AFGHAN AUSTRALIAN NOOR
ASSOCIATION INCORPORATED
ABN 99 705 876 735
Financial Statements
For the Year ended 30 June 2018
AFGHAN AUSTRALIAN NOOR
ASSOCIATION INCORPORATED
Annual Report
for the Year Ended 30 June 2018
Contents Page
Income and Expenditure Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Assets and Liabilities Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Notes to the Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Committee's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Statement by Members of the Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED
Income and Expenditure Statement
For the Year ended 30 June 2018
2018 2017 $ $
Revenue General Donations 238,560 216,655 Other Donations 529,208 42,297 Grants 39,206 - Other Income 21,123 46,000 Interest Received
- Related Corporations 5,000 21,827 - Other Corporations 607 221
Proceeds on Sale of Non-current Assets 3,462,616 - 4,296,320 327,000
Expenditure Accountancy Fees - 3,300
Bank Charges 20 172
Depreciation - Office Furniture & Equipment 1,250 - Donation Disbursements 220,070 150,732 Electricity 2,439 5,821 Event Expenses 16,700 32,319 Insurance 110 7,840 Interest Paid
- Other Persons/Corporations 29,504 22,877 Printing & Stationery - 164
Rates & Taxes - 5,132
Rent 2,196 - Repairs & Maintenance 2,099 - Salaries & Wages 37,452 - School Expenses 18,040 28,440 Superannuation Contributions 3,558 - Telephone 270 1,031 Waste Disposal - 3,990
333,708 261,818
Net Surplus 3,962,612 65,182
Operating Surplus at the beginning of the financial year 129,068 63,886
Operating Surplus at the end of the financial year 4,091,680 129,068
The accompanying notes form part of these financial statements.
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AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED
Assets and Liabilities Statement
As at 30 June 2018
Note 2018 2017 $ $
Current Assets Cash and Cash Equivalents 5 60,839 133,787 Trade and Other Receivables 7 4,100,116 917,300 Current Tax Assets 8 155 23 Total Current Assets 4,161,110 1,051,110
Total Assets 4,161,110 1,051,110
Current Liabilities Trade and Other Payables 10 9,830 - Short-Term Financial Liabilities 11 40,520 907,054 Other 12 3,558 - Total Current Liabilities 53,908 907,054
Non-Current Liabilities Long-Term Financial Liabilities 11 15,522 14,988 Total Non-Current Liabilities 15,522 14,988
Total Liabilities 69,430 922,042
Net Assets 4,091,680 129,068
Equity Operating Surplus 4,091,680 129,068
Total Equity 4,091,680 129,068
The accompanying notes form part of these financial statements.
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AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED
Notes to the Financial Statements
For the Year ended 30 June 2018
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements cover Afghan Australian Noor Association Incorporated as an individual
entity. Afghan Australian Noor Association Incorporated is an association incorporated in NSW
under the Associations Incorporation Act.
Basis of Preparation The financial statements are general purpose financial statements that have been prepared in
accordance with Australian Accounting Standards (including Australian Accounting Interpretations)
of the Australian Accounting Standards Board (AASB) and the Associations Incorporations Act.
The association is a not-profit entity for financial reporting purposes under 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
and conditions to which they apply. Compliance with Australian Accounting Standards ensures that
the financial statements and notes also comply with International Financial Reporting Standards
(IFRS). Material accounting policies adopted in the preparation of the financial statements are
presented below and have been consistently applied unless stated otherwise.
The financial statements 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.
(a) Cash and Cash Equivalents
Cash 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 borrowings in current liabilities on the
statement of financial position.
(b) Employee Benefits
Provision is made for the association’s liability for employee benefits arising from services
rendered by employees to the end of the reporting period. Employee benefits that are
expected to be settled within one year have been measured at the amounts expected to be paid
when the liability is settled. 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. In determining the liability, consideration is given to employee wage increases and
the probability that the employees may not satisfy vesting requirements. Those cash outflows
are discounted using market yields on national government bonds with terms to maturity that
match the expected timing of cash flows.
(c) Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost or fair value as indicated less,
where applicable, any accumulated depreciation and impairment losses.
The accompanying notes form part of these financial statements.
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AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED
Notes to the Financial Statements
For the Year ended 30 June 2018
Depreciation The 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 association. 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 each 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 and losses are included in the statement of comprehensive income.
When revalued assets are sold, amounts included in the revaluation relating to that asset are
transferred to retained earnings.
(d) Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of assets
that necessarily take a substantial period of time to prepare for their intended use or sale, are
added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are
incurred.
(e) Trade and Other Receivables
Trade receivables are recognised initially at the transaction price (i.e. cost) and are
subsequently measured at cost less provision for impairment. Receivables expected to be
collected within 12 months of the end of the reporting period are classified as current assets.
All other receivables are classified as non-current assets.
At the end of each reporting period, the carrying amount of trade and other receivables are
reviewed to determine whether there is any objective evidence that the amounts are not
recoverable. If so, an impairment loss is recognised immediately in statement of
comprehensive income.
The accompanying notes form part of these financial statements.
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AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED
Notes to the Financial Statements
For the Year ended 30 June 2018
(f) Revenue and Other Income
Revenue is measured at the fair value of the consideration received or receivable after taking
into account any trade discounts and volume rebates allowed. Any consideration deferred is
treated as the provision of finance and is discounted at a rate of interest that is generally
accepted in the market for similar arrangements. The difference between the amount initially
recognised and the amount ultimately received is interest revenue.
Interest revenue is recognised using the effective interest method, which for floating rate
financial assets is the rate inherent in the instrument.
Revenue from the provision of membership subscriptions is recognised over the financial
year.
Revenue from the rendering of a service is recognised upon the delivery of the service to the
customer.
All revenue is stated net of the amount of goods and services tax (GST).
(g) Trade and Other Payables
Trade and other payables represent the liabilities at the end of the reporting period for goods
and services received by the association that remain unpaid. Trade payables are recognised at
their transaction price. Trade payables are obligations on the basis of normal credit terms.
(h) Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform
to changes in presentation for the current financial year. Where the association has
retrospectively applied an accounting policy, made a retrospective restatement of items in the
financial statements or reclassified items in its financial statements, an additional statement of
financial position as at the beginning of the earliest comparative period will be disclosed.
(i) Critical Accounting Estimates and Judgments
The committee members evaluate 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 association.
The accompanying notes form part of these financial statements.
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AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED
Notes to the Financial Statements
For the Year ended 30 June 2018
Key Estimates - Impairment The association assesses impairment at the end of each reporting period by evaluation of
conditions and events specific to the association that may be indicative of impairment
triggers. Recoverable amounts of relevant assets are reassessed using value-in-use
calculations which incorporate various key assumptions.
(j) New Accounting Standards for Application in Future Periods
The AASB has issued new and amended Accounting Standards and Interpretations that have
mandatory application dates for future reporting periods. The association has decided not to
early adopt any of new and amended pronouncements and that it would not have any material
effect on the association’s financial statements.
The accompanying notes form part of these financial statements.
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AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED
Notes to the Financial Statements
For the Year ended 30 June 2018
2018 2017 $ $
2. Revenue
Revenue Donations & Bequests 828,097 304,952
828,097 304,952
Other Income Interest Received 5,607 22,048 Proceeds on Sale of Non-current Assets 3,462,616 -
3,468,223 22,048
4,296,320 327,000
3. Surplus
Expenses Employee Benefits Expense 41,010 - Depreciation and Amortisation Expenses 1,250 - Bank Charges 20 172 Insurance 110 7,840 Printing & Stationery - 164 Rates & Taxes - 5,132
Rent 2,196 - Repairs & Maintenance 2,099 - Telephone 270 1,031 Other Expenses 257,249 224,602
304,204 238,941
4. Finance Costs
Interest Paid - Other Persons/Corporations 29,504 22,877
29,504 22,877
5. Cash and Cash Equivalents
WBC Account #*6446 15,307 48,555 CBA Account #*1588 2,078 37,962 CBA Account #*6845 1,854 341 CBA Account #*6853 5,198 8,728
The accompanying notes form part of these financial statements.
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AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED
Notes to the Financial Statements
For the Year ended 30 June 2018
2018 2017 $ $
WBC Account #*6135 3,183 6,179 WBC Account #*6151 27,707 27,561 WBC Account #*7824 46 - WBC Account #*8687 5,466 4,461
60,839 133,787
Reconciliation of Cash Cash and Cash Equivalents 60,839 133,787 Bank Overdrafts - (54)
60,839 133,733
6. Cash Flow Information
Reconciliation of Cash Flow from Operations with Surplus after Income Tax
Surplus 3,962,612 65,182
Adjustments for Non-Cash Components in
Profit:
Depreciation 1,250 -
Changes in Assets and Liabilities Decrease in Income Tax Payable (132) -
Increase in Loans Receivable (2,349,296) - Increase in Trade and Other Receivables (1,700,000) - Increase in Trade and Other Payables 13,388 -
Increase in Member Contribution 534 -
Asset Purchase (1,250) -
Net Cash Increase in Cash Held (72,894) 65,182
7. Trade and Other Receivables
Current Term Debtors Term Deposit 1,000,000 - Term Deposit 700,000 - Loans - Unsecured AA Noor Limited 2,100,116 917,300 Mohammad Reza Safdari 300,000 -
4,100,116 917,300
Total Trade and Other Receivables 4,100,116 917,300
The accompanying notes form part of these financial statements.
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AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED
Notes to the Financial Statements
For the Year ended 30 June 2018
2018 2017 $ $
8. Tax
Current Assets Current Tax Asset 155 23
155 23
Net Tax Assets (155) (23)
9. Property, Plant and Equipment
Plant and Equipment Office Furniture & Equipment 1,250 - Less Accumulated Depreciation & Impairment 1,250 -
10. Trade and Other Payables
Current Other Creditors 9,830 -
Total Trade and Other Payables 9,830 -
11. Financial Liabilities
Current WBC Account #*7824 - 54 Loans - Unsecured Ahmadshah Bakhtiari - 115,000
Ali Ahmad Ali - 100,000
Assad Backtiari - 150,000
Mohammad Amir Karimi - 90,000
Various 40,520 452,000
40,520 907,054
Non-Current Member Loans
- Member Contributions 15,522 14,988 15,522 14,988
Total Financial Liabilities 56,042 922,042
The accompanying notes form part of these financial statements.
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AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED
Notes to the Financial Statements
For the Year ended 30 June 2018
2018 2017 $ $
12. Other
Current Accrued Charges 3,558 -
3,558 -
13. Association Details
The registered office of the company is:
Afghan Australian Noor Association Incorporated
37 Cowper Street, Granville NSW 2142
The principal place of business is:
Afghan Australian Noor Association Incorporated
37 Cowper Street, Granville NSW 2142
The accompanying notes form part of these financial statements.
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AFGHAN AUSTRAT .TAN NOOR ASSOCIATION INCORPORATED
Statement by Members of the Commiuee
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2. A, 1hP da1e of 1h1s slatement. t.lwre are n:.i:.onablc ground� tv bl'iiL"\C lli..11 Af_ghau Aus1taUJJI'\Joor Association locorpormt-d will be uble lo pa) · ib dcbb a:. and v.,hcn ltwy fall Jui.•.
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AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED
Independent Auditors' Report
to the Members of
AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED
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AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED
Independent Auditors' Report
to the Members of
AFGHAN AUSTRALIAN NOOR ASSOCIATION INCORPORATED
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