$19,781 loss for Ashburton club

Press, 28 August 1979, Page 24

$19,781 loss for Ashburton club

By

W. R. CARSTON

Financially the Ashburton County Racing Club's centennial year was disappointing. After allowing $5201 for depreciation the accounts show an over-all loss of $19,781 on the year's operations. Members were told by the president (Mr A. L. Mclntosh) at the annual meeting last week that such a situation was most dis-. appointing in a year when on-course turnover had increased by $89,958 to a record $436,011 and there had also been increases in other items of income.

Mr Mclntosh said the finance committee was trying to keep a very tight control of the finances during the next 12 months and had prepared a budget for the coming year. Race day staff had been severely, pruned and savings in other areas were being investigated. During the year the club distributed $71,260 in stakes, an all time record for the club. The total was up $18,025 on the previous year and of that amount $13,740 was by way of subsidies and sponsorships. Other major items of expenditure, with the previous year’s figures in parentheses, included maintenance $17,623 ($10,410), race meeting expenses $12,507 ($9570), raceday wages $10,513 ($8663) and advertising and promotion $6795 ($2979).

Totalisator revenue on the club’s four meetings amounted to $211,124 and the club’s share of the distribution of T.A.B. profits for the previous season was $48,776. The corresponding amounts in the accounts last year were $206,218 and $45,922;

Other major sources of income included stakes subsidies of $24,625 and sponsorships worth $B2OO. The subsidies were up $5540 on the previous year but the

Iclub received no inco from sponsors during tht ! 1977-78 season. Acceptance fees brought I in $ll,BlB, as against $9318 I the previous year, gate [ receipts were up by $568 to [53191 and members’ subscriptions at $2949 were up by $921. After adding amenities , payments amounting to $B4OO | and deducting the loss on the year’s activities the 'club’s accumulated funds at [balance date, July 20, [amounted to $63,542.