ANNUAL REPORT 2011 - Horse Racing Ireland

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2011 (CONTINUED)28. Minority interest2011 2010€’000 €’000At 1 January 1,956 1,955Movement in the year 6 1At 31 December 1,962 1,956Navan Golf Club Plc has a nominal share capital of 1,000 preference shares at 6 cent each. The share premium on issuedpreference shares was €1,973,000 at the year end. The balance of minority interest relates to the percentage of shareholdingswhich are not owned by the Group, as outlined in note 34.29. (i) Reconciliation of (deficit) / surplus for the year to net cash inflow from operationS2011 2010€’000 €’000(Deficit) / Surplus for the year before tax and other finance expense (7,304) 1,897Interest receivable (1,144) (743)Interest payable 265 181Depreciation charges 3,056 2,792Loss on disposal of assets - 1,982Impairment 16,952 -Amortisation of capital development fund grants 27 14Amortisation of negative goodwill (437) (437)Decrease in debtors 2,768 4,880Decrease in creditors (3,380) (4,283)Investment in financial asset - (1,645)Difference between pension charge and contribution (525) (2,571)Net cash inflow from operations 10,278 2,06729. (ii) Reconciliation of movement in net funds2011 2010€’000 €’000Increase in cash in the year 8,630 4,368Bank loans in the year - (6,805)Repayment of bank loans 2,223 3,429Change in net funds 10,853 992Net funds at 1 January 21,254 20,262Net funds at 31 December 32,107 21,254Horse Racing Ireland Annual Report 2011 53