SRC President's Report 2011
This time last year the Club was anticipating two very significant ventures.
We had just begun the construction work on our new function centre and the race was on to complete it on time so that it could play host to our first ever ‘stand alone’ Saturday.
Somehow the building works, which generally went pretty smoothly were completed and our occupation certificate granted two days before Cup Day. Much relief for everyone involved. However, it was still ‘a seat of the pants job’ – the caterers had barely seen the kitchen, the toilets had not been used, the state of the art audio system was understood by few and the bar was in use for the first time. Miraculously everything seemed to work over both days and the general consensus of our new function centre was better than a pass mark.
Our two day racing carnival was a resounding success, the quality of racing was high and the form taken from the meeting was extraordinary. Without going into all the detail it is suffice to point out that both the 2011 Brisbane Cup winner and the 2011 Stradbroke winner were winners on Scone’s first ‘stand alone’ Saturday – not a bad start!
Our turnover for the two days was $11m which was $1m more than we had budgeted in our proposal to Racing NSW. There was considerable cost in making sure that all bases were covered – advertising, security, cleaning and catering were all areas where we invested heavily. We learnt much from the meeting and will be able to spend more effectively in 2012.
The building of our function centre was funded entirely from our own resources – basically $1.3m in cash and a loan of $600k from Westpac. We have made application to Racing NSW (Country Racecourse Development Fund) for funding assistance for the construction costs. We await the outcome of the court case on Racefield Legislation to determine the quantum of the payment.
Our financial result for the year shows a loss $94,624 after depreciation and amortization of $195,120, thereby creating a cash surplus for the year of $100,496. Given the ‘new territory’ that the club explored this year and the additional expenditure incurred thereon, I think this is a very satisfactory result and one we can build on. We also totally renovated the sand track at significant expense.
For the record Scone Race Club this year paid more prizemoney than any other Country Race Club – a total of $2,452,000 from 12 meetings. The next two highest were Wagga with $1,738,000 from 22 meetings and Grafton $2,306,000 from 26 meetings. Our return to owners was 130% (prizemoney to meeting payments). By comparison Wagga achieved 95% and Grafton 88%.
Our Cup night auction conducted in the Emirates Park marquee again proved a great success raising around $300k. Vice Chairman Brian Nutt was once again the driving force behind this very important event.
A massive thank you to all of the horse studs involved in sponsorship this year – to Emirates Park Stud for again sponsoring the Scone Cup, Arrowfield, Coolmore and Darley for the three major fillies and mares races on the Saturday and Yarraman Park, Kitchwin Hills, Widden, Vinery, Kia Ora, Segenhoe, Cressfield and Turrunga who all combine to provide support for the balance of the meeting. Prydes and Horsepower are also magnificent supporters of the Club. Thank you also to Inglis for conducting the Guineas on the Saturday and the two year old race on the Friday.
The 2012 program will see the running of 3 black type races over the two days – a first for a country carnival. We will look to further elevations in 2013.
The year saw the resignation of two long serving members of our Club. Warwick Menlove announced his resignation after 26 years of dedicated service – well done and thank you Warwick. After 12 years in the role of secretary Helen Sinclair decided it was time to move on. Helen had been a loyal and faithful servant of the Club and achieved much during her time as Club Secretary. We wish her well into the future.
At the 2011 annual country race club awards evening Scone Race Club was awarded the TAB Country Club of the Year. This significant award capped off a wonderful year for our Club.
NOEL LECKIE
CHAIRMAN
23/11/2011