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Membership that works for you
Illawarra Business Chamber, in conjunction with NSW Business Chamber,
have been proactively working for our members to create a better
business environment. We have achieved significant outcomes that
help boost business and the State’s economy of behalf of our members,
as well as lobbied on a range of local issues.
Invigorating Business Connections
Invigorating Business Compliance
Invigorating Business Results
> Nearly 7,000 business people attended our
events from Business After Hours,
Executive Lunches and information
seminars on workplace management,
international trade opportunities and
business improvement solutions.
> Assisted businesses to understand the
new Workplace relations system through
seminars and consultations.
> IBC has teamed up with DSRD to launch
the Illawarra Business Vitality Program,
offering Illawarra businesses an
innovative and cost effective way to
check their business health, benchmark
it against other businesses and improve
performance through a customised
improvement program.
> Expanded exclusive member discounts
by increasing our strategic alliances.
> Refreshed the Membership Directory
with many additional features to help
you energise your sales and activate
new markets.
> Established in May the IBC Business Expo
– Illawarra on Show to provide members
with additional opportunities to promote
their products and services, with over
1500 people attending the one-day Expo
in its second year.
Invigorating
Business Representation
> Successfully lobbied for the relocation of
cars and general cargo from Port Jackson
to Port Kembla, which will deliver over
1000 direct and indirect jobs to the region.
> Ongoing advocacy on a range of regional
planning issues including availability of
employment lands, reviews of local
environment plans and implementation of
Wollongong CBD revitalisation strategy.
> Continued to lobby for improved regional
infrastructure upgrades such as Princes
Highway & Picton Road as part of PHocus
and the Southern Councils Group.
> Made NSW’s competitiveness an agenda
item for NSW Premier Iemma – general
expenditure restraint and big infrastructure
spending became key points in 2007/08
NSW Budget.
> Actively worked with Government and
opposition to reduce red tape and introduce
‘one-in, one-out’ policy for regulation.
> Successfully lobbied the Commonwealth
Government for changes to elements of
the workplace reforms including record
keeping requirements.
> Launched HR Advance, a sophisticated
web-based product which enables users
to build employment agreements using
the latest precedents.
> Led successful lobbying of the
Commonwealth Government to publish pay
scales creating legally binding rates of pay.
Invigorating Business Safety
> Further reductions in workers’ compensation
premiums. Total reductions of 30% saving
NSW businesses over $758 million.
> NSW Government draft legislation to
reform the Occupational Health and Safety
Act 2000 contained the majority of NSW
Business Chamber’s recommendations
including changes to the employers’
absolute duty of care, a clear statement
of employee obligations for their own
safety while at work, the liabilities of
directors and officers as well as greater
emphasis by WorkCover on providing
assistance to employers.
> Helped NSW employers meet their
obligations under NSW OHS and workers’
compensation legislation by delivering
nearly 80 training and educational events
, some with the support of WorkCover
Assist Funding.
Invigorating Business Skills
> The Illawarra Industry Apprenticeship
Project, with the support of the Federal
and State Governments, has placed over
350 young people into Apprenticeships
with local employers over the past
three years.
> Successfully lobbied governments to act
on a majority of the recommendations
published in our Matching Workplace
Skills to Business Needs report.
> Delivered programs around NSW to
improve school leavers’ understanding
of job opportunities and to help employers
use the skills development system.
Invigorating Business Globally
> Assisted over 1,000 companies to
grow their international possibilities.
> Awarded a contract to promote
international entrepreneurship and
assist growing businesses to build
a global future.
> Launched two new OHS products, OHS
Basics and OHS Advance, in response to
market needs for simpler management
of OHS requirements.
> Helped Defence Industry members maximise
their business opportunities, valued at $48
million over the next 10 years.
> Achieved modifications to the Independent
Contractors’ Bill with changes to the test
for sham contracting and reducing the
scope of unfair contracts claims.
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ILLAWARRA BUSINESS CHAMBER LIMITED
ABN 54 081 424 437
Annual Report - 30 June 2009
Contents
Directors' Report
Auditor’s Independence Declaration
Page No.
1-5
6
Special Purpose Financial Report:
Income Statement
7
Balance Sheet
8
Statement of Change in Equity
9
Cash Flow Statement
Notes to and forming part of the Financial Statements
Directors' Declaration
Independent Audit Report to the Members
10
11 - 16
17
18 - 19
This financial report covers Illawarra Business Chamber Limited as an individual entity. The financial
report is presented in Australian currency.
Illawarra Business Chamber Limited is a company limited by guarantee, incorporated and domiciled in
Australia. Its registered office is 140 Arthur Street, North Sydney, NSW, Australia and principal place of
business is 87-89 Market Street, Wollongong, NSW, Australia.
A description of the nature of the entity’s operations and its activities is included in the Directors’ report
on pages 1-5, which is not part of the financial report.
The financial report was authorised by the Directors on 20 August 2009. The company has the power to
amend and re-issue the financial report.
ILLAWARRA BUSINESS CHAMBER LIMITED
DIRECTORS' REPORT
Your Directors present their report on the Company for the year ended 30 June 2009.
The following persons were Directors of the Company during the whole of the financial
year and up to the date of this report:
Michael Halloran
Stuart Barnes
Janine Cullen
David Fuller
Les Dion
Tony Emery
Michele Greig
Dom Figliomeni
Stephen O’Brien
Noel Cornish
Mark McDonald
Patrick Nolan
Terry Oakes-Ash
Terence Wetherall
Mark Wilson
Eddy De Gabriele
Wendy Fogarty
Christopher Gandy was a Director from the beginning of the financial year until his
resignation as a Director on the 25 November 2008.
Michael Bassingthwaighte was appointed as a Director on the 25 November 2008 and
continues in office at the date of this report.
Jessica Saad was appointed as a Director on the 1 December 2008 and continues in
office at the date of this report.
COMPANY SECRETARY
The following person held the position of Company Secretary at the end of the financial
year:
Mr. John Butt – FCPA, Bachelor of Business, Grad.Dip.AppCorpGov. Mr Butt has been
employed by NSW Business Chamber Limited for the past nine years, performing
financial and general management duties.
PRINCIPAL ACTIVITIES
Illawarra Business Chamber Limited is an incorporated company limited by guarantee.
The Company has no issued capital and in the case of a winding up the liability of the
members is limited to a total of $10 per member. The Constitution does not permit the
return of capital or the distribution of surplus by way of dividend.
The principal activities of the Company during the course of the year were to promote
Australian industry and the provision of business services.
TRADING RESULTS
The operating profit of the Company after tax was $51,405 (2008: $86,224)
.
REVIEW OF OPERATIONS
There was no significant change in the operations of the economic entity during the
year and the Company continued to maintain its high quality range of services to
members throughout the year.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
In the opinion of the Directors there were no significant changes in the state of affairs of
the Company that occurred during the financial year under review which have not
otherwise been disclosed in this report or the accounts.
EVENTS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
In the opinion of the Directors, no matter, circumstance or event of a material and
unusual nature has arisen since the end of the financial year and the date of this report
which is likely to affect significantly the operations of the Company, the results of those
operations, or the state of affairs of the Company in future financial years.
LIKELY DEVELOPMENTS
In the opinion of the directors it is not likely that there will be any changes in the
operations of the Company in subsequent financial years.
DIRECTORS’ MEETINGS
The number of Directors’ meetings held in the period each Director held office during
the financial year and the number of meetings attended by each Director was:
Directors
Dion L
Barnes S
Cornish N
Bassingthwaight
eM
Cullen J
De Gabriele E
Emery T
Figliomeni D
Fogarty W
Fuller D
Gandy C
Greig M
Halloran M
McDonald M
Nolan P
Oakes-Ash T
O’Brien S
Wetherall T
Saad J
Wilson M
Possible
6
6
6
4
6
6
6
6
6
6
2
6
6
6
6
6
6
6
4
6
Board Meetings
Attended
6
5
3
3
5
4
5
5
5
6
1
4
5
6
6
5
4
5
3
4
INFORMATION ON DIRECTORS
(As at the date of this report)
Les Dion (President)
Managing Director, Dion’s Bus Services
Director, Seapost Pty Ltd
Director, Consult Me Pty Ltd
Director, Bluelord Pty Ltd
Director, Dion Investments Pty Ltd
Director, Thomas Dion Pty Ltd
Director, Charles Dion Pty Ltd
Director, Edward Dion Pty Ltd
Director, Ernest Sidney Dion Pty Ltd
Director, Leslie Frank Dion Pty Ltd
Director, Rose Dion Pty Ltd
Director, Northern Illawarra Area
Management Pty Ltd
Graduate, Australian Institute of Company
Directors
Special Responsibilities:
Marketing & Membership Committee
Eddy De Gabriele (Deputy President)
Managing Director, Edmen Holdings (incorporating
Edmen Group of Companies)
Chairman & Director, Illawarra Football Association
Chairman, Region Development Australia
RSCA
Chairman, South Coast A – league bid
Chairman, Football South Coast
Special Responsibilities:
Policy Committee
Mark Wilson
Director, Wisdom Graphic Design & Advertising Pty
Ltd
Director, Geared Promotional
Special Responsibilities:
Events Committee
Stuart Barnes
General Manager, Wollongong Sportsground
Trust, WIN Sports & Entertainment Centres
Deputy Chairman, Tourism Wollongong
Chairman, Wollongong Conference & Events
Director, Venue Management Association of
Australasia
Director, St Mary’s Star of the Sea College
Special Responsibilities:
Membership & Marketing Committee
Janine Cullen
Managing Director, JC – The Power of One Pty
Ltd
Fellow, Australian Institute of Company Directors
Director, Illawarra Connections
Director, Greenacres Disabled Association
Member, Light and Hope Community Mental Health
Trust
Member, International Women’s Day Committee –
Illawarra
Special Responsibilities
Governance & Corporate Services Committee
Stephen O’Brien
General Manager, Membership, NSW Business
Chamber
Director, Canberra Business Council
Special Responsibilities:
Membership & Marketing Committee
Mark McDonald
Partner, Maguire & McInerney
Director, Mandm Pty Ltd
Chairman, Illawarra Rugby Union Judiciary
Director, Renown Futures Pty Ltd
Special Responsibilities:
Policy Committee
Terence Wetherall
Partner, JBA Urban Planning Consultants
Director, TCW Consulting
Director, State Wide Crushing
Director, Wollongong Light & Hope Committee
Chair, Friendship for Life Committee
Director, NSW Business Chamber, Chair, NSWBC
Governance & Constitutional Taskforce & Member,
NSWBC Investment Committee
Implementation Committee – Dept. of Planning
Special Responsibilities:
Chair, Policy Committee
Pat Nolan
Area General Manager, Telstra
Special Responsibilities:
Chair Events Committee
Michele Greig
Director, MBC Training & Development Pty Ltd
Chairperson, Small Business Development
Co-operation of NSW
Associate Director, Orb Bowling Club
Director, Gemsail Pty Ltd
Director, Michelina Santillo Pty Ltd
Director, San Polo Matese Pty Ltd
Director, Wollongong Sports & Recreation Centre
President, Sydney Association Molisani
Special Responsibilities:
Events Committee
Dom Figliomeni
Chief Executive Officer, Port Kembla Port
Corporation
Director, Figliomeni Superannuation Fund
Council Wollongong University
Illawarra TAFE Advisory Board
Special Responsibilities:
Policy Committee
David Fuller
Director, Innovation Campus & University
Developments
Deputy Chair, Community Engagement Committee
President, ANZRSAI - Australia New Zealand
Regional Science Association International
President, TPANZ - Technology Parks Australia
New Zealand
Special Responsibilities:
Events Committee
Noel Cornish
Chief Executive, Australian and New Zealand Steel
Manufacturing Businesses, Bluescope Steel
Director, BlueScope Steel (AIS) Pty Ltd
Director, BlueScope Steel Logistics Co Pty Ltd
Director, New Zealand Steel Ltd
Director, Tasman Steel Holdings Ltd
Chairman, The Salvation Army Illawarra Advisory
Board
Member, University of Wollongong Council
Special Responsiblities
Policy Committee
Wendy Fogarty
Managing Director, Important & Imperative
Business Solutions
Special Responsibilities:
Chair, Membership & Marketing Committee
Michael Halloran
Chief Executive Office, Illawarra Credit Union
Chair, Salvation Army Illawarra Business Appeal
Special Responsibilities
Chair, Governance & Corporate Services
Committee
Michael Bassingthwaighte
Chief Executive Officer, Peoplecare Health
Insurance
Chairman, HAMB Systems Limited
Chairman, Defence Health Limited
Director, Australian Health Service Alliance
Special Responsibilities
Governance & Corporate Services Committee
Terry Oakes-Ash
President, SHBC (Southern Highlands Business
Chamber)
Director, Edward Enterprises Pty Ltd
Chairman, Ecoflex Australia
President/Director, Construction Industry Institute
Australia
Director, GROW ACC (Sydney)
Director, Challenge Pty Limited
Chairman, WSC Transport Forum
Member, WSC Economic Development and
Tourism Group
Chairman, Salvation Army, Red Shield Appeal
Southern Highlands
Special Responsibilities:
Policy Committee
Tony Emery
Managing Director, Soilco Pty Limited
President, Shoalhaven Business Chamber
Chairperson, Compost NSW
Treasurer, Compost Australia
Special Responsibilities:
Policy Committee
Jessica Saad
President, Junior Chamber International Illawarra
Inc
Non-Executive Director, UniCentre Ltd
Chair, Services Committee UniCentre Ltd
UniCentre Ltd
Special Responsibilities:
Membership & Marketing Committee
PricewaterhouseCoopers
ABN 52 780 433 757
Darling Park Tower 2
201
Sussex Street
PricewaterhouseCoopers
GPO
BOX
2650
ABN 52
780
433 757
SYDNEY NSW 1171
DX
77 Sydney
Darling
Park Tower 2
Australia
201 Sussex Street
www.pwc.com/au
GPO BOX 2650
Telephone
+61 2 1171
8266 0000
SYDNEY NSW
Facsimile
+61 2 8266 9999
DX 77 Sydney
Australia
www.pwc.com/au
Telephone +61 2 8266 0000
Facsimile +61 2 8266 9999
Auditor’s Independence Declaration
Auditor’s Independence Declaration
As lead auditor for the audit of Illawarra Business Chamber Limited for the year ended 30 June 2009, I
declare that to the best of my knowledge and belief, there have been:
As
auditor for theof
audit
Illawarra
Business Chamber
Limited
for the
year ended
302001
Junein2009,
I
a) lead
no contraventions
the of
auditor
independence
requirements
of the
Corporations
Act
relation
declare
that
to
the
best
of
my
knowledge
and
belief,
there
have
been:
to the audit; and
b) no contraventions of any applicable code of professional conduct in relation to the audit.
a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation
Thistodeclaration
is in respect of Illawara Business Chamber Limited during the period.
the audit; and
b) no contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Illawara Business Chamber Limited during the period.
Sydney
20 August 2009
Sydney
PricewaterhouseCoopers
20 August 2009
PricewaterhouseCoopers
Liability limited by a scheme approved under Professional Standards Legislation
Liability limited by a scheme approved under Professional Standards Legislation
6
ILLAWARRA BUSINESS CHAMBER LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2009
Note
2009
$
2008
$
518,835
342,793
76,104
228,448
154,496
468,549
314,117
173,140
236,923
172,807
1,320,676
1,365,536
Revenue from continuing operation
Membership Fees
Promotional Partnership
Sponsorship
Events
Other revenue
2
Expenses
Audit
Bank Charges
Communications
Consultants
Depreciation
Employee Benefits Expense
Annual and Long Service Leave Expenses
Motor Vehicle Expenses
Printing, Postage & Stationery
Rent
Support Services
Travel & Entertainment
Other
Profit/(Loss) before income tax expense
Income tax expense
Profit/(Loss) attributed to members of Illawarra
Business Chamber
(5,000)
(12,074)
(39,606)
(187,753)
(3,123)
(604,178)
(19,548)
(13,194)
(51,520)
(83,220)
(135,827)
(114,228)
(16,000)
(12,616)
(30,279)
(167,050)
(20,899)
(534,511)
(13,156)
(7,190)
(60,558)
(81,054)
(114,024)
(140,441)
(81,534)
(1,269,271)
(1,279,312)
51,405
86,224
-
-
51,405
86,224
The above income statement should be read in conjunction with the accompanying notes.
Invigorating Business
7
> 029
ILLAWARRA BUSINESS CHAMBER LIMITED
BALANCE SHEET
FOR THE YEAR ENDED 30 JUNE 2009
Note
2009
$
3
4
530,467
349,841
370,943
362,520
880,308
733,463
8,289
10,112
8,289
10,112
888,597
743,575
526,063
432,446
TOTAL CURRENT LIABILITIES
526,063
432,446
TOTAL LIABILITIES
526,063
432,446
NET ASSETS
362,534
311,129
362,534
311,129
362,534
311,129
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
TOTAL CURRENT ASSETS
NON CURRENT ASSETS
Property, plant and equipment
5
TOTAL NON CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
6
EQUITY
Retained profits
7
TOTAL EQUITY
2008
$
The above balance sheet should be read in conjunction with the accompanying notes
> 030
8
illawarrabusiness.com
ILLAWARRA BUSINESS CHAMBER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2009
Note
Total equity at the beginning of the financial year
Profit/(loss) for the year
Total equity at the end of the financial year
7
2009
$
2008
$
311,129
224,905
51,405
86,224
362,534
311,129
The above statement of changes in equity should be read in conjunction with the accompanying notes
9
ILLAWARRA BUSINESS CHAMBER LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2009
Note
CASH FLOW FROM OPERATING ACTIVITIES
Cash receipts from customers (including GST)
Cash paid to suppliers and employees (including
GST)
Interest received
Net cash inflow/(outflow) from operating activities
10
2009
$
2008
$
1,311,403
(1,171,282)
1,200,282
(1,143,876)
20,703
23,758
160,824
81,164
CASH FLOW FROM INVESTING ACTIVITIES
Payments for office furniture & equipment
(1,300)
(785)
Net cash inflow/(outflow) from investing activities
(1,300)
(785)
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
CASH AND CASH EQUIVALENTS AT END OF
YEAR
3
159,524
370,943
80,379
290,564
530,467
370,943
The above cash flow statement should be read in conjunction with the accompanying notes
> 032
10
illawarrabusiness.com
ILLAWARRA BUSINESS CHAMBER LIMITED
NOTES TO AND FORMING PART OF FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of accounting
In the Directors’ opinion, the Company is not a reporting entity because there are no users
dependent on general purpose financial reports.
This is a special purpose financial report that has been prepared for the sole purpose of
complying with the Corporations Act 2001 requirements to prepare and distribute a financial
report to the members and must not be used for any other purpose. The Directors have
determined that the accounting policies adopted are appropriate to meet the needs of
members.
The financial report that has been prepared in accordance with AASB 101 Presentation of
Financial Statements, AASB 107 Cash Flow Statements, AASB 108 Accounting Policies,
Changes in Accounting Estimates and Errors, AASB 1031 Materiality and AASB 1048
Interpretations and Applications of Standards, which apply to all entities required to prepare
financial reports under the Corporations Act 2001. The financial report also complies with other
applicable Accounting Standards and Interpretations with the exception of disclosure
requirements in the following:
AASB 2 – Share-based Payments
AASB 3 – Business Combinations
AASB 5 – Non-current Assets Held for Sale and Discounted operations
AASB 7 – Financial Instruments: Disclosures
AASB 101 – Presentation of Financial Statements: paragraphs 124A to 124C
AASB 112 – Income Taxes
AASB 114 – Segment Reporting
AASB 124 – Related Parties
AASB 139 – Financial Instruments: Recognition and measurement
The financial report is prepared in accordance with the historical cost convention, except for
certain assets which, as noted, are at fair value. Unless otherwise stated, the accounting
policies adopted are consistent with those of the previous year. Comparative information is
reclassified where appropriate to enhance comparability.
(i)
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable. Amounts
disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on
behalf of third parties.
Revenue is recognised for the major business activities as follows:
(a) Membership fees comprise annual subscriptions for the year brought to account on an
accruals basis.
(b) Sponsorship fees are brought to account on an accruals basis.
(c) Interest income is recognised when earned.
Invigorating Business
11
> 033
ILLAWARRA BUSINESS CHAMBER LIMITED
NOTES TO AND FORMING PART OF FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
(ii)
Property, plant and equipment
Property, plant and equipment are stated at historical cost less depreciation. Historical cost
includes expenditure that is directly attributable to the acquisition of the items. All other repairs
and maintenance are charged to the income statement during the reporting period in which they
are incurred. Depreciation on property, plant and equipment is calculated using the straight line
method to allocate their cost or revalued amounts, net of their residual values, over their
estimated useful lives, as follows:
Plant and equipment 3 – 10 years
(iii)
Cash and cash equivalents
For cash flow statement presentation purposes, cash and cash equivalents includes cash on
hand and deposits held at call with financial institutions.
(iv)
Trade and other receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised
cost less provision for doubtful debts. Trade receivables are generally due for settlement within
30 days.
Collectability of trade receivables is reviewed on an on going basis. Debts which are known to be
uncollectible are written off. A provision for doubtful debts is established where there is objective
evidence that the entity will not be able to collect all amounts due according to the original terms
of receivables. The amount of the provision is recognised in the income statement.
(v)
Trade and other payables
These amounts represent liabilities for goods and services provided to the company prior to the
end of the financial year and which are unpaid. The amounts are unsecured and are usually paid
within 30 days of recognition.
(vi)
Taxation
Illawarra Business Chamber is a not for profit association and hence is exempt from Income Tax
under the Income Tax Assessment act 1997.
(vii) Leases
Leases in which a significant portion of the risks and rewards of ownership are not transferred by
the lessor are classified as operating leases. Payments made under operating leases (net of any
incentives received form the lessor), are charged to the income statement on a straight line
basis, over the period of the lease.
12
ILLAWARRA BUSINESS CHAMBER LIMITED
NOTES TO AND FORMING PART OF FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
(viii) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of associated GST, unless
the GST incurred is not recoverable from the Australian Taxation Office. In this case it is
recognised as part of the cost of acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The
net amount of GST recoverable from, or payable to, the taxation authority is included with other
receivables or payables in the balance sheet.
Cash flows are presented on a gross basis. The GST components of cash flows arising from
investing or financing activities which are recoverable from, or payable to the Australian Taxation
Office, are presented as operating cash flows.
(ix)
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are classified as current liabilities unless the Group has an unconditional right to
defer settlement of the liability for at least 12 months after the reporting date.
(x)
New accounting standards and interpretations
Certain new accounting standards and interpretations have been published that are not
mandatory for 30 June 2009 reporting periods. The entity's assessment of the impact of the new
standards and interpretations is that they will have no material impact on the entity's financial
statements.
13
ILLAWARRA BUSINESS CHAMBER LIMITED
NOTES TO AND FORMING PART OF FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
2
2009
$
Revenue from continuing operations
Sales Revenue
Sponsorship Income
Membership Fees
Promotional Partnership
Events
76,104
518,835
342,793
228,448
173,140
468,549
314,117
236,923
1,166,180
1,192,729
22,703
131,793
-
23,758
149,049
-
154,496
172,807
1,320,676
1,365,536
530,467
370,943
Balance as per statement of cash flow
530,467
370,943
Current assets - Trade and other receivables
Trade receivables
Provision for Doubtful Debts
Grants receivable
Other receivables
301,392
(8,353)
32,025
24,777
309,759
(10,278)
11,352
51,687
349,841
362,520
Other revenue
Interest Received
Grants Received
Other Income
Total revenue
3
2008
$
Current assets - Cash and cash equivalents
Cash and cash equivalents
Reconciliation to Cash at the end of the year
The above figures are reconciled to cash at the end of the
financial year as shown in the statement of cash flow as
follows:
4
14
ILLAWARRA BUSINESS CHAMBER LIMITED
NOTES TO AND FORMING PART OF FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
5
Non-current assets – Plant, property and equipment
Leasehold
Improvements
$
Office
Equipment
$
Computer
Equipment
$
Total
205,666
(184,744)
20,922
32,031
(22,727)
9,304
28,644
(28,644)
-
266,341
(236,115)
30,226
Year ended 30 June 2008
Opening net book amount
Additions
Disposals
Depreciation charge
Closing net book amount
20,922
2818
(18,623)
2,299
9,304
785
(2,276)
7,813
-
30,226
785
(20,899)
10,112
At 1 July 2008
Cost or fair value
Accumulated depreciation
Net book amount
205,666
(203,367)
2,299
32,816
(25,003)
7,813
28,644
(28,644)
-
267,126
(257,014)
10,112
Year ended 30 June 2009
Opening net book amount
Additions
Disposals
Depreciation charge
Closing net book amount
2,299
(366)
1,933
7,813
1,300
(2,757)
6,356
-
10,112
1,300
(3,123)
8,289
At 30 June 2009
Cost or fair value
Accumulated depreciation
Net book amount
205,666
(203,733)
1,933
34,116
(27,760)
6,356
28,644
(28,644)
-
268,426
(260,137)
8,289
At 1 July 2007
Cost or fair value
Accumulated depreciation
Net book amount
6
7
2009
$
Trade and other payables
Income received in advance
Trade creditors
Deferred revenue - grants
Other creditors
Income in advance
$
2008
$
134,500
5,556
32,025
43,681
310,301
400
5,170
11,352
111,017
304,507
526,063
432,446
Retained profits
Movement in retained profits were as follows:
Balance at beginning of year
Net profit/(loss) for the year
311,129
51,405
224,905
86,224
Balance at end of year
362,534
311,129
15
Invigorating Business
> 037
ILLAWARRA BUSINESS CHAMBER LIMITED
NOTES TO AND FORMING PART OF FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
8
Members guarantee
The company is limited by guarantee. If the company is
wound-up, the Constitution states that each member is
required to contribute a maximum of $10 each towards
meeting any outstanding obligations of the company.
9
Remuneration of auditors
Pricewaterhouse Coopers Australia firm
Audit and review of financial reports
10 Reconciliation of operating result after income tax to
net cash flow from operating activities
Profit/(loss)
Depreciation
Increase/(decrease) in trade creditors
Increase/(decrease) in other liabilities
(Increase)/decrease in trade debtors
(Increase)/decrease in other receivables
Net cash from operating activities
> 038
16
2009
$
2008
$
5,000
16,000
51,405
86,224
3,123
385
94,483
6,443
4,985
20,899
(13,603)
14,942
(1,878)
(25,420)
160,824
81,164
illawarrabusiness.com
ILLAWARRA BUSINESS CHAMBER LIMITED
DIRECTORS' DECLARATION AS AT 30 June 2009
As stated in Note 1 to the financial statements, in the Directors’ opinion the company is not a reporting
entity because there are no users dependent on general purpose financial reports. This is a special
purpose financial report that has been prepared to meet the Corporations Act 2001 requirements.
In the Directors’ opinion:
(a) the financial statements and notes set out on pages 7 to 16 are in accordance with the
Corporations Act 2001, including:
i. complying with Accounting Standards and other mandatory professional reporting
requirements as detailed above, and the Corporations Regulations 2001; and
ii. giving a true and fair view of the company’s financial position as at 30 June 2009
and of its performance for the financial year ended on that date; and
(b) there are reasonable grounds to believe that the Company will be able to pay its debts as and
when they become due and payable.
This declaration is made in accordance with a resolution of the Directors.
Sydney
20 August 2009
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17
PricewaterhouseCoopers
ABN 52 780 433 757
Independent auditor’s report to the members
of Illawarra Business Chamber Limited
Darling Park Tower 2
201 Sussex Street
GPO BOX 2650
SYDNEY NSW 1171
DX 77 Sydney
Australia
www.pwc.com/au
Telephone +61 2 8266 0000
Facsimile +61 2 8266 9999
Report on the financial report
We have audited the accompanying financial report, being a special purpose financial report, of Illawarra
Business Chamber Limited (the Company), which comprises the balance sheet as at 30 June 2009, and
the income statement, statement of changes in equity and cash flow statement for the year then ended,
a summary of significant accounting policies, other explanatory notes and the Directors’ declaration.
Directors’ responsibility for the financial report
The Directors of the company are responsible for the preparation and fair presentation of the financial
report and have determined that the accounting policies described in Note 1 to the financial statements,
which form part of the financial report, are appropriate to meet the requirements of the Corporations Act
2001 and are appropriate to meet the needs of the members. The Directors’ responsibility also includes
establishing and maintaining internal control relevant to the preparation and fair presentation of the
financial report that is free from material misstatement, whether due to fraud or error; selecting and
applying appropriate accounting policies; and making accounting estimates that are reasonable in the
circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion on the financial report based on our audit. No opinion is
expressed as to whether the accounting policies used, as described in Note 1, are appropriate to meet
the needs of the members. We conducted our audit in accordance with Australian Auditing Standards.
These Auditing Standards require that we comply with relevant ethical requirements relating to audit
engagements and plan and perform the audit to obtain reasonable assurance whether the financial
report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial report. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In
making those risk assessments, the auditor considers internal control relevant to the Company’s
preparation and fair presentation of the financial report in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Company’s internal control. An audit also includes evaluating the reasonableness of accounting
estimates made by the directors, as well as evaluating the overall presentation of the financial report.
The financial report has been prepared for distribution to members for the purpose of fulfilling the
Directors’ financial reporting obligations under the Corporations Act 2001. We disclaim any assumption
of responsibility for any reliance on this audit report or on the financial report to which it
illawarrabusiness.com
> 040
18
Independent auditor’s report to the members
of Illawarra Business Chamber Limited (continued)
Independent auditor’s report to the members
relates
to anyBusiness
person other
than theLimited
members,
or for any purpose other than that for which they were
of Illawarra
Chamber
(continued)
prepared.
Our procedures include reading the other information in the Annual Report to determine whether it
contains
with the financial
report.
relates toany
anymaterial
person inconsistencies
other than the members,
or for any
purpose other than that forPricewaterhouseCoopers
which they were
ABN 52 780 433 757
prepared.
Our audit did not involve an analysis of the prudence of business decisions made by directors or
management.
Darling Park
Tower 2 it
Our
procedures include reading the other information in the Annual Report to determine
whether
201 Sussex Street
contains
anythat
material
inconsistencies
theobtained
financialisreport.
GPO BOXa2650
We believe
the audit
evidence wewith
have
sufficient and appropriate to provide
basis for
SYDNEY NSW 1171
our
audit
opinion.
Our audit did not involve an analysis of the prudence of business decisions made
bySydney
directors or
DX 77
management.
Independence
Australia
www.pwc.com/au
Telephone +61 2 8266 0000
We
believe
that
the
audit
evidence
we
have
obtained
is
sufficient
and
appropriate
to
provide
a basis for
+61 2 8266Act
9999
In conducting our audit, we have complied with the independence requirements of theFacsimile
Corporations
our audit opinion.
2001.
Auditor’s
Independence Declaration
Independence
Auditor’s opinion
In conducting
we have
complied
with the
independence
requirements
of the
Corporations
In
our opinion,our
theaudit,
financial
report
of Illawarra
Business
Chamber
Limited is in
accordance
with Act
the
2001.
As
lead
auditor
for
the
audit
of
Illawarra
Business
Chamber
Limited
for
the
year
ended
30
June
2009,
I
Corporation Act 2001, including:
declare
that to the best of my knowledge and belief, there have been:
Auditor’s
(i)opinion
giving a true and fair view of the Company’s financial position as at 30 June 2009 and of
their
for the
year ended
on that Chamber
date; and Limited is in accordance with the
In our
opinion, the performance
financial
report
of Illawarra
Business
a)
no contraventions
of the auditor
independence
requirements
of the Corporations Act 2001 in relation
Corporation
Act
2001,
including:
to the
and
(ii)audit;complying
with Australian Accounting Standards to the extent described in Note 1 and
b) no contraventions
of any
applicable
code of professional 2001.
conduct in relation to the audit.
complying
with
thefair
Corporations
(i)
giving a true and
view of the Regulations
Company’s financial position as at 30 June 2009 and of
their performance for the year ended on that date; and
This declaration is in respect of Illawara Business Chamber Limited during the period.
(ii)
complying with Australian Accounting Standards to the extent described in Note 1 and
complying with the Corporations Regulations 2001.
Sydney
20 August 2009
Sydney
20 August 2009
Sydney
20 August 2009
PricewaterhouseCoopers
Liability limited by a scheme approved under Professional Standards Legislation
1
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