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2016 Netball Victoria Financial Report 1
NETBALL VICTORIA
2016Financial Report
2016 Netball Victoria Financial Report2016 Netball Victoria Financial Report 32
4 Directors
4 Directors’ Declaration
5 Auditor’s Independence Declaration
8 Operating Performance
9 Financial Position
9 Financial Summary
10 Independent Audit Report
Contents“The overall financial health at Netball Victoria provides stability for us to continue to grow and support our sport at all levels; from grassroots to elite.” — Jenny Sanchez, President
2016 Netball Victoria Financial Report2016 Netball Victoria Financial Report 54
The Netball Victoria Directors at any time during or since the end of the financial year are:
Director Period as Director
President – Jenny Sanchez 2000 to Present
Elected Director – Richelle McKenzie 2007 to Present
Elected Director – Kirrily Zimmerman 2008 to Present
Elected Director – Shane O’Sullivan 2013 to Present
Elected Director – Marlene Elliott 2013 to Present
Elected Director – Gayle Lambert 2014 to Present
Elected Director – Jan Fitzgerald 2015 to Present
Appointed Director – Natalie Whitaker (nee Eden) 2013 to Present
Appointed Director – Mary Bluett 2015 to Present
Observer – Wendy Frost 2015 to Present
Directors Auditor’s Independence Declaration
2016 Netball Victoria Financial Report2016 Netball Victoria Financial Report 76
Auditor’s Independence Declaration Auditor’s Independence Declaration
2016 Netball Victoria Financial Report2016 Netball Victoria Financial Report 98
Operating Performance
Netball Victoria has delivered sound financial performance for 2016, with an operating surplus of $11,068 - a figure very close to the budget target.Importantly, we have met our financial targets, while also delivering against our key strategic aims for the year, some of which are detailed below:
• Driving growth in our netball participation community to over 216,000 people including over 114,681 individual and 200 Association and League members. Individual membership numbers grew by over 2,000, which marks the eighth consecutive year of growth.
• Investment in training and supporting our community with the MyNetball registration system continued at a high level. We introduced new forms of training, webinars, support and access to information for our Associations and Leagues, and continued to provide intensive support on key matters such as governance, insurance and dispute resolution.
• With the support of VicHealth and Sport and Recreation Victoria, we have continued to invest strongly in the development of new non-traditional netball programs that will open new markets, supporting both participation and financial growth for our sport.
• We continued with the development of a state-wide 10-year facility strategy and facilities manual. We worked with the State Government and four inner city Local Government Associations to commence plans on the delivery of the 64 court election commitment for Inner North Metro Melbourne, the continuation of the Country Football Netball Program and investment in technical services for facility development and court audits.
• That we have ongoing commitment to ensuring our regional areas are well supported, by having our regional staff in place.
• Successfully managing the transition from the ANZ Championships to Suncorp Super Netball including new player contracts and increased marketing and other activities.
• We achieved both growth and a very high level of retention with new partners and sponsors and continued to increase our profile across traditional and digital media.
• Maintaining a high investment in the professional development of our staff team, while increasing overall staff numbers and managing turnover.
• We continued a program of review and reduction of operating costs.
Our work and achievements in these areas have been the major drivers of achieving our targeted operating position. Our focus is on continuing to grow revenues from a range of sources, and rather than make large surpluses invest that money into services and facilities that both support our community and grow our sport.
We continue to operate with tight margins and pursue all appropriate opportunities and initiatives, in order to improve our financial health and that of our Associations and Leagues. We are prudent in all our financial dealings, respecting both our member contributions and the ongoing tightness of the economy. Our environment is dynamic and as we also develop we must recognise that new initiatives, such as our new products and programs, will take time to generate a positive and sustained financial outcome.
As at 31 December 2016, Netball Victoria has net assets of $4,749,054. This includes the value of Netball House – our offices in King Street West Melbourne - which are fully owned and valued (land and buildings) at $3,175,000 (based on an independent valuation conducted in Oct 2015).
In summary, the financial position of Netball Victoria as at the end of December 2016 is healthy. Our financial turnover continues to grow. This enables us to keep investing in our programs, competitions, and in our on and off-court teams, which bodes well for our sport’s continued growth and future success. We thank all our members, Associations and Leagues, and Partners, for their role in enabling us to undertake this work and achieve such positive outcomes.
Financial Position
Financial Summary
2016 Netball Victoria Financial Report2016 Netball Victoria Financial Report 1110
Victorian Netball Association Inc.ABN: 83 704 752 745
Financial Statements
For the Year Ended 31 December 2016
Independent Audit Report
Victorian Netball Association Inc.
ABN: 83 704 752 745
ContentsFor the Year Ended 31 December 2016
Page
Financial StatementsStatement of Profit or Loss and Other Comprehensive Income 1Statement of Financial Position 2Statement of Changes in Equity 3Statement of Cash Flows 4Notes to the Financial Statements 5Directors' Declaration 14Independent Auditor's Report 15
Victorian Netball Association Inc.
ABN: 83 704 752 745
Statement of Profit or Loss and Other Comprehensive IncomeFor the Year Ended 31 December 2016
2016
$
2015
$
Revenue
Fundraising / grants 879,953 749,792
Memberships income 6,422,872 6,124,382
NV competitions & programs income 1,591,377 1,506,873
Sponsorship income 1,484,634 1,667,518
Vixens operations income 1,679,837 1,416,356
Other revenue 55,217 78,313
12,113,890 11,543,234
Expenses
NV employment expenses (4,284,877) (3,940,084)
Depreciation, amortisation and impairments (102,748) (111,670)
Administrative expenses (752,108) (749,227)
Bad debts - (1,463)
Marketing & sponsorship expenses (874,993) (1,136,862)
Profit/loss on sale of assets - (5,104)
Insurance (764,036) (754,129)
Sundry expenses (29,153) (40,051)
Vixens operations expense (1,728,874) (1,475,607)
NV competition & program expense (2,207,944) (1,969,599)
Building & facilities expense (621,044) (604,404)
NA affiliation expense (737,045) (744,199)
(12,102,822) (11,532,399)
Surplus for the year 11,068 10,835
Other comprehensive income
Revaluation change for property - 502,441
Other comprehensive income for the year - 502,441
Total comprehensive income for the year 11,068 513,276
The accompanying notes form part of these financial statements.1
Independent Audit Report
2016 Netball Victoria Financial Report2016 Netball Victoria Financial Report 1312
Victorian Netball Association Inc.
ABN: 83 704 752 745
Statement of Financial Position31 December 2016
Note
2016
$
2015
$
ASSETS
CURRENT ASSETS
Cash and cash equivalents 4 833,481 447,747
Trade and other receivables 5 68,201 103,052
Inventories 6 8,714 82,958
Other financial assets 7 1,606,115 1,990,474
Other assets 8 293,923 194,069
TOTAL CURRENT ASSETS 2,810,434 2,818,300
NON-CURRENT ASSETS
Property, plant and equipment 9 3,377,684 3,315,758
Other assets 8 4,125 -
TOTAL NON-CURRENT ASSETS 3,381,809 3,315,758
TOTAL ASSETS 6,192,243 6,134,058
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 10 438,496 581,837
Employee benefits 11 301,330 259,672
Income received in advance 12 684,932 545,096
TOTAL CURRENT LIABILITIES 1,424,758 1,386,605
NON-CURRENT LIABILITIES
Employee benefits 11 18,431 9,467
TOTAL NON-CURRENT LIABILITIES 18,431 9,467
TOTAL LIABILITIES 1,443,189 1,396,072
NET ASSETS 4,749,054 4,737,986
EQUITY
Asset revaluation reserve 1,749,192 1,749,192
Accumulated funds 2,999,862 2,988,794
TOTAL EQUITY 4,749,054 4,737,986
The accompanying notes form part of these financial statements.2
Victorian Netball Association Inc.
ABN: 83 704 752 745
Statement of Changes in EquityFor the Year Ended 31 December 2016
2016
AssetRevaluation
Reserve
$
AccummulatedFunds
$
Total
$
Balance at 1 January 2016 1,749,192 2,988,794 4,737,986
Surplus for the year - 11,068 11,068
Balance at 31 December 2016 1,749,192 2,999,862 4,749,054
2015
Balance at 1 January 2015 1,246,751 2,977,959 4,224,710
Increase in reserves during the year 502,441 - 502,441
Surplus for the year - 10,835 10,835
Balance at 31 December 2015 1,749,192 2,988,794 4,737,986
The accompanying notes form part of these financial statements.3
Independent Audit Report Independent Audit Report
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Victorian Netball Association Inc.
ABN: 83 704 752 745
Statement of Cash FlowsFor the Year Ended 31 December 2016
Note
2016
$
2015
$
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers 12,236,001 11,331,134
Payments to suppliers and employees (12,122,528) (11,290,488)
Interest received 52,576 70,963
Net cash provided by operating activities 13 166,049 111,609
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (164,674) (39,138)
Payments for fixed interest deposits - (1,490,474)
Proceeds from fixed interest deposits 384,359 -
Net cash provided by/(used) in investing activities 219,685 (1,529,612)
Net increase / (decrease) in cash and cash equivalents held 385,734 (1,418,003)
Cash and cash equivalents at beginning of year 447,747 1,865,750
Cash and cash equivalents at end of financial year 4 833,481 447,747
The accompanying notes form part of these financial statements.4
Victorian Netball Association Inc.
ABN: 83 704 752 745
Notes to the Financial StatementsFor the Year Ended 31 December 2016
The financial statements cover Victorian Netball Association Inc. as an individual entity. Victorian Netball Association Inc. isa not-for-profit Association incorporated in Victoria under the Associations Incorporation Reform Act 2012 ('the Act') and theRules of the Victorian Netball Association Inc.
The principal activity of the Association for the year ended 31 December 2016 was the administration of netball in Victoria.
The functional and presentation currency of Victorian Netball Association Inc. is Australian dollars.
Comparatives are consistent with prior years, unless otherwise stated.
1 Basis of Preparation
In the opinion of the Board of Directors, the Association is not a reporting entity since there are unlikely to exist usersof the financial report who are not able to command the preparation of reports tailored so as to satisfy specifically all oftheir information needs. These special purpose financial statements have been prepared to meet the reportingrequirements of the Act.
The financial statements have been prepared in accordance with the recognition and measurement requirements ofthe Australian Accounting Standards and Accounting Interpretations, and the disclosure requirements of AASB 101Presentation of Financial Statements, AASB 107 Statement of Cash Flows, AASB 108 Accounting Policies, Changesin Accounting Estimates and Errors, AASB 1048 Interpretation of Standards and AASB 1054 Australian AdditionalDisclosures.
The financial report is prepared on the historical cost basis and, except where there is a change in accounting policydoes not take into account changing money values or current valuations of non-current assets. The accounting policiesset out below have been applied consistently to all periods presented in the Association's financial report, unlessotherwise stated.
2 Summary of Significant Accounting Policies
(a) Income Tax
The Association is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997.
(b) Leases
Lease payments for operating leases, where substantially all of the risks and benefits remain with the lessor,are charged as expenses on a straight-line basis over the life of the lease term.
(c) Trade receivables
Trade receivables are recognised at fair value and subsequently measured at amortised cost, less the provisionfor doubtful debts. Trade receivables are due for settlement no more than seven days from the date ofrecognition.
Collectibility of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectableare written off. A provision for doubtful receivables is established when there is objective evidence that theAssociation will not be able to collect all amounts due according to the original terms of the receivables. Theamount of provision is recognised in the statement of financial position.
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Victorian Netball Association Inc.
ABN: 83 704 752 745
Notes to the Financial StatementsFor the Year Ended 31 December 2016
2 Summary of Significant Accounting Policies (continued)
(d) Revenue and other income
Revenue is measured at the fair value of the consideration received or receivable and is presented net ofreturns, discounts and rebates.
All revenue is stated net of the amount of goods and services tax (GST).
Sale of goods
Revenue from sale of goods is recognised when the significant risks and rewards of ownership have beentransferred to the buyer.
Grant revenue
Government grants are recognised initially as deferred income where there is reasonable assurance that thegrant will be received and all grant conditions will be met. Grants relating to expense items are recognised asincome over the periods necessary to match the grant to the costs they are compensating. Grants relating toassets are credited to deferred income at fair value and are credited to income over the expected useful life ofthe asset on a straight-line basis.
Interest revenue
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to thefinancial assets.
Memberships and services revenue
Revenue from services rendered is recognised in proportion to the stage of completion of the transaction at thebalance sheet date.
Sponsorship
The Association receives sponsorships, with sponsorship monies recognised as earned.
Sponsorship funding has been expended into the event or program area for which it was allocated as amandatory requirement in the sponsorship agreement.
Revenue from in-kind sponsorship is recognised at fair value at the date of the contribution.
(e) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GSTincurred is not recoverable from the Australian Tax Office. In these circumstances, the GST is recognised aspart of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in thestatement of financial position are shown inclusive of GST.
(f) Inventories
Inventories are measured at the lower of cost and net realisable value. Cost of inventory is determined usingthe individual item basis and is net of any rebates and discounts received.
6
Victorian Netball Association Inc.
ABN: 83 704 752 745
Notes to the Financial StatementsFor the Year Ended 31 December 2016
2 Summary of Significant Accounting Policies (continued)
(g) Property, plant and equipment
Each class of property, plant and equipment is carried at cost or fair value less, where applicable, anyaccumulated depreciation and impairment.
Where the cost model is used, the asset is carried at its cost less any accumulated depreciation and anyimpairment losses. Costs include purchase price, other directly attributable costs and the initial estimate of thecosts of dismantling and restoring the asset, where applicable.
Assets measured using the revaluation model are carried at fair value at the revaluation date less anysubsequent accumulated depreciation and impairment losses. Revaluations are performed whenever there is amaterial movement in the value of an asset under the revaluation model.
Land and buildings
Land and buildings are measured using the revaluation model.
Plant and equipment
Plant and equipment are measured using the cost model.
Depreciation
Property, plant and equipment, excluding freehold land, is depreciated on a straight-line basis over the assetsuseful life to the Association, commencing when the asset is ready for use.
Leased assets and leasehold improvements are amortised over the shorter of either the unexpired period of thelease or their estimated useful life.
The depreciation rates used for each class of depreciable asset are shown below:
Fixed asset class Depreciation rate
Buildings 2.5%
Plant and Equipment 10-40%
Leasehold Improvements 20%
At the end of each annual reporting period, the depreciation method, useful life and residual value of each assetis reviewed. Any revisions are accounted for prospectively as a change in estimate.
(h) Cash and cash equivalents
Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which arereadily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.
Bank overdrafts also form part of cash equivalents for the purpose of the statement of cash flows and arepresented within current liabilities on the statement of financial position.
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Victorian Netball Association Inc.
ABN: 83 704 752 745
Notes to the Financial StatementsFor the Year Ended 31 December 2016
2 Summary of Significant Accounting Policies (continued)
(i) Financial instruments
Financial instruments are recognised initially using trade date accounting, i.e. on the date that the Associationbecomes party to the contractual provisions of the instrument.
On initial recognition, all financial instruments are measured at fair value plus transaction costs (except forinstruments measured at fair value through profit or loss where transaction costs are expensed as incurred).
Financial Assets
Financial assets are divided into the following categories which are described in detail below:
loans and receivables;
financial assets at fair value through profit or loss;
available-for-sale financial assets; and
held-to-maturity investments.
Financial assets are assigned to the different categories on initial recognition, depending on the characteristicsof the instrument and its purpose. A financial instrument’s category is relevant to the way it is measured andwhether any resulting income and expenses are recognised in profit or loss or in other comprehensive income.
All income and expenses relating to financial assets are recognised in the statement of profit or loss and othercomprehensive income in the ‘finance income’ or ‘finance costs’ line item respectively.
Held-to-maturity investments
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixedmaturity. Investments are classified as held-to-maturity if it is the intention of the Association's management tohold them until maturity.
Held-to-maturity investments are subsequently measured at amortised cost using the effective interest method,with revenue recognised on an effective yield basis. In addition, if there is objective evidence that theinvestment has been impaired, the financial asset is measured at the present value of estimated cash flows.Any changes to the carrying amount of the investment are recognised in profit or loss.
(j) Employee benefits
Provision is made for the Association's liability for employee benefits arising from services rendered byemployees to the end of the reporting period. Employee benefits that are expected to be wholly settled withinone year have been measured at the amounts expected to be paid when the liability is settled.
Employee benefits expected to be settled more than one year after the end of the reporting period have beenmeasured at the present value of the estimated future cash outflows to be made for those benefits. Indetermining the liability, consideration is given to employee wage increases and the probability that theemployee may satisfy vesting requirements. Cashflows are discounted using market yields on high qualitycorporate bond rates incorporating bonds rated AAA or AA by credit agencies, with terms to maturity that matchthe expected timing of cashflows. Changes in the measurement of the liability are recognised in profit or loss.
8
Victorian Netball Association Inc.
ABN: 83 704 752 745
Notes to the Financial StatementsFor the Year Ended 31 December 2016
2 Summary of Significant Accounting Policies (continued)
(k) Licence agreement
On 1 July 2008, the Association entered into a licence agreement with the State Sport Centres Trust (SSCT) forthe use of the State Netball and Hockey Centre for three years. This has been renewed for future periods, nowexpiring 30 June 2017. The licence fee payable is $520,000 per annum.
The Association does not collect any revenue directly from the State Netball and Hockey Centre, as the SSCTacts as an agent and collects all revenues on the Association's behalf.
The Association has a legal obligation to make good to the SSCT any shortfall arising from the licence feepayable of $520,000 per annum. This legal obligation is disclosed in Note 16(b) to the financial statements.
3 Critical Accounting Estimates and Judgments
The directors make estimates and judgements during the preparation of these financial statements regardingassumptions about current and future events affecting transactions and balances.
These estimates and judgements are based on the best information available at the time of preparing the financialstatements, however as additional information is known then the actual results may differ from the estimates.
The estiimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates arerecognised in the period in which the estimate is revised if the revision affects only that period or in the period of therevision and future periods if the revision affects both current and future periods.
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Victorian Netball Association Inc.
ABN: 83 704 752 745
Notes to the Financial StatementsFor the Year Ended 31 December 2016
4 Cash and Cash Equivalents
2016
$
2015
$
Cash on hand 800 700
Bank balances 829,721 447,047
Other cash and cash equivalents 2,960 -
833,481 447,747
Reconciliation of cash
Cash and Cash equivalents reported in the statement of cash flows are reconciled to the equivalent items in thestatement of financial position as follows:
Cash and cash equivalents 833,481 447,747
5 Trade and Other Receivables
CURRENT
Trade receivables 68,201 96,404
GST receivable - 6,648
68,201 103,052
6 Inventories
CURRENT
At cost:
Inventories - at cost 8,714 82,958
7 Other financial assets
CURRENT
Held-to-maturity financial assets - Fixed interest term deposits 1,606,115 1,990,474
8 Other Assets
CURRENT
Prepayments 188,680 145,266
Accrued income 105,243 48,803
293,923 194,069
NON-CURRENT
Security deposit 4,125 -
10
Victorian Netball Association Inc.
ABN: 83 704 752 745
Notes to the Financial StatementsFor the Year Ended 31 December 2016
9 Property, plant and equipment
2016
$
2015
$
LAND AND BUILDINGS
Freehold land
At independent valuation 2,075,000 2,075,000
Buildings
At independent valuation 1,100,000 1,100,000
Accumulated depreciation (27,500) -
Total buildings 1,072,500 1,100,000
Total land and buildings 3,147,500 3,175,000
PLANT AND EQUIPMENT
Plant and equipment
At cost 456,994 416,558
Accumulated depreciation (327,625) (275,800)
Total plant and equipment 129,369 140,758
Leasehold Improvements
At cost 110,078 -
Accumulated amortisation (9,263) -
Total leasehold improvements 100,815 -
Total property, plant and equipment 3,377,684 3,315,758
A revaluation of the land and buildings was completed in October 2015, performed by Charter Keck Cramer. Theindependent valuation determined that the fair value of the land and buildings was $3,175,000. The directorssubsequently adopted the new valuation which was recorded as at 31 December 2015.
10 Trade and Other Payables
CURRENT
Unsecured liabilities
Trade payables 117,890 286,432
GST payable 11,088 -
Accrued expenses 17,478 52,703
Jean Cowan bequest 12,080 -
Accrued wages, superannuation and PAYG 279,960 242,702
438,496 581,837
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Victorian Netball Association Inc.
ABN: 83 704 752 745
Notes to the Financial StatementsFor the Year Ended 31 December 2016
11 Employee Benefits
2016
$
2015
$
Current liabilities
Annual leave 242,871 205,518
Long service leave 58,459 54,154
301,330 259,672
Non-current liabilities
Long service leave 18,431 9,467
12 Income Received In Advance
CURRENT
Grants received in advance 283,765 75,000
Income received in advance 401,167 470,096
684,932 545,096
13 Cash Flow Information
Reconciliation of result for the year to cashflows from operating activities
Surplus for the year 11,068 10,835
Non-cash flows in profit:
- depreciation 102,748 111,670
Changes in assets and liabilities:
- (increase)/decrease in trade and other receivables 34,851 (6,020)
- (increase)/decrease in other assets (103,979) (50,303)
- (increase)/decrease in inventories 74,244 50,498
- increase/(decrease) in income in advance 139,836 (113,709)
- increase/(decrease) in trade and other payables (143,341) 41,889
- increase/(decrease) in employee benefits 50,622 66,749
Cashflow from operating activities 166,049 111,609
14 Contingencies
In the opinion of the Board of Directors, the Association did not have any contingencies at 31 December 2016(31 December 2015: None).
15 Related Parties
Some directors are occasionally engaged to conduct or participate in courses and/or programs. They are reimbursedat the same rate as any other person(s) engaged in a similar activity.
12
Victorian Netball Association Inc.
ABN: 83 704 752 745
Notes to the Financial StatementsFor the Year Ended 31 December 2016
16 Capital and Leasing Commitments
(a) Operating Leases
2016
$
2015
$
Minimum lease payments under non-cancellable operating leases:
- not later than one year 95,338 51,162
- between one year and five years 172,480 93,359
- later than five years - -
267,818 144,521
Operating leases have been have been taken out for an office building, photocopier and coffee machine. Leasepayments are increased on an annual basis to reflect market rentals.
(b) Contracted Commitments
State Sport Centres Trust
Licence fee payable 260,000 780,000
On 1 July 2008, the Association entered into a licence agreement with the State Sport Centres Trust for the useof the State Netball and Hockey Centre for three years expiring on 30 June 2011, the agreement was furtherrenewed for a period of three year expiring on 30 June 2014. This agreement has been further renewed andnow expires on 30 June 2017.
The Association did not record a shortfall in the previous year and does not expect to incur a shortfall in thenext 12 months.
17 Auditors' Remuneration
Remuneration of the auditor of the association for:
- auditing the financial statements 18,000 18,000
- other services 1,000 2,100
19,000 20,100
Other services include the audit of a government grant.
18 Events after the end of the Reporting Period
No matters or circumstances have arisen since the end of the financial year which significantly affected or maysignificantly affect the operations of the Association, the results of those operations or the state of affairs of theAssociation in future financial years.
19 Association Details
The registered office and principal place of business of the association is:
Victorian Netball Association Inc.
487 King Street
West Melbourne VIC 3003
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2016 Netball Victoria Financial Report24
Netball Victoria 487 King Street West Melbourne Victoria 3003
P: 03 9321 2222 F: 03 9321 2233
netballvic.com.au melbournevixens.com.au
/NetballVic /MelbourneVixens
@NetballVictoria @MelbourneVixensOfficial
@NetballVictoria @MelbourneVixens