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2019-2020

19 20 ANNUAL REPORT HARNESS BREEDERS (VIC) INC

PAGE 01

President's Report

It was an honour to be elected President of Harness Breeders Victoria in October last year and it has been a pleasure to represent our members and work with our Committee through the 2019/20 season. A lot has changed in the last 12 months with the most obvious impact being Covid19 and everything that has gone with it. In a range of ways, Covid has created an environment where change has become necessary and many things were introduced or accelerated to overcome existing or new issues. From a harness racing perspective the most significant of these changes has been the alteration of the racing season to match the calendar year. Covid created a need to extend this season so that feature races for the current crop could be run, and this extended to a permanent change for the 2021 season. We see this as a welcome change that allows for a complete overhaul of the racing calendar, but more importantly from a breeding perspective, a likely increase in the length of the breeding season. With the major juvenile features now being run late in the calendar year, January and February foals now have plenty of time to mature prior to these features being run. Given September is not an ideal time to begin breeding in Victoria due to the cooler weather, it is hoped that an extension into January and February will assist in increasing or at least maintaining foal crop numbers. The advent of Covid saw HBV advocate for a Covid Breeding Stimulus via HRV to the State Government. Whilst that proposal was unsuccessful, it did result in a refocusing of HRV onto some of the VicBred changes that HBV have been advocating for. HBV have worked in a collaborative manner with the HRV Board and Management in a way that has been very welcome. Regular consultation with all kindred bodies has ensued throughout the Covid period especially, resulting in good decision making based on broad feedback from the wider industry. This approach led to increased and revised VicBred First Win Bonuses which will see all categories of VicBred eligible horses born in 2021 racing for bonuses of up to $12,000. We see this as a stepping stone, the first in a number of announcements and agreed with HRV that each of these elements would be reviewed yearly with a view to further increases for future crops being sought, subject to HRV’s budget. The second announcement was the increase in prizemoney for every race on Humbletonian Day to $10,000 and the programming of 36 VicBred Platinum Maidens worth the same amount.

Whilst we aim to increase this in years to come, the achievable outcome for VicBred progeny will be a payday of up to $18,000 if a suitably qualified horse can win one of these races. HBV sees these initiatives as a significant base from which the value of horses bred can be established, thereby assisting to improve the economics of Standardbred breeding in Victoria. We have further VicBred items on the table with HRV which we hope will result in further announcements over the next twelve months. The arrival of Nutrien Standardbred has created significant disruption to the Yearling Sales scene, especially in Victoria. HBV welcomes Nutrien to the fold and I for one look forward to the 2021 sales season with APG-APTS in February and Nutrien in April. Three commercially viable entities provide our members with choice that they have not had for some time. I am very pleased with a number of initiatives that were undertaken this year for the first time: Breed to Succeed: Dr Kath McIntosh produced, with the help of Paul Campbell (Campbell’s Comments), an instructive set of 11 webinars under the Breed to Succeed banner. Many thanks to Kath, Paul and our presenters and sponsors for producing a wonderful library of information for our members. We intend to continue the exercise in 2021. Breeders Week on SEN Track: Jess Tubbs established the very successful Breeders Week on SEN Track, where Jason and Blake interviewed a wide range of breeding participants on a range of breeding matters. This is an initiative we would like to see continue in 2021. The Barn: HRV established The Barn via www.thetrots.com.au – this is an interface specifically for breeding matters and will provide our studs and breeders with plenty of media content and promotion opportunities. Thanks go to the HRV media team for their work here and the opportunity it creates for HBV as a Partner of this initiative. Trackbred: We have continued to publish Trackbred this year. Thank you to David and Bianca Brehaut for the first class production of our now online publication. Stallion Guide: Peter Wharton edited our Stallion Guide for its 25th Edition, a remarkable achievement. I would like to thank him for his great work on this years edition and acknowledge the fine work of Maurice Hanrahan who was the Committee representative. Our Executive Officer, Desiree Pettit-Keating continues to go above and beyond the call of duty and has done a stellar job often under trying circumstances due to Covid and all of its restrictions. Her tenacity, attention to detail and her guidance are all appreciated by myself, the committee and members. Thank you once again Desiree for all that you do and the way that you do it!

I would like to thank the Committee for their time and effort throughout the year. Various members have undertaken significant work and can be proud of their efforts and results. Overall, the Committee has had a number of significant matters to debate and form views on, the most significant of them being the Stallion Limits imposed by HRA. HBV has stated via various letters and releases, that it is not opposed to Stallion Limits per se, but has made it clear that until research is completed into the genetic and commercial implications of a cap that such a decision should not have been taken. HRA have not been able to provide any form of justification on these grounds, nor the basis for the cap number they introduced. We have also expressed our dismay at the manner in which this rule is being introduced and the impact on studs and breeders alike for the 2020 breeding season. To date, HRA have given us nothing other than polite responses. I thank members for the opportunity to serve as President in 2019/20 and should I be re-elected, look forward to the opportunity to serve in the same role for the coming season. Good luck with your breeding initiatives! Nick Hooper

PAGE 04

Secretary's Report

2019-2020 has been a year of many changes to the committee but a year that has brought about great achievements and momentum for HBV. Committee changes Executive Appointments President – Nick Hooper Vice President – Terry Lewis Secretary – Dr Kath McIntosh Treasurer – Maurice Hanrahan New Members Appointed to the Committee Jess Tubbs, Chris Lang Jnr, Maurice Hanrahan Departing from the Committee Steve Dickson I would like to thank all those in previous roles on the executive committee and the broader committee for their efforts. We welcome new members to the committee and to the executive roles and look forward to their contributions to Harness Breeders in the future. The Association has held four committee meetings plus the AGM this financial year in accordance with the constitution. These began in the usual fashion of a physical meeting but the meetings have evolved with the challenges of this year into meetings attended online by Zoom. All committee member changes were conducted and changed within the rules of the constitution, as too the meetings. All appropriate paperwork was submitted to Consumer Affairs Victoria, facilitating the continuance of Harness Breeders Victoria.

PAGE 05

Treasurer's Report

The year 2020 will go down as one of the most interesting and challenging times in which to be appointed as Treasurer of HBV. Notwithstanding, I am pleased to report that the Club has recorded a profit of $14,000, which is a $40,000 improvement from the previous year. Whilst the outcome has been achieved in a very difficult environment, a number of factors have assisted the Club to achieve this result. The outcome would have been strengthened by $11,000 were it not for the need to redress bad debts of nearly $5,000 and retrospective provision for employee benefits in the order of $6,000. Firstly, the work to achieve a successful Stallion Guide, the premiere publication of HBV, has resulted in an increased in revenue as well as a reduction in production costs. Furthermore, as a result of the Covid outbreak, the Club was eligible and able to access the JobKeeper scheme to underwrite the important work of our Executive Officer. A number of other important decisions were made to redress the financial results from previous years. Why is this important? The organisation and industry is at critical juncture. The ability of HBV to be forward thinking and bold is essential for the future of both breeding and racing in Australasia. There are many challenges and opportunities that need to be both considered and addressed and I am hopeful that HBV is in a position to make a substantial contribution. Finally, I am indebted to the passion and contribution from our Committee and additionally indebted to Desiree, our hard working and effective Executive Officer.

PAGE 01

2019-20 IN REVIEW

Membership & Engagement Membership fees remained at the previous year’s rate of $55 for full membership and $11 for associate membership. Membership for the season, including Life Members, was 426 in total, down from the previous season with 496 members. HBV again thank long-time supporters, Alabar and Niota Bloodstock, for donating services to Ultimate Machete and Great Success, to offer as part of our member renewal campaign. Congratulations to Norm McCloy and Bradley O'Keeffe who won services to the respective stallions in 2019. Our social media presence continued to grow and provide us with both more exposure and more value to offer potential sponsors and advertisers. Facebook grew by over 25% and HBV tweets were seen over 340,000 times across the season.

Trackbred Journal Six, online editions of Trackbred were produced by editor David Brehaut for the 2019-20 season, covering a wide range of issues and items of interest, from feature race winner pedigrees to yearling sales and all in between. It is the first year that Trackbred has been delivered exclusively online, following further untenable increases in the costs of production. HBV thanks Metro Printing for their support in publishing this popular magazine for many years.

24th IRT Australasian Standardbred Stallion Guide The 2019 edition of the Stallion Guide was published again, with demand for hard copy editions still very high. Copies were made available free of charge from each state HQ, five Victorian country tracks, and posted to members of HBV and WASBA, in addition to over 4,000 households with a registered breeder who had been active in the past two seasons. An online edition was also published to broader reach. We thank IRT, HRV and Metro for their support in delivering this quality publication. Stallion Tender Thanks to the generosity of Woodlands Stud, HBV were able to run a stallion tender in October for the exciting sire, Downbytheseaside. This activity netted the organisation a profit of over $4,500. The Committee would again like to thank and recognise Woodlands Stud for their involvement.

Search for a Star The winner of the 2019 IRT Australasian Standardbred Stallion Guide Search for a Star competition was Blanche Poole of Rhiannon Park, whose photo of a Betting Line colt with his dam, Alta Calypso, was voted the most popular across the June voting period on Facebook. Again, HBV received numerous entries of Vicbred foals from across the country and we are pleased to see that engagement with this series continues to grow, with almost 15,000 Twitter impressions and over 15,600 reached on Facebook.

2018-19 IRT Victorian Breeder Awards The IRT Breeder Awards were held this year as a luncheon in the heritage barn at the Bendigo Pottery Tourism Complex, presented by Tanya McDermott. Our headline Woodlands Victorian Breeder of the Year was presented with other industry awards at the HRV Gordon Rothacker Awards night to Bruce & Vicki Edward of Durham Park. It was pleasing to see a good variety of names on the honour roll, with the Trotting Broodmare of the Year collected by Wayne Schulze and Dale Eastman for Insulated and the Pacing Broodmare by Lauriston Bloodstock for Aston Villa, while the Judd Family (below) collected the Ian Daff Memorial Trophy for tenured services to the breeding industry. HBV thank all the sponsors who make this event possible each season, particularly gold sponsors IRT, Alabar, Metro

Breed to Succeed Series While initially planned to take place at a number of race courses across the state in May, our series of educational seminars, designed to help breeders maximise their investment and improve horse welfare outcomes, was unable to go ahead due to restrictions on gatherings and travel. Instead, the series was redesigned to use digital resources and with the support of sponsors and Harness Racing Victoria, HBV were able to deliver the Breed to Succeed webinar series in2020-21 in partnership with Campbell’s Comments. More on this very successful initiative will appear in the next Annual Report. IAHP Vicbred Bonus Breeder of the Month With sponsors, International Animal Health Products, HBV have been able to personally congratulate breeders on their horses collecting a Vicbred First Win Bonus over the season with over 900 postcards. Feedback – particularly from smaller breeders – continues to be hugely positive and we have gained several new members from the exercise. Each month, the breeders of the most horses to claim a bonus are recognised publicly on our website, in Trackbred, and on Twitter, Facebook and Instagram. AGM and Committee Profiles The 2018-19 AGM was held prior to the Victorian Breeder Awards at the Bendigo Pottery Complex on Sunday 20 October 2019. A good representation of members was in attendance, and all reports and financials were presented and passed. HBV extended great thanks to outgoing President, Terry Lewis, on his incredible work for the organisation throughout his presidency and was pleased to see him successfully appointed to the role of Vice President. Members welcomed new President, Nick Hooper, to the role, while the appointments of Secretary and Treasurer were carried over until after all board vacancies were filled. This occurred at the following meeting, with the 2019-20 committee structured thus: President – Nick Hooper Vice President – Terry Lewis Secretary – Dr Kath McIntosh Treasurer – Maurice Hanrahan General committee – John Campbell, Elizabeth McLean, Jess Tubbs, Chris Lang Jnr, Brett Coffey, Mark Hughes, Les Joslin, Steve Dickson. To encourage engagement by breeders and members, HBV produced a series of profiles (right) for each of the committee members, outlining their involvement and experience, and what makes them excited about the breeding industry in Victoria. These are all available on the HBV website.

Industry Advocacy & Engagement This year, HBV have been very active in lobbying and advocacy, as well as engagement with Harness Racing Victoria and Harness Racing Australia. Particularly in the latter half of the season, HBV applied considerable resources toward advocacy – particularly in the area of rule changes for the 2020-21 season for stallion limits (refer President's Report). Members of the Executive have attended bi-monthly meetings with the various teams within HRV with pleasing results across a range of matters and initiatives. We thank HRV for their time and continue to see the relationship with all kindred bodies grow. HBV were happy to support HRV’s engagement drive as part of the Summer of Glory at Tabcorp Park Melton where owners were invited to bring along a guest to the first night of the Summer of Glory to enjoy free trackside hospitality. Humbletonian HBV again sponsored the all-maiden Vicbred race day at Maryborough, nicknamed Humbletonian Day and aimed at providing horses with a last opportunity for the season to collect their First Win Bonus, with a bottom-up ballot a condition of the series. We were not only able to add a $250 cash bonus to for the breeders of each winner but also invest in promoting the day, the club, and the Vicbred futurity scheme through interviews (conducted on TrotsVision by Paul Campbell) with winning breeders and HBV committee members, live results and photo albums as well as stories looking at the breeding and pedigree for each of the winners, including Carter Mayson (above). HBV thanks HRV, Maryborough Harness Racing Club and the Victorian Square Trotters Association for their investments in this popular event. Australian Pacing Gold Yearling Sale Prior to the Sales, HBV were pleased to be able to promote member-vendor lots through our social media streams and afterward, produce a significant album of photos from across the APG event, not just the sales ring. A dedicated Sales edition of Trackbred was delivered. and follow up articles on successful lots were included in the April issue. Again, Harness Breeders Victoria organised and delivered a BBQ on the Friday night prior to the APG Sales at Inglis Oaklands, in concert with APG’s yearling parade. As always, the BBQ was very well received and we thank past committeeman, Ash Haynes, for his extensive input in this activity. HBV had considerable presence on Sales day itself, with president Nick Hooper conducting two tours of the facility for interested parties and hosting our Follow A Foal marquee (see below).

Follow A Foal The culmination of this long-term project took place at the APG Yearling Sales, where both fillies were auctioned. With the dual purpose of engaging new people with the breeding journey and supporting two very worthy charities, the project continued to follow the two 2018 crop fillies as they grew and were prepared for the sale. The project captured many new email subscribers and followers on social media, and created a library of informative articles and videos about the practical side of breeding. Prior to the sales, significant media promotion was undertaken with a photo shoot taking place at Aldebaran Park with representatives of both WomenCan (formerly the Women’s Cancer Foundation) and the Children’s Tumour Foundation.

Aldebaran Demi meets Jane (WomenCAN) and Xavier (Children's Tumour Foundation) at Aldebaran Park Unfortunately, immediately before the sales the Alabar filly was withdrawn from the APG sale on vet’s advice. Alabar generously substituted He’s Watching filly from Art Critic and a percentage of her final sale price was donated into the pool instead. On the day, the APG auctioneers were joined by Katie Alford, on behalf of the Children’s Tumour Foundation, and Jodie Quinlan representing WomenCan, to bring the hammer down on each respective lot, with further exposure gained to buyers both on site and watching proceedings online. HBV were also able to host a marquee area with information about the project and the charities, and use as a base for tours of the complex run across the day. Due to COVID19 restrictions, our planned presentation event with both charities was not able to be delivered. Each charity received a donation of $630 which was welcomed with warm thanks. We extend our gratitude to Duncan McPherson OAM and the team at Aldebaran Park, and to Alan Galloway and the crew at Alabar Farms for their terrific support of this project.

PAGE 01

2019-20 FINANCIALS

HARNESS BREEDERS (VIC) INC A.B.N. 98 462 323 765 ANNUAL REPORT - 30 JUNE 2020

HARNESS BREEDERS (VIC) INC FINANCIAL REPORT - 30 JUNE 2020

TABLE OF CONTENTS

Page No. Financial Report Income and Expenditure Statement

Balance Sheet

Statement of Changes in Members Funds

Statement of Cash Flows

Notes to the Financial Statements

Statement by Members of the Committee

Harness Breeders (Vic) Inc Income and Expenditure statement for the year ended 30 June 2020 Note Income Advertising Revenue Membership Fees Subscription Income Sponsorship Income Interest received Government Subsidies Other Income Total Income

Cost of Sales Printing Correspondents Editor Postage Total Cost of Sales Gross Profit

Other expenses Accounting Fees Advertising & Marketing Advertising Commissions Auditor Fees Bookkeeping Bad Debts Written Off Bank Fees Dinners & Functions Donations Employee Costs (Payroll) Employee Benefit Expenses General Expenses Merchant Fees Printing & Stationery Sponsorship Telephone Travelling Expenses Trophies Postage Website expenses Workers Compensation Total expenditure Surplus/(deficit) for the year

2 2 2 2 2 2 2

2020 $

2019 $

114,566 7,004 16,060 5,750 258 16,000 3,465 163,103

127,342 7,978 28,938 0 760 0 5,878 171,296

34,525 2,005 29,449 13,075 79,054 84,049

95,736 4,519 38,960 9,179 148,394 22,902

1,390 1,567 3,188 700 1,201 4,940 22 6,214 812 27,267 7,222 791 613 1,359 1,600 512 235 7,726 2,061 350 197 69,967 14,082

700 660 0 1,750 2,425 0 20 7,293 61 19,800 0 481 860 1,186 2,750 518 673 8,803 2,469 0 192 50,461 (27,739)

The accompanying notes form part of these financial statements 2

Harness Breeders (Vic) Inc. Balance sheet for the year ended 30 June 2020 Note Asset Current assets Cash and cash equivalents Trade receivable Total current assets

2019 $

70,779 85,977 156,756

75,932 80,573 156,504

Non-current assets Property, plant, equipment Total non-current assets Total assets

156,756

156,504

Liabilities Current liabilities Trade creditors and other payables GST Payable PAYG Payable Superannuation Payable Provisions Total current liabilities

10,270 1,584 523 5,337 17,714

25,855 7,145 429 33,429

1,885 1,885 19,599

33,429

137,157

123,075

137,157

123,075

137,157

123,075

Non-Current liabilities Provisions Total non-current liabilities Total liabilities Net assets Members Funds Retained surplus Total Members Funds

4 5

2020 $

The accompanying notes form part of these financial statements 3

Harness Breeders (Vic) Inc. Statement of changes in Members Funds for the year ended 30 June 2020 2020 $ Total Members Funds at the beginning of the financial year Surplus/(deficit) for the year Total Members Funds at the end of the financial year

2019 $

123,075 14,082

150,814 (27,739)

137,157

123,075

The accompanying notes form part of these financial statements 4

Harness Breeders (Vic) Inc. Statement of cash flows for the year ended 30 June 2020 Note Cash from operating activities Receipts from customers Payments to suppliers and employees Interest received Net cash provided by/ (used in) operating activities

2020 $

2019 $

156,126 (161,537) 258 (5,153)

209,846 (204,229) 760 6,377

Cash flows from investing activities Net cash provided by/ (used in) investing activities

Cash flows from financing activities Net cash provided by/ (used in) financing activities

(5,153) 75,932 70,779

6,377 69,555 75,932

Net increase/(decrease) in cash held Cash at beginning of financial year Cash at end of financial year

8(b)

8(a)

The accompanying notes form part of these financial statements 5

Harness Breeders (Vic) Inc. Notes to the financial statements for the year ended 30 June 2020 1. Statement of significant accounting policies a) Statement of compliance The committee has determined that the incorporated association is not a reporting entity because there are no users dependent on general purpose financial statements. The financial report is a special purpose financial report which has been prepared in order to satisfy the financial reporting requirements of the Associations Incorporation Reform Act 2012. These financial statements have been prepared in accordance with following Australian Accounting Standards: AASB 101

Presentation of Financial Statements

AASB 107

Statement of Cash Flows

AASB 108

Accounting Policies, Changes in Accounting Estimates and Errors

AASB 1031

Materiality

AASB 1048

Interpretation of Standards

AASB 1054

Australian Additional Disclosures

b) Basis of measurement The financial statements have been prepared on an accrual basis and are based on historical cost and do not take into account changing money values except where specifically stated. The accounting policies set out below have been applied consistently to all periods presented in these financial statements. c) Property, plant and equipment Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses. Depreciation The depreciable amount of all fixed assets is depreciated on a declining balance basis over the asset’s useful life to the association commencing from the time the asset is held ready to use. d) Impairment At each reporting date the committee assesses whether there is objective evidence that a financial instrument has been impaired. If any such indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement. e) Income tax The association is a not-for-profit organisation and is exempt from income tax under section 50-45 of the Income Tax Assessment Act 1997. f) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits, held at call with banks, other shortterm highly liquid investments with original maturities cash within three months.

Harness Breeders (Vic) Inc. g) Revenue Revenue is measured at the fair value of the consideration received or receivable. Interest revenue is recognised as interest accrues, using the effective interest rate method. h) Employee Benefits Provision is made for the Association's liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits expected to be settled wholly within 12 months together with benefits arising from wages, salaries and annual leave which may be settled after 12 months, which have been measured at the amounts expected to be paid when the liability is settled. Other employee benefits payable later than one year have been measured at the net present value. Contributions to defined contribution superannuation plans are expensed when incurred. i) Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of an asset or as part of an item of expense. Receivables and payables are stated inclusive of GST. Cash flows are presented in the Statement of Cash Flows on a gross basis, except for the GST component of investing and financing activities which are disclosed as operating cash flows. j) Trade creditors and other payables Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the company during the reporting period, which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days on recognition of the liability. k) Trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they hold significant financing components, when they are recognised at fair value. The association holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised costs using the effective interest rate method. l) Provisions Provisions are recognised when the Association has a legal or constructive obligation, as a result of past events, for which it is probable than an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period. m) Critical Accounting Estimates and Judgements The Committee evaluate estimates and judgements incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data obtained both externally and within the Association. The Association did not have any significant accounting estimates or judgements that required any further disclosures during the year.

Harness Breeders (Vic) Inc.

2020 $ 2. Revenue and Other Income Advertising Income Stallion Guide Track Bred Magazine Total Advertising Revenue

2019 $

106,002 8,564 114,566

98,113 29,629 135,720

Memberships Subscriptions Sponsorship Income - Vic Bred Scheme Government Subsidies - Job keeper Interest received Other income Tour tickets APG BBQ & Follow-a-Foal sales Raffle income Total Other Income

7,004 16,060 5,750 16,000 258

7,978 28,939 0 0 760

0 3,409 56 3,465

5,878 0 0 5,878

Total revenue

163,103

171,296

258 162,845

760 170,536

79,054 69,967 14,082

148,394 50,461 (27,739)

70,779 70,779

20,569 55,363 75,932

85,977 85,977

80,573 80,573

3. Profit from Ordinary Activities Net gains and expenses Profit from ordinary activities before income tax expense include: Net gains Interest received Association revenue Expenses Cost of Sales Association Expenses

4. Cash and cash equivalents Cash at bank Investment CBA 5726

5. Account receivables and other debtors Trade receivables Less provision for doubtful debts

Harness Breeders (Vic) Inc. 6. Provisions Current Annual leave provision Non-current Long service leave provisions Total provisions Movement in Provisions

5,337 5,337

1,885 1,885 7,222

Annual Leave Provision

Long Service Leave Provision $

$ Opening balance at 1 July 2018 Additional provisions recognised Reductions arising from payments Closing Balance at 30 June 2019

(-) -

Opening balance at 1 July 2019 Additional provisions recognised Reductions arising from payments Closing Balance at 30 June 2020

5,337 (-) 5,337

1,885 (-) 1,885

2020 $ 7. Retained Profits and Reserves Retained profits at the beginning of the year Net profit Retained profits at the end of the financial year

2019 $

123,075 14,082 137,517

150,814 (27,739) 123,075

70,779 70,779

20,569 55,363 75,932

Reconciliation of net cash provided by operating activities to surplus Surplus from ordinary activities 14,082

(27,739)

8. Cash flow information Reconciliation of cash Cash at the end of financial year as shown in cash flow statement is reconciled to items in the statement of financial position: Cash at Bank Term deposits a)

Non-cash flows in profit Depreciation Changes in assets and liabilities: (Increase)/decrease in receivables Increase/(decrease) in trade and other payables Increase/(decrease) in provisions Net cash provided by operating activities

(5,404) (21,053) 7,222 (5,153)

22,257 11,859 6,377

Harness Breeders (Vic) Inc.

9. Remuneration of Members The Members receive no remuneration or benefits. Expenditure incurred in the course of carrying out their responsibilities are reimbursed as incurred. 2020 $

2019 $

10. Remuneration of Auditor Total amounts receivable by the Auditor of the Association for: Audit of the Association's accounts

700 700

1,750 1,750

In 2019, the audit of the Association's financial statements and records were performed by Palmer & Associates. The payment in 2020 relates to the audit of the 2018/19 financial records. During the 2020 financial year, the financial reporting obligations of Harness Breeders (Vic) Inc under the Associations Incorporation Reform Act 2012 were reviewed. As the association is a Tier 1 organisation, it is no longer required to have its financial statements audited or reviewed, unless Members require the audit to be performed. 11. Related parties There were no related party transactions conducted during the year. The names of the Committee Members throughout the year end and at the date of this report are: N Hooper T Lewis K McIntosh M Hanrahan B Coffey L Joslin E Maclean J Campbell M Hughes C Lang Jnr J Tubbs

Harness Breeders (Vic) Inc. Statement by Members of the Committee.

The Committee has determined that the Association is not a Reporting Entity and that this Special Purpose Financial Report should be prepared in accordance with the Accounting policies outlined in Note 1 of the Financial Statements. In the opinion of the Committee, the Financial Report as set out on pages 2-11: 1.

Presents a true and fair view of the financial position of Harness Breeders (Vic) Inc as at 30 June 2020 and its performance for the year ended on that date.

At the date of this statement, there are reasonable grounds to believe that Harness Breeders (Vic) Inc will be able to pay its debts as and when they fall due.

This statement is made in accordance with a Resolution of the Committee and is signed for and behalf of the Committee by:

Nick Hooper, President

Maurice Hanrahan, Treasurer

Dated this 10th day of October 2020