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Notes to the financial statements
ANZUP Cancer Trials Group Limited Notes to the financial statements For the year ended 31 March 2011
Note 1. Summary of significant accounting policies
Reporting basis and conventions
This financial report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements, including the Australian Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.
This financial report covers ANZUP Cancer Trials Group Limited (the company) as an individual entity for the year ended 31 March 2011. The company is limited by guarantee and is incorporated and domiciled in Australia.
Early adoption of standards The company has elected to apply the following pronouncements to the annual reporting period beginning 1 April 2010:
AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements.
Historical cost convention The financial report has been prepared on an accrual basis and is based on historical costs. Cost is based on the fair values of the consideration given in exchange for assets.
Accounting policies
(a) Going concern
The financial report has been prepared on a going concern basis. Refer to Note 14 for considerations regarding economic dependence.
(b) Income tax
The company is exempt from the payment of income tax under section 50-35 of the Income Tax Assessment Act 1997. The company is a deductible gift recipient.
(c) Revenue recognition
Grant funding is recognised in the Statement of Comprehensive Income when it is controlled. When there are conditions attached to grant funding relating to the use of those funds for specific purposes, it is recognised as deferred revenue until such conditions are met or services provided.
Other income is recognised in the period to which it relates.
All revenue is stated net of the amount of goods and services tax (GST).
(d) Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions and other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash which are subject to an insignificant risk of changes in value.
(e) Employee benefits
Provisions are measured at the present value of management’s best estimate required to settle the present obligation at the reporting date. The discount rate used to determine the present value reflects current market assessments of the time value
of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.
Note 1. Summary of significant accounting policies (continued)
(f) Goods and Services Tax (GST)
For the year ended 31 March 2011 (continued)
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flow.
(g) Comparative figures
Comparative figures in this report are for the first period of operation of the company, covering the 18 month period from incorporation on 9 October 2008 to 31 March 2010. When required by Accounting Standards, comparative figures have been adjusted to confirm to changes in presentation for the current year.
(h) New accounting standards issued but not yet effective
The following standards, amendments to standards and interpretations have been identified as those which may impact the company in the period of initial application. They are available for early adoption at 31 March 2011, but have not been applied in preparing these financial statements.
(i) AASB 2009–5: Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project [AASB 5, 8, 101, 107, 117, 118, 136 & 139] (effective for reporting periods beginning 1 July 2010).
(ii) AASB 2009-12: Amendments to Australian Accounting Standards [AASBs 5, 8, 108, 110, 112, 119, 133, 137, 139, 1023 & 1031 and Interpretations 2, 4, 16, 1039 & 1052] (effective for reporting periods beginning 1 July 2011).
(iii) AASB 2010-4: Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project [AASB 1, AASB 7, AASB 101 & AASB 134 and Interpretation 13] (effective for reporting periods beginning 1 July 2011).
The company intends to apply the new standards and interpretations from the effective dates. The company is yet to assess any potential impact on the financial statements.
Note 2. Revenue
12 months 18 months ended 31 ended 31 March 2011 March 2010 $ $
Grants income Donations Sundry income 241,451 20 22,804 264,275 611,317 11,368 29,640 652,325
Note 3. Administration expenses
For the year ended 31 March 2011 (continued)
12 months 18 months ended 31 ended 31 March 2011 March 2010 $ $
Grant funding Consulting fees Legal fees Information technology Insurance Travel and accommodation Telephone and teleconferencing charges Staff training Depreciation Sundry expenses
Note 4. Current assets - cash and cash equivalents
Cash at bank
Note 5. Current assets - trade and other receivables
Other receivables Accrued revenue from Cancer Australia
Note 6. Current liabilities - trade and other payables
Trade payables Accruals Deferred revenue
Further explanation of deferred revenue is included in Note 7.
Note 7. Non-current liabilities - other payables
Deferred revenue 50,000
Deferred revenue pertains to revenue received from Bayer Australia Limited during the 18 month period ended 31 March 2010. This revenue was designated for use in clinical trials during the years ended 31 March 2011 and 31 March 2012. 52,088 48,000 20,534 15,069 11,564 4,367 1,613
1,333 33,119 187,687
2011 $ 105,195
2011 $ 1,541
1,541
2011 $
23,122 50,000 73,122
2011 $
49,000 161,396 109,718 46,344 11,295 46,442 11,073 17,309
74,659 527,236
2010 $ 18,493
2010 $
8,397 165,227 173,624
2010 $ 19,800 81,317 50,000 151,117
2010 $
Note 8. Remuneration of auditors
The following fees were paid or payable for services provided by the auditor:
For the year ended 31 March 2011 (continued)
12 months
18 months ended 31 ended 31 March 2011 March 2010 $ $
Audit of the financial report Other services - assistance with preparation of the financial report 3,500 2,000 5,500 7,500
7,500
PKF were appointed auditors for the year ended 31 March 2011. The previous auditors were Moore Stephens.
Note 9 Key management personnel disclosures
12 months
18 months ended 31 ended 31 March 2011 March 2010 $ $
Key management personnel compensation 92,887
For the 12 months ended 31 March 2011, amounts paid to key management personnel comprising directors totalled Nil (18 months ended 31 March 2010: $92,887 in consulting fees were paid to John Ramsay, a director and the previous Executive Officer who also acted as a consultant. John Ramsay resigned as a director on 13 April 2010).
Note 10. Reconciliation of cash flows from operations with net income/(loss) for the year
Net income/(loss) for the year
12 months
18 months ended 31 ended 31 March 2011 March 2010 $ $
42,935 (10,728)
Depreciation 1,333
Change in operating assets and liabilities (Increase)/decrease in trade and other receivables Increase/(decrease) in trade and other payables Increase/(decrease) in employee benefits
Net cash provided by operating activities
172,083 (127,995) 46
88,402 (173,624) 201,117 1,728
18,493
Note 11. After balance date events
No other matters or circumstances have arisen since the end of the financial year which may significantly affect the operations of the company, the results of those operations, or the state of affairs of the company in subsequent years.
Note 12. Contingent liabilities and capital commitments
For the year ended 31 March 2011 (continued)
The company has no contingent liabilities or capital commitments as at year end (2010: nil).
Deferred revenue pertains to revenue received from Bayer Australia Limited during the 18 month period ended 31 March 2010. This revenue was designated for use in clinical trials during the years ended 31 March 2011 and 31 March 2012.
Note 13. Members’ guarantee
The company is limited by guarantee. If the company is wound up, each member of the company undertakes to contribute to the assets of the company an amount not exceeding $50 for payment of the debts and liabilities of the company including the costs of the winding up. This undertaking continues for one year after a member ceases to be a member of the company.
At 31 March 2011, the number of members was 236 (2010: 124).
Note 14. Economic dependence
The company is dependent on funding from Cancer Australia for the majority of its revenue used to operate the business. At the date of this report, the Directors have no reason to believe that Cancer Australia will not continue to provide funding.
Note 15. Company details
The registered office and principal place of business of the company is:
Level 4, Medical Foundation Building 92-94 Parramatta Road Camperdown NSW 2050
