2016 RASV Annual Report
The Royal Agricultural Society of Victoria (RASV) promotes and celebrates agriculture through events which connect industry with consumers and ultimately aims to improve the quality and increase demand for Victorian agricultural produce.
The Royal Agricultural Society of Victoria (RASV) promotes and celebrates agriculture through events which connect industry with consumers and ultimately aims to improve the quality and increase demand for Victorian agricultural produce.
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NOTES TO THE<br />
FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 31 MARCH <strong>2016</strong><br />
3. EXPENSES<br />
<strong>2016</strong> 2015<br />
$ $<br />
Loss before Income tax includes the following specific expenses:<br />
Ticketing Promotions 1,133,719 1,131,112<br />
Depreciation Expense 1,277,981 1,094,489<br />
Bad and Doubtful Debts 51,794 85,442<br />
Lease Rental Expense - operating leases 34,788 46,308<br />
Employee Costs<br />
Employee <strong>Annual</strong> and Long Service Leave Entitlements 431,110 492,285<br />
Salaries – Permanent Employees 4,494,333 4,265,254<br />
Salaries – Casual Staff and Contractors 1,831,543 1,919,735<br />
Superannuation Contribution Expense 495,910 408,196<br />
Other Employee Costs 65,064 69,986<br />
7,317,960 7,155,456<br />
4. CASH AND CASH EQUIVALENTS<br />
Cash and cash equivalents in the Statement of Financial Position comprise cash at bank and in hand and short term deposits with an<br />
original maturity of three months or less. These are carried at face value of the amounts deposited. The carrying amounts of cash and<br />
short term deposits approximate net fair value.<br />
<strong>2016</strong> 2015<br />
$ $<br />
Cash on hand 55,518 53,653<br />
Cash at bank and on deposit 7,297,946 7,264,462<br />
7,353,464 7,318,115<br />
Average interest rates at 31 March <strong>2016</strong> on cash accounts were 1.86% (2015: 2.05%).<br />
5. TRADE AND OTHER RECEIVABLES<br />
<strong>2016</strong> 2015<br />
$ $<br />
Trade Receivables 367,129 503,582<br />
Allowance for Doubtful Debts (50,000) (50,000)<br />
317,129 453,582<br />
Sundry Receivables 3,750 12,986<br />
320,879 466,568<br />
All credit and recovery risk has been provided for in the Statement of Financial Position.<br />
As at 31 March <strong>2016</strong> debts that were past due but not doubtful amounted to $141,120 (2015: $253,989).<br />
54 The Royal Agricultural Society of Victoria Limited
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