Profitable year for C.J.C.

Press, 28 June 1983, Page 22

Profitable year for C.J.C.

A profit of $20,486 on the year’s activities is shown in the accounts of the Canterbury Jockey Club for the year ended April 30. 1983. This pleasing result in difficult economic times was achieved after providing $53,023 for depreciation which was $28,311 higher than the previous year. Favourable weather for the Grand National meeting and the transfer of the final day to a Friday, because of a rugby test being held on the Saturday, was financially very successful. The weather was generally good through the New Zealand Cup meeting, although a little cool on Cup day itself, but bad weather adversely affected the results of the February and Easter meetings. Although attendance figures, at 58,800, dropped by 2100 over the previous year an on-course turnover increase of $402,500, or 9 per cent, was quite satisfactory. The most significant increases in turnover were at the Grand National meeting, where the on-course figures were up $374,700 and offcourse bets rose by $1,014,300. There were also on-course turnover increases at the May and December meetings but at the Cup, summer and Easter meetings course patrons bet less than in the previous year. Sponsorship again played a significant part in the level of stakes able to be offered by the club. A total of $74,600 was contributed by 26 different organisations. The club itself provided $499,355 towards the stakes total of $744,505 distributed throughout the year. The balance, $170,550, came from the New Zealand Racing Authority’s stakes subsidy fund. The previous year the club distributed $691,050 in stakes. There were small decreases in both race meeting expenses and transport subsidies during the year. The former, at $202,733, was down $3772 and transport subsidies dropped by $ll6B to $17,839. These expenses, along with bad debts amounting to $3OO, left the club with a

profit of $387,465 on its racing activities. General expenditure for the year, amounting to $549,018, was up $93,972 on the 1982 figure. Major items, with last year’s figures in parentheses, were: racecourse salaries and wages $149,258 ($154,605), office salaries and wages $87,257 ($79,144), racecourse maintenance $83,523 ($81,488), insurance $27,227 ($19,733), and general expenses $26,661 ($24,520). There was a substantial increase in the amount of interest paid by the club this vear. This rose from $894 to $24,035 and the New Zealand Racing Conference Levy was up from $35,665 to $40,454. The club’s main sources of revenue from a total race meeting income of $1,352,842 came from totalisator turnover and the allocation of T.A.B profits from the previous year. These two sources provided $339,159 and $387,618 respectively. The previous year the respective figures were $318,026 and $365,533. Entries and acceptances, including the proceeds from the progressive payment schemes for the International Harvester Winter Cup and the New Zealand One Thousand and Two Thousand Guineas, brought in $122,025, as against $101,642, and members’ subscriptions rose by $19,623 to $118,562. Gate receipts rose from $72,470 to $89,830 and the sale of racecards resulted in a $10,370 profit In last year’s accounts this item cost the club $2410. Excluding the profit on racing, the principal items of general income included: rent received $63,844, up $6125, and interest received $55,189, down $11,030. The training track grant and subsidy brought in $22,739. $1791 more than last year, and training track fees, at $19,781, were up $1561. After setting aside a sum of $lO,OOO from the year’s profit to provide for conversion to a T.A.B. integrated bettingg system and transferring $85,000 to the stand replacement reserve, the club’s accumulated funds at balance date amounted to $1,616,411.