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Annual Report 2019

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Annual Report 2019 ANNUAL REPORT 2019 CONTENTS 02 04 CHAIRMAN’S CHIEF EXECUTIVE'S REPORT REPORT 06 12 KEY FINANCIAL DIRECTORS’ INFORMATION REPORT 17 18 LEAD AUDITOR’S STATEMENT OF PROFIT INDEPENDENCE OR LOSS AND OTHER DECLARATION COMPREHENSIVE INCOME 19 20 STATEMENT OF STATEMENT OF FINANCIAL POSITION CHANGES IN FUNDS 21 22 STATEMENT OF NOTES TO THE CASH FLOWS FINANCIAL STATEMENTS 49 50 DIRECTORS’ INDEPENDENT DECLARATION AUDITOR’S REPORT 52 53 FAST FEATURE FACTS RACE RESULTS 56 STRATEGIC PARTNERS 2019 ANNUAL REPORT 01 CHAIRMAN'S REPORT BY ANY MEASURE, THE AUSTRALIAN TURF CLUB HAS ENJOYED AN EXTRAORDINARILY SUCCESSFUL 12 MONTHS ON THE TRACK AND ACROSS THE BUSINESS OF OUR CLUB. As we look back on the financial year The Guineas Restaurant, always popular it is impossible not to start with the with Members, has also been sold out incomparable Winx. on several nights. The Australian Turf Club will forever And a hugely successful Inglis first and foremost be about racing and Millennium Raceday at Warwick Farm in in Winx we have witnessed perhaps February with more than 6000 people the greatest ever champion on our meant all of our racecourses played a racecourses. part in making Sydney racing as strong as anywhere in the world. Anyone at Royal Randwick for Winx’s farewell start and victory in the We have world-class racing, horses, Longines Queen Elizabeth Stakes on trainers and jockeys right here in The Championships Day Two were a Sydney of which all Australian Turf Club part of special history for Sydney racing. Members should be proud. A modern-day Royal Randwick record Three of the top ten rated races in the crowd of 43,833 – a raceday which sold world were run in Sydney last year, out days in advance – set a standard our an achievement no other race club or Club can continue to follow and aim for racing jurisdiction could match. in future years. It is a collective effort of the Board, Winx also added to an electric Management and all of the Australian atmosphere on Longines Golden Slipper Turf Club staff that has delivered not Day at Rosehill Gardens which enjoyed only this wonderful racing but also its biggest raceday crowd in several another Operating Surplus. years of almost 25,000 people. This $1.4million Operating Surplus for the 2019 Financial Year is testament This was the second year of very strong to the hard work and dedication of growth for our iconic race at Rosehill everyone involved. Gardens, the world’s richest race for two year olds the $3.5million Longines I want to thank and congratulate all of Golden Slipper. our staff at 114 racedays and hundreds of non-raceday events at all of our The revival of the Longines Golden racecourses and venues across the year Slipper and the raceday experience for who have made this possible. Members on Australia’s biggest day of Group 1 racing is one the Board and Leading the Australian Turf Club’s staff Management are focused on continuing. has been Chief Executive Officer Jamie Barkley, who only started in the role in Canterbury Park and Warwick Farm October. enjoyed vibrant and growing crowds. In less than 12 months, Jamie has Our KIA Night Racing program at done a superb job in achieving record Canterbury Park has in itself continued crowds, a strong financial result and to be one of the great success stories future strategy, whilst introducing a for the Australian Turf Club. range of benefits and improvements for Like our Longines Golden Slipper Australian Turf Club Members. strategy, we have over several seasons Jamie has also recruited several new continued to build on crowds, which members of the Executive Team – peaked at almost 8000 people on some including EGM Commercial Corina nights at Canterbury Park. Black, EGM Member & Customer Experience Jane Coles and EGM Food markets, kids entertainment, Infrastructure and Strategic Projects jockey meet and greets, incentives for Piers Thompson. owners and trainers to run their horses and importantly support of families They have joined Chief Financial Officer from around the local Canterbury Park Matt Galanos and Executive General community have come together to Manager Racing Services James Heddo make these nights a highly enjoyable as one of Australian racing’s best racing experience. Executive Management teams. 02 2019 ANNUAL REPORT Winx, 2019. Bradley Photographers. The Executive team along with senior Our relationship with Racing NSW We also continue to work with other department managers are now continues to be very strong and Clubs to further benefit our racing and implementing a long-term strategy productive, not only at headline indeed our own Members, including underpinned by a set of values shaped events such as The Everest and The the Gold Coast Turf Club, Hong Kong by input from staff. Championships, but all year round for Jockey Club and the Japan Racing our racing and training infrastructure. Our staff are at the centre of everything Association, amongst many other NSW, we do, and define who we are as a Club I want to thank Racing NSW Chairman interstate and international Clubs. Russell Balding and CEO Peter V’landys and organisation, so our investment in I want to conclude by again thanking for being our important partners in them is crucial. all of the Australian Turf Club staff, who making Sydney racing truly world-class. There are many parts to the success of are dedicated to making your raceday our Club but vital are training and racing The enormous success of The TAB experiences and your Membership tracks and the teams which operate and Everest, along with the development of amongst the best and most prestigious maintain them. new races, in particular the $7.5million of anywhere in the world. Golden Eagle, demonstrate the viability Towards the end of this year, in of our Club working with the regulator A special thanks to our Vice-Chair partnership with Racing NSW, we will for the best possible outcome for our Julia Ritchie and all of our Board of begin to replace the Warwick Farm Pro- Members and the entire industry. Directors for their support and guidance Ride track with a Polytrack surface. throughout the year. I also want to mention the great work This will mean each of our four of the ATC Foundation, which has We have a diverse and multi-skilled racecourses will have a synthetic raised almost $170,000 for charitable Board which gives a great deal of its training surface for gallops or barrier organisations through merchandise own time for the benefit of our Club, our trials, taking pressure off our traditional sales, saddle cloth auctions, raffles and racing and Members. grass surfaces. donations. Finally, it is to you the Members that I We have also been very pleased – as This money has been distributed in grants send sincere thanks. have trainers, jockeys and owners – with to support causes associated with the the performance of the new Kensington racing industry in areas such as drought Your loyalty and commitment to the track. relief, disability, youth development, Australian Turf Club and everything that children’s causes and education. we offer are what ultimately make it the The decision by Board and Management great success it continues to be. not to rush the construction or place As NSW’s principal thoroughbred racing too heavy a racing workload on the Club and one of the world’s most- See you at the track again soon. Kensington track has proven correct. recognised, it is important that we also collaborate with other racing Clubs It allows us to further plan our future across Australia and beyond. racing programs to continue to share the workload over the next 12 months. I want to especially mention our decision to sell for one year our Everest The Kensington track joins each of slot to the Melbourne Racing Club. This Sydney’s racecourses as amongst the will bring new and further exposure best presented in Australia and everyone and interest to the world’s richest race Matt McGrath in our Racing and Tracks teams at all on turf, run at our world-famous Royal Chairman racecourses deserve great praise. Randwick. Australian Turf Club 2019 ANNUAL REPORT 03 CHIEF EXECUTIVE'S REPORT THE AUSTRALIAN TURF CLUB CAN FOREVER LAY CLAIM TO BEING AT THE CENTRE OF ONE OF THE GREATEST STORIES IN THE HISTORY OF AUSTRALIAN SPORT OVER THESE PAST 12 MONTHS. The build up and farewell victory of feature raceday for the local community the world’s best racehorse Winx in the in February for the running of the Longines Queen Elizabeth Stakes will be inaugural Millennium Raceday. remembered for decades. Sydney’s largest training centre will be More so, the raceday experience further boosted by our investment in a delivered by the Australian Turf Club and new Polytrack surface to be operational its staff for that momentous celebration by December. was as close to perfect as possible. Canterbury Park night racing continues So as we report on another successful as one of the great successes for our year for the Australian Turf Club and racing and operations teams, with Sydney racing, it is this amazing raceday strong crowds and new customers, that encapsulates where our Club now especially families enjoying racing in the sits for Members. vibrant foodies market atmosphere. We have delivered an operating surplus of These raceday successes have been $1.4million, record raceday crowds, further partly responsible for an increase in improved Members Reserve amenities operating revenue of $267.1million, up from and the overall raceday experience, $249.9million in 2018, and a $1.4million been recognised with major awards operating surplus, allowing us to further and now have a waiting list of people invest in facilities and services to enhance wanting to join our Club as Members.
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