Annual Report - Screen Australia

FILM FINANCE CORPORATION AUSTRALIA LIMITED
24. DISBURSEMENT ADMINISTRATION SERVICE
(CONTINUED)
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2008 ($) 2007 ($)
Disbursement administration service
Statement of receipts and payments for year ended 30 June 2008.
Balance 1 July − −
Add, receipts 143,730 74,165
Funds available for disbursement 143,730 74,165
Less, payments (57,360) (74,165)
BALANCE 30 JUNE 86,370 −
Disbursement administration service
Statement of assets and liabilites as at 30 June 2008.
Assets:
Cash at bank 86,370 −
TOTAL ASSETS 86,370 −
Liabilities:
Amounts held pending disbursement 86,370 −
Other including unclaimed disbursements and unidentified receipts − −
TOTAL LIABILITIES 86,370 −
25. ACCOUNTING STANDARDS AND INTERPRETATIONS
ISSUED NOT YET EFFECTIVE
At the date of completion of the financial report, numerous accounting
standards and interpretations issued by the Australian Accounting Standards
Board were not yet effective. None of these standards or interpretations will
have any impact on the FFC in the period of initial application because the FFC
will have ceased to exist. The FFC had no assets, liabilities, income, expenses,
equity, contingent assets or contingent liabilities, or any rights or obligations,
after 30 June 2008 (see note 2).
DIRECTORS’ DECLARATION
ABN 22 008 642 564
On 1 July 2008, Film Finance Corporation Australia Limited ceased operations and all of its assets and liabilities,
rights and obligations were transferred to Screen Australia pursuant to the Screen Australia and National Film
and Sound Archive (Consequential and Transitional Provisions) Act 2008. The shareholder applied for voluntary
deregistration on 11 July 2008.
There were no directors in office at the date of this report. Accordingly, under section 31(2) of the Screen
Australia and National Film and Sound Archive (Consequential and Transitional Provisions) Act 2008,
the Minister has determined that Screen Australia is required to prepare and lodge the directors’ report,
the accompanying financial report and the following declaration.
In the opinion of the directors of Screen Australia:
(a) the financial statements and notes, set out on pages 39 to 56, are in accordance with the
Corporations Act 2001, including:
(i) giving a true and fair view of the financial position of the company as at 30 June 2008 and performance,
as represented by the results of operations and cash flows, for the year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(b) there are reasonable grounds to believe that Screen Australia will be able to pay the debts of Film Finance
Corporation Australia Limited when they become due and payable.
Signed in accordance with a resolution of the directors of Screen Australia:
Glen Boreham
Chaiman of Screen Australia
Dated this 16th day of September 2008
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