North Canterbury Loss $2442

Press, Volume CVIII, Issue 31782, 12 September 1968, Page 4

North Canterbury Loss $2442

Although the accumulated profit on the North Canterbury Racing Club’s racing meetings last season is shown in the accounts as $2699, the club’s loss on the year amounted to $2442. Members will be told this when the president, Mr L. H. Power, presents his report at the annual meeting next Thursday evening.

The report says that the main reason for the loss was that the club decided to apply for and was granted one of the Greymouth Jockey Club's relinquished race dates. This did not prove to be a financial success.

The loss of the year's workings would have been much greater but for the fact that $3OOO from the Totalisator Agency income had been taken into the balance-sheet as a sundry debtor. The reason for this was that the race meeting profit and loss account

shows the expenses from three race meetings, yet would have shown income for only two from the Totalisator Agency Board.

Although the loss for the year was $2442 the club’s accumulated fund decreased only $843, to $49,804, as an amount of $1738 was due from the half-per cent levy fund and the club had also received $682 as its share of the Cheviot Trotting Club's amenities levy. There had also been an amount of about $BOO transferred to the general reserve and the rain insurance reserve.

On-course betting for the club’s three meetings last season amounted to $168,317. The off-course total was $434,424. T.A.B. Income

Income from the totalisator amounted to $16,110 and the club’s share of the Totalisator Agency Board’s distribution of profits was $11,589. Nominations and acceptances brought in $2988 and gate receipts amounted to $1660. The club distributed $17,050 in stakes during the season. Other major race meeting expenses were totalisator commission ($35,103), salaries and wages ($4160), catering ($2033) and advertising ($1351.) Expenditure in the general profit and loss account, which includes the club’s farming activities, exceeded income by $2442, but $2021 of the outgoings is accounted for in depreciation.