FAIR GAME AUSTRALIA LIMITED ABN: FINANCIAL STATEMENTS

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1 FAIR GAME AUSTRALIA LIMITED ABN: FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2015

2 Your directors present their report on the company for the year ended 31 December The names of the directors in office at any time during or since the end of the financial period are: Charles Robert Watson John James Van Bockxmeer Natalie Anna Swan David Parker Prout Nicole Lee Bardwell James Lamont Beveridge (Resigned 12 January 2016) Alison Caroline Heathcote (Appointed 20 January 2016) The directors have been in office since 23 June 2014 to the date of this report unless otherwise stated. Natalie Anna Swan has been in the role of Secretary since 23 June Operating Results The profit of the company for the financial year ending 31 December 2015 amounted to $93,650 (2014: profit of $62,808). Activities and Changes in Affairs The principal activity of the company during the financial period was: Providing recycled sports equipment to remote communities Dividends Paid or Recommended No dividends were paid or declared since the start of the financial year. No recommendation for payment of dividends has been made. Review of Operations This is the fifth year in which Fair Game Australia Limited has been in operation and the focus for the year has been the development of the company and its services. Significant Changes in State of Affairs Fair Game Australia Limited became a company limited by guarantee on 23 June Previously it had been classified as an association. After Reporting Date Events No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the company, the results of those operations, or the state of affairs of the company in future financial years. Future Developments The company expects to expand its activities into Victoria during 2016 in addition to continuing its current activities in Western Australia and the inner city program in New South Wales. Environmental Issues The company s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a state or territory. Short and Long Term Objectives Fair Game Australia Limited aims to expand its activities into Victoria in 2016 with volunteer training planned for both Victoria and New South Wales. In addition to this, there will likely be a trip within the Northern Territory and expansion of activities in New South Wales.

3 Directors Report 31 December 2015 Information on Directors Charles Robert Watson is a lawyer and was appointed as a director of Fair Game Australia Limited on 23 June John James van Bockxmeer is a doctor for the Hedland Health Campus and was appointed as a director of Fair Game Australia Limited on 23 June Natalie Anna Swan is a public servant who works for Treasury and was appointed as a director of Fair Game Australia Limited on 23 June David Parker Prout is a health and lifestyle coordinator with Rio Tinto and was appointed as a director of Fair Game Australia Limited on 23 June Nicole Lee Bardwell is a scientist with CSIRO and was appointed as a director of Fair Game Australia Limited on 23 June James Lamont Beveridge is communications and website developer and was appointed as a director of Fair Game Australia Limited on 23 June Alison Caroline Heathcote is a commercial advisor with ConocoPhillips and was appointed as a director of Fair Game Australia Limited on 20 January Meetings of Directors During the financial period, 12 meetings of directors were held. Attendances by each director were as follows: Directors Meetings Number eligible to attend Number attended Charles Robert Watson John James Van Bockxmeer Natalie Anna Swan 12 9 David Parker Prout 12 9 Nicole Lee Bardwell 12 8 James Lamont Beveridge 12 8 Alison Caroline Heathcote 0 0 Indemnifying Officers or Auditor No indemnities have been given or insurance premiums paid, during or since the end of the financial period, for any person who is or has been an officer or auditor of the company. Liability on winding up Each member of the company in the event of the company being wound up whilst they are a member, or within one year after they cease to be a member may be required to contribute a maximum of $20. Proceedings on Behalf of the Company No person has applied for leave of Court to bring proceedings on behalf of the company or intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings. The company was not a party to any such proceedings during the period.

4 Directors Report 31 December 2015 Auditor s Independence Declaration The lead auditor s independence declaration for the period ended 31 December 2015 has been received and can be found on page 4 of the directors report. Signed in accordance with a resolution of the Board of Directors. Director Dated this John James van Bockxmeer 27 th day of April 2016

5 Tel: Fax: Station Street Subiaco, WA 6008 PO Box 700 West Perth WA 6872 Australia DECLARATION OF INDEPENDENCE BY DEAN JUST TO THE DIRECTORS OF FAIR GAME AUSTRALIA LIMITED As lead auditor of Fair Game Australia Limited for the year ended 31 December 2015, I declare that, to the best of my knowledge and belief, there have been: 1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and 2. No contraventions of any applicable code of professional conduct in relation to the audit. Dean Just Director BDO Audit (WA) Pty Ltd Perth, 27 April 2016 BDO Audit (WA) Pty Ltd ABN is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN , an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation, other than for the acts or omissions of financial services licensees.

6 Statement of Financial Position As at 31 December 2015 ASSETS Note $ $ CURRENT ASSETS Cash and Cash Equivalents 2 175, ,106 Prepayments 3,210 - Receivables 1,512 TOTAL CURRENT ASSETS 180, ,106 NON-CURRENT ASSETS Property, Plant and Equipment 15,015 2,809 TOTAL NON-CURRENT ASSETS 15,015 2,809 TOTAL ASSETS 195, ,915 LIABILITIES CURRENT LIABILITIES Trade and other payables 146 2,190 TOTAL CURRENT LIABILITIES 146 2,190 TOTAL LIABILITIES 146 2,190 NET ASSETS 195, ,725 EQUITY Retained earnings 195, ,725 TOTAL EQUITY 195, ,725 The accompanying notes form part of these financial statements.

7 Statement of Comprehensive Income For the Year Ended 31 December 2015 Note $ $ Revenue 163, ,857 Administrative expenses (70,280) (96,050) Profit before income tax 93,650 62,807 Income tax expense - - Profit after income tax 93,650 62,807 Total comprehensive income 93,650 62,807 The accompanying notes form part of these financial statements.

8 Statement of Changes in Equity For the Year Ended 31 December 2015 Retained Earnings Total $ $ Balance at 1 January ,919 38,919 Total comprehensive income 62,807 62,807 Balance at 31 December , ,726 Total comprehensive income 93,650 93,650 Balance at 31 December , ,376 The accompanying notes form part of these financial statements.

9 Statement of Cash Flows For the Year Ended 31 December 2015 Note $ $ CASH FLOW FROM OPERATING ACTIVITIES Receipt from donations 162, ,758 Payments to suppliers (76,122) (92,679) Net cash (used in)/generated from operating activities 3 85,972 65,079 CASH FLOW FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (13,130) - Interest received 1,836 1,100 Net cash used in investing activities (11,294) 1,100 Net increase/ (decrease) in cash held 74,678 66,179 Cash at the beginning of the financial period 101,106 34,927 Cash at the end of the financial period 2 175, ,106 The accompanying notes form part of these financial statements.

10 Notes to the Financial Statements 31 December 2015 NOTE 1: SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Preparation The directors have prepared the financial statements on the basis that the company is a non-reporting entity because there are no users who are dependent on its general purpose financial statements. These financial statements are therefore special purpose financial statements that have been prepared in order to meet the requirements of the Corporations Act The financial statements have been prepared in accordance with the mandatory Australian Accounting Standards applicable to entities reporting under the Corporations Act 2001 and the significant accounting policies disclosed below, which the directors have determined are appropriate to meet the needs of members. Such accounting policies are consistent with the previous period unless stated otherwise. The financial statements have been prepared on an accruals basis and are based on historical costs unless otherwise stated in the notes. The report has been prepared in accordance with the following Australian Accounting Standards: Ä AASB 101 Presentation of Financial Statements Å AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors Å AASB 107 Statement of Cash Flows Å AASB 110 Events after the End of the Reporting Period Å AASB 1031 Materiality Å AASB 1048 Interpretation and Application of Standards Å AASB 1054 Australian Additional Disclosures. The report has been prepared in accordance with the following accounting standards: (b) Revenue Donations Donations are recognised as they are received. Revenue is received from grants, donations and fundraising events and these are brought to account on a cash received basis. (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 with original maturities of three months or less, and bank overdrafts. (d) Income tax No provision for income tax has been raised, as the company is exempt from income tax under Div 50 of the Income Tax Assessment Act (e) New Accounting Standards for Application in Future Periods. Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2015 reporting periods and have not been early adopted by the company. The company s assessment of the impact of these new standards and interpretations is set out below. Title of standard AASB 9 Financial Nature of change Impact Mandatory application date/ Date adopted by company AAB 9 addresses the classification, There will be no impact on the company s accounting for financial Must be applied for financial years

11 Instruments IFRS 15 (issued June 2014) Revenue from contracts with customers measurement and derecognition of financial assets and financial liabilities. Since December 2013, it also sets out new rules for hedge accounting. An entity will recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This means that revenue will be recognised when control of goods or services is transferred, rather than on transfer of risks and rewards as is currently the case under IAS 18 Revenue. Fair Game Australia Limited Notes to the Financial Statements 31 December 2015 assets and financial liabilities, as the new requirements only effect the accounting for available-forsale financial assets and the accounting for financial liabilities that are designated at fair value through profit or loss and the company does not have any such financial assets or financial liabilities. The new hedging rules align hedge accounting more closely with the company s risk management practices. As a general rule it will be easier to apply hedge accounting going forward. The new standard also introduces expanded disclosure requirements and changes in presentation. Due to the recent release of this standard the company has not yet made an assessment of the impact of this standard. commencing on or after 1 January Therefore application date for the company will be 30 June The company does not currently have any hedging arrangements in place. Must be applied for annual reporting periods beginning on or after 1 January Therefore application date for the company will be 30 June 2018.

12 Notes to the Financial Statements 31 December 2015 Note 2: Cash and Cash Equivalents $ $ Cash at bank 175, , , ,106 Reconciliation of cash Balances per above 175, ,106 Balance per statement of cash flows 175, ,106 Note 3: Cash Flow Information $ $ Reconciliation of cash flow from operations with profit/ (loss) after income tax Profit/ (loss) after income tax 93,650 62,807 Adjustments for: Depreciation and amortisation 924 1,182 Interest Received (1,836) (1,100) Changes in assets and liabilities (Decrease)/increase in receivables and other assets - - Decrease in income in advance - - Increase in prepayments (3,210) - Increase in inventories - - (Decrease)/increase in trade and other payables (3,556) 2,190 Cash flows (used in)/provided by operating activities 85,972 65,079 NOTE 4: SUBSEQUENT EVENTS There are no other matters or circumstances that have arisen since 31 December 2015 that have or may significantly affect the operations, results, or state of affairs of the company in future financial years. NOTE 5: ENTITY DETAILS The registered office of the company is: PO Box 67 Leederville WA 6007 The principal place of business is: 28 Denninup Way Malaga WA 6090 NOTE 6: MEMBERS GUARANTEE The company is incorporated under the Corporations Act 2001 and is a company limited by guarantee. If the company is wound up, the constitution states that each member is required to contribute a maximum of $20 each towards meeting any outstandings and obligations of the company. At 31 December 2015 the number of members was 7.

13 Declaration of Directors 31 December 2015 DECLARATION OF DIRECTORS The directors have determined that the company is not a reporting entity and that these special purpose financial statements should be prepared in accordance with the accounting policies described in Note 1 to the financial statements. The directors of the company declare that: 1. The financial statements, comprising the statement of comprehensive income, statement of financial position, statement of cash flows, statement of changes in equity, and accompanying notes, are in accordance with the Corporations Act 2001 and: (a) (b) comply with Accounting Standards as described in Note 1 to the financial statements and the Corporations Regulations 2001; and give a true and fair view of the company s financial position as at 31 December 2015 and of its performance for the period ended on that date in accordance with the accounting policies described in Note 1 to the financial statements. 2. In the directors opinion, there are reasonable grounds to believe that the company 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 and is signed for and on behalf of the directors by: John James van Bockxmeer Dated 27 th April 2016

14 Tel: Fax: Station Street Subiaco, WA 6008 PO Box 700 West Perth WA 6872 Australia INDEPENDENT AUDITOR S REPORT To the members of Fair Game Australia Limited Report on the Financial Report We have audited the accompanying financial report, being a special purpose financial report of Fair Game Australia Limited, which comprises the statement of financial position as at 31 December 2015, the statement of 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 other explanatory information, and the directors declaration. Directors Responsibility for the Financial Report The directors of the company are responsible for the preparation of the financial report that gives a true and fair view and have determined that the basis of preparation described in Note 1 to the financial report is appropriate to meet the requirements of the Corporations Act 2001 and is appropriate to meet the needs of the members. The directors responsibility also includes such internal control as the directors determine is necessary to enable the preparation of a financial report that gives a true and fair view and 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 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 company 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 company s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, 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. BDO Audit (WA) Pty Ltd ABN is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN , an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation, other than for the acts or omissions of financial services licensees.

Independence In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.

directors as at the time of this auditor s report. Basis for Qualified Opinion Fundraising and donations are a significant source of fundraising revenue for Fair Game Australia Limited.

15 Independence In conducting our audit, we have complied with the independence requirements of the Corporations Act We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Fair Game Australia Limited, would be in the same terms if given to the directors as at the time of this auditor s report. Basis for Qualified Opinion Fundraising and donations are a significant source of fundraising revenue for Fair Game Australia Limited. The Board of Directors has determined that it is impracticable to establish control over the collection of fundraising and donations prior to entry into its financial records. Accordingly, as the evidence available to us regarding fundraising revenue from this source was limited, our audit procedures with respect to fundraising and donations had to be restricted to the amounts recorded in the financial records amounting to $88,760. We therefore are unable to express an opinion whether fundraising and donations of Fair Game Australia Limited recorded are complete. Qualified Opinion In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial report of Fair Game Australia Limited is in accordance with the Corporations Act 2001, including: (a) giving a true and fair view of the company s financial position as at 31 December 2015 and of its performance for the year ended on that date; and (b) complying with Australian Accounting Standards to the extent described in Note 1 and the Corporations Regulations 2001 Basis of accounting 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 for the purpose of fulfilling the directors financial reporting responsibilities under the Corporations Act As a result, the financial report may not be suitable for another purpose. BDO Audit (WA) Pty Ltd Dean Just Director Perth, 27 April 2016

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