Fitzroy Football Club

(incorporating the Fitzroy Reds)

Joined VFA:

VFA Premiers:

Founding Member VFL:

VFL Premiers:

1884

1895

1897

1898, 1899, 1904, 1905, 1913, 1916, 1922, 1944.

Brownlow Medallists:

Board of Directors:

Mr. Dyson F. Hore-Lacy SC

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 120th financial year ended 31st October, 2004.

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. Thomas J. Sargant Director since 29th March 2004

Principal Activities

The Club continues to operate as a member based football club. The Club operates the Fitzroy Shop situated at 463 Main Street Mordialloc and 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.

Operating Result

The Net Profit for the year was $7,671. 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. Colin R. Hobbs
Mr. John Pettinella
Mr. Robert A. Eales
Mr. William L. Atherton
Mr. Dean McVeigh
Mr. David Lauritz
Mr. Thomas Sargant

Meetings Attended

3
3
2
2
2
1
3
-
1
- (app't 29th March)

Meetings Held

3
3
3
3
3
3
3
3
3
-

Signed at Richmond this 18th day of February 2005, inaccoradnce with a Resolution of 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 notes are in accordance with the Corporations Act 2001; and

a) comply with the Accounting Standards and the Corporations Regulations 2001; and

b) give a true and fair view of the Company's financial position as at 31st October 2003 and of 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 8th February 2003
……………………………. William L.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 notes are in accordance with the Corporations Act 2001; and

a) comply with the Accounting Standards and the Corporations Regulations 2001; and

b) give a true and fair view of the Company's financial position as at 31st October 2004 and of 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 18st February 2005

Scope

I have audited the financial report of the Fitzroy Football Club Ltd for the year ended 31st October 2004, consisting of the Statement of Financial Performance, Statement of Financial Position, Statement of Cash Flows, accompanying notes and the Directors Declaration. 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, 2004 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: 25th February, 2004.

Members,

The attached financial report records another successful year for the Club with a net profit of $7,671, $140 less than last year. Of course our expenditure was very much higher than last year given the cost of setting up the Fitzroy Shop. We incurred some $2,500 in setting up the shop together with $6,000 on memorabilia acquisitions for the Museum. A further $3,000 was spent on furnishings and equipment. To this end we would like to acknowledge the support of the Trustees of the Fitzroy Club Hotel Trust and the Fitzroy Foundation who enabled us to fund the completion of this project.

Whilst merchandising sales were down from the previous year, we maintained our gross profit return, which enabled us to fund our sponsorships to the Fitzroy Reds and Fitzroy Junior Football Clubs which totalled $7,824. We expect to maintain our earnings base this year which will be helped by a lower cost of operation, now that the Shop is up and running.

Congratulations to the premiership success of the Fitzroy Junior teams, U11 Gold & Blue together with the Fitzroy Reds U.19 team. In closing I would like to thank Club Members Ted Hassett and Mark Edwards for their wonderful help in setting up the Shop together with all of the member volunteers who manned the shop every Wednesday and Sunday afternoons. I would also like to thank our Club Historians Rick Lang and Chris Donald, website operator Raelene Margetts and our sponsors, Doran Printing and Lyon Knitwear for their marvellous support over the year.

Bill Atherton
Hon.Secretary

FITZROY FOOTBALL CLUB LTD

STATEMENT OF FINANCIAL PERFORMANCE

FOR THE YEAR ENDED 31ST OCTOBER, 2004

Other Revenue from Ordinary Activites

Less: Football Club Sponsorship Payments

Less: Administration Expenses

4

4

FITZROY FOOTBALL CLUB LTD

STATEMENT OF FINANCIAL POSITION AS AT 31ST OCTOBER, 2004

FITZROY FOOTBALL CLUB LTD

STATEMENTS OF CASH FLOWS

FOR THE YEAR ENDED 31ST OCTOBER, 2004

FITZROY FOOTBALL CLUB LTD

NOTES TO AND FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31ST OCTOBER 2004

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 the Income Tax Assessment Act.(1997).

6. Membership

The membership of the Club for the year ending the 31st October 2004 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, D.McVeigh, W. L. Atherton, D.Lauritz and T.J.Sargant.

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

Nil

9. Financing Arrangements

The Club did not require any financing facilities in the 2004 financial year.

10. Controlled Entities

The Company has no controlled entities.

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

$3,043

$1,944

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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