Financial Audited Accounts

Transcription

1 Financial Audited Accounts

2 INCOME Note $ $ Recurrent income (DHS) 141, ,103 Investment income received 32,388 60,544 Club21 income 4,535 11,096 Peer support income 145, ,384 Resources income Training & Development income 223, ,001 Membership fees 35,814 39,766 Other organisations 12,889 9,917 Charitable Trusts & Foundations 373, ,669 Donations 192, ,970 Fundraising events 76,890 68,825 Other revenue 7, Profit on disposal of financial assets 125,980 - TOTAL INCOME 1,371, ,720 EXPENSES DOWN SYNDROME VICTORIA INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2016 Employee benefits 658, ,597 Professional & Consulting fees 10,482 10,142 Bank charges 2,044 2,697 Depreciation 6,327 2,785 General administration 13,453 18,023 IT and Internet 96,832 56,138 Rent 76,313 47,872 Occupancy expenses 9,130 10,116 Repairs and Maintenance Motor vehicle expenses 4,324 3,106 Library & Resources 11,544 7,898 Statewide support 18,658 15,518 MyTime expenses 6,059 5,416 Advocacy expenses 18,199 17,371 Member event expenses 19,414 25,471 Volunteer expenses 2,136 1,065 Training event expenses 4,782 5,355 Grant expenses 59,651 20,268 Fundraising expenses 32,118 30,414 TOTAL EXPENSES 1,049, ,748 NET SURPLUS FOR THE YEAR 321, ,972 The accompanying notes form part of these financial statements

3 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE $ $ NET SURPLUS FOR THE YEAR 321, ,972 OTHER COMPREHENSIVE INCOME Items that will be reclassified subsequently to profit or loss when specific conditions are met: Fair Value Gains/(loss) on financial assets (34,910) 25,196 Items that have been reclassified to profit or loss: Reclassification of fair value gains on financial assets to profit of loss (125,980) TOTAL COMPREHENSIVE INCOME 160, ,168 The accompanying notes form part of these financial statements

4 BALANCE SHEET AS AT 30 JUNE 2016 CURRENT ASSETS NOTE $ $ Cash and cash equivalents 243, ,995 Other financial assets 52,744 51,282 Trade receivables and other debtors 16,225 36,997 Prepayments 15,684 21,189 TOTAL CURRENT ASSETS 328, ,463 NON-CURRENT ASSETS Financial assets 2 1,010, ,971 Property, Plant and Equipment 3 31,754 31,806 TOTAL NON-CURRENT ASSETS 1,042, ,777 TOTAL ASSETS 1,370,837 1,270,240 CURRENT LIABILITIES Trade creditors and other payables 47,116 76,597 Grants received in advance 4 362, ,775 GST liability 6,723 2,025 Payroll liabilities 33,565 31,074 Employee provisions 6 26,148 28,005 TOTAL CURRENT LIABILITIES 475, ,476 NON CURRENT LIABILITIES Employee provisions 6 25,495 19,514 TOTAL NON CURRENT LIABILITIES 25,495 19,514 TOTAL LIABILITIES 501, ,990 NET ASSETS 869, ,250 EQUITY Financial assets reserve 5 2, ,363 Accumulated funds 867, ,887 TOTAL EQUITY 869, ,250 The accompanying notes form part of these financial statements

5 STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2016 Financial assets reserve Accumulated funds $ $ Balance at 1 July , ,915 Net surplus for the year - 135,972 Other comprehensive income 25,196 - Balance at 30 June , ,887 Net surplus for the year - 321,410 Other comprehensive income (160,890) - Balance at 30 June , ,297 The accompanying notes form part of these financial statements

6 CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE NOTE $ $ CASH FLOWS FROM OPERATING ACTIVITIES Grants received 804, ,406 Membership fees 35,814 39,766 Interest income 32,388 6,961 Distribution received - 19,702 Other receipts 351, ,011 Payments to suppliers and employees (1,056,157) (811,683) NET CASH PROVIDED BY/ (USED IN) OPERATING ACTIVITIES 7 168, ,163 CASH FLOWS FROM INVESTING ACTIVITIES Net purchase of property, plant and equipment (6,274) (26,907) Purchase of term deposits (1,462) (1,282) Purchase of financial assets (1,008,652) - Proceeds from sale of financial assets 541,873 - NET CASH PROVIDED BY / (USED IN) INVESTING ACTIVITIES (474,515) (28,189) NET INCREASE IN CASH HELD (306,406) 362,974 CASH AND CASH EQUIVALENTS AT BEGINNING OF FINANCIAL YEAR 549, ,021 CASH AND CASH EQUIVALENTS AT END OF YEAR 243, ,995 The accompanying notes form part of these financial statements

7 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Associations Incorporation Reform Act 2012 (Vic). The committee has determined that the association is not a reporting entity. The financial report has been prepared on an accruals basis and is based on historic costs and does not take into account changing money values or, except where stated specifically, current valuations of noncurrent assets. The following significant accounting policies, which are consistent with the previous period unless stated otherwise, have been adopted in the preparation of this financial report. Basis of Preparation Reporting Basis and Conventions The financial report has been prepared on an accrual basis and is based on historical costs modified by the revaluation of selected non-current assets, and financial assets and liabilities for which the fair value basis of accounting has been applied. Accounting Policies (a) Income Tax The association is exempt from income tax under the provision of Section 50-5 of the Income Tax Assessment Act (b) Property, Plant and Equipment Property, plant and equipment are carried at cost less, where applicable, accumulated depreciation and impairment losses. The carrying amount of plant and equipment is reviewed annually by the association 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 cashflows that will be received from the assets employment and subsequent disposal. The depreciable amount of all fixed assets is depreciated on a straight line method commencing from the time the assets is held ready for use. The depreciation rates used for each class of assets are: Furniture, Fixtures and Fittings % Plant and Equipment % Computer Software and Systems % There has been no change to the depreciation rates from the previous years. (c) Leases Lease payments for operating leases, where substantially all the risk and benefits remain with the lessor, are charged as expenses in the period in which they incurred. (d) Financial Instruments Recognition Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below. Loan and receivable Loan and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are stated at amortised cost using the effective interest rate method.

8 FOR THE YEAR ENDED 30 JUNE 2016 Available-for-sale financial assets DOWN SYNDROME VICTORIA NOTES TO THE FINANCIAL STATEMENTS Available-for-sale financial assets are reflected at fair value. Unrealised gains and losses arising from changes in fair value are taken directly to equity unless there is a significant or prolonged decline in the fair value of the asset indicating impairment. When the financial assets are considered impaired the unrealised losses arising from changes in fair value are taken as expense. However any subsequent increase in the financial assets' fair value is taken directly to equity. Financial liabilities Non-derivative financial liabilities are recognised at amortised cost, comprising original debt less principal payments and amortisation. (e) Impairment of assets At each reporting date, the association reviews the carrying values of its assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the assets fair value less costs to sell and value in use, is compared to the asset carrying value. Any excess of the asset carrying value over it's recoverable amount is expensed to the income statement. Where it is not possible to estimate the recoverable amount of an individual asset, the association estimates the recoverable amount of the cash-generating unit to which the asset belongs. (f) Employee benefits Provision is made for the association's liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. (g) Provisions Provisions are recognised when the association 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. (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. (i) Revenue Grants are recognised as revenue when the association gains control of the underlying assets. Where grants are reciprocal, revenue is recognised as performance occurs under the grant. Non-reciprocal grants are recognised as revenue when the grants is received or receivable. Conditional grants may be reciprocal or non reciprocal depending on terms of the grant. Reciprocal grants carried forward as unearned revenue on the balance sheet. Interest revenue and distribution income from investments are recognised on a proportional basis taking into account the interest rates applicable to the financial assets. Donations are recognised as revenue when received unless they are designated for a specific purpose, where they are carried forward as unearned revenue on the balance sheet. (j) 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. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of an item of expense. Receivables and payables in the balance sheet are shown inclusive of GST. (k) New Accounting Standards Certain new accounting standards and interpretations have been published that are not mandatory for the 30 June 2016 reporting period. As at 30th June 2016, the association has not and does not intend to adopt these non mandatory standards early.

9 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE $ $ NOTE 2 - FINANCIAL ASSETS Available-for-sale financial assets 1,010, ,972 Available-for-sale financial assets comprise listed investments. There are no fixed returns or fixed maturity date attached to this investment. NOTE 3 - PROPERTY PLANT AND EQUIPMENT Furniture & Fittings - at Cost 38,168 38,168 Less Accumulated Depreciation (32,647) (30,399) 5,521 7,769 Office Equipment - at Cost 113, ,799 Less Accumulated Depreciation (102,472) (100,890) 10,601 5,909 Motor Vehicle - at Cost 20,000 20,000 Less Accumulated Depreciation (4,368) (1,872) 15,632 18,128 Total property, plant and equipment 31,754 31,806 Movements in carrying amounts Movements in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year: Furniture, Fixtures & Fittings Carrying amount at start of the year 7,769 2,600 Acquisitions - 7,200 Depreciation expense (2,248) (2,031) Carrying amount at end of year 5,521 7,769 Office Equipment Carrying amount at start of the year 5,909 5,084 Acquisitions 6, Depreciation expense (1,582) 464 Carrying amount at end of year 10,601 5,909 Motor Vehicle Carrying amount at start of the year 18,128 - Acquisitions - 20,000 Depreciation expense (2,496) (1,872) Carrying amount at end of year 15,632 18,128

10 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE $ $ NOTE 4 - UNEARNED REVENUE Club Family Membership 10,260 9,060 Flora Frank Leith Empowerment 9,500 15,000 My Time Coalition Revenue 37,251 44,031 RM Ansett Trust - 15,000 Equity Trustees CSLS - 3,617 Telematics Course 10,873 29,325 Mazda Foundation 15,000 - J T Reid Charitable fund - 2,640 Income in advance 4,714 - Ansvar CEP Grant 20,020 - NIB foundation 23,223 - Newmans foundation 21,728 - Bank of Melbourne funding 19,011 - NAB volunteer Grant Club 21 2,000 - William Angliss 1,500 4,000 Helen McPherson Smith - 14,703 Mark Mckillop Foundation - 5,000 NDIS Funding 95, ,766 DET Grant 67,500 67,500 State Trustees NDIS 6,976 10,000 Sunsuper 14,300 10,000 Estate of William Portbury - 4,533 Fundraising income in advance 3,000 8, , ,775 NOTE 5 - FINANCIAL ASSETS RESERVE The financial assets reserve records revaluations of financial assets. 2, ,363 NOTE 6 - PROVISIONS Current Provision for annual leave 26,148 28,005 Non- current Provision for long service leave 25,495 19,514 Aggregate carrying amount of provisions 51,643 47,519

11 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 NOTE 7 - RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH NET SURPLUS FOR THE YEAR $ $ Net surplus for the year 321, ,972 Non-cash flows in net surplus Realised gains on disposal of financial assets (125,980) - Depreciation 6,327 2, , ,757 Change in Assets & Liabilities Decrease/(Increase) in trade receivables and other debtors 20,771 (13,508) Decrease/(Increase) in prepayments 5,505 (16,395) Increase/(Decrease) in grants received in advance (41,755) 223,634 Increase/(Decrease) in GST liability 4,698 2,033 Increase/(Decrease) in payroll liabilities 2,491 20,315 Increase/(Decrease) in provision entitlements 4,124 17,866 Increase/(Decrease) in trade creditors and other payables - 29,482 18,461-33, ,406 Cash flow from operations 168, ,163

12 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 NOTE 8 - EVENTS OCCURRING AFTER BALANCE DATE No significant events have occurred since balance date which would impact on the financial position of the Association disclosed in the balance sheet as at 30 June 2016 or on the results and cash flow of the Association for the year ended on that date. NOTE 9 - REGISTERED OFFICE The principal place of business of the Association is: Down Syndrome Association of Victoria Inc 18/71 Victoria Crescent Abbotsford VIC 3067

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