Club remains on financial pace
RACING: Chairman Kent Woodford has described the 2017/18 financial year as a successful one for Toowoomba Turf Club (TTC) despite Clifford Park racing being impacted by the ongoing closure of Brisbane’s Eagle Farm.
The club announced an accounting loss of $295,272 for the year which includes a depreciation amount of $637,613.
TCC treasurer Bob Frappell said in the club’s annual report its performance continued to grow with revenue increasing to $5.33 million.
When excluding the non-recurring donation revenue, revenue grew marginally to $5.19 million from $5.16 in the 2017 financial year.
Frappell reports the drivers for growth on the 2017 year included a full year of horse stable rentals from the recently constructed stable block on Wyalla St.
Stable rental increased 36%. The Clifford Park training centre achieved 3% increase in training track revenue and club sponsorship grew by 7%.
Operating revenue derived through bar and catering sales fell because of a cutback in the club’s most profitable regular racing slot of Saturday night.
Due to Eagle Farm remaining out of action, TTC’s preferred Saturday night meetings were cut to 30 from 41 the previous year as Toowoomba joined other Queensland clubs in helping meet the shortfall of meetings created by Eagle Farm’s absence.
Frappell reports the club’s marquee Weetwood race day in April generated an operating profit 12% ahead of budget expectations, realising a net profit circa $143,000.
Woodford said the club’s upgraded Clive Berghofer Grande Atrium provided Clifford Park with a vital asset and club profits continued to be invested in projects and programs to benefit the users of Clifford Park and its training centre.
“I’m delighted to be able to share with you that this year has been another successful year for the club,” Woodford said.
“In 2018 we have again been able to deliver a profitable year.
“The committee’s focus, as you would expect, has also concentrated on ensuring the sustained performance of our major asset, the strathayr course proper.
‘It is widely regarded that the Clifford Park track is amongst the best and most reliable in Queensland.
“Our Clifford Park training centre continues to outperform all other training centres in Queensland.
“Each month more than 550 horses are trained by at Clifford Park by over 80 trainers.”
Woodford said the Grande Atrium hosted about 4000 guests each year.
“Nearly 4000 people enjoy this space each year in corporate hospitality, club sponsored events and local fund-raising.
“This space is hugely important to our club’s ongoing sustainability.”