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 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
2011
$
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).
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