SACOME Annual Report 2007-08

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NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008 1 BASIS OF PREPARATION OF SUMMARISED FINANCIAL REPORT The summarised financial report has been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australia Accounting Standards Board and the requirements of the Associations Incorporation Act 1985. The financial report covers The South Australian Chamber of Mines and Energy Inc (Chamber) as an individual entity. The Chamber is an Association incorporated in South Australia under the Associations Incorporation Act 1985. The summarised financial statements and specific disclosures have been derived from the Chamber’s full financial report for the financial year. The summarised financial report does not, and cannot be expected to, provide as full an understanding of the financial performance, financial position and financing and investing activities of the Chamber and should be read in conjunction with the full financial report which includes all disclosures required by the relevant financial reporting framework. The Financial report of the Chamber as an individual entity complies with all Australian equivalents to International Financial Reporting Standards (AIFRS) in their entirety. The summarised financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non current assets and 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. 2 SEGMENT REPORTING The Chamber operates within the minerals and energy industry to promote and protect the interests of the industry in South Australia. 3 KEY MANAGEMENT PERSONNEL COMPENSATION Short Term Benefit $ Post Employment Benefit $ Total $ 2008 Total Compensation 379,128 37,119 416,247 2007 Total Compensation 243,106 26,651 269,757 viii SACOME FINANCIALS
NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008 Continued 4 CAPITAL AND LEASING COMMITMENTS (a) Finance Lease Commitments The Association had no finance lease commitments owing as at 30 June 2008. (b) Operating Lease Commitments Non-cancellable operating leases contracted for but not capitalised in the Financial Statements: Minimum Operating Lease Payments Payable: 2008 $ 2007 $ not later than 1 year 112,670 8,223 later than 1 year but not later than 5 years 450,680 26,229 later than 5 years 112,670 - During 2007, the Chamber relocated its premises to 1/290 Glen Osmond Road, Fullarton. The property lease is a non-cancellable lease with a three year term. Contingent rental provisions within the lease agreement require that the minimum lease payments shall be increased by CPI review plus 1% per annum. Under the agreement, an option exists to renew the lease at the end of the three year term, for an additional term of three years. (c) Capital Commitments The Chamber has commitments for capital expenditure, which at reporting date have not been recognised as liabilities, of $Nil (2007 $Nil). 5 CONTINGENT LIABILITIES The Chamber had no contingent liabilities as at 30 June 2008 (2007 Nil). 6 FUNDING AND SOLVENCY The ability of the Council to provide services at the current level of operations is dependent upon the Association maintaining and increasing the existing membership subscription levels, sponsorship funding, grant funding and other additional sources of funding. 7 EVENTS AFTER THE BALANCE SHEET DATE (a) The financial report was authorised for issue on 28th October 2008. (b) There have been no significant events which have occurred subsequent to 30 June 2008. SACOME FINANCIALS ix
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 16 and 17: SUMMARISED CASH FLOW STATEMENT FOR
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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