Financial Report Yr Ending 3.. - SHARKIES | Cronulla Sutherland ...

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FINANCIAL REPORT FOR THE YEAR ENDED 31ST OCTOBER 2011 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2011 NOTE 5: CURRENT TAX LIABILITY The Income Tax Assessment Act, 1997 (amended) provides that under the concept of mutuality, clubs are only liable for income tax on income derived from non-members and from outside the entity. GROUP LEAGUES CLUB INCOME TAX EXPENSE Current tax expense 2011 2010 2011 2010 $ $ $ $ Current tax (benefit)/expense (5,820) (75,135) (5.820) (75,135) Overprovision for previous years - - - - Total current income tax (benefit) (5,820) (75,135) (5,820) (75,135) Deferred tax expense - - Total income tax (benefit) in profit or loss (5,820) (75,135) (5,820) (75,135) Reconciliation of the effective tax rate (Deficit) before income tax expense (2,013,871) (1,369,599) (1,889,671) (75,958) Tax at the Australian tax rate of 30% (2009: 30%) (604,161) (410,880) (566,901) (22,787) Tax effect of Deficit in the Football Club (Income Tax exempt) 37,260 388,093 - - Non-deductible development cost impairment and controlled entity loan provision - - - - Income and expenditure of the Leagues Club subject to mutuality principal adjusted for non-deductible and specifically deductible items 561,081 (52,348) 561,081 (52,348) (5,820) (75,135) (5,820) (75,135) Over provision in prior years - - - - Income tax (benefit)/ expense in profit or loss (5,820) (75,135) (5,820) (75,135) DEFERRED TAX LIABILITIES Deferred tax liabilities comprise temporary differences attributable to: Amounts recognised directly in equity Revaluation of property, plant and equipment 813,047 813,047 813,047 813,047 Total deferred tax liabilities 813,047 813,047 813,047 813,047 CURRENT TAX LIABILITIES Current tax liability - - - - - - - - CURRENT TAX RECEIVABLE Current tax receivable 71,881 66,061 71,881 66,061 71,881 66,061 71,881 66,061 18 CRONULLA-SUTHERLAND LEAGUES CLUB LIMITED & CONTROLLED ENTITY ABN 54 000 202 826
FINANCIAL REPORT FOR THE YEAR ENDED 31ST OCTOBER 2011 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2011 NOTE 6: CASH AND CASH EQUIVALENTS GROUP LEAGUES CLUB 2011 2010 2011 2010 $ $ $ $ Cash on hand 327,392 244,927 236,280 243,927 Cash at bank 338,823 - 337,823 - 666,215 244,927 574,103 243,927 RECONCILIATION OF CASH The above figures are reconciled to the cash at the end of the financial year as shown in the statement of cashflows as follows: GROUP LEAGUES CLUB 2011 2010 2011 2010 $ $ $ $ Balances as above 666,215 244,927 574,103 243,927 Bank overdrafts (note 11) - (1,288,782) - (1,059,910) Balances per cash flow statements 666,215 (1,043,855) 574,103 (815,983) NOTE 7: TRADE AND OTHER RECEIVABLES GROUP LEAGUES CLUB 2011 2010 2011 2010 CURRENT $ $ $ $ Trade receivables 559,846 407,145 607,028 300,394 Allowance for doubtful debts (201,470) (48,883) - (7,717) 358,376 358,262 607,028 292,677 Other debtors 229,578 217,648 50,744 42,613 Prepayments 185,234 249,391 140,897 173,788 773,188 825,301 798,669 509,078 NON-CURRENT Amount receivable from controlled entity - - 3,827,546 3,827,546 Impairment of receivables from controlled entity - - (3,827,546) (3,827,546) Analysis of Allowance Account Opening balance (48,883) (11,000) (7,717) - Provisions for doubtful receivables (201,470) (48,883) - (7,717) Receivables written off during the year - - - - Reversal of amounts provided 48,883 11,000 7,717 - Closing balance (201,470) (48,883) - (7,717) Analysis of Allowance Account - controlled entity Opening balance - - (3,827,546) (3,827,546) Current year movement in allowance - - - - Closing balance - - (3,827,546) (3,827,546) CRONULLA-SUTHERLAND LEAGUES CLUB LIMITED & CONTROLLED ENTITY ABN 54 000 202 826 19
Page 1 and 2: 2011 ANNUAL REPORT
Page 3 and 4: CHAIRMAN’S REPORT CONTINUED Footb
Page 5 and 6: FINANCIAL STATEMENTS FOR THE YEAR E
Page 7 and 8: FINANCIAL REPORT FOR THE YEAR ENDED
Page 9 and 10: NOTES TO THE FINANCIAL STATEMENTS F
Page 21: FINANCIAL REPORT FOR THE YEAR ENDED
Page 37 and 38: NOTES TO THE FINANCIAL STATEMENTS F
Page 39 and 40: PROPOSED PROPERTY DEVELOPMENT VIEW

Financial Report Yr Ending 3.. - SHARKIES | Cronulla Sutherland ...

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