NOTICE OF ANNUAL GENERAL MEETING
NOTICE OF ANNUAL GENERAL MEETING
PENRITH GAELS CULTURAL AND SPORTING ASSOCIATION LIMITED
ABN 97 002 474 713
(A COMPANY LIMITED BY GUARANTEE)
Notice of Annual General Meeting
Penrith Gaels Cultural and Sporting Association Limited
Take notice that the Annual General Meeting of the Members of Penrith Gaels
Cultural and
Sporting Association Limited will be held at the Penrith Gaels Club, Cnr Glebe
Place and Phillip
Street, Kingswood on the 26th day of October, 2008 at 10.00am for the purpose
of business as shown
in the Agenda.
Agenda
1. President opens meeting.
2. Minutes of The Annual General Meeting 2007.
3. President’s Report.
4. Treasurer’s Report.
5. General Manager’s Report.
6. Annual Accounts and Auditors Report.
7. Motions of which due notice has been given.
– Professional Development and Education of Directors.
8. General Business.
9. Returning Offi cers Report.
10. Welcome New Committee.
Presidents Report Presidents Report continued
As I sit down to write this report I find it hard to believe that the club has
been opened for eleven years and continues to prosper, even though we
are going through some economic hardships at the time. It is through the
dedication and support of you the members that we have been able to ride
the storm and continue to run the club at the standards that you deserve.
To say we had a great year financially would be wrong, but as you know
there has been a big turn down in the club industry in the last couple of years.
Already the
fi rst couple of months of this financial year are looking positive, and we
sincerely hope that
this trend will continue.
On the development side of things our five year plan has had to be put on hold
for the
time being, but we are looking at an exciting new plan at the present time.
This plan will
entail extending the TAB area, which is, knocking down the Antrim Room wall
and the
back wall. It will also include an outside decking area and back entrance to
the toilets.
Also in the plan is a complete refurbishment of the poker machine area. These
works have
been planned and passed by the board and we hope to start construction in the
next
couple of months.
Well done to all our sports men and women who represented the association on
the
sporting fields this year. You are indeed a great credit to both yourselves
and the Penrith
Gaels family. A special word of congratulations goes to the Penrith Rovers Soccer
Club,
they have reached a milestone of ten years competing in the Nepean District
Soccer Club
competition. On behalf of the board of directors I would like to congratulate
their president
Kieron Manning and all his hard working committee on this wonderful achievement.
Thank you once again to all the Irish Dancers for their performances throughout
the
year and congratulations to all those who represented Penrith Gaels in the different
competitions. A big thank you to Jan Currie and Louise Lenihan for another great
year in
our Irish Dancing.
Thank you to all our Volunteers who
help around the club especially those who helped
during St Patrick’s week both in the club house and also those who helped
so hard on
the beautiful float. It was our best finish to date as we won Second prize in
the fl oat
competition. That was a great results for all those who worked on making the
day such a
big success.
Penrith Gaels Directors, Management and staff would like to express their sympathy
to any
of our members who have lost loved ones in the past twelve months. And also
anyone who
has been sick or is sick we wish you well in the future.Thank you to David Cunningham
and his staff for another wonderful year. Also to Jason and his staff in the
shamrock bistro
– thank you. You all combined so well to make our club the best club in
the Penrith area.
Thank you to all my fellow directors for another good year, your hard work and
dedication
to this association and its members is second to none.
On a personal note thank you to my wife Sheila and my family for their support
over the
past twelve months and indeed over the last number of years.
In closing I would like to say thanks again to you the members for your continued
support
of Penrith Gaels Cultural and Sporting Association. I have said it before and
I will say
it again, it is only through our unity that we will achieve all our goals. So
heres looking
forward to another bright and prosperous year at our Club.
Yours in Culture and Sport.
John Grieve
President
TREASURER’S REPORT General managers report
The 2008 financial year, my fi rst as Treasurer of the Club, has coincided
with one of the most difficult years in the industry and the Club’s history.
We faced a number of external events and influences which included:
– the implementation of a complete smoking ban from 1st July 2007
–
members’ incomes adversely affected by rising mortgage rates, rents and
petrol prices
–
rising beer and alcohol costs due to changes in government legislation and price
increases passed on by the breweries
–
increased interest expenditure on the Club’s borrowings, and the settlement
of a contract dispute with The Leasing
Centre relating to the lease of
poker machines almost four years ago, which cost the club in excess of $50,000
The implementation of the complete smoking ban had the expected effect of immediately
reducing turnover within the Club’s gaming area. The annual decline in
clearances was
over $158,000, which represented a decline of 8.3%. This fall is relatively
consistent with
the experiences of the many similar registered clubs throughout NSW.
The Club’s management and Board of Directors endeavoured to address the
decline by
offering our members an outside gaming area, this attempting to improve the
gaming
experience for all members. There have been some teething problems in this area
and we
have plans to further enhance the Club’s facilities in 2009 to accommodate
those members
who wish to smoke but do not necessarily want to play the poker machines.
Despite a fall in clearances, the Club paid over $260,000 in poker machine duty
for the
2008 financial year.
As a result of the above circumstances the Club lost $64,989 from its ongoing
operations.
Although it is disappointing for me to report on such a loss, I am pleased to
say there have
been some excellent positives from the current trading performance:
1. the Club still has cash reserves in excess of $673,000 as at 30th June 2008
2. The Club’s land, units and buildings were re-valued at $3,600,000 during
the year, and
3. Bar sales increased by 5%, although we faced three price increases by our
suppliers
I would like to thank my fellow Directors and Mr David Cunningham and his staff
for their
continued support and assistance. I look forward to my second year as Treasurer
and hope
the 2009 financial year will be slightly easier for us all.
Brendan Grieve
Treasurer
The last year has proven to be a challenging and difficult year for the
industry as a whole.
The impact of the Government’s smoking ban on licensed premises had a
severe and almost immediate effect on the Club’s trading profi tability,
with
our gaming finishing the year down 8.3%. However, this result compares
favourably with other clubs in Western Sydney and it appears that we
have weathered the storm without having to impact on members’ services/
amenities or our repairs and maintenance programmes.
Whilst it was a tough year, there
have been many positives, with membership growing
considerably as well as growth in Keno, TAB and beverage sales.
Our functions room continues to be booked well in advance and I must thank Maz
and
Anne for another year of dedication to their respective positions. Our functions
are always
a credit to our Club.
We maintained our spending on entertainment and promotions throughout the year,
with
Damien Leith and The Luke Kelly Show being particular hits. The Sunday raffle
has also
proven to be a success, with over $1,000 worth of prizes up for grabs. If you
haven’t been in
on a Sunday it’s worth the effort. Tickets go on sale at 5pm with the
draw starting at 6pm.
The Bistro has also gone from strength to strength this year and I must acknowledge
Jason’s
efforts. He does a great job with a positive attitude and is always open to
new menu ideas
whilst being mindful of pricing.
My thanks go to all of our managers and staff. What a truly professional and
hardworking
group of people they are. Their commitment and attitude in the past twelve months
has
been invaluable.
To John and all of the Directors I say thank you for your support during the
year. It would
have been very easy to start slashing spending in the past twelve months but
all agreed
we should maintain our members’ services and continue our support of both
the Irish and
local community. A special mention to Treasurer, Brendan Grieve, who took on
a very
unenviable role this year. Brendan and I spent many hours going over trading
fi gures and
balance sheets and I thank him for his positive attitude, input and support.
In closing, whilst the year’s fi gures were disappointing, the Club’s
loss is after charging
depreciation of $192,412.00 and paying interest of $150,983.00. Therefore, the
Club is still
generating significant sums of cash from its operations. This does provide some
comfort in
the short term that the Club can continue to grow and develop without undue
distress. In
the long term, as John has touched on in his report, we do have capital works
projects in
the pipeline which we believe should help to return the Club to profitability.
To all our members, thank you for your support, for without you there is no
Penrith Gaels.
Our Association truly is a wonderful organisation to be a part of. See you in
the Club.
David Cunningham
General Manager
Financial Statements
For the year ended 30 June, 2007
DIRECTORS’ REPORT REVIEW OF OPERATIONS
Your Directors submit the Financial Accounts of the Company for the year ended
June 30, 2008 and
report as follows:
DIRECTORS
The names of Directors in offi ce at any time during or since the end of the
year are:
Name
No. Meetings Attended
No. Meetings Held
John GRIEVE
21
23
Noel DONOHOE
21
23
Brendan GRIEVE
21
23
Catherine SURACE
19
23
Pat CULLEN
20
23
Brendan Mc KEOWN
7
8
Tina CULLEN
14
14
Michael SMITH
12
14
ACTIVITIES
The principal activity of the Company was a Licensed Social Club in the promotion
of the
Gaelic cultural, social and sporting activities. During the year there was no
signifi cant change in
the activities.
MEMBERSHIP
The Club is a Company Limited by Guarantee and without a Share Capital and the
liability of
members of the Licensed Club is limited (whilst a member or within one year
afterwards) to an
amount not exceeding fifty ($50.00) dollars towards the payments of debts and
liabilities in the event
of winding up. The number of members as at June 30 2008 were:
Foundation: 475
Club: 4850
RESULTS
The Net Operating Loss for the year after providing for depreciation on non-current
assets and
income tax amounted to $ 64,989.
Movement in signifi cant items of revenue and expenses are as follows:
2008
2007
$
$
Poker Machine Trading Profi t
1,199,121
1,331,124
Bar Trading Profit
252,883
250,569
Keno Trading Profit/-Loss
15,710
-5,620
TAB Trading Profit/-Loss
-49,699
-68,257
Entertainment Trading –Loss
-236,891
-198,576
Other Income
174,309
126,059
Club Expenses
1,355,437
1,292,806
STATE OF AFFAIRS
In the opinion of the Directors there were no signifi cant changes in the state
of affairs of the
Company that occurred during the Financial Year under review not otherwise disclosed
in this
Report or the Accounts.
EVENTS SUBSEQUENT TO BALANCE DATE
There has not arisen in the interval between the end of the financial year and
the date of this report
any item, transaction or event of a material and unusual nature likely, in the
opinion of the Directors,
to affect signifi cantly the operations of the Company, the results of those
operations, or the state of
affairs of the Company subsequent financial years
LIKELY DEVELOPMENTS AND RESULTS
The Directors do not anticipate any particular developments in the operations
of the Company,
which will affect the results in subsequent years, other than the State Government
proposed increase
in Poker Machine Tax.
INFORMATION ON DIRECTORS
AUDITORS INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT
2001 TO THE DIRECTORS OF PENRITH GAELS CULTURAL AND SPORTING ASSOCIATION LIMITED
Name
Qualifications
Continuity as
Director Of Club
Pat CULLEN
Company Director
13.11.2005
Tina CULLEN
Sales Representative
18.11.2007
Noel DONOHOE
Manager Travel Agency
14.11.1999
Brendan GRIEVE
Bricklayer
21.11.2004
John GRIEVE
Plumber
15.12.1996
Brendan Mc KEOWN Account Manager
14.11.1999
Michael SMITH
Fitter
18.11.2007
Catherine SURACE
Bookkeeper
21.11.2004
Experience on the Board of Directors is shown as continuity of service since
last elected.
DIRECTORS’ INTEREST
Since the end of the previous financial year no Director of the Company has
received or become
entitled to receive a benefit (other than a benefit included in the aggregate
amount of emoluments
received or receivable by Directors shown in the accounts) by reason of a contract
made by the
Company or a related corporation with a Director or with a firm of which the
Director is a Member,
or with an entity in which the Director has a substantial interest.
DIRECTORS’ INDEMNITY
Directors’ indemnity premiums have been provided for and paid during the
year for Directors’ and
Offi cers’ Liability. The Insurance is in respect of legal liability for
damages and legal costs arising
from claims made by reason of any omissions or acts (other than dishonesty)
by them, whilst acting
in their individual or collective capacity as Directors or Offi cers.
The Directors have not included details of the nature of the liabilities covered
or the amount of
the premium paid in respect of the Directors’ and Offi cers Liability
and legal expenses insurance
contracts, as such disclosure is prohibited under the terms of the contracts.
AUDITORS INDEPENDENCE
The Auditors Independence Declaration for the year ended June 30 2008 has been
received as shown
on page 4 of the Directors Report.
This report is made in accordance with a resolution of the Board of Directors
and is signed for and on
behalf of the Directors by:
John GRIEVE
Noel DONOHOE
Director
Director
dated at Kingswood this 19th day of
September 2008.
We declare that, to the best of our knowledge and belief, during the year ended
June 30 2008 there
have been:
i) No contraventions of the auditor independence requirements as set out in
the Corporations Act
2001 in relation to the audit, and
ii) No contraventions of any applicable code of professional conduct in relation
to the audit.
ROSS FOWLER & CO
CHARTERED ACCOUNTANTS
R.B. Fowler
Dated 19th September 2008
Liability limited by a scheme approved under Professional Standards Legislation
INCOME STATEMENT
FOR THE YEAR ENDED JUNE 30, 2008
Note
2008
2007
$
$
CLASSIFICATION OF EXPENSES
BY FUNCTION
Revenue from ordinary activities
2
2,973,489
3,044,767
Changes in inventories
-1,867
-13,832
Consumables used
-439,912
-400,673
Employee expenses
-756,532
-765,510
Depreciation and amortisation expenses
2
-193,099
-187,156
Borrowing cost expenses
2
-165,907
-119,999
Other expenses from ordinary activities
-1,481,161
-1,389,853
________________________
Profit/-loss from ordinary activities
before income tax expense
-64,989
167,744
Income tax relating to ordinary activities
3
0
0
_________________________
Net profit from ordinary activities after income tax
expense attributable to members
14
-64,989
167,744
Extraordinary Items
Leasing Centre Settlement
-52,431
0
_________________________
TOTAL CHANGES IN EQUITY
-117,420
167,744
_________________________
The accompanying Notes form part of these Financial Statements.
STATEMENT OF CHANGES IN MEMBERS FUNDS
FOR THE YEAR ENDED JUNE 30, 2008
Retained
Earnings
Reserves
Total
$
$
$
Balance 30th June 2006
1,980,125
422,233
2,402,920
Profit Attributable to Members
167,744
167,744
Revaluation of Properties
0
195,529
195,529
Balance 30th June 2007
2,147,869
617,862
2,765,731
Profit Attributable to Members
-117,420
-117,420
Revaluation of Properties
0
220,535
220,535
Balance 30th June 2008
2,030,449
838,397
2,868,846
______________________________________
BALANCE SHEET
as at JUNE 30, 2008
Note
2008
2007
$
$
CURRENT ASSETS
Cash 675,244 722,526
Receivables 5 0 0
nventories
6
30,110
28,243
Other
7
61,744
38,755
_____________________
TOTAL CURRENT ASSETS
767,098
789,524
_____________________
NON-CURRENT ASSETS
Property, plant & equipment 8 4,276,233 3,746,230
Other 7 5,182 1,467
_____________________
TOTAL NON-CURRENT ASSETS 4,281,415 3,747,697
_____________________
TOTAL ASSETS 5,048,513 4,537,221
_____________________
CURRENT LIABILITIES
Accounts Payable 9 171,439 153,592
Borrowings 10 58,018 72,259
Provisions 12 160,503 125,753
_____________________
TOTAL CURRENT LIABILITIES 389,960 351,604
_____________________
NON-CURRENT LIABILITIES
Borrowings
10
1,789,707 1,419,886
_____________________
TOTAL NON-CURRENT LIABILITIES 1,789,707 1,419,886
_____________________
TOTAL LIABILITIES
2,179,667
1,771,490
_____________________
NET ASSETS
2,868,846
2,765,731
_____________________
MEMBERS FUNDS
Reserve
13
838,397
617,862
Retained Profi ts
14
2,030,449
2,147,869
______________________
TOTAL MEMBERS’ FUNDS
2,868,846
2,765,731
______________________
The accompanying Notes form part of these Financial Statements
Statement of Cash Flows
for the year ended June 30, 2008
Note 2008 2007
Inflows
Inflows
-Outfl ows
-Outfl ows
$
$
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts in the course of operations
2
3,222,629
3,288,670
Cash payments in the course of operations
-2,956,285
-2,740,731
Interest received
2
23,937
27,924
Rent received
2
30,776
35,037
Interest and costs of finance paid
2
-165,907
-119,999
Income taxes recovered/-paid
0
-81,928
NET CASH PROVIDED BY/-USED IN
_______________________
OPERATING ACTIVITIES
19(B)
155,150
408,973
_______________________
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant & equipment
0
0
Payment for property plant & equipment
-558,012
-694,920
_______________________
NET CASH PROVIDED BY/-USED IN
INVESTING ACTIVITIES
-558,012
-694,920
_______________________
CASH FLOWS FROM FINANCIAL ACTIVITIES
Proceeds from borrowings
412,033
83,595
Repayment of borrowings
-56,453
-73,994
_______________________
NET CASH PROVIDED BY/-USED IN
FINANCIAL ACTIVITIES
355,580
9,601
Net increase/-decrease in cash held
-47,282
-276,346
Cash as at July 1, 2007
722,526
998,872
_______________________
CASH AS AT JUNE 30, 2008 19(A) 675,244 722,526
_______________________
The accompanying Notes form part of these Financial Statements.
NOTES TO AND FORMING PART OF THE ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2008
NOTE 1. STATEMENT OF ACCOUNTING POLICIES
a)
Basis of Preparation
The financial report is a general purpose financial report that has been prepared
in
accordance with Accounting Standards, including Australian Accounting Interpretations,
other authoritative pronouncements of the Australian Accounting Standards Board
and the
Corporations Act 2001.
The financial report covers Penrith Gaels Cultural and Sporting Association
Limited (A
Company Limited by Guarantee) as an individual entity. Penrith Gaels Cultural
and Sporting
Association Limited is a Company, incorporated and domiciled in Australia.
The financial report of Penrith Gaels Cultural and Sporting Association Limited
as an individual
entity complies with all International Financial Reporting Standards (IFRS)
in their entirety.
The following is a summary of the material accounting policies adopted by the
company in the
preparation of the financial report. The accounting policies have been consistently
applied,
unless otherwise stated.
Basis of Preparation
The accounting policies set out below have been consistently applied to all
years presented.
Reporting basis and conventions
The financial report has been prepared on an accruals basis and is based on
historical costs
modified by the revaluation of selected non-current assets, financial assets
and financial liabilities
for which the fair value basis of accounting has been applied.
The accounting policies have been consistently applied, unless otherwise stated.
The following is
a summary of the material accounting policies adopted by the Company in the
preparation of the
financial report.
b) Non-Current Assets
The carrying amounts of all non-current assets are reviewed to determine whether
they are in
excess of their recoverable amount at balance date. If the carrying amount of
a non-current
asset exceeds the recoverable amount, the asset is written down to the lower
value. In assessing
recoverable amounts the relevant cash flows have not been discounted to their
present value.
c) Amortisation and Depreciation of Property, Plant and Equipment
Property, plant and equipment are depreciated/amortised at rates based upon
their expected
economic lives, using the diminishing value method and straight line methods
The depreciable rates used for each class of asset are as follows:
– Building and Improvements 2.5% -
10% Prime Cost
– Plant and Fittings
7.5% - 40%
Diminishing Value
– Poker Machines
30%
Diminishing Value
– Leased Plant and Equipment 25% - 33.3%
Prime Cost
d) Inventories
Inventories, representing liquor, food and sundry stocks are valued at current
wholesale
replacement cost and net realisable value.
e) Income Tax
Due to the Doctrine of Mutuality income tax is levied on that portion of the
club’s income
attributed to visitors and other external sources. Expenses of the club directly
related to its
members, are not allowed as a deduction for income tax purposes.
f) Employee Entitlements
Annual Leave and Sick Leave
The provisions for employee entitlements to annual leave represents, the amount
which the
economic entity has a present obligation to pay resulting from employees’
services provided up to
balance date. The provision has been calculated on nominal amounts based on
current wage and
salary rates and includes related on-costs. Sick leave enitlements are charged
to the statement of
financial performance when claimed.
Long Service Leave
The liability for employee entitlements to long service leave represents leave
entitlements
accrued by those employees with greater than five years of service and includes
related on-costs.
NOTES TO AND FORMING PART OF THE ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2008
NOTE 1. STATEMENT OF ACCOUNTING POLICIES – CONTINUED
g) Superannuation
The Company is committed to paying Award Club Plus Superannuation to all employees
based
on nine percent of their ordinary time earnings.
h) Leased Plant and Equipment
Leases of plant and equipment under which the company assumes substantially
all the risks and
benefits of ownership are classified as finance leases.
Finance leases are capitalised. A lease asset and liability equal to the present
value of the
minimum lease payments are recorded at the inception of the lease. Contingent
rentals are
written off as an expense of the accounting period in which they are incurred.
Capitalised lease
assets are amortised on a straight line basis over the term of the relevant
lease. Lease liabilities
are reduced by repayments of principal. The interest components of the lease
payments are
charged to the statement of financial performance.
i) Goods and Services Tax
Revenue expenses and assets are recognised net of the amount of goods and services
tax (GST),
except where the amount of GST incurred is not recoverable from the Australian
Taxation
Offi ce (ATO). In these circumstances the GST is recognised as part of the cost
of acquisition of
the asset or as part of an item of the expense.
Receivables and payables are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the ATO is included as
a current asset
or liability in the statement of financial position.
Cash flows are included in the statement of cash flows on a gross basis. The
GST components of
cash flows arising from investing and financial activities, which are recoverable
from, or payable
to, the ATO are classified as operating cash fl ows.
j) Comparative figures and reporting format
Where ever possible comparative fi gures have been adjusted to conform with
changes in
presentation and format to that of the previous financial year.
NOTE 2. REVENUE
2008
2007
$
$
Operating Activities
Poker machine net receipts
1,757,623
1,916,074
Bar Sales
868,822
866,909
Workers Compensation received
101
0
Commission received
18,408
13,433
Raffle proceeds
4,172
8,305
Members’ Subscriptions
23,684
17,205
Sundry income
174,309
103,477
Keno commission
53,765
39,352
TAB commission
17,892
17,051
______________________________
TOTAL REVENUE
FROM MEMBERS’ ACTIVITIES 2,918,776 2,981,806
GST Collected 303,853 306,864
______________________________
3,222,629
3,288,670
______________________________
Non-Operating Activities
Proceeds on sale of non-current assets
Interest received
23,937
27,924
Rent received
30,776
35,037
______________________________
54,713
62,961
______________________________
TOTAL REVENUE
3,277,342
3,351,631
______________________________
Profit from ordinary activities before income tax
expense has been determined after:
a) Expenses
Borrowing costs
165,907
119,999
Depreciation/amortisation of property,
plant & equipment
193,099
187,156
Remuneration of Auditors:
Audit or review
8,100
8,500
Other Services
5,350
3,749
Amounts set aside to provision for:
– Employee entitlements/-written back
25,216
4,357
b) Revenue and Net Gains
Profit/-loss on sales of non-current assets
-3,014
0
NOTES TO AND FORMING PART OF THE ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2008
NOTE 3. INCOME TAX EXPENSES
The Income Tax Assessment Act, 1936 (amended) provides that under the concept
of mutuality
clubs are only liable for income tax on income derived from non-members, interest
and commission
received less concessional deductions and from outside entities, and not on
the surplus as shown in
the Statement of Financial Performance. In view of this special circumstance
it is not appropriate
to compare income tax payable with the operating profit/-loss as disclosed in
the Statement of
Financial Performance.
2008
2007
$
$
The amount set aside for income tax in the statement of
financial performance has been calculated as follows:
Income tax applicable to above at tax rate of 30%
0
0
Under/-over provision in prior year
0
0
______________________________
0
0
______________________________
b) Provision for current income tax
Movements during the year:
Balance at beginning of the year
0
44,505
Income tax refund/-payable
0
-44,505
Current year’s income tax expense on operating profit
0
0
Under/-over provision in prior year
0
0
______________________________
0
0
______________________________
c) Deferred Tax Assets
Future income tax benefit not taken into account:
The potential income tax benefit arising from timing differences and tax losses
brought forward has
not been recognised as an asset because recovery is not assured beyond reasonable
doubt:
The potential future income tax benefit will only be obtained if:
i) The Company derives future assessable income of a nature and an amount suffi
cient to
enable the benefit to be realised
ii) The Company continues to comply with the conditions for deductibility imposed
by the Law; and
iii) No changes in tax legislation adversely affect the Company in realising
the benefi t.
PENRITH GAELS CULTURAL AND SPORTING ASSOCIATION LIMITED
ABN 97 002 474 713
(A COMPANY LIMITED BY GUARANTEE)
NOTE 4. REMUNERATION OF DIRECTORS
In accordance with the Registered Club Act, 1976 – no Director received
any remuneration other
than expenses as approved by the Members.
2008
2007
$
$
NOTE 5. RECEIVABLES
Trade Debtors and Accrued Income 0 0
______________________________
NOTE 6. INVENTORIES
Bar Stock – Finished Goods
30,110
28,243
______________________________
NOTE 7. OTHER ASSETS
CURRENT
Security Deposit – TAB
5,000
5,000
Borrowing expenses
11,362
4,702
Prepayments
45,382
29,053
______________________________
61,744
38,755
______________________________
NON-CURRENT
Other Debtor
5,182
1,467
Preliminary expenses
4,998
4,998
Less: Amortisation
-4,998
-4,998
______________________________
5,182
1,467
______________________________
2008
2007
$ $
NOTE 8. PROPERTY, PLANT & EQUIPMENT (AT COST)
Land and Buildings:
Freehold Land – at independent value 623,035 350,000
Building - at valuation – 1999 &n