ANNUAL REPORT 2011 - Horse Racing Ireland

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2011 (CONTINUED)29. (iii) Analysis of changes in net fundsAt Cash At31/12/2010 Flows 31/12/2011€’000 €’000 €’000Cash at bank 38,477 8,630 47,107Debt due within 1 year (2,223) 2,223 -Debt due after 1 year (15,000) - (15,000)21,254 10,853 32,10730. Capital and other commitmentsFuture capital and other expenditure committed by the Group but not provided for in these financial statements was as follows:2011 2010€’000 €’000Contracted 503 64831. Related party transactionsIn the normal course of business Horse Racing Ireland may enter into contractual arrangements with undertakings in whichboard members have interests but no such transactions occurred in 2011. The Board adopted procedures in accordancewith guidelines issued by the Department of Finance in relation to the disclosure of interests by Board members and theseprocedures were adhered to during the year. The Board complied with the Department of Finance guidelines coveringsituations of personal interest. In cases of potential conflict of interest Board members did not participate in or attend anyBoard discussion relating to the matter.Horse Racing Ireland has availed of the exemption under FRS 8 Related Party Disclosures from disclosing transactions withwholly owned subsidiaries (i.e.100% owned). Navan Races Limited, The Tipperary Race Company Plc, The LeopardstownClub Limited and Fairyhouse Club Limited are all considered related parties because they are not wholly owned subsidiaryundertakings.Subsidiary undertakingsTransactions in the year between Horse Racing Ireland and its non wholly owned subsidiary undertakings included payrolland cost recharges of €2.330m (2010: €2.060m), bookmaker’s fees of €0.361m (2010: €0.360m), sponsorship collected of€0.643m (2010: €0.660m) and interest income of €0.280m (2010: €0.206m).During the year, Horse Racing Ireland received repayments on financial assets of €0.910m (2010: €0.350m). Horse RacingIreland repaid intercompany amounts of €2.430m (2010: €0.460m). The release of funds of €2.200m in 2011 by HRI was inrelation to the disposal of land in Leopardstown in previous years.At 31 December 2011, the amounts due from related parties are as follows:Related party name 2011 2010€’000 €’000The Tipperary Race Company Plc 204 221The Leopardstown Club Limited 4,215 2,543Navan Races Limited 5,328 5,371Fairyhouse Club Limited 5,006 5,00454 Horse Racing Ireland Annual Report 2011