Loss of $27,592 for New Brighton club

Press, 12 July 1979, Page 20

Loss of $27,592 for New Brighton club

Decreased attendances, unfavourable weather and escalating costs were contrib- . uting factors to a loss of $27,592 on the year’s operations for the New Brighton Trotting Club. At the annual meeting last evening the retiring president (Mr B. B. Woods) told members that the loss was regrettable in a year when! the club had achieved! records for both on and offcourse totalisator turnover. On-course betting totalling $2,116,200 had increased by $259,060 and the off-course figure of $3,882,262 rose by $767,213. From this turnover the Government received $526,781 in tax. The club’s honorary Treasurer (Mr J. R. Hartley) explained to members how escalating costs had affected the club. He said that the club had distributed $211,685! in stakes compared with! $174,170 the previous year. This season stakes subsidies from the Racing Authority had amounted to $33,775 as compared with $20,275 last year. Race meeting expenses, for seven meetings as against six last season, rose by $15,283 to $79,923 and the club’s contribution to Addington Raceway, Ltd., rose from $73,059 to $78,082. Totalisator expenses were up $21,087 to $70,134 and administration expenses rose

from $43,732 to $58,924. Two of the biggest items in this total were salaries, up from $22,076 to $29,661, and advertising, printing and stationery which increased by $4488 to $20,349. The club’s levy to the New Zealand Trotting Conference had risen from $14,933 to $18,087. On the revenue side of the income and expenditure account the principal source of income was $204,499 and $157,880 from the Totalisator Agency Board’s dis-i tribution of profits for 1978.1 Last year revenue from oncourse betting amounted to*

. $176,778 and the 1977 i receipts from the T.A.B. i were $135,196. 1 Other major items of inl come, with last year’s figI ures in parentheses, included members’ subscriptions and : entrance fees, $25,404 ■ ($24,996), gate receipts i $24,954 ($25,668) and acceptances $23,396 ($19,503). : After deducting the deficit ■ for the year and a contribu- ! tion of $lOOO to the staff I supplementary super- ■ annuation fund the club’s ac- ’ cumulated funds at balance . date, June 1, amounted to • $187,263.