special purpose financial statements · 2020. 10. 7. · depreciation schedule 2020 current year...

SWIMMING NORTHERN TERRITORYINCORPORATEDABN 89 213 114 885

Special Purpose Financial Statements

30 June 2020

SWIMMING NORTHERN TERRITORY INCORPORATEDSpecial Purpose Financial ReportFor the year ended 30 June 2020

Contents

Committee members’ reportStatement of profit or loss and other comprehensive incomeStatement of financial positionNotes to the financial statementsDepreciation ScheduleStatement by Members of the CommitteeIndependent auditor’s reportCertificate by Member of the Committee

General information

The financial report covers Swimming Northern Territory Incorporated (the Association) an individual entity. The financialreport is presented in Australian dollars, which is the Association’s functional and presentation currency.

The financial report consists of the financial statements, notes to the financial statements and the committee members’declaration.

The financial report was authorised for issue on 4th October 2020. The committee members have the power toamend and reissue the financial report.


1

Statement of profit or loss and other comprehensive incomeFor the year ended 30 June 2020

Note 2020 2019$ $

Income

Retail Sales 1,707 8,407NT Government Grants 116,452 209,975NT Institute of Sport Funding 4,000 25,037Affiliation & Capitation Fees 31,765 19,281Competition Entry Fees 32,391 24,162Coaching / Teaching Services 1,364 -Job keeper & Cashflow boost 26,682 -Insurance On-charged 12,001 -Interest received 97 164Other income 43,261 -SAL Funding 15,000 14,027Swimming Australia Participation funding 52,375 61,250Sponsorship 7,073 7,000Swimmers Contribution 4,500 13,182Sponsorship 18,880 19,565Total Income 367,548 402,050

ExpensesAccountancy 3,711 9,174Advertising & promotion 952 2,143Audit fees 4,000 15,435Bank fees & charges 196 363Capitation & Affiliation – SAL 1,000 4,202Consumables/Stock Purchases 7,049 5,824Contractors 18,024 21,219Depreciation – Other 20,183 22,832Event & Meeting Cost 8,353 9,516Honorarium to Volunteers 735 444Hire/Rent of plant & equipment 8,239 10,996Insurance 6,027 3,575Meet Entry Fees 20 1,812MV Expenses 4,921 6,231Postage 256 515Pool Hire 2,889 3,935Printing, Stationery & Office Expense 9,874 12,457Rent on land & buildings 3,738 12,011Recruitment and Training 500 190Equipment 310 7,678Staff Training 402 2,224Subscriptions 2,242 615Superannuation 11,805 15,995

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.


2

Statement of profit or loss and other comprehensive incomeFor the year ended 30 June 2020

2020 2019$ $

Telephone 4,895 4,531Trophies, Prize & medal 12,410 11,568Travel, accommodation & conference 16,975 112,145Uniforms & Bathers 749 12,265Unexpended Grants Re-paid - 6,706Wages 136,701 188,168Total Expenses 287,156 504,769Surplus/(Deficit) from ordinary activities 80,392 (102,719)Surplus from extraordinary items - -

Opening retained surplus 121,004 223,723Net surplus / (deficit) attributable to the association 80,392 (102,719)Closing retained surplus 201,396 121,004

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.


3

Statement of financial positionAs at 30 June 2020

Note 2020 2019$ $

Current Assets

Cash Assets

CBA Cheque A/c 7335 254,192 35,775CB Term Deposit 3664 11,884 11,885Cash on hand 136 95

266,212 47,755

Receivables

Trade debtors 11,419 5,839GST Accounts - 22,990

11,419 28,829

Inventories

Inventories at Cost 9,588 11,324 9,588 11,324

Total Current Assets 287,219 87,908

Non-Current Assets

Property, Plant and Equipment

Buildings – At Cost 61,215 61,215Less: Accumulated depreciation (36,752) (34,304)Plant & Equipment – At Cost 211,284 211,284Less: Accumulated depreciation (210,580) (209,804)Motor Vehicles – At Cost 60,564 60,564Less: Accumulated depreciation (35,436) (18,478)

50,295 70,477

Total Non-Current Assets 50,295 70,477

Total Assets 377,514 158,385

The above statement of financial position should be read in conjunction with the accompanying notes.


4

Statement of financial positionAs at 30 June 2020

Note 2020 2019$ $

Current Liabilities

Payables

Unsecured:Trade Creditors 10,624 20,180Mastercard 315 -Unearned revenue 101,148 -

112,087 20,180

Current Tax Liabilities

GST Accounts 13,799 -Amounts withheld from salary & wages 3,205 4,430

17,004 4,430

Provisions

Employee entitlements 7,028 12,7717,028 12,771

Total Current Liabilities 136,118 37,381

Total Liabilities 136,118 37,381

Net Assets 201,396 121,004

Members’ FundsAccumulated surplus 201,396 121,004Total Members’ Funds 201,396 121,004

The above statement of financial position should be read in conjunction with the accompanying notes.


5

Notes to the financial statements30 June 2020

Note 1. Significant accounting policies

This financial report is a special purpose financial report prepared in order to satisfy the financial reportingrequirements of the Northern Territory Associations Act. The committee has determined that the association is not areporting entity. The financial report has been prepared on an accruals basis and is based on historical costs anddoes not take into account changing money values or, except where specifically stated, current valuations of non-current assets.

These financial statements have been prepared in accordance with the recognition and measurement requirementsspecified by the Australian Accounting Standards and Interpretations issued by the Australian Accounting StandardsBoard ('AASB') and the disclosure requirements of AASB 101 'Presentation of Financial Statements', AASB 107'Statement of Cash Flows', AASB 108 'Accounting Policies, Changes in Accounting Estimates and Errors', AASB1048 'Interpretation of Standards' and AASB 1054 'Australian Additional Disclosures', as appropriate for not-for-profit oriented entities

New or amended Accounting Standards and Interpretations adoptedThe incorporated association has adopted all of the new or amended Accounting Standards and Interpretationsissued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.AASB 15 and AASB 1058 were adopted using the modified retrospective approach and as such comparatives havenot been restated. There was no impact on opening retained profits as at 1 July 2019. Any new or amendedAccounting Standards or Interpretations that are not yet mandatory have not been early adopted.

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.

(a) Property, Plant and Equipment (PPE)

Leasehold improvements and office equipment are carried at cost less, where applicable, anyaccumulated depreciation. The depreciable amount of all PPE is depreciated over the useful lives of theassets to the association commencing from the time the asset is held ready for use. Leaseholdimprovements are amortised over the shorter of either the unexpired period of the lease or the estimateduseful lives of the improvements.

(b) Impairment of Assets

At the end of each reporting period, the entity reviews the carrying values of its assets to determinewhether there is any indication that those assets have been impaired. If such an indication exists, therecoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value inuse, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over itsrecoverable amount is expensed to the income statement.

(c) Employee Benefits

Provision is made for the association’s liability for employee benefits arising from services rendered byemployees to the end of the reporting period. Employee benefits have been measured at the amountsexpected to be paid when the liability is settled.

(d) Provisions

Provisions are recognised when the association has a legal or constructive obligation, as a result of pastevents, for which it is probable that an outflow of economic benefits will result and that outflow can bereasonably measured. Provisions are measured at the best estimate of the amounts required to settle theobligation at the end of the reporting period.


6

Notes to the financial statements30 June 2020

(e) Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, and other short-termhighly liquid investments with original maturities of three months or less.

(f) Revenue and Other Income

Revenue from contracts with customersRevenue is recognised at an amount that reflects the consideration to which the incorporated associationis expected to be entitled in exchange for transferring goods or services to a customer. For each contractwith a customer, the incorporated association: identifies the contract with a customer; identifies theperformance obligations in the contract; determines the transaction price which takes into accountestimates of variable consideration and the time value of money; allocates the transaction price to theseparate performance obligations on the basis of the relative stand-alone selling price of each distinctgood or service to be delivered; and recognises revenue when or as each performance obligation issatisfied in a manner that depicts the transfer to the customer of the goods or services promised.

Variable consideration within the transaction price, if any, reflects concessions provided to the customersuch as discounts, rebates and refunds, any potential bonuses receivable from the customer and anyother contingent events. Such estimates are determined using either the 'expected value' or 'most likelyamount' method. The measurement of variable consideration is subject to a constraining principle wherebyrevenue will only be recognised to the extent that it is highly probable that a significant reversal in theamount of cumulative revenue recognised will not occur. The measurement constraint continues until theuncertainty associated with the variable consideration is subsequently resolved. Amounts received thatare subject to the constraining principle are recognised as a refund liability.

GrantsGrant revenue is recognised in profit or loss when the incorporated association satisfies the performanceobligations stated within the funding agreements. If conditions are attached to the grant which must besatisfied before the incorporated association is eligible to retain the contribution, the grant will berecognised in the statement of financial position as a liability until those conditions are satisfied.

Sales revenueEvents, fundraising and raffles are recognised when received or receivable.

Donations and SponsorshipDonations and sponsorship income is recognised at the time the pledge is made.

InterestInterest revenue is recognised as interest accrues using the effective interest method. This is a method ofcalculating the amortised cost of a financial asset and allocating the interest income over the relevantperiod using the effective interest rate.

(g) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount ofGST incurred is not recoverable from the Tax Office. In these circumstances, the GST is recognised aspart of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payablesin the assets and liabilities statement are shown inclusive of GST.

(h) Trade and Other Payables

Trade and other payables represent the liability outstanding at the end of the reporting period for goodsand services received by the association during the reporting period, which remain unpaid. The balance isrecognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

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72 Cavenagh StDarwin NT 0800GPO Box 4640 Darwin NT 0801Australia

Tel: +61 8 8981 7066Fax: +61 8 8981 7493www.bdo.com.au

INDEPENDENT AUDITOR'S REPORT

To the members of Swimming Northern Territory Incorporated

Opinion

We have audited the financial report of Swimming Northern Territory Incorporated (the“Association”), which comprises the statement of financial position as at 30 June 2020,the statement of profit or loss and other comprehensive income, the statement of changesin equity for the year then ended, and notes to the financial report, including a summaryof significant accounting policies, and the Statement by Management Committee.

In our opinion the accompanying financial report presents fairly, in all material respects,the financial position of the Association as at 30 June 2020 and of its financialperformance for the year then ended in accordance with the basis of accounting describedin note 1.

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. Ourresponsibilities under those standards are further described in the Auditor’sresponsibilities for the audit of the Financial Report section of our report. We areindependent of the Association in accordance with ethical requirements of the AccountingProfessional and Ethical Standards Board’s APES 110 Code of Ethics for ProfessionalAccountants (the Code) that are relevant to our audit of the financial report in Australia.We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion.

Emphasis of matter – Basis of accounting

We draw attention to Note 1 to the financial report, which describes the basis ofaccounting. The financial report has been prepared to assist the Association to meet therequirements of Northern Territory Associations Act. As a result, the financial report maynot be suitable for another purpose. Our opinion is not modified in respect of this matter.

Responsibilities of management and those charged with governance for the FinancialReport

Management is responsible for the preparation and fair presentation of the financialreport, and have determined that the basis of preparation described in Note 1 isappropriate to meet the requirements of Northern Territory Associations Act and for suchinternal control as management determines is necessary to enable the preparation andfair presentation of a financial report that is free from material misstatement, whetherdue to fraud or error.

In preparing the financial report, management is responsible for assessing theAssociation’s ability to continue as a going concern, disclosing, as applicable, mattersrelating to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Association or to cease operations, or has norealistic alternative but to do so.

Those charged with governance are responsible for overseeing the Association’s financialreporting process.

Auditor’s responsibilities for the audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as awhole is free from material misstatement, whether due to fraud or error, and to issue anauditor’s report that includes our opinion. Reasonable assurance is a high level ofassurance, but is not a guarantee that an audit conducted in accordance with theAustralian Auditing Standards will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if, individually orin the aggregate, they could reasonably be expected to influence the economic decisionsof users taken on the basis of this financial report.

A further description of our responsibilities for the audit of the financial report is locatedat the Auditing and Assurance Standards Board website(http://www.auasb.gov.au/Home.aspx) at:

http://www.auasb.gov.au/auditors_responsibilities/ar4.pdf

This description forms part of our auditor’s report.

BDO Audit (NT)

C TaziwaAudit Partner

Darwin: 6 October 2020

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