Archery Victoria Inc Financial Report for the Year Ended 30 June 2014

Transcription

1 Financial Report for the Year Ended 30 June 2014 Page 1 of 12

2 COMMITTEE S REPORT Your committee members submit the financial report of the Archery Victoria Inc. for the financial year ended 30 June COMMITTEE MEMBERS The names of committee members throughout the year and at the date of this report are: Peter Nelson-Furnell Colin Carter Irene Norman Guenter Licht Dawn Nelson-Furnell PRINCIPAL ACTIVITIES The principal activities of the association during the financial year were to support the growth and development of the sport of archery in Victoria in accordance with the Archery Victoria constitution and the policies and procedures of Archery Australia. SIGNIFICANT CHANGES No significant change in the nature of these activities occurred during the year. OPERATING RESULT The surplus from ordinary activities amounted to 18,682 Signed in accordance with a resolution of the Members of the Committee. Peter Nelson-Furnell Irene Norman Dated this. day of Page 2 of 12

3 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2014 INCOME Note Membership fees 111,834 93,003 Grants received 28,100 56,750 Tournament fees 16,217 - Equipment sales - 4,291 Interest received 5,514 5,475 Assets written off - (1,904) 161, ,615 LESS EXPENDITURE Accountancy fees 5, Administration fees 8,182 - Auditors' remuneration - 1,091 Affiliation fees 75,102 60,237 Coaching / judging 7,071 4,640 Computer consumables Consultancy fees 24,546 - Depreciation - plant and equipment 1, CEO professional fees - 28,116 Contracting - 8,182 Entertainment expenses Equipment 552 1,910 Other expenses Permits, licenses and fees Postage Printing and stationery 1,449 2,270 Repairs and maintenance Refunds 2,262 - Staff amenities and training 121 6,360 Sponsorship State teams 2,302 - Subscriptions 777 1,355 Telephone Tournaments and awards 7,520 - Travelling expenses 2, Venue hire 1, , ,222 Profit/(loss) before income tax 18,682 40,393 Income tax expense 1a - - Profit/(loss) for the year 18,682 40,393 Page 3 of 12

4 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2014 Note Other comprehensive income Items that will not be reclassified to profit or loss: - - Items that will be reclassified subsequently to profit of loss when specific conditions are met: - - Total other comprehensive income for the year - - Total comprehensive income for the year 18,682 40,393 The accompanying notes form part of these financial statements. Page 4 of 12

5 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014 Note ASSETS CURRENT ASSETS Cash and cash equivalents 2 239, ,848 Receivables 3 17,130 17,013 TOTAL CURRENT ASSETS 256, ,861 NON-CURRENT ASSETS Property, plant and equipment 4 17,055 12,741 TOTAL NON-CURRENT ASSETS 17,055 12,741 TOTAL ASSETS 273, ,602 LIABILITIES CURRENT LIABILITIES Goods and services tax 5 (2,238) (2,720) TOTAL CURRENT LIABILITIES (2,238) (2,720) NON-CURRENT LIABILITIES TOTAL NON-CURRENT LIABILITIES - - TOTAL LIABILITIES (2,238) (2,720) NET ASSETS 276, ,322 EQUITY Retained profits 276, ,322 TOTAL EQUITY 276, ,322 The accompanying notes form part of these financial statements. Page 5 of 12

6 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2014 Retained Earnings Financial Assets Reserve General Reserves Total Balance at 1 July , ,929 Surplus for the period 40, ,393 Balance at 30 June , ,322 Surplus for the period 18, ,682 Transfer to general reserves Total other comprehensive income for the year Balance at 30 June , ,004 The accompanying notes form part of these financial statements. Page 6 of 12

7 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2014 Note CASH FLOWS FROM OPERATING ACTIVITIES Grants received 28,100 56,750 Sales 127,934 90,094 Interest received 5,514 5,475 Payments to suppliers and employees (140,663) (118,320) Net cash provided by operating activities 7 20,885 33,999 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment - - Purchase of property, plant and equipment (6,152) (4,526) Net cash used in investing activities (6,152) (4,526) CASH FLOWS FROM FINANCING ACTIVITIES Payment of borrowings - - Net cash used in financing activities - - Net increase in cash held 14,733 29,473 Cash and cash equivalents at beginning of financial year 224, ,375 Cash and cash equivalents at end of financial year 2 239, ,848 The accompanying notes form part of these financial statements. Page 7 of 12

8 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation This financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Associations Incorporation Reform Act 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 specifically stated, current valuations of noncurrent assets. The following significant accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of this financial report. Accounting Policies a. Income Tax Association is exempted from income tax under the provisions of Income Tax Assessment Act. b. Property, Plant and Equipment (PPE) The depreciable amount of all PPE is depreciated over the useful lives of the assets to the association commencing from the time the asset is held ready for use. c. Cash and Cash Equivalents Cash and cash equivalents includes cash on hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. d. Revenue and Other Income Government contributions are recognised as revenue when the company gains control over the contribution, or the right to receive the contribution. Revenue from the sale of assets is recognised upon delivery of the assets to the customer. Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets. All revenue is stated net of the amount of goods and services tax (GST). e. 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 assets and liabilities statement are shown inclusive of GST. f. Comparative Figures Where necessary, comparative figures have been adjusted to conform to changes in presentation for the current financial year. g. 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. Page 8 of 12

9 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 NOTE 2: CASH AT BANK AND CASH ON HAND Cash at bank 74,987 54,848 Online Saver Account 14,594 - CBA Term Deposit 150, , , ,848 NOTE 3: RECEIVABLES Loans Receivable 15,850 15,383 Trade Receivables 1,280 1,630 17,130 17,013 NOTE 4: PROPERTY, PLANT AND EQUIPMENT Office Furniture and Equipment - - Less Accumulated Depreciation Furniture and Fittings 5,700 5,700 Less Accumulated Depreciation - - 5,700 5,700 Plant and Equipment 13,278 7,126 Less Accumulated Depreciation (1,923) (85) 11,355 7,041 Total property, plant and equipment 17,055 12,741 NOTE 5: GOODS AND SERVICES TAX GST June BAS (2,238) (1,537) GST Payable on trade debtor & creditors GST Adjustments - (1,331) (2,238) (2,720) NOTE 6: EVENTS AFTER THE REPORTING PERIOD Since 30 June 2014, there are no matters or circumstances that have arisen which requires adjustments to or disclosure in the financial statements Page 9 of 12

10 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 NOTE 7: CASH FLOW INFORMATION Reconciliation of cash flow from operations with profit after income tax Profit after income tax 18,682 40,393 Cash flows excluded from profit attributable to operating activities - - Non-cash flows in profit: depreciation 1, write off of property, plant and equipment - 1,904 Changes in assets and liabilities, net of the effects of purchase and disposal of subsidiaries: (increase) / decrease in trade and other debtors (117) (5,663) increase/(decrease) in GST payable 482 (2,720) ,885 33,999 Page 10 of 12

11 Associations Incorporation Reform Act 2012 ss 94(2)(b), 97(2)(b) and 100(2)(b) ANNUAL STATEMENTS GIVE TRUE AND FAIR VIEW OF FINANCIAL POSITION AND PERFORMANCE OF INCORPORATED ASSOCIATION We, Peter Nelson-Furnell, and Irene Norman, being members of the committee of Archery Victoria Inc, certify that The statements attached to this certificate give a true and fair view of the financial position and performance of Archery Victoria during and at the end of the financial year of the association ending on 30 June Signed: Dated: Signed: Dated: Page 11 of 12

12 INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF ARCHERY VICTORIA INC We have audited the accompanying financial report, being a special purpose financial report, of Archery Victoria Inc, which comprises the committee s report, the statement of financial position as at 30 June 2014, the statement of profit of loss and other comprehensive income for the year then ended, statement of cash flows for the year ended 30 June 2014, notes comprising a summary of significant accounting policies and other explanatory information, and the statement by members of the committee. Committee s Responsibility for the Financial Report The committee of Archery Victoria Inc is responsible for the preparation of the financial report, and has determined that the basis of preparation described in Note 1 is appropriate to meet the requirements of the Associations Incorporation Reform Act 2012 and is appropriate to meet the needs of the members. The committee s responsibility also includes such internal control as the committee determines is necessary to enable the preparation of a financial report that is free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on the financial report based on our audit. We have 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 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 judgment, 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 association s preparation of the financial report that gives a true and fair view, 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 association s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the committee, as well as evaluating the overall presentation of the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial report presents fairly, in all material respects, the financial position of Archery Victoria Inc as at 30 June 2014 and its financial performance for the year then ended in accordance with the accounting policies described in Note 1 to the financial statements, and the Associations Incorporation Reform Act 2012 Basis of Accounting and Restriction on Distribution Without modifying our opinion, we draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared to assist Archery Victoria Inc to meet the requirements of the Associations Incorporation Reform Act As a result, the financial report may not be suitable for another purpose. LBW Chartered Accountants Sripathy Sarma Principal Dated this. day of 2014 Page 12 of 12