Annual Report

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Mary Osborne
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1 Representing members and improving business conditions in Gosford, Erina and surrounds Annual Report

2 Meetings of the Board of Directors of the Gosford/Erina & Coastal Chamber of Commerce 2015/2016 DIRECTOR'S NAME POSITION MEETINGS ATTENDED Ali Vidler President 10 Petrina Waddell Vice President 9 Len Sargant Vice President 6 Susan Drew Treasurer 10 Rod Dever Director 8 Rob Kitchen Director 7 Ron Sharpe Director 8 Sharleen Tighe Director 2 Resigned 21st June 2016 Paul Wrigley Director 9 Bob Ward Director 7 10 Board meetings held Life Members of the Chamber L. R. Graham (deceased), A. D. Eather (deceased), R. Dibben (deceased), R. A. Mortimer (deceased), J. Phillips (deceased), W. A. Hecker, L. F. Graham, R. J. Edwards, C. Blackett, G. Black, D. Humphries (deceased), L. De Martin, R. Hincksman (deceased), D. Warwick & L. Hood.

3 Financial Report For The Year Ended 30 June 2016 Page Number Income and Expenditure Statement Statement of Financial Position Notes to the Financial Statements Statement by Members of the Committee Independent Audit Report A NNUAL REPO RT

4 Presidents Report The past year has been another 12 months of change within your Chamber and our LGA. We have seen the amalgamation of not just Gosford and Erina Chambers, but also Gosford and Wyong Councils. Although the amalgamation of both Chambers was no where as hectic as merging two large Councils, it was, and still is, a very large job to undertake for your Board of Directors. During the process we have spent time talking to businesses at Erina and listening to their needs and wants. We have spent time changing and updating processes in the office along with outlaying expenses for a complete new website, which is under construction, and new marketing material to come soon. I have been very proud of the Board throughout this whole process as it has taken hours and hours of work to implement and put in place. We would also like to thank the NSW Business Chamber for their support through this process, especially to Dan Farmer and his team. We hope the Council amalgamation will place a spotlight on our region as we have been neglected for far too long, especially with funding and infrastructure. We will continue to watch and engage where necessary through the amalgamation process. We have continued to engage and meet with Local, State and Federal Government, developers and investors helping to create and foster a future for our Capital City and surrounds. We have also attended and spoken at all JRPP meetings that relate to positive development for Gosford. We continue to remain integral members of GBID, GBID Promotions Committee, SCRAP, Traffic and Community Safety Precinct Committee and the Regional Advisory Committee for the Central Coast to name a few. Maintaining attendance at these meetings helps to enure that our footprint remains constantly on the Agenda and receives the attention it deserves. We have also continued to assist at all GBID events and promotions. We have again managed to make a profit in the past 12 months. Another outstanding result for Your Chamber and the Board. We continue to think out side the square with the theme of a Working Board. Membership has also dramatically increased and grows form strength to strength. 2

5 Gosford RSL Club Gosford/Erina & Coastal Chamber Awards 2016 were a major success this year with more entrants and attendees then previous years. We had a great night celebrating Business Excellence. We also had the highest number of winners at the Regional Awards held in August and are very excited for the State Awards being held at the end of this month. We wish all our members the best of luck I would like to thank Jane Stewart-Kemble for her dedication to our Chamber. Her passion for the Chamber is beyond reproach. Thank you for all your efforts, support and enthusiasm Jane. A very big thank you must go to our sponsors. We could not survive without their support. We are extremely proud to have the sponsors that we do. Again, the Board should be very proud of what they have achieved this past 12 months. This has been a busier time than normal due the amalgamation and all that it entailed. The extra hours that your Board of Volunteer Directors put in was outstanding. Thank you for your time, efforts and energy. Thank you to my Executive team Susan, Petrina and Len. They have gone well above and beyond of what is expected of them. They are there when help is needed, urgent meetings are requireed and to be a sounding board. I sincerely can not thank them enough. And last, but certainly not least, a big thank you to all our members. You are our most valued asset and we will continue to strive to put your needs first and the needs of Gosford City, Erina and surrounds. We certainly look forward to the year ahead and the exciting changes it will bring. Regards Ali Vidler A NNUAL REPO RT

6 Treasurer s Report Gosford/Erina & Coastal Chamber of Commerce and Industry Inc has made a net profit after operating expenses of $41,793. We have finished the financial year with $60,347 in the bank. Over the past twelve months we have not just changed our name, we have gained valuable new sponsors and retained our existing sponsors. Our membership numbers have increased by 48 in the past 2 years. By comparison, the membership increase in the previous 2 years was 5. Your Chamber will be continuing to increase its membership because we believe in the power of many and the only way to effect change in our area is with a strong voice. To this end we are using the funds to build a new website, which is currently under construction and long overdue. We are updating our printed stationery and purchasing new marketing materials. The Chamber s luncheon committee will be looking to engage paid speakers for our luncheons to benefit our members. We are growing from strength to strength. As always, I sincerely thank everybody for their support, members, sponsors and directors. Regards Susan Drew Treasurer 4

7 Income and Expenditure Statement For The Year Ended 30 June 2016 Note $ $ Income Sponsorships 24,156 8,577 Sundry income 90 1,584 Membership subscriptions 44,971 36,490 Lunch fees 19,575 21,599 Less expenses (14,917) (17,275) Agenda magazine 5,918 13,449 Less expenses - (6,702) Award Night 14,932 10,804 Less Expenses (10,302) (7,659) 84,423 60,867 Expenditure Advertising 1, Auditor s remuneration 3,000 3,000 Bank charges Business chamber fees 1,060 1,022 Computer expenses 639 2,271 Depreciation 1,039 1,322 Donations Entertainment Equipment expenses General expenses Insurances 2,237 2,167 Leave entitlements (679) (2,622) Office expenses 1, Postage, printing and stationery 578 1,258 Salaries 24,988 32,311 Staff amenities Superannuation contributions 2,192 2,532 Telephone and facsimile 2,065 1,561 Training 1,470-42,630 48,456 Net current year surplus/(deficit) 41,793 12,411 Retained surplus at the beginning of the financial year 19,327 6,916 Retained surplus at the end of the financial year 61,120 19,327 A NNUAL REPO RT

8 Statement of Financial Position As at 30 June 2016 Note $ $ Current Assets Cash and cash equivalents 2 60,347 15,237 Accounts receivable and other debtors 3 13,280 7,558 Other current assets 4 8, Total Current Assets 82,396 23,582 Non-Current Assets Property, plant & equipment 5 2,592 3,631 Total Non-Current Assets 2,592 3,631 Total Assets 84,988 27,213 Current Liabilities Accounts payable and other payables 6 23,868 7,886 Total Current Liabilities 23,868 7,886 Total Liabilities 23,868 7,886 Net Assets 61,120 19,327 Members Funds Retained surplus 61,120 19,327 Total Members Funds 61,120 19,327 6

9 Notes To The Financial Statements For The Financial Year Ended 30 June 2016 Note 1. Summary of Significant Accounting Policies This financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Associations Incorporation Act 2009 (NSW). The committee has determined that the association is not a reporting entity. The financial report has been prepared on an accruals basis and is based on historic costs and does not take into account changing money values or, except where stated specifically, current valuations of non-current assets. The following significant accounting policies, which are consistent with the previous period unless stated otherwise, have been adopted in the preparation of this financial report. (a) Income Tax The charge for current income tax expense is based on the profit for the year adjusted for any non-assessable or disallowed items. It is calculated using tax rates that have been enacted or are substantially enacted by balance date. (b) Plant and Equipment Office equipment are carried at cost less, where applicable, any accumulated depreciation. The depreciable amount of all PPE is depreciated over the useful lives of the assets to the association commencing from the time the asset is held ready for use. (c) Impairment of Assets A the end of each reporting period, the committee reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of the asset s fair value less costs to sell and value in use, is compared to the asset s carrying amount. Any excess of the asset s carrying amount over its recoverable amount is recognised in the income and expenditure statement. (d) Employee Entitlements Provision is made for the association s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits have been measured at the amounts expected to be paid when the liability is settled. (e) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. A NNUAL REPO RT

10 Notes To The Financial Statements For The Financial Year Ended 30 June 2016 Note 1. Summary of Significant Accounting Policies (cont d) (f) Accounts Receivable and Other Debtors Accounts receivable and other debtors include amounts due from members as well as amounts receivable from donors. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as noncurrent assets. (g) Revenue and Other Income Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts or volume rebates allowed. For this purpose, deferred consideration is not discounted to present values when recognising revenue. Interest revenue is recognised using the effective interest method, which for floating rate financial assets is the rate inherent in the instrument. Grant and donation revenue is recognised when the entity obtains control over the funds, which is generally at the time of receipt. If conditions are attached to the grant that must be satisfied before the association is eligible to receive the contribution, recognition of the grant as revenue will be deferred until those conditions are satisfied. All revenue is stated net of the amount of goods and services tax (GST). (h) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GSDT incurred is not recoverable from the Australian Taxation Office (ATO). 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 ATO is included with other receivables or payables in the statement of financial position. (i) Accounts Payable and Other Payables Accounts payable and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the association during the reporting period that remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability. 8

11 Notes To The Financial Statements For The Financial Year Ended 30 June 2016 Note 2. Cash and Cash Equivalents $ $ Cash at bank 60, Note 3. Accounts Receivable and Other Debtors Accounts receivable 13,280 7,558 Note 4. Other Current Assets Prepaid expenses 8, Note 5. Property, Plant & Equipment Office furniture and equipment 17,533 17,533 Less accumulated depreciation (14,941) (13,902) 2,592 3,631 Note 6. Accounts Payable and Other Payables Income in advance 16,032 4,919 Other payables 7,836 2,967 23,868 7,886 A NNUAL REPO RT

12 Statement by Members of the Committee The committee has determined that the association is not a reporting entity and that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements. In the opinion of the committee the financial report as set out on pages 3 to 7: 1. Presents fairly the financial position of Gosford/Erina & Coastal Chamber of Commerce & Industry Inc. as at 30 June 2016 and its performance for the year ended on that date. 2. At the date of this statement, there are reasonable grounds to believe that Gosford/Erina & Coastal Chamber of Commerce & Industry Inc. will be able to pay its debts as and when they fall due. This statement is made in accordance with a resolution of the committee and is signed for and on behalf of the committee by: Dated this 14th day of October 2016 Dated this day of

13 Independent Audit Report to the Members of Gosford/Erina & CoastalChamber of Commerce inc. We have audited the accompanying financial report, being a special purpose financial report, of Gosford/Erina & Coastal Chamber of Commerce & Industry Inc. (the association), which comprises the committee s report, the statement of financial position as at 30 June 2016, the income and expenditure statement for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the statement by members of the committee. Committee s Responsibility for the Financial Report The committee of the association is responsible for the preparation of the financial report, and has determined that the basis of preparation described in Note 1 is appropriate to meet the requirements of the Associations Incorporation Act 2009 (NSW) and the needs of the members. The committee s responsibility also includes such internal control as the committee determines is necessary to enable the preparation of a financial report that is free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on the financial report based on our audit. We have conducted our audit in accordance with Australian Auditing Standards. Those 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 judgement, 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 association 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 association s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the committee, as well as evaluating the overall presentation of the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Audit Opinion In our opinion, the financial report presents fairly, in all material respects, the financial position of Gosford/Erina & Coastal Chamber of Commerce & Industry Inc. as at 30 June 2016 and of its financial performance for the year then ended in accordance with the accounting policies described in Note 1 to the financial statements, and the requirements of the Associations Incorporations Act 2009 (NSW). A NNUAL REPO RT

14 Independent Audit Report to the Members of Gosford/Erina & Coastal Chamber of Commerce inc Basis of Accounting and Restriction on Distribution Without modifying our opinion, we draw attention to Note 1 to the financial statements, which describes the basis of accounting. The financial report has been prepared to assist Gosford/Erina & Coastal Chamber of Commerce & Industry Inc. to meet the requirements of the Associations Incorporations Act 2009 (NSW). As a result, the financial report may not be suitable for another purpose. FORTUNITY ASSURANCE T R Davidson Partner Dated: 10 October,

15 200 Mann Street Gosford NSW 2250 PO Box 120 Gosford, NSW 2250 Tel: (02) Proudly Sponsored by Designed by: Alison Vidler

Equestrian Victoria Inc

Financial Report for the Year Ended 30 June 2016 COMMITTEE S REPORT Your committee members submit the financial report of Equestrian Victoria Inc for the financial year ended 30 June 2016. Committee Members