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

We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion.
Independence
In conducting our audit, we have complied with the independence requirements of the
Corporations Act 2001.
Opinion
In our opinion the financial report of Cronulla-Sutherland Leagues Club Limited is in
accordance with the Corporations Act 2001, including:
(a) Giving a true and fair view of the company’s and consolidated entity’s financial
position as at 31 October 2011 and of their performance for the year ended on that
date; and
(b) Complying with Australian Accounting Standards – Reduced Disclosure Requirements
and the Corporations Regulations 2001.
Material Uncertainty Regarding Continuation as a Going Concern
Without qualifying our opinion, we draw attention to Note 1(q) in the financial report which
indicates that the consolidated entity incurred a net loss of $2,008,051 (company $1,883,851)
during the year ended 31 October 2011 and, as of that date, the consolidated entity’s current
liabilities exceeded its current assets by $14,043,299 (company $12,979,352). These
conditions, along with other matters as set forth in Note 1(q), indicate the existence of a
material uncertainty which may cast significant doubt about the company’s and the
consolidated entity’s ability to continue as going concerns and whether the company and the
consolidated entity will realise their assets and extinguish their liabilities in the normal course
of business and at the amounts stated in the financial report.
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
James Winter
Partner – Audit & Assurance
Sydney, 31 July 2012
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