Fitzroy Football Club

(incorporating the Fitzroy Reds)

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:

Mr. Dyson F. Hore-Lacy QC

Mrs. Elaine P. Findlay

FITZROY FOOTBALL CLUB LTD

ACN 005 881 201

DIRECTORS' REPORT

The Directors present their report together with the Financial Report for the 118th financial year ended 31st October, 2002

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. John Pettinella Director since 26th January 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
Mr. Dean Royston McVeigh Director since 21st May 2001
Mr. David John Lauritz Appointed 25th February 2002
Mr Kevin John Ryan retired from the board at the 2002 AGM held 26th March 2002

Principal Activities

The Club continues to operate as a member based football club. The Club sponsors the Fitzroy Reds Amateur Football Club and the Fitzroy Junior Football Club, both of whom are based at our original home ground at Brunswick Street Nth.Fitzroy. The Club also endeavours to represent the interests of Fitzroy members and supporters who support the Brisbane Lions in the AFL. 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 $3,657. No income tax is payable because the Club is exempt from paying income tax pursuant to the provisions of the Income Tax Assessment Act. (1997.)

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

Please refer to a detailed review of the Club's operations during 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 and endeavour to provide various social activities for its members.

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. Colin R. Hobbs
Mr. Robert A. Eales
Mr. William L. Atherton
Mr. Dean McVeigh
Mr. David Lauritz

Meetings Attended

3
3
1
3
1
2
1
3
1
1

Meetings Held

3
3
3
2
3
3
3
3
3
1

Qualifications:

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

Signed at Melbourne this 24th day of February, 2003 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 of the directors of the Fitzroy Football Club Limited,

1. The financial statements and accompanying notes for the financial period ending on the 31st October 2002,
a) comply with the Accounting Standards and the Corporations Act 2001; and,
b) give a true and fair view of the Company's financial position as at 31st October 2002 and it's performance for the year ending on that date.

2. 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 Board of Directors and is signed for and on behalf of the directors by William Lawrence Atherton, Director.

Dated 24th February 2002
……………………………. William L.Atherton
Director

Dear Members,

It is with a great deal of pride that I tender my report to you on the activities of the Club for the year ending 31st October 2002. Whilst compared to our former brothers in the AFL, our Annual Financial Report may well consist of nickels and dimes, but every cent paid to this Club has been accounted for and enabled the Club to not only function properly, but also contribute $8,514 to the Fitzroy teams playing in the City of Fitzroy.

The Fitzroy Reds had a very successful year consolidating their position in Section D2 of the VAFA competition after their premiership success the previous year. It was very gratifying to see the growing links with the Fitzroy Juniors, as the first boys started to come through from the Colts U.17 team and find a spot in one of the Reds three senior teams. For the 2003 season, the Reds are starting an under 19 team of their own and this will need all of our support. The Juniors had another great year, but a flag eluded them when the Colts team was overcome by a rampant Macleod and the U13 team lost to Doncaster. Both Benjy Lee, President of the Reds and Steve Turner, President of the Juniors, are to be congratulated on their marvellous efforts over the year. I would also like to thank Club Life members Ian Cairncross for his help in video taping some of the Reds games, (who will ever forget the great washout in round 13) and Laurie Serafini for being guest of Honour at the Reds Jumper Presentation Night last March. (Who will ever forget his Clarke Kent Superman impersonation!) We are also very grateful for the support of Ivan Smith and the Past Players Association for their donation and support for the Fitzroy Reds.

I would also like to thank Ted Hassett for making a beautiful honour board for the Fitzroy Juniors. This was presented to the Juniors at our March 2002 Annual Meeting. The Club also records the retirement from the Board of Kevin Ryan who served the Club for over ten years as a Director and also as the Club's CEO in the early nineties through very difficult times. A suitable presentation was made to Kevin at last year's AGM to thank him for his long and valuable service. Kevin and our Chairman Dyson Hore-Lacy were instrumental in getting sponsorship from Quit which enabled us to purchase a full Fitzroy uniform for the Fitzroy Bombers who compete in the RECLINK competition. This competition is for socially disadvantaged people and the Fitzroy Bombers went on to win their first premiership.

Congratulations to the Brisbane Lions for their back to back AFL Premiership wins. We did not have as many phone calls for help from visiting Queenslanders as we had in the previous year, but there were still enough to keep us busy in Grand Final week. It was pleasing to see the BBFFC initials on the back of the Lions jumpers. This initiative together with the scoreboard listing the team as the Lions, came from our talks with the Lions in 2001. It would be great to see the Lions wear a traditional Fitzroy jumper in a Melbourne game and there might be a chance of that happening in round 19 this year. In response to some Melbourne Clubs talking about transferring their home games away from Melbourne for Lions games, we reminded the Brisbane Lions of their commitment for at least six home games in Melbourne. They have acknowledged this and so Victorian Lions members can always look forward to at least six games here plus grand finals etc.,

The highlight of the year was the success of the Haydn Bunton Ball last June where we danced the night away at Albert by the Lake and unveiled Martin Tighe's statue of Haydn Bunton. We also took the opportunity to present our Chairman, Dyson Hore-Lacy, with a framed and autographed Fitzroy jumper for his ten years service to the Club as Chairman.

Our merchandise sales increased by $9,300 thanks to the success of our pre 1974 jumpers which have proved to be very popular. Our website is now an important part of the Club's profile to the outside world and our thanks go to Raelene Margetts. We have now got an excellent history section on it thanks to our Club Historians Rick Lang and Chris Donald.

On a final note we record with sadness the passing of former players, Don Furness, Tich Edwards, Arthur Hall and Max Miers.

Bill Atherton
Hon.Secretary

Frank Nolan RCA

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

Scope

I have audited the financial report of the Fitzroy Football Club Ltd for the year ended 31st October 2002, consisting of the Statement of Financial Performance, Statement of Financial Position, Statement of Cash Flows, accompanying notes one to fourteen and the Directors Declaration set out on page four. 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 Act 2001, including:
(i) giving a true and fair view of the company's financial position as at the 31st October, 2002 and of its performance for the year ended on that date; and
(ii) complying with Accounting Standards and the Corporations Regulations 2001; and

(b) other mandatory professional reporting requirements.

Frank Nolan
Registered Company Auditor
Date: 27th February, 2003.

FITZROY FOOTBALL CLUB LTD

STATEMENT OF FINANCIAL PERFORMANCE

FOR THE YEAR ENDED 31ST OCTOBER, 2002

Other Revenue from Ordinary Activites

Less: Football Club Sponsorship Payments

Less: Administration Expenses

4

4

FITZROY FOOTBALL CLUB LTD

BALANCE SHEET

AS AT 31ST OCTOBER, 2002

FITZROY FOOTBALL CLUB LTD

STATEMENTS OF CASH FLOWS

FOR THE YEAR ENDED 31ST OCTOBER, 2002

FITZROY FOOTBALL CLUB LTD

NOTES TO AND FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31ST OCTOBER 2002

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 held an AFL licence up until 1996 when its team was merged with the Brisbane Bears by the Administrator pursuant to the provisions of the Deed of Company Arrangement, which operated 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 Act 2001. 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.

5. Income Tax

The Company is exempt from Income Tax pursuant to the provisions of Section 50 - 45 of the Income Tax Assessment Act.(1997)

6. Membership

The membership of the Club for the year ending the 31st October 2002 were as follows:

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, D.McVeigh, W. L. Atherton and D.Lauritz.

Directors' Shareholdings

The following directors or their director related entities hold shares in the Company:

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 processed credit card payments to the Club in the period to the 1st March 2002. Merchant fees paid to that Company in the normal course of business was $51. (At cost)

9. Financing Arrangements

The Club did not require any financing facilities in the 2002 financial year.

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 established the Fitzroy Football Club Social Club Ltd. 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. That company did not trade during the year.

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: -

Net Cash Provided by(Used in) Operating Activities

$2,108

$5,387

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. Accumulated Losses

14. 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. ($50.00)

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