2011-12 Annual Report - Australian Water Polo Inc

WATER POLO AUSTRALIA 2011/12 ANNUAL REPORT
Notes to the
financial statements
2012 2011
Note 4: CASH & CASH EQUIVALENTS $ $
Cash at Bank 104,775 614,264
US Dollar Foreign Currency Account 102,127 101,689
206,902 715,953
The Association operates a US Dollar Foreign Currency account to hold competition prize money paid by FINA and to pay expenses incurred
in FINA international competitions. The operation of the account removes the uncertainty of fluctuations between the US dollar and Australian
dollar. The amount $102,127 appearing in the statement of financial position is the accumulated value of the transactions at the currency rate
applying at the time of each transaction. At balance date the amount held in the foreign currency account was $USD 104,078 and as at 30 June
2012 its value was $AUD 102,127 at the conversion rate of 1.0191.
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Note 5: ACCOUNTS RECEIVABLE AND OTHER DEBTORS
Current:
Accounts Receivables 432,762 411,595
Provision for bad and doubtful debts (75,000) (31,622)
Other Debtors-FINA 49,063 55,000
Other Debtors -Sponsorship 22,000 48,886
Other Debtors - Staff Advance - 31,935
Other Debtors-Sundry 77,180 36,282
506,005 552,076
(a) Accounts Receivables - Aged Analysis
0-30 days 240,948 298,213
31-60 days 41,354 3,126
61-90 days 27,126 31,970
91+ days 123,334 78,286
432,762 411,595
Note 6: INVENTORIES
Current:
At Cost - 170,720
- 170,720
It was determined that the inventory on hand at 30 June 2012 had little or no realisable value and was fully written off at balance date.