ANNUAL REPORT 2011 - Horse Racing Ireland

GROUP INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31 DECEMBER 20112011 2010Turnover Notes €’000 €’000Tote Ireland turnover 45,820 40,314Betting income 2,283 2,267Racecourse income 11,117 8,897Total turnover 59,220 51,478Winnings paid on bets 3 (39,589) (33,784)Operating costs 3 (16,357) (16,973)Direct costs (55,946) (50,757)Income from Racing 3,274 721Other incomeAllocation from the Horse and Greyhound Racing Fund 4 45,830 47,411Prizemoney contributions from Owners and Sponsors 7 16,339 17,686Foal Levy 5 1,602 1,644Media income 5,388 1,643Registrations income 3,420 3,422Industry services income 559 576Other income 6 437 437Industry contributions to Irish Thoroughbred Marketing 251 204Interest income 12 1,141 738Net income 78,241 74,482ExpenditureContributions to prizemoney 7 28,957 29,319Prizemoney contributions from Owners and Sponsors 7 16,339 17,686Integrity and racecourse services 8 8,006 8,268Racecourse schemes 13 1,476 1,776Capital development fund grants 13 - 1,835Tote capital grant amortisation 15 27 14Capital development fund interest and expenses 12 404 271Grants / Fees to industry bodies 9 2,525 2,259Foal Levy distribution 5 1,379 1,579Other expenditure 1,342 1,655Horse Racing Ireland administration costs 12 4,906 4,890Irish Thoroughbred Marketing expenditure 1,367 1,373General marketing and promotions 1,865 1,52768,593 72,452Other finance expense (276) (437)Exceptional items 10 (16,952) (133)Taxation 11 - 378(Deficit) / Surplus for the year 12 (7,580) 1,838The result on ordinary activities arises solely from continuing activities.The Statement of Accounting Policies and notes 1 to 34 form part of these financial statements.Denis Brosnan, Roderick Ryan, 6th July 2012Chairperson Vice Chairperson DateHorse Racing Ireland Annual Report 2011 31