Annual Statements Give True and Fair View of Financial Position and Performance of Association
The Board 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 Board and in accordance with section 35(2)(c) of the Associations Incorporations Act (SA) 1985 the financial report as set out on the following pages:
- present fairly the results of the operations of the Association and the state of affairs of the Association at the end of the financial year.
- has reasonable grounds to believe that the Association will be able to pay its debts as and when they fall due.
And; the Board states that in accordance with section 35(5) of the Associations Incorporations Act (SA) 1985 that during the financial year ending 30 June 2021:
- No officer of the Association, a firm of which an officer is a member, or a body corporate in which an officer has a substantial financial interest has received or become entitled to receive a benefit as a result of a contract between the officer, a firm of which the officer is a member or a body corporate in which the officer has a substantial financial interest and the Association; and
- No officer of the Association has received directly or indirectly from the Association any payment or other benefit of a pecuniary value other than in the ordinary course of business.
This statement is made in accordance with a resolution of the Board and is signed for and on behalf of the Board by:
Chairperson – Vladimir Malcik
Board Member – Michael Auciello
Dated this 27th day of October 2021
Income and Expenditure Statement for the Year Ended 30 June 2021
| Note | 2021 $ | 2020 $ | |
| Income | |||
| Grant Income | 3 | 1,001,610 | 1,137,953 |
| Fee Income | 4 | 2,802,343 | 1,759,475 |
| Donations & Sponsorship | 7,295 | 18,478 | |
| Interest | 1,188 | 2,790 | |
| Other Income | 25,216 | 765 | |
| Cash-Flow Boost | – | 100,000 | |
| Total Income | 3,837,652 | 3,019,461 | |
| Expenditure | |||
| Administration Costs | 5 | 137,413 | 110,013 |
| Direct Service Costs | 6 | 366,706 | 417,371 |
| Operating Costs | 7 | 88,907 | 127,924 |
| Salaries & Wages | 2,881,309 | 2,343,847 | |
| Other Expenses | – | – | |
| Total Expenditure | 3,474,335 | 2,999,155 | |
| Surplus from Operations | 363,317 | 20,306 | |
| Accumulated funds at the beginning of the year | 586,927 | 566,621 | |
| Accumulated funds at the end of the financial year | 950,244 | 586,927 |
The accompanying notes form part of this financial report.
Assets and Liabilities Statement as at 30 June 2021
| Note | 2021 $ | 2020 $ | |
| Current Assets | |||
| Cash & Cash Equivalents | 8 | 1,062,382 | 473,661 |
| Debtors & Other Receivables | 9 | 145,209 | 183,868 |
| Prepayments | 13,925 | 3,484 | |
| Total Current Assets | 1,221,516 | 661,013 | |
| Non-Current Assets | |||
| Plant and equipment | 10 | 105,672 | 92,596 |
| Leasehold Improvements | 10 | 140,608 | 163,781 |
| Motor Vehicles | 10 | 15,421 | 19,898 |
| Furniture & Fittings | 10 | 8,159 | 10,198 |
| Total Non-Current Assets | 269,860 | 286,473 | |
| Total Assets | 1,491,376 | 947,486 | |
| Current Liabilities | |||
| Grants in Advance | 11 | 147,332 | 93,084 |
| Trade Creditors | 12,443 | 39,637 | |
| Other Creditors & Accruals | 195,540 | 102,183 | |
| Provision for Employee Entitlements | 12 | 164,296 | 125,655 |
| Total Current Liabilities | 519,611 | 360,559 | |
| Non-Current Liabilities | |||
| Provision for Employee Entitlements | 12 | 21,521 | – |
| Total Liabilities | 541,132 | 360,559 | |
| Net Assets | 950,244 | 586,927 | |
| Members Funds | |||
| Members Funds Carried Forward | 586,927 | 566,621 | |
| Current Year Surplus | 363,317 | 20,306 | |
| Total Members Funds | 950,244 | 586,927 |