Victorian Agricultural Shows Limited - Microsoft...Victorian Agricultural Shows Limited Directors' Report-----Directors Meetings Number of Board Meetings Eligible to attend Number

As at 31 March 2019

Financial Statements

Victorian Agricultural Shows Limited

ACN: 103 570 190

31 March 2019

CONTENTS Page

Directors' Report 1

Auditor's Independence Declaration 4

Statement of Profit or Loss and Other Comprehensive Income 5

Statement of Financial Position 6

Statement of Changes in Equity 7

Statement of Cash Flows 8

Notes to the Financial Statements 9

Directors' Declaration 19

Independent Audit Report 20

Income and Expenditure Statement 22

Victorian Agricultural Shows Limited

Directors

Principal Activities

Operating Result

Year ended Year ended

$ $

(6,252) 6,811

The principal activity of the company during the financial year has comprised the promotion and development of

agricultural, pastoral, horticultural, viticultural, stock‐raising and associated industries within the State of Victoria and other

contiguous states.

Victorian Agricultural Shows Limited Directors' Report

The names and details of the company's directors who held office during or since the end of the financial year:

Jennifer Daffy

Chairperson

Occupation: Self Employed

Your directors submit the financial report of the Victorian Agricultural Shows Limited for the year ended 31 March 2019.

There have been no significant changes in the nature of these activities during the year.

Occupation: Finance Manager

Occupation: Grazier/Farmer

Scott Somerville Claire Bibby

Deputy Chairperson Director

Greg Macdonald

Treasurer

Director

Occupation: Grazier/Farmer

Warwick Glendenning

Occupation: Dairy Farmer Occupation: Apprenticeship Coordinator

Jean Wise

Director

Occupation: Retired

31 March 2019 31 March 2018

Vivian Beaumont

Director (appointed 1 July 2018)

The profit/(loss) of the company for the financial year ended 31 March 2019 after provision for income tax was:

Occupation: Wine Grower

Occupation: Training Assessor

Treasurer (retired 30 June 2018 )

Director

Lorraine Morris

Brian Keirl

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Directors Meetings

Number of Board Meetings

Eligible to attend Number attended

Jennifer Daffy 10 10

Claire Bibby 10 8

Jean Wise 10 9

Greg Macdonald 10 10

Brian Keirl 10 9

Scott Somerville 10 8

Lorraine Morris 10 9

Vivian Beaumont (appointed 1 July 2018) 8 7

Warwick Glendenning (retired 30 June 2018) 2 2

negotiating on behalf of affiliates for government grants, insurance premiums, amusement attendance,

sponsorship and other commercial arrangements;

providing operational information and training in areas such as administration, occupational health and safety and

animal health;

maintaining and expanding tiered competitions which competitors enter at local show level and progress to

regional, state, national and international levels of competition;

Short‐term and Long‐term Objectives

Strategies to generate sustainable surpluses include increasing income through raising the number of affiliates, competitors

and sponsors, whilst reducing expenditure on competitions. The company’s long term objectives are to remain viable whilst

supporting our affiliates to conduct agricultural shows and other events which appeal to special interest groups and the

general public. Support to affiliates includes:

Strategies to achieve efficient servicing of affiliates include engaging an administrative service provider with relevant skills,

knowledge and experience; communicating effectively with affiliates with relevant and regular information; and reviewing

the structure of the regional groups associated with the company.

The number of Directors meetings attended by each of the Directors of the company during the year were:

maintaining horse qualifications from affiliates’ shows as a prerequisite for Royal show entry;

providing networking opportunities through an annual convention, council meetings and regional group meetings;

coordinating the dates of agricultural shows, field days and other affiliate‐organised events;

The company’s short term objectives are to service affiliates efficiently and to generate sustainable surpluses.

encouraging the involvement of the next generation of agricultural show organisers and competitors.

ensuring the agricultural show and field day movement is represented at the highest civic and political levels and

promoted positively;

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Jennifer Daffy Greg Macdonald

Chairperson Treasurer

Signed in accordance with a resolution of the Board of Directors at Victorian Agricultural Shows Limited:

Dated this 17th day of June 2019.

Auditors' Independence Declaration

A copy of the auditors' independence declaration for the year ended 31 March 2019 is set out on page 4.

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AMATIC.AFS

Stamp

AMATIC.AFS

Stamp

Auditor’s independence declaration to the directors of Victorian Agricultural Shows Limited

In accordance with the requirements of section 60‐40 of the Australian Charities and Not‐for‐profits Commission Act 2012, as lead auditor for the audit of Victorian Agricultural Shows Limited for the year ended 31 March 2019, I declare that, to the best of my knowledge and belief, there have been:

a no contraventions of the auditor independence requirements of the Australian Charities and Not‐for‐profits Commission Act 2012 in relation to the audit

b no contraventions of any applicable code of professional conduct in relation to the audit.

Joshua Griffin Lead Auditor

Andrew Frewin Stewart 61 Bull Street, Bendigo Vic 3550 Dated this 17th day of June 2019

2019 2018

Note $ $

Revenue 2 238,727 218,755

Other revenue 2 7,628 6,438

Administration expenses (104,159) (71,235)

Board expenses (17,431) (16,298)

Competition expenses (101,717) (121,573)

Depreciation expense 3 (400) (539)

Insurance costs (5,928) (7,132)

Other expenses (8,468) (1,549)

Convention expenses (14,504) ‐

RIDF grant payments and costs ‐ (56)

Profit/(loss) before income tax credit (6,252) 6,811

Income tax expense ‐ ‐

Profit/(loss) before income tax credit (6,252) 6,811

Other comprehensive income ‐ ‐

Total comprehensive income attributable to members of the entity (6,252) 6,811

For the Year Ended 31 March 2019

Statement of Profit or Loss and Other Victorian Agricultural Shows Limited

Comprehensive Income

The accompanying notes form part of these financial statements| 5

2019 2018

Note $ $

Current assets

Cash and cash equivalents 4 265,915 55,759 Trade and other receivables 5 63,584 51,638 Investments 6 45,035 278,823 Other current assets 7 3,386 5,827

Total current assets 377,920 392,047

Non‐current assets

Property, plant and equipment 8 1,662 2,062

Total non‐current assets 1,662 2,062

Total assets 379,582 394,109

Current liabilities

Trade and other payables 9 22,766 34,592 Other liabilities 10 112,882 109,331

Total current liabilities 135,648 143,923

Total liabilities 135,648 143,923

Net assets 243,934 250,186

Equity

Retained surplus 243,934 250,186

Total equity 243,934 250,186

Victorian Agricultural Shows Limited Statement of Financial Position As at 31 March 2019


Retained TotalSurplus Equity

$ $

Balance at 1 April 2017 243,375 243,375

Surplus for the year 6,811 6,811

Total other comprehensive income for the year ‐ ‐

Balance at 31 March 2018 250,186 250,186

Balance at 1 April 2018 250,186 250,186

Deficit for the year (6,252) (6,252)

Total other comprehensive income for the year ‐ ‐

Balance at 31 March 2019 243,934 243,934

Victorian Agricultural Shows Limited Statement of Changes in Equity For the Year Ended 31 March 2019


2019 2018

Note $ $

Cash flows from operating activities

Receipts from customers 237,359 216,565 Payments to suppliers and employees (268,619) (246,593)Interest received 7,628 7,330

Net cash provided by / (used in) operating activities (23,632) (22,698)

Net decrease in cash held (23,632) (22,698)

Cash and cash equivalents at the beginning of the financial year 334,582 357,280

Cash and cash equivalents at the end of the financial year 4 310,950 334,582

Victorian Agricultural Shows Limited Statement of Cashflows For the Year Ended 31 March 2019


Basis of preparation

Accounting Policies

(a) Revenue

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All revenue is stated net of the amount of goods and services tax.

(b) Income tax

Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial

assets.

Grant revenue is recognised when the association gains control of the contribution or the right to receive the

contribution.

Victorian Agricultural Shows Limited Notes to the Financial Statements For the Year Ended 31 March 2019

Note 1. Summary of Significant Accounting Policies

Victorian Agricultural Shows Limited applied Australian Accounting Standards ‐ Reduced Disclosure Requirements as set out

in AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010‐2: Amendments to Australian

Accounting Standards arising from Reduced Disclosure Requirements.

Receipts from affiliation fees are accounted for on an accruals basis.

The financial statements are general purpose financial statements that have been prepared in accordance with Australian

Accounting Standards ‐ Reduced Disclosure Requirements of the Australian Accounting Standards Board (AASB) and the

Australian Charities and Not‐for‐profits Commission Act 2012. The company is a not‐for‐profit entity for financial reporting

purposes under Australia Accounting Standards.

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial

statements containing relevant and reliable information about transactions, events and conditions. Material accounting

policies adopted in the preparation of these financial statements are presented below and have been consistently applied

unless stated otherwise.

The financial statements, except for the cash flow information, have been prepared on an accrual basis and are based on

historical costs, modified, where applicable, by the measurement at fair value of selected non‐current assets, financial

assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar.

The financial statements were authorised for issue on 17 June 2019 by the directors of the company.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Victorian Agricultural

Show Limited and the revenue can be reliably measured. The following specific criteria must also be met before revenue is

recognised:

No provision for income tax has been raised as the entity is exempt from income tax under Div 50 of the Income Tax

Assessment Act 1997 .

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Summary of Significant Accounting Policies (continued)

(c)

(d) Cash and cash equivalents

(e) Trade and Other Receivables

(f) Property, plant and equipment

Note 1.

Depreciation

Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost using the

effective interest method, less any provision for impairment.

Plant and equipment that have been contributed at no cost, or for nominal' cost, are valued and recognised at the fair value

of the asset at the date it is acquired.

Goods and services tax (GST)

The depreciation rates used for each class of depreciable assets is between 2.5 and 10 years.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are

included in the income statement. When revalued assets are sold, amounts included in the revaluation reserve relating to

that asset are transferred to retained earnings.

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST 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.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities

which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from

customers or payments to suppliers.

Trade and other receivables includes amounts due from customers for services performed in the ordinary course of

business. 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 non‐current assets.

Cash and cash equivalents include cash on hand, deposits held at call with banks, other short‐term highly liquid investments

with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short‐term

borrowings in current liabilities on the statement of financial position.

The depreciable amount of all plant and equipment is depreciated on a straight line basis over the asset's useful life to the

company commencing from the time the asset is held ready for use.

Plant and equipment are measured on the cost basis and are therefore carried at cost less accumulated depreciation and

any accumulated impairment losses. In the event the carrying amount of plant and equipment is greater than its estimated

recoverable. amount, the carrying amount is written. down immediately to its estimated recoverable amount and

impairment losses are recognised either in profit or loss or as a revaluation decrease if the impairment losses relate to a

revalued asset. A formal assessment of recoverable amount is made when impairment indicators are present (refer to Note

1 (h) for details of impairment).

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

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(g) Financial instruments

(i) Financial assets at fair value through profit or loss

(ii) Held‐to‐maturity investments

(iii) Loans and receivables

(iv) Financial liabilities

Non‐derivative financial liabilities other than financial guarantees are subsequently measured at amortised cost. Gains or

losses are recognised in profit or loss through the amortisation process and when the financial liability is derecognised.

Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions of the

instrument. For financial assets, this is equivalent to the date that the company commits itself to either purchase or sell the

asset (i.e. trade date accounting is adopted). Financial instruments are initially measured at fair value plus transactions costs

except where the instrument is classified ‘at fair value through profit or loss’ in which case transaction costs are expensed

to profit or loss immediately.

Classification and subsequent measurement

Amortised cost is calculated as the amount at which the financial asset or financial liability is measured at initial recognition

less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference

between that initial amount and the maturity amount calculated using the effective interest method .

Financial instruments are subsequently measured at fair value (refer to Note 1 (q)), amortised cost using the effective

interest method, or cost.

Loans and receivables are non‐derivative financial assets with fixed or determinable payments that are not quoted in an

active market and are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the

amortisation process and when the financial asset is derecognised.

Note 1.

The effective interest method is used to allocate interest income or interest expense over the relevant period and is

equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs

and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual

term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected

future net cash flows will necessitate an adjustment to the carrying value with a consequential recognition of an income or

expense in profit or loss.

Financial assets are classified at 'fair value through profit or loss" when they are held for trading for the purpose of short‐

term profit taking, derivatives not held for hedging purposes, or when they are designated as such to avoid an accounting

mismatch or to enable performance evaluation where a group of financial assets is managed by key management

personnel on a fair value basis in accordance with a documented risk management or investment strategy. Such assets are

subsequently measured at fair value with changes in carrying amount being included in profit or loss.

Held‐to‐maturity investments are non‐derivative financial assets that have fixed maturities and fixed or determinable

payments, and it is the company's intention to hold these investments to maturity. They are subsequently measured at

amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial

asset is derecognised.

Initial Recognition and Measurement

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(g) Financial instruments (continued)

(h) Impairment of assets

(i) Trade and other payables

Impairment

At the end of each reporting period, the company assesses whether there is objective evidence that a financial asset has

been impaired. A financial asset (or a group of financial assets) is deemed to be impaired if, and only if, there is objective

evidence of impairment as a result of one or more events (a "loss event") having occurred, which has an impact on the

estimated future cash flows of the financial asset(s).

For financial assets carried at amortised cost (including loans and receivables), a separate allowance account is used to

reduce the carrying amount of financial assets impaired by credit losses. After having taken all possible measures of

recovery, if management establishes that the carrying amount cannot be recovered by any means, at that point the written‐

off amounts are charged to the allowance account or the carrying amount of impaired financial assets is reduced directly if

no impairment amount was previously recognised in the allowance account.

At the end of each reporting period, the entity assesses whether there is any indication that an asset may be 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 of disposal and value in use, to the asset's carrying amount. Any excess of

the asset's carrying amount over its recoverable amount is recognised immediately in profit or loss, unless the asset is

carried at a revalued amount in accordance with another Standard (eg in accordance with the revaluation model in AASB

116). Any impairment loss of a revalued asset is treated as a revaluation decrease in accordance with that other Standard.

When the terms of financial assets that would otherwise have been past due or impaired have been renegotiated, the

company recognises the impairment for such financial assets by taking into account the original terms as if the terms have

not been renegotiated so that the loss events that have occurred are duly considered.

In the case of financial assets carried at amortised cost, loss events may include: indications that the debtors or a group of

debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments; indications

that they will enter bankruptcy or other financial reorganisation; and changes in arrears or economic conditions that

correlate with defaults.

Trade and other payables represent the liabilities for goods and services received by the company during the reporting

period that remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the

amounts normally paid within 30 days of recognition of the liability.

Impairment testing is performed annually for goodwill and intangible assets with indefinite lives.

Where it is not possible to estimate the recoverable amount of an individual asset, the entity estimates the recoverable

amount of the cash‐generating unit to which the asset belongs.

Note 1.

Derecognition

Financial assets are derecognised when the contractual rights to receipt of cash flows expire or the asset is transferred to

another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated

with the asset. Financial liabilities are derecognised when the related obligations are discharged or cancelled, or have

expired. The difference between the carrying amount of the financial liability, which is extinguished or transferred to

another party, and the fair value of consideration paid, including the transfer of non‐cash assets or liabilities assumed, is

recognised in profit or loss.

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(j) Provisions

(k) Comparative Figures

(l) Critical accounting estimates and judgements

(m) Fair Value of Assets and Liabilities

(n) New Accounting Standards for Application in Future Periods

An assessment of accounting standards and interpretations issued by the AASB that are not yet mandatory applicable to the

company and their potential impact on the company when adopted in future periods is discussed below.

The fair value of liabilities and the entity's own equity instruments (if any) may be valued, where there is no observable

market price in relation to the transfer of such financial instrument, by reference to observable market information where

such instruments are held as assets. Where this information is not available, other valuation techniques are adopted and

where significant, are detailed in the respective note to the financial statements.

To the extent possible, market information is extracted from the principal market for the asset or liability (ie the market

with the greatest volume and level of activity for the asset or liability). In the absence of such a market, market information

is extracted from the most advantageous market available to the entity at the end of the reporting period (ie the market

that maximises the receipts from the sale of the asset or minimises the payments made to transfer the liability, after taking

into account transaction costs and transport costs).

"Fair value" is the price the company would receive to sell an asset or would have to pay to transfer a liability in an orderly

(ie unforced) transaction between independent, knowledgeable and willing market participants at the measurement date.

As fair value is a market‐based measure, the closest equivalent observable market pricing information is used to determine

fair value. Adjustments to market values may be made having regard to the characteristics of the specific asset or liability.

The fair values of assets and liabilities that are not traded in an active market are determined using one or more valuation

techniques. These valuation techniques maximise, to the extent possible, the use of observable market data.

Where required by Accounting Standards, comparative figures have been adjusted to conform with changes in presentation

for the current financial year.

Provisions are recognised when the entity has a legal or constructive obligation, as a result of past events, for which it is

probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised

represent the best estimate of the amounts required to settle the obligation at the end of the reporting period.

Note 1.

The estimation of the useful lives of assets has been based on historical experience and the condition of the asset is

assessed at least once per year and considered against the remaining useful life. Adjustments to useful lives are made when

considered necessary.

Estimation of Useful Lives of Assets

The company measures some of its assets and liabilities at fair value on either a recurring or non‐recurring basis, depending

on the requirements of the applicable Accounting Standard.

The directors evaluate estimates and judgements incorporated into the financial statements based on historical knowledge

and best available current information. Estimates assume a reasonable expectation of future events and are based on

current trends and economic data, obtained both externally and within the company.

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(n) New Accounting Standards for Application in Future Periods (continued)

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‐

‐

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‐

‐

‐

‐

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Note 1. Summary of Significant Accounting Policies (continued)

The transitional provisions of AASB 16 allow a lessee to either retrospectively apply the Standard to comparatives in

line with AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors or recognise the cumulative effect

of retrospective application as an adjustment to opening equity on the date of initial application.

Revenue recognition requirements for not‐for‐profits (NFPs) have been reformed with the release in late December 2016

of the following three standards by the Australian Accounting Standards Board (AASB). The new standards are:

AASB 1058 Income of Not‐for‐Profit Entities – this replaces AASB 1004 Contributions and will work in conjunction with

AASB 15 Revenue from Contracts with Customers to ensure NFP revenue recognition requirements more closely

reflect the economic reality of NFP transactions. The new standard requires revenue from grants and donations be

recognised when any associated performance obligation to provide goods or services is satisfied, and not immediately

upon receipt as currently occurs. More assets will also be recorded on the balance sheet under the new requirements,

including leases with significantly below‐market terms and conditions. AASB 1058 applies for financial reporting

periods beginning on or after 1 January 2019 with early adoption permitted, provided AASB 15 is also applied.

AASB 16: Leases (applicable to annual reporting periods beginning on or after 1 January 2019). When effective, this

Standard will replace the current accounting requirements applicable to leases in AASB 117: Leases and related

Interpretations. AASB 16 introduces a single lessee accounting model that eliminates the requirement for leases to be

classified as operating or finance leases.

recognition of a right‐of‐use asset and liability for all leases (excluding short‐term leases with less than 12

months of tenure and leases relating to low‐value assets);

depreciation of right‐of‐use assets in line with AASB 116: Property, Plant and Equipment in profit or loss and

unwinding of the liability in principal and interest components;

Although the directors anticipate that the adoption of AASB 16 may impact the company's financial statements, it is

impracticable at this stage to provide a reasonable estimate of such impact.

AASB 2016‐7 Amendments to Australian Accounting Standards – Deferral of AASB 15 for Not‐for‐Profit Entities – this

standard is operative from 1 January 2017 and defers the application of AASB 15 for one year to 1 January 2019,

providing NFP entities with time to effectively implement it and AASB 1058.

AASB 2016‐8 Amendments to Australian Accounting Standards ‐ Australian Implementation Guidance for Non‐for‐

Profit Entities – this standard inserts authoritative Australian implementation guidance for NFP entities into AASB 9

Financial Instruments and AASB 15 to assist them applying those standards to particular transactions and other events.

The amendments to AASB 9 provide guidance on the initial measurement and recognition of non‐contractual

receivables arising from statutory requirements such as taxes, rates and fines. The amendments to AASB 15 provide

guidance in relation to identifying a contract with a customer, identifying performance obligations and allocating the

transaction price to performance obligation. Like AASB 1058, this standard is operative from 1 January 2019.

The main changes introduced by the new Standard are as follows:

inclusion of variable lease payments that depend on an index or a rate in the initial measurement of the lease

liability using the index or rate at the commencement date;

application of a practical expedient to permit a lessee to elect not to separate non‐lease components and

instead account for all components as a lease; and

inclusion of additional disclosure requirements.

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2019 2018

Revenue $ $

‐ Affiliation fees 107,227 108,145

‐ Competition income 48,958 60,225

‐ Government grants 10,774 ‐

‐ Other income 5,993 11,000

‐ Convention income 18,489 ‐

‐ Sponsorship income 47,286 39,385

Total revenue from operating activities 238,727 218,755

‐ Interest received 7,628 6,438

Total revenue from non‐operating activities 7,628 6,438

Total revenue 246,355 225,193

Deficit for the Year

The deficit for the year includes the following expense:

400 539

Cash and Cash Equivalents

CURRENT

Cash on hand 500 500

Cash at bank 41,634 55,259

Short‐term investments 223,781 ‐

265,915 55,759

Reconciliation of cash and cash equivalents.

Cash and cash equivalents 265,915 55,759

Investments ‐ term deposits 45,035 278,823

310,950 334,582

Trade and Other Receivables

CURRENT

Trade receivables 50,723 46,090

Other receivables and accruals 7,369 5,548

Short‐term loan receivable 2,000 ‐

Tax receivable 3,492 ‐

63,584 51,638

Note 2.

Note 3.

Operating activities:

Depreciation

Note 4.

Note 5.

Non‐operating activities:

Cash and cash equivalents at the end of the financial year as shown in the statement of

cash flows are reconciled to items in the statement of financial position as follows:

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2019 2018

Investments $ $

CURRENT

Term deposits 45,035 278,823

Other Assets

CURRENT

Prepayments 3,386 5,827

Property, Plant and Equipment

Plant and equipment

At cost 4,649 4,649

Accumulated depreciation (2,987) (2,587)

1,662 2,062

Movements in Carrying Amounts

Plant and

equipment Total

$ $

Balance at 1 April 2017 2,601 2,601

Additions ‐ ‐

Disposals ‐ ‐

Depreciation expense (539) (539)

Balance at beginning of year 2018 2,062 2,062

Additions ‐ ‐

Disposals ‐ ‐

Depreciation expense (400) (400)

Carrying amount at the end of year 1,662 1,662

2019 2018

Trade and Other Payables $ $

CURRENT

Trade and other payables 1,809 14,327

Accrued expenses 20,957 20,265

22,766 34,592

Note 6.

Note 9.

Note 8.

Note 7.

Movements in carrying amounts for each class of property, plant and equipment between the beginning and the end of the

current financial year.

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2019 2018

Other Liabilities $ $

108,882 107,331

4,000 2,000

112,882 109,331

Capital and Leasing Commitments

Contingent Liabilities and Assets

Events after the Reporting Period

Director and Related Party Disclosures

2019 2018

$ $

Jennifer Daffy 4,380 3,797 Claire Bibby 1,506 1,138 Jean Wise 2,501 1,094 Greg Macdonald 1,178 1,034 Brian Keirl 1,083 966 Scott Somerville 1,224 1,098 Lorraine Morris 1,696 765 Vivian Beaumont (appointed 1 July 2018) 553 ‐ Warwick Glendenning (retired 30 June 2018) 1,305 1,589

No directors have entered into any material contract with the company since the end of the previous financial year and

there were no material contracts involving directors interests subsisting at year end.

Note 14.

Provision for national finals

The company's directors are not aware of any contingent liabilities or assets as at the date of signing this financial report.

The names of directors who have held office during the financial year and their remuneration including superannuation and

allowances, are:

Note 10.

There have been no events subsequent to the balance sheet date that have an impact that would require disclosure in the

financial statements or notes there of.

Note 11.

Each Director is paid a Director's allowance of $600 and is entitled to claim travel allowances of $0.66 per kilometre. The

Chairman and Treasurer receive an additional allowance of $3,000 and $500 retrospectively.

Transactions between related parties are on normal commercial terms and conditions no more favourable than those

available to other parties unless otherwise stated.

CURRENT

Note 12.

Note 13.

The company has no material contract commitments for capital, lease, hire or other expenditure as at 31 March 2019.

Income in advance

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Members Guarantee

Financial Risk Management

2019 2018

Note $ $

Financial assets

Cash and cash equivalents 4 265,915 55,759

Loans and receivables 5 63,584 51,638

Held‐to‐maturity investments 6 45,035 278,823

Total financial assets 374,534 386,220

Financial liabilities

Financial liabilities at amortised cost:

Trade and other payables 9 22,766 34,592

Registered Office / Principal place of Business

211 Axe Creek Rd

Axe Creek VIC 3551

Note 16.

Note 17.

The registered office and principal place of business is:

The carrying amounts for each category of financial instruments, measured in accordance with AASB 139 as detailed in the

accounting policies to these financial statements, are as follows:

The company's financial statements consist mainly of deposits with banks, local money market instruments, short‐term

investments and accounts receivable and payable.

Note 15.

The company is a public company limited by guarantee. The Constitution specifies that in the event of a winding up of the

company, each member undertakes to contribute to the property of the company an amount not exceeding twenty dollars

while he/she is a member or within one year after he/she ceases to be a member.

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1.

(a)

(b)

2

Dated this 17th day of June 2019.

The directors of Victorian Agricultural Shows Limited declare that, in the directors' opinion:

Treasurer:

Chairman:

Greg Macdonald

Jennifer Daffy

There are reasonable grounds to believe that the company will be able to pay its debts as and when they

become due and payable.

This declaration is signed in accordance with subs 60.15(2) of the Australian Charities and Not‐for‐Profits Commission

Regulation 2013.

comply with Australian Accounting Standards ‐ Reduced Disclosure Requirements and the

Australian Charities and Not‐for‐Profits Commission Regulations 2013 ; and

Victorian Agricultural Shows Limited Directors Declaration

The financial statements and notes, as set out on pages 1 to 18, are in accordance with the Australian Charities

and Not‐for‐Profits Commission Act 2012 and:

give a true and fair view of the company's financial position as at 31 March 2019 and of its

performance for the year ended on that date.

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AMATIC.AFS

Stamp

Independent auditor’s report to the members of Victorian Agricultural Shows Ltd

Report on the audit of the financial statements

Our opinion In our opinion, the financial report of Victorian Agricultural Shows Ltd, is in accordance with the Australian Charities and Not‐for‐profits Commission Act 2012, including:

i. giving a true and fair view of the company’s financial position as at 31 March 2019 and of itsperformance for the year ended on that date; and

ii. complying with Australian Accounting Standards ‐ Reduced Disclosure Requirements and the AustralianCharities and Not‐for‐profits Commission Regulations 2012.

What we have audited Victorian Agricultural Shows Ltd’s (the company) financial report comprises the:

Statement of financial position as at 31 March 2019 Statement of profit or loss and other comprehensive income for the year then ended Statement of changes in equity for the year then ended Statement of cash flows for the year then ended Notes comprising a summary of significant accounting policies and other explanatory notes The directors' declaration of the entity.

Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Other information The company may prepare an annual report that may include the financial statements, director’s report and declaration and our audit report (the financial report). The annual report may also include “other information” on the entity’s operations and financial results and financial position as set out in the financial report, typically in a Chairperson’s report and reports covering governance and other matters.

The directors are responsible for the other information. An annual report has not been made available to us as of the date of this auditor's report.

Our opinion on the financial report does not cover the other information and accordingly we will not express any form of assurance conclusion thereon.

Our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If we identify that a material inconsistency appears to exist when we read the annual report (or become aware that the other information appears to be materially misstated), we will discuss the matter with the directors and where we believe that a material misstatement of the other information exists, we will request management to correct the other information.

Independence In conducting our audit, we have complied with the independence requirements of the Australian Charities and Not‐for‐profits Commission Act 2012.

Directors’ responsibility for the financial report The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards ‐ Reduced Disclosure Requirements and the Australian Charities and Not‐for‐profits Commission Act 2012 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or cease operations, or have no realistic alternative but to do so.

Auditor’s responsibility for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatement can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: http://www.auasb.gov.au/home.aspx. This description forms part of our auditor’s report.

Joshua Griffin Lead Auditor

Andrew Frewin Stewart 61 Bull Street, Bendigo, 3550 Dated this 17th day of June 2019


2019 2018$ $

INCOME

Affiliation Fee 107,227 108,145 Alabar HERO Series:Sponsorship 4,620 4,070

Competition:Sponsorship 5,750 4,950 State Final Entry Fee 1,023 1,115

Convention:Raffle/Silent Auction 1,135 ‐ Convention ‐ Sunday 1,336 ‐ Convention ‐ Saturday Dinner 7,364 ‐ Convention ‐ Saturday Only 6,127 ‐ Convention ‐ Friday Night 777 ‐ Sponsorship 1,750 ‐

Grant 5,974 ‐ Interest 7,628 6,438 Junior Ambassador ‐ Sponsorship 2,750 2,750 National Finals:Provision expense ‐ 100 Travel/Accommodation ‐ 10,400 Dinner Tickets ‐ 3,450

Off the Track:Ribbons / Sashes ‐ 2,852 Sponsorship 12,610 7,590

Rural Ambassador:Dinner 2,400 4,500 Sponsorship 13,200 13,200

Saddle Horse:Camp Sites 1,750 1,837 Catalogue 2,200 2,173 Entry Fees 33,540 30,784 Sponsorship 15,906 9,575 Stable Bookings 5,670 5,634 Straw Only 2,100 2,154 Sundry Income 130 24 Swabbing Levy 2,300 2,354 Trade Stand 220 200

Show Dates Booklet 868 898

Total Income 246,355 225,193

Victorian Agricultural Shows Limited Income and Expenditure Statement

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2019 2018$ $


EXPENDITURE

Account Fees 305 295 Accounting Services 7,528 6,243

Audit 6,300 6,485

Affiliations ‐ Secretarial 4,510 8,339 Ambassador Junior 2,448 3,482 Ambassador National 250 ‐ Alabar HERO Series:Prize money 2,050 1,850 Sashes / Ribbons 247 1,740 Secretarial 594 761

Ambassador Rural:Accommodation 1,140 616 Catering 3,112 4,917 Facility Hire 455 364 Judges Expenses ‐ 104 Prize money 4,500 4,500 Secretarial 2,519 4,426 Sundry 733 1,000 Trophy 505 455

Board Expenses:Fees 9,133 7,384 Sundry 1,173 3,159 Travel 7,126 5,755

Catering ‐ 183 Competitions Expense:Carrot & Date Muffins 1,452 1,416 Cattle 269 266 Craft 255 227 Dogs High Jump 49 41 Fruit Cake 802 791 Judges ‐ 67 Photography 257 246 Secretarial 7,534 11,102 Sheep 209 228 State Final Entry Fee 1,056 1,014 Other ‐ 239

Convention:Convention expenses 1,564 5,443 Venue hire 11,940Merchandise 1,000

ASA Expenses 7,198 ‐ Sashes ‐ 539 Insurance 5,927 7,132

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2019 2018$ $


EXPENDITURE (CONTINUED)

National Finals ExpenseAccommodation ‐ 4,017 Dinner Expenses ‐ 1,563 Printing ‐ 453 Bus ‐ 690 Sundry Expense 291 402 Judges Gifts ‐ 403 Provision 2,000 Catering ‐ 127 Stationery ‐ 154 Sashes ‐ 660 Travel 2,000 Postage ‐ 149 Secretarial 74 8,428

Next Generation Expenses 111 130 Off the Track:Postage ‐ 18 Prize Money 3,600 3,100 Sashes / Ribbons 1,742 2,968 Secretarial 1,244 1,169 TBV Prizemoney 3,450

Postage 2,764 2,812 Printing & Photocopying 8,400 4,574 Promotional 698 ‐ RIDF Grants Expense ‐ 56 Saddle Horse Costs:Accounting ‐ 402 Audio 2,169 1,823 Camping 1,019 1,190 Catering 1,913 2,167 Drug Testing 1,885 1,544 Equipment Hire 1,845 2,529 Facility Hire 1,364 1,455 Judges Expenses 4,204 1,668 Photocopying / Printing 2,069 2,197 Postage ‐ 27 Prize Money 12,025 10,600 Sashes / Ribbons 3,488 2,676 Secretarial 12,502 10,581 Stables 1,959 2,362 Stationary 132 227 Straw 1,375 1,000 Sundry Expenses 2,358 1,944 Travel / Accommodation 1,415 2,571 Trophies 5,033 5,452

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2019 2018$ $


EXPENDITURE (CONTINUED)

Secretarial Services 68,703 35,838 Secretary Workshop 157 ‐ Stationary 150 361 Sundry Expense 652 140 Telephone 1,396 1,674 Website 4,280 5,272

Total Expenditure 252,607 218,382

Deficit before income tax (6,252) 6,811

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Documents

Victorian Agricultural Shows Limited - Microsoft...Victorian Agricultural Shows Limited Directors' Report-----Directors Meetings Number of Board Meetings Eligible to attend Number