ski & snowboard australia limited 31 october 2014
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Ski & Snowboard Australia Limited
Contents
Page
Directors' Report 3-6
Auditor's Independence Declaration 7
Statement of Profit or Loss and Other Comprehensive Income 8
Statement of Financial Position 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Financial Statements 12-19
Directors' Declaration 20
Auditor's Report 21-22
3
Ski & Snowboard Australia Limited
ACN 063 859 423
Directors' Report
Your Directors present their report on Ski and Snowboard Australia Limited for the financial
year ended 31 October 2014.
Directors
The names of the directors in office at any time during or since the end of the year are:
Dean Gosper
Nicholas Kennedy
Kim Clifford
Suzie Warwick
Hugh Whan
Manuela Berchtold
Richie Biggins
Steve Cooper
Directors have been in office since the start of the financial year to the date of this report unless
otherwise stated.
Principal activities
The principal activities of the company during the year were the administration of the sports of skiing
and snowboarding in Australia. No significant changes in the nature of these activities occurred during
the financial year.
The entity's short-term objectives are to:
- Ensure Australia remains a successful nation at World Cup, World Championships and Olympic Games.
- Increase participation and community interest in competitive Snow Sports at all levels.
- Strengthen network of coaches, volunteers, technical officials and administrators who provide support of
competitive Snow Sports in Australia.
- Generate financial resources and provide effective administration, and communication.
The entity's long-term objectives are to:
- Create Snow Sports champions by providing clear and supported athlete pathways.
To achieve these objectives, the entity has adopted the following strategic priorities:
- High Performance
- Sport Development & Participation
- People Development
- Business Development
Key Performance Measures
The company measures its own performance through the use of both qualitative and quantitative
benchmarks. The benchmarks are used by the directors to assess the financial sustainability of the
company and whether the company's short term and long-term objectives are being achieved.
4
Ski & Snowboard Australia Limited
ACN 063 859 423
Directors' ReportInformation on Directors
Dean Gosper
Qualifications Degree in Law and Bachelor of Economics.
Experience
Nicholas Kennedy
Qualifications Graduate Management Program UNSW.
Experience
Kim Clifford
Qualifications Associated Degree in Applied Science, JP NSW.
Experience
Suzie Warwick
Qualifications
Experience
Hugh Whan
Qualifications Fellow of Recruitment Consulting Services Association.
Experience
Manuela Berchtold
Qualifications
Experience
Director of SSA since 1997.
Chairman 97-2003.
Chair Audit Committee and Finance Committee of SSA.
SSA Remuneration Committee.
Served on the SSA Board since 1997.
President of SSA since 2004.
Member of International Ski Federation Council.
Director SSA since 2009.
Skills based board member Tourism Snowy Mountains since 2009.
Board of Marketing Snow Australia since 2011.
40 Years of experience in the Australian Tourism.
Ski Resort business.
1976 Olympian - Alpine Skiing.
BA Communications, Member of Women In Sport.
Board Member SSA since 2009.
Director, Wow Factor Productions – 10 years.
CEO OvCa (Ovarian Cancer Australia) 2 years.
Media/Marketing Sport, SOCOG (Sydney Organising Committee Olympic
Games) – 2 years.
Account Director, Sports Marketing & Management/Javelin Communications –
5 years.
Advanced Diploma in Medial Massage.
Cert 3 + 4 Fitness Instructor.
Director of SSA since 2009.
Olympian 2002 and 2006.
Director and Founder of Future Olympian Scholarship Program since 2002.
Owner and Founder of High Country Fitness.
Campus Director for Aust Institute of Personal Trainers.
SSA Athlete Commission representative.
5
Ski & Snowboard Australia Limited
ACN 063 859 423
Directors' ReportRichie Biggins
Qualifications Advertising and Marketing.
Experience
Steve Cooper
Qualifications Diploma Visual Arts Education.
Experience
Meeting of Directors
During the financial year, 5 meetings of directors were held.
Attendances by each director were as follows:
Number
eligible to
attend Number attended
Dean Gosper 5 5
Nicholas Kennedy 5 4
Kim Clifford 5 5
Suzie Warwick 5 4
Hugh Whan 5 5
Manuela Berchtold 5 5
Richie Biggins 5 5
Steve Cooper 5 3
Members guarantee:
The entity is incorporated under the Corporations Act 2001 and is an entity limited by guarantee.
If the entity is wound up, the constitution states that each member is required to contribute a maximum
of $1 each towards meeting any outstanding obligations of the entity.
At 31 October 2014, the total amount that members of the company are liable to contribute
if the company is wound up is $365 (2013: $395)
Directors' Meetings
1988 Olympian - Alpine Skiing.
More than 20 years in the Media and Advertising industry working in Radio,
Digital and Mobile.
Expertise in Commercial Sales and Sponsorship, change management, sales
management and product management.
Board Member of SSA since 2010.
Board Member of NSW Snowsports since 2005.
Chair of NSW Interschool's Snowsports since 2003.
Chair of NSW Freestyle Snowsports since 2005.
National SSA Freestyle Committee member since 2005.
Currently employed as the Deputy Principal of Jindabyne Central School - NSW.
Member of SSA Freestyle Committee.
National Participation & Development involvement through position as Chair of
NSW Interschool's Snowsports.
Chair of Interschool's Australia.
8
for the year ended 31 October 2014
Note 2014 2013
$ $
Revenue 2 2,777,175 2,659,369
SSA - Program Operation and Grants (1,504,363) (1,272,088)
Employee benefits expenses 3 (533,189) (466,316)
OWI - Program Operation (241,000) (241,000)
NSWIS/VIS - Program Operation (215,000) (277,113)
SSA - Other Discipline Expenses (154,682) (103,554)
Depreciation and amortisation expenses 3 (11,430) (12,873)
Other expenses 3 (140,991) (200,945)
Profit (Loss) before income tax (23,479) 85,480
Income tax expense 1 - -
Profit (Loss) for the year (23,479) 85,480
Other comprehensive income for the year, net of
income tax - -
Total comprehensive income (loss) for the year (23,479) 85,480
Ski & Snowboard Australia Limited
ACN 063 859 423
Statement of Profit or Loss and Other
Comprehensive Income
The accompanying notes form part of these financial statements.
9
Statement of Financial Positionas at 31 October 2014
Note 2014 2013
$ $
Current assets
Cash 5 846,301 640,451
Trade and other receivables 6 138,452 701,851
Other current assets 7 41,799 77,403
Total current assets 1,026,552 1,419,705
Non-current assets
Property, plant and equipment 8 86,632 88,809
Total non-current assets 86,632 88,809
Total assets 1,113,184 1,508,514
Current liabilities
Trade and other payables 9 674,120 1,061,327
Provisions 10 29,149 19,867
Total current liabilities 703,269 1,081,194
Non-current liabilities
Provisions 10 20,741 14,667
Total non-current liabilities 20,741 14,667
Total liabilities 724,010 1,095,861
Net assets 389,174 412,653
Equity
Retained earnings 389,174 412,653
Total equity 389,174 412,653
Ski & Snowboard Australia Limited
ACN 063 859 423
The accompanying notes form part of these financial statements.
10
Statement of Changes in Equityfor the year ended 31 October 2014
Retained
Earnings Total
$ $
Balance at 1 November 2012 327,173 327,173
Total comprehensive income for the year 85,480 85,480
Balance at 31 October 2013 412,653 412,653
Balance at 1 November 2013 412,653 412,653
Total comprehensive income for the year (23,479) (23,479)
Balance at 31 October 2014 389,174 389,174
Ski & Snowboard Australia Limited
ACN 063 859 423
The accompanying notes form part of these financial statements.
11
Statement of Cash Flowsfor the year ended 31 October 2014
Note 2014 2013
$ $
Cash flows from operating activities
Receipts from operations 3,321,983 2,166,064
Payments to suppliers and employees (3,115,206) (2,596,028)
Interest received 18,592 22,800
Finance costs (10,266) (9,074)
Net cash provided by (used in) operating
activities 215,103 (416,238)
Cash flows from investing activities
Purchase of property, plant and equipment (9,253) (3,464)
Net cash used in investing activities (9,253) (3,464)
Net change in cash and cash equivalents held 205,850 (419,702)
Cash at beginning of financial year 640,451 1,060,153
Cash at end of financial year 5 846,301 640,451
Ski & Snowboard Australia Limited
ACN 063 859 423
The accompanying notes form part of these financial statements.
12
Notes to the financial statementsfor the year ended 31 October 2014
1 Statement of significant accounting policies
Basis of preparation
Ski and Snowboard Australia Limited applies Australian Accounting Standards - Reduced Disclosure
Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards and
AASB 2010-2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements.
The financial statements are general purpose financial statements that have been prepared in accordance
with Australian Accounting Standards - Reduced Disclosure Requirements of the Australian Accounting
Standards Board (AASB) and the Corporations Act 2001. The company is a not-for-profit entity for
financial reporting purposes under the Australian Accounting Standards.
Australian Accounting Standards set out accounting policies that the AASB has concluded would
result in financial statements containing relevant and reliable information about transactions, events
are presented below and have been consistently applied unless otherwise stated.
The financial statements, except for the cash flow information, have been prepared on an accruals basis
and are based on historical costs, modified, where applicable, by the measurement at fair value of
selected non-current assets, financial assets and financial liabilities. The amounts presented in the financial
statements have been rounded to the nearest dollar.
Accounting policies
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
company and the revenue can be reliably measured. The following specific recognition criteria must
also be met before revenue is recognised:
Grant Revenue
Generally, grant revenue is recognised as income over the periods necessary to match them with
related costs which they are intended to compensate, on a systematic basis. For any grants that have
been received in the current year and related costs are likely to incur in the future accounting period, they
are recognised as deferred income.
Interest
Revenue is recognised when the company's right to receive payment is established.
Income Tax
Div 50 of the Income Tax Assessment Act 1997.
Ski & Snowboard Australia Limited
ACN 063 859 423
and conditions. Material accounting policies adopted in the preparation of the financial statements
The Company is classified as a sports association and is therefore exempt from Income Tax under
13
Notes to the financial statementsfor the year ended 31 October 2014
1 Statement of significant accounting policies
Ski & Snowboard Australia Limited
ACN 063 859 423
Cash and Cash Equivalents
Cash comprises cash on hand, deposits held at-call with banks and other short-term deposits.
For the purposes of the Statement of Cash Flows, cash includes cash on hand and in banks, and money
market investments readily convertible to cash within two working days, net of outstanding bank
overdrafts. Bank overdrafts are carried at the principal amount. Interest is charged as an expense as
it accrues.
Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any
accumulated depreciation and impairment losses.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the Company and the cost of the item can be measured reliably. All other repairs and maintenance
are charged to profit or loss during the financial period in which they are incurred.
Depreciation
Depreciation is provided using the straight line method on all plant and equipment and buildings, and on a
reducing balance basis for motor vehicles.
The depreciation rates used for each class of depreciable assets are:
Asset Class Depreciation Rate
Buildings 10%
Office furniture and equipment 40 - 50%
Motor Vehicles 23%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting
period date. 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 profit or loss and other comprehensive income.
Trade and Other Payables
Trade and other payables represent the liability outstanding at the end of the reporting period for
goods and services received by the Company during the reporting period, which remain unpaid.
Employee Benefits
Liabilities for employee benefits arising from services rendered by employees to reporting date,
which are expected to be settled within one year have been measured at the amounts
expected to be paid when the liability is settled, plus related on-costs.
Employee benefits payable later than one year have been measured at the present value of the
estimated future cash outflows to be made for those benefits.
14
Notes to the financial statementsfor the year ended 31 October 2014
1 Statement of significant accounting policies
Ski & Snowboard Australia Limited
ACN 063 859 423
Provisions
Provisions are recognised when the Company has a legal or constructive obligation, as a result of past
events, for which it is probable that an outflow of economic benefits will result and that outflow can
be reliably measured.
Provisions are measured using the best estimate of amounts required to settle the obligation at the end
of the reporting period.
Impairment of assets
comprehensive income.
Financial Instruments
Initial recognition and measurement
Financial assets and financial liabilities are recognised when the entity becomes a party to
the contractual provisions of the instrument. For financial assets, this is equivalent to the date that
the Company commits itself to either purchase or sell the asset.
Financial instruments are initially measured at fair value plus transaction costs where the instrument is
not classified as at fair value through profit or loss. Transaction costs related to instruments classified
as at fair value through profit or loss are expensed to profit or loss immediately. Financial
instruments are classified and measured as set out below.
Classification and subsequent measurement
Receivables
Receivables are financial assets with fixed or determinable payments that are not quoted in an
active market and are stated at amortised cost.
Financial liabilities
Non-derivative financial liabilities are subsequently measured at amortised cost.
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. 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
component of investing and financing activities, which are disclosed as operating cash flows.
Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to
changes in presentation for the current financial year.
value over its recoverable amount is expensed to the statement of profit or loss and other
At each reporting date, the Company reviews the carrying values of its tangible 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
15
Notes to the financial statementsfor the year ended 31 October 2014
1 Statement of significant accounting policies
Ski & Snowboard Australia Limited
ACN 063 859 423
Critical accounting estimates and judgments
The Company evaluates estimates and judgments incorporated into the financial statements based on
historical knowledge and best available current information. Estimates assume a reasonable expectation
of future events and are based on current trends and economic data, obtained both externally and
within the Company. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period or in the period of the revision and future periods if the revision affects both current and future
periods.
Key estimates — Impairment of non-financial assets
The Company assesses impairment at each reporting date by evaluating conditions and events specific
to the Company that may be indicative of impairment triggers. Recoverable amounts of relevant assets
are reassessed using value-in-use calculations which incorporate various key assumptions.
16
Notes to the financial statementsfor the year ended 31 October 2014
2014 2013
$ $
2 Revenue
Government Grants 926,124 1,051,820
Programme Fees 962,056 838,002
Other Grants 344,463 234,116
Corporate Sponsorship 136,750 129,500
Subscriptions and Affiliation Fees 36,718 46,184
Interest received 18,592 22,800
Other Income 352,473 336,947
Total revenue 2,777,175 2,659,369
3 Expenses
Employee benefits expense includes:
Administration staff salary related costs 492,329 428,996
Contributions to employee superannuation funds 40,860 37,320
533,189 466,316
Depreciation and amortisation expense
Office furniture and equipment 9,123 9,896
Motor Vehicles 2,307 2,977
Total depreciation and amortisation expense 11,430 12,873
Other expenses include:
Finance costs paid 10,266 9,074
4 Key management personnel compensation
Total remuneration paid to key management and
discipline coordination personnel of the Company.
Included amounts drawn from administration staff salary
related costs and discipline program staff costs 393,912 365,390
Ski & Snowboard Australia Limited
ACN 063 859 423
17
Notes to the financial statementsfor the year ended 31 October 2014
2014 2013
$ $
Ski & Snowboard Australia Limited
ACN 063 859 423
5 Cash
Cash at bank 846,301 640,451
846,301 640,451
Bank Overdraft Facility
At balance date and prior year, the company had unused,
unsecured overdraft facility amounting to $75,000.
6 Trade and other receivables
Current
Trade receivables 141,958 714,304
Provision for doubtful debts (3,506) (12,453)
138,452 701,851
7 Other assets
Current
Prepayments 41,799 77,403
41,799 77,403
8 Property, plant and equipment
Land and buildings
Land - at cost (a) 70,000 70,000
Buildings - at cost (a) 30,000 30,000
Less: accumulated depreciation (30,000) (30,000)
70,000 70,000
Office furniture and equipment
At cost 31,539 22,286
Less: accumulated depreciation (22,854) (13,731)
8,685 8,555
Motor Vehicles
At cost 31,364 31,364
Less: accumulated depreciation (23,417) (21,110)
7,947 10,254
Total property, plant and equipment 86,632 88,809
18
Notes to the financial statementsfor the year ended 31 October 2014
2014 2013
$ $
Ski & Snowboard Australia Limited
ACN 063 859 423
(a) These amounts relate to land and buildings at Lilydale (Vic) purchased for a training facility.
Title is subject to subdivision. Should clear title not be available and the property is sold to a
third party, the consideration paid will be refunded.
(b) Movements in carrying amounts
9 Trade and other payables
Current
Deferred income 167,947 412,071
Other creditors and accrued expenses 306,173 499,256
Ski and Snowboard Foundation (a) 200,000 150,000
674,120 1,061,327
(a)
Snowboard Foundation) with the objective of obtaining sponsorship, funding, and providing
support to maintain ski and snowboard activities to current and future Ski and Snowboard
Australia athletes.
Movements in the carrying amounts for each class of property, plant and equipment between the
beginning and end of the current financial year:
Contribution obligations in respect of the establishment of a charitable foundation (Ski and
Land &
Buildings
Office furniture & equipment
Motor Vehicles
Total
$ $ $ $
Balance at the beginning of the year
70,000 8,555 10,254 88,809
Additions/ - 9,253 - 9,253
Disposals
Depreciation expense - (9,123) (2,307) (11,430)
Balance at the end of the year
70,000 8,685 7,947 86,632
19
Notes to the financial statementsfor the year ended 31 October 2014
2014 2013
$ $
Ski & Snowboard Australia Limited
ACN 063 859 423
10 Provisions
Current
Annual leave 23,539 15,915
Long-service leave 5,610 3,952
29,149 19,867
Non-current
Long-service leave 20,741 14,667
20,741 14,667
11 Contingent assets and liabilities
The Company has no contingent assets or liabilities as at year end (2013: Nil).
12 Events after the reporting date
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 (2013: Nil)
13 Related party transactions
There were no transactions with directors or director related parties during the year ended
31 October 2014 (2013: Nil).
14 Financial risk management
The Company's financial instruments consist mainly of deposits with banks, local money market
instruments, short-term investments, accounts receivable and payable.
The totals for each category of financial instruments, measured in accordance with AASB 139
as detailed in the accounting policies in Note 1 to these financial statements, are as follows:
Note
Financial Assets
Cash 5 846,301 640,451
Trade and other receivables 6 129,584 701,851
Total Financial Assets 975,884 1,342,302
Financial Liabilities
Trade and other payables 9 306,173 457,134
Total Financial Liabilities 306,173 457,134
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