Palmam Qui Meruit Ferat

 

116th ANNUAL REPORT
FOR THE YEAR ENDING 31st OCTOBER 2000

Registered Office:
20 - 22 Quinn Street,
Preston VIC 3072
Address all correspondence to:
THE SECRETARY,
Suite 7 463 Main Street,
Mordialloc VIC 3195.
Tel: 03 9580 9389
Fax: 03 9587 0730

Joined VFA: 1884

VFA Premiers: 1895

Founding Member VFL: 1897

VFL Premiers: 1898, 1899, 1904, 1905, 1913, 1916, 1922, 1944.

Brownlow Medallists:

Bunton, Haydn 1931
Ryan, Denis 1936
Bunton, Haydn 1932
Ruthven, Alan 1950
Smallhorn, Wilfred 1933
Murray, Kevin 1969
Bunton, Haydn 1935
Quinlan, Bernie 1981

Board of Directors:

Chairman: Mr. Dyson F. Hore-Lacy QC
Vice Chairperson: Mrs. Elaine P. Findlay
Directors: Mr. David A. McMahon Mr. Kevin J. Ryan Mr. John Pettinella Mr. John C. Stewart Mr. Colin R. Hobbs Mr. Robert A. Eales Mr. William L. Atherton
Secretary: Mr. William L. Atherton

FITZROY FOOTBALL CLUB LTD

ACN 005 881 201

DIRECTORS' REPORT

The Directors present their report together with the Financial Report for the 116th financial year ended 31st October, 2000.

Directors in office during the year and at the date of this report are:

Mr. Dyson Hore-Lacy, Chairman. Director since 22nd January 1991.
Mrs. Elaine Patricia Findlay, Vice Chairperson. Director since 5th November 1985.
Mr. David Anthony McMahon Director since 25th May 1988.
Mr. Kevin John Ryan Director since 18th December 1991
Mr. John Pettinella Director since 26th January 1993
Mr. John Charles Stewart Director since 28th April 1993
Mr. Robert Albert Eales Director since 17th March 1994
Mr. Colin Ralph Hobbs Director since 29th March 1994
Mr. William Lawrence Atherton Director since 11th June 1998

Principal Activities

The Club continues to operate as a member based football club. The Club secured a joint-venture arrangement with the Coburg Football Club Ltd. in the Victorian Football League, known as the Coburg-Fitzroy Lions, for the 2000 football season. The Club is also active in the promotion of Australian Rules Football in the northern suburbs of Melbourne.

Operating Result

The Net Profit for the year was $142. No income tax is payable.

Dividends Paid or Recommended

No dividends were paid, declared or recommended during the year. The Club's Constitution prohibits the payment of dividends.

Review of Operations

As at the end of the financial year, the Club had 1,034 members. As stated in the "Principal Activities" Statement, the Club entered into a joint-venture relationship with the Coburg Football Club Ltd. in 1999 so as to give our members an active interest in VFL football. This joint-venture has now come to an end due to the financial problems encountered by the Coburg Football Club Ltd and its appointment of an Administrator last July. Please refer to a more detailed review of the year in the Secretary's Report.

State of Affairs

In the opinion of the Directors, there were no significant changes in the state of affairs of the Company that occurred during the period under review not otherwise disclosed in the financial report.

After Balance Date Events

No matter or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Company, or the results of those operations or the state of affairs of the Company in future financial years.

Likely Developments

The Company will continue to support Australian Rules football in Victoria as outlined in this Report. The joint venture with the Coburg Football Club has now come to an end, and the Board has decided to support the Fitzroy Juniors and the Fitzroy Reds. Both football Clubs are based at our Club's traditional home ground at Brunswick Street North Fitzroy. The Fitzroy Reds play in the VAFA competition and the Club has secured a major sponsorship with the Reds.

Directors' Meetings

The number of Directors Meetings and the number of meetings attended by each of the directors of the Company during the financial year are as follows: -

Director

Mr. Dyson Hore-Lacy
Mrs. Elaine P. Findlay
Mr. David A. McMahon
Mr. Kevin J. Ryan
Mr. John Pettinella
Mr. John Stewart
Mr. Colin R. Hobbs
Mr. Robert A. Eales
Mr. William L. Atherton

Meetings Attended

2
2
-
1
1
-
2
-
2

Meetings Held

2
2
2
2
2
2
2
2
2

Information on Directors
Dyson Hore-Lacy

Qualifications:

Law Degree.(LLB) Barrister at Law. Queens Counsel

Experience:
Barrister 33 Years.
Chairman of Directors of the Fitzroy Football Club Ltd. since 1991.
Director Bondborough Pty. Ltd. former licensee of the Fitzroy Club Hotel (1992 - 1997)
Elaine P. Findlay
Experience:
Director Fitzroy Football Club Ltd. since November 1985.
Life Member of the Fitzroy Football Club.
Director Bondborough Pty. Ltd. former licensee of the Fitzroy Club Hotel. (1992 - 1997).
Director Plenty Credit Co-Operative Ltd. for nineteen years.
Managing Director Ironcore Transformers Pty. Ltd for twenty years.
Joint Managing Director Findlay Air-Conditioning Pty. Ltd. for twenty-nine years.
Thirty-six years experience as a company director and financial controller.
David A. McMahon
Experience:
Director Fitzroy Football Club Ltd. since May 1988.
Former player with the Fitzroy Football Club. (1973 - 1984) and Life Member.
Managing Director Lemach Pty. Ltd.
Director Hume Highway Timber & Hardware.
Twenty-eight years experience managing and running retail businesses.
Kevin J. Ryan
Qualifications:
Bachelor of Economics (B.Ec.) Diploma of Financial Planning (DFP).
Experience:
Director Fitzroy Football Club Ltd since December 1991, Chief Executive of the Club 1992 to 1994.
Twenty one years experience as a senior executive of the financial services industry.
John Pettinella
Experience:
Director Fitzroy Football Club Ltd since January 1993.
Director of Coombe Berry Farm Pty Ltd, Pettinella Distributors Pty Ltd and Fresh Berry Company Pty Ltd
Twenty-three years experience managing a wholesale fruit growing and distribution business.
John Stewart
Qualifications:
Diploma of Business Studies (Accounting), Fellow Chartered Institute of Accountants in Aust.(FCA)
Experience:
Director of the Fitzroy Football Club Ltd since April 1993.
Partner Howarth Melbourne Chartered Accountants.
Colin R. Hobbs
Qualifications:
BA Bachelor of Arts. B.Ed. Bachelor of Education M.A.C.E.
Member Australian College of Education
Experience:
Lecturer in Education at Latrobe University. (1974 - 1983)
Former player with the Fitzroy Football Club. (1966 - 1971)
Director Fitzroy Football Club Ltd. since 1994.
Managing Director Locim Group (Aust.) Pty. Ltd. since 1978. (Education consulting and Publishing.)
Managing Director Pack & Deliver. mail services division of Locim Group.
Robert A. Eales
Qualifications:
Associate Institute of Management (AIM), Associate Australian Insurance Institute (AAII).
Experience:
Director of Fitzroy Football Club Ltd since March 1994.
General Manager hospitality and tourism corporation.
Twenty-one years experience in the Insurance Industry
William L. Atherton
Qualifications:
Certificate in Accountancy (RMIT 1971).
Fellow Taxation Institute of Australia.
Registered Company Auditor. Registered Tax Agent.
Experience:
Practising Public Accountant since 1972.
Governing Director W. L. Atherton & Co. Pty. since 1981 (Reg'd Tax Agents.)
Secretary and Director of the Fitzroy Football Club Ltd since 1998.
Director of St. Patrick's Mentone Co-Operative Credit Society Ltd. (1987 - 1997)

Signed at Melbourne this 26th day of February, 2001 in accordance with a Resolution of the Directors.

..............................…………………... William Lawrence Atherton Director

FITZROY FOOTBALL CLUB LTD
ACN 005 881 201

DIRECTORS' DECLARATION

In the opinion the directors of the Company,

a) The financial statements and accompanying notes for the financial period ending on the 31st October 2000, have been prepared in accordance with accounting standards applicable under the Corporations Law.

b) The financial statements and accompanying notes, give a true and fair view of the financial position as at 31st October 2000 and the performance of the Company for the financial period ending on that date.

c) 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 made on the basis that the holder of the Registered Charge, Brisbane Bears - Fitzroy Football Club Ltd does not enforce the Charge, as the Company would not then be able to pay its debts as and when they fall due and payable.

This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by William Lawrence Atherton, Director.

Dated 26th February 2000

……………………………. William L.Atherton

SECRETARY'S REPORT - SEASON 2000

Fitzroy Members,

As we look back on the past season, it is with much regret that after the excitement of finally getting the COBURG -FITZROY LIONS approved by the VFL, we had to witness the tragic fight for survival by our friends at Coburg, which ultimately led to their new alliance with Richmond for the 2001 season.

The season started off magnificently with Channel 7 covering the reappearance of our Club in VFL football and Anthony Alessio appearing on the front cover of the VFL Record in the Fitzroy jumper. The team finished the season off in fifteenth place with four wins and fifteen losses. There were many close finishes and with a little bit of luck there should have been two or three more wins.

I would like to thank my fellow directors for their support in getting this venture off the ground, particularly Kevin Ryan who served with me on the Coburg-Fitzroy committee. I would also like to acknowledge the support given by Sharon Torney and the Vic.Lions Supporter Group, John Kotsopoulos and the Fitzroy Supporters Group and to Kathy Doyle for her help in producing the newsletter. A special thanks to Shane Doran of Doran Printing for their wonderful help in producing the membership package, the Roy Boy and general printing needs over the year. The Club also wishes to acknowledge the professional services provided by Dean McVeigh and Vince Savage of McVeigh Corporate Advisory for their magnificent efforts in saving the Coburg Football Club last year. And lastly a special thanks to all the Club members who supported the Club and our efforts last year.

While the Coburg-Fitzroy Lions will no longer be a part of VFL football, this in no way affects the continuation of our Club in football. For season 2001 it's back to Brunswick Street where we will be a major sponsor of the VAFA club FITZROY REDS.

Bill Atherton
Hon.Secretary

Frank Nolan RCA

6 The Corso
Parkdale VIC 3194
Telephone: (03) 9580-3487

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
THE FITZROY FOOTBALL CLUB LTD

Scope

I have audited the financial reports of the Fitzroy Football Club Ltd for the year ended 31st October 2000, comprising the "Directors Declaration", "Profit and Loss Statement", "Balance Sheet", "Statement of Cash Flows" and notes to and forming part of the financial statements for the year ended 31st October 2000. The company's directors are responsible for the financial report. I have conducted an independent audit of this financial report in order to express an opinion on it to the members of the company.

This audit has been conducted in accordance with Australian Auditing Standards to provide reasonable assurance whether the financial report is free of any material misstatement. The procedures undertaken included examination, on a test basis of evidence supporting the amounts and other disclosures in the financial report, and the evaluation of accounting policies and significant accounting estimates. These procedures have been undertaken to form an opinion whether, in all material respects, the financial report is presented fairly in accordance with Accounting Standards and other mandatory professional reporting requirements and statutory requirements so as to present a view which is consistent with my understanding of the company's financial position, and performance as represented by the results of its operations and its cash flows.

The audit opinion expressed in this report has been formed on the above basis.

Audit Opinion

In my opinion, the financial report of the Fitzroy Football Club Ltd is in accordance with:

(a) The Corporations Law, including:
(i) giving a true and fair view of the company's financial position as at the 31st October, 2000 and of its performance for the year ended on that date; and
(ii) complying with Accounting Standards and the Corporations Regulations; and

(b) other mandatory professional reporting requirements.

Inherent Uncertainty Regarding Registered Charge and Going Concern.

Without qualification to the opinion expressed above, attention is drawn to the following matter. As stated in the Directors' Declaration and further described at Note 7, should the registered charge of $1,250,000 be enforced, the company would be unable to continue as a going concern, realise its assets and extinguish its liabilities in the normal course of business, at the amounts stated in the financial report.

Frank Nolan
Registered Company Auditor
Date: 28th February, 2001.

FITZROY FOOTBALL CLUB LTD

PROFIT AND LOSS STATEMENT

FOR THE YEAR ENDED 31ST OCTOBER, 2000

 
Note
2000
1999
Revenue
3
$ 19,956
$ 23,823
Operating profit/(loss) before income tax
$ 142
$ ( 972)
Income tax attributable to operating profit/(loss)
5
-
-
Operating profit/(loss) after income tax
$ 142
$ ( 972)
Accumulated losses at the beginning of the financial year
$ 582,940
$ 581,968
Accumulated losses at the end of the financial year.
$ 582,798
$ 582,940
To be read in conjunction with the notes to the accounts.

FITZROY FOOTBALL CLUB LTD

BALANCE SHEET

AS AT 31ST OCTOBER, 2000

 
Note
2000
1999
Current Assets
Cash
Receivables
Inventories
Investments
$ 202
-
-
-
$ 60
-
-
-
Total Current Assets
$ 202
$ 60
Non-Current Assets
Property, Plant & Equipment
Intangibles
-
-
-
-
Total Non-Current Assets
-
-
Total Assets
$ 202
$ 60
Current Liabilities
Accounts Payable
Borrowings
Provisions
-
-
-
-
-
-
Total Current Liabilities
-
-
Non-Current Liabilities
Borrowings
-
-
Total Non-Current Liabilities
-
-
Total Liabilities
7
-
-
Net Assets
$ 202
$ 60
Shareholders & Members Equity
Issued Capital
Accumulated Losses
12
$ 583,000
( 582,798)
$ 583,000
( 582,940)
Total Shareholders & Members Equity
$ 202
$ 60
To be read in conjunction with the notes to the accounts

FITZROY FOOTBALL CLUB LTD

STATEMENTS OF CASH FLOWS

FOR THE YEAR ENDED 31ST OCTOBER, 2000

 
Note
2000
1999
Cash Flows from Operating Activities
Cash receipts in the course of operations
Cash payments in the course of operations
$ 15,723
15,449
$ 23,823
24,795
Net cash provided (used) by operating activities
11
$ 274
$ ( 972)
Cash Flows from Investing Activities
Interest received
Payments for property, plant & equipment
Proceeds from sale of property, plant & equipment
-
-
-
-
-
-
Net cash provided (used) by investing activities
-
-
Cash Flows from Financing Activities
Interest paid
Proceeds from borrowings
Repayments of borrowings
Lease payments
(132)
8,500
(8,500)
-
-
-
-
-
Net cash provided (used) by financing activities
(132)
-
Net increase (decrease) in cash held
$ 142
$ ( 972 )
Cash at beginning of the financial year
60
1,032
Cash at end of the financial year
$ 202
$ 60
To be read in conjunction with the notes to the accounts

FITZROY FOOTBALL CLUB LTD

NOTES TO AND FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31ST OCTOBER 2000

1. Fitzroy Football Club Ltd

The Fitzroy Football Club Ltd is a Company limited by shares and guarantee, incorporated under the Victorian Companies Act, 1961. The Company was under Administration and subject to a Deed of Company Arrangement for the period 4th August 1996 to the 19th December 1997.

2. Significant Accounting Policies

Underlying Principles

The financial statements of the Company are a general purpose financial report, which have been drawn up in accordance with applicable Accounting Standards, Urgent Issues Group Consensus Views, and the Corporations Law. The financial statements have been prepared on the basis of historical costs and do not take into account changing money values or, except where stated current valuations of non-current assets. The accounting policies have been consistently applied, unless otherwise stated.

3. Revenue
2000
1999
Member Subscriptions
Fitzroy Club Hotel Trust - Distribution
Fitzroy Foundation
Donations and Raffles
14,679
4,000
889
388
1,410
17,250
5,000
163
$19,956
$ 23,823
4. Expenditure
2000
1999
Advertising
Annual Report Costs
Bank Charges and Fees
Coburg Football Club Sponsorship
Hire of Hall - Meetings
Interest - NAB Overdraft
Legal Costs - Social Club
Legal Fees
Newsletter Costs - Roy Boy
Postage - Mail Out Costs
Printing & Stationery
Social Club Functions
Sundry Expenses
740
688
120
15,911
150
132
-
-
585
230
723
80
455
-
617
122
20,500
100
-
685
1,000
329
426
241
540
235
$ 19,814
$ 24,795

5. Income Tax

The Company is exempt from Income Tax under the provisions of the Income Tax Assessment Act.

6. Membership

The membership of the Club for the year ending the 31st October 2000 were as follows:

Ordinary & Concessional members
Shareholder members
Life members
Total Membership
218
733
83
1,034

7. Contingent Liabilities

Registered Charge

On the 25th October, 1994, a registered charge in favour of the Nauru Insurance Corporation (Vic) Pty. Ltd. for $1,250,000 was taken out against the Company to secure a loan from that Corporation. On the 25th July, 1996, an assignment of that charge was notified to the Australian Securities Commission by the Brisbane Bears Football Club Ltd. The debt to the Nauru Insurance Corporation (Vic) Pty. Ltd. had been discharged and the assignment in favour of the Brisbane Bears Football Club Ltd. had been made pursuant to clause 4.7 of the Deed of Company Arrangement, dated 4th August, 1996. No demand for payment has been received from the holder of the charge, now known as the Brisbane Bears-Fitzroy Football Club Ltd. (ACN 054 263 473).

8. Related Parties

Directors

The names of each person holding the position of Director of Fitzroy Football Club Ltd during the financial year were Mr.D. Hore-Lacy, Mrs. E. Findlay, R. Eales, C. Hobbs, D. McMahon, J. Pettinella, K. Ryan, J. Stewart, and W. L. Atherton. Directors' Shareholdings The following directors or their director related entities hold shares in the Company:

ORDINARY SHARES
2000
1999
Mrs. E. Findlay
Mr. J. Stewart
Mr. W. L. Atherton
20,000
1,000
33,500
20,000
1,000
33,500

Since the end of the previous financial year, no Director of the Company has been entitled to receive any benefit and no income or fees have been paid to any director.

Director Related Entities

Mrs Elaine Findlay is a director of Ironcore Transformers Pty.Ltd. who process credit card payments to the Club. Merchant fees paid to that Company in the normal course of business were $194.40. (At cost)

Mr.Colin Hobbs is a director of Pack & Deliver who did some of the Club's mail outs over the year. Payments made for these services were at cost and amounted to $203.40.

9. Financing Arrangements

The Club secured a temporary overdraft with the National Australia Bank in December 1999 to enable it to make an urgently needed sponsorship advance to the Coburg Football Club. The overdraft was discharged by an interest free unsecured loan from W.L.Atherton & Co. on the 24th January 2000. This loan was in turn fully repaid on the 20th October 2000. A further interest free bridging loan was secured from W.L.Atherton & Co. on the 22nd Feb.2000 and fully repaid on the 9th March 2000. This was to assist the Coburg Football Club purchase of the Fitzroy jumpers for use in the 2000 VFL football season.

10. Controlled Entities

The Company has no controlled entities. In the decision by the Supreme Court of Victoria in Fitzroy Football Club Ltd. vs. Bondborough P/L, Bondborough Pty. Ltd., which acts as Trustee of the Fitzroy Club Hotel Trust, was held to be a separate entity from the Fitzroy Football Club Ltd. and not under its control. The directors of the Club have established the Fitzroy Football Club Social Club Ltd. The new Company was incorporated on the 11th November 1998 as a company limited by guarantee. Mr. Dyson Hore-Lacy, Mrs. Elaine Findlay, Mr. Colin Hobbs, Mr. David McMahon and Mr. William Atherton are directors of the Social Club.

11. Notes to the Statement of Cash Flows
a) Reconciliation of Cash. For the purpose of the Statement of Cash Flows, Cash includes cash on hand and at bank. Cash at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related items in the Balance Sheet as follows: -
2000
1999
Cash at Bank
$ 202
$ 60
b) Reconciliation of Operating Profit (Loss) to Net Cash provided by Operating Activities
2000
1999

Operating Profit (Loss)
Add back Financing Activity: Interest paid

Net Cash Provided (Used) by Operating Activities

$ 142
132

$ 274

( 972)
-

( 972)

12. Share Capital

The issued Capital is 583,000 ordinary one dollar shares, each fully paid. No shares were issued during the financial year.

13. Members Liability

The Memorandum of Association of the Company provides that the liability of members is limited, but in the event of the Company being wound up, every member is liable to contribute to the payment of debts up to an amount of fifty dollars.

14. Events Subsequent to Balance Date.

Nil.

 

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