Losses for Hororata North Canterbury

Press, 1 September 1982, Page 27

Losses for Hororata North Canterbury

By

W. R. CARSTON

Losses on last season’s operations are recorded in the accounts of both the North Canterbury and Hororata Racing clubs. Expenditure for the Rangiora-based club exceeded income by $2788 but that’ was -minor compared with Hororata’s loss of $23,014. A major factor contributing to the loss by the North Canterbury Club was a reduction of over $4OOO in the T.A.B. payout. Another was that stakes during the period under review had been increased by $3350. But because of the reduction in stake subsidies last season, the actual cost to the club to maintain the gross figure had been $4435. One act stands out as far as the Hororata loss is concerned. The club’s totalisator receipts from last season’s two race meetings were down $29,000. North Canterbury’s income from the.totalisator and the distribution of T.A.B. profits for the previous season' amounted to $72,215. Gate receipts brought in another $9102 and nominations and acceptances were worth $Bl5B to the club. ’ Stakes distributed at

Rangiora during the season totalled $57,400 of which $13,625 was provided from the N.Z. Racing Authority’s stakes subsidy fund. Total raceday expenses amounted to $43,967. Two of the major items of expenditure in this section of the accounts were tosalisator commission and wages amounting to $12,404 and officials salaries totalling $11,709. Although the club showed a profit of $4708 on its race meetings, other sources of income in the general account were not sufficient to offset expenditure. •. There was no profit for the Hororata club anywhere along the line. Their loss on race meetings was $18,909 and expenditure in the general account exceeded income by another $4105. They received $28,138 in totalisator income and $49,471 from the distribution of T.A.B. profits. But $16,000 of the latter amount had to be deducted for it had already been credited to the previous year’s accounts to compensate for three race meetings held in the previous season. Nomination and acceptance fees brought in another $5460 and gate receipts amounted to $3176. In addition an amount of $2790 was received in donations for stakes. During the season the club ■distributed $43,900 in stakes. Of that amount $13,050 came from the Racing Authority’s stakes subsidy fund. Other major expenses included an amount of $20,058 for totalisator operation and wages, secretarial fee of $7lOO, $6211 paid to the Canterbury Jockey Club for the rental of Riccarton racecourse, $5092 for catering, officials’ salaries $4OBB and gatemen's wages $4311. Even' allowing for the loss for the year, the North Canterbury Racing Club’s posi-’ tion financially looks healthy. At balance date its accumulated funds totalled $109,144 and there was an additional amount of $23,540 in the reserve account. By contrast the Hororata Racing Club’s accumulated funds at balance date, after the loss for the year had been deducted, amounted to $4346.