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 15: RELATED PARTY TRANSACTIONS (Continued) Key management personnel compensation for non-disclosing entities GROUP LEAGUES CLUB 2011 2010 2011 2010 $ $ $ $ Key Management Compensation 565,502 389,107 313,155 267,583 Director Honorariums - - - - NOTE 16: DEED OF CROSS GUARANTEE Cronulla-Sutherland Leagues Club Limited and its controlled entity, Cronulla-Sutherland District Rugby League Football Club Limited are parties to a deed of cross guarantee to St George Bank Limited whereby each company guarantees the debts of the others. The Football Club borrowings total $79,773 (2010: $360,768). NOTE 17: CONTINGENCIES Contingent Liabilities - Leagues Club At 31 October 2011, The Leagues Club and controlled entity had contingent liabilities as set out below: Guarantees Cross-guarantees have been given by Cronulla-Sutherland Leagues Club Limited and Cronulla-Sutherland District Rugby League Football Club Ltd as described in note 16. Development Costs of consortium Bluestone Capital have advised its development costs incurred to 31 October 2011 were $1,114,313 (unaudited) and are estimated to be $1.5m (unaudited) at 30 June 2012. Under the development agreements, if the club commits an event of default, Bluestone Capital is able to terminate the agreements by notice in writing to the club and immediately seek to recover all reasonable development costs paid by Bluestone Capital prior to the default. 28 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 18: COMMITMENTS GROUP LEAGUES CLUB 2011 2010 2011 2010 LEASE COMMITMENTS $ $ $ $ Finance lease - non-cancellable Within one year 391,782 455,468 348,875 402,982 Later than one year but not later than 5 years 286,132 696,294 238,967 595,678 Total future minimum lease payments 677,914 1,151,762 587,842 998,660 Total future finance charges (51,593) (118,315) (41,294) (97,109) Lease liabilities 626,321 1,033,447 546,548 901,551 Lease liabilities are represented in the financial statements as follows: Current (note 11) 354,061 388,835 316,663 346,522 Non-current (note 11) 272,260 644,612 229,885 555,029 626,321 1,033,447 546,548 901,551 The Football Club has a 10 x 5 year lease with the Leagues Club for the use of the playing field and associated facilities, which commenced 31 October 1994 for nil consideration. NOTE 19: SUBSEQUENT EVENTS On 28 June 2012 the St George Bank agreed to amend the company’s Facility Agreements totalling $13,424,000 by extending their expiry dates to 31 August 2012. In July 2012, the Cronulla-Sutherland Leagues Club Limited and the Cronulla-Sutherland District Rugby League Football Club Limited (the Clubs) entered into a variation to a Multi-Party Deed with St George Bank and St George Finance (the Bank) and the Property Consortium, Bluestone Capital Ventures No 1. The variation amends the Approval Date specified in the Mutli-Party Deed from 30 June 2012 to 31 August 2012, with the following effect: • The Approval Date by which the Part 3A Approvals must be obtained is 31 August 2012. • The Restructured Finance Facility’s expiring date is 31 August 2012. • The Forbearance Date by which the Refinance Payment of $10m and the Forbearance fee of $400k are payable is the date being 3 months after the Part 3A approvals have been granted by the Part 3A authorities. The Club entered into an Umbrella Deed and Development Agreements with Bluestone Capital on 22 March 2012 for the Development of the Club’s Land at Woolooware. As a result of these agreements the Club has provided a mortgage to Bluestone over the Club’s land securing obligations of the Club under the development agreements, including the estimate contingent liability included in Note 17 Contingent Liabilities. On 20 June 2012 the Football Club received confirmation of a loan facility from the NRL of $500,000 which if drawn is to be repaid commencing in January 2013. In June 2012 the Department of Planning and Infrastructure concluded its Director-General’s Environmental Assessment Report of the Concept Plan for a mixed use development of the Club’s site at Woolooware. The Department’s report recommends that the Planning Assessment Commission, as delegate for the Minister for Planning and Infrastructure, approve the Concept Plan. The Club is awaiting the determination of the Planning Assessment Commission. CRONULLA-SUTHERLAND LEAGUES CLUB LIMITED & CONTROLLED ENTITY ABN 54 000 202 826 29
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 31: 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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