2011-12 Annual Report - Australian Water Polo Inc

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WATER POLO AUSTRALIA 2011/12 ANNUAL REPORT Notes to and forming part of the accounts 48 g) Employee Entitlements Annual Leave Employee Entitlements are measured as the amount unpaid at the reporting at the pay rates expected to be paid in respect of the employee’s service up to that date. Accrued annual leave is treated as a current liability. Sick Leave Unused sick leave does not give rise to a liability as it is not considered probable that sick leave taken in the future will be greater than the benefits accrued in the future. Long Service Leave Long Service Leave is recognised and measured as the present value of expected future payments to be made in respect of services provided by employees to the reporting date. The entitlement for long service leave is measured in accordance with applicable state and federal industrial relations laws. Superannuation The employer’s obligation for employee entitlements is recognised as an expense in the period it relates. Expense is determined based on 9% of employee salaries. h) Trade Payables & Other Payables Trade and other payables are stated at cost which approximates fair value to the short term nature of these liabilities. i) Inventories on Hand Inventories are measured at the lower of cost and net realisable value. j) Income Tax The Association is an exempt body for income tax purposes under Division 50 of the Income Tax Assessment Act 1997. k) Provisions Provisions are recognised when the entity 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 recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period. l) Comparative Figures Where required by Accounting Standards comparative figures have been adjusted to conform to changes in the presentation of the current financial year. m) New Australian Accounting Standards Issued but not Effective At reporting date a number of Australian Accounting Standards have been issued by the Australian Accounting Standards but are not yet operative. These have not been adopted early by Water Polo Australia Incorporated as they have been assessed to be not materially affecting the financial statements. n) Economic Dependence The ongoing viability of the Association is dependent upon the continuing support of the funding bodies and the Member of the Association. Photo Credit: Anthony Pearse, Pearse Photography
WATER POLO AUSTRALIA 2011/12 ANNUAL REPORT Notes to the financial statements 2012 2011 Note 2: REVENUE $ $ (a) High Performance Australian Sports Commission Grants 2,086,250 2,035,000 Australian Olympic Committee Grants 90,000 90,000 Athlete Contributions 449,141 502,175 Sponsorship 68,000 24,949 Sundry 49,079 1,245 2,742,470 2,653,369 (b) Sporting Development Australian Sports Commission Grants 68,500 63,000 Accreditation & Courses 213 5,287 68,713 68,287 (c ) National Water Polo League Australian Sports Commission Grants 40,000 40,000 NWPL Participation Fees 416,099 374,016 Sponsorship 12,500 13,977 Sundry 1,225 91 469,824 428,084 49 (d) National Championships Australian Sports Commission Grants 45,000 - National Championship Fees 60,175 52,104 National Championship Travel - 123,210 Sundry 54,313 - 159,488 175,314 (e) Management and Governance Australian Sports Commission Grants 100,000 - WA State Government Funding 20,000 - Capitation Fees 351,941 382,840 Insurance 65,367 90,392 Merchandise Sales 51,923 180,164 Sponsorship 2,697 66,762 Bank Interest 23,807 28,019 Hall Of Fame 6,023 9,080 Affiliation Fees 600 800 Sundry 11,199 8,695 Member Travel Contributions - 114 Donations - 20,000 Total 633,557 786,866 Total Revenue 4,074,052 4,111,920
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2011-12 Annual Report - Australian Water Polo Inc

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