curious Posted June 4 Posted June 4 3 hours ago, Chief Stipe said: You didn't answer the question regarding the complex Trust and IC setup. If the "adjoining development" is owner by the LRC why does it require a separate entity to manage? I don't know and if I ever did it was some time ago and I don't remember. Special Agent may be able to enlighten you. If I had to guess, it was so the trust operating and receiving revenue from the development could operate separately from the racing and training arms and distribute any profits in accord with the trust deed rather than the club constitution. 1 Quote
Chief Stipe Posted June 4 Posted June 4 4 hours ago, curious said: I don't know and if I ever did it was some time ago and I don't remember. Special Agent may be able to enlighten you. If I had to guess, it was so the trust operating and receiving revenue from the development could operate separately from the racing and training arms and distribute any profits in accord with the trust deed rather than the club constitution. I see @Freda is in agreement with you. But the Trust we are talking about at the moment is the Levin Track OPERATING Trust. Why would running Jumpouts be at odds with the constitution of the Racing Club? Surely the "Development Trust" would be working in the best interests of the parent - the LRC? Quote
curious Posted June 4 Posted June 4 The track operating trust wouldn't be at odds but doesn't own any land or have significant assets does it? I thought the question was about club owned land other than the track. Quote
Special Agent Posted June 5 Posted June 5 On 6/4/2026 at 10:02 AM, Chief Stipe said: You didn't answer the question regarding the complex Trust and IC setup. If the "adjoining development" is owner by the LRC why does it require a separate entity to manage? I assume you are referring to the adjoining development being the lifestyle village with 54 units and caretaker house. That's quite a few dwellers to deal with on a regular basis with their many and varying issues. How many on a racing club committee would have the knowledge, patience and interest to deal with that, and without payment? 1 Quote
Special Agent Posted June 5 Posted June 5 On 6/4/2026 at 7:45 AM, Chief Stipe said: Why then did Levin spend a lot of money with lawyers setting up the current structure? Robbie Ker and Peter McKenzie aren't around to answer that question these days. Quote
Chief Stipe Posted June 5 Posted June 5 1 hour ago, Special Agent said: I assume you are referring to the adjoining development being the lifestyle village with 54 units and caretaker house. That's quite a few dwellers to deal with on a regular basis with their many and varying issues. How many on a racing club committee would have the knowledge, patience and interest to deal with that, and without payment? I think you are confusing which Trust does what. The financials I posted were for the Levin Track Operating Charitable Trust. It isn't clear if they pay the Development Trust a management fee. Quote
curious Posted June 5 Posted June 5 Why would they pay the Development Trust anything? They have nothing to do with the development do they? Quote
Chief Stipe Posted June 5 Posted June 5 22 hours ago, curious said: Why would they pay the Development Trust anything? They have nothing to do with the development do they? I was responding to @Special Agent who suggested they needed to employ someone to manage something. As for you question go back to the main Annual Financial Statement - Levin Racing Club (Incorporated Society) manage three Charitable Trusts. Quote
curious Posted June 5 Posted June 5 21 hours ago, Chief Stipe said: I was responding to @Special Agent who suggested they needed to employ someone to manage something. As for you question go back to the main Annual Financial Statement - Levin Racing Club (Incorporated Society) manage three Charitable Trusts. Yes but the Development trust has nothing to do with the operating trust except that they both are under the auspices of the LRC. So, I fail to see why you would think one would pay the other anything. Quote
Chief Stipe Posted June 6 Posted June 6 21 hours ago, curious said: Yes but the Development trust has nothing to do with the operating trust except that they both are under the auspices of the LRC. So, I fail to see why you would think one would pay the other anything. It isn't clear that the Development Trust actually exists anymore. An entity of some description pays the Levin Track Charitable Trust over $150k in "Managment Fees". Even so the three entities that publish annual financial statements all operate at a loss. Quote
curious Posted June 6 Posted June 6 (edited) 13 minutes ago, Chief Stipe said: It isn't clear that the Development Trust actually exists anymore. An entity of some description pays the Levin Track Charitable Trust over $150k in "Managment Fees". Even so the three entities that publish annual financial statements all operate at a loss. Oh sorry. That's correct. The entity that pays it presumably is the development operation. Edited June 6 by curious Quote
curious Posted June 6 Posted June 6 The Development Trust is listed as an asset of the Track Charitable Trust in the FY24 accounts that you posted. Quote
Chief Stipe Posted June 6 Posted June 6 40 minutes ago, curious said: The Development Trust is listed as an asset of the Track Charitable Trust in the FY24 accounts that you posted. As a chunk of cash by the looks of it. Doesn't explain where the management fees revenue comes from. Quote
curious Posted June 6 Posted June 6 I'd say it's for the land rental and management care of that development. Might have made a loss that year but that was after expensing a 45k donation. Quote
Chief Stipe Posted June 6 Posted June 6 52 minutes ago, curious said: Oh sorry. That's correct. The entity that pays it presumably is the development operation. The Levin Track Charitable Trust main source of income is listed as "Investment Income". Yet in the revenue section the main source is "Management Fees". I presume the $21k in rent is from the renting of the asset described as the "Managers House". Quote
Chief Stipe Posted June 6 Posted June 6 2 minutes ago, curious said: I'd say it's for the land rental and management care of that development. Might have made a loss that year but that was after expensing a 45k donation. The year before they "expensed" a $95k "donation". Net Cash Flows from Investing and Financing Activities 45,000 93,000 Quote
curious Posted June 6 Posted June 6 Just now, Chief Stipe said: The year before they "expensed" a $95k "donation". Saw that. Did those go to the club I wonder? The rental might be for the land itself? Quote
Chief Stipe Posted June 6 Posted June 6 Repayments of loans borrowed by other parties 45,000 93,000 Odd - no interest received. 7 minutes ago, curious said: The rental might be for the land itself? Doesn't appear to be any inter-entity rental paid. Quote
curious Posted June 6 Posted June 6 1 minute ago, Chief Stipe said: Repayments of loans borrowed by other parties 45,000 93,000 Odd - no interest received. Doesn't appear to be any inter-entity rental paid. I think that land is a 99 year lease isn't it? I thought there might be some rental for that from the developers/homeowners Quote
Special Agent Posted June 7 Posted June 7 On 6/4/2026 at 7:20 AM, Chief Stipe said: I believe Levin threatened to take their meeting elsewhere at one stage. Did they? What year was that? Who was on the committee? What tracks were they looking at? Where did you hear that? Quote
Special Agent Posted June 7 Posted June 7 On 6/4/2026 at 7:20 AM, Chief Stipe said: I believe Levin threatened to take their meeting elsewhere at one stage. Did they? What year was that? Who was on the committee? What tracks were they looking at? Where did you hear that? Quote
Special Agent Posted June 7 Posted June 7 On 6/4/2026 at 7:20 AM, Chief Stipe said: I believe Levin threatened to take their meeting elsewhere at one stage. Did they? What year was that? Who was on the committee? What tracks were they looking at? Where did you hear that? Quote
Special Agent Posted June 7 Posted June 7 On 6/6/2026 at 4:25 PM, Chief Stipe said: Repayments of loans borrowed by other parties 45,000 93,000 Odd - no interest received. Doesn't appear to be any inter-entity rental paid. With all that is happening with the racing industry currently why is how Levin Racing Club is balancing the books so important? Because this small club is bucking the debt ridden trend, maybe others should take note rather than mock. Do you think the Levin Racecourse will be the first to be sold under the direction of a Racing Minister? Quote
Chief Stipe Posted June 8 Posted June 8 3 hours ago, Special Agent said: With all that is happening with the racing industry currently why is how Levin Racing Club is balancing the books so important? It is indicative of every Club not being able to balance its books. Will they sell off more land when they have used their reserves? Quote
Chief Stipe Posted June 8 Posted June 8 3 hours ago, Special Agent said: Did they? What year was that? Who was on the committee? What tracks were they looking at? Where did you hear that? It is public knowledge. They threatened to take the dates to Awapuni hence the cut price deal - probably done at the Cozzy Club as well. Quote
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