ANNUAL REPORT 2011 - Horse Racing Ireland

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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2011 (CONTINUED)15. Intangible assets2011 2010€’000 €’000GroupCapital development grants paidAt 31 December 45,790 45,790Amortisation of grants paidAt 1 January 45,763 45,749Charge for year 27 14At 31 December 45,790 45,763Net book valueAt 31 December - 27Horse Racing Ireland established a capital development fund to enable a substantial upgrading of racecourse facilities to takeplace. It provided up to a maximum of 55% funding with the balance being funded by the racecourses. The balance remainingis nil (2010: €27,000).The amortisation of Tote buildings was accelerated in the year with the result that the intangible assets were fully writtendown at year end.16. Financial assets2011 2010€’000 €’000GroupLoans to racecourses / industry body 4,709 5,106Investment in racecourse 1 1Investment properties 5,650 -10,360 5,107Horse Racing IrelandLoans to subsidiary undertakings 20,646 21,554Investment in subsidiary undertakings 51 51Loans to racecourses / industry body 4,709 5,106Investment in racecourse 1 125,407 26,712Details of the principal subsidiaries of Horse Racing Ireland and their activities are set out in Note 34.Following the decision to carry out an impairment on group assets, certain company assets were reclassified as investmentproperties. These investment properties are valued on the basis of open market value by O’Donnell Property Consultants.The movement on investment properties is as follows: 2011 2010€’000 €’000At 1 January - -Reclassification from fixed assets 2,362 -Write back of depreciation 717 -Surplus on revaluation 2,846 -Impairment (275) -At 31 December 5,650 -44 Horse Racing Ireland Annual Report 2011
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2011 (CONTINUED)17. Negative goodwill2011 2010€’000 €’000CostAt 31 December 12,310 12,310Accumulated AmortisationAt 1 January 2,185 1,748Amortised in the year 437 437At 31 December 2,622 2,185Net book valueAt 31 December 9,688 10,125Goodwill attributable to non-monetary depreciable assets (8,463) (8,463)18. Debtors2011 2010€’000 €’000GroupTrade debtors 3,221 5,513Prepayments and accrued income 1,680 2,317Other debtors 441 438Taxation recoverable 166 85,508 8,276Horse Racing IrelandTrade debtors 1,662 1,692Prepayments and accrued income 787 1,049Amounts due from subsidiary undertakings 356 217Other debtors 149 482,954 3,00619. Cash at bank2011 2010€’000 €’000GroupHorse Racing Ireland 37,130 35,227HRI Racecourses 6,710 941Tote Ireland 2,969 2,053Irish Thoroughbred Marketing 298 25647,107 38,477Horse Racing Ireland 37,130 35,227Horse Racing Ireland Annual Report 2011 45
Page 1 and 2: Horse Racing IrelandANNUALREPORT201
Page 3 and 4: MISSION STATEMENTTo develop and pro
Page 5 and 6: FINANCE COMMITTEEDenis Brosnan Chai
Page 7 and 8: The Minister for Agriculture, Food
Page 9 and 10: major contributor to the national e
Page 11 and 12: Payments made to Racecourses for va
Page 13 and 14: acecourse turnstiles. Similarly, HR
Page 15 and 16: HRI RACECOURSE DIVISION2011 was the
Page 17 and 18: NavanNavan raced 19 times in 2011,
Page 19 and 20: also continued its association with
Page 21 and 22: Mullins. Ian Ferguson sent out Zems
Page 23 and 24: causing a 25/1 shock in the Group 1
Page 25 and 26: Members AND OTHER INFORMATIONMember
Page 27 and 28: Comptroller and Auditor GeneralRepo
Page 29 and 30: STATEMENT ON INTERNAL FINANCIAL CON
Page 31 and 32: STATEMENT OF ACCOUNTING POLICIES (C
Page 33 and 34: GROUP INCOME AND EXPENDITURE ACCOUN
Page 35 and 36: GROUP BALANCE SHEETAS AT 31 DECEMBE
Page 37 and 38: GROUP CASH FLOW STATEMENTFOR THE YE
Page 39 and 40: NOTES TO THE FINANCIAL STATEMENTSFO
Page 45: NOTES TO THE FINANCIAL STATEMENTSFO

ANNUAL REPORT 2011 - Horse Racing Ireland

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