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 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 $ $ $ <strong>Report</strong>ed 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
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 (Continued) PARENT Statement of Comprehensive Income 2011 2010 $ $ $ <strong>Report</strong>ed Adjustment Restated Total Revenue (per Sales Section) 13,507,553 - 13,507,553 Other income 155,658 - 155,658 Cost of sales (1,386,127) - (1,386,127) Bar & catering expenses (1,751,466) 246,530 (1,504,936) Marketing expenses (549,199) 58,217 (490,982) Occupancy expenses (1,228,420) 328,604 (899,816) Administrative expenses (1,156,958) (314,969) (1,471,927) 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 - (Deficit)/surplus before finance costs and grants paid 968,948 - 968,948 Finance costs (794,906) - (794,906) Grants to Football Club (250,000) - (250,000) (Deficit) before tax (75,958) - (75,958) Income tax benefit 75,135 - 75,135 (Deficit) after tax (823) - (823) NOTE 21: MEMBERS GUARANTEE The Company is limited by guarantee. If the Company is wound up, the constitution states that each member is to contribute a maximum of $1 each towards meeting any outstanding obligations of the company. At 31st October 2011 the number of financial members totalled 18,757 (2010: 18,596). NOTE 22: REGISTERED OFFICE 461 Captain Cook Drive, Woolooware New South Wales, 2230. CRONULLA-SUTHERLAND LEAGUES CLUB LIMITED & CONTROLLED ENTITY ABN 54 000 202 826 31
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 33: 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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