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2015ANNUAL REPORT AUSTRALIAN BRAHMAN

BREEDERS’ASSOCIATION LTD

‘Brahman House’, 183 East Street, Rockhampton Q 4700Correspondence: PO Box 796, Rockhampton Q 4700

P 07 4927 7799 • F 07 4922 5805E [email protected] • W www.brahman.com.au

AUSTRALIAN BRAHMAN BREEDERS’ ASSOCIATION LIMITEDAUSTRALIAN BRAHMAN BREEDERS’ ASSOCIATION LIMITEDA

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Notice of the Annual General Meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

President’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Councillors’ Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 - 4

Honorary Treasurer’s Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Statement of Financial Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 - 7

Statement of Financial Position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Statement of Changes in Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Notes to the Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 - 21

Councillor’s Declaration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Auditor’s Independence Declaration under S 307C of theCorporations Act 2001 to the Councillors of Australian Brahman Breeders’ Associaton Limited. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Independent Auditor’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

General Manager’s Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 - 28

Office Bearers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IBC

Australian Brahman Breeders’ Association LimitedABN 51 010 187 774



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FRONT COVER PHOTO: ABBA 2015 Brahman Photo CompetitionCategory 02: Brahman Mob - Second Place “Boss Drover” won by Reade & Jill Rade

BACK COVER PHOTO: ABBA 2015 Brahman Photo CompetitionCategory 01: Aerial Brahman Photo - First Place “Holding the Mob” won by Ainsleigh Lancaster

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Elected Councillors

Mr SL Bishop ..................................................................................... President and Chairman

Mr M McCamley .................................................................................... Senior Vice President

Mrs W Cole .................................................................................................Junior Vice President

Mr PB Coombe ............................................................................................Honorary Treasurer

Mr AR Olive

Mr JC Atkinson

Mr D Harch

Mr R Jefferis

Mr BE Kirk

Mr R Radel

Mr M Noakes

Co-opted Councillors

Mr P Herrod

Mr GE Pfeffer

Mr W Smith

General Manager

Mr JR Croaker

Auditors

Evans Edwards and Associates

Bankers

Commonwealth Bank Agribusiness — Rockhampton

1Annual Report 2015

AUSTRALIAN BRAHMAN BREEDERS’ ASSOCIATION LIMITEDA

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Dear Members,

Notice is hereby given that the Annual General Meeting of the Australian BrahmanBreeders’ Association Limited will be held at the Gracemere Saleyards function room, on Sunday, October 4th, 2015 commencing at 1pm.

Business:

1. To accept apologies

2. To declare Proxies

3. To confirm the minutes of the 2014 Annual General Meeting

4. To deal with Business Arising therefrom

5. To receive and consider the President’s Report

6. To receive and consider the Councillor’s Report

7. To receive and consider the Treasurer’s Report

8. To receive and consider the Statement of Financial Performance for the year ended 30 June, 2015; Statement of Financial Position as at 30 June, 2015; and Statement of Cash Flow for the year ended 30 June, 2015; together with Director’s Statement and Auditor’s Report

9. To receive and consider the General Manager’s Report

10. To receive the results of the 2015 Council Election

11. To discuss any general business which may be brought forward

John Croaker, General Manager

Dated at Rockhampton this 3rd day of September, 2015.

Proxies:

Articles Section 66

Votes may be given either personally or by proxy, the instrument appointing a proxy shall be in writing under the hand of the Appointer. This instrument appointing a proxy (which in turn shall include power of attorney) shall be deposited with the General Manager at the Office of the Association at least twenty-four hours before the time appointed for the Meeting. Proxies are valid only at Annual General or Extraordinary General Meetings of members of the Association.

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2 Annual Report 2015


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RTAnother year has passed and it’s been a pleasure to be President with lots of special moments. The trip

to America with 28 other breeders would have to rate as the best. We started at the Houston Livestock

Show promoting our upcoming World Congress. John and I attended the American Brahman

Breeders meeting to give a presentation on the World Congress in Australia which from all reports was

well received. Then the group left on a road trip for the next eight days, visiting Brahman studs and

a few tourist attractions. The hospitality of the American Brahman Breeders was amazing, everyone

enjoyed their cattle and their culture, the trip was well organised by Sandra Bishop.

Sandra and I also travelled to the Philippines for the Federation of Cattle Raisers Associations of

the Philippines Cattle Congress which was held in Bacolod City. It was a real eye opener to see the

amount of the beef industry involved in small holder farming and most of the people that attending

the Congress were what they call backyard cattle raisers. My presentation was on Tropical Herd

Management, the presentation I enjoyed most was on silage production which can be processed in

plastic 100 litre drums. The Philippines have a huge thirst for Australian Brahman genetics but at times

can be challenging to negotiate the buying and exporting of the cattle.

Beef 2015 was the next major event for the breed, which couldn’t have been better celebrated than

by the Raglan bull winning the interbreed stud cattle championship. We had good representation of

commercial cattle in the prime cattle championships and I would like to congratulate all the exhibitors

for their involvement. The quality of the stud cattle show was the best I have ever seen and all

exhibitors must be congratulated. The Olive family from Raglan Brahman stud did an amazing job with

winning the interbreed with Raglan Victory. Roxanne Olive must be congratulated for her many years

of dedication to showing cattle.

The BIN Project has continued to deliver on our objectives with the added advantage of a strong

cattle market, the Wilson family’s commitment and management of the Project has been outstanding.

The field days have been really well organised and very educational, the way the cattle have been

displayed on those days have made it easy for the public to view. The scientific data coming out of the

project has been very beneficial for the breed and will make for good presentations at the Congress.

The World Congress is progressing well with a number of major sponsors already on board, and all the

individual committees are in full swing. There’s plenty of entertainment on offer and ticket packages

will be released on October 1. A strong cattle market can only enhance the event so let’s hope the

drought stricken areas receive good falls of rain this spring. Everything is pointing towards a good bull

selling season and the cattle market looks like being fairly secure for the foreseeable future.

I must make mention of another successful Junior Beef Show. The committee has done a wonderful

job over many years, and I was advised that the show was well attended. This year’s event was the

birthplace of the Smoking Yak catering service by the Noakes family. They tell me the meal at the

dinner was delicious. In a coming Brahman News, we will have Matthew present a story about his

smoked beef products, but the major winner was the smoked pulled hump.

I would like to thank my family, especially Sandra for their support through the year, my fellow

Councillors, Treasurer Brett Coombe, Senior Vice President Matthew McCamley, Junior Vice President

Wendy Cole and General Manager John Croaker. I also would like to thank all the ABBA staff who do

an amazing job.

Shane Bishop, President

3Annual Report 2015


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Your councillors present this report on the company for the financial year ended 30 June 2015.CouncillorsThe names of each person who has been a councillor during the year and to the date of this report are:

Mr SL Bishop Mr DC Harch Mr GE PfefferMr MS McCamley Mr PJ Herrod Mr WD SmithMrs WM Cole Mr RG Jefferis Mr M NoakesMr PB Coombe Mr BE Kirk Mr R RadelMr JC Atkinson Mr AR Olive

Councillors have been in office since the start of the financial year to the date of this report unless otherwise stated.Principal ActivitiesThe principal activity of the company during the financial year was:• The maintenance of the herd database of the Australian Brahman breed of cattle • Promotion of the Brahman breed of cattle within Australia and elsewhere• Representation and general administration on behalf of members

Information on CouncillorsMr SL Bishop - PresidentQualifications - Co-principal of Garglen Brahman StudExperience - Councillor since 2004Special Responsibilities - Member of Executive, Judges, Beef Information Nucleus & SQ Branch Gympie sale organising committees & ex officio member of all committees

Mr MS McCamley - Senior Vice President Qualifications - Co-principal of Lancefield M Brahman StudExperience - Councillor since 2008Special Responsibilities - Member of Executive, Judges, Beef Information Nucleus, Technical & Commercial Brahman Promotion committees

Mrs WM Cole - Junior Vice President Qualifications - Co-principal of Kenrol Brahman StudExperience - Councillor since 2010Special Responsibilities - Member of Executive, Brahman Week Sale, Judges, Rockhampton Junior Beef & Register of Renown committees

Mr PB Coombe - TreasurerQualifications - Co-principal of Roxborough Brahman StudExperience - Councillor since 1991Special Responsibilities - Chairman of Technical & Rockhampton Junior Beef committees & member of Executive

Mr AR Olive - CouncillorQualifications - Co-principal of Raglan Brahman StudExperience - Councillor since 1998Special Responsibilities - Chairman of Judges committee & Beef Information Nucleus committees & member of Commercial Brahman Promotion committee

Mr JC Atkinson - CouncillorQualifications - Co-principal of Laguna Brahman StudExperience - Councillor since 1995Special Responsibilities - Chairman of Gold City Sale committee Mr DC Harch - CouncillorQualifications - Principal of Danarla Brahman StudExperience - Councillor since 2009Special Responsibilities - Member of Judges & SQ Branch Gympie sale organising committee

Mr PJ Herrod - CouncillorQualifications - Co-principal of Katherine Livestock CompanyExperience - Councillor since 2009Special Responsibilities - Vice Chairman of the NT Branch



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Mr RG Jefferis - CouncillorQualifications - Co-principal of Elrose Brahman StudExperience - Councillor since 1993Special Responsibilities - Member of Technical & Chairman of Commercial Brahman Promotion committee

Mr BE Kirk - CouncillorQualifications - Co-principal of Hazelton Brahman StudExperience - Councillor since 1991Special Responsibilities - Chairman of Brahman Week Sale committee & Member of Judges committees

Mr GE Pfeffer - CouncillorQualifications - Manager of Mogul Brahman StudExperience - Councillor since 2001Special Responsibilities - Member of Judges & Technical committees

Mr WD Smith - CouncillorQualifications - Co-principal of San Remo Farming Co & WH Brahman StudExperience - Councillor since 2009Special Responsibilities - Chairman of NQ Branch

Mr R Radel - CouncillorQualifications - Co-principal of Kandoona Stud Experience - Councillor since 2013 Special Responsibilities - Member of Technical & Brahman Week Sale committees

Mr M Noakes - CouncillorQualifications - Co-principal of Solo F Stud Experience - Councillor since 2013 Special Responsibilities - Member of Technical & Commercial Brahman Promotion committees

Meetings of Councillors

During the financial year, 3 meetings of councillors were held. Attendances by each councillor were as follows:

The company is incorporated under the Corporations Act 2001 and is a company limited by guarantee. If the company is wound up, the constitution states that each member is required to contribute a maximum of $20 each towards meeting any outstanding obligations of the entity. At 30 June 2015, the total amount that members of the company are liable to contribute if the company is wound up is $20 (2014: $20).

Auditor’s Independence Declaration

The lead auditor’s independence declaration for the year ended 30 June 2015 has been received and can be found on page 22 of the annual report.

This councillors’ report is signed in accordance with a resolution of the Board of Councillors.

Councillor

Mr SL Bishop

Dated this 26th day of August 2015

Councillors’ Meetings No. eligible to attend No. attended No. eligible to attend No. attendedMr SL Bishop 3 3Mr MS McCamley 3 2Mrs WM Cole 3 3Mr PB Coombe 3 3Mr AR Olive 3 3Mr JC Atkinson 3 1Mr DC Harch 3 3

Mr PJ Herrod 3 3Mr RG Jefferis 3 3Mr BE Kirk 3 3Mr GE Pfeffer 3 2Mr WD Smith 3 3Mr R Radel 3 3 Mr M Noakes 3 3

5Annual Report 2015


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RTI am pleased to report on another financially successful year for the Association.

Total income declined by $23,210 to $1,616,862 and expenditure and depreciation declined by

$88,531, to $1,504,988 to leave a net profit for the year of $111,874, an increase of $66,320 on the

previous year’s income.

Beef 2015 was a significant item of both income and expenditure which incurred a net cost

of $28,870 however I am sure you will agree was an excellent investment in the promotion of

the breed.

The BIN project was revenue positive to the tune of $178,368 due to the significantly increased

cattle prices and our ability to manage the project under budget.

The Export Marketing Development Grant (EMDG) rebate of $109,695 balances off with the

Trade Delegation and international marketing expenditure of $265, 298 from the previous

financial year.

It should be noted that income from our core activities of membership, registrations, calf

recording and transfers amounted to just 32% of total income.

While it has been a conscious decision to engage in other activities it needs to be remembered

that our basic cost of operating amounts to $829,294 a deficit of some $313,146. This is the

reason the Council has reviewed the fees for calf recording and registration.

Of particular concern is the practice of members not recording calves until they are required

to be registered. The Associations calf recording and registration system was never designed

to work that way, however the late penalties have not been sufficient to encourage whole

herd calf recording within the 12 months of age window required by regulations. For calves

born after 1/7/2015 the late penalty for calf recording calves over 1 8 months of age will rise

to $100 + GST.

Next year’s World Congress, May 16-21 will be a significant project financially for us in this

financial year. It has a budget of just on $1M with about one third funded by sponsorship, one

third from registrations and ticket sales and one third from participation such as entry fee and

trade show.

In a best case scenario it will achieve a profit, however a break-even is more realistic.

The Association is managing a second MLA Donor Company BIN project in conjunction with

the Droughtmaster Society to buy, background and feedlot the No 3 and No 4 Brahman and

Droughtmaster steers produced in Dr David Johnston’s Northern Fertility (Repronomics)

project and we have also committed to extend the project to include the No 5 and No 6 steers

from Spyglass as well as the No 5 and No 6 steers from Brian Pastures which will also involve the

Santa Gertrudis Association.

The Association is in a sound financial position and will be able to fund these additional projects.

Brett Coombe, Treasurer



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Administration of Sales 56,665 43,325Beef 2015 77,193 -BIN Project 178,368 41,984Brahman Graphics 62,160 103,847Brahman Judging School/Workshop - 5Brahman News 75,504 67,362Brahman Week Sale 139,911 130,985Change in Market Value of Investments 30,521 103,783Commercial Female Sale 2,500 -Diaries 12,922 13,776EMDG Rebate 109,695 -Gold City Sale 18,198 21,124Gympie Sale 3,427 5,654Interest & Dividends 47,607 45,540Interest on Overdue Accounts 1,482 3,331Motor Vehicle Contribution 2,340 2,340Other Income 10,361 14,781Postage 3,754 4,219Profit/(Loss) on Sale of Stationery & Promotional Items 3,486 1,643Profit on Sale of Assets - 5,218Project Management Income 64,325 68,600Registration, Calf Recordings & Deferral Fees 277,595 296,690Rockhampton Junior Beef Show 40,054 26,459Roma Sale 11,570 21,744Semen Auction 18,650 15,400Subscriptions & Nomination Fees 213,461 230,102Sydney Show - 17,646Testing Income 120,273 98,893Toowoomba Sale - 8,316Transfer Fees 25,092 53,384Trade Delegation 9,748 193,921TOTAL INCOME 1,616,862 1,640,073

EXPENDITURE 2015 2014Accounting Fees 6,684 3,500Auditor’s Remuneration 12,850 8,998Advertising & Promotion 71,871 53,808Administration Expenses – Investments 7,732 7,049Beef 2015 106,063 -Bank Charges 6,698 6,681Brahman Graphics 21,128 25,303Brahman News 45,703 47,652Brahman Week Sale 125,168 121,690Branch Expenses 2,281 5,060Cleaning & Security 17,054 16,509Commercial Female Sale 10,265 2,289Computer Processing 62,850 60,843Council & AGM Expenses 26,631 26,190Diaries 8,362 10,176Donations 18,650 15,400

7Annual Report 2015


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30/06/2015EXPENDITURE (continued) 2015 2014

General Expenses 20,533 19,335

Gold City Sale 18,856 21,944

Gympie Sale 4,438 5,702

Insurance 19,456 18,827

Interest Paid 28,823 26,627

International Marketing 15,897 1,461

Legal & Professional Expenses 13,545 3,910

Light & Power 5,756 5,939

Motor Vehicle Expenses 10,780 7,540

Office Supplies & Stationery 21,840 21,540

Postage & Telephone 42,347 39,650

Prize Money & Trophies 6,250 9,327

Provision for Leave 22,704 19,096

Rates 5,042 4,912

Rockhampton Junior Beef Show 31,293 23,167

Roma Sale 11,276 21,856

Repairs & Maintenance 9,871 17,154

Sponsorship 1,600 2,200

Subscriptions & Membership Fees 5,189 6,765

Superannuation Contributions 46,038 43,708

Sydney Show - 26,311

Technical Officer 16,416 9,914

Testing Expenses 103,911 100,529

Toowoomba Sale - 8,785

Training & Other Employee Expenses 2,009 1,519

Wages, Salaries & Allowances 435,454 419,389

Workshops - 1,424

World Congress & Other Trade Delegations 10,234 265,187

TOTAL EXPENDITURE 1,459,548 1,564,866

DEPRECIATION ON ASSETS USED IN BUSINESS 2015 2014

Buildings 12,522 5,600

Plant & Equipment 9,440 7,150

Motor Vehicles 8,428 8,428

Office Furniture 5,996 1,766

Floor Coverings 3,579 1,777

Computer Equipment 5,475 4,932

TOTAL DEPRECIATION 45,440 29,653

TOTAL EXPENDITURE AND DEPRECIATION 1,504,988 1,594,519

NET PROFIT/(LOSS) FOR YEAR 111,874 45,554

PROFIT AND LOSS APPROPRIATION STATEMENT

Retained Profits at 1st July 1,279,992 1,234,438

Net Profit for Year 111,874 45,554

RETAINED PROFIT AT 30TH JUNE 1,391,866 1,279,992



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$ $

ASSETS

CURRENT ASSETS

Cash and cash equivalents 4 153,330 14,049

Trade and other receivables 5 73,730 112,531

Inventories 6 284,499 293,649

Other assets 7 222,571 242,208

TOTAL CURRENT ASSETS 734,130 662,437

NON-CURRENT ASSETS

Financial assets 8 1,303,306 1,260,987

Property, plant and equipment 9 881,453 920,758

TOTAL NON-CURRENT ASSETS 2,184,759 2,181,745

TOTAL ASSETS 2,918,889 2,844,182

LIABILITIES

CURRENT LIABILITIES

Trade and other payables 10 154,719 120,170

Borrowings 11 325,589 435,989

Employee Provisions 12 46,242 33,434

TOTAL CURRENT LIABILITIES 526,549 589,593

NON-CURRENT LIABILITIES

Trade and Other Payables 10 228,687 212,706

Employee Provisions 12 71,589 61,693

TOTAL NON-CURRENT LIABILITIES 300,276 274,399

TOTAL LIABILITIES 826,825 863,992

NET ASSETS 2,092,064 1,980,190

EQUITY

Retained earnings 1,391,866 1,279,992

Reserves 700,198 700,198

TOTAL EQUITY 2,092,064 1,980,190

The accompanying notes form part of these financial statements.

9Annual Report 2015

AUSTRALIAN BRAHMAN BREEDERS’ ASSOCIATION LIMITED

Financial Retained Revaluation Assets Total Note Surplus Surplus Reserve

$ $ $ $

Balance at 1 July 2013 1,234,438 700,198 - 1,934,636

Comprehensive incomeProfit for the year 45,554 - - 45,554

Other comprehensive income for the year:

Total comprehensive income attributableto members of the entity for the year 45,554 - - 45,554

Balance at 30 June 2014 1,279,992 700,198 - 1,980,190

Balance at 1 July 2014 1,279,992 700,198 - 1,980,190

Comprehensive incomeProfit for the year 111,874 - - 111,874

Other comprehensive income for the year: -

Total comprehensive income attributableto members of the entity for the year 111,874 - - 111,874

Balance at 30 June 2015 1,391,866 700,198 - 2,092,064

For a description of each reserve, refer to Note 16.The accompanying notes form part of these financial statements.

Note 2015 2014 $ $

CASH FLOW FROM OPERATING ACTIVITIES Receipts from Customers 1,728,996 1,456,168Payments to suppliers and employees (1,482,364) (1,647,204)Interest & Dividends Received 49,809 48,871Interest Paid (28,823) (26,627)Net cash generated from operating activities 267,618 (168,792) CASH FLOW FROM INVESTING ACTIVITIES Payment for property, plant and equipment (6,138) (16,244)Proceeds from sale of available-for-sale investments 1,786 5,218Payment for available-for-sale investments (13,584) (10,341)Net cash used in investing activities (17,936) (21,367) CASH FLOW FROM FINANCING ACTIVITIES Proceeds from loans 5,588 42,127Net cash generated by/(used in) financing activities 5,588 42,127Net increase in cash held 255,270 (148,032)Cash and cash equivalents at beginning of financial year (101,940) 46,092Cash and cash equivalents at end of financial year 4 153,330 (101,940)

The accompanying notes form part of these financial statements.

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5 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of Preparation

Australian Brahman Breeders Association Limited applies Australian Accounting Standards – Reduced Disclosure Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010–2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements.

The financial statements are special purpose financial statements that have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The company is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards.

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated otherwise.

The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar.

The financial statements were authorised for issue on 21 August 2015 by the councillors of the company.

Accounting Policies

a. Revenue

Donations and bequests are recognised as revenue when received.

Interest revenue is recognised when received.

Dividend revenue is recognised when the right to receive a dividend has been established.

Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.

All revenue is stated net of the amount of goods and services tax.

b. Inventories

Inventories held for sale are measured at the lower of cost and net realisable value. Inventories held for distribution are measured at cost adjusted, when applicable, for any loss of service potential.

Inventories acquired at no cost, or for nominal consideration, are valued at the current replacement cost as at the date of acquisition.

c. Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost or fair value as indicated, less, where applicable, accumulated depreciation and any impairment losses.

Freehold property

Freehold land and buildings are shown at their fair value based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation for buildings.

In periods when the freehold land and buildings are not subject to an independent valuation, the councillors conduct councillors’ valuations to ensure the carrying amount for the land and buildings is not materially different to the fair value.

Increases in the carrying amount arising on revaluation of land and buildings are recognised in other comprehensive income and accumulated in the revaluation surplus in equity. Revaluation decreases that offset previous increases of the same class of assets shall be recognised in other comprehensive income under the heading of revaluation surplus. All other decreases are recognised in profit or loss.

Any accumulated depreciation at the date of the revaluation is eliminated against the gross

11Annual Report 2015


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carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Freehold land and buildings that have been contributed at no cost, or for nominal cost, are initially recognised and measured at the fair value of the asset at the date it is acquired.

Plant and equipment

Plant and equipment are measured on the cost basis and are therefore carried at cost less accumulated depreciation and any accumulated impairment losses. In the event the carrying amount of plant and equipment is greater than its estimated recoverable amount, the carrying amount is written down immediately to its estimated recoverable amount and impairment losses are recognised either in profit or loss or as a revaluation decrease if the impairment losses relate to a revalued asset. A formal assessment of recoverable amount is made when impairment indicators are present (refer to Note 1(f) for details of impairment).

Plant and equipment that has been contributed at no cost, or for nominal cost, are valued and recognised at the fair value of the asset at the date it is acquired.

Depreciation

The depreciable amount of all fixed assets, including buildings and capitalised lease assets, but excluding freehold land, is depreciated on a straight line basis over the asset’s useful life to the entity commencing from the time the asset is first held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.

The depreciation rates used for each class of depreciable assets are:

Class of Fixed Asset Depreciation Rate

Buildings 2.5 – 5%

Plant and equipment 10 – 50%

Motor Vehicles 20 – 25%

Office Furniture & Fittings 7.5 – 33.33%

Floor Coverings 15 – 30%

Computer Equipment 30 – 50%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are recognised in profit or loss in the period in which they arise. When revalued assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to retained earnings.

d. Leases

Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset (but not the legal ownership) are transferred to the entity, are classified as finance leases.

Finance leases are capitalised, recognising an asset and a liability equal to the present value of the minimum lease payments, including any guaranteed residual values.

Leased assets are depreciated on a straight-line basis over their estimated useful lives where it is likely that the entity will obtain ownership of the asset. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period.

Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are recognised as expenses on a straight-line basis over the lease term.

Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term.



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5 e. Financial Instruments

Initial recognition and measurement

Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the company commits itself to either purchase or sell the asset (ie trade date accounting is adopted). Financial instruments are initially measured at fair value plus transaction costs except where the instrument is classified “at fair value through profit or loss” in which case transaction costs are recognised immediately as expenses in profit or loss.

Classification and subsequent measurement

Financial instruments are subsequently measured at fair value (refer to Note 1(q)), amortised cost using the effective interest method, or cost.

Amortised cost is calculated as the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference between that initial amount and the maturity amount calculated using the effective interest method.

The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying amount with a consequential recognition of an income or expense item in profit or loss.

(i) Financial assets at fair value through profit or loss

Financial assets are classified at “fair value through profit or loss” when they are held for trading for the purpose of short-term profit taking, derivatives not held for hedging purposes, or when they are designated as such to avoid an accounting mismatch or to enable performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance with a documented risk management or investment strategy. Such assets are subsequently measured at fair value with changes in carrying amount being included in profit or loss.

(ii) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised.

(iii) Held-to-maturity investments

Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the company’s intention to hold these investments to maturity. They are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised.

(iv) Available-for-sale investments

Available-for-sale investments are non-derivative financial assets that are either not capable of being classified into other categories of financial assets due to their nature or they are designated as such by management. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable payments.

They are subsequently measured at fair value with any remeasurements other than impairment losses and foreign exchange gains and losses recognised in other comprehensive income. When the financial asset is derecognised, the cumulative gain or loss pertaining to that asset previously recognised in other comprehensive income is reclassified into profit or loss.

Available-for-sale financial assets are classified as non-current assets when they are not expected to be sold within 12 months after the end of the reporting period. All other available-for-sale financial assets are classified as current assets.



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(v) Financial liabilities

Non-derivative financial liabilities other than financial guarantees are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial liability is derecognised.

Impairment

At the end of each reporting period, the company assesses whether there is objective evidence that a financial asset has been impaired. A financial asset (or a group of financial assets) is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events (a “loss event”) having occurred, which has an impact on the estimated future cash flows of the financial asset(s).

In the case of available-for-sale financial assets, a significant or prolonged decline in the market value of the instrument is considered to constitute a loss event. Impairment losses are recognised in profit or loss immediately. Also, any cumulative decline in fair value previously recognised in other comprehensive income is reclassified to profit or loss at this point.

In the case of financial assets carried at amortised cost, loss events may include: indications that the debtors or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments; indications that they will enter bankruptcy or other financial reorganisation; and changes in arrears or economic conditions that correlate with defaults.

For financial assets carried at amortised cost (including loans and receivables), a separate allowance account is used to reduce the carrying amount of financial assets impaired by credit losses. After having taken all possible measures of recovery, if management establishes that the carrying amount cannot be recovered by any means, at that point the written-off amounts are charged to the allowance account or the carrying amount of impaired financial assets is reduced directly if no impairment amount was previously recognised in the allowance account.

When the terms of financial assets that would otherwise have been past due or impaired have been renegotiated, the company recognises the impairment for such financial assets by taking into account the original terms as if the terms have not been renegotiated so that the loss events that have occurred are duly considered.

Derecognition

Financial assets are derecognised when the contractual rights to receipt of cash flows expire or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised when the related obligations are discharged or cancelled, or have expired. The difference between the carrying amount of the financial liability, which is extinguished or transferred to another party, and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in profit or loss.

f. Impairment of Assets

At the end of each reporting period, the entity assesses whether there is any indication that an asset may be impaired. If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of the asset’s fair value less costs of disposal and value in use, to the asset’s carrying amount. Any excess of the asset’s carrying amount over its recoverable amount is recognised immediately in profit or loss, unless the asset is carried at a revalued amount in accordance with another Standard (eg in accordance with the revaluation model in AASB 116). Any impairment loss of a revalued asset is treated as a revaluation decrease in accordance with that other Standard.

Where it is not possible to estimate the recoverable amount of an individual asset, the entity estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Impairment testing is performed annually for goodwill and intangible assets with indefinite lives.



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5 g. Employee Benefits

Short-term employee benefitsProvision is made for the company’s obligation for short-term employee benefits. Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service, including wages, salaries and sick leave. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled.

The company’s obligations for short-term employee benefits such as wages, salaries and sick leave are recognised as a part of current trade and other payables in the statement of financial position.

Other long-term employee benefitsThe company classifies employees’ long service leave and annual leave entitlements as other long-term employee benefits as they are not expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service. Provision is made for the company’s obligation for other long-term employee benefits, which are measured at the present value of the expected future payments to be made to employees. Expected future payments incorporate anticipated future wage and salary levels, durations of service and employee departures, and are discounted at rates determined by reference to market yields at the end of the reporting period on government bonds that have maturity dates that approximate the terms of the obligations. Upon the remeasurement of obligations for other long-term employee benefits, the net change in the obligation is recognised in profit or loss classified under employee benefits expense.

The company’s obligations for long-term employee benefits are presented as non-current liabilities in its statement of financial position, except where the company does not have an unconditional right to defer settlement for at least 12 months after the end of the reporting period, in which case the obligations are presented as current liabilities.

Retirement benefit obligationsDefined contribution superannuation benefitsAll employees of the company receive defined contribution superannuation entitlements, for which the company pays the fixed superannuation guarantee contribution (currently 9.5% of the employee’s average ordinary salary) to the employee’s superannuation fund of choice. All contributions in respect of employees’ defined contribution entitlements are recognised as an expense when they become payable. The company’s obligation with respect to employees’ defined contribution entitlements is limited to its obligation for any unpaid superannuation guarantee contributions at the end of the reporting period. All obligations for unpaid superannuation guarantee contributions are measured at the (undiscounted) amounts expected to be paid when the obligation is settled and are presented as current liabilities in the company’s statement of financial position.

h. Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position.

i. Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers.



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j. Income Tax

No provision for income tax has been raised as the entity is exempt from income tax under Div 50 of the Income Tax Assessment Act 1997.

k. Intangibles

SoftwareSoftware is initially recognised at cost. It has a finite life and is carried at cost less any accumulated amortisation and impairment losses. Software has an estimated useful life of between one and three years. It is assessed annually for impairment.

l. Provisions

Provisions are recognised when the entity has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period.

m. Comparative Figures

Where required by Accounting Standards, comparative figures have been adjusted to conform with changes in presentation for the current financial year.

n. Trade and Other Payables

Trade and other payables represent the liabilities for goods and services received by the company during the reporting period that remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

o. Critical Accounting Estimates and Judgments

The councillors evaluate estimates and judgements incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the company.

Key Estimates

Valuation of freehold land and buildings

The freehold land and buildings were independently valued at 24 April 2013 by Herron Todd White (Central Queensland) Pty Ltd. The valuation was based on the fair value less cost of disposal. The critical assumptions adopted in determining the valuation included the location of the land and buildings, the current strong demand for land and buildings in the area and recent sales data for similar properties. The valuation resulted in a revaluation increment of $69,351 being recognised for the year ended 30 June 2013.

At 30 June 2015, the councillors have performed a councillors’ valuation on the freehold land and buildings. The councillors have reviewed the key assumptions adopted by the valuers in 2013 and do not believe there has been a significant change in the assumptions at 30 June 2015. The councillors therefore believe the carrying amount of the land and building correctly reflects the fair value less cost of disposal at 30 June 2015.

Key Judgements

Available-for-sale investments

The company maintains a portfolio of securities with a carrying amount of $1,303,306 at the end of the reporting period. The market value of certain individual investments have declined in value recently by up to 18.1%. The councillors do not believe this decline constitutes a significant or prolonged decline below cost at this stage and hence no impairment has been recognised. Should share values decline to a level which is in excess of 10% below cost or should prices remain at levels below cost for a period in excess of 12 months, the councillors have determined that such investments will be considered impaired in the future.



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5 Employee benefits

For the purpose of measurement, AASB 119: Employee Benefits (September 2011) defines obligations for short-term employee benefits as obligations expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related services. As the company expects that most employees will not use all of their annual leave entitlements in the same year in which they are earned or during the 12-month period that follows (despite an informal company policy that requires annual leave to be used within 18 months), the councillors believe that obligations for annual leave entitlements satisfy the definition of other long-term employee benefits and, therefore, are required to be measured at the present value of the expected future payments to be made to employees.

p. Fair Value of Assets and Liabilities

The company measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis, depending on the requirements of the applicable Accounting Standard.

“Fair value” is the price the company would receive to sell an asset or would have to pay to transfer a liability in an orderly (ie unforced) transaction between independent, knowledgeable and willing market participants at the measurement date.

As fair value is a market-based measure, the closest equivalent observable market pricing information is used to determine fair value. Adjustments to market values may be made having regard to the characteristics of the specific asset or liability. The fair values of assets and liabilities that are not traded in an active market are determined using one or more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market data.

To the extent possible, market information is extracted from the principal market for the asset or liability (ie the market with the greatest volume and level of activity for the asset or liability). In the absence of such a market, market information is extracted from the most advantageous market available to the entity at the end of the reporting period (ie the market that maximises the receipts from the sale of the asset or minimises the payments made to transfer the liability, after taking into account transaction costs and transport costs).

For non-financial assets, the fair value measurement also takes into account a market participant’s ability to use the asset in its highest and best use or to sell it to another market participant that would use the asset in its highest and best use.

The fair value of liabilities and the entity’s own equity instruments (if any) may be valued, where there is no observable market price in relation to the transfer of such financial instrument, by reference to observable market information where such instruments are held as assets. Where this information is not available, other valuation techniques are adopted and where significant, are detailed in the respective note to the financial statements.



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NOTE 2: REVENUE AND OTHER INCOME 2015 2014 $ $

Revenue from operating activities– Registrations, calf recordings & deferral fees 277,595 296,690– Subscriptions & nomination fees 213,461 230,102– Transfer fees 25,092 53,384– Brahman Graphics 62,160 103,847– Brahman Week Sale 139,911 130,985– Trade delegation 9,748 193,921– Project management income 64,325 68,600–Other 744,960 409,890 1,537,252 1,487,419

Other revenue– Dividends received 47,352 45,540– Interest received 1,737 3,331– Change in market value of investments 30,521 103,783 79,610 152,654

Total revenue and other income 1,616,862 1,640,073

NOTE 3: PROFIT FOR THE YEAR 2015 2014 $ $a. Expenses

Employee benefits expense– Contributions to superannuation funds 46,038 43,708– Wages 435,454 419,389– Provision for Leave 22,704 19,096

Total employee benefits expense 504,196 482,193

Depreciation and amortisation: – Buildings 12,522 5,600– Motor Vehicle 8,428 8,428– Floor Coverings 3,579 1,777– Plant and equipment 9,440 7,150– Office Furniture 5,996 1,766– Computer Equipment 5,475 4,932

Total depreciation and amortisation 45,440 29,653

Auditor fees– Audit services (2012 – 2013) - 7,948– Audit services (2013 – 2014) 9,150 -– Audit services (2014 – 2015) 2,750 -– Ballot Fees 950 900– Risk Register - 150Total Auditor’s Remuneration 12,850 8,998

NOTE 4: CASH AND CASH EQUIVALENTS 2015 2014 $ $CURRENTCash at bank 152,930 13,649

Cash on hand 400 400

153,330 14,049



NOTE 5: TRADE RECEIVABLES Note 2015 2014 $ $CURRENTTrade receivables 93,730 132,531Provision for impairment 5a (20,000) (20,000)Total trade receivables 73,730 112,531

NOTE 5: TRADE AND OTHER RECEIVABLESa. Provision for Impairment of ReceivablesMovement in the provision for impairment of receivables is as follows: $Provision for impairment as at 1 July 2013 20,000 - Charge for year - - Written off -Provision for impairment as at 30 June 2014 20,000 - Charge for year - - Written off -Provision for impairment as at 30 June 2015 20,000

NOTE 6: INVENTORIES 2015 2014 $ $CURRENTAt cost: Inventory 33,847 21,578Cattle 250,652 272,071 284,499 293,649

NOTE 7: OTHER ASSETS 2015 2014 $ $Accrued income 201,503 213,709Prepayments 21,068 28,499 222,571 242,208

NOTE 8: FINANCIAL ASSETS 2015 2014 $ $CURRENTFinancial assets at fair value through profit or loss 8a - -

NON-CURRENTAvailable-for-sale financial assets 8b 1,303,306 1,260,987Held-to-maturity financial assets 8c - - 1,303,306 1,260,987

a. Financial assets at fair value through profit or lossHeld-for-trading Australian listed shares 19 - -

Securities in listed corporations held for trading purposes togenerate income through the receipt of dividends and capital gains.

b. Available-for-sale financial assetsShares in listed corporations at fair value: Balance at the beginning of the year 1,260,987 1,077,544Purchases - -Disposals (1,787) -Fair value remeasurement gains/(losses) 44,106 183,443Balance at the end of the year 19 1,303,306 1,260,987

Available-for-sale financial assets comprise investments in the ordinary issued capital of various entities. There are no fixed returns or fixed maturity dates attached to these investments.

c. Held-to-maturity investments Government and fixed interest securities 19 - -

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NOTE 9: PROPERTY, PLANT AND EQUIPMENT 2015 2014 $ $Land & BuildingsAt valuation 850,000 850,000(Accumulated depreciation) (18,122) (5,600) 831,878 844,400Plant & Equipment At cost 41,041 58,474(Accumulated depreciation) (26,773) (34,766) 14,268 23,708 Office Furniture & FittingsAt cost 37,072 45,881(Accumulated depreciation) (32,721) (35,531) 4,351 10,350 Floor Coverings At cost 20,306 28,923(Accumulated depreciation) (12,967) (18,003) 7,339 10,920 Computer Equipment At cost 62,255 91,604(Accumulated depreciation) (55,216) (85,230) 7,039 6,374 Motor Vehicle At cost 42,139 42,139(Accumulated depreciation) (25,561) (17,133) 16,578 25,006

Total property, plant and equipment 881,453 920,758

Movements in Carrying AmountsMovement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year:

Land & Plant & Office Furniture Floor Computer Motor Buildings Equipment & Equipment Coverings Equipment Vehicles Total $ $ $ $ $ $ $2014Balance at the beginning of the year 850,000 29,775 12,116 1,972 6,869 33,434 934,166 Additions at cost - 1,083 - 10,725 4,437 - 16,245Depreciation expense (5,600) (7,150) (1,766) (1,777) (4,932) (8,428) (29,653)

Carrying amount at the end of the year 844,400 23,708 10,350 10,920 6,374 25,006 920,758

2015Balance at the beginning of the year 844,400 23,708 10,350 10,920 6,374 25,006 920,758 Additions at cost - - - - 6,138 - 6,138Depreciation expense (12,522) (9,440) (5,996) (3,579) (5,473) (8,428) (45,443)

Carrying amount at the end of the year 831,878 14,268 4,351 7,339 7,039 16,578 881,453 Asset RevaluationsThe freehold land and buildings were independently valued at 24 April 2013 by Herron Todd White (Central Queensland) Pty Ltd. The valuation resulted in a revaluation increment of $69,351 being recognised in the revaluation surplus for the year ended 30 June 2013.

At 30 June 2015, the councillors have performed a councillors’ valuation on the freehold land and buildings. The councillors have reviewed the key assumptions adopted by the valuers in 2013 and do not believe there has been a significant change in the assumptions at 30 June 2015. The councillors therefore believe the carrying amount of the land correctly reflects the fair value less cost of disposal at 30 June 2015. Refer to Note 20 for detailed disclosures regarding the fair value measurement of the company’s freehold land and buildings.

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5 NOTE 10: TRADE AND OTHER PAYABLES 2015 2014 Note $ $CURRENTTrade payables 97,580 55,886Equity in Branch Expense 8,512 8,512Prepaid Income 34,677 44,117GST Payable 13,950 11,655 154,719 120,170

NON-CURRENTJeff McCamley Memorial Youth Fund 184,498 167,771Edgar Hudgins Memorial Scholarship 44,189 44,935 228,687 212,706

10a 383,406 332,876

2015 2014 $ $a. Financial liabilities at amortised cost classified as trade and other payables

Trade and other payables:

– Total current 154,719 120,170

– Total non-current 228,687 212,706

Financial liabilities as trade and other payables 383,406 332,876

NOTE 11: BORROWINGS 2015 2014 $ $CURRENTCommonwealth Bank – Credit Card 5,588 -Commonwealth Bank – Overdraft - 115,989Commonwealth Bank – Cattle Loan 320,000 320,000

Total borrowings 325,588 435,989

The company’s overdraft and cattle loan account with the Commonwealth Bank are secured through the registration of a mortgage over the company’s land and buildings at 183 East Street, Rockhampton, a company charge over the whole of the assets and undertakings including uncalled capital, Building, motor vehicle and Plant & equipment, and a first ranking charge over livestock – beef cattle depastured at Banana Station, Banana Holding Road, Banana Qld.

The overdraft limit with Commonwealth Bank is $250,000 and the Cattle Loan with Commonwealth Bank has an approved limit of $320,000.

NOTE 12: EMPLOYEE PROVISIONSCURRENT 2015 2014

Provision for employee benefits: annual leave 46,242 33,434Provision for employee benefits: long service leave - -

46,242 33,434

NON-CURRENT 2014 2013Provision for employee benefits: long service leave 71,589 61,693 71,589 61,693

117,831 95,127



Employee Benefits Total $ $Analysis of total provisions: Opening balance at 1 July 2014 95,127 95,127Additional provisions raised during year 22,704 22,704Amounts used - -

Balance at 30 June 2015 117,831 117,831

Provision for Long-term Employee BenefitsProvision for employee benefits represents amounts accrued for annual leave and long service leave.

The current portion for this provision includes the total amount accrued for annual leave entitlements and the amounts accrued for long service leave entitlements that have vested due to employees having completed the required period of service. Based on past experience, the company does not expect the full amount of annual leave or long service leave balances classified as current liabilities to be settled within the next 12 months. However, these amounts must be classified as current liabilities since the company does not have an unconditional right to defer the settlement of these amounts in the event employees wish to use their leave entitlement.

The non-current portion for this provision includes amounts accrued for long service leave entitlements that have not yet vested in relation to those employees who have not yet completed the required period of service.

In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based upon historical data. The measurement and recognition criteria for employee benefits have been discussed in Note 1(g).

NOTE 13: CONTINGENT LIABILITIES AND CONTINGENT ASSETSThe councillors are not aware of any material contingent liabilities or contingent assets existing at balance sheet date.

NOTE 14: EVENTS AFTER THE REPORTING PERIODThe councillors are not aware of any significant events since the end of the reporting period.

NOTE 15: OTHER RELATED PARTY TRANSACTIONSTransactions between related parties are on normal commercial terms and conditions no more favourable than those available to other persons unless otherwise stated.

NOTE 16: RESERVESa. Revaluation Surplus The revaluation surplus records the revaluations of non-current assets. Where revaluations are

deemed to represent profits of a permanent nature, dividends may be declared from this reserve.

b. Financial Assets Reserve The financial assets reserve records revaluation increments and decrements (that do not

represent impairment write-downs) that relate to financial assets that are classified as available-for-sale.

NOTE 17: ENTITY DETAILS The registered office of the entity is:

Australian Brahman Breeders’ Association Limited183 East Street, Rockhampton QLD 4700

The principal places of business is:Australian Brahman Breeders’ Association Limited183 East Street, Rockhampton QLD 4700

NOTE 18: MEMBERS’ GUARANTEEThe entity is incorporated under the Corporations Act 2001 and is an entity limited by guarantee. If the entity is wound up, the constitution states that each member is required to contribute a maximum of $20 each towards meeting any outstandings and obligations of the entity.

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COUNCILLOR’S DECLARATIONIn accordance with a resolution of the councillors of Australian Brahman Breeders Association Limited, the councillors of the company declare that:

1. The financial statements and notes, as set out on pages 6 to 21, are in accordance with the Corporations Act 2001 and:

(a) comply with Australian Accounting Standards – Reduced Disclosure Requirements; and

(b) give a true and fair view of the financial position of the company as at 30 June 2015 and of its performance for the year ended on that date.

2. In the councillors’ opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Councillor Mr SL Bishop

Dated this 24th day of August 2015

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Report on the Financial Report

We have audited the accompanying financial report of Australian Brahman Breeders Association Limited (the company), which comprises the statement of financial position as at 30 June 2015, the statement of profit or loss, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the councillors’ declaration.

Councillors’ Responsibility for the Financial Report

The councillors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Act 2001 and for such internal control as the councillors determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable 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 financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company’s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the councillors, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the councillors of Australian Brahman Breeders Association Limited, would be in the same terms if given to the councillors as at the time of this auditor’s report.

Auditor’s Opinion

In our opinion, the financial report of Australian Brahman Breeders Association Limited is in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the company’s financial position as at 30 June 2015 and of its performance for the year ended on that date; and

(ii) complying with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Regulations 2001.

Basis of Accounting

Without modifying our opinion, we draw attention to Note 1 to the Financial Statements, which describes the basis of accounting. The financial report has been prepared to assist the Australian Brahman Breeders Association Limited to meet the requirements of the Corporations Act 2001. As a result, the financial report may not be suitable for another purpose.

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MembershipMembership has declined during the financial year with stud membership decreasing by 70. The net decrease is balanced by 11 new members and 81 resignations.

The total of 1002 is a healthy figure and retains our ranking among the largest beef cattle association in Australia, only marginally behind Angus.

Comparative figures for 01/07/2014 – 30/06/2015 are as follows:

ACTIVE ASSOCIATE COMMERCIAL JUNIOR TOTAL

QLD 862 843 54 53 147 161 11 11 1074 1068

NSW 93 93 7 8 22 26 6 6 128 133

VIC 16 16 1 1 2 3 19 20

SA 1 3 3 3 3 6 7

WA 21 20 1 1 6 7 28 28

NT 25 22 3 3 4 4 32 29

TAS 2 3 1 1 3 4

NZ 1 1 1 2 1

MALAYSIA 2 2 1 1 3 3

USA 3 7 3 7

THAILAND 2 2 2 2

PHILIPPINES 1 1 1 1

SOUTH AFRICA 4 4 4 4

UNITED KINGDOM 1 1 1 1

ARGENTINA 1 1 1 1

NEW CALEDONIA 1 1 1 1

TOTALS 1024 1002 82 86 185 205 17 17 1308 1310

RegistrationsRegistrations have declined by a net figure of 7%. We saw a marginal increase of 3.3% in bull registrations and a significant decline of 8.2% in female registrations. Appendix registrations declined but from a relatively lower base.

Hopefully the improvement in cattle prices and a return to a normal wet seasons will improve confidence and improve our registration numbers.


01/07/13 - 30/06/14 01/07/14 - 30/06/15 % Change

Males 2335 2413 3.3%

Females 6122 5621 -8.2%

Appendix 410 213 -48.0%

Totals 8867 8247 -7.0%

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Calf RecordingCalf recording has shown a pleasing increase of 8.1% compared to the previous year. A large part of the increase is due to increased recording by Breedplan members.


01/07/13 - 30/06/14 01/07/14 - 30/06/15 % Change

Males 6405 6856 7.0%

Females 8201 8689 6.0%

Appendix 2740 2904 6.0%

Steers 526 420 -20.2%

Commercial Males 1396 1952 39.8%

Totals 19268 20821 8.1%

TransfersTransfers have shown a significant downturn of 40.3% with female transfers reflecting the drop off in new members who usually contribute to registered female market.

Hopefully a return to normal seasons and the strength of the cattle market will help turn these figures around in the future.


01/07/13 - 30/06/14 01/07/14 - 30/06/15 % Change

Males 1291 1130 -12.5%

Females 1968 852 -56.7%

Appendix 102 24 -76.5%

Totals 3361 2006 -40.3%

Brahman NewsThe 4 issues of Brahman News printed during the year contained 360 pages an increase of 32 pages on the previous year due to increased advertising support.

We endeavour to make Brahman News both a journal of record as well as an information resource on innovation and industry activities.

It is only through advertising support that we are able to achieve these objectives and make it a high quality publication. Thank you to our advertisers who I believe get good value for their advertising dollar but also contribute to promoting the breed.

BreedplanBreedplan has experienced an increased level of activity compared to the previous year. Of the 2014 calves recorded, 57% have one or more weight traits recorded and 22% have other traits recorded.

These traits include scrotal circumference, Days to Calving, carcase scans and flight time. We are now the first tropical breed in the world to incorporate genomics for reproduction into a genetic evaluation.

The Beef CRC prediction equations for weaning weight and female reproduction are being delivered as Breedplan EBV’s for 200 day weights and Days to Calving (DTC).

The genomic DTC EBVhas an accuracy of about 35% which is equivalent to 8 or 9 daughters measured for DTC.

We have also provided a pathway for commercial producers to use this technology. A tail hair is sent to the ABBA office to be forwarded on to the University of Qld Animal Genetics lab for genotyping, the genotype is sent to the Animal Genetics and Breeding Unit (AGBU) in Armidale for imputation before being input into Breedplan.

In the next generation of Breedplan software the AGBU imputation step will be eliminated and the genotype will be loaded directly to our database and analyzed in Breedplan.



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ABBA GROUP BREEDPLAN Stats as at 8/8/2015

Trait No. of records Av. Adj. ValueBirth weight 18847 31kg200 d 207183 205kg400 d 105198 270kg600 d 115334 383kgMature weight 16982 512kgScrotal size 25820 27.0cmDays to Calving 42919 358 days

Carcase scan records No. of records Av. Adj. ValueRib fat - heifer 8256 2.86mmRib fat - bull 9152 3.37mmRump fat -heifer 8437 4.97mmRump fat - bull 9353 4.80mmEMA heifers 9693 52sqcmEMA bulls 10077 70.69sqcmShear Force 2537 5.16kgFlight time 7423 1.20secGenestar tenderness 6876 -0.19kg

Australian Brahman Selection Index Trends - Jap Ox & Live Export

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Australian Brahman Genetic Trends for Weight TraitsAverage EBVs for 200, 400 & 600 Day Weight Since 1996

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1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015



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BIN Project

ABBA BINThe BIN project is proceeding accordingly to plan and we are meeting all of our milestone requirements.

The Round 2 No 3 steers were slaughtered in 2 cohorts on April 21 and May 12.

Carcase WT P8 Fat Rib Fat Ungrades

April 21 325 12 8 8%

May 15 313 12 8 6%

Meat samples were taken from both kills for meat science.

Data collection on the Round 1 No 2 cattle will be completed shortly when we record the second crop of calves from the No 2 cows.

They achieved 75% pregnancy rate on the second joining.

Full details of all data on the Round 1 sires will be available on our website soon.

BRAHMAN-DROUGHTMASTER BINWe are running a second BIN project in conjunction with the Droughtmaster Society. This involves ABBA purchasing the Brahman steers and the Droughtmaster Society purchasing the Droughtmaster steers that were produced at the Department of Agriculture and Fisheries Spyglass research station at Charters Towers as part of the Northern Reproduction (Repronomics) project being managed by Dr David Johnson.

The No 3 steers were lotfed from April and slaughtered on August 14. The No 4 steers are being backgrounded and will be lot fed early next year.

We are also looking at extending this project to collect data on the No 5 and No 6 steers produced at both Spyglass and Brian Pastures.

The carcase and meat science we will collect from the steers will balance the reproduction data collected in the Repronomics project.

It will build on the carcase and meat science data being collected in the ABBA BIN project and by increasing both the number of records and spread of sires will improve the accuracy of the genomic breeding values DGV’s available to members.

Australian Brahman Genetic trend for Average Scrotal Circumferenceand Days to Calving EBV's

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SalesAuction sales conducted throughout 2014 showed significant improved results for bulls and a sharp decline in registered female numbers and values compared with the previous year.

Comparative figures are as follows:

No % Change Gross % Change Average % Change Top on 2013 on 2013 on 2013 Price

Registered Bulls 1358 13% $8,065,000 32% $5,939 17% $75,000

Herd Bulls 636 11% $2,025,100 20% $3,184 8% $18,000

Total Bulls 1994 12% $10,090,100 30% $5,060 14%

Registered Females 201 -19% $398,750 -36% $1,984 -21% $12,000

Total 2195 8% $10,488,850 25% $4,779 15%

ABBA Online DatabaseTraffic on our website and online database continues to run at extremely high levels.

The internal counting systems are different so can’t be directly compared.

The ABBA website counts unique computers as being within a one month period, so if people came back in successive months, there would be double counting,

The ABBA database counts unique computers for the full 12 months. The database counts are included in the ABBA website counts.

Comparative figures are as follows:

ABBA WEBSITE 20/3/2014 20/4/2015 CHANGE

Unique computers (Counted monthly) 66061 71182 +5121

Number of visits 108,278 119,682 +11,404

Pages viewed 1,552,084 1,587,702 +35,618

ONLINE DATABASE 20/3/2014 20/4/2015 CHANGE

Unique computers (12 month count) 9966 10699 +733

Pages viewed 1,031,469 1,149,160 +117,691

Avg pages viewed 103 107 +4

AdministrationThere have not been any changes of staff throughout the year.

I would like to record my thanks to all staff members, Lyn Elliston, Kerri Arnott, Jan Nohejl, Liz Tait,Paula Malone and Wilma Warcon for their efforts and loyalty throughout the year.

Finally I would like to thank the President Shane Bishop, Vice Presidents Matthew McCamley and Wendy Cole, Treasurer Brett Coombe, Councillors and members for their support.

AUSTRALIAN BRAHMAN BREEDERS’ ASSOCIATION LIMITEDAUSTRALIAN BRAHMAN BREEDERS’ ASSOCIATION LIMITED

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Notice of the Annual General Meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

President’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Councillors’ Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 - 4

Honorary Treasurer’s Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Statement of Financial Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 - 7

Statement of Financial Position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Statement of Changes in Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Notes to the Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 - 21

Councillor’s Declaration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Auditor’s Independence Declaration under S 307C of theCorporations Act 2001 to the Councillors of Australian Brahman Breeders’ Associaton Limited. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Independent Auditor’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

General Manager’s Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 - 28

Office Bearers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IBC

Australian Brahman Breeders’ Association LimitedABN 51 010 187 774



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FRONT COVER PHOTO: ABBA 2015 Brahman Photo CompetitionCategory 02: Brahman Mob - Second Place “Boss Drover” won by Reade & Jill Rade

BACK COVER PHOTO: ABBA 2015 Brahman Photo CompetitionCategory 01: Aerial Brahman Photo - First Place “Holding the Mob” won by Ainsleigh Lancaster

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Elected Councillors

Mr SL Bishop ..................................................................................... President and Chairman

Mr M McCamley .................................................................................... Senior Vice President

Mrs W Cole .................................................................................................Junior Vice President

Mr PB Coombe ............................................................................................Honorary Treasurer

Mr AR Olive

Mr JC Atkinson

Mr D Harch

Mr R Jefferis

Mr BE Kirk

Mr R Radel

Mr M Noakes

Co-opted Councillors

Mr P Herrod

Mr GE Pfeffer

Mr W Smith

General Manager

Mr JR Croaker

Auditors

Evans Edwards and Associates

Bankers

Commonwealth Bank Agribusiness — Rockhampton

2015ANNUAL REPORT AUSTRALIAN BRAHMAN

BREEDERS’ASSOCIATION LTD



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