SOUTH AUSTRALIAN CANINE ASSOCIATION INC.
FINANCIAL REPORT YEAR ENDED 31 DECEMBER 2020
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. AS AT 31 DECEMBER 2020 COMMITTEE’S REPORT
Your committee members submit the financial report of the South Australian Canine Association Inc. for the financial year ended 31 December 2020. (a) – Committee Members The names of the persons who held office as a member of the Governing Committee since 1st January 2020 are: Brian Parker (President) Peter Dynan (Vice President) Lance Heilmann Peter Thompson Greg Harvey Tracie Edwards
Raelee Hedger Aramis Lim Sheryle Pike Brian Fielder Roberta Crouch
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 $67,117 (2019 - $186,806) Signed in accordance with a resolution of the Committee.
……………Brian Parker - President………
……………Peter Dynan – Vice President..
Dated this twenty seventh day of January 2021
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2020
NOTE
Revenues
2, 4
Employee benefits expense
2020
2019
1,088,017
1,284,011
(315,304)
(301,440)
Cost of goods sold
3
(24,657)
(45,679)
Depreciation and amortisation expense
3
(94,789)
(93,213)
(81,635)
(79,862)
Rates and Taxes
(140,194)
(150,743)
Other expenses
(364,321) ----------67,117 ======
(426,268) --------186,806 =====
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
-
-
67,117
186,806
-
-
----------$67,117 =======
-----------$186,806 =======
The accompanying notes form part of this financial report.
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. BALANCE SHEET AS AT 31 DECEMBER 2020 NOTE
2020
2019
5 6 7 8
975,918 24,822 2,086 2,975 ----------1,005,801 ======
904,227 25,864 2,193 2,579 ----------934,863 ======
9
8,610,872 ------------8,610,872 ========
8,647,956 ------------8,647,956 ========
9,616,673 ========
9,582,819 ========
50,895 22,523 100,000 ----------173,418 ======
34,352 24,829 147,500 ----------206,681 ======
----------173,418 ======
----------206,681 ======
9,443,255 ========
$9,376,138 ========
1,989,497 7,453,758 -------------9,443,255 ========
1,989,497 7,386,641 ------------$9,376,138 ========
CURRENT ASSETS Cash assets Receivables Inventories Other TOTAL CURRENT ASSETS
NON CURRENT ASSETS Property, plant & equipment TOTAL NON CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES Payables Tax liabilities Provisions TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
10 11 12
EQUITY Asset Revaluation Reserve Retained Earnings TOTAL EQUITY
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2020
Balance at 1st January 2019 Profit attributable to members Balance at 31st December 2019
Profit attributable to members Balance at 31st December 2020
Retained Earnings
Asset Revaluation Reserve
Total
$7,199,835
$1,989,497
$9,189,332
186,806 -------------
--------------
186,806 --------------
$7,386,641 ========
$1,989,497 ========
$9,376,138 ========
67,117 -------------
--------------
67,117 --------------
$7,453,758 ========
$1,989,497 ========
$9,443,255 ========
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020
2019
Cash Flows from Operating Activities JobKeeper Subsidy 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)
86,400 993,717 8,942 (959,663) ----------129,396
1,279,522 8,540 (1,026,356) -----------261,706
(57,705) ---------(57,705) ----------
(31,832) --------(31,832) ---------
--------------------71,691
------------------229,874
904,227 ----------975,918 ======
674,353 ----------$904,227 ======
SOUTH AUSTRALIAN CANINE ASSOCIATION INC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 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 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 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%
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
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.
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 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.
2020
2019
788,703 44,665 144,074 8,033 ------------985,475 =======
897,082 86,016 212,239 10,909 69,225 ----------1,275,471 ======
93,600 8,942 --------102,542 =====
8,540 --------8,540 =====
1,088,017 =======
1,284,011 =======
Cost of goods sold from trading activities
24,657
45,679
Depreciation of property, plant & equipment
94,789
93,213
9,800 ---------
9,000 ---------
NOTE 2 - REVENUE Operating Activities Members subscriptions, registrations, fees and other receipts Trading revenue Sundry income Rent Received Winter International
Non-Operating Activities JobKeeper Subsidy 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
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 2020
2019
67,420 =====
83,553 =====
1,100 359,916 614,902 ----------975,918 ======
1,100 244,147 658,980 ----------904,227 ======
17,622 7,200 ----------24,822 -----------
25,864 ----------25,864 -----------
2,086 ====
2,193 ====
2,975 =====
2,579 ====
NOTE 4 – PREFIX AND SUBSCRIPTIONS Includes prepaid income for the year ending 31 December 2020
NOTE 5 - CASH ASSETS Cash on hand Cash at bank Term Deposit
NOTE 6 - RECEIVABLES Trade Debtors JobKeeper
NOTE 7 - INVENTORIES Hospitality stock NOTE 8 – OTHER ASSETS Prepayments
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
NOTE 9 – PROPERTY, PLANT & EQUIPMENT Freehold Land at: Committees Valuation in 2020 Total Land Buildings at: Committees Valuation in 2020 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
6,568,000 -------------6,568,000 ========
6,568,000 ------------6,568,000 ========
1,696,000 (135,680) ------------1,560,320
1,696,000 (67,840) -------------1,628,160
451,639 24,812 ----------426,827 ------------1,987,147 ========
393,934 13,502 ----------380,432 -----------2,008,592 =======
333,441 277,716 ----------55,725 ====== 8,610,872 ========
333,441 262,077 ----------71,364 ====== 8,647,956 ========
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 31 st December 2017 also be adopted as the valuation of land and buildings at 31st December 2020.
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 2020
(a)
2019
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 2020 Revaluation Increase (Decrease) Additions Depreciation Expense
6,568,000 -
1,628,160 (67,840)
380,432 57,705 (11,310)
71,364 (15,639)
8,647,956 57,705 (94,789)
Balance 31st December 2020
6,568,000
1,560,320
426,827
55,725
8,610,872
NOTE 10 – PAYABLES Trade creditors Sundry creditors and accruals
16,184 34,711 --------50,895 =====
18,487 15,865 --------34,352 =====
22,523 =====
24,829 =====
100,000 ======
147,500 =====
5 ==
5 ==
NOTE 11 - TAX LIABILITIES CURRENT BAS liability
NOTE 12 - PROVISIONS CURRENT Provision for employee entitlements
Number of employees at year end
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
NOTE 13 - RELATED PARTY TRANSACTIONS Committee Members The names of each person holding office as a Committee member since 1st January 2020 are:Brian Parker (President) Peter Dynan (Vice President) Lance Heilmann Peter Thompson Greg Harvey Tracie Edwards
Raelee Hedger Aramis Lim Sheryle Pike Brian Fielder Roberta Crouch
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.
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 2020
2019
1,100 359,916 614,902 ----------975,918 ======
1,100 244,147 658,980 ----------904,227 ======
67,117
186,806
94,789
93,213
(47,500)
11,000
1,042 (396) 107 16,543 (2,306) ---------129,396 ======
3,585 (2,579) 466 (30,228) (557) ---------261,706 ======
NOTE 14 - CASH FLOW INFORMATION (a)
(b)
Reconciliation of Cash Cash on hand Cash at bank Term Deposit
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
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
2020
2019
$24,822
$25,864
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 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 2020 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. 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 NOTE 19 – CORONAVIRUS (COVID-19) The current outbreak of Coronavirus (Covid-19) has significantly affected entities and economic activity resulting in various restrictions applying. The effect on the South Australian Canine Association’s 2021 performance is not known. The committee will continue to monitor and review the underlying economic impact.
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 2020 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:
……………Brian Parker - President………
……………Peter Dynan – Vice President..
Dated this twenty seventh day of January 2021 at Adelaide, South Australia.
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 2020, 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 2020 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 – Material Uncertainty Relating to Covid-19 Effects We draw your attention to Note 19 to the financial report which describes the effects of the current outbreak of Coronavirus (Covid-19). Our opinion is not modified in respect of this matter.
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.
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 2020, 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.
•
Conclude on the appropriateness of the committee’s use of the going concern basis of 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 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 financial report or, if such disclosures are inadequate, to modify our opinion. Our 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 going concern.
•
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Ryan Madden Ashby Madden Truman 185 Fullarton Road Dulwich, SA 5065 Dated this twenty seventh day of January 2021.
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. REPORT TO THE MEMBERS OF THE ASSOCIATION
In accordance with section 35(5) of the Associations Incorporation Act (SA) 1985, the Association of the South Australian Canine Association Inc. hereby states that during the financial year ended 31st December 2020: (a)
(i) (ii) (iii)
no officer of the Association no firm of which an officer is a member; and 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, firm or body corporate and the Association except for the following: NIL (b)
No officer of the Association has received directly or indirectly from the Association any payment or other benefit or pecuniary value except for the following: NIL.
Sign in accordance with a resolution of the Association.
……………Brian Parker - President………
Dated this twenty seventh day of January 2021.
……………Peter Dynan – Vice President..
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 2020. 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 twenty seventh day of January 2021. at Adelaide, South Australia
SOUTH AUSTRALIAN CANINE ASSOCIATION INC STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2020
2020
2019
39,606 1,266 865 6,613 1,500 33,912 34,745 8,942 93,600 20,058 56,587 360 349 44,475 8,739 464,090 8,033 4,741 336 6,516 5,490 164,273 13,411 ------------$1,018,507 =======
36,598 13,211 1,013 1,746 1,446 7,097 62,081 35,096 8,540 22,255 137,162 5,542 38,950 19,424 471,825 10,909 4,803 632 20,901 10,046 10,498 186,803 1,857 69,225 -------------$1,177,660 ========
INCOME Affiliation Show fees Agility Advisory Amenities Fund Dances with Dogs Earthdog Fines Education & Promotions Hire Income Insurance Levies Interest received JobKeeper Subsidy Judges fees & training Levies from Shows National Junior Handlers Obedience Advisory Prefix fees Profit (Loss)- Hospitality trading Registrations & transfers Rent Received Retrieving Advisory Sales Special Events Doty Poty Sponsorship General Stationery and title fees Subscriptions & joining fees Sundry revenue Winter International TOTAL INCOME
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2020 2020
2019
312 -
-
EXPENDITURE Advertising Sundry ANKC - Levies 26,020 - Seminars & Conferences 1,038 - Travel expenses 2,838 Agility Advisory Committee Auditors remuneration Bank Charges Cleaning Services Computer expenses Computer expenses - ANKC Covid-19 Cancellations Dances with Dogs Depreciation of fixed assets Earthdog Advisory Education & Promotions Committee Electricity Equipment rental Fundraising General expenses Insurance Journals Judges Training Merchandise Purchased National Junior Handlers Office expenses Obedience and Advisory Committee People and Dogs Postage Provision for Bad Debts Provision for Long Service Leave, Annual Leave & Sick Leave Rates and taxes Repairs and maintenance Retrieving Advisory Salaries and wages Security expenses Special Events Doty Poty Staff Training Stationery Superannuation Telephone Tracking Advisory Winter International WorkCover Levy TOTAL EXPENDITURE
OPERATING SURPLUS
29,896 360 9,800 8,857 2,750 8,210 12,912 24,520 514 94,789 85 10,480 5,644 2,276 22,435 81,635 27,467 689 2,368 625 1,000 210 20,186 524 (47,500) 140,194 96,156 5,029 329,965 1,560 1,278 800 16,793 26,293 5,314 18 400 6,546 ----------951,390 ====== $67,117 ======
18,215 5,263 5,936
29,414 13,343 9,000 9,679 2,350 5,880 11,117 1,110 93,213 1,771 9,408 2,580 12,495 79,862 36,623 6,504 3,282 1,194 5,396 2,020 16,135 487 11,000 150,743 80,398 2,780 263,397 1,645 18,535 19,156 25,058 5,269 64 57,961 1,985 ---------990,854 ====== $186,806 ======
SOUTH AUSTRALIAN CANINE ASSOCIATION INC. TRADING ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
2020
2019
Sales
44,665
86,016
Opening Stock Purchases Less: Closing Stock
2,193 24,550 (2,086) ---------24,657 ----------
2,657 45,215 (2,193) ---------45,679 ----------
20,008
40,337
9,230 2,039 --------11,269 --------8,739 =====
13,970 6,943 ---------20,913 -----------19,424 =======
HOSPITALITY CENTRE TRADING ACCOUNT
Cost of Goods Sold
Gross Profit Less Expenses: - Commissions - Sundry Expenses
Net Profit (Loss)
Gross Profit Ratio
44.79%
46.89%