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 20: RESTATEMENT OF COMPARATIVES
Comparative reclassifications and restatements
Certain comparatives have been reclassified and restated in the consolidated and the parent entity. The reclassifications and
restatements have had no effect on the prior year deficit after tax nor net assets of the parent entity or the consolidated entity.
In the statement of comprehensive income, the reclassification was due to the entity previously disclosing its expenses by a mix
of nature and function and in the current year moving to disclose its expenses by nature only in line with accounting standards.
The following table outlines the reclassifications:
CONSOLIDATED
Statement of Comprehensive Income 2011 2010
$ $ $
Reported Adjustment Restated
Total revenue 23,360,368 23,360,368
Other income 170,975 170,975
Cost of sales (1,543,874) (1,543,874)
Bar & catering expenses (1,751,466) 246,530 (1,504,936)
Marketing expenses (2,416,789) 58,217 (2,358,572)
Occupancy expenses (1,971,287) 328,604 (1,642,683)
Administrative expenses (1,904,756) (314,969) (2,219,725)
Gaming expenses (2,701,296) 860,023 (1,841,273)
Gaming taxes (2,973,683) (2,973,683)
Operational expenses - (2,125,519) (2,125,519)
Other expenses (947,114) 947,114 -
Football expenses (7,879,488) (7,879,488)
(Deficit)/surplus before finance costs and grants paid (558,410) - (558,410)
Finance costs (811,189) - (811,189)
Grants to Football Club - - -
(Deficit) before tax (1,369,599) - (1,369,599)
Income tax benefit 75,135 - 75,135
(Deficit) after tax (1,294,464) - (1,294,464)
30 CRONULLA-SUTHERLAND LEAGUES CLUB LIMITED & CONTROLLED ENTITY ABN 54 000 202 826