2016 Inter Dominion Champion Smolda and Trainer/Driver Mark Purdon
2017 Pacing Cup and Fremantle Cup Winner Chicago Bull Driver Gary Hall Jr – Trainer Gary Hall Sr
2016 Golden Nugget Winner Soho Tribeca and Trainer/Driver Kim Prentice
ANNUAL REPORT AND ACCOUNTS2016 - 2017 FINANCIAL YEAR
Gloucester Park Harness Racing
ANNUAL REPORT AND ACCOUNTS 2015 – 2016 FINANCIAL YEAR
Cover photographs courtesy of Jodie Hallows.
INTER DOMINIONPERTH 2017
L X X V I I
Gloucester Park | 3x Inter Dominion Heats | Live Band Entertainment!
Donaldson Park Bunbury | 3x Inter Dominion Heats | FREE entry! HEAT NIGHT TWO - TUE NOV 28
Gloucester Park | 3x Inter Dominion Heats | Italian Fireworks Night! HEAT NIGHT THREE - FRI DEC 1
Gloucester Park | 4x Group 1 Races | $1.1 Million Final | Live Band Entertainment! GRAND FINAL NIGHT - FRI DEC 8
HARNESS THE MOMENT $1.8 MILLION SERIES | $1.1 MILLION GRAND FINAL
OPENING NIGHT - FRI NOV 24
Annual Report and Accounts 2016-17 Financial Year Page 1
Western Australian Trotting Association trading as
Gloucester Park Harness Racing
MEMBERS OF THE COMMITTEE AND EXECUTIVE STAFF
President Mr J P (John) Burt
Senior Vice President Mr K J (Kevin) Jeavons
Vice President Mr G (Gino) Monaco
Immediate Past President Mr G R (Garry) Scott
Committee Mr K (Kevin) Dinnigan
Mr L G (Laurie) Kennedy (deceased) Mr T A (Alan) Parker
Mr R (Bob) Pettigrew
Mr J C (Joe) Schaper
Chief Executive Mr M (Michael) Radley
Finance Manager Mr B (Brendon) Sarson
Operations/Hospitality Manager Mr T (Tony) Williamson
Auditors William Buck Audit (WA) Pty Ltd
Bankers St George Bank Limited
Patron Her Excellency the Honourable Kerry Sanderson AC,
Governor of Western Australia
Gloucester Park Harness Racing is the registered business name for Western Australian Trotting Association ABN: 39 716 308 585Postal Address: PO Box 6025, Hay Street, East Perth WA 6892 Ph: (08) 9323 3555 Email: [email protected] Address: Gloucester Park, Nelson Crescent, East Perth WA 6004 Fax: (08) 9323 3514 Web: www.gloucesterpark.com.au
Page 2 Gloucester Park Harness Racing
NOTICE CONVENING ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Annual General Meeting of Members will be held in Steelo’s Restaurant at 6.30 pm on Wednesday 25th October 2017.
BUSINESS
1. Confirmation of minutes of the previous Annual General Meeting held on 26th October 2016
2. Reception of the President’s report presented on behalf of the Committee
3. Reception and discussion of the 2016/17 Annual Accounts
4. Election of Committee (three for the period 2017/18 – 2019/20 inclusive, one for the period 2017/18 – 2018/19 inclusive, and one for the period 2017/18) - declaration by Chairman
Nominations for Committee received from…
Messrs G Monaco; G R Scott; K J Jeavons; W J Delaney and R B Gartrell
5. Election of Life MembersCommittee recommendation …Bill Horn
6. General Business
Annual Report and Accounts 2016-17 Financial Year Page 3
President’s Report
Dear Members,
I am privileged to report on the 2016/17 financial year,
together with events which will arise in the ensuing
twelve months.
Despite trying economic times, Gloucester Park
Harness Racing has posted a net profit before
depreciation (and RWWA grants) of approximately
$144,000. This is a great result and justification of the
substantial changes to our business model made and
implemented over the past three years by your GPHR
Committee and Management.
A sub-committee was also set up two years ago to drive
revenue and changes to the business model, made
up of myself, Kevin Jeavons, Michael Radley, Tony Williamson, Brendon Sarson and former
committee member Mike Scott, who was instrumental in the transfer of catering in-house.
This year’s result is despite the continual decrease in traditional forms of income such as on-
course wagering. In 2016/17 on-course Pari-mutuel wagering was down again by $180,000, but
offset a little by an increase in Fixed Odds Betting (FOB) of $125,000, resulting in a decrease
in on-course wagering income of 6%. This continued downturn is a national trend for race clubs
and no-one can predict when it will bottom out. Another issue is that GPHR is open to exposure
to losses on FOB, while the Pari-mutuel is a guaranteed fixed percentage return on investment.
To compensate the decrease in traditional racing income, GPHR has had to increase its non-
racing income. This was an important factor in bringing the catering in-house, for as well as
providing better control over quality, it gives the club flexibility in negotiating new events at
Gloucester Park.
HBF Run for a Reason attracted over 30,000 runners, finishing at Gloucester Park. We also
hosted the ROC race (Ridiculous Obstacle Course) for the second successive year, as well
attracting new events such as the Pineapple Club Concert and a number of trade shows. All up
GPHR had 60 non-race related events and functions throughout 2016/17, that’s an average of
more than one a week.
Efficiencies in catering have continued to improve and help the bottom line, and create the net
profit.
The new stadium is an important part of the future of Gloucester Park. It will create new income
streams for the club, although some adjustment will have to be made to maximise the revenue.
Page 4 Gloucester Park Harness Racing
President’s Report
Management has been working with the Department of Transport (DoT), Metropolitan
Redevelopment Authority (MRA) and Main Roads, as there will be changes to traffic conditions
around Gloucester Park, especially on Nile Street, to cater for big events, including all AFL games.
GPHR has signed an agreement with the West Coast Eagles and is in the process of negotiating
an agreement with the Fremantle Dockers. This has been a long-term goal of the Association,
with planning for the best way to utilise the Gloucester Park location starting as soon as the
Stadium was announced.
Although it was an improved financial result this year, there is still a great deal of hard work to
come as we refine and develop the business model even further.
RWWA
RWWA have continued in their support of GPHR and I would like to thank the RWWA Board and
Management team, led by Jeff Ovens and Richard Burt.
The harness racing industry in general is facing pressure to increase its commercial performance,
especially through increased wagering. Barry Hamilton has returned as the dedicated Manager
of Harness and is working on a new business model, which includes a change to programming
and handicapping.
The industry needs to work together with Mr Hamilton to ensure a strong future. It is clear
that Sky Racing, particularly their number one channel, is the main driver of wagering and the
industry needs to race the best meetings in the best timeslots on Sky Racing.
Gloucester Park’s off-course wagering was down only 0.75% for the financial year, going against
the trend of larger decreases in racing with the WA TAB. This is another great result, but harness
racing overall was down 8.3% (non-GPHR down 11%). GPHR has also received feedback about
a positive turnover result from Tabcorp. The positive result has coincided with the introduction of
Gareth Hall hosting Sky Racing from Gloucester Park and performing the on-course interviews
prior to each race.
This is an excellent result considering the continual assault by corporate bookmakers and GPHR
is working with RWWA to improve this result once again, especially through new Manager
Commercial Racing and Planning, David Hunter.
TAB Privatisation
The McGowan Labor Government has previously said that the WA TAB would only be privatised
if the whole industry wanted this to occur.
Over the past three years, the uncertainty surrounding whether the privatisation would proceed
has unfortunately created much negativity in the industry. The WA Racing Representative Group
Annual Report and Accounts 2016-17 Financial Year Page 5
President’s Report
(WARRG), which includes Committeeman Kevin Jeavons, has done a great job, particularly in
preparing the WA Racing Industry Requirements & Needs Report, which placed the industry in a
stronger position than other states that have been through the privatisation process.
The privatisation of the TAB was not included in the state budget, however a planned Point of
Consumption Tax (PCT) was. The PCT has the potential if not shared with the racing industry
and accompanied by tax reform (i.e. tax parity with Victoria and New South Wales) to have
a negative impact on the WA racing industry. Tax reform is an important part of not only the
privatisation discussion, but the future of the entire racing industry.
Inter Dominion
The TABtouch Inter Dominion once again took pride of place as the premier event on the
Australasian harness racing calendar.
The Grand Final produced an epic battle with the Mark Purdon trained Smolda outstaying the
race favourite Hectorjayjay. The change back to Friday night and extra distance of 2900m made
for a great Grand Final.
Off the track, the Inter Dominion was much more profitable for GPHR in 2016 compared to 2015.
This was on the back of a review of the previous year’s series, where several decisions were
made to change the series.
The 2016 series was also supported by the State Government through their Royalties For
Regions program and will continue for the final year of the tender this coming November. This
has allowed GPHR to race the second set of heats at Bunbury and support country harness
racing.
The Inter Dominion functions, including the Barrier Draw, performed well in the Golden Nugget
Room and the Gala Dinner was a highlight, with presentations to Inter Dominion Winners Rod
Chambers, Lou Austin and Barry Perkins. In 2017, we will honour Rhetts Law and three-time
champion Im Themightyquinn.
GPHR and RWWA will not be tendering for the next three years of the Inter Dominion, but we
are sure the great race will continue and we wish whoever is the host of the championship the
best of luck.
Refurbishments and Infrastructure Upgrades
As previously stated, we have invested heavily over the past three years in improving the facilities
at Gloucester Park.
Page 6 Gloucester Park Harness Racing
President’s Report
The refurbishments to areas such as JPs Sports Bar and the Beau Rivage Restaurant, have set
up GPHR to take advantage of non-racing events at the track, especially in conjunction with the
opening of the new stadium.
RWWA have announced a new Infrastructure Fund for all WA race clubs and this will partially
fund this season’s capital works. There will also be more infrastructure upgrades, such as a new
network, point of sale and computer server, which will allow for improved efficiencies within the
business. We will also start the restoration of the front gates.
Staff
As mentioned earlier, we believe that progressively over the last two years your association has
gone to a level that is now totally sustainable and well equipped with that marvellous word called
staff to take your club into the future.
I have had some 45 years’ experience in being involved in various businesses, and sporting and
racing committees, and believe that the people we have in our operations staff are of the highest
calibre, from our CEO Michael Radley, his marvellous Executive Assistant Patricia Swallow, who
is always available, through to the grounds staff. I believe Michael Radley to be one of the top
CEOs in racing in this country and we are fortunate to have him as our CEO, together with his
team from the various departments.
As stated earlier, the Catering Department has continued to improve its efficiencies under the
leadership of Operations Manager Tony Williamson and Head Chef Daniel Batson. We are to
concentrate on increasing patronage in the restaurants, starting with the successful $50 Beau
Rivage buffet promotion, which has increased profits in the non-peak months (April, May and
June) by $25,000 offering quality food and entertainment at an affordable price In a highly
competitive market.
Tony also oversees the management of our facilities and Gloucester Park remains the stand-out
venue in Australian harness racing, with grounds always in an immaculate condition; while Track
Curator Brett Regan continues to prove he is one of the best in the country, producing a great
racing surface week after week, despite the very wet winter.
Finance Manager, Brendon Sarson and his team have delivered new reporting systems which
have allowed the Committee and Management to drive the financial turnaround and has us well
placed to capitalise on the new business opportunities arising from our great location in East
Perth.
Tanya Cull has done a wonderful job as Marketing Supervisor, especially through the Inter
Dominion and I must acknowledge the wonderful achievement of Scott Hamilton, who won an
International Media Award, presented at the closing ceremony of the World Trotting Conference
in Canada in August, taking out the Best Social Media category for his coverage of the 2016 Inter
Dominion.
Annual Report and Accounts 2016-17 Financial Year Page 7
President’s Report
Committee
As most Members are aware, popular Committeeman and Life Member Laurie Kennedy recently
passed away. Laurie was a passionate advocate of Gloucester Park and harness racing, and was
serving his second term on the GPHR Committee. Laurie made his mark as a breeder, serving on
the WASBA Committee and was also awarded Life Membership of that Association. His artistic
skill came to the fore when he produced the magnificent garlands worn by some of the leading
horses at Gloucester Park, including the 2016 Inter Dominion winner, Smolda, who features on
the cover of this report.
I would also like to pay tribute to retiring Committee member Bob Pettigrew. Bob has served on the
Committee for sixteen years and in that time has acted as a Vice President as well as chairman of
the Grounds and Tracks sub-committee. His knowledge of the grounds through Brear & Doonan,
Gloucester Park’s electrical contractors, proved invaluable and he was awarded Life Membership
of the Association in recognition of his dedicated service over many years.
Racing Highlights
September 2016
• PHOENIX WARRIOR and Ryan Warwick stormed home to win the Sully’s Painting New
Season Pace
• Sparks flew as an in-form BETTORS FIRE and Kyle Harper won the Porter Memorial
• Once again there was no beating BETTORS FIRE and Kyle Harper as they took out the
Spring Pace
• Talented mare LIBERTYBELLE MIDFREW was the winner of the Media Guild Cup, ably
guided by Shannon Suvaljko
• Gary Hall Jr drove crowd favourite BEAUDIENE BOAZ to victory in the Navy Cup
October 2016
• LIBERTYBELLE MIDFREW and Shannon Suvaljko were in top form once again, defeating
their rivals in the Stratton Cup
• OUR JERICHO won the Fred Doy Memorial, making it Chris Lewis’ second winner out of a
total of four wins on the night
• Still in fine form, LIBERTYBELLE MIDFREW and Shannon Suvaljko gave the crowd a
thrilling finish as they won the Mount Eden Sprint by a neck
• Another exciting finish as FRANCO RAYNER and Maddison Brown won the Preux Chevalier
by a half head
November 2016
• SIMPLY SUSATIONAL and Ryan Warwick surged ahead to win the Westral Rhapsody
Venetians MS Pace
• Beating the favourite, WAYLADE and Clinton Hall were the winners of the Cowden Limited
Insurance Brokers Brennan Memorial
Page 8 Gloucester Park Harness Racing
President’s Report
• SMOKEY THE BANDIT and Ashleigh Markham stole a march on their rivals to win the Dr
Pat Cranley Memorial
• The first heat night of the 2016 TABtouch Inter Dominion produced some outstanding
winners:
Retravision Inter Dominion Heat 1: LENNYTHESHARK and Chris Alford
TABtouch Inter Dominion Heat 2: BETTORS FIRE and Kyle Harper
Choices Flooring Inter Dominion Heat 3: HECTORJAYJAY and Josh Aiken
• CHICAGO BULL and Gary Hall Jr won the McInerney Ford 4YO Classic, the first of three
Group One winners for this pair over the summer
• The tension built on the second night of heats of the 2016 TABtouch Inter Dominion held at
the Bunbury Trotting Club
Retravision Inter Dominion Heat 4: RUN ONEOVER and Clinton Hall
TABtouch Inter Dominion Heat 5: HECTORJAYJAY and Josh Aiken
Princi Butchers Inter Dominion Heat 6: BLING IT ON and Luke McCarthy
December 2016
• Italian Fireworks Racenight and the third heat night of the TABtouch Inter Dominion was
back at Headquarters, with the following winners:
Retravision Inter Dominion Heat 7: HECTORJAYJAY and Josh Aiken
Westral Inter Dominion Heat 8: RUN ONEOVER and Clinton Hall
Garrards Horse & Hound Inter Dominion Heat 9: SMOLDA and Mark Purdon
• IDEAL ALICE and Gary Hall Jr were the winners of the TABtouch Parliamentarians Cup
• The Garrards Horse & Hound 4YO Championship was won by MR MOJITO and Mark
Purdon
• Grand Final Day of the 2016 TABtouch Inter Dominion witnessed unparalleled racing:
$1.1M 2016 TABtouch Inter Dominion Grand Final: SMOLDA and Mark Purdon won the
Championship by half a neck from Hectorjayjay in a thrilling finish
TABtouch Inter Dominion Consolation: CYAMACH and Gary Hall Jr
Retravision Golden Nugget: SOHO TRIBECA and Kim Prentice
Westral Mares Classic: THE PARADE and Chris Alford
Clipsal by Schneider Electric Trotters Cup: SUNNYS LITTLE WHIZ and Kiara Davies
Princi Butchers San Simeon Classic: MASTER JACKSON and Stuart McDonald
Garrards Horse & Hound Binshaw Classic: RUB OF THE GREEN and Gary Hall Jr
• MYNAMESKENNY and Chris Voak beat the favourite to win the TABtouch MS Pace
• Santa came early for Gary Hall Jr as he took home the Xmas Gift Final behind RUB OF THE
GREEN and the Mt Eden/No Dill Xmas Handicap with THIS TIME DYLAN
• BEAUDIENE BOAZ AND Gary Hall Jr were once again on top, winning The Village Kid
Pace by a head
Chris Lewis celebrated his 5000 career win behind BETTOR BE SUPREME with a victory in
The Coulson Mares Final
Annual Report and Accounts 2016-17 Financial Year Page 9
President’s Report
January 2017
• CHICAGO BULL and Gary Hall Jnr were the winners of the Group One Retravision Fremantle
Cup, with Soho Tribeca and Kim Prentice in second place, giving the 4YOs a quinella
• CHICAGO BULL and Gary Hall Jr produced an outstanding double, winning the premier
Group One TABtouch WA Pacing Cup
• Michael Grantham guided NATHANS COURAGE home to win The West Australian Nights
of Thunder Final
• FLAMING FLUTTER and Chris Lewis proved unbeatable in winning the Ray Duffy Memorial
• Colin Brown and KIWI LEGEND were the victors in the Abbott & Co Printers Lord Mayor’s
Cup
February 2017
• BRONZE SEEKER and Michael Grantham came out on top to win the TABtouch MS Pace
• There was no stopping MACZAFFAIR and Shannon Suvaljko as they stormed home to win
the Daintys Daughter Classic
• Ryan Warwick was in top form winning both of the night’s feature races – the RWWA Cup
with OUR JIMMY JOHNSTONE and the Caduceus Club Classic with ROCK DIAMONDS
• An in-form OUR JIMMY JOHNSTONE and Ryan Warwick won the Governor’s Cup and THE
PARADE and Gary Hall Jr took out the Empress Stakes on Chinese New Year race night
March 2017
• The Clipsal 3YO WA Sales Classic Race night saw Pacing WA’s RED HOT ROXY and Gary
Hall Jr win the 3YO Fillies race and BOB WHEEL and Ryan Bell win the 3YO Colts & Geldings
• ATLASTALONE and Michael Grantham beat the favourite in the McInerney Ford MS Pace
• Shannon Suvaljko and KIWI LEGEND were in fine form, winning the Alltools 4YO & 5YO
Championship
• MITCH MAGUIRE and Ryan Warwick gave the crowd an exciting finish, winning the
Intersport Slater Gartrell Western Gateway Pace by a half head
• A radiant GALACTIC STAR and Ryan Warwick blitzed the field to win The Clarke Final
April 2017
• HANDSANDWHEELS and Aiden de Campo were the winners of the Group One Sky Racing
WA Derby, producing an exciting finish to win by a head
• ASSASSINATOR and Ryan Bell carved up the competition to win by a head
• The Clipsal by Schneider Electric 2YO WA Sales Classic Finals were won by TENNIELE
ERIN and Chris Lewis in the 2YO Fillies Final and PLAY THE BOYS and Ryan Warwick in
the 2YO Colts & Geldings Final
• COTT BEACH and Nathan Turvey celebrated in winning the Retravision Champagne Classic
Page 10 Gloucester Park Harness Racing
President’s Report
May 2017
• MACZAFFAIR and Shannon Suvaljko were once again in top form to win the Gannon’s WA
Oaks
• The Westside Auto Wholesale Western Crown 2YO race night saw MISS SANGRIAL and
Michael Grantham win the 2YO Fillies race and JACK MAC and Chris Lewis win the 2YO
Colts & Geldings
• SHEER ROCKNROLL and Chris Lewis were in fine form, winning the WASBA Breeders
Stakes
• The Members Sprint was won by OUR JIMMY JOHNSTONE and Ryan Warwick
June 2017
• CIMORENE and Gary Hall Jr beat the favourite by a short half head to win the Group One
Diamond Classic
• Chris Lewis and JACK MAC once again came to the fore to win the Group One Princi
Smallgoods Pearl Classic
• THE BUCKET LIST and Michael Grantham made wishes come true as they took out the
Rotary Club of Fremantle Pace
• TRICKY STYX and Aiden de Campo beat the favourite by a half head to win the Winter Cup
• Owners Only supported a fantastic Westbred race night:
COTT BEACH and Nathan Turvey won the 2YO Westbred Fillies
HIGHROLLER JOE and Justin Prentice won the 2YO Westbred Colts and Geldings
ALLAMERICAN QUEEN and Justin Prentice won the 3YO Westbred Fillies, and
HANDSANDWHEELS and Aiden de Campo won the 3YO Westbred Colts and Geldings
The Past Presidents Cup was won by BEAUDIENE BOAZ and Gary Hall Jr
July 2017
• ROSIES IDEAL and Trainer/Driver Shane Young proved unbeatable in the Allwood Stud
2YO Gold Bracelet
• An in-form JACK MAC and Chris Lewis won the Group One Choices Flooring Golden Slipper
• SKY ART and Aiden de Campo won the Garrards Horse & Hound at Gloucester Park BOTRA
Cup by a neck
• An exciting finish as ROCK DIAMONDS and Ryan Warwick won the John Higgins Memorial
by a half neck
August 2017
• NATURAL DISASTER and Justin Prentice were unstoppable winning the Kerry Clarke
Westbred 4YO & 5YO Final
• Chris Lewis guided MOTU PREMIER to victory in the Allwood Stud Marathon Handicap
• It was the turn of El Hombre and Stuart McDonald to excite the crowd as they won the
Retravision MS Pace by half a neck.
• Stuart McDonald drove Jambiani to an easy victory in the August Cup.
Annual Report and Accounts 2016-17 Financial Year Page 11
President’s Report
Promotions and Marketing
The following prominent companies and GPHR suppliers are Gloucester Park’s Inter Dominion sponsors over the three-year Series.
• Retravision• Seven West Media• Clipsal by Schneider Electric• Princi Butchers• International Animal Health Products• Slater-Gartrell Sports• Choices Flooring• Garrards Horse & Hound
Sponsors
GPHR wishes to thank the following sponsors for supporting Gloucester Park during the 2016/17 season:Abbott & Co Printers Alltools Allwood StudBrear & Doonan Caduceus Club of WA Channel 7Choices Flooring Clipsal by Schneider Electric Cowden Insurance BrokersGannons Garrards Horse & Hound International Animal HealthMcInerney Ford Princi Butchers RetravisionSky Racing Slater Gartrell Sports TABtouch The West Australian Westral Westralian Westside Auto Wholesale
Membership
During the 2016/17 season Members Rod Fletcher, Malcolm Garrod, Michael Lawson, Graham Rhodes, Cleve Snary, Brian Watters, Gary Wiltshire and as previously stated, Committee Member Laurie Kennedy passed away.
Our sincere condolences to the families and friends of those Members on their sad passing.
Conclusion
I wish to thank my fellow Committee members, the CEO, management and staff for their contribution and support over the past twelve months, and look forward with anticipation to an exciting season ahead, which I feel will be one of the best for Gloucester Park and the Members.
JOHN BURT
PRESIDENT
Page 12 Gloucester Park Harness Racing
COMMITTEE - MEETING ATTENDANCEfrom 27 October 2016 to 7 September 2017
(11 meetings held)
Attendance Apologies/ Leave of Absence
John Burt 9 2
Kevin Dinnigan 10 1
Kevin Jeavons 11
Gino Monaco 11
Laurie Kennedy 4 5
Alan Parker 11
Bob Pettigrew 9 2
Joe Schaper 11
Garry Scott 11
Committee - Meeting Attendance
Annual Report and Accounts 2016-17 Financial Year Page 13
2017 2016$ $
Current AssetsCash & Cash Equivalents 6 968,691 562,305 Trade and Other Receivables 7 506,703 738,175 Other Current Assets 8 484,318 466,101 Inventories 9 91,878 77,715 Cash on Deposit 12,713 -
Total Current Assets 2,064,303 1,844,296
Non-Current AssetsCash on Deposit - 12,272 Property, Plant & Equipment 10 14,202,099 15,126,033 Development Work in Progress 11 632,685 625,426
Total Non-Current Assets 14,834,784 15,763,730
Total Assets 16,899,087 17,608,027
Current LiabilitiesTrade and Other Payables 12 1,091,455 952,558 Prepaid Income 13 609,212 727,844 Provisions 14 451,196 380,982
Total Current Liabilities 2,151,863 2,061,384
Non-Current LiabilitiesBorrowings 67,715 29,977 Provisions 14 53,487 49,083
Total Non-Current Liabilities 121,202 79,059
Total Liabilities 2,273,065 2,140,444
Net Assets 14,626,022 15,467,583
EquityRetained Earnings 2,291,152 3,132,713 Reserves 15 12,334,870 12,334,870
Total Equity 14,626,022 15,467,583
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
STATEMENT OF FINANCIAL POSITIONAS AT 31 JULY 2017
The accompanying notes form an integral part of these accounts
Page 1 of 17
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2017
Page 14 Gloucester Park Harness Racing
Revenue 2017 2016$ $
Operating ActivitiesRWWA Distributions 3,239,954 5,090,586 Hospitality Income 2,522,937 2,981,263 Wagering Income 1,366,617 1,414,661 Sponsorship 773,178 810,461 Rent & Parking Income 692,074 600,779 Admissions 171,952 206,174 Other Revenue 212,881 199,863 Membership 96,042 90,766
Total Operating Activites 9,075,634 11,394,553
Non-Operating ActivitiesProperty Rental Income 398,995 414,160 Interest Received 3,007 25,617
Total Non-Operating Activities 402,002 439,777
Total Revenue 9,477,636 11,834,330
Expenditure
Operating ActivitiesRWWA Stakes & Subsidies 125,777 84,021 Hospitality Expenses 2,357,383 2,717,989 Wagering Expenses 700,776 759,786 Race Meet Expenses 1,584,645 2,644,621 Grounds Expenses 1,737,237 1,893,375 Administration Expenses 1,859,798 1,728,738 Marketing Expenses 747,215 1,115,361 Depreciation 934,805 1,114,440 Impairment of Property, Plant & Equiment 189,657 4,595
Total Operating Activites 10,237,292 12,062,926
Non-Operating ActivitiesProperty Rental Expenses 81,905 63,413
Total Non-Operating Activities 81,905 63,413
Total Expenditure 10,319,197 12,126,338
Profit/(Loss) For The Year (841,561) (292,008)
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 JULY 2017
The accompanying notes form an integral part of these accounts
Page 2 of 17
Statement of Comprehensive Income
FOR THE YEAR ENDED 31 JULY 2017
2017 2016
Retained Earnings 1 Aug 2016 3,132,713 3,424,721 Surplus/(Deficit) for the Year (841,561) (292,008)
2,291,152 3,132,713 Less Transfer to capital profit reserve - -
2,291,152 3,132,713
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
STATEMENT OF RETAINED EARNINGSFOR THE YEAR ENDED 31 JULY 2017
The accompanying notes form an integral part of these accounts
Page 3 of 17Annual Report and Accounts 2016-17 Financial Year Page 15
Statement of Retained Earnings
FOR THE YEAR ENDED 31 JULY 2017
Accumulated Surplus
Capital Profit Reserve
Revaluation Reserves
Total
At 31 July 2015 3,424,721 11,471,009 863,862 15,759,591
Total Comprehensive Income for the Year (292,008) - - (292,008)
At 31 July 2016 3,132,713 11,471,009 863,862 15,467,583
Total Comprehensive Income for the Year (841,561) - - (841,561)
At 31 July 2017 2,291,152 11,471,009 863,862 14,626,022
The accompanying notes form an integral part of these accounts
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 JULY 2017
Page 4 of 17
Statement of Changes in Equity
FOR THE YEAR ENDED 31 JULY 2017
2017 2016$ $
Cash Flows from Operating Activities
Net Receipts from RWWA Distribution 3,101,136 3,482,764 Receipts from Customers 6,374,305 6,796,001 Payments for Stakes & Subsidies (41,943) - Payments to Suppliers and Employees (9,035,060) (11,712,400)Interest Received 3,007 25,617 Borrowing Costs (4,553) (7,485)
Net Cash Provided by (used in) Operating Activities 396,892 (1,415,503)
Cash Flows from Investing Activities
RWWA Capital Grants Received 138,818 1,607,821 Purchases of Property, Plant & Equipment (230,697) (1,722,973)Proceeds from Sale of PPE 10,181 -
Net Cash Provided by (used in) Investing Activities (81,698) (115,152)
Cash Flows from Financing Activities
Receipts from Financing Activities 114,278 41,434 Payment of Financing Liabilities (22,644) (6,968)
Net Cash Provided by Financing Activities 91,634 34,466
Net Increase/Decrease in Cash Held 406,828 (1,496,188)
Cash at the Beginning of the Year 574,576 2,070,764
Cash at the End of the Year 981,404 574,576
Reconciliation of Cash Flows from Operating 2017 2016$ $
Operating Surplus/Deficit (841,561) (292,008)Depreciation & Amortisation 934,805 1,114,440 Net (Gain)/Loss on Disposal of PPE (10,181) - RWWA Capital Grants - (1,607,821)Other Non Cash Items 19,852 105 (Increase)/Decrease in Accounts Receivable 231,473 1,373,244 (Increase)/Decrease in Prepaid Expenses (18,217) 366,588 (Increase)/Decrease in Stock on Hand (14,162) (2,305)Increase/(Decrease) in Accounts Payable 138,897 (787,682)Increase/(Decrease) in Prepaid Income (118,632) (1,504,170)Increase/(Decrease) in Provisions 74,619 (75,893)
396,892 (1,415,503)
STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 JULY 2017
The accompanying notes form an integral part of these accounts
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Page 5 of 17Page 16 Gloucester Park Harness Racing
Statement of Cash Flows
FOR THE YEAR ENDED 31 JULY 2017
Annual Report and Accounts 2016-17 Financial Year Page 17
1 CONTINUING EVENTS
The Committee is of the opinion that it is appropriate to prepare the accounts of Gloucester Park Harness Racing on the going concern basis.
2 ACCOUNTING POLICIES
The financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the applicable Australian Accounting Standards and other mandatory reporting requirements.
Accounting policies adopted in preparation of these accounts are consistent with those of the previous year.
Significant policies are as follows:
(a) Basis of Accounting
The accounts have been prepared on the basis of historical cost and except where stated do not take into account current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets.
Gloucester Park Harness Racing has not adopted a policy of revaluing its non-current assets on a regular basis. Non-current assets are revalued from time to time as considered appropriate by the Committee and are not stated at amounts in excess of their recoverable amounts.
The accounts have been prepared on an accrual basis with the following exceptions:
(1) Capital Grants are brought to account as income when received.
The financial report is presented in Australian dollars and all values are rounded to the nearest one dollar.
(b) Statement of Compliance
The financial report complies with Australian Accounting Standards.
(c) Revenue Recognition
Except as stated above revenue is recognised when the amount of revenue can be measured reliably and it is probable that it will be received.
(d) Inventory
Inventory is valued using the FIFO method and the end of month stocktake is revalued at the last replacement cost.
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Notes to and forming part of the Financial Statements for the year ended 31 July 2017
Page 6 of 17
Notes to and forming part of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2017
Page 18 Gloucester Park Harness Racing
Notes to and forming part of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2017
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Notes to and forming part of the Financial Statements for the year ended 31 July 2017
(e) Depreciation of property, plant and equipment
Property, plant and equipment, other than freehold land, are depreciated at rates calculated to allocate the cost or valuation less estimated residual value at the end of the useful lives of the assets, over their estimated useful lives using the diminishing value method. Depreciation rates used are as per the ATO guidelines. Profits and losses on disposal of property, plant and equipment are taken into account in determining the surplus for the year.
ImpairmentThe carrying values of plant and equipment are reviewed when events or changes in circumstances indicate the carrying value may not be recoverable. This will be declared when the impairment is realised.
(f) Employee entitlements
Provisions are made for employee entitlement benefits accumulated as a result of employees rendering services up to the reporting date. These benefits include wages and salaries, superannuation, payroll tax, annual leave and long service leave. All employee entitlements are measured at their nominal amounts.
Employee entitlement expenses and revenues arising in respect of wages and salaries, non-monetary benefits, annual leave, long service leave, and other entitlements are charged against the surplus of their respective categories.
(g) Cash flows
For the purpose of the statement of cash flows, cash includes cash on hand, deposits held at call with banks and investments in money market instruments, net of bank overdrafts.
(h) Comparative figures
Where necessary, comparative figures have been adjusted to conform with changes in presentation in the current year.
(i) Income Tax
Gloucester Park Harness Racing is exempt from paying income tax under the Income Tax Assessment Act 1997.
Page 7 of 17
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Notes to and forming part of the Financial Statements for the year ended 31 July 2017
(j) Financial risk management and policies
Gloucester Park Harness Racing’s principal financial instruments comprise cash, trade debtors, bank deposits, bills of exchange, bank loans, trade creditors and overdrafts.
Trade debtors are initially recorded at the amount specified on the contract of sale or tax invoice.
Provision for doubtful debts is recognised to the extent that recovery of the outstanding receivable balance is less than likely. Any provision established is based on a review of all outstanding amounts at the reporting date. A specific provision is maintained for identified doubtful debts.
Gloucester Park Harness Racing manages its exposure to key financial risks, including interest rates and the provision of credit in accordance with its financial risk policy, the objective of which is to protect financial security.
Ageing analysis and monitoring of specific credit allowances are undertaken to manage credit risk. Liquidity risk is monitored through cash flow forecasts and analysis.
Note that within these financial statements, the carrying amounts of assets and liabilities are not materially different from their expected fair values.
(k) Receivables
Trade and other receivables are recorded at amounts due less any provision for doubtful debts.
At 31 July, the ageing analysis of receivables is as follows:
(l) Payables
Trade and other payables are recognised when Gloucester Park Harness Racing becomes obliged to make future payments resulting from the purchase of goods and services.
Trade payables at 31st July 2017 total $738,855. All those that are due were paid by 31st August 2017.
Year Total 0-30 Days 31-60 Days 61-90 Days 91+ Days
2017 506,703 400,522 79,341 - 26,839 2016 738,175 468,648 83,499 13,622 172,406
Page 8 of 17
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Notes to and forming part of the Financial Statements for the year ended 31 July 2017
(m) Borrowings
Bank and other loans are recorded at an amount equal to the net proceeds received. Interest expense is recognised on an accrual basis.
(n) Other Taxes
Revenues, expenses and assets are recognised net of GST except:
· Where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense itemas applicable; and
· Receivables and payables are stated with the amount of GST included.
The net GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position.
Cash flows are included in the Statement of Cash Flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority are classified as operating cash flows.
Commitments and contingencies are disclosed net of GST recoverable from, or payable to, the taxation authority.
(o) Redevelopment Costs
Costs relating to planning or engineering for the possible future development of Gloucester Park are capitalised as Redevelopment Asset.
Page 9 of 17
Annual Report and Accounts 2016-17 Financial Year Page 19
Notes to and forming part of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2017
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Notes to and forming part of the Financial Statements for the year ended 31 July 2017
(j) Financial risk management and policies
Gloucester Park Harness Racing’s principal financial instruments comprise cash, trade debtors, bank deposits, bills of exchange, bank loans, trade creditors and overdrafts.
Trade debtors are initially recorded at the amount specified on the contract of sale or tax invoice.
Provision for doubtful debts is recognised to the extent that recovery of the outstanding receivable balance is less than likely. Any provision established is based on a review of all outstanding amounts at the reporting date. A specific provision is maintained for identified doubtful debts.
Gloucester Park Harness Racing manages its exposure to key financial risks, including interest rates and the provision of credit in accordance with its financial risk policy, the objective of which is to protect financial security.
Ageing analysis and monitoring of specific credit allowances are undertaken to manage credit risk. Liquidity risk is monitored through cash flow forecasts and analysis.
Note that within these financial statements, the carrying amounts of assets and liabilities are not materially different from their expected fair values.
(k) Receivables
Trade and other receivables are recorded at amounts due less any provision for doubtful debts.
At 31 July, the ageing analysis of receivables is as follows:
(l) Payables
Trade and other payables are recognised when Gloucester Park Harness Racing becomes obliged to make future payments resulting from the purchase of goods and services.
Trade payables at 31st July 2017 total $738,855. All those that are due were paid by 31st August 2017.
Year Total 0-30 Days 31-60 Days 61-90 Days 91+ Days
2017 506,703 400,522 79,341 - 26,839 2016 738,175 468,648 83,499 13,622 172,406
Page 8 of 17
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Notes to and forming part of the Financial Statements for the year ended 31 July 2017
(m) Borrowings
Bank and other loans are recorded at an amount equal to the net proceeds received. Interest expense is recognised on an accrual basis.
(n) Other Taxes
Revenues, expenses and assets are recognised net of GST except:
· Where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense itemas applicable; and
· Receivables and payables are stated with the amount of GST included.
The net GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position.
Cash flows are included in the Statement of Cash Flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority are classified as operating cash flows.
Commitments and contingencies are disclosed net of GST recoverable from, or payable to, the taxation authority.
(o) Redevelopment Costs
Costs relating to planning or engineering for the possible future development of Gloucester Park are capitalised as Redevelopment Asset.
Page 9 of 17
Page 20 Gloucester Park Harness Racing
Notes to and forming part of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2017
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Notes to and forming part of the Financial Statements for the year ended 31 July 2017
(p) RWWA Distributions
The accounting treatment of RWWA distributions, stakes and subsidies has been changed this year where thesedistributions and corresponding stakes and subsidies are entered in the one account rather than recognising themseperately as a revenue and an expense.
3 CONTINGENCIES
At 31st July, 2017, Gloucester Park Harness Racing has contingent liabilities arising from guarantees given in support of the following commitments:-
(a) Trotsynd Pty Ltd
Gloucester Park Harness Racing has given a guarantee and indemnity to the Commonwealth Bank of Australia Ltd against the Trotsynd Pty Ltd performance bond of $10,000.
(b) Redevelopment
In the event that Gloucester Park Harness Racing decides to proceed with any development of the land at Gloucester Park, a payable may arise to the Riverside Development Contribution Plan.
4 SECURED LIABILITIES
The bank bill and overdraft facilities are secured by registered mortgages over the Gloucester Park Complex.
5 BANK FACILITIES - ST GEORGE BANK LIMITED
Under the terms of this borrowing Gloucester Park Harness Racing has an optional overdraft facility of $200,000.
At 31 July 2017, these facilities are not being utilised and there are no other borrowings.
Page 10 of 17
Annual Report and Accounts 2016-17 Financial Year Page 21
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Notes to and forming part of the Financial Statements for the year ended 31 July 2017
(p) RWWA Distributions
The accounting treatment of RWWA distributions, stakes and subsidies has been changed this year where thesedistributions and corresponding stakes and subsidies are entered in the one account rather than recognising themseperately as a revenue and an expense.
3 CONTINGENCIES
At 31st July, 2017, Gloucester Park Harness Racing has contingent liabilities arising from guarantees given in support of the following commitments:-
(a) Trotsynd Pty Ltd
Gloucester Park Harness Racing has given a guarantee and indemnity to the Commonwealth Bank of Australia Ltd against the Trotsynd Pty Ltd performance bond of $10,000.
(b) Redevelopment
In the event that Gloucester Park Harness Racing decides to proceed with any development of the land at Gloucester Park, a payable may arise to the Riverside Development Contribution Plan.
4 SECURED LIABILITIES
The bank bill and overdraft facilities are secured by registered mortgages over the Gloucester Park Complex.
5 BANK FACILITIES - ST GEORGE BANK LIMITED
Under the terms of this borrowing Gloucester Park Harness Racing has an optional overdraft facility of $200,000.
At 31 July 2017, these facilities are not being utilised and there are no other borrowings.
Page 10 of 17
Notes to and forming part of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2017
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Notes to and forming part of the Financial Statements for the year ended 31 July 2017
6 CASH AND CASH RESERVES 2017 2016$ $
Cash at Bank 854,290 473,276 Cash on Site 42,278 39,882 Cash in Transit 72,123 49,147
Total Cash and Cash Reserves 968,691 562,305
7 TRADE AND OTHER RECEIVABLES 2017 2016$ $
Trade Receivables 506,703 738,175 Deduct Provision for Doubtful Debts - -
Total Trade and Other Receivables 506,703 738,175
8 OTHER CURRENT ASSETS 2017 2016$ $
Prepaid Expenses 271,113 222,471 Other Current Assets 213,205 243,630
Total Other Current Assets 484,318 466,101
9 INVENTORIES 2017 2016$ $
Food at Cost 39,682 26,940 Beverages at Cost 52,195 50,775
Total Inventories 91,878 77,715
Page 11 of 17
Page 22 Gloucester Park Harness Racing
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Notes to and forming part of the Financial Statements for the year ended 31 July 2017
10 PROPERTY PLANT AND EQUIPMENT 2017 2016$ $
Land and ImprovementsLand and Improvements at cost 6,082,520 6,082,520 Accumulated Depreciation (876,640) (829,936)
Total Land and Improvements 5,205,880 5,252,584
BuildingsBuildings at cost 14,951,341 14,842,412 Accumulated Depreciation (7,941,000) (7,492,925)
Total Buildings 7,010,341 7,349,487
Plant & EquipmentPlant & Equipment 4,792,687 5,758,626 Accumulated Depreciation (3,342,075) (3,733,180)
Total Plant & Equipment 1,450,612 2,025,446
Hospitality Plant & EquipmentHospitality Plant & Equipment 520,748 628,932 Accumulated Depreciation (184,543) (219,402)
Total Hospitality Plant & Equipment 336,205 409,530
Motor VehiclesMotor Vehicles at Cost 450,428 153,650 Accumulated Depreciation (251,367) (64,665)
Total Motor Vehicles 199,061 88,985
Total Property Plant & Equipment 14,202,099 15,126,033
Page 12 of 17
Notes to and forming part of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2017
Annual Report and Accounts 2016-17 Financial Year Page 23
Notes to and forming part of the Financial StatementsWESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Notes to and forming part of the Financial Statements for the year ended 31 July 2017
11 DEVELOPMENT WORK IN PROGRESS 2017 2016$ $
Capital Work in Progress 7,259 - Redevelopment Cost 625,426 625,426
Total Development Work In Progress 632,685 625,426
12 TRADE AND OTHER PAYABLES 2017 2016$ $
Trade Payables 738,855 689,481 Accrued Expenses 39,244 26,139 Other Payables 313,356 236,938
Total Trade and Other Payables 1,091,455 952,558
13 PREPAID INCOME 2017 2016$ $
Prepaid Membership 28,009 25,300 Prepaid Sponsorship 330,568 180,417 Other Prepaid Income 250,635 522,128
Total Prepaid Income 609,212 727,844
14 PROVISIONS 2017 2016$ $
CurrentAnnual Leave 263,505 201,602 Long Service Leave 187,692 179,380
Total Current Provisions 451,196 380,982
Non CurrentLong Service Leave 53,487 49,083
Total Non Current Provisions 53,487 49,083
15 RESERVES 2017 2016$ $
Asset Revaluation Reserve 863,862 863,862 Capital Profit Reserve 11,471,009 11,471,009
Total Reserves 12,334,870 12,334,870
Page 13 of 17
FOR THE YEAR ENDED 31 JULY 2017
Page 24 Gloucester Park Harness Racing
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Notes to and forming part of the Financial Statements for the year ended 31 July 2017
16 OPERATIONAL SEGMENT INFORMATION
Gloucester Park Harness Racing operates predominantly in one industry and one geographical segment being the harness racing industry in Western Australia.
Gloucester Park Harness Racing's largest source of operational income for the year is from RWWA at 51%(2016: 57%).
17 MEETINGS
There were 53 prime and 42 mid-week meetings conducted during the year ended 31 July 2017.
18 RELATED PARTY INFORMATION
Gloucester Park Harness Racing has business dealings with Brear & Doonan Pty Ltd in which committeeman, Mr R Pettigrew, has an interest, and Brook Park Bloom - Garland which was owned by committeeman Mr L Kennedy. All transactions between the parties are conducted under normal business conditions at commercial market rates. Expenditure incurred during the year to Brear & Doonan amounted to $143,669 (2016: $140,853), and Brook Park Bloom - Garland amounted to $9,927 (2016: $7,645).
Outstanding amounts due to associated entities at 31st July were: 2017 2016$ $
Brear & Doonan Pty Ltd 8,975 17,281 Brook Park Bloom - Garland - 248
8,975 17,528
Page 14 of 17
Notes to and forming part of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2017
Annual Report and Accounts 2016-17 Financial Year Page 25
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Notes to and forming part of the Financial Statements for the year ended 31 July 2017
Committee members who held office during the year are listed below:
PresidentMr J Burt
Senior Vice PresidentMr K Jeavons
Vice PresidentMr G Monaco
CommitteeMr K DinniganMr L KennedyMr A ParkerMr J SchaperMr G ScottMr R Pettigrew
Committee members do not receive any remuneration.
19 FINANCIAL INSTRUMENTS
(a) SIGNIFICANT ACCOUNTING POLICIESDetails of the significant accounting policies and methods adopted, including the criteria forrecognition, the basis of measurement and the basis on which revenues and expenses arerecognised, in respect of each class of financial asset, financial liability and equity instrumentsare disclosed in Note 2 to the accounts.
(b) CREDIT RISKCredit risk refers to the risk that a counterparty will default on its contractual obligationsresulting in financial loss to Gloucester Park Harness Racing. Gloucester Park Harness Racing hasadopted the policy of only dealing with creditworthy counterparties and obtaining significant collateralor other security where appropriate, as means of mitigating the risk of financial loss from defaults.Gloucester Park Harness Racing measures credit risk on a fair value basis. Gloucester ParkHarness Racing does not have any significant credit risk exposure to any single counterparty or anygroup of counterparties having similar characteristics.The carrying amount of financial assets recorded in the financial statements, net of any provisionsfor losses, represents Gloucester Park Harness Racing's maximum exposure to credit risk withouttaking account of the value of any collateral or other security obtained.
Page 15 of 17
Notes to and forming part of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2017
Page 26 Gloucester Park Harness Racing
WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING
Notes to and forming part of the Financial Statements for the year ended 31 July 2017
(c) NET FAIR VALUEThe carrying value of financial assets and financial liabilities recorded in the financial statementsrepresents their fair values, determined in accordance with the accounting policies disclosed inNote 2 to the accounts.
(d) INTEREST RATE RISKThe interest rates earned / account balances at the end of the period: 2017 2016
$ $Bank overdraft - variable rate 6.7% - 7.7% - - Cash at bank - variable rate 0.01% - 1% 236,433 432,935 Cash on deposit - variable rate 1.05% 617,857 40,341 Term deposits - variable rate 2.0% - 2.9% 12,713 12,272
867,003 485,547
There are no other financial assets or liabilities that are exposed to interest rate risk as they are notinterest bearing.
20 SUBSEQUENT EVENTS
The committee are not aware of any other matter or circumstance not otherwise dealt with in the financial report that has significantly or may significantly affect the operations of Gloucester Park Harness Racing, the results of those operations or the state of affairs of Gloucester Park Harness Racing in subsequent financial years.
21 AUDITORS REMUNERATION 2017 2016$ $
Amounts received or due and receivable by William Buck for:An audit or review of the financial report of Gloucester Park Harness Racing 15,950 15,950
15,950 15,950
22 REDEVELOPMENT ASSET
Redevelopment refers to geotechnical, heritage, environmental and planning reports completed from 2006 to presentin relation to the anticipated redevelopment of Gloucester Park. If and when a tender process is undertaken for the redevelopment of Gloucester Park, these reports can be accessed. It is anticipated that the cost of such reports would be likely to increase, and hence they are not depreciated.
23 DEFINITION OF RACING AND WAGERING WA (RWWA)
RWWA was formed under the Racing & Wagering WA Act 2003 and assumed the controlling body functions over Western Australia’s three racing codes in addition to the WA off course totalisator gambling functions.
Page 16 of 17
Notes to and forming part of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2017
Annual Report and Accounts 2016-17 Financial Year Page 27
STATEMENT BY PRESIDENT AND CHIEF EXECUTIVE OFFICER
We, John Patrick Burt and Michael Terence Radley, being President and Chief Executive Officer respectively, of Gloucester Park Harness Racing, hereby state that;
(a) the accompanying statement of financial position, statement of accumulated surplus, statementof changes in equity, statement of comprehensive income and statement of cash flows have beenproperly drawn up so as to give a true and fair view of affairs of Gloucester Park Harness Racing at 31st July 2017, and of the results for the year ended on that date;
(b) at the date of this statement there are reasonable grounds to believe that Gloucester Park Harness Racing will be able to pay its debts as and when they fall due; and
(c) the accompanying statements have been made out in accordance with applicable accounting standards and other mandatory reporting requirements.
Perth:
For and on behalf of the Committee
J.P. Burt, President
M.T. Radley, Chief Executive Officer
Tuesday, 12 September 2017
Page 17 of 17
Statement by President and Chief Executive Officer
Annual Report and Accounts 2016-17 Financial Year Page 31
Life Members
W BELL *
J P BUTLER Snr *
T W CATLOW *
W CLARKE *
V CLEMENS *
W CONROY *
H M EDWARDS *
S W EDWARDS *
E D FAHEY *
W FOY *
R D HIGGS *
M HORNE *
HON W D JOHNSON *
J KYLE *
F A LAUNDER *
P MANSFIELD *
A MAYOR *
P MENZIES *
W H PERRY *
T W SIMPSON *
J J SIMONS *
T G SLOAN *
S STUBBS *
E A WADDINGHAM *
G F J WALKER *
A WALLDER *
C E J WILKINSON *
F W WRIGHT *
J WYNNE *
1931 J P STRATTON Snr *
1932 J BRENNAN *
1932 T BUCKNELL *
1932 F J CRITCH *
1932 A A DOWDEN *
1932 J M FARRELL *
1932 H A W JONES *
1932 J C SKULL *
1932 G D STOTTER *
1932 J D WILLIS *
1932 W H FARRELL *
1933 L F ATKINS *
1933 F W MARTIN *
1934 J V FERGUSON *
1935 G A BOOTH *
1935 F E GIBSON (MLC) *
1937 W H KITSON (MLC) *
1937 J B SLEEMAN (MLA) *
1938 J NOONAN *
1939 A TODD *
1940 T A BURNS
1940 W J SEALY *
1940 J P STRATTON*
1941 T W BRIMAGE *
1941 R POTTS *
1942 R N PERCIVAL *
1945 M J H PORTER MBE *
1947 J DUNCAN *
1948 H A DOUST *
1948 A E SUTHERLAND *
1949 J BRIDGER *
1949 J CAMM *
1949 J F JAMIESON *
1949 G TROWBRIDGE *
1950 W DOW
1950 W GLOVER
1950 C H NICHOLAS *
1950 R N PERCIVAL *
1951 G E JOHNSTON *
1951 H PEARCE #
1952 G GENT *
1952 R WALL *
1952 F WHITMAN *
1953 W H HOPKINS #
1953 F W SMITH *
1954 F D BEAMES *
1954 F M O’HEHIR #
1954 H PUGH *
1954 G E SMITH *
1954 A F SHEEDY *
1955 T E DIVER *
1955 R DOUGLAS #
1955 J J FARRELL *
1955 T SMITH *
1956 J ROBSON #
1956 W E TOOTEL *
1957 R BURNS *
1957 A H MURRAY *
1958 J CARNAGHAM #
1958 L W SHEARER *
1958 D SKIPPEN #
1958 H G TOWNSEND *
1959 A G H ANDERSON #
1959 J SAYERS #
1960 T AHERN #
1960 G EVANS *
1960 G T ROWLANDS #
1961 H J A BARNARD *
1961 L S DALE #
1962 H M DUNCAN *
1962 A S McDONALD #
1963 W F NEVARD *
1963 P G CLARKE #
1964 Wm E MACK *
1964 H E QUICK *
1964 W D SCOTT *
1965 W F JOHNSON *
1965 A D T ROBERTSON *
1966 A H SILVERMAN #
1966 H H RICHTER *
1967 J P BUTLER Jnr *
1967 R C CLARKSON #
1967 W J GOBBY *
1967 C H PERCIVAL #
1967 F J TOWNSEND *
1968 H J BAKER #
1968 F J BRIGGS *
1968 E J CHAPMAN
1968 O T HUTCHINSON #
1969 Sir FRANK LEDGER *
1969 G MALONEY *
1969 R E RENNIE *
1970 J F ANDERSON *
1970 T HUNDY *
1970 A J MOYLAN *
1970 T NEWBOLD *
1970 G E MAWLEY
Page 32 Gloucester Park Harness Racing
Life Members
1970 R K REID *
1971 R W PORTER *
1971 J SULLIVAN *
1971 R E TREASURE *
1971 R WEIR *
1972 C A BREAR *
1972 E W PERRY *
1973 S K ANDREWS *
1973 W J GRANLAND *
1973 J M LEAHY OAM
1974 J J SHEPHERD *
1974 E MARSDEN #
1975 C R LILLEYMAN *
1975 A O TROTT *
1975 G MALONEY *
1976 E A CRAWFORD *
1976 A F MOLLETT *
1977 J S COLEMAN *
1977 H A DOONAN *
1977 S A HAWKINS *
1977 E W LONGSON *
1977 A J MOYLAN *
1978 J J F BRINDLEY *
1978 J J DEANE *
1978 R GALLOP *
1978 T W THOMPSON *
1979 M DUFFY *
1979 L M PORTER*
1979 W J SOMERS *
1979 A G WILLIAMS *
1980 J P STRATTON Jnr *
1980 DR W W BRADSHAW
1981 DR E C MANEA AO *
1981 K R TILLEY *
1982 R E TREASURE *
1982 C H SKIPPER *
1982 H J SQUIRE *
1983 L BALDWIN *
1983 R J DAVIES
1983 E N FISHER *
1983 N J W HARVEY *
1984 B DONOHOE *
1984 J SNOOKS
1985 C M HODGSON *
1985 DR E W KYLE #
1985 J H SCHRADER *
1985 A F WEST *
1986 R H BINGEMANN *
1986 F X HARROLD *
1987 I H DORMAN *
1987 F R KERSLEY
1987 L H POYSER *
1988 N R S MARTIN *
1989 K A DOY *
1989 W R STEER *
1990 H R CLEGGETT *
1990 K M GARDINER *
1990 F M LAYCOCK
1990 D F LINDAU *
1990 R PREWETT *
1991 DR P CRANLEY *
1991 M LOMBARDO OAM
1991 G PAPADOPOULOS
1992 V PITSONIS *
1992 D FELTON *
1992 M C JAMES
1992 A DA RE
1992 C R PYE
1993 A S BARKER *
1993 P L BENNINGTON
1993 F F CRAWFORD *
1993 DR E I SIMPSON *
1994 M O HUMPHRIES *
1994 C N RIFICI *
1994 C SPRY *
1995 R A ADAM *
1995 R (BOB) A JONES *
1995 J C SCHAPER
1995 G G WALLIS
1996 G W BROWN *
1996 R L FOWLER
1997 L R COWARD *
1997 R J HOLLOWAY*
1997 G R WEIR
1998 S A BARKER *
1998 A G CHARLESON *
1998 R A McDONALD
1999 G MONACO
2000 F J DOY *
2000 J P IEMMA
2000 G W TILLER *
2001 R F KLENK
2001 M N F GRUBISA
2001 C MARTIN *
2001 J W LEAHY *
2004 F C E REID *
2004 K TILBROOK *
2005 W D DUFFY
2005 L M GREEN
2005 A M STAMPALIA
2006 D PARR
2007 R (RON) A JONES
2007 R PETTIGREW
2007 F PLACANICA
2007 G R SCOTT
2008 G R COMPSON
2008 G E STOBBS
2009 L G KENNEDY *
2010 A T MARSHALL *
2012 J P BURT
2012 K J JEAVONS
2012 V WOVODICH *
2013 R L BOVELL
2014 S R ENNIS
2015 T A PARKER
2016 C L SMITH
*deceased#believed to be deceased
GPHR believes this list to be accurate, however, if you are in possession of information which will enable us to bring it further up to date please contact GPHR Membership Secretary Amanda Thomas at Gloucester Park, telephone 9323 3555.
Thanks to our Sponsors
Gloucester Park Harness Racing would like to acknowledge and thank the following organisations for their support and sponsorship of Gloucester Park
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