Annual Report 2010/11 - Australian Water Polo Inc

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Statement of Changes in Equity For the Year Ended 30 June 2011 Note Accumulated Funds Total Equity Balance at 1 July 2010 669,145 669,145 Surplus/(Deficit) attributable to the entity 93,476 93,476 Balance as 30 June 2010 762,621 762,621 Profit attributable to the entity 125,801 125,801 Balance as 30 June 2011 888,422 888,422 > Statement of Cash Flows For the Year Ended 30 June 2011 Note 2011 2010 $ $ Cash Flows from Operating Activities 2 Receipts from Grants 2,524,250 1,947,065 Receipts from Other 1,620,993 2,221,389 Payments to Suppliers and Employees (3,969,411) (3,959,311) Interest Received 28,019 20,044 Net Cash inflows/(outflows) from Operating Activities 12b 203,851 229,187 Cash Flows from Investing Activities Payments for Plant and Equipment 8 (1,600) (20,406) Net Cash inflows/(outflows) from Investing Activities (1,600) (20,406) Net Increase/(Decrease) in Cash held 202,251 208,781 Cash at the Beginning of the Financial Year 513,702 304,921 Cash at the End of the Financial Year 12a 715,953 513,702 The accompanying notes form part of these statements. 42 | Australian Water Polo 2010/11 Annual Report
Notes to and forming part of the accounts Note 1: Statement of Accounting Policies These financial statements are special purpose reports which have been prepared specifically for distribution to members in accordance with the Associations constitution and for the purpose of acquitting grants received from the Australian Sports Commission and the Australian Olympic Committee. The Association is of the type identified in Statement of Accounting Concepts 1 as a non-reporting entity. The statements have been prepared in accordance with applicable accounting standards. a) Basis of Preparation The statements have been prepared on an accruals basis from the records of the Association. They are based on historic costs and do not take into account the changing values of money. b) Revenue and Other Income Government grants are recognised as revenue in accordance with the requirements and conditions of the Australian Sports Commission Funding & Service Level Agreement and the Australian Olympic Committee grant. Revenue from the sale of goods is recognised on delivery of the goods to the customer. Interest revenue is recognised over the period for which the funds are invested. All revenue is stated net of the amount of goods and services tax. c) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, foreign currency account, deposits held at call with banks and other short term liquid investments with original maturities of three months or less. d) 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 the acquisition or as part of an item of 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. e) 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. Plant and Equipment Items of plant and equipment are measured on the cost basis less depreciation and impairment losses. The carrying amount of plant and equipment is reviewed annually by management to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts. Depreciation The depreciable amount of all fixed assets, is depreciated on a diminishing value basis over the asset’s useful life commencing 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 rates used for each class of depreciable assets are Computer Equipment - 40%, Furniture Fixtures and Fittings - 20-25%. The assets’ residual values and useful lives are reviewed and adjusted if appropriate, at each statement of financial performance dates. 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 reserve relating to that asset are transferred to retained earnings. Photo Credit: Anthony Pearse, Pearse Photography Australian Water Polo 2010/11 Annual Report | 43
Page 1: Annual Report 2010/11
Page 4 and 5: Office Bearers 2010/11 Honorary Off
Page 6 and 7: Message from the Australian Sports
Page 8 and 9: Chief Executive Officer’s Report
Page 10 and 11: The Women’s High Performance Prog
Page 12 and 13: National Development Report Nationa
Page 14 and 15: National League Report The 2011 sea
Page 16 and 17: A feature of the competition was th
Page 18 and 19: State associations, for aligning th
Page 20 and 21: Senior Women’s Report After our v
Page 22 and 23: Born 93’s The 12 month period fro
Page 24 and 25: Hall of Fame Dinner 2011 The 3rd An
Page 26 and 27: Athletes’ Commission Report The A
Page 28 and 29: National Capitation 2011 senior jun
Page 30 and 31: National Championship Results 2010/
Page 32 and 33: Senior Men European Tour, June 2011
Page 34 and 35: senior women International Series w
Page 36 and 37: orn ‘93 Pythia Cup, Itea, Greece,
Page 38 and 39: Independent Auditor’s Report 38 |
Page 40 and 41: Statement of Comprehensive Income F
Page 44 and 45: Notes to and forming part of the ac
Page 46 and 47: Notes to the financial statements 2
Page 48 and 49: Notes to the financial statements 2
Page 50 and 51: Notes to the financial statements N
Page 52: Australian Water Polo Inc ABN 27 82

Annual Report 2010/11 - Australian Water Polo Inc

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