Upload
lyngoc
View
215
Download
0
Embed Size (px)
Citation preview
ABN: 89 743 048 843
SPECIAL PURPOSE FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2016
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD (ABN 89 743 048 843)
DIRECTORS REPORT
DirectorsThe names of the directors in office at any time during or since the end of the year are:
Brett Mackay Grant Hinchcliffe (Retired 25th November 2015)Michael Baxter Peter Aulich Greg RaspinChris Hill Amy Reiner (Appointed 25th November 2015)Mark Colson (Appointed 25th November 2015)
Principal Activities
Changes in State of Affairs
Review of Operations
Subsequent Events
The principal activities of the cooperative during the financial year were that of Investor,Fruit and Vegetable Wholesaler and Retail Marketer.
Your directors present their report of Tasmanian Independent Retailers Co-OperativeSociety Ltd (the cooperative) for the financial year ended 30 June 2016.
Directors have been in office since the start of the financial year to the date of this reportunless otherwise stated.
The consolidated profit of the cooperative for the financial year after providing for incometax amounted to $1,748,290.
No significant changes in the cooperative’s state of affairs occurred during the financial
No matters or circumstances have arisen since the end of the financial year whichsignificantly affected or may significantly affect the operations of the cooperative, theresults of those operations, or the state of affairs of the cooperative in future financial
i.
ii.
______________________
Dated: 08 November 2016
ASIC Registration #: 337294
AUDITOR’S INDEPENDENCE DECLARATION
TO THE DIRECTORS OF
any applicable code of professional conduct in relation to the audit.
We declare that, to the best of our knowledge and belief, during the year ended 30 June 2016 there have been nocontraventions of:
the auditor’s independence requirements as set out in the Corporations Act 2001 and adopted in relationto this audit; and
GREGORY HARPERRegistered Company Auditor
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD
46 Cameron StreetLaunceston Tas 7250
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD (ABN 89 743 048 843)
STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED
30 JUNE 2016
Note 2016 2015 $ $
Continuing operations
Revenue 128,353,401 120,937,567 Cost of sales (116,358,169) (108,669,963)
Gross profit 11,995,232 12,267,604
Financial income 299,857 590,628 Other income 883,844 863,359
Total income 13,178,933 13,721,591
Depreciation and amortisation expenses (808,803) (771,618) Employee benefits expense (6,015,234) (5,894,080) Financial costs (146,446) (185,064) Motor vehicle expenses (501,749) (565,749) Rental and occupancy expenses (350,805) (414,404) Other expenses (5,234,877) (4,961,004)
Profit/(Loss) before tax 121,019 929,672
Income tax (expense)/benefit 3 (9,558) (188,535)
Profit/(Loss) for the year 111,461 741,137
Other comprehensive income
Share of net profit from associates after tax 1,636,829 1,584,422
Total comprehensive income for the year 2 1,748,290 2,325,559
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD(ABN 89 743 048 843)
STATEMENT OF FINANCIAL POSITIONAS AT
30 JUNE 2016
Note 2016 2015 $ $
Current assets
Cash assets 4 7,972,269 6,812,523 Receivables 5 6,399,733 5,481,180 Inventories 6 855,008 844,938 Current tax assets 7 105,528 88,212 Other assets 8 60,565 64,058 Financial assets 9 88,495 3,741,936
Total current assets 15,481,598 17,032,847
Non-current assets
Financial assets 9 3,408,529 3,339,251 Investment accounted for using the equity method 10 15,595,112 13,958,283 Property, plant & equipment 11 13,809,311 14,036,181 Deferred tax asset 12 681,350 664,239 Intangible assets 13 234,275 245,314 Other assets 8 - 463,000
Total non-current assets 33,728,577 32,706,268
Total assets 49,210,175 49,739,115
Current liabilities
Payables 14 9,199,209 8,009,821 Interest bearing liabilities 15 86,503 1,085,263 Provisions 16 975,544 882,223
Total current liabilities 10,261,256 9,977,307
Non-current liabilities
Interest bearing liabilities 15 22,005 2,578,424
Total non-current liabilities 22,005 2,578,424
Total liabilities 10,283,261 12,555,731
Net assets 38,926,914 37,183,384
Equity
Contributed equity 17 7,490 12,250 Reserves 18 24,801 24,801 Retained profits 19 38,894,623 37,146,333
Total equity 38,926,914 37,183,384
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD(ABN 89 743 048 843)
NoteContributed
equityRetained earnings
Capital reserve
Asset revaluation
reserve Total$ $ $ $ $
Balance at 1 July 2014 12,250 34,678,224 24,801 142,550 34,857,825
Profit attributable to equity shareholders - 2,325,559 - - 2,325,559
Transfers to/(from) reserve - 142,550 - (142,550) -
Balance at 30 June 2015 12,250 37,146,333 24,801 - 37,183,384
Profit attributable to equity shareholders - 1,748,290 - - 1,748,290
Share issued during the year (4,760) - - - (4,760)
Balance at 30 June 2016 7,490 38,894,623 24,801 - 38,926,914
30 JUNE 2016FOR THE YEAR ENDED
STATEMENT OF CHANGES IN EQUITY
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD(ABN 89 743 048 843)
STATEMENT OF CASH FLOWSFOR THE YEAR ENDED
30 JUNE 2016
Note 2016 2015 $ $
CASH FLOW FROM OPERATING ACTIVITIES
127,567,682 121,702,707 (127,776,938) (121,902,415)
349,788 446,707 1,224,125 1,209,240
(43,986) 78,624
Net cash provided by/(used in) operating activities 21(b) 1,320,671 1,534,863
CASH FLOW FROM INVESTING ACTIVITIES
94,354 73,000 (689,794) (1,643,244)
3,997,330 1,234,594
Net cash provided by/(used in) investing activities 3,401,890 (335,650)
CASH FLOW FROM FINANCING ACTIVITIES
74,789 2,840,964 (3,632,844) (1,672,806)
(4,760) -
Net cash provided by/(used in) financing activities (3,562,815) 1,168,158
Net increase (decrease) in cash held 1,159,746 2,367,371
Cash at beginning of year 6,812,523 4,445,152
Cash at end of year 21(a) 7,972,269 6,812,523
Proceeds from borrowingsRepayment of borrowingsShares issued/(repurchased)
Proceeds from sale of property, plant and equipmentPayment for property, plant and equipmentProceeds from the disposal of/(payments for) investments
Receipts from customersPayments to suppliers and employeesFinancial income received
Income tax received/(paid)Other receipts
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD (ABN 89 743 048 843)
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED
30 JUNE 2016
Note 1: Statement of significant accounting policies
Reporting entity concept
Australian Accounting Standards applied and significant policies adopted
AASB 101: Presentation of Financial StatementsAASB 102: InventoriesAASB 107: Cash Flow StatementsAASB 108: Accounting Policies, Changes in Accounting Estimates and ErrorsAASB 110: Events after the Balance Sheet DateAASB 112: Income Taxes AASB 116: Property, plant and equipmentAASB 118: RevenueAASB 119: Employee BenefitsAASB 128: Investment in AssociatesAASB 138: Intangible assetsAASB 1031: MaterialityAASB 1048: Interpretation and Application of StandardsAASB 1054: Australian Additional Disclosures
(a) Income tax
The following is a summary of the significant accounting policies adopted by the cooperative in the preparation of thefinancial report. These accounting policies have been consistently applied unless otherwise stated:
The financial report has been prepared on an accruals basis and is based on historic costs and does not take intoaccount changing money values or, except where specifically stated, current valuations of non-current assets.
No other applicable Accounting Standards, Accounting Interpretations or other authoritative pronouncements of theAustralian Accounting Standards Board have been intentionally applied.
The following accounting standards have been applied in the preparation of this financial report:
The directors have determined that Tasmanian Independent Retailers Co-operative Society Ltd (the cooperative) is nota reporting entity as there are no users who depend on general purpose financial statements. The financial report is aspecial purpose financial report prepared in order to satisfy the financial reporting requirements of the members of thecooperative and the Cooperatives Act 1999. The cooperative is a for-profit entity.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when theasset is realised or the liability is settled, based on tax rates enacted or substantively enacted at reporting date. Theirmeasurement also reflects the manner in which management expects to recover or settle the carrying amount of therelated asset or liability.
Current and deferred income tax expense (income) is charged or credited directly to equity instead of the profit or losswhen the tax relates to items that are credited or charged directly to equity.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during theyear as well as unused tax losses.
Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated usingapplicable income tax rates enacted, or substantially enacted, as at reporting date. Current tax liabilities (assets) aretherefore measured at the amounts expected to be paid to (recovered from) the relevant taxation authority.
The income tax expense (revenue) for the year comprises current income tax expense (income) and deferred taxexpense (income).
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it isprobable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised.
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD (ABN 89 743 048 843)
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED
30 JUNE 2016
Note 1: Statement of significant accounting policies (cont.)
(a) Income tax (cont.)
(b) Property, plant and equipment
Property
Plant and equipment
Depreciation
Class of fixed asset Depreciation rateBuildings 2.50%Plant & Equipment 5.00% - 40.00%
(c) Leases
Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures,deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference canbe controlled and it is not probable that the reversal will occur in the foreseeable future.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that netsettlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred taxassets and liabilities are offset where a legally enforceable right of set-off exists, the deferred tax assets and liabilitiesrelate to income taxes levied by the same taxation authority on either the same taxable entity or different taxableentities where it is intended that net settlement or simultaneous realisation and settlement of the respective asset andliability will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to berecovered or settled.
The depreciation rates used for each class of depreciable assets are:
Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are chargedas expenses in the periods in which they are incurred.
The depreciable amount of all fixed assets, excluding freehold land, are depreciated on a straight line basis over theiruseful lives to the cooperative commencing from the time the asset is held ready for use.
Plant and equipment are initially measured on the cost basis.
Property is carried at cost less, where applicable, any accumulated depreciation.
Each class of property, plant and equipment are carried at cost less, where applicable, any accumulated depreciation.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains orlosses are included in the income statement. When revalued assets are sold, amount included in the revaluationreserve relating to that asset are transferred to retained earnings.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount isgreater than its estimated recoverable amount.
The assets residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset, but notthe legal ownership, are transferred to the cooperative, are classified as finance leases. Finance leases arecapitalised, recording an asset and a liability at the lower of the amounts equal to the fair value of the leased propertyor the present value of the minimum lease payments, including any guaranteed residual values. Lease payments areallocated between the reduction of the lease liability and the lease interest expense for the period.
Leased assets are depreciated on a straight line basis over the shorter of their estimated useful lives or over the termof the lease.
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD (ABN 89 743 048 843)
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED
30 JUNE 2016
Note 1: Statement of significant accounting policies (cont.)
(d) Inventories
(e) Investments
(f) Investments in associates
(g) Intangibles
(h) Employee benefits
Inventories are measured at the lower of cost and net realisable value. Costs are assigned on a first-in first-out basisand include direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenses.Overheads are applied on the basis of normal operating capacity.
Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losseson the disposal of an entity include the carrying amount of goodwill related to the entity sold.
Provision is made for the cooperative’s liability for employee benefits arising from services rendered by employees tobalance date. Employee benefits that are expected to be settled within one year have been measured at the amountsexpected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one yearhave been measured at the present value of the estimated future cash outflows to be made for those benefits.
In determining the net identifiable assets acquired, contingent liabilities of the acquiree are included to the extent towhich they represent a present obligation and can be measured reliably.
Goodwill is calculated as the excess of the sum of: (i) the consideration transferred; (ii) any non-controlling interest; and (iii) the acquisition date fair value of any previously held equity interest, over the acquisition date fair value of net identifiable assets acquired.
Details of the cooperative’s investments in associates are shown at Note 10.
When the cooperative’s share of losses in an associate equals or exceeds its interest in the associate, the cooperativediscontinues recognising its share of further losses unless it has incurred legal or constructive obligations or madepayments on behalf of the associate. Upon the associate subsequently making profits, the cooperative will resumerecognising its share of those profits once its share of the profits equals the share of the losses not recognised.
When the reporting dates of the cooperative and the associate are different, the associate prepares, for use by thecooperative, financial statements as of the same date as the financial statements of the cooperative with adjustmentsbeing made for the effects of significant transactions or events that occur between that date and the date of theinvestor’s financial statements.
Profits and losses resulting from transactions between the cooperative and the associate are eliminated to the extentthey relate to the cooperative’s investment in the associate.
The carrying amount of the investment includes goodwill relating to the associate. Any excess of the cooperative’sshare of the net fair value of the associate’s identifiable assets, liabilities and contingent liabilities over the cost of theinvestment is excluded from the carrying amount of the investment and is instead included as income in thedetermination of the investor’s share of the associate’s profit or loss in the period in which the investment is acquired.
Associate companies are companies in which the cooperative has significant influence through holding, directly orindirectly, 20% or more of the voting power of the company. Investments in associates are accounted for in thefinancial statements by applying the equity method of accounting, whereby the investment is initially recognised at costand adjusted thereafter for the post-acquisition change in the company’s share of net assets of the associatecompany. In addition, the company’s share of the profit or loss of the associate company is included in the company’sprofit or loss.
Non-current investments are measured at market value. The carrying amount of investments is reviewed annually bydirectors to ensure it is not in excess of the recoverable amount of these investments. The recoverable amount for allinvestments is based on the quoted market value at the reporting date.
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD (ABN 89 743 048 843)
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED
30 JUNE 2016
Note 1: Statement of significant accounting policies (cont.)
(i) Cash and cash equivalents
(j) Trade and other payables
(k) Revenue
(l) Goods and Services Tax
(m) Comparative figures
Where the cooperative has retrospectively applied an accounting policy, made a retrospective restatement orreclassified items in its financial statements, an additional statement of financial position as at the beginning of theearliest comparative period will be disclosed.
When required by Accounting Standards, comparative figures have been adjusted to conform to changes inpresentation for the current financial year.
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST is notrecoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost ofacquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet areshown inclusive of GST.
Trade and other payables represent the liability outstanding at the end of the reporting period for goods and servicesreceived by the cooperative during the reporting period, which remain unpaid. The balance is recognised as a currentliability with the amounts normally paid within 30 days of recognition of the liability.
Cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term highly liquidinvestments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown withinshort-term borrowings in current liabilities on the balance sheet.
All revenue is stated net of the amount of goods and services tax (GST).
Interest and dividend revenue is recognised when amounts have been received.
Revenue from the sale of goods is recognised at the point of the delivery as this corresponds to the transfer ofsignificant risks and rewards of ownership of the goods and cessation of all responsibilities.
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD (ABN 89 743 048 843)
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED
30 JUNE 2016
2016 2015 $ $
Note 2: Operating Profit
Profit from ordinary activities before income tax expense has been determined after:
(a) Revenue and Net Gains
Case allowance 18,742,572 16,333,002 Interest and dividends received 349,690 445,997 Profit on sale of property plant and equipment 3,962 1,150 Rental income 440,303 472,592 Rebates 7,848,554 7,730,286
(b) Expenses
Advertising 2,253,107 2,248,608 Bad & doubtful debts 12,946 16,729 Depreciation of property, plant & equipment 807,088 771,618 Directors emoluments 96,447 67,049 Equipment development fund 1,001,005 832,815 Loss on sale of non current assets 17,471 8,952 Other provisions 93,321 61,707 Purchase incentive payment 4,084,825 3,917,691 Remuneration of the auditor: - audit or review 15,700 14,500 - other services 4,500 840 Subsidies 17,949,358 15,235,138
Note 3: Income Tax Expense
Tax expense comprises:Current income tax expense/(benefit) 27,032 162,022
(17,111) 26,509
Prior years under/(over) provision of income tax (362) 4
Total income tax expense 9,559 188,535
Current income tax reconciliation:
Profit from ordinary activities before income tax 121,019 929,672
Prima facie tax payable at 30% 36,306 278,902
Less tax effect of: - Non-assessable income/non-deductible expenses (11,858) (74,777) - Rebatable tax credits (14,527) (15,594)
Add tax effect of: - Prior years under provision of income tax (362) 4
9,558 188,535 Income tax expense attributable to profit from ordinary activities
The prima facie tax payable on profit from ordinary activities before income tax is reconciled to the income tax expense as follows:
Deferred tax (income)/expense relating to the origination and reversal of temporary differences
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD (ABN 89 743 048 843)
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED
30 JUNE 2016
2016 2015 $ $
Note 4: Cash Assets
Cash on hand 1,305 1,305 Cash at bank 7,970,964 6,811,218
7,972,269 6,812,523
Note 5: Receivables
Trade debtors 6,428,983 5,510,430 Provision for impairment of receivables (29,250) (29,250)
6,399,733 5,481,180
Note 6: Inventories
Stock on hand (at cost) 855,008 844,938
Note 7: Current tax assets
Income tax receivable 105,528 88,212
Note 8: Other Assets
Current Prepayments 60,565 64,058
60,565 64,058
Non-currentLoans - secured - 463,000
60,565 527,058
Note 9: Financial Assets
Listed equities 16,834 9,835 Listed unit trusts 141,822 124,742 Unlisted trusts 3,249,871 3,204,673 Other financial instruments 88,496 3,741,937
3,497,023 7,081,187
Due within 12 months 88,495 3,741,936 Due in more than 12 months 3,408,529 3,339,251
3,497,024 7,081,187
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD (ABN 89 743 048 843)
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED
30 JUNE 2016
2016 2015 $ $
Note 10: Investment in associated entities
Interest are held in the following associated companies:
Statewide Independent Wholesalers Ltd- Principal activity Food wholesaling- Ownership interest 40% 40%
a) Movements during the year in equity accounted investments in associated companies
13,958,283 12,373,861 1,636,829 1,584,422
- -
- - - -
15,595,112 13,958,283
b) Equity accounted associate profits are broken down as follows
2,341,912 2,268,746 (705,083) (684,324)
1,636,829 1,584,422
c) Summarised presentation of aggregate assets, liabilities and performance of associates
114,956,940 102,923,531 16,127,647 17,466,235
131,084,587 120,389,766
78,599,189 73,940,347 10,691,289 8,747,383
89,290,478 82,687,730
41,794,109 37,702,036
906,375,095 871,412,002 4,092,073 3,961,056
Share of associated company's reserve increments arising during the year
Balance at beginning of the financial yearShare of associated company's net profit/(loss) after income tax
Dividend revenue from associated company
Revenue
Share of associates net profit before income tax expenseShare of associates income tax (expense)/benefit
Share of associates net profit after income tax expense
Repayment of loans during the year
Current assets
Balance at end of the financial year
Non-current assets
Total assets
Current liabilitiesNon-current liabilities
Total liabilities
Net assets
Profit/(Loss) after income tax expense
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD (ABN 89 743 048 843)
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED
30 JUNE 2016
2016 2015 $ $
Note 11: Property, Plant & Equipment
Land and buildings at cost 12,731,407 12,658,325 Less accumulated depreciation (1,330,456) (1,083,869)
11,400,951 11,574,456
Plant and equipment at cost 3,637,710 3,274,306 Less accumulated depreciation (1,882,060) (1,581,376)
1,755,650 1,692,930
Motor vehicles at cost 2,543,379 2,522,358 Less accumulated depreciation (1,890,669) (1,753,563)
652,710 768,795
Total Property, Plant and Equipment 13,809,311 14,036,181
Note 12: Deferred Tax Assets
Future income tax benefit 681,350 664,239
Note 13: Intangible Assets
Preliminary expenses 55 55 Trademarks 1,715 1,715 Goodwill at cost 232,505 232,505 Borrowing costs - 11,039
234,275 245,314
Note 14: Payables
Current Trade creditors 7,932,835 6,707,165 Accrued expenses 1,266,374 1,302,656
9,199,209 8,009,821
Note 15: Interest Bearing Liabilities
Current Asset purchase liability 24,135 39,703 Bank loan secured 62,368 1,045,560
86,503 1,085,263
Non-currentAsset purchase liability 22,005 - Bank loan secured - 2,578,424
22,005 2,578,424
46,140 2,618,127
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD (ABN 89 743 048 843)
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED
30 JUNE 2016
2016 2015 $ $
Note 16: Provisions
Current
Employee entitlements 975,544 882,223
Number of employees at year end: 95 95
Note 17: Contributed Equity
3,745 (2015: 6,125) fully paid ordinary shares 7,490 12,250
Note 18: Reserves
Capital reserve 24,801 24,801
24,801 24,801
Note 19: Retained Profits
37,146,333 34,678,224 1,748,290 2,325,559
Transfer from reserves - 142,550
38,894,623 37,146,333
Note 20: Dividends paid and franking credits
- -
11,160,909 11,099,323 Franking account balance (tax paid basis)
(a) Ordinary shares participate in dividends and proceeds on winding up of the co-operative in proportion to the number of shares held.
At shareholders meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands.
Retained profit at the beginning of the financial year
Retained profit at the end of the financial year
Profit from ordinary activities after income tax expense
Dividends per share paid or declared
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD (ABN 89 743 048 843)
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED
30 JUNE 2016
2016 2015 $ $
Note 21: Cash Flow Information
a) Reconciliation of cash
Cash on hand and cash at bank 7,972,269 6,812,523
Profit from ordinary activities after income tax 1,748,290 2,325,559
Non cash flows in profit from ordinary activities:807,088 769,817
13,509 7,802 49,833 (144,631)
(1,636,829) (1,584,422) 93,321 61,707 13,915 5,824
Changes in assets and liabilities:(903,588) (445,745)
(10,070) (38,905) (17,112) 26,509
1,174,423 271,255 5,207 39,443
(17,316) 240,650
Net cash provided by operating activities 1,320,671 1,534,863
Note 22: Company Details
The registered office and principal place of business is :Tasmanian Independent Retailers Co-Operative Society Ltd8 Translink AvenueWestern Junction TAS 7212
Depreciation/amortisation
b) Reconciliation of cash flow from operations with profit from ordinary activities after income tax.
Cash at the end of the financial year as shown in the statements of cash flows is reconciled to the related items in the statement of financial position as follows:
Increase/(decrease) in income tax payable
(Increase)/decrease in receivables (Increase)/decrease in inventories (Increase)/decrease in deferred income tax asset Increase/(decrease) in payables Increase/(decrease) in prepayments
Market value adjustments on investments Share of net profit of associates Movement in employee leave provisions Hire purchase interest
Net gains on disposal of plant & equipment
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.
The financial report has been prepared for distribution to members for the purpose of fulfilling the directors’ financialreporting under the Co-operatives National Law (Tasmania) Act 2015. We disclaim any assumption of responsibilityfor any reliance on this report or on the financial report to which it relates to any person other than the members, orfor any purpose other than that for which it was prepared.
The Responsibility of the Directors for the Financial Report
The Co-operative's directors are responsible for the financial report and have determined that the accounting policiesused and described in Note 1 to the financial statements which form part of the financial report are appropriate tomeet the requirements of the Co-operatives National Law (Tasmania) Act 2015 and are appropriate to meet the needsof the members. The directors’ responsibility also includes designing, implementing and maintaining internal controlsrelevant 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 accountingestimates 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 towhether the accounting policies used, as described in Note 1, are appropriate to meet the needs of the members. Weconducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that wecomply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtainreasonable 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 financialreport. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of materialmisstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the entity’s preparation and fair presentation of the financial report in order todesign audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion onthe effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overallpresentation of the financial report.
We have audited the attached financial report, being a special purpose financial report of Tasmanian IndependentRetailers Co-Operative Society Ltd ("the Cooperative") for the year ended 30 June 2016, which comprises the statementof financial position as at 30 June 2016, and the statement of comprehensive income, statement of changes in equityand statement of cash flows for the year then ended, a summary of significant accounting policies, other explanatorynotes and the directors’ declaration.
INDEPENDENT AUDIT REPORT
TASMANIAN INDEPENDENT RETAILERS CO-OPERATIVE SOCIETY LTD
Scope
TO THE DIRECTORS OF
Dated: 08 November 2016
In our opinion, the financial report of Tasmanian Independent Retailers Co-Operative Society Ltd is in accordancewith:
GREGORY HARPERRegistered Company AuditorASIC Registration #: 337294
46 Cameron StreetLaunceston Tas 7250
ii. complying with Accounting Standards in Australia to the extent described in Note 1; and
b) other mandatory professional reporting requirements to the extent described in Note 1.
______________________________
a) the Co-operatives National Law (Tasmania) Act 2015 , including:
i. giving a true and fair view of the Co-operative’s financial position as at 30 June 2016 and of itsperformance for the year ended on that date in accordance with the accounting policies described in Note
Independence
In conducting our audit, we have complied with the independence requirements of Australian professional ethicalpronouncements.
Auditor’s Opinion