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 2022:
- 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 – Katherine Hawker
Dated this 28th day of September 2022
Income and Expenditure Statement for the Year Ended 30 June 2022
| Note | 2022 $ | 2021 $ | |
|---|---|---|---|
| Income | |||
| Grant Income | 3 | 1,057,236 | 1,001,610 |
| Fee Income | 4 | 3,141,223 | 2,802,343 |
| Donations & Sponsorship | 36,636 | 7,295 | |
| Interest | 394 | 1,188 | |
| Other Income | 17,779 | 25,216 | |
| Total Income | 4,253,268 | 3,837,652 | |
| Expenditure | |||
| Administration Costs | 5 | 174,935 | 137,413 |
| Direct Service Costs | 6 | 419,110 | 366,706 |
| Operating Costs | 7 | 101,078 | 88,907 |
| Salaries & Wages | 3,536,193 | 2,881,309 | |
| Total Expenditure | 4,231,316 | 3,474,335 | |
| Surplus from Operations | 21,952 | 363,317 | |
| Accumulated funds at the beginning of the year | 950,244 | 586,927 | |
| Accumulated funds at the end of the financial year | 972,196 | 950,244 |
The accompanying notes form part of this financial report.
Assets and Liabilities Statement as at 30 June 2022
| Note | 2022 $ | 2021 $ | |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 8 | 1,141,310 | 1,062,382 |
| Debtors & Other Receivables | 9 | 133,907 | 145,209 |
| Prepayments | 29,047 | 13,925 | |
| Total Current Assets | 1,304,264 | 1,221,516 | |
| Non-Current Assets | |||
| Plant and equipment | 10 | 129,151 | 105,672 |
| Leasehold Improvements | 10 | 112,486 | 140,608 |
| Motor Vehicles | 10 | 11,951 | 15,421 |
| Furniture & Fittings | 10 | 6,527 | 8,159 |
| Total Non-Current Assets | 260,115 | 269,860 | |
| Total Assets | 1,564,379 | 1,491,376 | |
| Current Liabilities | |||
| Grants in Advance | 11 | 52,695 | 147,332 |
| Trade Creditors | 43,614 | 12,443 | |
| Other Creditors & Accruals | 248,732 | 195,540 | |
| Provision for Employee Entitlements | 12 | 200,974 | 164,296 |
| Total Current Liabilities | 546,015 | 519,611 | |
| Non-Current Liabilities | |||
| Provision for Employee Entitlements | 12 | 46,168 | 21,521 |
| Total Liabilities | 592,183 | 541,132 | |
| Net Assets | 972,196 | 950,244 | |
| Members Funds | |||
| Members Funds Carried Forward | 950,244 | 586,927 | |
| Current Year Surplus | 21,952 | 363,317 | |
| Total Members Funds | 972,196 | 950,244 |
The accompanying notes form part of this financial report.
Independent Audit Report to the members of Brain Injury Network of South Australia Inc
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Brain Injury Network of South Australia Inc.(‘the Association’), which comprises the Assets and liabilities statement as at 30 June 2022, the income and expenditure statement, statement of changes in equity and statement of cash flows for the year then ended, notes to the financial statements and the board’s declaration.
In our opinion the financial report of Brain Injury Network of South Australia Inc. has been prepared in accordance with Division 60 of the Australian Charities and Not‑for‑profits Commission Act 2012, including:
- (i) giving a true and fair view of the Association’s financial position as at 30 June 2022 and of its financial performance for the year ended; and
- (ii) complying with Australian Accounting Standards to the extent described in Note 1, and Division 60 of the Australian Charities and Not‑for‑profits Commission Regulation 2013.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Association in accordance with the auditor independence requirements of the Australian Charities and Not‑for‑profits Commission Act 2012 (ACNC Act) and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (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 to provide 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 of accounting. The financial report has been prepared for the purpose of fulfilling the Association’s financial reporting responsibilities under the ACNC Act. As a result, the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.
Responsibilities of Management and Those Charged with Governance
The board members of the Association 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 ACNC Act and the needs of the members. The Association’s responsibility also includes such internal control as the board determines 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.
In preparing the financial report, the board members are responsible for assessing the Association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board members either intend to liquidate the Association or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit 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 Association’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Association.
- Conclude on the appropriateness of the responsible Association’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Brain Injury Network of South Australia Inc.’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Brain Injury Network of South Australia Inc. to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
PKF Adelaide
Yi Jia Tan CA, RCA
Director – Audit and Assurance
Lvl 9, 81 Flinders Street, Adelaide SA
Dated this 28th day of September 2022
