Small profit for S.C.J.C.

Press, Volume CXII, Issue 33032, 27 September 1972, Page 8

Small profit for S.C.J.C.

A profit of $424 on the year’s workings was not large but it was very

gratifying in a year of spiralling costs the president of the South Canterbury Jockey Club (Mr E. J. Richards) told members when presenting his report at the annual meeting last week. Mr Richards said that the

committee had made every effort to hold expenditure, but in the light of the excellent profit of the previous year ($2231), continued to plough back into the sport some of that profit by increasing stakes by $2OOO.

‘‘lmprovement continues at the racecourse and favourable comments have been made at the excellent track now provided,” said Mr Richard. “The outgoings for the current year are esti-

mated at $22,610 and income from track fees, lease of land, etc, is estimated at $3750, leaving $18,860 to be met by the club’s racing on the course.

Betting for the period under review showed substantial increases. On-course investments amounted to $243,514, compared with $236,941 the previous year and $213,720 in the 1969/70 season. The corresponding off-course figures were $640,676, $629,276 and $386,610. The club’s share of the Totalisator Agency Beard profit had risen from $15,165 in 1969/70 to $16,788 last year. This year the figure "was $20,486. Revenue from the totalisator rose by $4182 to $43,723. Other sources of income, with last year’s figure in parenthesis, included: nominations and acceptances $5749 ($5506), gate receipts $2105 ($2041), members’ subscriptions $1461 ($1520) and interest $1214 ($1042).

The club distributed $24,560 in stakes during the season. Other major items of expenditure were.—salaries and wages $7984 ($6829), totalisator costs $7418 ($7257) and racecourse rent $7OBl

($4903). The cost of entertainment and refreshments rose from $1998 to $2205, the N.Z. Racing Conference levy was up by $586 to $1660 but race meeting printing costs dropped from $1746 to $1674. After adding the profit for the year the club’s accumulated fund amounted to $17,002 at balance date, July 31.