AGED A - NSW Irrigators only/2011/Agenda AGM 111103.pdf · West Corurgan Private Irrigators...

NSWIC NEW SOUTH

WALES

IRRIGATORS’

COUNCIL

PO Box R1437

Royal Exchange NSW 1225

Tel: 02 9251 8466

Fax: 02 9251 8477

[email protected]

www.nswic.org.au

ABN: 49 087 281 746

A��UAL GE�ERAL MEETI�G

3 �ovember, 2011 commencing at 9.00am

Sir Stamford, Macquarie Street, Sydney

AGE�DA

1 Chairman’s Welcome

2 Apologies

3 Minutes of previous Annual General Meeting (attached)

4 Audited Financial Statements for the Financial Year 2010/11 (attached)

5 Election of Board Members

5.1 Pursuant to Clause 13.1 (c) of the �SWIC Constitution, 3 Directors position

become vacant every 12 months. At this AGM, the following Directors retire:

• BENNETT, Michael

• HATTY, Ted

• THOMSON, Colin

Further, a position occupied as a casual vacancy by Trent Gardiner will fall vacant.

Bernie George has indicated an intention to retire creating a fifth vacancy to be filled at

this meeting

5.2 �ominations for Vacant Directors Positions

• DUDDY, Tim

• GARDINER, Trent

• HATTY, Ted

• MORGAN, Ted

• MURRAY, Michael

• STOTT, Richard

• THOMSON, Colin

5.3 Election of Directors

An election is necessary pursuant to clause 31 of the Constitution. A briefing is

attached.

6 Other Business

7 Close

Minutes of the Annual General Meeting New South Wales Irrigators’ Council Limited Held at: Macquarie Room – Royal Auto Club

89 Macquarie Street, Sydney on 11 November 2010

1. CHAIRMAN’S WELCOME

The Chair opened the meeting at 9:10 am and welcomed delegates and observers.

2. ATTENDEES

Member Organisation - Class A

Delegate Observers

Bega Cheese Richard Parbery Border Rivers Food and Fibre Tim Napier Coleambally Irrigation Limited Trent Gardiner Cotton Australia Brendon Warnock Adam Kay Gwydir Valley Irrigators’ Association Inc. Joe Robinson Michael Murray High Security Irrigators Inc Brian Halse Hunter Valley Water Users Association Arthur Burns Lachlan Valley Water Ted Morgan Mary Ewing Macquarie River Food and Fibre Mike Bennett Susan Madden Mid Coast Dairy Advancement Group Mungindi-Menindee Advisory Council Bruce Jackson Murray Irrigation Limited Stewart Ellis Jenny McLeod Murray Valley Water Diverters Assoc. Murrumbidgee Food and Fibre Deb Buller Murrumbidgee Groundwater Inc Richard Stott Murrumbidgee Irrigation Limited Gillian Kirkup Matt Linnegar Murrumbidgee Private Irrigators’ Inc. Murray Shaw Jennie Hehir Namoi Water Bernie George Jon Baker

Jono Phelps NSW Farmers Association Dairy Section Paul Weir NSW Farmers’ Association John Ward Richard Widows Ricegrowers’ Association of Australia Les Gordon Richmond Wilson Combined Water Users Chris Magner South Western Water Users Association Col Thomson Southern Riverina Irrigators Ted Hatty Monica Morona West Corurgan Private Irrigation District Mike Duncan

Member Organisation – Class B Observers Observers Riverina Citrus Dom Testoni Lou Sartor Wine Grapes Marketing Board Eric Berton

NSW Irrigators’ Council Andrew Gregson Chief Executive Mark Moore Policy Officer Charmaine Silvello Executive Assistant APOLOGIES MEMBER ORGANISATIONS Mid Coast Dairy Advancement Group Murray Valley Water Diverters APOLOGIES DELEGATES AND OBSERVERS Bega Cheese Ken Garner Border Rivers Food and Fibre David Coulton Coleambally Irrigation Limited John Culleton Murray Valley Water Diverters Neil Eagle Mungindi-Menindee Advisory Council Ian Cole Ricegrowers Association of Australia Ruth Wade West Corurgan Private Irrigators District Lindsay Norman

3. MINUTES OF PREVIOUS MEETING

It was moved: Bernie George Seconded: Ted Hatty

“That the minutes of the NSWIC AGM held on 5 November, 2009 be accepted as a true and accurate record of that meeting.”

CARRIED

4. FINANCIAL STATEMENTS

The Chairman advised that the Financial Statements were tabled for information of members. These had been audited, approved by the Board and submitted to the Australian Securities and Investments Commission by 31 October, 2010 as required.

1. ELECTION OF DIRECTORS

1.1. Pursuant to Clause 13.1 (c) of the NSWIC Constitution, 3 Directors position become vacant every 12 months. At this AGM, the following Directors retired and were eligible for re-election: • CUSH, Ian • GEORGE, Bernie • LINNEGAR, Matt

1.2. Nominations for Vacant Directors Positions Pursuant to Clause 13.5 (a) of the NSWIC Constitution, the following nominations were received for the vacant Directors positions: • GEORGE, Bernie • KIRKUP, Gillian • ROBINSON, Joe

1.3. Election of Directors

As the number of nominations received is the same as the number of positions vacant, an election is unnecessary.

5. CLOSE

There being no further business, the Chairman declared the meeting closed at 9.20am.

Signed as a true and correct record

Colin Thomson Chairman

THE NEW SOUTH WALES IRRIGATORS’ COUNCIL LIMITED A.B.N. 49 087 281 746

FINANCIAL REPORT FOR THE YEAR ENDED

30 JUNE 2011


DIRECTORS' REPORT Your directors present their report on the entity for the financial year ended 30 June 2011. DIRECTORS The names of the directors in office at any time during or since the end of the year are: Colin F Thomson Michael S Bennett Edward J Hatty Bernard A George John J Robinson (appointed 11 November 2010) Gillian L Kirkup (appointed 11 November 2010) Matthew J Linnegar (resigned 11 November 2010) Ian F Cush (resigned 11 November 2010) Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. COMPANY SECRETARY Charmaine Silvello held the position of company secretary at the end of the financial year. OPERATING RESULTS The loss for the company for the financial year amounted to $10,721. REVIEW OF OPERATIONS Over the past twelve months, the New South Wales Irrigators Council (NSWIC) has actively represented its members and the NSW irrigation industry in a wide range of government reform and industry development programs. PRINCIPAL ACTIVITIES The principal activities of the company during the financial year were to represent and promote the interests of irrigators and the irrigation industry.

DIVIDENDS No dividends were paid during the year and no recommendation is made as to dividends in accordance with Clause 2 of the company's Constitution which prohibits distributions to members. OPTIONS No options over issued shares or interests in the company were granted during or since the end of the financial year and there were no options outstanding at the date of this report.


DIRECTORS' REPORT DIRECTORS' BENEFITS A director's fee of $25,000 was paid to the Chairman during the period for services rendered. No other directors have since or during the period become entitled to receive a benefit. STATE OF AFFAIRS No significant changes in the company's state of affairs occurred during the financial year. AFTER BALANCE DATE EVENTS Since the end of the financial year the directors have not become aware of any matter or circumstance that has or may significantly affect the operations of the company, the results of those operations or the state of affairs of the company in subsequent financial years. FUTURE DEVELOPMENTS No material changes in operations are foreseen. ENVIRONMENTAL ISSUES The company's operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a State or Territory. INFORMATION ON DIRECTORS COLIN F THOMSON OCCUPATION/DIRECTORSHIPS Horticulturalist Chairman - NSW Irrigators’ Council Chairman – National Irrigators’ Council Chairman - Murray Lower Darling Customer Service Committee Chairman - South Western Water Users Association Director - Western Murray Irrigation Member - Natural Resources Advisory Council

MICHAEL S BENNETT OCCUPATION/DIRECTORSHIPS Primary Producer Director - NSW Irrigators' Council Director - Dataspan Pty Ltd Director - Bennett Nominees Pty Ltd Director - Collyburl Pty Ltd Director - Killowen Pty Ltd Director - Bennett Biz Pty Ltd Chairman - Macquarie Cudgegong Customer Service Committee Executive Member - Macquarie River Food & Fibre


DIRECTORS' REPORT

EDWARD J HATTY OCCUPATION/DIRECTORSHIPS Primary Producer Director - NSW Irrigators' Council Chairman – Southern Riverina Irrigators Member – Murray Irrigation Director- EJ and FM HATTY PTY LTD Director-Wondilibi PTY LTD Director- Riversdale PTY LTD BERNARD A GEORGE OCCUPATION/DIRECTORSHIPS Primary Producer Director – NSW Irrigators’ Council Member – Namoi Water Member – Ministerial Oversight Committee, Namoi Water Study

JOHN JOSEPH (JOE) ROBINSON OCCUPATION/DIRECTORSHIPS Primary Producer Director – NSW Irrigators’ Council Director – Australian Food and Fibre Chairman – Gwydir Valley Irrigators Association Inc. GILLIAN L KIRKUP OCCUPATION/DIRECTORSHIPS Primary Producer Director – NSW Irrigators Council Director – Sunrice Chairman – Murrumbidgee Irrigation Limited Director – Basin Communities Association Member – The Rice Marketing Board of NSW Director – Rice Research Australia Limited Director – MI Holdings Pty Ltd Member – Ricegrowers Association of Australia Member – RRDC (Rice Research & Development Committee) Delegate – National Irrigators Council Director – Kirkup Farms Pty Ltd Director – Kirkup Aviation Pty Ltd


DIRECTORS' REPORT

MEETINGS OF DIRECTORS During the financial year, eight meetings of directors were held. Attendances by each director during the year were: DIRECTOR No. Eligible to No. Attended Attend * Colin F Thomson 8 8 Michael S Bennett 8 8 Ian F Cush 3 3 Edward J Hatty 8 6 Matthew J Linnegar 3 1 Bernard A George 8 5 Gillian L Kirkup 5 4 John J (Joe) Robinson 5 4 * The number of meetings held during the time the Director held office during the year. INDEMNIFYING OFFICERS OR AUDITOR During or since the end of the financial year the entity has not given an indemnity nor entered an agreement to indemnify any person, who is or has been an officer or auditor of the entity or of a related body corporate, against a liability, including costs and expenses in successfully defending legal proceedings. During the financial year the entity has paid premiums to insure the Directors and Officers of the entity, against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of Director or Officer of the entity, other than conduct involving wilful breach of duty in relation to the company. PROCEEDINGS ON BEHALF OF THE ENTITY No person has applied for leave of court to bring proceedings on behalf of the entity or intervene in any proceedings to which the entity is a party for the purpose of taking responsibility on behalf of the entity for all or any part of those proceedings. The entity was not a party to any such proceedings during the year. AUDITOR’S INDEPENDENCE DECLARATION The lead auditor’s independence declaration for the year ended 30 June 2011 has been received and is included separately. Signed in accordance with a resolution of the Board of Directors: Director ........................................................... Colin F Thomson Director .......................................................... Michael S Bennett

Dated: ..................................................


AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF THE NEW SOUTH WALES IRRIGATORS’ COUNCIL LIMITED

I declare that, to the best of my knowledge and belief, during the year ended 30 June 2011 there have been:

a) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

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

GOSS & CLARKE Chartered Accountants Level 6, 10 Spring Street, Sydney ..........................J...JJJJ.......... Partner: R G Goss Dated : .............................................


STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2011 Note 2011 2010 $ $

Revenue 2 674,279 708,017

Other Income - (1,244)

674,279 706,773

Auditor's remuneration (10,716) (8,000)

Depreciation and amortisation expenses (11,739) (12,010)

Chairman’s Honorarium (25,000) (25,000)

Employee benefits expenses (363,713) (340,749)

Government Grant related expenses (49,077) (83,189)

Rent (46,888) (30,701)

Project: Basin Plan & Database (65,567) (8,869)

Insurance (5,718) (5,830)

Travel - Local (42,844) (36,564)

Other expenses (63,738) (68,319)

Profit before income tax 3 (10,721) 87,542

Income tax expense - -

Profit (loss) attributable to members (10,721) 87,542

Total comprehensive income (loss) attributable to members

(10,721) 87,542

The accompanying notes form part of these financial statements.


STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2011 Note 2011 2010 $ $

ASSETS

CURRENT ASSETS

Cash and cash equivalents 4 930,531 982,369

Trade and other receivables 5 200,855 141,384

TOTAL CURRENT ASSETS 1,131,386 1,123,754

NON-CURRENT ASSETS

Property, plant and equipment 6 23,822 34,791

TOTAL NON-CURRENT ASSETS 23,822 34,791

TOTAL ASSETS 1,155,208 1,158,545

LIABILITIES

CURRENT LIABILITIES

Trade and other payables 7 24,769 20,299

Provisions 8 28,224 15,318

Other current liabilities 9 93,844 92,534

TOTAL CURRENT LIABILITIES 146,837 128,151

NON-CURRENT LIABILITIES

Provisions 8 - 11,302

TOTAL NON-CURRENT LIABILITIES - 11,302

TOTAL LIABILITIES 146,837 139,453

NET ASSETS 1,008,371 1,019,092

EQUITY

Retained earnings 1,008,371 1,019,092

TOTAL EQUITY 1,008,371 1,019,092



STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2011 2011 2010 $ $

RETAINED EARNINGS

Balance at beginning of financial year 1,019,092 931,549

Profit attributable to members (10,721) 87,542

Balance at end of financial year 1,008,371 1,019,092



CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2011 Note 2011 2010 $ $

CASH FLOWS FROM OPERATING ACTIVITIES

Interest received 53,899 37,569

Member Subscriptions 57,200 55,000

Irrigation Levies 473,540 483,362

Payments to Suppliers and Employees (635,708) (558,491)

Net cash provided by operating activities 10 (51,069) 17,440

CASH FLOWS FROM INVESTING ACTIVITIES

Payments for property, plant and equipment (770) (21,769)

Net cash provided by (used in) investing activities (770) (21,769)

Net increase in cash held ( 51,838) (4,329)

Cash at beginning of financial year 982,369 986,698

Cash at end of financial year 930,531 982,369



NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011

The financial report is for The New South Wales Irrigators’ Council Limited as an individual entity, incorporated and domiciled in Australia. The New South Wales Irrigators’ Council Limited is a company limited by guarantee and a reporting entity.

1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation The New South Wales Irrigators’ Council Limited has elected to early adopt the pronouncements AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010-2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements to the annual reporting period beginning 1 January 2010. 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 and the Corporations Act 2001. 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 preparations of these financial statements are presented below and have been consistently applied unless otherwise stated. The financial statements 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. Accounting Policies a. Revenue

Revenue from the rendering of a service is recognised upon delivery of the service to the customers. Revenue from the sale of goods is recognised upon the delivery of the goods to customers. Interest revenue is recognised using the effective interest rate method, which for floating rate financial assets is the rate inherent in the instrument.

b. Property, Plant and Equipment Each class of property, plant and equipment is carried at cost less accumulated depreciation and where applicable, impairment losses. The carrying amount of plant and equipment is reviewed annually by the directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts. Assets 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. Depreciation The depreciable amount of all fixed assets including building and capitalised leased assets, but excluding freehold land, 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. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or estimated useful lives of the improvements.



1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. The asset class’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in the statement of comprehensive income. When revalued assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to retained earnings.

c. Leases Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership, are transferred to the company are classified as finance leases. Finance leases are capitalised, recording and asset and liability equal to the present value of the minimum lease payments, including any guaranteed residual values. Leased assets are depreciated on a straight-line basis over their useful lives where it is likely that the entity will obtain ownership of the asset. Lease payments are allocated between reduction of the lease liability and the lease interest expense for the period. Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses on a straight-line basis over the lease term. Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term.

d. Impairment of Assets At the end of each reporting period, the company reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, 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 value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the statement of comprehensive income. Where the future economic benefits of the asset are not primarily dependent upon the asset’s ability to generate net cash inflows and when the entity would, if deprived of the asset, replace its remaining future economic benefits, value in use is determined as the depreciated replacement cost of an asset. Where it is not possible to estimate the recoverable amount of an assets class, the company estimates the recoverable amount of the cash-generating unit to which the class of assets belong. Where an impairment loss on a revalued asset is identified, this is debited against the revaluation surplus in respect of the same class of asset to the extent that the impairment loss does not exceed the amount in the revaluation surplus for that same class of asset.

e. Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks or financial institutions, 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.



f. Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the Balance Sheet are shown inclusive of GST. Cash flows are presented in the cash flow statements on a gross basis, except for the GST component of investment and financing activities which are disclosed as operating cash flows.

g. Income Tax

No provision for income tax has been raised as the company is exempt from income tax under Section 50-45 of the Income Tax Assessment Act 1997.

h. Provisions Provisions are recognised when the company 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.

i. Comparative Figures

Where required by Accounting Standards, comparative figures have been adjusted to conform with changes in presentation for the current financial year. When the company applies an accounting policy retrospectively, makes a retrospective restatement or reclassifies items in its financial statements, a statement of financial position as at the beginning of the earliest comparative period must be disclosed.

j. Trade and Other Payables Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the company during the reporting period which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of liability.

k. Critical Accounting Estimates and Judgements The directors evaluate estimates and judgements incorporated into the financial statements based on historical knowledge and best available 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. Key estimates Impairment At 30 June 2011, the directors have deemed that the recoverable amount of each asset class is not below its carrying amount. Key judgements Doubtful Debts The directors do not believe that there is sufficient information to warrant the provision of doubtful debts or impairment against trade and other receivables.

The financial statements were authorised for issue on 21

st October 2011 by the directors of the company.

THE NEW SOUTH WALES IRRIGATORS’ COUNCIL LIMITED

A.B.N. 49 087 281 746


2011 2010 $ $

2 Revenue


Memberships & Subscriptions 52,000 50,000

Interest 53,899 37,569

Government Grants 78,228 109,464

Other Revenue 5,597 6,315

Total revenue 674,279 706,773

3 Profit for the year Expenses:

Auditor remuneration:

Audit services 8,000 8,000

Other Services 2,716 -

10,716 8,000

Depreciation:

Office Equipment 3,462 4,839

Furniture & Fittings 8,277 7,171

11,739 12,010

Employee Benefits Expense:

Salaries & Wages 195,885 191,072

Superannuation 30,031 28,135

Allowances Paid 137,796 121,542

363,713 340,749

Projects:

Basin Plan 57,556 -

Database 8,011 8,869

65,567 8,869

Grant Expense:

Sharing the Knowledge # 2 49,077 48,623

Next Generation - 16,787

Women In Agriculture - 17,779

49,077 83,189



2011 2010 $ $

4 Cash and Cash Equivalents

Current

Commonwealth Bank 32,664 67,566

Commonwealth Bank Mgmt Call Account 832 8,090

CBA - Cheque Account 596 156

CBA - Business Online saver 72,294 13,393

CBA - Sharing the Knowledge - 176

Term Deposit 150,000 -

Term Deposit 662,312 616,990

CBA – Sharing the knowledge #2 11,832 66,000

Citibank Term Deposit - 209,998

930,531 982,369



5 Trade and Other Receivables

Current

Trade Debtors 200,855 141,384

200,855 141,384

2011 2010 $ $

6 Property, Plant and Equipment

PLANT AND EQUIPMENT

Plant and Equipment:

At cost 76,632 75,862

Accumulated depreciation (52,810) (41,071)

Total Plant and Equipment 23,822 34,791

Movements in Carrying Amounts

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year.

Plant &

2010

$

Balance at 1 July 2009 26,275

Additions 21,770

Disposals (1,244)

Depreciation expense (12,010)

Balance at 30 June 2010 34,791

2011

Balance at 1 July 2010 34,791

Additions 770

Disposals -

Depreciation expense (11,739)

Balance at 30 June 2011 23,822



2011 2010 $ $

7 Trade and Other Payables

Current

Sundry Creditors - -

Superannuation Payable 580 15

GST Payable 22,831 17,481

Input tax credits (2,689) (414)

Amounts Withheld 4,047 3,217

24,769 20,299

Annual Leave entitlement 16,674 15,318

Accrued Charges 8,000 16,000

Grant Income in advance 85,844 76,534

7a 135,287 128,151

a. Financial liabilities at amortised cost as trade and other payables

Trade & Other payables:

Total Current 135,287 128,151

Total Non - Current - -

135,287 128,151

Less: Annual Leave Entitlements (16,674) (15,318)

Financial Liabilities as trade and other payables 118,613 112,833

8 Provisions

Provision for Long Service Leave 11,550 11,302

Provision for Annual Leave 16,674 15,318

Total provisions 28,224 26,620

Analysis of Total Provisions

Current 28,224 15,318

Non-current - 11,302

28,224 26,620

9 Other Payables

Accrued charges 8,000 16,000

Grant Income in Advance 85,844 76,534

93,844 92,534



10 Related Party Transactions

The totals of remuneration paid to key management personnel of the company during the year are as follows:

Short term employee benefits 187,295 173,091

Post – employment benefits - -

Other long term benefits - -

Termination benefits - -

Share based payments - -

187,295 173,091

No other transactions with related parties occurred during the financial year.

11 Financial Risk Management

The company’s financial instruments consist mainly of deposits with banks, and accounts receivable and payable. The company does not have any derivative instruments at 30 June 2011.

The totals 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:

Financial Assets

Cash & Cash Equivalents 930,531 982,370

Loans and Receivables 203,544 141,798

Total financial Assets 1,134,075 1,124,168

Financial Liabilities

Financial liabilities at amortised cost:

Trade and other Payables 7a 118,613 112,833

Total financial liabilities 118,613 112,833

Net Fair Values No held-to-maturity investments are held during the reporting period.



12 Cash Flow Information

Reconciliation of Cash Flow from Operations with Profit after Income Tax

Profit after income tax (10,721) 87,542

Non-cash flows in profit:

Depreciation 11,739 12,010

Loss on disposal of Assets - 1,244

Changes in assets and liabilities, net of the effects of purchase and disposals of subsidiaries

(Increase) Decrease in current receivables (59,471) (70,406)

Increase (Decrease) in trade and other payables 4,470 (4,388)

Increase (Decrease) in current provisions 12,906 (859)

Increase (Decrease) in non-current provisions (11,302) (1,471)

Increase (Decrease) in accrued charges and other payables 1,310 (6,232)

(51,069) 17,440

13 Members Guarantee

The company is incorporated under the Corporations Act 2001 and is a company limited by guarantee. In the event of the company wound up, the constitution states that each member is required to contribute a maximum of $100.00 each towards meeting any outstanding obligations of the entity. At 30 June 2011, there were 24 class “A” members and 2 class “B” members.

14 Contingent Liabilities and Assets

The Company does not have any material contingent Liabilities and Assets that need to be reported.

15 Events after Balance Date

No matters have occurred after balance date that would have an adverse effect on this financial report.

16 Company Details

The registered office of the company is: The NSW Irrigators’ Council Level 9, 15-17 Young Street Sydney NSW 2000


DIRECTORS' DECLARATION

The directors of the company declare that: 1. the financial statements and notes are in accordance with the Corporations Act 2001, and (a) comply with Accounting Standards; and

(b) give a true and fair view of the financial position as at 30 June 2011 and of the performance for the year ended on that date of the entity; 2. in the directors' opinion there are reasonable grounds to believe that the entity will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the Board of Directors. Director ...................................JJJJJJ.... Colin F Thomson Director ...................................JJJJJJ.... Michael S Bennett Dated: ..............................................................

INDEPENDENT AUDIT REPORT

TO THE MEMBERS OF


A.B.N. 49 087 281 746 Scope We have audited the accompanying financial report of The New South Wales Irrigators’ Council Limited (the company), which comprises the Balance Sheet as at 30 June 2011 and the income statement, statement of recognised income and expenditure and cash flow statement for the year ended on that date, a summary of significant accounting policies, explanatory notes and the directors’ declaration. The Responsibility of the Directors for the Financial Report The directors of the company are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards (including the Australia Accounting interpretations) and the Corporation Act 2001. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in circumstances. Auditor’s Responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing 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 entity’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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, 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. Independence In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporation Act 2001 provided to the directors of the Company as dated at the start of this financial report, would be in the same terms if provided to the directors as at the date of this auditor’s report.

Liability limited by a scheme approved under Professional Standards Legislation

INDEPENDENT AUDIT REPORT

TO THE MEMBERS OF


A.B.N. 49 087 281 746

Audit Opinion In our opinion the financial report of The New South Wales Irrigator’ Council Limited is in accordance with the Corporations Act 2001, including: (a) giving a true and fair view of the company’s financial position as at 30 June 2011 and of its

performance for the year ended on that date; and (b) complying with Australian Accounting Standards – Reduced Disclosure Requirements (including

Australian Accounting Interpretations) and the Corporations Regulations 2001.

GOSS & CLARKE Chartered Accountants Level 6, 10 Spring Street, Sydney

..........................JJJJJ.............. Partner: R G Goss

Dated: ..................................................

Liability limited by a scheme approved under Professional Standards Legislation.


A.B.N. 49 087 281 746


2011 2010 $ $

INCOME

Members Subscriptions 52,000 50,000


Consultancy Fee Income - 3,318

536,555 556,743

OTHER INCOME

Interest Received 53,899 37,569

Other Income 5,597 4,241

Government Grants 78,228 109,464

Loss on Disposal of Non-current Assets - (1,244)

137,724 150,030

674,279 706,773

EXPENSES

Allowances Paid 137,796 121,542

Auditor's Remuneration 10,716 8,000

Bank Charges 2,359 2,217

Consultancy Fees 6,545 -

Depreciation - Office Equipment 3,462 4,839

Depreciation - Furniture & Fittings 8,277 7,171

Chairman’s Honorarium 25,000 25,000

Electricity, Gas & Water 1,296 962

Filing Fees 98 40

General Expenses 266 -

Grant Expenses 49,077 83,189

Holiday Pay 1,356 (859)

Insurance 5,718 5,830

Internet Expenses 2,785 1,840

Long Service Leave 248 (6,232)

Meeting Expenses 11,867 25,341

Office Expenses 17,365 13,979

Political Event Attendance 3,909 -

Postage 5,349 6,601

Projects 65,567 8,869

Rent 46,888 30,701

Relocation costs - 7,122

Subscriptions & Publications 175 -

Superannuation Contributions 30,031 28,135

Telephone & Facsimile 10,121 11,281

Travelling Expenses 42,844 42,591

Wages and Salaries 195,885 191,072

685,000 619,231

(Loss) Profit before income tax (10,721) 87,542

Conduct of Elections for Office Bearers

November 2011

Andrew Gregson Chief Executive Officer

Introduction The NSW Irrigators Council adopted a new clause of its Constitution at a meeting properly convened to conduct Special Business in July 2011. The clause, Clause 31, specifically deals with the method of ballots to be conducted. The addition of Clause 31 was a result of a Board-mandated review of the Constitution by the Chief Executive Officer. The change was adopted in July 2011 without objection. Clause 31 Where a ballot is required at any meeting of Council or the Board, a “first past the post” system is to be used. Where multiple vacancies occur, and the number of nominations is greater than the number of vacancies, ballots must occur for each position individually and consecutively. Nominees may choose to stand or withdraw in each individual ballot, providing that they have met nomination notice requirements. In Practice Number of Vacancies Equal to Number of Nominations No ballot is required. Properly received nomination(s) declared elected. One Vacancy – Multiple Nominations Ballot required to determine election of property received nominations. The Clause is silent as to whether secret ballot or show of hands is required. This question is at the discretion of the Chairman in the first instance subject to determination otherwise by the meeting. Each Delegate is to vote for one candidate only. The candidate with the largest number of votes is declared elected. Multiple Vacancies – Multiple Nominations Where the number of nominations exceeds the number of vacancies, a ballot is required to determine election of properly received nominations. The Clause is silent as to whether secret ballot or show of hands is required. This question is at the discretion of the Chairman in the first instance subject to determination otherwise by the meeting.

Separate ballots are to be held for each position. For example, where 3 positions are available, 3 separate ballots are to be held. Each Delegate is to vote for one candidate only in each ballot. The candidate with the largest number of votes in each ballot is declared elected. Candidates declared elected are to be removed from ballot forms for subsequent ballots by striking a line through. Unelected candidates may elect to be removed from the ballot form prior to the commencement of each round. Example Seven nominations are properly received for 5 positions. The names of

all five candidates will appear on the ballot paper. 5 separate ballot forms – identically printed with all 7 candidates – are provided to each Delegate.

Delegates are asked to vote in the first round by marking one candidate

only. At the end of that voting process, candidate 3 has secured the largest number of votes. The Chairman declares candidate 3 elected.

The Chairman asks Delegates to strike through the name of candidate 3 on remaining ballot forms. Delegates then vote in the second round placing a mark against one of the remaining candidates. At the end of that process, candidate 5 secures the largest number of votes. The Chairman declares candidate 5 elected. The Chairman asks Delegates to strike through the name of candidate 5 on all remaining ballot forms. At this point, candidate 1 withdraws from the process. The Chairman asks Delegates to strike through the name of candidate 1; and so the process continues until the number of candidates declared elected matches the number of vacancies.

ENDS

AGED A - NSW Irrigators only/2011/Agenda AGM 111103.pdf · West Corurgan Private Irrigators...

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Transcript of AGED A - NSW Irrigators only/2011/Agenda AGM 111103.pdf · West Corurgan Private Irrigators...