38 RACING AUSTRALIA ANNUAL REPORT 2023 The accompanying notes form part of these financial statements. STATEMENT OF CHANGES OF EQUITY Consolidated Note 2023 $ 2022 $ ISSUED CAPITAL Issued Capital 15 10,103,051 10,103,051 Closing balance 10,103,051 10,103,051 ACCUMULATED SURPLUS Opening balance 28,172,045 25,987,646 Surplus for the year 2,136,351 2,184,399 Closing Balance 30,308,396 28,172,045 TOTAL EQUITY 40,411,447 38,275,096 FOR THE YEAR ENDED 30 JUNE 2023 CASH FLOW FROM OPERATING ACTIVITIES Receipts from customers 15,836,521 14,966,434 Payments to suppliers and employees (11.554.991) (10, 235,827) Finance costs (104,632) (131,418) Interest received 119,493 11,447 Net cash from operating activities 4,296,391 4,610,636 CASH FLOW FROM INVESTING ACTIVITIES Payments for property, plant, and equipment (397,400) (240,155) Payments for intangible assets (3,610,532) (2,216,793) Net cash (used in) investing activities (4,007,932) (2,456,948) Net increase in cash held 288,459 2,153,688 Cash and cash equivalents at beginning of financial year 10,495,733 8,342,045 Cash and cash equivalents at end of financial year 5 10,784,192 10,495,733 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023
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