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Journeys : Oct Nov 2011
Notes to and forming part of the Financial Statements for the financial year ended 30 June 2011 1. BASIS OF PREPARATION The concise financial report has been prepared in accordance with the Corporations Act 2001 and AASB 1039 “Concise Financial Reports”. T he concise financial report, including the financial statements and specific disclosures included in the concise financial report, has been derived from the full financial report of The Royal Automobile Club of Tasmania Limited. A full description of the accounting policies adopted by the economic entity is provided in the 2011 Financial Statements which form part of the full financial report. The accounting policies of the group are consistent with those of the previous financial year. 2. REVENUE CONSOLIDATED 2011 $ 2010 $ Revenue consisted of the following items (a) Revenue Interest from other bodies corporate 74,905 40,455 Distributions from funds under management 109,032 226,373 Rental revenue 679,157 43,323 Membership subscriptions and entrance fees 10,408,389 9,495,265 Other services and activities 10,964,108 12,490,471 Commission & other income 416,348 429,902 Realised gain/(loss) on investments - 331,973 Dividends 44,000 40,081 22,695,939 23,097,843 (b) Share of Profit of Associates Share of profit of associates 2,779,807 1,301,592 2,779,807 1,301,592 (c) Other Revenue Gain/(loss) on disposal of property, plant and equipment 12,629 (5,424) 12,629 (5,424) 25,488,375 24,394,011 Directors’ Declaration The Directors declare that: (a) The attached financial statements and notes thereto comply with Accounting Standard AASB 1039 “Concise Financial Reports”; and (b) The attached financial statements and notes thereto have been derived from the full financial report of the company. Signed for and on behalf of the Board of Directors and in accordance with a resolution of the Board pursuant to section 295 (5) of The Corporations Act 2001. S E SLADE, DIRECTOR R H HOLMES, DIRECTOR Hobart, 20 September 2011. 72 October / November 2011
MNJ Aug Sep 2011