Auckland Trotting Club Annual Report 2012

2012 ANNUAL REPORT Auckland Trotting Club Inc

2 | AUCKLAND TROTTING CLUB INCORPORATED

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2012 ANNUAL REPORT For the season ended 31 July 2012 | 1

CONTENTSCommunity Involvement

Financial Statements

Members’ List & Calendar

President and Chief Executive’s Report

Cover shot courtesy of Adam Baines

Notice of Annual General Meeting 4

PRESIDENT AND CHIEF EXECUTIVE’S REPORT 8

Board of Directors 18

Governance Statement 19

COMMUNITY INVOLVEMENT 22

FINANCIAL STATEMENTS 25 Statement of Comprehensive Income 26

Balance Sheet 27

Statement of Cash Flows 28

Notes to the Financial Statements 29

Auditor’s Report 43

MEMBERS’ LIST 45

CALENDAR - RACING DATES 2012/2013 SEASON IBC


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PATRON: R Purdon MBE

PRESIDENT: R Croon

VICE PRESIDENT: K Hoggard

BOARD: R Croon (Chairman), P Cook, K Hoggard, J MacKinnon, S Plant, D Sixton, P Smith

RACENIGHT STEWARDS: P Lowther (Chairman) R Barnes, P Barry, M Goldsworthy, J McRae, G Robertson,

J Ross, D M Turner

EXECUTIVE STAFF: Chief Executive Officer G Running

Chief Financial Officer A Carmichael

Racing Manager K Smith

Property Manager J Farrier

Executive Secretary R Thompson

CREDITS Design/print management Design Partners Photography Adam Baines

2012 ANNUAL REPORT


Notice is hereby given that the Annual General Meeting of Members of the

Auckland Trotting Club Inc will be held in the Tasman Room, Alexandra Park

Raceway, Epsom, on Wednesday 24th October 2012 at 6.00pm.

BUSINESS

1. To receive the report of the Board, Financial Statements and Auditor’s Report for the year ended 31 July 2012.

2. To elect Office Bearers. The following nominations have been received for Office Bearers:

President: One Seat

K Hoggard

As the nominations do not exceed the number required (one) an election will not be necessary.

Vice President: One Seat

J MacKinnon

As the nominations do not exceed the number required (one) an election will not be necessary.

Board: Four Seats

S Plant, P Smith (retiring members), D Biddlecombe, B Carter

As the nominations do not exceed the number required (four) an election will not be necessary.

Racenight Stewards: Four Seats

R Barnes, M Goldsworthy, J Ross, D Turner (retiring members)

As the nominations do not exceed the number required (four) an election will not be necessary.

3. To consider and set the annual remuneration for the Board pursuant to Rule 39.

4. To consider and if thought fit adopt the following alterations to the Rules as proposed by the Board:

Rule 29

The Board shall comprise the President, Vice President and five Directors elected as provided for in Rules 54 and 55 (“the

elected Directors”). The President, Vice President and the elected Directors (as if they were the full Board) shall have the

option each year to appoint up to two additional Directors to the Board (“the appointed Directors”):

(a) who they believe (by simple majority) will make a valuable contribution to the Board and/or the Club by virtue of

that person’s knowledge, skill or expertise; and

(b) who may or may not be Members;

provided however that no Member may be appointed as a Director pursuant to this Rule if that Member was duly proposed as

a candidate for the Board at the immediately preceding Annual Meeting and was not so elected, or is prohibited from being

proposed as a candidate or from holding office as a Director pursuant to any other Rule.

Explanation

The words “who shall not be Members” have been deleted from the first paragraph and the additional points added to the

original rule.

NOTICE OF ANNUAL GENERAL MEETING


The Board believes that should they decide to appoint either one or two Directors with specific expertise to complement the

elected Board, they should be able to appoint a Member if that person is suitably qualified. The Board acknowledges that a

Member who has just lost an election should not be eligible for appointment.

Rule 32

If Rule 29 is amended, a consequential change is required to Rule 32 as follows:

That Rule 32 be amended by deleting the words “Any appointed Director who becomes a Member of the Club shall

immediately cease to be an appointed Director”.

The Rule would then read:

Any President, Vice President or elected Director ceasing to be a Member of the Club shall immediately cease to be

President, Vice President or elected Director.

Explanation

This rule is consequential to Rule 29

Rule 55 (a)

In every case where the number of candidates duly proposed for any office in the Club exceeds the number of vacancies,

the election shall be by ballot. The ballot shall be conducted as follows: the Chief Executive Officer shall at least 14 days

before the Annual Meeting post to each Member an envelope addressed to the Chief Executive Officer at the postal address

of the Club endorsed “Voting Paper”, enclosing a paper giving the name, address and occupation of each candidate, and the

names of his or her proposer and seconder. Each Member voting shall do so by striking out the name of the candidate or

candidates he or she votes against, and leaving intact the name or names of the candidate or candidates he or she desires

to vote for, and shall return the voting paper in the envelope as above, first signing his or her name inside the envelope

where indicated; any vote declaring in favour of more than the number of vacancies for the office in question, or contained

in an envelope not signed inside as aforesaid, shall be disallowed. Members who by any means whatever have not received

their voting papers may obtain same from the Chief Executive Officer. It shall be the duty of the Board to appoint four or

more persons before the ballot is closed to be Returning Officers and/or Scrutineers.

[Rest of clause continues]

Explanation

The words “or less” have been removed so that Members can vote for only those candidates they so choose.

As suggested by Members on previous occasions, Members should have the right to choose however many candidates they

want within the election rules. The Board believes this would be a better system as Members at the moment are forced to

vote for people they may not know or do not want to vote for.

5. General Business

Graeme Running Chief Executive Officer Auckland 27 September 2012

6 | AUCKLAND TROTTING CLUB INCORPORATED017 | AUCKLAND TROTTING CLUB INCORPORATED

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2012 ANNUAL REPORT For the season ended 31 July 2012 | 72012 ANNUAL REPORT For the season ended 31 July 2012 | 017


PRESIDENT AND CHIEF EXECUTIVE’S REPORT


On behalf of the board and management it is a pleasure to present the Annual Report for the

2011/12 season.

We are pleased to record another year where budget has been achieved and the financial

performance detailed in this report is very satisfactory. In spite of the continued economic

uncertainty and a highly competitive operating and business environment the Club has

generated an operating profit (before non cash items) of $1,540,577. This compares to

$2,809,862 in the previous year which included $912,204 received as a one off licence fee from

the NZ Racing Board and $400,000 of gaming trust grants as a contribution to the installation

of two new lifts in the entrance to the main foyer. Adjusting for these two items the operating

profit (before non cash items) exceeds last year’s result by $42,919. The largest non cash item

is a depreciation provision of $1,313,057 (last year $1,240,181).

Rod CroonPresident

Graeme Running Chief Executive Officer


PRESIDENT AND CHIEF EXECUTIVE’S REPORT

The notes to the accounts disclose that for only the

second time in many years the Club’s racing activities

contributed a small surplus. The NZ Racing Board

distribution was $660,768 higher than the previous

year due to the increased number of race meetings. The

Club paid out $370,785 more in stakes than last year in

spite of the three year Crown $375,000 funding coming

to an end. During the year the Club received additional

industry funding from Harness Racing NZ of $135,000.

Advertising, promotions and sponsorship costs increased

by $153,671 in part due to distribution of $44,000 of

betting vouchers for race meetings during the year to

promote betting by hospitality patrons. On a comparative

performance measurement basis for the racing industry,

the Club maintained its leadership position amongst major

racing clubs with a net stakes to funding ratio of 109.4%.

We can report that the trading contribution was $249,318

higher than the previous year. This is particularly

pleasing as for much of the year the upgrade and

renovations to the entrance foyer, lifts and the Owners

and Trainers Lounge made it difficult for management to

provide top class service to our clients.

Property rental income increased over the 12 months by

$53,265.

The reduction in other income reflects the increasing

difficulty in obtaining grants from gaming trusts.

Operations and administrative expenses of $3,076,063

reflect cost increases in staffing, security, rates, insurance

and repairs & maintenance compared to the previous

year’s $2,782,585. Refurbishing the Owners & Trainers

Lounge and Level 3 toilets accounted for the majority of

the increase in repairs and maintenance.

Trade and other receivables in the Balance Sheet at

31 July 2012 of $625,081 are lower than last year by

$465,134. The majority of this reduction is due to the sum

of $412,204 included last year being the final amount due

from the NZ Racing Board relative to the new TAB.

Over the last year the tenant clubs that race at Alexandra

Park have adjusted to life with reduced grants from

gaming trusts. This has seen a major difference in stake

levels between tenant clubs and the Auckland Trotting

Club. A review of the dates calendar has attempted

to spread the tenant club meetings to maximise the

opportunity for owners to compete for higher stakes. We

believe the low stake levels offered by the tenant clubs

are not sufficient to sustain viable horse ownership in the

industry. Your board continues to work with these clubs

to review their future plans while acknowledging how

important the training facilities are in providing horses

for racing at Alexandra Park.

The Board and Management have reviewed the latest

forecasts which indicate that with some effort a

satisfactory financial result can be achieved in 2012/13.

RACING

During the past 2011-12 season a total of 27 Auckland

Trotting Club meetings were held at Alexandra Park. This

compares to 24 meetings in the 2010-11 and 23 in the

2009-10 seasons. A total of 31 Auckland Trotting Club

meetings are due to be run in the forthcoming 2012-13

season. The increase in licences for the ATC is recognition

that in the current trying economic times the racing

industry is facing, the opportunity to race for premium

stakes where possible and in a competitive environment

is critical for the ongoing viability of all industry

participants.

The past season saw the introduction of a new Group 1

race for trotters, The Glenferrie Farm Anzac Trotting Cup.

With generous sponsorship from Peter Chambers and with

the support of Harness Racing New Zealand, this race now

forms the middle leg of a triple crown for trotters with the

preceding race being the Majestic Horse Floats Greenlane

Cup and of course the final leg being the time honoured

Canam Rowe Cup.

The need to provide increased racing opportunities for

fillies and mares has been acknowledged. In the past

season, the introduction of the Caduceus Club Mile High

Mares Series (due to run again in the 2012-13 season)

and more recently the Dunstan Feeds Mares Series has

gone some way towards recognising the important

role mares and in particular their ongoing viability for

breeding purposes plays for the industry. Under the

open nominations philosophy the Club is using when

programming, fillies and mares are additionally afforded

handicapping concessions.

The new season will see a change for both the Taylor

Mile and Dawson Harford and Partners NZ Messenger

Championship with the races now being open to both four

and five year olds. This is in line with the move for the

Harness Jewels four year old categories to also include

five year olds.


Over the last few months the commissioning of the

new timing system and display board which is located

adjacent to the winning post has taken place. The system

as supplied by Pure Direction Ltd gives the Club the

ability to provide accurate sectional and race times for

every individual horse in all races run at Alexandra Park.

Currently within New Zealand, this will make Alexandra

Park the only venue able to provide this information.

Results can be sourced by going to the Pure Direction

website at www.puredirection.com under racing. Attached

to the sectional times for each race is a link which will

display the video for the race. It is hoped that within the

next couple of months this same information will be able

to be sourced via the Harness Racing New Zealand website

within the results section. An added bonus with the

new display board is the option of being able to provide

electronic signage which allows us to display messages

that may be relevant to race names or sponsorship. This

display also runs continually on non race days providing

visitors who may be attending non racing functions

with details of upcoming events and race meetings at

Alexandra Park.

With a need to further recognise the important part

owners play in the industry, an area was set aside which

provides owners with a complimentary drink prior to the

running of their horse’s race. Since its implementation

this has developed into a popular area which gives owners

the chance to mix and mingle with other owners. A new

stairwell is in the process of being built which will help to

provide easier access to this area, along with a more direct

route to the victory circle.

Improvements to the track during the past season will

have played a part in a total of ten new and one equalled

New Zealand national records being set on the track

within the past twelve months (see table below). The

track is now providing a surface which is meeting with

the general approval of horsemen by providing both a

cushioned and consistent racing surface.

PACERS

Five Card Draw (G) 2YO Mobile 1700M 2:02.5 (Equalled)

Border Control (G) 2YO Mobile 2200M 2:41.2

Cheer The Lady (F) 3YO Mobile 2200M 2:40.7

Twist And Twirl (F) 3YO Mobile 2700M 3:21.0

Twist And Twirl (F) Open F & M Mobile 2700M 3:21.0

TROTTERS

Paramount Queen (F) 2YO Mobile 2200M 2:44.8

I Can Doosit (G) Open Mobile 2200M 2:43.1

Escapee (F) 3YO Mobile 2700M 3:26.5

You Rock ( C) 3YO Stand 2700M 3:30.0

Lotalov (F) 3YO Stand 2700M 3:30.3

I Can Doosit (G) Open Stand 2700M 3:23.6


GROUP 1 WINNERS AT ALEXANDRA PARK 2011/12 SEASON

HORSE RACE TRAINER DRIVER

Bettor Cover Lover Rosslands Queen of Hearts B Mangos & H Cullen B Mangos

Twist And Twirl Alabar 3YO Sires Stakes Fillies Championship M Purdon & G Payne M Purdon

I Can Doosit Seelite Windows and Doors National Trot M Purdon & G Payne M Purdon

Twist And Twirl Pascoes the Jewellers Northern Oaks M Purdon & G Payne M Purdon

Ideal Scott Woodlands Stud Northern Derby J Green & B Hughes T Macfarlane

Sir Lincoln Trillian Trust Auckland Cup R Green M McKendry

Five Card Draw Breckon Bloodstock Young Guns Cardigan Bay Stakes B Purdon B Mangos

Opulent Nevele R Stud Caduceus Club Fillies Classic D & C Butt D Butt

Terror To Love Taylor Mile G & P Court A Butt

I Can Doosit Glenferrie Farms Anzac Trotting Cup M Purdon & G Payne M Purdon

I Can Doosit Canam Rowe Cup M Purdon & G Payne M Purdon

Escapee Breckon Farms Northern Trotting Derby M Purdon & G Payne M Purdon

Mustang Mach Dawson Harford & Partners NZ Messenger D Braun D Dunn

Onlyforyou Magness Benrow 2YO Sires Stakes Fillies Championship C Dalgety D Dunn

Roy Purdon – Alexandra Park Leading Trainer Barry Purdon 41 Wins

Peter Wolfenden - Alexandra Park Leading Driver Tony Herlihy 59 Wins

Herlihy & McKendry – Alexandra Park Leading Junior Driver Zac Butcher 49 Wins

The Streamline Freight ‘Legends of Alexandra Park’ competition was again strongly contested. Both the winning driver and junior driver were the same as the previous season, however Barry Purdon just took out the trainers’ competition from last year’s winner his brother Mark Purdon.

The Performance Incentive Scheme paid out a total of $304,000 in bonuses in the recently completed 2011-12 season compared to $249,000 for 2010-11. On average 52% of horses competing on a race night are participating in the scheme which is a slight reduction on the 54% for 2010-11 and 56% for 2009-10.


Choose me a winner


FUNCTION CENTRE

The Function Centre continues to contribute to the

funding of the Club despite not yet returning the levels

attained 4-5 years ago. Clearly the 2011 Rugby World

Cup was a highly successful event on a national basis and

the betting on match results helped to offset the lower

turnover generated by the TAB on horse racing. The

event however consumed a significant proportion of the

public’s discretionary entertainment dollar and the impact

on hospitality based business was negative especially

outside of the down town precinct which has taken some

time to recover. Many businesses spent their entire year’s

budget on 2011 RWC tickets and hospitality surrounding

the Rugby World Cup which curtailed their hospitality

spending for the next year. The Christmas bookings at

Alexandra Park did eventuate but many were very late.

The function staff have to work harder to get business

although feedback remains positive that Alexandra Park

provides great service and is value for money. Hospitality

businesses rely on word of mouth referrals and this

continues to be our greatest source of future bookings.

Our reputation for great food can be attributed to our

wonderful chefs.

The highlight of the year for the whole team was hosting

an Australian insurance conference on 23 April 2012.

The 400 delegates travelled by bus to Alexandra Park for

a night full of fun. As they arrived they were met with

hors d’oeuvres in the Tasman Room followed by a stable

tour, then the five teams of 80 each had a representative

in eight dual sulky races. The races were promoted

by bookies with “funny money” with a break half way

through for a great meal then back to the betting. At

the end of the night one of the five teams was crowned

champion for winning the most funny money. A survey

undertaken by the organisers ranked this event as a

highlight of the trip. We have a copy of a video clip on

the website and will be promoting this event around the

world. It is something unique to harness racing that

cannot be replicated by anyone.

PROPERTY DEVELOPMENT

The economic situation within the building industry has

again this year limited interest from potential tenants in

the development site on Greenlane West adjacent to the

ASB Showgrounds. The site is no longer subject to an

exclusivity arrangement which has opened it up as an

opportunity for other developers to assess its suitability.

The development site remains an important project for the

Club as it should be possible over time to achieve attractive

returns on this land which can supplement the racing

activities of the Club.

The infield project remains on hold until the Greenlane

West development proceeds. The contingent liability to

complete this work when required amounts to just over

$5 million and is included in the notes to the accounts.

The new entrance foyer, the two new lifts and the

refurbishment of the Owners and Trainers area have been

completed in the season, and along with the Sports Bar

& Cafe that was re-opened as “The Alex Bar & Eatery”

last year, all contribute to making Alexandra Park a more

attractive place to visit.

In the current year the Club is completing a stair access to

the recently opened pre-race owners’ area and is widening

the road between the track and the ASB Showgrounds

to improve traffic flow. Having undertaken considerable

work over the last few years the board views this year as a

period to consolidate cash reserves.

SPONSORSHIP

Thanks go to all our sponsors for their ongoing support

of the Club. We are lucky to have a wonderful group

of core sponsors who contribute a significant amount

to support the level of stakes required to sustain the

industry.

The new signs on the finishing post have drawn a lot

of positive comment, in particular the digital sign that

displays sectional times as well as the opportunity to

display messages between races.

The Club welcomed a number of new race day sponsors

this year and we look forward to working with them

to create value for both parties. This year we hosted an

inaugural sponsor networking evening which was very

well received.

MARKETING

The Club continues to create innovative ways to attract

people to Alexandra Park. The theme nights have

established a great following, in particular; Thai Night,


Tropical Nights, Christmas at the Races and Mid-Winter

Christmas at the Races. The racing events have also been

well supported including; Auckland Cup Week (2 nights),

Autumn Trotting Carnival (3 nights) and Christmas

Premier Season (3 events). Christmas at the Races nights

contribute 58% of race night hospitality which confirms

how important this period is to the Club.

The marketing collateral supporting all these events has

maintained the high standard we have come to expect.

To ensure the Club remains in front of as many people

as possible, a substantial part of the marketing budget is

being directed into digital media. The Club has maintained

a high profile on Facebook and Twitter and has expanded

on line promotion mediums as a cost effective way to

promote the facility. In particular the “What’s On” email

newsletter goes to approximately 9,000 people each month

as well as being sent to the members’ database. We hope

you find this communication interesting and informative.

COMMUNITY

The Club is very proud of the contribution we make as a

community facility. Numerous community groups benefit from the support your Club gives by providing the facility

as a fundraising site. Later in this report we have given a

sample of the groups supported by your Club.

HORSE SYNDICATION

This year the Auckland Trotting Club again promoted

and sold an Auckland Trotting Club Syndicate. The Club

is pleased to report that the shares in the 2013 syndicate

have all been sold. Rob Carr continues to promote and

manage the ATC syndicates and we thank him for his

great contribution in ensuring their continued success.

RACENIGHT STEWARDS

We thank Paul Lowther, Roger Barnes, Paul Barry,

Murray Goldsworthy, John McRae, Gordon Robertson,

John Ross and David Turner for the support given to the

Club on a voluntary basis. We are constantly receiving

favourable comments regarding the contribution made

by the Stewards as they have become an essential part of

the service for which Alexandra Park is renowned. Also

congratulations from the Club to John Ross for winning

the Ice Bloodstock Unsung Hero award.


Socialise with me


BUSINESS RISK

The most significant risk to this Club and the wider

racing industry is the future distribution of gaming

funds. The Private Members Bill that is currently before

parliament promoted by Maori MP Te Aruroa Flavell on

the regulation of gambling could have widespread effect.

Not only does it potentially impact this Club and every

other racing club’s opportunity to apply for grants from

gaming trusts, it could restrict the utilisation of our own

gaming machine proceeds. This Club and Harness Racing

NZ have made detailed submissions to the select committee

and will continue to vigorously oppose this Bill. At this

time it is impossible to determine what the outcome will

be but in the longer term proceeds from gaming trusts

will be increasingly difficult to obtain. In the event that

this Bill became legislation, the potential adverse impact

on your Club would be in excess of $2 million in annual

revenue. The most important objective therefore for your

Club for the future is to actively pursue all potential

opportunities to replace this revenue. Rental development

on the site and greater non-race night utilisation of the

facilities are two of the potential opportunities.

STAFF

The management team of Graeme Running – CEO,

Alasdair Carmichael – CFO, Kevin Smith – Racing

Manager, and Robby Thompson – Executive Secretary

have continued to manage your Club. With the assistance

of John Farrier as a Property Consultant, the Club has

made great progress in advancing our property projects.

We thank Dianne Richardson for stepping in to look after

the operations area as well as all members of staff who

have contributed to the success of the Club this year.

Michael Guerin’s ongoing support is appreciated as is

the contribution from Duane Ranger from Harness Link

and Craig (The Whale) Thompson who strive to keep

Alexandra Park in front of the general public via their

media outlets.

ACKNOWLEDGEMENTS

All the tenant clubs should be acknowledged for their

support and co-operation through the year. Franklin

TC and Kumeu TC regained the responsibility for their

training tracks.

The team from the Hall of Fame continue to provide an

excellent facility which has been admired by many visitors

and we appreciate their effort.

We acknowledge the support from the NZ Racing Board

and our governing body Harness Racing NZ. The

relationship enjoyed between the Auckland Trotting Club

with both the NZ Racing Board and Harness Racing NZ

has been excellent over the last season. Our thanks go

to our representative on the Harness Racing NZ Board,

Mr Kerry Hoggard.

Finally, thanks to the Directors for their support and the

time and energy they put into the affairs of the Club.

As this will be the last report from both your President

(retiring after 4 years as required by Club rules) and your

Chief Executive Officer (resigned from this role after

5 years on 28 September 2012), we both would like to

thank everyone for the wonderful support. It has been a

privilege and a pleasure to be involved with the Auckland

Trotting Club which is in our opinion the best racing club

in Australasia. The Club now has excellent facilities and

opportunity for further development and we wish the

Club all the best for the future.

Rod Croon Graeme Running

President Chief Executive Officer


BOARD OF DIRECTORS

Kerry HoggardVice President

Jamie MacKinnon

Scott Plant

Phil Cook

Peter Smith

David Sixton

Rod CroonPresident


THE BOARD

The Board is the governing body of the Club and is responsible for overseeing the Club’s operations, ensuring that its business is carried out in the best interests of its members and other stakeholders.

The Board’s specific responsibility is to: approve strategic plans for the Club and its business units; approve and review annual budgets; approve major capital expenditure, acquisitions, divestments and funding; review the Club’s accounts; oversee risk

management and internal compliance; and control codes of conduct and legal compliance.

The Board is also responsible for the appointment and remuneration of the Chief Executive Officer, approving the appointment of the Chief Financial Officer and reviewing remuneration policy for senior executives and the general remuneration policy framework.

Each year the Board reviews the Board composition and terms of reference.

GOVERNANCE STATEMENT

ETHICAL STANDARDS

All Board members, Management and staff are required to adopt standards of conduct which are ethical and comply with all legislative requirements. The national Racing Integrity Unit has set compliance standards with which the Club’s activities need to comply.

MANAGEMENT LIMITS OF AUTHORITY

The Board has delegated the day to day management of the Club to the Chief Executive Officer. There are in place specific limits on the ability of the Chief Executive Officer or Management to incur expenditure, enter into contracts, or acquire or dispose of assets without Board approval. The Club’s rules also impose restrictions on the Management and Board which preclude the sale of freehold land and limit borrowings which are secured by mortgage over land owned by the Club without the prior approval of Members. In addition, Harness Racing NZ Inc has the authority to impose certain national standards with which the Club needs to comply.

STRATEGIC REVIEW

Each year the Board and Management develop and approve a Business Plan which identifies opportunities and challenges for development, risks associated with the Club’s operations, funding requirements and resources. This review includes a Mission Statement and sets out specific strategic goals and objectives for the next five years. Annual Budgets are then prepared and reviewed against the latest Business Plan.

MANAGEMENT REPORTING

Management is required to report to each monthly Board meeting in sufficient detail to enable the Board to assess progress against Annual Budgets, strategic goals and major projects. In addition, Management reports detail of compliance with legislative requirements such as Health & Safety. ATTENDANCE AT MEETINGS

Board Meetings (10 Meetings): Messrs R Croon (10), P Cook (10), K Hoggard (10), J MacKinnon (7), S Plant (8), D Sixton (8), P Smith (9)

Audit/Remuneration Committee Meetings (2 Meetings): Messrs K Hoggard (2), R Croon (2)

Harness Racing New Zealand Executive Representative: Mr K Hoggard


Get me in the game



COMMUNITY INVOLVEMENT


Your Club continues to support a number of community groups, some of which are listed below.

n Auckland Chess

n Breast Cancer Awareness

n Burn Support Trust

n Camellia House Inc

n Child Cancer Night of Courage

n Customs Dog Training

n Diabetes NZ

n Down Syndrome Association

n Funfest

n Kidney Kids

n Kids Immune Deficiency

n Kidz Kartz

n Koru Care Charitable Trust

n Laura Fergusson

n Leukaemia & Blood Cancer NZ

n Look Good Feel Better

n Make A Wish Foundation

n Mercy Hospice

n Newmarket Rotary Club

n NZ Police – New Recruits, Police Dog Training, Armed Offender Training

n Papatoetoe Rotary

n Radio Lollipop

n Remuera Lions Club

n Ronald McDonald House

n Rugby League Referees

n SAS Training

n Special Olympics

n Variety Club Book Sale

n Youth Team Trust

An example of some of the feedback we get is below.


a. Child Cancer Foundation Night of Courage

b. Funfest Carnival

a

b

COMMUNITY INVOLVEMENT

FROM THE NZ TROTTING HALL OF FAME

Towards the end of the season we decided to set up a Hall of Fame website and this should be up and running by the end of the year. It will feature a wide selection of images from the collections, both from the past and the present, which we hope will be of interest to followers of the sport.

Our year was tinged with sadness at the untimely passing, on 2 August 2012, of our Treasurer Norm Latimer. Norm was a long time member of the ATC and served as a Committeeman, Treasurer and Director during the years 1996-2004. In addition he was President of the Manukau Trotting Club.

Once again our Society is grateful for the very generous response by ATC members to our annual appeal for donations.

Graham Robertson Secretary/Curator


FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2012

AUCKLAND TROTTING CLUB INCORPORATED

26 |

CLUB GROUP

CLUB GROUP

2011 2012 Note 2012 2011 $ $ $ $

34,461,856 Opening Equity as previously reported 34,461,856 8,227,633 Restatement 2 8,227,633 42,689,489 44,182,438 OPENING EQUITY AS RESTATED 44,182,438 42,689,489

1,492,949 384,655 Net Profit (Loss) for the year 384,655 1,492,949 - (10,000) Increase (Decrease) in Revaluation Surplus Reserve 13 (10,000) -

$44,182,438 $44,557,093 CLOSING EQUITY $44,557,093 $44,182,438

2011 2012 Note 2012 2011 $ $ $ $

REVENUE 7,498,470 8,084,001 Racing Income 3 8,084,001 7,498,470 3,683,131 3,629,404 Trading Income 4 8,561,337 8,448,937 2,862,212 2,108,164 Property Rental Income 5 1,985,308 2,746,927 41,331 15,583 Interest Income 15,583 41,331 571,043 201,997 Other Income 6 157,822 529,168

14,656,187 14,039,149 TOTAL REVENUE 18,804,051 19,264,833

EXPENDITURE 7,510,003 8,070,773 Racing Expenditure 3 8,030,224 7,476,529 1,529,337 1,469,514 Trading Expenditure 4 5,950,443 6,087,361 108,298 205,618 Property Rental Expenditure 5 205,618 108,298 198 1,126 Interest Expense 1,126 198 2,661,499 2,932,503 Operations and Administration 7 3,076,063 2,782,585

11,809,335 12,679,534 TOTAL EXPENDITURE 17,263,474 16,454,971

2,846,852 1,359,615 OPERATING PROFIT (LOSS) BEFORE NON CASH ITEMS 1,540,577 2,809,862

(13,444) (12,262) Amortisation Expense 29 (12,262) (13,444) (1,240,181) (1,313,057) Depreciation Expense 30 (1,313,057) (1,240,181) 173 4,477 Gains on Disposal 4,477 173 (2,335) (21,626) Losses on Disposal (21,626) (2,335) (173,116) 307,508 Provisions for Impairment 23 126,546 (136,126) 1,417,949 324,655 OPERATING PROFIT (LOSS) 324,655 1,417,949

75,000 60,000 Fair Value Movement on Investment Property 31 60,000 75,000

1,492,949 384,655 NET PROFIT (LOSS) BEFORE TAXATION 384,655 1,492,949

- - Taxation 21 - -

$1,492,949 $384,655 NET PROFIT (LOSS) FOR THE YEAR $384,655 $1,492,949

OTHER COMPREHENSIVE INCOME

- (10,000) Gain (Loss) on Revaluation of Land 12 (10,000) -

$1,492,949 $374,655 TOTAL COMPREHENSIVE INCOME NET OF TAXATION $374,655 $1,492,949

STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 July 2012


STATEMENT OF CHANGES IN EQUITY For the year ended 31 July 2012


This page comprises part of the financial statements and is to be read in conjunction with the accompanying Notes.

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CLUB GROUP

2011 2012 Note 2012 2011 (Restated) (Restated)

$ $ $ $ EQUITY 31,128,608 31,588,263 Accumulated Funds 14 31,588,263 31,128,608 12,978,830 12,968,830 Revaluation Surplus Reserve 13 12,968,830 12,978,830 75,000 - Inter Dominion Reserve 15 - 75,000

$44,182,438 $44,557,093 TOTAL EQUITY $44,557,093 $44,182,438

Represented by: CURRENT ASSETS 238,320 654,960 Cash and Cash Equivalents 18,28 689,634 304,348 230,353 189,275 Inventories 16 255,211 295,396 956,698 525,041 Trade and Other Receivables 22,28 625,081 1,090,215

1,425,371 1,369,276 TOTAL CURRENT ASSETS 1,569,926 1,689,959

NON CURRENT ASSETS 33,194,935 33,314,574 Property, Plant and Equipment 30 33,314,574 33,194,935 11,090,000 11,150,000 Investment Property 31 11,150,000 11,090,000 32,881 24,037 Intangible Assets 29 24,037 32,881 - - Term Receivables 22 - -

44,317,816 44,488,611 TOTAL NON CURRENT ASSETS 44,488,611 44,317,816

45,743,187 45,857,887 TOTAL ASSETS 46,058,537 46,007,775

CURRENT LIABILITIES 1,353,417 1,105,686 Trade and Other Payables 19,28 1,188,663 1,476,386 207,332 195,108 Employee Entitlements 17 312,781 348,951

1,560,749 1,300,794 TOTAL CURRENT LIABILITIES 1,501,444 1,825,337

NON CURRENT LIABILITIES - - Term Payables 19 - -

– – TOTAL NON CURRENT LIABILITIES – –

1,560,749 1,300,794 TOTAL LIABILITIES 1,501,444 1,825,337

$44,182,438 $44,557,093 NET ASSETS $44,557,093 $44,182,438

Authorised for issue on behalf of the Board

R. Croon, President K. Hoggard, Vice President 1st October 2012

BALANCE SHEET As at 31 July 2012


This page comprises part of the financial statements and is to be read in conjunction with the accompanying Notes.

28 | This page comprises part of the financial statements and is to be read in conjunction with the accompanying Notes.

CLUB GROUP

2011 2012 Note 2012 2011 $ $ $ $

CASH FLOWS FROM OPERATING ACTIVITIES Cash was received from: 14,037,590 14,398,179 Members and Customers 19,224,760 18,643,055 - 85,723 Goods and Services Tax 89,175 - 41,331 15,583 Interest Earned 15,583 41,331

14,078,921 14,499,485 19,329,518 18,684,386

Cash was paid out to: 11,868,376 12,383,523 Suppliers and Employees 16,996,191 16,506,314 71,160 - Goods and Services Tax - 75,665 198 1,126 Interest Incurred 1,126 198

11,939,734 12,384,649 16,997,317 16,582,177

2,139,187 2,114,836 NET CASH FLOW FROM OPERATIONS 27 2,332,201 2,102,209

CASH FLOWS FROM INVESTING ACTIVITIES 174 4,665 Sale of Fixed Assets 4,665 174 (2,541,620) (1,948,162) Purchase of Fixed Assets (1,948,162) (2,541,620) (9,541) (3,418) Purchase of Intangible Assets (3,418) (9,541) (50,226) 248,719 Subsidiary Loans Repaid (Provided) - -

(2,601,213) (1,698,196) NET CASH FLOW FROM (USED FOR) INVESTING (1,946,915) (2,550,987)

CASH FLOWS FROM FINANCING ACTIVITIES (24,080) - Financing Received (Repaid) - (24,080)

(24,080) - NET CASH FLOW FROM (USED FOR) FINANCING - (24,080) (486,106) 416,640 NET INCREASE (DECREASE) IN CASH RESOURCES 385,286 (472,858)

724,426 238,320 Cash at Start of Year 304,348 777,206

$238,320 $654,960 CASH RESOURCES AT END OF YEAR $689,634 $304,348

CASH RESOURCES COMPRISE 115,853 49,019 Cash on Hand 76,696 155,112 121,339 63,263 Bank Current Accounts (Net) 70,260 148,108 1,128 542,678 Bank Deposit Accounts 542,678 1,128

$238,320 $654,960 CASH RESOURCES AT END OF YEAR $689,634 $304,348

STATEMENT OF CASH FLOWS For the year ended 31 July 2012


| 29

1 STATEMENT OF ACCOUNTING POLICIES

Reporting entity

Auckland Trotting Club is an incorporated society registered under the Incorporated Societies Act 1908. The Group consists of Auckland Trotting Club Incorporated (the parent) and Alexandra Park Functions Limited (the subsidiary), a company registered under the Companies Act 1993, in which the Club has ownership of all of the shares. Both entities are incorporated and domiciled in New Zealand and have their principal place of business situated at Alexandra Park, Greenlane West, Epsom, Auckland.

The Financial Statements of the group have been prepared in accordance with the Financial Reporting Act 1993 and comply with Generally Accepted Accounting Practice in New Zealand (GAAP). The group complies with New Zealand equivalents to International Reporting Standards (NZ IFRS) under which it reports as a public benefit entity.

Measurement base

The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on a historical cost basis have been adopted with the exception that land has been revalued and where appropriate investment property is reported at fair value. Reliance is placed on the fact that the entities are going concerns and accrual accounting involving the matching of revenue against expenses is used.

Operations and principal activities

The principal activity of the Club is to hold and promote harness racing meetings on the Club’s course at Alexandra Park. The principal activity is supported by revenue derived from property rentals, car parking, TAB and gaming operations. The subsidiary entity provides catering to the Club and operates a Function Centre and Sports Bar/Cafe utilising Club facilities at Alexandra Park.

Functional and presentation currency

The financial statements are presented in New Zealand dollars and all values are rounded to the nearest whole dollar. The functional currency of the group is New Zealand dollars.

SIGNIFICANT ACCOUNTING POLICIES

The specific accounting policies adopted in the financial statements which have a significant effect on the results and financial position are:

Revenue is measured at the fair value of consideration received or receivable. Interest income is recognised using the effective interest method and income from operating leases is recognised as revenue on a straight line basis. Grants are recognised as income when they become receivable unless there is an obligation to return the funds if conditions are not met. If there is such an obligation, grants are initially recorded as received in advance, and recognised as revenue when conditions of the grant are satisfied.

Cash and cash equivalents include cash on hand, deposits held at call with banks, and any other short term highly liquid investments with original maturities of three months or less, and bank overdrafts.

Inventories held for sale or use on a commercial basis are valued at the lower of cost, on a first in first out basis, or net realisable value. Inventories held for consumption in the provision of services are measured at cost, adjusted when applicable for any loss of service potential.

Trade and other receivables are initially measured at cost which is considered to equate to fair value, and subsequently measured at amortised cost using the effective interest method, less any provision for impairment.

Creditors and other payables, including any borrowings are initially measured at cost which is considered to equate to fair value, and subsequently measured at amortised cost using the effective interest method.

Employee entitlements are measured at undiscounted nominal values based on accrued entitlements at current rates of pay. Entitlements will include unpaid salary, wages or other remuneration due at balance date, including deductions held on employees behalf, annual leave earned but not taken, long service leave to be settled within 12 months, and sick leave to the extent that management anticipates unused sick leave entitlement at balance date will be used by staff to cover future absences.

Borrowing costs are interest and other costs incurred in connection with the borrowing of funds. Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset. Other borrowing costs are treated as expense in the period in which they are incurred.

Investment property is land and or buildings for which the present use is solely or predominantly to derive rental income and the property has the potential to realise capital appreciation. Property will be recognised as investment property only when it is probable that future economic benefits associated with the property will flow to the Group, the cost of the investment property can be measured reliably, and the investment property in its current condition is able to be sold separately or leased out under a finance lease.

Investment property is measured at fair value based on a valuation by an independent valuer, holding a recognised and relevant professional qualification, and with relevant experience.

This page comprises part of the financial statements.

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2012


30 |

SIGNIFICANT ACCOUNTING POLICIES (continued)

Property, plant and equipment asset classes consist of land, land improvements, buildings and grandstands, plant machinery and vehicles, flood and security lighting, and furniture fittings and other. Property plant and equipment does not include land and buildings recognised as investment property nor any non current asset classified as held for sale.

Land assets are revalued to fair value periodically, based on a valuation by an independent valuer, holding a recognised and relevant professional qualification, and with relevant experience. New valuations are obtained every three years, which is considered adequate to maintain the fair value of land in service use.

Other asset classes are measured at cost less accumulated depreciation and impairment cost. Depreciation is applied on a straight line basis to recover the cost of the asset, less any residual value, over its estimated useful life.

The estimated economic lives in use for asset classes are:

Buildings and Grandstands 20-40 years Plant & Machinery 5-10 years Vehicles 7 years Flood Lighting 20 years Furniture, Fittings & Other 2-20 years

Historical pooled assets that have been fully depreciated are treated as disposed and written off after 20 years.

Intangible assets consist of the costs to bring to use acquired computer software licences and initial development cost of the Club website. The cost of computer software that is an integral part of the operation and function of an asset is recognised as part of the cost of the particular item of property, plant and equipment, and is not recognised as an intangible asset.

Intangible assets are considered to have a finite life and are measured at cost less amortisation and impairment cost. Amortisation is applied on a straight line basis to recover the cost of the asset over its estimated useful life.

The estimated economic lives in use for intangible asset classes are:

Computer Software Licences 5 years Website Development 5 years

Non-current assets held for sale are recognised if the carrying value of the asset will be recovered principally through a sale transaction rather than through continuing use. Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell.

Impairment of assets other than inventory is considered at each balance date. Where events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the recoverable amount will be estimated. If the estimated recoverable amount is less than the carrying value of the asset, an impairment loss is recognised.

The estimated recoverable amount of receivables carried at amortised cost is calculated as the present value of estimated future cash flows, discounted at their original effective interest rate. Receivables with a short duration are not discounted.

The estimated recoverable amount of other assets is their fair value less costs to sell and value in use. Value in use is determined by discounting to present value, the estimated future cash flows from the use and ultimate disposal of the asset. Where the future economic benefits of the asset are not primarily dependent on the asset’s ability to generate net cash inflows, but the asset is necessary for it’s service potential, value in use shall be determined as depreciated replacement cost.

An impairment loss will be reversed if warranted by a change in the estimated recoverable amount.

Goods & services tax (GST) is excluded in the preparation of these financial statements, except trade receivables and trade payables, which are recorded as GST inclusive. GST is returned on a group basis on behalf of the Club and the subsidiary entity. GST payable or refundable at balance date is recorded as either a payable or receivable in the Club’s Balance Sheet.

Consolidated group financial statements are prepared by combining the financial statements of the club and the subsidiary on a line by line basis. Equity in the subsidiary and all intragroup balances, transactions, income and expense, are eliminated in full.

Income tax is not applicable to the Club, which is exempt income tax pursuant to section CW47 of the Income Tax Act 2007 No 97. The subsidiary entity is subject to income tax and the estimated income tax expense payable for the current year, adjusted for any differences between the estimated and actual expense in prior years, is recognised in the Statement of Income.

Tax effect accounting is applied on a comprehensive basis to all temporary differences. A debit balance in the deferred tax account, arising from temporary differences or income tax benefits from income tax losses, is only recognised to the extent that it is probable that taxable profit will be available against which the deferred tax asset can be utilised.




| 31

2 CHANGES IN ACCOUNTING POLICIES

The accounting policy for the periodic revaluation of land in service use and classified within Property, Plant and Equipment has changed.The fair value of land, previously determined with reference to local council valuation rolls, is now based on valuation by an independent valuer, holding a recognised and relevant professional qualification, and with relevant experience. Land in service has been retrospectively revalued using the new policy at the time of the last valuation on 31 July 2009. The value was determined as $13,275,000, which is the same as the current year valuation. The comparative figures for 2011 together with opening balances have been restated to be consistent with this new policy. The 2011 balance for Land at Alexandra Park has increased to $13,275,000 (Note 30). The Revaluation Reserve (Note 13) and Total Equity have increased by $8,227,633.


CLUB GROUP

2011 2012 Note 2012 2011 $ $ $ $



3 RACING INCOME AND EXPENDITURE

Income 140,000 55,000 Acceptance fees 55,000 140,000 2,756,312 3,417,080 TAB distribution 3,417,080 2,756,312 587,250 612,407 Totalisator income 612,407 587,250 1,459,000 1,553,000 Subsidies - Harness Racing NZ 1,553,000 1,459,000 757,700 778,200 Subsidies - NZ Sire Stakes Board 778,200 757,700 375,000 - Subsidies - Crown - 375,000 81,656 188,375 Subsidies - Others 188,375 81,656 430,000 460,000 Grants received 460,000 430,000 541,336 508,524 Sponsorship and promotions 508,524 541,336 255,753 312,074 Stand cover charges 312,074 255,753 85,000 165,000 Other industry distributions 10 165,000 85,000 - 5,091 Trials and Workouts 5,091 - 29,463 29,250 Northern Harness Racing Inc 29,250 29,463

7,498,470 8,084,001 8,084,001 7,498,470

Expenditure 5,859,153 6,229,938 Stakes and trophies 6,229,938 5,859,153 295,316 350,894 Totalisator expenses 350,894 295,316 293,203 318,600 Salaries and wages 318,600 293,203 486,544 640,828 Advertising, promotions and sponsorship 26 638,383 484,712 186,482 111,427 Harness Racing NZ levies 111,427 186,482 90,000 92,500 Inter Dominion funding contribution 15 92,500 90,000 299,305 326,586 Other racing expenses 26 288,482 267,663

7,510,003 8,070,773 8,030,224 7,476,529

$(11,533) $13,228 Contribution from (to) Racing $53,777 $21,941

4 TRADING INCOME AND EXPENDITURE

Income 953,166 844,645 Bar income 1,891,796 1,929,360 55,000 67,500 Catering income 26 3,311,521 3,276,160 - - Function rental income 628,794 558,594 302,733 317,302 TAB income 317,302 302,733 2,371,080 2,398,625 Gaming income 2,398,625 2,371,080 1,152 1,332 Other trading income 13,299 11,010

3,683,131 3,629,404 8,561,337 8,448,937

Expenditure 18,253 22,354 Bar expenses 38,761 40,926 - - Catering expenses 529,166 504,113 339,496 274,662 Inventory expense 2,036,578 2,219,973 159,329 169,548 Bar and catering payroll 1,873,971 1,827,307 68,321 41,002 Administration expenses 498,689 549,767 226,866 237,385 TAB expenses 237,385 226,866 715,272 723,853 Gaming expenses 723,853 715,272 1,800 710 Other trading expenses 26 12,040 3,137

1,529,337 1,469,514 5,950,443 6,087,361

$2,153,794 $2,159,890 Contribution from Trading $2,610,894 $2,361,576

32 |




CLUB GROUP

2011 2012 Note 2012 2011 $ $ $ $

5 PROPERTY RENTAL INCOME AND EXPENDITURE

Income 344,958 344,958 Investment property rents 344,958 344,958 20,000 - Tenant club rents - 20,000 1,001,208 1,047,404 Other tenant rents 26 924,548 885,923 912,204 - NZRB licence fee 11 - 912,204 303,454 376,507 Show parking income 376,507 303,454 89,371 106,120 Casual parking income 106,120 89,371 191,017 233,175 Sundry rents 233,175 191,017

2,862,212 2,108,164 1,985,308 2,746,927

Expenditure 98,296 175,763 Parking expenses 175,763 98,296 10,002 29,855 Rental property expenses 29,855 10,002

108,298 205,618 205,618 108,298

$2,753,914 $1,902,546 Contribution from Property Rentals $1,779,690 $2,638,629

6 OTHER INCOME

43,998 41,317 Members subscriptions 41,317 43,998 466,855 94,528 Grants received 94,528 466,855 60,190 66,152 Other sundry income 26 21,977 18,315

$571,043 $201,997 Total Other Income $157,822 $529,168

7 OPERATIONS AND ADMINISTRATION EXPENDITURE

622,927 674,232 Administration salaries and wages 674,232 622,927 41,154 39,393 Audit and related services 8 42,093 43,754 98,333 90,000 Board remuneration 25 90,000 98,333 2,810 3,740 Community donations 3,740 2,810 367,255 452,042 Course staff and security 452,042 367,255 3,000 - Tenant club grants - 3,000 10,000 - Other grants - 10,000 19,698 3,498 Marketing expenses 26 2,726 15,986 31,087 36,579 Membership expenses 26 32,918 27,858 268,002 286,687 Power and water 315,653 296,277 246,995 301,060 Rates and insurance 311,196 254,837 39,868 40,334 Receivables written off 22 46,622 41,502 601,340 715,318 Repairs and maintenance 717,842 602,279 309,030 289,620 Administration and other expenses 26 386,999 395,767

$2,661,499 $2,932,503 Total Operations and Administration Expenditure $3,076,063 $2,782,585

8 AUDIT AND RELATED SERVICES

Hayes Knight Audit provide audit services to the Group and a Hayes Knight associated company is engaged to provide tax compliance and related services. The fee expense paid and/or accrued for the year is detailed as follows: 35,154 36,293 Group financial statement audit 36,293 35,154 - - Subsidiary financial statement audit 1,700 1,600 3,100 3,100 Club gaming account audit 3,100 3,100 - - Subsidiary income tax compliance services 1,000 1,000 2,900 - Group compliance advisory services - 2,900

$41,154 $39,393 Total Audit and Related Services $42,093 $43,754

| 33




CLUB GROUP

2011 2012 Note 2012 2011 $ $ $ $

9 EMPLOYEE BENEFITS EXPENSE

Employee benefits expense is included in the functional expenditure analysis provided in notes 3 to 7. The total employee benefits expense for the year is made up as follows:

468,154 557,021 Racing expenditure 557,021 468,154 543,990 536,936 Trading expenditure 2,642,683 2,665,060 94,388 97,899 Property rental expenditure 101,932 94,388 880,013 990,369 Operations and administration expenditure 990,369 880,013 98,333 90,000 Board remuneration 25 90,000 98,333

$2,084,878 $2,272,225 Total Employee Benefits Expense $4,382,005 $4,205,948

10 OTHER INDUSTRY DISTRIBUTIONS

During the year the club received additional industry funding as follows::

35,000 30,000 HRNZ Carnival promotion subsidies 30,000 35,000 50,000 - HRNZ Inter Dominion hosting support - 50,000 - 135,000 HRNZ funding adjustment 135,000 -

$85,000 $165,000 Total Other Industry Distributions $165,000 $85,000

11 NZRB LICENCE FEE

During the previous financial period the NZ Racing Board paid a one time only licence fee of $912,204 (Note 5) to secure the rights to occupy the newly developed area for the operation of a TAB agency. The licence proceeds contributed to the cost of the construction and fit out of the new TAB extension.

12 OTHER COMPREHENSIVE INCOME

Gains or losses on the revaluation of land arise from the periodic recognition of movement in the fair value of in service and strategic land holdings as measured by independent valuation. No income tax effect is incurred.

The land revaluation adjustment this year is due to the revaluation of land situated at Station Road, Pukekohe.

13 REVALUATION SURPLUS RESERVE

The Revaluation Surplus Reserve is that portion of equity that has been recognised by the periodic revaluation of land, being an asset class within property, plant and equipment (Note 30). Fair value movements on investment property are not part of the Revaluation Surplus Reserve. Gains or losses arising on the measurement of fair value of investment property (Note 31) are recognised through the Statement of Comprehensive Income and form part of Accumulated Funds.

Movement in the reserve during the year is as follows:

12,978,830 12,978,830 Balance as at 31 July 2011 (Restated) 12,978,830 12,978,830 - (10,000) Revaluation Station Road, Pukekohe (10,000) -

$12,978,830 $12,968,830 Balance as at 31 July 2012 $12,968,830 $12,978,830

The Reserve balance represents the revaluation of land as follows:

12,902,163 12,902,163 Alexandra Park, Epsom (Restated) 12,902,163 12,902,163 76,667 66,667 Station Road, Pukekohe 66,667 76,667

$12,978,830 $12,968,830 $12,968,830 $12,978,830

The change in accounting policy adopted this year (Note 2) required a re-assessment of the value of in service land at Alexandra Park. The value of land has been determined by independent valuation (Note 30) and resulting therefrom the comparative opening balance of the Revaluation Surplus Reserve has been increased by $8,227,633.

34 |




CLUB GROUP

2011 2012 Note 2012 2011 $ $ $ $

14 ACCUMULATED FUNDS

Accumulated funds is the sum of accumulated earnings retained as part of total equity, which is represented by the net assets of the Group. From time to time funds may be set aside from accumulated funds in separate reserves to meet specific future obligations.

Movement in accumulated funds for the year is as follows:

29,560,659 31,128,608 Balance as at 31 July 2011 31,128,608 29,560,659 1,492,949 384,655 Net Surplus (Deficit) for the year 384,655 1,492,949 75,000 75,000 Transfer from (to) Inter Dominion Reserve 15 75,000 75,000

$31,128,608 $31,588,263 Balance as at 31 July 2012 $31,588,263 $31,128,608

15 INTER DOMINION RESERVE

During the 2005 season the Club became party to a funding agreement between member clubs of the Inter Dominion Harness Racing Council. Under this agreement the Club received payments from each of the contributing clubs totalling $525,000, to be used in meeting costs associated with hosting the Inter Dominion Championships in March 2005.

As a party to the agreement the Club had an obligation to contribute in a reciprocal manner to each club hosting the Inter Dominion Championships for the duration of the agreement, which concluded with the conducting of the championship in 2012. The Club no longer has any future commitment under the funding agreement.

92,500 - Current year - 92,500 - - 1 - 2 years - -

$92,500 - Total Future Commitment - $92,500

In recognition of the future commitment arising from the Inter Dominion Funding Agreement the Board resolved that the amount received

of $525,000 be transferred to a reserve account and that $75,000 be allocated annually from the reserve toward meeting the Club’s current obligation under the agreement.

Movement in the reserve during the year is as follows:

150,000 75,000 Balance as at 31 July 2011 75,000 150,000 (75,000) (75,000) Transfer (to) from Accumulated Funds 14 (75,000) (75,000)

$75,000 - Balance as at 31 July 2012 - $75,000

16 INVENTORIES

The balance in the Statement of Financial Position is made up as follows:

190,119 161,488 Inventory held for commercial sale or use 227,424 255,162 40,234 27,787 Inventory held for use in service 27,787 40,234

$230,353 $189,275 Total Inventory $255,211 $295,396

No inventories are pledged as security for liabilities; however some inventory may be subject to retention of title clauses for inventory

purchased for which payment remains due under normal credit terms.

17 EMPLOYEE ENTITLEMENTS

The liability for employee entitlements recorded in the Balance Sheet is made up as follows:

34,477 27,090 Accrued salaries and wages 37,315 69,090 165,937 162,231 Liability for annual leave 259,891 261,785 2,982 1,624 Liability for sick leave 7,450 10,000 3,936 4,163 Kiwisaver and superannuation contributions on hand 8,125 8,076

$207,332 $195,108 Total Employee Entitlements $312,781 $348,951

| 35




CLUB GROUP

2011 2012 Note 2012 2011 $ $ $ $

18 CASH AND CASH EQUIVALENTS

The balance in the Balance Sheet is made up as follows:

115,853 49,019 Cash on hand 76,696 155,112 25,635 (196) Cash at bank - Operating accounts 6,801 52,404 95,704 63,459 Cash at bank - Gaming account 63,459 95,704 1,128 542,678 Cash at bank - Deposits at call 542,678 1,128

$238,320 $654,960 Total Cash and Cash Equivalents $689,634 $304,348

The bank operating account has an overdraft limit of $600,000 (2011 : $600,000). At balance date the interest rate applicable to the

overdraft was 6.00% (2011 : 6.00%). This is a floating rate set by the bank.

The Gaming account is subject to restriction on use whereby the application of funds is limited to meeting approved items of gaming expenditure and appropriation to the authorised purposes contained in the Club’s current licence to operate gaming machines.

There are no other restrictions on the utilisation of cash resources on hand at balance date (2011 : Nil).

19 TRADE AND OTHER PAYABLES

The balances in the Balance Sheet are made up as follows:

391,653 386,313 Trade payables 533,821 549,998 110,042 106,307 Accrued expenses 135,998 131,855 104,790 108,300 Deposits and receipts in advance 211,945 178,024 520,813 135,807 Construction project payables 135,807 520,813 157,909 222,516 Subsidiary payables - - 68,210 146,443 Other payables 171,092 95,696

$1,353,417 $1,105,686 Total Trade and Other Payables $1,188,663 $1,476,386

1,353,417 1,105,686 Payable during the current 12 months 1,188,663 1,476,386 - - Payable in future periods - -

$1,353,417 $1,105,686 $1,188,663 $1,476,386

20 GAMING DISTRIBUTION TO AUTHORISED PURPOSES

The club’s licence to operate gaming machines provides that the proceeds of gaming be applied to provide for the conduct of race meetings for the benefit of the public and to promote and control those meetings, including the provision and maintenance of facilities and the payment of stake money.

Grants to authorised purposes of $1,625,300 have been applied to stake money. (2011 : $1,587,500)

21 INCOME TAX

The subsidiary entity is subject to income tax on profits earned. Profits earned in the current period give rise to taxation expense of $51,551, which has yet to be confirmed with the Inland Revenue Department. After recognition of the current year profit the subsidiary has accumulated tax losses of $2,546,867 to carry forward and has available temporary differences for future deductions of $139,996. At the corporate tax rate of 28% there is a deferred tax asset available to the subsidiary of $752,322 (2011:$803,873). The deferred tax asset has not been recognised for Group reporting as it is considered that future taxable profits against which the asset may be utilised cannot be relied upon with sufficient certainty.

36 |




CLUB GROUP

2011 2012 Note 2012 2011 $ $ $ $

22 TRADE AND OTHER RECEIVABLES

The balances in the Balance Sheet are made up as follows:

277,750 291,806 Trade receivables 390,028 405,676 813,470 226,172 Affiliated debtor receivables 227,292 813,684 38,145 40,814 Prepayments 41,432 39,026 1,368 16,887 Other receivables 16,967 9,013 (174,035) (50,638) Provision for impairment (50,638) (177,184)

$956,698 $525,041 Total Trade and Other Receivables $625,081 $1,090,215

956,698 525,041 Receivable during the current 12 months 625,081 1,090,215 - - Receivable in future periods - -

$956,698 $525,041 $625,081 $1,090,215

The affiliated debtor balance represents the amount due from industry bodies, tenant clubs and other organisations within the harness

racing industry with close affiliation to the Club. No collateral security is held against receivables.

The carrying value of receivables approximates their fair value after making due allowance for impairment losses based on an assessment of the credit risk attached to the receivables. Credit risk is determined based on an analysis of the Group’s losses in previous periods and review of specific debtors having regard to past payment performance and knowledge of their current circumstances. All receivables past due for 90 days or more are subject to an impairment assessment. A receivable will be considered to be impaired if there is an unresolved dispute, no effort is being made to reduce the debt, the debtor is the subject of receivership, liquidation or bankruptcy, or there are other known circumstances that indicate full recovery may be doubtful.

The analysis of those receivables that are past due but not impaired at the end of the reporting period is as follows:

85,123 53,600 Past due 1-30 days 63,886 91,193 25,759 16,057 Past due 31-60 days 22,453 26,386 23,431 76,728 Past due 61-90 days 79,969 23,431 23,107 68,505 Past due > 91 days 78,996 27,678

$157,420 $214,890 Total Receivables Past Due $245,304 $168,688

Movement in the provision for impairment of receivables is as follows:

39,781 174,034 Balance as at 31 July 2011 177,184 41,058

174,121 (83,062) Provisions made (reversed) during the year (79,924) 177,628 (39,868) (40,334) Receivables written off (46,622) (41,502) 134,253 (123,396) Increase (Decrease) for the year (126,546) 136,126

$174,034 $50,638 Balance as at 31 July 2012 $50,638 $177,184

The impairment provision is net of Goods and Services Tax which is recoverable in the event a debt is written off.

23 PROVISIONS FOR IMPAIRMENT

Increases (decreases) in provisions for impairment recognised in the Statement of Comprehensive Income are as follows:

134,253 (123,396) Provision for impairment of trade and other receivables 22 (126,546) 136,126 38,863 (184,112) Provision for impairment of loans to subsidiary 26 - -

$173,116 $(307,508) Increase (Decrease) in Provisions for Impairment $(126,546) $136,126

24 NZ IFRS STANDARDS AND AMENDMENTS

Management has considered NZ IFRS standards and amendments that have been issued but are not yet effective, and considers that there will be no material impact to arise upon initial application of the standards or amendments to future reporting periods.

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CLUB GROUP

2011 2012 Note 2012 2011 $ $ $ $

25 RELATED PARTY DISCLOSURES - BOARD AND MANAGEMENT

Remuneration paid to members of the board for the current term of office is:

10,000 10,000 P Cook Elected Director 10,000 10,000 25,000 25,000 R Croon President 25,000 25,000 15,000 15,000 K M Hoggard Vice President 15,000 15,000 10,000 10,000 J A MacKinnon Elected Director 10,000 10,000 10,000 10,000 S R Plant Elected Director 10,000 10,000 10,000 10,000 D H Sixton Elected Director 10,000 10,000 10,000 10,000 P W Smith Elected Director 10,000 10,000

$90,000 $90,000 $90,000 $90,000

Board members are actively engaged in the sport of harness racing and may transact with the club on normal terms in pursuing their interest and involvement therein.

Key management personnel having authority and responsibility for planning, directing and controlling the activities of the Club are the Chief Executive Officer, Chief Financial Officer and Racing Manager. The Operations Manager of Alexandra Park Functions Limited has key management responsibility for the subsidiary entity. Compensation paid to key management personnel is comprised of short-term employee benefits only. Total key management personnel compensation paid for the year is $571,958 (2011: $565,065).

26 RELATED PARTY DISCLOSURES - SUBSIDIARY ENTITY

Alexandra Park Functions Limited was incorporated on 20 September 1999 and the Club has ownership of all the shares of the Company. The Club has issued to the Company a licence to operate the Alexandra Park Function Centre and The Alex Bar & Eatery.

The Club has entered into transactions with Alexandra Park Functions Limited, the subsidiary entity, during the period. These transactions consist of expenses for the purchase of catering services from the company and income from property rental and management services provided to the company.

The value of related party transactions included in the financial statements are as follows:

41,875 44,175 Other sundry income - - 55,000 67,500 Catering income - - 115,285 122,856 Other tenant rents - -

$212,160 $234,531 Total Income from Subsidiary - -

7,293 13,437 Administration & other expenses - - 69,669 66,993 Advertising, promotions and sponsorship - - 6,748 1,329 Marketing expenses - - 6,312 6,300 Membership expenses - - 57,680 67,840 Other racing expenses - - 1,800 840 Other trading expenses - -

$149,502 $156,739 Total Expenditure to Subsidiary - -

The Club has made loans to the Company for the acquisition of various business enterprises. The Club has also made advances on current account to fund the trading commitments of the Company. Provision for impairment has been made at balance date and advances are recognised at current estimated net realisable value.

The intergroup balance reported at balance date comprises:

666,250 666,250 Loans - - 3,113,520 2,929,408 Current account - -

3,779,770 3,595,658 Total Advances - -

3,740,907 3,779,770 Opening provision for impairment - - 38,863 (184,112) Increase (decrease) for the current year - - 3,779,770 3,595,658 Closing provision for impairment - -

- - Estimated Realisable Value as at 31 July 2012 - -

The Club will continue to support the subsidiary as a going concern and has provided a written undertaking to the Company that the Club shall not call for repayment of the advances unless it gives the Company not less than 12 months notice of its intention to do so. Once the notice period has expired advances will be repayable to the Club on demand.

38 |




CLUB GROUP

2011 2012 Note 2012 2011 $ $ $ $

27 RECONCILIATION OF NET CASH FROM OPERATING

The reconciliation of Net Profit (Loss) for the year to Net Cash from Operating Activities is as follows:

1,492,949 384,655 Net Profit (Loss) for the year 384,655 1,492,949

Add Back Non Cash Items: 13,444 12,262 Amortisation expense 12,262 13,444 1,242,343 1,330,206 Depreciation and adjustments on disposal 1,330,206 1,242,343 173,116 (307,508) Provisions for impairment (126,546) 136,126 (75,000) (60,000) Fair value movements on investment property (60,000) (75,000)

Net Changes in Working Capital: (452,524) 555,053 Trade and other receivables 591,680 (471,385) (35,961) 41,078 Inventories 40,185 (48,816) (80,580) 167,804 Trade and other payables 162,008 (82,097) 20,700 (12,224) Employee entitlements (36,170) 47,753 (159,300) 3,510 Receipts in advance 33,921 (153,108)

$2,139,187 $2,114,836 Net Cashflow from Operations $2,332,201 $2,102,209

28 FINANCIAL INSTRUMENTS

The carrying amounts of financial assets and liabilities within category are as follows:

Loans and Receivables 238,320 654,960 Cash and cash equivalents 18 689,634 304,348 956,698 525,041 Trade and other receivables 22 625,081 1,090,215 - - Loans to the subsidiary entity 26 - -

$1,195,018 $1,180,001 $1,314,715 $1,394,563

Financial Liabilities (measured at amortised cost) $1,353,417 $1,105,686 Trade and other payables 19 $1,188,663 $1,476,386

Loans and receivables expose the Group to credit risk. The maximum exposure to credit risk is the total for Loans and Receivables disclosed above. Credit risk is managed by regular monitoring and pursuit of receivables that are past due. Loans and receivables are recognised at fair value, which is determined as amortised cost less provision for any impairment where the estimated recoverable amount is less than carrying value.

Financial liabilities expose the Group to liquidity risk. Liquidity risk is managed by the regular monitoring and forecasting of cash flow on a daily, monthly and long term basis to ensure adequate cash resources are maintained to meet obligations as they fall due. The total of financial liabilities includes deposits and receipts in advance (Note 19) that are not expected to be repaid in the normal course of business. The maturity analysis for all other financial liabilities is as follows:

995,960 816,953 Due 1-30 days 870,080 1,119,730 68,626 43,983 Due 31-90 days 60,389 85,438 141,152 134,162 Due 91-365 days 41,125 46,904 42,889 2,288 Due > 365 days 5,124 46,290

$1,248,627 $997,386 $976,718 $1,298,362 There is no exposure to any significant interest rate, currency or market risks at balance date.

| 39




29 INTANGIBLE ASSETS

Movements in the cost of each class of intangible asset are as follows:

Opening Cost Additions Disposals Transfer to Closing Cost at Cost at Cost Assets Held For Sale

Computer Software Licences 38,978 3,420 (3,703) - 38,695 Website Development 35,500 - - - 35,500

$74,478 $3,420 $(3,703) - $74,195

Opening Cost Additions Disposals Transfer to Closing Cost at Cost at Cost Assets Held For Sale

Computer Software Licences 40,009 - (1,031) - 38,978 Website Development 25,000 10,500 - - 35,500

$65,009 $10,500 $(1,031) - $74,478

Movements in the accumulated amortisation and impairment losses of each class of intangible asset are as follows:

Opening Amortisation Impairment Eliminated Transfer to Closing Balance Expense Losses on Disposal Assets Held Balance For Sale

Computer Software Licences 32,370 5,156 - (3,701) - 33,825 Website Development 9,227 7,106 - - - 16,333

$41,597 $12,262 - $(3,701) - $50,158

Opening Amortisation Impairment Eliminated Transfer to Closing Balance Expense Losses on Disposal Assets Held Balance For Sale

Computer Software Licences 25,747 6,695 - (72) - 32,370 Website Development 2,478 6,749 - - - 9,227

$28,225 $13,444 - $(72) - $41,597

The carrying value of each class of intangible asset is made up as follows:

Cost Accumulated Carrying Cost Accumulated Carrying Amortisation/ Value Amortisation/ Value Impairment Impairment

Computer Software Licences 38,695 33,825 4,870 38,978 32,370 6,608 Website Development 35,500 16,333 19,167 35,500 9,227 26,273

$74,195 $50,158 $24,037 $74,478 $41,597 $32,881

The following additional disclosures are made in respect of intangible assets:

No intangible assets are pledged as security for liabilities. There are no restrictions on title to intangible assets other than those that may arise from retention of title clauses for purchased additions for which payment remains due under normal credit terms.

There are no contractual commitments for the acquisition of intangible assets.

2012

2011

2012

2011

2012 2011

40 |




30 PROPERTY PLANT AND EQUIPMENT

Movements in the cost or valuation of each class of property, plant and equipment are as follows:

Opening Cost Additions Revaluation Disposals Transfer to Closing Cost or Valuation at Cost at Cost Assets Held or Valuation For Sale

Land Alexandra Park 13,275,000 - - - - 13,275,000 Land Pukekohe 710,000 - (10,000) - - 700,000 Land Improvements 812,311 7,404 - - - 819,715 Buildings & Grandstands 27,189,880 3,996,285 - (6,594) - 31,179,571 Plant, Machinery & Vehicles 5,014,275 193,499 - (291,885) - 4,915,889 Flood & Security Lighting 1,404,734 6,481 - (5,143) - 1,406,072 Furniture, Fittings & Other 1,065,208 118,855 - (114,897) - 1,069,166 Developments in Progress 3,337,839 17,825 - (2,875,839) - 479,825

$52,809,247 $4,340,349 $(10,000) $(3,294,358) - $53,845,238

Opening Cost Additions Revaluation Disposals Transfer to Closing Cost or Valuation at Cost at Cost Assets Held or Valuation For Sale

Land Alexandra Park (Restated) 13,275,000 - - - - 13,275,000 Land Pukekohe 710,000 - - - - 710,000 Land Improvements 802,830 9,481 - - - 812,311 Buildings & Grandstands 27,103,845 86,035 - - - 27,189,880 Plant, Machinery & Vehicles 5,075,314 133,073 - (194,112) - 5,014,275 Flood & Security Lighting 1,403,942 792 - - - 1,404,734 Furniture, Fittings & Other 1,061,191 54,805 - (50,788) - 1,065,208 Developments in Progress 670,735 2,672,931 - (5,827) - 3,337,839

$50,102,857 $2,957,117 - $(250,727) - $52,809,247

Developments in Progress are shown as disposed when an item of property, plant or equipment is ready for its intended use and will provide future economic benefits to the Group. The disposed amount is recognised as an addition at cost in the appropriate asset class.

Movements in accumulated depreciation and impairment losses of each class of property, plant and equipment are as follows::

Opening Depreciation Impairment Eliminated Transfer to Closing Balance Expense Losses on Disposal Assets Held Balance For Sale

Land Alexandra Park - - - - - - Land Pukekohe - - - - - - Land Improvements 435,855 39,638 - - - 475,493 Buildings & Grandstands 13,155,923 947,613 - (3,663) - 14,099,873 Plant, Machinery & Vehicles 4,171,935 249,599 - (280,694) - 4,140,840 Flood & Security Lighting 1,266,122 11,193 - (5,142) - 1,272,173 Furniture, Fittings & Other 584,477 65,014 - (107,206) - 542,285 Developments in Progress - - - - - -

$19,614,312 $1,313,057 - $(396,705) - $20,530,664

Opening Depreciation Impairment Eliminated Transfer to Closing Balance Expense Losses on Disposal Assets Held Balance For Sale

Land Alexandra Park - - - - - - Land Pukekohe - - - - - - Land Improvements 396,589 39,266 - - - 435,855 Buildings & Grandstands 12,293,198 862,725 - - - 13,155,923 Plant, Machinery & Vehicles 4,104,024 260,647 - (192,736) - 4,171,935 Flood & Security Lighting 1,255,045 11,077 - - - 1,266,122 Furniture, Fittings & Other 568,798 66,466 - (50,787) - 584,477 Developments in Progress - - - - - -

$18,617,654 $1,240,181 - $(243,523) - $19,614,312

2012

2011

2012

2011

| 41




30 PROPERTY PLANT AND EQUIPMENT (continued)

The carrying value of each class of property, plant and equipment is made up as follows:

Cost or Accumulated Carrying Cost or Accumulated Carrying Valuation Depreciation/ Value Valuation Depreciation/ Value Impairment Impairment

Land Alexandra Park 13,275,000 - 13,275,000 13,275,000 - 13,275,000 Land Pukekohe 700,000 - 700,000 710,000 - 710,000 Land Improvements 819,715 475,493 344,222 812,311 435,855 376,456 Buildings & Grandstands 31,179,571 14,099,873 17,079,698 27,189,880 13,155,923 14,033,957 Plant, Machinery & Vehicles 4,915,889 4,140,840 775,049 5,014,275 4,171,935 842,340 Flood & Security Lighting 1,406,072 1,272,173 133,899 1,404,734 1,266,122 138,612 Furniture, Fittings & Other 1,069,166 542,285 526,881 1,065,208 584,477 480,731 Developments in Progress 479,825 - 479,825 3,337,839 - 3,337,839

$53,845,238 $20,530,664 $33,314,574 $52,809,247 $19,614,312 $33,194,935

The following additional disclosures are made in respect of property, plant and equipment:

There are no restrictions on title to property, plant and equipment other than those that may arise from retention of title clauses for purchases for which payment remains due under normal credit terms.

Land at Alexandra Park is carried at independent valuation as at 31 July 2012 prepared by S D Keenan (ANZIV,MNZPI), of Seagar and Partners registered valuers and has been assessed in accordance with the change in accounting policy (Note 2). The increase in land value is considered to have arisen in prior periods (valuation as at 31 July 2009) and the opening balance of the 2011 comparative land value has been increased by $8,227,633, being the increase in the value of land now recognised. There has been no subsequent change in the value since 31 July 2009.

Land at Station Road, Pukekohe is carried at independent valuation as at 31 July 2012 prepared by R H Martin ANZIV, Director, Property Valuations Limited.

The sales comparison method was used to arrive at the fair value of land at Alexandra Park and Station Road, Pukekohe, taking into consideration the general market perception of this type of asset and at best, the mixed market for development land at present.

Land carried as part of property, plant and equipment does not include those areas of land recognised as investment property and reported at fair value in accordance with the requirements of NZ IAS 40 (Note 31).

The original cost of land carried at valuation is $1,006,170 (2011:$1,006,170). The surplus due to revaluation is $12,968,830 and is carried as a separate line item in equity.

31 INVESTMENT PROPERTY

Movements in the carrying value of investment property are as follows:

Opening Additions Fair Value Fair Value Transfer to Closing Balance at Cost Gain Loss Assets Held Balance For Sale

350 Manukau Road, Epsom 2,290,000 - 60,000 - - 2,350,000 352 Manukau Road, Epsom 2,850,000 - - - - 2,850,000 223 Greenlane West, Epsom 5,950,000 - - - - 5,950,000

$11,090,000 - $60,000 - - $11,150,000

Opening Additions Fair Value Fair Value Transfer to Closing Balance at Cost Gain Loss Assets Held Balance For Sale

350 Manukau Road, Epsom 2,290,000 - - - - 2,290,000 352 Manukau Road, Epsom 2,775,000 - 75,000 - - 2,850,000 223 Greenlane West, Epsom 5,950,000 - - - - 5,950,000

$11,015,000 - $75,000 - - $11,090,000

20112012

2012

2011

42 |




31 INVESTMENT PROPERTY (continued)

The following additional disclosures are made in respect of investment property:

The Club engaged S D Keenan (ANZIV, MNZPI), of Seagar and Partners registered valuers, to provide an independent assessment of the fair value of investment property. The total fair value of property is valued at $11,150,000 being the closing balance detailed above. The valuation reports are dated August 2012 with fair value being assessed as at 31 July 2012.

The fair value of land at 350 Manukau Road has been determined using the Income Capitalisation method, having regard to the existing tenancy of a good quality fast food tenant, rental at market levels with a further 5.5 years to run.

The fair value of land at 352 Manukau Road has been determined using the Discounted Cashflow method, having regard to the existing tenancy of a good quality tenant, rental at market levels with a further 6.5 years to run.

The fair value of land at 223 Greenlane West has been determined using a combination of the Sales Comparison method and Residual/Development method on an as if complete basis. The land is valued subject to vacant possession taking into consideration the general market perception of this type of asset and at best, the mixed market for development land at present.

Pursuant to rule 36 (a) (i) no freehold land owned by the Club shall be sold without the approval of a resolution of the members of the club. The leasing or otherwise disposal of freehold land may require the approval of members pursuant to rule 36 (a) (iii).

Investment properties situated at 350 and 352 Manukau Road are subject to a mortgage in favour of ASB Bank Limited securing an overdraft facility of $600,000.

The Club has no contractual obligations to purchase, construct or develop the existing investment properties situated at 350 and 352 Manukau Road, or for repairs, maintenance or enhancements.

The Club is seeking expressions of interest from parties that may consider the development and lease of building sites situated at 223 Greenlane West, Epsom. No contractural arrangements have been entered into.

The Concept Plan - Greenlane West (E09-55) imposes development controls pertaining to access for the site at 223 Greenlane West that are dependant on completion of the roading and parking infrastructure approved for Alexandra Park. The Club is responsible for the completion of these infrastructure works before any buildings to be developed on the site can be occupied. The estimated cost to the Club to complete the development control works is $5,345,041, which obligation has been reflected in the assessment of fair value of the property at balance date.

32 CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

The Club has a contingent obligation to undertake infrastructure development and roading arising from the sale of land to the Ministry of Education in 1999. The cost of development will be shared with the Ministry of Education. The obligation is contingent upon the Ministry’s election to proceed with the construction of a school on the site. However, the Club may, at its discretion, elect to proceed with the development at any time. The Ministry of Education has previously been notified of the Club’s intention to proceed with the infrastructure work in order to complete the development control works (Note 31) and the ministry participated in the preparation and call for tenders. However no contractual obligations have been entered into and the works are not proceeding at this time.

The Club has entered into a memorandum of understanding with Northern Harness Racing Incorporated. In the event that the Performance Incentive Scheme Reserve Fund should be insufficient to meet the obligations incurred by the scheme, the Club will fund any shortfall.

The Club has indemnified ASB Bank Limited in respect of a $30,000 bank guarantee in favour of the New Zealand Racing Board. The guarantee was required as a condition of the Club being able to operate a social TAB agency at Alexandra Park.

There are no other material capital commitments or contingent liabilities.

| 43

AUDITOR’S REPORTAUCKLAND TROTTING CLUB INCORPORATED

44 |

AUDITOR’S REPORTAUCKLAND TROTTING CLUB INCORPORATED

| 45 | 45

MEMBERS’ LIST & CALENDAR


2007-08 Abernethy, Mrs P.

1990-91 Aickin, Ms C.A.

1973-74 Alabaster, P.L.

1980-81 Alcock, T.C.

2004-05 Alexander, J.D.

1999-00 Alexander, J.R.

1976-77 Andrew, G.M.

1969-70 Antunovich, F.G.

1972-73 Archer, D.L.

1972-73 Ashby, G.K.

u 1965-66 Atkinson, F.G.

2011-12 Augustine, D.

2010-11 Baddeley, Ms S.

1987-88 Baillie, P.G.

1996-97 Baker, G.J.

1994-95 Baker, G.S.

1980-81 Baker, N.N.

u 1964-65 Baker, R.

1984-85 Balle, K.R.

1982-83 Balle, M.F.

2011-12 Bampton, Ms K.

1996-97 Banton, C.

1999-00 Barlow, C.

1981-82 Barnes, R.C.

1984-85 Barraclough, Mrs K.R.

1980-81 Barradale, C.

1993-94 Barrett, Mrs J.O.

1967-68 Barry, P.R.

1981-82 Bassett, Mrs G.B.

1994-95 Bassett, J.R.

1983-84 Batson, A.W.

1984-85 Bax, E.J.

2001-02 Bell, A.J.

2006-07 Bennett, L.

1990-91 Berghan, G.B.

1987-88 Bermingham, W.J.

1981-82 Berry, W.J.

2004-05 Best, G.A.

2010-11 Beswick, I.C.

2007-08 Biddlecombe, D.P.

1979-80 Bilish, A.G.

2009-10 Billington, N.R.

2010-11 Bird, J.P.

1980-81 Blackburn, G.G.

1982-83 Boland, J.M.

2010-11 Bolton, R.

1996-97 Bond, G.R.

1985-86 Borich, J.P.

1997-98 Bosch, F.B.

1964-65 Bosher, H.R.

2009-10 Bowker, R.S.

1999-00 Boyd, G.

1998-99 Boyd, I.G.

1983-84 Braithwaite, Dr A.C.

1984-85 Breckon, G.K.

1994-95 Breckon K.G.

1976-77 Bridgford, R.A.

2010-11 Brierley, A.

1982-83 Brown, D.W.S.

1997-98 Brown, Mrs N.V.

1989-90 Brownlee, J.I.

2008-09 Bryant, J.S.

1985-86 Bult, P.C.

1986-87 Burke, I.H.

1973-74 Burley, P.C.

1984-85 Butler, M.R.

1984-85 Calderwood I.E.

1964-65 Campbell, S.J.

1993-94 Carey, T.W.

2003-04 Cargill, T.M.

1984-85 Carr, R.G.

1984-85 Carr, R.H.

1994-95 Carter, B.K.

1984-85 Carter, R.W.

1972-73 Cash, P.A.D.

1985-86 Castles, G.V.

1988-89 Cathro, Mrs C.E.

2002-03 Chan, R.

2010-11 Chapman, L.I.

1975-76 Charlesworth, J.R.

2008-09 Charlton, P.

2000-01 Chia, S.K.H.

1968-69 Chilcott, R.A.

1990-91 Christensen, L.G.

2010-11 Churches, D.B.

2010-11 Cleaver, T.J.

1992-93 Cole, G.W.

1997-98 Coll, J.G.

2008-09 Collins, Ms J.A.

2004-05 Colson, C.D.

1986-87 Cook, P.M.

1992-93 Corner, P.M.

2011-12 Corry, Ms J.

1947-48 Coughlan, A.S.

2005-06 Cousins, D.

1982-83 Cox, S.E.

1976-77 Cozens, Mrs L.O.

1965-66 Craddock, N.

1984-85 Craig, H.J.

u 1964-65 Cramer-Roberts, K.D.

1977-78 Crooke, K.T.

2002-03 Croon, R.

1977-78 Cross, A.A.

1989-90 Crouth, J.P.

1943-44 Cucksey, H.A.

1985-86 Cudby, D.H.

1972-73 Culpan, Mrs N.

1981-82 Curach, G.P.

1999-00 Curham, P.J.

1999-00 Curson, P.G.

1988-89 Curtin, J.D.

2010-11 Daly, S.P.

1981-82 Dalziel, W.P.

2007-08 Datson, G.

1984-85 Davidson, E.R.

2010-11 Davies, Ms K.E.

2011-12 Davis, Ms S.M.

1998-99 Davison, B.L.

1970-71 Day, K.A.

1980-81 Delich, P.

1979-80 Dell’isola, A.P.

2001-02 Dempsey, R.

1968-69 Denning, D.R.

1984-85 Devlin, J.W.

2008-09 Dickie, R.C.

1999-00 Dickinson, A.N.

2010-11 Ditimer, K.

1969-70 Divich, A.M.

1967-68 Doherty, E.F.

2010-11 Donovan, F.J.

2011-12 Dormer, A.

1989-90 Dormer, G.R.

1995-96 Doughty, G.C.

1995-96 Doughty, W.

2008-09 Dow, Ms J.R.

1977-78 Dowd, C.C.

1973-74 Downey, A.B.

1987-88 Downey, E.H.

1976-77 Drake, Dr L.A.

1988-89 Driver, L.C.

1988-89 Dudley, M.J.

2005-06 Dunell, Ms P.

2007-08 Dunford, D.M.

2009-10 Dunford, M.D.

1985-86 Dwyer, D.P.

2005-06 Eade, Mrs J.

1963-64 Eagles, P.W.

1992-93 Ede, J.B.

1979-80 Edmunds, Ms P.

2005-06 Edwards E.J.

2007-08 Elder, M.J.

1973-74 Elliffe, D.M.

1969-70 Elvidge, G.A.

1995-96 Ewen, J.

1984-85 Eyre, H.A.R.

1999-00 Famularo, R.

2004-05 Famularo, Ms S.

2009-10 Farrell, B.

1989-90 Farry, J.J.

1986-87 Faulkner, J.T.

1987-88 Feek, M.W.

1970-71 Ferguson, K.

1989-90 File, M.

1989-90 Flaherty, E.M.

2011-12 Flay, Ms S.J.K.

1989-90 Fleetwood, G.E.

2011-12 Foley, K.J.

1986-87 Foley, Miss W.

1993-94 Forbes, J.P.W.

1984-85 Ford, Mrs T.J.

1991-92 Fornusek, D.A.

1996-97 Foster, G.E.

1970-71 Foy, J.C.

2008-09 Frechtling, R.C.

2000-01 Freeman, J.R.

1987-88 French, D.K.

1975-76 Fulton, A.L.

2010-11 Gain, A.S.

1964-65 Galbraith, A.R.

1972-73 Gallagher, B.R.

1972-73 Gallagher, C.D.

1979-80 Garelja, T.G.

1985-86 Gianotti, W.J.

1972-73 Gibbons, N.P.

1967-68 Glasgow, D.H.

1965-66 Glenn, M.K.

1987-88 Godfrey, D.I.

2008-09 Goldsmith, D.R.

1998-99 Goldsworthy, Mrs D.V.

1996-97 Goldsworthy, M.F.

1991-92 Goldsworthy, M.J.

1989-90 Goryl, A.

1970-71 Graham, R.C.

1977-78 Grantham, Mrs M.

1973-74 Grantley, D.G.

1976-77 Gray, R.J.

1982-83 Green, B.R.

2003-04 Green, J.P.

1984-85 Green, Mrs M.E.

1967-68 Green, T.A.

2007-08 Green, Ms V.C.

1996-97 Grierson, A.R.

1969-70 Griffiths, S.R.

2002-03 Grocott, Ms S.L.

2005-06 Gubb, W.P.

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1984-85 Hadley, C.J.

2003-04 Hagan, S.J.

1977-78 Haines, P.E.

1989-90 Hall, J.W.

1969-70 Hamilton, W.R.

2003-04 Hamley, R.E.

1999-00 Hansen, M.

1985-86 Hansen, P.V.

1991-92 Harding, G.W.

1977-78 Hargreaves, T.I.

1988-89 Harris, C.A.

2007-08 Harris, C.J.

u 1969-70 Harris, H.G.

1989-90 Harris, R.J.

1954-55 Harrison, B.

1995-96 Harrison, D.

1963-64 Harrison, K.

1989-90 Hart, J.B.

1981-82 Haslam, P.J.

2004-05 Heck, M.P.B.

1989-90 Hedger, B.A.

1969-70 Heighway, Mrs J.

1947-48 Hemming, L.R.

2009-10 Henare, T.M.A.

1964-65 Henderson, A.F.

1951-52 Henderson, S.M.

1994-95 Henley, G.R.

2004-05 Henwood, L.T.

1995-96 Herlihy, A.G.

1995-96 Herlihy, Mrs S.

1990-91 Hewes, B.D.

1999-00 High, R.

1993-94 Hill, D.

2006-07 Hill, K.R.

2007-08 Hill, M.C.

2007-08 Ho, N.Y.C.

1983-84 Hobman, B.R.

1993-94 Hodgkins, Miss M.J.

2007-08 Hogan, Ms L.

1999-00 Hoggard, K.M.

2004-05 Holland, B.

u 1985-86 Holloway, S.

1968-69 Hooper, L.R.

2010-11 Hope, W.R.

1964-65 Hornblow, B.R.

1982-83 Hoyle, M.

1969-70 Hoyte, W.C.

2005-06 Hughes, B.

1977-78 Hughes, B.J.

1994-95 Hunter, M.B.

1979-80 Ingram, Mrs J.M.

1972-73 Irving, G.H.

2010-11 James, Mrs B.

2005-06 Jenkins, D.N.

2009-10 Jillings, C.

1987-88 Johnson, R.C.

1975-76 Jones, F.M.

1989-90 Jones, J.J.

1994-95 Jones, K.D.

1967-68 Jones, P.R.

2010-11 Jones, R.R

1989-90 Jury, L.C.

1975-76 Keegan, G.J.

1984-85 Kelly, G.W.

1964-65 Kennedy, A.J.

1988-89 Kennedy, R.B.

1989-90 Kerr, D.K.

1967-68 Kerr, G.R.

2008-09 Kilgour, B.

1975-76 Kirkbride, D.G.

1994-95 Knox, Dr. A.J.

u 1964-65 Koefoed, C.B.

1983-84 Koefoed, H.R.

1980-81 Kolovos, S.A.

1989-90 Lahood, P.J.

1989-90 Lapwood, L.R.

1985-86 Lascelles, P.R.

1970-71 Latimer, N.A.

1966-67 Lee, B.C.

2003-04 Lee, M.D.

1968-69 Leslie, M.J.

1994-95 Lim, B.Y.

2006-07 Lim, F.

1977-78 Lipa, J.S.

1978-79 Lloyd, B.S.

1967-68 Lockhart, S.G.

2009-10 Logan, G.F.

1990-91 Long, E.J.

1968-69 Loomb, J.A.

2005-06 Loveday, J.B.

1992-93 Lowe, P.

1979-80 Lowther, P.

1975-76 Lucas, J.C.

1979-80 Luey, W.

1969-70 Lum, L.S.

1992-93 Mabey, W.K.

1982-83 MacDonald, D.S.

1986-87 MacFarlane, G.L.

2009-10 Mackay, N.P.

1998-99 Mackie, C.

1989-90 MacKinnon, J.A.

1968-69 Magness, R.J.

1985-86 Maher, J.F.

1966-67 Maich, J.S.L.

1969-70 Mann, D.A.

1990-91 Marr, K.D.

1994-95 Martin, B.R.

2010-11 Mason, A.G.

2008-09 Mason, G.P.

2009-10 Mathews, S.H.

1983-84 Matthews, Ms S.A.

1965-66 Matulich, M.I.

1990-91 Maxwell, T.G.

1996-97 May, R.V.S.

1993-94 McAuley, R.G.

2009-10 McCarthy, R.J.H

1970-71 McCaughan, D.F.

1985-86 McClintock, G.J.

1999-00 McDonald, B.M.

1977-78 McEntee, L.A.

1994-95 McFarland, K.J.

1986-87 McGeady, H.E.

1964-65 McHugh, P.S.

1986-87 McIlraith, D.H.

1984-85 McIntosh, A.J.

1969-70 McIsaac, V.C.

2010-11 McKay, K.D.

1964-65 McKay, R.P.

2000-01 McKearney, J.

1985-86 McKerrow, Dr K.J.

1964-65 McLaren, D.G.

1998-99 McLellan, Ms A.N.

1987-88 McMath, B.D.

1984-85 McQuoid, R.J.

1972-73 McRae, J.H.

1972-73 McRae, Mrs J.I.

u 1978-79 Meadows, A.S.

u 1980-81 Meale, B.

1981-82 Medcalfe, D.

2004-05 Michl, A.K.

2006-07 Miller, I.A.

1999-00 Millier, G.D.

2011-12 Mills, H.M.

2010-11 Mohanakrishnan, Ms J.

2006-07 Moore, J.F.

1988-89 Moore, T.

2005-06 Morris, K.I.

1992-93 Morron, P.R.

1990-91 Mrkusich, G.G.

1967-68 Muir, A.A.

1972-73 Mulligan, H.A.

1988-89 Murray, C.H.

1965-66 Musson, P.W.

1984-85 Myles, G.C.

1968-69 Naden, A.G.

1964-65 Neal, B.W.D.

2010-11 Neal, D.T.

2003-04 Neben, B.W.

1996-97 Neville, K.F.

1976-77 Neville-White, B.G.

1997-98 Ng, M.

1967-68 Nicolson, S.O.

1972-73 Nieper, M.J.

1984-85 Nigro, J.V.

1984-85 Notman, M.R.

1968-69 Oliver, W.

1975-76 Oughton, L.J.

1988-89 Outtrim, S.W.

1984-85 Outtrim, W.H.

1964-65 Oxley, Dr F.J.H.

2009-10 Pack, Dr Y.M.

1939-40 Paltridge, D.L.

1984-85 Parker, A.J.

1998-99 Parker, Ms F.D.

1999-00 Paton, Ms R.

1992-93 Paul, K.G.

2010-11 Paul, S.

2011-12 Pearson, Mrs A.

1966-67 Pengelly, W.R.

1996-97 Pettifer, J.G.

1975-76 Pettifer, L.D.

2010-11 Phelan, R.

2000-01 Phillips, Mrs A.M.

1960-61 Phillips, P.B.

1972-73 Phillips, S.B.

1985-86 Philpott, J.S.

2005-06 Plant, B.J.

2005-06 Plant, S.R.

1972-73 Plumley, Jnr H.C.

1990-91 Potter, T.D.

1990-91 Powell, R.F.

2007-08 Pratt, A.

1999-00 Price, B.

1984-85 Price, J.H.

2011-12 Purdon, C.N.

u 1984-85 Purdon, R.C.

2010-11 Purdon-Reid, Mrs W.

1976-77 Pye, L.K.

2001-02 Pyke, Ms R.J.

u 1977-78 Quinn, T.A.

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2011-12 Rack, G.J.

1986-87 Reekers, P.

1992-93 Reeve, M.R.

1989-90 Reid, Mrs J.C.

1986-87 Reid, R.R.

2010-11 Reid, S.J.

1956-57 Rennie, H.S.

1975-76 Revill, G.M.

2001-02 Reynolds, Ms J.

1967-68 Richards, F.F.

2002-03 Ringrose, M.A.

2011-12 Rizarri, E.

u 1963-64 Roberts, C.J.

u 1967-68 Robertson, G.D.

1976-77 Robertson, G.I.

1964-65 Robertson, Mrs M.

1967-68 Robinson, Mrs G.A.

1982-83 Robinson, P.A.

1979-80 Rogers, M.E.

2009-10 Rogerson, G.A.

u 1992-93 Ross, J.G.

1969-70 Roulston, A.T.

1965-66 Rouse, G.F.

1995-96 Rowe, C.M.

1994-95 Russell, L.R.

1972-73 Russell, T.

2011-12 Ryan, Ms G.A.

1992-93 Sadler, J.F.

1983-84 Sadler, R.G.

1994-95 Sampson, Mrs M.F.

1995-96 Samson, P.A.

1966-67 Scoltock, W.H.

1965-66 Scott, B.J.

1995-96 Scown, M.A.C.

1995-96 Searle, R.L.

1983-84 Selby, J.R.

1989-90 Sellars, Ms N.

1964-65 Selwyn, M.J.

2008-09 Shand, B.I.

2008-09 Shand, G.

1988-89 Shaw, B.P.

1988-89 Shaw, Mrs E.T.

1988-89 Shaw, I.G.

1990-91 Shearing, G.D.

1965-66 Shew, S.H.

1997-98 Shiu, H.J.

1981-82 Shorter, D.E.

2006-07 Shorter, D.J.

1973-74 Simich, C.R.

1985-86 Sinel, H.R.

1999-00 Sissons, R.J.

1994-95 Sixton, C.D.S.

1990-91 Sixton, D.H.

1977-78 Skinner, K.D.

1977-78 Skinner, M.B.

1979-80 Skudder, P.H.

2005-06 Small, Mrs A.

2011-12 Smith, Ms C.

1989-90 Smith, D.J.

2010-11 Smith, Ms E.M.

1973-74 Smith, J.E.

1995-96 Smith, P.H.

1996-97 Smith, P.W.

1973-74 Southey, R.A.

1983-84 Southey, R.M.

1980-81 Sparrow, B.

1989-90 Steiner, Mrs J.F.

2010-11 Stephen-Smith, B.K.

1970-71 Stewart, R.

1967-68 Stewart, R.W.

1994-95 Stockman, Mrs J.M.

u 1981-82 Stockman, S.J.

1992-93 Storck, E.C.

2005-06 Strawbridge, C.E.

1984-85 Street, J.F.

1989-90 Sullivan, G.

1984-85 Sumich, M.A.

1972-73 Sykes, Ms G.

1989-90 Talbot, A.R.

1976-77 Tansley, M.G.

1984-85 Tapper, S.P.

1986-87 Tarry, B.H.

1990-91 Taylor, B.E.

2004-05 Taylor, B.N.

1988-89 Taylor, G.G.

1993-94 Taylor, G.G.

2010-11 Taylor, T.

1989-90 Thomas, G.R.

2011-12 Thomas, J.D.

1989-90 Thomson, C.W.

1989-90 Thomson, R.J.

2007-08 Thomson, R.W.

2007-08 Thorne, G.H.

1977-78 Tomlinson, A.R.

1982-83 Tong, F.

2009-10 Tosh, R.

2011-12 Trapski, F.

1988-89 Treadaway, K.

1994-95 Trevenen, Mrs R.

1976-77 Trillo, V.

1995-96 Turner, D.M.

1979-80 Turner, R.L.

2007-08 Van Rensburg, L.

1984-85 Verran, K.J.

2011-12 Verrenkamp, W.G.

1985-86 Vidovich, S.

2000-01 Vince, T.R.

1979-80 Vodanovich, P.R.

2003-04 Wackrow, P.J.

1979-80 Waide, R.

1976-77 Walker, D.G.

2010-11 Walker, Ms L.

1977-78 Walker, T.N.

1986-87 Wallis, A.E.

1994-95 Walters, Ms J.E.

2008-09 Warneford, K.

1960-61 Warnock, Mrs P.

1975-76 Waters, S.W.

1998-99 Watson, H.R.

1969-70 Watt, R.J.

1983-84 Waugh, D.L.

1964-65 Weaver, R.H.

2010-11 Webster, Ms J.D.

1987-88 Wells, P.J.

2011-12 Wells, P.V.

2008-09 Werner, Ms M.R.

1975-76 Wetherill, M.J.

1990-91 Wetherill, R.J.

1975-76 Wheeler, D.E.

1981-82 White, B.G.

2010-11 Whitehead, S.J.

1985-86 Whiting, B.R.

2007-08 Whyte, O.R.

2003-04 Whyte, W.G.

2009-10 Williams, K.

2004-05 Williams, M.L.O.

1971-72 Williams, W.P.

1984-85 Williamson, B.J.

1967-68 Willy, A.L.

2005-06 Wilson, C.

1986-87 Wilson, Dr J.C.

1992-93 Wilson, M.J.

1968-69 Wong, D.

1998-99 Woods, L.F.

1968-69 Woollams, K.A.

1991-92 Woolston, Mrs G.M.

1994-95 Yardley, J.

1982-83 Yarndley, R.A.

1986-87 Yee, L.M.

1965-66 Yee, R.C.

1965-66 Yee, V.S.

1997-98 Yong, K.T.C.

1984-85 Young, R.

1969-70 Zaloum, R.L.

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ALEXANDRA PARKRACING CALENDAR

2012/2013 SEASON

(P) DENOTES PREMIER MEETING (DAY) DENOTES DAY MEETING

August 2012

3 Friday Auckland 17 Friday Franklin 31 Friday Auckland

September 2012

14 Friday Auckland 21 Friday Auckland

October 2012

5 Friday Thames 12 Friday Auckland 19 Friday Auckland 26 Friday Franklin

November 2012

2 Friday Auckland 9 Friday Kumeu 16 Friday Auckland 23 Friday Franklin 30 Friday Auckland

December 2012

7 Friday Auckland (P) 11 Tuesday Kumeu (Day) 14 Friday Auckland (P) 20 Thursday Auckland 31 Monday Auckland (P) (Day)

January 2013

3 Thursday Northland (at Ruakaka) (Day) 13 Sunday Thames (at Thames) (Day) 25 Friday Auckland

February 2013

8 Friday Franklin 15 Friday Auckland 16 Saturday Auckland (Inter Dom heat) 22 Friday Auckland

March 2013

1 Friday Auckland (P) 5 Tuesday Franklin (at Pukekohe) (Day) 8 Friday Auckland (P) 15 Friday Auckland

April 2013

5 Friday Auckland 12 Friday Franklin 19 Friday Auckland 26 Friday Auckland (P)

May 2013

3 Friday Auckland (P) 5 Sunday Thames (Day) 10 Friday Kumeu 24 Friday Auckland 31 Friday Franklin

June 2013

7 Friday Auckland 14 Friday Auckland (P) 21 Friday Thames 28 Friday Auckland

July 2013

5 Friday Auckland 12 Friday Auckland 19 Friday Franklin 26 Friday Auckland

Please note that all race meetings are held at Alexandra Park in Epsom unless stated above

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WWW.ALEXANDRAPARK.CO.NZ

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Auckland Trotting Club Annual Report 2012

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