Neighbourhood Houses Tasmanian Inc.

Transcription

1 Neighbourhood Houses Tasmanian Inc. For the Year Ended 30 June 2018

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3 STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 30 JUNE 2018 NOTES $ $ INCOME Administration and Management Fees 62,542 32,925 Grants 605, ,930 Conference 27,704 28,902 Interest 1,148 1,727 Literacy Investment Income 37,018 39,469 Membership 6,590 6,970 Other Revenue 6,070 2,676 Unrealised Gain/(loss) On Literacy Investments 7,486 22,326 Operating Income 754, ,925 EXPENDITURE Advertising Accounting & Audit Fees 3,500 3,000 Bank Charges ANHCA 7,369 6,903 Catering 7,776 8,535 Micro Grants- Eating with Friends 3,818 3,700 Conference and Seminar Costs 28,657 28,446 Contractors 5,020 44,898 Contributions 10,681 8,147 Depreciation 27,232 6,134 Evaluation - 22,500 Equipment 14,156 6,435 Building Expenses 13,765 11,466 Filing Fees FBT Expense 5,126 1,600 Gifts 1, Grants- Everyday Literacy Program 92, ,734 Grants- Handed On Other Insurance 9,110 9,182 Financial Advisor Fees 752 3,893 Legal Expense 4,317 2,224 Library IT Expenses 8,162 6,681 Annual Leave Provision 4,286 4,912 Long Service Leave Provision (486) 4,199 Marketing 7,730 15,278 Meeting Expenses 9,824 10,219

4 STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 30 JUNE 2018 EXPENDITURE CONT. NOTES $ $ Motor Vehicle Expenses 2,426 4,590 Membership 1, NSS Grants 11,962 11,137 Office Expenses 42,375 30,105 Professional Development 3,197 5,553 Project Materials Salaries 294, ,448 Sundry Expenses Superannuation Contributions 27,535 27,158 Telephone and Fax 3,726 4,320 Training Workshops 39,595 1,545 Travel 18,649 11,511 Total Expenditure 710, ,832 Net Surplus/(Deficit) 43,525 63,093 Other Items Transfer to Literacy Future Fund Reserve 24,337 53,322 NET SURPLUS/(DEFICIT) 19,188 9,771 This financial statement should be read in conjunction with the notes to the accounts

5 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018 NOTES $ $ ASSETS Current Assets Cash 2 320, ,469 Debtors & Other Receivables 3 6,772 2,540 Other Assets 4 17,284 15,472 Financial Assets 5 289, ,603 Total Current Assets 633, ,084 Non-current Assets Financial Assets 5-203,793 Property, Plant and Equipment 6 661, ,371 Total Non-current Assets 661, ,164 TOTAL ASSETS 1,295,455 1,413,248 LIABILITIES Current Liabilities Creditors & Borrowings 7 21,849 13,992 Employee Provisions 8 49,100 45,299 Other Liabilities 9 200, ,883 Grant received in advance 45,000 - Total Current Liabilities 316, ,174 Non-current Liabilities Other Liabilities 9-159,224 Borrowings 7 19,005 - Total Non-current Liabilities 19, ,224 TOTAL LIABILITIES 335, ,398 NET ASSETS 960, ,849 EQUITY Accumulated Surpluses , ,026 Future Fund Reserve 798, ,823 TOTAL EQUITY 960, ,849 This financial statement should be read in conjunction with the notes to the accounts

6 NEIGHBOURHOOD HOUSES TASMANIA HOUSE INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES This financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Associations Incorporation Act (TAS) and Division 60 of the Australian Charities and Not-for-Profits Commission Act The committee has determined that the association is not a reporting entity. The financial report has been prepared in accordance with the requirements of the Associations Incorporation Act (TAS) and the following Australian Accounting Standards: AAS 5 Materiality No other Australian Accounting Standards, Urgent Issues Group Consensus Views or other authoritative pronouncements of the Australian Accounting Standards Board have been applied. The Accounts have been prepared from historical cost records, except where stated otherwise. (a) Income Tax The Association is an exempt body for income tax purposes under Section 23(g) of the Income Tax Assessment Act. (b) Comparative Figures Comparative figures have been adjusted to conform to changes in presentation for the current financial year where required by Accounting Standards or as a result of changes in accounting policy. (c) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position. (d) Receivables The Association considers accounts receivable to be fully collectible, accordingly no allowance for doubtful accounts is required. (e) Payables Payables are stated at cost, which approximates fair value due to the short-term nature of these liabilities. (f) Employee Benefits Provision is made for the Association's liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits have been measured at the amounts expected to be paid when the liability is settled. Contributions made by the Association to an employee superannuation fund are charged as expenses when incurred. (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.

7 (h) Income Tax NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 No provision for income tax has been raised as the Association is exempt from income tax under Division 50 of the Income Tax Assessment Act (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 Tax 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 the expense. Receivables and payables in the statement of financial position are shown inclusive of GST. (j) Unexpended Grants It is the policy of the Association to treat grant monies as unexpended grant liabilities in the statement of financial position where the Association is contractually obliged to provide the services in a subsequent financial period to which the grant is received or in the case of specific project grants where the project has not been completed CASH $ $ Cash on Hand 320, ,579 Total 320, , RECEIVABLES AND OTHER DEBTORS Debtors & Other Assets Accounts Receivable 6,772 2,540 Total 6,772 2, OTHER ASSETS Prepayments 14,068 5,267 Accrued Income 3,216 10,205 Total 17,284 15, FINANCIAL ASSET Current Australian Ethical Investment 69,829 62,515 Perpetual Ethical Investment 36,550 34,416 Colonial First State Investment 53,773 45,672 Challenger Annuity 129,349 - Total 289, ,603 Non-current Challenger Annuity - 203,793 Total - 203,793

8 NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE FINANCIAL YEAR ENDED 30 JUNE $ $ 6. PROPERTY, PLANT & EQUIPMENT Motor Vehicles Motor Vehicles at Cost 19,968 19,968 Less Accumulated Depreciation (10,276) (5,284) 9,692 14,684 Office Equipment Office Equipment At Cost 38,697 21,311 Less Accumulated Depreciation (24,727) (18,846) 13,970 2,465 Building Building at Cost 654, ,221 Less Accumulated Depreciation (16,359) - 638, ,221 Total 661, , PAYABLES - Current Accounts payable 2,640 8,063 Finance Loan 4,751 - GST Payable/ (Receivable) 7,154 (1,271) PAYG Payable 4,496 3,168 Refundable Deposits Superannuation Payable 1, Income Received In Advance 1,000 3,209 Total Current 21,849 13,993 Non-current Finance Loan 19,005 - Total Non-current 19, PROVISIONS Current Annual Leave 27,795 23,508 Long Service Leave 21,305 21,791 49,100 45,299

9 NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE FINANCIAL YEAR ENDED 30 JUNE OTHER LIABILITIES (a) Analysis of Other Liabilities $ $ Current Grants Carried Forward 200, ,883 Non-Current Grant Carried Forward - 159,224 Total Grant Funding Carried Forward 200, ,107 (b) Reconciliation of Liabilities Grant Surpluses Carried Forward- Other DHHS - 48,071 DOH - 1,834 Skills Tasmania - 13,157 University of Tasmania 3,179 3,538 Alcohol and Other Drugs Council Primary Health Tasmania 2,191 2,191 Anglicare - 8,267 TCF Emerging Voices - 45,828 TCF Training Hub 1,585 - HCC Self Help Workshops NHT Income 15,105 - Building Management 10,083 - Total Grant Surpluses Carried Forward 32, ,749 Grant Surpluses Carried Forward- TCF Literacy Brought Forward - - Add: Literacy 2018 Funding Allocation 8, ,134 Add: Literacy 2019 Funding Allocation 159, ,224 Total Grant Surpluses Carried Forward - Literacy 167, ,358 Total Grant Carried Forward 200, ,107 Grant & Allocations liability reflects grant income received in advance and grant funds received and unspent at the end of the financial year.

10 NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE FINANCIAL YEAR ENDED 30 JUNE GRANT REVENUE ANALYSIS (a) Department of Health and Human Services $ $ Peak Body Brought Forward 47,285 34,143 Add: Grant Received 260, ,302 Less: Carried Forward - (47,285) Grant Monies Spent 307, ,160 Eating With Friends Brought Forward 2,619 1,002 Add: Grant Received 27,046 25,851 Less Prior year Adjustment - (478) Less: Carried Forward - (786) Grant Monies Spent 29,665 25,589 Out Comes Brought Forward - 30,016 Add: Grant Received - - Less: Carried Forward - - Grant Monies Spent - 30,016 Total Brought Forward 49,904 65,161 Add: Grant Received 287, ,152 less: Prior year Adjustment - (478) Less: Carried Forward - (48,071) Grant Monies Spent 337, ,764 (b) Department of Health (Eating With Friends) Brought Forward (1,355) 809 Add: Grant Received 61,411 57,363 Add: Prior year Adjustment Less: Carried Forward - (1,834) Grant Monies Spent 60,055 56,816

11 NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2018 (c) Tasmanian Community fund (Literacy) Brought Forward 313, ,959 Less: Carried Forward (178,581) (313,358) Grant Monies Spent 134, , $ 2017 $ (d) Skills Tasmania (workforce Development) Brought Forward 13,157 35,546 Add: Grant Received - 30,000 Less: Carried Forward - (13,157) Grant Monies Spent 13,157 52,389 (e) University of Tasmania (Health Workforce Australia) Brought Forward 3,538 4,188 Add: Grant Received - - Less: Carried Forward (3,179) (3,538) Grant Monies Spent 359 3,538 (f) Alcohol Tobacco & Other Drugs Council Brought Forward (863) 1,928 Add: Grant Received - 14,992 Less: Carried Forward - (863) Grant Monies Spent ,129 (g) Primary Health Tasmania Brought Forward 2,191 11,039 Add: Grant Received - - Less: Carried Forward (2,191) (2,191) Grant Monies Spent - 8,848

12 NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE FINANCIAL YEAR ENDED 30 JUNE $ 2017 $ (h) Anglicare (Partners in recovery) Brought Forward 8,267 8,477 Add: Grant Received - - Less: Carried Forward - (8,267) Grant Monies Spent 8, (i) TCF Emerging Voices Brought Forward 45,828 - Add: Grant Received - 74,424 Less: Carried Forward - (45,828) Grant Monies Spent 45,828 28,596 (J) TCF Training Hub Brought Forward - - Add: Grant Received 19,857 - Less: Carried Forward (1,585) - Grant Monies Spent 18,272 - (K) HCC Self Care Workshops Brought Forward - - Add: Grant Received Less: Carried Forward (420) - Grant Monies Spent - - (L) NHT Income Brought Forward - - Add: Grant Received 15,105 - Less: Carried Forward (15,105) - Grant Monies Spent - - (M) Building Management Brought Forward - - Add: Grant Received 10,083 - Less: Carried Forward (10,083) - Grant Monies Spent - -

13 NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2018 The Literacy Future Fund reserve records funds that are set aside for the Association to continue operating the Everyday Literacy Program once grant funds from the Tasmanian Community Fund are fully expended, this is composed of the current value of the NHT Building and the value of the Investment funds. Operating Surplus Opening Accumulated Surplus 143, ,255 Add Current Year Surplus/ (Deficit) 19,188 9,771 Closing Balance 162, ,026 Reserve Opening Balance 773, ,218 Transfers In 24,336-53,323 PY Adjustments - (41,717) Closing Balance 798, ,824 Total Equity 960, , Economic Dependency The Association is reliant on the ongoing support of grant providers to continue as a going concern. 12. Capital expenditure commitments There are no capital commitments as at reporting date to be disclosed. 13. Events after balance date There are no events after the reporting date affecting the financial report to be disclosed.

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