2011 REPORT ANNUAL - Racing NSW

RACING NSW COUNTRY LTD
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
Mr Michael Kennedy
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
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