WESTERN AUSTRALIAN RUGBY UNION (INC.) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 NOTE 15: CASH FLOW STATEMENT RECONCILIATION Reconciliation of surplus to net cash provided by operating activities Net surplus/(deficit) for the period
WESTERN AUSTRALIAN RUGBY UNION (INC.) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 2009 $
2008 $
(728,842)
851,913
Add/(less) non-cash items: Depreciation
82,034
146,459
Before change in assets and liabilities
(646,808)
998,372
Change in assets and liabilities during the financial period (Increase) / decrease in receivables (Increase) / decrease in other current assets (Increase) / decrease in inventories Increase / (decrease) in unearned revenue Increase / (decrease) in payables Increase / (decrease) in employee entitlements Increase / (decrease) in interest bearing liabilities Net cash provided by operating activities
(257,339) 40,156 (37,273) (1,744,320) (270,956) (25,213) 108,504 (2,833,249)
103,440 259,948 13,210 (1,603,744) (255,681) (76,146) (560,601)
NOTE 16: SEGMENT INFORMATION The Association operates solely within the Sporting Industry of Australia.
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RugbyWA 2009 Annual Report
60,000 700,000 1,240,000 2,000,000
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NOTE 18: RELATED PARTY DISCLOSURES Members of the Board The names of each person holding the position of Board Member of the Association during the financial year were: G Stooke (Chairman), T Bradbury, C Fear, S Fink, T Harvey, A Howarth, R Perry, D Redpath, V Reid, N Sharpe, B Stewart, J Welborn The following related party transactions occurred during the year - consulting fees totalling $6,006 has been paid to Terry Bradbury. - market research costs totalling $69,630 have been paid to Synovate Pty Ltd, Brent Stewart is the chairman and chief executive of Synovate Pty Ltd.
M Earsman, M Hardy, G Harris, N Horrocks, S Lee, J Mitchell, V Reid, M Tink, M White, M Wilson 39,850 79,700 119,550
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Finance Leases The Association has entered into commercial leases on certain motor vehicles. There are no restrictions placed upon the lessee by entering into these leases.
Lease liabilities provided for in the financial statements Current Non current
2008 $
NOTE 19: KEY MANAGEMENT PERSONNEL DISCLOSURES (i) Details of Key Management Personnel Key management personnel of the association during the financial year were:
Future minimum rentals payable under non-cancellable operating leases as at 31 December 2009 are as follows:
Within one year After one year but not more than five years Less amounts representing finance charges present value of minimum lease payments Present value of minimum lease payments
Within one year After one year but not more than five years After more than five years
2009 $
Terms and conditions of transactions with related parties Sales to and purchases from related parties are made in arms length transactions both at normal market prices and on normal commercial terms.
NOTE 17: EXPENDITURE COMMITMENTS Operating Leases The Association has entered into commercial leases on certain motor vehicles. These leases have a life of three years with no renewal option included in the contract. There are no restrictions placed upon the lessee by entering into these leases.
Within one year After one year but not more than five years
Western Australian government loan The Association has a contractual obligation to pay back the 8 year interest free loan.
Total income paid or payable including termination payments, or otherwise made available to all key management personnel of Western Australian Rugby Union (Inc.) in respect of the management of the affairs of the association.
1,252,092
1,114,255
33,000 8,635
32,000 7,755
There have been no transactions and balances with key management personnel and their related parties during the year. 33,547 97,092 (22,136) 108,503
23,708 84,795 108,503
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NOTE 20: REMUNERATION OF AUDITORS The auditor of Western Australian Rugby Union (Inc.) is Ernst & Young Amounts received or due and receivable by Ernst & Young (Australia) for: * an audit or review of the financial report of the entity * taxation advice
NOTE 21: SUBSEQUENT EVENTS There have been no significant events occurring after balance date, which may have affected the associations operations or results of their operations or the associations state of affairs.
RugbyWA 2009 Annual Report
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