Outdoors WA (Inc) ABN Annual Report - 30 June 2013

Transcription

1 ABN Annual Report - 30 June 2013

2 Board Members' report 30 June 2013 The Board members present their report, together with the financial statements, on the incorporated association for the year ended 30 June Board members The following persons were Board members of the incorporated association during the whole of the financial year and up to the date of this report, unless otherwise stated: Jason Zaurs (Chairman) Steve Pretzel (Deputy Chairman) Aaron Bertram Marc Wiriadisastra (Treasurer) Anna Freeman Ross Lambert Tom Shackles Andy Wahid Jamie Bennett (Executive Officer) Vision Outdoors WA is a respected association which assists the outdoor sector to provide sustainable quality outdoor programs* in Western Australia. *An outdoor program involves people in active outdoor experiences in which a duty of care exists between those acting in a leadership capacity and other participants. Mission To provide leadership and support to the outdoor sector. Strategy The board has identified a series of focus areas to fulfil the vision and mission, these five areas align with the association objects of Outdoors WA and form the basis for the Strategic Plan and the work undertaken in 2012/ Training, professional development and research opportunities Facilitate processes for training and RPL in the adventure activities that have standards developed. Develop professional development opportunities. Identify and support outdoor sector research. Key outcomes Maintenance and promotion of a professional development annual calendar. Liaison with Creative and Leisure Industries Training Council in measuring and identifying the training uptake and identify training gaps. Delivery of the 2012 Outdoors Conference Partnership in promoting research at the local level including trails research with Trails WA and the UPLOADS project. 2. Standards - Increased engagement with the Adventure Activity Standards (AAS). Monitor the level of engagement with the AAS Promote the importance of gaining compliance with AAS. Review and update outdoor sector standards. Key outcomes Completed a review of Leadership competency across the AAS. Implemented changes to the AAS as outcomes of the review. Developed a scope of works and methodology to review the AAS. Surveyed outdoor recreation clubs to identify levels of support and compliance with the AAS 3. Partnerships and relationships between outdoor sector stakeholders Develop functional outdoor sector networks. Facilitate communication amongst the sector. 2

3 Board Members' report 30 June 2013 Seek opportunities to reward sector members. Develop partnerships with stakeholders on their projects. Key outcomes Maintain networks and meetings with Government stakeholders such as DSR, DPaW. Maintain National connections as memberss of the Outdoor Council of o Australia and Outdoorr Education Australia. Regular communication with sector via website and newsletter. Meetings with OWA members and outdoor sector as required Developing the WA Outdoor Strategy. 4. Advocacy Engages in opportunities to promote the outdoor sector. Engage in opportunities to maintain andd build upon land access opportunities for outdoor recreation in conjunction with key land stakeholders for the outdoor sector. Key outcomes Promote Camping in WA via the Great Aussie Camp Out Building the profile of Outdoor Education through promoting Outdoor Education Week in partnership with the Department of Education and DSR. Support WA sector response to the Australian Curriculum development for Outdoor Education. Respond to emerging land access issues with DEC, DOW etc. Involved in executive committeee developingg Trails WA for the promotion of Trailss in WA. 5. Organisation sustainability Securee sufficient income to balance the budget Increase membership Develop a management model that reflectss best practice for an organisation of this size and type. Key outcomes Secured funding for the 2012/13 year and acquitted all funding contracts. Maintained membership base 2013:68 (2012:44) Secured funding for projects such as AAS review. On behalf of the Board Members Jason Zaurs Chairman 3 December 2013 Perth 3

4 Financial report 30 June 2013 Contents Page Financial report Statement of profit or loss and other comprehensive income 5 Statement of financial position 6 Statement of changes in equity 7 Statement of cash flows 8 Notes to the financial statements 9 Board Members' declaration 16 General information The financial report covers as an individual entity. The financial report is presented in Australian dollars, which is 's functional and presentation currency. The financial report consists of the financial statements, notes to the financial statements and the Board Members' declaration. The financial report was authorised for issue by the Board Members on 23 September

5 Statement of profit or loss and other comprehensive income For the year ended 30 June 2013 Note Revenue 3 169, ,044 Expenses Administration expenses (14,604) (17,517) Consultancy (6,200) (72,000) Employee benefits expense (134,576) (102,659) Depreciation expense (3,451) (3,656) Office expenses (6,747) (10,323) Other expenses (1,786) (9,644) Surplus/(Deficit) 2,241 (63,756) Surplus/(Deficit) for the year attributable to the members of 13 2,241 (63,756) Other comprehensive income for the year - - Total comprehensive income for the year attributable to the members of 2,241 (63,756) 5

6 Statement of financial position As at 30 June 2013 Note Assets Current assets Cash and cash equivalents 5 54, ,906 Trade and other receivables Other current assets 7 1,070 - Total current assets 55, ,193 Non-current assets Property, plant and equipment 8-3,451 Total non-current assets - 3,451 Total assets 55, ,644 Liabilities Current liabilities Trade and other payables 9 9,478 51,736 Employee benefits 10 19,017 8,242 Grants in advance 11 5,896 30,000 Other current liabilities 12 9,469 7,382 Total current liabilities 43,860 97,360 Non-current liabilities Total non-current liabilities - - Total liabilities 43,860 95,391 Net assets 11,525 9,284 Equity Retained surpluses 13 11,525 9,284 Total equity 11,525 9,284 6

7 Statement of changes in equity For the year ended 30 June 2013 Retained Total surpluses equity Balance at 1 July ,040 73,040 Deficit for the year (63,756) (63,756) Other comprehensive income for the year, net of tax - - Total comprehensive loss for the year (63,756) (63,756) Balance at 30 June ,284 9,284 Retained Total surpluses equity Balance at 1 July ,284 9,284 Surplus after income tax expense for the year 2,241 2,241 Other comprehensive income for the year, net of tax - - Total comprehensive income for the year - - Balance at 30 June ,525 11,525 7

8 Statement of cash flows For the year ended 30 June 2013 Note Cash flows from operating activities Grant received (inclusive of GST) 134, ,000 Membership fees received 3,327 5,096 Payments to suppliers and employees (inclusive of GST) (193,250) (178,664) Interest received 1,841 1,144 Interest paid (1,360) (2,430) Other revenue 6,141 34,150 Net cash from operating activities 18 (48,591) (10,704) Cash flows from investing activities Net cash used in investing activities - - Cash flows from financing activities Net cash from financing activities - - Net increase in cash and cash equivalents (48,591) (10,704) Cash and cash equivalents at the beginning of the financial year 102, ,610 Cash and cash equivalents at the end of the financial year 5 54, ,906 8

9 Notes to the financial statements 30 June 2013 Note 1. Significant accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Basis of preparation In the Board Members' opinion, the incorporated association is not a reporting entity because there are no users dependent on general purpose financial statements. These are special purpose financial statements that have been prepared for the purposes of complying with the Associations Incorporation Act (WA) 1987 and associated regulations. The Board Members have determined that the accounting policies adopted are appropriate to meet the needs of the members of. These financial statements have been prepared in accordance with the recognition and measurement requirements specified by the Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the disclosure requirements of AASB 101 'Presentation of Financial Statements', AASB 107 'Statement of Cash Flows', AASB 108 'Accounting Policies, Changes in Accounting Estimates and Errors', AASB 1031 'Materiality', AASB 1048 'Interpretation and Application of Standards' and AASB 1054 'Australian Additional Disclosures', as appropriate for not-for-profit oriented entities. Historical cost convention The financial statements have been prepared under the historical cost convention. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the incorporated association's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2. Revenue recognition Revenue is recognised when it is probable that the economic benefit will flow to the incorporated association and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable. Sales revenue Membership, ticket and commission revenue are recognised when received or receivable. Donations Donations are recognised at the time the pledge is made. Grants Grants are initially recorded as grants in advance and proportionally recorded as revenue over the respective period of utilisation or until all conditions associated with the grant have been completed. 9

10 Notes to the financial statements 30 June 2013 Note 1. Significant accounting policies (continued) Interest Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Other revenue Other revenue is recognised when it is received or when the right to receive payment is established. Income tax are exempt from income tax pursuant to the terms of subsection 50-5 of the Income Tax Assessment Act 1997, as amended. Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Trade and other receivables Other receivables are recognised at amortised cost, less any provision for impairment. Property, plant and equipment Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment over their expected useful lives as follows: Office equipment 3-5 years The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the incorporated association. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Trade and other payables These amounts represent liabilities for goods and services provided to the incorporated association prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. Employee benefits Wages and salaries and annual leave Liabilities for wages and salaries, including non-monetary benefits, and annual leave expected to be settled within 12 months of the reporting date are recognised in current liabilities in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. 10

11 Notes to the financial statements 30 June 2013 Note 1. Significant accounting policies (continued) Employee benefits (continued) Defined contribution superannuation expense Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred. Goods and Services Tax ('GST') and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. 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 tax authority is included in other receivables or other 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 tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority. Note 2. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. Estimation of useful lives of assets The incorporated association determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down. 11

12 Note 3. Revenue Sales revenue Grants 158, ,471 Membership 3,327 5,096 Commission - 1,715 Interest - - 1,841 1,144 Ticket 6, Miscellaneous - 2,482 Revenue , ,044 Note 4. Expenses Surplus/(Deficit) includes the following specific expenses: Interest expense 1,362 2,430 Accounting fees 303 2,310 Insurance 1,956 1,482 Superannuation expense 10,181 8,064 Note 5. Current assets - cash and cash equivalents Cash on hand Cash at bank 54, ,906 Cash on deposit , ,906 Note 6. Current assets - trade and other receivables Other receivables

13 Note 7. Current assets - other Prepayments 1, ,070 - The prepayments relate to insurance paid during the year amortised over the relevant period that it relates to. Note 8. Non-current assets - property, plant and equipment Office equipment - at cost 12,045 12,045 Less: Accumulated depreciation (12,045) (8,594) , ,451 Note 9. Current liabilities - trade and other payables Trade payables ,576 BAS payable 8,859 8,640 Other payables , ,478 51,736 Note 10. Current liabilities - employee benefits Superannuation payable 6,891 4,764 Annual leave payable 12,126 3,478 19,017 8,242 Note 11. Current liabilities - Grants in advance Grants in advance 5,896 30,000 13

14 Note 12. Current liabilities - other Accrued expenses 9,469 7,382 The balance relates to expected audit fees to be paid in relate to the 2013 financial year, employee reimbursements and accrual of payroll at year end that was not paid till post year end. Note 13. Equity - retained surpluses Retained surpluses at the beginning of the financial year - - 9,284 73,040 Surplus after income tax expense for the year 2,241 (63,756) Retained surpluses at the end of the financial year ,525 9,284 Note 14. Remuneration of auditors The following fees were paid or payable for services provided by Optima Financial Group Pty Ltd, the auditor of the incorporated association: Audit services Optima Financial Group Pty Ltd Audit of the financial statements 3,958 6,471 Note 15. Contingent liabilities The incorporated association had no contingent liabilities as at 30 June 2013 and 30 June Note 16. Commitments The incorporated association currently has a rental agreement totalling approximately $350 per month plus outgoings. The incorporated association currently has an agreement in place with the Department of Sport and Recreation for the provision of a graduate to be employed by the association for six months from 30 June The incorporated association has no additional commitments for expenditure as at 30 June 2013 and 30 June

15 Note 17. Events after the reporting period During the period after the reporting period entered into discussions with the Department of Sport and Recreation regarding grant funding. Following extensive discussions with the Department of Sport and Recreation they have agreed to provide funding on a tri-annual basis a total of approximately $140,000 per annum. Included in the conditions is the completion of certain activities which formed part of the strategic plan located on the incorporated association s website. No additional matters or circumstances has arisen since 30 June 2013 that has significantly affected, or may significantly affect the incorporated association's operations, the results of those operations, or the incorporated association's state of affairs in future financial years. Note 18. Reconciliation of surplus after income tax to net cash from operating activities Surplus after income tax expense for the year - - 2,241 (63,756) Adjustments for: Depreciation and amortisation 3,451 3,656 Change in operating assets and liabilities: Decrease/(increase) in trade and other receivables ,299 Decrease/(increase) in prepayments (1,070) - (Decrease)/increase in trade and other payables (42,258) 14,366 (Decrease)/increase in employee benefits 10,775 8,789 (Decrease)/increase in grants in advance (24,104) (11,471) (Decrease)/increase in accruals 2,087 5,413 Net cash from operating activities - - (48,591) (10,704) 15

16 Board Members' declaration In the Board Members' opinion: t the incorporated association is not a reporting entity becausee there are no n users dependent on general purpose financial statements. Accordingly, as describedd in note 1 to the financial statements, the attached special purpose financial statements have been prepared for the purposess of complying with the Associations Incorporation n Act (WA) 2009 and associated regulations; t t t the attached financial statements and notes thereto comply with the Accounting Standards as described in note 1 to the financial statements; the attached financial statements and notes thereto give a true and fairr view of thee incorporated association's financial position as at 30 June 2013 and of its performance for the financial year ended on that date; and there are reasonable grounds to believe that thee incorporated association will be able to pay its debts as and when they become due and payable. On behalf of the Board Members Jason Zaurs Chairman 3 December 2013 Perth Marc Wiriadisastra Treasurer 3 December 2013 Perth 16

17 registered company auditors Independent Auditor s Report 3 December 2013 To the members of Outdoors WA Inc Report on the Financial Report I have audited the accompanying financial report being a special purpose financial report, of Outdoors WA Inc, which comprises the statement of financial position as at 30 June 2013, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies, and the Board Members' declaration. Officers Responsibility for the Financial Report The officers of Outdoors WA Inc are responsible for the preparation of the financial report and have determined that the basis of preparation described in Note 1, is appropriate to meet the requirements of the Associations Incorporations Act (WA) 1987 and is appropriate to meet the needs of the members. The officers responsibility also includes such internal control as the officers determine is necessary to enable the preparation and fair presentation of a financial report that is free from material misstatement, whether due to fraud or error. Auditor s Responsibility My responsibility is to express an opinion on the financial report based on our audit. I 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 about 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 entity s preparation and fair presentation of the financial report 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 management, as well as evaluating the overall presentation of the financial report. I believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In my opinion, the financial report presents fairly, in all material respects, the financial position of Outdoors WA Inc as at 30 June 2013, and its financial performance and its cash flows for the year then ended in accordance with the accounting policies described in Note 1 and Associations Incorporations Act (WA) optima audit pty ltd acn

18 Emphasis of Matter I draw attention to Note 17 to the financial statements which states that the incorporated association has received an agreement from its primary funding body to provide funding on a tri-annual basis totally approximately $140,000 per annum. If this funding is not received, there is material uncertainty as to whether Outdoors WA Inc has the capacilty to continue as a going concern. The financial statements do not included any adjustments relating to the recoverability and classification of assets carrying amounts of the amounts and classification of liabilities that might result should the incorporated association be unable to continue as a going concern. Our opinion is not qualified in respect of this matter. Michael Cooper 3 December 2013 Osborne Park