2011 REPORT ANNUAL - Racing NSW

RACING NSW COUNTRY LTD
ACN 075 186 873
NOTES TO AND FORMING PART OF THE FINANCIAL
STATEMENTS FOR THE YEAR ENDED 30TH JUNE, 2011
Note
2011
$
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
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