JUDO FEDERATION OF AUSTRALIA (NSW) INC. A.B.N FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2013

Size: px

Start display at page:

Download "JUDO FEDERATION OF AUSTRALIA (NSW) INC. A.B.N FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2013"

Sharleen Kennedy
6 years ago
Views:

1 FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2013 Liability limited by a scheme approved under Professional Standards Legislation

2 CONTENTS Committee's Report 1 Income Statement 2 Balance Sheet 5 Notes to the Financial Statements 6 Statement by Members of the Committee 10 Compilation Report 11 Certificate by Members of the Committee 13

3 COMMITTEE'S REPORT Your committee members submit the financial report of the JUDO FEDERATION OF AUSTRALIA (NSW) 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: Robert Ivers (President) Gavin Morgan (Treasurer) Nigel Fricker (Vice President) Ernie Wakamatsu (BBR Representative) Daniel Forman (Councilor) Kathy Meyer (Councilor) Leon McIndoe (Councilor) Principal Activities The principal activities of the association during the financial year were: promotion of the Federation and delivery of services to members. Significant Changes No significant change in the nature of these activities occurred during the year. Operating Result The profit after providing for income tax amounted to $32, Signed in accordance with a resolution of the Members of the Committee. Committee Member: Robert Ivers (President) Committee Member: Gavin Morgan (Treasurer) Dated this day of Page 1

4 INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE Note $ $ INCOME Courses & Clinics 1,773 4,123 Grading Fees 14,752 13,876 Awards Dinner 7,555 5,095 Registrations 148, ,509 Tournaments 28,125 17,300 Australian Nationals 30,411 21, , ,136 OTHER INCOME Grants Received 25,476 37,812 Venue Hire Reallocation 2,720 6,809 Interest Received 6,823 4,728 Sundry Income 11,830 3,364 Merchandise Sales 1,777-48,626 52, , ,849 Page 2

5 INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE Note $ $ EXPENDITURE Accountancy Fees 2,600 2,850 Advertising 318 1,470 Affiliation Fees 2, Awards Trophies & Benefactions 16,631 12,467 Bad Debts Written Off due to reconciliation of receivables - 8,689 Bank Charges Coaching, Courses & Clinics 12,514 3,646 Computer Software & Supplies Consultancy Fees 67,701 64,590 Dan Gradings Depreciation 7,594 6,694 Decline in value - Low Value Pool Entry fees 15,491 10,473 Grading Certificates 5,000 3,801 IMG Membership Transact Fees 8, Insurance 28,244 15,230 Interest Paid Legal Costs - 79 Office & B.O.M. Amenities Penalty Petty Cash w/off Postage Printing & Stationery 4, Referees/BBR Fees 8,646 9,113 Rent 26,062 29,493 Subscriptions and Licenses Fees Telephone 1,429 1,054 Tournament Expenses 17,187 23,438 Travelling Expenses 2, Team Apparel/Merchandise 15,170 8,455 Website Costs 1, , ,190 Profit before income tax 32,978 13,659 Page 3

6 INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE Note $ $ Profit for the year 32,978 13,659 Retained earnings at the beginning of the financial year 298, ,831 Retained earnings at the end of the financial year 331, ,490 Page 4

7 BALANCE SHEET AS AT 30 JUNE Note $ $ ASSETS CURRENT ASSETS Cash and cash equivalents 311, ,530 Trade and other receivables 2 8,682 1,067 TOTAL CURRENT ASSETS 320, ,597 NON-CURRENT ASSETS Property, plant and equipment 3 8,678 11,389 TOTAL NON-CURRENT ASSETS 8,678 11,389 TOTAL ASSETS 328, ,986 LIABILITIES CURRENT LIABILITIES IMG Clearing Account (11,980) 10,457 GST Payable 9,372 4,039 TOTAL CURRENT LIABILITIES (2,608) 14,496 TOTAL LIABILITIES (2,608) 14,496 NET ASSETS 331, ,490 MEMBERS' FUNDS Retained earnings 4 331, ,490 TOTAL MEMBERS' FUNDS 331, ,490 Page 5

8 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 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. 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 non-current 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. Income Tax The income tax expense (revenue) for the year comprises current income tax expense (income) and deferred tax expense (income). Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using applicable income tax rates enacted, or substantially enacted, as at the end of the reporting period. Current tax liabilities (assets) are therefore measured at the amounts expected to be paid (recovered from) the relevant taxation authority. Deferred income tax expense reflects movements in deferred tax assets and deferred tax liability balances during the year as well as unused tax losses. Current and deferred income tax expense (income) is charged or credited outside profit or loss when the tax relates to items that are recognised outside profit or loss. Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where amounts have been fully expensed but future tax deductions are available. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss. Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at the end of the reporting period. Their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability. Page 6

9 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013 Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised. Property, Plant and Equipment (PPE) Leasehold improvements and office equipment are carried at cost less, where applicable, any accumulated depreciation. 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. Leasehold improvements are amortised over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. 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 borrowings in current liabilities on the balance sheet. Revenue and Other Income Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and volume rebates allowed. Any consideration deferred is treated as the provision of finance and is discounted at a rate of interest that is generally accepted in the market for similar arrangements. The difference between the amount initially recognised and the amount ultimately received is interest revenue. Interest revenue is recognised using the effective interest rate method, which for floating rate financial assets is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established. Revenue recognition relating to the provision of services is determined with reference to the stage of completion of the transaction at the end of the reporting period and where outcome of the contract can be estimated reliably. Stage of completion is determined with reference to the services performed to date as a percentage of total anticipated services to be performed. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent that related expenditure is recoverable. All revenue is stated net of the amount of goods and services tax (GST). Page 7

10 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013 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 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 balance sheet are shown inclusive of GST. Page 8

11 2 Trade and Other Receivables JUDO FEDERATION OF AUSTRALIA (NSW) INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE $ $ Current Trade Debtors 4,370 - Input Tax credits 4,312 1,067 8,682 1,067 The association does not hold any financial assets whose terms have been renegotiated, but which would otherwise be past due or impaired. 3 Property, Plant and Equipment Office Equipment 19,056 13,826 Less: Accumulated Depreciation (17,227) (10,958) 1,829 2,868 Plant & Equipment 67,161 67,161 Less: Accumulated Depreciation (60,890) (59,565) 6,271 7,596 Low Value Pool - Plant & Equipment 8,087 8,087 Less: Accumulated Decline in Value (7,509) (7,162) Total Plant and Equipment 8,678 11,389 Total Property, Plant and Equipment 8,678 11,389 4 Retained Earnings Retained earnings at the beginning of the financial year 298, ,831 Net profit attributable to the association 32,978 13,659 Retained earnings at the end of the financial year 331, ,490 Page 9

12 STATEMENT BY MEMBERS OF THE COMMITTEE The committee has determined that the association is not a reporting entity and that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements. In the opinion of the committee the financial statements as set out on pages 1 to 9: 1. Presents a true and fair view of the financial position of JUDO FEDERATION OF AUSTRALIA (NSW) INC. as at 30 June 2013 and its performance for the year ended on that date. 2. At the date of this statement, there are reasonable grounds to believe that JUDO FEDERATION OF AUSTRALIA (NSW) 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 Committee and is signed for and on behalf of the Committee by: President: Robert Ivers Treasurer: Gavin Morgan Dated this day of Page 10

13 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JUDO FEDERATION OF AUSTRALIA (NSW) INC. Report on the Financial Report We have audited the accompanying financial report, being a special purpose financial report, of JUDO FEDERATION OF AUSTRALIA (NSW) INC. (the association), which comprises the balance sheet as at 30 June 2013, and the income statement, a summary of significant accounting policies, other explanatory notes and the statement by members of the committee. Committee's Responsibility for the Financial Report The committee of the association is responsible for the preparation and fair presentation of the financial report and have determined that the accounting policies described in Note 1 to the financial statements, which form part of the financial report, are consistent with the financial reporting requirements of the Associations Incorporation Act and are appropriate to meet the needs of the members. The committee's responsibility also includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors' Responsibility Our responsibility is to express an opinion on the financial report based on our audit. No opinion is expressed as to whether the accounting policies used, as described in Note 1, are appropriate to meet the needs of the members. We conducted our audit in accordance with Australian Auditing Standards. These Auditing 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 auditors' 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 auditors consider 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 the committee, as well as evaluating the overall presentation of the financial report. The financial report has been prepared for distribution to members for the purpose of fulfilling the committee's financial reporting obligations under the Associations Incorporation Act. We disclaim any assumption of responsibility for any reliance on this report or on the financial report to which it relates to any person other than the members, or for any purpose other than that for which it was prepared. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independence In conducting our audit, we have complied with the independence requirements of Australian professional ethical pronouncements. Page 11

14 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JUDO FEDERATION OF AUSTRALIA (NSW) INC. Auditors' Opinion In our opinion, the financial report of JUDO FEDERATION OF AUSTRALIA (NSW) INC. presents fairly, in all material respects the financial position of JUDO FEDERATION OF AUSTRALIA (NSW) INC. as of 30 June 2013 and of 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 Act. Name of Firm: Name of Director: Dueo Pty Ltd Chartered Accountants Mons Navarro Address: Suite 402, Level 4, 171 Clarence Street Sydney NSW 2000 Dated this day of Page 12

15 CERTIFICATE BY MEMBERS OF THE COMMITTEE I, Robert Ivers of 2 Remus Pl, Winston Hills NSW 2153 and I, Gavin Morgan of 6/212 Gymea Bay Road Gymea NSW 2227 certify that: (a) We are members of the committee of JUDO FEDERATION OF AUSTRALIA (NSW) INC.. (b) We attended the annual general meeting of the association held on. (c) (d) We are authorised by the attached resolution of the committee to sign this certificate. This annual statement was submitted to the members of the association at its annual general meeting. Committee Member: Robert Ivers Committee Member: Gavin Morgan Dated this day of Page 13

JUDO FEDERATION OF AUSTRALIA (QUEENSLAND) INC ABN FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018

JUDO FEDERATION OF AUSTRALIA (QUEENSLAND) INC ABN FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018 ABN 81 745 646 774 FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018 ABN 81 745 646 774 FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2018 CONTENTS PAGE Statement of profit or loss and other comprehensive