FINANCIALS

STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2022

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2022

The accompanying notes form part of these financial statements.

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Statement Of Changes In Equity For The Year Ended 31 October 2022

Statement Of Changes In Equity

For The Year Ended 31 October 2022

Reserves

(a) Capital Profits Reserve

The capital profits reserve records profits on sale of land.

(b) Asset Revaluation Reserve c ) Sinking / Capital Fund

The asset revaluation reserve records the revaluations of property, plant and equipment.

The Sinking Fund identifies monies required for routine resurfacing of the 2 artificial fields which are to be completed in the next 12 months. After a review of the Capital Fund, the Board and Management of FNSW have come to the conclusion that the Capital Fund is no longer required as it did not have specific programs identified and hence there are no specific monies or bank accounts set aside for these funds. The Capital Fund amount has been reversed back to Retained Earnings.

The accompanying notes form part of these financial statements.

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 OCTOBER 2022

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2022

The accompanying notes form part of these financial statements.

Notes To The Financial Statements For The Year Ended 31 Octover 2022

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The financial report of Football NSW Limited for the year ended 31 October 2022 was authorised for issue by the Directors on the 22nd of February 2023. The financial statements are for Football NSW Limited as an individual not for profit entity, incorporated and domiciled in Australia. Football NSW Limited is a company limited by guarantee.

Basis of Preparation

The financial report is presented in Australian dollars.

These general purpose financial statements have been prepared in compliance with the requirements of the Corporations Act 200 1 and Australian Accounting Standards – Simplified Disclosures. The Group is a for -profit entity for the purposes of preparing these financial st atements. AASB 1060.10, 11(a), 11(b). The Group has adopted AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-forProfit Tier 2 Entities in the current year. Other than the change in disclosure requirements, the adoption of AASB 1060 has n o significant impact on the financial statements because the Group’s previous financial statements complied with Australian Accounting Standards – Reduced Disclosure Requirements.

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 t hese financial statements are presented below and have been consistently applied unless otherwise stated.

The financial statements have been prepared on an accruals basis and are based on historical costs, modified, where applicabl e, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.

The financial report has been prepared on a going concern basis which assumes continuity of normal business activities and re alisation of assets and settlement of liabilities in the ordinary course of business.

The directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, o btained both externally and within the company.

Accounting Policies

(a) Changes in Accounting Policy, Disclosures, Standards and Interpretations

The new and amended Australian Accounting Standards and Interpretations that apply for the first time in 2022 do not material ly impact the financial statements of the entity.

(b) Revenue and Other Income

Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which FNSW expects to be entitled in exchange for those goods or services. FNSW has generally concluded that it is the principal in its revenue arrangements. The specific recognition criteria described below must also be met before revenue is recognised.

Revenue from the rendering of a service is recognised upon delivery of the service to the customers. Capitation and insurance fees are recognised as revenue based on actual number of player registrations. Membership fees are recognised as revenue based on actual number of associations and competitions registered. Revenue from Valentine Sports Park is recognised across the accommodation period or hire period.

Sales of goods is recognised as revenue at a point in time for each transaction.

Grant revenue is recognised in the income statement when the entity obtains control of the grant and it is probable that the economic benefits gained from the grant will flow to the entity and the amount of the grant can be measured reliably.

Interest revenue is recognised using the effective interest rate method, which for floating rate financial assets is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established.

In 2021, the NSW government introduced the JobSaver Payment scheme to support cashflow of businesses significantly affected by the Coronavirus pandemic to help keep more Australians in jobs. The Jobsaver Payment was available to assist businesses from July 18, 2021 onwards, with payment equivalent to 40% of weekly payroll, and changed to 30% of weekly payroll for eligible businesses after NSW reached 70% double-dose vaccination. Payment changed to 15% of weekly payroll after NSW reached 80% double-dose vaccination, that took effect from 24 October 2021. Eligible businesses used Job Saver to cover business costs incurred due to the impacts of public health order in NSW, costs included salaries and wages, utilities and rent, financial, legal or other advice, and other business costs.

The company has recognised a receivable and income when it has obtained control over the funding. Football NSW received the last Jobsaver payment on 17th December 2021.