CCF Annual Report 2016/17 Financial Year | Page 55

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
2017 $ 2016 $
2,000 2,000
1,796,277 1,774,874
Net profit attributable to the entity 50,516 21,403
Retained earnings at the end of the
financial year 1,846,793 1,796,277
note 14: reserves
General Reserve – Members’
Debentures
There has been no movement in
the reserve during the current or
preceding year.
note 15: RETAINED EARNINGS
Retained earnings at the beginning of
the financial year
note 16: CAPITAL AND LEASING COMMITMENTS
Hire Purchase Commitments
Payable – Minimum Hire Purchase
payments
Not later than 12 months
55,883 43,083
Later than 12 months but not later than
2 years - 56,818
Later than 2 years but not later than 5
years - -
Minimum Hire Purchase payments 55,883 99,901
Less future finance charges (959) (5,591)
Present value of minimum payments 54,924 94,310
- -
Not later than 12 months 140,962 200,747
Later than 12 months but not later than
2 years 59,001 96,378
Later than 2 years but not later than 5
years - 96,270
Minimum Operating Lease payments 199,963 393,395
Operating Lease Commitments
Payable – Minimum Operating Lease
payments
As at 30 June 2017, the Branch which has acquired a new property during the year is contracted to
spend some $48,609 on capital improvements to that property (2016 : $nil).
A full set of accounts and accompanying notes was circulated to all CCF Victoria members within
21 days of the AGM on 1 September 2017 and subsequently lodged with the Fair Work Commission
under s.268 of the RO Act, that being within 14 days after the meeting referred to in s.266 of the RO
Act.