PROFIT OF £4053

Press, Volume CI, Issue 29843, 8 June 1962, Page 5

PROFIT OF £4053

Good Year For CJ.C.

*ln spite of a considerable decline in revenue at the Grand National meeting, when attendances were badly affected by adverse weather, and the New Zealand Cup meeting. the Canterbury Jockey Club had .a most satisfactory year financially. After making the usual provision for depreciation and reserving a sum sufficient to meet tax commitments, the year’s operations resulted in a profit of £4053. This is shown in the annual report and balance sheet for the year ending April 30. to be presented at the annual meeting on June 27. The decline in betting at the Grand National and New Zealand Cup meetings was offset to some extent, by an increase in returns from the autumn meeting. However, the chairman’s report says that the over-all result would not have been nearly so pleasing but for a substantial increase in the payment from the Totalisator Agency Board, and a large reduction in expenditure on maintenance at the racecourse compared with the previous year, when maintenance costs were unusually high.

Totalisator income at £59.266, a decrease of £8157 on the previous year, and the T.A.B. payment of £37,396. an increase of £5786 on the 1961 figure, were the club’s two principal sources of income.

Gate receipts brought in £15,621 and £9709 was received from entries and acceptances. Both of these figures were slightly higher than the previous year.

Government taxes and stakes were the main items of expenditure. Taxation took £111.693 but this was £12,903 less than in 1961. Stakes, at £75,300, were slightly higher. Racecourse maintenance costs were almost halved. Expenditure on maintenance for the year was £4822, compared with £8727. Major Works

Major works of a capital nature put in hand at the racecourse during the year were the new stand and the alterations to the outside tearoom. Steady progress was being maintained with a view to completion of the work in time for the New Zealand Cup meeting in November. The fire sprinkler system had been extended to protect the concealed places under the decking at both levels of the grandstand. Similar provision was to be made in the powerhouse to safeguard valuable electrical equipment. Additions to general plant were of a minor nature only. Salaries and wages, at £15.051, both showed slight increases while race expenses, of £12,555, were lower than in 1961. The cost of advertising, printing and stationery was £3924. Rates and insurance amounted to £3785 and the New Zealand Racing Conference levy was £3413. After allowing £BB3l for depreciation on property, buildings, machinery and plant the club's total assets were £217.062. Of this, £59,190 is invested in Government stock and £55,333 is the club's share of accumulated payments from (the T.A.8., which are held at call by the T.A.B. An additional item on the list of assets in the balance sheet is the new grandstand. Payments on this structure at the end of the financial year were £5898.