Racing Australia Annual Report 2017

72 | Racing Australia Annual Report 2017 Racing Australia Limited | ACN 105 994 330 and Controlled Entities | Annual Report for the Financial Year Ended 30 June 2017 CONSOLIDATED ENTITY PARENT ENTITY 2017 $ 2016 $ 2017 $ 2016 $ NOTE 15: CASH AND CASH EQUIVALENTS Cash at Bank and on Hand 7,055,087 5,832,597 6,885,726 5,500,915 7,055,087 5,832,597 6,885,726 5,500,915 NOTE 16: CHANGES IN THE STATE OF AFFAIRS OF THE COMPANY 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 17: CONTINGENT LIABILITIES The company received legal correspondence pre year-end relating to representations allegedly made to a third party. Subsequent to year-end, on 11 September 2017 the company received a writ filed in the Supreme Court of Victoria on 8 September 2017 relating to this matter. The plaintiff is seeking an order that the company makes good the alleged representations or, alternatively, compensation for alleged loss in the order of $2.2 million. The company intends to vigorously defend the proceedings. Given the early stage of the legal process it is not possible to provide any further information on the company’s actions or potential liability. NOTE 18: CONTROLLED ENTITIES COUNTRY OF INCORPORATION PERCENTAGE OWNED 2017 2016 Subsidiary Thoroughbred Trainers Service Centre Limited Australia 100% 100% Australian Genetics Testing Pty Ltd Australia 100% 100% Related party Australian Racing Board Limited Australia - - NOTE 19: COMPANY DETAILS The registered office of the company is: Racing Australia Limited Level 1 Racing Centre 400 Epsom Road Flemington VIC 3031 The principal place of business is: Racing Australia Limited Level 1 Racing Centre 400 Epsom Road Flemington VIC 3031 Notes to and Forming Part of the Financial Statements continued For the year ended 30 June 2017