Annual Report 2015-2016

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40 Aktive Annual Report 2015/2016 1.12 EQUITY Equity is the community’s interest in Aktive, measured as the difference between total assets and total liabilities. Equity is made up of the following components: Accumulated comprehensive revenue and expense Accumulated comprehensive revenue and expense is Aktive’s accumulated surplus or deficit since its formation, adjusted for transfers to/from specific reserves. Reserve fund for continued operations The continued successful operation of Aktive is dependent upon ongoing funding from a variety of sources. As responsible managers of the funds entrusted to it, Aktive seeks to maintain a minimum level of funds to enable Aktive to continue its operations should there be a short term interruption to usual funding levels. This reserve has been established for this purpose. 1.13 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of Aktive’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Judgements In the process of applying Aktive’s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements: Operating lease commitments Aktive has entered into one or more operating leases. Aktive has determined, based on an evaluation of the terms and conditions of the arrangements, such as the lease term not constituting a substantial portion of the economic life of the property, that it does not retain all the significant risks and rewards of ownership of these properties and accounts for the contracts as operating leases. Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. Aktive based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of Aktive. Such changes are reflected in the assumptions when they occur. Useful lives and residual values The useful lives and residual values of assets are assessed using the following indicators to determine potential future use and value from disposal: - The condition of the asset - The nature of the asset, its susceptibility and adaptability to changes in technology and processes - The nature of the processes in which the asset is deployed - Availability of funding to replace the asset - Changes in the market in relation to the asset The estimated useful lives of the asset classes held by Aktive are listed in ‘Property, plant and equipment’ above.
Aktive Annual Report 2015/2016 41 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2016 2016 1. ACCOUNTING POLICIES (REFER TO STATEMENT OF ACCOUNTING POLICIES) 2. REVENUE FROM NON-EXCHANGE TRANSACTIONS KiwiSport funding 2,688,483 Sport New Zealand community sport and other funding 4,465,715 OTHER GRANTS, DONATIONS AND SIMILAR REVENUE Auckland Council 552,000 Grants Income 2,109,059 Total Other grants, donations and similar revenue 2,661,059 TOTAL REVENUE FROM NON-EXCHANGE TRANSACTIONS 9,815,257 Grant revenue includes the following amounts gratefully received; Foundation North $1,196,000, Lion Foundation $50,000, NZ Community Trust $630,000, and Water Safety New Zealand Incorporated $250,000. 3. ANALYSIS OF EXPENSES - TOTAL EXPENSES INCLUDES THE FOLLOWING SPECIFIC EXPENSES Grants - community funding 7,273,210 Leasing, rental and other interest costs 93,606 Trustees and related party expenses 84,335 4. CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES (carrying amounts) FINANCIAL ASSETS (WITHIN STATEMENT OF FINANCIAL POSITION) Loans and Receivables Cash and deposits at bank with maturities of less than 3 months 3,147,183 Short-term investments - maturing within 12 months of balance date 617,532 RECEIVABLES FROM EXCHANGE TRANSACTIONS Trade Receivables Accounts Receivable 55,919 Total Trade Receivables 55,919 TOTAL RECEIVABLES FROM EXCHANGE TRANSACTIONS 55,919 Receivables from non-exchange transactions 637,000 Total Loans and Receivables 4,457,634 TOTAL FINANCIAL ASSETS (within Statement of Financial Position) 4,457,634 FINANCIAL LIABILITIES - AT AMORTISED COST Trade and other payables (465,548) Employee benefits (52,332) Loans and borrowings (121,805) Income in advance (conditions attached) (3,041,759) Total Financial liabilities - at amortised cost (3,681,443)
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Annual Report 2015-2016

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