50 RACING AUSTRALIA ANNUAL REPORT 2021 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Consolidated Entity Parent Entity 2021 $ 2020 $ 2021 $ 2020 $ NOTE 13: CASH AND CASH EQUIVALENTS Cash at Bank and on Hand 8,342,045 5,911,599 8,331,293 5,911,318 8,342,045 5,911,599 8,331,293 5,911,318 NOTE 14: RIGHT OF USE ASSETS Non-Current Land & Buildings Right of Use 1,533,009 988,633 1,533,009 988,633 Less: Accumulated Amortisation (891,245) (174,631) (891,245) (174,631) 641,764 814,002 641,764 814,002 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 2021 Land & Buildings Right of Use 814,002 14,819 (187,057) 641,764 Parent 2021 Land & Buildings Right of Use 814,002 14,819 (187,057) 641,764 The consolidated entity leases land and buildings for its offices under agreements of between three 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.
RkJQdWJsaXNoZXIy ODA1NTI=