1987 Annual Report - the RNA

s630015~iAl 0oul riaitiotnfalrieultural anb (nbunstrial tAsgciatitn of ueenslaribOFFICE BEARERS 1987Patron:His Excellencyb,; *"*THE HON. SIR WALTER CAMPBELL, Q.C., GOVERNOR OF QUEENSLANDPresident:SIR WALTER BURNETTVice-Presidents:A.G. NASON, M.B.E. and F.H. ROBERTSON, M.B.E.Hon. Treasurer:T.G. MATTHEWS, O.B.E., B.A., LL.B.'- I*-iP*iSij-........ N I,;-' )R.J. AMBLERA.D. BASSINGTHWAIGHTEW.K. BRYCE, B.E.M.W.T. CUMMINSCouncil:V.E. EDWARDSJ.C. GRIGGR.H.T. INNESJ.E. LILEYHon. Councillors:C.A. EDWARDS, C.B.E.R.M. REYNOLDS, O.B.E.T.G. MATTHEWS, O.B.E.C.H. MEAGHER, A.M.L.K. MORRISL.S. RUDDP.F. WADLEYA.G.F. WARBYE.G. WILSONG.D.T. WOOLCOCKAuditors:SHAW & USHERDirector:N.R. MORTON, B.Com., B.Econ.Assistant Director:J.R. MUNDY~NOTICE OF ANNUAL GENERAL MEETINGOF MEMBERSNOTICE is hereby given that the ANNUAL GENERAL MEETING OF MEMBERS of the above Associationwill be held in the R.N.A. LOUNGE, Gregory Terrace, Fortitude Valley, at 2.30 p.m. on Wednesday,23rd March, 1988.BUSINESS:Confirm Minutes of Annual General Meeting of Members held on 25th March, 1987.Receive and Adopt Council Report and Audited Balance Sheet and Statement of Accounts for period1st January, 1987 to 31st December, 1987.Election of President and two Vice-Presidents for ensuing year.Election of Eight Members of Council.Election of Auditor.Confirmation of Appointment of Dr V.E. Edwards as a Member of Council.Notice of Motion as per Addendum.Such other business as may arise in accordance with the Rules.Nominations for Auditor, bearing consent of the nominee to act if elected close with the Director at Noonon Tuesday, 15th March, 1988.Brisbane, 29th January, 1988N.R. MORTON, Director

INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31st DECEMBER, 19871986$4,853,7663,481,120989,389383,257INCOME FOR THE YEAR WASThis was earned from:-Royal National Show (NOTE 4)Grounds and Improvements (NOTE 5)Investment Income19873,638,8501,462,787386,897$5,488,5344,108,9191,596,7091,088,2381,167,839256,133EXPENDITURE FOR THE YEAR WASThis consisted of:-Royal National Show (NOTE 6)Operational Costs - Grounds and Improvements (NOTE 7)Administration Expenses (NOTE 8)Financial Expenses (NOTE 9)1,640,9841,264,5581,279,860484,7474,670,149744,84721,6918,2502,96110,480RESULTING IN AN OPERATING SURPLUS FOR THE YEAR OFTO WHICH WAS ADDED NON-OPERATING ITEMSLife MembershipMembership Joining FeesOver-Provision Fire Service Levy12,7903,062818,38515,852766,538233,630NET SURPLUSALLOCATION OF NET SURPLUSTransfers:--To Rain Protection Reserve834,237141,217532,9083,232,875ADD ACCUMULATED FUNDS AT BEGINNING OF YEAR693,0203,765,7833,765,783ACCUMULATED FUNDS AT END OF YEAR4,458,803BALANCE SHEET AS AT 31st DECEMBER, 19871986 19873,765,783699,55885,353FUNDS EMPLOYED WERE:-Accumulated FundsReserves (NOTE 10)Trust Funds for Prizes4,458,803840,775106,7364,550,694TOTAL FUNDS5,406,3142,493,7499,55078,699454,0892,1091,949,302These were represented by:-CURRENT ASSETSCash on Hand or In TransitStock of Building Materials, Stationery & SundriesSundry Debtors & Other Amounts Due (NOTE 11)Payments on Account of Following YearShort Term Investments At Cost11,85082,846410,96111,1002,075,0032,591,760749,529487,75134,40232,295185,4179,664LESS CURRENT LIABILITIESSundry Creditors & Accruals (NOTE 12)Commonwealth Bank of AustraliaThe Queensland Government Development Authority Loan(NOTE 13)Amounts Received & Accrued on Account of Future Year(s)(NOTE 14)Provision for Long Service Leave419,22244,19837,287258,39924,479783,5851,744,2205,449,14696,8804,483,517731,131134,2063,412WORKING CAPITALFIXED ASSETSFreehold Land (Secured) At Cost (NOTE 15)Buildings (NOTE 16)Ground Improvements, Roads, etc. (NOTE 17)Plant, Tools, Motor Vehicles, Furniture & Fittings (NOTE 18)Electrical Installations (NOTE 19)96,8804,922,781670,978281,8842,7301,808,1755,975,253714,555INVESTMENTS OTHER AT COST (NOTE 20)930,0167,907,921TOTAL ASSETS LESS CURRENT LIABILITIES8,713,4443,357,2273,203,21696,61157,400LESS NON-CURRENT LIABILITIESThe Queensland Government Development Authority Loan(NOTE 13)Provision for Long Service LeaveLoan Repayable (Unsecured)3,165,92983,80157,4003,307,1304,550,694TOTAL NET ASSETS5,406,314

NOTES TO ANDASFORMING PART OFAT 31st DECEMBER,THE ACCOUNTS1987NOTE 1NOTE 2NOTE 3THE ASSOCIATIONThe Royal National Agricultural and Industrial Association of Queensland is a body corporate, incorporated underthe "Royal National Agricultural and Industrial Association of Queensland Act 1971".STATEMENT OF ACCOUNTING POLICIESThe significant Accounting Policies adopted in the preparation of the Accounts are summarised as follows:-(i)(ii)These Accounts have been prepared in accordance with Conventional Historical Cost Principles and donot purport to disclose the current value of the Association's Assets.Depreciation has been provided on all Fixed Assets excluding freehold land, at a rate which reflects theexpected economic life.(iii) Income Tax - The nature of the Association's activities do not render it liable for Income Tax as it is anexempt body under Section 23(h) (of the Income Tax Act).(iv) Income and Expenditure have been brought to account on an accruals basis.(v) Subsidies receivable in respect of works programme are credited to the cost of that particular job and inthe case of Capital Works the net cost only is capitalised .(vi) The Association, in order to safeguard losses of gate takings due to inclement weather in a particular yearappropriates certain surpluses to the Rain Protection Reserve.BUILDINGS(i) The Exhibition Building was completed in 1987. The capital cost expended in 1987 was $425,045making the total cost of completion of $3,845,570.(ii)The new Building under construction adjacent to the Frank Nicklin Pavilion is estimated to have a totalcapital cost of $2 million. Capital expenditure on the building to 31.12.87 was $170,989. A Term Loanis currently being negotiated. It is anticipated that a Government Subsidy will be received for thisbuilding. As at 31.12.87 there were no expenditure commitments in relation to this building.1986 1987$NOTE 4ROYAL NATIONAL SHOWAdvertising Returns of Show Publications & SponsorshipEntry FeesGate & Grandstand ReceiptsSpace RentalSundry Show ReceiptsMembership Fees210,951117,7641,981,599876,233144,646149,9273,481,120235,589130,9351,952,6481,006,687160,217152,7743,638,850NOTE 5GROUNDS AND IMPROVEMENTSRent from Grounds FacilitiesRent Exhibition Building (Dept. of Works)Sundry Ground Receipts449,670263,297276,422989,389619,184498,327345,2761,462,787NOTE 6ROYAL NATIONAL SHOWAdvertising & PromotionCateringJudges ExpensesLight & PowerMedals, Badges & TicketsPolice ChargesPrinting - Show PublicationsPrizes, Ribbons & Organising ExpensesShow ExpensesShow Wages74,82786,79830,96663,15319,91023,03687,516215,155588,802406,5461,596,70974,92193,93727,14768,55921,54424,59191,061227,848569,362442,0141,640,984NOTE 7OPERATIONAL COSTS -GROUNDS & IMPROVEMENTSGeneral Maintenance Supervision, Sundry Charges etc.Insurance - Industrial Risks & Motor VehiclesRatesDepreciationLight & PowerFire Services Levy554,90758,983208,840194,02868,4283,052616,22364,745205,107261,505113,6643,3141,088,238 1,264,558

NOTES TO ANDASFORMING PART OFAT 31st DECEMBER,THE ACCOUNTS19871986$1987$NOTE 8ADMINISTRATION EXPENSESAudit FeesPostagesPrinting & StationeryInsurances - GeneralInsurances - Workers' CompensationOffice CleaningPayroll TaxSalaries, Wages & SuperannuationSalaries & Wages - Provision for Long Service LeaveSundriesTelephones10,00021,41422,59046,84032,70212,50695,207946,90011,39553,29415,4919,90023,60727,58271,10140,43713,521100,719988,73920,18971,92418,247Less Recoveries -Secretarial Fees Received1,268,339100,5001,385,966106,1061,167,8391,279,860NOTE 9FINANCIAL EXPENSESBank ChargesInterest - The Queensland Government Development AuthorityInterest - Other2,663249,4524,0183,074477,6554,018256,133484,747NOTE 10RESERVESTotal at Beginning of YearAdditions for the year - Transfers1986RainProtectionReserve$340,153233,6301986GeneralReserve$125,7751986 1987RainTotalProtectionReserve$ $465,928 573,783233,630 141,2171987GeneralReserve$125,7751987Total$699,558141,217Total at End of Year573,783125,775699,558 715,000125,775840,775NOTE 11SUNDRY DEBTORS & OTHER AMOUNTS DUERental Exhibition Building (Qld. Govt. Works Dept.)The Queensland Government Development AuthorityOther Sundry Debtors & Other Amounts Due263,29764,666127,126166,667245,294Less Provision for Doubtful Debts455,0891,000411,9611,000454,089410,961NOTE 12SUNDRY CREDITORS & ACCRUALSSub-Contractors Exhibition BuildingSub-Contractors New BuildingThe Queensland Government Development Authority(Accrual interest repayment for period 1.9.87 to 31.12.87 amount not duetill 1.3.88)Brisbane City CouncilOther Sundry Creditors & Accruals147,449144,649103,95491,699144,952159,093115,177-487,751419,222NOTE 13THE QUEENSLAND GOVERNMENT DEVELOPMENT AUTHORITY LOANLoan from The QId. Government Development AuthorityCapital repayments 1.3.86 to 31.12.873,250,00014,4893,250,00046,784Balance Outstanding 31.12.873,235,5113,203,216Current Liabilities - Capital Repayments Due Within 12 monthsLong Term Liabilities - Capital Repayments Not Due Within 12 Months32,2953,203,21637,2873,165,929NOTE 14AMOUNTS RECEIVED AND ACCRUED ON ACCOUNT OF FUTURE YEAR(S)Rents from Buildings in AdvanceAdvertising in AdvanceMembership in AdvanceSponsorship in Advance118,38020049,40017,437156,43241,95847,23312,776185,417258,399NOTE 15FREEHOLD LAND (SECURED) AT COSTThe Commonwealth Bank of Australia hold mortgages over the freehold landof the Association. No moneys are owing as at 31st December, 1987.

NOTE 16NOTE 17NOTE 18NOTE 19NOTES TO AND FORMING PART OFAS AT 31st DECEMBER,BUILDINGSOpening BalanceAdd Additions - Refer also NOTE 3Less Accumulated DepreciationGROUND IMPROVEMENTS, ROADS, ETC.Opening BalanceLess Accumulated DepreciationPLANT, TOOLS, MOTOR VEHICLES, FURNITURE & FITTINGSOpening Balance (at depreciated value)Add AdditionsLess DepreciationELECTRICAL INSTALLATIONSOpening Balance (at depreciated value)Less Depreciation6THE ACCOUNTS198719862,062,5943,265,5695,328,163844,6464,483,5171,203,066471,935731,131125,43640,466165,90231,696134,2064,2658533,4121987$5,328,163596,0345,924,1971,001,4164,922,7811,203,066532,088670,978134,206191,578325,78443,900281,8843,4126822,730NOTE 20 INVESTMENTS - OTHER AT COSTRain Protection ReserveProvision for Long Service LeaveTrust Funds for Prizes522,927106,27585,353714,555715,000108,280106,736930,016

SOURCE OF FUNDSSTATEMENT OF SOURCE ANDFOR YEAR ENDED 31stFUNDS FROM OPERATIONSInflow of Funds from OperationsLess Outflow of Funds from OperationsAPPLICATION OFDECEMBER, 19871986$4,965,4783,993,5171986FUNDS1987$ $971,9615,610,4924,494,5611987$1,115,931FUNDS FROM OTHER SOURCESThe Queensland Government Development AuthorityINCREASE IN CURRENT LIABILITIESSundry Creditors & AccrualsCommonwealth Bank of AustraliaAmounts Received & Accrued on Account of Future Year(s)INCREASE IN FUNDS HELD ON TRUSTTrust Funds for PrizesDECREASE IN CURRENT ASSETSSundry Debtors & Other Amounts DueAPPLICATION OF FUNDSEXPENDITURE ONFixed Assets - BuildingsFixed Assets - Plant & Tools, Motor Vehicles, Furniture andFittingsCapital Repayments to The Queensland Government DevelopmentAuthorityINCREASE IN CURRENT ASSETSSundry DebtorsCash on Hand or In TransitShort Term InvestmentsStock of Building Materials, Stationery & SuppliesPayments on Account of Following Year(s)INCREASE IN INVESTMENTS OTHERInvestment Other At CostDECREASE IN CURRENT LIABILITIESSundry Creditors & AccrualsCommonwealth Bank of AustraliaLONG SERVICE LEAVEPayment of Long Service Leave from ProvisionFUNDS FROM OPERATIONSReconciliation of Funds from Operations withNet Surplus after Extraordinary Items is as follows:-FUNDS FROM OPERATIONSADD/(SUBTRACT) NON-FUND ITEMSDepreciationSalaries & Wages - Provision for Long Service LeaveNET SURPLUS AS PER INCOME AND EXPENDITURE ACCOUNT3,250,000380,57925,56323,0324,651,1353,265,56940,46614,489312,4289,200586,8867,5722,109257,622144,36010,4344,651,135971,961(194,028)(11,395)766,5389,79672,98221,38343,1281,263,220596,034191,57832,2952,300125,7014,1478,991215,46168,52918,1841,263,2201,115,931(261,505)(20,189)834,237-In our opinion, the accompanying accounts, and the notes forming part thereof, of the Royal National Agricultural & IndustrialAssociation of Queensland as set out on Pages 3 to 7 are drawn up as to present fairly the financial position at 31st December1987 and the result for the year ended on that date, of the Association so far as they concern members of the Association.At the date of this statement there are reasonable grounds to believe that the Association will be able to pay its debts as andwhen they fall due.The accompanying accounts of the Association are made out in accordance with the Australian Accounting Standards.Dated at Brisbane this Eighth day of February, 1988.W.J. Burnett, PresidentT.G. Matthews, Honorary TreasurerN.R. Morton, DirectorAUDITORS' REPORT TO MEMBERS OF THE ROYAL NATIONALAGRICULTURAL & INDUSTRIAL ASSOCIATION OF AUSTRALIAWe have audited the accounts of the Royal National Agricultural & Industrial Association of Queensland, as set out on pages3 to 7, in accordance with Australian Auditing Standards.In our opinion, the accounts of the Royal National Agricultural & Industrial Association of Queensland are properly drawn upso as to present fairly the state of the affairs of the Association as at 31st December 1987 and the results of the Associationfor the year ended on that date so far as they concern members of the Association and are in accordance with AustralianAccounting Standards and applicable Approved Accounting Standards.Dated at Brisbane this Eighth day of February 1988.Shaw & Usher, Chartered Accountants and AuditorsD.T. Usher, Partner

TABLE OF PROGRESSImprove-Prizes &mentsGate Space and Organising & Freehold AnnualYear Receipts Entry Fees Sponsorship Privileges Membership Allowances Property Revenue$ $ $ $ $ $ $ $1905190619071908190919101911191219131914191519161917191819201921192219231924192519261927192819291930193119321933193419351936193719381939194019411946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982198319841985198619876126756479208642149769266995010404106241182010338106821325214418227481909623184270122875828656336383305634922376843317428470292702906635078346104477243530484125080040104423228285688026940329425299778104510147432176516*176296194042185076173374195974204086200414207056*200550*241348246888247892*244127*296922*276336313138320690*400680*411325*439817546394*725084775097851917*936994961843109293511538361311775*14081421668227167738119815991952648898101614741482186817502076203622662410203819042390271830262892282027423474373836743708406442464214401238683686388844524170418449204988457840444488548461066568642869867438878095141039211800111221195613500149861897220126206162128825638264902725630389285452972231889338953380242210476534618864782686137124177741880839539510686910753311706511776413093596611389689862042119213301374138813421368138219161984239820601888240822642548255428362742307431922598268036663396417642084388461050685012267855586528847276849806130789878136281385416998180741991820172228842372422884252742689828342319143362235211382973852941047414684397151051569876290863733742867965685755110941106955125914115569130642143523169504205349203027982530268040103084321835563536469038583910408444145310587864728888118261145813886150821903421398213241855417396165061799618272200522011621626241422190418936240823290236196402184586848218614626176867530706547119472264844128694411583612826612959213471214287416627216650317151417160019089419149819710922863523229926706629622530529533771537345742059246231556320960050367632369937871116687623310066871854223425962976491640184320450246464260341038704166509696428640748494141070411598123221984317782175161670215366115829610989010480108541231813326138961287411466196462739832226367023997844804453385460859748687026453060480586846230459892585325928659984689586789868951702397605772027776767573473919787757756488931887569409994471105772124826127050134220141882144869167428161138168627313637763818474879745222671870327606891686807634858293229068102721169011178146001664215346171821690017158178381651416794167081608817480169841808820142211222059422042167962120024104240002800032000345303626839976475724906652174538645905862036622486555067274713127452876259793268080179881859788607387394983369176410062510442711111111592012315513834414997717571018214819478821257421515522784818781544411742024107825104411895747398858813927621346453981482010768432067212151847196256683555828512202721341462521218696567158109883861220772856810854476621590138161471834600390408011820425281526470064661440572527423516678104104360881047941027428556302072909016888663582163956921775516477778508143321148780951721978565863456243739471852357280151916418891549563265569596034* Affected by rain13042159721710619364306902116423110249402455826968229522409027714327545262446662481485740265818665787694292024866329642691654809907573075618821368488810092410085410968011336610313096214185640200804219116251166251244288242326094368198392190435316421106410594456204492280507378523010536560578472622644659988656712731872749505779289807047897534953449102781912056801524210162348018138861997041220689323959332690674306581233236713620024401142649542665594640