annual report - aussiehelpers.org.au · annual report aussie helpers ltd. a.b.n 29 126 111 582 1...

AUSSIE HELPERS LTD. A.B.N 29 126 111 582

ANNUAL REPORTFOR THE FINANCIAL YEAR ENDED 30 JUNE 2019

ANNUAL REPORT


Directors’ Report 1

Auditor’s Independence Declaration 4

Statement of 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

Directors’ declaration 18

Independent Auditor’s Report 19

CONTENTSAS AT 30 JUNE 2019

ANNUAL REPORT


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Your directors present their report on Aussie Helpers Ltd ("the company") for the year ended 30 June 2019.

DirectorsThe following persons were Directors of the company from the start of the year up to the date of this report unless otherwise stated:

Mr Brian Egan - resigned from the board - 29 June 2019

Mrs Nerida Egan- resigned from the board - 29 June 2019

Ms Christina Lee

Mr Anthony Bonnici

Mr Rodney Flynn

Principal ActivitiesThe principal activities of the company are:

a. Raise funds from donations to be used for the purchase of food and clothing items from manufacturers or food banks to be distributed to the persons who are suffering poverty;

b. Canvass stock feed manufacturers for donations of animal fodder products for distribution to farms suffering hardships;

c. Seek corporate support from companies and other organisations or groups and to see grants that are available (from various sources) for the purchase of vehicles and buildings that could be used for Aussie Helpers work; and

d. Recruit homeless and other persons from cities and to train them to work in rural areas.

There were no significant changes in the nature of the company's activities during the year.

Operating results and review of operationsThe result for the year is a profit of $46,541 (2018: $1,191,829) and reflects the nature of the company's activities during the Year.

Objectives and strategiesThe company's short term objectives are to:

− Assist rural communities throughout Queensland and New South Wales; − Assisting age pensioners in rural communities; − Assisting people in rural communities suffering from depression; − Assisting farmers with shortage of farm workers.

DIRECTOR’S REPORT AS AT 30 JUNE 2019

ANNUAL REPORT


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Objectives and Strategies (Continued):The company's long term objectives are to:

− Assist rural communities throughout Australia effected by natural disasters; − Making sure age pensioners in rural communities have sufficient living needs; − Reduce the number of suicides in rural communities; − Provide ongoing farm training to help fill the skill shortage on farming businesses.

To achieve these objectives, the company has adopted the following strategies:

− Seek donations and grants from private and public organisations; − Organise volunteers and provide financial assistance in restoration costs; − Providing food hampers to farmers and age pensioners in need; − Organise counselling for farmers suffering depression and educating people on

depression in rural communities; − Provide farm hand training services at Aussie Helpers farm.

Meetings of Directors:During the year there were 4 meetings of Directors held. Attendances were as follows:

Information on Directors

Limited by Guarantee

Director Qualifications Experience Special Responsibilities

Brian Egan Founder - Secretary - resigned from the board - 29 June 2019

Nerida Egan Founder - President - resigned from the board 29 June 2019

Christina Lee Motel Proprietor - Treasurer - 29 June 2019

Anthony Bonnici Visual Effects expert for Victoria Police - Director/President - 29 June 2019

Rodney Flynn Managing director of Customised Gas Australia - Director/Secretary - Elected 29

June 2019

Director Meetings held whilst a director Meetings Attended

Brian Egan 5 5

Nerida Egan 5 5

Christina Lee 5 5

Anthony Bonnici 5 5

Rodney Flynn 5 5


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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 $2 each towards meeting any outstanding obligations of the company. At 30 June 2019 that total amount that members of the company liable to contribute if the company is wound up is S12 (2018: $12).

Auditor’s Independence DeclarationThe auditor’s independence declaration in relation to the audit of the financial report for the year ended 30 June 2019 is attached and forms part of this Directors’ Report.

Sign in accordance with a resolution of the Board of Directors

Director

Date


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Note 2019 $ 2018 $

Revenue 8,283,242 2,843,401

Other Income 113,111 92,816

2 8,396,353 2,936,217

Advertising (256,455) (117,899)

Assistance given/grants (1,971,470) (417,433)

Fuel & Lubricants (92,770) (73,874)

Transport and Accommodation (2,806,469) (508,871)

Depreciation and amortisation expenses (210,782) (193,583)

Direct Farmers Support (2,000,000) -

Employee benefit expenses (335,336) (57,781)

Office/Administration Costs (371,856) (215,025)

Other expenses (188,443) (67,276)

Repairs & maintenance (116,228) (92,649)

Operating Surplus 46,541 1,191,829

Income tax expense - -

Surplus for the year 46,541 1,191,829

Other comprehensive income, net of income tax

Total comprehensive income 46,541 1,191,829

STATEMENT OF COMPREHENSIVE INCOMEAS AT 30 JUNE 2019

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Note 2019 $ 2018$

ASSETSCURRENT ASSETS

Cash and cash equivalents 3 7,587,034 7,115,415

Trade and other receivables 4 177,542 110,290

Other current assets 5 2,000 77,956

TOTAL CURRENT ASSETS 7,766,576 7,303,661

NON-CURRENT ASSETS

Property, plant and equipment 6 2,498,899 2,788,970

Intangible assets 7 128,187 45,500

TOTAL NON-CURRENT ASSETS 2,627,086 2,834,470

TOTAL CURRENT ASSETS 10,393,662 10,138,131

EQUITY

Retained earnings 10,166,882 10,120,341

TOTAL EQUITY 10,166,882 10,120,341

LIABILITIESCURRENT LIABILITES

Trade and other payables 8 191,265 9,142

Borrowings 9 22,871 8,648

Employee beneits 10 12,645 -

TOTAL CURRENT LIABILITIES 226,781 17,790

TOTAL LIABILITIES 226,781 17,790

NET ASSETS 10,166,882 10,120,341

STATEMENT OF FINANCIAL POSITIONAS AT 30 JUNE 2019

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Total $

Balance at 1 July 2017 8,847,454

Surplus for the year 1,191,829

Other comprehensive income -

Add back Bartercard 2017 balance 81,058

Balance at 30 June 2018 10,120,341

Surplus for the year 46,541

Other comprehensive income -

Balance at 30 June 2019 10,166,882

STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 30 JUNE 2019

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STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 30 JUNE 2019

Note 2019 $ 2018 $

CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from donations and other (incl. GST) 8,283,242 2,843,401

Interest received 107,861 79,220

Payment to suppliers and employees (incl GST) (7,935,558) (1,634,473)

Net cash provided by operating activities 3(b) 455,545 1,288,148

CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment 406,150 41,821

Payments for property, plant and equipment (404,299) (495,297)

Net cash provided by (used in) investing activities 1,851 (453,476)

Net increase in cash held 457,396 834,672

Cash at beginning of financial year 7,106,767 6,272,095

Cash at end of financial year 3(a) 7,564,163 7,106,767

ANNUAL REPORT


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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2019

1 Summary of significant accounting policiesThe financial report includes the financial statements and notes of Aussie Helpers Ltd.

These financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements and the Australian Charities and Not-for-profits Commission Act 2012. Aussie Helpers Ltd is a not-for-profit entity for the purpose of preparing the financial statements.

The financial statements for the year ended 30 June 2019 were approved and authorised for issue by Directors on ..............

The significant accounting policies that have been used in the preparation of these financial statements are summarised below.

The financial statements have been prepared using the measurement bases specified by Australian Accounting Standards for each type of asset, liability, income and expense. The measurement bases are more fully described in the accounting policies below.

(a) Property, Plant and EquipmentEach class of property, plant and equipment is carried at cost or fair value as indicated less, where applicable, any accumulated depreciation and impairment losses.

PropertyFreehold land and buildings are shown at cost less accumulated depreciation for buildings.

Plant and equipmentPlant and equipment are measured on the cost basis and are therefore carried at cost less accumulated depreciation and any accumulated impairment.

ImpairmentIn the event the carrying value of property, plant and equipment is greater than the estimated recoverable amount, the carrying value is written down immediately to the estimated recoverable amount. A formal assessment of recoverable amount is made when impairment indicators are present.

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DepreciationThe depreciation method and useful life used for items of property, plant and equipment (excluding freehold land) reflects the pattern in which their future economic benefits are expected to be consumed by the company. Depreciation commences from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. The depreciation method and useful life of assets is reviewed annually to ensure they are still appropriate.

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of the reporting period.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in the statement of comprehensive income. When revalued assets are sold, amounts included in the revaluation reserve relating to that asset are transferred to retained earnings.

Major depreciation Periods areFreehold property

Buildings 40 years Improvements 40 years

Motor Vehicles 8 years

Plant & Equipment 2-20 years

Office Equipment 3-13.33 years

At the end of each reporting period, property, plant and equipment, intangible assets and investments are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset (or group of related assets) is estimated and compared with its carrying amount. The recoverable amount is the higher of the asset's fair value less costs to sell and the present value of the asset's future cash flows discounted at the expected rate of return. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.

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(b) Financial InstrumentsInitial Recognition and MeasurementFinancial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the company commits itself to either purchase or sell the asset (i.e. trade date accounting adopted).

Financial instruments are initially measured at fair value plus transactions costs except where the instrument is classified 'at fair value through profit or loss', in which case transaction costs are expensed to profit or loss immediately.

(c) Impairment of AssetsAt each reporting date, the company reviews the carrying values of its assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and value in use, is compared to the asset's carrying value. Any excess of the asset's carrying value over its recoverable amount is expensed to the statement of comprehensive income.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

(d) Cash and Cash EquivalentsCash 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 short-term borrowings in current liabilities on the statement of financial position.

(e) Revenue and Other IncomeRevenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the Company.

Other income is recognised on an accruals basis when the Company is entitled to it.

(f) DonationsIncomes arising from the contribution or donations are recognised in the year in which the contributions have been made. Income shall be measured at fair value of the contributions received or receivable.

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(g) 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 Taxation Office (ATO). 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 statement of financial position are shown inclusive of GST.

Cash flows are presented in the statement of cash flows on a gross basis, except for the GST components of investing and financing activities, which are disclosed as operating cash flows.

(h) Comparative FiguresComparative figures have been adjusted to conform to changes in presentation for the current financial year where required by accounting standards or as a result of changes in accounting policy.

(i) Operating ExpenseOperating expenses are recognised in profit or loss upon utilisation of the service or at the date of their origin.

j) Income TaxNo provision for income tax has been raised as the Company is exempt from Income tax under Div 50 of the Income Tax Assessment Act 1997.

(k) IntangiblesSoftwareSoftware has a finite life and is carried at cost less any accumulated amortisation and impairment losses. It has an estimated useful life of between one and three years. However, no amortisation has been done as software is still under development phase.

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(l) Significant management judgement in applying accounting policiesWhen preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses.

Estimation uncertaintyInformation about estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Actual results may be substantially different.

ImpairmentIn assessing impairment, management estimates the recoverable amount of each asset or cash generating unit based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate.

Useful lives of depreciable assetsManagement reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical obsolescence that may change the utility of certain software and IT equipment.

InventoriesManagement estimates the net realisable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realisation of these inventories may be affected by future technology or other mark-driven changes that may reduce future selling prices.


ANNUAL REPORT


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2 Revenue

3 Cash & Cash Equivalents

Revenue and Other Income

Donations 8,283,242 2,843,401

Interest Received 107,861 79,220

Gains on Disposal of Assets 5,250 13,596

8,396,353 2,936,217

SHORT TERM DEPOSITS

Term Deposit (NAB *6260) 1,526,185 1,526,185

Term Deposit (NAB *550) - 1,500,000

Term Deposit 1,500,000

Term Deposit (NAB *1691) 1,012,893 1,012,893

Total Short Term Deposits 4,039,078 4,039,078

Total Cash & Cash Equivalents 7,587,034 7,115,415

CASH ON HAND

Cash in Hand

Total Cash on Hand 500 500

500 500

CASH AT BANKSuncorp - Business Cheque Account 325,420 669,838

Suncorp - Cash Management A/C 232,385 739,270

NAB - Working Doc Community Fee Saver A/C 2,704,545 1,302,446

Suncorp - Fish for Life - 48,029

NAB - Farmers Aid 7,967 50,000

NAB - Breakfast in a Bag - 58,694

NAB - AH VISE 223,893 11,864

Suncorp Mental Health 53,246 195,696

Total Cash at Bank 3,547,956 3,075,837

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(a) Reconciliation to statement of cash flowsFor the purposes of the Statement of Cash Flows, cash and cash equivalents comprise the following at the end of the financial year:

4 Trade and other receivables

5 Other Current Assets

Trade and other receivables have been reviewed for indicators of impairment

(b) Reconciliation of cash flows from operations with Surplus:

Cash and cash equivalents 7,587,034 7,115,415

Borrowings (note 8) (22,871) (8,648)

7,564,163 7,106,767

Current

Current GST Receivables 177,542 110,290

Prepayment - Wages 2,000 347

Bartercard - 77,609

Total Other Current Assets 2,000 77,956

Surplus 59,217 1,191,829

Non-cash flows in profit

- Depreciation and amortisation 210,751 193,583

- Profit on disposal of property, plant and equipment (5,250) (13,596)

- Loss on disposal of property, plant and equipment - -

Changes in assets and liabilites

- (Increase)/decrease in assets 8,704 (74,409)

- Increase/(decrease) in liabilities 182,123 (9,259

Cash flows provided by operating activities 455,545 1,288,148


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6 Property, Plant and Equipment

7 Intangible assets

8 Trade and Other Payables

9 Borrowings

Freehold Property

Buildings Improvements

Plant and Equipment Total

Gross Carrying Amount

Balance at 1 July 2018 2,063,142 140,085 1,525,794 3,774,521

Additions - 48,235 273,376 404,299

Disposals (400,900) - - (400,900)

Balance at 30 June 2019 1,662,242 188,320 1,799,170 3,649,732

Depreciation and Impairment

Balance 1 July 2018 (46,418) (20,799) (872,834) (940,051)

Disposals - - - -

Depreciation (10,136) (3,840) (196,806) (210,782)

Balance 30 June 2019 (56,554) (24,639) (1,069,640) (1,150,833)

Carrying amount 30 June 1,605,688 163,681 729,530 2,498,899

Software development - at cost 128,188 45,500

128,188 45,500

Current

Trade Payables 170,411 1,463

Superannuation payable 6,044 1,855

Payroll liabilities 14,810 5,824

191,265 9,142

Current

Nab Credit Card 3,281 -

Suncorp Credit Card 19,590 8,648

22,871 8,648


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10 Employee benefits

11 Related PartiesTransactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.

The following transactions occurred with related parties:

Transactions with key management personnel:

i. Use of a company vehicle and house for operational purposes by Brian Egan and Nerida Egan - Ceased upon resignation from board on the 29 June 2019.

ii. The totals of remuneration paid to the key management personnel of Aussie Helpers Ltd during the year are as follows:

12 Member’s guaranteeThe company is incorporated under the Corporations Act 2001 and is a company limited by guarantee.

13 Contingent LiabilitiesThe company did not have any contingent liabilities as at 30 June 2019 ( 30 June 2018: $ Nil).

14 Employee benefitsProvision is made for the Association’s liability for employee beneflts arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be wholly settled within one year have been measured at the amounts expected to be paid when the liability is settled.

Current

Provision for annual leave 12,645 -

12,645 -

2019 2018

Short-term employee benefits:

Remuneration for Natasha Kocks $53,321 -


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1. In the opinion of the Aussie Helpers Ltd:

a. The financial statements and notes of Aussie Helpers Ltd are in accordance with the Australian Charities and Not-for-profit Commission Act 2012, including

i. Giving a true and fair view of its financial position as at 30 June 2019 and of its performance for the financial year ended on that date; and

i. Complying with Australia Accounting Standards - Reduced Disclosure Requirements (including the Australian Accounting Interpretations) and the Australian Charities and Not-for-profits Commission Act 2012; and

b. There are reasonable grounds to believe that Aussie Helpers Ltd will be able to pay its debits as and when they become due and payable.

Signed in accordance with a resolution of the Directors

Director:

Dated this day of

DIRECTOR’S DECLARATION FOR THE YEAR ENDED 30 JUNE 2019

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annual report - aussiehelpers.org.au · annual report aussie helpers ltd. a.b.n 29 126 111 582 1...

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