2016 RASV Annual Report

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DIRECTORS’ REPORT CONT’D FOR THE YEAR ENDED 31 MARCH 2016 SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS Other than as described elsewhere in this report there were no significant changes in the Company’s state of affairs during the year. EVENTS SUBSEQUENT TO BALANCE DATE There are no matters or circumstances that have arisen since the end of the financial year that have significantly affected or may significantly affect the operations of the Company, the results of those operations or the state of affairs of the Company, in future years. DIRECTORS’ MEETINGS The number of Directors’ meetings and Audit and Risk Management Committee meetings attended by each of the directors of the Company during the year are: Directors’ Meetings Attended Directors’ Meetings Eligible to Attend Audit and Risk Management Meetings Attended Audit and Risk Management Meetings Eligible to Attend DS Chapman 4 6 4 5 MJ Coleman 6 6 - - D Grimsey 5 6 3 5 AJ Hawkes 5 6 3 5 DA Hodgson 6 6 4 5 NE King OAM 6 6 - - GJ Phillips 4 6 - - JA Potter 4 6 - - PJB Ronald OAM 6 6 - - SC Spargo AM 6 6 5 5 FINANCIAL INSTRUMENTS The Company’s activities expose it to changes in interest rates. It is also exposed to credit and liquidity risks from its operations. The Board has confirmed policies and procedures in each of these areas to manage these exposures. Management reports to the Board at each Board meeting as to the monitoring of policies in place, and adherence to the policies is strictly observed. Operating cash flows are managed to ensure that the Company is not exposed to any adverse liquidity risks. Adequate standby facilities are maintained to provide liquidity to meet unexpected and material cash outflows in the ordinary course of business. LIKELY DEVELOPMENTS The Company will continue to pursue its objectives by growing the venue management business and building on the success of the Royal Melbourne Show. Further information on likely developments in the operations of the Company and expected results of those operations have not been included in this report because the Directors believe it would result in unreasonable prejudice to the Company. PERFORMANCE IN RELATION TO ENVIRONMENTAL REGULATION The Company aims to ensure that the highest standards of environmental care are achieved. The Board maintains the responsibility for ensuring that the Company is aware of and is in compliance with all relevant environmental legislation. The operations of the Company are not subject to any site specific environmental licences or permits which would be considered as particular or significant under laws of the State of Victoria or the Australia Commonwealth Government nor does the Company have any exposure to significant environmental reporting requirements. 44 The Royal Agricultural Society of Victoria Limited
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS OR AUDITORS Indemnification The Company has an agreement indemnifying those persons who are and have been directors and/or officers, against all liabilities to another person (other than the Company or a related body corporate) that may arise from their position as directors and/or officers of the Company, except where the liability arises out of conduct involving a lack of good faith. The agreement stipulates that the Company will meet the full amount of any such liabilities, including costs and expenses. No indemnities have been given during or since the end of the financial year to the auditor of the entity. Insurance premiums During the year, the Company has paid premiums in respect of directors’ and officers’ liability and legal expenses for the year ended 31 March 2016. The contracts insure against certain liability (subject to specific exclusions) for persons who are or have been directors or executive officers of the Company. Directors have not included details of the nature of the liabilities covered or the amount of the premium paid as such disclosure is prohibited under the terms of the contract. MEMBER’S LIABILITY The Royal Agricultural Society of Victoria Limited is a company limited by guarantee. In the event of the Company being wound up the liability of each of its members is limited by its Constitution to an amount not exceeding $20 while that member is a member, or within one year after that member ceases to be a member. PROCEEDINGS ON BEHALF OF THE COMPANY No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. The Company was not a party to any such proceedings during the year. AUDITOR’S INDEPENDENCE DECLARATION The Auditor’s Independence Declaration under the Australian Charities and Not-for-Profit Commission Act 2012 is set out on page 46. Signed in accordance with a resolution of the Board of Directors made pursuant to the Australian Charities and Not-for-Profit Commission Act 2012. On behalf of the Directors S C Spargo Director Chairman Dated this 21st day of June 2016 Melbourne, Victoria D A Hodgson Director Annual Report 2016 45
Page 1: ANNUAL REPORT 2016 THE ROYAL AGRICU
Page 4 and 5: RASV INTRODUCTION The Royal Agricul
Page 6 and 7: PRESIDENT’S MESSAGE Embarking on
Page 8 and 9: CEO’S MESSAGE As we look forward
Page 10 and 11: CEO’S MESSAGE (CONT.) In 2015/201
Page 12 and 13: 2015 HIGHLIGHTS 440,000 PEOPLE ATTE
Page 14 and 15: OVER 25,000 COMPETITION ENTRIES PRO
Page 16 and 17: 2015 ROYAL MELBOURNE SHOW Victoria
Page 18 and 19: As part of an ongoing program of co
Page 20 and 21: RASV EVENTS & AWARDS 2015 AUSTRALIA
Page 22 and 23: RASV EVENTS & AWARDS 2015 ROYAL MEL
Page 24 and 25: RASV EVENTS & AWARDS 2015 ROYAL MEL
Page 26 and 27: RASV EVENTS & AWARDS 2016 AUSTRALIA
Page 28 and 29: MELBOURNE SHOWGROUNDS As Victoria
Page 30 and 31: ADVANCING AGRICULTURE 2016 INTERNAT
Page 32 and 33: ADVANCING AGRICULTURE 2015 AGRIVICT
Page 34 and 35: RASV EVENTS & AWARDS 2015 YOUTH IN
Page 36 and 37: 2015 / 2016 - SUMMARY OF AWARDS ROY
Page 38 and 39: 2015 / 2016 - SUMMARY OF AWARDS RAS
Page 40 and 41: CORPORATE GOVERNANCE The Board will
Page 43 and 44: FOR THE YEAR ENDED 31 MARCH 2016 FI
Page 45: PRINCIPAL ACTIVITIES The principal
Page 49 and 50: STATEMENT OF PROFIT OR LOSS AND OTH
Page 51 and 52: STATEMENT OF CHANGES IN EQUITY FOR
Page 53 and 54: NOTES TO THE STATEMENT OF CASH FLOW
Page 55 and 56: NOTES TO THE FINANCIAL STATEMENTS F
Page 57 and 58: 5. TRADE AND OTHER RECEIVABLES (con
Page 59 and 60: 7. PROPERTY, PLANT AND EQUIPMENT (c
Page 61 and 62: 8. INVESTMENT IN JOINT VENTURE (con
Page 63 and 64: 9. TRADE AND OTHER PAYABLES 2016 20
Page 65 and 66: 14. COMMITMENTS (cont.) Asset Reple
Page 67 and 68: 15. FINANCIAL INSTRUMENTS (cont.) T
Page 69 and 70: 17. AUDITORS REMUNERATION Total of
Page 71 and 72: DIRECTORS’ DECLARATION FOR THE YE
Page 73 and 74: Opinion In our opinion the financia
Page 75 and 76: RASV 2016 OFFICE BEARERS Patron Her

2016 RASV Annual Report

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