2015 ANNUAL REPORT CONTENTS REVIEWS 10 Chairman’s Review 12 CEO’s Review 14 Manawatu Racing Club President’s Report 15 Marton Jockey Club President’s Report 16 Feilding Jockey Club President’s Report 17 Rangitikei Racing Club President’s Report 18 Otaki-Maori Racing Club President’s Report 19 Wellington Racing Club President’s Report 20 Racing Review 22 Sponsorship, Marketing & Events 24 Finance Review FINANCIALS 27 Statement of Financial Performance - Race Meeting Account 28 Statement of Financial Performance 29 Statement of Financial Position 30 Notes to the Accounts 2014 33 Auditor’s Report MEMBERSHIP 36 Membership - All Clubs 43 2014-2015 Race Dates 2 3 DIRECTORY BOARD R Fell (Chairman) Manawatu RC P Humphries (Vice Chairman) Manawatu RC M Gilmour Marton J C K Duncan Marton JC I L Scott Feilding JC D E J Holm Feilding JC W P Jamieson Rangitikei RC J Turkington Rangitikei RC D W Butler Wellington RC W N Guppy Wellington RC R D Ransfield Otaki-Maori RC M Carkeek Otaki-Maori RC MANAGEMENT TEAM Alasdair Robertson (CEO), Darin Balcombe (General Manager Otaki & Trentham), Kate Dench (Financial Controller), Kim Treweek (Group Tracks & Grounds Manager), Brent Wall (Group Racing Manager), Lewis Jones (Creative Catering) MARKETING & MEMBERSHIP TEAM: Mel Treweek (Awapuni), Julia Shardlow (Wellington), Stephen Berryman (Wellington) CATERING TEAM: Ivan Nugraha, Moggie Smith, Peter Peacock, Stephen Chamberlain (Resigned), Debi Guinness (Resigned), Wiremu Dixon, Christian Mata, Megan Vincent, Shane Russell, Heather Millar, Des Riggs, Matthew Stevens (Resigned) TRACKS TEAM: Mark Biddle, Marty Knight, Kieran Moore, Brent Beattie, Tim Bryson, Brad Childs, Tim Davidson, Robert Grant, Terese Fulford, Tina Tangiiau, Reg Winiata, Hemi Clark-Mackie AWAPUNI TEAM: Tineke Balcombe, Mary Shaffer (Retired), Tiffany Singer (Resigned), Bev Stern, Glen Williams WELLINGTON TEAM: Donna Blaikie, Judy James (Retired) RACE DAY OFFICIALS COMMENTATORS: George Simon, Mark McNamara, Tom Wood JUDGE: Dick Hunt, Stuart McGrail, STARTER: Gary Phillips CLERK OF SCALES: Dennis Price (Awapuni) Robin Tapp (Otaki & Trentham) CLERK OF COURSE: Robert Lammas, Ron Weller, Rosie Lammas, Mellissa Lammas VETERINARY SURGEONS: Totally Veterinary Services, Southern Rangitikei Veterinary Services, South Wairarapa Veterinary Services, Equine & Farm Veterinary Services, Levin and Horowhenua Veterinary Centre HONORARY SURGEONS: Dr K Chin, Dr M Morris, Dr S Lombard 4 5 CLUB AGM DATES RANGITIKEI RACING CLUB (INC) Tuesday 13th October 2015 The 158th Annual General Meeting of the Rangitikei Racing Club will be held at the Rangitikei Tavern on Tuesday 13th October 2015 at 6.00pm FEILDING JOCKEY CLUB (INC) Wednesday 14 October 2015 The 136th Annual General Meeting of the Feilding Jockey Club will be held at the Feilding Hotel on Wednesday 14th October 2015 at 6.00pm OTAKI-MAORI RACING CLUB (INC) Thursday 15 October 2015 The Annual General Meeting of the Otaki-Maori Racing Club will be held in the Otaki Racecourse on Thursday 15th October 2015 at 6.00pm MANAWATU RACING CLUB (INC) Tuesday 20 October 2015 The Annual General Meeting of the Manawatu Racing Club will be held in the Silks Lounge, Function Centre Awapuni Racecourse, Palmerston North on Tuesday 20th October 2015 at 5.30pm. MARTON JOCKEY CLUB (INC) Wednesday 21 October 2015 The Annual General Meeting of the Marton Jockey Club will be held at the Cooks Bar & Café, Marton on Wednesday 21st October 2015 at 6.00pm WELLINGTON RACING CLUB (INC) Saturday 24 October 2015 The Annual General Meeting of the Wellington Racing Club will be held at the Trentham Gardens Function & Event Centre, Trentham Racecourse, Wellington on Saturday 24th October 2015 at 10.30am. RACE (INC) Tuesday 29th October 2015 The Annual General Meeting of RACE (Inc) will be held at the Awapuni Function Centre, Awapuni Racecourse, Palmerston North on Tuesday 29th October 2015 at 5.30pm. Note: the RACE (Inc) AGM is for the committee representatives of the RACE (Inc) Clubs only. 6 7 8 2015 RACE REPORTS 9 CHAIRMAN’S REVIEW RACE Chairman’s Address I am pleased to advise that over the past 12 months we have reduced our core debt from $8.8 million to $7.9 million. It is my pleasure as Chairman of RACE Incorporated to report on the financial year 2014/2015. We have had to take on some additional relatively small debt outside this core debt but this is related to funding some property In financial terms the year has produced a comprehensive income development that will reduce core debt as well as NZTR borrowings profit pre depreciation of $404,978. to fund the track rebuild dual surface at Awapuni. In a trading operating only sense this relates to an operating loss of We are confident that with the plans we have in place we will be ($190,220). below $3.0 million in debt by the end of 2018. While this is an operating loss it is a major step forward on our Once we do this we will be a very profitable operation and able to journey. reinvest in our core business as we wish to. Only two years ago we were looking at a budget operating loss of While we have a very profitable trading business we have a number worse than ($500,000) before depreciation. of fixed costs that continue to be a significant burden on the We have worked this back to last year’s operating loss of business. ($395,405) and now to this year’s result of ($190,220) Interest is the major item given our debt level and we incurred Our Budget for 2015 / 2016 is for an operating profit of $137,000 so interest payments in 2014/2015 of $438,336. if all goes to plan we can be very pleased with progress. Insurance and R&M are the other large fixed costs and it is a Despite this progress the road is difficult with cash flow our challenge to start the year off with a negative of nearly $900,000 continuing challenge. before we even start trading. Having said that we are determined not to shy away from trying to Again this year we had some brilliant Group 1 winners. continue to improve ourselves. Shuka – Shuka defended his 2013 crown when taking out the With limited resources we have still managed to make a number of Rydges Wellington Captain Cook Stakes for the second year significant improvements across all our venues. running. He defeated fellow G1 winners Nashville and Pucini in a driving finish in what was a talented line up. At Awapuni we have developed a comprehensive Master Plan for the future of the venue that has gained Palmerston North City Sacred Star – Since crowned New Zealand’s leading Sprinter. Sacred Council buy in. Star showed his brilliance in destroying a top field in the JR & N Berkett Telegraph. He scampered down the chute 1.07.01 and gave We have just completed the new inside top bend that will make the opposition no excuses with an emphatic four length victory. Awapuni the first racecourse in New Zealand with two turf racing options with a short course and a long course similar to Kranji in Puccini – Given a charmed run by jockey Danielle Johnson Puccini Singapore and Sandown in Melbourne. would defeat another G1 winner in Soriano by the barest of margins in a thrilling finish to the Harcourt’s Thorndon Mile. Across the site we have improved the overall appearance significantly, opened the hugely popular Wellfield Owners Room Savaria – In an all Central Districts finish, Savaria would provide and have just started on the refurbishment of the Memorial Fountain an Awapuni trained quinella when defeating Platinum Witness in and development of the surrounding gardens. the Wellfield New Zealand Oaks. These two had dead heated the previous start when winning but on the day Savaria would have At Otaki we have invested in improved drainage infrastructure and three quarters of a length to score over her rival. irrigation that is already seeing terrific improvements. Marky Mark – Northern visitor Marky Mark who would be crowned Coupled with new electric entrance gates, Otaki is looking an New Zealand’s leading two year old left no doubt to his class with a absolute picture and is a credit to the small but dedicated team that dominant win in the Courtesy Ford Manawatu Sires with ease from take such great care of this venue. Rocanto and Reminisce. Trentham has also seen some exciting developments with a new Iamishwara would cause another of the big boilovers during the rear parade ring that is not only a great safety step forward but also season when defeating a top field to secure the Haunui Farm Otaki looks amazing. Maori WFA Classic. The outsider of the field would defeat Natuzzi The team at Trentham are doing a wonderful job in this very large and Julinsky Prince and prove a popular winner for Awapuni trainer venue and the whole place presents very impressively on a race day. Tony Kaye and jockey Robert Hannam Some of the major developments at Trentham are however And lastly Gaultier – Gaultier would provide the biggest boil over invisible to race goers and we have very exciting plans in place for of any Group One race during the season when coming with a surplus land over the back of the racecourse that will significantly withering run to secure the AIB Group Insurance Levin Classic from contribute to our debt retirement. Sardaaj and Huka Eagle. Gaultier won at odds of 29-1 in the nine horse field. As you would all be aware we have had a significant debt burden to cope with over the past few years. 10 I would like to thank our amazing sponsors this year. Rydges Wellington have continued to support the Captain Cook Stakes and are our Wellington accommodation partner through This has been a stellar sponsorship year as our partners get closer their amazing hotel in the Wellington CBD, and Harcourts remain and join us in this exciting journey we are on.