SACOME Annual Report 2007-08

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SUMMARISED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2008 2008 $ 2007 $ Inflows Inflows (Outflows) (Outflows) Cash flows from Operating Activities Receipts from Members and Customers 1,697,155 1,383,483 Payments to Suppliers and Employees (1,493,906) (1,048,718) Interest Received 40,387 21,212 Net GST Refunded by/(Paid to) ATO (55,658) (57,626) Financial Expenses and Borrowing Costs (3,754) (4,035) Net cash flows provided by Operating Activities 184,224 294,316 Cash flows from Investing Activities Proceeds from Sale of Plant and Equipment and Motor Vehicles - 15,932 Payments for Plant and Equipment and Motor Vehicles (157,324) (9,236) Net cash flows Provided by (used in) Investing Activities (157,324) 6,696 Cash flows from Financing Activities Repayments of Borrowings - (26,194) Net Cash Flows (used in) Financing Activities - (26,194) Net increase in cash held 26,900 274,818 Cash at the beginning of the year 414,513 139,695 Cash at the end of the year $441,413 $414,513 The accompanying notes form part of these summarised financial statements vi SACOME FINANCIALS
DISCUSSION AND ANALYSIS FOR THE YEAR ENDED 30 JUNE 2008 INCOME STATEMENT The Chamber’s revenues from ordinary activities increased in 2008 by 42.22% to $1,585,352 (2007: $1,114,707), which included Chamber function fees of $152,098 (2007: $121,522) Uranium project management of $50,000 (2007: $50,000), Sponsorship of functions of $82,500 (2007:$100,518), Subscription revenue of $927,932 (2007: $623,713), Unearthing project and DEST Grant $161,121 (2007 Nil), Grant funding reimbursements $125,478 (2007 $140,020) and interest revenue of $40,387 (2007: $21,212). Total expenditure increased in 2008 by 20.54% to $1,310,202 (2007: $1,086,951), which included function and project expenses of $191,475 (2007: $216,530), rent expenses of $77,244 (2007: $48,814), marketing expenses of $40,392 (2007: $41,398) travel expenses of $26,198 (2007: $28,314), employee benefits of $545,408 (2007: $553,612), DEST project expenses of $181,248 (2007 Nil), recruitment expenses of $30,640 (2007 $24,397) and depreciation expenses of $27,541 (2007: $16,122). The operating surplus from ordinary activities increased in 2008 by $247,394 to $275,150; from a surplus in 2007 of $27,756. BALANCE SHEET The Chamber’s net assets increased by 334.66% in 2008 to $357,367 (2007: increased by 50.96% to $82,217). This increase of $275,150 reflects the Chamber’s operating surplus for 2008. Total assets in 2008 increased by $165,078 or 32.27% to $676,682 (2007: increased by $152,421 or 42.43% to $511,604). Cash holdings increased during the period by $26,900, trade and other receivables increased by $8,611 and property, plant and equipment increased by $129,783. Total liabilities in 2008 decreased by $110,072 or 25.63% to $319,315 (2007: increased by $124,665 or 40.91% to $429,387). Grants received in advance decreased by $85,726, sponsorship in advance decreased by $38,500, income received in advance decreased by $16,056, subscriptions in advance decreased by $16,520, trade payables decreased by $56,794, other creditors and accruals decreased by $37,850, HSE conference liabilities increased by $124,684 and employee benefits increased by $16,690. CASH FLOW STATEMENT Net cash in flows provided by operating activities in 2008 were $184,224 (2007: $294,316), which represents a decrease of $110,092 in cash provided by operating activities. During 2008 receipts from members and customers increased by $313,672 and payments to suppliers and employees increased by $445,188. The net cash flows used in investing activities were $(157,324). This was represented by payments for plant, equipment and motor vehicles of $157,324 which was an increase of $148,088 from the prior year, and proceeds from the sale of plant, equipment and motor vehicles of $Nil, which was a decrease of $15,932 from the prior year. The net cash flows used in financing activities were $Nil (2007: $26,294). These outflows represent the repayment of interest bearing liabilities in 2007. The Chamber’s cash increased by $26,900 during the year to $441,413 (2007 increase of $274,818). SACOME FINANCIALS vii
Page 2: CONTENTS President’s Report Chief
Page 5 and 6: Chief Executive’s Report The past
Page 7 and 8: New premises The growth of the reso
Page 9 and 10: industry development Assisting mini
Page 12 and 13: REPORT OF THE COUNCIL MEMBERS Your
Page 14 and 15: SUMMARISED INCOME STATEMENT FOR THE
Page 18 and 19: NOTES TO THE SUMMARISED FINANCIAL S
Page 20: NOTES TO THE SUMMARISED FINANCIAL S
Page 23 and 24: Skills and Education With the minin
Page 25 and 26: Industry promotion In the news The
Page 27 and 28: United Industry Bringing industry m
Page 29 and 30: Fugro Airborne Surveys Pty Ltd Fyfe
Page 32: Mines and Energy House 290 Glen Osm

SACOME Annual Report 2007-08

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