WBNSW annual financial report 2013 14

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2014 NOTE

2014 ($)

2013 ($)

Revenue

2

1,256,509

1,263,679

Other income

2

261

0

(46,571)

(46,301)

Employee benefits expense

(321,196)

(306,683)

Publication costs

(126,218)

(138,560)

Other expenses

(647,159)

(662,692)

115,626

109,443

0

0

115,626

109,443

Revaluation gain on land and building

0

307,658

Other comprehensive income for the year

0

307,658

Total comprehensive income for the year

$115,626

$417,101

Net current year surplus attributable to members of the entity

$115,626

$109,443

Total comprehensive income attributable to members of the entity

$115,626

$417,101

Depreciation expenses

Profit (loss) before income tax Income tax expense

1

Profit from operations

Other comprehensive income after income tax

The accompanying notes form part of these financial statements

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014 NOTE

2014 ($)

2013 ($)

254,420 35,984 2,575,000 3,578

308,414 36,722 2,295,000 7,239

2,868,982

2,647,375

33,569 1,762,494

91,422 1,807,339

Total Non-Current Assets

1,796,063

1,898,761

Total Assets

4,665,045

4,546,136

182,951 11,920

184,228 10,320

194,871

194,548

11,570

8,610

11,570

8,610

206,441

203,158

$4,458,604

$4,342,978

1,525,236 2,933,368

1,525,258 2,817,720

$4,458,604

$4,342,978

Current Assets Cash and cash equivalents Trade and other receivables Financial assets Inventories

6 7 8 9

Total Current Assets Non-Current Assets Financial assets Property, plant and equipment

8 10

Current Liabilities Trade and other payables Employee entitlements

11 12

Total Current Liabilities Non-Current Liabilities Employee entitlements

12

Total Non-Current Liabilities Total Liabilities Net Assets Equity Reserves Retained earnings Total Equity

14

The accompanying notes form part of these financial statements

Balance at 30 June 2014

Transfers to retained earnings Transfers from retained earnings

Revaluation increment

Profit attributable to members

Balance at 30 June 2013

Transfers to retained earnings Transfers from retained earnings

Revaluation increment

Balance at 1 July 2012 Profit attributable to members

$1,520,709

0 0

0

0

1,520,709

0 0

307,658

Asset Revaluation Reserve $ 1,213,051 0

$0

0 0

0

0

0

(10,669) 0

0

Test Fund Reserve $ 10,669 0

$4,527

(22) 0

0

0

4,549

845 0

0

Coaching Fund Reserve $ 3,704 0

The accompanying notes form part of these financial statements

$2,933,368

22 0

0

115,626

2,817,720

9,824 0

0

Retained Earnings $ 2,698,453 109,443

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2014

ABN 90 743 649 786

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC.

$4,458,604

0 0

0

115,626

4,342,978

0 0

307,658

Total $ 3,925,877 109,443

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2014 NOTE

2014 ($)

2013 ($)

Cash Flows from Operating Activities Receipts from membership, competitions and sale of stock (Including GST) Interest received Payments to suppliers and employees (Including GST)

1,242,771 128,028

1,352,233 119,422

(1,201,181)

(1,271,581)

169,618

200,074

Payments for office equipment Net (increase) decrease in investments

(1,726) (221,886)

0 (392,620)

Net Cash provided (used) by Investing Activities

(223,612)

(392,620)

Net Increase (Decrease) in cash held

(53,994)

(192,546)

Cash at the beginning of the financial year

308,414

500,960

$254,420

$308,414

Net Cash provided (used) by Operating Activities

15

Cash Flows from Investing Activities

Cash at the end of the financial year

6

The accompanying notes form part of these financial statements

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC.

ABN 90 743 649 786

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 The financial statements cover the New South Wales Women’s Bowling Association Inc. as an individual entity. New South Wales Women’s Bowling Association Inc. is an association incorporated in New South Wales under the Associations Incorporation Act 2009.

The financial statements were authorised for issue on 18th August 2014 by members of the Board.

NOTE 1 – STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation The financial statements are general purpose financial statements that have been prepared in accordance with Accounting Standards (including Australian Accounting Interpretations) and the Associations Incorporation Act 2009. 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 to which they apply.

Material accounting policies adopted in the preparation of these 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.

Accounting Policies a. Income Tax The income of the Association is exempt from income tax in terms of Section 50-45 of the Income Tax Assessment Act 1997.

b. Inventories Inventories consist of publications, badges and assorted mementos and are measured at the lower of cost and net realisable value. Costs are assigned on an average cost basis and include direct costs and appropriate overheads, if any.

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 NOTE 1 – STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 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.

Property Strata title land and buildings are shown at their fair value (being the amount for which an asset could be exchanged between knowledgeable willing parties in an arm’s length transaction), based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation for buildings.

Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation surplus in equity. Decreases that offset previous increases of the same asset are charged against fair value reserves directly in equity; all other decreases are recognised in profit or loss Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Plant and equipment Plant and equipment are measured on the cost basis and are therefore carried at cost less depreciation and impairment losses. In the event the carrying amount of plant and equipment is greater than the estimated recoverable amount, the carrying amount is written down immediately to the estimated recoverable amount. A formal assessment of recoverable amount is made when impairment indicators are present. No impairment loss has been recorded in the current financial year.

Depreciation The depreciable amount of all fixed assets, including building, is depreciated on a straight line basis over the asset’s useful life 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

Depreciation Rate

Building

3%

Office furniture and equipment

20% - 33%

The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at each reporting period.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the statement of comprehensive income. When revalued assets are sold, amounts included in the revaluation relating to that asset are transferred to retained earnings.

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2014 NOTE 1 – STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) d. Financial Instruments Initial Recognition and Measurement Financial assets and financial liabilities are recognised when the Association becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the Association commits itself to either purchase or sell the asset (ie trade date accounting is adopted).

Financial instruments are initially measured at fair value plus transactions costs where the instrument is not classified ‘at fair value through profit or loss’, in which case transaction costs are expensed to profit or loss immediately.

Classification and Subsequent Measurement Financial instruments are subsequently measured at either fair value or cost. (i)

Financial assets at fair value through profit or loss Financial assets are classified at ‘fair value through profit or loss’ when they are held for trading for the purpose of short term profit taking. Such assets are subsequently measured at fair value with changes in fair value (ie gains or losses) being recognised in profit or loss. The Association has not held any financial asset at fair value through profit or loss in the current or comparative year.

(ii)

Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the Association’s intention to hold these investments to maturity. They are subsequently measured at amortised cost using the effective interest rate method.

(iii)

Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are either not capable of being classified into other categories of financial assets due to their nature, or are designated as such by management. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable payments.

(iv)

Financial Liabilities Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost.

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014

NOTE 1 – STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) d. Financial Instruments (Cont’d) Impairment At the end of each reporting period, the Association assesses whether there is objective evidence that a financial instrument has been impaired. In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether impairment has arisen. Impairment losses are immediately recognised in profit or loss. Also, any cumulative decline in fair value previously recognised in other comprehensive income is reclassified to profit or loss at this point.

Derecognition Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is transferred to another party, whereby the Association no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised where the related obligations are either discharged, cancelled or expire. The difference between the carrying value of the financial liability extinguished or transferred to another party and the fair value of consideration paid, including the transfer of noncash assets or liabilities assumed, is recognised in profit of loss.

e. Employee Benefits Provision is made for the Association’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. These cash flows are discounted using market yields on national government bonds with terms to maturity that match the expected timing of cash flows.

f. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at-call with banks and other short-term highly liquid investments with original maturities of three months or less.

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 NOTE 1 – STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) g. Revenue and Other Income Revenue from the sale of goods is recognised at the point of delivery as this corresponds to the transfer of significant risks and rewards of ownership of the goods and the cessation of all involvement in those goods.

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.

Revenue from the provision of membership subscriptions is recognised on a receipts basis for the financial year to which it relates.

All revenue is stated net of the amount of goods and services tax (GST).

h. Goods and Services Tax (GST) 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 Tax Office (ATO).

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST receivable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position.

Cash flows are presented in the cash flow statement on a gross basis. The GST components of cash flows arising from investing or financing activities, which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers. i. Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

j. Accounts Payable and Other Payables Accounts payable and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the company during the reporting period which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 NOTE 1 – STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) k. Key Estimates Impairment The Association assesses impairment at the end of each reporting period by evaluation of conditions and events specific to the Association that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value-in-use calculations which incorporate various key assumptions.

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 2014 ($)

2013 ($)

NOTE 2 - REVENUE Operating activities Annual Subscriptions (Note 3) Coaching Clinics, Courses and Workshops Competitions Donations Received Interest Received Profit on Stock Trading Regional Fees Sponsorship and Grants Sundry Income Total Revenue Other Income Recouped Losses on Revaluation of Investments - Unrealised gains - Realised gains Total Other Income

915,499 15,943 125,283 0 119,843 2,021 47,253 30,000 667

910,210 25,237 124,974 0 121,613 419 50,415 30,000 811

$1,256,509

$1,263,679

261 0

0 0

$261

$0

22,361 492,425 217,135 157,916 25,662

23,180 499,225 211,986 151,868 23,951

$915,499

$910,210

NOTE 3 - ANNUAL SUBSCRIPTIONS Club Subscriptions Entrance Fees & Administration Bowls Australia Capitation Fees Bowls Matters Test Fund

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR THE YEAR ENDED 30 JUNE 2014 2014

2013

($)

($)

NOTE 4 - SURPLUS FOR THE YEAR (a) Expenses Losses on Revaluation of Investments - Unrealised losses - Realised losses

0 0

2,341 1,146

$0

$3,487

4,240

7,008

126,218 216,260

138,560 210,529

$342,478

$349,089

Remuneration of auditor for: Audit or reviewing the financial report Taxation services

6,500 2,000

6,000 2,000

Total remuneration

8,500

8,000

531 144,925 108,964

562 218,901 88,951

$254,420

$308,414

Cost of sales (publications, badges, etc.) (b) Significant revenue and expenses The following revenue and expense items are relevant in explaining the financial performance Cost of production and distribution of Bowls Matters Capitation - Bowls Australia

NOTE 5 - AUDITORS' REMUNERATION

NOTE 6 - CASH AND CASH EQUIVALENTS Cash on Hand Cash at Bank - General Cash at Bank - Regional Representatives

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR THE YEAR ENDED 30 JUNE 2014 2014 ($)

2013 ($)

Reconciliation of cash Cash at the end of the financial year as shown in the statement of cash flows is reconciled to items in the statement of financial position as follows: Cash and cash equivalents

$254,420

$308,414

$35,984

$36,722

Held-to-maturity financial assets (Note 8a)

$2,575,000

$2,295,000

Non-current Available-for-sale financial assets (Note 8b)

$33,569

$91,422

$2,575,000

$2,295,000

22,975 10,594 $33,569

28,241 63,181 $91,422

NOTE 7 - TRADE AND OTHER RECEIVABLES Other receivables No impairment of other receivables was required at 30 June 2014 (2013: Nil) NOTE 8 - FINANCIAL ASSETS Current

a.

Held-to-maturity financial assets comprise: Term Deposits

b. Available-for-sale financial assets comprise: Units in Investment Trusts ANZ OA ING Income Plus Trust ANZ OA ING Mortgage Trust

During the 2009 financial year the above investments listed in 8b were frozen due to the Global Financial Crisis. They have continued to make income distributions since being frozen and partial quarterly redemptions have been permitted since March 2010. These trusts are now making quarterly distributions of capital (when funds are available) to liquidate the funds.

NOTE 9 - INVENTORIES ON HAND Current Constitutions, Conditions. Laws and merchandise (at cost)

$3,578

$7,239

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR THE YEAR ENDED 30 JUNE 2014 2014 ($)

2013 ($)

434,758 1,365,242

434,758 1,365,242

40,957

0

1,324,285 131,447

1,365,242 170,585

127,996

163,246

3,451 $1,762,494

7,339 $1,807,339

NOTE 10 - PROPERTY, PLANT AND EQUIPMENT Strata Title Office Premises 7th Floor, 309 Pitt Street, Sydney Land (at valuation) Building (at valuation) Accumulated Depreciation Office Furniture and Equipment Accumulated Depreciation

Movements in Carrying Amounts Movements in carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year.

Balance at 1 July 2012 Revaluation

Strata Title Land 403,800 30,958

Strata Title Building 1,124,428 276,700

Office Furniture & Equipment 17,754 0

1,545,982 307,658

Depreciation expense

0

(35,886)

(10,415)

(46,301)

434,758 0

1,365,242 0

7,339 1,726

1,807,339 1,726

0

(40,957)

(5,614)

(46,571)

434,758

1,324,285

3,451

1,762,494

78,743

56,493

104,208

127,735

$182,951

$184,228

Balance at 30 June 2013 Additions Depreciation expense Balance at 30 June 2014

Total

NOTE 11 - ACCOUNTS PAYABLE AND OTHER PAYABLES Accounts payables and accruals Fees and subscriptions in advance

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR THE YEAR ENDED 30 JUNE 2014 2014 ($)

2013 ($)

NOTE 12 - EMPLOYEE PROVISIONS Current Employee provisions - annual leave entitlements

11,920

10,320

0

0

$11,920

$10,320

$11,570

$8,610

Employee provisions - long service leave entitlements Non-current Employee provisions - long service leave entitlements

NOTE 13 - SEGMENT REPORTING The Association operates in the promotion of the game of women's bowls to members within New South Wales, Australia.

NOTE 14 - RESERVES (a) Assets Revaluation Reserve The assets revaluation reserve records revaluation of non-current assets. (b) Test Fund Reserve The test fund reserve records net funds raised to stage interstate test matches. (c)

Coaching Fund Reserve The coaching fund reserve records net funds raised to run coaching clinics throughout the state.

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR THE YEAR ENDED 30 JUNE 2014 2014 ($)

2013 ($)

NOTE 15 - CASH FLOW INFORMATION Reconciliation of Cash Flow from Operations with Profit after Income Tax Profit after income tax

115,626

109,443

46,571

46,301

4,560 (261)

350 2,341

738

(7,389)

0 3,661 22,250 (23,527)

6,795 309 1,453 40,471

$169,618

$200,074

Cash flows excluded from profit attributable to operating activities Non-cash flows in profit Depreciation Employee entitlements (Profit) Loss on revaluation/redemption of investments Changes in Assets and Liabilities (Increase) decrease in receivables Increase in prepayments Decrease in inventories Increase in creditors and accruals (Decrease) increase in fees and subscriptions in advance Cash Flows from Operations

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR THE YEAR ENDED 30 JUNE 2014 NOTE 16 - FINANCIAL RISK MANAGEMENT The Association's financial instruments consist mainly of deposits with banks, managed funds and accounts receivable and payable.

The total for each category of financial instruments, measured in accordance with AASB139 as detailed in the accounting policies to the financial statements, are as follows: 2014 2013 $ $ Financial Assets Cash and cash equivalents 254,420 308,414 Receivables 35,984 36,722 Held-to-maturity financial assets 2,575,000 2,295,000 Available-for-sale financial assets: - at fair value - unlisted investments 33,569 91,422 Total financial assets Financial Liabilities Financial liabilities at amortised cost: - Trade and other payables

$2,898,973

$2,731,558

78,743

56,493

$78,743

$56,493

Financial Risk Management Policies The Association's finance director is responsible for, amongst other issues, monitoring and managing financial risk exposures of the Association. The finance director’s overall risk management strategy seeks to ensure the Association meets its financial targets, whilst minimising potential adverse effects of cash flow shortfalls. (a) Credit Risk The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised financial assets is the carrying amount, net of any provisions for doubtful debts, as disclosed in the statement of financial position and notes to the financial statements.

The Association does not have any material credit risk exposure to any single debtor or group of debtors under financial instruments entered into by the Association. (b)

Net Fair Values

Methods and assumptions used in determining net fair value.

The net fair values of assets and liabilities approximates their carrying value. No financial assets and financial liabilities are readily traded on organised markets in standardised form. Financial assets where carrying amount exceeds net fair values have been written down to the net fair value.

The aggregate net fair values and carrying amounts of financial assets and liabilities are disclosed in the statement of financial position in these notes.

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. STATEMENT BY MEMBERS OF THE BOARD In the opinion of the Board the financial statements, being the statement of profit or loss and other comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes thereto: 1. presents a true and fair view of the financial position of New South Wales Women’s Bowling Association Inc. as at 30th June 2014 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 and the requirements of the Associations Incorporation Act 2009; and 2. at the date of this statement, there are reasonable grounds to believe that the New South Wales Women’s Bowling 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 Board and is signed for and on behalf of the board by:

R Procter (President)

A Emms (Director – Finance Portfolio)

Sydney, 18th August 2014

INDEPENDENT AUDIT REPORT TO THE MEMBERS OF NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. Report on the Financial Report We have audited the accompanying financial report of New South Wales Women’s Bowling Association Inc. (the Association) which comprises the statement of financial position as at 30 June 2014 and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory notes and the statement by members of the Board.

Board’s Responsibility for the Financial Report The Board of the Association is responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Associations Incorporation Act 2009 and for such internal control as the board determines is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report that gives a true and fair view 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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

INDEPENDENT AUDIT REPORT TO THE MEMBERS OF NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC.

Auditor’s Opinion In our opinion the financial report of New South Wales Women’s Bowling Association Inc. is in accordance with the Associations Incorporation Act 2009, including: I. giving a true and fair view of the Association’s financial position as at 30 June 2014 and of its performance for the year ended on that date; and II. complying with Australian Accounting Standards as disclosed in Note 1.

PRINGLE MORIARTY & CO. CHARTERED ACCOUNTANTS

S MORIARTY Suite 12C 44Oxford Road INGLEBURN NSW 2565

Dated this 18th day of August 2014

INDEPENDENT AUDIT SUPPLEMENTARY REPORT NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC.

In connection with our audit of the Association for the year ended 30th June 2014 we have also examined the additional financial data presented in the following page, being the detailed income and expenditure statement for the year of the Association. In our opinion such information is fairly presented in all material respects in relation to the financial statements taken as a whole, although it is not necessary for this information to be presented with the financial statements for them to show a true and fair view of the state of affairs or results of the operations of the Association.

PRINGLE MORIARTY & CO. CHARTERED ACCOUNTANTS S MORIARTY Suite 12C 44 Oxford Road INGLEBURN NSW 2565 Dated this 18th day of August 2014

NEW SOUTH WALES WOMEN'S BOWLING ASSOCIATION INC. ABN 90 743 649 786

INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 30 JUNE 2014 NOTE Income Annual Subscriptions Coaching Clinics, Courses and Workshops Events Donations Received Interest Received Regional Fees Profit on Stock Trading Recouped Losses on Revaluation of Investments Sponsorship and Grants Sundry Income Operating Expenses Auditors Remuneration Board Development Bowls Matters Capitation - Bowls Australia Cleaning Events Constitution New Depreciation Donations General Expenses Insurance IT Expenses Long Service Leave Loss on Revaluation of Investments Members' Cards Occupancy Costs Office Repairs and Maintenance Out-of-Pockets - Officers Postage Presentations and Gifts Printing and Stationery Regional Expenses Representative Expenses Salaries Sports Development Costs Staff Hiring and Training Superannuation Telephone and Internet Travelling Net profit

3

2

5

4

2014 ($)

2013 ($)

915,499 15,943 125,283 0 119,843 47,253 2,021 261 30,000 667 1,256,770

910,210 25,237 124,974 0 121,613 50,415 419 0 30,000 811 1,263,679

8,500 2,198 126,218 216,260 4,736 90,340 0 46,571 1,500 16,686 10,426 25,296 2,960 0 0 39,951 2,654 28,784 5,519 3,639 12,128 31,876 73,369 287,089 55,664 4,808 26,339 9,622 8,011 1,141,144 $115,626

8,000 3,465 138,560 210,529 4,563 94,826 8,644 46,301 1,000 19,655 10,403 10,537 3,487 2,341 14,106 36,113 1,948 29,400 8,093 11,253 12,774 26,848 71,484 272,728 50,373 6,811 23,657 9,799 16,538 1,154,236 $109,443

The accompanying notes form part of these financial statements