annual report 2011 - Blacktown RSL

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4 Income Tax (continued) (c) Deferred Tax Assets The balance comprises temporary differences attributable to: Amounts recognised in profit or loss 2011 2010 $ $ Employee benefits 56,975 55,928 __________________ __________________ Net deferred tax assets 56,975 55,928 __________________ __________________ Movements: Opening balance at 1 July 55,928 127,682 Credited / (Charged) to the Statement of Comprehensive Income 1,047 __________________ (71,754) __________________ Closing balance at 30 June 56,975 55,928 __________________ __________________ 5 Cash and Cash Equivalents Cash and cash equivalents 437,662 1,013,416 __________________ __________________ 6 Trade and Other Receivables Current Trade Debtors 15,811 __________________ 20,379 __________________ Note Current trade and other receivables are non-interest bearing loans and generally on 30-day terms. Non-current trade and term receivables are assessed for recoverability based on the underlying terms of the contract. A provision for impairment is recognised when there is objective evidence that an individual trade or term receivable is impaired. These amounts have been included in the other expenses item. 7 Inventories Finished goods – at cost 61,003 64,364 __________________ __________________ 8 Financial Assets Investments in other entities 2,220 2,220 __________________ __________________ 9 Other Assets Current Prepayments 91,173 __________________ 102,385 __________________ 28 BLACKTOWN RSL CLUB LIMITED - where friends love to meet
ANNUAL REPORT 2011 10Property, Plant and Equipment Freehold land and buildings 2011 2010 $ $ At cost 16,645,343 16,328,842 Accumulated amortisation (908,760) (698,658) __________________ __________________ Total Land, Buildings and Improvements 15,736,583 15,630,184 __________________ __________________ Plant and equipment At cost 12,955,579 12,223,405 Accumulated deprecation (8,286,685) __________________ (7,946,893) __________________ Capital works in progress 4,668,894 4,276,512 __________________ __________________ At cost 171,619 151,757 __________________ __________________ Total property, plant and equipment net book value 20,577,096 20,058,453 __________________ __________________ Valuation An independent valuation was carried out as at 1 March 2011 by Graham Scymgeour, Global Valuation Services Pty Ltd, and is on the basis of the open market value of the property concerned in its existing use. The directors are of the opinion that this basis provides a reasonable estimate of recoverable amount. The land and buildings were valued at $22,600,000. As land and buildings are recorded at cost the valuation has not been brought into account. This valuation is in accordance with the Company’s policy of obtaining an independent valuation of land and buildings every three years. Reconciliations Movements in Carrying Amounts Movements in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year are set out below: Freehold Land and Buildings Carrying amount at beginning of year 15,630,184 15,609,490 Additions - 225,749 Transfers in 316,501 - Depreciation (210,102) __________________ (205,055) __________________ Carrying amount at end of year 15,736,583 15,630,184 __________________ __________________ Plant and Equipment Carrying amount at beginning of year 4,276,512 3,544,106 Additions 650,006 1,579,802 Transfers in 646,569 - Disposals (19,537) (1,945) Depreciation (884,656) __________________ (845,451) __________________ Carrying amount at end of year 4,668,894 4,276,512 __________________ __________________ Capital Works in Progress Carrying amount at beginning of year 151,757 40,000 Additions 982,932 111,757 Transfers out (963,070) __________________ - __________________ Carrying amount at end of year 171,619 151,757 __________________ __________________ BLACKTOWN RSL CLUB LIMITED - where friends love to meet 29
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Page 3 and 4: ANNUAL REPORT 2011 Chairman’s Rep
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Page 11 and 12: ANNUAL REPORT 2011 12. The Register
Page 13 and 14: ANNUAL REPORT 2011 SECOND ORDINARY
Page 15 and 16: ANNUAL REPORT 2011 JOHNSTON, Kevin
Page 17 and 18: ANNUAL REPORT 2011 Auditor’s Inde
Page 19 and 20: ANNUAL REPORT 2011 Directors’ Dec
Page 21 and 22: ANNUAL REPORT 2011 Statement of Fin
Page 23 and 24: ANNUAL REPORT 2011 Statement of Cas
Page 25 and 26: ANNUAL REPORT 2011 AASB 118 'Revenu
Page 27 and 28: ANNUAL REPORT 2011 (m) Financial Li
Page 29: ANNUAL REPORT 2011 3 Expenses (cont
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Page 39 and 40: ANNUAL REPORT 2011 CITY OF BLACKTOW

annual report 2011 - Blacktown RSL

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