SOUTH AUSTRALIAN JOCKEY CLUB INC AND ITS CONTROLLED ENTITY REPORT AND STATEMENT BY THE BOARD FOR THE YEAR ENDED 31 JULY 2012
REPORT BY BOARD During the financial year, no officer of the Club and its controlled entity, or any firm of which an officer is a member, or any corporate in which an officer has a substantial financial interest, has received or become entitled to receive a benefit as a result of a contract between an officer, firm or corporate and the Club, other than: (a)
an allowance of $18,000 payable to the Chairman to assist with costs incurred in representing the Club during the year;
(b)
benefits arising from the provision of certain minor goods or services in the normal course of the Club's activities; and
During the financial year, no officer of the Club and its controlled entity has received directly or indirectly from the Club any payment or other benefit of a pecuniary value, other than in the case of officers employed by the Club, approved salaries which have been determined in accordance with general market conditions.
STATEMENT BY BOARD The attached financial statements and notes of the South Australian Jockey Club Inc. and its controlled entity as set out on pages 19-39 for the year ended 31 July, 2012, are in our opinion properly drawn up: (a)
so as to present fairly the financial position of the Club and its controlled entity as at 31 July 2012 and the results and cash flows for the year then ended;
(b)
in accordance with the provisions of the Club Rules; and
(c)
in accordance with Australian Accounting Standards and the Associations Incorporation Act 1985.
As at the date of this statement, there are reasonable grounds to believe that the Club will be able to pay its debts as and when they fall due.
SAJC Annual Report 2011/12
Page 40