7 minute read
Notes to the financial statements
ANZUP Cancer Trials Group Limited Notes to the financial statements For the year ended 31 March 2012
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 2012 . 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 .
(f) Goods and Services Tax (GST)
For the year ended 31 March 2012 (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) 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 2012, but have not been applied in preparing these financial statements .
(i) AASB 2011–4: Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements [AASB 124] (effective for reporting periods beginning 1 July 2013) .
(ii) AASB 2010-7: Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) [AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 120, 121, 127, 128, 131, 132, 136, 137, 139, 1023 & 1038 and Interpretations 2, 5, 10, 12, 19 & 127] (effective for reporting periods beginning 1 Jan 2013) .
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
Grants income Donations Donations Honorariums Corporate Supporter Program Annual Scientific Meeting Sundry income
2012 $
231,259 56,289 21,701 30,800 92,291 33,863 466,203
2011 $
241,451 20 5,835
16,969 264,275
Note 3. Administration expenses
Grant funding Consulting fees Legal fees Trademark fees Information technology Insurance Travel and accommodation Catering and conference Telephone and teleconferencing charges Rent and IT Support Depreciation Sundry expenses
Cash at bank
Trade receivables Other receivables Accrued revenue from Cancer Australia
Accruals Deferred revenue
Note 7. Remuneration of auditors
The following fees were paid or payable for services provided by the auditor:
Audit of the financial report Other services - assistance with preparation of the financial report
For the year ended 31 March 2012 (continued)
2012 $
69,000 16,464 1,000 1,353 1,371 10,517 9,618 8,072 4,640 10,861 147 22,385 155,428
2012 $
190,623
2012 $
24,063 918 48,584 73,565
2012 $ 28,692
28,692
2011 $
52,088 48,000 20,534
15,069 11,564 4,367
1,613 8,245 1,333 24,874 187,687
2011 $
105,195
2011 $
1,541
1,541
2011 $ 23,122 50,000 73,122
2012 $
3,600 2,000 5,600
2011 $
3,500 2,000 5,500
Note 8. Key management personnel disclosures
For the year ended 31 March 2012 (continued)
The aggregate compensation made to directors and other members of key management personnel of the company is set out below:
2012 2011 $ $
Key management personnel compensation 117,642
Note 9. Reconciliation of cash flows from operations with net income for the year
Net income for the year
2012 $
193,133
2011 $ 42,935
Depreciation 147
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 (72,024) (44,430) 8,602
Net cash provided by operating activities
Note 10. Related party transactions
85,428
Key management personnel Disclosures relating to key management personnel are set out in note 8 . 1,333
172,083 (127,995) 46
88,402
Transactions with related parties During the financial year the Directors donated $21,701 (2011: $5,835) of Honorariums to the company .
Receivable from and payable to related parties There were no trade receivables, trade payables or loans to or from related parties as at year end (2011: nil) .
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 .
The company has no contingent liabilities or capital commitments as at year end (2011: nil) .
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 .
Note 14. Economic dependence
For the year ended 31 March 2012 (continued)
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
