ANNUAL REPORT 2011 - Horse Racing Ireland

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2011 (CONTINUED)5. Foal LevyUnder the Irish Horseracing Authority Act 1994, as amended by the Horse and Greyhound Racing (Betting Charges andLevies) Act 1999, Horse Racing Ireland may, with the consent of the Minister for Agriculture, Food and the Marine, chargea levy on all thoroughbred foals registered in a stud book.This levy is collected by Weatherby’s on behalf of Horse Racing Ireland at variable rates and the distribution is based onrecommendations from the Foal Levy Committee (as defined in the Act) and finally approved by Horse Racing Ireland.The total collected in respect of 2011 was €1.602m.In addition to the €1.379m expenditure disclosed in the Income and Expenditure account, a further €440,000 wasgranted to Irish Thoroughbred Marketing out of the levy collected. This expenditure is included in the Group Income andExpenditure account as Irish Thoroughbred Marketing expenditure. The distribution of the foal levy was as follows:2011 2010€’000 €’000Breeders’ prizes and sponsorship 38 76Irish Equine Centre 875 1,000Irish Thoroughbred Breeders Association 410 450Others 56 531,379 1,579As at 31 December 2011, Horse Racing Ireland had a balance of €720,000 (2010: €937,000) relating to the foal levy which isprovided for future expenditure on programmes recommended by the Foal Levy Committee and approved by the Board ofHorse Racing Ireland. This balance is included within reserves.6. Other income2011 2010€’000 €’000Goodwill amortisation (Note 17) 437 4377. Contributions to prizemoney2011 2010€’000 €’000From Sponsors 5,211 5,365From Owners 11,128 12,321From Horse Racing Ireland 28,957 29,31945,296 47,005Horse Racing Ireland Annual Report 2011 37