46 RACING AUSTRALIA ANNUAL REPORT 2024 Consolidated 2024 $ 2023 $ NOTE 9: RIGHT OF USE ASSETS Non-Current Land & Buildings Right of Use 1,919,876 1,533,009 Less: Accumulated Amortisation (1,457,229) (1,263,150) 462,647 269,859 There were $386,867 additions to the right-of-use assets during the year (2023: Nil) and there was depreciation expense of $194,079 incurred during the year (2023: $179,208). The consolidated entity leases land and buildings for its offices under agreements of between six 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. 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: CONSOLIDATED 2024 BALANCE AT 1 JULY 2023 $ ADDITIONS AT COST $ DEPRECIATION EXPENSE $ BALANCE AT 30 JUNE 2024 $ Land & Buildings Right of Use 269,859 386,867 (194,079) 462,647 The consolidated entity leases land and buildings for its offices under agreements of between six 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. NOTE 10: INTANGIBLES Non-Current Goodwill – Registrar of Racehorses (RoR) 1,710,801 1,710,801 Goodwill – Racing Service Bureau (RSB) 5,031,200 5,031,200 6,742,001 6,742,001 Australian Stud Book 17,973,765 17,973,765 17,973,765 17,973,765 Computer software & databases 26,416,447 24,063,934 Less impairment expense (2,355,701) - Less accumulated amortisation (19,453,624) (17,311,351) 4,607,122 6,752,583 29,322,888 31,468,349 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
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