34 RACING AUSTRALIA ANNUAL REPORT 2021 REVIEW OF OPERATIONS The surplus/(deficit) of the consolidated entity for the financial year amounted to ($264,168) (2020: $3,231,403 surplus). A review of the operations of the consolidated entity during the financial year and the results of those operations found that during the year, the consolidated entity continued to engage in its principal activity, the results of which are disclosed in the attached financial statements. The Thoroughbred Trainers Service Centre Limited operates based on a letter of financial support from Racing Australia Limited until such time as it becomes cash positive. A new letter of financial support in conjunction with a Deed of Subordination between ASIC, Racing Australia Limited and the Thoroughbred Trainers Service Centre Limited was executed for a further 2 years commencing 1 July 2020. The Thoroughbred Trainers Service Centre Limited trades as a separately registered company as the holder of an Australian Financial Services licence. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS There were no significant changes in the state of affairs of the consolidated entity during the financial year. MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR The impact of the Coronavirus (Covid-19) pandemic is ongoing. While the financial impact on the entity up to 30 June 2021 has been negligible, it is not practicable to estimate the potential impact after the reporting date. The situation is dependent on measures imposed by governments at various jurisdictions within which the entity operates. There has not been any other matter or circumstance, other than that referred to in the financial statements or notes thereto, that has arisen since the end of the financial year, that has significantly affected, or may significantly affect, the operations of the company, the results of those operations, or the state of affairs of the company in future financial years. LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS Likely developments in the operations of the consolidated entity and the expected results of those operations have not been included in this report as the Directors believe, on reasonable grounds, that the inclusion of such information would be likely to result in unreasonable prejudice to the consolidated entity. ENVIRONMENTAL REGULATIONS The consolidated entity’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a State or Territory. INDEMNIFICATION OF OFFICER OR AUDITOR During the financial year, the consolidated entity paid a premium in respect of a contract insuring the Directors of the consolidated entity, the company secretary, and all executive officers of the consolidated entity and of any related body corporate against a liability incurred in the course of acting as a Director, secretary or executive officer to the extent permitted by the Corporations Act 2001. The company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the company or any related entity against a liability incurred by the auditor. PROCEEDINGS ON BEHALF OF THE COMPANY No person has applied for leave of Court under section 237 of the Corporations Act 2001 to bring proceedings on behalf of the company or intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings. The company was not a party to any such proceedings during the year. AUDITOR INDEPENDENCE DECLARATION The lead Auditor’s Independence Declaration required by section 307C of the Corporations Act 2001 is set out on page 35 and forms part of this report. Signed in accordance with a resolution of the Board of Directors. On behalf of the Directors John Messara AM Independent Director & Chairman Dated this 29th November 2021 DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2021
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