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

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
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