Swimming Victoria Inc. ABN: Financial Statements

Transcription

1 Financial Statements

2 CONTENTS Page Financial Statements Board Member's Report 1 Statement of Comprehensive Income 2 Statement of Financial Position 3 Statement of Changes in Equity 4 Statement of Cash Flows 5 6 Statement by Members of the Board 22 Independent Audit Report 23

3 Board Member's Report Your Board submit the financial statements of the Association for the financial year ended 30 April Board Members The names of Board Members throughout the year and at the date of this report are: Geoff Hare OAM, President Daniel Burger David McDonald Barclay Nettlefold (Resigned 28/7/2011) Sue Barrett (Appointed 29/9/2011) Ted Tullberg Damian Van De Berg Adrian Radley Robyn Miller Jason D'Cruz Principal Activities The principal activities of Association during the financial year were to provide facilities to members of the Association through administering competitive swimming in the State and organising swim meets. Significant Changes No significant change in the nature of these activities occurred during the year. Operating Result The profit of the Association for the financial year amounted to 64,474 (2011: 28,654). Signed in accordance with a resolution of the Members of the Board: Geoff Hare OAM, President Daniel Burger Dated this 12 th day of June

4 Statement of Comprehensive Income Note Revenue 4 1,782,556 1,562,150 Administrative expenses (186,078) (135,855) Depreciation expense (23,200) (19,130) Employee benefits expense (639,586) (568,736) Office expenses (104,899) (109,360) Operating lease expense 5 (30,527) (31,237) Operational expenses (730,823) (652,690) Impairment loss (2,969) (16,488) Surplus before tax 64,474 28,654 Income tax expense 3(i) - - Surplus for the year 64,474 28,654 Other comprehensive income - - Total comprehensive income for the year 64,474 28,654 The accompanying notes form part of these financial statements. 2

5 Statement of Financial Position As At 30 April 2012 ASSETS Note CURRENT ASSETS Cash and cash equivalents 6 148, ,147 Trade and other receivables 7 28,800 58,760 Other assets 8 16,038 39,704 Financial assets 9 636, ,183 TOTAL CURRENT ASSETS 829, ,794 NON-CURRENT ASSETS Property, plant and equipment , ,774 TOTAL NON-CURRENT ASSETS 106, ,774 TOTAL ASSETS 936, ,568 LIABILITIES CURRENT LIABILITIES Trade and other payables 11 58,639 88,909 Provisions 12 24,148 15,487 Deferred revenue 13 68,313 22,883 TOTAL CURRENT LIABILITIES 151, ,279 NON-CURRENT LIABILITIES Provisions 12 3,488 2,182 TOTAL NON-CURRENT LIABILITIES 3,488 2,182 TOTAL LIABILITIES 154, ,461 NET ASSETS 781, ,107 EQUITY Reserves 14,206 21,085 Accumulated surplus 767, ,022 TOTAL EQUITY 781, ,107 The accompanying notes form part of these financial statements. 3

6 Statement of Changes in Equity Accumulated surplus Defunct Club Fund Reserve Financial Asset Reserve Total Balance at 1 May ,368 6,511 (16,510) 657,369 Surplus attributable to members of the entity 28, ,654 Funds transferred from defunct club fund - 14,574-14,574 Transfer prior year revaluation decrements to impairment loss ,510 16,510 Other comprehensive income for the year Total comprehensive income for the year 28,654 14,574 16,510 59,738 Balance at 30 April ,022 21, ,107 Surplus for the year 64, ,474 Funds transferred from defunct club fund 6,879 (6,879) - - Other comprehensive income for the year Total comprehensive income for the year 71,353 (6,879) - 64,474 Balance at 30 April ,375 14, ,581 The accompanying notes form part of these financial statements. 4

7 Statement of Cash Flows Cash flows from operating activities Receipts from customers 1,609,422 1,577,502 Receipts from government grants 219, ,340 Payments to suppliers and employees (1,683,147) (1,600,073) Interest received 29,524 21,386 Net cash generated by operating activities 174, ,155 Note Cash flows from investing activities Payments to acquire financial assets (291,374) (312,508) Proceeds from sale of financial assets 118,443 Payments for property, plant and equipment (16,281) (102,803) Proceeds from disposal of property, plant and equipment - 20,909 Net cash used in investing activities (189,212) (394,402) Cash flows from financing activities (Payment)/proceeds from defunct clubs (6,879) 14,574 Net cash (used in)/generated by financing activities (6,879) 14,574 Net decrease in cash and cash equivalents (21,292) (273,673) Cash and cash equivalents at the beginning of the year 170, ,820 Cash and cash equivalents at the end of the year 6 148, ,147 The accompanying notes form part of these financial statements. 5

8 1 General information The financial statements cover Swimming Victoria Inc. (Association) as an individual entity incorporated and domiciled in Australia. Swimming Victoria Inc. is an association incorporated in Victoria under the Associations Incorporation Act Application of new and revised Accounting Standards 2.1 Standards and Interpretations affecting amounts reported in the current year (and/or prior years) The following new and revised Standards and Interpretations have been adopted in the current year and have affected the amounts reported in these financial statements. Details of other Standards and Interpretations adopted in these financial statements but that have had no effect on the amounts reported are set out in section 2.2. Standards and Interpretations affecting the reported results or financial position There are no new and revised Standards and Interpretations adopted in these financial statements affecting the reporting results or financial position. 2.2 Standards and Interpretations adopted with no effect on financial statements The following new and revised Standards and Interpretations have also been adopted in these financial statements. Their adoption has not had any significant impact on the amounts reported in these financial statements but may affect the accounting for future transactions or arrangements. AASB Amendments to Australian Accounting Standards AASB Amendments to Australian Accounting Standards The application of AASB makes amendments to AASB 8 Operating Segments as a result of the issuance of AASB 124 Related Party Disclosures (2009). The amendment to AASB 8 requires an entity to exercise judgement in assessing whether a government and entities known to be under the control of that government are considered a single customer for the purposes of certain operating segment disclosures. The Standard also makes numerous editorial amendments to a range of Australian Accounting Standards and Interpretations. The application of AASB has not had any material effect on amounts reported in the Association s financial statements. The Standard makes numerous editorial amendments to a range of Australian Accounting Standards and Interpretations. The application of AASB has not had any material effect on amounts reported in the Association s financial statements. 6

9 2. Application of new and revised Accounting Standards (cont d) 2.3 Standards and Interpretations issued not yet effective At the date of authorisation of the financial report, a number of Standards and Interpretations were in issue but not yet effective. Standard/Interpretation Effective for annual reporting periods beginning on or after Expected to be initially applied in the financial year ending AASB 9 Financial Instruments, AASB Amendments to Australian Accounting Standards arising from AASB 9 and AASB Amendments to Australian Accounting Standards arising from AASB 9(December 2010) AASB 13 Fair Value Measurement and AASB Amendments to Australian Accounting Standards arising from AASB 13 AASB 119 Employee Benefits (2011) and AASB Amendments to Australian Accounting Standards arising from AASB 119 (2011) AASB Amendments to Australian Accounting Standards Presentation of Items of Other Comprehensive Income Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32) Disclosures Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7) 1 January June January June January June July June January June January June 2014 Mandatory Effective Date of IFRS 9 and Transition Disclosures (Amendments to IFRS 9 and IFRS 7) 1 January June

10 3 Summary of Significant Accounting Policies Swimming Victoria Inc. Statement of compliance The financial statements are general purpose financial statements that have been prepared in accordance with the Australian Accounting Standards - Reduced Disclosure Requirements of the Australian Accounting Standards Board and the Associations Incorporation Act The financial statements were authorised for issue by the Board on 12 th June Basis of preparation The financial statements have been prepared on the basis of historical cost, except for certain noncurrent assets and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted. Early adoption of Accounting Standards Swimming Victoria Inc. have elected to apply AASB 1053 Application of Tiers of Australian Accounting Standards, AASB Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements and Amendments to AASB 101 Presentation of Financial Statements' in advance of their effective dates. AASB 1053 and AASB are not required to be applied until annual reporting periods beginning on or after 1 July 2013, and Amendments to AASB 101 are not required to be applied until annual reporting periods beginning on or after 1 January 2011 The following significant accounting policies have been adopted in the preparation and presentation of the financial report: (a) Revenue Revenue is measured at the fair value of the consideration received or receivable. Revenue is recognised when the right to receive the revenue has been established. Grants income and other contributions are recognised when the Association obtains control of the contribution or right to receive the contribution and it is probable that the economic benefits comprising the contributions will flow to the Association. Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset s net carrying amount. Revenue from the provision of membership subscriptions is recognised on a straight-line basis over the financial year. Donations and bequests are recognised as revenue when received. All revenue is stated net of the amount of goods and services tax (GST). 8

11 3 Summary of Significant Accounting Policies (cont d) (b) Property, Plant and Equipment Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment losses. Plant and equipment Plant and equipment are measured on the cost basis less depreciation and impairment losses. The carrying amount of plant and equipment is reviewed annually by the Board to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset's employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts. Plant and equipment that have 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. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the statement of comprehensive income. Depreciation The depreciable amount of all fixed assets is depreciated on a straight-line basis over the asset's useful life commencing from the time the asset is held ready for use. The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Plant and Equipment 6-20% Office Furniture and Fittings 10% Motor Vehicles 20% Computer Equipment 40% The assets' residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. 9

12 3 Summary of Significant Accounting Policies (cont d) (c) Leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases Assets held under finance leases are initially recognised as assets of the Association at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Association s general policy on borrowing costs. Contingent rentals are recognised as expenses in the periods in which they are incurred. Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. (d) Financial Instruments Initial recognition and measurement Financial assets and financial liabilities are recognised when the Association becomes a party to the contractual provisions to the instrument. For financial assets, this is the equivalent to the date that the Association commits itself to either the purchase or sale of the asset (i.e. trade date accounting is adopted). Financial instruments are initially measured at fair value plus transactions costs, except where the instrument is classified 'at fair value through profit or loss', in which case transaction costs are expensed to the statement of comprehensive income immediately. Classification and subsequent measurement Financial instruments are subsequently measured at either of fair value, amortised cost using the effective interest rate method or cost. Fair value represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted. 10

13 3 Summary of Significant Accounting Policies (cont d) (d) Financial Instruments (cont d) Financial assets Financial assets are classified into the following specified categories: financial assets at fair value through profit or loss (FVTPL), held-to-maturity investments, available-for-sale (AFS) financial assets and loans and receivables. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace. Amortised cost is calculated as: (a) the amount at which the financial asset or financial liability is measured at initial recognition; (b) less principal repayments; (c) plus or minus the cumulative amortisation of the difference, if any, between the amount initially recognised and the maturity amount calculated using the effective interest method; and (d) less any reduction for impairment. 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 flow will necessitate an adjustment to the carrying value with a consequential recognition of an income or expense in the statement of comprehensive income (i) Financial assets at fair value through profit or loss Financial assets are classified at fair value through profit or loss when they are either held for trading for the purpose of short-term profit taking, or where they are 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 value being included in the statement of comprehensive income. (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. Loans and receivables are included in current assets, except for those which are not expected to mature within 12 months after the end of the reporting period, which will be classified as non-current assets. (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 Association's intention to hold these investments to maturity. They are subsequently measured at amortised cost using the effective rate method. Held-to-maturity investments are included in non-current assets, except for those which are expected to mature within 12 months are the end of the reporting period which will be classified as current assets. If during the period the Association sold or reclassified more than an insignificant amount of the held to-maturity investments before maturity, the entire held-to-maturity investments category would be tainted and would be reclassified as available-for-sale. 11

14 3 Summary of Significant Accounting Policies (cont d) (d) Financial Instruments (cont d) (iv) Available-for-sale financial assets Available-for-sale financial assets 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. Such assets are subsequently measured at fair value. Available-for-sale financial assets are included in non-current assets, except for those which are expected to be disposed of within 12 months after the end of the reporting period which will be classified as non-current assets. (v) Financial liabilities Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost. (e) Impairment of Assets At each reporting date, the Association reviews the carrying amounts of its assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Association estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. As the future economic benefits of the Association s assets are not primarily dependent on their ability to generate net cash inflows, and if deprived of the asset, the Association would replace the asset s remaining future economic benefits. The value in use is determined as the depreciated replacement cost of the asset, rather than by using discounted future cash flows. Depreciated replacement cost is defined as the current replacement cost of an asset less, where applicable, accumulated depreciation calculated on the basis of such cost to reflect the already consumed or expired future economic benefits of the asset. The current replacement cost of an asset is its cost measured by reference to the lowest cost at which the gross future economic benefits of that asset could currently be obtained in the normal course of business. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at fair value, in which case the reversal of the impairment loss is treated as a revaluation increase. 12

15 3 Summary of Significant Accounting Policies (cont d) (f) Employee Benefits A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave, and long service leave when it is probable that settlement will be required and they are capable of being measured reliably. Liabilities recognised in respect of employee benefits expected to be settled within 12 months, are measured at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities recognised in respect of employee benefits which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be made by the Association in respect of services provided by employees up to reporting date. Contributions are made by the Association to an employee superannuation fund and are charged as expensed when incurred. (g) (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 in the statement of financial position. Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except: i. where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of acquisition of an asset or as part of an item of expense; or ii. for receivables and payables which are recognised inclusive of GST. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables. Cash flows are included in the statement of cash flows on a net basis. The GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified as operating cash flows. (i) (j) Income Tax No provision for income tax has been raised as the Association is exempt from income tax under Div 50 of the Income Tax Assessment Act Provisions Provisions are recognised when the Association has a present obligation (legal or constructive) as a result of a past event, it is probable that the Association will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (where the effect of the time value of money is material). 13

16 3 Summary of Significant Accounting Policies (cont d) (j) (k) (l) (m) (n) Provisions (cont d) When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current period. Trade and other payables Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the Association during the reporting period which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability. Trade and other receivables Receivables are measured at amortised cost less any impairment. An estimate for doubtful debts is made when collection of the full amount is no longer probable Critical Accounting Estimates and Judgments Key judgements - Impairment The Association assesses impairment at the end of each reporting period by evaluating conditions and events specific to the Association that may be indicative of impairment triggers. The board do not believe that any indicators of impairment exist at the reporting date. Key estimates - Employee benefits The long service leave provision is based upon the probability that staff will continue to be employed by the Association until such time as they are entitled to long service leave on a pro-rata basis. These probabilities are estimates based on past history of staff turnover. Annual leave entitlements as at 30 April 2012 for the majority of staff are expected to be used within 12 months of balance date. Therefore the provision for annual leave is calculated on a normal basis rather than discounting the annual leave liability over the period in which the annual leave is expected to be used. Key judgments - Provision for impairment of receivables All long standing debts identified by management through correspondence and those which are unlikely to be received have been included in the provision for impairment of receivables. 14

17 Revenue Member subscriptions 557, ,482 Swim meet income 639, ,254 Government grant 235, ,840 Operating sponsorship income and grants 180, ,262 Course income 102,706 85,231 Interest received 29,524 30,447 Other operating income 37,028 38,634 1,782,556 1,562,150 5 Surplus for the Year Expenses Bad and doubtful debts - bad debts 4, doubtful debts charged 2, doubtful debts recovered (2,417) (1,101) Total bad and doubtful debts 4,480 (810) Rental expense on operating leases - equipment 1,629 7,426 - office 28,898 23,811 30,527 31,237 6 Cash and Cash Equivalents Cash on hand Cash at bank 148, , , ,147 15

18 7 Trade and Other Receivables Note Trade receivables 31,828 57,392 Provision for impairment 7(a) (4,566) (2,417) 27,262 54,975 Other Receivables 1,538 3,785 28,800 58,760 Trade receivables are on 30 day terms. No interest is charged in trade receivables. (a) Provision for Impairment of receivables Movement in the provision for impairment of receivables is as follows: Provision for impairment as at 30 April ,768 Charge for year (1,101) Written off (250) Provision for impairment as at 30 April ,417 Charge for year 2,149 Written off - Provision for impairment as at 30 April ,566 8 Other Assets Prepaid expenses 16,038 37,164 Accrued income - 2,540 16,038 39,704 9 Financial Assets Available for sale financial assets 9(a) - 119,918 Held-to-maturity financial assets 9(b) 636, ,265 Total financial assets 636, ,183 16

19 Financial Assets (cont d) (a) Available-for-sale financial assets comprise: Listed investments, at fair value units in managed funds - 119,918 (b) Held-to-maturity investments comprise: Fixed interest deposits 636, , Property, Plant and Equipment Furniture, fixture and fittings At cost 33,679 85,141 Accumulated depreciation (4,177) (63,409) Total furniture, fixture and fittings 29,502 21,732 Motor vehicles At cost 61,666 61,666 Accumulated depreciation (16,841) (6,462) Total motor vehicles 44,825 55,204 Office equipment At cost 10,799 25,373 Accumulated depreciation (3,890) (17,032) Total office equipment 6,909 8,341 Computer equipment At cost 44,027 87,131 Accumulated depreciation (18,901) (57,634) Total computer equipment 25,126 29,497 Total plant and equipment 106, ,774 17

20 10 Property, Plant and Equipment (cont d) Movements in Carrying Amounts Movement in the carrying amount for each class of property, plant and equipment between the beginning and the end of the current financial year: Office Furniture and Fitting Motor Vehicles Office equipment Computer Equipment Total Carrying amount at 1 May ,732 55,204 8,341 29, ,774 Additions 10, ,089 16,281 Disposals - - (266) (1,227) (1,493) Depreciation expense (2,422) (10,379) (1,166) (9,233) (23,200) Carrying amount at 30 April ,502 44,825 6,909 25, , Trade and Other Payables Trade payables - 33,214 Sundry creditors and accruals 58,639 47,107 Equipment loan - 8,588 58,639 88,909 Trade and other payables are on varying terms, between 7-45 days. No interest is charged in trade payables. 12 Provisions Analysis of total provisions Employee benefit - current 24,148 15,487 Employee benefit - non-current 3,488 2,182 Provision for Long-Term Employee Benefits 27,636 17,669 A provision has been recognised for employee benefits relating to long service leave. In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave taken is based on historical data. The measurement and recognition criteria relating to employee benefits have been included in Note 3(f)

21 Deferred revenue Unearned income 68,313 22, Capital and Leasing Commitments Operating Lease Commitments Non-cancellable operating leases contracted for but not capitalised in the financial statements: Payable - minimum lease payments: - not later than 12 months 43,808 32,269 - between 12 months and 5 years 49,721 33,335 93,529 65,604 The property lease is a non-cancellable operating lease with a five year term with rent payable monthly in advance. At the conclusion of the lease term, the lease will continue on a monthly basis until either party terminates the agreement. The office equipment lease is for a photocopier. The Association does not have any capital commitments as at 30 April Contingent Liabilities and Contingent Assets The Board were not aware of any contingent liabilities or contingent assets at the end of the reporting period. 16 Events After the End of the Reporting Period The financial report was authorised for issue on 12 th Directors. June 2012 by the Board of The Board has determined that no subsequent events have occurred after the reporting date, that are likely to have a material impact on these financial statements. 17 Interests of Key Management Personnel The only member of key management personnel who receives remuneration is the Chief Executive Officer. The Association's policy for determining the nature and the amount of compensation for key management personnel is based on the role, experience and market remuneration rates. Compensation paid to key management personnel has not been disclosed for privacy reasons. The Board members of the Association act in an honorary capacity and receive no remuneration or benefits

22 18 Related Party Transactions Swimming Victoria Inc. The Association did not take part in any transactions with related parties during the year ended 30 April Reserves Defunct Club Fund Reserve The defunct club fund reserve was established for the purposes of holding funds on behalf of clubs that have ceased operations. These funds are utilised to assist other clubs with establishment costs. Financial Assets Reserve The financial assets reserve records revaluations increments and decrements (that do not represent impairment write-downs) that relate to financial assets that are classified as available-for-sale. 20 Financial Risk Management The Association's financial instruments consist mainly of deposits with banks, local money market instruments, short-term investments, accounts receivable, payables and leases. The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows: Note Financial Assets Cash and cash equivalents 6 148, ,147 Loans and receivables 7 28,800 58,760 Available-for-sale financial assets: - at fair value - listed investments 9(a) - 119, ,918 Held-to-maturity investments - Term deposits 9(b) 636, ,265 Total available-for-sale financial assets 636, ,183 Total Financial Assets 692, ,090 Financial Liabilities Financial liabilities at amortised cost - Trade and other payables 11 58,639 88,909 Total Financial Liabilities 58,639 88,

23 20 Financial Risk Management (cont d) Net Fair Values For listed available for sale financial assets and financial assets at fair value through the profit or loss, the fair values have been based on closing quoted bid prices at the end of the reporting period. Fair values of held to maturity investments are based on quoted market prices at the ending of the reporting period

24 Statement by Members of the Board In the opinion of the Board the financial statements as set out on pages 2 to 21: 1. Presents a true and fair view of the financial position of Swimming Victoria Inc. as at 30 April 2012 and its performance for the year ended on that date in accordance with Australian Accounting Standards - Reduced Disclosure Requirements (including Australian Accounting Interpretations) of the Australian Accounting Standards Board. 2. At the date of this statement, there are reasonable grounds to believe that Swimming Victoria Inc. will be able to pay its debts as and when they fall due. This statement is made in accordance with a resolution of the Board and is signed for and on behalf of the Board by: Geoff Hare OAM, President Daniel Burger Dated this 12 th day of June

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