cranbourne turf club annual report - 2012

Charles Abrahams, Emil Ackaoui, Michael Addison, Ross Allamby, Robyn Allen, Peter Altschwager, Mario Amato, Vicki Amato, Steve Angleton, Mark Argus, Darren Armstrong, Andrew Armstrong, Peter Armstrong, Rhonda Armstrong, Helen Attwood, Brett Austin, Jeffery Avery, Neil Baird, John Balinsky, John Barker, Tracey Barker, John Barnett, John Barry, Paul Batten, Sue Batten, Matthew Bayliss, Grant Bell, Julie Bell, Rob Bender, Michael Bennett, Adele Bennett, George Benson, Shane Benwell, Shane Besanko, Ailsa Best, Robert Best, Graeme Best, Wayne Beswick, John Bicker, Kristine Bicker, Christine Billing, Garry Binks, Janet Binns, Derek Binns, Sam Birman, Paul Birman, Michael Black, Bernadette Black, Roy Blackmore, Gwen Blackmore, Yvonne Blackwood, David Blezard, James Bligh, Arvid Boce, Mary Bolch, Pat Boltong, Matt Boltong, Ivan Bourke, David Bowman, Raymond Boyle, Mabel Boyle, Peter Bradley, Charles Branca, Dominic Branca, Graeme Bravo, Geoffrey Bravo, Colleen Brereton, Mark Brett, Ian Broadsmith, Neil Brookes, John Brown, Scott Brown, Linda Brown, Grant Brown, Hank Bruin, Andrew Brumby, Robert Brundell, Elaine Burch, Lorraine Burgess, Geoffrey Burgess, Marlene Burhop, John Burstall, Melissah Buys, Mary Rose Byrne, Nigel Camm, Jane Cardona, Anthony Cardona, Vaughan Carmalt, Jacqui Carroll, Kelly Carvill, Hugh Cathels, Neville Chater, Nelson Chater, Dennis Chew, Larry Childs, Raymond Chrisp, Paul Christy, Barry Christy, Jean Christy, Nadine Ciaviola, Louis Clark , Virginia Clarke, Sean Clarkson, Geoff Clarkson, Barry Clay, Martin Collings, Kenneth Connell, Jessica Connell, Geoffrey Connell, Robert Connor, Arcangela Connor, David Cook, Norrie Cook, Michael Cook, Claire Cook, Peter Cooper, Kenneth Corbett, Geoff Corrigan, Brenda Costoglou, Peter Coulthup, Jeff Cowan, Vanessa Cowan, Andrew William Craven, Stephen Crewes, David Crowl, Graeme Curry, Patricia Curry, Keith Curry, Paul Curtain, Kathy Da La Rue, Robin Daley, Joan Daley, Terry Dalton, Ron Damon, Peter DaRose, Mark Davidson, Stuart Davidson, Trevor Davies, Graeme Davies, John Davies, Frank De Pasquale, Robert Dean , Steven Dernikos, Daniel Devlin, Debra Dickson, Jason Disher, George Ditz, Betty Doble, David Dodson, Jason Dodson, Melanie Donne, Stacey Dorbolo, Barry Dowling, Sonja Drommel, Michael Drummond, David Dunstan, Karen Dunstan, Leigh Dunstan, Terry Egan, Helen Egan, Hanna Elkhalil, Peter Elliott, Edward Elliott, Elizabeth May Elliott, Margie Elliott, Rachael Evans, Barry Evans, Anthony Farrelly, John Finning, Cheryl Fisher, Norma Flannery, Rex Flannery, John Fleming, Michael Floyd, David Forscutt, Anthony Forster, Brian Forster, Matt Frater, Gail Frenken, Hank Frenken, Annie Garbutt, Craig Garvey, Rosemary Garwood, Ollie Gaspari, Michael Gee, Daryn George, George Giampietri, Maria Giampietri, Ian Gilbert, Jeff Giles, Anna Giles, Lorraine Gillies, David Gillies, Robert Goddard, Helen Goddard, Michael Goldie, Maxwell Goldsworthy, David Goodchild, Jeff Graham, Ruth Graham, James Green, Glenda Green, Terry Hall, Justin Hamilton, Melanie Hamilton, Harry Hanley, Mike Hansford, John Harrigan, Kevin Harris, Gary Harris, Stephen Harris, Reginald Harrison, Barbara Harry, Neil Hatch, Andrew Hazell, Brenda Heathcote, John Heathcote, Gwenda Hellier, Jane Desmonde Hellier, Frank Hempel, Mary Hempel, John Herron, John Hetherington, Ronald Hewson, Sue Hickman, Kevin Higgins, Jennifer Hill, Brent Hillier, Wayne Hobson, E.Rose Hodgins, Bruce Hoey, Ronald Hogan, Sid Hoggett, Brett Holburt, Frank Hoodless, Walter J Horton, Lynette J Horton, Allison Howe, John Howkongfah, Rebecca Howkongfah, Gary Hunter, Justin Illman, Peter Ingram, Peter Iversen, John Jannese, Brendon Jenkins, Tim Jimmieson, Debra Jimmieson, Chris Johannsen, Frank Johnson, Craig Johnson, Alan Johnstone, Adrain Jolliffe, Arthur Kelly, Brian Kelly, Jane Kelly, Leo Kelly, Jennifer Kelly, Mick Kelly, Arnold Kelsey, Geoffrey Kemp, Daryl Kennedy, Peter Kerr, Joy Kershaw, Kylie Kilpatrick, Kevin King, Kathleen Kingstone, Allan Kingstone, Kenneth Kitchen, Jan Kopec, Claire Kramer, Bill Kucks, Eva Kucks, Mark Laaksonen, Jillian Lambden, Terry Lambden, John Lane, Anthony Langan, Eleanor Langan, Debbie Lanyon, Terry & Christine Larkin, Brendon Latter, Amanda Latter, Pamela Lawton, Arnaud Le Merle, Brendon Leach, Craig Lee, Robert Lewis, Gerry Lieuwen, William Llewellyn, John Lobo, Jane Lobo, Robert Loft, Paul Lombard, Peter Lord, Christopher Lothian, Diane Lothian, Rick Lousada, Ben Lugg, Roderick Lyle, Andrew Macainsh, Ernie Madruga, Heath Major, Pamela Male, Peter Male, Cal Male, Christine Mallinson, George Malone, Steve Mann, Sonyer Mansfield, Silvio Marinelli, Michael Maskell, Jason Mathieson, Anthony Matthews , Donna Maund, Ronald Mayne, Nola Mayne, Leslie McAleese, William McAlpine, Kevin McCabe, Peter McCluskey, Ken McCormack, Helen McCutcheon, Peter McEvoy, John McEvoy, Denise McGee, Ross McGee, Brett McGee, Peter McGovern, Patrick McGuire, Robert McKenna, Rita McKenna, Colin McKnight, Alice McLauglin, Robert McLauglin, John McLeish, Neil McLellan, Philip McMahon, Carolyn McMasters, James McMenamin, Brendan McMenamin, Sharon McMillan, Matthew McMillan, Craig McWhinney, Mark Melton, Amy Mepstead, Matthew Mepstead, Trent Mepstead, Trevor Mewett, Dawn Mewett, Margaret Milburn, Allan Milburn, Jacki Miller, Richard Miller, Marylyne Miller, Daryl Miller, Ronald Mills , James Moore, Scott Moresco, Jack Morgans, Trevor Mort, Bruce Moulden, Michael Muaremov, Peter Muir, Christine Muir, Dennis Muir, Geoffrey Mullens, Gregory Mulvogue, Ronald Munyard, Brent Murdoch, Libby Murdoch, Paul Murfelt, Beth Murphy, Jessie Murray, Brett Murray, Coral Muschialli, Karina Nash, Adam Nash, Ray Nicholls, Matthew Nicholson, Leanne Nicholson, John Noble, Kevin Nolan, Brad Norman, Lisa Normoyle, Frank O'Brien, Rohan O'Brien, David O'Callaghan, Carmel O'Connor, Ray O'Connor, Dale Ogier, Valerie Ogier, Tony Ogier, Patrick O'Hanlon, Micj O'Keefe , John Olah, William Oldfield, Jillian Oldfield, Charles Oliver, Jennifer O'Neill, Bill O'Neill, Pam O'Neill, Dorothy Orchard, Darren Otter, Jennifer Oustmuller, Mark Owen, Karlie Owen, Allan Page, Vincent Paino, Joan Paino, Michael Parkinson, Jean Parkinson, Bruce Parry, Faye Parry, Matthew Paterson, Marie Patterson, Ian Patterson, Geoff Pattison, Jillian Pattison, Darren Peipers, Donald Pepyat, Beryl Pepyat, Michael Perkins, Janine Perkins, Brenda Peyton, John Pigot, Guy Pilkington, Michelle Pilkington, William Pinkerton, Pam Pitman, Dorothy Porter-Burgess, Ian Prior, Bridget Prunty, Peter Ralls, Frank Rattle, Helen Rawlings, Frank Rawlings, Sylvia Reader, David Reader , Rob Red, Greg Reedy, Glen Reedy, Bill Reeves, Deborah Reeves, Brenda Reeves, Murray Ribaux, Jodi Anne Ribaux, Barbara Richards, Robert Robbie, Pamela Robinson, Elaine Robinson, Brian Rockliff, Wayne Rosewarne, Virginia Rowan, Allan Rumble, Garry Runge, Mary Russell, Robert Russell, Ron Russell, Dorothy Russell, Wayne Saunders, Kevin Scanlan, Dawn Schutt, Robert Schutt, Anthony Scolyer, Michael Scott, Joan Scott, Steven Scott, Phil Serong, Peter Sharp, Kenneth A Sheppeck, Brian Shinners, Lewis Short, Jodie Shuttleworth, Garry Sidwell, Peter Sieben, Catherine Sieben, Ian Simmons, Peter Skinner, Andrew Slade, Anne Smith, Jeremy Smith, Peter Smith, Martin Smith, Kathleen Smith, Brian Smith, Collette Smith, Elisabeth Sonnet, Mario Sottile, Elwyn Squires, Howard Stafford, David Stamford, Kevin Stanley, Paul Stanley, Wayne Stephens, Paul Stocks, Alan Stocks, Eddie Stuckey, Robyn Stuckey, Christopher Sturrock, Mark Sunderland, Branko Sventek, Gerald Sweeney, George Szabatura, Darrin Taylor, Emma Taylor, Keith Taylor, Alan Taylor, Geraldine Theodore, Warren Tilley, Adam Todd, Fred Tointon, Noel Tonkin, Rex Trimble, Peter Tuckett, Alfred Turner, John Van Echteld, Jeff Vance, Carl VanSanden, Glen VanZeyl, Daniel Voets, Boguslan Jozef Wajs, Marie Stella Wajs, James Waldron, Debra Waldron, Malcolm Walker, Gary Wallace, James Walters, Robert Warburton, Noel Waters, Fred Watts, Charles Webster, Melanie Weeda, Kristy Weeks, Mark Wells, Lee-Anne West, Nigel Westoby, Alan Westwood, Wendy Weymouth, Alan Weymouth, Robin Weymouth, Dave Whalen, Geoff Whiffin, Nolene Whiffin, Adam White, Shane White, Colin Whitney, Colin Wiley, Judy Wiley, Julie Wiley, Pamela Wilkinson, David Wilkinson, Kenneth Williams, Max Williams, Dianne Williams, Mark Williams, Darren Williams, Max Williamson, Kerri Wilson, Darryl Wilson, Robert Wilson, Ross John Wilson, Matthew Wingfield, Clare Winzer, Kevin Wise , Josephine Woods, Don Woods, Alan Wyatt, Daniel Wyhoon, Monique Yates, Peter Yates, James Young

Cranbourne Turf Club IncAnnual Report 2011/12


Annual General Meeting

The Annual General Meeting of the Cranbourne Turf Club Inc will be held in the Dining Room, Ground Floor, Cranbourne Racecourse on Wednesday 28 November 2012 @ 6.00pm.

BUSINESS

1. Apologies

2. Confirmation of Minutes of Annual General Meeting held on Wednesday 23 November 2011

3. Chairman’s Report

4. Treasurer’s Report

5. To receive and adopt Financial Statement and Auditors Report for season 2011-2012

6. To appoint Auditors for 2012-2013 season

7. To elect three members to the committee

The following nominations have been received Andrew Brumby, Sean Clarkson & Silvio Marinelli. As no other nominations have been received, they will be duly elected.

NEIL BAINBRIDGE

CHIEF EXECUTIVE OFFICER

2


Chairman’s Report

I am delighted as Chairman to present the 2011/2012 Chairman’s Report.

2011/2012 will long be remembered as one of the most significant years in the Clubs history.

On Friday 9 March 2012 the Club conducted its inaugural race meeting under lights in front of a large crowd. Night racing will now be a feature with Cranbourne becoming Victoria’s second night venue along with Moonee Valley. It was great to see this initiative after lots of hard work come to fruition after the Club previously held a planning permit to install lights some 15 years ago in 1997. I would like to take the opportunity to thank Racing Victoria and Country Racing Victoria for their strong commitment to racing in Cranbourne and along with the State Government for providing funding to enable the $6.7M lighting project to be realised. Already over the first five night meetings conducted this season we have seen some outstanding racing and received raved reviews from trainers and jockeys about the lighting infrastructure.

We are very confident that night racing will provide the Club with an exciting growth opportunity with 15 night meetings scheduled on predominately Friday and Saturday evenings in 2012/2013.

During the past twelve months the Club achieved some outstanding results across the year. The Club recorded its second best profit over the past decade, an extremely pleasing result given that TAB Sportsbet Cranbourne Cup Day was well down due to constant rain on the day. Whilst the profit of $59,364 was affected by Cup Day, as a Club we achieved significant growth across other key racedates highlighted by a 45% increase in corporate hospitality with over $800,000 in package sales for the year.

The Clubs successful year was further acknowledged at Victorian Country Racing Club Award’s Night with the Club winning the Best Customer Service Award for 2011/2012. The Clubs commitment to outstanding customer service was further reinforced with the Club winning the City of Casey Best Tourism and Hospitality Business in Victoria’s largest municipality.

The Club continues to develop its Master Plan with a view to capitalising on the wonderful opportunities that present the racing industry in Cranbourne. The plan identifies a number of key projects including the Clubs major priority being the redevelopment of the Grandstand and Customer facilities. Stage 1 of the redevelopment will be completed in October 2012 with the ground floor facility being converted into an open plan environment that will include an internal bookmakers ring. Funding arrangements are still being finalised with the State Government after all three racing governing bodies Racing Victoria, Greyhound Racing Victoria and Harness Racing Victoria agreed to provide funding towards the project estimated to cost $3.6M. This development is critical to the future ongoing success of the Club and we are determined to deliver a positive outcome for members.

3


Chairman’s Report Cont’d

We are delighted to be entrusted with the management of Victoria’s largest thoroughbred training centre at Cranbourne. The Club continues to work with Racing Victoria to progress the urgent need to develop on course stables at the Training Centre. This project has received a large amount of interest from local trainers and we will continue to work diligently to ensure that our participants in Cranbourne are provided with the best possible facilities to enable them to compete with Australia’s best trainers at other major venues.

From an operational view point, the Club has again had an exceptional year. Raceday attendances exceeded 40,000 patrons for the second year in a row, with a record 5,300 owners attending to watch their horses compete at Cranbourne.

Unfortunately the weather on TAB Sportsbet Cranbourne Cup Day impacted on the Clubs overall profitability with the crowd well down from the previous year, however it was terrific to see local trainer Ken Keys win his second Cranbourne Cup with Boom n Zoom. In October 2012 the Club will return to a two day Cranbourne Cup Carnival with racing scheduled for Friday night 12 October and then the TAB Cranbourne Cup on Sunday 14 October. We are delighted to play a major role in the Spring Racing Carnival and believe that the two day event will grow into a great carnival.

I would like to make a special mention of our major partner Tabcorp and thank them for their wonderful support of the Club. I would also like to congratulate them on being selected as the Victorian Racing Industry joint venture partner for the next 12 years. We look forward to working with Tabcorp well into the future.

Without the support of all our sponsors racing at Cranbourne would not be as healthy as it is today. To all our partners and sponsors I say thank you.

I would like to congratulate trainer Peter Moody this season for winning the Chandler Macleod Trainers Premiership. Peter’s nine winners for season came from nine different horses. Noel Callow collected the Chandler Macleod Jockeys Premiership whilst up and coming apprentice Jake Noonan won the Chandler Macleod Apprentice Jockeys Premiership for the second consecutive season.

I would like to thank our members for their ongoing commitment and support to the Club. Membership is vitally important to all Clubs and its extremely pleasing to report that our membership base remains very healthy. We are confident that membership will continue to grow in 2012/2013 as we role out some new member initiatives along with a full season of night racing due to kick off on Friday 12 October 2012.

The Club is extremely fortunate to have such wonderful staff that work tirelessly to deliver great outcomes. Our track continues to be highly regarded by all participants within the industry and performs extremely well in all conditions across the year. Special thanks to Simon Hodgson our Tracks & Facilities Manager and Racecourse Manager Benny Spierings for their dedication and passion.

4


Chairman’s Report Cont’d

Thanks also to our administration team who have again delivered some outstanding results. Our Club is very well placed to capitalise on the wonderful opportunities ahead and our staff will be vitally important in our pursuit to deliver on key elements within the Clubs Master Plan.

I would also like to thank my fellow committee members for their support over the past twelve months. Special thanks to my Vice Chairman’s Geoff Whiffin and Andrew Brumby for their assistance during the year. It has again been a very rewarding and enjoyable year. To witness the conduct of the opening night meeting on Friday 9 March was a historic day for our Club and great reward for many on the committee who have worked hard for this day to become a reality. A special mention to Paul Birman who resigned from the committee during the year. Paul was an excellent committee member during his time on the committee and I wish him every success. This year we welcomed Garry Runge to the committee who replaced Paul at last years Annual General Meeting. I believe Garry will be a great acquisition to our committee.

Racing and Training in Cranbourne plays a significant role in the Victorian Racing Industry and I would like to thank Racing Victoria and Country Racing Victoria for their wonderful belief and support of our vision. Whilst 2011/2012 has delivered some outstanding outcomes, we are confident that with the support of the industry governing bodies that 2012/2013 will be even more exciting.

During this racing season we also welcomed Dr Dennis Napthine as our new Minister for Racing. Dennis has been a great supporter of racing and officially opened the start of night racing at Cranbourne. We look forward to working closely with Dennis and the State Government for the betterment of racing and training in Cranbourne.

2011/2012 has been an exceptional year for the Cranbourne Turf Club. We have seen some major changes to our Club that will leave a long and positive legacy for many years to come. I am truly excited about the Clubs future and feel very fortunate to have been Chairman of this great Club for the past twelve months.

ROBIN DALEYCHAIRMAN

5


Racing Report

The 2011/12 racing season saw the opening on an exciting chapter in the history of the Cranbourne Turf Club with the inaugural running of the Browns Sawdust & Shavings Night Racing Season with five meetings held under lights. Lamingtons for Matt Laurie and Ben Melham won the first race held under lights at the Cranbourne Turf Club, with Stratcombe winning the feature race of the opening night, the $50,000 Browns Sawdust & Shavings Handicap for Mick Price, Craig Newitt and connections.

The Club held 24 race meetings in total for the the season, running 191 races. Racing was well supported with strong racing and wagering results achieved. Field limitations in races conducted under lights only saw a small drop in total starters for the season, although the average starters per race rose on the back of strong field numbers across the entire racing season.

We are proud to be regarded as the number one Club in Country Victoria for hosting owners. In 2011/2012 a record 5,300 owners attended race meetings at Cranbourne. This is wonderful recognition of the work the Club puts into providing raceday owners with the best possible raceday experience.

The Club provided an additional $40,000 to owners this season in excess of industry funding, further demonstrating the Clubs commitment to looking after arguably the most important people within our industry – owners. With total prizemoney exceeding $3,500,000 it is easy to understand why racing at Cranbourne continues to grow and prosper.

Cranbourne continues to be a popular launching pad for the stars of tomorrow. Callinish won on debut for Mick Price and Dale Smith and has since won his next four starts and looks a promising type with a bright future this Spring. Huegill was an impressive 6 length winner in a maiden for Peter Moody and Luke Nolen, going on to finish third in the Caulfield Guineas one month later.

20

25

30 Number of Races meetings

-

5

10

15

20

25

30

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Number of Races meetings

-

5

10

15

20

25

30

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Number of Races meetings

30.0

35.0

40.0

45.0

ns

Offcourse Turnover

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Mill

ions

Offcourse Turnover

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Mill

ions

Offcourse Turnover

3,000

4,000

5,000

6,000 Total Owners Attendance

-

1,000

2,000

3,000

4,000

5,000

6,000

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Total Owners Attendance

-

1,000

2,000

3,000

4,000

5,000

6,000

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Total Owners Attendance

30,000

40,000

50,000 Returns to owners in excess of Industry

Funding

-

10,000

20,000

30,000

40,000

50,000

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Returns to owners in excess of Industry Funding

-

10,000

20,000

30,000

40,000

50,000

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Returns to owners in excess of Industry Funding

6


Racing Report Cont’d

TAB SPORTSBET CRANBOURNE CUP

The 2011/12 racing season saw the second year of Tabcorp as the major sponsor of the Cranbourne Cup. Tabcorp doubled the $1,000,000 bonus that they have offered in the past to any horse that could win the Cranbourne Cup and Caulfield Cup the week later. It is believed that the $2,000,000 TAB Cranbourne and Caulfield Cup Bonus is the biggest racing bonus in the history of Australian racing.

For the second consecuctive year, there was an increase of $25,000 to the TAB Sportsbet Cranbourne Cup prizemoney which jumped to $200,000 (plus $6,600 trophy) in 2011 which saw a highly competitive field led out by the USA import and Mick Kent trained, UNUSUAL SUSPECT for only his second start in Australia. Unfortunately for connections Unusual Suspect was galloped on at the beginning of the race, but showed his true colours a week later running a flashing fifth in the Caulfield Cup.

For the fourth consecutive year, a Cranbourne based trained took out the Cranbourne Cup. This year it was Ken Keys with BOOM ‘N’ ZOOM with Craig Newitt aboard. This was Keys’ second Cranbourne Cup victory after Blue Collar Jack saluted truly in 2006.

Robert Smerdon’s PADDY O’REILLY (ridden by Michelle Payne) finished in second place with Graeme Boyd’s GINGA DUDE (Michael Walker) in third place. Whilst the bonus received a great deal of publicity, the winner of the Cranbourne Cup BOOM ‘N’ ZOOM did not run in the Caulfield Cup.

Cranbourne Cup Day also saw the second running of the Apache Cat Classic with prizemoney increased by $25,000 to $100,000. The Apache Cat Classic was hotly contested with the local crowd favourite STANZOUT carrying the hopes and dreams of a growing suburb.

Cranbourne trainer Doug Harrison won the Apache Cat Classic with QUEEN DELIGHT which was given a gun ride by Craig Newitt. Newitt had an incredible Cranbourne Cup Day with winning rides in races 6, 7 (Apache Cat Classic), 8 (Cranbourne Cup) and 9.

7


Racing Report Cont’d

CHANDLER MACLEOD PREMIERSHIPSCongratulations to our 2011-2012 premiership winners.

Peter Moody was the dominant trainer all season during the Cranbourne Turf Club racing season. with nine winners from 34 starts at a healthy strike rate of 26%. Strangely, Moody’s nine victories came from nine different horses. Michael Kent was the the best of the local Cranbourne trainers in third place with 8 victories and also 19 placings, denying Kent of a fourth straight Trainers Premiership at Cranbourne.

Noel Callow won his first Cranbourne jockeys premierships with 13 wins which was two ahead of Craig Newitt with 11 wins, of which four were consecutives winning rides on TAB Sportsbet Cranbourne Cup Day. Apprentice rider Jake Noonan won his second consecutive Cranbourne Apprentice Jockey’s Premiership, a feat not normally achieved in the Apprentice Jockey Premiership race. This victory was even more notable considering Noonan missed most of the season through injury.

Apprentice Jockey Wins Seconds Thirds Starts Strike RatePeter G Moody 9 4 4 34 26%Michael Price 9 3 6 29 31%Michael Kent 8 10 9 54 15%Matthew Laurie 8 0 0 17 47%Greg Eurell 8 2 3 31 26% Senior Jockeys Wins Seconds Thirds Starts Strike RateNoel Callow 13 16 13 74 18%Craig Newitt 11 11 10 69 16%Chris Symons 10 6 13 67 15%Brad Rawiller 9 9 8 61 15%Daniel Nikolic 8 5 6 56 14%

Trainer Wins Seconds Thirds Starts Strike RateJacob Noonan 4 4 2 38 11%Jarrod Fry 4 1 1 11 36%Damien Thornton 3 1 2 22 14%Katelyn Mallyon 3 0 0 11 27%Adam McCabe 2 2 3 28 7%

8


Treasurer’s Report

The Cranbourne Turf Club recorded a profit for the 2011/12 financial year of $59,364 with a healthy profit before depreciation of $160,543. This was down from last year however the second best result in the past decade.

Persistent rain on the TAB Sportsbet Cranbourne Cup day had a large effect on the day’s profitability, falling by $65,000 on last year with both admissions and beverage sales falling by 50%. To still record the annual profit we have despite this drop on our premier race day is a very good result.

The financial highlight of the year was during the four weeks leading up to Christmas when the club conducted four race meetings. Over 4,500 people were catered for in one of our marquees or function rooms. In excess of $500,000 income was generated during this four week period, more hospitality package income in just four weeks then any 12 month period prior to 2011. The year ended with a 45% increase in total hospitality package income.

Growth was also achieved in sponsorship revenue which by rising 3% reached a record club figure of $300,000. Also pleasing is the number of major businesses continuing their association or joining the club as sponsors, including multi national companies Tabcorp, Coca Cola, Jim Beam, De Bortoli Wines, Holden and Myer.

Total race day income reached $1.8 million, 12% up from $1.6 million last year.

600,000

800,000

1,000,000Raceday Package Income

0

200,000

400,000

600,000

800,000

1,000,000

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Raceday Package Income

0

200,000

400,000

600,000

800,000

1,000,000

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Raceday Package Income

100,000

150,000

200,000

250,000Profit / (Loss) before depreciation

(50,000)

0

50,000

100,000

150,000

200,000

250,000

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Profit / (Loss) before depreciation

(50,000)

0

50,000

100,000

150,000

200,000

250,000

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Profit / (Loss) before depreciation

200,000

250,000

300,000

350,000Sponsorship Income

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Sponsorship Income

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Sponsorship Income

9


Treasurer’s Report

200,000

250,000

300,000

350,000Non Raceday Catering Income

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Non Raceday Catering Income

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Non Raceday Catering IncomeOutside of racing, our catering department continued to grow, with record revenue of $315,000. This is a significant increase from an annual total of $25,000 income just four years ago. We continue to be a major employer in the City of Casey with over 160 staff employed in the catering department working at more than 150 events annually.

Trios Sports Club continues to generate profits that greatly assist the operation of all three racing clubs at Cranbourne. The profit share for the 2011/12 year was $303,000 slightly down on last year. August 2012 sees the introduction of a new gaming regime for Victoria hotels and clubs that is expected to deliver higher profits to venue operators. These extra profits have been earmarked by the club to reinvest in our grandstand to improve the race day experience for members and patrons.

More than 5,300 owners attended race meetings at Cranbourne during the 2011/12 year chasing some of the $3.5 million in prizemoney on offer. The TAB Sportsbet Cranbourne Cup prizemoney was increased to a record $200,000 with a total of $470,000 on offer for the day. In addition to this Tabcorp again put up a $2 million bonus to any horse who could win the Cranbourne Cup / Caulfield Cup double.

Whilst there was good income growth during the year, it is becoming increasing expensive to conduct race meetings. Essential race day costs including security, cleaning and big screen hires have more than doubled from just two years ago. During the year the club invested a further $95,000 into new assets and improvements, with the total for the past four years now in excess of $500,000. Revenue and profit growth over this same time supports our view that we must present the race course and facilities in the best possible condition to attract and compete for patrons in a growing entertainment market.

In closing, it is with great satisfaction after many years of hard work and planning that the club is seeing the fruits of its labour. The successful 2011/12 season places the club in an exciting position going forward as we head in to an exciting first full season of the Browns Sawdust and Shavings night racing.

SILVIO MARINELLI

TREASURER

200,000

250,000

300,000

350,000Trios Sports Club profit share

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Trios Sports Club profit share

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12

Trios Sports Club profit share

10

2012 2011Note $ $

Revenue 2 3,059,901 2,774,166

Employee benefits expense (1,226,728) (1,138,768)

Finance Costs 3 - -

Depreciation and amortisation expense 3 (151,347) (167,472)

Other expenses 3a (1,672,630) (1,396,692)

Profit / (Loss) before income tax 9,196 71,234

Income tax expense 1(a) - -

Profit / (Loss) for the year 9,196 71,234

Other comprehensive income after income tax 50,168 50,168

Total comprehensive income for the year 59,364 121,402

Total comprehensive income attributable to members of the entity 59,364 121,402

STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 JULY 2012

CRANBOURNE TURF CLUB INCORPORATED

The accompanying notes form part of this financial report 11

2012 2011Note $ $

Current AssetsCash and Cash equivalents 4 207,532 186,799 Trade and Other receivables 5 165,550 103,582 Inventories 6 74,536 46,636 Other Current Assets 7 4,571 18,057 Total Current Assets 452,189 355,074

Non-Current AssetsFinancial Assets 8 1,599,982 1,563,524 Property, plant and equipment 9 12,767,872 12,825,594 Total Non-Current Assets 14,367,854 14,389,118

Total Assets 14,820,043 14,744,192

Current LiabilitiesTrade and Other Payables 10 308,204 262,234 Provisions 11 98,040 68,609 Total Current Liabilities 406,244 330,843

Non-Current LiabilitiesProvisions 11 23,013 31,759 Total Non-Current Liabilities 23,013 31,759

Total Liabilities 429,257 362,602

Net Assets 14,390,786 14,381,590

EquityReserves 12 2,930,749 2,980,917 Retained Earnings 11,460,037 11,400,673 Total Equity 14,390,786 14,381,590

STATEMENT OF FINANCIAL POSITIONAS AT 31 JULY 2012


The accompanying notes form part of this financial report

12

CapitalRetained Revaluation GrantEarnings Surpluses Reserve Total

2011

Balance at beginning of the financial year 11,279,271 2,563,110 467,975 14,310,356 Profit/(loss) for the year 71,234 - - 71,234 Other comprehensive income / (expenses) 50,168 - (50,168) -

Balance at end of the financial year 11,400,673 2,563,110 417,807 14,381,590

CapitalRetained Revaluation GrantEarnings Surpluses Reserve Total

2012

Balance at beginning of the financial year 11,400,673 2,563,110 417,807 14,381,590 Profit/(loss) for the year 9,196 - - 9,196 Other comprehensive income / (expenses) 50,168 - (50,168) -

Balance at end of the financial year 11,460,037 2,563,110 367,639 14,390,786


STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 30 JUNE 2012

The accompanying notes form part of this financial report13

2012 2011Note $ $

Cash Flows From Operating Activities

Receipts from racing and gaming activities 2,661,695 2,460,650 Operating grants received - 3,000 Payments to suppliers and employees (2,819,216) (2,549,485) Interest paid - - Interest received 11,625 8,712 Distributions received from Joint Venture 260,253 180,289

Net cash flows from / (used in) operating activities 114,358 103,166

Cash Flows From Investing Activities

Payments for property, plant and equipment (93,626) (92,497) Proceeds from sale of property, plant and equipment - 54,435

Net cash flows from/(used in) investing activities (93,626) (38,062)

Net increase/(decrease) in cash held 20,733 65,104

Cash at the beginning of the financial year 186,799 121,695

Cash at the end of the financial year 4 207,532 186,799


STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 JULY 2012

The accompanying notes form part of this financial report 14


NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 JULY 2012

NOTE 1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIESThe financial report covers Cranbourne Turf Club Inc as an individual entity. Cranbourne Turf Club Inc. is an associationincorporated in Victoria under the Associations Incorporation Act (Victoria) 1981.

Cranbourne Turf Club Inc. is exempt from income tax under Section 50-45 of the Income Tax Assessment Act 1997.

(b) InventoriesInventories consist of food and beverages and are measured at the lower of cost and net realisable value.Costs are assigned on a specific identification basis and include direct costs and appropriate overheads, if any.

(c) Property, Plant and EquipmentEach class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulateddepreciation and impairment losses.

PropertyLeasehold buildings and improvements are shown at committee's valuation. A valuation is carried out by the clubsinsurer on a periodic but at least triennial basis to ensure that the carrying amount of leasehold buildings and improvementsis not greater than fair value.

Any accumulated depreciation at the date of any revaluation is eliminated against the gross carrying amount of the assetand the net amount is restated to the revalued amount of the asset.

Plant and equipmentPlant and equipment are measured on the cost basis less depreciation and impairment losses.

The carrying amount of plant and equipment is reviewed annually by the committee to ensure it is not in excess ofthe recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected netcash flows that will be received from the assets' employment and subsequent disposal. The expected net cash flowshave not been discounted to their present values in determining recoverable amounts.

The cost of fixed assets constructed within the club includes the cost of materials, direct labour, borrowing costs andan appropriate proportion of fixed and variable overheads.

Subsequent costs are included in the assets' carrying amount or recognised as a separate asset, as appropriate,only when it is probable that future economic benefits associated with the item will flow to the club and the cost ofthe item can be measured reliably. All other repairs and maintenance are charged to the income statement duringthe financial period in which they are incurred.

DepreciationThe depreciable amount of all fixed assets including building and capitalised lease assets, is depreciated on astraight-line basis over their useful lives to the club commencing from the time the asset is held ready for use.Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimateduseful lives of the improvements.

The depreciation rates used for each class of depreciable assets are:

Class of Fixed Asset Depreciation rateLeasehold Improvements 2.50% to 10.0%Office Equipment 10.0% to 33.3%Computer Equipment 33.33%Motor vehicles 20.00%Plant & equipment 10.00% to 33.3%Fixtures & Fittings 20.00% to 33.3%

Basis of Preparation

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions to which they apply. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards. Material accounting policies adopted in the preparation of this financial report are presented below. They have been consistently applied unless otherwise stated.

The financial statements has been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities

(a) Income Tax

Cranbourne Turf Club Inc has elected to early adopt the pronouncements AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010–2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements to the annual reporting period beginning 1July 2010.

The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements of the Australian Accounting Standards Board and the Associations Incorporation Act 1981 .

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The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at each balance date.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount isgreater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains andlosses are included in the statement of comprehensive income. When revalued assets are sold, amounts included inthe revaluation relating to that asset are transferred to retained earnings.

(d) Financial Instruments

Initial Recognition and MeasurementFinancial assets and financial liabilities are recognised when the entity becomes a party to the contractual provision to the instrument. For financial assets, this is equivalent to the date that the association commits itself to either purchaseor sell the asset (i.e. trade date accounting is adopted)

Financial instruments are initially measured at fair value plus transaction costs except where the instrument is classifiedat "fair value through profit and loss" in which case transaction costs are expensed to the profit and loss immediately

Classification and subsequent measurementFinance instruments are subsequently measured at either fair value, amortised cost using the effective interest rate method orcost. Fair value represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted.

Amortised cost is calculated as: (i) the amount at which the financial asset or financial liability is measured at initial recognition; (ii) less principal repayments; (iii) plus or minus the cumulative amortisation of the difference, if any, between the amount initially recognised and the maturity amount calculated using the effective interest method; and (iv) less any reductionfor impairment.

The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs andother premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of thefinancial instrument to the net carrying amount of the financial asset or financial liability.

Revisions to expected future net cash flows will necessitate an adjustment to the carrying value with a consequential recognition of an income or expense in profit or loss.

The club does not designate any interests in subsidiaries, associates or joint venture entities as being subject to the requirements of accounting standards specifically applicable to financial instruments.

(i) Financial assets at fair value through profit or loss

(ii) Loans and receivables

(iii) Held-to-maturity investments

Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments,and it is the association's intention to hold these investments to maturity. They are subsequently measured at amortised cost using the effective interest rate method.

The association has not held any held-to-maturity investments in the current or comparative financial year.

(iv) Available-for-sale financial assets

Available-for-sale financial assets are non-derivative financial assets that are either not capable of being classified into othercategories of financial assets due to their nature, or they are designated as such by management. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable payments.

Financial assets are classified at “fair value through profit or loss” when they are held for trading for the purpose of short-term profit taking, where they are derivatives not held for hedging purposes, or when they are designated as such to avoid an accounting mismatchor to enable performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance with a documented risk management or investment strategy. Such assets are subsequently measured at fair value with changes in carrying value being included in profit or loss.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised costLoans and receivables are included in current assets, except for those which are not expected to mature within 12 months after the end of the reporting period, which will be classified as non-current assets

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(v) Financial liabilities

Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost.

Fair value

ImpairmentAt each reporting date, the club assesses whether there is objective evidence that a financial instrument has been impaired.In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determinedetermine whether an impairment has arisen. Impairment losses are recognised in the statement of comprehensive income.

DerecognitionFinancial assets are derecognised where the contractual right to receipt of cash flows expires or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks, and benefits associated with the asset. Financial liabilities are derecognised where the related obligations are either discharged, cancelled or expire.The difference between the carrying value of the financial liability extinguished or transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in profit or loss.

(e) Impairment of AssetsAt each reporting date, the club reviews the carrying values of its tangible and intangible assets to determine whether thereis any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, beingthe higher of the asset's fair value less costs to sell and value-in-use, is compared to the asset's carrying value. Any carrying value.Any excess of the asset's carrying value over its recoverable amount is expensed to the statement of comprehensive income.

Where it is not possible to estimate the recoverable amount of an individual asset, the club estimates the recoverableamount of the cash-generating unit to which the asset belongs.

(f) Employee Benefits

(g) Cash and Cash EquivalentsCash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquidinvestments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown withinborrowings in current liabilities on the balance sheet.

(h) Revenue and Other IncomeRevenue is measured at the fair value of the consideration received or receivable after taking into account any tradediscounts and volume rebates allowed. Any income deferred is treated as the provision of finance and is discounted ata rate of interest that is generally accepted in the market for similar arrangements. The difference between the amountinitially recognised and the amount ultimately received is interest revenue.

Revenue from the sale of goods is recognised at the point of delivery as this corresponds to the transfer of significantrisks and rewards of ownership of the goods and the cessation of all involvement in those goods.

Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets is the rateinherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established.

Revenue from the provision of memberships subscriptions is recognised on a straight-line basis over the financial year.

All revenue is stated net of the amount of goods and services tax (GST).

(i) Goods and Services Tax (GST)Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the statement of financial position

Provision is made for the Club’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may not satisfy vesting requirements. These cashflows are discounted using market yields on national government bonds with terms to maturity that match the expected timing of cashflows.

Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm’s length transactions, reference to similar instruments and option pricing models

Cash flows are included in the statement of cash flows on a gross basis, except for the GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the ATO. The GST component of financing and investing activities which is recoverable from, or payable to, the ATO is classified as a part of operating cash flows. Accordingly, investing and financing cash flows are presented in the statement of cash flows net of the GST that is recoverable from, or payable to, the ATO

17



(j) Comparative Figures

(k) Trade and Other Payables

(l) Provisions

NOTE 2. REVENUE AND OTHER INCOME 2012 2011Sales Revenue $ $

Non raceday catering 314,651 214,731 Racing Income 2,226,583 1,991,622

Other RevenueGaming revenue 303,216 315,524 Grant Income - 3,000 Industry Prizemoney Funding 53,052 63,720 Interest received 11,625 8,712 Joint venture distributions (6,504) 13,486 Other revenue 157,277 117,913 Profit/(loss) on disposal of plant & equipment - 45,458

3,059,901 2,774,166

NOTE 3.PROFIT FOR THE YEAR

EXPENSESDepreciation of non-current assets:

Depreciation 151,347 167,472

Finance costs - -

(a) Other expensesAdministration & Marketing 284,271 314,446 Non raceday catering 217,743 134,578 Racecourse maintenance 100,823 111,229 Race day expenses & services 976,348 761,408 Prize monies, trophies & other owners benefits 93,445 75,031

1,672,630 1,396,692

NOTE 4. CASH AND CASH EQUIVALENTSCash at bank 27,805 28,244 Cash on hand 1,635 5,018 Cash on deposit 178,092 153,537

207,532 186,799

The effective interest rate on short term bank deposits was 3.5% (2011 4.50);these deposits have an average maturity of 30 days

Reconciliation of cashCash at the end of the financial year as shown in the statement of cash flows is reconciled to items in the statement of financial position as follows is reconciled to items in the statement of financial position as follows

Cash and cash equivalents 207,532 186,799

NOTE 5. TRADE AND OTHER RECEIVABLESCurrentTrade receivables 114,576 54,421 Other Receivables 50,974 49,161 Total current trade and other receivables 165,550 103,582

Financial assets classified as loans and receivablesTrade and other receivablesTotal current 165,550 103,582

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

Provisions are recognised when the association has a legal or constructive obligation, as a result of past events, for which itis probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period.

Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the association during the reporting period, which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

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2012 2011NOTE 6. INVENTORIES $ $CurrentAt Cost - Stock of food, beverages and merchandise 74,536 46,636

74,536 46,636 NOTE 7. OTHER CURRENT ASSETSCurrentPrepayments 4,571 18,057

4,571 18,057 NOTE 8. FINANCIAL ASSETS - NON CURRENTInvestment in Radio Sport 927 at cost 82,450 82,450 Investment in Cranbourne Racing Centre Joint Venture 110,755 117,260 Investment in Trios Tabaret Joint Venture 1,406,777 1,363,814

1,599,982 1,563,524

NOTE 9. PROPERTY, PLANT AND EQUIPMENT

Leasehold buildings & Improvements at Committee Valuation July 1997At valuation 11,493,797 11,481,858 Less accumulated depreciation (94,487) (77,751)

11,399,310 11,404,107 Office EquipmentAt cost 7,830 14,057 Less accumulated depreciation (7,473) (13,192)

357 865 Computer EquipmentAt cost 4,778 7,778 Less accumulated depreciation (4,778) (7,778)

- - Motor VehiclesAt cost 66,468 15,500 Less accumulated depreciation (19,455) (15,500)

47,013 - Plant and equipmentAt cost 690,548 712,285 Less accumulated depreciation (458,728) (436,592)

231,820 275,693 Furniture and fittingsAt cost 374,575 439,799 Less accumulated depreciation (330,988) (387,734)

43,587 52,065 Catering EquipmentAt cost 95,530 84,330 Less accumulated depreciation (50,204) (36,695)

45,326 47,634 Industry Funded AssetsAt cost 1,160,774 1,160,774 Less accumulated depreciation (169,037) (124,268)

991,737 1,036,506 Work In ProgressAt cost 8,723 8,723 Less accumulated depreciation - -

8,723 8,723

Total property, plant and equipment 12,767,872 12,825,594

Movements in carrying amounts

Leasehold buildings & Improvements at Committee Valuation July 1997Balance at 1 August 2011 11,404,107 11,420,364 Additions 11,939 - Disposals - - Depreciation expense (16,736) (16,257) Carrying amount at 31 July 2012 11,399,310 11,404,107

Office EquipmentBalance at 1 August 2011 865 2,534 Additions - - Disposals - - Depreciation expense (509) (1,669) Carrying amount at 31 July 2012 357 865

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year:

19



2012 2011Computer Equipment $ $Balance at 1 August 2011 - 1,472 Additions - - Disposals - - Depreciation expense - (1,472) Carrying amount at 31 July 2012 - -

Motor VehiclesBalance at 1 August 2011 - 4,852 Additions 50,968 - Disposals (314) Depreciation expense (3,955) (4,538) Carrying amount at 31 July 2012 47,013 -

Plant and equipment at costBalance at 1 August 2011 275,693 241,906 Additions 12,205 99,844 Disposals (8,663) Depreciation expense (56,078) (57,394) Carrying amount at 31 July 2012 231,820 275,693

Furniture and fittingsBalance at 1 August 2011 52,065 77,111 Additions 7,313 Disposals - - Depreciation expense (15,792) (25,046) Carrying amount at 31 July 2012 43,587 52,065

Catering EquipmentBalance at 1 August 2011 47,635 45,823 Additions 11,200 18,142 Disposals - - Depreciation expense (13,508) (16,329) Carrying amount at 31 July 2012 45,326 47,635

Industry Funded AssetsBalance at 1 August 2011 1,036,507 1,011,276 Additions - 70,000 Disposals - - Depreciation expense (44,769) (44,769) Carrying amount at 31 July 2012 991,737 1,036,507

Work In ProgressBalance at 1 August 2011 8,723 104,210 Additions 8,723 Transfer to Assets (104,210) Depreciation expense - - Carrying amount at 31 July 2012 8,723 8,723

Total property, plant and equipment 12,767,872 12,825,594

NOTE 10. TRADE AND OTHER PAYABLESCurrentTrade payables 77,657 95,937 Sundry payables 58,817 55,142 Income in advance 115,942 53,047 Employee benefits 55,789 58,108

308,204 262,234

a) Financial liabilities at amortised cost classified as trade and other payablesTrade and other payables:

Total current 308,204 262,234 Total non-current

308,204 262,234 Less employee benefits (55,789) (58,108) Less income in advance (115,942) (53,047) Financial liabilities as trade and other payables 136,474 151,079

Collateral pledgedNo collateral has been pledged for any trade and other payable balances

20



Long-termEmployee

NOTE 11. PROVISIONS Benefits TotalOpening balance at 1 August 2011 100,368 100,368 Additional provisions raised during year 20,685 20,685 Balance at 31 July 2012 121,053 121,053

Analysis of total provisions 2012 2011Current 98,040 68,609 Non Current 23,013 31,759

121,053 100,368 Provision for Long-term Employee BenefitsA provision has been recognised for employee entitlements relating to long service leave. In calculating the present valueof future cash flows in respect of long service leave, the probability of long service leave being taken is based on historicaldata. The measurement and recognition criteria relating to employee benefits have been included in Note 1.

NOTE 12. RESERVESAsset and Revaluation ReserveThe asset revaluation reserve records revaluation of non current assets.

Capital Grant ReserveThe capital grant reserve records receipt of capital funding from Racing VictoriaLimited and Country Racing Victoria Limited prior to 1st August 2006.

NOTE 13. CONTINGENT LIABILITIESThere were no contingent liabilities at the date of this report to affect the financial statements.

NOTE 14. RELATED PARTY TRANSACTIONSThe names of persons who were members of the Committee at any time during the year were:Dr Sam Birman Robin Daley ChairmanPaul Birman Silvio MarinelliAndrew Brumby Ken McCormackSean Clarkson Garry RungeDavid Cook Garry Sidwell

Geoff Whiffin

No remuneration or retirement benefits are payable as the positions are voluntary. The following Committee members of the Club have received benefits from the business transactions arising in theordinary course of the Club's business and conducted at ordinary commercial terms and conditions no more favourablethan those it is reasonable to expect the Club would have adopted if dealing at arm's length in the same circumstances.

Committee MemberNil

NOTE 15. KEY MANAGEMENT PERSONNEL COMPENSATIONThe totals of remuneration paid to key management personnel (KMP) 2012 2011of the Club during the year are as follows: $ $Key management personnel compensation 244,526 241,796

NOTE 16. FINANCIAL RISK MANAGEMENT 0 -1

The Club's financial instruments consist mainly of deposits with banks, local money market instruments,short term investments, accounts receivable and payable.

The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in theaccounting policies to these financial statements as follows:

Financial Assets NoteCash and cash equivalents 4 207,532 186,799Loans and receivables 5 165,550 103,582Total Financial Assets 373,082 290,381

Financial LiabilitiesFinancial Liabilities at amortised cost - trade and other payables 10 136,474 151,079Total Financial Liabilities 136,474 151,079

NOTE 17. CLUB DETAILSThe registered office and principal place of business is Grant Street, Cranbourne Vic 3977

NOTE 18. SEGMENT REPORTINGThe club operates in the thoroughbred racing sector in Victoria.

21

In the opinion of the committee the financial report as set out in pages 1 to 11

1 Presents a true and fair view of the financial position of the Cranbourne Turf Club Inc. as at31 July 2012 and its performance for the year ended on that date in accordance withAustralian Accounting Standards, (including Australian Accounting Interpretations) of theAustralian Accounting Standards Board.

2 At the date of this statement, there are reasonable grounds to believe that CranbourneTurf Club inc. will be able to pay its debts as and when they fall due.

This statement is made in accordance with a resolution of the committee and is signed for and on behalfof the Committee by:

Chairman …………………………………………Robin Daley

Treasurer …………………………………………Silvio Marinelli

STATEMENT BY MEMBERS OF THE COMMITTEE


Dated this 26th day of September 2012

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cranbourne turf club annual report - 2012

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