Australian Car Wash Association Limited. Financial Report. Year Ended 30 June 2013

Transcription

1 Australian Car Wash Association Limited Financial Report Year Ended 30 June 2013 To be read in conjunction with the accompanying notes to accounts and Auditor's Report

2 AUSTRALIAN CAR WASH ASSOCIATION LIMITED STATEMENT BY BOARD OF DIRECTORS Your Board of Directors submit the financial statements of the Australian Car Wash Association Limited for the year ended 30 June Directors The names of the Directors throughout the financial period and at the date of this report are: Greg Cummins Geoff Logie-Smith Diane Ross Richard Holloway Darren Brown President (ACT) Treasurer (VIC) (VIC) (OLD) (TAS) Maree Morris Craig Campbell lan Noorman David Moyns Cameron Johns (SA) (NSW) (WA) (VIC) (OLD) Principal Activities The principal activities of the Association during the financial period were to promote public awareness of commercial car wash facilities and to provide members with a forum to keep abreast of developments in the car wash industry. The Australian Car Wash Association continues to manage the water rating scheme (WRS) on the basis of receiving a fee for monitoring services. Significant Changes No significant changes in the nature of these activities occurred during the year. Operating Result The result for the financial year was a deficit of 9,865 (prior year deficit of 12,789). This includes the water rating scheme results. Signed in accordance with the resolution of the Board President - Greg Cummins Treasurer - Geoff Logie-Smith Signed at this day of 2013

3 Australian Car Wash Association Limited Consolidated Balance Sheet As at 30 June 2013 Note MEMBER FUNDS - DEFICIENCY 3 (11.299) (1.434) Represented by: CURRENT ASSETS Cash at bank Inventories at cost Receivables Fixed Assets at written down value TOTAL ASSETS 4 57,825 2,725 15,039 3,825 79,414 3,854 2,725 13,192 6, LIABILITIES Trade creditors and other creditors 5 90,713 27,694 NET ASSETS I (DEFICIENCY) (11,299 (1.434) To be read in conjunction with the accompanying notes to accounts and Auditor's Report

4 Australian Car Wash Association Limited Statement of Income and Expenditure For the Year Ended 30 June 2013 INCOME Interest income 999 2,230 Membership fees 218, ,108 Newsletter advertising 1, Sale of posters 324 EXPENDITURE 220, ,162 Audit fees 1,600 1,600 Administration services 62,550 57,660 Advertising/Promotions 2,670 4,145 Chief Executive Officer 65,703 67,717 Bad debts 5,516 Bank fees 1,620 3,434 Computer software and support 7,099 11,862 Consultants 415 2,055 Depreciation 2,799 2,909 Fees and Licences 1,378 1,271 Function and Meeting costs 11,034 21,075 Industrial relations 19,800 19,800 Insurance 1,815 2,251 Member value 453 1,624 Office/general expenses 7,670 5,983 o H & S consultants 1,000 1,000 Newsletter productions costs 5,353 5,967 Printing, stationery and postage 1,199 3,655 Posters 394 Public relations and Marketing 1,044 9,173 Storage 1,964 2,009 Telephone and internet 5,383 6,712 Trade Mark - Smart Approved Water Mark 600 Travel expenses 3,278 5,307 Wages 3,890 8,130 Website development 2,946 1,517 VVorkcoverinsurance 489 1, , ,320 NET SURPLUS I (DEFICIENCY) (17,158)

5 Australian Car Wash Association Limited Statement of Income and Expenditure For the Year Ended 30 June 2013 ACWA Water Rating Scheme INCOME Water Rating Scheme - Registration and Annual fees 7,613 30,169 EXPENDITURE WRS Professional Audit Admin - Water Rating Scheme Manager Bank fees Computer software and support Office expenses Printing and Stationery Public relations and Marketing Telephone and Internet Travel expenses Website development NET SURPLUS I (DEFICIENCY) 17, ,886 (11.273) 15, ,165 1, ,546 1, ,800 4,369

6 AUSTRALIAN CAR WASH ASSOCIATION LIMITED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE STATEMENT OF ACCOUNTING POLICIES Basis of presentation These financial statements are a special purpose financial report prepared in order to satisfy the reporting requirements of the Association Incorporation Act (Vie) The Directors have determined that the Association is not a reporting entity. The statements have been prepared in accordance with the requirements of the Associations Incorporations Act (Vic) 1981 and the following Australian Accounting Standards: AAS1 AAS5 AAS8 Profit and Loss or Other Operating Statements Materiality I Events Occurring After Balance Date The accounts have been prepared on an accruals basis. and do not take into account changing money values. These are based on historic costs Consolidation - The consolidated entity consists of the ACWA Water Rating Scheme accounts as a branch of the Australian Car Wash Association Limited. 2. TAX The Association is based on not for profit trading and any surplus represents funds for development of the Association and not for distribution to members. Accordingly, the Association considers itself exempt from income tax. 3. MEMBERS' FUNDS Trading surplus (deficiency) for year per Trading statement - Car Wash Association (1,408) (17,158) Water Rating Scheme (11,273) 4,369. (9,865) (12,789) Accumulated surplus brought forward (1,434) 11,355. Members. Funds at 30 June 2013 (11,299) (1.434)

7 AUSTRALIAN CAR WASH ASSOCIATION LIMITED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE CASH AT BANK REPRESENTS Water Rating Scheme account Car Wash Association 54,779 3,648 57,825 3, TRADE CREDITORS REPRESENTS Water Rating Scheme - Creditors GST 1,108 1,114 Subscriptions in advance 5,144 Car Wash Association - Creditors GST 18,046 4,415 20,789 (2,310) Subscriptions in advance 11,855 7,818 Held for future expenditure 283 Convention contributions in advance 50, ,694

8 TAVLOR PARTNERS PTV. LTD. CHARTERED ACCOUNTANTS A.CN R. MALE F.CA G. JAMES CA OUR REFERENCE INDEPENDENT AUDIT REPORT TO THE MEMBERS OF THE AUSTRALIAN CAR WASH ASSOCIATION LIMITED 30 JUNE 2013 Scope We have audited the financial statements being a special purpose financial report comprising the Statement by directors, Statement of Income and Expenditure, Balance Sheet and Notes to and Forming Part of the Accounts of the Australian Car Wash Association Limited for the year ended 30 June The directors are responsible for the financial statements. We have conducted an independent audit of these financial statements in order to express an opinion on them to the members. The audit has been conducted in accordance with the Australian Auditing Standards to provide reasonable assurance whether the financial statements are free of material misstatement. The procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial statements and the evaluation of significant accounting estimates. The procedures have been undertaken to form an opinion as to whether, in all material respects, the financial statements fairly presented in accordance with the accounting policies described in Note 1 of the financial statements. These policies do not require the application of all Statements of Accounting Standards and other mandatory reporting requirements (Urgent Issues Consensus Views). The audit opinion expressed in this report has been formed on the above basis. Audit Observation The entity continues to trade as a deficiency in trading whilst the audit has been advised that remedial trading corrections are in place. These measures must be acted upon immediately and regularly monitored to ensure the principle of liquidity and a 'going concern' is maintained. Audit Opinion In our opinion, the financial report presents fairly in accordance with the accounting policies described in Note 1 to the financial statements the financial position of the Australian Car Wash Association Limited as at 30 June 2013 and its net loss for the financial year ended on that date. Dated thi si day of October R. L MALE, FCA, Partner TAYLOR PARTNERS PTY LTD Chartered Accountants ~k. 220 Chesterville Road, (PO Box 1429) Moorabbin, Vie Website: admin@taylorpartners.com.8u Telephone: (03) Facsimile: (03) I ;"h;j;h, I ;m;t"rl hv " C:;"hpmp,mnrnv<>ri undar Prnfp.~~inn",1 Standards Leaislalian.

9 AUSTRALIAN CAR WASH ASSOCIATION LIMITED FOR THE YEAR ENDED 30 JUNE 2013 BOARD OF DIRECTORS DECLARATION This declaration is made in accordance with a resolution of the Board of Directors of the Australian Car Wash Association Limited. The Directors declare that: 1. The financial statements and notes to the accounts are in accordance with the Incorporation Act 1: a) Comply with Accounting Standards and the Regulations, and b) Give a true and fair view of the financial position as at 30 June 2013 and performance for the year ended on that date of the Australian Car Wash Association. 2. In the Board's opinion there are reasonable grounds to believe that the Association will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the Board of directors.... President... Treasurer... Date