Ainslie Football and Social Club Limited 2010 Annual Report
Ainslie Football and Social Club Limited 2010 Annual Report
Ainslie Football and Social Club Limited 2010 Annual Report
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FINANCIAL REPORT<br />
<strong>Ainslie</strong> <strong>Football</strong> <strong>and</strong> <strong>Social</strong> <strong>Club</strong> <strong>Limited</strong> ABN 17 102 364 321<br />
Note 4: Income Tax (continued)<br />
Income tax is payable on that proportion of the income less expenses contributed by non-members. The<br />
aggregate amount of income tax attributable to the financial year differs from the amount prima facie payable<br />
on the operating surplus. The difference is reconciled as follows:<br />
<strong>2010</strong> 2009<br />
$ $<br />
Result before income tax 138,175 1,096,471<br />
Prima facie tax payable at 30% (2009: 30%) 41,452 328,941<br />
Tax effect of:<br />
Non taxable member income arising from principle of mutuality 39,748 377,397<br />
Benefit of current year tax losses not recognised 1,704 48,456<br />
Income tax expense – –<br />
Note 5: Cash<br />
Cash at bank 3,750,797 3,195,162<br />
Cash on h<strong>and</strong> 951,300 887,811<br />
4,702,097 4,082,973<br />
Note 6: Receivables<br />
Current<br />
Trade debtors 276,972 478,829<br />
Note 7: Inventories<br />
Bar stocks 128,150 96,421<br />
128,150 96,421<br />
Note 8: Financial & Other Assets<br />
Current<br />
Prepayments 221,287 120,499<br />
Shares in listed entities at fair value – available for sale (*) 163,557 49,604<br />
384,844 170,103<br />
* As detailed in Note 15 the club has an option to purchase the golf course l<strong>and</strong> in 2026. The club has invested<br />
funds to be utilised if the club decides to exercise the purchase option.<br />
38<br />
AFC annual report 10 PRINT.indd 38<br />
7/12/10 6:54:31 PM
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