SURF LIFE SAVING AUSTRALIA ANNUAL REPORT 2007–08

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2008 (m) Government Grants Government grants are recognized at fair value where there is reasonable assurance that the grant will be received and all grant conditions will be met. Grants relating to expense items are recognized as income over the periods necessary to match the grant to the costs they are compensating. Grants relating to assets are credited to deferred income at fair value and are credited to income over the expected useful life of the asset on a straight line basis. (n) Critical Accounting Estimates and Judgments Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Directors evaluate estimates and judgments incorporated in the fi nancial report based on historical knowledge and best available current information. Disclosure New Accounting Standards AASB 8 'Operating Segment' and consequential amendments to other accounting standards resulting from its issue Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and from within the consolidated group. Key Estimates—Impairment The consolidated group assesses impairment at each reporting date by evaluating conditions specifi c to the company that may lead to the impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is determined. (o) Disclosure New Accounting Standards The following Australian Accounting Standards have been issued or amended and are applicable to the parent and consolidated entity but are not yet effective. They have not been adopted in preparation of the fi nancial statements at reporting date. Effective for annual reporting periods beginning on or after 1 January 2009 AASB 101 'Presentation of Financial Statements'—revised standard Effective for annual reporting periods beginning on or after 1 January 2009 AASB 123 'Borrowing Costs' - revised standard Effective for annual reporting periods beginning on or after 1 January 2009 AASB 3 'Business Combinations' - revised standard Effective for annual reporting periods beginning on or after 1 January 2009 AASB 127 Consolidated and Separate Financial Statements'—revised standard Effective for annual reporting periods beginning on or after 1 January 2009 AASB 2008-1 Amendments to Australian Accounting Standard —Share-based Payments: Vesting Conditions and Cancellations AASB 2008-2 Amendments to Australian Accounting Standards —Puttable Financial Instruments and Obligations arising on Liquidation AASB 2008-5 Amendments to Australian Accounting Standards arising from the Annual Improvements Project AASB 2008-6 Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project AASB 2008-7 Amendments to Australian Accounting Standards —Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate AASB 2008-8 Amendments to Australian Accounting Standards —Eligible Hedged Items Effective for annual reporting periods beginning on or after 1 January 2009 Effective for annual reporting periods beginning on or after 1 January 2009 Effective for annual reporting periods beginning on or after 1 January 2009 Effective for annual reporting periods beginning on or after 1 January 2009 Effective for annual reporting periods beginning on or after 1 January 2009 Effective for annual reporting periods beginning on or after 1 July 2009 Interpretation 4 'Determining whether an Arrangement contains a Lease'—revised Effective for annual reporting periods beginning on or after 1 January 2008 Interpretation 12 'Service Concession Arrangements' Effective for annual reporting periods beginning on or after 1 January 2008 Interpretation 13 'Customer Loyalty Programmes' Effective for annual reporting periods beginning on or after 1 July 2008 The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material fi nancial impact on the fi nancial statements of the entity. The application of AASB 8 and AASB 101 (revised) will not affect any of the amounts recognised in the fi nancial statements, but will change the disclosure presently made in relation to the entity’s fi nancial statements. 72 SURF LIFE SAVING AUSTRALIA—ANNUAL REPORT 2007–08
2. REVENUE 2008 $ Consolidated Parent Entity Government grants 7,407,248 7,693,678 7,407,248 7,693,678 Sponsorship 9,512,512 8,843,146 6,548,483 6,221,488 Fundraising and donations 2,806,075 2,664,320 6,512 106,348 Contract revenue 1,871,967 4,223,955 – – Other revenue 1,232,506 1,100,615 1,102,729 496,220 Interest 480,550 451,592 285,975 273,322 Net profi t/(loss) on disposal of fi xed assets 2,227,855 (81,392) (5,563) (2,543) Sales 432,549 428,783 432,549 428,783 Unrealised profi t on managed funds 188,225 423,643 146,843 423,643 ATO imputation credit on donation – 280,279 – 280,279 Hire of helicopter 11,510 399,830 – – Royalty and trademark revenue 237,856 317,587 237,856 317,587 Club payment for subsidized rescue equipment 418,929 292,126 418,929 292,126 Rotor blade grant – 230,000 – – Redundancy reimbursement grant 269,432 – – – Staff retention grant – 197,359 – – Competition entry fees 228,129 208,057 185,286 181,859 3. EXPENSES 2007 $ 2008 $ 2007 $ 27,325,343 27,673,578 16,766,847 16,712,790 Cost of sales 260,669 250,141 260,669 250,141 Lifesaving 11,138,442 10,959,468 11,138,442 10,959,468 Competitions 4,630,355 4,123,495 2,986,112 2,641,647 Administration of lifesaving and competitions 2,349,812 1,865,427 2,340,370 1,844,133 Helicopter administration and fi nance 1,177,125 1,415,731 – – Helicopter operations 4,482,471 4,981,892 – – Helicopter fundraising 1,079,764 1,215,068 – – SURF LIFE SAVING AUSTRALIA LIMITED AND ITS CONTROLLED ENTITIES—ACN 003 147 180 25,118,638 24,811,222 16,725,593 15,695,389 SECTION 03—FINANCIAL STATEMENTS 73
Page 1 and 2:
2008 SURF LIFE SAVING AUSTRALIA ANN
Page 3 and 4:
CONTENTS Surf Life Saving Australia
Page 5 and 6:
ARE Our mission is to provide a saf
Page 7 and 8:
SECTION 01 OVERVIEW AND HIGHLIGHTS
Page 9 and 10:
Table 1: Snapshot (For more detaile
Page 11 and 12:
2008 5 January 2008 KNG Ironman ser
Page 13 and 14:
Scene from SLSA’s latest televisi
Page 15 and 16:
Our volunteers are passionate and c
Page 17 and 18:
SECTION 02 OVERVIEW OF OPERATIONS A
Page 19 and 20:
Table 2: Report card (continued) Ta
Page 21 and 22:
Table 2: Report card (continued) Ta
Page 23 and 24: Table 2: Report card (continued) Ta
Page 25 and 26: CHIEF EXECUTIVE OFFICER’S REPORT
Page 27 and 28: Graph 2: Contributions to state cen
Page 29 and 30: LIFESAVING OPERATIONS REPORT Graph
Page 31 and 32: SURF SPORTS OPERATIONS REPORT OVERV
Page 33 and 34: COMMERCIAL OPERATIONS OPERATIONS RE
Page 35 and 36: Table 3: Stakeholder map (continued
Page 37 and 38: FINANCE OPERATIONS REPORT In June 2
Page 39 and 40: HELICOPTER RESCUE SERVICES OPERATIO
Page 41 and 42: RISK AND RISK MANAGEMENT Three majo
Page 43 and 44: 2007-08 saw a signifi cant change i
Page 45 and 46: CORPORATE GOVERNANCE OUR GOVERNANCE
Page 47 and 48: Michael James Martin B. Eng (Chem)
Page 49 and 50: COMPENSATION Directors receive no c
Page 51 and 52: Board of Lifesaving (BOLS) Name Pos
Page 53 and 54: Surf Sports Technical Committee Ric
Page 55 and 56: National Helicopter Advisory Commit
Page 57 and 58: OUR STAFF We have a small but dedic
Page 59 and 60: OUR OPERATIONAL STRUCTURE SLSA NATI
Page 61 and 62: SECTION 03 FINANCIAL STATEMENTS Wha
Page 63 and 64: 9. DIVIDENDS No dividends were paid
Page 65 and 66: INDEPENDENT AUDITOR’S REPORT To t
Page 67 and 68: DIRECTORS’ DECLARATION The Direct
Page 69 and 70: BALANCE SHEETS FOR THE YEAR ENDED 3
Page 71 and 72: CASH FLOW STATEMENTS FOR THE YEAR E
Page 73: Available-for-sale fi nancial asset
Page 77 and 78: 7. INVENTORIES At cost 2008 $ Conso
Page 79 and 80: 11. BORROWINGS Current 2008 $ Conso
Page 81 and 82: 13. COMMITMENTS FOR EXPENDITURE Fin
Page 83 and 84: 17. ASSOCIATED COMPANIES Country of
Page 85 and 86: 22. NOTES TO THE STATEMENT OF CASH
Page 87 and 88: 23. FINANCIAL INSTRUMENTS (CONTINUE
Page 89 and 90: 25. ADDITIONAL DISCLOSURES REQUIRED
Page 91 and 92: SLSA and Surf Sports Australia (SSA
Page 93 and 94: SECTION 04 SURF LIFESAVING IN AUSTR
Page 95 and 96: WHO CAN JOIN SLSA? Surf Life Saving
Page 97 and 98: Surf sports are a major feeder for
Page 99 and 100: Surf Life Saving Foundation Board L
Page 101 and 102: Andrew Johnson (Tathra SLSC, NSW) A
Page 103 and 104: y SLSA, one of only four in Austral
Page 105 and 106: Robert (Bob) Mayo AM Bob has dedica
Page 107 and 108: NEW LIFE MEMBERS RECOGNISING DISTIN
Page 109 and 110: 2007 AUSTRALIAN POOL RESCUE CHAMPIO
Page 111 and 112: Event 1st place Time 2nd place Time
Page 113 and 114: Male 50m Manikin Carry Anderson, Gl
Page 115 and 116: INTERNATIONAL AND INTERSTATE CENTEN
Page 117 and 118: 2008 UBD AUSTRALIAN MASTER SURF LIF
Page 119 and 120: Event 1st 2nd 3rd 150 yrs min Singl
Page 121 and 122: 2008 UBD AUSTRALIAN SURF LIFE SAVIN
Page 123 and 124: Event 1st 2nd 3rd U 23 Female Surf
Page 125 and 126:
Open club championships pointscores
Page 127 and 128:
Event 1st place Time 2nd place Time
Page 129 and 130:
2008 AUSTRALIAN IRB CHAMPIONSHIPS 2
Page 131 and 132:
SECTION 05 STATISTICAL SUMMARIES Wh
Page 133 and 134:
Table 10: SLSA membership by catego
Page 135 and 136:
As Australia’s major water safety
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WA Tas NT 2007-08 Total 2006-07 Tot
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Table 17: Surf sports—coaching an
Page 145 and 146:
Peregian Beach SLSC Picnic Bay SLSC
Page 147 and 148:
On 19 October 2007, ‘Memorial to
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SURF LIFE SAVING AUSTRALIA ANNUAL REPORT 2007–08

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