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illawarrabusiness.com> 04

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P 02 4230 3800 F 02 4257 9755 Unit 6, 5-7 Shaban St, Albion Park Rail 2527

E [email protected] www.ccnswsouth.com.au

• Business Phone / VoIP systems • Cabling and older system specialists • Video and Audio Conferencing

• Broadband and VPN data solutions • IT hardware and software solutions • Fixed line and mobile phone plans

Illawarra Business Chamber, in conjunction with NSW Business Chamber, have been proactively working for our members to create a better business environment. We have achieved significant outcomes that help boost business and the State’s economy of behalf of our members, as well as lobbied on a range of local issues.

Invigorating Business Connections> Nearly 7,000 business people attended our

events from Business After Hours, Executive Lunches and information seminars on workplace management, international trade opportunities and business improvement solutions.

> Refreshed the Membership Directory with many additional features to help you energise your sales and activate new markets.

> Established in May the IBC Business Expo – Illawarra on Show to provide members with additional opportunities to promote their products and services, with over 1500 people attending the one-day Expo in its second year.

Invigorating Business Representation> Successfully lobbied for the relocation of

cars and general cargo from Port Jackson to Port Kembla, which will deliver over 1000 direct and indirect jobs to the region.

> Ongoing advocacy on a range of regional planning issues including availability of employment lands, reviews of local environment plans and implementation of Wollongong CBD revitalisation strategy.

> Continued to lobby for improved regional infrastructure upgrades such as Princes Highway & Picton Road as part of PHocus and the Southern Councils Group.

> Made NSW’s competitiveness an agenda item for NSW Premier Iemma – general expenditure restraint and big infrastructure spending became key points in 2007/08 NSW Budget.

> Actively worked with Government and opposition to reduce red tape and introduce ‘one-in, one-out’ policy for regulation.

> Helped Defence Industry members maximise their business opportunities, valued at $48 million over the next 10 years.

> Achieved modifications to the Independent Contractors’ Bill with changes to the test for sham contracting and reducing the scope of unfair contracts claims.

Invigorating Business Compliance> Assisted businesses to understand the

new Workplace relations system through seminars and consultations.

> Successfully lobbied the Commonwealth Government for changes to elements of the workplace reforms including record keeping requirements.

> Launched HR Advance, a sophisticated web-based product which enables users to build employment agreements using the latest precedents.

> Led successful lobbying of the Commonwealth Government to publish pay scales creating legally binding rates of pay.

Invigorating Business Safety> Further reductions in workers’ compensation

premiums. Total reductions of 30% saving NSW businesses over $758 million.

> NSW Government draft legislation to reform the Occupational Health and Safety Act 2000 contained the majority of NSW Business Chamber’s recommendations including changes to the employers’ absolute duty of care, a clear statement of employee obligations for their own safety while at work, the liabilities of directors and officers as well as greater emphasis by WorkCover on providing assistance to employers.

> Helped NSW employers meet their obligations under NSW OHS and workers’ compensation legislation by delivering nearly 80 training and educational events , some with the support of WorkCover Assist Funding.

> Launched two new OHS products, OHS Basics and OHS Advance, in response to market needs for simpler management of OHS requirements.

Invigorating Business Results> IBC has teamed up with DSRD to launch

the Illawarra Business Vitality Program, offering Illawarra businesses an innovative and cost effective way to check their business health, benchmark it against other businesses and improve performance through a customised improvement program.

> Expanded exclusive member discounts by increasing our strategic alliances.

Invigorating Business Skills> The Illawarra Industry Apprenticeship

Project, with the support of the Federal and State Governments, has placed over 350 young people into Apprenticeships with local employers over the past three years.

> Successfully lobbied governments to act on a majority of the recommendations published in our Matching Workplace Skills to Business Needs report.

> Delivered programs around NSW to improve school leavers’ understanding of job opportunities and to help employers use the skills development system.

Invigorating Business Globally> Assisted over 1,000 companies to

grow their international possibilities.

> Awarded a contract to promote international entrepreneurship and assist growing businesses to build a global future.

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ILLAWARRA BUSINESS CHAMBER LIMITED ABN 54 081 424 437

Annual Report - 30 June 2009

Contents Page No. Directors' Report 1 - 5 Auditor’s Independence Declaration 6 Special Purpose Financial Report: Income Statement 7 Balance Sheet 8 Statement of Change in Equity 9 Cash Flow Statement 10 Notes to and forming part of the Financial Statements 11 - 16 Directors' Declaration 17 Independent Audit Report to the Members 18 - 19

This financial report covers Illawarra Business Chamber Limited as an individual entity. The financial report is presented in Australian currency. Illawarra Business Chamber Limited is a company limited by guarantee, incorporated and domiciled in Australia. Its registered office is 140 Arthur Street, North Sydney, NSW, Australia and principal place of business is 87-89 Market Street, Wollongong, NSW, Australia. A description of the nature of the entity’s operations and its activities is included in the Directors’ report on pages 1-5, which is not part of the financial report. The financial report was authorised by the Directors on 20 August 2009. The company has the power to amend and re-issue the financial report.

ILLAWARRA BUSINESS CHAMBER LIMITED DIRECTORS' REPORT

Your Directors present their report on the Company for the year ended 30 June 2009. The following persons were Directors of the Company during the whole of the financial year and up to the date of this report:

Michael Halloran Noel Cornish Stuart Barnes Mark McDonald Janine Cullen Patrick Nolan David Fuller Terry Oakes-Ash Les Dion Terence Wetherall Tony Emery Mark Wilson Michele Greig Dom Figliomeni

Eddy De Gabriele Wendy Fogarty

Stephen O’Brien Christopher Gandy was a Director from the beginning of the financial year until his resignation as a Director on the 25 November 2008. Michael Bassingthwaighte was appointed as a Director on the 25 November 2008 and continues in office at the date of this report. Jessica Saad was appointed as a Director on the 1 December 2008 and continues in office at the date of this report. COMPANY SECRETARY The following person held the position of Company Secretary at the end of the financial year: Mr. John Butt – FCPA, Bachelor of Business, Grad.Dip.AppCorpGov. Mr Butt has been employed by NSW Business Chamber Limited for the past nine years, performing financial and general management duties. PRINCIPAL ACTIVITIES Illawarra Business Chamber Limited is an incorporated company limited by guarantee. The Company has no issued capital and in the case of a winding up the liability of the members is limited to a total of $10 per member. The Constitution does not permit the return of capital or the distribution of surplus by way of dividend. The principal activities of the Company during the course of the year were to promote Australian industry and the provision of business services. TRADING RESULTS The operating profit of the Company after tax was $51,405 (2008: $86,224) .

REVIEW OF OPERATIONS There was no significant change in the operations of the economic entity during the year and the Company continued to maintain its high quality range of services to members throughout the year. SIGNIFICANT CHANGES IN THE 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 financial year under review which have not otherwise been disclosed in this report or the accounts. EVENTS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR In the opinion of the Directors, no matter, circumstance or event of a material and unusual nature has arisen since the end of the financial year and the date of this report which is likely to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years. LIKELY DEVELOPMENTS In the opinion of the directors it is not likely that there will be any changes in the operations of the Company in subsequent financial years. DIRECTORS’ MEETINGS The number of Directors’ meetings held in the period each Director held office during the financial year and the number of meetings attended by each Director was:

Board Meetings Directors Possible Attended Dion L 6 6 Barnes S 6 5 Cornish N 6 3 Bassingthwaighte M

4 3

Cullen J 6 5 De Gabriele E 6 4 Emery T 6 5 Figliomeni D 6 5 Fogarty W 6 5 Fuller D 6 6 Gandy C 2 1 Greig M 6 4 Halloran M 6 5 McDonald M 6 6 Nolan P 6 6 Oakes-Ash T 6 5 O’Brien S 6 4 Wetherall T 6 5 Saad J 4 3 Wilson M 6 4

INFORMATION ON DIRECTORS (As at the date of this report) Les Dion (President) Managing Director, Dion’s Bus Services Director, Seapost Pty Ltd Director, Consult Me Pty Ltd Director, Bluelord Pty Ltd Director, Dion Investments Pty Ltd Director, Thomas Dion Pty Ltd Director, Charles Dion Pty Ltd Director, Edward Dion Pty Ltd Director, Ernest Sidney Dion Pty Ltd Director, Leslie Frank Dion Pty Ltd Director, Rose Dion Pty Ltd Director, Northern Illawarra Area Management Pty Ltd Graduate, Australian Institute of Company Directors Special Responsibilities: Marketing & Membership Committee Eddy De Gabriele (Deputy President) Managing Director, Edmen Holdings (incorporating Edmen Group of Companies) Chairman & Director, Illawarra Football Association Chairman, Region Development Australia RSCA Chairman, South Coast A – league bid Chairman, Football South Coast Special Responsibilities: Policy Committee Mark Wilson Director, Wisdom Graphic Design & Advertising Pty Ltd Director, Geared Promotional Special Responsibilities: Events Committee

Stephen O’Brien General Manager, Membership, NSW Business Chamber Director, Canberra Business Council Special Responsibilities: Membership & Marketing Committee Mark McDonald Partner, Maguire & McInerney Director, Mandm Pty Ltd Chairman, Illawarra Rugby Union Judiciary Director, Renown Futures Pty Ltd Special Responsibilities: Policy Committee Terence Wetherall Partner, JBA Urban Planning Consultants Director, TCW Consulting Director, State Wide Crushing Director, Wollongong Light & Hope Committee Chair, Friendship for Life Committee Director, NSW Business Chamber, Chair, NSWBC Governance & Constitutional Taskforce & Member, NSWBC Investment Committee Implementation Committee – Dept. of Planning Special Responsibilities: Chair, Policy Committee Pat Nolan Area General Manager, Telstra Special Responsibilities: Chair Events Committee

Stuart Barnes General Manager, Wollongong Sportsground Trust, WIN Sports & Entertainment Centres Deputy Chairman, Tourism Wollongong Chairman, Wollongong Conference & Events Director, Venue Management Association of Australasia Director, St Mary’s Star of the Sea College Special Responsibilities: Membership & Marketing Committee Janine Cullen Managing Director, JC – The Power of One Pty Ltd Fellow, Australian Institute of Company Directors Director, Illawarra Connections Director, Greenacres Disabled Association Member, Light and Hope Community Mental Health Trust Member, International Women’s Day Committee – Illawarra Special Responsibilities Governance & Corporate Services Committee

Michele Greig Director, MBC Training & Development Pty Ltd Chairperson, Small Business Development Co-operation of NSW Associate Director, Orb Bowling Club Director, Gemsail Pty Ltd Director, Michelina Santillo Pty Ltd Director, San Polo Matese Pty Ltd Director, Wollongong Sports & Recreation Centre President, Sydney Association Molisani Special Responsibilities: Events Committee Dom Figliomeni Chief Executive Officer, Port Kembla Port Corporation Director, Figliomeni Superannuation Fund Council Wollongong University Illawarra TAFE Advisory Board Special Responsibilities: Policy Committee

David Fuller Director, Innovation Campus & University Developments Deputy Chair, Community Engagement Committee President, ANZRSAI - Australia New Zealand Regional Science Association International President, TPANZ - Technology Parks Australia New Zealand Special Responsibilities: Events Committee Noel Cornish Chief Executive, Australian and New Zealand Steel Manufacturing Businesses, Bluescope Steel Director, BlueScope Steel (AIS) Pty Ltd Director, BlueScope Steel Logistics Co Pty Ltd Director, New Zealand Steel Ltd Director, Tasman Steel Holdings Ltd Chairman, The Salvation Army Illawarra Advisory Board Member, University of Wollongong Council Special Responsiblities Policy Committee Wendy Fogarty Managing Director, Important & Imperative Business Solutions Special Responsibilities: Chair, Membership & Marketing Committee Michael Halloran Chief Executive Office, Illawarra Credit Union Chair, Salvation Army Illawarra Business Appeal Special Responsibilities Chair, Governance & Corporate Services Committee

Terry Oakes-Ash President, SHBC (Southern Highlands Business Chamber) Director, Edward Enterprises Pty Ltd Chairman, Ecoflex Australia President/Director, Construction Industry Institute Australia Director, GROW ACC (Sydney) Director, Challenge Pty Limited Chairman, WSC Transport Forum Member, WSC Economic Development and Tourism Group Chairman, Salvation Army, Red Shield Appeal Southern Highlands Special Responsibilities: Policy Committee Tony Emery Managing Director, Soilco Pty Limited President, Shoalhaven Business Chamber Chairperson, Compost NSW Treasurer, Compost Australia Special Responsibilities: Policy Committee Jessica Saad President, Junior Chamber International Illawarra Inc Non-Executive Director, UniCentre Ltd Chair, Services Committee UniCentre Ltd UniCentre Ltd Special Responsibilities: Membership & Marketing Committee

Michael Bassingthwaighte Chief Executive Officer, Peoplecare Health Insurance Chairman, HAMB Systems Limited Chairman, Defence Health Limited Director, Australian Health Service Alliance Special Responsibilities Governance & Corporate Services Committee

6

Auditor’s Independence Declaration As lead auditor for the audit of Illawarra Business Chamber Limited for the year ended 30 June 2009, I declare that to the best of my knowledge and belief, there have been: a) no contraventions of the auditor independence requirements of 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. This declaration is in respect of Illawara Business Chamber Limited during the period.

Sydney

20 August 2009

PricewaterhouseCoopers Liability limited by a scheme approved under Professional Standards Legislation

PricewaterhouseCoopers ABN 52 780 433 757 Darling Park Tower 2 201 Sussex Street GPO BOX 2650 SYDNEY NSW 1171 DX 77 Sydney Australia www.pwc.com/au Telephone +61 2 8266 0000 Facsimile +61 2 8266 9999

6



Sydney

20 August 2009




6



Sydney

20 August 2009



6



Sydney

20 August 2009



7

ILLAWARRA BUSINESS CHAMBER LIMITED INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2009

Note 2009 $

2008 $

Revenue from continuing operation

Membership Fees 518,835 468,549 Promotional Partnership 342,793 314,117 Sponsorship 76,104 173,140 Events 228,448 236,923 Other revenue 154,496 172,807

2

1,320,676

1,365,536 Expenses

Audit (5,000) (16,000) Bank Charges (12,074) (12,616) Communications (39,606) (30,279) Consultants (187,753) (167,050) Depreciation (3,123) (20,899) Employee Benefits Expense (604,178) (534,511) Annual and Long Service Leave Expenses (19,548) (13,156) Motor Vehicle Expenses (13,194) (7,190) Printing, Postage & Stationery (51,520) (60,558) Rent (83,220) (81,054) Support Services - (114,024) Travel & Entertainment (135,827) (140,441) Other (114,228) (81,534)

(1,269,271)

(1,279,312) Profit/(Loss) before income tax expense

51,405

86,224

Income tax expense

- -

Profit/(Loss) attributed to members of Illawarra Business Chamber

51,405 86,224

The above income statement should be read in conjunction with the accompanying notes.


ILLAWARRA BUSINESS CHAMBER LIMITED BALANCE SHEET FOR THE YEAR ENDED 30 JUNE 2009 Note 2009

$ 2008

$ ASSETS CURRENT ASSETS Cash and cash equivalents 3 530,467 370,943 Trade and other receivables 4 349,841 362,520 TOTAL CURRENT ASSETS

880,308

733,463

NON CURRENT ASSETS

Property, plant and equipment 5 8,289 10,112

TOTAL NON CURRENT ASSETS

8,289 10,112 TOTAL ASSETS

888,597

743,575

LIABILITIES CURRENT LIABILITIES Trade and other payables 6 526,063 432,446 TOTAL CURRENT LIABILITIES

526,063

432,446

TOTAL LIABILITIES

526,063

432,446

NET ASSETS

362,534

311,129

EQUITY

Retained profits 7 362,534 311,129 TOTAL EQUITY

362,534

311,129

The above balance sheet should be read in conjunction with the accompanying notes

9

ILLAWARRA BUSINESS CHAMBER LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2009 Note 2009

$ 2008

$ Total equity at the beginning of the financial year

311,129

224,905

Profit/(loss) for the year 51,405 86,224 Total equity at the end of the financial year

7

362,534

311,129

The above statement of changes in equity should be read in conjunction with the accompanying notes

illawarrabusiness.com> 032 10

ILLAWARRA BUSINESS CHAMBER LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2009 Note 2009 2008 CASH FLOW FROM OPERATING ACTIVITIES

$ $

Cash receipts from customers (including GST) 1,311,403 1,200,282 Cash paid to suppliers and employees (including GST)

(1,171,282) (1,143,876)

Interest received 20,703 23,758 Net cash inflow/(outflow) from operating activities

10

160,824

81,164

CASH FLOW FROM INVESTING ACTIVITIES

Payments for office furniture & equipment (1,300) (785) Net cash inflow/(outflow) from investing activities

(1,300)

(785)

Net increase/(decrease) in cash and cash equivalents

159,524

80,379

Cash and cash equivalents at beginning of year 370,943 290,564 CASH AND CASH EQUIVALENTS AT END OF YEAR

3

530,467

370,943 The above cash flow statement should be read in conjunction with the accompanying notes

11

ILLAWARRA BUSINESS CHAMBER LIMITED NOTES TO AND FORMING PART OF FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of accounting

In the Directors’ opinion, the Company is not a reporting entity because there are no users dependent on general purpose financial reports. This is a special purpose financial report that has been prepared for the sole purpose of complying with the Corporations Act 2001 requirements to prepare and distribute a financial report to the members and must not be used for any other purpose. The Directors have determined that the accounting policies adopted are appropriate to meet the needs of members. The financial report that has been prepared in accordance with AASB 101 Presentation of Financial Statements, AASB 107 Cash Flow Statements, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, AASB 1031 Materiality and AASB 1048 Interpretations and Applications of Standards, which apply to all entities required to prepare financial reports under the Corporations Act 2001. The financial report also complies with other applicable Accounting Standards and Interpretations with the exception of disclosure requirements in the following: AASB 2 – Share-based Payments AASB 3 – Business Combinations AASB 5 – Non-current Assets Held for Sale and Discounted operations AASB 7 – Financial Instruments: Disclosures AASB 101 – Presentation of Financial Statements: paragraphs 124A to 124C AASB 112 – Income Taxes AASB 114 – Segment Reporting AASB 124 – Related Parties AASB 139 – Financial Instruments: Recognition and measurement The financial report is prepared in accordance with the historical cost convention, except for certain assets which, as noted, are at fair value. Unless otherwise stated, the accounting policies adopted are consistent with those of the previous year. Comparative information is reclassified where appropriate to enhance comparability.

(i) Revenue recognition Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. Revenue is recognised for the major business activities as follows:

(a) Membership fees comprise annual subscriptions for the year brought to account on an accruals basis.

(b) Sponsorship fees are brought to account on an accruals basis. (c) Interest income is recognised when earned.


ILLAWARRA BUSINESS CHAMBER LIMITED NOTES TO AND FORMING PART OF FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of accounting

In the Directors’ opinion, the Company is not a reporting entity because there are no users dependent on general purpose financial reports. This is a special purpose financial report that has been prepared for the sole purpose of complying with the Corporations Act 2001 requirements to prepare and distribute a financial report to the members and must not be used for any other purpose. The Directors have determined that the accounting policies adopted are appropriate to meet the needs of members. The financial report that has been prepared in accordance with AASB 101 Presentation of Financial Statements, AASB 107 Cash Flow Statements, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, AASB 1031 Materiality and AASB 1048 Interpretations and Applications of Standards, which apply to all entities required to prepare financial reports under the Corporations Act 2001. The financial report also complies with other applicable Accounting Standards and Interpretations with the exception of disclosure requirements in the following: AASB 2 – Share-based Payments AASB 3 – Business Combinations AASB 5 – Non-current Assets Held for Sale and Discounted operations AASB 7 – Financial Instruments: Disclosures AASB 101 – Presentation of Financial Statements: paragraphs 124A to 124C AASB 112 – Income Taxes AASB 114 – Segment Reporting AASB 124 – Related Parties AASB 139 – Financial Instruments: Recognition and measurement The financial report is prepared in accordance with the historical cost convention, except for certain assets which, as noted, are at fair value. Unless otherwise stated, the accounting policies adopted are consistent with those of the previous year. Comparative information is reclassified where appropriate to enhance comparability.

(i) Revenue recognition Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. Revenue is recognised for the major business activities as follows:

(a) Membership fees comprise annual subscriptions for the year brought to account on an accruals basis.

(b) Sponsorship fees are brought to account on an accruals basis. (c) Interest income is recognised when earned.

12

ILLAWARRA BUSINESS CHAMBER LIMITED NOTES TO AND FORMING PART OF FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009

(ii) Property, plant and equipment Property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. All other repairs and maintenance are charged to the income statement during the reporting period in which they are incurred. Depreciation on property, plant and equipment is calculated using the straight line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives, as follows:

Plant and equipment 3 – 10 years

(iii) Cash and cash equivalents For cash flow statement presentation purposes, cash and cash equivalents includes cash on hand and deposits held at call with financial institutions.

(iv) Trade and other receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost less provision for doubtful debts. Trade receivables are generally due for settlement within 30 days. Collectability of trade receivables is reviewed on an on going basis. Debts which are known to be uncollectible are written off. A provision for doubtful debts is established where there is objective evidence that the entity will not be able to collect all amounts due according to the original terms of receivables. The amount of the provision is recognised in the income statement.

(v) Trade and other payables These amounts represent liabilities for goods and services provided to the company prior to the end of the financial year and which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition.

(vi) Taxation Illawarra Business Chamber is a not for profit association and hence is exempt from Income Tax under the Income Tax Assessment act 1997.

(vii) Leases Leases in which a significant portion of the risks and rewards of ownership are not transferred by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received form the lessor), are charged to the income statement on a straight line basis, over the period of the lease.

13


(viii) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the Australian Taxation Office. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense.

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 taxation authority is included with other receivables or payables in the balance sheet.

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 Australian Taxation Office, are presented as operating cash flows.

(ix) Borrowings Borrowings are initially recognised at fair value, net of transaction costs incurred.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

(x) New accounting standards and interpretations Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2009 reporting periods. The entity's assessment of the impact of the new standards and interpretations is that they will have no material impact on the entity's financial statements.

14

ILLAWARRA BUSINESS CHAMBER LIMITED NOTES TO AND FORMING PART OF FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 2009

$ 2008

$ 2 Revenue from continuing operations Sales Revenue

Sponsorship Income Membership Fees Promotional Partnership Events

76,104 518,835 342,793 228,448

173,140 468,549 314,117 236,923

1,166,180

1,192,729

Other revenue Interest Received Grants Received Other Income

22,703 131,793

-

23,758 149,049

- 154,496 172,807

Total revenue

1,320,676

1,365,536

3 Current assets - Cash and cash equivalents

Cash and cash equivalents

530,467

370,943

Reconciliation to Cash at the end of the year The above figures are reconciled to cash at the end of the financial year as shown in the statement of cash flow as follows:

Balance as per statement of cash flow

530,467

370,943

4 Current assets - Trade and other receivables Trade receivables 301,392 309,759 Provision for Doubtful Debts (8,353) (10,278) Grants receivable 32,025 11,352 Other receivables 24,777 51,687

349,841

362,520


15


5 Non-current assets – Plant, property and equipment

2009

$ 2008

$ 6 Trade and other payables

Income received in advance 134,500 400 Trade creditors Deferred revenue - grants Other creditors Income in advance

5,556 32,025 43,681

310,301

5,170 11,352

111,017 304,507

526,063

432,446

7 Retained profits Movement in retained profits were as follows:

Balance at beginning of year 311,129 224,905 Net profit/(loss) for the year 51,405 86,224 Balance at end of year

362,534

311,129

Leasehold Improvements

Office Equipment

Computer Equipment

Total

$ $ $ $ At 1 July 2007 Cost or fair value 205,666 32,031 28,644 266,341 Accumulated depreciation (184,744) (22,727) (28,644) (236,115) Net book amount 20,922 9,304 - 30,226 Year ended 30 June 2008 Opening net book amount 20,922 9,304 - 30,226 Additions 2818 785 - 785 Disposals - - - - Depreciation charge (18,623) (2,276) - (20,899) Closing net book amount 2,299 7,813 - 10,112 At 1 July 2008 Cost or fair value 205,666 32,816 28,644 267,126 Accumulated depreciation (203,367) (25,003) (28,644) (257,014) Net book amount 2,299 7,813 - 10,112 Year ended 30 June 2009 Opening net book amount 2,299 7,813 - 10,112 Additions - 1,300 - 1,300 Disposals - - - - Depreciation charge (366) (2,757) - (3,123) Closing net book amount 1,933 6,356 - 8,289 At 30 June 2009 Cost or fair value 205,666 34,116 28,644 268,426 Accumulated depreciation (203,733) (27,760) (28,644) (260,137) Net book amount 1,933 6,356 - 8,289



8 Members guarantee 2009

$ 2008

$ The company is limited by guarantee. If the company is wound-up, the Constitution states that each member is required to contribute a maximum of $10 each towards meeting any outstanding obligations of the company.

9 Remuneration of auditors

Pricewaterhouse Coopers Australia firm Audit and review of financial reports

5,000

16,000 10 Reconciliation of operating result after income tax to

net cash flow from operating activities

Profit/(loss) 51,405 86,224 Depreciation Increase/(decrease) in trade creditors Increase/(decrease) in other liabilities (Increase)/decrease in trade debtors (Increase)/decrease in other receivables

3,123 385

94,483 6,443 4,985

20,899 (13,603) 14,942

(1,878) (25,420)

Net cash from operating activities

160,824

81,164


17

ILLAWARRA BUSINESS CHAMBER LIMITED DIRECTORS' DECLARATION AS AT 30 June 2009 As stated in Note 1 to the financial statements, in the Directors’ opinion the company is not a reporting entity because there are no users dependent on general purpose financial reports. This is a special purpose financial report that has been prepared to meet the Corporations Act 2001 requirements. In the Directors’ opinion:

(a) the financial statements and notes set out on pages 7 to 16 are in accordance with the Corporations Act 2001, including:

i. complying with Accounting Standards and other mandatory professional reporting

requirements as detailed above, and the Corporations Regulations 2001; and

ii. giving a true and fair view of the company’s financial position as at 30 June 2009 and of its performance for the financial year ended on that date; and

(b) 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 in accordance with a resolution of the Directors.

Sydney 20 August 2009


18

Independent auditor’s report to the members of Illawarra Business Chamber Limited

Report on the financial report

We have audited the accompanying financial report, being a special purpose financial report, of Illawarra Business Chamber Limited (the Company), which comprises the balance sheet as at 30 June 2009, and the income statement, statement of changes in equity and cash flow statement for the year then ended, a summary of significant accounting policies, other explanatory notes and the Directors’ declaration. Directors’ responsibility for the financial report The Directors of the company are responsible for the preparation and fair presentation of the financial report and have determined that the accounting policies described in Note 1 to the financial statements, which form part of the financial report, are appropriate to meet the requirements of the Corporations Act 2001 and are appropriate to meet the needs of the members. The Directors’ responsibility also includes establishing 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 the circumstances.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial report based on our audit. No opinion is expressed as to whether the accounting policies used, as described in Note 1, are appropriate to meet the needs of the members. 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 judgment, 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 Company’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 Company’s internal control. An audit also includes evaluating the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.

The financial report has been prepared for distribution to members for the purpose of fulfilling the Directors’ financial reporting obligations under the Corporations Act 2001. We disclaim any assumption of responsibility for any reliance on this audit report or on the financial report to which it



1

Independent auditor’s report to the members of Illawarra Business Chamber Limited (continued)

relates to any person other than the members, or for any purpose other than that for which they were prepared.

Our procedures include reading the other information in the Annual Report to determine whether it contains any material inconsistencies with the financial report.

Our audit did not involve an analysis of the prudence of business decisions made by directors or management.

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.

Auditor’s opinion

In our opinion, the financial report of Illawarra Business Chamber Limited is in accordance with the Corporation Act 2001, including:

(i) giving a true and fair view of the Company’s financial position as at 30 June 2009 and of their performance for the year ended on that date; and

(ii) complying with Australian Accounting Standards to the extent described in Note 1 and complying with the Corporations Regulations 2001.


Liability limited by a scheme approved under Professional Standards Legislation

1

Independent auditor’s report to the members of Illawarra Business Chamber Limited (continued)

relates to any person other than the members, or for any purpose other than that for which they were prepared.

Our procedures include reading the other information in the Annual Report to determine whether it contains any material inconsistencies with the financial report.

Our audit did not involve an analysis of the prudence of business decisions made by directors or management.

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.

Auditor’s opinion

In our opinion, the financial report of Illawarra Business Chamber Limited is in accordance with the Corporation Act 2001, including:

(i) giving a true and fair view of the Company’s financial position as at 30 June 2009 and of their performance for the year ended on that date; and

(ii) complying with Australian Accounting Standards to the extent described in Note 1 and complying with the Corporations Regulations 2001.


Liability limited by a scheme approved under Professional Standards Legislation

6



Sydney

20 August 2009



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