S O U T H A U S T R A L I A N C A N I N E A S S O C I AT I O N I N C .
FINANCIAL REPORT YEAR ENDED 31ST DECEMBER 2019
S O U T H A U S T R A L I A N C A N I N E A S S O C I AT I O N I N C .
FINANCIAL REPORT SOUTH AUSTRALIAN CANINE ASSOCIATION INC. FINANCIAL REPORT
YEAR ENDED 31ST DECEMBER 2019 YEAR ENDED 31 DECEMBER 2019 COMMITTEE’S REPORT Your committee members submit the financial report of the South Australian Canine Association Inc. for the financial year ended 31 December 2019. (a) – Committee Members The names of the persons who held office as a member of the Governing Committee since 1st January 2019 are: Brian Parker (President) Peter Dynan (Vice President) Lance Heilmann Peter Thompson Greg Harvey Tracie Edwards (Appointed 7/3/19) Phil Thompson (Retired 6/3/19)
Raelee Hedger Aramis Lim Sheryle Pike Brian Fielder Roberta Crouch (Appointed 7/3/19) Jeffrey Binding (Resigned 6/3/19)
Principal Activities The principal activities of the association during the financial year were:• To provide administration and social facilities to members of the association. Significant Changes No significant change in the nature of these activities occurred during the year. Operating Result The profit from ordinary activities amounted to $186,806 (2018 - $136,877) Signed in accordance with a resolution of the Committee. …………………………………………………..
Dated this thirtieth day of January 2020
FINANCIAL REPORT SUPPLEMENT
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SOUTH AUSTRALIAN CANINE ASSOCIATION INC. STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2019 The accompanying notes form part of this financial report NOTE Revenues
2, 4
Employee benefits expense
2019
2018
1,284,011
1,250,240
(301,440)
(298,719)
Cost of goods sold
3
(45,679)
(43,611)
Depreciation and amortisation expense
3
(93,213)
(87,272)
(79,862)
(77,375)
Rates and Taxes
(150,743)
(154,686)
Other expenses
(426,268) ----------186,806 ====== -
(451,700) --------136,877 ===== -
186,806
136,877
-
70,597
Insurance
Profit before Income Tax Income Tax Expense
1(a)
Profit for the Year Other Comprehensive Income Gain on Revaluation of Land and Buildings Total Comprehensive Income for the Year Attributable to Members of the Entity
----------$186,806 =======
-----------$207,474` =======
BALANCE SHEET AS AT 31 DECEMBER 2019 CURRENT ASSETS Cash assets Receivables Inventories Other
NOTE
2019
2018
5 6 7 8
904,227 25,864 2,193 2,579 ----------934,863 ======
674,353 29,449 2,659 ----------706,461 ======
9
8,647,956 ------------8,647,956 ========
8,709,337 ------------8,709,337 ========
9,582,819 ========
9,415,798 ========
TOTAL CURRENT ASSETS NON CURRENT ASSETS Property, plant & equipment TOTAL NON CURRENT ASSETS TOTAL ASSETS
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BALANCE SHEET (Continued) AS AT 31 DECEMBER 2019 NOTE
CURRENT LIABILITIES Payables Tax liabilities Provisions
10 11 12
TOTAL CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS
2019
2018
34,352 24,829 147,500 ----------206,681 ======
64,580 25,386 136,500 ----------226,466 ======
----------206,681 ======
----------226,466 ======
$9,376,138 ========
$9,189,332 ========
1,989,497 7,386,641 -------------$9,376,138 ========
1,989,497 7,199,835 ------------$9,189,332 ========
EQUITY Asset Revaluation Reserve Retained Earnings TOTAL EQUITY
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2019
Balance at 1st January 2018 Profit attributable to members Balance at 31st December 2018 Profit attributable to members Balance at 31st December 2019
Retained Earnings
Asset Revaluation Reserve
Total
$7,062,958
$1,918,900
$8,981,858
136,877 -------------
70,597 --------------
207,474 --------------
$7,199,835 ========
$1,989,497 ========
$9,189,332 ========
186,806 -------------
--------------
186,806 --------------
$7,386,641 ========
$1,989,497 ========
$9,376,138 ========
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FINANCIAL REPORT SUPPLEMENT
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SOUTH AUSTRALIAN CANINE ASSOCIATION INC. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2019 2019
2018
Cash Flows from Operating Activities Receipts from Sales, Members and Fundraising Interest received Payments to suppliers & employees Net Cash provided by (used in) Operating Activities Cash Flows from Investing Activities Payment for plant & equipment & Improvements
14 (b)
Net Cash provided by (used in) Investing Activities Cash Flows from Financing Activities Repayment of borrowings Net cash provided by (used in) financing activities Net increase (decrease) in cash held Cash at beginning of the financial year Cash at the end of the financial year
14 (a)
1,279,522 8,540 (1,026,356) ----------261,706
1,233,778 13,041 (997,721) -----------249,098
(31,832) ---------(31,832) ----------
(416,787) --------(416,787) ---------
--------------------229,874
------------------(167,689)
674,353 ----------$904,227 ======
842,042 ----------$674,353 ======
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation South Australian Canine Association Inc applies Australian Accounting Standards - Reduced Disclosure Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010-2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements and other applicable Australian Accounting Standards - Reduced Disclosure Requirements. The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements of the Australian Accounting Standards Board (AASB). The association is a not for profit entity for financial reporting purposes under Australian Accounting Standards. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of the financial statements are presented below and have been consistently applied unless stated otherwise. The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non current assets, financial assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar. The Financial Statements were authorised for issue on 31st January 2020 by the committee. Accounting Policies a) Income Tax
The association is a public benevolent institution for taxation purposes and has been granted exemption from income taxation by the Commissioner of Taxation.
b) Inventories
Inventories consist of hospitality centre supplies and are measured at the lower of cost and net realisable value. Costs are assigned on a specific identification basis.
c) Property Plant and Equipment
Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses.
Plant and equipment Plant and equipment is measured on the cost basis less depreciation and impairment losses. The carrying amount of plant and equipment is reviewed annually by the Association to ensure it is not in excess of the recoverable amount of those assets. The depreciable amount of all fixed assets are depreciated on a diminishing value and straight line basis over the useful lives of the assets to the Association commencing from the time the asset is held ready for use
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 The depreciation rates used for each class of depreciable asset are: Class of Fixed Asset Freehold Property & Improvements at valuation Improvements at cost Plant Fittings & Equipment
Depreciation Rate 2.5 – 4 % 2.5 – 4 % 10 - 40%
d) Employee Benefits
Provision is made for the Association’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits expected to be settled within one year together with benefits arising from wages, salaries and annual leave which will be settled after one year, have been measured at their nominal amount. Contributions are made by the association to an employee superannuation fund and are charged as expenses when incurred.
e) Cash
For the purposes of the Statement of Cash Flows, cash includes cash on hand, at banks and on deposit.
f)
Financial Instruments (i) Trade Debtors
Sales made on trade credit and due in sixty days are included in Trade Debtors at the balance due, net of a provision for amounts estimated to be uncollectible.
(ii) Trade and Other Creditors and Accruals
Liabilities are recognised for amounts to be paid in the future for goods and services received, whether or not billed to the Association. Trade Creditors are normally settled within thirty days.
(iii) Borrowings
Borrowings are carried in the balance sheet at their principal amount. Interest is charged as an expense as it accrues, with unpaid amounts included in accrued expenses.
The amounts in current liabilities comprise the current portion of the borrowings repayable within one year. The non-current balance represents the portion of borrowings not due within one year. (iv) Net Market Value of Financial Assets and Liabilities
The net market values of the company’s trade debtors, trade creditors and other creditors and borrowings approximate their carrying amounts.
g) Revenue
Revenue from the sale of goods or services is recognised upon the delivery of goods to customers or at the completion of provision of the service.
h) Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the Statement of Financial Position are shown inclusive of GST. Page 8
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 2019
2018
897,082 86,016 212,239 10,909 69,225 ------------1,275,471 =======
893,067 62,005 210,617 10,909 60,601 ----------1,237,199 ======
8,540 --------8,540 =====
13,041 --------13,041 =====
1,284,011 =======
1,250,240 =======
Cost of goods sold from trading activities
45,679
43,611
Depreciation of property, plant & equipment
93,213
87,272
9,000 ---------
9,000 ---------
83,553 =====
84,834 =====
1,100 244,147 658,980 ----------904,227 ======
1,100 223,326 449,927 ----------674,353 ======
NOTE 2 - REVENUE Operating Activities Members subscriptions, registrations, fees and other receipts Trading revenue Sundry income Rent Received Winter International Non-Operating Activities Interest received
Total Revenue NOTE 3 – PROFIT FROM ORDINARY ACTIVITIES Profit from ordinary activities before income tax expense has been determined after: (a) Expenses:
Remuneration of Auditor - audit or review services NOTE 4 – PREFIX AND SUBSCRIPTIONS Includes prepaid income for the year ending 31 December 2019 NOTE 5 - CASH ASSETS Cash on hand Cash at bank Term Deposit
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019
NOTE 6 - RECEIVABLES Trade Debtors NOTE 7 - INVENTORIES Hospitality stock NOTE 8 – OTHER ASSETS Prepayments NOTE 9 – PROPERTY, PLANT & EQUIPMENT Freehold Land at: Committees Valuation in 2019 Total Land Buildings at: Committees Valuation in 2018 Less: Accumulated Depreciation Improvements at Cost Less: Accumulated Depreciation Total Buildings & Improvements Plant fittings & equipment - at cost Less: Accumulated Depreciation Total Plant and Equipment TOTAL PROPERTY, PLANT & EQUIPMENT
2019
2018
25,864 -----------
29,449 -----------
2,193 ====
2,659 ====
2,579 =====
===
6,568,000 -------------6,568,000 ========
6,568,000 ------------6,568,000 ========
1,696,000 (67,840) ------------1,628,160
1,696,000 -------------1,696,000
393,934 13,502 ----------380,432 ------------2,008,592 ========
384,877 3,780 ----------381,097 -----------2,077,097 =======
333,441 262,077 ----------71,364 ====== 8,647,956 ========
310,666 246,426 ----------64,240 ====== 8,709,337 ========
An independent valuation of the land and buildings was conducted by Mr P Tilley of Herron Todd White (South Australia) Pty Ltd qualified valuers as at 31st December 2017. The Association’s Committee is of the opinion that the valuation carried out by Mr P Tilly of Herran Todd White (South Australia) as of 31st December 2017 also be adopted as the valuation of land and buildings at 31st December 2019.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 2019 (a)
2018
Movements in carrying amounts Movement in the carrying amounts for each class of property, plant and equipment between the beginning and end of the financial year Land At Valuation
Buildings At Valuation
Improvements At Cost
Plant and Equipment
Total
Balance at 1st January 2019 Revaluation Increase (Decrease) Additions Depreciation Expense
6,568,000 -
1,696,000 (67,840)
381,097 9,057 (9,722)
64,240 22,775 (15,651)
8,709,337 31,832 (93,213)
Balance 31st December 2019
6,568,000
1,628,160
380,432
71,364
8,647,956
NOTE 10 – PAYABLES Trade creditors Sundry creditors and accruals
18,487 15,865 --------34,352 =====
24,517 40,063 --------64,580 =====
24,829 =====
25,386 =====
147,500 ======
136,500 =====
5 ==
5 ==
NOTE 11 - TAX LIABILITIES CURRENT BAS liability NOTE 12 - PROVISIONS CURRENT Provision for employee entitlements Number of employees at year end
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 NOTE 13 - RELATED PARTY TRANSACTIONS Committee Members The names of each person holding office as a Committee member since 1st January 2019 are:Brian Parker (President) Peter Dynan (Vice President) Lance Heilmann Peter Thompson Greg Harvey Tracie Edwards (Appointed 7/3/19) Phil Thompson (Retired 6/3/19)
Raelee Hedger Aramis Lim Sheryle Pike Brian Fielder Roberta Crouch (Appointed 7/3/19) Jeffrey Binding (Resigned 6/3/19)
Transactions with related parties are on normal commercial terms and conditions unless otherwise stated. There were no other transactions with Committee Members other than those relating to their membership of the Association which are subject to normal terms and conditions that apply to members generally. Council members are not remunerated for their services. No loans have been made, guaranteed or secured by the Association to a Committee Member or a related entity of a Committee Member, during the year under review. 2019
2018
1,100 244,147 658,980 ----------904,227 ======
1,100 223,326 449,927 ----------674,353 ======
186,806
136,877
93,213
87,272
11,000
10,500
3,585 (2,579) 466 (30,228) (557) ---------261,706 ======
(3,632) 211 16,024 1,846 ---------249,098 ======
NOTE 14 - CASH FLOW INFORMATION (a)
Reconciliation of Cash Cash on hand Cash at bank Term Deposit
(b)
Reconciliation of Net Cash provided by Operating Activities to Profit for Year. Profit for Year Non Cash Flows in Profit - Depreciation - Provision for long service leave, annual leave and sick leave Changes in Assets & Liabilities - Decrease (Increase) in receivables - Decrease (Increase) in prepayments - Decrease (Increase) in inventories - (Decrease) Increase in trade creditors & accruals - (Decrease) Increase in tax liabilities Net Cash Provided By Operating Activities
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 NOTE 15 – FINANCIAL RISK MANAGEMENT a) Financial Risk Management policies In common with all other businesses the Association is exposed to risks that arise from its use of financial instruments. The association’s financial instruments consist of deposits with banks, accounts receivables and payable. There have been no substantive changes in the Association’s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods. The Committee has overall responsibility for the determination of the Association’s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Association’s finance department. The Committee receive monthly reports from the Association’s finance department through which it reviews effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. The main risks the Association is exposed to through its financial instruments are credit risk, liquidity risk, and interest rate risk. b)
Credit Risk Credit Risk is the risk that the other party to a financial instrument will fail to discharge their obligation resulting in the Association incurring a financial loss. The maximum exposure to credit risk at balance date is as follows: Loans and Receivables
2019
2018
$25,864
$29,449
NOTE 15 – FINANCIAL RISK MANAGEMENT (Cont) c)
Liquidity Risk The Association manages liquidity risk by monitoring forecast cash flows and maintaining access to borrowing requirements if needed. At balance date the Association has no credit stand by or unused finance facilities in place.
d)
Interest Rate Risk The Association is exposed to interest rate risk through the movement of interest rates on bank deposits and bank borrowings. Interest on borrowings is managed by a fixed interest rate.
NOTE 16 – EVENTS AFTER BALANCE DATE No events have occurred since 31st December 2019 that will affect the information disclosed in the financial report. NOTE 17 – SEGMENT REPORTING The Association operates in one business and geographical segment, being in the pure bred canine sector providing facilities to members of the Association within South Australia.
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FINANCIAL REPORT SUPPLEMENT
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 NOTE 18 – ASSOCIATION DETAILS The principal place of business of the association is: South Australian Canine Association Inc. David Roche Park Cromwell Road KILBURN S.A. 5084
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. STATEMENT BY MEMBERS OF THE COMMITTEE In the opinion of the Committee the financial report as set out on pages 1 to 13: (a)
Presents a true and fair view of the financial position of the South Australian Canine Association Inc as at 31 December 2019 and its performance for the year ended on that date in accordance with Australian Accounting Standards, (including Australian Accounting Interpretations) of the Australian Accounting Standards Board.
(b)
At the date of this statement there are reasonable grounds to believe that the South Australian Canine Association Inc. will be able to pay its debts as and when they fall due.
This statement is made in accordance with a resolution of the Committee and is signed for and on behalf of the Committee by:
Dated this thirtieth day of January 2020.
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INDEPENDENT AUDIT REPORT TO THE MEMBERS OF SOUTH AUSTRALIAN CANINE ASSOCIATION INC. Report on the Audit of the Financial Report Opinion We have audited the financial report of South Australian Canine Association Inc, which comprises the balance sheet as at 31st December 2019, the statement of comprehensive income for the year then ended, statement of changes in equity, statement of cashflows and notes to the financial statements, including a summary of significant accounting policies, and the certification by members of the committee on the annual statements giving a true and fair view of the financial position and performance of the association. In our opinion, except for the effects on the financial report of the matters referred to in the Emphasis of Matter paragraph below, the accompanying financial report of South Australian Canine Association Inc is in accordance with the Associations Incorporation Act (SA) 1985: •
giving a true and fair view of the Association’s financial position as at 31st December 2019 and of its financial performance for the year then ended; and
•
that the financial records kept by the Association are such as to enable financial statements to be prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements.
Basis for Opinion We conducted our Audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the ‘Auditor's Responsibilities for the Audit of the Financial Report’ section of our report. We are independent of the association in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110: Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of Matter – Cash Receipts As is common for organisations of this type, it is not practicable for South Australian Canine Association Inc to maintain an effective system of internal control over its hospitality trading cash receipts. Accordingly, our audit in relation to these transactions was limited to the amounts recorded in the initial books of entry and other information available. Emphasis of Matter - Basis of Accounting Without modifying our opinion, we draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared to assist the association to meet the requirements of the Associations Incorporation Act (SA) 1985. As a result, the financial report may not be suitable for another purpose.
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INDEPENDENT AUDIT REPORT TO THE MEMBERS OF SOUTH AUSTRALIAN CANINE ASSOCIATION INC. Information Other than the Financial Report and Auditor’s Report Thereon The committee of the Association is responsible for the other information. The other information comprises the other information included in the Association’s annual report for the year ended 31st December 2019, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated if, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Committee for the Financial Report The committee is responsible for the preparation and fair presentation of the financial report in accordance with the Australian Accounting Standards – Reduced Disclosure Requirements and the Associations Incorporation Act (SA) 1985 and for such internal controls as the committee determines is necessary to enable the preparation and fair presentation of a financial report that is free from material misstatement, whether due to fraud or error. In preparing the financial report, the committee is responsible for assessing the association’s ability to continue as going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the committee either intends to liquidate the association or to cease operations, or has no realistic alternative but to do so. Auditor's Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: •
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as the fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•
Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the association’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the committee.
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INDEPENDENT AUDIT REPORT TO THE MEMBERS OF INDEPENDENT AUDIT REPORT THE MEMBERS SOUTH AUSTRALIAN CANINETO ASSOCIATION INC.OF SOUTH AUSTRALIAN CANINE ASSOCIATION INC. • Conclude on the appropriateness of the committee’s use of the going concern basis of • Conclude the based appropriateness of the committee’s use whether of the going concern basis of accountingonand, on the audit evidence obtained, a material uncertainty accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the association’s exists related to events or conditions cast significant doubtuncertainty on the association’s ability to continue as going concern. Ifthat we may conclude that a material exists, we ability to continue as going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our financial report or, if on such disclosures are inadequate, to date modify ourauditor’s opinion. Our conclusions are based the audit evidence obtained up to the of our report. conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the association to cease to continue as However, future events or conditions may cause the association to cease to continue as going concern. going concern. • Evaluate the overall presentation, structure and content of the financial report, including the • disclosures, Evaluate the and overall presentation, structure andrepresents content of the report, including and the whether the financial report the financial underlying transactions disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. events in a manner that achieves fair presentation. We communicate with the committee regarding, among other matters, the planned scope and We communicate committee among other matters, the planned scope and timing of the audit with and the significant auditregarding, findings, including any significant deficiencies in internal timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. control that we identify during our audit.
Ryan Madden Ryan AshbyMadden Madden Truman Ashby Madden Truman 185 Fullarton Road 185 Fullarton Road Dulwich, SA 5065 Dulwich, SA 5065 Dated this thirtieth day of January 2020. Dated this thirtieth day of January 2020. SOUTH AUSTRALIAN CANINE ASSOCIATION INC. SOUTH AUSTRALIAN CANINE INC. REPORT TO THE MEMBERS OFASSOCIATION THE ASSOCIATION REPORT TO THE MEMBERS OF THE ASSOCIATION In accordance with section 35(5) of the Associations Incorporation Act (SA) 1985, the Association of the In accordance withCanine section Association 35(5) of the Inc. Associations Incorporation Act (SA) the Association thest South Australian hereby states that during the1985, financial year endedof 31 st South Australian Canine Association Inc. hereby states that during the financial year ended 31 December 2019: December 2019: (a) (i) no officer of the Association (a) (i) no firm officer the Association (ii) no of of which an officer is a member; and (ii) no firm of which aninofficer a member; (iii) no body corporate whichisan officer hasand a substantial financial interest, (iii) no body corporate in which an officer has a substantial financial interest, has received or become entitled to receive a benefit as a result of a contract between the officer, has received or become entitled to receiveexcept a benefit result of a contract between the officer, firm or body corporate and the Association for as theafollowing: firm or body corporate and the Association except for the following: NIL NIL (b) No officer of the Association has received directly or indirectly from the Association any payment (b) No officer of theorAssociation has received directly or indirectly from the Association any payment or other benefit pecuniary value except for the following: or other benefit or pecuniary value except for the following: NIL. NIL. Sign in accordance with a resolution of the Association. Sign in accordance with a resolution of the Association.
Dated this thirtieth day of January 2020. Dated this thirtieth day of January 2020. FINANCIAL REPORT SUPPLEMENT
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COMPILATION REPORT TO SOUTH AUSTRALIAN CANINE ASSOCIATION INC Scope We have compiled the accompanying special purpose financial statements of South Australian Canine Association (Inc) which comprise the attached income and expenditure statement for the year ended 31 December 2019. The specific purpose for which the special purpose financial statements have been prepared is to provide financial information to the committee of management. The Responsibility of the Committee of Management The committee of management is solely responsible for the information contained in the special purpose financial statements and has determined that the basis of accounting adopted is appropriate to meet the needs of the committee of management for the purpose of complying with the association’s constitution. Our Responsibility On the basis of information provided by the committee of management we have complied the accompanying special purpose financial statements in accordance with the basis of accounting and APES 315: Compilation of Financial Information. Our procedures use accounting expertise to collect, classify and summarise the financial information, which the committee members provided, in compiling the financial statements. Our procedures do not include verification or validation procedures. No audit or review has been performed and accordingly no assurance is expressed. The special purpose financial statements were complied exclusively for the benefit of the committee of management. We do not accept responsibility to any other person for the contents of the special purpose financial statements.
ASHBY MADDEN TRUMAN Accountants & Advisors 185 Fullarton Road DULWICH SA 5065 Dated this thirtieth day of January 2020. at Adelaide, South Australia
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