RACING AUSTRALIA ANNUAL REPORT 2024 33 DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2024 Your directors present their report, together with the financial statements on the consolidated entity (referred to hereafter as the ‘consolidated entity’) consisting of Racing Australia Limited (referred to hereafter as the ‘company’ or ‘parent entity’) and the entities it controlled at the end of or during the year ended 30 June 2024. DIRECTORS The following persons were directors during the whole of the financial year and up to the date of this report, unless otherwise stated: Racing NSW Nominated Director Russell Balding AO (Resigned 18/12/2023) Peter V’landys AM (Appointed 18/12/2023) Peter V’landys AM – Alternate Director (Resigned 18/12/2023) Peter Sweney – Alternate Director (Appointed 18/12/2023) Racing Victoria Nominated Director Greg Nichols (Resigned 16/07/2024) Timothy Eddy (Appointed 16/07/2024) Andrew Jones – Alternate Director (Resigned 30/04/2024) Aaron Morrison – Alternate Director (Appointed 30/04/2024) Racing Queensland Nominated Director Graham Quirk Jason Scott – Alternate Director Racing and Wagering Western Australia Nominated Director Colin Holt Ian Edwards – Alternate Director Racing South Australia Nominated Director Robert Rorrison Vaughn Lynch – Alternate Director Thoroughbred Racing Northern Territory / Canberra Racing Club Incorporated / Tasracing Pty Ltd Nominated Director Nicolle Rantanen Reynolds Andrew O’Toole – Alternate Director PRINCIPAL ACTIVITIES The consolidated entities principal activity in the course of the financial year was the provision of racing materials, services and products to the state based Principal Racing Authorities and race clubs of Australia, the supply of field and form products to Racing Australia’s commercial and retail customers, officially recording the ownership details and naming of Thoroughbred racehorses for racing in Australia and for export, the maintenance, accuracy, quality and integrity of the Australian Stud Book, and the administration of the Australian Rules of racing and the rules of the Australian Stud Book. The Thoroughbred Trainers Service Centre Limited provides low-cost industry-based horse syndication services under the conditions of an Australian Financial Services Licence (AFSL). DIVIDENDS There were no dividends paid, recommended, or declared during the current or previous year. REVIEW OF OPERATIONS The loss of the consolidated entity for the financial year amounted to ($258,777) (2023: $2,136,351 surplus). 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 has been submitted for a further 2 years commencing 1 July 2024. The Thoroughbred Trainers Service Centre Limited trades as a separately registered company as the holder of an Australian Financial Services Licence.
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