensure a high 

quality country racing product. 

Administration 

Ensure country racing is administered in an efficient, cost 

effective and business like manner. 

Racecourse Development 

Ensure the protection, maintenance and development of 

country racecourse infrastructure. 

Guarantee of Service 

Guarantee effective, timely and appropriate service to 

participants, customers and service providers. 

Articles of Association 

As per the Articles of Association, Section 3.2.1, the 

Board of Directors of Racing NSW Country consists of 

one member from each country racing association area 

elected by the Council Members within that country 

racing association area. 

6

Mr Bob Pavitt 

Chairman 

Consultant 

Race Club Nominee 

NRRA 

Attended 5 meetings 

Mr Les Maley (OAM) 

Vice Chairman 


SERA 


Mr Don Hopkins (OAM) 

Administrator 


MNCRA 


Mr Michael Kennedy 

Grasier 


WRA 


Mr Max Walker 

Businessman 


CDRA 


Mr Rod Watt 

Solicitor 


H & NWRA 


Mr Michael Inglis 

Solicitor 


SDRA 

Attended 1 meeting 

Replaced Gordon Lindley 

7

Chairman's Report 

Although appearing to be a comfortable trading result for 

the year, a profit of $2,920,012 needs to be reviewed with 

an appreciation of the influence wet weather, wagering 

trends and race fields revenue had on the result. 

Although pleasing to produce such a positive trading result 

for the organisation, it could not have been achieved 

without a reduction in the number of race meetings 

funded (552 scheduled down to 483 conducted), which 

came at the expense of race club earnings. Add this 

component to a further reduction in race club revenue 

due to lower TAB turnover and country race clubs did an 

outstanding job in generally producing stable trading 

results for the year. 

Notwithstanding this position on Racing NSW Country 

expenditure, it was necessary to secure an advance of 

$10,737,000 on race fields revenue collected by Racing 

NSW, to support race club funding and the current levels 

of prizemoney. 

Consequently, the importance of the race fields legislation 

cannot be overemphasised and the result of the High 

Court Appeal is eagerly awaited. 

The court hearings now take on the appearance of a 

watershed point in time with the shift in wagering habits. 

Although the introduction of an expanded fixed odds TAB 

product during the year arrested some of the drift to 

alternative wagering operators, it is clear that consumers 

are increasingly attracted to forms of wagering other than 

the traditional products. 

Future revenue streams from wagering will depict the size 

and scope of Country Racing. For that reason the Board 

has independently and through representation on the 

Racing Industry Consultation Group sought to have the 

financial viability of race clubs reviewed within the 

boundaries of the Racing NSW Strategic Plan. 

The information outlined above gives rise to the fact that 

certain objectives need to be reviewed if clubs are to be 

financed adequately. 

The merger of the metropolitan race clubs brought the 

spotlight onto rationalisation and although the Board 

constantly has the country structure under review, there is 

no evidence to suggest that there are significant benefits 

from scaling back race club operations. 

There is justification however in monitoring the number of 

races and race meetings conducted, to ensure that future 

wagering revenue can support the set level of activity. 

In this regard the Board produced during the year, a 

Business Plan that contains strategies if implemented, to 

maximise returns through the allocation of race meetings. 

The Plan was forwarded to the Racing NSW Board for 

consideration. 

However it is reasonable to assume that the Plan will not 

be furthered until the race fields dispute is resolved, as it 

contains strategies for the Centres of Excellence outlined 

in the Racing NSW Strategic Plan. 

Funding for the Centres of Excellence is linked to race 

fields revenue, however the Board has taken a position on 

the number and location of the proposed Centres aligned 

with race meeting allocations. 

As highlighted above, wagering revenue will continue to be 

a moving target in the foreseeable future. However media 

rights are now seen as an important component of the 

overall package. The availability of broadcasts as a means of 

increasing wagering revenue through means other than 

existing TAB outlets and into homes, is now a major 

consideration. 

For that reason, during the year the Board commenced 

discussions with the two current broadcasters to consider 

contract renewals but just as importantly, to gauge their 

reaction to new technology and a new customer base. 

Whilst the animated racing game Trackside does not fall 

into this category, nevertheless the sale of the technology 

to provide funding for primarily the redevelopment of 

Randwick Racecourse, does have consequences for 

Country Racing. 

8

Prior to government approval a commitment was 

recorded that stipulated country and provincial racing 

would not be disadvantaged by the sale. That commitment 

is yet to crystallise through the Intra Code Agreement or 

other similar funding mechanisms. 

A further pre-election funding commitment was given by 

the new State Government in the form of a $5m grant to 

the three codes of country racing. Racing NSW Country is 

appreciative of the grant which when confirmed, will be 

allocated primarily to the installation of plastic running rail. 

The Board thanks the new Minister, The Hon George 

Souris for his ongoing support of Country Racing. 

The Racing Industry Consultation Group was created 

through the Thoroughbred Racing Act and provides 

stakeholders with a forum to consult with and make 

recommendations to Racing NSW. Racing NSW Country 

has been an active participant through membership of 

RICG in contributing to policy development, in particular 

policies covering racing matters and OH&S issues. 

Country is represented on RICG by myself and previously 

by Gordon Lindley. 

Gordon retired from the Country Board in December 

2010 and his contribution to Country Racing is 

acknowledged. A wealth of experience in racing, 

community and local government matters, made Gordon a 

valuable member of the country team from the time of his 

appointment as an inaugural member of the Board. 

Awarding Gordon Life Membership of Racing NSW 

Country is a fitting reward. 

Gordon was replaced on the Board by Michael Inglis 

through a bi-election in the Southern Districts Racing 

Association. 

I would like to acknowledge the many committee 

members and officials who have conducted country race 

meetings across the state during the year and make special 

mention of the Scone Race Club administration, who 

conducted the first standalone country Saturday meeting. 

An outstanding success. 

Racing NSW Country has been assisted greatly by the 

support of the Racing NSW Board and Chief Executive 

Peter V'landys together with his staff, for which we are 

appreciative. The small team of administrators 

concentrating on Country Racing within the Racing NSW 

organisation is acknowledged and thanked. 

The Board is also appreciative of the contribution Dave 

Hodgson has made in assisting country race clubs with 

racecourse maintenance programs. Dave has a wealth of 

experience in managing racing and training facilities and is 

also able to impart that knowledge on Racecourse 

Managers when visiting country tracks. This ability has 

made Dave much in demand and it has been necessary to 

carefully roster his services to the areas of most need 

Finally the current Board of Directors has provided 

Country Racing with great stability over the year during a 

period of funding uncertainty. Country administrators have 

responded by producing a racing product that compares 

favourably with any in Australia. Particularly when the 

influence of continuing wet weather during the year is 

taken into account. 

We look to the New Year and the elimination of many of 

the factors that have contributed to a level of uncertainty 

which we have experienced in past years. 

Mr Bob Pavitt, 

Chairman 

9

Chief Executive’s 

Report 

Whilst the end of year result is satisfying for the The Kempsey Club's difficulties originated with track 

organisation it has come at some cost to the industry. problems and with an adequate recovery time as well as 

At a glance the industry indicators look solid. 

application of the correct maintenance program it is 

envisaged that racing will recommence before the end of 

• The total number of race meetings funded and the calendar year and similarly the management structure 

conducted 483, has remained consistent with previous of the club will also change. 

years and incorporated conversions of non-TAB 

Conversely it was necessary to appoint an Administrator at 

meetings to TAB status for Sky 2 coverage. 

the Queanbeyan Racing Club for managerial and financial 

• Average prizemoney per race has increased from reasons, with 2010/11 being approached as a stabilising 

$9,092 to $9,458 year to secure the club's future. 

• Total returns to owners have increased from Unfortunately the task of reversing the club's position will 

$38,207,150 to $38,642,871 be more long term and influenced by the facility which is 

• Average field sizes have increased from 10.7 to 10.9 

ageing and in need of major repairs and maintenance. 

However beneath these statistics is the realization that 

In both the above instances the work of the 

payments to clubs to finance this level of activity would not 

Administrators, Perry McNally and Brendan Comyn is 

have been possible without a subsidy of $10.7 million from 

acknowledged in enthusiastically approaching difficult 

Racing NSW by advance payments from race fields 

circumstances. 

revenue. 

The other major change with race club administration on 

Cancelled or transferred race meetings as a result of the 

the horizon is with the Golden West Race Club, which has 

consistent wet weather also affected funding, with the 

operated since 2004 conducting racing at the Orange and 

compounding affect of the cancellations being the lost 

Bathurst venues. For a variety of reasons the merger has 

opportunity for clubs to raise additional revenue and 

not been as successful as envisaged and the club will 

profits. 

demerge into two entities during 2011/12. 

The other major influence on industry funding during the 

In conjunction with that demerger, a new administrative 

year was the reduced revenue from totalisator wagering of 

structure will be trialled at Orange and possibly Bathurst, 

$39,176,794 which was not offset by an approved and 

where an agreed number of independent committee 

regulated revenue stream from corporate bookmakers. 

members will be appointed rather than elected by the 

membership. 

It is now left to the High Court to be the final arbitrator in 

this dispute. 

Generally clubs still continue to have difficulties meeting 

liquor licensing conditions imposed by police or OLGR. 

The significance of the Court's findings will also be evident Whilst recognising and supporting the need for country 

at NSW country venues, where presently Tabcorp hold clubs to carefully control this part of their operations, a 

exclusive advertising rights. The initial agreement with TAB point was reached through the year where the 

was extended until October 2011 and the value of Murrumbidgee Turf Club took the view that they had taken 

advertising oncourse for television coverage (and all reasonable steps to comply with RSA requirements, but 

wagering sponsorship) will be tested during the coming yet still incurred breaches under their licence. 

year irrespective of whether or not Racing NSW is 

successful in the High Court. 

At Appeal the MTC's position was upheld and hopefully 

that will lead to future licensing conditions that meet 

More on the race club scene, Kempsey Race Club and community expectations, particularly with the pending 

Queanbeyan Racing Club have each been managed by introduction of the three strikes legislation. 

Administrators during the year. 

10

In other compliance issues, the Online OH&S 

Management System was rolled out for the benefit of all 

clubs and the Racing NSW Minimum Standards policy was 

extended to Category D clubs. 

During the year Country was fortunate to secure the 

services of Dave Hodgson to assist clubs with maintaining 

racing and training facilities. In a trouble shooting role 

Dave's contribution has been significant and clubs that have 

applied his advice have benefited greatly. 

Racing NSW Country received strong support from the 

Board, Chief Executive and staff of Racing NSW 

throughout the year, for which we are appreciative. The 

support of Peter V'landys, Scott Kennedy, Shane Meaney, 

Andrew Small and Bianca Silvestro has enhanced the 

administration of Country Racing in NSW 

Finally the Racing NSW Country Board under current 

Chairman Bob Pavitt is acknowledged as a group of 

experienced racing administrators, devoting time to the 

welfare of Country Racing, which was evident by the clear 

and decisive nature of the delivery of policies covering 

Country Racing during the year. 

Mr Brian Judd 


11

Premierships 

12

TRAINER’S PREMIERSHIP 

Trainer 

Wins 

ASSOCIATION PREMIERS - TRAINERS 

Association Trainer Wins 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

Brett Bellamy 

Luke Griffith 

Greg Bennett 

Danny Bowen 

Neil Godbolt 

Wayne Wilkes 

Ross Stitt 

Paul Perry 

Sue Grills 

Brett Cavanough 

60 

55.5 

38 

36 

35 

34.5 

34 

32.5 

32 

29 

CDRA 

H&NWDRA 

MNCRA 

NRRA 

SDRA 

SERA 

WRA 

Tracey Bartley 

Luke Griffith 

Wayne Wilkes 

Brett Bellamy 

Brett Cavanough 

Guy Walter 

Rodney Robb 

18 

43.5 

29.5 

50 

25 

22 

15 

JOCKEY’S PREMIERSHIP 

Jockey 

Wins 

ASSOCIATION PREMIERS - JOCKEY'S 

Association 

Jockey 

Wins 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

Greg Ryan 

Robert Thompson 

Glenn Lynch 

Mathew Cahill 

Matthew Paget 

Peter Graham 

Raymond Spokes 

Brendan Ward 

Dale Spriggs 

Danny Peisley 

142.5 

106 

73.5 

69.5 

59.5 

57 

56 

52 

48.5 

45 

CDRA 

H&NWDRA 

MNCRA 

NRRA 

SDRA 

SERA 

WRA 

Greg Ryan 

Greg Ryan 


Matthew Paget 

Andrew Bloomfield 

Jeff Penza 

Greg Ryan 

52 

63.5 

26.5 

41.5 

38.5 

26 

24 

APPRENTICE JOCKEY’S 

PREMIERSHIP 

Apprentice 

Wins 

ASSOCIATION PREMIERS - 

APPRENTICE JOCKEY'S 

Association 

Apprentice 

Wins 

1 

2 

3 

4 

5 

6 

7= 

7= 

9= 

9= 

Samantha Munro 

Jason Collins 

Rachael Murray 

Priscilla Schmidt 

Jake Hull 

John Kissick 

Shaun Guymer 

Melissa Brown 

Tim Bell 

Anthony Allen / Hari Singh 

41 

35.5 

33 

33 

32 

30 

28 

27 

26 

24 

CDRA 

H&NWDRA 

MNCRA 

NRRA 

SDRA 

SERA 

WRA 

Joe Saiki 


Melissa Brown 

Samantha Munro 

John Kissick 

Laurie Wray / Jason Collins 

Kacie Chater 

13 

29 

17.5 

31 

30 

19 

9 

13

14 

VENUE 

Albury 

Albury 

Armidale 

Ballina 

Bathurst 

Bowraville 

Broken Hill 

Casino 

Clarence River 



Coffs Harbour 

Coonabarabran 

Coonamble 

Cootamundra 

Corowa 

Cowra 

Dubbo 

Forbes 

Gilgandra 

Goulburn 

Gundagai 

Gunnedah 

Inverell 

Kempsey 

Krambach 

Lismore 

Moree 

Murrumbidgee 

Murrumbidgee 

Moruya 

Mudgee 

Muswellbrook 

Narromine 

Orange 

Parkes 

Port Macquarie 

Queanbeyan 

Quirindi 

Sapphire Coast 

Scone 

Scone 

Scone 

Shoalhaven 

Tamworth 

Taree 

Tweed River 

Walcha 

Warren 

Wauchope 

Wellington 

Wine Country 

Wingham 

170000 

60000 

50000 

20000 

20000 

20000 

150000 

130000 

45000 

70000 

30000 

30000 

15000 

25000 

20000 

45000 

20000 

22000 

60000 

50000 

20000 

25000 

20000 

15000 

50000 

25000 

140000 

65000 

22000 

20000 

40000 

21000 

20000 

17000 

60000 

40000 

25000 

25000 

175000 

175000 

100000 

25000 

60000 

60000 

28000 

25000 

12000 

22000 

45000 

22500 

15000 

PRIZEMONEY 

Feature 

TAB Race 

Winners

CLASS 

DIST. 

WINNER 

JOCKEY 

TRAINER 

Albury Cup 

Albury Sprint 

Armidale Cup 

Ballina Cup 

Bathurst Cup 

Bowraville Cup 

Outback Cup 

Casino Cup 

Grafton Cup 

Ramornie Hcp 

South Grafton Cup 

Coffs Gold Cup 

Coonabarabran Cup 

Coonamble Cup 

Cootamundra Cup 

Corowa Cup 

Cowra Cup 

Dubbo Cup 

Forbes Cup 

Gilgandra Cup 

Goulburn Cup 

Snake Gully Cup 

Gunnedah Cup 

Inverell Cup 

Kempsey Cup 

Krambach Cup 

Lismore Cup 

Moree Cup 

Wagga Gold Cup 

Wagga Town Plate 

Moruya Cup 

Mudgee Cup 

Muswellbrook Cup 

Narromine Cup 

Orange Cup 

Parkes Cup 

Port Macquarie Cup 

Queanbeyan Cup 

Quirindi Cup 

Bega Cup 

Scone Cup 

Dark Jewel Classic 

Inglis Challenge 

Nowra Cup 

Tamworth Cup 

Taree Cup 

Murwillumbah Cup 

Walcha Cup 

Cattleman's Cup 

Wauchope Cup 

Wellington Boot 

Jungle Juice Cup 

Wingham Cup 

2000M 

1400M 

1900M 

1600M 

2000M 

1370M 

1600M 

1400M 

2350M 

1200M 

1600M 

1600M 

1600M 

1600M 

1600M 

1600M 

1800M 

1600M 

1600M 

1600M 

1600M 

1400M 

1600M 

1400M 

1500M 

1600M 

2100M 

1400M 

2000M 

1200M 

1930M 

1600M 

1750M 

1600M 

2100M 

1600M 

2000M 

2000M 

1600M 

1600M 

1600M 

1400M 

1300M 

1600M 

1400M 

2000M 

2000M 

1440M 

1400M 

1518M 

1100M 

1350M 

1412M 

PADDY O'REILLY (NZ) 

BERRINGAMA 

AUSWORLD 

SPENCE 

BORSHA'S WARRIOR 

RIVER STREET 

TWIN WING (NZ) 

PINWHEEL 

KANTER BRAU 

MOSSURMI 

IZABABE 

PRUSSIAN SECRET 

WYORA 

UNIVERSAL PACK 

CLEVER HANS 

IZABABE 

GENERAL'S SNIPER 

WILLY JIMMY 

MOROSI 


LUCKY ELMO 

ISLAND DANE 

CHILLED 

VOICE COMMANDER 

HOW MUCH MY LOVE (NZ) 

ILRINGYA 

MR ARMSTRONG 

ORPENITCANAPPEN 

CASHOUT 

DESERT BUNNY 

VOICE COMMANDER 


QUICHANG 

DYSPHONIA 

SHANNARA 

ALCANCIA 

GUNNA HAPPEN 

SCUSSY MOOLA 

SPENCE 

WARRIOR WITHIN 

PRIOR BARON 

DANE'S JEWEL 

CIVITA 

JACKPOT QUEEN 

CRUZADO 

ISLAND DANE 

Glen Boss 

Linda Meech 

Meeting Abandoned 

Scott Seamer 

Lane Moloney 

Bradley Wallace 


Michael Heagney 

Jay Ford 

Danny Nikolic 

Marlon Dolendo 

Danny Nikolic 

Kody Nestor 

Greg Ryan 

Mathew Cahill 

Simon Miller 

Greg Ryan 

Brad Clark 


Greg Ryan 

Rod Quinn 

Greg Ryan 

Jake Hull 

Matthew Paget 

Not Run 

Peter Graham 

Michael Cahill 


Kathy O'Hara 

Chad Schofield 

Jeff Penza 


Melissa Brown 

Brad Clark 


Sarah Trebley 

Glenn Lynch 

Billy Owen 

Tim McIntosh 

Taylor Lovelock-Wiggins 

Christian Reith 

Christian Reith 


Sam Clipperton 


Peter Wells 

Paul Hammersley 

Timothy Bell 

Ken Dunbar 

Stephen Traecey 

Mathew Cahill 

Luke Cumberland 

Peter Graham 

Robert Smerdon 

Brian Cox 

Pat Duff 

Lisa Cohen & Oldrich Jiricka 

Les Kelly 

Andrew Pilling 

Guy Walter 

Peter Snowden 

Warren Gavenlock 

Marc Conners 

Peter Nestor 

Leon Davies 

David Blundell 

Kerry Weir 

Rado Boljun 

Peter Nestor 

Tracey Bartley 

Guy Walter 

Marc Conners 

Leon Davies 

Bindi Cheers 

Nick Chambers 

Les Kelly 

Nick Olive 

Danny Williams 

Luke Pepper 

Wayne Wilkes 

Peter Nestor 

Michael Mulholland 

Brett Dodson 

Nick Olive 

Leon Davies 

Luke Pepper 

Peter Snowden 

Peter Snowden 

Jenny Graham 

Robert Price 

Peter Bloomfield 

Lisa Cohen & Oldrich Jiricka 

Bruce Hill 

Rodney Northam 

Peter Stanley 

Gordon Yorke 

Matthew Dale 

Albert Stapleford 

Nick Chambers 

15

VENUE 

16 

Adaminaby 

Balranald 

Barraba 

Berrigan 

Bingara 

Binnaway 

Bombala 

Braidwood 

Brewarrina 

Bundarra 

Carinda 

Carrathool 

Cobar 

Collarenebri 

Cooma 

Deepwater 

Deniliquin 

Enngonia 

Glen Innes 

Grenfell 

Gulargambone 

Gulgong 

Hay 

Hillston 

Holbrook 

Jerilderie 

Lightning Ridge 

Louth 

Mendooran 

Merriwa 

Moulamein 

Mungindi 

Narrabri 

Narrandera 

Nyngan 

Pooncarie 

Silver City 

Tabulam 

Tocumwal 

Tumbarumba 

Tumut 

Walgett 

Wallabadah 

Warialda 

Wentworth 

Young 

Feature 

Community 

Race 

Winners

CLASS 

DIST. 

WINNER 

JOCKEY 

TRAINER 

Adaminaby Cup 

Balranald Cup 

Barraba Cup 

Berrigan Cup 

Bingara Cup 

Binnaway Cup 

Bombala Cup 

Braidwood Cup 

Brewarrina Cup 

Bundarra Cup 

Carinda Cup 

Carrathool Cup 

Cobar Cup 

Collarenebri Cup 

Cooma Cup 

Deepwater Cup 

Deniliquin Cup 

Enngonia Cup 

Glen Innes Cup 

Grenfell Cup 

Gulargambone Cup 

Gulgong Cup 

Hay Cup 

Hillston Cup 

Holbrook Cup 

Jerilderie Cup 

Lightning Ridge Cup 

Louth Cup 

Mendooran Cup 

Merriwa Cup 

Moulamein Cup 

Mungindi Cup 

Narrabri Cup 

Narrandera Cup 

Nyngan Cup 

Pooncarie Cup 

Silver City Cup 

Sam Hordern 

Tocumwal Cup 

Tumbarumba Cup 

Tumut Cup 

Walgett Cup 

Wallabadah Cup 

Warialda Cup 

Wentworth Cup 

Young Cup 

1400M 

1200M 

1400M 

1500M 

1300M 

1300M 

1200M 

1350M 

1200M 

1400M 

1400M 

1400M 

1700M 

1400M 

1600M 

1400M 

1600M 

1600M 

1400M 

1400M 

1200M 

1200M 

1600M 

1700M 

1400M 

1400M 

1200M 

2000M 

1500M 

1350M 

1600M 

1400M 

1500M 

1400M 

1400M 

1550M 

1600M 

1400M 

1300M 

1400M 

1400M 

1400M 

1500M 

1400M 

1800M 

1600M 

STRIKE ME HAPPY 

ARMANI BLACK 

SMOKEY SCENE 

SILVER STREET 

TOLLADO 

SEBONY 

SEBONY 

EXCELLENT PLUS 

DUBAI JIM 

LOCAL BRED 

ALL FULL 

TEMPERATE PRINCE 

JYMCAREW 

GENTLEMAN JIM 

TIZAPAINE 

PADGINO 

GOLD SULTAN 

SPECTACULAR IAM 

CALAWAY GLOW 

FUTURE VOICE 

MICROCHIP LAD 

LOTTO BLUES 

SEA COMMANDS 

YAHIGURU 

WILD PEARL 

LAERTES 

THE AVIATOR 

REGEL CELEB 

A BEAUT PICK 

ARMANI BLACK 

DOUBLE COVER 

LACHLAN VALLEY (NZ) 

MICROCHIP LAD 

UNIVERSAL PACK 

BRACKLEY HATCH 

TOMPEPPA 

THE AVIATOR 

THA' HAB 

Roly Saxton 

Willie White 


Michael Fitzgerald 

Jessica Drury 

Ken Dunbar 

Lauri Wray 

Annelise King 

Kacie Adams 

Teresa Nikora 

Michael Hackett 


Sarah Trebley 

James Geppert 

Lauri Wray 


Robert Beattie 


Peter Graham 

Ken Dunbar 

Michael Travers 

Jeff Kehoe 

Jake Duffy 

Adam Gain 

Adam Stead 

Ashlee Beer 

Jeff Kehoe 



Greg Ryan 

Yoko Ota 

Bonnie Thomson 


William Pearson 

Kacie Chater 

John Dertilis 

Melanie Tyndall 

Marlon Dolendo 

Adam Stead 


Simon Miller 


Daniel Northey 

Craig Franklin 


Andrew Bloomfield 

Rado Boljun 

Paul Banks 

Emma Steel 

Bill Farrow 

Arthur Craig 

Chris Strickland 

Chris Strickland 

Rodney Robb 

Jane Clement 

Peter Whitehead 

Wayne Collison 

Robbie Harrison 

Amanda Collings 

Stephen Theodore 

Grant Prosser 

Michael Mulholland 

Mark Milton 

Kylie Kennedy 

Ron Johnson 

Gary Colvin 

Phil Sweeney 

Kym Healy 

John Lundholm 

Greg Bennett 

John Thomas 

Jackie Crompton 

Stephen Dixon 

John Marzol 

John Lundholm 

Paul Banks 

Des Courtney 

Danny Bowen 

Phil Sweeney 

Kerry Weir 

Wayne Oakenfull 

Tony McGrath 

Stephen Dixon 

Tricia Anderson 

17

CRDF Report 

PROFILE OF THE CRDF BOARD 

The Board membership at present comprises: 

! 

The Chairman of Racing NSW Country, that being Mr Bob Pavitt; 

! Two independent persons appointed by Racing NSW Country, that being Alan Davidson AM MBE and Mr Gordon 

Lindley. 

OBJECTIVES 

The CRDF has a number of strategic purposes and goals including: 

! 

The preparation and implementation of effective policies conducive to strategic capital development and safety 

improvements. 

! 

To foster the increased growth of regional racing in NSW through the provision of improved infrastructure and facilities. 

! 

The progressive undertaking of strategic improvements such that amenities are upgraded to the point of achieving 

industry best practice. 

! 

Provision of effective leadership and professional management to ensure efficient project delivery. 

! 

To enhance the viability of thoroughbred racing generally and assist in maintaining NSW as the premier racing State. 

SUMMARY OF 2010-11 FINANCIAL YEAR 

Highlights of Country Racecourse Development Fund (“CRDF”) activity for the period included: 

! Disbursement of approximately $1 million in payments for works in progress (excl. GST). 

! 

Approximately $1.1 million approved towards new capital development initiatives (excl. GST). 

! 

Commissioning of large-scale upgrading of female jockeys amenities. 

! 

Further acquisitions under the ongoing mobile starting barriers renewal program. 

! 

Installation of triaxial cable throughout NSW to ensure that future broadcast technologies can be 

accommodated. 

! 

Supporting roll-out of the RNSW “Racecourse Maintenance Initiative” with Turnpoint (Contractors). 

! 

Implementation of Occupational Health & Safety Management Systems (“OHSMS”) and Environmental 

Management Systems (“EMS”) across country race clubs. 

18

Financial year 2010-11 represented a period of relatively restrained activity for the CRDF in funding terms. The level of 

financial assistance disbursed was lower than 2009-10, primarily due to provisions for a large-scale proposed new public 

raceday/functions complex at Tamworth racecourse remaining intact. However the level of activity remained high due to 

numerous, lower-value projects being undertaken. 

Significant flooding occurred at Gundagai and Mudgee racecourses during December 2009, and the CRDF Board 

considered it prudent to set aside contingency funding to potentially cover restoration works required as a result of the 

consequential damage. Both clubs are pursuing disaster relief funding made available under Natural Disaster declarations in 

these Local Government areas and thus far, the CRDF contingency funding has not been drawn-down. 

Collectively, these outcomes resulted in the Fund operating well within its budget for the period. 

MAJOR PROJECTS COMPLETED 

! 

! 

! 

! 

! 

! 

! 

Coffs Harbour Racing Club 

weather training track. 

® 

– final disbursement in connection with design and construction of new Pro-Ride all- 

Dubbo Turf Club – acquisition of new 16-gate mobile starting barriers. 

Goulburn & District Racing Club – acquisition of new 16-gate mobile starting barriers. 

Inverell Jockey Club – new pumping plant and irrigation system upgrade. 

Scone Race Club – construction of new female jockeys' amenities. 

Tamworth Jockey Club – installation of new irrigation buffer storage solution and associated works (Stage 1). 

Taree-Wingham Race Club – Installation of new irrigation control system cabling. 

In addition to the above projects, preliminary building inspections/engineering assessments of existing female jockeys' 

amenities were conducted at some thirty (30) country racecourses with detailed reports prepared for each club. 

Appropriate construction solutions were developed to improve existing facilities, with five (5) projects subsequently 

completed during the period. 

CRDF Reserves beyond 2010-11 

Project 

All Associations - New mobile starting barriers 

All Associations - New swabbing facilities 

All Associations - Mobile tote vans 

All Associations - Female jockeys amenities upgrades 

All Associations - Irrigation upgrading works 

Goulburn & District Race Club - Facilities expansion 

Muswellbrook Race Club - Facilities expansion 

Scone Race Club - New public facilities 

Tamworth Jockey Club - New public facilities 

Within one year 

200,000 

150,000 

- 

250,000 

400,000 

- 

- 

- 

1,000,000 

$ 2,000,000 

Later than one year but 

not later than five years 

800,000 

300,000 

120,000 

1,000,000 

2,000,000 

400,000 

400,000 

1,300,000 

1,000,000 

$ 7,320,000 

19

CRDF Report 

MAJOR PROJECTS IN PROGRESS 

! Female Jockeys Amenities – ongoing preliminary building inspection/ engineering assessment program with subsequent 

upgrading and/or construction of improved amenities on a “prioritised” basis. 

! Golden West Race Club – upgrading of (potable) water, wastewater and electricity reticulation at Tyers Park racecourse 

(Bathurst). 

! Tamworth Jockey Club – design development for new public raceday/ functions complex. 

MAJOR PROJECTS DURING 2011-12 

Whilst operations of the CRDF will continue in accordance 

with its ongoing development strategy, the current Race 

Fields Legislation court case will potentially significantly 

impact on the scale of project procurement over the next 

twelve months. Should a favourable outcome be achieved 

from these court proceedings, Racing NSW has signalled a 

substantial injection of funding into capital improvements as 

detailed in its 2010 Strategic Plan. 

This funding, when combined with CRDF resources, will 

substantially increase the resources available for capital 

works and potentially represents the greatest opportunity 

for strategic infrastructure improvements since 

privatisation of the NSW TAB in 1998. The “Centres of 

Excellence” earmarked by Racing NSW will represent the 

most far-reaching initiative since establishment of the 

Thoroughbred Regional Training Centres by the (now 

defunct) Racecourse Development Committee in the late 

1980's/early 1990's. The fundamental objectives of the 

“Centres of Excellence” are the provision of high quality 

racing, training and customer facilities. 

Irrespective of the outcome of the Race Fields Legislation 

court proceedings, construction of new raceday/function 

amenities at Tamworth racecourse constitutes the CRDF's 

singular largest anticipated commitment for 2011-12 and 

represents the culmination of efforts to improve on-course 

facilities. A “design and construct” contract has been 

selected for this project in order to provide construction 

flexibility (and potential cost savings) whilst ensuring that 

pre-determined user requirements are met. The dual 

functions of these facilities will be to provide substantially 

improved public amenities on racedays, whilst also allowing 

the club to generate significant non-core revenues from its 

target market(s) for other commercial functions. 

The CRDF will continue with its program of strategically 

upgrading female jockeys' amenities across country NSW. 

Audits thus far have revealed difficulties in some instances, 

particularly as they relate to developing solutions within the 

(engineering) constraints of old, undersized, pre-existing 

buildings with load-bearing walls. This outcome may well 

characterise the upgrading program – expanding current 

female jockeys amenities within the building footprint of 

existing structures (which in many instances are quite old) is 

presenting some complex engineering/ building challenges, 

particularly as load-bearing walls cannot be simply 

demolished without potentially disastrous structural 

consequences. Nonetheless, the CRDF continues to pursue 

appropriate, cost-effective outcomes albeit in some 

instances, the (structural) solutions may not be simple. 

The CRDF also continues to provide ongoing support for 

non-core functions including OHS, environmental 

management and asset management. In 2010, Racing NSW 

Country was able to secure the services of Mr David 

Hodgson to assist in this latter role. Mr Hodgson is the ex- 

Racecourse Manager at Royal Randwick, and is very highly 

respected and well-credentialed. His expertise and 

willingness to regularly cover large areas of country NSW 

has proven an invaluable assistance both to the CRDF and 

those clubs where he has been deployed to provide 

specialise advice. We are attempting to balance the demand 

for his services against the areas of greatest industry 

need/priority, and the positive feedback received from clubs 

confirms that his retention has been a great initiative for 

country racing and a tremendous support for the CRDF. 

20

Snapshots from 

Awards Night 2010-11 

22


FINANCIALREPORT

RACING NSW COUNTRY LTD 

ACN 075 186 873 

STATEMENT OF COMPREHENSIVE INCOME 

FOR THE YEAR ENDED 30TH JUNE, 2011 

Note 2011 2010 

$ 

$ 

REVENUE FROM CONTINUING OPERATIONS 

Revenue 5 55,298,259 50,655,552 

Total Revenue and Other Income 55,298,259 50,655,552 

EXPENDITURE 

Payments to Race Clubs under the Scheme of Distribution 38,591,852 36,318,426 

Administration 676,273 628,362 

Race Meeting and Racing Expenses 11,874,813 12,310,174 

Marketing Programs 42,560 45,400 

Racecourse Development Grants 1,192,749 2,739,754 

Total Expenditure 52,378,247 52,042,116 

Profit/(loss) before Income Tax 2,920,012 (1,386,564) 

Income tax expense 2 - - 

Profit/(loss) attributable to members of Racing NSW Country Ltd 2,920,012 (1,386,564) 

Other comprehensive income - - 

Total comprehensive income attributable to the members of Racing NSW 

Country Ltd 2,920,012 (1,386,564) 

The statement of comprehensive income should be read in conjunction with the accompanying notes. 

24


ACN 075 186 873 

STATEMENT OF FINANCIAL POSITION 

AS AT 30TH JUNE, 2011 

Note 2011 2010 

$ 

$ 

Current Assets 

Cash and Cash Equivalents 9 1,372,438 1,318,158 

Trade and Other Receivables 10 11,710,016 9,573,201 

Total Current Assets 13,082,454 10,891,359 

Non-current Assets 

Receivables 11 60,000 60,000 

Plant & Equipment 12 54,184 96,141 

Total Non Current Assets 114,184 156,141 

Total Assets 13,196,638 11,047,500 

Current Liabilities 

Trade and other payables 13 4,382,100 5,164,525 

Provisions 14 35,544 29,965 

Total Current Liabilities 4,417,644 5,194,490 

Non Current Liabilities 

Provisions 14 39,809 33,837 

Total Non Current Liabilities 39,809 33,837 

Total Liabilities 4,457,453 5,228,327 

Net Assets 8,739,185 5,819,173 

Equity 

Racecourse Development Reserve 15 909,543 802,292 

Future Development Reserve 15 1,422,236 1,464,796 

Retained Earnings 16 6,407,406 3,552,085 

Total Equity 8,739,185 5,819,173 

The Statement of Financial Position should be read in conjunction with the accompanying notes. 

25


ACN 075 186 873 

STATEMENTS OF CHANGES IN EQUITY 


Retained 

Earnings 

Racecourse 

Development 

Reserve 

Future 

Development 

Reserve 

Total 

Equity 

$ $ $ $ 

Balance at 30 June 2009 3,453,495 2,242,046 1,510,196 7,205,737 

Transfers from/(to) reserves 1,485,154 (1,439,754) (45,400) - 

Net income and expense recognised directly in equity 1,485,154 (1,439,754) (45,400) - 

Total comprehensive income for the year (1,386,564) - - (1,386,564) 

Total recognised income and expense for the year 98,590 (1,439,754) (45,400) (1,386,564) 

Balance at 30 June 2010 3,552,085 802,292 1,464,796 5,819,173 

Transfers from/(to) reserves (64,691) 107,251 (42,560) - 

Net income and expense recognised directly in equity (64,691) 107,251 (42,560) - 

Total comprehensive income for the year 2,920,012 - - 2,920,012 

Total recognised income and expense for the year 2,855,321 107,251 (42,560) 2,920,012 

Balance at 30 June 2011 6,407,406 909,543 1,422,236 8,739,185 

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes. 

26


ACN 075 186 873 

CASH FLOW STATEMENT 


Note 2011 

$ 

2010 

$ 

CASH FLOW FROM OPERATING ACTIVITIES 

Receipts from Racingcorp Pty Ltd 40,359,045 44,764,293 

Receipts from Customers 17,508,157 11,252,257 

Interest Received 83,717 107,239 

Payments to Race Clubs under the Scheme of Distribution (42,379,701) (39,936,728) 

Payments to Race Clubs for Racecourse Development (1,312,024) (3,013,729) 

Payments to suppliers and employees (14,221,914) (13,056,053) 

Net Cash provided/(used) by Operating Activities 8 37,280 117,279 

CASH FLOW FROM INVESTING ACTIVITIES 

Proceeds from Sale of Plant & Equipment 17,000 - 

Net Cash (used) in Investing Activities 17,000 - 

Net increase/(decrease) in cash and cash equivalents 54,280 117,279 

Cash and cash equivalents at the beginning of the financial year 1,318,158 1,200,879 

Cash and cash equivalents at the end of the financial year 9 1,372,438 1,318,158 

The above Statement of Cash Flows should be read in conjunction with the accompanying notes. 

27


ACN 075 186 873 

NOTES TO AND FORMING PART OF THE FINANCIAL 

STATEMENTS FOR THE YEAR ENDED 30TH JUNE, 2011 

NOTE 1: STATEMENT OF ACCOUNTING Depreciation 

POLICIES 

The depreciable amount of all plant and equipment is 

a) Introduction 

calculated on a straight line basis over their estimated 

This financial report is for Racing NSW Country Ltd as an useful lives as follows: 

individual company. The company is limited by guarantee Motor Vehicles 5 years 

and is incorporated and domiciled in Australia. Its Plant & Equipment 5 years 

registered office and principle place of business is Level 7, The asset's residual values and useful lives are reviewed, 

51 Druitt St Sydney NSW. and adjusted if appropriate, at each balance date. 

“A description of the nature of the company’s operations An asset's carrying amount is written down immediately to 

and principle activities is included on page (ii) of the its recoverable amount if the assets carrying amount is 

directors report. “ 

greater than its estimated recoverable amount. Gains and 

The financial report was authorised for issue by the losses on disposal are determined by comparing proceeds 

directors on the 25th October 2011. The company has the with the carrying amount. These gains or losses are 

power to amend and reissue this financial report. included in the statement of comprehensive income. 

e) Trade receivables 

b) Basis of Preparation Trade receivables are recognised initially at fair value and 

The principal accounting policies adopted in the subsequently measured at amortised cost, less provision 

preparation of the financial report are set out below. These for doubtful debts. Trade receivables are due for 

policies have been consistently applied to all the years settlement no more than 30 days from the date of 

presented, unless otherwise stated. 

recognition. 

The financial report is a general purpose financial report Collectability of trade receivables is reviewed on an 

which has been prepared in accordance with Australian ongoing basis. Debts which are known to be uncollectible 

Accounting Standards, other author itative are written off. A provision for doubtful receivables is 

pronouncements of the Australian Accounting Standards established when there is objective evidence that the 

Board, Interpretations and the Corporations Act 2001. company will not be able to collect all amounts due 

The report is prepared on an accruals basis and is based on according to the original terms of receivables. The amount 

historical costs and does not take into account changing of the provision is the difference between the asset’s 

money values or, except where stated, current valuations carrying amount and the present value of estimated future 

of non-current assets. Cost is based on the fair values of the cash flows, discounted at the original effective interest rate. 

consideration given in exchange for assets. The financial Cash flows relating to short term receivables are not 

report is prepared in Australian currency. 

discounted if the effect of discounting is immaterial. The 

c) Statement of Compliance 

amount of the provision is recognised in the statement of 

The financial report complies with the Australian 

comprehensive income. 

Accounting Standards, which include Australian Amounts receivable from Racingcorp Pty Ltd are 

Equivalents to International Financial Reporting Standards receivable as follows: 

(AIFRS). Compliance with AIFRS ensures that the financial Quarterly product fee – Three working days from the end 

report of the company complies with International of each quarter 

Financial Reporting Standards (IFRS). 

Wagering incentive fee – Twenty working days from the 

d) Plant and Equipment 

end of each six-month period ended December and June. 

Each class of Plant and Equipment is carried at cost less, f) Investments and other financial assets 

where applicable, any accumulated depreciation and The company classifies its financial assets in respect of loans 

impairment. 

to race clubs as ‘loans and receivables’. 

“At each reporting date, the directors review a number of Loans and receivables are non derivative financial assets 

factors affecting plant and equipment, including their with fixed or determinable payments that are not quoted 

carrying values, to determine which of these assets, in an active market. They arise when the company 

grouped into cash-generating units, may be impaired. If provides money, goods or services directly to a debtor with 

impairment indicators exist, the recoverable amount of the no intention of selling the receivable. They are included in 

assets, being the higher of the assets; "fair value less costs to current assets, except for those with maturities greater 

sell" and "value in use", are compared to the carrying values. than 12 months after the balance date which are classified 

Any excess of the assets' carrying value over their as non current assets. Loans and receivables are included 

recoverable amount is expensed in the statement of in receivables in the statement of financial position (notes 

comprehensive income as an impairment expense. “ 10 and 11). 

As the future economic benefits of the company's assets Regular purchases and sales of financial assets are 

are not primarily dependent on their ability to generate net recognised on trade date, the date on which the company 

cash inflows, and if deprived of the asset, the company will commits to purchase or sell the asset. Financial assets are 

replace the asset's remaining future economic benefits, initially recognised at fair value plus transaction costs for all 

"Value in use" is determined as the depreciated loans and receivables. Investments are derecognised when 

replacement cost of the asset, rather than by using the rights to receive cash flows from the financial assets 

discounted future cash flows. 

have expired or have been transferred and the company 

has transferred substantially all the risks and rewards of 

28


ACN 075 186 873 



ownership. k) Goods and Services Tax (GST) 

Loans and receivables are carried at amortised cost using Revenues, expenses and assets are recognised net of 

the effective interest method. 

the amount of GST, except where the amount of GST 

The company assesses at each balance date whether there incurred is not recoverable from the Australian 

is objective evidence that a financial asset or group of Taxation Office. In these circumstances the GST is 

financial assets is impaired. 

recognised as part of the cost of acquisition of the 

g) Employee Benefits 

asset or as part of an item of expense. Trade debtors 

and trade creditors in the Statement of Financial 

Provision is made for the company’s liability for employee 

Position are shown inclusive of GST. 

benefits arising from services rendered by employees to 

balance date. Employee benefits expected to be settled l) Critical Accounting Estimates and Judgements 

within one year have been measured at the amounts Estimates and judgements are continually evaluated 

expected to be paid when the liability is settled, plus related and are based on historical experience and other 

on-costs. Other employee benefits payable later than one factors, including expectations of future events that 

year have been measured at the present value of the may have a financial impact on the company and that 

estimated future cash outflows to be made for those are believed to be reasonable under the 

benefits. Contributions are made by the company to circumstances. 

accumulation employee superannuation funds and are No critical accounting estimates and judgements have 

charged as expenses when incurred. 

been required to be made in the preparation of the 

h) Cash and Cash Equivalents 

financial report. 

For the purposes of the Statement of Cash Flows, cash and m) New Accounting Standards and Interpretations not 

cash equivalents includes cash on hand and at bank, deposits yet mandatory or early adopted 

held at call with financial institutions, other short term, highly Australian Accounting Standards and Interpretations 

liquid investments with maturities of three months or less, that have recently been issued or amended but are not 

that are readily convertible to known amounts of cash and yet mandatory, have not been early adopted by the 

which are subject to insignificant risk of changes in value and company for the annual reporting period ended 30 

bank overdrafts. 

June 2011. The company has not yet assessed the 

i) Revenue Recognition 

impact of these new or amended Accounting 

Revenue is measured at the fair value of the consideration Standards and Interpretations. 

received or receivable. Amounts disclosed as revenue are 

net of returns, trade allowances and amounts collected on NOTE 2: INCOME TAX 

behalf of third parties. Revenue is recognised for the major The company is a not-for-profit organisation established for 

business activities as follows: 

the promotion of thoroughbred racing in country NSW 

(i) Distributions pursuant to the Racing Distribution and is exempt from income tax pursuant to the provisions 

Agreement 

of Section 50-45 of the Income Tax Assessment Act 

(ii) Television broadcast royalty 

(1997). 

Revenue from television broadcast is recognised upon NOTE 3: ECONOMIC DEPENDENCY 

delivery of service to customers. 

The company received 80% of its total income from NSW 

(iii) Administration charge funding 

Racing Pty Ltd under the Racing Distribution Agreement 

Administration charge funding is recognised as with Tabcorp Ltd. This represents the distribution of 

revenue on receipt of the funding. 

wagering receipts governed by this agreement. 

Consequently, the company is economically dependent on 

(iv) Interest 

Tabcorp Ltd. 

Interest revenue is recognised on a time proportion 

basis using the effective interest method. 

(v) Sponsorship 

NOTE 4: SEGMENT REPORTING 

Sponsorship revenue is recognised over the period to 

The company operates solely in the thoroughbred racing 

which the sponsorship relates. 

industry and derives all its income and incurs all expenses in 

that industry. 

(vi) Other Revenues 

Totalizator commissions from non-TAB meetings, 

distribution from Racing NSW surpluses and other 

miscellaneous revenue items are recognised when 

received. 

j) Trade and Other Payables 

These amounts represent liabilities for goods and 

services provided to the company prior to the end of 

the financial year and which are unpaid. The amounts 

are unsecured and are usually paid within 30 days of 

recognition. 

29


ACN 075 186 873 




$ 

2010 

$ 

NOTE 5: REVENUE 

Revenue from Continuing Operations 

NSW Racing distributions pursuant to Racing Distribution Agreement 39,176,794 40,311,204 

Television Broadcast Royalty 2,765,831 2,672,300 

Administration Charge Funding 1,065,000 1,065,000 

Sponsorship 1,108,718 1,071,225 

Interest 83,717 107,239 

Distribution from Racing NSW 10,737,000 5,029,816 

Racing Revenues 361,199 398,768 

Total Revenue from Continuing Operations 55,298,259 50,655,552 


$ 

2010 

$ 

NOTE 6: EXPENSES 

Profit/(loss) before income tax includes the following specific expenses: 

a) Expenses 

Depreciation of non-current assets 

- plant and equipment 

19,239 19,239 

- motor vehicles 

3,698 7,942 

Total Depreciation 22,937 27,181 

Employee benefits expense 605,060 489,430 


$ 

NOTE 7: AUDITORS REMUNERATION 

During the year the following fees were paid or payable for services provided by the auditor of the company. 

Assurance Services 

- Audit of financial statements under the Corporations Act 2001 26,000 26,000 

Total auditors remuneration 26,000 26,000 

2010 

$ 

30


ACN 075 186 873 




$ 

2010 

$ 

NOTE 8: RECONCILIATION OF CASH FLOWS FROM OPERATING 

ACTIVITIES TO OPERATING (LOSS) AFTER INCOME TAX 

Reconciliation of Cash Flows from Operating Activities 

Operating profit/(loss) after income tax 2,920,012 (1,386,564) 

Loss on sale of motor vehicle 2,020 

- 

Depreciation of plant & equipment 22,938 27,181 

Decrease/(increase) in receivables (2,136,815) 529,248 

Increase/(decrease) in payables (782,425) 945,049 

Increase in provisions 11,550 2,635 

Cash Flows from Operating Activities 37,280 117,549 

Credit Stand-by Arrangement and Loan Facilities 

There are no credit stand-by arrangements or loan facilities as at 30 June 2011;(2010:Nil) 


$ 

2010 

$ 

NOTE 9: CASH AND CASH EQUIVALENTS - CURRENT 

Cash at Bank 1,372,238 1,317,958 

Petty Cash 200 200 

Total Cash and Cash equivalents 1,372,438 1,318,158 

The cash at bank bears interest at a floating rate of 4.3% (2010: 3.2%). 


$ 

2010 

$ 

NOTE 10: TRADE AND OTHER RECEIVABLES - CURRENT 

Racingcorp Pty Ltd 10,828,816 

Trade and other receivables 851,200 

Loans to race clubs * 30,000 

Total trade and other receivables 11,710,016 

* Loans to race clubs – refer to note 11 for the non-current portions of these receivables. 

8,655,963 

887,238 

30,000 

9,573,201 

a) Effective Interest Rate and Credit Risk 

Information concerning the effective interest rate and credit risk of both current and non-current receivables 

is set out in the non-current receivables note (note 11). 

31


ACN 075 186 873 



NOTE 11: RECEIVABLES - NON CURRENT 


$ 

2010 

$ 

Loans to race clubs 60,000 60,000 

Total Receivables 60,000 60,000 

a) Loans to race clubs 

Both current and non-current loans comprise Country Racecourse Development Fund (CRDF) 

and non-CRDF Loans. These are outlined below. 

Country Racecourse Development Fund Loans Receivable 

Goulburn & District Race Club 90,000 90,000 

Total Racecourse Development Fund Loans Receivable 90,000 90,000 

b) Fair Values 

The fair values of non-current receivables of the company approximate their carrying values. 

c) Interest Rate Risk 

The receivables of the company are non-interest bearing. Therefore the company is not exposed to interest rate risk. 

d) Credit Risk 

Except for the concentration of credit risk to Racingcorp Pty Ltd the company does not have any material credit risk 

exposure to any single group of receivables. 

The following table details the company's receivables exposed to credit risk with ageing analysis and impairment 

provided thereon. Amounts are considered as 'past due' when the debt has not been settled within the terms and 

conditions agreed between the company and the counterparty to the transaction. Receivables that are past due are 

assessed for impairment by ascertaining solvency of the debtors and are provided for where there are specific 

circumstances indicating that the debt may not be fully repaid to the company. 

The balances of receivables that remain within initial trade terms (as detailed in the table) are considered to be of high 

credit quality. 


Gross amount 

$ 

Past due and 

impaired 

$ 

Past due but not impaired 

(days overdue) 

90 

$ $ $ $ 

Term receivables 851,200 - 253,167 - - 598,033 

Other receivables 10,918,816 - - - - - 

Total 11,770,016 - 253,167 - - 598,033 

Within initial 

trade terms 

$ 

- 

10,918,816 

10,918,816 

2010 

Gross amount 

$ 

Past due and 

impaired 

$ 

Past due but not impaired 

(days overdue) 

90 

$ $ $ $ 

Within initial 

trade terms 

$ 

Term receivables 579,834 - 343,157 - - 236,677 

Other receivables 9,053,367 - - - - - 

Total 9,633,201 - 343,157 - - 236,677 

- 

9,053,367 

9,053,367 

32


ACN 075 186 873 




$ 

2010 

$ 

NOTE 12: PLANT & EQUIPMENT - NON CURRENT 

a) Details of Carrying Amounts 

Plant & Equipment 

Plant & Equipment at cost 96,193 96,193 

less: Accumulated depreciation (42,009) (22,770) 

Total Plant & Equipment 54,184 73,423 

Motor Vehicles 

Motor Vehicles at cost - 39,709 

less: Accumulated depreciation - (16,991) 

Total Motor Vehicles - 22,718 

b) Movements in carrying amounts 

Plant & Equipment 

Carrying amount at beginning of the year 73,423 92,662 

Additions - - 

Depreciation expense (19,239) (19,239) 

Carrying amount at the end of the year 54,184 73,423 

Motor Vehicles 



Disposals (19,020) - 

Carrying amount at the end of the year - 22,718 

Plant & Equipment Total 


Additions - - 


Disposals (19,020) - 

Carrying amount at the end of the year 54,184 96,141 


$ 

2010 

$ 

NOTE 13: TRADE AND OTHER PAYABLES - CURRENT 

Trade Payables 137,611 41,754 

Sundry Payables 1,436,118 919,910 

Payable to Racing NSW 2,808,371 4,202,861 

Total trade and other payables 4,382,100 5,164,525 


$ 

2010 

$ 

NOTE 14: PROVISIONS 

Current Liabilities 

Employee Benefits 35,544 29,965 

Non-Current Liabilities 

Employee Benefits 39,809 33,837 

Total Provisions 75,353 63,802 

33


ACN 075 186 873 



Note 


$ 

2010 

$ 

NOTE 15: RESERVES 

The following reserves have been set aside in accordance with resolution of the 

Racing NSW Country Board and are commitments to expend funds in the manner 

outlined below. 

Reserves 

Country Racecourse Development Reserve 909,543 

Future Development Reserve 1,422,236 

Total Reserves 2,331,779 

(a) Movement in Reserves 

Racecourse Development Reserve 

Balance at the beginning of the year 802,292 

Transfers (to)/from retained earnings 16 107,251 

Balance of reserve at the end of the year 909,543 

Future Development Reserve 

Balance at the beginning of the year 1,464,796 

Transfers to retained earnings 16 (42,560) 

Balance of reserve at the end of the year 1,422,236 

Total Reserves 

2,331,779 

802,292 

1,464,796 

2,267,088 

2,242,046 

(1,439,754) 

802,292 

1,510,196 

(45,400) 

1,464,796 

2,267,088 

(b) Nature and purpose of reserves 

Country Racecourse Development Reserve 

The Country Racecourse Development Reserve represents reserves retained by the company on behalf of the country 

segment of the industry and is set aside to fund the development of facilities of country racecourses. 

It is the strict intention of the company to fully expend the balance of the Country Racecourse Development Reserve 

for the purpose for which it was established. Amounts set aside in the reserve will not be used by the company for any 

purpose other than development of country racecourses. Additionally, the company intends adding to the reserve in 

coming financial years to provide further reserves for the development of country racecourses. 

Expenses are recognised when work is completed or stages of work are completed. Determination as to which 

projects to fund, is made on resolution of the Committee of the Country Racecourse Development Fund. Based on 

these resolutions, the company has planned for expenditure on major projects with estimated commitments, exclusive 

of GST as follows: 

Within One Year Later than One Year but 

not later than Five Years 

$ $ 

All Associations - New mobile starting barriers 200,000 800,000 

All Associations - New swabbing facilities 150,000 300,000 

All Associations - Mobile tote vans - 120,000 

All Associations - Female jockeys amenities upgrades 250,000 1,000,000 

All Associations - Irrigation upgrading works 400,000 2,000,000 

Goulburn & District Race Club - Facilities expansion - 400,000 

Muswellbrook Race Club - Facilities expansion - 400,000 

Scone Race Club - New public facilities - 1,300,000 

Tamworth Jockey Club - New public facilities 1,000,000 1,000,000 

2,000,000 7,320,000 

34


ACN 075 186 873 



NOTE 15: RESERVES (continued) 

Future Development Reserve 

The Future Development Reserve represents reserves retained by the company on behalf of the country segment of 

the industry and is set aside to fund future expenditure programs of strategic significance to country racing. 

It is the strict intention of the company to fully expend the balance of the Future Development Reserve for the purpose 

for which it was established. Amounts set aside in the reserve will not be used by the company for any purpose other 

than the strategic development of country racing in NSW. 

Expenses are recognised on the completion of work. Determination as to which projects to fund, is made on resolution 

of the Board of Directors. Based on these resolutions, the company has plans, but has not contracted for, expenditure 

on major projects with estimated commitments, exclusive of GST as follows: 

Within One Year Later than One Year but 

not later than Five Years 

$ $ 

Marketing Plan Implementation 50,000 

1,372,236 


$ 

2010 

$ 

NOTE 16: RETAINED EARNINGS 

Retained Earnings 

Retained earnings at the beginning of the financial year 3,552,085 3,453,495 

Net (loss)/profit attributable to members of the company 2,920,012 (1,386,564) 

Transfers (to)/from reserves 

- Country Racecourse Development Reserve (107,251) 1,439,754 

- Future Development Reserve 42,560 45,400 

Retained profits at the end of the financial year 6,407,406 3,552,085 

NOTE 17: MEMBERS LIABILITY 

The company is limited by guarantee. If the company is wound up, the Articles of Association state that each member 

of the company is required to contribute a maximum of $10 each toward meeting any outstanding obligations of the 

company. 

NOTE 18: GUARANTEES 

The company has entered into no guarantees as at the year end (2010:Nil). 

35


ACN 075 186 873 



NOTE 19: KEY MANAGEMENT PERSONNEL 

(a) Directors 

The following persons were directors of the company during the financial year: 

Mr Bob Pavitt (Chairman) (appointed chairman 26 November 2010) 

Mr Don Hopkins 


Mr Les Maley 

Mr Max Walker 

Mr Rod Watt 

Mr Michael Inglis (commenced 31 December 2010) 

Mr Gordon Lindley (retired on 31 December 2010) 

Other than the Chairman who receives an honorarium of $39,000 pa; (2010:$26,000), directors received no 

remuneration from the company during the year (2010:Nil). 

(b) Other key management personnel 

The following persons also had authority and responsibility for planning, directing and controlling the activities of the 

company, directly or indirectly during the financial year: 

Name Position Employer 

Brian Judd 


Racing NSW Country 

Scott Kennedy 

General Manager – Analytical/Industry 

Racing NSW 

Shane Meaney Racing Manager Racing NSW 

Andrew Small Projects Manager Racing NSW 

(c) Key management personnel compensation 

2011 2010 

Short-term employee benefits 22,750 26,000 

Total 22,750 26,000 

NOTE 20: RELATED PARTY DISCLOSURES 

Transactions with Other Related Parties 

During the year ended 30 June 2011, the company engaged in the following transactions with other entities involved in the racing 

industry: 

Racingcorp Pty Ltd 

Received as revenue $39,176,764 (2010: $40,311,204) being the total fees due to the company under the Racing Distribution 

Agreement, Inter-Code Deed and Thoroughbred Racing Intra-Code Deed. 

At 30 June 2011 the company had a receivable of $10,828,816 (2010: $8,655,963) from Racingcorp Pty Ltd arising from the Racing 

Distribution Agreement and Inter-Code Deed and Thoroughbred Racing Intra-Code Deed. 

Racing NSW 

Received as revenue $1,065,000 (2010: $1,065,000) as an administration subsidy in accordance with clause 14.9 of the Intra-code 

Deed. 

Paid as expenses $487,361 (2010: $473,166) being the employment costs of race stewards employed by Racing NSW who 

worked on country race meetings, other than Chairmen of Stewards for regional racing associations. 

Paid as expenses $280,000 (2010: $322,000) being an agreed fee for the provision of administrative services. 

Paid as expenses $215,767 (2010: $205,729) being for racing services provided through Racing NSW’s agreement with its 

associate Racing Information Services Australia for the Trainers Services Centre. 

At 30 June 2011 an amount of $2,808,371 (2010: $4,202,861) was payable to Racing NSW. 

36


ACN 075 186 873 




$ 

2010 

$ 

NOTE 21: RISK MANAGEMENT POLICIES AND OBJECTIVES 

Activities undertaken by the company may expose it to credit risk, economic 

dependency risk and interest rate risk. The company’s risk management policies and 

objectives are therefore designed to minimise the potential impacts of these risks on 

the financial performance of the company where such impacts may be material. 

The totals for each category of the financial instruments, measured in accordance 

with AASB 139 as detailed in the accounting policies to these financial statements 

are as follows: 

Financial assets 

Cash and cash equivalents 9 1,372,438 1,318,158 

Trade and other receivables 10,11 11,770,016 9,633,201 

13,142,454 10,951,359 

Financial liabilities 

Financial liabilities at amortised cost: 

Trade and other payables 13 4,382,100 5,164,525 

4,382,100 5,164,525 

Credit risk 

The company trades only with recognised, credit worthy third parties. Receivable balances are monitored on an ongoing 

basis with the result that the company’s exposure to bad debts is not significant. 

The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to 

recognised financial assets is the carrying amount, net of any provisions for doubtful debts of those assets, as disclosed in 

the Statement of Financial Position and notes to the financial statements. The company has credit risk exposure to 

Tabcorp Holdings Ltd and Sky Channel Pty Ltd. 


$ 

2010 

$ 

Racingcorp Pty Ltd 10,828,816 8,655,963 

Trade and other receivables 851,200 887,238 

Loans to race clubs 90,000 90,000 

11,770,016 9,633,201 

Objectives and Policies 

Policies require that Cash at Bank and Term 

Deposits be placed with major banks. 

Individual debtors are small in number and 

assessed as to likely recovery prior to 

advancing credit. 

Racing NSW Country's major sources 

of revenue are from Tabcorp. The company 

is satified with Tabcorp's credit worthiness 

given the long term strength of its operation 

and the fact that its wagering operation is 

predominatly a cash business. 

Process for 

Managing the Risk 

No changes are made to 

investment policy without 

Board approval. 

Debtors are reviewed on an 

ongoing basis depending on 

type of debt. Collectability is 

assessed on a regular basis. 

Reporting requirements of 

Tabcorp to the racing industry. 

Methods used to 

Measure the Risk 

The holdings and performance of 

Cash at Bank and Term Deposits are 

reported to the Board. 

Debtors are reviewed on a regular 

basis. 

The Racing Distribution Agreement, 

Inter-Code Agreement and the 

Intra-Code Agreement. 

Economic Dependency Risk 

The company is dependent on Distributions Pursuant to the Racing Distribution Agreement. This distribution is 

governed by the NSW Racing Distribution Agreement as entered into by Racingcorp Pty Limited and TAB Limited 

(Tabcorp Holdings Ltd). Consequently, Racing NSW Country is economically dependent on Tabcorp Holdings Ltd. 

Borrowings and Interest Risk 

The company has no borrowings at 30 June 2011; (30 June 2010: Nil) 

37


ACN 075 186 873 

DECLARATION BY DIRECTORS 


ACN 075 186 873 

DIRECTORS DECLARATION 

The Directors of Racing NSW Country Ltd declare that: 

In the director’s opinion 

(i) the attached financial statements and notes thereto comply with the 

Corporations Act 2001, the Accounting Standards, the Corporations Regulations 

2001 and other mandatory professional reporting requirements; 

(ii) the attached financial statements and notes thereto comply with International 

Financial Reporting Standards as issued by the International Accounting 

Standards Board as described in note 1 to the financial statements; 

(iii) the attached financial statements and notes thereto give a true and fair view of 

the company's financial position as at 30 June 2011 and its performance for the 

financial year ended on that date and; 

(iv) there are reasonable grounds to believe that the company will be able to pay its 

debts as and when they become due and payable. 

The directors have been given the declarations required by section 295A of the 

Corporations Act 2001. 

Signed in accordance with a resolution of directors made pursuant to section 295(5) 

of the Corporations Act 2001 

On behalf of the directors 

Bob Pavitt 

Chairman 

Les Maley 

Deputy Chairman 

Signed at Sydney this 25th day of October 2011. 

38


ACN 075 186 873 

DIRECTORS REPORT 

The directors present their report on the company for the financial year ended 30 June 2011. 

Directors in office at any time during the whole of the financial year and up to the date of this report are: 

Mr Bob Pavitt (Chairman) 

Consultant. Aged 62. 

Mr Max Walker 

Member of the Executive Sub-committee. President of the Businessman. Aged 57. 

Northern Rivers Racing Association. 

President of the Central Districts Racing Association. 

Mr Les Maley, OAM (Deputy Chairman) 

Mr Rod Watt 

Retired. Aged 72. Solicitor. Aged 60. 

Member of the Executive Sub-committee. Member of South President of the Hunter & North West Racing Association. 

East Racing Association. 

Mr Gordon Lindley (retired 31 December 2010) 

Mr Don Hopkins, OAM Grazier. Aged 68. 

Retired. Aged 73. 

Member of the Southern Districts Racing Association 

Member of the Executive Sub-committee. Member of the Mid 

North Coast Racing Association. Mr Michael Inglis (commenced 31 December 2010) 

Solicitor. Aged 61 


Member of the Southern Districts Racing Association 

Grazier. Aged 61. 

Member of Western Racing Association. 

Directors have been in office since the start of the financial year unless otherwise stated. 

PRINCIPAL ACTIVITIES - Race meeting and racing expenses payments decreased by 

The principal activities of the company are: 

3.54% or $435,361 to $11,874,813 in 2010/11. The decrease 

was mainly attributable to a reduction in expenses as a result 

Ÿ Promoting the participation in country racing of all 

of the number of lost meetings. 

stakeholders; 

- $500,000 was paid during 2010/11 to Clubs in Sky Gold 

Ÿ Responsibility for the conduct, planning, management and 

payments for selected meetings, an increase of $40,000 

development of country racing; 

compared to 2009/10. 

Ÿ Recommending and advising on country racing matters; and 

- Administrative expenditure increased to $676,273 in 

Ÿ Providing common services and organisation structures. 2010/11 from $628,362 in 2009/10. 

There has been no change in the principal activities during the - Grants made to race clubs from the Country Racecourse 

year. 

Development Reserve decreased to $1,192,749 from 

$2,739,754 in 2009/10, reflecting a reduction in racecourse 

development activity during the year. 

PERFORMANCE MEASUREMENT 

- No other significant variations in activities occurred during 

The profit of the company for the financial year was $2,920,012 

the year. 

(2010: $1,386,564 loss). 

A review of the operations of the company during the financial 

year and the results of those are as follows: 

- The profit of the company is unusually high. This can be 

attributed in part to a significant number of race meetings lost 

due to unfavourable weather. 

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS 

There were no significant changes in the state of affairs of the 

company. 

- In addition the Company received additional payments from MATTERS SUBSEQUENT TO THE END OF THE YEAR 

Racing NSW of $10,737,000 (2010: $5,000,000). 

The directors know of no matter that has arisen since the balance 

- The number of race meetings held in 2010/11 was 456, a date that has significantly affected or may significantly affect the 

decrease from 481 in 2009/10. The number of TAB meetings operations, results or state of affairs of the company in future 

held in 2010/11 was 349, an increase from 331 in 2009/10. financial years other than those disclosed. 

Of these, 68 were conducted on Saturdays during 2010/11, 

30 more than in 2009/10. The number of Saturday TAB 

meetings increased with non-TAB meetings being converted ENVIRONMENTAL REGULATION 

to receive TAB coverage and broadcast on the Sky 2 Racing. The company's operations are not regulated by any significant 

As a consequence the number of community meetings held environmental regulation under a law of the Commonwealth or a 

decreased to 107 in 2010/11 from 150 in 2009/10. 

State or Territory. 

- Revenue from Tabcorp/Racingcorp decreased by 2.81% or 

$1,134,410 to $39,176,794 in 2010/11 from $40,311,204 in SHORT AND LONG TERM OBJECTIVES 

2009/10. 

The budgeted income of Racing NSW Country for 2011/12 will 

- Total payments to race clubs through the Scheme of include a distribution from Racing NSW of an estimated $11.25 

Distribution (excluding Sky Gold payments) increased by million (2011: $10.737 million) that will enable minimum TAB 

6.23% or $2,233,426 to $38,091,852 in 2010/11 from prizemoney to be maintained throughout the financial year. The 

$35,858,426 in 2009/10. minimum prizemoney levels for TAB racing has been $10,000 per 

39


ACN 075 186 873 

DIRECTORS REPORT 

race since 1 September 2010, excluding non-TAB meetings 

converted for Sky 2 broadcast. 

The Company has budgeted for a surplus during 2011/12. 

Beyond 2011/12 the company will seek to build its revenue base 

from Race Fields fees charged by Racing NSW with a view to 

building on existing prizemoney levels and other returns to 

country participants. 

The company also intends to partner with Racing NSW in 

delivering regional 'Centres of Excellence' as outlined in that 

organisation's Strategic Plan. 

MEMBER CONTRIBUTIONS 

The company is limited by guarantee. If the company is wound up, 

the Articles of Association state that each member of the 

company is required to contribute a maximum of $10 each 

toward meeting any outstanding obligations of the company. 

MEETINGS OF DIRECTORS 

Directors' Meetings 

Name 

Mr Bob Pavitt (Chairman) 

Mr Les Maley, OAM 

Mr Don Hopkins, OAM 


Mr Max Walker 

Mr Rod Watt 

Mr Gordon Lindley 

Mr Michael Inglis 

Eligible 

to 

Attend 

AUDITORS' INDEPENDENCE DECLARATION 

A copy of the auditors' independence declaration as required 

under section 307C of the Corporations Act 2001 is set out on 

page 42. 

5 

5 

5 

5 

5 

5 

3 

2 

Attended 

5 

5 

4 

5 

5 

4 

3 

1 

Signed in accordance with a resolution of the Board of Directors: 

Bob Pavitt 

Chairman 

Les Maley 

Deputy-Chairman 

Signed at Sydney this 25th day of October 2011. 

40


ACN 075 186 873 

DECLARATION BY AUDITORS 

Chartered Accountants 

& Business Advisers 

INDEPENDENT AUDITOR'S REPORT 

To the members of Racing NSW Country Limited 

Report on the Financial Report 

We have audited the accompanying financial report of Racing NSW Country Limited (the company), which 

comprises the statement of financial position as at 30 June 2011, the statement of comprehensive income, 

statement of changes in equity and statement of cash flows for the year then ended, notes comprising a 

summary of significant accounting policies and other explanatory information, and the directors' declaration. 

Directors' Responsibility for the Financial Report 

The directors of the company are responsible for the preparation of the financial report that gives a true and 

fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such 

internal control as the directors determine is necessary to enable the preparation of the financial report that is 

free from material misstatement, whether due to fraud or error. In Note 1, the directors also state, in 

accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that the financial 

statements comply with International Financial Reporting Standards. 

Auditor's Responsibility 

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit 

in accordance with Australian Auditing Standards. Those standards require that we comply with relevant 

ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable 

assurance about whether the financial report is free from material misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the 

financial report. The procedures selected depend on the auditor's judgement, including the assessment of the 

risks of material misstatement of the financial report, whether due to fraud or error. In making those risk 

assessments, the auditor considers internal control relevant to the company's preparation of the financial 

report that gives a true and fair view in order to design audit procedures that are appropriate in the 

circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's 

internal control. An audit also includes evaluating the appropriateness of accounting policies used and the 

reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation 

of the financial report. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 

audit opinion. 

Independence 

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. 

Auditor’s Opinion 

In our opinion: 

(a) the financial report of Racing NSW Country Limited is in accordance with the Corporations Act 2001, 

including: 

(i) giving a true and fair view of the company's financial position as at 30 June 2011 and of its 

performance for the year ended on that date; and 

(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and 

(b) the financial report also complies with International Financial Reporting Standards as disclosed in Note 1. 

25th October 2011 

41


ACN 075 186 873 

INDEPENDENCE DECLARATION BY AUDITORS 

Chartered Accountants 

& Business Advisers 

AUDITOR'S INDEPENDENCE DECLARATION 

To the directors of Racing NSW Country Limited 

I declare to the best of my knowledge and belief, in relation to the audit for the year ended 30 June 2011 there 

have been: 

(i) no contraventions of the auditor independence requirements as set out in the Corporations Act 

2001 in relation to the audit, and 

(ii) no contraventions of any applicable code of professional conduct in relation to the audit. 

25th October 2011 

42


APPENDICES

44 

No. 

Meetings 

Total RNSWC 

Distribution 

A p p e n d i x 1 

Club 

Performance 

Comparisons 

Venue 

19,506 

1,284,355 

653,809 

1,378,162 

40,443 

3,476 

44,417 

16,257 

19,388 

16,333 

23,458 

20,843 

2,589 

16,000 

19,000 

392,499 

1,246,314 

2,785,514 

20,733 

1,424,001 

17,209 

21,230 

177,079 

312,013 

83,532 

258,074 

248,564 

148 

37,498 

1,176,429 

35,430 

214,512 

40,531 

1,460,797 

1,890,134 

19,749 

22,765 

19,220 

24,271 

466,056 

376,762 

20,418 

19,000 

19,468 

219,046 

Adaminaby 

Albury 

Armidale 

Ballina 

Balranald 

Barraba 

Berrigan 

Bingara 

Binnaway 

Bombala 

Braidwood 

Brewarrina 

Broken Hill 

Bundarra 

Carinda 

Casino 

Cessnock 


Cobar 

Coffs Harbour 

Collarenebri 

Cooma 

Coonabarabran 

Coonamble 

Cootamundra 

Corowa 

Cowra 

Deepwater 

Deniliquin 

Dubbo 

Forbes 

Gilgandra 

Glen Innes 

Golden West 

Goulburn 

Grenfell 

Griffith 

Gulargambone 

Gulgong 

Gundagai 

Gunnedah 

Hay 

Hillston 

Holbrook 

Inverell 

1 

16 

11 

15 

2 

0 

2 

1 

1 

1 

1 

1 

0 

1 

1 

6 

13 

26 

1 

15 

1 

1 

2 

3 

1 

6 

3 

0 

2 

13 

1 

5 

1 

17 

19 

1 

1 

1 

1 

6 

5 

1 

1 

1 

4

SCHEME OF DISTRIBUTION SUMMARY 2010-11 

Venue 

No. 

Meetings 

Prizemoney 

Prizemoney 


Meeting 

Payments 


Meeting 

Payments 


Distribution 

45 

Jerilderie 

Kempsey 

Krambach 

Leeton 

Lightning Ridge 

Lismore 

Merriwa 

Moree 

Moruya 

Moulamein 

Mudgee 

Mungindi 

Murrumbidgee 

Muswellbrook 

Nambucca River 

Narrabri 

Narrandera 

Narromine 

Nyngan 

Parkes 

Pooncarie 

Port Macquarie 

Queanbeyan 

Quirindi 

Sapphire Coast 

Scone 

Shoalhaven 

Silver City 

Tabulam 

Tamworth 

Taree 

Tocumwal 

Trangie 

Tumut 

Tumbarum 

Tuncurry-Forster 

Tweed River 

Walcha 

Walgett 

Wallabadah 

Warialda 

Warren 

Wauchope 

Wellington 

Young 

Total 

1 

4 

3 

2 

1 

7 

1 

5 

9 

1 

5 

1 

22 

17 

4 

1 

4 

4 

1 

3 

1 

19 

13 

6 

9 

12 

11 

1 

1 

19 

18 

1 

1 

4 

0 

3 

7 

2 

1 

1 

1 

3 

4 

9 

1 

456 

24,527 

401,772 

320,476 

104,183 

16,212 

567,694 

16,000 

192,637 

698,214 

19,735 

394,345 

19,163 

1,965,901 

1,828,420 

158,767 

20,463 

215,328 

356,141 

25,473 

225,052 

19,747 

1,619,894 

1,143,663 

443,471 

650,390 

2,020,416 

948,689 

19,814 

16,738 

1,777,310 

1,881,449 

23,728 

17,935 

91,855 

1,738 

80,278 

571,655 

120,228 

19,957 

16,573 

16,074 

182,561 

290,239 

666,321 

27,203 

36,845,457 

19,506 

1,199,905 

622,344 

1,193,947 

38,409 

- 

39,720 

16,257 

19,388 

16,000 

19,797 

19,401 

- 

16,000 

19,000 

367,152 

1,170,442 

2,611,404 

19,365 

1,256,748 

16,174 

19,566 

172,383 

277,146 

83,014 

240,937 

214,622 

- 

36,721 

1,074,912 

22,560 

208,114 

39,101 

1,381,817 

1,775,074 

19,269 

20,139 

19,220 

19,574 

445,156 

350,692 

19,641 

19,000 

19,468 

184,286 

19,498 

379,309 

320,476 

100,743 

16,212 

535,134 

16,000 

170,359 

621,342 

19,735 

368,850 

19,163 

1,823,561 

1,678,490 

154,147 

19,316 

209,781 

337,672 

19,186 

207,471 

19,747 

1,479,439 

1,039,301 

423,005 

626,850 

1,880,276 

883,595 

19,814 

16,738 

1,603,050 

1,724,930 

21,546 

16,049 

87,491 

- 

60,256 

517,690 

119,525 

19,180 

16,573 

16,000 

181,599 

269,921 

653,891 

19,178 

34,095,457 

32,000 

1,207,000 

509,000 

1,027,100 

57,000 

- 

55,000 

19,000 

23,800 

28,000 

35,000 

25,000 

- 

24,000 

23,000 

326,500 

959,500 

2,306,000 

22,500 

1,074,000 

22,000 

40,000 

180,000 

260,000 

77,000 

223,000 

179,000 

- 

48,000 

887,000 

20,000 

172,500 

33,000 

1,140,000 

1,422,000 

26,500 

28,000 

22,000 

24,000 

418,000 

308,000 

26,000 

27,000 

28,500 

167,000 

35,000 

322,000 

275,000 

86,000 

20,000 

472,000 

33,000 

144,500 

541,000 

28,000 

301,000 

25,500 

1,738,000 

1,433,000 

134,000 

29,500 

194,000 

285,000 

22,500 

182,000 

34,000 

1,260,000 

920,000 

371,000 

546,000 

2,452,000 

719,000 

32,500 

19,000 

1,344,000 

1,405,000 

37,000 

17,500 

112,500 

- 

84,500 

461,000 

138,000 

23,000 

20,500 

19,000 

156,000 

233,000 

608,000 

30,000 

30,875,400

A p p e n d i x 2 

Country 

Racecourse 

Development 

Fund 

CLUB 

Armidale JC 

Ballina JC 

Casino RC 

Clarence River JC 

Coffs Harbour RC 

Consultants/Misc. 

SUMMARY OF FINANCIAL 

TRANSACTIONS FOR 2010 - 2011 

Opening Balance as at 1st July 2010 

LESS 

- Project payments 

PLUS 

- Transfer from accumulated surplus 

Closing Balance as at 30 June 2011 

$ 802,292 

$ 1,192,749 

$1,300,000 

$909,543 

Cowra JC 

Dubbo TC 

Forbes JC 

Golden West RC 

Goulburn & DRC 

Inverell JC 

Leeton JC 

Lismore TC 

Mudgee RC 

Muswellbrook RC 

Port Macquarie RC 

Queanbeyan RC 

Sapphire Coast TC 

Scone RC 

SDRA/SERA 

Shoalhaven City TC 

Tamworth JC 

Taree-Wingham RC 

Tumut TC 

Tuncurry-Forster JC 

Wellington RC 

Wine Country RC 

46

SUMMARY OF PAYMENTS FOR 2010-11 (SORTED BY PROJECT) 

Project Description 

Amount 

Approved 

Opening balance Payments Total Closing balance 

at 1 July 2010 during 2010-11 Expenditure at 30 June 2011 

Irrigation system upgrade 

Detailed racecourse survey 

New outside fence/rail 

New outside fence/rail 

Racecourse drainage improvements 

New Pro-Ride® training track 

New power harrow (Pro-Ride® track) 

RNSW 2010 Awards Prize 

Irrigation Design Consultants 

Tabcorp tote vans (supp) 

Tote van storage (SDRA) 

SAI Global (Australian Standards) 

Towers triaxial cabling 

SESL topsoil tests 

Hydrology/irrigation studies 

Online OHS/EMS seminars 

New inside running rail 

New outside rail, irrigation & materials 

New 16-gate mobile starting barriers 

Civil works 

Track/drainage improvements 

Upgrade swab/vet facilities (Bathurst) 

Plant & equipment (Bathurst) 

Subdivision Stage 2 (loan) 

New 16-gate mobile starting barriers 

Irrigation/pumping plant upgrade (St 2) 

26 additional raceday stalls 

Irrigation pumping plant improvements 

Power supply upgrade 

RNSWC 2010 Awards prize 

Upgrade female jockeys amenities 

Four (4) new surveillance towers 

Additional kangaroo fencing 

New swabbing/vet facilities 

Convert ex-Goulburn starting barriers 


Groundwater/bore costs 


Track maintenance equipment 

Upgrade sand training track 

Irrigation/buffer storage 

Irrigation control system cabling 

Raceday stalls / jockeys amenities 

Upgrade surveillance tower 

New outside rail 

New fencing/galvanise towers 

Effluent-based irrigation system 

New semaphore board 

18,460 

4,800 

18,665 

19,063 

34,473 

322,759 

8,792 

5,000 

25,000 

46,490 

18,895 

5,000 

60,000 

10,000 

30,000 

118 

17,340 

37,420 

97,359 

5,869 

7,341 

17,143 

24,864 

51,000 

98,320 

88,596 

10,557 

19,537 

21,612 

5,000 

35,000 

45,091 

20,256 

23,690 

3,980 

66,770 

109,226 

79,500 

14,000 

35,344 

47,972 

67,048 

28,647 

6,600 

5,896 

21,600 

21,598 

6,580 

1,768,271 

0 

0 

0 

0 

7,656 

107,587 

0 

0 

854 

-2,991 

18,895 

1,780 

19,389 

0 

16,741 

0 

17,340 

5,492 

0 

0 

0 

17,143 

0 

10,442 

0 

0 

10,557 

1,730 

0 

0 

0 

1,964 

20,256 

23,690 

0 

0 

13,882 

0 

33 

0 

47,972 

0 

8,139 

800 

0 

0 

0 

6,580 

355,930 

14,224 

4,800 

10,176 

23,750 

6,818 

107,586 

8,960 

5,000 

1,680 

479 

18,895 

929 

15,954 

7,195 

16,990 

118 

18,336 

5,492 

97,359 

5,892 

6,719 

3,634 

24,864 

9,618 

98,320 

80,534 

10,557 

2,690 

2,340 

5,000 

32,625 

1,964 

18,720 

23,689 

3,980 

20,000 

13,882 

79,500 

255 

35,416 

53,573 

62,044 

7,881 

2,083 

5,896 

15,091 

21,598 

1,977 

1,015,082 

14,224 

4,800 

10,176 

23,750 

33,636 

322,758 

8,960 

5,000 

25,826 

49,960 

18,895 

4,149 

56,565 

7,195 

30,249 

118 

18,336 

37,420 

97,359 

5,892 

6,719 

3,634 

24,864 

50,175 

98,320 

80,534 

10,557 

20,497 

2,340 

5,000 

32,625 

45,091 

18,720 

23,689 

3,980 

20,000 

109,226 

79,500 

14,222 

35,416 

53,573 

62,044 

28,390 

7,883 

5,896 

15,091 

21,598 

4,603 

1,659,455 

4,236 

0 

8,489 

-4,687 

837 

1 

-168 

0 

-826 

-3,470 

0 

851 

3,435 

2,805 

-249 

0 

-996 

0 

0 

-23 

622 

13,509 

0 

825 

0 

8,062 

0 

-960 

19,272 

0 

2,375 

0 

1,536 

1 

0 

46,770 

0 

0 

-222 

-72 

-5,601 

5,004 

258 

-1,283 

0 

6,509 

0 

1,506 

108,346 

47


L e v e l 7 , 5 1 D r u i t t S t r e e t , S Y D N E Y N S W 2 0 0 0 

P h o n e ; 0 2 9 5 5 1 7 5 0 0 

F a x ; 0 2 9 5 5 1 7 6 4 4

2011 REPORT ANNUAL - Racing NSW

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