A resident walking their dog discovered the devastating theft from the volunteer-run Lilydale District Pony Club on Monday morning.

The theft, at the Karoola Recreation Ground in Pipers River Road, has been reported to police.

The club already raised about $5000 to have the day yards, including the stolen gates, built.

Committee member Karen Toon said the pony club would need to find the money to replace the six gates with fittings, worth about $150 each.

She estimated fundraising would take months.

The farm gates are about 3.6 metres wide and would have been transported on a utility or trailer.

‘‘We fundraised to get the yard built and the gates included,’’ Mrs Toon said.

‘‘Basically we put them in as safety measures to separate the horses from the children, to help make sure everyone is safe.

‘‘We can still operate, but we will have to reassess the way that we facilitate our rallies.’’

Police urge anyone with information about the theft to call Crime Stoppers on 1800333000.