Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697805835742.pdf (Ireland)
FAIRYHOUSE CLUB LIMITED REPORTS AND FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 Registered Number 12814 FAIRYHOUSE CLUB LIMITED REPORTS AND FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 Contents Directors and Other Information Directors' Report Report of the Comptroller & Auditor General Statement of Income and Expenditure and Retained Revenue Reserves Statement of Financial Position Page 2 3 - 5 6 - 8 9 10 Notes to the Financial Statements 11 - 25 1 Directors Secretary Registered Office Auditors Solicitors Bankers FAIRYHOUSE CLUB LIMITED DIRECTORS AND OTHER INFORMATION Mr. N. Hartery Mr. R. Horan Mr. B. Kavanagh Mr. J. Osborne Mr. R. Horan Ms. S. Eade (Deputy Company Secretary) Horse Racing Ireland Ballymany The Curragh Co. Kildare Comptroller & Auditor General 3A Mayor Street Upper Dublin 1 William Fry 2 Grand Canal Square Dublin 2 Bank of Ireland 2 College Green Dublin 2 KBC Bank Ireland plc 2 College Green Dublin 2 2 FAIRYHOUSE CLUB LIMITED DIRECTORS' REPORT The directors present their annual report and the audited financial statements for the financial year ended 31 December 2020.
Principal activities and business review The principal activities of the company continue to be the holding of race meetings and related activities.

The company is a subsidiary of HRI Racecourses Limited and its ultimate parent is Horse Racing Ireland.
Results for the financial year 2020 € 2019 € Profit/(Loss) on ordinary activities before taxation 47,125 (14,140) Tax on profit/(loss) on ordinary activities (28,871) (14,652) Profit/(Loss) for the financial year 18,254 (28,792) In the opinion of the directors, the state of affairs of the company is satisfactory.

Directors and interests The directors who held office at 31 December 2020 are listed on page 2.
The directors and secretary at 31 December 2020 had no beneficial interests in the share capital of the company or its fellow subsidiaries.

The directors received no fees or expenses in the financial year (2019: Nil).

Please see Horse Racing Ireland for further details.
Statement on relevant audit information The directors believe that they have taken all steps necessary to make themselves aware of any relevant audit information and have established that the statutory auditors are aware of that information.

In so far as they are aware, there is no relevant audit information of which the auditors are unaware.
Accounting records The measures taken by the directors to ensure compliance with the requirements of Section 281 to 285, Companies Act 2014, regarding adequate accounting records are the implementation of necessary policies and procedures for recording transactions, the employment of competent accounting personnel with appropriate expertise and the provision of adequate resources to the financial function.
The accounting records of the company are maintained at the company's office at Ballymany, The Curragh, Co. Kildare.

3 FAIRYHOUSE CLUB LIMITED DIRECTORS' REPORT (CONTINUED) Events since the financial year end There has been one significant event affecting the company since the financial year end.

1.

The impact of COVID-19 has had a very significant effect on Fairyhouse Club Limited with a loss of Revenue.

Racing has continued behind closed doors with strict protocols in place in 2021.
Principal risks and uncertainties There are certain risks and uncertainties which may have an effect on the company's performance.

This includes: - where the racecourse is unable to hold a race meeting due to the weather conditions it will endeavour to reschedule the race meeting to a later date.

- The impact of COVID-19 and the continued disruption to the racing calendar including racing behind closed doors impacting the company's ability to generate revenue.
The company has considered the risks and is in a position to respond quickly to changes in economic conditions to ensure its business objectives are achieved.

Auditors In accordance with Section 383 (2) of the Companies Act 2014 and section 13 (2) of the Horse and Greyhound Racing Act 2001, the Comptroller and Auditor General will continue as auditor of the company.
Legal Status In accordance with Section 55 of the Companies Act 2014, the Company automatically became a Private Company Limited by Shares (LTD) on 1 December 2016.

Directors' responsibilities statement Irish company law requires the directors to prepare financial statements for each financial year.
Under the law, the directors have elected to prepare the financial statements in accordance with the Companies Act 2014 and generally accepted accounting practice including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council.
Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of the profit or loss of the company for the financial year and otherwise comply with the Companies Act 2014.
4 FAIRYHOUSE CLUB LIMITED DIRECTORS' REPORT (CONTINUED) Directors' responsibilities statement (continued) In preparing these financial statements the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business; and - state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards.
The directors are responsible for ensuring that the company keeps adequate accounting records which correctly explain and record the transactions of the company, enable at any time the assets, liabilities, financial position and profit or loss of the company to be determined with reasonable accuracy, enable them to ensure that the financial statements and directors' report comply with the Companies Act 2014 and enable the financial statements to be audited.
They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Code of Practice for the Governance of State Bodies (2016) The Code of Practice for the Governance of State Bodies (2016) requires additional disclosures in relation to certain categories of expenditure.
These requirements have been addressed in the Governance Statements and Statement of internal control within the Group Financial Statements of Horse Racing Ireland.

The company was compliant with the Code of Practice for the Governance of State Bodies in 2020.
Signed on behalf of the Board Director Director Date 5 21/09/2021 Ard Reachtaire Cuntas agus Ciste Comptroller and Auditor General Report for presentation to the Houses of the Oireachtas Fairyhouse Club Limited Opinion on the financial statements I have audited the financial statements of Fairyhouse Club Limited for the year ended 31 December 2020 as required under the provisions of section 13 of the Horse and Greyhound Racing Act 2001.
The financial statements comprise the statement of income and expenditure and retained revenue reserves, the statement of financial position and the related notes, including a summary of significant accounting policies.
In my opinion, the financial statements    give a true and fair view of the assets, liabilities and financial position of Fairyhouse Club Limited at 31 December 2020 and of its income and expenditure for 2020 have been properly prepared in accordance with Financial Reporting Standard (FRS) 102 — The Financial Reporting Standard applicable in the UK and the Republic of Ireland, and have been properly prepared in accordance with the Companies Act 2014.
Basis of opinion I conducted my audit of the financial statements in accordance with the International Standards on Auditing (ISAs) as promulgated by the International Organisation of Supreme Audit Institutions.

My responsibilities under those standards are described in the appendix to this report.

I am independent of the company and have fulfilled my other ethical responsibilities in accordance with the standards.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions related to going concern The directors have prepared the financial statements on a going concern basis.
As described in the appendix to this report, I conclude on  the appropriateness of the use by the directors of the going concern basis of accounting and  whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern.

I have nothing to report in that regard.


Opinion on matters prescribed by the Companies Act 2014 Based solely on the work undertaken in the course of the audit, I report that in my opinion   the information given in the directors’ report is consistent with the financial statements, and the directors’ report has been prepared in accordance with the Companies Act 2014.

I have obtained all the information and explanations that I consider necessary for the purposes of my audit.
In my opinion, the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited, and the financial statements are in agreement with the accounting records.

The Companies Act 2014 also requires me to report if, in my opinion, the disclosures of directors’ remuneration and transactions required by sections 305 to 312 of the Act are not made.

I have nothing to report in that regard.


Report on information other than the financial statements, and on other matters The directors have presented a report with the financial statements.

My responsibilities to report in relation to such information, and on certain other matters upon which I report by exception, are described in the appendix to this report.

I have nothing to report in that regard.
Andrew Harkness For and on behalf of the Comptroller and Auditor General 24 September 2021 Appendix to the report Responsibilities of the Directors As detailed in the directors’ responsibilities statement, the directors are responsible for      the preparation of prescribed under the Companies Act 2014 financial statements in the form ensuring that the financial statements give a true and fair view in accordance with FRS102 ensuring the regularity of transactions assessing whether the use of the going concern basis of accounting is appropriate, and such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Responsibilities of the Comptroller and Auditor General I am required under section 13 of the Horse and Greyhound Racing Act 2001 to audit the financial statements of Fairyhouse Club Limited and to report thereon to the Houses of the Oireachtas.

from material misstatement due My objective in carrying out the audit is to obtain reasonable assurance about whether the financial statements as a whole are free fraud or error.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the ISAs will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
to As part of an audit in accordance with the ISAs, I exercise professional judgment and maintain professional scepticism throughout the audit.

In doing so,    I identify and assess the risks of material misstatement of the financial statements whether due to fraud or error; design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

I obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls.
I evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures.

  I conclude on the appropriateness of the use of the going concern basis of accounting and, based on the audit evidence obtained, on whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern.
If I conclude that a material uncertainty exists, I am required to draw attention in my report to the related disclosures if such disclosures are inadequate, to modify my opinion.

My conclusions are based on the audit evidence obtained up to the date of my report.

However, future events or conditions may cause the company to cease being a going concern.
financial statements or, the in I evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit including any significant findings, deficiencies in internal control that I identify during my audit.

Information other than the financial statements My opinion on the financial statements does not cover the other information presented with those statements, and I do not express any form of assurance conclusion thereon.
In connection with my audit of the financial statements, I am required under the ISAs to read the other information presented and, in doing so, consider whether the other information is materially inconsistent with the financial statements or with knowledge obtained during the audit, or if it otherwise appears to be materially misstated.

If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact.
Reporting on other matters My audit is conducted by reference to the special considerations which attach to State bodies in relation to their management and operation.

I report if I identify material matters relating to the manner in which public business has been conducted.

I seek to obtain evidence about the regularity of financial transactions in the course of audit.
I report if I identify any material instance where public money has not been applied for the purposes intended or where transactions did not conform to the authorities governing them.
FAIRYHOUSE CLUB LIMITED STATEMENT OF INCOME AND EXPENDITURE AND RETAINED REVENUE RESERVES FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 Income from racing Turnover Operating expenses Administrative expenses Other operating income Operating profit Interest receivable Interest payable Profit/(Loss) on ordinary activities before taxation Notes 2020 € 2019 € 2 4 1,939,653 1,939,653 3,067,102 3,067,102 (1,863,862) (255,463) 277,459 97,787 - (50,662) 47,125 (3,121,686) (240,164) 331,857 37,109 51 (51,300) (14,140) Tax on profit/(loss) on ordinary activities 11 (28,871) (14,652) Profit/(Loss) for the financial year Retained surplus at beginning of financial year Retained surplus at end of financial year Notes 1 to 27 form part of these financial statements.
18,254 (28,792) 742,698 771,490 760,952 742,698 The company had no recognised gains and losses in the financial year or the preceding financial year other than those dealt with in the Statement of Income and Expenditure and Retained Revenue Reserves.

The results on ordinary activities arises solely from continuing activities.
The financial statements were approved by the Board of Directors on and signed on its behalf by: Director Director Date 9 21/09/2121/09/2021 FAIRYHOUSE CLUB LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020 Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand Notes 2020 € 2019 € 12 11,313,997 11,715,326 13 522,650 613,771 1,136,421 659,679 531,459 1,191,138 Creditors: (Amounts falling due within one year) 14 (3,961,764) (4,145,820) Net current liabilities (2,825,343) (2,954,682) Total assets less current liabilities 8,488,654 8,760,644 Creditors: (Amounts falling due after more than one year) Provision for liabilities Deferred capital grants Net assets Capital and reserves Called up share capital presented as equity Revaluation reserve Retained surplus Shareholders' funds Notes 1 to 27 form part of these financial statements.
15 18 19 20 (16,768) (19,420) (45,526) (46,235) (4,842,646) (5,129,529) 3,583,714 3,565,460 2,545,929 276,833 760,952 2,545,929 276,833 742,698 3,583,714 3,565,460 The financial statements were approved by the Board of Directors on and signed on its behalf by: Director Director Date 10 21/09/2121/09/2021 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 1.
Accounting policies The following accounting policies are applied consistently in dealing with items which are considered material in relation to the company's financial statements.
General Information and Basis of Accounting Statement of compliance The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value in accordance with the Companies Act 2014 and generally accepted accounting practice including Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council.

The unit of currency in which the financial statements are denominated is euro.
Fairyhouse Club Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements.

Fairyhouse Club Limited is consolidated in the financial statements of its ultimate parent, Horse Racing Ireland, which may be obtained at Horse Racing Ireland, Ballymany, The Curragh, Co. Kildare.
Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement and remuneration of key management personnel.

Income Turnover which is recognised on an accruals basis represents income received during the period from the provision of racing and related activities and from income earned on rental of the company's facilities.
Interest income is recognised when it is probable that the economic benefits associated with the transaction will flow to the company and the amount of the interest income can be measured reliably.

This is calculated using the effective interest rate method.
Deferred income Deferred membership and hospitality suites Monies received for life and other membership are being amortised as follows: 11 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 1.
Accounting policies (continued) Life memberships Other memberships Hospitality suites Admissions Over forty years Over period of concession Over period of concession Over period of concession Other deferred income amounts are amortised over the period of concession.

Deferred capital grants Grants are recognised using the accruals model when there is reasonable assurance that the grant will be received and all attaching conditions will be complied with.
Grants towards capital expenditure are credited to deferred income and are released to the Statement of Income and Expenditure and Retained Revenue Reserves over the expected useful life of the related assets, by equal annual instalments.

Grants towards revenue expenditure are released to the Statement of Income and Expenditure and Retained Revenue Reserves as the related expenditure is incurred.
Retirement benefit Defined contribution scheme Payments to the defined contribution scheme are charged to the Statement of Income and Expenditure and Retained Revenue Reserves in the financial year to which they relate.

Operating leases Rental expenditure under operating leases is recognised in the Statement of Income and Expenditure and Retained Revenue Reserves over the life of the lease.

Expenditure is recognised on a straight line basis over the lease period.
Tangible fixed assets Fixed assets are stated at valuation on a depreciated replacement cost basis following the revaluation of assets on acquisition by Horse Racing Ireland on 1 January 2006.

Assets purchased since acquisition are stated at cost less depreciation.

Ordinary share capital The ordinary share capital of the company is presented as equity.

12 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 1.
Accounting policies (continued) Depreciation Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset systematically over its estimated useful life, on the straight line basis, at the following annual rates: Freehold land Racecourse buildings Equipment, furniture & fittings Car park Plant & equipment Computers Motor vehicles Track enhancement Nil 2% - 10% straight line 5% - 20% straight line 2% - 10% straight line 10% - 33.33% straight line 20% - 33.33% straight line 20% - 33.33% straight line 2% - 10% straight line Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The carrying values of tangible fixed assets are reviewed for impairment in accounting periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Taxation and deferred tax The yearly charge for taxation is based on the profit for the financial period and is calculated with reference to the tax rates applying at the Statement of Financial Position date.
Deferred tax is calculated on the differences between the company's taxable profits and the results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Full provision for deferred tax assets and liabilities is made at tax rates that are expected to apply on reversal of the timing difference.
Deferred tax relating to property, plant and equipment is measured using the revaluation model.

A net deferred asset is regarded as recoverable and recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Financial instruments Other financial assets Other financial assets including trade and other debtors are initially measured at transaction price and subsequently where necessary, less of any provision for impairment.

13 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 1.

Accounting policies (continued) Other financial liabilities Other financial liabilities comprise of trade and other payables are measured at transaction price.
Amounts owed to parent are shown at original cost.

Cash and cash equivalents Cash consists of cash on hand and demand deposits.

Cash equivalents consist of short term highly liquid investments that are readily convertible to known amounts of cash that are subject to an insignificant risk of change in value.
Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period.

However, the nature of estimation means that actual outcomes could differ from those estimates.
The following judgements have had the most significant effect on amounts recognised in the financial statements.

Going concern The directors have prepared budgets and cash flows for the next financial year which demonstrate that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due, and to continue as a going concern.

On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.
Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern.

The directors have reflected on the impact of COVID-19 in 2021 and based on current projections and support from the parent company, are satisfied that Fairyhouse Club Limited remains a going concern.
Useful lives of tangible fixed assets The annual depreciation charge depends primarily on the estimated lives of each type of asset.

The directors regularly review these useful lives and change them if necessary to reflect current conditions.

In determining these useful lives management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the assets.
Changes in the useful lives can have a significant impact on the depreciation charge for the financial year.

The net book value of tangible fixed assets subject to depreciation was €7,083,252 (2019: €7,484,571).

2.

Income Income from racing 2020 € 2019 € 1,939,653 3,067,102 14 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 3.
Staff numbers and costs The average number of persons employed by the company during the financial year, analysed by category, was as follows: Full time staff Part time and casual staff The aggregate payroll costs of these persons were as follows: Wages and salaries Covid Subsidy Received (TWSS) Covid Subsidy Received (EWSS) Social welfare costs Other retirement benefit costs Number of employees 2019 2020 12 11 16 7 28 18 2020 € 646,970 (68,981) (66,131) 43,326 68,502 623,686 2019 € 822,473 - - 87,814 70,004 980,291 Included within the figure for wages & salaries are amounts relating to overtime €11,682 (2019: €32,242) and allowances of nil (2019: €80).
Amounts included in payroll costs capitalised during the year were nil (2019: nil).

Other retirement benefit costs include employer's contribution to scheme costs and the cost of death in service benefit.
No breakdown of total employee remuneration over €60,000 in increments of €10,000, was included in Fairyhouse Club Limited as required under circular 13/2014 by the Department of Public Expenditure and Reform (DPER).This departure from the Code has been agreed with its parent, Horse Racing Ireland and the Department of Agriculture, Food and the Marine.

4.
Operating and Administration expenses Operating expenses Labour Marketing Maintenance and course upkeep Rates and insurance Depreciation Other operating expenses Administration expenses Rates and insurance Other administration expenses 2020 € 623,686 47,895 231,475 36,582 583,861 340,363 1,863,862 68,110 187,353 255,463 2019 € 980,291 300,808 343,465 111,282 595,618 790,222 3,121,686 65,267 174,897 240,164 Included within the figure for Other Operating Expenses are losses in relation to cash in transit services of nil (2019: €18,487).
15 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 5.

Other operating income Capital grant amortisation Revenue grants received from Horse Racing Ireland Profit on disposal of assets 6.

Interest receivable Bank interest receivable 7.

Interest payable 2020 € 269,613 5,000 2,846 277,459 2020 € - 2020 € 2019 € 276,857 55,000 - 331,857 2019 € 51 2019 € On borrowings from parent 50,662 51,300 8.
Statutory and other information Operating profit is stated after charging: Depreciation Auditors' remuneration Operating lease rentals and after crediting: Profit on disposal of assets Capital grant amortisation 9.

Directors remuneration 2020 € 583,861 7,800 3,613 2019 € 595,618 7,000 5,343 2,846 269,613 - 276,857 There was no directors' remuneration or directors' expenses in the financial year or the preceding financial year.
16 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 10.

Retirement benefit information Defined contribution retirement benefit scheme Contribution to defined contribution retirement benefit scheme 2020 € 2019 € 36,660 37,263 The company operates a defined contribution scheme for certain employees.

The assets of the scheme are vested in independent trustees for the sole benefit of these employees.
There are no amounts due to or from the scheme as at the financial year end.

The company offers a PRSA to all other employees.

11.
Taxation (A) Analysis of charge in the financial year Current tax: Corporation tax Deferred tax: Origination and reversal of timing differences (Note 18) Tax on profit in ordinary activities 2020 € 2019 € 29,580 18,956 (709) 28,871 (4,304) 14,652 (B) Reconciliation between tax expense included in profit and loss and profit on ordinary activities before tax multiplied by the applicable tax rate: The tax assessed for the financial year is different to the standard rate of corporation tax in Ireland (12.5 per cent).
The differences are explained below: 2020 € 2019 € Profit/(Loss) on ordinary activities before taxation 47,125 (14,140) Profit/(Loss) on ordinary activities before taxation multiplied by standard rate of corporation tax in Ireland of 12.5% (2019 - 12.5%) 5,891 (1,768) Effect of: Non deductible expenses Non allowable income Depreciation in excess of capital allowances Income taxable at higher rate 3,561 (34,057) 51,806 2,379 4,099 (35,122) 51,608 139 Current tax charge for the financial year 29,580 18,956 17 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 12.
Tangible fixed assets Valuation / Cost At 1 January 2020 Additions Disposals Plant, Office Machinery, Equipment, & Motor Fixtures Vehicles & Fittings € € Land & Buildings € Total € 19,793,032 1,148,127 1,109,202 22,050,361 4,193 - 43,790 (6,000) 134,549 - 182,532 (6,000) At 31 December 2020 19,797,225 1,185,917 1,243,751 22,226,893 Depreciation At 1 January 2020 Charge for financial year Disposals 8,874,663 799,566 660,806 10,335,035 416,375 - 88,483 (6,000) 79,003 - 583,861 (6,000) At 31 December 2020 9,291,038 882,049 739,809 10,912,896 Net book value At 31 December 2020 10,506,187 303,868 503,942 11,313,997 At 31 December 2019 10,918,369 348,561 448,396 11,715,326 18 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 12.
Tangible fixed assets (continued) In respect of prior financial year: Valuation / Cost At 1 January 2019 Additions Disposals Plant, Office Machinery, Equipment, & Motor Fixtures Vehicles & Fittings € € Land & Buildings € Total € 19,707,022 1,108,639 1,014,683 21,830,344 86,010 - 39,488 - 94,519 - 220,017 - At 31 December 2019 19,793,032 1,148,127 1,109,202 22,050,361 Depreciation At 1 January 2019 8,447,143 707,500 584,774 9,739,417 Charge for financial year Disposals 427,520 - 92,066 - 76,032 - 595,618 - At 31 December 2019 8,874,663 799,566 660,806 10,335,035 Net book value At 31 December 2019 10,918,369 348,561 448,396 11,715,326 At 31 December 2018 11,259,879 401,139 429,909 12,090,927 19 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 13.
Debtors: (Amounts falling due within one year) Trade debtors Accrued income and prepayments Amounts owed from parent and group companies VAT recoverable Corporation tax recoverable Other debtors 14.

Creditors: (Amounts falling due within one year) Trade creditors Amounts owed to parent and group companies Accruals Taxation and social welfare Other creditors Deferred income (Note 17) All amounts included above are unsecured.
Taxation and social welfare is split out as follows: Corporation tax Other taxes 15.

Creditors: (Amounts falling due after more than one year) 2020 € 133,041 247,100 121,234 13,275 - 8,000 522,650 2020 € 75,256 3,378,386 138,961 12,895 849 355,417 3,961,764 10,909 1,986 12,895 2020 € 2019 € 188,629 202,481 218,900 3,532 38,963 7,174 659,679 2019 € 148,033 3,393,574 162,624 6,623 219 434,747 4,145,820 - 6,623 6,623 2019 € Deferred income (Note 17) 16,768 19,420 All amounts included above are unsecured.
20 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 16.

Details of borrowings Repayable by instalments Amounts owed to parent Within 1 Between 1 Between 2 year & 2 years & 5 years € € € After 5 years € Total € 225,000 225,000 225,000 225,000 675,000 675,000 2,075,000 2,075,000 3,200,000 3,200,000 In respect of prior financial year: 225,000 225,000 675,000 2,075,000 3,200,000 Interest is charged at a 3 month Euribor rate plus margin.
The loan agreement states that the loan is repayable on demand and therefore the full amount due is classified as amounts falling due within one year.

These amounts are unsecured.

17.
17.

Deferred income Amounts falling due within one year: Life members deferred Membership subscriptions deferred Media income deferred Miscellaneous income deferred Amounts falling due after more than one year: Life members deferred 2020 € 4,547 19,519 307,708 23,643 355,417 16,768 16,768 2019 € 2,652 18,385 333,076 80,634 434,747 19,420 19,420 372,185 454,167 21 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 18.
Provision for liabilities Deferred taxation At 1 January Released to Statement of Income and Expenditure and Retained Revenue Reserves At end of period Components of deferred taxation Accelerated capital allowances Retirement benefit obligation 2020 € 2019 € 46,235 50,539 (709) 45,526 45,464 62 45,526 (4,304) 46,235 46,352 (117) 46,235 The deferred tax liability arises where fixed assets are depreciated over a longer period than that over which capital allowances are recognised.
The retirement benefit deferred tax asset relates to the company's defined contribution scheme and can arise when the contributions have been accrued in the financial statements but not yet paid over to the scheme.

19.
19.

Deferred capital grants At 1 January Received during the financial year Released to Statement of Income and Expenditure and Retained Revenue Reserves Adjustment to grants accrued At 31 December 2020 € 5,129,529 16,000 (269,613) (33,270) 4,842,646 2019 € 5,294,013 85,881 (276,857) 26,492 5,129,529 Deferred capital grants are disclosed separately from other liabilities as it is believed that this treatment is more appropriate to the circumstances of a State body.
The adjustment relates to the reversal of grant accruals.

During the year, Horse Racing Ireland (HRI) under the remit of the Department of Agriculture, Food and the Marine, provided Fairyhouse Club Limited with a grant of €16,000 under HRI's Capital Development Schemes 2015 - 2019.

The grant was provided based on vouched expenditure in order to fund projects which had been pre-approved by HRI for the purpose of the development of facilities at Fairyhouse racecourse.
The grant is repayable to HRI if racing ceases at Fairyhouse racecourse within a period of 10 years from the date of payment of the grant.

Fairyhouse Club Limited is adhering to any conditions imposed by HRI attached to the approval of the grant aid for the approved projects and are in compliance with tax clearance requirements.

22 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 20.
Called up share capital presented as equity Authorised 2,000,000 Ordinary shares of €1.20 each 2,000,000 Ordinary shares of €1.2697 each Allotted, called up and fully paid 5,080 Ordinary shares of €1.20 each 2,000,000 Ordinary shares of €1.2697 each 2020 € 2019 € 2,400,000 2,539,479 2,400,000 2,539,479 6,096 2,539,479 6,096 2,539,479 Included in the opening share capital is an amount of €354 being a capital revaluation reserve arising on the redemption of the shares at €1.20 on 1st January 2002.

21.
21.

Capital commitments Future capital committed but not provided for in these financial statements are as follows: Contracted 22.

Operating leases Operating Leases - Lessee 2020 € 2019 € 89,650 219,103 Total future minimum lease payments under non-cancellable operating leases are as follows: Due: Within one year: Within two to five years: After five years: 23.
Contingent liability 2020 € 5,420 12,646 - 18,066 2019 € 655 - - 655 Under an agreement between the company and Horse Racing Ireland, capital grants amounting in total at 31 December 2020 to €318,000 (2019: €302,000) have been received.

If racing ceases to take place at Fairyhouse Racecourse, the company may be liable to make repayments to Horse Racing Ireland.

23 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 24.
Reserves Retained profits includes all cumulative gains and losses recognised in the Statement of Income and Expenditure and Retained Revenue Reserves.

25.

Holding company and related party transactions The company is a subsidiary of HRI Racecourses Limited and its ultimate parent is Horse Racing Ireland.

Both companies are incorporated in the Republic of Ireland.

Copies of the financial statements of Horse Racing Ireland are available from Horse Racing Ireland, Ballymany, The Curragh, Co. Kildare.
In accordance with the exemption afforded by paragraph 33.1A from the provisions of FRS 102, 'related party transactions', there is no disclosure in these financial statements of transactions with wholly owned subsidiaries.
Horse Racing Ireland, Navan Races Limited, The Tipperary Race Company Plc, The Leopardstown Club Limited, Tote Ireland Limited, Irish Thoroughbred Marketing Limited, HRI Racecourses Limited and Cork Racecourse Limited are all considered related parties because they are part of a group in which Fairyhouse Club Limited is not a wholly owned subsidiary undertaking.
In accordance with the exemption afforded by FRS102 paragraph 1.12, there is no disclosure in these financial statements of key management personnel compensation.

Transactions in the financial year between the company and its related parties included payroll and cost recharges of €704,476 (2019: €970,383), bookmakers income of €21,234 (2019: €90,005), sponsorship collected of €15,250 (2019: €271,950) and interest charged of €47,991 (2019: €50,308).
The company received grants totalling €21,000 (2019: €140,881) from related parties.

During the financial year, the company received short term loans of nil (2019: nil) from related parties, and repaid intercompany amounts of nil (2019: €225,000).

A loan deferral of one year was agreed with the parent during the financial year.

During the financial year, the company advanced short term loans of nil (2019: nil) to related parties, and received short term loan repayment of nil (2019: nil).
At the end of the financial year, the amounts due from/(to) related parties are as follows: Related party name The Tipperary Race Company Plc The Leopardstown Club Limited Navan Races Limited Tote Ireland Limited Horse Racing Ireland 2020 € 128 (20,971) 4,912 645 (3,241,866) 2019 € 269 (49,612) 4,972 2,624 (3,132,927) 24 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 26.
Comparative amount Certain comparative figures have been regrouped and restated on the same basis as those for the current year.

27.

Approval of financial statements The Board of Directors approved these financial statements for issue on 25 21/09/2021