Financial Report Yr Ending 3.. - SHARKIES | Cronulla Sutherland ...
Financial Report Yr Ending 3.. - SHARKIES | Cronulla Sutherland ...
Financial Report Yr Ending 3.. - SHARKIES | Cronulla Sutherland ...
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FINANCIAL REPORT FOR THE YEAR ENDED 31ST OCTOBER 2011<br />
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2011<br />
NOTE 15: RELATED PARTY TRANSACTIONS (Continued)<br />
GROUP<br />
LEAGUES CLUB<br />
2011 2010 2011 2010<br />
$ $ $ $<br />
Group Companies<br />
In accordance with the objectives of the Leagues Club,<br />
to promote Rugby League, the Leagues Club has agreed<br />
to provide, free of charge, certain facilities to the<br />
Football Club. Such facilities include office facilities<br />
and other such facilities required by the Football Club<br />
from time to time.<br />
Transactions between the Leagues Club and its<br />
controlled entity, the Football Club during the financial<br />
year consist of:<br />
Sale of alcohol to related parties - - 113,301 131,358<br />
Sale of goods to the Football Club were made<br />
on an arm’s length basis.<br />
Cash grant made to the Football Club - - 1,600,000 250,000<br />
OUTSTANDING BALANCES<br />
The following balances are outstanding at reporting date in relation to transactions with the controlled entity (Football Club):<br />
GROUP<br />
LEAGUES CLUB<br />
2011 2010 2011 2010<br />
$ $ $ $<br />
Current receivables from:<br />
<strong>Cronulla</strong>-<strong>Sutherland</strong> District Rugby League<br />
Football Club Ltd - - 518,821 235,818<br />
Current payables to:<br />
<strong>Cronulla</strong>-<strong>Sutherland</strong> District Rugby League<br />
Football Club Ltd - - 60 400,160<br />
Non-Current receivables from:<br />
<strong>Cronulla</strong>-<strong>Sutherland</strong> District Rugby League<br />
Football Club Ltd - - 3,827,546 3,827,546<br />
The following balances are outstanding at<br />
reporting date in relation to transactions with<br />
the Board of Directors:<br />
Directors Honorariums - - - -<br />
Current receivables from:<br />
B2B Commercial – R Surace 39,822 - - -<br />
Amounts receivable from/owing to related parties for sale and purchases of goods and services are unsecured and interest free and<br />
are included in the balances of trade and other receivables (refer note 7) and trade and other payables (refer note 10) respectively.<br />
All sales and purchases with related parties were on normal commercial terms. No allowances for doubtful debts have been<br />
recognised on these outstanding balances, nor have any bad debt expenses been incurred.<br />
CRONULLA-SUTHERLAND LEAGUES CLUB LIMITED & CONTROLLED ENTITY ABN 54 000 202 826<br />
27
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