annual report - gloucester park · eve meeting and will replace the inter dominion grand final as...

2017 TABtouch Inter Dominion Champion Lazarusand Trainer/Driver Mark Purdon

2018 TABtouch WA Pacing Cup Winner Soho Tribecaand Driver Kim Prentice – Trainer Bryan Cousins

2018 Retravision Fremantle Cup Winner My Hard Copy and Driver Clinton Hall – Trainer Gary Hall Sr

ANNUALREPORT2017/2018

2 Gloucester Park - Annual Report 2018

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 W J (Bill) Delaney

Mr K (Kevin) Dinnigan

Mr R B (Rob) Gartrell

Mr T A (Alan) Parker

Mr J C (Joe) Schaper

Chief Executive Mr M (Michael) Radley

Finance Manager Mr D (Daniel) Zaffino

General Manager Operations & Hospitality Mr T (Tony) Williamson

Auditors William Buck Audit (WA) Pty Ltd

Bankers St George Bank Limited

Patron The Honourable Kim Beazley 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

Western Australian Trotting Association trading as

GLOUCESTER PARK HARNESS RACING

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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 24th October 2018.

BUSINESS

1. Confirmation of minutes of the previous Annual General Meeting held on 25th October 2017

2. Reception of the President’s report presented on behalf of the Committee

3. Reception and discussion of the 2017/18 Annual Accounts

4. Election of Committee (for the period 2018/19 – 2020/21 inclusive) - declaration by Chairman

Nominations for Committee received from…

Messrs J P (John) Burt, R B (Rob) Gartrell, C (Christian) McArthur, T A (Alan) Parker and A G (Alfie) Scott

5. Appointment of Auditor (for the period 2018/19 – 2020/21 inclusive)

Nominations for Auditor and remuneration sought (including GST)…

Audit Tender Submissions - 3 Years 2019 - 2020 - 2021

Company Name 2019 2020 2021

Walker Wayland $12,000 + GST and disbursements

$12,000 + GST and disbursements


William Buck $13,500 + GST $14,000 + GST $14,000 + GST

Crowe Horwath $15,000 + GST, disbursements & CPI

$15,000 + GST, disbursements & CPI

$15,000 + GST, disbursements & CPI

Charter Financial Services $15,500 + GST $15,500 + GST $15,500 + GST

Moore Stephens $15,500 + GST and disbursements



Nexia Australia $17,000 to $21,000 + GST

$17,000 to $21,000 + GST and CPI

$17,000 to $21,000 + GST and CPI

6. Election of Life Members Committee recommendation … Beth Richardson

7. General Business


PRESIDENT’S REPORT

Dear Members,

It is my privilege to report to you on the 2017/18 financial year, together with expected events in the ensuing twelve months.

Once again it was a pleasing financial result showing a $166,484 net profit before depreciation and with RWWA grants removed. It is particularly pleasing considering the current financial environment and the continual decrease in traditional income streams such as on-course wagering. It is important to note the profit was made with the RWWA grants removed.

I am proud of how the Management team and your Committee has steered the club to another net profit through extremely trying economic times, which has seen our hospitality sales increase while a number of high profile restaurants in our area, such as Ku De Ta, have closed. This achievement should not be under-estimated.

Part of the success can be credited to the stability of the Committee and Management team, who worked diligently and efficiently to achieve a positive result.

Also, part of the success can be attributed to the Executive Committee, called the ’Drive Committee’, designed to drive the business. This sub-committee consists of myself, Vice President Kevin Jeavons, CEO Michael Radley, Operations Manager Tony Williamson, Finance Manager Daniel Zaffino (replacing Brendon Sarson) and consultant and former Committee member Mike Scott.

I have mentioned over the past three years that traditional income streams are decreasing. The main one is on-course turnover. This is something out of our control and although RWWA have tried to ease the decline with trailing commissions and geofencing, which allows bets placed on TABtouch mobile devices within the Gloucester Park grounds to be attributed to GPHR’s on-course betting turnover, the migration of wagering to corporate bookmakers has had a significant impact on GPHR’s revenue.

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As the graph shows, wagering income has decreased significantly from over $1.66 million in 2011/12 to less than $790k last year. That’s a decrease of almost $880k or 52% in six years. It has been slightly offset by the Sky Racing distribution, which is generated through international wagering on Gloucester Park meetings.

This has caused the necessity for GPHR to maximise non-racing income streams.

Unfortunately, the Matagarup Bridge was delayed and only opened on 15 July, limiting the benefit to GPHR. There were also initially issues between GPHR and transport agencies in establishing a crossing from Gloucester Park to the new pedestrian bridge. I would like to thank the Racing Minister, the Hon Paul Papalia MLA and his staff, especially Senior Policy Advisor Emma Roebuck, for their support in dealing with the different transport agencies and their help in opening communication lines so that we could negotiate a managed crossing to let the GPHR patrons’ access Matagarup Bridge safely and efficiently.


To coincide with the opening of the Matagarup Bridge, GPHR opened a new pop-up bar, aptly named the ‘Bridge Bar’, located behind the back straight in view of the river and stadium. RWWA have supported GPHR in this endeavour which should financially benefit our club and we are now preparing for a full football season and have agreements with both the West Coast Eagles and Fremantle Dockers. If there is demand, GPHR will be hoping to activate all the bars within the grandstands as well as the Bridge Bar for stadium events.

Gloucester Park’s new pop-up ‘The Bridge Bar’

Along with the Bridge Bar, GPHR has embarked on upgrading a number of infrastructure projects. We have taken advantage of a grant from RWWA, which all Western Australian race clubs received last financial year. GPHR was able to upgrade its computer server and network, also the point of sale systems, upgrade the TV system to digital, undertake the restoration of the front gates, as well as other infrastructure issues. Many of the upgrades may not be noticeable, however they are of great benefit to the Association behind the scenes.

The recent announcement that the New Year’s Eve meeting will return to Gloucester Park has been greeted positively. It will not be on the same scale as previous events, with one band after the last, The Potbelleez, as well as a fireworks display. It is an exciting announcement as it has been over a decade since GPHR has conducted a New Year’s Eve meeting and will replace the Inter Dominion Grand Final as the major event of the year for Gloucester Park.

INTER DOMINION

Last year was the final of our three-year tenure for the TABtouch Inter Dominion and once again it was a great success. The highlight was the victory of the superstar Lazarus in the $1.1 million Grand Final. It was the second successive win in Australasia’s great race for the unstoppable Mark Purdon and Natalie Rasmussen.

The Crowds were once again very strong on all four nights and I am extremely proud of the


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three years that Gloucester Park held and showcased the TABtouch Inter Dominion. There was also an international spotlight shone on Gloucester Park with the appearance of the World Driving Champion James MacDonald and the rising star of USA racing Marcus Miller. Marcus was also joined by his Hall of Fame training father Erv and sister Hannah, who is the USA’s leading amateur driver.

Importantly for the industry, wagering was up on all four meetings of the series from the previous year, with the aggregate up $3.8 million. The heats were up $400k, $600k and $800k respectively, while the grand final was up $1.9 million, with the total wagering (Race Fields, WA TAB and On-Course) on the night $8 million. This is obviously a great result for the WA harness racing industry.

This flowed into the Fremantle Cup meeting with $3.24 million wagered, up $740k from the previous year, which is a 29.6% increase and almost as much as the WA Pacing Cup. The WA Pacing Cup was down $200k from the previous year but the $3.5 million invested was about the average of turnover for the past four years. It is no coincidence that wagering was up for both the Inter Dominion and Fremantle Cup with Lazarus contesting those events, while the Pacing Cup was down without the champion pacer.

Unfortunately, this increase in wagering was not on-course and did not benefit the club with direct income, however it is important for the harness racing industry that off-course wagering increases.

I am proud that Western Australia, through RWWA and GPHR, has reinvigorated the series and restored the Inter Dominion to the traditional format, which will continue for the foreseeable future. Once again Western Australia has proved vital to the health of the great race and history may look back on these three years as saving the Inter Dominion from extinction.

On behalf of GPHR I wish Victoria, Auckland and NSW well for their tenure as custodians of the Inter Dominion.

TROTSYND

Trotsynd was reintroduced last season with the syndication of three horses. The highlight was Has No Fear, winning two races and placed three times from eight starts, including second in the $100,000 APG Fillies Sales Classic Final, earning $40,175 for the season with over $10,000 in bonuses.



There are two new syndicates on offer, a Colt out of Sportswriter and Stephanie Rose (Lot 477) and a filly out of Rockandroll Heaven and Chelsea Diamond (Lot 507), both with trainer Justin Prentice. We have high hopes for both two-year-olds and will soon distribute full details to Members and the public.

Lot 477 What a Colt! Lot 507 the head-turning filly

GPHR does not make money out of the syndicates but feels that promoting ownership through syndications is of great benefit to the WA harness racing industry.

RWWA

Sincere thanks to Jeff Ovens and his Board, as well as Chief Executive Richard Burt and his staff. Once again, their support of the club has been greatly appreciated.

This season there will be a new harness racing business model implemented featuring a new handicapping system created by Barry Hamilton and Garry Torto. The new system is based on win dollars and amongst other things eradicates anomalies like Group One Derby winners being eligible for maiden races.

Part of the new business model, starting from November, will see Gloucester Park Friday nights have a minimum stake of $18,000 per race. This will be the industry leader for metropolitan harness racing.

I would like to acknowledge the contribution of David Hunter in his new role as Commercial Manager. Harness Racing is up 19% year on year. One initiative was a change in programming, to maximise Premium meetings, which charge a higher Race Bets Levy paid by operators betting on Gloucester Park meetings. Meetings are rated as Premium if one race on the card is of $50,000 in stakes or over. RWWA in conjunction with GPHR amended the program where the open class races that were $35,000 were changed to either $50,000 or $25,000. There was no change to the overall stakes, however it increased revenue and thus the stakes were utilised more efficiently for the industry.


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GPHR has worked with Barry and David at RWWA as well as Sky Racing on changes to the traditional race order to maximise turnover. Since the Inter Dominion carnival and the success of moving the heats forward to earlier races, the feature races have moved forward to be placed between races 3 to 5, depending on the supporting races. Changing the race order with the best races filling the best slots can make an enormous difference in the amount wagered on the meeting.

This year, RWWA introduced a new committee for each racing code to sit below the RWWA Board, including a Harness Racing Committee (HRC). Gloucester Park is represented by Chief Executive Michael Radley along with Peter Trefort (WA Country Harness Racing Association) and Howard King (BOTRA, WAHROA & WASBA), as well as two independent members, Glen Mortimer, the General Manager of Retail of Retravision and a prominent owner and sponsor, together with Lisa Hando, who hails from a famous NSW harness racing family and is a Partner at PricewaterhouseCoopers.

The committee have already provided submissions on Point of Consumption tax (POC) and the WA TAB Privatisation.

STAFF

Brendon Sarson, who was the Financial Manager for just over three years, left GPHR in July. Brendon was responsible for the massive operation of bringing the catering accounts in-house, as well as changing the reporting systems for Management and Committee. Brendon has been replaced by Daniel Zaffino, who has also been with GPHR for just over three years as the Accountant and has earned the well-deserved promotion after being mentored by Brendon.

A structural change has taken place in the Operations Department, especially on the facilities side. John Powell replaced Michael Ahrens as Facilities Manager in November 2017 leading into our busiest time of year with the Inter Dominion. Later in the year, long-time GPHR employee Maree Luik was promoted to Assistant Facilities Manager.

Two long-term GPHR employees, Ron D’Orazio and Rob Lee, called time on their careers at Gloucester Park. Ron retired from GPHR after thirty years, most of which were as Race Night Supervisor, while Rob was on the race night staff for nearly twenty-five years. Both Ron and Rob have been great servants of the club and their hard work over many years is greatly appreciated.

Track curator, Brett Regan and his team continue to do a wonderful job, despite an exceptionally wet winter, which included heavy rain during meetings.



The Committee have ensured that we have a well-qualified, relatively young and innovative Management team to take Gloucester Park Harness Racing into the future.

RACING HIGHLIGHTS

September 2017

• RUN ONEOVER and Gary Hall Jr produced an exciting finish as they beat Our Jimmy Johnstone to win the New Season Pace by a neck

• JAMBIANI and Shannon Suvaljko beat Run Oneover by a half head to win the Howard Porter Memorial, with Simply Susational hard on their heels

• Another close finish as CONDRIEU and Ryan Warwick beat Ideal Alice and Beaudiene Boaz each by a half head to win the Spring Pace

• CHICAGO BULL and Gary Hall Jr cruised to victory winning the Group Two Navy Cup• In a stunning finish, SIMPLY SUSATIONAL and Ryan Warwick beat Tricky Styx by

a short half head, closely followed by Norvic Nightowl, to take out the WA Trotting Media Guild Cup

October 2017

• Shannon Suvaljko drove SHANDALE to victory in the J P Stratton Cup, beating Soho Tribeca by a head

• Once again SIMPLY SUSATIONAL and Ryan Warwick were too good to beat, winning the Fred Doy Memorial

• CHICAGO BULL and Gary Hall Jr were in top form, beating Soho Tribeca by a head in the Perth Plasterboard Centre Mount Eden Sprint

• AMERICAN BOY and Stuart McDonald were the winners in the Happy Wedding Anniversary Bill and Norma Horn Pace

November 2017

• Still in fine form, CHICAGO BULL and Gary Hall Jr claimed the victory in the James Brennan Memorial, once again pipping Soho Tribeca to the post by a short half head

• PERFECT MACH and trainer-driver Ryan Bell were the winners in the TABtouch York Cup

• Gary Hall Jr and RUNONE OVER proved too good for the competition, taking out the Dr Pat Cranley Memorial race

2017 TABtouch Inter Dominion Heat Night One:

• SOHO TRIBECA and Kim Prentice lead all the way to take out Heat 1 of the Series, upsetting champion Lazarus in the process

• Heat 2 was won by Chris Alford and LENNYTHESHARK, winner of the 2015 TABtouch Inter Dominion

• Local favourite CHICAGO BULL and Gary Hall Jr were the winners of the Westral Heat 3

• ULTIMATE MACHETE and Mark Purdon proved unstoppable in the Group One Yes


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Loans 4YO Classic• Kerryn Manning lived up to her reputation in the Clipsal by Schneider Electric Norms

Daughter Classic, steering AMERETTO to victory

2017 TABtouch Inter Dominion Heats at Bunbury:

• Heat 4 saw a very close finish as GALACTIC STAR and Ryan Warwick finished just ahead of Yayas Hot Spot and Lennytheshark

• SOHO TRIBECA and Kim Prentice thrilled the Bunbury crowd as they won a second heat, the Retravision Heat 5

• Garrards Horse & Hound Heat 6 was won by TIGER TARA and Todd McCarthy

December 2017

2017 TABtouch Inter Dominion Heat Night Three:

• The TABtouch Inter Dominion was back at Headquarters on Italian Fireworks Racenight. Heat 7 was won by CHICAGO BULL and Gary Hall Jr, making it their second heat win of the Series

• Rebecca Bartley and SAN CARLO won the Retravision Heat 8• LAZARUS and Mark Purdon were the winners of Heat 9 closely followed by

stablemate Have Faith In Me• Ryan Warwick and ROCK DIAMONDS took out the Westral 4YO Championship

Grand Final Day of the 2017 TABtouch Inter Dominion:

• $1.1M 2017 TABtouch Inter Dominion Grand Final - LAZARUS and Mark Purdon proved indomitable, storming home ahead of Chicago Bull and Tiger Tara to take out the crown

• The TABtouch Inter Dominion Consolation was won by THE BUCKET LIST and Michael Grantham

• ULTIMATE MACHETE and Mark Purdon were in top form, winning the Group One Retravision Golden Nugget

• The Westral Mares Classic was won by IDEAL ALICE and Gary Hall Jr• The Clipsal by Schneider Electric Trotters Cup was won by ITSGETTINGCALDER

and Chris Voak

• The Binshaw Classic was won by AUSSIE DELIGHT and the San Simeon Classic was won by MISTA SHARK

• Chris Voak and VULTAN TIN gave the crowd an exciting finish in the Last Minute Functions Available at Gloucester Park Pace to win by a head

• Gary Hall Jr and HERRICK ROOSEVELT took out the Xmas Gift Final by a short half head

• BETTORS FIRE and Kyle Harper beat their rivals to win The Village Kid



January 2018

• The Mark Purdon trained and driven stablemates ULTIMATE MACHETE and LAZARUS stayed in town to win the Retravision MS Pace and Princi Smallgoods MS Pace

• MY HARD COPY and Clinton Hall surprised the crowd, beating Lazarus by a head to take out the Group One Fremantle Pacing Cup

• SOHO TRIBECA beat favourite Chicago Bull to take out WA’s premier race, the TABtouch WA Pacing Cup

• Morgan Woodley guided ARGYLE RED to victory in The West Australian Nights of Thunder Final

• MY HARD COPY and Clinton Hall remained in top form to win the Ray Duffy Memorial

February 2018

• CHICAGO BULL and Gary Hall Jr were back in fine form winning the Worldwide Printing Lord Mayor’s Cup

• SLICK ARTIST, driven by Gary Hall Jr, won the 3YO Dainty’s Daughter Classic, giving Gary Hall Snr his first group win as a breeder

• There was no stopping CHICAGO BULL and Gary Hall Jr as they stormed home to win the RWWA Cup

• GOLDEN STATE and Chris Lewis were the winners of the 3YO Caduceus Club Classic• An in-form CHICAGO BULL and Gary Hall Jr won the Governor’s Cup ahead of

Ohoka Punter and The Trilogy on Chinese New Year Fireworks Race Night

March 2018

• The Clipsal WA Sales Classic Race Night saw SOHO INTERCEPTOR and Shannon Suvaljko win the 2YO Colts & Geldings race and ITS ROCK AND ROLL and trainer-driver Colin Brown win the 3YO Fillies race

• Shannon Suvaljko and MADAME MEILLAND beat the favourite Better B Chevron by a head to win the Perth Plasterboard Centre Empress Stakes

• CHICAGO BULL and Gary Hall Jr proved unstoppable, winning the Direct Trades Supply 4YO & 5YO Championship

• Dylan Egerton-Green steered BECHERS BROOK to victory in the Intersport Slater Gartrell 3YO Western Gateway

• IMPORTER EXPORTER and Colin Brown beat Bettors Fire by a neck to take home the Easter Cup

April 2018

• An exciting finish as KING OF SWING and Gary Hall Jr beat Bechers Brook and Cott Beach, each by a head, to win the Group One Sky Racing WA Derby

• WHOZIDEAWASTHIS and Gary Hall Jr won the Clarke Final• Once again, WHOZIDEAWASTHIS and Gary Hall Jr proved unbeatable winning the

Memorial Day Stakes• ITS ROCK AND ROLL and Colin Brown won the Westral Champagne Classic, to

the delight of GPHR Member and owner Liam O’Connor


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May 2018• OUR MAJOR MAMA and trainer-driver Justin Prentice produced a great win in the

Gannon’s WA Oaks• The WASBA Breeders Stakes was won by MACZAFFAIR and Shannon Suvaljko,

beating Eden Franco by a half head• LADY DE LA RENTA and Chris Voak were in fine form, winning the Alltools 3YO

Diamond Classic• VULTAN TIN and Chris Voak beat the favourite to win the GPHR Members Sprint• JACK MAC and Chris Lewis surged ahead to win the Pearl Classic

June 2018

• Gary Hall Jr and MAJORPRIDE beat Typhoon Tiff by a half neck to win the 2YO Fillies Diamond Classic

• Trainer-Driver Kyle Harper turned up the heat to bring BETTORS FIRE home to win the Rotary Club of Fremantle Pace

• FRANCO EDWARD and Kyle Harper won the Princi Butchers 2YO Colts & Geldings Pearl Classic

• The 3YO Westbred Fillies Final was won by ROSIES IDEAL and Trainer-Driver Shane Young and the 3YO Colts & Geldings Final was won by ONE OFF DELIGHT and Gary Hall Jr

• The 2YO Colts & Geldings Westbred Classic was won by TO FAST TO SERIOUS and Aldo Cortopassi and the 2YO Fillies Westbred Classic won by SOHO INTERCEPTOR and Shannon Suvaljko

July 2018

• DRACARYS and Trainer-Driver Justin Prentice proved unbeatable in the Choices Flooring 2YO Gold Bracelet

• An exciting finish as FRANCO EDWARD and Trainer-Driver Kyle Harper beat Bletchley Park by a half head

• Winning the race for a fifth time, Gary Hall Jr guided THE BUCKET LIST to victory in the Garrards Horse & Hound at GP BOTRA Cup

• TYLER BRETT and Colin Brown won the John Higgins Memorial

August 2018

• KASEY JOHN and Chris Voak were the winners of The Kerry Clarke Final• It was the turn of RUNRUNJIMMYDUNN and Gary Hall Jr to excite the crowd as

they won the Channel 7 Marathon Handicap by a neck.• MY HARD COPY and Gary Hall Jr were once again back in action, winning the

Westral MS Pace• CHICAGO BULL and Gary Hall Jr kept up their winning form, taking out the August Cup• The Schrader Final was won by SIMBA BROMAC and Chris Lewis



PROMOTIONS AND MARKETING

The following prominent companies and GPHR suppliers were sponsors of the final year of the three year Inter Dominion series held at Gloucester Park

• Retravision • Seven West Media • Clipsal by Schneider Electric • Princi Butchers • International Animal Health Products • Slater-Gartrell Sports • Sky Racing • Choices Flooring • Garrards Horse & Hound • Westral

SPONSORS

GPHR wishes to thank the following sponsors for supporting Gloucester Park during the 2017/18 season:

Abbott & Co Printers

Alltools

Allwood Stud

Brear & Doonan

Caduceus Club of WA

Channel 7

Choices Flooring

Clipsal by Schneider Electric

Cowden Insurance Brokers

Direct Trades Supply

Gannons

Garrards Horse & Hound

International Animal Health Products

Perth Plasterboard Centre

Princi Butchers

Retravision

Sky Racing

Slater Gartrell Sports

TABtouch

The West Australian

Westral

Westside Auto Wholesale

Yes Loans


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MEMBERSHIPDuring the 2017/18 season Members Alec Barfield, Phil Bonser, Rod Fletcher, Daryl Gibson-Powell, Richard Lee, Barry Morgan, Beresford Newton and Honorary Life Member John Mitchell passed away. Mr Mitchell was the inaugural recipient of the James Brennan Award in 1985 and served the WATA for over thirty years as Track Curator and later Secretary of the Association.

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 dedication and support over the past twelve months. Your Committee, together with the GPHR staff, will continue to work hard to ensure the Membership enjoys an exciting season ahead and Gloucester Park achieves the success it so rightly deserves.

JOHN BURT PRESIDENT



COMMITTEE - MEETING ATTENDANCE

from 26 October 2017 to 6 September 2018

(13 meetings held)

Attendance Apologies/Leave of Absence

John Burt 13Bill Delaney 13Kevin Dinnigan 11 2Rob Gartrell 12 1Kevin Jeavons 13Gino Monaco 13Alan Parker 13Joe Schaper 13Garry Scott 13

COMMITTEE - MEETING ATTENDANCE

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WESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING

STATEMENT OF FINANCIAL POSITION

2018 2017$ $

Current AssetsCash & Cash Equivalents 6 572,702 968,691 Trade and Other Receivables 7 287,930 506,703 Other Current Assets 8 624,921 484,318 Inventories 9 92,394 91,878 Cash on Deposit - 12,713

Total Current Assets 1,577,947 2,064,303

Non-Current AssetsCash on Deposit 13,135 - Property, Plant & Equipment 10 13,838,758 14,202,099 Development Work in Progress 11 636,257 632,685

Total Non-Current Assets 14,488,150 14,834,784

Total Assets 16,066,097 16,899,087

Current LiabilitiesTrade and Other Payables 12 991,708 1,091,455 Prepaid Income 13 189,913 609,212 Provisions 14 510,451 451,196

Total Current Liabilities 1,692,072 2,151,863

Non-Current LiabilitiesBorrowings 17,515 67,715 Provisions 14 21,103 53,487

Total Non-Current Liabilities 38,618 121,202

Total Liabilities 1,730,689 2,273,065

Net Assets 14,335,408 14,626,022

EquityRetained Earnings 2,000,537 2,291,152 Reserves 15 12,334,871 12,334,870

Total Equity 14,335,408 14,626,022


STATEMENT OF FINANCIAL POSITIONAS AT 31 JULY 2018

The accompanying notes form an integral part of these accounts

Page 1 of 17


STATEMENT OF COMPREHENSIVE INCOME

Revenue 2018 2017$ $

Operating ActivitiesRWWA Distributions 3,584,447 3,239,954 Hospitality Income 2,745,401 2,522,937 Wagering Income 1,315,614 1,366,617 Sponsorship 793,058 773,178 Rent & Parking Income 727,184 692,074 Admissions 148,866 171,952 Other Revenue 234,367 212,881 Membership 83,934 96,042

Total Operating Activities 9,632,871 9,075,634

Non-Operating ActivitiesProperty Rental Income 401,862 398,995 Interest Received 2,071 3,007

Total Non-Operating Activities 403,933 402,002

Total Revenue 10,036,804 9,477,636

Expenditure

Operating ActivitiesRWWA Stakes & Subsidies 78,484 125,777 Hospitality Expenses 2,541,849 2,357,383 Wagering Expenses 691,978 700,776 Race Meet Expenses 1,609,445 1,584,645 Grounds Expense 1,733,979 1,737,237 Administration Expenses 1,904,696 1,859,798 Marketing Expenses 863,288 747,215 Depreciation 852,050 934,805 Impairment of PPE - 189,657

Total Operating Activities 10,275,769 10,237,292

Non-Operating ActivitiesProperty Rental Expenses 51,650 81,905

Total Non-Operating Activities 51,650 81,905

Total Expenditure 10,327,420 10,319,197

Profit/(Loss) For The Year (290,615) (841,561)


STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 JULY 2018


Page 2 of 17

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STATEMENT OF RETAINED EARNINGS

STATEMENT OF CHANGED IN EQUITY

2018 2017

Retained Earnings 1 Aug 2017 2,291,152 3,132,713 Surplus/(Deficit) for the Year (290,615) (841,561)

2,000,537 2,291,152 Less Transfer to capital profit reserve - -

2,000,537 2,291,152


STATEMENT OF RETAINED EARNINGSFOR THE YEAR ENDED 31 JULY 2018


Page 3 of 17

Accumulated Surplus

Capital Profit Reserve

Revaluation Reserves Total

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

Total Comprehensive Income for the Year (290,615) - - (290,615)

At 31 July 2018 2,000,537 11,471,009 863,862 14,335,407



STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 JULY 2018

Page 4 of 17


STATEMENT OF CASH FLOWS

2018 2017$ $

Cash Flows from Operating Activities

Net Receipts from RWWA Distribution 3,189,496 3,101,136 Receipts from Customers 6,188,740 6,374,305 Payments for Stakes & Subsidies - (41,943)Payments to Suppliers and Employees (9,601,234) (9,035,060)Interest Received 2,071 3,007 Borrowing Costs (9,538) (4,553)

Net Cash Provided by (used in) Operating Activities (230,464) 396,892

Cash Flows from Investing Activities

RWWA Capital Grants Received 394,951 138,818 Purchases of Property, Plant & Equipment (492,282) (230,697)Proceeds from Sale of PPE - 10,181

Net Cash Provided by (used in) Investing Activities (97,331) (81,698)

Cash Flows from Financing Activities

Receipts from Financing Activities - 114,278 Payment of Financing Liabilities (67,773) (22,644)

Net Cash Provided by Financing Activities (67,773) 91,634

Net Increase/Decrease in Cash Held (395,567) 406,828

Cash at the Beginning of the Year 981,404 574,577

Cash at the End of the Year 585,837 981,404

Reconciliation of Cash Flows from Operating 2018 2017$ $

Operating Surplus/Deficit (290,615) (841,561)Depreciation & Amortisation 852,050 934,805 Net (Gain)/Loss on Disposal of PPE - (10,181)RWWA Capital Grants (394,951) - Other Non Cash Items 17,574 19,852 (Increase)/Decrease in Accounts Receivable 218,773 231,473 (Increase)/Decrease in Prepaid Expenses (140,603) (18,217)(Increase)/Decrease in Stock on Hand (516) (14,162)Increase/(Decrease) in Accounts Payable (99,747) 138,897 Increase/(Decrease) in Prepaid Income (419,299) (118,632)Increase/(Decrease) in Provisions 26,870 74,619

(230,464) 396,892

STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 JULY 2018



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2018 2017$ $















(230,464) 396,892




Page 5 of 17

2018 2017$ $















(230,464) 396,892




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2018 2017$ $















(230,464) 396,892




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21

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

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.


Notes to and forming part of the Financial Statements for the year ended 31 July 2018

Page 6 of 17

2018 2017$ $















(230,464) 396,892




Page 5 of 17


NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTSWESTERN AUSTRALIAN TROTTING ASSOCIATION TRADING ASGLOUCESTER PARK HARNESS RACING


(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 tothe 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



(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 2018 total $674,009. All those that are due were paid by 31st August 2018.

Year Total 0-30 Days 31-60 Days 61-90 Days 91+ Days2018 287,930 211,200 33,138 5,335 38,258 2017 506,703 400,522 79,341 - 26,839

Page 8 of 17

2018 2017$ $















(230,464) 396,892




Page 5 of 17

23



(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 2018 total $674,009. All those that are due were paid by 31st August 2018.

Year Total 0-30 Days 31-60 Days 61-90 Days 91+ Days2018 287,930 211,200 33,138 5,335 38,258 2017 506,703 400,522 79,341 - 26,839

Page 8 of 17



(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


2018 2017$ $















(230,464) 396,892




Page 5 of 17




(p) RWWA Distributions

The accounting treatment of RWWA distributions, stakes and subsidies has remained the same whereby thesedistributions and corresponding stakes and subsidies are entered in the one account rather than recognising themseparately as a revenue and an expense.

3 CONTINGENCIES

At 31st July, 2018, 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 2018, these facilities are not being utilised and there are no other borrowings.

Page 10 of 17


2018 2017$ $















(230,464) 396,892




Page 5 of 17

25



6 CASH AND CASH RESERVES 2018 2017$ $

Cash at Bank 523,348 854,290 Cash on Site 29,366 42,278 Cash in Transit 19,988 72,123

Total Cash and Cash Reserves 572,702 968,691

7 TRADE AND OTHER RECEIVABLES 2018 2017$ $

Trade Receivables 287,930 506,703 Deduct Provision for Doubtful Debts - -

Total Trade and Other Receivables 287,930 506,703

8 OTHER CURRENT ASSETS 2018 2017$ $

Prepaid Expenses 312,831 271,113 Other Current Assets 312,090 213,205

Total Other Current Assets 624,921 484,318

9 INVENTORIES 2018 2017$ $

Food at Cost 34,865 39,682 Beverages at Cost 57,529 52,195

Total Inventories 92,394 91,878

Page 11 of 17



10 PROPERTY PLANT AND EQUIPMENT 2018 2017$ $

Land and ImprovementsLand and Improvements at cost 6,082,520 6,082,520 Accumulated Depreciation (920,393) (876,640)

Total Land and Improvements 5,162,127 5,205,880

BuildingsBuildings at cost 15,151,653 14,951,341 Accumulated Depreciation (8,388,067) (7,941,000)

Total Buildings 6,763,586 7,010,341

Plant & EquipmentPlant & Equipment 5,000,541 4,792,687 Accumulated Depreciation (3,587,745) (3,342,075)

Total Plant & Equipment 1,412,796 1,450,612

Hospitality Plant & EquipmentHospitality Plant & Equipment 601,292 520,748 Accumulated Depreciation (269,146) (184,543)

Total Hospitality Plant & Equipment 332,146 336,205

Motor VehiclesMotor Vehicles at Cost 450,428 450,428 Accumulated Depreciation (282,325) (251,367)

Total Motor Vehicles 168,103 199,061

Total Property Plant & Equipment 13,838,758 14,202,099

Page 12 of 17





11 DEVELOPMENT WORK IN PROGRESS 2018 2017$ $

Capital Work in Progress 10,831 7,259 Redevelopment Cost 625,426 625,426

Total Development Work In Progress 636,257 632,685

12 TRADE AND OTHER PAYABLES 2018 2017$ $

Trade Payables 674,009 738,855 Accrued Expenses 60,391 39,244 Other Payables 257,308 313,356

Total Trade and Other Payables 991,708 1,091,455

13 PREPAID INCOME 2018 2017$ $

Prepaid Membership 83,496 28,009 Prepaid Sponsorship 38,133 330,568 Other Prepaid Income 68,284 250,635

Total Prepaid Income 189,913 609,212

14 PROVISIONS 2018 2017$ $

CurrentAnnual Leave 293,181 263,505 Long Service Leave 217,270 187,692

Total Current Provisions 510,451 451,196

Non CurrentLong Service Leave 21,103 53,487

Total Non Current Provisions 21,103 53,487

15 RESERVES 2018 2017$ $

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


2018 2017$ $















(230,464) 396,892




Page 5 of 17












14 PROVISIONS 2018 2017$ $





15 RESERVES 2018 2017$ $


Total Reserves 12,334,870 12,334,870

Page 13 of 17

27



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%(2017: 51%).

17 MEETINGS

There were 50 prime and 45 mid-week meetings conducted during the year ended 31 July 2018.

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. Mr R Pettigrew, ended his tenure as a committeeman in October 2017.All transactions between the parties are conducted under normal business conditions at commercial market rates.Expenditure incurred during his tenure as committeeman, to Brear & Doonan amounted to $34,503 (2017: $143,669).

Page 14 of 17


2018 2017$ $















(230,464) 396,892




Page 5 of 17












14 PROVISIONS 2018 2017$ $





15 RESERVES 2018 2017$ $


Total Reserves 12,334,870 12,334,870

Page 13 of 17




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 A ParkerMr J SchaperMr G ScottMr R PettigrewMr B DelaneyMr R Gartrell

Mr R Pettigrew held office until 25th October 2017.

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



(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: 2018 2017

$ $Bank overdraft - variable rate 6.7% - 7.7% - - Cash at bank - variable rate 0.01% - 1% 523,348 236,433 Cash on deposit - variable rate 1.05% - 617,857 Term deposits - variable rate 2.0% - 2.9% 13,134 12,713

536,482 867,003

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 2018 2017$ $

Amounts received or due and receivable by William Buck for:An audit or review of the financial report of Gloucester Park Harness Racing 15,500 15,950

15,500 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


2018 2017$ $















(230,464) 396,892




Page 5 of 17












14 PROVISIONS 2018 2017$ $





15 RESERVES 2018 2017$ $


Total Reserves 12,334,870 12,334,870

Page 13 of 17

29



(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: 2018 2017

$ $Bank overdraft - variable rate 6.7% - 7.7% - - Cash at bank - variable rate 0.01% - 1% 523,348 236,433 Cash on deposit - variable rate 1.05% - 617,857 Term deposits - variable rate 2.0% - 2.9% 13,134 12,713

536,482 867,003

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 2018 2017$ $

Amounts received or due and receivable by William Buck for:An audit or review of the financial report of Gloucester Park Harness Racing 15,500 15,950

15,500 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


2018 2017$ $















(230,464) 396,892




Page 5 of 17












14 PROVISIONS 2018 2017$ $





15 RESERVES 2018 2017$ $


Total Reserves 12,334,870 12,334,870

Page 13 of 17


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 retained earnings, statement of changes in equity, statement of comprehensive income and statement of cash flows have been properly drawn up so as to give a true and fair view of affairs of Gloucester Park Harness Racing at 31st July 2018, 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.

(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

31

AUDITOR’S REPORT

Western Australian Trotting Association

Independent auditor’s report to members of the Western Australian Trotting Association

Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial report of the Western Australian Trotting Association (“the Association”), which comprises the statement of financial position as at 31 July 2018, the statement of comprehensive income, the statement of retained earnings, the statement of changes in equity and the statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the statement by president and chief executive officer.

In our opinion the financial report of the Western Australian Trotting Association has been prepared in accordance with the Western Australian Trotting Association Act 1946, including:

a) giving a true and fair view of the Association’s financial position as at 31 July 2018 and of its financial performance for the year then ended; and

b) complying with Australian Accounting Standards.

Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Association in accordance with the auditor independence requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


















AUDITOR’S REPORT

2

Independent auditor’s report to members of the Western Australian Trotting Association Other Information The Committee are responsible for the other information. The other information comprises the information included in the Association’s annual report for the year ended 31 July 2018, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Committee and Those Charged with Governance for the Financial Report The Committee of the Association are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Western Australian Trotting Association Act 1946 and for such internal control as the Committee determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the Committee are responsible for assessing the Association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Committee either intend to liquidate the Association or to cease operations, or has no realistic alternative but to do so. The Committee are responsible for overseeing the Association’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of

2







33

AUDITOR’S REPORT

3

Independent auditor’s report to members of the Western Australian Trotting Association assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. A further description of our responsibilities for the audit of these financial statements is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/auditors_responsibilities/ar4.pdf This description forms part of our independent auditor’s report.

William Buck Audit (WA) Pty Ltd ABN 67 125 012 124

Conley Manifis Director Dated this 6th day of September, 2018

2








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 *

LIFE MEMBERS

1935 F E GIBSON (MLC) *1937 W H KITSON (MLC) *1937 J B SLEEMAN (MLA) *1938 J NOONAN *1939 A TODD *1940 T A BURNS1940 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 DOW1950 W GLOVER1950 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 CHAPMAN1968 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 MAWLEY1970 R K REID *1971 R W PORTER *1971 J SULLIVAN *1971 R E TREASURE *1971 R WEIR *1972 C A BREAR *

35

LIFE MEMBERS

*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 or via email [email protected].

1972 E W PERRY *1973 S K ANDREWS *1973 W J GRANLAND *1973 J M LEAHY OAM1974 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 BRADSHAW1981 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 DAVIES1983 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 KERSLEY1987 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 LAYCOCK1990 D F LINDAU *1990 R PREWETT *1991 DR P CRANLEY *1991 M LOMBARDO OAM1991 G PAPADOPOULOS1992 V PITSONIS *1992 D FELTON *1992 M C JAMES1992 A DA RE1992 C R PYE1993 A S BARKER *1993 P L BENNINGTON1993 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 SCHAPER1995 G G WALLIS1996 G W BROWN *

1996 R L FOWLER1997 L R COWARD *1997 R J HOLLOWAY*1997 G R WEIR1998 S A BARKER *1998 A G CHARLESON *1998 R A McDONALD1999 G MONACO2000 F J DOY *2000 J P IEMMA2000 G W TILLER *2001 R F KLENK2001 M N F GRUBISA2001 C MARTIN *2001 J W LEAHY *2004 F C E REID *2004 K TILBROOK *2005 W D DUFFY2005 L M GREEN2005 A M STAMPALIA2006 D PARR2007 R (RON) A JONES2007 R PETTIGREW2007 F PLACANICA2007 G R SCOTT2008 G R COMPSON2008 G E STOBBS2009 L G KENNEDY *2010 A T MARSHALL *2012 J P BURT2012 K J JEAVONS2012 V WOVODICH *2013 R L BOVELL2014 S R ENNIS2015 T A PARKER2016 C L SMITH2017 W J H HORN

Cover photographs courtesy of Jodie Hallows.

OUR SPONSORSGloucester Park Harness Racing would like to acknowledge and thank the following

organisations for their support and sponsorship of Gloucester Park

annual report - gloucester park · eve meeting and will replace the inter dominion grand final as...

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