RACING AUSTRALIA ANNUAL REPORT 2023 49 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Consolidated 2023 $ 2022 $ NOTE 19: RELATED PARTY TRANSACTIONS Subsidiaries Interests in subsidiaries are set out in Note 22. Key management personnel Disclosures relating to key management personnel are set out in Note 16. Transactions with related parties The following transactions occurred with related parties: Revenues from related parties: 3,774,142 4,092,067 Payments for goods and services to related parties: 475,885 323,638 Receivable from and payable to related parties. The following balances are outstanding at the reporting date in relation to transactions with related parties: Current Receivables: Trade receivables to associates: 1,489,571 1,682,020 Current payables: Trade payables to associates: 31,456 29,000 Loans to/from related parties There is a $95,093 loan receivable from TTSC (2022: $52,036). Terms and conditions All transactions were made on normal commercial terms and conditions and at market rates. NOTE 20: EVENTS AFTER THE REPORTING PERIOD In August 2020, Racing Australia Limited (RA) and New Zealand Thoroughbred Racing Inc (NZTR) entered a Single National System (SNS) Licensing Agreement to provide to NZTR a version of the SNS to assist NZTR in its administration of thoroughbred racing and breeding in New Zealand. The project has been the subject of ongoing review and assessment with RA and NZTR considering their respective positions. NZTR have proposed a Deed of Release to be considered by the RA Board to release each party from all further obligations and claims under the Single National System (SNS) Licensing Agreement. 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. NOTE 21: CONTINGENT LIABILITIES Racing Australia Limited has been served a Statement of Claim as second defendant in Court proceedings commenced by a former jockey in the District Court of Queensland in relation to an insurance claim. Racing Australia’s lawyers have lodged a request with the plaintiff’s solicitors that the claim against Racing Australia be discontinued and has indicated that Racing Australia will otherwise apply to the District Court of Queensland for the claim against it to be struck out. The Consolidated Entity had no other contingent liabilities as at 30 June 2023.
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