PENTRIDGE VILLAGE JOINT VENTURE FOH THE · PENTRIDGE VILLAGE JOINT VENTURE TAXABLE INCOME ri ECONCILIATION STATEMENT FOH THE YEAR ENDED 30 JUNE 2010 Opemting profit as per accounts

PENTRIDGE VILLAGE JOINT VENTURE

TAXABLE INCOME riECONCILIATION STATEMENT

FOH THE YEAR ENDED 30 JUNE 2010

Opemting profit as per accounts

Add:

Nor\ I),,(Juctillf� Expf:nse - Employee J::nliiiP.mcmts Sick Pay No11 D'�'luctillle Expflnsc: - t:mployce C:n!ilemenl Annual Leave

TAXABLE INCOME

?.010 s

1 , 104,555

0,426

_______ _7}H12 16,109

1 . 1 20,664 �

574


PARTNGRS' DECLARATION

The parrners h<lVe determined that the partnership is not a reporting enlily. The partners have determined !hat lhls special purpose financial tepQrt should b� prepared in accordance With the accourlliog policies de&eribod ill Note 1 to these tincmclll! slatamnnts.

In th3 opinion of lhe partners:

Tl)e financial statements and notes lo U1e linar.cial !italements lor the year ended 30 June 2010 prenent fairly lh<l finaocil!l posllion ot the pmtnersl\il) at SO Jurw 2010 and 1M results of its opewliMS lor lhe ye;,r !hen ended in ��ccordancc with the uccounting policies desc(lbed in Note 1 lo the financial Sltllt.'ffiCJlh;. /.

Partner

Par1ncr

Partner

I /

�--·- 'f Pll:HO ONE PTY I. TD

x T VER D�VELOPMF.NTS PTY L TO

/ /' /,..

·��·------.. -;··\ BHOOKL YN TIM8EH '

2 I ·-oated; .::?. .. ... 1 .... :?. .. 1...\.L

r>ago fO

575

PENTHIDGC.: VILLAGE JOINT VENTURE COMPILATION REPORT

TO PENTRIDGE VILLAGE JOINT VENl'UI�E

We ilavf! r�ompile<i the ac:compan)rillg nocciai purpose lir�ancial staten\ents of Pentridgc Vill<lgC Joint VGnturc, <rs set out on J)ageu 2 to 9. The speciHc pvrpose for which the special purpose lrnarlc;IIJI st<Hf!mcnts hilve been prepared in to provide information relating to the pcufonnanc:e nncf !in<lnGi<ll position (lf lho pnrtra:llship thai sntinfles the itllorrnalion naedu o: the pMtMrs.

T/J(J f?asponsiiJility of P;,rtners The partners Dre solely respo;lSible (r>r the irllormation (:onlaint;cl in the spr�c�J putpose financwl str.wnwnls and i1ave <letennin(!(! thut the bnsis of ilCCOunling v<IO(!led is appropriate t o m t�e! tt:eir' r.ee<ls. Our Hesponsibiiily On lh� !:l<tsis ct ink>ti\Hilion provided by the pur(rlors, we havf: compi:oo 1110 ar.c�ornp<lnying specral purpose f•llt'u1(:!C\t stnteme•lt� in accord<�n� w<lh !llll basir. of accounting a<toplecl and APES 315: Compilation oi Financial fnf01matior1.

Our proeed�rrc·!� u�r·: <JCC<Jtlllting exper!is0 to cof!ec:, cla�sify nnd S\•rnmarise thn financi31 iolornliltion. which thr� p;;ttn<:rs provided. in compiirng t11e financial statements. Our proccc1ures do not rncfodo veriCieatio11 or ViJI;o�non prcrcc<JtrrP.s. hlo <Hr<til or review llCIS hr')en perfor'rlHld and ilccorclinoly no �ss:rranc:c1 is express�xf.

The �poc;ial purpose linanci<�J stalemc�nts were compiled excltlsivety tor ti)e l>enent or the partncm r;f PerW•clge Village Joint VenhJrf:. We d() •lOt accept responsibility to any 0t11er p�rson lot the cont�:llts of the spr.ci�11 purpose f)nanci<�l sl<llelllents.

r:1�:.� & CO PTY L'I'D ci'ertlli<�<l Pr· ctisin!) Account:�nt /51 SYDNEY WAO

I COI3UHC, v c. 30!;0 / . I! /

{ - --·· �J/Jk�\}1\Jrfi� -\ · - -···- . ... --..... :;.?. . ...... ----.. - - - -.. - -.. ··--·-·- -.. -·-· ·,, Cf)A: 0 _f.!:;-R'I:U. A ·-·#"

COBlJHG I I I}- /.•J t'/ Dated: . .. . ... .. ./ . . . . . . . . ./.. . . . . . . . .

Pn(l" 1 2

576

· . ; . ,

PENTRIDGE VILLAGE JOINT VENTU RE

FINANCIAL REPORT

FOR THE YEAR ENDED 30 JUNE 201 1

PREPARED BY FERELLA & CO PTY LTD

!31 SYDNEY ROAD COBURG VIC 3050

577

PENTHIDGE VILLAGE JOINT VENTUHE

Trading Stalemerll

Profil M<l Loss Sl�lernenl

13at<lllcr. Shea!

1\tl)fr.s IH ihc� Ftr:an.�ia1 Sl<>ler••e>liS

T��abl<� Income Hcconcilialion Statt'!menl

Par!ne,.s' Dec:laralicn

Compilot>on Herx)rt

CONTENTS

Page No.

2

3

7

1 1

'10

1 2

578

PENTRIOGE VILLAGE JOINT VENTURE

TnADING STAr!;MENT


SALES

Sales Deposits Re.lingui�he<i

U;SS COST OF GOODS SOLO Opc�ning stock land <ievelopnu�nt ConsuHa1\IS

Closing land h�lid for resale

Ci�OSS PROFIT

Note

2

2011 s

3ft, 1 68.678 __ ___§l5,(j��-

34,804,333 ··--.. ---�· .. -··--

52.636,950 23,965.361!

__ _} • .!!_8!.,_!11�--79,990,133

__ 46,268,31 Q_ 33, 721,815

-----·-·-

1,082,5'18 "

'fncco stalemonl$ Ghould bO roa<l ;, ooujonct<oq wiU1 tho �I!D<:hllil compilaliM report

2010 $

36.124.<'112 --... -·-.. ----·

36, 1 2.<1,1!12 ---·-�····-··

49,939,(Hi1 27,002.296

_, ___ -2:_C?.:8J.§?. ... 76.9711,315

__ _g63�.\�� 26,337,365

---·----·--

9,787,047 --�=::.::=.:

579

PI!NTRIDGE VILLAGE ,JOINT VENTURE

PROFIT AND LOSS STATEMENT

fOI� TI-lE YEAR ENDED 30 JUNE 201 1

INCOME lnleresl receive<! Profit 011 rental operations Sundry Income

Gross prolil from trading

LESS EXPI!NDJl'URE Accollnlancy & llookk�::cping Advertising & Markatil1l'J Asset$ Less th3n $300 Bank (:1\arr;es l'!oofl·owi•lQ expt'lns<-:s Body Corpo!·ate Ex:> Cle<ming Computer Hep<.�irs & Milintcmce Coosulta1lcy fees

Construction Safley & twining Courier lees Co Invest LSI. Depreciation - properiy lmprovcn�ents Depreciation · pl<u1( and equipment Oaprllciation · oflit:e rurnitute <Jnd �q�,ipmenl OepreciHtion · furniture and fittings Donatlon5 Employees enti!teme10t EntMtriilll'r.enl Expen:Hm !�<luipmeflt Hire

Equipme1lt ma1:rlflnance F 11nge Benefits Tax Functlons/Semlnnrs Hire �nchm;e charge:; lnswance li lt,�msl p;lid

Land tf.lx Legal costs Light and power Management Fees Motor vehicle expenses Postage Printing nncl stationery

Rates and !axe!> Rental Gvarai)ICe

Note

3

ti

f>�oo 3

2011

$

43,816 91,900 1 2,574

·-···-J.:.Q§J..5Hl 1.230.609

·------··�

48,1193 109,776

'/69 93G,O:l1

116,061 4,81l

1 4,293 574,606

3:.$,954

6.� 2<1 5.034 7,694

39.804 15.312

115:1

1 ,21JO 4.(100

19,3!i0

13,17:? 2.l9�i

30.41 1 7,64?..406

41 3,846 279.1173

6,469 204,594

23,1)42 2.327

1 6,(i73 260,924 !i!) 1 ,3?.2

2010

$

10,469 195,233 395,665

... _9,_7_l[! ... Q�?_ 10.386.434

-----�·-· .................

()4,723 121.617

620 9411

3�,'185

7,3!l0 1 1 ,296

41 0,040 60,111(

3,317

a,g13

�6.654 1 9,4'19

:i22 12.500 16,1()fJ

2,790 :?.6,&95 3�.870 13,172

2.5�7 624

<13,722 (),121,510

:121l,2t11i 270,109

4,370 200,000

1 6,553 2,552

29,743 306,91111 1.60,551

580

(



!=OR THE YI�AI� ENDED 30 JUNE 201 1

��pairs !lnd maintenance He pairs & Muirllenonco Office l:qvipme:�t Henlal Cost:; Salaries ancl wa�JeS l.abCHtr Hire Secul'ily coW\ Secretarial Fees Stall Amon lies Starr training SullscripHcns Superannua!ion contri!xrlions ·r olephMfl Tmv<.<lfin9 expMS(�s Workcovm

Nr;T OP ERATING PROFIT (LOSS)

Distribution lc> Pmtners: PIERO ONE PTY LTD (Share: 52.2%) TOW I:. I� & TOWt-.: F� DI:VELOPMH.Jl"S PTY I. TD {Sh;Jr e: 36.8%) Br<OOI<I.YN 'f!MBC:R (Sil;;re. 1 1 %)

Note 2011 $

!i,647 351o, 1 19

30,283 (15,034

1!)8 1 ,20tl

36,300 14,"104

7,847 ··---·-_lQJ�.

1 1 ,954,61?. --·--.. -.. ·-····--

( 10.723,803) �-;.-.:-..::-�

(5,597,325)

(3,9116,360) ·----��.!Q&!.�).

(10,723,!103) :o=..:.'li:'l,:..·.�"'::"�=�:;.:.-::::

:!010 $

6,716 3,!335

1 1 ,<116 380,620

(1/.,2113 212

1 ,9ili' 000

1 9,529 48,6713 12,0!)7

2,492

____ ... 1.!.1&�-9,283,!ll1J

-···-----... -

... �

1 , 104,555 =....-=::;;r.�::=:=:-..:.:.r=.·-=:.::.:

576.5"13

�06,4'16

___ .... !.?:.l:.�Q:!.. .. 1,104,555

nr::.-:: ... ·:.-z-.:-=::.:;:-..:.;:::;.:.-�··=--.:.:

58 1

(

PI:NTRIDGE VILLAGE JOINT VI::NTUHE

CURRENT ASSETS

Deposil f�oo<ls Suncorp Withholding tax paid Trade del)tors wo.-k in progress Rolinisfled Deposits r:•re;>uyments

FIXeD ASSeTS Pror>orly, plil!\( <ln<l eqlJipmer:�

TOTAL ASSETS

CURRENT LIABILITIES Bank over<Jra(t T mrlf! f:rr.d 110rs West Homes Staff Superannuation Fu11CI Lo:m - Pnnricl) NflWt>Oicl SlJper fund Loan - West 1-lomes AL•straiia f'ty Ltd Loan · Paide Pty t.ld Lo<.tn · Jollie ply 11<1

BALANCE SHEET AS AT 30 JUNE 201 1

Note

6

7

Loan -C B;.Jflal\ Produce (Wernbee) Pty f. lei Wilhhotdi''9 lil)((<s payable u Ptovision for Sicl< Leave Provi�ion Rf)l)'l; Prov1sion lor ann�tDIIenvf:l GotHi� nntl sr-:rvicf:!i tax

NON·CURHENT UAI31LITIES

C.:Jpital hnatlCf�

TOTAL LIABILITII::S

NET ASSETS (UA131l.fTIES)

9 10 11 12

2011 $

37,663 6?.3

6?.,022 46.268,316

(104,000)

2010 $

37,883 623

116,627 52,636,950

5.3�9.1126.. --·· 7.!5�QQ-� .. 51.614,271 60,282,085

·----·--

-·�···-�99,611_ ·-----�6J!i?J_

299,614 361 ,<151 __ ... _.. ___ ·�--·--·-·-·---

5·1.91 3,6115 60,64:3,537 ·--·---·--··· ·------·

1 25,550 1?.8,a52 3,989,019 \6'11,201

(30.000i 1,6$8,275

�7.260 92,1fi9 440,000 4�0.000 4:10,000 lt40,000

675,000 37!),000 1:?,390 7,620 17,23$ ?.1 ,7!i6 2,2112.

28,250 2'1.691 ----·-- 6�!?93 .. . . . __ ___ Z1Q.1:L.

7,461.01(i 3./12,855 -----------···--·'"-·· ·-·-- ..

...... .?l!,£��<l;�!... ..... ...Q?.,.Q�J .. Q�-�-()0,?.73,090 02.047,099

---··-·---·- ·-------�--

87,754,106 65,759.954 ----... · ·----· ·--·---,-··-

(35,840,220) (25, 1 1 6,417) �:.::.\..r.:-� =��

ThNu ztatemcuts sl1011ld be rcoc in ootojui\Ciion wllh tha <)t!aCI>o<l ootnpilatio� :cpool.

582


BALANCE SHEET AS AT 30 JUNE 201 1

PARTNERS' FUNDS

P!ERO ONE fJTY l TO TOWfiR & TOWEl'{ DEVELOPMENTS I'TY L TO

BROOJ<L YN TrMBER

TOTAL PJ\RTNEHS' FtJNOS (OEI'ICIENCY}

Note

13 13 1 3

2011

$

(18.599,68?) (1 3, 102,810)

_ _ (�. 13_U28t (35,840,?.20)

�----:::.:::.=::ra

2010 s

P3,001.857) (9,156,451)

-··_j��§:X!..9.l (25, 1 1 6,417)

:-... 'C:"!""�-==-��

;583

2

3

4

5

6

7

PENTHIDGE VILLAGE JOINT VENTURE

NOTES TO THE FINANCIAL STATEMENTS


i Statement of Significant Accounting Policies

2011 s

2010 $

The linan(;ial .statements are a special purpose repon prepnn:cl for us<� by the P<'ilners. The partners h�ve determined that the partnership I� not :.1 reportlno nnlily.

l"he statements are prepared on an accruals basis. They are based on historic costs and do nol IClkc into accou1)l chan9i119 money valu�s or. excepl where specifically stuted, current vaiu<ltions of non·curr!lni assets

No Austwlian Accounting St�ndards, Austtalian A<'.counting lnterpretaliot)S Views or oP1er authoritative pronouncements of the /\�tstrafian Accounting S!t1ndards Board have l>aen intimliotwH>• applied.

Consultants: Real Est<!le Agents Fo<::s 3,1 58,801 1 .94:!,403 l..t:•gal:; :-<: Selle� Cofl!r<Ws :118,017 89,71$4 Va!uati<ms __ --..1.!,000 -------

3.3()"7,ll"19 .?.,03?.,167 , __ ... _:=:::---·· .. ···: :,""::.:;::..-::=-..r.:-:=---=

13orrowhl!) �xpenses: Bank Guarnnlc�e F'eas

__ 93i>,031 34,48£L '';=' ........ =

Employees �ntltlemcnt: Sick Le<1w� (4,521} 8,426 ll<"ul:Jttl le;;vr. 3.550 7,6!12 l�mMm:cl <lav>> orr ............ ··---�·3�1_ -·� ·· �·· · ·--· ... _ .. .......

1 ,28() 16.109 :;:.·:�:.-�-:.�-=-� n·�·::-:::�':z..-:.:;.::;:..-=:....""!':::':

Motor vehicle expcn:;es: Petrol and oil 23,842 16,175 Re\lislrlllion ;mel inSllrance 376

··-·· .. --··-·---·- ·------··-.. ·--·-·

23,042 16,()53 .. x==---:00::�"::.'.� ��..:..:.:==::..:.":':.',';:� ... �=:..:

Prepnymcnls: Commission!: ti,;so�9,4?.ti 7,560.003

:..":-..-=-:..:��-=-==�"':Cv.� ::�----------::-...:4t�.!:.=

Property, plallf lll\d r:qulpmenf P;o,>eny improvements 168,341 1138,341 Less accvmutaled depreciiltion

·--·�.49� .• _. _____ 95,604

64,M3 72,737 ·--.. ·----- ----·----

l"h�$e nolcs &hOt�c be re�cl in co:1juncti0r. w�h lhe oHuhed compilullon rcrJOII.

:584

9

1 0

PENTRID G E VILLAGE JOIN'r VENTURE


FOR THE YEA!� ENDED 30 JUNE 20 1 1

Ptanl nno equipment Ll�s5 accumulalc<J cepreoiallon

Office tumihJHl and eQuit>rnenl

t.r.�s accurnvfated depreciation

Furnitvre <md fittings less accumulated doprocialion

Total proporty, plant ar1d Gquiprnent

Withholding taxe:> pnynblo: PI\ YG withl!<llcling tax pay!lble

Provision for Sictt Loav0:

01)1:)n;ng bal<•nce Adclitionnl t>l'ovisions raised

Provision ROO's: Ad<lilionDl Provisions l�:�ised

2011 $

2010 $

378,016 378,018

___ !_�3.07�. ____ _!Q_4.��-18<1,145 223,949

·-·--··· ... ·--- ,_ ... -----

236,302

---��9.614,_ 47,687

···-·-----· ..

4,9'15

-·--- 2,036

2,939 ___ .. _... ................ _

299,614 :-=?·-·-:·--·--

236.677 ___ _!?!5,30:1

61.375

<1,975 ---- ! ,584

3,391 361,451

::;-:.:---·-x·----·�::

21.756 1 :!,330 ___ J��.!L ___ u_.�.�

1 7.236 21.756 :.:...""r\� r--"Z::;:;;:;"��, .. ___ _

1 1 Pmvislon lor annuill lcav(l.

1 2

Ptovision lor (mrrunl IC�nvll Ff<IVIS:On ror tl!li\Ufli iC�(IV�:

Gooch; and servicer, tllx: GST f13}'ahle Input lax credit ATO lnh<rgwled Clienl /lccounl GSr paynwnlfreruncl accoum

24.oH1 __ .. -,_.,,.;!�§.�--

28,2()() �==---:-:-=,::-: "1rr:

296,8H1 (282,122)

45,Ci2'7 --·---!&�L.

135.793 :::;-�;:;.:-..:..:.;:;.-·-·�

'!'hose :rol"s sll<>tdd 1>" reo<! 111 conjuneti<lll with IM nttachc<l compi31i0fl report.

Paoo 0

1'1,009 -- --.. ---�� c(�!J.?._

211,69'1 �:��=:�.:=:.�.".!..".:=.:

351.149 (26:?.397)

__ (1?291!. 72,045

:=.��w:r---=-- . ..

585

PENlRIOGE VILLAG!� JOINT VENTURE


FOR THE YEAR ENDED 30 JUNE 201 ·1

13 Partners' funds:

PIERO ON!; PiY LTD Opening balance

ll<ld: Profit for thfl Yf•<tr

Loss: Loss for lh(·l )•eilr

TOWER & TOWER DEVI:I.OPMENTS PTY LTD

Opening l>.!llan<:e

AdcJ: Profil for !!1e yeDr

Less: Loss for 111r� yc•<lf

BROOI(L YN TIMBER

I\(! \I• Profil for lhfl yfl<!f

l.ma;: l.oss for t11e )•ear

Total p<lftncrs' funds (deficiency)

2011 $

(1 3,001,857)

(1 3,001,857)

2010 $

(13.!57&.435)

.. ----2!.�2-?JL (13,001.857)

(1 6,599.682) (13,001.657) �===:::=-.::::::.= ::::;..::-.�� ... ---

(9.1 56/i{\ 1 )

(9,156,451)

(9,562,921)

__ 4QM7G (9, 150,451}

(13,102,810) (9,1 56,451 )

{?..951l, 1 'i0)

(2.9!\8 , 1 10)

. __ ,_...1J!9.�_!L (4, 1 37. '128)

=£�.0<10,220)

(3,079,611)

-·-· · --!� (2.950, 1 10)

(2,9!iU,1 10) ::::...-::-.::=::-:.-:

(25.116:,417) ::;;;..-::::=.=::=- �-- --

Th�-so fl()((l$ t;llould ()() rcoo in COJljtJ:ICiiO:l wil!l lhc D!Wche<l (;()I))J:IInt;ol) rq:ofl.

586


PARTNERS' DECLARATION

Too panncrs hava determined that the partnership Is not a reporting entity. The partners have determined that these special purpose financial statements should be prepered In accordance with the accounting policies described in Note 1 to these financial �atements.

In the opinion of 1110 partners:

The fh)ancial stt!laments <Jnd notes as set out on pages 2 to 9. present fairly the financial position of the partnership at 30 June 2011 <Jnd the results ot itt; operations for the year then ended In accordance with the accounung poflcle described In Note 1 to the financial stalemcnts.

Portnor

Partner

Dated: .... ?. .. u ... S ... .t)) .......

Paga 10

587

PF.NTHIDGE VILLAGE JOINT VE:NTURE

TAXABLE INCOME RECONCILIATION STATEMENT


Operating profit (less) as per accounts

r{arJuction uf Lolls: Non Oeduclii>IG Expense . Employee Entitement Annual l.e!we

Non Deductible l�>q>ense • Employee Hoster Day Olf

Add:

Nor. D!�duc,ible Expen�e • Employee Erl!i!!emcnts Sick Pay TAXAl�LE INCOME (LOSS)

Tl\c�e o!mcmculs should he rc�d lu coroju,clio.• with the ouacho<l CO/llfliiMi,)ll rcpotl

2011 s

(10,723,803)

3,559 ____ ?_Z;q,_

5,801

-------�g1 __

(10, 722.523} ::...�� .... =-=-�=

588

PENTHIDGE VILLAGE JOINT VENTUHE

COMPILATION REPOIH

TO PENTRIDGE VILLAGE JOINT VENTURE

We have compile<! lhe accompanying special pt�rpose financial statements ol P<mtridoe Village Joint Venture, as set oul on pages 2 to 9. Tile specific pwpose for which the special purpose financial slatcments have been prepared Is to 1>rovide Information relating 10 lhe perform!lnce ancl financial position of the r><'rlf\etship lhal satisfies the information nf!ods of !hr. pllrlners. The Responsibility of p,,rtncrs The parlners are solely responsible for thc1 informallon conl<linco in lilt� S(>t�cial purpose financi<ll statements ancs llllvP. clatcrmincd I hot Jhe basis of pccotmfing vdopted is approprialc to mee! tl:eir ''eeds. Our Rest>Otlsibilif)' On the basis of li1format1on provided b)• the partners, we have compiled the accompanyin9 spEJci<ll pvtrx>se financial slatements in accordance with thA basis of accounfing odoptecl and APES 315: Compilation of Flnanclal lnformatioJ'.

Ow proceduws U:Je :>ccounting oxperlise to coltec:. classify <11'1<1 summarise the financial information, which the purtuers Jl{Ovidecl, in compilir\9 the financial staternenfs. Oltr procedures do not include verification or Y<llicllJ!Ion proceoums. No auclit or review r.vs been performed end ilCCOrclingly no assurance is <lXpresscd.

The speci<�l purpose financial slatetnetlts were compiled exdusivel�' for lh�l bet\efit of the partners of F>enlridgc Village ,Joint Venture·}. We do t\Ol accept re�pot\Sibilil)' to any other person lor the contents of the speci<JI purpose financial slatP.mcnts.

Fl� f:L!.A & CO P'I'Y LTD

artlflad Pr ctlstng Account Mit 51 SYDNl;Y �OAD COBURG, V C, 3056

COBUHG

Dated: /{ . . t .. /.?:.t .. '!:.�.:!

Pi!W 1 2

589

. ·'

f j


FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2012

PREPARED BY

FERELLA & CO PTY LTD

51 SYDNEY ROAD

COBURG VIC 3058

590


Trading Statement

Profit and Loss Statement

Balance Sheet

Notes to the Financial Statements

Taxable Income Reconciliation Statement

Partners' Declaration

Compilation Report

CONTENTS

Page No.

2

3

5

7

1 1

1 0

1 2

59 1

SALES Sales Deposits Relingulshed


TRADING STATEMENT

FOR THE YEAR ENDED 30 JUNE 2012

Note 2012 $

22,876,154 468,616

23,344,770

LESS COST OF GOODS SOLD Opening stock 48,268,318 Land development 1 1 ,705,120 Consultants 2 31572,646

61,546,085 Closing land held for resale 35.493,400

26,052,685

GROSS PROFIT (LOSS) (2, 707,915}

The eCOOI'IIplnylng nota form part of til ... ftnandll statemenbs.

TheH � lhould be r.ad In oonjundlon wttll lhe altlldled completion report.

Pege 2

2011 s

34,168,678 635,655

34,804,333

52,636,950 23,965,364

3,387,81 9

79,990, 133

46,268,31 8

33,721 ,815

1 ,082,518

592




Note 2012 2011

$ $

INCOME Interest received 1 ,649 43,816 Rents received 75,940 91,900 Sundry Income 76, 152 12,574 Gross profit (loss) from trading {2,7071915� 11082,518

(2,554, 173) 1 ,230,809

LESS EXPENDITURE Accountancy & bookkeeping 7!5,296 48,493 Advertising & Marketing 59,997 109,776 Bank charges 535 769 Borrowing expenses 3 50,930 936,031 Body Corporate Exp 175,039 86,061 Cleaning 14,650 4,817 Computer Repairs & Maintence 41,790 14,293 Consultancy fees 497,695 574,606 Construction Saftey & training 26,243 35,954 Courier fees 4,757 6,124 Co Invest LSL 12.087 5,034 Depreciation • property improvemenls 6,674 7,894 Depreciation - plant and equipment 32,589 39,804 Depreciation - office furniture and equipment 10,599 15,312 Depreciation - furniture and fittings 392 452 Employees entitleme11t 4 (26,960) 1,280 Entertainment Expenses 3,639 4,808 Equipment Hire 9,243 19,350 Fringe Benefits Tax (22,060) 1 3,172 Functions/Seminars 36 2,795 Insurance 43,854 30,411 Interest paid 7,786,182 7,642,408 Land tax 834,770 413,846 Legal coats 466,148 279,473 Light and power 13,752 8,469 Management Fees 200,000 204,594 Motor vehicle expenses 5 10,153 23,842 Postage 1,836 2,327 Printing and stationery 9,087 16,673 Rates and taxes 247,105 268,924 Rental Guarantee 588,028 591,322 Rental Costs 13,261 5,647 Salaries and wages 303,280 354,119

Tho eccoml*!ylng notes fcrm part of lha.e ftnanclaf statement..

Theee statements should be reed In conjw\cllon with lhe lttlched compllellon report. Pege S

593

·.




Note 2012 •

Labour Hire 42,807 Security costs 84,482 Secretarial Fees 344 Staff Amentles 2,275 Subsaiptlons 1 ,824 Superannuation contributions 30,479 Telephone 37,380 Travelling expenses 10,310 Workcover 11,961

1 1 ,71 3,488

NET OPERATING PROFIT (LOSS) (14,267,661)

Distribution to Partnera:

PIERO ONE PTY L TO (Share: 52.2%) (7,447,719) TOWER & TOWER DEVELOPMENTS PTY L TO (Share: 36.8%) (5,250,499) BROOKLYN TIMBER (Share: 1 1%) �1 .569,443�

(14,267,661)

The accompanying notes form part of these flnandal atatements.

Theee statemenll lhould be rwd In conjunclon With the attached c:ompllrion report.

P��ger4

2011 $

30,288 85,034

198 1 ,204

36,306 14,704 7,847

10,148 1 1 ,954,612

(10,723,803)

(5,597,825)

{3,946,360) {1 .179,618)

(10,723,803)

594


BALANCE SHEET

AS AT 30 JUNE 2012

Note 2012 s

CURRENT ASSETS Cash at bank 9,261 Deposit Bonds Suncorp 37,883 Goods and services tax 8 32,718 Withholding lax paid 623 Trade debtors 63,803 Work In progress 35,493,400 Relinished Deposits Prepayments 7 21631!631

38,269,319

FIXED ASSETS Property, plant and equipment 8 249,360

249,360

TOTAL ASSETS 38,518,679

CURRENT LIABILITIES Bank overdraft Trade creditors 1,758,420 Clients Deposits 2,500 West Homes Staff Superannuation Fund Loan • Panrich Newbold Super Fund 36 Loan • West Homes Australia Pty Ltd (9,380) Loan • Palde Pty Ltd 440,000 Loan • Jollie pty ltd 440,000 Loan • C Balian Produce (Werrlbee) Pty Ltd 875,000 Withholding taxes payable 9 3,824 Provision for Sick Leave 10 15,869 Provision ROO's 11 Provision for annual leave 12 5,898 Goods and services tax 6

3,332,188

NON-CURRENT LIABILmES Cspital Finance 85,248,060

85,248,060

TOTAL LIABILmES 88,580,227

NET ASSETS (LIABILITIES) (50,061 ,549)

Tile acocmpanylng notes form part of tt-. lnanciel atataments.

These statements should be read in conjunollon with the eltedled compilation report

Page 5

2011

$

37,883

623 62,022

46,268,318 (104,000)

5,349,426 51 ,614,271

299,614 299,614

51,913,885

1 25,550 3,989,019

(30,000) 1 ,668,276

47,260 440,000 440,000 675,000

12,390 17,236 2,242

28,250 65,793

7,481,015

80,273,090 80,273,090

87,754,106

(35,840,220)

595


BALANCE SHEET

AS AT 30 JUNE 2012

PARTNERS' FUNDS PIERO ONE PTY L TO TOWER & TOWER DEVELOPMENTS PTY LTD BROOKLYN TIMBER

TOTAL PARTNERS' FUNDS (DEFICIENCY)

Note

13 13 13

2012 $

(26,001 ,068) (18,353,310) (5,707,171)

(50,081,849)

The acoompanytng notes form part of these ftnandal statements.

These statemenll lhoutd be read in con;.mction with the etlllched compilation l'lpOrt.

Page l

2011 s

(18,599,682) (13,102,810) (4, 137,728)

(35,840,220)

596




2012

$ 2011

$ 1 St.tement of Significant Accounting Pollclee

2

3

4

5

e

The financial statements are a special purpose report prepared for use by the partnef'l. The partners have detannined that the partnership is not a reporting entity.

The statements are prepared on an accruals basis. They are based on historic costs and do not take Into account changing money values or, except where speclflcally stated, current valuations of non-current assets.

No Australian Accounting Standards, Australian Accounting Interpretations VIews or other authoritative pronouncements of the Australian Accounting Standards Board have been Intentionally applied.

Consuttanta: Real Estates Agents Fees 1,697,604 3,158,801 Real Estate Agents Fees Prior Years 1 ,739,657 Legals re Sales Contracts 135,385 218,017 Valuations 1 1.000

3,572,646 3,387,819

Borrowing expenses: DrawndoWn Fees 25,000 Bank Guarantee Fees 25,930 936,031

50,930 936,031

Empfoyeea entitlement: Sick Leave { 1 ,366) (4,521) Annual leave (22,351) 3,559 Roslered days Off (2,242} 21242

�25,960) 1 ,280

Motor vehicle expen ... : Petrol and oll 10, 153 23,842

Goode and eervlcee tax: GST payable (559) {296,891) Input tax credit 33,277 282,122 ATO lnlergrated Cllenl Account {45,627) GST paymenllrefund acx:ount {5,397)

32,718 �65,793�

Thete not• lhould ba reed In conjunction wtth tie attached compilation report

Page 7

597




2012 2011

$ • 7 Pntpayment.:

Commissions 2,631,631 5,349,426

8 Property, plant and equipment Property Improvements 168,341 168,341 less accumulated depreciation 1 10,172 103,498

58,169 64,843

Plant and equipment 378,018 378,018 Less accumulated depreciation 2261462 193,873

151 ,556 184,145

Office furniture and equipment 238,302 238,302 Less accumulated depreciation 201,213 190,614

37,088 47,687

Fumlture and fittings 4,975 4,975 less accumulated depreciation 2,428 2,036

2,547 2,939 Total property, plant and equipment 249,360 299,614

9 Withholding tax .. payable: PAYG withholding tax payable 3,824 12,390

10 Provfalon for Sick L•ve: Opening balance 17,236 21,756 Additional provisions raised (4,521) Amounts used p.366)

15,869 17,236

1 1 Provlalon RDO'a: Additional Provisions Raised 2,242 2.242 Amounts Used (2,242�

2,242

12 Provlefon for annual l•ve: Provision for annual leave 28,250 24,691 Provision for annual leave 3,559 Amounts Used {22.3511

5,898 28,250

Theee notes should be read In conjuncllon with lhe &Uached compllallon report.

Pagt 8

598




2012 2011

s $ 13 Partne,..• funds:

PIERO ONE PTY l TO

Opening balance (18,599,682) (13,001 ,857)

Add: Funds contributed 46,333

(18,553,349) {13,001 ,857) Less: Loss for the year 7,447,719 5,597,825

(26,001 ,068) (18,599,682)

TOWER & TOWER DEVELOPMENTS PTY L TO

Opening balance (1 3,102,810) (9, 1 56,451}

Less: Loss for the year 5,250,499 3,946,360

(18,353,310) (13, 1 02,810)

BROOKLYN nMBER

Opening balance (4,137,728) (2,958, 1 1 0)

Less: Loss for the year 1,569,443 1 , 179,618

(5,707,171) (4,137,728)

Total partners' funds (deficiency) {50,061,549) {35,840,2201

These notes snould be read In conjunction wl1tl the attactled compilation report.

Pa� 9

599


PARTNERS' DECLARATION

The partners have aeterm lned that the partnership is not a reporting entity. The partners have detennlned that these special purpose financial statements should be prepared In accordance with lhe acoounUng policies described In Note 1 to these financial statements.

In the opinion of the partners:

The financial statements and notes as set out on pages 2 to 9. present fairty the financial position of the partnership at 30 June 2012 and the results of its operations for the year then ended In accordance with the accounUng policies described In Note 1 to the financial statements.

Partner

PIERO ONE PTY LTD

Partner

TOWER & TOWER DEVELOPMENTS PTY L TO

Partner

BROOKLYN TIMBER

Dated: .......... J ..... , ... J ..•.......

Page 10

600


COM PI LA liON REPORT


We have compHed the accompanying special purpose financial statements of Pentridge Village Joint Venture, as set out on pages 2 to 9. The specific purpose for which the special purpose financial statements have been prepared Is to provide Information relating to the performance and financial position of the partnership that satisfies the Information needs of the partners.

The Responsibility of Pt1rlners The partners are solely responsible for the information contained In the special purpose financial statements and have determined that the basis of accounting adopted Is appropriate to meet their needs.

Our Responsibility On the basis of Information provided by the partners, we have compiled the accompanying special purpose financial statements In accordance with the basis of accounting adopted and APES 315: CompUatlon of Financial Information.

Our procedures use accounting expertise to collect. classify and summarise the financial information, which the partners provided, In compiling the flnenclal statements. Our procedures do not Include verification or validation procedures. No audit or review has been performed and accordingly no assurance Is expressed.

The special purpose financial statements were compiled exclusively for the benefit of the partners of Pentrldge VIllage Joint Venture. We do not accept responsibility to any other person for the contents of the special purpose financiaj statements.

FERELLA & CO PTY LTD Certified Practlafng Accountant

81 SYDNEY ROAD

COBURG, VIC, 3058

CPA: D FERELLA

COBURG

Dat•d: ......... J ...•..•.. J .......... .

Page 12

601

.. :}' , ,


FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2013

602


r..- &ament

Proftt and LOA Stattment

Balance Shtet Not• kt the FI11111C'-I StlltmentS Joint Venturer�' Oedaratlon

Compl1atlon Rlport

CONTENTS

P181 No.

2 3 5 7

13 14

603


TRADING STATEMENT FOR THI! YEAR ENDED 30 JUNE 2013

Not. 2013 •

11,102,000 470a18D

11,a72,7GO

LESS COST OF GOODS SOLD Opening aock 36,4$3,400

7,248,942 838,118

lMld Development Conaultlnll commiii!Ona

GROSS PROPIT (LOSS)

1,582.2215 45,182,8815 20,881,881 24.201,028

(12.828.235)

"""'1t11111111111alllol*i bl llld., �will lhl lltiChld compiiiiiDn fiPOI\ , ... I

2012 •

22.878,154 �818 23,344,770

.c8,288,318 11,705,120 3,572,848

81,548,085 36,493,-400 28,062,886 (2,707,815)

604

PENT RIDGE VILLAGE JOINT VENTURE

PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 30 JUNE 2013

Note 2013 2012 $ $

IN COMB lntan.et Received 185 1 ,849 Rtnla Received 88,004 75,940 Sundty Income 69,243 76,162 Olher Income • GST 6,4<t3 Groll ptOfll (loaa) tom tracing 2 ,1�828.235� i2.707191�!

(12,486,381) (2,554,173)

LESS !XPiiNDITURe Aceountancy & Bookkeel)lng 46,884 75,298 Advertlllng & Matlcelln� 77,801./ 59,987 Bad Dtlltl 60,285 Bri Charget 817 535 Bonowlng Exptoeea 3,558,339 50,830 Body Corpol'lte ElcpeneeJ 74,378 175,039 CleaM1g 13,350 14,650 CornpUer Replire & lllaintenence 52,510 41,790 COMubncy Fees 174,724 497,895 CanatNCIIon Sal'aty & Trelnlng 1,761 26,243 Courter Fees 8,1SS8 4,767 Co lnvett LSL 1,333 12,087 Depredation • Property lmprovemente 8,035.1' 6,874 Oepraddon • Flant & Equipment 2S,7oa./ 32,588 Depntdldon • � F� & Equipment 11,182.1 10,599 � • FLmlture & Flltlngl 340 392 Oonationa 182 EmployMI I!nlltlement 3 4,403 (25,960) Entertlln� &ptnlll 3,431 3,838 Eq .. ent Hre 10,182 8,243 Frtrl;. Benetb Tax 3,1148 (22,0150) FlRtfoniiSemhlra 52 38 Fumllure Rentals 18,695 lnlwance 27,702./ 43,854 lntlrMt Pilei 4 11,551,211 7,788,182 Line Fen 1,131,781 l.Md TIX 834,770 lAgel COlle 518,841 488,148 Letting F ... 81M) u� aPa.¥er 17,032 13,752 Manlg«nent F ... 241,817 200,000 Motor VetU!e Expenlea 5 51,712.1 10,153 Poage 2,738 1,838 Project MelrUnllnc:e - 8S,233 Pmtlng & stationery 8,420 9,087

The� nolle fonn 111ft of ll'lele tlnn:fal llalemenll.

The• tlatam.D ahould bt .... In oonjln:ton .. .. etllldled compilllall ltpOit. ,. ,

605

' .




Ratea & Taxes Rental GuiiiWltn Rental Coate Salarlel & Wages l.abcu tfnt Security Costa Secret.lal Feet Steff Amenities Stmtctlptlona Superannuation ContrlbtJtiona TMphont Traveling Expenles WOdccowar

N!T OPIRAT1NG PROFIT (LOSS)

Distribution to Joint Van�: Plero One Pty Ud (Share: 52.2%) Tower & Tower Developmenta pty Ltd (Share: 36.8%) Brooklyn Timber Tradera pty Ltd (Shin: 11%)

Note 2013 • 138,005 203,744

3,882 194,-434

68,253 349

1,645 2,572

zo,eaa.l 28,827

2,989 41493

18,485,825

(30,932,185)

(30,933,185)

(18, 146,801) {11,383,044) ,,.<402,640)

(30,932.185)

The� nolel fonn p.toflheM tn.ldll "*'*"*· T1lese lfllemenlllhould be - In �undlon wilh lhe 8llachld � cwport,

Peae 4

2012 • 247,105 588.028

13,261 303,280

42,807 84,482

344 2,275 1,824

30,479 37,380 10,310 1 1.981

11,713.488

(14,287 ,881)

(14,287,881)

(7,447,719) (5,250,4!19)

i11e691443l (14,267,8t1)

606


BALANCE SHEET AS AT 30 JUNE 2013

Note 2013 '

CURRENT A88ET8 C.lh llt a.i< 14,410 Oepoelt Bondl8ulcolp 31,608 Good & 8trVIcll Tax 8 <451 Mftolclng Tax Plld Tl'lde DlbtNI 158 Work In Progrue 20,981,881 Prepayment� 7 110491g

22,057,594 PfXI!D ASRTI Property, pllnt and I(JIIpment I 2051084

205,084 Ont&R A88!T8 Boft'OJMng Colta 2,014,<144 LAie AccLmulltld Amort�� en g1o141<144l

TOTALAIIITS 22,282,878

CURRENT UAIIfU1ll8 Tra• Cl'lclaln 531,888 AccrUid Building Colla 3,314,278 Clents' Depoeltl 2,600 Dalrntelgh CIPIII Unft TMt 88,611,337 'Hthhotdlna Tuat PayUit • 0 ATO P1!1ment Cleltlng Account 117,038 Flfnp a.n.IIITM 20,142 Provtelon for Sk* IAIYt 10 15,888 Provltlon for Annual LIIMI 11 S,M 8uplrwlnulllon Plylble 391 Provlelon for Long Service Leave 1,511 Accrued lnlwlll 12 7.7� Accruld Lkle F"' 11t3fl711

101,480,085

The ICCCII'I'Ipenying nolll form 1*1 of,_ llrwlcW itiCimlnll. Thllt ...-..1110111:1 beiMdln �.nhlhl dlc:tNid .......... f'IIIO!t.

.,... ,

2012 $

8,261 37,883 32,718

823 83,803

35,483,400 21831.631

38,281,319

2491380 240,380

38,518,879

1,758,420

2,500

3,82-4

16,888 5,Q8

1,788,512

607

PENTRIDOE VILLAGE JOINT VENTURE

BALANCE SHEET

AS AT 30 JUNE 2013

Note 2013 •

NON.CURR!NT LJABIUnES Clpllll Finne Lotl/1 • Weet Homea Austrllle pty Ltd (41,053) l.cln - Paldl pty Ud 440,000 Loin · Jolle � Ltd 440,000 loin - c Blllan Produol (Wtn'lbee) Ply Ltd 875,000 Loin - sa Uqulclty Fdty 2431370

1 ,757,317 TOTAL UA8ILIT1!8 103,2tl8,412

NIT A881!TS CUABIJ11B8) (10,113,734)

JOINT VINTURIRS' FUNDS Plero One pty Ltd 13 (42, 147,888) roww & Tower Developments Ply Ltd 13 {29,738,3&4) Brooldyn Timber Tfadn Ply Lid 13 (8.108.7111 TOTAL JOINT VINTURIM' PUNDI (DIFICIENCV) (IO,m.734J

Tht�nOIMfolmpltt ol._ll'lll'odllllll..,.... llltM et1Mmtt$lhoulclbe IWid " oon)llclllon 't'llh lhelllldlld �I IIPO't

, ....

2112 •

M�e.oeo (9,380)

...0,000 440,000 875,000

30 88,783,715 88,580,227

(IG,CJI1,Mt)

(28,001,088) (18,363.310) ilt7071171l

(IO,aet,•>

608

. . . .

PENTRIDGE! VILLAGE JOINT VENTURE


POR THE YEAR !NDED 30 JUNE 2013

1 SUmmary of Significant Accounting Pollc:lll The Joint venture hM prep�rld the lnancllt dlttmtnt8 on tht billa that I ll a non-reporting anllty bec:auH there are no UMII dependent on gennt purpoet flnlnclal etattments. That ftnanclal atatemenll n thertront tpeclll pwpoae flnMclll ltiCimentl that have been prepal'ld In order 1o meet lhe needl Df the joint venturert.

111e ftnendlll lbltemtnll hrle been prepnct In accordance wllh the algnlftoant eccounttng polclea dleclloled below, which the joint venttnr1 have dltlrrnlntlf n IPPfOpMte to mHC their netde. Bucti iiCCCUilng pollclee 11'1 conliltlnt witt lht prwiciUI pemd &riiM ltllld othlnlle.

The finfn;lal .aamente have been � on en 8CCIUIII ball end •• bllld on hltlorlcll caltl unlela .,.,.,.. atated In the nolilt. The eccoll1tlng polclel that hive been adopted lrt the �1'1110n Of finlncllll statementa are 11 followl: (l) laveniiDrlta lnventorlee n m11ued at ltlt lowW of COlt and net rtiiiMbft vakle.

(o) l!m••• Btuflll Provfllon II made for lhe joint ventui'Wt lllbllty for employee bMeflll ll1llnG from IIMctl rendered by employeea to the enct � the l'lpol1lng period. limployae ben.m. Deen m .. ur.c� at the nominal arnoun11 � to be l)lld when tht � II Mltled, piUI any related onCOitl. Both annual luve and � MNict ltlv. are �lid YAihln the provlllanl llablty.

(d) Pl'oYIUHtl Provlllona n racognlted �Wen 1M jollt venl\n hu a legal or conllrUclvt obllgllllon, • a reewt of put evente, fur Which It II prablblt ihal an outflow of economic beMib Will rnult and that outllow can bt l'llably mNtured. Provlllonl are meeuect Ullng the beet eetlmlte of the amounll '*II.Dd to llttll the obllglllon at lhlt end of the reporting period.

(e) Cllh and Cuh lqutwtltntl

Caetl and CMh � lncludt Cllh on hind, depolltl held at call with blnks, olh«lhort· term highly liqUid lnvlltmlnll with orlglnel mltUrtll11 of three montt1a or 1111, and !Mink WWicfllftl. Blnk cwll'drlftt n ehown within � In � labiiiiM on the ttattment of flniRIII polldon.

Thele noce.lhould Ill read In �"'*h .. ...,!lllllliiWOn ftlpOit. hgt7

609




(t) 0ooct. and Servlc• Tax (081') Revenue�, expene• end ••• n recogniMd nee or the arnot.m of GST, except \'llhent the amount of GST Incurred 11 not recoverablt fRJm the Tax Office. In tl1ele clrcumttlncu the OST II recognlled 11 Pllt of the COlt or .:qullltlon d fla 8ll8t or as pert of an � or the expenee. ReollvlbiM end pavablll In the ltllement of llnenclal pollllon n lhcMn lnclualva ofOST.

Thill nat•lhOuld be ,_,In ccqunaiiDn Yolll .. llltlcllld �n nplllt .

..... .

6 1 0


NOTI!S TO THE FINANCIAL STATEMENTS

FOR TH! YEAR ENDED 30 JUNE 2013 2013 2012

$ • J Grosa praftt (loa) on ndlng:

..... S.IH 11,102,000 22,878,154 Depoaltl Rellnqullhtd 470.780 5818

1 1,872,790 23,344,770

..... COlt Of CJoodt 8okt Opening Sleek 36,483,400 «1,288,318 Land DIM!opnent 7,2 .. 8,942 11,700,120 eon.ulblntl 838,118 3,572,&4e Commflllonl

61,548,085 Clollng Stock 20.981.501 3514931400 24,201,026 28,052,886

Orou prant llou) oa Tl'lldlng i1!a828!2!J ��707181! 3 lmploy ... lntltJemtnt:

9k:lc Letwe C1.388) Annulll l.ellve (22,361) Rost.rwd Daya Olf (2,242) lncolnk 4 403

4,403 (25,880) 4 �Pilei: C!lpbJ F'lnance 5e8,48e 7,788,182

68 Liquidly FICIIIIy 243,334 � Capilli Unit Trult 9,113,588 Pllldl Ply Ud 282,901 Jollie Pty Ltd 282,801 C Ballin Produce (Werrlbee) pty Lld <4$o4,$22 Welt Homee AUitrllhl Ply Ud 51111405

111sell218 717881182

5 Motor Vehicle Ia penNI: Petrol &OH svS2 101153

• Good a lervlctl TIX: GST Payable (0) (569) Input TIX Credit 458 331277

468 321718

7 Prt:,c:a.: Comm Rl 1.048,408 U31,831_, -= .

Tlllltnalll ehould be ... � � • o. llbclhed ODfiiPII*n ,.port. ......

6 1 1

8

t

10

11

12


NOTES TO THE! PINANCIAL STATEMENTS


• Property, pflnt 1nd equipment Property lmprovemenll 168,341 L111 Accumullted Oeprecllltlon 111S&Q7

52,134

Plant a Equipment 378,018 Lila Mc:umulated DepreCiation 253.171

12<4,847

Ollce Fumlb.n a EqWprr�ent 231,302 Leu Aecwnuteted o.preoletlon 2121..otS

21,888

F��nlklre.a Fllllnga <4,875 Leet Accumulllted O.ecfatlon �788

2,207 Toul property, plant •nc1 equipment

-201,084

� Ta•Pa=: PAYO 'MI1holclngTa ble 0

Provlllon for lick Le•v•: OpeninG Bal�ta 15,881 AmourU UHd

11,1189

Pnwllfon for Annual L11ve: PJOYIIIOn for Annuli LIIY8 5,808 AmoUt'UUHd

6,891

Accnltcl lftltreet: Dtlmtelgh Capitll Unit Tru.t 8,383,475 ..... Wrttlln Off (200,000) Palde Ply Ltd 212,101 Jallll pty Ltd 212,101 c Balin Produce (Wtotbee) Pty Ltd o4M,I22 Wilt Homea Aullrlllll pty Ltd 5S1,<40G

. 7,7851303

Thill no111 m*f be .-ld 11'1 co� wllh lhe lltiChecl C01\11111101• ....-rt. f'lle10

2012 •

188,341 110.112

58,189

378,018 228,482 151,558

238,302 201.!13

37,088

4,875 21421 2,547

2<48,380

3,124

17,238 (1.388l 15,888

28,280 �22.351l

- UN

6 1 2



FOR THE YEAR ENDED 30 JUNe 2013 2013 2012

$ $ f3 Joint Venturer.' fun de:

Pltro One Ply Ltd Opening Balance (28,001,088) (18.590,882)

Add: Funds Contributed 481333

(26,001,088) (18,563,349) LeA: Loa for the year 181146.601 71447.719

( .. 2.147,889) (28,001,088)

Tower & Tower Dtvelopmera Pty Ltd

Operq Balance (18,363,310) (13,102,810)

Leea: Lola for 1he year 1118831044 612801499 (29,138,354) (18,353,310)

Btoolca,.t Timber Traderw pty Ltd Opening a.nce (5,707,171) (4,137,728)

Leee: LoN for the year 314021640 11G89.443

(8,108,711) (5,707,171)

Totll Joint Vtntu...,.• tunda (dtflollncyt , •••• 7341 150.011··1

'1lMite naiM tllould be IUid In COIIJUIICIIOR wlllt tilt ltiiCIIId comp .. lfon report. Plgl11

6'1 3

PENTRJOOE VILLAGE JOINT VENTURE

NOTES TO THE FINANCIAL STATEMeNTS FOR THE YEAR ENDED 30 JUNE 2013

14 Contfngent LllblltiM

BUidll'l l'*gln

2013 2012 • •

Due to �111II !Mdl with ftwtclera, the bulldlrl margin wfth Welt Homtl Aultrdl Pty Ud rellltlg _, al but 813 conatrudlon COtta on Aplrtmentt lnd Tcw.nhouiU hu not bien accrued.

1"- notu llhould be 1'1111 h COfPclon wllh h tlldltd �JilliOn ntiiOft. l'lg•tl

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PI!NTRIDGB VIU.AO! JOINT VEH11JRE

JOINT VENTURERS' DECLARATION

�, The fl...nolll ltltlmlntl and no-. •• Ill out on Jill" 2 10 12, p...a fllrty 1M jOint wntul'l'a ftnanolll polkton a at ao June 2018 end 118 perfamlance fortht y11r than ended on th.t <fate In aooord.-,oa �Itt the 1C00U11rV pollolel dNcltbld .. Noll 1 to Ills ftnMOIII atail11111t1; 1nd

2. • .-onabll pndl to blleVI that the loktt venture wll tl18y btceme a and ,_Y'*

Joint VtftiW'er Tower a Tower Owelopmenta fltJ Ltd

Broo1dJI Timber Tndtrl P\1 IJd

6 1 5

PI!NTRIDOI VIIJ.AGI JOINT VEN1'UR!

3.

-·9,.,..,_""Ud

= =::

616


COMPILATION REPORT


We have complied the accomp.lylng apectal purpoee flnlnclal atltllments of Pentrldge Vllage Joint venue, as set out on pag11 2 to 12. The apecllo purpo• for which hit tPeclll purpoee financial statlmenta haVe be��t prepnd llaet cut In Note 1 to the flnMcl8l etatemenll.

The RNponllbltly of Joint Vsntu/813 The joint venturer� of Penlrldge Vlage Joint Ventura are SOlely 1'81pQC111ble for the lnformlllon conlllnlcl In the tpedal pwpoee tlnenalll atatements end have d"'""lned 1htt the algnllclnt � pollcln edopted • aat out In Note 1 to lhe tltwlrAit ltlllmllttl n approprlabt to meet boll their need� and fot the J)UrpOM that tht fln.nclll atatementl were prepared.

OUr RNpondJI/Iy On the tJe.- of lnfonnlllon pnwldld by the joint venlur'ara of Pentrldge Vllllge Joint venture, we have compltd the accomptny�ng tpeclal purpoee ftnanclll ltattmenta In ICCOrdlnce v.ith the tlgnlloant accounting pol• adapted " let out lrt Note 1 to the flnm:lll llattmenta n APES 315: Compllllort of Flnanclal lnt'ormaiDn. Our procech.nt uee aoco&nlng expertltt to COlleCt. claMify and eumm.-tae the fl111nclll 111forJMUon, which the joint ventuntrt of Pentrldgt Wage Joint Venture prcMded, In QJR�plllng the flniiACIII atatemtnll. OUr procedUI"H do not Include vertblllon or valdalort proced\ns. No audit or review hM been performed .w:t ICCCtdlngly 1'10 IIIIR'ICe II txpl'lllld. The apeclal P'IPOH ft1181'101111 statemen11 Wire complied IXCIUIIVIIy for the blntftt d tht joilt venll.nra. We do not accept re.po,...,.lty to any other per10n for the oontentl of the ll*lal pwpo�e flnanclal abllamants.

Null Mtlboum. Ply Ltd Ch....,. Acooum.nta Level tt, IH Colh 8Crttt MILIOUftN� VIC, 3000

Pertner: Kevin Mullen

MI!LBOURNI!

Datld: 19 FelmJBry 2014j

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Documents

PENTRIDGE VILLAGE JOINT VENTURE FOH THE · PENTRIDGE VILLAGE JOINT VENTURE TAXABLE INCOME ri ECONCILIATION STATEMENT FOH THE YEAR ENDED 30 JUNE 2010 Opemting profit as per accounts