Racing Australia Annual Report 2020

RACING AUSTRALIA ANNUAL REPORT 2020 | 39 Consolidated Entity Parent Entity Note 2020 $ 2019 $ 2020 $ 2019 $ Revenue Rendering of services 2(a) 14,760,120 15,088,451 14,747,594 15,061,840 Interest 2(b) 4,973 20,130 4,855 19,842 Other 2(b) 706,158 657,927 706,158 657,927 15,471,251 15,766,508 15,458,607 15,739,609 Expenses Employee benefits expense 6,530,000 6,439,676 6,525,874 6,347,526 Legal & consulting 352,883 109,855 352,433 108,271 Audit fees 45,700 44,000 36,000 34,500 Depreciation & amortisation 2(c) 2,028,165 1,523,473 2,028,165 1,523,398 Research grant 227,952 221,724 227,952 221,724 Administration 1,944,567 1,919,257 1,933,672 1,904,211 Finance costs 2(c) 138,506 196,909 137,607 193,939 Bad & doubtful debts - - 99,555 - Equine testing fees 972,075 1,022,251 972,075 1,022,251 12,239,848 11,477,145 12,313,313 11,355,820 Surplus before income tax expense 3,231,403 4,289,363 3,145,474 4,383,789 Income tax 1(b) - - Surplus after income tax expense for the year 3,231,403 4,289,363 3,145,474 4,383,789 Other comprehensive income for the year, net of tax - - - - Total comprehensive income for the year 3,231,403 4,289,363 3,145,474 4,383,789 The accompanying notes form part of these financial statements. STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2020