44 RACING AUSTRALIA ANNUAL REPORT 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Consolidated Entity Parent Entity 2022 $ 2021 $ 2022 $ 2021 $ NOTE 13: CASH AND CASH EQUIVALENTS Cash at Bank and on Hand 10,495,733 8,342,045 10,474,135 8,331,293 10,495,733 8,342,045 10,474,135 8,331,293 NOTE 14: RIGHT OF USE ASSETS Non-Current Land & Buildings Right of Use 1,533,009 1,533,009 1,533,009 1,533,009 Less: Accumulated Amortisation (1,083,942) (891,245) (1,083,942) (891,245) 449,067 641,764 449,067 641,764 Additions to the right-of-use assets during the year were $- and depreciation charged to profit or loss was $192,697. The consolidated entity leases land and buildings for its offices under agreements of between six to ten years with, in some cases, options to extend. The leases have various escalation clauses. On renewal, the terms of the leases are renegotiated. Movements in Carrying Amounts Movement in the carrying amounts for right of use assets between the beginning and the end of the year is as follows: Balance at the beginning of year $ Revaluations as a result of CPI $ Depreciation expense $ Carrying amount at the end of year $ Consolidated 2022 Land & Buildings Right of Use 641,764 - (192,697) 449,067 Parent 2022 Land & Buildings Right of Use 641,764 - (192,697) 449,067 The consolidated entity leases land and buildings for its offices under agreements of between six to ten years with, in some cases, options to extend. The leases have various escalation clauses. On renewal, the terms of the leases are renegotiated. The consolidated entity leases office equipment under agreements of less than two years. These leases are either short-term or low-value, so have been expensed as incurred and not capitalised as right-of-use assets.
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