Racing Australia Annual Report 2020

10 | RACING AUSTRALIA ANNUAL REPORT 2020 CHIEF EXECUTIVE OFFICER’S REPORT ■ Introduction of new Horse ID & Traceability App Trials of the new Racing Australia Horse ID & Traceability App (App) commenced throughout the financial year with an initial focus on race day and the functions of Stewards to identify horses when they arrive at the race meeting. A clear roadmap for this App has been established with it to play a key role in the traceability of a horse as well as enabling update of relevant information when mobile and not in an office. This includes the geo location date and time stamp of each scan to be progressively expanded to other key points of movement for the purpose of traceability. INDUSTRY ADVOCACY Racing Australia continues to work closely with the Principal Racing Authorities and the industry. Through the establishment of industry participant pilot groups such as owners, trainers and stewards, Racing Australia has intentionally created opportunity for greater participant involvement to help advance the quality and timeliness of outcomes for a number of projects. At a Federal Government level, work continued on advocating for the industry in relation to ongoing reform and proposed changes to Skilled Migration Temporary Work (skilled) visa program. With restricted travel movement due to COVID-19 Racing Australia successfully worked directly with the Federal Government and Australian Border Force on behalf of the Principal Racing Authorities and industry participants to help secure Travel Exemptions for stable staff from New Zealand and Europe. Based on this work Racing Australia then provided further assistance in relation to the movement of grooms successfully advocating and securing changes to the ABF Commissioner’s Operational Directives to add a definition of animal attendants. FINANCE REPORT 2019/2020 The second half of the Financial Year was impacted by a reduction in some revenue streams due to COVID-19. The extended period of time with no crowds at race meetings meant that Race Clubs where significantly impacted, and all Racing Australia services related to race day such as on course race books were negatively impacted. The initial freeze on all movement meant that Stud Book revenue through Imports and Export Fees were significantly impacted during the early months of the pandemic with a recovery in movement and associated revenue only starting to materialise from the start of the next financial year. The consolidated surplus inclusive of depreciation and amortisation decreased from $4,289,363 in 2018- 2019 to $3,231,403 in 2019-2020, a decrease of $1,057,960. The increase in depreciation of $504,692 was due to the ongoing investment in the development of the Single National System and associated infrastructure. Exclusive of depreciation and amortisation the consolidated surplus decreased from $5,812,836 in 2018- 2019 to $5,259,568 in 2019-2020, a decrease of $553,268. Despite the impacts of COVID-19 this revenue for the full year decreased by 1.82% when compared to the previous financial year. ■ Highlights for the 2019-2020 financial year include: ♦Cash reserves increased to $5,911,599 on the back of the repayment of the loan to purchase the Australian Stud Book. Of these cash reserves, $1,550,000 is held in trust for the Jockey Insurance Program on behalf of the Principal Racing Authorities to administer the insurance premium aggregate deductible, $363,210 held in trust for the Racing Australia Research fund being $20 collected for each thoroughbred registration and $40,650 held in trust for the Statutory Levy being $10 collected from the lodgement of each mare return and $10 for every mare covered by stallions. The statutory levy is paid to Agrifutures for research into thoroughbred breeding and racing. ♦The continued growth in outsourced service delivery to Principal Racing Authorities for licencing and Deputy Registrar functions. ♦Continued investment in the Single National System as the national data base for Principal Racing Authorities to operate their racing operations and the integration of the Australian Stud Book. THANK YOU While continuing as Operations CEO and having served as Acting CEO from November 2019 through the remainder of the financial year and subsequently being appointed CEO in October 2020, I wish to thank the Racing Australia Directors, especially the Chairman, Greg Nichols, and Principal Racing Authority CEOs for their support. In a challenging year via continued collaboration with the Principal Racing Authorities and industry, Racing Australia has been able to navigate through the challenges of COVID-19 and continue to innovate and deliver for the industry. Finally, and most importantly thank you again to the Racing Australia staff across our three offices for your ongoing commitment, dedication and passion for the Thoroughbred and the industry. Myles Foreman Chief Executive Officer